Cornell University Library The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/cletails/cu31924058841390 We shall not fail to keep faith ''It's Dependable" THE FITCH BOND BOOK CONTAINING COMPLETE STATISTICAL DESCRIPTIONS OF THE BOND ISSUES OF INDUSTRIAL, RAILROAD, AND PUBLIC UTILITIES COMPANIES OF THE UNITED STATES AND CANADA 1921 THE FITCH PUBLISHING COMPANY INCORPO RATE D NEW YORK : FITCH BUILDING, 138 PEARL ST. CHICAGO : I 101 SOUTH DEARBORN STREET Copyright, 1921 The Fitch Publishing Company, Inc. The Fitch Bond Book 1921 A. F. W. FAFB& CO (TUB) Ifit 6s. Due $25,- 000 eacli bept. 1 and March 1 from bept. 1, ldl», to Sept. 1, 19^8. inclusive, and $175,000 March' 1, 19;f9. Dated March 1, 1919, interest payable March 1 and Sept. 1 at S. W. Straus & Co.» New York and Chicago. - Tax Status — 2% Federal Income Tax paid by company without deduction. New York State personal property tax exempt. Authorized $660,000 Outstanding (Mar. 30. '21) 525,000 Matured and Faid 100.000 Redeemed (called) 25.000 Purpose of Issue — To fund bank loana con- tracted during^ 1918 in financing the erection of the new paper mill. Denomination — Coupon $1,000 all maturi- ties, $500 all maturities except Sept. 1. 1919, and $100 in 1929 maturity only. Trustee — S. W. Straus & Co., New York and Chicago. Redeemable at 102 and interest on any in- terest date. Redemption Fund — The company agrees to make monthly payments to the trustee of an amount equal to one-sixth of the amount of principal and . interest coming: due on each semi-annual interest date. Organization — Incorporated in New York. Business founded in 1877. The company man- ufactures paper towels and tissue paper prod- ucts. Secured by a first mortgage on all the land, buildings, machinery and equipment of tho company located at Albany, N. Y., as followa* Manufacturing plant and land, 266 x 675 feet. This plant was built in 1916. It fronts on Broadway at Third Avenue, adjoining the tracks of the Delaware and Hudson River Railroad Company, with switch tracks run- ning into the property. Paper mill, completed and put in operation In 1919, and land, covering more than eleven acres. It is adjacent to the Delaware & Hud- son River Railroad, and also to the Municipal Gas and Electric Plant of Albany, which sup- plies it both power for the machinery and steam for pulp reducing processes. The prop- erty fronts directly on the Hudson River and the new Barge Canal Terminal. Land and buildings formerly occupied by the company, now leased to another corpora- tion, located at Montgomery, Lansing and Colonie Streets, and the New York Central tracks. The trust agreement provides that dividends shall not be paid in any year in excess of 20 %, unless and until the company redeems bonds of the last maturity in reverse of their numerical order at 102 and interest equal in amount to the excess of the dividend declared above 20%. The company also covenants to maintain a surplus never less than $750,000 and to maintain quick assets equal to all quick liabilities, plus an amount equal to 50% of all outstanding bonds. ■ Annual Earnings — Not reported. Original Market — $650,000 offered Febru- ary. 1919, by S. W. Straus & Co., New York and Chicago, at 100 and Interest. 1 and May 1 at the Liberty National Bank, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania state tax refunded. Authorized $700,000 Outstanding 700,000 Fuipose of Issue — To reduce outstanding obligrations and to provide additional work- ing capital. Denouiinations — Coupon $1,000. $500 and $100; interchangeable and registerabla as to principal. Trustee — The Liberty National Bank, New York. Redeemable on 30 days' notice at 105 and interest. Sinking: Fund — Annually, beginningr in 1921, $30,000 for the purchase- or redemp- tion of these bonds at not over 105 and interest. Bonds so acquired to be cancelled. Orgranization — Incorporated in New York. Business established in 1840. Manufactures gas ranges, stoves, and a variety of steam and water heaters, electrical washing ma- chines and soil pipes and fittings. Capitalization. Outstanding. Common $775,000 Funded debt 700.000 Secured by a first mortgage on all the fixed assets of the company now owned or hereafter acquired. The property covered includes plant at Port Chester. N. Y. The property included covers over six acres and has a book value of $1,752,690. ¥eai*s ended Dec. 31: Net *1920 $260,000 1919 204,708 1918 141.753 1917 132,864 ♦Two months estimated. Original Market — $700,000 offered Dec, 1920, by Lawrence Chamberlain & Co.. Inc., New York, and McClurci. Smith & Co.. Inc., Sunbury, Pa., at 97% and interest. Markets. New York — Mosher & Wallace. Buffalo — N. A. MacDonald & Co. Sunbury. Pa. — McClure, Smith & Co., Inc. ABBNDROTH BROTHBRS 15-Tear 1st S. F. 8s. Due Not. 1, 1935. Divted Nov. 1, 1920. Interest payable Nov. ABERDEBN (S. D.) LIGHT & POWER CO. 1st 6s. Due June 1. 1931. Dated June 1, 1911. Interest payable June 1 and Dec. 1 at Chicago Trust Co., Chicago, and Bankers' Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding (Apr. 1. '21) 354,200 Held in S. F 75.500 Reserved for Ext 170.300 Denomination — Coupon, $100, $600 and $1,000. Registerable as to principal. Trustee — Chicago Trust Co., and Harold T. Sibley of Chicago. Redeemable at 103 and interest on any In- terest date. Sinking Fund — Beginning June 1, 1913, and annually thereafter, 5% of the. gross earning* to be applied to the purchase of bonds of this issue. The bonds purchased are to be kept alive and the interest on said bonds added to the sii:king fund. Organization — Incorporated in South Dako< ta in 1907. Capitalization. Outstandins, Common $600,000 Funded debt 354,200 Management — The Union Fewer & Light Co., Omaha. Secured by a first mortgage on plant sup- plying electric light and power to Aberdeen, S. D. Also supplies Aberdeen Street Rail- way with power. Population of Aberdeen. 18,000. Franchise expires 1932. Underlies — $15,000 2nd 6a of 1915. Original Market — % 200,000 offered June. 1911, at 101% and interest by the Chicago Trust Co. Market. Chicago — Chicago Trust Co., Babcock, Rushton & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1930 Bid. Ask. Ask. High 97 '16 101 *V6 98% July Low. 76 '15 9Q% '20 90% June ABITIBI POWER & PAPER CO., XTD., Ist 6s. Due annually each Feb. 1 as fol- lows: $292,000, 1931 to 1923, incLusivei $293,500. 1934 to 1933, inclusiTe. and $306,5(»0, 1934. Dated Feb. 1, 1914. Interest payable July 1 and February 1 at First National Bank, Chicago, and Royal Trust Co., Montreal. Tax Status — Payment ' of Federal Income Tax not assumed by company. Authorized $6,000,000 Outstanding: (Mar. IS, '21) 4,356.500 Matured and Paid 643,500 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Royal Trust Co.. Montreal. Organization — Incorporated In Canada, 1914, to acquire and develope the water powers on Abitibi River in the District of Temiskamlng in Northern Ontario, to manufacture pulp and paper. Controls by provincial fifty-year leases from 1912, 57,000 net continuous water horse- power, and 1,000,000 acres of pulp wood- lim- its. Capitalization. Outstanding. Common 250,000 shs Preferred (7% cum.) $1,000,000 Funded debl: 12,356,500 Secured by a first mortgage on the entire property of the company, comprising 63,000 net continuous horsepower completely devel- oped at Iroquois Falls; 1,000,000 acres of pulp wood limits ; 6,000 acres owned in fee, including entire townsfte of Iroquois Falls, ground wood and sulphite mills, and a news- print paper mill with an annual capacity of 160,000 tons. Underlies — Outstanding. Gen. 65, 1940 $4,000,000 Cons. S. P. 8s, 1931 4.000,000 $8,000,000 Bonds are reserved under the Cons. Mtge. to retire this Issue. Years ended Dec. 31: Gross. Net. Interest. 1920 $10,580,142 '$4,250,115 $501,946 1919 6,029,353 1,598,013 454,319 1918 6,650,264 980,233 443,941 1917 4,422,758 905,047 361,411 Original Market — Offered December, 1915, by Peabody, Houghteling & Co., Chicago, at par and Interest, offered by same firm June, 1919, $1,500,000 and Jan.. 1920, $200,000 at prices to yield from 6%% to 6%%, accord- ing to maturity. Market. New York — Carruthers, Pell & Co., Berdell Bros., Lynch & McDermott, Samuel Gold- schmldt, Alfred F. Ingold & Co. Montreal — Balfour White & Co., Bryant Isard & Co. Chicago — Merrill, Lynch & Co., Central Bond & Mtge. Co. Price Range. Jan. 1, 18, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 90 '19 106 '19 91 Mar. 95 Mar. Low. 80 '18 S3 'IS 82 Mar. 85 Dec. ABITIBI POWER & PAPEK CO.. LTD. Cons. S. F. 8s. Dae March 15, 1931, Dated March 15, 1921. Principal and In- terest (Mar. 15 and Sept. 15) in United States funds at the First National Bank, Chicago, and First National Bank, New York. Tax Status — Z% Federal income tax paid by the company without deduction. Authorized $14,000,000 Outstanding 4,000,000 Reserved for Prior Liens 7,815,500 Reserved for Corporate Pur- poses $2,184,500 Issuance Restrictions — Bonds reserved for refunding purposes may be issued at such Interest rate as the Board of Directors may determine but not exceeding 8%. Bonds re- served for corporate purposes may" be Issued when net earnings are not less than 4 times interest charges on all funded debt Issued and to be issued, and also subject to the ap- proval of Peabody, Houghteling & Co. Fui-pose of Issue — To retire floating in- debtedness. Denominations — Coupon, $1,000, $500 and $100; registerable as to principal. Tnistee — Montreal Trust Company, Mon- treal. Not Redeemable Sinking Eund — Annually 10% of the com- pany's annual net profits available for divi- dends with a minimum annual amount of $300,000, to be applied to the purchase of these bonds up to and including 110 and Interest. Any funds not so used shall be invested by the trustee In bonds or other obligg-tions of the United States Government or the Dominion of Canada. Organization — See 1st 6sr Secured by a general mortgage upon all the property now owned or hereafter ac- quired. For details of property see 1st 6s. Prior Liens — Outstanding. 1st 6s. 1922-34 $3,815,500 Gen. 6s, 1940 4,000,000 $7,815,500 The above mortgages are closed and bonds are reserved under this mortgtge to retire both issues. Earnings — See 1st 6s. Ori»nal Market — $4,000,000; offered March, 1921, by Peabody, Houghteling & Co., Chicago, at 100 land interest. ACADIA SUGAR REFINING CO., LTD., 1st 7s. Due $100,000 each July 1, from 1931 to 1940. incl. Dated Jan. 1, 1920. Principal and interest payable (Jan. 1 and July 1) in New York funds at the New York agency of the com- pany or at the office of the Trustee in Mont- real. Tax Status — 2% Federal Income Tax paid by the company without deduction. The com- pany also agrees to refund the present (1920) Massachusetts and Pennsylvania State Taxes and also the Connecticut State Tax up to 4-10%. Authorized $3,000,000 Outstanding 2,000,000 Reserved for Corporate Pur- poses 1,000,000 Purpose of Issue — To refund $1,000 First Mtge. Deb. bonds and to provide funds for increasing capacity of the plant, and for ad- ditional working capital. Denomination — Coupon, $600 and $li000: registerable as to principal. Trustee — Montreal Trust Company, Mont- real. Redeemable as a whole or by series In or- der of maturity on 30 days' notice at 105 and interest. Sinking Fund — The company agrees, after the payment of interest and maturities of this Issue, dividend on the preference shares of the company, also working capital, etc., to an amount not exceeding $250,000, and an amount equal to a dividend of 6% on the out- standing ordinary shares, to set aside 25% of the balance of the net earnings of the year for the purchase or redemption of bonds of this issue. Organization — Incorporated in Scotland in 1893 as a consolidation. The company does a large domestic business throughout Can- ada as far west as the Province of Alberta. Capitalization. Outstanding. Common *30.821 sha. Preferred (6% cum.) ♦20,547 shs. Funded Debt $2,000,000 ♦Stock has a par valiie of £20 or $100 -per share, convertible from sterling to dollars and reconvertible from dollars to sterling at the fixed ratio of $4.86 2-3 equals one pound. Secured by a first mortgage on a sugar re- finery at Halifax, N. S., and a cooperage plant at Moncton, N. B. The refinery is sit- uated on the eastern side of Halifax harbor. The property comprises about one hundred seventy acres, with a water frontage 1,46 5 feet. The replacement value of the property covered is appraised at $4,800^000. The re- finery has a daily capacity of 700,-000 pounds, which is to be increased to 1,000,000 pounds. Tears ended Dec. 31: Net Interest 1919 $266,918 $251,461 191S 489,818 167,951 Original Market — $2,000,000 offered April, 1920, by Imbrie & Co., New York, Chicago, etc., at prices ranging from 100 to 98"^ and interest for the first five maturities with a 10 % bonus of common stock, and at prices ranging from 99% to 98 and interest for the remaining maturities with a 20 % bonus of common stock. ACKI:B, MEBBAIiL & CONBIT Deb. 6s. Due January 10, 1923. Dated Jan. 10, 1903. Interest payable Jan. 10 and July 10 at U. S. Mortgage & Tr«st Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,500,000 Outstandingr (Mar. 17, '21) 618,000 Held in S. F 44,000 Bxcliangred for Ffd. 8% Stock (cancelled) 1,382,000 Cancelled 1,206,000 Unissued 260,000 Refunding: — The company informs us that this issue is being refunded in connection with the readjustment of its capitalization. Bondholders have been offered the right to exchange bonds for 8% preferred stock. Denomination — Coupon, $1,000. Kegistera- ble as to principal only. Trustee — U. S. Mortgage & Trust Co., New York. Redeemable at 110 and interest any time on five months' notice. ' Sinking Fund — Conimencjng March 1, 1910, a sum equal to one-half of the net earnings of the preceding year applicable to dividends but not exceeding $100,000 per annum to pur- chase bonds of this issue at not- to exceed 110 and interest. The Trustee may, however, loan this fund to the Company on .application at 4%, pro vided the assets, exclusive of good will, ex- ceed by at least 10% the liabilities exclusivfr of capital stock. Organization — Incorporated in New York in. 1903 as successors to Acker, Merrail & Con- dit, established in 1820. Secured by a first mortgage on property of' the Company, which transacts a wholesale and retail grocery business in New York. New Jersey, Baltimore and Newport, R. I.,. and including a number of stores in Greater New York having some 30 branch stores. New York — E. A. Baker & Son, J. K. Rice, Jr. & Co., Tobey & Kirk, Garruthers.. Pell & Co., Fred H. Hatch & Co. Price Range. Jan. 1, *15, to Jan. 1, '31 1920 Bid. Ask. Bid. Aslr. High 77% '15 80 '15 69 Mar. 65 Nov-- Low. 54 '17 58% '16 58 Sept. 62 Sept. ACME WHITE LEAD & COLOR AVORKS 1st Mtge. 6% Serial Gold Bonds. Due $75,000 July 1, 1016 and 1917, $100,000 July 1, 1918 to 1920. liJ150,000 July 1,. 1920 to 1927> and $200,000 July 1, 1938. Dated July 1, 1913. Interest payable Jan. and July 1, at Bankers' Trust Co., New York, or First Trust & Savings Bank, Chi- Tax Status — 2% Federal Income Tax paid. by company without deduction. Authorized $2.6'00.00O Outstanding: (Nov. 30, '20) 424,500 Matured and Paid 450,000 Kepui'chased and Cancelled 575,500- CanceUed 250,000' Unissued 300,000 Denomination — Coupon, $100, $500 andl $1,000. Trustee — Security Trust Company, I>etFoit,- Mich. Redeemable on any interest date at 102^ and interest. Organization — Company incorporated fn Michigan in 1884, and now rated as the sec- ond larg-est manufacturer of paint and var- nish in the w^orld. Name changed to Motor City Paint Co. in 1920. Capitalization. Outstanding. Common $600,000 Preferred 479.500 Funded debt 424,500 Secured by a first mortgage on all of the property of the Company, now owned or here- after to be acquired. The Company operates, factories in Detroit, Mich., Ea^ Boston,. Mass., Lincoln. Neb., Dallas, Tex.., and Loa* Angeles, Cal., with branch warehouses fa.' eighteen large cities. These plants are ffaid^.i to represent an investment, after charging off" depreciation, of $2,400,000, , and the net quick. assets of the Company are over $3,000,000 aa^ of Nov. 30, '18. Mortgage provides that net quick assets shall at all times equal at leant:'. 125 % of the amount of these bonds out- standing. Years ended Nov. 30: ♦Net. Intereat^ 1919 $832,376 66,61« 1918 ,. .. 485.643 75,500 1917 503,399 80,62B •After depreciation. Later earnings not available. Original Market — Offered by AUerton, . Greene & King, Chicago and Detroit; Turner, Tucker &, Co., Inc., Boston, Chicago and New York, July, 1913, at par and interest. ^ New York — E. A. Baker & Son, Fred H.. Hatch & -Co.. Morton Lackenbruch & Co Philadelphia — Baureau & Evans. Cliica^o-KiJentral Bond & Mortgage Co. Detroit — Joe] Stockard & Co. 1920 Price Hange* Jan. 1, 'IS to Jan. 1, '»1 Bid. Ask. Bid. Ask. High 99% '20 101 '17 99% Nov. 100 May Low. 87 '18 95 '15 90 June 100 May R. I., Ark. & Iia. Ist 4Vis 1934... 60,000 Note of Adams Land BIdg. Co. . 700,000 ADAMS EXPRESS CO. Coll Tr. Dist. 48. One Jane 1. 194:7. Dated June 17, 1907. Interest payable June 1 and Dec. 1, at Bankers' Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $24,000,000 Outstanding: (Jan. 1, '21) 9,479,500 Held by Trustee 14,620,500 . Denomination — Coupon, $1,000 and $500. Reristerable aa to principal or fully resis- terable. Trustee — Guaranty Trust Co., New York. Organization — See Coll. Tr. 4a of 1948. Secured by deposit af the stocks and bonds listed below. The market value of the se- curities substituted shall always be equal to the deposit price of securities withdrawn, viz.: Bonds Par Value Adams Express Co. Coll. Tr. Dist. 4s 1947 .■ $14,620,500 Atchison, Topeka & Santa Fe Short Line lat 4s 1958 400,000 Ches. & Ohio, Craig Valley Branch 1st 5s 1940 15,000 Chicago & Eastern Illinois Ref. & Imp. 4a 1956 200,000 Chicago. Rock Island & Pacific Ref. 43 1934 200,000 Chicago, Great Western 1st 4a 1959 325,000 Chicago & "Western Indiana let Cons. 4a 1952 300,000 Cine. Rich. & Ft. Wayne 1st Mtge. Guar. 7st 1921 10,000 The Consolidated Ry. Co. 4% Deb. 1964 100,000 ■Georgia R. R. & Banking Co. 4s 1947 100.000 Interborough Met. Co. Coll. 4%s 1958 214,000 Louis. & Nash. (Atl. Knox. & Cine.) 4a 1966 325,000 Michigan Central Deb. 4s 1929.... 200,000 Missouri, Kansas & Texas Ref. 43 2004 200.000 Mississippi Central lat Mtge. 6a 1949 200,000 New York, Chicago & St. Louis Deb. 4a 1931 300,000 New York Central & Hudaon River Deb. 4s 1934 160,000 ' Norfolk & Western 1st lien & Gen. 4a 1944 300,000 Oregon Short Line Ref. 4a 1929... 60,000 South Bound R. R. lat Mtge. 6a 1941 3,000 Southern Ry. Eaat Tennessee Reorg. Lien 6a 1938 31,000 Southern Railway 1st Cons. 6a 1994 45,000 St. Paul, Minnesota & Manitoba Cons. 6s 1933 6,000 Southern Railway Dev. & Gen. 4s "A" 1966 623,000 "Virginia & Southwestern 1st Cons. 5a 1958 -^ 100,000 B. O. P. L. B. & W. Va. Ref. 4a 1941 229.000 B. & O. Tol. & Cine. Div. lat L. & Bet. 43 1969 600,000 Mo. Kan. & Tex. St. Louia Div. 43 2001 60,000 Chesapeake &. Ohio Ry. Cons. 4 Vis 1930 182,000 Hudson & Manhtn. 1st & Ret. 69 1967 242,000 Hudson & Manhtn. Adj. Inc. 6s 1957 200,000 $20,970,500 Stocks Par Value Adams Land & Building Co $1,300,000 American Express Co 100,000 The Baltimore & Ohio B. R. Co. Com 140,300 The Bank of America, New York.. 60,000 Boston & Albany R. R. Co 60,000 The Chicago, Milwaukee & St. Paul, Pfd 326,000 The Chicago, Milwaukee & St, Paul, Com 200,100 Chemical National Bank of New York 5,900 Commercial Trust Co., Philadel- phia, Pa 20,000 Delaware & Hudaon Co 100,000 Erie R. R. Co. 1st Pfd 70,000 The First National Bank, New York 49,400 The Gold & Stock Telegraph Co.. 10,000 Importer3 & Traders National Bank, New York 10,000 International Ocean Telegraph Co. 18,900 Manhattan Co., New York 6,550 Mechanics & Metals National Bank, New York 7,500 The Minneapolis & St. Louis R. R. Pfd 91,000 National Bank of Kentucky 10,000 National Bank of Commerce, New York .". 17.600 Wells-Fargo & Co.. Bxpreaa 25,000 Litchfield & Madison Ry. Pfd 60,000 Chicago Gt. Wn. Ry. Pfd 75.000 N. Y., N. H. & H. B. B 1,473,000 Nor. Pac. R. R 200,000 $4,425,150 Earnings — ^See Coll. 4s of 1948. Market. New York — Coffin & Co., Samuel Gold- achmidt. T. L. MacDonald, Earle A. Miller & Co., Vanderhoef & Robinson, Carruthera, Pell & Co., Chas. B. Doyle & Co. Philadelphia — McCown & Co. Price Range. Jan. 1, '08, to Jan. 1, 'HI 1920 Bid. Aak. Bid. Ask. High 94 '09 95 '09 66% Nov. 59 Sept. Low. 48 '19 62 '19 50 Dec. 63 Deo. ADAMS EXPRESS CO. CoU. Tr. 4s. Dne March 1, 1918. Dated March 1, 1898. Interest payable March and September 1, at Guaranty Trust Co., New York. Tax ^atns — Payment of Federal Income Tax not assumed by company. Authorized $12,000,000 , Outstanding (Jan. 1, '21) 7,291,500 Held by Trustee 4,312,000 Denomination — Coupon, $1,000 and $600. Registerable as to principal or fully register- able. Trustee — Bankers' Trust Co., New York. Organization — An incorporated association formed in 1854. The business of this com- pany was taken over by the American Ex- press Co. July 1, 1918. The Adams Express Co. is a separate organization. Capitalization. Outstanding. Common $10,000,000 Funded debt 16,771,000 Secured by deposit of the following securi- ties: Bonds Par Value. Adams Express Co., Coll. Tr. 4s 1948 $4,708,500 Alabama Great Southern 1st 6s 1917 84,000 Atlantic City R. R. Co., 1st Cons. 4s. 19B1 265,000 Atchison, Topeka & Santa Fe Trans. 1st 4s 1958 200,000 Atlantic Coast Line, L. & N. Coll. 4s, 1962 200.000 Baltimore & Ohio, P. L. E. & W. Va. Ref. 4s 1941 408.000 Bis Sanfly Ky. 1st 4s 1944 741,000 Birmingham Terminal Co. 1st 4s 1957 160,000 Boonville R. R. Briage 1st 4s 1961 12,000 Brooklyn Union Elevated 1st 5s 1950 ; 10,000' Chesapeake & Ohio Ry. Gen. 4%s 1992 260,000 Chesapeake & Ohio-Craig Valley 1st 5s 1940 31,000 Chicago & Eastern Illinois Ref, & Imp. 4s 1955 100,000 Chicago, Rock Island & Pacific 1st & Ref. 4s 1934 100,000 Chicago & Western Indiana Cons. 4s 1952 100,000 Cleveland Terminal & Valley 1st 43 1995 100,000 Erie R. R. Gen. Lien 4s, 1996 376,000 Brie R. R. Prior Lien 4s 1996.... 90,000 Erie R. R. Pennsylvania Coll. 4s 1951 100.000 Hockins Valley 1st Cons. 4 'As 1999 100,000 Iowa Central 1st & Ref. 43 1951.. 100.000 Lake, Shore & Michigan Southern 26-yr. 43 1931 1,352,000 Long Island (North Shore Br.) 1st Cons. 63 1932 100.000 Louisville & Jeff. Bridge 1st 4s 1946 25.000 Louisville & Nashville Unified 4s 1940 100,000 Louisville & Nashville Southern R. R. 43 1946 200,000 Michigan Central R. R. 20-Tr. Deb. 43 1929 120,000 Minn. & St. Louis Ist Ref. 43 1949 160.000 Minn. & St. Louis Pacific Ext. 6s 1921 30,000 New York Bay Exten. 1st 63 1943 100,000 New Tork. Chicago & St. Louis Deb. 43 1931 300.000 New York, Susquehanna & "Western 1st Ref. 53 1937 100,000 New Orleans Terminal 1st 4s 1953 Series "A" 615,000 Norfolk & Western DIv. 1st L. & G. 4s 1944 100,000 Norfolk & Western 1st Cons. 43 1996 411,000 Philadelphia, Baltimore & Wash- ington Ist 43 1943 200,000 Providence Securities Co., 50-Yr. Deb. 4s. 1957 - 100,000 Reading- Jersey Central Coll. ^' 4s 1951 232,000 Rio Grande West Cons. 4s _1949 100,000 Southern Ry.-East Tenn. Reorg. ~ LiPn 6s 1938 98.000 Southern Ry. St. Louis Div. 1st 4s 1951 '. ' 25.000 Southern Ry. 1st Cons. 5s 1994.. 5,000 Terminal Assoc, of St. Louis Gen. Ref. 43 1963 100. 000 Toledo & Ohio Central Gen. 63 1936 60,000 Union Depot of Columbus Gen. 4^s F. 7s 1923 13,000 Union Depot of Columbus Gen. 4%s 1946 130.000 Washington Terminal 1st 3%s 1945 200.000 Western New York & Pennsylvania Gen. 43 1943 116,000 Wheeling & Lake Erie Ist Cons. 4^43 1966 100,000 $13,405,600 Listed on the New Tork Stock Exchange. Market. New York — Samuel aoldschmidt, Vand«T- hoef & Robinson, P. R. Lawson, McDonnell & Co. Price Banee N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 .„, „??80 High 104% Feb. 16 '06 66% Nov. 1« Low 66 Sept. 20, '19 65 May 17 ADIRONDACK BLBCTBIC POWER CORP, Ist Sb. Due Jan. 1, 196%. Dated January 1,. 1912. Interest payable- January and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax palo by Company without deduction. Tax exempt in New York. Authorized Closed mortgage Outstanding 6,000,00ft Reserved for Ext. ..^ 5,000,000 able as to principal. Registered, $1,009, $6,000 and $10,000. C. & R. interchange- able. Trustee — The New England Trust Co., Bos- Redeemable at 107% and interest on an» Interest date from Jan. 1, 1917. to Jan. 1, 1921, inclusive, and at 106 and interest on any interest date thereafter. Assumed by the Adirondack Power ft Light Co. Organization and Control — Incorporated in New Tork in 1911 as a reorganization and consolidation of the Hudson River Water Pow- er Company and Its various subsidiaries. Over 95% of the entire capital stock has been acquired by the Adirondack Power ft Light Corporation. Secured by a first mortgage on the entire property of the company, comprising three hydro-electric plants of 31,000 h. p., located at Spier Falls and Mechanicvllle on the Hudson River and Schoharie on Schoharie Creek; steam plants of 10,800 h. p. located at Utica, Oneida and Mechanicvllle, N. T.; 276 miles of high tension transmission line: two gas plants with capacity of 1,000,000 cubic feet per day located at Saratoga andt Oneida, N. Y. ; also owns and operates elec- tric distributing systems in Glens Falls. Wa- tervliet, Saratoga. Ballston Spa, Canastota, Oneida, Amsterdam and Cohoes, all in. New- York State. Population served, 378,000. Franchises are reported in the majority of places as perpetual. Underlies — Outstanding. - Adirondack Pow. & Lt. 1st Ref. 6s, 1960 $8,120,000- Bonds are reserved under the above mort- gage to retire this issue. Earnings — See Adirondack Power & Light Corp. 1st & Ref. 6s. Original Market — $5,000,000 offered in-' Aprilj 1912, at par and interest by N. W;. Harris & Co. and Perry. Coffln & Burr, or Boston; Harris, Forbes & Co.. of New York. and Harris Trust & Savings Bank. Chicago. S160.000 offered in July. 1914, by Perry, Cot- fin & Burr, Boston, at 95 and Interest. Market. . .New York — Martin, Berwin & Co., Earle Al- Miller & Co., Harris Forbes & Co., Car— ruthers. Pell & Co., Berdell Bros., Gilbert J. Postley, F, S. Moseley & Co., Pynchon ft- Co. Boston — L. Sherman Adams, CofRn & Burr, Moors & Cabot, Arthur Perry & Co., HarrlB' p'orbes & Co., Inc. Philadelphia — Bauer, Starr & Co., ■ Hun- toon & Co. Chicago — Harris Trust & Savings Bank. Pi'ovlaenee — Hornblo-wer & Weeks. Price Range. Jan. 1, 'IS, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '12 100 '16 79 Nov. 86 Fe^ Low. 69 '20 72 '20 69 June 72 May- ADIRONDACK POWER & LIGHT CORP. 1st & Ref. 6s. Due March 1. 1950. Dated March 1, 1S20. Interest payable Jltarch 1 and Sept. 1 at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid 'by the company without deduction. Authorized Unlimited Outstanding: (Jan. 1, '21) $8,120,000 Reserved for Prior Liens 5,000,000 ProTisions of Issue — Further bonds may -also be issued against 80% (until the total of bonds issued under this and underlying -mortgages amounts to $50,000,000, and there- after may only be issued against 75%) of the fair value or cost, whichever is less, of ;property acquired subsequent to March 1, 1920, but only w^hen the net earnings for "tw^elve consecutive months within the pre- ceding fifteen months shall have been not less than (a) X% times the annual interest ■charges upon all bonds already outstanding under this identure, including those proposed "to be issued, and all outstanding divisional lien bond not deposited with the Trustee; -or (b) 10%- of the aggregate principal of "all such bonds if the latter amount is greater. Future bonds may be issued in other series ^han these 6s due 1950 and may have such "interest rates, callable terms and in gen- -«ral may have such due dates, etc., as the directors may from time to time determine, save only that bonds having a maturity earlier than any then outstanding are very -carefully limited in amount by the terms of "the mortgage. The mortgage provides that for the next -three years 12%% of gross, to provide for maintenance, repairs and renewals, must be deducted from the income of the company before arriving at the net earnings against which the interest on bonds is calculated as a basis for bond issuance. This percent- -age continues unless under the terms of the mortgage it is re-stated by a board of arbitration. Pai*pDse of Issue — $5,620,000 of these bonds together with $1,200,000 preferred stock and an amount of common equal to 1:he amount given to Adirondack Electric IPow^er Corp. common shareholders were is- ■sued to the General Electric Co. in exchange for the stock of the Mohawk Edison Co. ^51,000 bonds issued for ne"w property. Ad- ditional bonds have been issued for additions to the properties. Denomination — Coupon, $1,000 and $500; registerable as to principal. Registered $1,000. C. & R. ($1,000) interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date on or before March 1, 1925, at 107% and interest, thereafter to and including March 1, 1930, "ait 106% and interest, and so on, reducing X% every five years, to and -including March 1, 1949; thereafter at 101% and interest. Organization and Control — Incorporated in New York in 1920 and is a consolidation of two large hydro-electric properties in cen- tral New York, viz: The Adirtndack Elec- tric Power Corp. and the Mohawk Edison Co., Inc., both of which operated in the same general territory. The latter company itself represents a merger of Ave seperate properties. The General Electric Co. owns approximately 50% of the common stock. Capitalization. Outstanding, Common $9,500,000 Preferred (7% cum.) 4,300,000 Funded debt 13.171,000 Seciu-ed by a first mortgage on all the properties of the former Mohawk Edison Co., Inc., which includes hydro-electric plants with an installed capacity of 21,590 Ti.w., 56 miles of steel tower high tension line, four distributing systems and the com- pany's largest gas system, which is in ^Schenectady. This company's plants also supplied electric light and power in Schen- ectady and Amsterdam. A second lien on the properties of the Adirondack Electric Power Corp., which company's plants supplied electric light and power in Watervliet, Oneida, Saratoga Springs and other commtinitles, and a large portion of the electric business in Glens Falls, also plants supplying gas in Sara- toga Springs and Oneida; also 244 miles of high tension transmission line. In addition to the operations above in- dicated the new company furnishes under long time contracts all of the electricity used by distributing companies in Troy and Me- chanicsville, and by electric railway sys- tems in and about Albany, Schenectady, Troy, Utica and Rome, including practically all the interurban roads in the territory. The combined properties of the company in- clude hydro-electric plants on the Hudson and Hoosic Rivers and East Canada Creek, having a total present installed capacity of over 50,000 k.w.; steam plants with a ca- pacity of 6,750 k. w. (50,200 k.w. steam plants, not owned, are connected under long time contracts providing for the purchase of relay power); 300 miles of high tension transmission lines with 21 sub-stations; and three gas systems with a total of 150 miles of mains. Prior lien — Outstanding. Adirondack Electric Power Corp. 1st 5s, 1962 /. $5,000,000 Bonds are reserved under this mortgage to < retire prior liens. Gross. Net. Int. & Rent 1920 $4,714,526 $1,213,131 $736,402 1919 3,865,264 1,387,129 573,906 liCgai for savings banks in N, H., R. I. and Vt. Oiiginal Market — $5,620,000 ofCered Aug., 1920, by Harris, Forbes & Co., New York, Harris, Forbes Sc Co., Inc., Boston, Harris Trust & Savings Bank, Chicago, Coffin & Burr, Inc., and E. H. Rollins Sons, Boston, etc., at 84% and interest; $2,500,000 ofeered Nov., 1920 by the same firms at 87% and interest. Market. New York — Vanderhoef & Robinson, Ber- dell Bros., McDonnell & Co., Gilbert J. Postley & Co., G. R. McAllister & Co., Car- ruthers. Pell & Co., Fred H. Hatch & Co.. Harris, Forbes & Co. Boston — L. Sherman Adams, Coffin & Burr, Moors & Cabot, Arthur Perry & Co, Fhiladelpliia — Battles & Co. Los Anjreles — Banks, Huntley & Co. Louisville, Ky. — Block, Fetter & Co. Worcester — Merchants Securities Corp. Providence — Homblow^er & Weeks. Price Range 1930 Bid. Ask. High 85 Nov. 87% Nov. Low 82 Dec. 86 Dec ADIRONDACK RAILWAY CO. Ist 4%s. Due March 1. 194%. Dated March 1, 1892. Interest payable Mar. and Sept. 1 at D. & H. Company's office, 32 Nassau St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $1,000,000 Denomination — Coupon. $1,000. Register- able as to principal or fully registerable. Trustee — United States Trust Co.. New York. Guaranteed as to principal and interest by endorsement by the Delaware & Hudson Co. Control — Merged in 1902 into the Delaware & Hudson Co. Secured by a first mortgage on 60 miles of road from Saratoga to North Creek, N. Y., and branch. Underlies D. & H. 1st & Ref. 4s of 1943 which provide to retire this issue, and de- bentures. Itegal for savings banks in Cal., Conn., Me., Mass., Mich., Minn.. N. H., N. J., N. T., R. I., Ore., Vt. and Wis. Market. New York — ^Hartshorne & Battelle, Remick, Hedges & Co., Pynchon & Co., Chas. D. Bar- ney & Co., Carruthers, Pell & Co., Starr Jr. & Co. Chicago — Babcock, Rushton & Cb., Pyn- chon & Co. Pittsburgh — R. B. Hutchinson & Co. Providence- — Hornblower & Weeks. Price Range. Jan. 1, *08, to Jan. 1, 'Zl 1930 Bid. Bid. Hierh 105 '11 78 Feb. Low. 69 '20 ^ -67 Aug. ADVANCE-RUMELY CO. 10-year S. F. Deb. 68. Dne De«. 1, 1925. Dated Dec. 1, 1916. Interest payable March and Sept. 1 at Trustee's office, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized 13.500,000 Oatstandingr (Jan. 1, '21) 850,000 .Betired by S. F., etc 2,650,000 I>enomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Bankers Trust Co.. New York. Redeemable at 102 ^^ and interest on any Interest date on 30 days' notice. Sinking Fund — Annually beginning Dec. 31, 1916, at least $100,000 to and including 1920 and thereafter at least $200,000 for the pur- chase or redemption of these bonds at not over 102%. Bonds acquired to be cancelled. Organization — Incorporated In Indiana Dec, 1915, as a reorganization of M. Rumely Co. Companya* plants are located at La Porte, Ind., Battle Creek, Mich., and Toronto. The Company manufacture^ agricultural imple- ments such as tractors, threshers, separat- ors, etc. Capitalization. Outstanding. , Common (no par) 137,500 shs. Preferred (6% cum.) , $12,50ft '^90 Funded debt .- 850.000 Security—A direct obligation of the com- pany but not secured by a mortgage. No mortgage shall be placed on the properties of the company (except purchase money mortgagee) while these debentures are out- standing. If the floating debt of the com- pany shall at any time exceed the authorized amount of th^se debentures plus the amount which at any time may be retired, these debentures may be declared immediately due and payable, unless the Company shall with- in 30 days after written request by the Trus- tee, execute a mortgage to the Trustee on all its plants as security for these debentures. No other debentures or similar obligations can be created while these are outstonding-. Years ended Dec. 31 (consolidated). Net Int. Etc. 1920 .'..$1,606,282 $169,850 1919 3,026,651 97,893 1918 1,533,587 144,657 1917 749,566 165,201 Original Market — Issued In exchange for aecurltles of M. Rumely Co., under plan of reorganization. Marlcet. New Tork — ^B. A. Baker & Son, Samuel Goldschmidt, Rauscher & Maekay, Morton Lachenbruch & Co., E. & C. Randolph. Pliiladelphia — Bauer, Starr & Co. Price Range. Jan. 1, '17, to Jad. 1, '21 1920 Bid. Ask. Bid. Ask. High 99*18 102 '20 99 May 102 Mar. Low. 80 '20 85 '17 80 Dec. 85 Dec. AETNA EXPLOSIVES COMPANY, INC., Series "A" and "B" 6b. Due Series "A" Jan. 1, 1931, and Series "B" Jan. 1, 1941. Dated Jan. 1. 1919.- Interest payable quar- terly—Jan. 1, April 1, July 1 and Oct. 1 at Trustee's office. New York. Tax Status — Payment of Federal Income Tax not assumed by the company. Autliorized $660,000 Series "A." 3,992,075 Series "B." $4,652,075 Ontstandlnsr 497,200 Series "A." 3,777,476 Series "B." $4,274,675 Mar. 21, '21). Retired by S. F... $45,200 Series "A." 157,400 Series *'B." $202,600 Purpose of Issue — Series "A", issued par for par for Old Bonds; Series "B" in the principal amount of $75. bearing interest from Jan. 1, 1919 (plus a cash payment of not to exceed $20.75), for each share of pre- ferred stock. Denomination — Coupon $50 (Series "B" $75 also), $100, $500. $1,000 and $5,000; Cou- pon, $1,000 or some multiple, exchangeable for registered; registered, $1,000, exchange- able for coupon. Trustee — Bankers' Trust Co., New Tork. Redeemable as a whole or in part by lot at 100 and interest on any interest date upon 4 weeks' notice. Series "B" bonds may not be redeemed until all of Series "A" bonds have been retired. Redemption Fund — l%e company shall on July 1, 1920, and on July 1 of each and every year thereafter and until all of Series "A" bonds have been retired, redeem at par and- interest to the redemption date one- twelfth of the total issue of Series "A" bonds issued hereunder; and the company shall on July*l. 1920, and on July 1 of each and every year thereafter and until all Series "B" bonds have been retired, redeem at par and Interest to the redemption date, one twenty- fifth of the total Issue of Series "B" bonds Issued hereunder. In lieu of any part of the bonds reauired to be redeemed by this pro- vision the company, before such bonds shall be selected by lot, may deliver to the Trus- tee for cancellation an equivalent amount of bonds of the same series. All bonds re- deemed are to be cancelled. Organization — Incorporated In New Tork In 1914. and acaulred directly or through stock ownership the properties of the Aetna Powder Co., Miami Powder Co.. Keystone Na- tional Powder Co., F. K, Brewster. Inc., Jef- ferson Powder Co., Pluto Powder Co., Aetna Chemical Co. of Maine and Aetna Chemical Co. of Canada, Ltd., and also owns 60% of the capital stock of the Kingsley Wood Pulp Co. of Salisbury. Vt. In October, 1919, the plan for the reor- ganization of the company through readjust- ment of capitalization became operative. Re- ceivers were discharged June, 1920. Capitalization. Outstanding. Common (no par) 601,614% shs. Preferred (7% cum.) $107,776 Funded debt 4,274,675 Secured by a (Series ' 'A' * bonds have a lien prior to Series "B" bonds) mortgage on the properties of the company located in, the following States: Iowa, Pennsylvania, Mich- igan, Indiana, Illinois, Ohio, Missouri, Geor- gia, Louisiana, Texas, Nebraska. Montana. New Tork, Virginia; also a lien on various leaseholds; also a collateral lien on the fol- lowing shares of stock: Company. Shares. Aetna Powder Co. of Ind 4,834 Miami Powder Co 3,000 Pluto Powder Co 2,475 P. K. Brewster, Inc 2. 500 Jefferson Powder Co 525 Aetna Dynamite Co., Inc 250 Aetna Land Co 100 Also a lien on all other fixed assets which the company now owns, or hereafter ac- auires or which may be owned or acquired by any corporation of which the company shall own or control one hundred per cent, of the capital stock. The properties of the Aetna Chemical Co. of Maine and the Aetna. Chemical Co. of Canada, Ltd., are not conveyed under this trust agreement and it expressly provides that the company may realize on its inter- ests in said companies and that they shall not be continued as active companies or be permitted to acquire any further assets. Under the provisions of this trust agree- ment the company covenants and -ksrees that It will at all times maintain consolidated quick assets of itself and of its subsidiaries at an a&greeate amount which shall exceed the consolidated indebtedness of itself and of its subsidiaries by at least 75% of the principal of all Series "A" and Series "B" bonds at the time outstanding-. Original Market — ^Issued in exchange for Old Bonds and Preferred Stock. See "Pur- pose of Issue" above. Market. New York — Morton Lachenbruch & Co., Fred H. Hatch & Co., Vanderhoef & Robin- son. J. S. Bache & Co., Phelps & Neeser. Scranton — J. H. Brooks & Co., Chas. E. Robertson, Weissenfluh & Co. Price Rang-e 1920 Series "A." Bid. Ask. High 90 May 95 liay Low 83 Dec. 87 Dec. Series "B." Bid. Ask. High 69 Nov. 70 Nov. Low 61 Mar. 65 Mar. AIR REDUCTION CO., INC.. 10-Year Conv. S. F. Deb. 7s, Series "A." Due April 1. 1930. Dated April 1, 1920. Interest payable April 1 and Oct. 1 at Mechanics & Metals National Bank, New York. - Tax Status — 2^% Federal Income Tax paid by the company without deduction. Aathorized $4,000,000 OutBtanding: 2,000,000 Reserved for Corporate Par- poses 2,000,000 Provisions of Issue — The remaining $ 2 , - 000,000 bonds or any other funded debt ma- utring subsequent to April 1, 1930, may be issued only when: The total net assets of the company and Its subsidiaries (exclusive of patents, good will and other intangible assets, and after deduction of proper and usual reserves) are at least 200% of the bonds outstanding and proposed .to be Issued, together with all other bonds and similar obligations then outstanding of the company and its sub- aldisrii-s. Combined net earnings of the company and Its subsidiaries for the preceding fiscal year -shall have been at least 2 % times the combined annual interest charges on all bonds and other similar obligations out- standing and proposed to be issued. Purpose of Issue — To reimburse the com- pany for capital expenditures already in- curred; to provide funds for additional plants and equipment, and to provide additional working capital. Denomination — Coupon, $100 and 91.000» registerable as to principal; registered $1,000. C. & R. ($1,000) interchangeable. Trustee — Mechanics & Metals National Bank, New York. Redeemable at 107^ and interest to April 1. 1922; thereafter 105 to April 1, 1926; thereafter 102% to April 1, 1928; and there- after 101 to maturity. SinkiDg Fund — ^Annually beginning Oct. 1, 1922, $100,000 payable in equal semi-an- nual instalments, for the purchase or re- demption of these bonds at not exceeding the current redemption price. If additional bonds of Series ' 'A" are issued the annual sinking fund will be increased by 5 % of the additional issue. Convertible on and after April 1, 1922, and to Oct. 1, 1929, into common stoclt at tJie rate of one share of no par value common stock for each $62.50 principal amount of bonds. If called for redemption bonds may be converted if , presented within 30 days of first published notice of redemption. Organization — Incorporated in New York In 1915. Its business Is the manufacture and sale, by itself and subsidiaries, of oygen, acetylene, nitrogen and other gases, and oxy- acetylene cutting and welding equipment. Its products are used principally by steel man- ufacturers and foundries, railroads, ship- yards, automobile manufacturers. repair shops and garages. The company's processes for the' produc- tion of gases from liquid air. were largely obtained from L'Air Liquide Societe of France, and it now owns the exclusive rights to these processes for the United States and Mexico. It also owned the exclusive rights in Cuba which it has transferred to the Cu- ban Air Products Corporation in exchojige for 25% of its capital stock. L'Air Liquide Societe has been in success- ful operation for more than seventeen years, and when the w^ar broke out In 1914 con- trolled plants operating under its patents in thirteen different countrieS(> including all the important European states, Canada and the Orient. The companies' thirty-two manufacturing plants are located in twenty-four cities in the principal Industrial centers, and its pro- ducts are distributed "from warehouses in thirty-five cities throughout the country. Capitalization. Outstanding, Common (no par) 152,966 shs. Funded debt $2,000,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Un- der the trust agreement the company cove- nants as follows: The company and Its subsidiaries will not mortgage any of the tangible properties; nor issue any bonds, debentures, long-term notes or similar securities (except purchase money obligations or current bank loans) maturing earlier than these Series ' 'A' ' bonds. It will maintain at all times total net as- sets (exclusive of patents, good will and other Intangible assets, and after deduction of proper and usual reserves) of at least 200% of these bonds outstanding together with any other bonds or similar obligations of the company, and its subsidiaries subsequently issued or assumed and outstanding. Original Market — $2,000,000 offered April 1920. by Lee, Higginson & Co., New York, Boston, Chicago, etc., and Potter Bros. & Co., New York, at 97 and Interest. Market. New York — ^B. A. Baker & Son, Dunham & Co. Fbiladelphia — Parsley Bros. & Co. Price Ranse — 1920 B1^ supplying water to Anniston, Albany. Besse- mer, Jasper. Oneonta and Decatur, Alabamfr- under perpetual franchises, and to Attalla, Blue Mountain, Brighton and Oxford, under - limited franchises. Capitalization. Outstanding. - Common $600,000" Preferred (6% non-cum.) 200,000-- Funded debt , 1,400.000- Security — ^A direct obligation of the com- pany, but not secured by mortgage. lndeii-<~ ture provides that without any additional debt being created there must be invested in th» property during the life of these notes a sum not less than $126,000. Prior Lien — $1,000,000 1st 6s, due 1932. Years ended Dec. 31. Bond. Gross. Net. Interest;. 1918 $284,373 $139,854 $60,000^ 19^17 216,533 138,690 60».0le as to principal. Trustee — New York Trust Company, New York. Redeemable at 105 and interest- on any interest date. Guaranteed principal and interest by the El Paso & Northeastern Co. by endorsement. Organization — Incorporated in New Mexico in 1S98. Capitalization. Outstanding. Common $900,000 Funded debt 372,000 Controlled by the El Paso & Northeastern ■Co. through ownership of the entire capital -Stock. All the capital stock of the E. P. & ■N. E. Co. is owned by- the El Paso & South- western Co. Secured by a first mortgage on the line from Alamogordo to Russia, N. M., 31 miles. Market. New York — Watson, Armstrong & Co., Didrichsen Bro.s., Chater & Edey. ■ Price Range, 1920— Bid 55. ALASKA GOLD MINES CO., 10-Year Conv, Deb. 6s Series "A.'' Due March 1, 1925. Dated March 1, 1915. Interest payable March 1 and Sept. 1 at Trustee's office, New York. Default — March 1 , 1918, coupons were not paid. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,500,000 Outstanding 1,500,000 Denomination — Coupon, $100, $500 and $1,- OOO. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any In- 14 terest date on or after March 1, 1918, on 60 days* notice. Convertible at par at any time prior • to maturity and up to and including any date fixed for redemption into the capital stock of the company (par $10) at $30 per share, with cash adjustment of dividends and interest. Organization — Incorporated in Maine in 19J2 as a holding company and owns $11,438,680 of the $12,000,000 capital stock and $3,268.- 000 of $3,500,000 first mortgage 6% bonds of the Alaska Gastineau Mining Co. (Inter- est in default.) The latter company is a New York corporation owning 1,875 acres near Juneau, Alaska, covering for a length of over two miles a series of strongly defined veins carrying low-grade milling gold ore, es- timated to contain^, over 200,000,000 tons of commercial profitable ^re. In the past two years over 42,000 feet of underground work- ings have been driven, giving a total length of drifts, raises and cross-cuts approximat- ing 10 miles. Capitalization. Outstanding, Common $7,500,060 Funded debt 3,000,000 Security — ^A direct obligation of the com- pany, but not secured by a mortgage. While these debentures are outstanding the com- pany cannot mortgage or otherwise encumber any of its assets. Years ended Dec. 31 (combined). Gross. Net. *Interest. 1920 $1,487,576 def.$272,338 $229,232 1919 . .'. . 1,474,491 def. 273,397 225,000 ♦Accrued and paid. Listed on the New York Stock Exchange. Original Market — Underwritten by Hayden, Stone & Co. and offered to stockholders of record Jan. 26, 1915, at par and $1,463,900 subscribed for by stockholders. Market. New York— E. A. Baker & Son, Morton Lackenbruoh & Co. Price Range — N. Y. S. E. Jan. 1, *15, to Jan. 1, *21 1920 High 150 Apr. 22 '15 21% Nov. 12 Low. 11 May 21, '20 11 May '21 ALASKA GOLD JVUNES CO. 10-Year Conv, Deb. 68, Series "B." Due March 1. 1926. Dated Feb. 1, 1916. Interest payable March 1 and Sept. 1, at Guaranty Trust Co., New York. Default — ^March 1, 1918, interest was not paid. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,500,000 Outstanding ■ , , 1,500,000 Denominations — Coupon $100, $500 and $1,000. Registerable as to principal. For further details see Series "A.V Original Market— Hayden, Stone & Co. un- derwrote issue of $1,600,000 offered to stock- holders at par in Jan., 1916. Market. New York — Carruthers, Pell & Co Morton Lackenbruch & Co. Boston — Hayden, Stone & Co. Price Range — N. Y. S. E. Jan. 1, *16, to Jan. 1, '21 1920 High 105 May 12 '16 20% Nov 12 Low. 10 July 28 '20 10 July 28 ALBANY & NORTHERN RAILWAY 1st Cons, 58. Due Jan. 1, 1946. Dated Jan. 1, 1896. Interest payable Jan. and July 1. at New York and Baltimore. . Tax Status— Payment of Federal Income Tax not assumed by company. Anthorized $400,000 'Oatstandiiig 400,000 •$60,000 are preferred. Denomination — Coupon, $1,000. Assnmed by the G. S. W. & Gulf R. R, Organization — Incorporated in ' G«orgia In 1896, as successor throusli foreclosure to the Albany, Florida & Northern Ry. Co. Capitalization. Outstandlns. Common v $360,000 Funded debt 400,000 Control — The entire capital stock owned and the road operated by the Georeria, South- western & Gulf R. B. The stock is pledged under the latter company's First Mtge. Secured by a Urst mortgage on 35 miles of road from Albany to Cordele, Ga. Underlies — $166,600 Georgia, S. W. & Gulf 6s secured by deposit of $350,000 capital stock of this company. Years ended Dec. 31 (G. S. W. & S. R. K.). Gross. Net. Deduct. 1919 $182,352 $62,987 $43,678 1918 150,929 48,834 43,156 1917 115,955 28,046 38,200 1916 115,242 27,960. 37,696 Market. New York — Taylor & White. Earnest Smith & Co. ALBANY & SUSQUEHANNA BArLBOAD CO. let 3%s. Due AprU 1, 1946. Dated April 1, 1906. Interest payable April and October 1, at Delaware & Hudson Co.'s office, 32 Nassau Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New York State. Anthorized $10,000,000 Ontstanding 6,444,000 *ConveTted into Delaware & Hudson Co. Stoclc. 3,556,000 •Held by D. & H. Co. Denomination— Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000 and $5,000. Coupon bonds ex- changeable for registered bonds in dmounts of $5,000. Trustee — United States Mortgage & Trust Co., New York. Convertible Into stock , of the Delaware & Hudson Co. until April 1, 1916, at the rate Of live shares (par $100) of stock for each $1,000 bond. Guaranteed principal and interest by the Delaware & -Hudson Co. by endorsement. Organization — Incorporated in New York in 1851. Capitalization. Outstanding. Common $3,600,000 Funded debt ^ 10,000,000 Control — Leased in 1870 to the Delaware & Hudson Co. during the term of its charter. Rental interest on bonds and 9% dividends on its $3,600,000 capital stock. Secured by a first mortgage on 142.69 miles of first track and 113 miles of second track from Albany to Binghamton, N. Y. Xegal for Savings Banks in Cal., Conn., Me., Mass., Mich., Minn., N. H., N, J., N. Y., R. I., Vt. and Wis. Listed .on the New Yqrk Stock Exchange. Original Market — Offered 1906, to the stock- holders, of the D. & H. Co. for subscription at par. Market. New Tork — i;arstow &■ Co., Percy H. Bradshaw, Chas. W. Place, Prince & White- ly, R. W. Pressprlch & Co., Redmond & Co., Remick, Hodges & Co., Struthers & Hiscoe, Taylor, Smith & Hard, Vanderhoef & Robinson, Vilas & Hlckcy. 15 Philadelphia — ^Isaac Starr, Jr. & Co. Boston — ^R. L. Day & Co. Pittsburgh — Kean, Taylor & Co. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, 'Ht 19%0 High 11?% Nov. 22 '06 72% Jan. 10 Low. 66 Aug. 4 "20 65 Aug. 4 ALBANY RAILWAY CO. Cons, (now Ist) Ss. Due Jan. 1, 1930. Dated Jan. 1. 1890. Interest payable Jan. and July 1 at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $428,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the United Traction Co. Control — ^Merged into the United Traction Co. The entire capital stock of the latter company is owned by the Delaware Sr Hud- son Co. Secured by a first mortgage on 24 n^iles of track in Albany, N. Y. Franchises aie per- petual. Underlies — Gen. 6s of 1947; United Traction Cons. 4%s of 2004 which provide fur the re- tirement of this issue, and United Traction Deb. 4%s of 1919. Earnings — See United Traction Co. Market. New York— Fred H. Hatch & Co., Alfred F. Ingold & Co., Carruthers, Pell & Co., J. S. Bache & Co. Price Bange. Jan. 1, 'OS, to Jan. 1, '20 1920 Bid. Ask. Bid. Ask. High 1081^ '09 109% '09 72 Nov. 80 Nov. Low. 65 '20 72 '20 66 Mar. 70 Mar. ALBANY RAILWAY CO. Gen. 58. Due June 1, 1947. Dated June 1, 1897. Interest payable July 1 and Jan. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $750,000 Outstanding 496,000 Denomination — Coupon, $1,000. Registera- ble as to principal. Trustee — Central Union Trust Co., New York. Assumed by the United Traction Co. Control — See 1st 6s. ^Secured by a mortgage on 24 miles of track in Albany, N. Y., subject to the lien of Al- bany By. Cons. 5s. Prior Liens — $428,000 Cons. 6s of 1930. Underlies — Deb. 4%3 of 1919 and Cons. 4%s of 2004 of the United Traction Co. The latter issue provides to retire this issue. Earnings — See United Traction Co. Market. New York — ^Fred H. Hatch & Co., "Car- ruthers, Pell & Co., Rauscher & Mackey. Albany — ^National Commercial Bank. Price Bange. Jan. 1, '08, to Jan. 1, '21 1920 Bid. . Ask. Bid. Ask. High 108% '09 109 '10 68 73 Low. 68 '20 73 '20 ALBANY SOUTHERN RAILROAD CO. 1st S. E. Ss. Due Sept. 1, 1939. Dated September 1, 1909. Interest payable March and Sept. 1, at Trustee's office. New York. Exchangee Proposal — Holders have been asked to exchange their bonds for a pro- posed new issue I of 1st Ref. 6s on the basis of $200 in cash and $800 in bonds for each $1,000 bond, or $1,060 par value in new bonds. Tax Stains — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Aathorized $1,500,000 Outstanding (Jan. 1, '21) 1,394.000 Retired by S. F 106.000 Denomination — Coupon, $1,000. Kegistera- ble as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 106 and interest on any in- terest date as a whole only. Sinking rund— March 1, 1917 to 1921, 1 ^ % of total authorized issue; March 1. 1922 to 1928. 2%; March 1. 1829, to ma- turity, 3 % ; to be applied to the purchase and cancellation of these bonds at not exceeding 106 and interest. If bonds are not so obtain- able, the fund is to be invested in securities legal for New York Savings Banks, until such time at which bonds can ^e purchased at not exceeding 106 and interest. Oreanizatton — Incorporated in New York in 1909, as successor to the Albany & Hudson R. R. Co. (foreclosed). Capitalization. Outstanding. Common $1,375,000 Preferred (5% non-cum.) 2.029,000 Funded debt 2,644,000 Secnred by a first mortgage on 61 miles of track, including 37 miles of main line third rail electric railway and 16 miles of second track from Albany and Rensselaer, N. Y., to Kinderhook Lake and Hudson; a power plant; and gas plants in Rensselaer and Hudson. The company supplies with electricity all the towns through which the railway runs except Albany. Population served; Al- bany, 100,000; remaining territory, 75,000. Franchises are reported perpetual. Years ended Dec. 31. Gross. Net. Int. & Rent. 1920 $837,579 $163,478 $117,641 1919 690,850 166,016 114,733 1918 652.872 151.207 105,156 .1917 574,666 129.378 101,596 1916 627,466 142,524 99.596 1915 508.732 149.848 91,354 1914 507.705 133,265 95.764 Original Market — Offered in 1909 by Red- mond & Co., and J. & W. Seligman & Co., of New York, at 97% and interest. Market. New York — Samuel Goldschmidt, Harts- horne & Battelle. Lynch & McDermott, Red- mond & Co., Alfred F. Ingold & Co. Price Range. Jan. 1, »09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 9SU '10 99% '12 73 Feb. 80 July Low. 65 '18 72 '20 65 Nov. -72 Nov. ALBAUGH-DOTER CO. 10-Year 1st 6s. Dae May 1, 1927. Dated May 1, 1917. Interest payable May 1 and Nov. 1. at Trustee's office, in Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstandin^r (Jan. 1, '21) 475,000 Reserved for :Ext 125,000 Denomination — Coupon, $400. Registerable as -to principal. Trustee — Standard Trust & Savings Bank, Chicago. Redeemable at 102 and Interest on any In- terest date on 60 days' notice. Organization — Incorporated in Illinois in 1902. Business established in 1900. Manu- factures cream separators, electric washing machines and gears. Capitalization. Outstanding. Common $1,626,100 Funded debt 475,000 Secured by a first mortgage on land and plant and all factory equipment and other fixed assets, located at 2100 to 2122 Mar- shall Boulevard, Chicago. Years ended Dec. 31: Net •Int.,etc. 1920 $241,130 $151,620 1919 298,706 116,536 1918 241,480 105,819 1917 199,627 84,780 ♦Interest, depreciation and Insuranca Original Market — $400,000 offered Aug., 1917, by the Standard Trust & Savings Bank, Chicago, at 100 and interest. Market. Clucago — ^Babcock. Rushton & Co. Pi-ice Rangre, 1920 — Ask, 92. ALBIA (la.) LIGHT & RAILWAY CO. 1st 5fl. Due July 1, 1941. Daetd July 1. 1916. Interest payable Jan, 1 and July 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding (Jan. 1, '21) 375,000 Reserved for Ext 125,000 Denomination — Coupon, $1,000 and $100. Registerable as to principal. Trustee — Empire Trust Co., New York. Not callable. Organization — Incorporated in Delaware June, 1916. as successor to vhe Southern Iowa Railway & Light Co., foreclosed in 1916. Capitalization. Outstanding. Common $400,000 Preferred (6% non-cum.) ■ 100,000 Funded debt 360.000 Secured by a first mortgage on plants sup- plying gas, electricity and steam heat in AI- bia, la. ; also on 10 miles of street and in- terurban railway in Albia and to Hoj;king and Hiteman. Population served in entire terri- tory about 10,000. September. 1916, blanket franchise granted for 25 years. Seven miles of rail\^ay are on private right-of-way. The company also sells power to the Centerville, Albia & Southern Ry. Co., operating 12 miles of road. Years ended Dec. 31. Gross, Net. Bond Int. 1920 , .$160,364 $45,212 $17,500 1919 327,503 31,414 17.600 1918 104.268 30.465 16,250 1917 83,397 28,650 15.000 1916 76.722 32.706 15.000 Original Market — Holders of Albia Interur- ban Railway Co. 1st 6s received 70% in bonds of this issue and 30% in preferred stock, $125,000 offered Sept.. 1916. by Damon, Bolles & Co.. Boston, at 94% and interest. Market. New York — Berdell Bros., Ernest Smith & Co., E. A. Miller & Co. Price Rangre 1920— Bid 60. Ask. 70. ALFRED LIGHT & POWER CO. Ist Ss. Due July 1, 1935. Dated July 1, 1905. Interest payable Jan. and July 1, at office of Trustee. Default — Jan. 1, 1919. Tax Staus — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $250,000. Denomination — Coupon, $500 and $1,000. Trustee — Columbia Trust Co. . New York. Redeemable at 105 and interest after July 1. 1916. Receivership — On default of the Oct. 1, 1915, coupons of the A. S. Ry, Ref. 4s, P. O. Conant and Constant Southworth, both of Portland, Me., were appointed receivers. Control — Absorbed by Atlantic Shore Ry. Co. Secured by a first mortsaire on. plant sup- plying electricity in Alfrfd, Me. ' rnderlies — $150,000 Atlantic Shore Ky. Gen. Lien 6s and $641,760 Ref. Is 1941.1 Market. t New York — Berdell Bros., Frank P. Ward. Philadelphia — Samuel K. Phillips & Co.. Frazier & Co. Boston — Ohas. A. Day & Co., Pond & Co. Price Ranee. Jan. 1, '16, to Jan. I, '31 1930 Bid. Ask. High 50f'16 58f'16 Not Low. 17f'18 available ALGOMA STEKL CORP., LTD.. 1st & Ref. 56. Due April 1, 1963. Dated April 1, 1912. Interest payable April and Oct. 1, at Bank of Montreal, Lon- don, Montreal and New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $30,000,000 Outstanding- (Jan. 1, '21) 15,646,740 Retired by S. F 45,160 Pledged as security for City of Sault Ste. Marie Deben- tures 305,858 Reserved for Corp. purposes . 13,983,642 Trustee — U. S. Mortgage & Trust Co., N. T. Denomination — Coupon, £100 and £500. Registerable as to principal. Redeemable at 105 and interest on any in- terest date on -six months' notice; callable for sinking fund on six weeks' notice at same price commencing July 1, 1919, Sinking Fund — 1 % per annum of "the amount of outstanding bonds from July 1, 1919, to be u.sed as above. Guaranteed principal and interest by ' the Lake Superior Corp. by endorsement. Organization and Control — Incorporated in 1912, in Canada as a consolidation of those Companies controlled by the Lake Superior Corporation which are engaged in the ateel business and allied industries and is con- trolled by the Lake Superior Corp. through ownership of entire capital stock. Plant is located at Sault Ste. Marie, Canada. Prin- cipal products: open hearth steel rails, billets, merchant bars, .light rails, small structural shapes, etc. Capitalization. Outstanding. Common $15,000,000 Preferred (7% cum.) 10,000,000 Funded debt 15,646,740 Secured by a mortgage on entire property of the Company, subject to prior lien as to part of same. The Company is a consolida- tion of several coal, iron and power compa- nies. Property and assets valued at about $40,000,000. Prior Liens — $5,800,000 L. S. C. 1st Coll. Tr. 5s and $92,500 Serial 5s of Internation- al Transit Co. Listed on London Stock iExchange. Tears ended, June 30. Net. Interest. Dep'n, etc. 1920.. $3,647,695 $1,056,511 $1,020,869 1919. . 5,035,032 965,196 2.360.000 1918.. 6,046,892 1,058,052 4.031.446 Original Market^Pirst offered, 1912. at 93 and. Interest, by the Bank or Montreal, Lon- don. Market. New York — E. A. Baker & Son., John Nickerson, Jr. Montreal — Balfour & "White. National Bond Co.. Inc. Price Ruigre. Jan. 1, *19. to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. HIgrh 63 '19 75 '19 50 Jan. 55 Jan. Low. 50 '20 52 '20 50 Jan. 52 Sep. ALLEGKENY Si WESTERN RAILWAY CO. Ist 4s. Doe Oct. 1, 1998. Dated October 1, 1898. Interest payable April and Oct. 1, at A. Iselin & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized ' Closed Mortgage Outstanding $2,000,000 Denomination — Coupon, $1,000. Registera- ble as to principal only, or fully registerabls. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by the Buffalo, Rochester & Pittsburgh Ry. Co. by endorsement. Organization — Incorporated In Pennsylva- nia in 1898 as a consolidation. Capitalization. Outstanding. Common . . . .^ $3,200,000 Funded debt 2,000,000 Control — Leased to the B., R. & P. Ry. Co, during its corporate existence. Rental inter- est on bonds, taxes and 6% on the $3,200,000 stock of the Company. Secured by a first m,ortgage on 62.19 miles of road from Punxsutawney to Butler, Pa., including branches. Legal for Savings Banks in Cal., Conn., Me.. Mich., Minn.. N. H., N. J., Ore., R. I. and Wis. Listed on the New York Stock Exchange. Market. New York — Samuel Goldschmidt, Charles W. Place, Redmond & Co., Taylor, Smith & Hard, Vilas & Hickey, Pynchon & Co.. Moore. Leonard & Lynch. PfaUadelpliia — Biddle & Henry, Brown Bros. & Co., Elkins, Morris & Co., Chas. Fearon & Co., Harper & Turner. Huntoon & Co.. Reed A. Morgan & Co., Isaac Starr. Jr. & Co., Welsh Bros., Wheeler, Elliott & Mann. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1930 High 103^ Feb. 6 '07 73^^, Jan. 15 Low. 70 Dec. 31 '19 73^4 Jan. 15 ALLEGHENY. BELLEVUE & PERRYS- VILLE RAILWAY Is 5s. Due AprU 1. 1935. Dated April 1, 1905. Interest payable Apr. and Oct. 1, at Brown Bros. & Co., New York, or Philadelphia, or office of Company. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Ont6tanding^$500. 000. Denomination — Coupon, $1,000. Registera- ble as to principal. Trustee — Pennsylvania ComS>any for In- surances on Lives and Granting Annuities, Philadelphia. Guaranteed principal and Interest by th« Philadelphia Company. Organization and Control — Company incor- porated in Pennsylvania in 1905. All of the stock is owned by the Pittsburgh Rys. Co, The property is leased to the United Traction Co. for, 995 years from .1905, at a rental of 10% on the stoct. The property of the latter company Is operated by the Pittsburgh Rys. Co. Capitalization, Outstanding. Common $250,000 Funded debt 600,000 Secured by first mortgage on 16.67 milea of street railway and interurban road. The road begins at East and Elmira Streets, in Allegheny, and extends on East Street and Perrysville Ave. to the Pittsburgh City Line,-, and on to Westview and Bellevue. The, or- dinance of Allegheny under which ^ the .line within the city limits waa built provides for the annual payment of 2% of gross earnings, and that the company shall carry passengrers between any point on tbe south side of Pitts- burgh and the terminus of this railway in Al- legheny for five cents. Population served, 26th Ward of Pittsburgh, 15,291; remaining territory, 11,764- Market. New York — Moore, Leonard & Lynch, 'Fhiladelpliia — Brown Bros. & Co., Hun- toon & Co., Boenning & Co. Pittsburgh — Moore, Leonard & Lynch. Price Range Jan. 1, '08, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. High ^ 98 '17 100 '17 f53% Nov. Low. fSSMs Nov. 96 '15 f53% Nov. ALLEGHENY VALLEY RAILWAY CO. Gen. (now 1st} 4s. Dae March 1, 1943. Dated March 1, 1892. Interest payable March and Sept. 1, at Broad Street Station, Philadelphia, and 85 Cedar Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $20,000,000 Outstanding: 19,033,000 Held in Penna. R, R. funds.. 967,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully register- able. Trustee — Fidelity Title and Trust Co., Pittsburgh, Pa. Assumed by the Pennsylvania R. R. Co., Dec. 31, 1915. Guaranteed principal and interest, by the Pennsylvania R. R. Co. by endorsement. Control — Merged into the Pennsylvania R. R. Co. in 1910. Secured by a first mortgage on about 265.89 miles of road in Pennsylvania, viz. : Miles. Pittsburgh to So. Oil City 139.61 Red Bank to Driftwood 110.22 Lawsonham to Sligo 10.55 Branches 5.51 Total 265.89 Underlies — Pennsylvania R. R. GJen. Mtgre. under which bonds are reserved to retire this issue. Legal for savings banks in Cat., Conn., Me., Mass., Mich,, Minn., Mo., N. H., N. J., N. T., R. I., Vt. and Wis., also Baltimore Trust Funds. Listed on the New York, Pittsburgh, Phil- adelphia and London Stock Exchanges. Original' Market — First offered by Speyer & Co., of New York and London. $2,000,000 offered by Kuhn, Loeb & Co., at 96 and in- terest, Sept., 1913. $600,000 offered by New- burger, Henderson & Loeb Oct., 1913. at 96 and Interest. Market. New York — Barstow & Co., Simon Borg & Co., Chas. W. Place, R. W. Pressprlch Co., Struthers & Hiscoe, Seasonsood, Haas & Macdonald, Taylor, Smith & Hard, Vilas & Hickey, Fhiladelpliia — Barnes & X^ofland, Biddle & Henry, Brown Bros. & Co., Slklns, Morris & Co., Chas. Fearon & Co., Wm. "W. Fograrty, Harper & Turner, J. P. MairlH & Co., Reed A. Morgan & Co., Isaac Star Jr. & Co., Wheeler, Elliot & Mann, Wurts, Dulles & Co. Fittsbnrsrli — Union Trust Co. of Pltlsbureh. Price Range, N. Y. S. "E. Jan. 1, >06 to Jan. 1, '21 1920 High 102% Apr. 9, '10 82 Mar. 24 Low. 72% June 2, '20 72% June 2 ALLEGHENY VALLEY STREET RAILWAY 1st Mtge. & Coll. Tr. Ss. Dae Feb. 1, 1936. Dated Feb. 1, 1906. Interest payable Feb. and Aug. 1, at office of , Trustee. Tax Status — 2% Federal Income Tax Paid by company without deduction. Tax exempt in Pennsylvania. Aathorized $2,000,000 Outstanding 1,680,000 Owned by W. P. Rys 10,000 Denomination — Coupon, $1,000. Register- ble as to principal. Trustee — Union Trust Co., Pittsburgh. Organization — Company incorporated In Pennsylvania, 1906. Owns the entire capital stock Allegheny Valley Light Co. Capitalization. Outstanding. Common $2,000,000 Funded debt 1,690,000 Control — ^Entire capital stock owned by the West Penn Rys. Co. Secured by a first mortgage on an electric line 1 9 miles in length and by deposit of $350,000 stock of the Allegheny Valley Light Co. Earnings — See W. P. Rys. Co. Market. New York — Redmond & Co., Moore, Leon- ard & Lynch. Pittsburgh — Union Trust Co. of Pittsburgh, ALLENTOWN & READING TRACTION CO. 1st Cons. 5s. Due Jnly 1» 1932. Dated July 1. 1902. Interest payable Jan. and July 1, at Berks County Trust Co., Reading, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $750,000 Outstanding 300,000 ♦Reserved to Retire Underlying Bonds 450,000 *Allentown & Kutztown Traction 1st 5s and Kutztown & Fleetwood Street Ry. 1st 6s. Denomination — Coupon and registered, $ 1, - 000 and $500. Trustee — Integrity Title Insurance & Trust Co., Philadelphia. Redeemable at par and interest after July 1, 1917. Organization — Incorporated In Pa. in 1898 and name changed to AUentown & Reading Traction Co. Leases the AUentown & Read- ing Blec. St. Ry, and the Kutztown & Fleet- wood St. Ry. for 290 years. Controls through stock ownership the Fleetwood & Kutztown Light, Heat & Power Co. Capitalization. Outstanding. Common $250,000 Funded debt 788.000 Secured by a mortgage on about 120 miles of track, forming part of a through route from AUentown to Reading, Pa. Also leases 15 miles of road. Prior Liens — $250,000 1st 5s, 1930. Underlies — $163,000 2d 5s, due 1937. Years ended Dec. 31. Gross. Net. Interest. 1919 $258,367 $94,667 $50,720 1918 224.816 67,601 Market. Philadelphia— Boureau & Evans. ALLENT0WN-BE?:HLEHEM gas CO. Gen. 5b. Due Dec. 1, 1943. Dated Dec. 15, 1913. Interest payable June and Dec. 1 , at Trustee* s office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized $3,000,000 Outfltandins: 1,184,000 Reserved for Ext 1,130,000 IS RRserved for prior liens 686,000 Denomination—Coupon, $1,000. Registera- ble as to principal. Trustee — Fidelity Trust Co.. Philadelphia. Bedeemabie at 105 and interest on any Interest date. Organization — Incorporated in Pennsylvania, Dec, 1913, as a consolidation of the follow- ing companies; The Allentown Gas Co,. Beth- lehem Consolidated Gas Co., Bethlehem Gag Co., Bethlehem & Saucon Gas Light Co., Fountain Hili Gas Co., Lower Saucon-Beth- lehem Gas Co., Northampton Heights Gas Co., - Salisbury-Hanover Gas Co., South Al- lentown Gas Co. and "West Bethlehem Light Co. Capitalization. Outstandini:. Common $850,000 Preferred (6% cum.) 350,000 Funded debt 1.870,000 The United Gas Improvement Co. is in- terested in this company. Secured by a general mortgage on the en- tire property of the company. Additionally secured by pledge of $314,000 of $500,000 Bethlehem, Consolidated Gas Co. Gen. 4s of 1924. Prior liiens — $ 500,000 Allentown Gas Co. let Cons. Cs of 1924 and $186,000 Beth. Cons. Gas. Co. Gen. 4s of 1924. Bonds are re- served under this mortgage to retire both is- sues. Original Market — $884,000 offered Oct., 1916, by Montgomery, Clothier & Tyler, Phil- adelphia, at 102 'A and interest. Market. New Yorlc — Vanderhoef & Robinson, Mont- gomery & Co., Moore, Leonard & Lynch. Philadelplua — Elkins, Morris & Co., Wm. W. Fogarty, Samuel McCreery & Co,, Reed A. Morgan & Co., S. K. Phillips & Co., Mc- Cown & Co. Price Range. Jan. 1, '17, to Jan. 1, '31 1930 ■- Bid. Ask. Bid. Ask. High 101 '17 103 '17 75 Nov. 75 Dec. Low. 68 *20 71 '20 68 Dec. 71 July Price Ranee. Jan. 1, '17, to aJn. 1, '21 1930 Bid. Ask. Ask. High 99 '17 87 'IS 82 yz Sept. Low. 90 '18 80 '20 80 June AXLENTOWN BRIDGE CO. 1st 59. Dae July 1, 1043. Dated July 1, 1912. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Incomje Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorlzed $225,000 Outstanding 218,000 In Treasury 7.000 . Denomination — Coupon, $1,000. Regist^ra- ble as to principal. Tmstee — Lehigh Valley Tr. Co. , AUen- towh. Pa. Redeemable at 105 and interest on any Interest date. Gnaranteed principal and interest by Le- high Valley Transit Co. by endorsement. Organization — Incorporated in Pennsylvania in 1912. Capitalization. Outstanding. Common $292,100 Funded debt 225,000 Control — ^All stock owned by Lehtgb Valley Transit Co. and the property leased to that company. Secured by first mortgage on 2,650 foot con- crete bridge at Allentown, Pa. Original Market — ^First offered by B. B. Smith & Co., Philadelphia and New York, at 101 and Interest In 1912. Market. Philadelphia — Brown Bros. & Co., McCown & Co. AIXENTOWN XPa.) GAS CO. Ist Cons. 6s. Due Oct. 1, 1934. Dated Oct. 1, 1904. Interest payable April and Oct. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — ^$506,000. Trustee— -Provident Life & Trust Co., Phil- adelphia. Redeemable at 105 and interest on any Interest date. Assumed by the AUentown-Bethlehem Gas Co. Organization — Incorporated in Fa. in 1882, and merged Dec. 15, 1913, with the Bethle- hem Consolidated Gas Co. into the AUentown- Bethlehem Gas Co. Secured by a first mortgage on plant sup- plying gas to Allentown, Pa. Underlies — $1,184,000 AUentown-Bethlehem Gas Co. Gen. 5s of 1943. Bonds are reterved under this mortgage to retire this Issue. Market. New York — Earle A. MiUer & Co., Moore I^eonard & Lynch. Philadelphia — Elkins, Morris & Co., Hun- toon & Co., O. B. Lansinger Co., Reed A. Morg-an & Co., McCown & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 102% '15 103 '15 88 Jan. 94 Jan. Low. 75 '20 85 '20 75 Nov. 85 Nov ALLENTOWN TERMINAL RAILROAD CO, 1st Ext'd 6s. Due July 1, 1939. Dated July 10, 1889. Extended July 1, 1919, with interest increased from 4%. In- terest payable Jan. and July 1, at New York and Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $450,000. Denomination — Coupon, $ 1, . Registera- ble as to principal. Trust ee--Central Unioa Trust Co., New York. Redeemable at 102%. and interest on any Interest date on and after July 1, 1920, on 30 days' notice. Organization — Incorporated in Pennsylvania In 1888. Capitalization. Outstanding. Common $450,000 Funded debt _^. . . . . 460,000 Control — ^Leased In 1889 for 999 years to the L. C. & N. Co. and the P. & R. Ry. Co., the former company assigning its leasehold Interest to the C. R. B. of N. J. at same time. Rental, Interest on bonds and 6% on stock. The C. R. R. of N. J. and the L. C. & N. Co. each own one-half of the $450,000 capital stock of the company. Secured by a first mortgage on three miles of road in Allentown, Pa., connecting the Phila. & Reading with the main line, L. & S. Division of the Central R. R. of N. J. Legal for savings banks In Cal., Me., Mich., Minn., N. J. and Wis. Market. /- New York — Sharrets & Ford, Brown Bros. & Co. Philadelphia — BrovTn Bros. & Co., Elkins, Morris & Co., Welsh Bros., Chas. Fearon & Co. Bid. 97^ Apr. Pi'ice Kange 1920 Ask. 100 Apr. AI^LIANCE GAS & FOWEB CO. 1st & Bef. 56. Due Jane 1, 1932. Dated June 1, 1907. Interest payable June and Dec. 1, at oflEice of Trustee or Bankers Trust Co., New York. Tax Statns — 2 % Federal Income Tax paid by company witliout deduction. Anthorized $500,000 Outstanding: (Jan.-l, '21) 351,500 Betired by S. F 87,500 In Treasury 9,000 Fledgred for Bank lioans 7,000 Kesei-yed for- Coi*porate Purposes 45,000 Denomination — Coupon, $500. Registerable as to principal. Trustee — Guardian Savings & Trust Co., Cleveland. Redeemable on any interest date at 107% and interest upon 4 weeks' notice. Sinking: ITund — Annually, beg:inning June 1, 1913, a sum sufficient to redeem 2^% of outstanding bonds at 105 and when this sum has reached a total of $2,500 it shall be ap- plied to purchase of bonds at not more than 105, or call at that figure. Bonds secured hereby, may be deposited with Trustee in lieu of cash payments; or sinking fund pay- ment may be made partly in bonds and partly in moliey. Organization and Control — Incorporated in Ohio in 1907. Practically the entire capital stock is owned by the Cities Service Co. and deposited under Cons. Cities Lt. P. & T. mortgage. Capitalization Outstanding. Common $550,000 Preferred (6% cum.) 424,100 Funded debt 351,500 Management — The Doherty Organization. Secured by a first mortgage on electric plant supplying Alliance, Bebring and Be- loit; also on plant supplying natural gas in Alliance. Market. New York — Elarle A. Miller & Co., Alfred F. Ingold & Co. Philadelphia^-S. K. Phillips & Co., Mc- Cown & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94 '18 98 '17 85 Feb. 90 Feb. Low. 65 '20 75 '20 65 Dec. 75 Dec. ALLIED PACKERS, INC., Conv. S. F. Deb. 6s. Due July 1. 1939. Dated July 1, 1919. Interest payable Jan. and July 1, at Trustee's office or Montreal Trust Co., Montreal, Canada. Tax Status — 2% Federal Income Tax paid by company without deduction. Massachu- setts and Pennsylvania State Taxes refunded. Authorized $25,000,000 Outstanding ' 16.000.000 Unissued 9.000.000 Provisions of Issue — ^Additional bonds are issuable only if (a) the value of the quick as- sets of the Company' Is at least one and one- half times the current liabilities of the Com- pany (b) the net quick assets are at least one-half the principal amount of bonds out- standing and the reserved bonds then to be issued; and Cc) the net earnings of the Com- pany, for a period of twelve consecutive months ending not more than ninety days previous to the application for the issuance of reserved bonds, shall have been equal to at least twice the annual interest charges on all bonds outstanding and the reserved bonds then to be Issued. Denominations — Coupon $1,000; registera- ble as to principal. Trustee — Equitable Trust Company of New York. Redeemable at 110 and interest on any in- terest date upon 60 days' notice. Sinking Fund — Beginning 1921 annual pay- ment to the Trustee on Dec. 31 of each year equal to 2% of the principal amount of all bonds at any time issued. Bonds converted are credited against the sinking fund obliga- tion. Convertbile at any time into common stock of the company at the rate of thirteen shares of stock for each $1,000 bond, equivalent to about $77 a share for the stock. In case company sells for cash or offers for sub- scription at less than $77 a share any com- mon stock in addition to the present author- ized 450,000 shares, bondholders have the right to convert their holdings at the price per_ share - at which such stock is to be sold or offered for subscription. Organization — Incorporated in Delaware, 1919, for the purpose of acquiring, through the purchase of the capital stock or the phy- sical properties, the assets and businesses of various packing companies, including Parker, Webb & Co., Detroit, Mich.; C. Klinck Pack- ing Co., Buffalp, N. T.; F. Schenck & Sons Company, Wheeling, W^. Va. ; Matthews- Blackwell, Limited, Toronto, Canada; W. S. Forbes & Co., Richmond, Va. ; Macon Pack- ing Company, Macon, Ga. ; Batchelder & Sny- der Co., Boston, Mass. All of the above companies conduct a gen- eral packing business, including slaughtering, excepting Batchelder & Snyder Company, which operates the largest meat food dis- tributing establishment in New England and- also does a large business in the processing of meat products, sausage manufacturing, etc. Capitalization. Outstanding. Common (no par) 201,000 shs. Preferred $6,071,000 Funded debt 18.000,000 Security- — A direct obligation of the com- pany but not secured by mortgage. Com- pany agrees that the quick assets (as defined in the Indenture) of the company and Its subsidiaries shall at all times be equal to at least 150% of the current liabilities arid that the net quick assets shall be equal to at least 50 % of the principal amount of bonds out- standing. Company further agrees that neither It nor any subsidiary will mortgage any of its prop- erty, but property may be acquired subject to purchase money mortgages to an amount not to exceed 75% of the value of the prop- erty piirchased. Listed on Chicago Stock Exchange. Year ended Oct. 30: Gross Net Interest 1920 $5,281^333 $422,214 $1,709,196 Original Market — Offered July, 1919. by a syndicate headed by Imbrie & Company, New Tork, etc., at 98% and interest. Market. New York — E. A. Baker & Son, T. Hall Keyes & Co., Morton, Lachenbruch & Co., Hanson & Hanson. Ptttsburgrh^ — Moore, Leonard & Lynch. Philadelphia — Paul & Co. Price Range 1920 Bid. Ask. HIgrh 78 Feb 98 Feb. Low 50% Dec 53 Dec. ALLITH-PROUTY CO. 1st 7s. Due $40,000 each Oct. 1 from 1921 to 1930, inclusive. Dated Oct. 1, 1920. Interest payable April 1 and Oct. 1 at Fort Dearborn Trust A Sav, ings Bank, Chicago. Tax Status— 2% Federal Income Tax paid *»y.tne company without deduction. Authonzed $400,000 Oatstandin^ 400,000 Uenommations — Coupon ?500 and $1,000. irustee — Fort Dearborn Trust & Savings Bank, Chicago. Redeemable on any interest date at 103 and interest. Orgranization — Incorporated in Illinois. Business established in 1900. The company manufactures barn-door, 'fire-door and parlor-door hangers and track, spring hinges, rolling ladders, light builders' hardware and various hardware specialties. Capitalization. Outstanding. -Common (no par) 6,455 shs. Preferred $423,650 Funded debt 400,000 Secured by a first mortgage on all the property of the company, consisting of a manufacturing plant of 228,270 square feet floor space, foundry of 10,000 tons annual capacity, power plant, machine shop and office building, all of which was appraised as of Oct. 13,-1920, at a replacement value of $1,000,621. Under the provisions of the Trust Agree- ment the company covenants to maintain at all times during the life of the issue, net quick asstets at least equal to the amount of bonds outstanding. Original- Market — $400,000 offered Oct., 1920, by F. B. Hitchcock & Co., Chicago, at prices rg-nging from 29 to 96.50 and interest, according to maturity. Market. Chicago — F. B. Hitchcock & Co. ALTON, GRANITE & ST. LOUIS TRACTION CO. 1st Cons. 5s. Bue Aug. 1, 1944. Dated August 1 , 1904. Interest payable Feb. and Aug. 1, at Nat'l City Bank, New York, or Illinois State Trust Co., East St. Louis, 111. Default — Aug. 1, 1919, and subsequent in- terest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authoi-ized ,. . . .$3,000,000 Outstanding 2,500,0.00 Reserved for Prior Liens 500,000 Denomination — Coupon, $1,000. Reglstera- ble as to principal. Trustee — Illinois State Trust Co., East St. Louis, 111. Redeemable at 110 and interest on any in- terest date on 90 days' notice. Assumed- — ($566,000) by the Alton Gas & Electric Co. Receivership— W. H. Sawyer and Frederick Allen were appointed receivers in Feb., 1921. Organization — The Company is a consolida- tion of the Alton Lirht & Traction Co., and the Granite City & £t. Louis Ry. Co., ■'and is controlled by the East St. Louis & Suburban Ry. Co. through ownership of its entire cap- ital stock. Capitalization. Outstanding. Common $3,189,000 Funded debt 2,534,000 Management — E. W. Clark & Co., Philadel- phia. Secured by a mortgage on 61 miles of street and interurban electric railway in Alton, 111., arid between Alton and East St. Louis, 111., and on the plants supplying gas and elec- tricity in Alton, and electricity in Venice and Brooklyn. Power is now obtained from the East St. Louis Light & Power Co. and the Mississippi River Power, which owns the hy- dro-electric plant at Keokuk, la. Population Alton, 17,500; E. St. Louis, 58,500; remain- ing territory, 25,000. Franchises — Gas perpetual. Railway and electric in Alton expires 1948, in Venice in 1920, Brooklyn in 1921 and franchises for country roads in 1926, Prior Liens — $250,000 Alton Ry. & 111. Co. Jst ext. 6s, 1939, and $250,000 Alton Ry., Gas & Elec. Co. 6s of 1939, which this Issue provides to retire. Listed on the St. Louis Stock Exchange. Original Market — Offered in 1905, by Fran- cis Bros. & Co., St. Louis, at par and In- terest. Market. New York — Alfred F. Ingold & Co., Adrian H. MuUer & Sons. St. Louis — Mark O. Steinberg & Co., Stix & Co., Mississippi Valley Trust Co. Price Range. Jan. 1, '08 to Jan. 1, '30 1920 Bid. Ask. Bid. Ask. High 97 '09 97% '10 32 Apr. 42 Apr. Low. 29% '20 31 '20 29% Dec. 31 Dec. ALTON RAILWAY & ILLUMINATING CO. 1st Ext. 5s. Due Oct. 1, 1939. Dated Oct. 1, 1895. Extended Oct. 1, 1915. Interest payable April and Oct, 1, at office of Trustee, New York. Tax Status — 2% Federal Income Tax .paid by company without deduction. Authorized and Outstanding — $250,000. Denomination — Coupon, $1,000. Registera- ble as to principal. Trustee — Bankers' Trust Co., New York. Control — Merged Into Alton, Granite & St. Louis Traction Co., which is controlled by East St. Louis & Suburban Co. , by stock ownership. Secured by first mortgage on 9% miles of street railway lines in Alton, 111. Underlies — $2,483,000 Alton, Granite & St. Louis Traction Co., 1st 5s 1944. Earnings — See A. G. & St. L. Trac. 1st Cons. 5s. Market. New York — Berdell Bros. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Ask. High 97% '17 100 '17 65 July Low. 95 '16 65 '90 65 July n ALTOONA & LOGAN VALLEY ELECTRIC RAILWAY CO. Cons. 4*^8. Due Aug. 15, 1933. Dated Aug. 16, 1903. Interest payable Feb. and Aug. 15, at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in . Pennsylvania. Authorized $4,000,000 Outstanding *3,754.000 Unissued 246,000 ♦$454,000 owned by American Rys. Co. Denomination — Coupon, $500 and $1,000. Registerable as to principal or fully register- ed. Registered, $1,000 and $500. Trustee — Continental-Equitable Title & Trust Co.. Philadelphia. Guaranteed principal and interest by the American Railways Co., by endorsement. Organization and Control — Incorporated in Pennsylvania in 1903. Company owns stock of Home Electric Light & Steam Heating Co., and leases its property. All of the stock is owned by the American Railways Co. of N. J. Capitalization. Outstanding, Common $1,500,000 Funded debt 3,850,000 Secured by a first mortgage on 55 miles of street and interurban electric railway. In- cluding the lines in Altoona, Pa., and those extending from tha city to Hollidaysburg, Tyrone and Bellwood ; and additionally se- cured by deposit of $58,000 of $59,000 entire capital stock of the Home Electric Light & Steam Heating: Co. Population served' Al- toona, 52,127; remaininir territory, 14,000. Franchises are perpetual. Years ended Dec. 31. Gross. Net. 'Deductions. 1919 $1,192,592 $362,068 $222,549 1918 1,002,522 340,264 224,278 1917 757,248 330,286 212.102 1916 684,169 306,716 207,516 ♦Includes interest, taxes and rentals. Listed on the Philadelphia Stock Bxchangre. Original Market — $300,000 offered m 1904 at 94 by Bioren & Co. and Cramp, .Mitchell & Shober, of Philadelphia; $1,000,000 were offered in 1905 at 97^>4 by Townsend Whelen & Co., Newburger, Henderson & Loeb and Bioren & Co., of Philadelphia. Market. New York — Moore, Leonard & Lynch. Philadelpliia — Barnes & Lofiand, Bauer, Starr & Co., Huntoon & Co., Merchants Union Trust Co. Price Range. Jan. 1, *08, to Jan. 1, '30 1920 Bid. Aslc. Bid. Ask. High 95 '09 97% '09 45 Nov. 55 Nov. Low. 43 '20 55 '20 43 Dec. AXTOONA GAS CO. 1st 5s. Due Aug. 1, 1933. Dated Aug. 1, 1902. Interest payable Feb. and Aug. 1, at office of Trustee, New York. Default— Aug. 1, 1916. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized and Outstanding — $7 50,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Control — Absorbed by the Altoona Gas Light & Fuel Co., which is controlled through ownership of practically its entire capital stock by the United Gas & Electric Co. of N. J., which is controlled by United Gas & Elec. Corp. Protective Committee — Arthur V, Morton, Chairman; J. C. Neff. A. M. Holding, with E. L. Brautigam, 517 Chestnut St., Philadel- phia, Secretary. Depository, Pennsylvania Co. for Ins. on Lives and Granting Annui- ties, Philadelphia. Secured by a first mortgage on plant sup- plying gas to Altoona and Juniata, Pa. Pop- ulation, 60,000. Franchise perpetual. Underlies — $75,000 Altoona G. L. & F. 1st & Ref. 5s, which provide for the retirement of this issue. Years ended Dec. 31. Net. Interest. 1920" def.$l,642 $41,250 1919 6.175 41,250 1918 def. 9,056 41,250 1917 def. 2,390 41,250 1916 6,995 41,260 1915 10,928 41,250 Market. New York — Carruthers, Pell & Co. Philadelphia — Boenning & Co., Huntoon & Co., Sam'l K. Phillips & Co., Frazier & Co. Price Range. Jan. 1, *11, to Jan. 1, *31 1920 Bid. Ask. Bid. Ask. High 98 '12 101 '11 5fNov. 15f Nov. Low. 4f '20 5f '20 4f Dec. 5f Dec. Tax Status — 2% Federal Income Tax paid by the company without deduction.' Authorized $1,000,000 Outstanding; 550,000 Reserved for Ext 450,000 Issuance Restrictions — Additional bonds issuable at not over 75% of the actual cost or physical value — whichever is Jess — of permanent additions, extensions and better- ments, and then only when net earnings during the twelve months ended not more than 60 days previous, amount to five times, interest on all bonds outstanding and pro- posed to be issued. Denominations— Coupon $1,000, $500 and $100; registerable as to principal. Ti'ustee — Central Trust Co. of Illinois, Chi- cago. Redeemable upon 60 days' notice on any interest date at 110 and interest during 1921 and 1% less each year thereafter. Sinking: JB'und — Annual amounts as fol- lows: 15% of net earnings for each calendar year from 1922 to 1924 inclusive, and 20% for years 1925 to 1928 inclusive. This fund is to be applied to the purchase or redemp- tion of these bonds at not o\er the current call price. Convei'tible par for par into 8% cumula- tive preferred stock. Org|anlzation — Incorporated in 1916 in Illinois. Manufactures electric and other power driven clotiies-washing niacttlnes. Secui'cd by a first mortgage on the fixed assets used in its business, including land, buildings, machinery and equipment. Plant is located in Peoria, 111. Nine months ended Sept. 30: Net 1920 $523,725 Original Market — $550,000 offered Jan., 1921, by Elston & Co., Chicago, etc., at 100 and interest. Market. Chicago — Paul H. Davis & Co., Elston & Co. ALTORFEK BROTHERS COMPANY 10-Yr. 1st S. F. Conv. 8s. Due Nov. 1, 1930. Dated Nov- 1, 1920. Interest payable May 1 and Nov. 1, at Central Trust Co., of Illi- nois, Chicago. ALUMINUM COMPANY OF AMERICA G% Notes. Due $4,000,000 each March 1 from 1921 to 19ZS, inclusive. Dated March 1, 1919. Interest payable March 1 and Sept. 1 at Union Trust Co., Pittsburgh, or Guaranty Trust Co., New Tork, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $12,000,000 Outstaudingr (Mar. 2, '21) 8,000,000 Matured and Paid 4,000,000 Denomination — Coupon $1,000. Trustee— Union Trust Co., Pittsburgh. Not Redeemable prior to their respective maturity dates. Organization — Incorporated in Pennsylvania in 1888 as The Pittsburgh Reducti on Co. Present name adopted January 1, 1907. The business conducted by the Aluminum Company of America and its subsidiaries waa established In 1888 and consists of the min- ing of the ore of aluminum, smelting of alum- inum therefrom, and its fabrication. The principal plants are located at East St. Louis, Illinois; Niagara Falls, New^ Toric; Massena, New Tork ; Edgewater, New Jer- sey; New Kensington, Pennsylvania; Shaw- inigan Falls, Quebec; Badin, North Carolina, and Maryville, Tennessee. The company owns and operates large water power plants for the production of electricity required by itsi smelters. Capitalization. Outstanding. Common $19,000,000 Funded debt 20,000,000 Seculrity — A direct obligation of the com- pany, but not secured by a mortgage. The Indenture under which the notes are issued provides, among other things, subscan- tlally that bo long as any of the notes are outstanding and unpaid, the Aluminum Com- pany of America will not create or permit to exist any secured indebtedness upon or against Is properties (including the proper- ties of subsidiary companies, but excepting the present funded debt of the subsidiaries, amounting to $858,000); also that the Quick assets of the company and its subsidiaries shall at all times be at least equal to the ag- gregate amount of their indebtedness, in- cluding the amount of these notes then out- standing. Original Market — $12,000,000 offered Feb- ruary, 1919, by the Guaranty Trust Co., New Tork, Union Trust Co. and Mellon National Bank, Pittsburgh, and Illinois Trust & Sav- ings Bank, Chicago, at 100. 99% and 99% and interest for respective maturities. Market. New Tork — Solomon Bros. &' Hutzler, Dil- lon, Read & Co., Tobey & Kirk, Irving Na- tional Bank. Pittsburgh — W. E. Ballard, Lyon, Singer & Co., Moore, Leonard & Lynch, Stout & Co., Edward A. Owens & Co., Union Trust Co; of Pittsburgh. Price Range. Jan. 1, '19 to Jan. 1, '31 1920 Bid. Ask. . Bid. Ask. Due 1921. High 100 '19 100% '19 99% Nov. 100% Jan. Low. 8814 '20 98 '20 88% Dec. 98 Oct Due 1922 High 99% '19 100% '19 96 Nov. lOG Oct. Low. 94 '20 95% '20 94 Oct. 95% Dec. Due 1923. High 100% '19 100% '19 99% Jan. 100 , Oct. Low. 93 '20 94% '20 93 Dec. 94% Dec. ALUMINUM CO. OF AMERICA 5- Year 7% Notes. Due Nov. 1, 1925. Dated Nov. 1, 1920. Interest payable May 1 and Nov. 1 at Bankers Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in Pennsylvania. Authorized $12,000,000 Ontstandingr 12.000,000 Purpose of Issue — ^To retire current in- debtedness incurred in connection with the construction of new plants, and to provide funds for the payment of the $4,000,000 6% Notes, maturing March 1, 1921. Denomination — Coupon $1,000. Trustee — Bankers Trust Co., New York. Organization — See 6% Notes. Secui-ity — A direct obligation of the com- pany but not secured by a mort-gage. Under the provisions of the indenture the company covenants as follows: So long as ariy of the notes are outstand- ing and unpaid, the company shall not create, or .permit to exist, any secured in- debtedness upon or against its properties including the properties of subsidiary com- panies but excepting the present, funded debt of subsidiaries amounting to $858,000. Current assets of the company and its subsidiaries shall, at all times, be maintained in an amount at least equal to the aggre- gate amount of their indebtedness, includ- ing the amount of these notes then out- standing. Oi*ig1nal Marlcet — $13,000,000 ofCered Nov., 1920, by Union Trust Co. of Pittsburgh, Mellon National Bank, Guaranty Company of New York, at 97% and interest. Market New York — J. H. Holmes & Co., T. Hall ■Keyes & Co., Salomon Bros. & Hutzler, Bull & Eldridge, Guaranty Co., Dillon, Read & Co., Bankers Trust Co., Curtis & Sanger. Philadelphia — Wm. W. Fogarty, Joseph W. Grass & Co. Pittsburgh — Lyon, Singer & Co., Moore, Leonard & Lynch, Stout & Co., Edward A. Owena & Co., Union Trust Company of Pittsburgh. ^^^^ Price Kange 1930 Bid. Ask. High 96% Nov. 97% Nov. Low..^ 94% Dec. 96 Dec. 23 ALUMINUM GOODS MANUFACTURING CO. 10-Vear ny2% S. F. Notes. Due March 1, 1931. - Dated March 1, 1921. Interest payable March 1 and Sept. 1 at- Union Trust Co., Pittsburgh, at Continental & Commercial Trust & Savings Bank, Chicago, or Bank- ers' Trust Co., New York. Tax Status — 2%, Federal Income Tax paid by the company without deduction. Authorized $3,500,000 Outstanding 3.500,000 Purpose of Issuer-To retire current in- debtedness incurred principally for capital expenditures. Denomination — Coupon, $1,000 and $500. Trustee — Union Trust Co., Pittsburgh. Redeemable as a whole only (or in part for sinking fund) on any interest date at the following prices plus interest: 105 on or before March 1, 1926, and thereafter at 103%. Sinking Fund — $180,000 per annum, pay- able semi-annually, Jan. 2 and July 2, com- mencing July 2, 1921, to be used to purchase notes at lowest prices upon tender, during each July and January, at less than 105 and accrued interest during the years 1921 and 1922; at less than 104% and accrued interest during this year 1923, and there- after at % of 1% reduction for each calen- dar year. To the extent, that this fund is not exhausted by tenders, notes shall be called by lot for payment on each March 1 and September 1 next succeeding the sinking fund payment dates, at the sinki-ng fund redemption prices. Organization — Incorporated in New Jer- sey in 1909 as successor to the Manitowoc Aluminum Novelty Co., Manitowoc, "Wis. ; Aluminum Manufacturing Co., Two Rivers, Wis., and NeW Jersey Alummum Co., New- ark N. J. The company is a large manufacturer of aluminum household and cooking utensils, comprising a line of more than 2,500 differ- ent articles. The Company markets its products under the names of "Viko" and "Mirro Aluminum." Plants are located at Manitowoc, Wis.; Two Rivers, Wis.; New- ark, N. J., and St. Louis, Mo. Capitalization. Outstanding. Common $6,216,300 Preferred 781,300 Funded debt 3,500,000 Security — A direct obligation of the Com- pany but not secured by a mortgage. Un- der the provisions of the indenture the Com- pany covenants as follows; So long as any of these notes are out- standing and unpaid, the Company shall not create or permit to exist any mortgage upon or against its real property or plants, but this provision shall not prevent future purchase by the Company of property sub- ject to mortgage, or the creation of pur- chase money mortgages upon property here- after acquired. Current assets of the Company shall, at all times, be maintained in an amount equal to at least 125% of the aggregate amount of its total indebtedness, including the amount of these notes then outstanding. Years ended Dec. 31: Gross Net 1920 $13,347,690 $1,149,992 Original Market — $3,500,000, offered Feb- ruary, 1921, by Union Trust Co., Pitts- burgh, First Wisconsin Co.. Edgar, Ricker & Co., Milwaukee, and Continental & Com- mercial Trust & Savings Bank, Chicago, at 97.94 and interest. Market New York^J. H. Holmes & Co. Ohicagro — Elston & Co., Sheridan Trust & Savings Bank, H. T. Holtz & Co., Emery Peck & Rockwood. Milwaukee — First Wisconsin Co., Marshall & Illsley Bank. AMERICAN AOBICUIiTURAIi CHEMIGAIj CO. (TH£) Ist Conv. 68. Dae October 1, 1938. Dated October 1, 1908. Interest payabU April and October 1, at Trustee's office, New York, and Lee, Higginson & Co., Boston. Tas Status — 2% Federal Income Tax paid by company without deduction. Authorized $32,000,000 Outstanding: (Mar. 21, '21) 6,616,000 Retired by S. F , 4,171,000 Converted into Preferred 1,213,000 Denomination — Coupon, $1,000. Resristera^ ble as to principal. He^istered, $1,000 and multiples. C. & R. Interchangeable. Trustee — Columbia Trust Co., New York. Redeemable as a whole at 103 and in- terest on any interest date on 12 weeks' no- tice, or for Sinking Fund at 103 and interest upon 4 weeks' notice. Convertible into 6% cumulative preferred stock of the Company at par. Sinking Fund — An annual amount equal to 3 H % of the total bonds issued to be ap- plied beginning: January 1, 1910, to purchase or redeem these bonds at not exceeding 103 and interest, bonds so redeemed to be can- celled. Organization — Incorporated in Connecticut in 1893 as the Agwa Co., charter amended and name changed in 1899. Capitalization, Outstanding. Common $32,618,900 Preferred (6% cum.) 28,455,200 Funded debt 30,616,000 Secured by a first mortgage on all of the plants now owned or hereafter acauired in- cluding the property formerly owned by 19 fertilizer companies, comprising 30 factories and extensive phosphate deposits throughout the United States. Also upon all of the stocks of the American Phosphate Mining Co. of Maine and the Charlotte Harbor & North- ern R. R. Co.. and substantially all of the stock of the Lister Agricultural Chemical Co. Underlies — $30,000,000 1st Ref. 7%s of 1041, under w^hich bonds are reserved to re- tire this issue. Tears ended June 30 Bond Net. Interest. J920 $5,888,766 $607,204 1919 4,943.455 784,785 1918 8.987.423 876,405 1917 6.431,035 884.680 1916 6,328,920 883,393 1915 4,513,239 838,094 Listed on New York and Boston Stock Ex- changes. Original Offering — Offered In 1908 at 94 and interest by Lee, Higginson & Co., of Bos- ton, Clark. Dodge & Co., and MofCat & White (now White, Weld & Co.), of New York. In 1911, $4,000,000 of these bonds were offered at 102 and interest by Lee, Hig- ginson & Co. and Clark, Dodge & Co. Market. New York — Hartshorne & Battelle, Clark, Dodge & Co., Lee, Higginson & Co., White, Weld & Co. Boston — Lee, Higginson & Co. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Hterh 104% Dec. 11 '16 100 Jan. 9 Low. 87% June 20 '21 87% June 19 AMERICAN AGRICULTURAL CHEMICAL COlttPANY (The) 1st Kef. S. F. 7:«^, Series A. Due Feb. 1, 1941, Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug. 1. at offices of Lee, Higginson & Company, New York, Boston and Chicago. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authoi'ized — See "Issuance Restrictions." Outstanding: 130,000,000 A Issuance Restrictions — Bonds are issuable under this mortgage in series. Future series may bear such rate of interest, mature at such times, be callable at such prices, have such convertible or tax provisions and bS payable in such currencies and at such places as may be determined by the Board of Directors at the time of issue. The total authorized issue is restricted as follows: The total Mortgage Debt shall never ex- ceed 75% of the value of the m,ortgaged property, based upon the book valuation as of June 30, 1920, plus the actual cost or fair value (whichever may be the less) of property subsequently acquired subject to the mortgage. The total combined net assets of the Com- pany and its subsidiary companies, after 'de- ducting all liabilities except Funded Debt, shall equal at least 250% of the entire Fund- ed Debt, including bonds proposed to be is- sued. No further First Refunding Mortgage Bonds shall be issued unless the average annual net earnings for the last three fiscal years, applicable to' interest charges, shall have been at least twice the annual interest charges on the Funded Debt outstanding in- cluding the bonds proposed to be issued. PuiTiose of Issue — ^The proceeds of those bonds will be used Ca) to retire, by call or purchase, the outstanding $5,035,900 Con- vertible Gold Debenture Bonds of the Com- pany due Feb. 1, 1924, and (b) to provide additional capital required for the increasing demands of the Company's business. Denominations — Coupon, $500 jind $1,000: registerable as to principal. Registered $1,000 and multiples. C. & R. interchange- able. TiTistee — Old Colony Trust Company, Bos- ton. Redeemable as follows: at 105 prior to Feb. 1, 1926; during next five years at 103%; during next five years at 102%; during next four years at 101, and during last year at 100%; plus interest in each instance. Sinking !Eiind — Annually, beginning Feb. 1, 1923, a sum equal to 3% of the face valufe of bonds issued under this mortgage, to be applied to their purchase or redemption at not exceeding the current call price. Organization — See 1st Conv. 5s. Secured by a general mortgage on all the real estate, plants and equipment now owned or hereafter acquired by the Com- pany. For details of property covered see 1st Conv. 5s "Bond Descriptions." If the total combined Current Assets of the Company and its subsidiaries shall at any time fall below 160% of their total cur- rent liabilities, the Company shall declare no further dividends upon its Common Capi- tal Stock until the ratio of 160% shall be restored. If said ratio shall fall below 140% it shall constitute an event of default under the mortgage. Prior Liens — Outstanding. 1st Conv. 5s, 1928 •$6,616,000 •Closed mortgage. Bonds are reserved under this mortgage to retire the above issue. Earnings — See 1st Conv. 5s. Original Market^-$30,000,000, Series A, -ot- tered Jan., 1921, by Lee, Higginson & Com- pany and Estabrook & Company, Boston, etc., at 97% and interest. ^^ Market New York — Ames-Emerich & Co. , Esta- brook & Co., Lee, Higg'inson & Co., Salomon Bros. & Hutzler, Dillon, Read & Co., Paine, Webber & Co. Boston — Estabrook & Co., Curtis & Sanger. Philadelphia — Biddle & Henry; Brown Bros. Co., Samuel McCreery & Co., McCown. Chicagro — Ames-Emerich & Co., Fidelity Trust & Savings Bank, First Trust & Savings Bank, Rutlei, Lindsay & Co., Inc. Denver — Boettcher, Porter & Co. Worcester — Merchants Securities Corp. Detroit — Joel Stockard & Co. Omaha — Stern Bros, Omaha Stock & Bond Exchange, Inc. Kansas City, Mo. — Stern Bros. Erie — Erie Trust Co. Milwaukee — Ames, Emerich & Co. Hartford, Conn. — Estabrook & Co. Providence, R. I. — Estabrook & Co. AMERICAN BAKERY GO. Ist 6s. Dae March 1, 19^7. Dated March 1, 1907. Interest payable Mar. and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding (Jan. 1, '21) 594,500 Held by Trustee 100,000 Retired by S. F 223,500 In Treasury 82.000 Denomination — Coupon, $100, $500 and $1,- 000. Trustee — Missouri-Lincoln Trust Co., St. Louis, Mo. Sinking Fund — Annually an amount equal to 3% of outstanding bonds for their pur- chase or redemption. Securefl by a nrst mortgage on plants of seven leading bread-making establishments in St. Louis, Mo,, which were consolidated into the American Bakery Co. Listed on the St. Louis Stock Exchange. Original Market — $775,000 offered March 1, 1907, at prices to yield 6^!% by Altheimer & Bawlings Inv. Co., St. Louis. Market. New York — E. A. Baker & Son, Car- ruthers, Pell & Co. St. Lonis — Mark C. Steinberg & Co. Price Range. Jan. 1. *17, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 101 '17 101% '17 921^ Apr. 97 May Low. 92 '20 100 '19 92 May 96 Mar. AMERICAN BOOK CO. 6s. Due Jan. 1, 1938. Dated Jan. 1. 1908. Interest pay^able Jan. and July 1, at Bank of America, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 OutBtanding (Jan. 1, '21) 1,518,000 Retii'ed by Purchase 482,000 Denomination — Coupon, $1,000. Org:aniseation — Company .incorporateO in New York, 1907. Capitalization. Outstandinir. Common $5,000,000 Funded debt 1,518,000 , Secured by all the property, rights, etc., of the company, including plants at New York and Cincinnati. Market. New York — E. A. Baker & Son, Callaway, Pish & Co. Cincinnati — Dudley V. Sutphin. Price Range. Jan. 1, »ie, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. Hlffh 107 '15 108% '16 99 Nov. 101 Nov. Low. 92% '20 100 '18 92% Nov. 101 Nov. AMERICAN CAN CO. IS-Year Deb. S. F. 5s. Due Feb. 1> 1938. Dated Feb. 1, 1913. Interest payable Feb. and Aug. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Ontstaudingr (Jan. 1, '21)... 10.233,000 Retired by S. F 3,767,000 Reserved for Futare Use 1,000,000 Purpose of Issue — Issued to reimburse the new properties and plants. Proceeds applied to payment of accrued dividends on preferred stock. Denomin ation — Coupon, $ 5 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 102% and interest on any interest date on 60 days' notice. Sinking Fund — $500,000 in cash on or be- fore May 1 , 1914, and annually thereafter for the purchase or redemption of these bonds at not exceeding 102% and interest. Bonds so acQuired to be cancelled. This fund will retire approximately $7,000,000 bonds before maturity. Orsranization — Incorporated in New Jersey in 1901 as a consolidation. Capitalization. Outstanding-. Common , $41,233,300 Preferred 41,233.300 Funded debt 22,233,000 Security — A direct obligation of the com- pany, but not secured by a mortgage. The company cannot mortgage the property or create any funded debt while these deben- tures are outstanding. The company has no mortgage or funded debt, other than this is- sue. The company has 5 plants in the United States and Canada. Years ended Dec. 31. Net. Dep' n. Interest. 1920.. $9,851,876 $1,500,000 $520,953 1919.. 11,728,753 2,000,000 548,533 1917.. 21,995,042 3,500.000 602,183 1916. . 11,091.048 2.500.000 628,067 Original Market — Offered in .1913 by the Guaranty Trust Co. . New York, and Lee, Higginson & Co., New York and Boston, at 97% and interest. Market. New York — E. A. Baker & Son, Samuel Goldschmidt, Struthers & Hiscoe, Watson Armstrong & Co., Phelps & Co. Philadelphia — Samuel McCreery & Co. Chicag-o — First Trust & Savings Bank. Price Range. Jan. 1, »16, to Jan. 1, »31 1930 Bid. Ask. Bid. Ask. HIgrh 100^*16 100% '16 90 Feb. 92 May Low. 82 '20 85 *20 82 Sep. 85 Dec. AMERICAN CHICLE CO. 6% Notes. Due $300,000 each October 1. from 1920 to 1936. inclusive, and $400,000 October 1. 1937. Dated October 1, 1919. Interest payable April 1 and October 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $2,500,000 Ontstanding: (Jan. 1, '21) 2,200,000 Matured and Paid 300,000 Purpose of Issue — To finance the construc- tion of a new plant at Long Island City, N. Y. Denominatlan — Coupon, $1,000 registera- ble as to principal. Trustee — Bankers' Trust Co., New York. Redeemable in whole or in series on any interest date before maturity upon GO days' notice at the following prices and interest; 100% if called for payment less than one year prior to maturity. 101 if called for payment leaa than three years, but one year or more, prior to ma- turity. lOH^ if called for payment less than four years, but three years or more, prior to ma- turity. 102 if called for payment less than five years, but four years or more, prior to ma- turity. 102 % if called for payment less than six years, but five years or more, prior to ma- turity. 103 if called for payment less than seven years, but six years or more, prior to ma- turity. 103 V^ if called for payment less than eight years, but seven years or more, prior to ma- turity. Orgranization — Incorporated in New Jersey in 1899 as a consolidation of six of the lead- ing chewing gum manufacturers of the Unit- ed States, viz. : Adams & Sons Co., Brook- lyn, N. Y. ; Beeman Chemical Co., Cleveland, O.; S. T. Britten & Co., Toronto. Canada; , Kisme Gum Co., Louisville, Ky. ; J. P. Prim- ley, Chicago, and "W. J. White & Son, Cleve- land. On Aug. 1, 1914, acauired by purchase the Sen-Sen Chiclet Co., in which it had for- merly owned a controlling stock interest, se- curing by this purchase all the trade-marks and copyrights of Curtis & Son Co., T. B. Dunn Co., After Dinner Gum Co., Frank H. Fleer & Co.. Inc., Grove Co., Sen-Sen Co. (London. Eng.),. and C. R. Somerville, Lon- don, Canada. In 1916 purchased the assets of the Sterling Gum Co., Inc. The company owns and operates factories at Long Island City CN. T.), Cleveland, San Prancisco, Kan- sas City (Mo.), Chicago, Portland (Me.), and Rochester (N. Y. ). It also operates leased plants at Long Island City and Rochester, N. T. The company controls through con- cessions from the Guatemalan and Mexican governments and British Honduras over 5,- 000,000 acres of chicle producing lands. The products of the company include such well-known brands of chewing gum as Adams Black Jack, Beemans Pepsin, Adams Yuca- tan, Adams California Fruit, Adams Papsin, Adams Kis-me, Adams Chiclets and Adams Clove. The company also owns the Sen-Sen formula and produces the well-known Sen- Sen Breathlets. Through extensive advertis- ing, these products are known in this coun- try, Great Britain, Canada and throughout the world. Capitalization. Outstanding, Common 151,408 shs. Preferred (6% cum.) $3,000,000 Funded debt 4,247,500 Security — A direct obligation of the com- pany, but not secured by a mortgage. Under the Trust Agreement securing these notes, the company covenants that, while any of the notes are outstanding: It or any of its subsidiary companies will not mortgage or pledge any assets now owned or hereafter acquired, except customary bor- rowings in the usual and ordinary course of business, and except that it may issue purchase money obligations for an amount not exceeding 75 % of the actual value of the acquisition, or pledge up to 75% of the cost of any new construction on unimproved real estate now owned (excepting-, however, upon the premises for the improvement of which these notes have been issued). The value of any property so acquired and of such additional construction is to be deter- mined as provided in the Trust Agreement. It or any of its subsidiary companies will not issue or permit to be issued any further notes or other evidences of indebtedness (ex- cept customary borrowings in the usual and ordinary course of its business), unless pro- vision is made for the payment or redemption of this issue: It or any of Its subsidiary companies will not assume or guarantee the debt or obliira- tions of any other corporation, partnership or individual except with the provision that the funded obligation so assumed shall rank after these notes as a debt of the company or its subsidiaries. It will at all times maintain its Net Cur- rent Assets as defined in the Trust Agree- ment, at not less than 160% of the principal amount of these notes outstanding. Prior liien — > Outstanding. Sen-Sen Chiclet S. P. 6s, 1929 .. .$2,047,500 Note — The above mortgage is a lien only on trade-marks and trade names of the for- mer Sen-Sen Chiclet Co. Years ended Dec. 31. 1920 $1,226,960 $434,869 1919 ♦1,101.609 1918 2,0 96,855 622,433 1917 858.309 177.272 1916 702,221 134,776 •Aft^ interest on Sen Sen bonds and divi- dends on preferred and common stock. Original Market — $2,500,000 offered Octo- ber, 1919, by Hornblower & Weeks. Bankers* Trust Co., Halsey, Stuart & Co., New York, etc., and Hayden, Miller & Co., Cleveland, at prices ranging from 99% to 95^ and in- terest. Market. New York — E. A. Baker & Son, Bull & Eldredge, Carruthers, Pell & Co., Horn- blower & Weeks, Robinson & Co. Chicagro — Halsey, Stuart & Co. Price Rangre 1920 Due Bid. Ask. 1921 94% 98% 1922 94% 96% 1923 90 95 1924 90 93% 1925 90 92% 1926 89% 91% 1927 87% 91% 26 AMERICAN CITIES COMPANY 8-Year Coll. Tr. 5s and 6s. 6% to July 1. 1917. and G% thereafter. Due Jaly 1, 1919. Dated July 1, 1911. Interest payable Jan. and July 1, at New York or New Orleans. Default — Jan. 1. '19, interest was not paid. The appointment of Receivers for the New Orleans Railway & Light Co., the Memphis Steel Railway Co., and tjie Birmingham Rail- way, Light and Power Co., also constitutes a default under the collateral trust agreement securing the above bonds. Tax Statas — 2% Federal Income Tax paid by company without deduction. Anthorized $11,000,000 Outstanding 7,500.000 In Treasury ($200,000 pledged) 200,000 Retired 2,500,000 Denomination — Coupon, $1,000 and $100. $1,000 bonds are registerable as to principal. Trustee — Whitney Central Trust & Savings Bank, New Orleans, La. Redeemable at par and interest on any In- terest date on 60 days' notice as a whole only. $.2,500,000 are to be redeemed by lot at par and interest July 1, 1916, if the whole issue has not been redeemed previously. Protective Committee — J. K. Newman, Chairman; Lynn H. Dinkins, Archibald Kalna, Lewis H. Parsons and Percy Warner ; with H. L. Palk, as secretary, 212 Corondolet St., New Orleans, La. Depositaries: Mercantile Trust & Deposit Co., New York, N. Y. ; Guar- antee Trust and Safe Deposit Co., Phila., Pa.; Commercial Trust & Savings Bank, New Orleans, La. Organization — Incorporated in New Jersey July 1, 1911, as a holding company. Capitalization. ' Outstanding. Common $16,264,700 Preferred (6 7o cum.) 20,553,500 Funded debt ■. 10,500,000 Control — In 1913 a majority of the com- mon stock was acquired by the United Gas & Electric Corp. Secured by a pledge with the Trustee of the following shares of stocks: $2,770,700 of the $3,500,000 preferred stock and $3,475,400 out of $3,900,000 common stock of the Bir- mingham Ry. & Lt. Co.; the entire $2,000,000 common stock of the Houston Ltg. & Power Co.; the entire issue of $2, 050,000 common stock of the Knoxville Ry. & Lt. Co.; $600,- 900 of the $750,000 preferred stock and $1,- 617,500 of the $2,000,000 common stock of the Little Rock Ry. & Elec. Co.; $2,208,700 of the $2,500,000 preferred stock and $2,- 153,500 of the $2,500,000 common stock of the Memphis St. Ry. Co.; and $8,796,200 of the $10,000,000 preferred stock and $19,331,- 100 of the $200,000,000 common stock of the New Orleans Ry. & Lt. Co. The Houston Ltg. & Power Co. and the Knoxville Ry. & Lt. Co. retired "their preferred stock in 1911, and common stock was issued in exchange, and deposited under this mortgage. The com- panies whose stocks are deposited, own, sub- ject to' about $63,000,000 bonds, the princi- pal public utilities in the cities in which they operate. Years ended Dec. 31. Gross. Net. Int., etc. 1919 $147,676 $51,492 $626,93G- 1918 622,492 312,958 630,000 1917 925.015 895,295 592.500 1916 1,173,635 1,165,696 527,500 1915 1,18-1,595 1,177,830 500,000 1914 1,909,676 1.833,808 500,000 liisted on New Orleans Stock Exchange. Origbial Afarket — Offered 1911 at 96 and in- terest by Ladenburg, Thalman & Co., of New York and the Whitney-Central Trust & Sav- ings Bank and Isadore Newman & Son of New Orleans. Market. , New York — J. S. Bache & Co., Hibernia Securities Co., Inc., Morton Lachenbruch & Co., Pynchon & Co. Philadelphia — McOaron & Co., Barnes & Lofland, Samuel McCreery & Co. New Orleans — Hibernia Securities Co., Inc. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 99% '17 100 '16 45f. Jan. 50f. Mar. Low. 35f. '20- 39f. '20 35£. Dec. 3 9 f. Nov. AACERICAN COTTON OEL CO. 20-Year Bs. Due May 1. 1931. Dated May 1, 1911. Interest payable May and Nov. 1, at Liberty National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized $15,000,000 Outstanding ^ 6,000,000 Reserved for Corporate Pur- poses 10,000,000 Denomination — Coupon, $1,000. Registera- ble as to principal. Trustee and Registrar — Central Union Trust Co., New York. Redeemable at 105 and interest on any in- terest date on 30 days* notice. Organization — Incorporated in New Jersey In 1889 and owns and operates large refin- eries of cotton seed oil at St. Louis, Gutten- berg, N. J. ; Cincinnati, Providence, R. I. : Chicago, and Gretna, La, and in southern . states plants for ginning cotton, crushing cotton seed and manufacturing fertilizer from by-products of the seed. Through The N. K. Fairbank Co. owns and operates plants for the manufacture of cottolene, lard compounds and other edible fats, soaps, washing powders and allied products. Capitalization. Outstanding. Common $20,037,100 Preferred (6% non-cum.) 10,198,600 Funded debt 15,000,000 Security — Not a mortgage but a direct ob- ligation of the company. The property can- not be mortgaged without consent of 80% of all bondholders. The company has no mort- gage debt. Years ended Aug. 31. I^et Interest 1920 def. $1,542,531 $850,000 1919 $2,694,214 $850,000 1918 2,327,995 666,667 1917 2,034.042 500.000 1916 2,624,292 495,833 1915 2,514,403 475,000 I/isted on the New York Stock Exchange. Original Market — $5,000,000 offered March, 1911, at 97 and interest by White, "Weld & Co., and the First National Bank of New York. Market. New York — Samuel Goldschmidt, Calla- way, Fish & Co., Vilas & Hickey. Price Range — N. Y. S. E. Jan. 1, '15, to Jan. 1, '31 1930 High 98 Nov. 20 '15 89% Feb. 21 Low. 76 Nov. 20 '20 76 Nov. 20 AMERICAN COTTON Oil. CO. 5-Year 6% Notes. Due Sept. 3, 1934. Dated Sept. 2, 1919. Interest payable March 2 and Sept. 2 at Trustee's office, New York. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $10,000,000 Outstanding 10^000,000 Purpose of Issue — To retire $5,000,000 5% Notes maturing September 1, 1919, and $5,- 000,000 7% Notes maturing September 3, 1919. Denomination — Coupon $1,000. Registrar — Central Union Trust Co., New York. Redemption Fund — The company covenants that it will retire annually $500,000 par value of these notes either by purchase at not ex- ceeding 102 and Interest, or by call at 102 and interest. Organization — See 20-year 5s. Security — A direct obligation of the com- pany but not secured by a mortgage. The notes of this issue provide that: ' 'No mortgage lien shall be created or placed upon the property of the company without the written approval first had a.nd obtained of the holders of eighty (80) per centum In principal amount of the notes of this Issue then outstanding, and also with- out providing for the security by such mort- gage of all the notes of this issue then out- standing, equally and ratably with all the other indebtedness secured by such mort- gage." Prior Iiien — Outstanding. 20-year 5s, 1931 ^. $5,000,000 Earnings — See 20-year 5s. Original Market — $ 10,000,000 offered Au- gust, 1919, by First National Bank, New York, at 9 9 % and interest. Market. New York — T. Hall Keyes & Co., Solomon Bros. & Hutzler, Dillon, Read & Co., Bull & "Kldredg-e, Mann, Pell & Peake. Philadelphia — Samuel McCreery & Co. Price Rangre 1920 Bid. Ask. High 91% Oct. 98Vi Feb. IjOW «2 Dec. 84 Dec. AlHERICAN DISTRICT TEIiEGRAPH CO. OF NEW JERSEY let CoU. Trust 5s. Due April 1. 1936. Dated April 1 , 1906. Interest payable April and Oct. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding- (Mar. 21, '21)... 603,000 Retired by S. F 147,000 TTnissued 250,000 Trustee— Equitable Trust Co., New York. Redeemable at 105 and interest. Sinking Fund — $10,000 annually. Organization and Control — Incorporated in New Jersey in 1901. Messenger business leased to "Western Union Telegraph Co. in 1911. Capitalization. Outstanding. Common $9,965,351 Funded debt 861,125 Secured by deposit of stocks of subsidiary companies which operate messenger service in about 100 cities throughout the United States. Years ended Dec. 31 (combined). Gross. Net. Interest. 1920 $4,645,515 $569,728 $24,685 1919 3,894,091 444,317 25,779 Market. New York — Joseph Gilman, T. L. Mac- Donald, Tobey & Kirk. Price Ransre Jan. 1, '19, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 93 '19. 97 '19 90 Feb. 95 Feb. Low. S3 '20 95 '20 93 Dec. 95 Feb. AMERICAN DOCK & IMPROVEMENT CO. 1st 58. Due July 1, 19S1. Dated July 1, 1881. Interest payable Jan. and July 1, at Liberty National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding 4,987,000 Denomination — Coupon, $1,000. Registeta- ble as to principal. Trustees — George F. Baker and Hudson Trust Co., Hoboken, N. J. Guaranteed principal and interest by The Central R. R. of New Jersey by endorsement. Organization — Incorporated in New Jersey. Capitalization. Outstanding. Common $30,000 Funded debt 4.987,000 Control — The Central R. R. of N. J. owns the entire capital stock which is deposited under its general mortgage. Secured by a first mortgage on three large tracts of improved water front and dock property in and around Jersey City. Liegral for Savings Banks in Conn., N. H., N. J. and R. I. Listed on the New York Stock Exchange. Market. New York — Finlay «& Davenport, Red- mond & Co., Taylor, Smith & Hard, Wolff & Stanley, Vilas & Hickey. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 113 Apr. 16 '06 98% Jan. 9 Low. 96^ Feb. 26. '20 -Je^ Feb. 26 AMERICAN DOCK & TRUST CO. 1st 5s. Due Sept. 1. 1930. Dated Sept. 1, 1910. Interest payable March and Sept. 1, at Hamilton Trust Co., Brooklyn. Tax Status — 2% Federal "Income Tax paid by company without deduction. Tax exempt in New York. Authorized $1,000,000 Outstanding 1,000,000 Denomination — Coupon, $1,000. Registera- ble as to principal. Trustee — Hamilton Trust Co., Brooklyn, N. Y. Redeemable at 102% and interest on any interest date. Organization — Incorporated in New Yqrk in 1876. Name changed in 1913 to American Dock Co. Capitalization. Outstanding. Common $300,000 Funded debt .- 1,000,000 Secured by a first mortgage on all prop- erty, which includes 30% acres water front on Staten Island, City and Port of New York, 42 warehouses, 5 covered piers, power plant, 5,000 feet of railroad track, etc. Years ended Sept. 1. Gross, Net. Interest. 1919 $801,546 $450,376 $50,000 1918 849,234 521.817 50,000 1917 625,602 422,471 50,000 1916 605,344 360,525 50.000 1915 2 87,423 153,772 1914 242.011 144,308 Original Market — Offered in 1910 by Pouch & Co., New York, at 97 and interest, and in 1911 at 98 and interest. Market. New York — E. A. Baker & Son, Pouch & Co., Carruthers,' Pell & Co., Sharretts & Ford. Price Range. Jan. 1, ao to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 90V. '16 92% '16 85 Dec. 89 Dec Low. SO '18 87% '18 80 Feb. 89 Dec. AMERICAN FRUIT GROWERS, INC. 7% Conv. Notes. Due $300,000 each Aug. 1 from 1922 to 1926, incl. Dated May 1, 1920. Interest payable Feb. 1 and Aug. 1, In Pittsburgh. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $1,500,000 Outstanding 1,500,000 Purpose of Issue — To provide for payment of purchase money obligations and for addi- tional working capital. Denomination — Coupon, $1, 00 0. Trustee — Union Trust Co., Pittsburgh. Redeemable on any interest date at a pre- mium of % of 1% each year of unexpired life. Convertible on any interest date before maturity or at maturity upon 60 days' no- tice to the Trustee at the rate of 20 shares of common stock for each $1,000 par value of notes. Organization — The company is a lirge pro- ducer and distributor of all varieties of fruits and vegetables in the principal do- mestic and export markets. It owns produc- ing fruit orchards and groves with neces- sary operating equipment costing $4,915,000. In addition, company has under contract and general direction the production of approxi- mately 15,750 acres of fruits and vegetables In various states. 28 Capitalization. Outstanding. Common 18, to Jan. 1, 'ai 1920 Bid. Ask. Bid. Ask. High 95 '18 100 '18 80 Feb. 93 Mar. Low. 75 '20 76 '20 75 Dec. 76 Dec. AMEBICAN GAS CO. 10-Xear Conv. 7s. Dne Jan. 15, 1928. Dated Jan. 15, 1918. Interest payable Jan. 15 and July 15 at Commercial Trust Co.. Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized $3,122,000 Outstanding: 2,659,200 Balance Retired. Denomination — Coupon, $100, $500 and $1.- 000. Registerable as to principal. Trustee — Commercial Trust Co., Phila- delphia. Redeemable on or after Jan. 15, 1920, and before Jan. 16, 1924, at lOB and interest, and on or after Jan. IB, 1924, and before maturity at 102 and Interest, on 60 days' no- tice. Convertible at any time into the capital stock of the company at par. When called (or redemption, conversion privilege extends to the date of redemption. Organization — See 6s due 2016. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. Earnings — See 6s due 2016. Original Market — $3,122,000 offered Feb.. 1918, by Bioren & Co., Philadelphia, at par and interest. Market. New York — Berdell Bros., Bauer, Starr & Co., Chas. E. Doyle, E. A. Miller, Carruth- ers, Pell & Co. . „ Philadelphia — Samuel McCreery & Co., Samuel K. Phillips, Boenninp- & Co. AMERICAN GAS CO. 100-Year 6s, Series "A." Dne Jan. 1, 2016. Dated JaA. 3, 1916. Interest payable Jan, and July 1, at Girard Trust Co., Philadel- phia. , Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized-— Limited to amount of com- pany's outstanding stock. Outstanding $3,000,000 Additional bonds issuable when net income of the American Gas Co. (after deducting expenaea and interest on outstanding secured indebtedness of the company maturing not less than five years from the date of its is- sue) for twelve months within the fourteen calendar months preceding application is at least three times the interest charges on bonds outstanding, including bonds to be is- sued, and on any indebtedness of the com- pany other than the secured indebtedness above mentioned. Denomination — Coupon, $1,000 and $600. Registerable as to principal. Trustee — Girard Trust Co.,- Philadelphia. Redeemable as a whole only at 110 and interest on any interest date on 30 days* no- tice. Organization — Incorporated in New Jersey in 1892 and owns all the capital stock of Bangor Gas Light Co., Me. : Burlington Gas Light Co., Burlington Light & Power Co., Winooski Valley Power Co., Vermont: Cedar Valley Electric Co. and Citizens' Gas & Electric Co., Iowa: Consolidated Light & Power Co., Rockford Gas Light Sc Coke Co., St. Clair County Gas & Electric Co., Illi- nois: Luzerne County Gas & Electric 'Co. and Philadelphia Suburban Gas & Electric Co., Pennsylvania: Petersburg (Va.) Gas Co., Por- tage Amerk'an Gas Co. and Waukesha Gas & Electric Co., Wi.'sconSin. Also owns a stock interest in the Peru (Ind.) Gaa Co.; W^estern United Gas & Electric Co., Coal Products Co., Illinois Commercial & Mining Co., Staunton Gas Co., Illinois. Capitalization. Outstanding. Common $7.804,l60 Funded debt 9,229,200 Security — ^A direct obligation of the com- pany, but not secured by mortgage. Years ended Dec. 31 (conaolidated). Fixed Gross. Net. Charges. 1920 $8,806,788 $2,887,872 $2,480,156 1919 7,060,483 2,765,316 2,032,833 1918 6,524,069 2,115,683 1,339,680 Original Market — $1,000,000 offered Dec, 1916, by Wm. P. Bonbright & Co., Inc., New Tork, etc., at 99% and interest; $1,000,000 offered by the same firm Oct., 1916, at 100 and interest. Market. New York — Wm. M. Clarke, J. K. Rice, Jr. & Co., Carruthers, Pell & Co., Edward B. Smith & Co., Montgomery & Co. Philadelphia — Bauer, Starr & Co., Samuel McCreery & Co., Boenning & Co,, Barnes & Lofiand. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '16 101 '17 68 Mar. 70 Oct. Low. 52 '20 55 '20 52 Dec. 55 Dec. AMERICAN GAS CO. 3-Year Conv. t% Se- cured Notes. Due May 1, 1923, Dated May 1, 1920. Interest payable May 1 and Nov. 1, at Commercial Trust Co., Phil- adelphia. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $2,200,000 Outstanding: , . . 2,200,000 Purpose of Issue — To retire $2,232,600 of bonds and notes maturing June I and for other corporate purposes. Denominations — Coupon, $500, $1,000 and $5,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia, Pa. Redeemable on 30 days* notice at any time to and including May 1, 1921, at 101 and Interest, and thereafter until maturity at 110 % and interest. Convertible upon 10 days' written notice to the Trustee at any time prior to maturity, or their earlier redemption, into 2 0-year 7 % bonds of an equal amount, together with cash equal to 5% of the principal amount of the notes converted. Orgranization — See 100-year 6s. Secured by pledge of the following securi- ties : Outstanding. Burlington (Vt.) Lt. & P. Co. lat Vs $1,200,000 Luzerne County (Pa.) Gas & Blec. Co. 69 1,150,000 Citizens Gas & Blec. Co. (Water- loo, la.) 6s, 1917 980.000 United Hudson Blec. Corp. (Pough- keepsie, N. T.) 1st Mtge. 6s.... 700,000 Phila. Surb. Gas & Elec. Co. com- mon stock - 4,858.500 Rockford Gas Lt. & Coke Co. com- mon stock 400,000 Luzerne County Gas & Elec. com- mon stock 2,090,000 Saminigs — See 100-year 6s. Original Market — $3,200,000 offerel May, 1920, by Bioren & Co., West & Co., Stroud & Co., Philadelphia, at 98 and Interest. Market New York — Carruthers, Pell & Co. Fhiladeiphia — Samuel McCreery & Co., McCown & Co., Boenning & Co. B^tiiuore — Wm. E. Halloway. Price Range 1920— Bid 75, Nov. Ask. 96, Aug. AMERICAN GLUE CO. 10-Year Deb. 8s. Due April 1, 1931. Dated April 1, 1931, Interest payable April 1 and Oct. 1, in Boston. Tax Status — Payment of Federal income tax not assumed by company. Autliorized $1,500,000 Outstandingr 1,500,000 Purpose of Issue — Td provide additional working capital. Denomination — Coupon, $1,000; register- able as to principal. Trustee — The Fourth-Atlantic National Bank, Boston. Redeemable on any interest date at 100 and interest, plus a premium of % of 1% for each year or fraction of a year between the redenaption date and April 1, 1931. Sinking: Fund — The company covenants that it will call and redeem or otherwise ac- quire and surrender to the Trustee for can- cellation at least $150,000 principal amount of these notes, on or before the first day of April in each year beginning with the year 1922; provided that the company may call these notes from time to time in anticipa- tion of the requirements of this covenant and to the extent that these notes are so called, the company shall be relieved from such requirements as to any year which it may designate. Orgranization — Incorporated In March in 1906. Business established in 1808. The company produces and sells glues, gelatines, isinglass, flint paper, emery paper, garnet paper, flint cloth, emery cloth, garnet cloth, other abrasive papers and cloths, soaps, greases, cod liver oil, poultry foods, plaster retarder, fertilizer materials, chem- icals, and other products of like nature. Principal plants are located at Hallowell, Me., Peabody, Rockport, Stoneham, East Walpole, Everett, Medford, Cambridge and Boston, Mass., West Hammond, III., Indi- anapolis, Ind., Des Moines, Iowa, San Fran- cisco, Cal., Springdale and Philadelphia,Pa., and garnet mine lands at Indian Lake, N. T. Capitalization. Outstanding. Common $4,367,700 Preferred (8% cum.) 1,382,900 Funded debt 1,500,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company covenants that no bonds, notes or other obligations secured by mortgage or pledge of any of the company's assets or property nov/ owned or hereafter acquired* except purchase money mortgages, shall be issued while any of this issue of notes Is outstanding unless these notes are secured equally with every other obligation to be secured thereby. The company further covenants that it will at all times maintain its quick assfets as defined in the indenture at a value equal to at least 125% of its indebtedness. Oi-iginal Market — $1,500,000;- offered April 1, 1921, by Estabrook & Co.. Boston, New York, etc., at 100 and interest. 31 AMERICAN HOMINY COMPANY 1st 7s. Due $^50,000 each Jan. 1, from 1923 to 1928, incl., and $1,000,000, 1929. Dated Jan. 1, 1920. Interest payable Jan. 1 and July 1, at Bankers Trust Company, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $2,500,000 Outstanding 2,500,000 Purpose of Issue — To refund current indebt- edness and to provide additional working cap- ital. Denomination — Coupon $ 1,000 ; registerable as to principal. Trustee — Bankers Trust Company, New York. Redeemable as a whole or on any interest date on 30 days' notice at 100 and interest, plus a premium of % of 1% for each year or fraction thereof of unexpired time. No redemption price to be less than 101 and in- terest. Organization — Incorporated in New Jersey in 1902, as a consolidation of several com- panies. The American Hominy Company is the largest manufacturer in the United States of white corn food products, hominy grits, corn meal, corn flour and corn oil. and also a very large manufacturei of rolled oats, oat products, and mixed feeds for horses, cat- tle, hogs and poultry. The company also makes a line of special corn products for the use of bakers and confectioners, and has re- cently completed a wheat flour mill at Deca- tur, 111. Capitalization. Outstanding, Common $2,347,500 Funded debt 2,500,000 The executive offices of the company are at Indianapolis, with sales offices and agen- cles in all the principal markets of the coun- try. The company also has sales offices in Eng^land, Denmark and Holland. Secured by a first mortgag:e on all the land, buildiners, machinery and equipment of the company. The sound value of these proper- ties as appraised March. 1919, plus cost of construction to February, 1920, is griven as $5,261,772. The properties covered by this mortgage consist of manufacturing- plants at Indianapolis, Terre Haute, Mount Vernon and Greentown, Ind. ; Decatur, 111. , and Daven- port and Keokuk la.; also grain elevators at 23 points in Illinois and Indiana. Original Market — $2,500,000 offered Febru- ary, 1920, by Halsey, Stuart & Co. and George H. Burr & Co. at prices ranging from 99.34 to 98.37 and interest. Market New York — E. A. Baker & Son, Edwin Baucker «& Co., Geo. H. Burr & Co. Cliicagro — Geo. H. Burr & Co., Child & Levering-, Halsey, Stuart & Co., Dodgre & Ross, Counselman & Co. AMERICAN ICE CO. Real Bst. 1st and Gen. 6b. Due Angnst 1, 194S. Dated Aug. 1, 1912. Interest payable Feb. and Aug. 1, . at Trustee's office, Philadel- phia, and Brown Bros. & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Also tax exempt in New Outstanding: (Jan. 1, '21) .- 5,213,000 Retired by S. F 706,000 In Treasury 370,000 Reserved for prior liens and corporate purposes 317,000 Denomination — Coupon, $1,000. Registera* ble as to principal. Trustee — The Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia. Redeemable at 102^ and interest on any interest date upon 6 days' notice and for the sinking fund on any August 1st, upon four weeks' notice. Sinking Fund — 2 % per annum of outstand- ing bonds, beginning August 1, 1913, and for 10 years thereafter and 2 % % each succeed- ing year until maturity for the purchase or redemption of these bonds at not exceeding 102^ and interest. Bonds so acquired to be cancelled. Organization — This company was incorpor- ated in New Jersey March, 1899, and is a consolidation of 10 old established companies, including the Consolidated Ice Co, of Maine; Knickerbocker Ice Co. of Maine ; the Inde- pendent Ice Co.; Great Falls Ice Co., Wash- ington, D. C. ; Distilled "Water Ice Co. of Baltimore ; Union Ice Co. and Crystal Lake Ice Co. of New T6rk City. Also it owns the entire capital stock of the Knickerbocker Ice Co. of New York City and the Boston Ico Co. Capitalization, Outstandmg. Common $7,500,000 Preferred (6% non-cum.) 15,000,000 Funded debt 6,461,000 Secured by a first mortgage executed joint- ly by the American Ice Co., Knickerbocker Ice Co. and Ice Manufacturing Co. of New York City and the Knickerbocker Ice Co. of Philadelphia^ on real estate valued at $8,- 100,949, and a lien upon real estate, sub- ject to ground rents having an equity of $699,275; also a second lien on property con- servatively appraised at $2,699,736 subject to prior Hens amounting to $759,930 and a gen- eral Hen on all of the company's properties, rights and franchises. The company is en- 32 gaged in the wholesale and retail ice and the retail coal business in New York City, Philadelphia, Boston, Baltimore, Washing- ton, Cape May, Atlantic City and Camden and throughout the State of Maine, It has upwards of 20 ice houses and 23 manufac- turing plants. Its subsidiary companies own 56 ice houses and 20 manufacturing plants as well as extensive equipment of barges, wagons and horses. Prior Liena — $731,000 bonds and $29,500 real estate mortgages. Years ended Oct. 31 (consolidated). Gross. Net. Int., etc. 1920.. $15,440,130 $2,172,656 $395,048 1919.. 15,345,729 2,800,357 416,297 1918. . 12,742,433 1,808,437 434,239 1917. . 10.014,932 1,394,269 410,958 1916.. 9.229,111 1,100,573 396.012 1915. . 8,650,428 888,468 362,286 Original Market — Offered June 1, 1912, by Henry & West and Brown Bros. & Co, of Philadelphia at 100 and interest. $600,000 offered in August, 1915, by same firms at 97 and interest. Market. New York — E. A. Baker & .Son, Samuel Goldschmidt, Morton Lachenbruch & Co., Fred H. Hatch & Co. Philadelphia — Barnes & Lofland, Bauer, Starr & Co., Arthur J. Bender, Biddle & Henry, Brown Bros. & Co., Elkins, Morris & Co., Chas. Fearon & Co., Huntoon & Co., Lloyd & Palmer, Reed A. Morgan & Co., _ Wheeler, Elliot & Mann. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 102 '17 103 '17 95 July 98% Feb. Low. 85 '20 89% '20 85 June 89% May AMERICAN ICE CO. Coll. 5s. Due April 1. 1922. Dated April 1 , 1902. Interest payable April and Oct. 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding: (Jan. 1, '21) 945,000 Retired by S. F 2,135,000 In Treasury 75,000 Reserved to acquire underlying bonds 1.845,000 ■ Denomination — Coupon, $1,000. Registera- ble as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 105 and interest on any In- terest date upon 10 days' notice. Sinking Fund — Annually a sum equal to 5% of all outstanding bonds, to be applied to the purchase or redemption of these bonds at not exceeding 105 'and interest in lots of not less than $5,000. Organization — See Ist & Gen. 6s of 1942. Secured by pledge of the following securi- ties: $500,000 (par value) Boston Ice Co.. capital stock ; $1,000,000 (par value). Mer- chants' Union Ice Co. of N. J., common stock; $500,000 Merchants' Union Ice Co. of N. J., common stock; $50,000 (par value) John Hancock Ice Co., capital stock; $25,000 (par value) Glasco Ice Co. , capital stock ; $140,125 (par value) Knickerbocker Steam Towage Co., capital stock; $100,000 (par value) Merchants* Union. Ice Co. of N. T., capital stock; $168,000 (par value) New York Hygela Ice Co., lat 6% bonds; $200,000 Ridgewood Ice Co. 1st 6% bonds; and $50,- 000 Consumers* Ice Co., 1st 5% bonds. Earnings — See 1st & Gen. 6s of 1942. Original Market — Offered in 1902. to stock- holders at 96 and interest. Market. New York — E. A. Baker & Son, Carruth- ers, Pell & Co. Philadelphia — Wheeler, Elliot & Mann. Price Ranee. Jan. 1, *15, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 93% '16 95 '16 95 May 98 Feb. Low. 85 '15 87 '15 94 Apr. 95 Jun. AMKRICAN IRONING MACHINE CO. 1st 8b. Due $30,000 each Sept. 1, from 1921 to 1930, inclusive. Dated Sept. 1, 1920. Interest payable March 1 and Sept. 1, at Standard Trust & Savings Bank, Chicago. : Tax Status — 2% Federal Income Tax paid paid by the Company without deduction. Pennsylvania State Tax refunded. Authorized $600,000 Outstanding 300,000 Reserved for Sxt 300,000 Provisions of Issue — Additional bonds Is- suable at not to exceed 50% of the value of acquired real estate and buildings. Purpose of li^ne — To pay off floating in- debtedness incurred by building operations during 1919. Denominations — Coupon, $100, $500 and $1,000; registerable as to principal. Trustee — Standard Trust & Savings Bank, Chicago. Redeemable on 60 days' notice at 101 and interest. Organization — Business established - in 1906. In 1919 purchased the physical assets of Peter Bros. Manufacturing Co. Manu- factures and sells household ironing ma- chines under the trade name "Simplex." Capitalization. Outstanding. Common enomination — Coupon, $1,000. Reg:istera- able as to principal. Trustee — Glrard Trust Co.. Philadelphia. Redeemable as a whole or in part for the sinking fund at 102^ and interest. Sinking Fund — Aug. 1, 1913, and annually thereafter $150,000 shall be purchased in the open market at not exceeding 102% and in- terest. If not so purchasable bonds must be called. The Am. P. & C. Co. agrees to purchase each year a sufficient amount of the deposited bonds to enable the Securities Company to retire $150,000 of these bonds at 102 ^^ and interest. Guaranteed principal and interest by the Alherican Pipe & Construction Co. Organization an& Control — Incorporated in Delaware in 1912, to acquire securities re- ceived by the American Pipe & Construction Co. in payment for work done. Entire $2,- 000,000 common stock owned by Am. P. & C. Co. For further particulars see Amer- ican Pipe Mfg. Co. Series "A." Capitalization. Outstanding. Common $1,000,000 Preferred (8% cum.) 1,000,000 Funded debt 368,000 Secured by a first lien on $7,000,000 par value of bonds of subsidiary companies de- posited with Trustee. Upon the retirement of $300,000 bonds by the sinking fund the company has the right to withdraw $300,000 par value of pledged securities for each ad- ditional $150,000 retired by the sinking fund. This leaves $5,000,000 par value of bonds as security for the $1,500,000 maturing at the end of ten years. Pledged bonds may be sold provided the proceeds are used to retire bonds of this issue at 102% or less. ¥ears ended Dec. 31. *Net. 1920 $58,856 1S19 95,284 ♦After interest. Original Market — $3,000,000 offered July, 1912, by Brown Bros. & Co. of New York, Philadelphia and Boston, at par and interest. Market. New York — E. A. Baker & Son, Fred H. Hatch & Co., CarrUthers. Pell & Co. Philadelphia — Biddle & Henry, Brown Bros. & Co., Chas. Fearon & Co., McOown & Co. Price Range. Jan. 1, n, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 102 '17 102% '19 100 Jan. 101 Feb. Low. 93 '17 96 '17 95 Deo. 101 Feb. AMERICAN PIPE & FOUNDRY CO. 1st 6s. Due Jan. 1, 1938. Dated July 1, 1898. Interest payable Jan. and July 1, at Chase National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1, 500,000 Outstanding (Jan. 1, '21) 692,000 In Treasury and S. F 808,000 Denomination — Coupon, $1,000. Trustee — Chattanooga Savings Bank, Chat- tanooga, Tenn. Assumed by United States Cast Iron Pipe & Foundry Co. Control — Merged into U. S. Cast Iron Pipe & Foundry Co. •Capitalization. Outstanding. Common $12,000,000 Preferred (7% non-cum.) 12,000,000 Funded debt 752,000 •U. S. Cast Iron Pipe & Foundry Co. Secured by a first mortgage on plants lo- cated at South Pittsburgh, Chattanooga, An- niston (110 acres), and Bessemer, Ala. (164 acres). Formerly the property of the Amer- ican Pipe & Foundry Co. Years ended Dec. 31 (U. S. C. I. P. & F.). Net. Interest. 1920 $1,012,207 $160,615 1919 def. 418,361 85,341 1918 1,194.678 85,641 1917 1,863,095 117,314 1916 1,569,896 117,255 Market, New York — E. A. Baker & Son, "Watson, Armstrong & Co., Carruthers, Pell & Co., Fred H. Hatch & Co. Philadelphia — McCown & Co., S. K. Phillips. Price Range. Jan. 1, '15, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 103 '16 106% '17 96% July 100 July Low. 95 '15 98 '15 95 Nov. 100 July AMERICAN PIPE MANUFACTURING CO. Series "A" Coll. Tr. Ctfs. 5s. Due Oct. 1, 1937. Dated Oct. 1, 1907. Tax exempt Pennsyl- vania. Interest payable April 1 and Oct. 1, at Girard Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 OutstanOing (Jan. 1, '21) 500,000 Retired by S. F 500,000 Trustee — Girard Trust Co., Philadelphia. Deiiomiiiation — Coupon $500 and $1,000. Redeemable at 104% and interest on any interest date. Sinking Fund — $50,000 must be redeemed annually on Oct. 1. Organization — Incorporated in New Jersey in 1889 and name changed to American Pipe & Construction "Co. The company controls the following companies: Clayton-Glaasboro "Water Co., Monmouth County "Water Co., Norfolk County "Water Co., Springfield Con- solidated "Water Co., "Wayne Sewerage Co., "Westville & Newbold "Water Co., CoUings- wood (N. J.) Sewerage Co., New York In- terurban "Water Co. Capitalization. Outstanding. Common- $2,397,150 Funded debt' 1,577,500 Secured by deposit of following bonds (other securities of at least equal value may be substituted) as of Feb., 1917; $100,000 Con- solidated Water Co., of Suburban, New York; 180,500 Norfolk County "Water Company, Gen'l Mtge. $2,000 Rochester & Lake Ontario "Water Company, $362,000 Springfield Con- solidated "Water Company, $76,000 Syracuse Suburban "Water Company, $6,000 Texarkana "Water Company 1st Mtge. Years ended Dec. 31. 'Net. 1920 $58,866 1919 96,294 1918 def. 193,247 1917 15,625 1916 237.959 1915 161,101 •After interest. Original Market — First offered by Cramp, Mitchell & Co., Philadelphia. Market. Philadelphia — Barnes & Lofiand. Price Range. Jan. 1, '15, to Jan. 1, '31 1920 Bid. Ask. High 88% '17 91% '15 Low. 85 '16 52 '19 Not available. AMERICAN PIPE MFG CO. Series "B." Coll. Tr. Ctfs. 5s. Due Feb. 1, 1939. Dated Feb. 1, 1909. Tax exempt in Penn- sylvania. Interest payable Feb. 1 and Aug. 1, at Girard Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized $1,000,000 Outstanding (Jan. 1, '21) 600,000 Retired by S. F 400,000 Denomination — Coupon^ $500 and $1,000. Trustee — Girard Trust Co., Philadelphia. Redeemable at 102^ and Interest. Sinking Fund — $50,000 par value of trust certificates annually on Feb. 1, by lot at 102% and interest. Organization — See Series "A." Secured by the deposit of following bonds (other securities of at least equal value may be substituted): $140,000 Baldwin County Water Co. 1st 4%3, 1936; $150,000 Consoli- dated Water Co. of Suburban, New York, let 5s, 1932; $39,000 Rochester & Lake Ontario Water Co. 1st 5a, 1933; 5296,000 Springfield Consolidaetd Water Co. 1st 5s, 1968, and $125,000 Norfolk County W^ater Co. Gen* 1 Mtg. Framings — See Series "A." Original Market — $1,000,000 offered Feb. 1909, by Cramp, Mitchell & Co., Philadelphia, at 97% and interest. Market. Philadelpliia — Barnes & Lofland, Samuel K. Phillips & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 88 '16 95 '17 55 .65 Low. 87% '17 45^^ '19 45 55 AMERICAN POWER & LIGHT CO. Deb. Ga Series "A.'* Doe March 1, 2016. Dated March 1 and Sept. 1, at Trustee's office, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Unlimited. Additional bonds issuable when net earnings for 12 months in preceding 14 months are 2% times interest on all indebtedness including bonds to be issued. Outstanding $4,158,000 D^iomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable as a whole only, on any in- terest date, at 110 and interest. Stock Convertible Warrants Detachable- Stock subscription option warrants were is- sued with these bonds entitling the registered holder of these warrants to receive a certifi- cate for shares of the full-paid common stock of the company, of an aggregate par value equal in amount to the principal of the bonds subscribed and paid for upon the surrender of such warrants, at any time before March 1, 1931, and upon payment in cash for such stock at par, or after March 1, 1918, upon delivery, in lieu of such cash payment in whole or in part of a bond or bonds (if cou- pon bonds, with all unmatured coupons at- tached) of this issue. Organization — Incorporated in Maine in 1909 and controls through stock ow^iershlp the Kansas Gas & Electric Co., the Portland (Ore.) Gas & Coke Co., the Pacific Power & Light' Co. and the Southwestern Utilities Cor- poration. The latter company controls through stock ownership the Southwestern Power & Light Co., which company controls, through ownership of all its common stock except di- rectors' shares, Texas Power & Light Co. ; through ownership of 93% of entire common stock the Fort Worth Power & Light Co.; and the following companies, through own- ership of all outstanding securities, except directors' shares: El Paso Gas Co., Galves- ton Gas Co., Wichita Falls Electric Co. Wichita Falls Water Co., West Texas Elec- tric' Co., Sweetwater Ice & Cold Storage Co., Paris Transit Co., International Electric Co. and Eagle Pass Water Co. The American Power & Light Co. is controlled by interests identified with the Electric Bond & Share Co., and through its subsidiaries serves a total of 160 communities of which 140 communities are served with electric light and power, 16 with artificial gas, four with natural gaa, seven with water service, three with street railway service, three with Interurban rail- way service and with ice and fuel service. To- tal population served, 1,000,000. Through its subsidiaries it owns and , operates as of De- cember 31, 1916, 2,180 miles of overhead electric distribution lines, 11 miles under- ground lines, 1,299 miles high voltage trans- mission lines with 28 miles under construc- tion, 36.6 miles of street and Interurban railway, 1,473 miles of gas mains and 137 miles of water mains. Kilowatt-hour feeder output for year ending Dec. 31, 1915: 165,- 053,615; artificial gas. 2,165,777,000 cubic feet, and natural gas 3,262,963,000 cubic feet. Secui-ity — A direct obligation of the com- pany but not secured by a mortgage. The company has outstanding $2,200,000 6% notes, due^ Aug. 1, 1921, and $3,000,000 6% notes, due July 13, 1916. The company agrees to pay to the trus- tee all sums received In payment for com- mon stock under previous option warrants which fund shall be used to purchase these bonds at not over 101 and interest. Bonds so acquired to be cancelled. Years ended Dec. 31. Gross. Net. Int., etc. 1919 $1,966,359 $1,495,892 $1,008,913 1917... : 1,.622,177 1,203,950 645,621 1916 1,236,757 930,076 372,236 1915 1,275,687 1,011,049 493,602 Original Market — Offered February, 1916. to holders of preferred stock, voting trust certificates and .option warrants to 50% of their holdings, at 93 and interest. About $5,- 936,665 subscribed for by stockholders. Market. New York — Electric Bond & Share Co., Samuel Goldschmidt, Earle A. Miller & Co.,. A. W. H. Munford, J. K. Rice Jr. & Co., Carruthers, Pell & Co., Berdell & Co., Bon- bright & Co. Boston — L. Sherman Adams, Moors & Cabot. Philadelphia — Bauer, Starr & oC, Samuel McCreery & Co., Paul & Co., Frederick Peirce & Co. Price Range. Jan. 1, *16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 95 '16 971/^ '16 74 Nov. 85 Jan. Low. 61 '20 65 '20 61 Sept. 65 Sept. 37 AMERICAN PUBLIC SERVICE CO. First Lien 6s. Due Dec. 1, 1942^ Dated 'Dec. 1, 1912. Interest payable June and Dec. 1. at National City Co., in New- York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania .State tax refunded. Authorized — Not limited, but may be issued at only 85% of cash cost of betterments, ad- ditions or new properties, but not to exceed 85 % of actual replacement value of new properties. Oiitstandinff (Jan. 1, '21) $4,234,000 Denomination — Coupon, $100, $500 and $1,- 000. Only $1,000 bonds are registerable as "to principal and exchangeable for fully resls- "tered bonds. Registered, $1,000 and multi- ples, interchangreable with coupon bonds of $1,000. Trnstee — The New York Trust Co. Redeemable on any interest date at 105 -and interest. Depreciation Fnnd — Company will pay to Trustee or expend for extensions and better- ments for which bonds may not be issued an amount ranging- from 1% of outstanding -bonds on Jan. 1, 1916, to 2% on Jan. 1, 1918, and annually thereafter. Or^ranization — Incorporated in Delaware in •October, 1912. Capitalization. Outstanding. ■Common $1,601,600 Preferred (7% cum.) 775,800 Funded debt 4,988,200 Controlled through stock ownership by the Middle West ITtilities Co. Secnred by a first lien on all of the stocks :«,nd bonds of companies supplying electric light and power and ice in Abilene, Cisco, Jefferson, Longview, Baird, Merkel and Mar- shall, Texas, and Henryetta, Hugo, Morris and Okmulgee, Oklahoma; electric light and power in Kilgore and Stamford, Texas; gas in Abilene and Cisco; water in Abilene, and street railway service in Marshall, Texas. Population served about 108,600. Franchises with minor exceptions are practically co- extensive with or extended beyond maturity of these bonds. The company covenants not to permit the issue by constituent companies of additional ■fltocks and bonds, unless the same be depos- ited under this mortgage. TTears ended Dec. 31. Gross. Net. Interest, T.920 . $2,096,285 $597,166 $256,161 1919 1,425,409 470,506 196,846 1918 1,173,740 323,916 166,679 1917 896,198 289,466 166,351 1916 723,067 288,982 156,351 •1916... 565,265 201,629 120.063 *Tear ended Jan. 31. Original Market— Offered by N. W. Halsoy ■& Co., New York and Chicago, at par and in- terest in January, 1913; offered by same firm October, 1915, at par and interest. A block -offered February, 1918, by National City Co. at 90 and interest. Market. New York — Earle A. Miller & Co., Car- ruthers. Pell & Co., Marten Lachenbruch & Co., Berdell Bros. Fhiladelpliia — Bauer, Starr & Co., Mc- Cown & Co. Chicagro — Halsey, Stuart & Co. Price Range. ^an. 1, '15 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. 'High 98 '17 102H '17 69 Sept. 86 May Xow. G9 '20 76 '20 69 Sept. 76 Sept. JiMERICAN PUBMC SERVICE CO. 5-Year 7%% Coll. Tr. Notes, Series "A." Dne Apr, 1, 1925. Dated Apr, 1, 1920. Interest payable Apr. 1 and Oct. 1, at First Trust & Savings Bank, in Chicago. Tax Status — 2% Federal Income Tax paid %y the company without deduction. Authorized $500,000 Outstanding: 500,000 Denominations — Coupon. $1,000, $500 and $100. Registerable as to principal. Redeemable upon 3 days* notice at 100 and Interest. Organization — See 1st Lien 6s. Secured by pledge of 1st Lien 6a In ratio of not less than $125 of bonds pledged for -each $100 of notes outstanding, after deduct- In? therefrom any cash deposit In lieu of pledged bonds withdrawn^ Ejunings — See 1st Lien 6s. Original Market — $250,000 offered May, 1920, by Halsey, Stuart & Co., New York, etc., at 98 and Interest. Market Chicago — Halsey, Stuart & Co., Sheridan Trust & Savings Bank, Hill, Joiner & Co. Price Rang:e 1920 Bid. Ask. High 93 Dec. 99 Oct. Low 92 Dec. 96 % Dec. AMERICAN PUBLIC UlTLITIES CO. Coll. Tr. S. F. 6b. Due Sept. 1, 1942. Dated Sept. 1 , 1912. Interest payable March and Sept. 1, at Trustee's office, Chi- cago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Issued 690,000 OutstandJnsr 456,300 Retired 233,700 Denomination — Coupon, $100, $500 and $1.- 000. Registerable as to principal. Register- ed, $500 and $1,000. C. and R. interchange- able. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 102 and interest on any in- terest date on three weeks' notice. Sinking Fund — 1% per annum of outstand- ing bonds beginning Jan. 1, 1916, and for nine years thereafter; 1% % from Jan. 1, 1926, to 1935; 2% from Jan. 1, 1936, to ma- turity. Payable out of net earnings to be used for the purchase of bonds, preferred stocks, notes or other evidences of debt of subsidiary companies, or for the purchase or redemption of any outstanding bonds of the company at the direction of the company. Organization — Incorporated in Delaware June, 1912, as a holding company and owns the - entire outstanding common stock of the Albin (Mich.) Gas Light Co., Boise (Idaho) Gas Light and Coke Co., Elkhart (Ind.) Gas & Fuel Co., Holland (Mich.) City Gas Co., Jackson (Miss. ) Public Service Co., Mer- chants' Public Utilities Co. (Indianapolis), Valparaiso (Ind.) Lighting Co., Wisconsin- Minnesota Light & Power Co., operating in Bau Claire, La Crosse, Chippewa Falls, Mln- ominee (Wis.) and Red Wing and Winona (Minn.). Also practically all the common stock of the Utah Gas & Coke Co. (Salt Lake City). Capitalization. Outstanding. Common $2,995,000 Preferred (6% cum.) 4,965,900 Funded debt 2,966,300 Management — Kelsey, Brewer & Co.. Grand Rapids, Mich. Secured by deposit with the Trustee of bonds of subsidiary companies bearing inter- est at not less than 5 % and of an equal prin- cipal amount to the bonds issuable under this indenture. Years ended Jane 30. •Income. Expenses. Interest. 1920 $315,865 $130,298 $309,083 1919 277,377 124,307 25 7,889 1918 694,192 111,680 232,961 1917 744,009 80.765 192,306 1916 5 54.669 39,437 120,159 •Subsidiary earnings, after charges, appli- cable to dividends. Original Market — Offered in 1913 by Ham- bleton & Co., Baltimore and New York, and H. L. Nason & Co., Boston, at 92% and In- terest. Market. New York — Morton Lachenbruch & Co., Berdell Bros., Earnest Smith & Co.. Merrill Lynch & Co. Grand Rapids — Corrigan & Co. Price Bansre. Jan. 1» '15, to Jan. 1, '21 1920 Bid. Ask. Ask. High 80 '15 92% '15 77?i Apr. Low. 60 '20 60 Oct. AMKBICAN PUBLIC UTILITUSS CO. 20- Year Coil. Tr. 6s. Dae April 1, 1936. Dated April 1, 1916. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $3,600,000 Outstanding 2,500,000 Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — Logan Trust Co., Philadelphia. Redeemable at 102 V& and interest on any interest date. Organization — See Coll. Tr. 5s of 1942. Secured by a first lien on the following securities: $2,000,000 common stock of Mer- chants' Public Utilities Co.; $348,000 com- mon stock of Merchants' Heat & Light Co.; $500,000 common stock Elkhart Gas & Fuel Co.; $150,000 common stock Valparaiso Light- ing Co.; $400,000 Valparaiso Lighting Co. and Elkhart Gas & Fuel Co. 1st Cons. 5s. The collateral properties serve a population of over 550,000. Earnings — See Coll. Tr. 5s of 1942. Original Market — $1,600,000 ofCered March, 1916, by Bioren & Co., Philadelphia, at 98 and Interest. Market. New York — Berdell Bros. Philadelphia — Samuel McCreery & Co., Barnes & Lofland, Boenning & Co. Price Range, Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Ask. High 99^ '16 101*16 70 Sept. Low. 67 '17 42 '20 42 Dec. AMERICAN RAILWAYS CO. 3-Year 1% Se- cured Notes. Dae Feb. 1, 1922. Dated — Feb. 1, 1919^ Interest payable Aug-. 1 and Feb. 1 at Trustee's office in Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $3,000,000 Outstanding 3,000,000 Purpose of Issue — To retire $1,672,000 notes due Feb. 1. 1919, and the balance for corporate purposes. Denomination — Coupon $1,000. Trustee — Pennsylvania Company for In- surance on Lives and Granting Annuities, Philadelphia. Redeemable at 101 and interest on any interest date upon 60 days' notice. Organization — See Kef. Conv. Ss. . Secured by deposit of the following se- curities : Pledged Outstanding The Amer. Rwys. Ohio Valley Collateral Tr. 6s $716,500 $2,000,000 Altoona & Logan Valley Elec. Rwy. Co. First Mtg. 4^s 454.000 3,850,000 Lynchburg Tr. & Lt. Cons. 53 704,000 704.000 National Properties — The American Rwys. Co. 4-6s 100,000 6.479.860 Johnstown Traction Co. Pfd. Stock 600,000 1,000.000 Wilmington & Phlla. Tr. Co. Common Stock 4.060,000 4.060.000 Wilmington & Chester Tr. Co. Collateral Tr. 6a 143.000 2.305,000 $6,667,500 $20,398,860 Earnings — See Ref. Conv. 5s. Original Market— $3,000,000 ofCered Febru- ary, 1919, by Newburger. Henderson & Loeb and Bioren & Co.. Philadelphia, at 100 and interest. Market. New York — Carruthers. Pell & Co.. Raus- cher Mackay & Co.. Montgomery & Co., Ber- dell Bros. Philadelphia — Baker Ayling & Toung, McCown & Co. Price Range Jan. 1, *19 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91 '10 100 '19 85 July 98 Feb. Low. 40 '20 80 '20 40 Oct. 80 June AMERICAN RAILWAYS CO. Lynchburg & Roanoke Coll. Xr. 5s. Due Jan. 1, 1930. Dated Jan. 1, 1910. Interest payable Jan, 1 and July 1 at Real Estate Title Ins. & Tr. Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $1,000,000 Outstanding 987,500 Unissued 12,500 Denomination — Coupon. $500 and $1,000. Begisterable as to principal. Trustee — Real Estate Title Ins. & Tr. Co.. Philadelphia. Redeemable at 102^ and interest on any interest date. Organization — See Ref. Conv. 5s. Secured by pledge of 14,975 of the 15,000 shares (par value $50) of the Lynchburg Traction & Light Co.. owning 20 miles of street railway in and around Lynchburg, W. Va., and plants supplying that city with elec- tricity, water and gas, subject to the lien of $1,689,000 bonds, and 9,726 of the 10,000 shares (par value $100) of the Roanoke Trac- tion & Light Co., which owns all of the stock of the Roanoke Ry. & Elec. Co. This latter company owns 32 miles of street railway in and around Roanoke, Va.. and plants sup- plying that city with electricity. Prior Liens — $788,000 Lynchburg Traction & Light Co. 1st 5s of 1931 and $1,719,000 Roanoke Traction & Light Co. 1st & Coll, Tr. 5s of 1958. Earnings — See Ref. Conv. Ss. listed on the Philadelphia Stock Exchange. Market. Philadelphia — Samuel K. Phillips & Co., Brown Bros. & Co.. Chandler Bros. & Co., Boenning & Co.. Chas. H. Bean & Co. AMERICAN RAILWAYS CO . Ohio VaUey Electric Coll. Tr. 6s. Due Jan. 1» 1961. Dated June 1, 1911. Interest payable Jan, and July 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding 1,277.000 Pledged 704, 000 In Treasury f 9, 000 Denomination — Coupon and registered $600 and $1,000. Trustee — Fidelity Trust Co., Philadeiphia. Redeemable on any interest date at 102 and interest. Organization — See Ref. & Conv. Bs. Secured by a first lien on 19,614 of 20,000 shares common stock of Ohio Valley Electric Ry., and other stocks of Ohio Valley Electric Ry. subsidiary companies. Company operates electric railway from Guyandotte, W. Va., to Ashland, Ky., and from Trenton to Hang- ing Rock, O., and electric power plants in various cities in "W. Va., Ky., and Ohio, hav- ing population of about 80,000. Earnings — See Ref. & Conv. 5s. Market. Philadelphia — Samuel K. Phillips & Co., Boenning & Co., Barnes & Lofland. AMERICAN RAILWAYS CO. (THE) Ref. Conv. 5s. Due Aug. 1, 1931. Dated August 1, 1911. Interest payable Feb. and Aug". 1, at Trustee's office, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania tax refunded. Authorized $3,000,000 Outstanding 2,500,000 Cancelled 600,000 Denomination — Coupon, $600 and $1,000. Registerable as to principal. ; Trustee — Merchants' Union Trust Co., Philadelphia. Pa. Redeemable at 102 and interest on any in- terest date. Convertible privilege has expired. Organization — Incorporated in New Jersey in 1900 as a consolidation of the American Rail- ways Co. and the United States Electric Ry. & Ltg, Co. Controls companies operating- about 600 miles of street and interurban rail- way," located in and around the following cities: Altoona Pa.; Bridgeton, N. J.; Joilet, 111.; Lynchburg, Va. ; Huntington, W. Va.; Roanoke, Va. ; Springfield, Ohio; Dayton, Ohio; Scranton, Pa. ; and Wilmington, Del. In December, 1913, the Company sold its holdings in the Johnstown Passenger. Ry. Co. to the Johnstown Traction Co. $758,000 of the $1,000,000 preferred stock and $8,000 of the $1,000,000 common stock of the latter company is owned by the American Rys. Co. On January 1, 1916, the Ameri- can Rya. Co. acquired the entire $4,060,000 common stock of the Wilmington & Phila- delphia Traction Co. which company con- trols through stock ownership and leases companies owning 137 % miles of street and Interurban track In and connecting Wilming- ton, New Castle and Delaware City, Del., mnd Chester and Media, Pa., and doing the electric light and power business in Wilming- ton, New Castle, Delaware City and Newark, Del. , the southeastern part of Delaware County, Pa., and Elkton, Chesapeake City, Md. No bonds are to be issued against the stock of the latter Company. Capitalization. Outstanding. Common $9,460,000 Preferred (7% cum.) 4,000,000 Funded debt 17.151,125 Control — On Jan. 1, 1916, the National Properties Co. of Delaware acquired a ma- jority of the common stock and $1,500,000 preferred stock of the American Rys. Co. of N. J. in exchange for its Collateral Trust Bonds at par which are secured by Ameri- can Rys. Co. stock. Feb. 26, 1917, the United UtlUtieB Co. of Delaware was or- ganized and acquired the stock of the Na- tional Properties Co. Security — A direct obligation of the Com- pany, and secured by deposit with the Trus- tee of $1,600,000 Chicago & Jollet Electric Ry, Co. Gen. 5s of 1931, and $2,250,000 (en- tire issue $2,500,000) capital stock of The Peoples Railway Co.. Dayton, Ohio. Throtjgh a deposit of three securities, these bonds are a first mortgage upon approximately 63 miles of road, and practically a second mortgage, subject to $900,000 prior liens, upon 60 miles of road. Note — In July, 1914, $500,000 Springfield Ry. Co. bonds, which were deposited as part security for this issue were retired and $500,000 bonds of this issue, formerly held in the treasury were cancelled. The Spring- field Ry. bonds were secured by a first mortgage on the street railways in Spring- field, Ohio, comprising 33 miles of track. Through the deposit of those bonds this collateral issue was a first lien on that road. Prior Liens — $ 400,000 bonds of the Chi- cago & Joliet Electric Ry. Co.; $500,000 bonds of the Peoples Ry. Co. (both closed mortgages). Years ended Dec. 31. Total Income •Charges. Dividends. 1920 $1,719,347 $1,244,494 $105,000 1919 1.795,436 1,191.117 636,402 1918 1.221,563 1.029,097 280,000 1917 1,568,358 874,129 658,400 1916 1,538,269 785,931 648,400 1915 1.145,624 686,238 442,099 ♦ Expenses, taxes, interest, amortization, etc. Original Market — Offered in 1911 by New- burger, Henderson & Loeb and Bioren &^ Co., of Philadelphia, at 96% and interest. Market. New York — Lynch & McDermott. Berdell Bros.. Carruthers, Pell & Co. Philadelphia^ — Geo. N. Fleming, Wm. W. Pog-ai ty, Boenning & Co. , Isaac Starr, Jr. & Co. Price Range. Jan. 1, *15, to Jan. 1, '21 1920 Bid. Ask. Ask. High 93»^ '16 39 '15 75 Aug. Low. 65 '19 40 '20 40 Dec. AMERICAN RAILWAYS CO (THE) 10-Year Coll. Tr. 6s. Dne Mar. 1, 1927. Dated March 1, 1917. Interest payable Mar. 1 and Sept. 1 at Trustee's office, in Philadelphia. Tax Statn8^2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $1,750,000 Outstanding 1,750,000 Denomination — Coupon $1,000. Register- able as to principal. Trustee — Continental-Equitable Title & Trust Co., Philadelphia. Redeemable at 102 ^ and interest on any Interest date. Organization — See Ref. Conv. 5s. Secured by deposit of the entire $2,000,000 capital stock of the Scranton Ry. Co. and the entire $1,500,000 capital stock of the Altoona & Logan Valley Electric Ry. Co. less directors qualifying shares. Earnings — See Ref. Conv. 5s. Original Market — $1,750,000 offered Feb.. 1917. by Bioren & Co., and Newburger, Hen- derson & Loeb, Philadelphia, at 95 and in- terest. 40 Market New York — Lynch & McDermott, Berdell Bros., Carrutliers, Pell & Co. PhUadelpliia — S. K. Phillips, McCown & Co., Boenning- & Co. Price Rans:e 19Z0 Ask. Hleh 65 Mar. Low 55 Apr. AMERICAN REFRIGERATOR TRANSIT CO. Oaar. Eaoip. 6% Notes, Series "C". Dae $106,000 each May 1 and Nov. 1, to May L 1933. Dated May 1. 1913. Interest payable May 1 and Nov. 1, af Trustee's office, Chicago. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized $2,150,000 Outstanding: (May 2, '21) 420,000 Balance Retired. Denomination — Coupon, $1,000. Regrlater- able as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Organization — Incorporated in New Jersey, May, 1898, as successor to an Illinois cor- poration of the same name incorporated in 1881. Its entire capital stock owned by the Mo. Pac. Hy. Co. and associated roads. The Company furnishes refri&erator cars to its proprietary and other companies, the profits being divided among the stockholders on the basis of the mileage traveled by the refrigerator cars on their respective lines. Capitalization. Outstanding. Common $500,000 Funded debt 946,000 Controlled through stock ownership by the Missouri Pacific R. R. Co. and Wabash Ry. Co. Guaranteed as to principal and interest by the American ^ar and Foundry Co. by en- dorsement. Secured by an equipment trust agreement on 2,000 new 30-ton capacity steel under- frame refrigerator cars, costing $2,632,500 of which amount $482,500 was paid in cash and these notes issued for the balance. Original Market — $2,160,000 o^ered June, 1913, by Potter, Choate & Prentice, New York, and by the First Trust & Savings Bank, Chicago, at prices ranging from par to 95 yielding about 5%%., Market. New York — Freeman & Co. Cbicag^o — First Trust & Savings Bank. AMSBICAN ROAD MACHINERY CO., INC. 1st S. F. 6s« Due February 1, 1938. Dated February 1, 1913. Tax exempt In Pennsylvania. Interest payable Feb. and Aug. 1 at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Aathoiized $1,600,000 Outstanding: (Jan. 1, '21) 760,000 Held in S. F 158,000 In Treasu3py 82,000 Reserved for Ext. (75%) 500,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — ^Equitable Trust Co. New York. Redeemable as a whole, or in part for the sinking fund at 105 and interest. Sinldng Fond — Semi-annually on or before May 30 and Nov. 30, 2% of all bonds out- standing to be applied to purchase of bonds. Bonds acquired by the sinking fund to be kept alive and interest added to the fund. Should retire entire Issue at maturity. Organization — Incorporated In Delaware 1813, as successor to The American Road Ma- chine Co., established In 1886. and haa con- solidated the Climax Road Machine Co., Mon- arch Road Boiler Co., Indiana Road Machine Co. and Lima Contractors and Supply Co. Capitalization. Outstanding. Common $2,000000 Preferred a% cum.) 1,102,700 Funded debt 760,000 Secured by a first mortgage on plants of the Company, located at Kennett Square, Just outside of Philadelphia, Pa., Marathon and Groton, N. Y., Fort Wayne, Ind., and Delphos, Ohio. Plants cover about 14 acres, also on all other property of the Company. The mortgage provides that net quick as- sets shall at all times be equal to 100 % of amount of these bonds outstanding. Original Market— OfiCered $1,000,000 by Wil- liam Morris Imbrie & Co., New York, at 100 and Interest In February, 1913, Market. New York — E. A. Baker & Son, Carruth- ers, Pell & Co., Fred H. Hatch & Co. Philadelpliia — O. B. Lansinger & Co., Mc- Cown & Co., S. K. Phillips. Price Range. Jan. 1, '17 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 87 '19 92 '17 87 Feb. 90 Feb. L.OW. 70 '20 76 '20 70 Nov. 76 Nov. AMERICAN SALBS BOOK CO.. LTD., 1st 6b. Due April 1, 1927 Dated April 1, 1912. Interest payable April and Oct. 1, at Toronto, Canada, or Bank of Manhattan Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstandingr (Mar. 24, '21)... 435,600 Held in S. F 314,400 Unissued 250,000 Denomination — Coupon and registered, $500 and $100. Trustee — National Trust Co., Ltd., Toron- to. Redeemable as a whole or for the sinking fund at 107^ and interest April 1, 1916, or any interest date thereafter. Sinldng Fond — Annual amounts beginning April 1, 1915. Organization — Incorporated in Ontario In 1911 and is the largest manufacturer of mer- chants' sales books in the world. Capitalization. Outstanding. Common ; $614,660 Preferred (7% cum.) 3,073,300 Funded debt 435,600 Secured by first mortgage on all the prop- erty of the Company which has factories at Niagara Falls and Elmira, N. Y.. appraised at more than $1,000,000. Years ended Dec. 31. Net. Dep'n. Interest. 1920. . $602,679 $130,658 $28,921 1919. . 427,238 129,073 32,079 1918.. 316,316 75,000 37,304 1817.. M12,4.61 75,000 38,431 1916. . 341,945 71.400 31,184 Original Market — First offered April. 1912. by A. E. Ames & Co., Toronto, at par and Interest. Market. New York — Frederick H. Hatch & Co.. Su- tro Bros. & Co., Berdell Bros. Montreal — Hew R. Wood Co. Toronto— A. E. Ames & Co.. A. J. Pattl- Bon, Jr. & Co. Price Rang'e Jan. 1, '19 to Jam. 1, '21 19S0 Bid. Ask. Bia High 90 '19 89 '19 88 Apr, Low. 85 '19 89 '19 88 Apr. AMERICAN SEEDI.ESS RAISIN CO . Ist 6s. Dne $40,000 each Oct. 1, 1930 to 1939, InclosiTe. Dated Oct. 1, 1919. Interest payable April 1 and Oct. 1, at Savings Union Bank & Trust Co., San Francisco. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in California. Aathorlzed $400,000 Oatstandlni: 400, 000 Denomination — Coupon $600 and $1,000. Trustee — Savings Union Bank and Trust Co., San Francisco. Redeemable on any interest date at 102 and interest. Organization — Incorporated in California. Business has been established for about 26 years. Company is engaged in growing, buy- ing from other growers, packing and dis- tributing through Its selling organization, through this country, Canada and in the Orient, Thompson seedless raisins in packages under a trade brand. The company owns and operates 1,498 acres of fully developed Thompson seedless vineyard properties In Merced, Fresno and Kings Counties, Cal., and a packing plant at Del Kay, Fresno County, Cal. Capitalization. Outstanding. Common $1,033,500 Preferred (7%) 119,200 Funded debt 400, 000 Secnred by a Arst mortgage on all the property of the company. For details see "Or- ganization." Original Market — $40 0,000 offered Novem- ber, 1919, by Stephens & Company and Le Roy Ryone & Co., San Francisco at 100 and interest. Market. San Francisco — Ryone & Co. IjOS Angreles — Cahn McCabe & Co. AAIERICAN SMELTING & REFINING CO. 30-Year 1st 6b, Series "A." Due April 1, 1947. Dated April 1, 1917, Interest payable April and Oct. 1, at Trustee's ofHce, New York. Tax Statns — 2% Federal Income Tax paid by company w^ithout deduction. Authorized — Limited to an aggregate principal amount at any one time outstand- ing which shall not exceed the aggregate par value of the then outstanding full-paid preferred and commmon stock of the Com- pany. Oatstandingr (Jan. 1, '21) $31,553,200 Held in S. F 1,484,000 In Treasury 503,500 Issued to acquire Series "A" and "B" pre- ferred stock of the American Smelters Securi- ties Co. Additional bonds Issuable for (1) exten- sions, etc.: (2) acQuisitlon of obligations or stocks of company at least a majority of whose capital stocks are pledged hereunder; (3) acquisition of plants, real estate or con- struction of plants of companies, at least 9 5 % of whose capital stocks are pledged hereunder. Denomination — Coupon, $100, $500 and 42 $1,000. Reglsterable as to principal. Reg- istered $1,000, $5,000, $10,000 and multi- ples of $1,000. C. & R. interchangeable. Tmstee — Central Union Trust Co., New York. Redeemable at 100 and interest Oct. 1, 1830 or any subsequent interest date on 30 days' notice. Sinking Fand — Annually, beginning Jan, 1, 1918, 1%% of maximum amount of bonds issued for the purchase of these bonds at not over 105 and interest. If bonds are not so purchaseable during the year the fund is credited for the succeeding year. In lieu of cash payments the company may deliver bonds of this Issue at par. Bonds acquired are to be cancelled. Organization — Incorporated In New Jer- sey in 1899. Owns the entire common stock of the American Smelters Securities Co.: practically all of the stocks and bonds of the National Metallurgical Co. and the entire capital stocks of the Consolidated Kan- sas City Smelting & Refining Co., The Uni- ted States Zinc Co., Carbon Coal & Coke Co., and American Smelters Steamship Co. Capitalization. Outstanding. Common $110,998,000 Preferred (7% cum.) 50,000,000 Funded debt 31,553,200 Secured by a first mortgage on all the property of the company and by pledge of the entire common stock ($30,000,000), and the preferred stock. Series "A" and "B" (ex- changed for these bonds) of the American Smelters Securities Co.: entire capital stock of the following companies: Consolidated Kansas City Smelting & Refining Co. (100,- 000 shares, par $25): United States Zinc Co. (7,838 shares common par $100, and 4,600 shares 6 % preferred, par $100); National Metallurgical Co. (34,436 shares, par $25); 20,000 of 21,000 shares (par 100 pesos) Sociedad de Minas & Fundiciones de Carri- zal of Chile; 1,849 of 2.400 shares (par 6 pesos Negociacion Minera de Jesus Maria S. A. of Mexico. Also by pledge of $2,746,000 bonds secured by mortgages dated April 1, 1917, to Central Trust Co., New York, and Milton Ferguson, trustees, on all Mexican properties. Also to be secured on any ad- ditional land the company may hereafter ac- quire and the stock and bonds of every com- pany owning land or an interest in land which this company may hereafter acquire if the stock of such company constitutes at least a majority thereof, provided the land so ac- quired is not located In Mexico or Chile, and provided such land or securities are acquired with the proceeds of bonds of this Issue. It is further provided that this indenture is and shall always be kept and maintained a valid first lien on the trust estate as it now exists and on future acquisitions with the proceeds of these bonds, and that no prior lien shall be created on the properties of collateral companies, a majority of whose capital stock is subject to the lien of this mortgage. The properties covered are loacted in Colo- rado, Utah, Montana, New Jersey, Nebras- ka, Texas, California, Illinois Maryland, Washington, Arizona, Mexico and Chile. Years ended Dec. 31 (consolidated): Net. •Deductions. 1920 $15,747,715 $9,072,936 1919 14.695,743 9.100.158 1918 18,311.567 10.604,069 1917 31,602,616 13.106,990 1916 28,117.831 5.966.682 • Expenses, Federal taxes, depreciation, in- terest, etc. Listed on the New York Stock Bxchatise. Original Market — Offered Jan., 1917, par for par In exchange for series "B" preferred stock of the American Smelters Securities Co., May, 1917, offered in exchange for aeries *'A" preferred stock of same company at par, plus 1%% cash. Market. New York— HIrsch, LiUienthal & Co., B. D. Levlnson & Co., Schuman & Sellgmann, Seasong-ood, Haas & MacDonald, Vilas & Hlckey, Poster & Adams, Morten Lacken- bruch & Co. Baltimore — Smith, Lockhart & Co. Price Range — ^N. Y. S. E. Jan. 1, '18 to Jan. 1, '21 1920 High 95% Nov. 6, '18 86% Jan. 5 Low. 73 Sept. 10 '20 73 Sept. 10 AMERICAN STEEL FOUNDRIES Deb. 4s. Dne Feb. 1, 1923. Dated February 1, 1908. Interest payable Feb. .'ind Aug. 1, at Guaranty Trust Co.. New York. Tax Status — 2% Federal. Income Tax paid by company without deduction. Authorized $3,436,800 Outstandingr (Jan. 1 ,'21) 684,800 Retired 2,752,000 Denomination — Coupon. $1,000, $^400 and $100. Trustee — Guaranty Trust Co., New York. Redeemable at par and interest on any Interest date. Retirement Provision — Minimum of 10% of entire issue of bonds to be retired annually, beginning 1913. Bonds to be purchased in open market at not exceeding par. If not purchaseable, bonds are to be called. Organise ation-^Incorporated in New Jersey In 1902. Owns or controls plants for the manufacture of iron, steel, and dther prod- ucts at Pittsburgh, Pa., East St. Louis and Granite City, 111., Indiana Harbor and Ham- mond, Ind. , Thurlow, Franklin and Sharon, Pa., and Alliance, Ohio. Capitalization. Outstanding. Common $20,401,000 Preferred (7% cum.) 8,481,300 Funded debt 684,000 Security — A direct obligation of the com- pany but not a mortgage. Years ended Dec. 31. Gross. Net. Interest. 1920 Not stated $5,805,514 $655,560 1919 Not stated 7.793.044 54.912 1918 $49,113,098 4,189,424 136,497 1917 49,369,584 8,038,674 219,235 Market. New Yorl« — B, A. Baker & Son, Samuel Goldsmith, J. H. Holmes & Co., Carruthers, Pell & Co., Edwin Baucker & Go. Philadelphia — Chas. Fearon & Co., Bauer, Starr & Co., McCown & Co, Price Range. Jan. 1, '08 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93 '20 95 '20 93 Mar. 95 July Low. 58 '08 60 '08 90 Oct. 95 July AMERICAN STRAW BOARD CO. 1st and Coll. Tr. Serial 7s. Dne July 1, as follows: 1921 and 1922. $100,000; 1923. ¥125,000; 1924 and 1925. $150,000; 1926. $175,000; 1927 and 1928, $300,000 and 1929. $300,000. Dated July 1, 1919. Interest payable Jan. and July 1, at Trustee's office and at Fidel- ity Trust Co., Baltimore. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Penn- sylvania and Maryland State taxes refunded up to 4 and 4% mills respectively. Authorized $l,5fl0,000 Outstanding l.BOO.OOO Purpose of Issue — To retire all existing in- debtedness and furnish additional worklnff capital. Denomination — Cdupon, $500 and $1,000. Trustee — First Trust & Savings Co., Cleve- land. Redeemable as a whole or In part on any Interest date at. 102 and Interest upon 30 days' notice. Organization — Incorporated In Illinois In 18S9. It Is stated that Company Is the lar- gest producer of strawboard In the world and supplies about 1-3 of the product used in the United States. Security — ^A direct obligation of the Com- pany and secured by a flrst mortgage on its' nine plants located at Quincy, 111.. Wilming- ton, 111.. Noblesville, Ind., Chestertown, Md,, Barberton, O., Circleville, O., Plana, O., Tippe- canoe City, O., and "Winchester, Va. Appraised value July 1, 1919, $3,800,000. Further se- cured by ' pledge with the Trustee of a ma- jority of capital stock outstanding of the fol- lowing companies; Ironsides Board Corp., Nor- walk. Conn.; Queen City Paper Co., Cinn... O., and LIgnlstra Fiber Products Co.. Bar- berton, O. Stocks deposited are stated to- represent tangible assets amounting to $1,- 200.000. Years ended Dec. 31. Net 1918 $582,920.07 1917 553,470.61 1916 609,934.90 Later earnings not available. Original Market — Offered July, 1919. by Robert Garrett & Sons, Baltimore, Otis & Co., Cleveland, Fidelity Securities Corpora- tion of ..Maryland, Baltimore, and Powell, Garard & Co., Chicago. New York and Phil- adelphia at prices to yield 7.25% for alJ maturities. Market. Chicas^o — Powell, Garard & Co. Cleveland — Otis & Co. AMERICAN SUMATRA TORACCO CO. 6-Yr^ 7%% Conv. Notes. Due June 1, 1925. Dated June 1, 1920. Interest payable June 1 and Dec. 1, at Chase National Bank, New York. Tax Status — '2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. Authorized $6,564,000 Outstandingr 6,564,000 Purpose of Issue — To provide additional working capital. Denomination — Coupon, $100, $500 and- $1,- 000. Registerable as to principal. ' Regis- tered, $1,000 and multiples. C, &• R. In- terchangeable. Trustee — Chase National Bank, New York. Redeemable at any time on at least 60 days' notice on the following basis: Up to June 1, 1921, at 105 and interest; up to June 1, 1922, at 104 and interest; up to June 1, 1923, at 103 and interest; up to June 1, 1924, at 102 and interest; and thereafter at 101 and In- ~ terest. Sinking Fund — Annually, beginning June 1, 1921, a sum equal to 5% of the greatest ag- gregate amount of notes at any time out- standing for their purchase or redemption^ at not exceeding the current redemption price. Notes converted shall be credited to the- ninking fund for subsequent years. Note*- purchased or redeemed but not notes convert- ed, will be held alive and the interest added to this fund. Convertible at any time prior to maturity and up to ten days prior to the date fixed for redemption in case of bonds being called for common stock on following basis : From and after Oct. 1, 1920, to Dec. 31, 1921, at rate of 9 ^ shares of common stock for ■each $1,000 note, and thereafter, at the rate of 9 shares of common stock for each $1,000 note. Notes of smaller denomination than $1,000 will be converted proportionately on the foregoing ba.sis. Provision is made for an adjustment in the conversion price in -certain cases where the company shall issue -additional common stock, all as shall be pro- vided in the trust agreement. Orf:anization — Incorporated in Georgia In 1910 as a consolidation of Florida Tobacco Company, plantations of Kraus, McFarlin Co. , Taussic & Co. , Wedeles Bros. , Schroed- er & Arguimbau, J. Lichtenstein & Co., and Wilson Tobacco Co, In 1915 acquired the business of A. Cohn & Co. , paying therefor $ 8 0, 000, par value of common stock. In August, 1917, acquired the entire capital stock of the Connecticut Tobacco Corp. Owns about 36,000 acres of tobacco lands in Geor- gia and Florida, also about 4, 00 acres in Connecticut and Massachusetts on 1,800 acres of which "shade" tobacco is grown. Capitalization. " Outstanding. Common $14,447,200 Pref. (7% cum.) 1,963,500 Funded debt 6.564,000 Security — A direct obligation of the com- pany, but not secured by a mortgage. Un- der the provisions of the Indenture the com- pany covenants as follows ■ The company will not create any mort- gage, lien or other encumbrance upon its properties and will not issue any deben- tures, notes or obligations maturing later than one year from their respective dates. The company will pay no dividends upon its preferred or common stocks after Sep- tember 30, 1920, unless its net quick as- sets, as defined in the indenture, amount to at least 175% of the face amount of the notes then outstanding. The company will at all times maintain quick assets as defined In the indenture double the amount of the liabilities as so defined, excluding the notes, and will main- tain quick assets equal to 125 % of such liabilities, including the notes. A committee consisting of two represen- tatives of the bankers and one of the com- pany will be appointed under the inden- ture with certain rights and powers to waive defaults and covenants of the company ex- cept with respect to the payment of prin- cipal and interest on these notes, the privi- lege of the conversion of the notes into stock, and the non-declaration or non-pay- ment of dividends on the common stock when the ratio of 175% between the net quick assets and the face amount of the notes then outstanding does not obtain or is disturbed thereby, and to act otherwise as specified in the indenture. Years ended July 31: Net Dep'n Int., etc. 1920 $3,9R0,973 $173,319 $402,449 1919 .... 1,366,382 150,000 218,994 Original Market— $ 6,564.000 offered to stockholders of record May 24, 1920, to subscribe after that date and up to June 8 for so much of this issue as shall per- mit the holders of each share of preferred and common stock to subscribe for %^0 of principal amount of such notes at $98 and interest, payable in full in New York funds to the Chase National Bank. Offered June, 1920. by Chase Securities Corp. and Tucker, Anthony & Co., New York, and Central Trust Co. and Federal Securities Corp.. Chicago; Frazier & Co. and Graham, Parsons & Co., Philadelphia; Hambltton & Co., New York and Baltimore, and Hayden, Miller & Co.. Cleveland, at 98 and interest. Market New York — Hambleton & Co., Tucker, Anthony & Co., Carruthers, Pell & Co. Boston — Tucker, Anthony & Co. I'iiiladelphia — Samuel McCreery & Co., Isaac Starr, Jr. & Co. Boenning & Co. Chicagro — Central Trust Co. of Illinois, Second "V^'^ard Securities Co., Tilden & Til- den, R. D. "Vilas & Co., 'Merrill, Lynch & • Co. Pittsbui'grh— Stout & Co. "Worcester — JTerchants' Securities Corp. Cleveland — The Prichard-Casler Co. Baltimore — Hambleton & Co. Price Ran^e 1920 Bid. ^.sk. High 96 July 99 Sept. Low 90 Dec. 94 Dec. AaiERICAN TELEPHONE & TELEGRAPH CO. Coll. Xr. 48. Due July 1, 1929. 'Dated July 1. 1899. Interest payable Jan. and July 1 , at Bankers' Trust Co. , New- York, and at Boston, London and Amster- dam. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Amount not to exceed Com- pany' s capital stock. Outstanding $78,000,000 Bonds may be issued up to 7 5 % of esti- mated value of collateral deposited with Trus- tee. The limit of issue under collateral at present deposited is $88,700,000. Denomination — Coupon, $1, 000. Register- able as to principal. Trustee — Old Colony Trust Co., Boston. Organization — Incorporated in 1885 In New York and owns and operates long distance telephone lines of the "Bell System." Also controls patents to the Bell instruments, and licenses their use by local companies, which it controls. Also controls the "Western Elec- tric Co., Inc. As a result of a suit brought- by the "United States against the company it agreed to relinquish control of the ■West- ern Union Telegraph Company, which it ac- quired in 1909, and also to make other con- cessions to the government. Capitalization. Outstanding. Common $442,825,400 Funded debt 317.429,000 Secnred by pledge of the following securi- ties of subsidiaries: Stocks. Pledged. Illinois Bell Tel. Co $39,000,000 Mountain States Tel. & Tel. Co. . 27 500 000 New England T. & T. Co 14,783 600 Southern Bell T. & T. Co lO.OOO'oOO Southwestern Bell Tel. Co 27,984^800 Wisconsin Telephone Co 7,100.000 Total par value $126,368,400 Bonds. New England Tel. & Tel. Co. 4s $100,000 Total par value $126,468 400 Estimated value $118,328,052 Years ended Dec. 31. Gross. Net. Interest. 1920.. $103,946,988 $70,686,904 $18,865,688 •1919. 70.502,682 60,243,388 15,847,596 1918. . ••61,056.163 64.293,017 10,391.695 1917.. 56.237,063 48,940.467 10,469.360 1916.. 50,932,051 44,743,376 6,730.099 • Includes government compensation for . 7 months, $28,132,523. ♦•Includes government compensation for 5 months $18,780,396. !Leg:al for Savings Banks in Conn., Mass., N. H. and R. I. Listed on the New York, Boston and London Stock Exchanges and Unlisted Dept. Chicago Stock Exchange. Original Market — $25,000,000 offered In Jan. 1911, by Kidder, Peabody & Co. of New York and Boston, N. W. Harris & Co., Bos- ' ton, Harris, Forbes & Co., New York, Har- ris Trust and Sav, Bank, Chicago, at 90 ^ and interest. Market. New^ York — Joseph Gilman, T. L. Mac- Donald, Prince & Whitely, R. W. Press- prich & Co., Redmond & Co., Harris, Forbes & Co., F. S. Mosely & Co. Boston — R. L. Day & Co.. Moors & Cabot. Arthur Perry & Co., Harris, Forbes & Co., Inc. ' Chicagro — Harris Trust & Savings Bank. San Dieffo— Blyth, Witter & Co. Providence — Hornblower & Weeks. Price Range— N, Y. S. E. Jan. 1, '09 to Jan. 1, '21 1920 High 96 -Apr. 13. '09 80% Jan. 9 Low. 73 May 22, '20 73 May 22 AMEEIOAN TEI.EFHONE & TELEGRAPH COMPANY Conv. 4s. Dae March 1, 1936. Dated March 1, 1906. Interest payable March and Sept. 1, at Bankers Trust Co. , New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $150,000,000 Outstanding: (Jan. 1, '21)... 2,589.000 Balance Converted. Denomination — Coupon, $1,000. Register- able as to principal, or fully registerable. Registered, $1,000 or any multiple of $5,000. C. & R. interchangeable. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on March 1, 1914. and quarterly thereafter on 12 weeks' notice. Conversion Privilege expired Mar. 1, 1918. Organization — See Coll. Tr. 4s, 1929. Security — A direct obligation of the com- pany but not secured by mortgage. These bonds are to be equally secured by any fu- ture mortgage or collateral trust Indenture. Earnings — See Coll. Tr. 4s, 1929. Listed on the New York, Boston, Chicago, Washington and London Stock Exchanges. Original Market — Underwritten by Kidder, Peabody & Co., of New York and Boston, Kuhn. Loeb & Co.. and J. P. Morgan & Co., of New York. Market. New York — E. A. Baker & Son. Joseph Gilman,' T. L. MacDonald. Baltimore — Smith, Lockhart & Co, San Diesro— BIyth, Witter & Co. Price Range — N. Y. S. E. Jan. 1, '12 to Jan. 1, '21 1920 High 11614 Mar. 25, '12 69 Mar. 11 Low. 62% Apr. 30, *20 62% Apr. 30 AMERICAN TELEPHONE & TELEGRAPH CO. 20-Year Conv. 4^8. Due March 1^ 1933. Dated March 1, 1913. Interest payable March and Sept. 1, at Bankers* Trust Co.,. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $67,000,000' Outstandingr (Jan. 1, '21) 12,198,200 Converted 54,801,800 Denomination — Coupon. $1,000, $500 and $100. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at par and interest on any In- terest date on 12 weeks' notice on and after September 1, 1925, Convertible at par into the common stock of the company at $120 per share to March 1, 1925. Entire exchange may be made in bonds, or bonds may be exchanged for stock, par for par, upon payment of $20 in cash for each, share of stock taken. Organization — See Coll. Tr. 4s, 1929. Security — See Conv. 4s of 1936. Earnings — See Coll. Tr. 4s, 1929. Listed on the New York. Boston, Chi- cago, Philadelphia, Washington, London and' Amsterdam Stock Exchanges. Original Market— Underwritten in 1913 by J. P. Morgan & Co., Kuhn, Loeb & Co., Bar- ing Bros. . London, and Kidder. Peabody & Co. , and offered to stockholders Jan. , 1913. par to the extent of 20% of their holdings. Market. Ne^v York — Joseph Gilman, T. L. Mac- Donald, Curtis & Sanger. San Diegro — Elyth, "W^'itter & Co. Price Range — N. Y. S. E. Jan. 1, '16 to Jan. 1, '31 1920 High 11334 Sept. 29, '16 85 Jan. 30- Low. 77% July 17, '20 77 ^^ July 17" AMERICAN TELEPHONE & TELEGRAPH Co. 7-Year Conv. 6s. Due Aug. 1, 1925, Dated Aug. 1. 1918. Interest payable Aug. 1 and Feb. 1 at Bankers Trust Co, Tax Status — Payment of Federal Incoi&6- Tax not assumed by company. Authorized $50,000,000 Outstandingr (Jan. 1, '25) 48,195.700 Converted 171,500 Reserved for Ext 1,632,800 Denomijiation — Coupon, $100, $500 and $1,000. Organization— See Coll. Tr. 4s, 1929. Convertible at any time after iA.ug. 1, 1920,. into common stock of the company at 106. ICegisterable as to principal. Security — A direct obligation of the com- pany, but not secured by a mortgage. Earnings — See Coll. Tr. 4s, 1929, Listed on the New York, Boston, Chicago, Philadelphia and Washington Stock Ex- changes. Original Market — Offered at 94 to stock- holders of record at the close of business on July 3, 1918, in the proportion of $100 par value for every 10 shares or fraction of 10- shares heldl Market. New York — Joseph f Oilman, T. L. Mac- Donald, Redmond & Co., Solomon Bros. & Hutzler, Dillon, Read & Co., Bull & Eld- re dge. Boston — Curtis & Sanger, Moors & Cabot. Philadelphia — Chas. Fearon & Co., Lloyd & Palmer. San Diegro— Elyth, Witter & Co. Louisville, Ky. — Black, Fetter & Co., Fi- delity & Columbia Trust Co., J. j. B. Hil- liard & Son. Price Ranee— N. Y. S. E. Jan. 1, '18 to Jan. 1,-'21 1920 High 105 Nov. 7, '18 99% Jan. 7 Low. 92 May 20, '20 92 May 20 AMERICAN TELEPHONE & TEI^EGRAFH CO. 30-Year Coll. Tr. 6s. Dae Dec. 1, 1946. Dated Dec. 1, 1916. Interest payable June and Dec- 1, at Bankers Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $80,000,000 Outstandingr (Jan. 1, '21).... 76,461.100 Retired by S. F.; 3,538,900 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal and fully registerable. Registered $1,000 and multi- ples. C. & R. ($1,000 and multiples) inter- changeable. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on any In- terest date on 60 days' notice. Sinktngr Fund — ^Annually 1% of bonds is- sued for their purchase or redemption at not over 105 and interest. OrEranization — See Coll. Tr. 4s, 1929. Secured by deposit stocks of affiliated and subsidiary companies, having a market value at all times of 133 1-3 % of the par value of bonds outstanding. Collateral deposited comprises shares of the following companies: New England Telephone and Telegraph Co., New York Telephone Co., Southern Bell Tele- phone & Telegraph Co., Pacific Telephone & Telegraph Co. and Northwestern Bell Tele- phone Co. Earnings — See Coll Tr. 4s, 1929. Xcgal for Savings Banks in Conn. Xjisted on the New York, Boston, Phila- -delphla, Chicago and Washington Stock Ex- ^changes. Original Market — $80,000,000 offered Dec. 1916, by J. P. Morgan & Co., Kidder, Pea- ^body & Co., Kuhn Loeb & Co,, National City Bank, First National Bank, Harris, Forbes & Co., and Lee, Higginson & Co., at 98 and interest. Market. New York — Dunham & Co., Joseph Gil- man, Hirsch, Lillienthal & Co., T. L. Mc- Donald, Prince & Whitely, R. "W. Pressprich -& Co., Redmond & Co., Rutter & Co., Season- good, Haas & Macdonald, Vilas & Hickey. Boston — Moors & Cabot. Fliiladelphia — Wm. W. Fogarty. San Diegro — Biyth, Witter & Co. LouisviUe — Fidelity & Columbia Trust Co., -J. J. B. Hilliardv& Son. Pi'ovidenee — Hornblower & Weeks. Price Range — N. Y. S. E. Jan. 1, *17 to Jan. 1, '21 1920 High lOiyg Jan. 31, '17 83% Jan. 7 Low. 72% May 20, '20 72% May 20 AMERICAN TELEPHONE & TELEGRAPH CO. 5- Year 6% Notes. Due Feb. 1, 1934. Dated Feb. 1, 1919. Interest payable'"Peb. 1 and Aug. 1 at Trustee's office in New York and Merchants' Nat'l Bank, Boston. Tax Status — Payment of Federal Income "Tax not assumed by company. . Authorized $40,000,000 •Outstanding $40,000,000 Purpose of Issue — To retire an equal ■amount of 6% Bell System notes endorsed by the American Telephone & Telegraph Co. maturing Feb. 1, 1919. Denomination — Coupon, $1,000, $500 and SIOO. Begisterable as to principal. Trustee — Bankers Trust Co., New York, Redeemable with accrued interest as fol- lows: 106 If on or prior to January 31. 1920. 104 if after January 31. 1920, and on or prior to January 31, 1921. 103 if after January 31, 1921, and on or prior to January 31, 1922. 102 if after January 31. 1922, and on or prior to January 31, 1923. 101 if after January 31, 1923, and prior to maturity. Organization — See Coll. Tr. 4a of 1929. Security — ^A direct obligation of the com- pany but not secured by a mortgage. Earnings — See Coll. Tr. 4s, 1929. Original Market — $40,000,000 offered Jan- uary, 1919, by J. P. Morgan & Co., Kuhn, Loeb & Co. , Kidder, Peabody & Co. , Lee, Higginson & Co., National City Co., HarrlB, Forbes & Co., and First National Bank, at 99% and interest. Market. New Yorlc — Joseph Gilman, T. Hall Keyes & Co., T. L. MacDonald, Redmond & Co., Bull & Eldredge, Mann, Pell & Peak, Solo- mon Bros. & Hutzler, Guaranty Trust Co., Bankers Trust Co. Boston — Curtis & Sanger, Moors & Cabot. Pliiladelphia^ — Lloyd & Palmer. Chicag-o — First Trust & Savings Bank. Pittsbui'gh — Moore, Leonard & Lynch, Union Trust Company of Pittsburgh. San Dicgro — Blytli Witter & Co. Louisville — Fidelity & Columbia Trust Co. Pi-ice Range Jan. 1, '19 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '19 1003/i'19 95% Feb. 98 Feb. Low. 90% '20 91% '20 90% Dec. 91% Dec. 46 AMERICAN TELEPHONE & TELEGRAPH CO. 3-Year 6% Notes. Due Oct. 1, 1933. Dated Oct. 1. 1919. Interest payable April 1 and Oct. 1, at Trustee's office in New York, or Merchgints' Nat'l Bank, Boston. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $50,000,000 Outstanding 50,000,000 Purpose of Issue — To provide funds needed for the expected growth of the Bell Tele- phone SystenfT Denomination — Coupon $1,000. $500 and $100; registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 102 and interest on any interest date. Organization — See Coll. Tr. 4s of 1929. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. Earnings — See Coll. Tr. 4s of 1929. Original Market — $50,000,000 offered Sep- tember 1919" by J, P. Morgan & Co., Kuhn, Loeb & Co. , Kidder, Peabody & Co., First National Bank, National City Co., Harris, Forbes & Co., and Lee, Higginson & Co. at 99% and interest. Market. New York — Joseph Gilman, T. Hall Keyes & Co., T. L. MacDonald, Salomon Eros. & Hutzler, Mann, Pell & Peake, Bull & El- dredge, Bankers Trust Co., Carruthers, Pell & Co. Bo.ston — Curtis & Sanger, Moors & Cabot. Philadelpliia — Chas. Fearon & Co., Reed A. Morgan & Co. Pittsburgh — Moore, Leonard & Lynch, Union Trust Company of Pittsburgh. San Diesfo — Blyth, W^itter & Co. Oak Park, Hi. — Oak Park Trust & Savings Bank. Louisville — Fidelity & Columbia Trust Co,. J. J. B. HiUiard & Son. Price Range 1920 Bid. Ask. High 96% Feb. 99% Feb. Low 91% Dec 93% Dec. AMERICAN THREAD COMPANY (THE) 1st 10-Year 68. Due December 1. 1928. Dated December 1. 1918. Interest pay- able June 1 and Deo. 1 at Trustee's office. New York. Principal and interest payable in United States srold. Tax Status — 2% Federal Income Tax paid by company without deduction. All State taxes paid by company without deduction. Authorized $6,000,000 Outstanding 6,000,000 Purpose of Issue — Entire proceeds of this Issue used to refund $6,000,000 1st 4a which matured Jan, 1, 1919, Denominations — Coupon $1,000, registerable as to principal. Trustee — Guaranty Trust Company of New York. Organization — Incorporated In New Jersey in 1898, as a consolidation of a number of plants manufacturing yarn, thread and sim- ilar products. Capitalization, Outstanding. Common $9,000,000 Preferred (5% cum.) 4,890,475 Fanded debt 6,000,000 Security — A direct obligation of the com- pany and secured by a closed first mort- grage on all the fixed assets of the com- pany, consisting of lands, buildings, machin- ery and equipment. As of March 31, 1918, the American Appraisal Co. gave the sound value of this property as over $18,000,000, In addition the net current assets of the com- pany as of that date amounted to $10,307,944. Years ended Mar, 31: Bond Net. Dep'n. Interest. 1920.. $4,587,482 $610,726 * $360,000 1919. - 3,024,478 591,469 283,229 *1918. 5,008,823 630,342 260,000 ••1917 2,169,891 501,721 220,000 1916. . 2,311,593 517,105 240,000 1915., 1.631,377 505,672 240,000 • 13 months ending Mar. 31. ••11 months ending Feb. 28. Original Market — Offered in November, 1918, by National City Company, New York, etc., at 101 and interest, and in Nov. 1919, by The First National Bank and National City Co., Boston at QS% and interest. Market. New Yoric — B. A. Baker & Son, Salomon Bros. & Hutzler, Bull & Eldred&e, Dillon, Read & Co., Hartshorne & Battelle. Boston — Curtis & Sanger. Price RanKe Jan. 1, *19, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 102 '19 102% '19 99 Mar. 100% Mar. Low. 92 '20 93i^-'20 92 Dec. 93^^ Dec. AMERICAN TOBACCO CO. (THE) 7% Notes. Due each November 1, as follows: $5*- 000,000, 1919; $3,333,000, 1920; $3,333,- 000 1921; $3,334,000. 1922 and $10,000,- 000, 1923. Dated Nov. 1, 1918. Interest payable May 1 and Novem,ber 1 at Trustee's office in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $25,000,000 Outstandinsr (Jan. 1, '21) 16,667.000 Matured and Paid 8,333.000 Purpose of Issue — The proceeds of the sale of these notes were applied to the retire- ment of a $25,000,000 acceptance credit, which matured Nov. 22. 1918. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. 47 Redeemable at any time upon 30 days' no- tice as a whole, or in series (in which event all the notes of one or more of the series first maturing must be called for redemp- tion), at the following prices' and accrued Interest: 105 for Notes with 4 years or more to run. 104 for Notes with 3 years or more but less" than 4 years to run. 103 for Notes with 2 years or more but less than 3 years to run. 102 for Notes with 1 year or more but less than 2 years to run. 101 for Notes with less than 1 year to run. Organization — Incorporated in 1904 in New Jersey as a consolidation of The American Tobacco Co. (Incorporated in New Jersey In 1890), Consolidated Tobacco Co. and Con- tinental Tobacco Co. As a result of a de- cision of the United States Supreme Court rendered in May, 1911, this company was de- clared to be operating in violation of the anti-trust law, and In conseauence was re- quired to divorce some of its subsidiaries and change its methods of distribution. The company and its subsidiaries manufactures and sells all kinds of tobacco products except snuff. In 1917 it did more than 21% of the smoking and chewing tobacco business and more than 23% of the cigarette busi- ness of the United States. Capitalization. Outstanding. Common $40,242,400 Common "B" 49,300,200 Preferred (6% cum.) 52.699,700 Funded debt 18,481,300 Security — A direct obligation of the com- pany but not secured by a mortgage or col- lateral. The Trust Agreement under which the notes are Issued provides, among other things, that as long as any of the notes are out- standing the company will not mortgage or pledge any of its real or personal property, except United States Government obligations; and that the company will at all times main- tain quick assets in a sum equal to at least one and three-quarters times the ag- gregate amount of Its outstanding notes and all other liabilities (excluding its 6% and 4% bonds, notes secured by United States Government obligations and dividend certi- ficates now or hereafter outstanding and ma- turing at the time later than one year) all as defined in the Trust Agreement. Tears ended Dec. 31 (consolidated): Gross. Net. Interest. 1920 $143,106,332 $18,615,398 $3,464,243 1919 146,023,730 18,722,128 2,749,556 1918 144,470,069 19,034,762 2,421,722 1917 89,920,249 13,563,665 252,978 Original Market — $25,000,000 offered Oct., 1918, by Kidder, Peabody & Co., New York and Boston, and Guaranty Trust Co., New York, etc., at 100. 99%, 99%, 99% and 98% and interest for respective maturities. Market. New York — ^T. Hall Keyes & Co., Salomon Bros. & Hutzler, Bull & Eldredge, Mann, Pell & Peake, Bankers Trust Co., Marten Lachenbruch & Co., McDonnell & Co. Boston — Curtis & Sanger. Chicag-o — John Burnham & Co. Ix>iiisvllle, Ky. — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son, Geo. T. Wood & Son. Price Ranse. Jan. 1, '18 to Jan. 1. '21 1920 Bid. Ask. Bid. Ask. Due 1921. Highl02% '19 10314 '19 lOHi Feb. 101 ^i^ Feb. Low. 99%'20 99% '18 99% June 100 Sept. Due 1922. HighlOS^i '19 103% '19 102 Jan. 102% Jan. Low. 99% '20 99% '18 99% Dec. 99% Sept Due 1923. Highl04 '19 104% '19 1^2 Feb. 103% Feb. Low. 99 '20 98% '18 99 Dec. 99% Dec. AMERICAN TYPE FOUNDERS CO. S. F. Deb. 68. Due May 1, 1926. Dated May 1, 1896. Interest payable May and Nov. 1, at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorlzed $1,000,000 Outstanding: (Jan. 1, '21) 566,600 Retired by S. F 427,900 Cancelled — $6,600. Denomination — Coupon, $1,000, $500 and $100. Regristerable as to principal. Xrnstee — Bankers' Trust Co., New York. Redeemable at 105 and interest for sinking fund. Sinlcing Fund — Not less than $20,000 an- nually from Sept. 1, 1900, for the purchase or redemption of these bonds at not over 105 and interest. Bonds acquired to be can- celled. Exchangeable for 6a of 1939 at option of holders. Organization — See Deb. 6s of 1939. Security — A direct obligation^ of the com- pany but not secured by mortgage. Refunding — Bonds are reserved under the Deb. 6s of 1939 to retire this issue. Earnings — See Deb. 6s of 1939. Marlcet. New York — B. A. Baker & Son, J. K. Rice Jr. & Co., Tobey & Kirk, Markoe, Morgan & Co. Price Range. Jan. 1, '15 to Jan. 1, '21 1920 Bid. Ask. Bid. High 103 '15 105 '15 99 June Low. 96 '16 100% '17 98 June AMERICAN TYPE FOUNDERS CO. S. F. Deb. jBs. Due May 1, 1939. Dated May 1, 19 09. Interest payable May and Nov. 1, at office of Trustee. Tax Status — Payment of -Federal Income Tax not assumed by company. Authorized $2,000,000 Ontstandingr (Jan. 1, -'21) 867,100 Retired by S. F 348,600 Unissued 794,000 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 106 and Interest on any in- terest date. Sinlcing Fund — Annually $30,000 beginning Sept. 1, 1910. Upon payment of the De- benture bonds of 1926 the sinking fund is to be increased to $60,000 annually. Bonds may be purchased or redeemed at a price not exceeding IOC siirt interest. Bonds so acquired to be cancelled. Organization — The Company acquired the principal type foundries in the country, and has selling houses In the principal citl^ of the U. S. and agencies in the leading cities of the U. S. and agencies In the leading cities in foreign countries. Its plant in Jer- sey City, N. J., is the largest of its kind in the world. Its other plants are located at Franklin, Mass., and at Belvidere, N. J. Also owns the entire $1,000,000 common stock of Barnhart Bros. & Spindler, Chicago, and guarantees the company's preferred stocks. Capitalization. Outstanding. Common $40,000,000 Preferred (7% cum.) 2,660,000 Funded debt 2,294,100 Security — A direct obligation, of the Com- pany but not a mortgage. Years ended Aug. 31. •Net. Dividends. 1920 $761,593 $339,242 1919 518,484 336,785 1918 446,271 325,242 1917 404,641 326,242 1916 361.113 326,248 • After Interest. Original Marlcet — $1,000,000 offered in 1909 to the common stockholders at 100 and inter- est, to the extent of 25% of their holdings; $200,000 also offered to common and pre- ferred stockholders at 100 and Interest. Market. New Yorlt — E. A. Baker & Son, J. K. Rice Jr. & Co., Tobey & Kirk, Markoe, Morgan & Co., Lynch & McDermott, Taylor & White. Price Range. Jan. 1, '12 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100% '12 102 '12 95 Oct. 99 Oct. Low. 83 '18 90 '18 86 Jan. 96 July AMERICAN TYPE FOUNDERS CO. S. F. 68 Due May 1, 1937. Dated May 1, 1917. Interest payable May 1, and Nov. 1 at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding (Jan. 1, '21) 870 600 Retired by S. F 129,600 Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 106 and interest by sink- ing fund. Slnldng Fund — ^Annually, beginning Sept. 1, 1918, not less than $40,000 for the purchase or redemption of these bonds at not over 105 and interest. Bonds acquired -to be cancelled. Organization — See Deb. 6s of 1939. Security — A direct obligation of the com- pany but not secured by a mortgage. Earnings— See Deb. 6s of 1939. Original Market — Offered March, 1917, to shareholders at par to the amount of 26% of their common stock. Market. New Yorlc— B. A. Baker & Son, Edwin Bancker & Co JT K. Rice Jr. & Co., Tobe? & Kirk Kiely & Co., Markoe, Morgan & Co., Oarruthers, Pell & Co., Fred H. Hatch & Price Range. Jan. 1, '17 to Jan. 1, '21 1930 Bid. Ask. Bid. Ask ?'^'^ 11 '.}S ^^'" 96 June 95AUB. Low. 89 '18 91 '20 90 Nov. 91 Del: AMERICAN WATER WORKS & ELECTRIC ?P„-; ^^^- *'""• ''^'•"St 68. Due April 1, 1934. Dated April 1, 1914. Interest payable April York '■ ^' "^^ Trustee's ofBce in New Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 ?n Tre^ml 16,069,000 in xieasuiy 604,600 Redeemed . ... 766 000 Denomination — Coupon, $100, $600 and $1 000 (also Franc and Sterling equivalents). Regristerable as to principal only. Trnstee — ^Bankers* Trust Co., New York. Reaeemable on any interest date at 102^ and interest. Organization — Incorporated in Vlrgrinia in 1914 as successor to the American "Water Works & Guarantee Co. The Company con- trolls companies operating numerous water suppjy systems throughout the United States. Capitalization. Outstanding. Common $9,200,000 1st Preferred (7% cum.) 6,450,000 2d Preferred (6% Partic.) 10,000,000 Funded debt 16,069,000 Secured by pledge of the following securi- ties, as of June 30, '20. Stocks of water supply companies: Par Value Arkansas "Water Co. 7% Pfd $56,000 Arkansas Water Co.. Com 1,549,400 Butler Water Co 421,500 Birmingham Water Works Co... 1,829,700 City Water Co. of Chattanooga, 7% Pfd 438,300 City Water Co. of Chattanooga, Com 1,740,300 Clinton Water Works Co 321,000 Connellsvllle Water Co 277,000 City of New Castle Water Co 691,400 E. St. Louis & Interurban Water Co., 7% Pfd 450,300 E. St. Tjouis & Interurban Water Co., Com 4.750,000 Huntington Water Corp., Com.... 227,000 Joplin Water Works Co 800,000 Muncie Water Works Co 281,000 Monongahela Valley Water Co., 7% Pfd 15.0;00 Monongahela Valley Water Co., Com 250,000 Mt. Vernon Electric Light & Power Co 16.000 Middle States Water Works Co. , 7% Pfd 617.000 Middle States Water Works Co., Com 3,319,900 St. Joseph Water Co 3,250,000 South Pittsburgh Water Co. 6% Pfd 34,200 Soutli Pittsburgh Water Co., Com. 1,864,650 Warren Water Co 114.500 West Penn. Ry. Co., 6% Pfd 281,800 West Penn. Traction & Water Power Co., 6% Pfd 4,668,500 West Penn. Traction & Water Pow- er Co., Com 15,898,700 Bonds of Subsidiary Water Com- panies 5,929,500 Additional Securities of Electric and other companies 2,056,082 Total par value $52,148,732 Prior JJiens — In addition to the bonds de- posited there are $22,319,000 subsidiary bonds outstanding. Years ended Jane 30: Gross. Net. Int., etc. 1920. . $1,464,597 $1,322,254 $833,608 1919. . 1,390,997 1,263,953 828,844 191?.. 1,480,379 1,396,258 811,073 1917.. 1,538.016 1.462,582 814,348 1916.. 1,366.811 1.299,092 789.958 Market. New York — E. A. Baker & Son, Otto Billo, Alfred F. Ingold & Co., Earle A. Miller & Co., Tobey & Kirk, Vanderhoef & Robinson, Merrill Lynch & Co., G. R. McAllister & Co., Carruthers, Pell & Co., Berdell Bros. Fhlladelpliia — Barclay, Moore & Co., Bauer, Starr & Co., Samuel McCreery &'Co. PittsbjirgrU — W, E. Bullard, Moore, Leon- ard & Lynch, Stout & Co., Edward A. Owens & Co., Union Trust Company of Pitts- burgh. Scranton — Weisseniiuh & Co. Price Range. Jan. 1, '17 to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 82 '17 82% '17 56% Nov. 57^^ Nov. Low. 461/^ '20 48 '20 46% Dec. 48 Dec. AMERICAN WRITING PAPER COMPANY 1st 20-Year S. F. 7-6s. Due Jan. 1, 1939. Dated Jan, 1, 1919. Interest payable Jan. and July 1, at Old Colony Trust Company, Boston, or Central Union Tr, Co., New York. Interest Kate — 7% for 1919 and 1920, thereafter 6% per annum, but, if the present war continues beyond Jan. 1, 1921, the rate is to be maintained at 7% to and including the first coupon payment after the termina- tion of hostilities between the United States and Germany. Tax' Status — 2% Federal Income Tax paid by company without deduction. Authorized $12,000,000 Outstanding: (Mar. 12, '21) 9,293,000 Held in S. F 161,000 In Treasury 2,546,000 Purpose of Issue — To finance maturity of 1st S. F. 5s. due July 1, 1919. Denomination — $1,000, coupon registerable as to principal and fully registered. C. & R. interchangeable. Trustee — Old Colony Trust Company, Boston. Redeemable as a whole or In part on any interest date at 105 upon eight weeks* notice. Sinking Fund — The Company shall, for each and every year beginning with the year end- ing on the 31st day of December, 1919, and within three months after the end of such year, pay to the Trustee in cash an amount equal to one per cent. (1%) of the face value of the bonds hereby secured, out- standing and not cancelled (including those held uncancelled in the sinking fund) on the 31st day of December of each year, as long as any bonds are outstanding, and in ad- dition thereto, on or before October 1st of each year subsequent to 1919, twenty-five per cent. (25%) of the net available sur- plus, after providing for depreciation and fixed charges as hereinafter defined, earned in any calendar year comnxencing with the year 1919. until the amount of bonds out- standing shall have been reduced to the sum of Ten Million Dollars ($10,000,000) face value, and thereafter, in addition to the an- nual payment of , one per cent, (1%) of the face value of the bonds outstanding, as hereinbefore- provided, the Company shall pay fifteen per cent. (16%) of such net available surplus into said sinking fund. This fund is applicable to the purchase or redemption of these bonds at not over 105 and inter- est. Bonds hereby secured, acquired by and for the sinking fund, with the annual pay- ments of one per cent. (1 %) of the face value of the bonds outstanding as herein- before provided, shall continue to receive in- terest as long as any bonds issued under the mortgage are outstanding. Bonds here- by secured, acquired by the sinking fund. with the additional moneys over and abovt the said annual payments of one per cent. (1 % ) as aforesaid, shall not be reissued or continue to draw interest, but shall on ac- quisition by the sinking fund be forthwith cancelled. For the purpose of determining the net available surplus after providing for depreciation and fixed charges earned in any calendar year, there shall be Included among the items of depreciation and fixed charges, and in addition to the ordinary items In- cluded therein: (a) Interest on bonds secured hereby. In- cluding: interest on the uncancelled bonds in the sinking fund and on bonds or other se- curities hereafter Issued, eruaranteed or as- sumed by the Company ; (b) The annual sinking fund payment of one per cent. (1 % ) of the face value of bonds outstanding: as hereinbefore set forth; (c) Seventy-five per cent. (76%) of the actual cost of permanent additions and bet- terments to the plant of the Company, as certified to by the American Appraisal Com- pany or other qualified appraiser; (d) Requirements imder profit Sharing plan provided under Article 3, Section 7 of the by-laws, as authorized by the shareholders at the annual meeting of the Company held on February 26th, 1918. Organization — Incorporated in 1S99 in New Jersey. Capitalization. Outstanding. Common $9,500,000 Preferred (7% cum.) 12,500,000 Funded debt 9,293,000 Secured by a first mortgage on the com- pany's 26 manufacturing plants with their mill sites, water powers, mills and machin- ery, located in Massachusetts, Ohio, Connec- ticut and "Wisconsin. Appraised value Dec. 31. 1918, $14,780,935. 'Sea.TB ended Dee. 31. Gross. Net. Interest. 1919.. $16,936,648 $1,127,256 $675,047 1918. . 21,327,777 2.031,988 554.359 1917. . 15.019,564 887,877 466,529 1916 3.374,378 850,000 Ijisted on the New York Stock Exchange. Original Market — Offered in Jan., 1919, di- rect to holders of the company* s let S. F. 6s, due July 1, 1919, in accordance with provisions of refunding plan dated Oct. 19, 1918, for exchange par for par. Exchange made efCectlve Apr. 15, 1919. Market. New York — Coggeshall & Hicks. Car- ruthers. Pell & Co., J. S. Bache & Co., Ed- win Baucher & Co. Boston — Pond Co. Price Kangre — N. Y. S. E. 1920 High 83% Jan. 5 Low 73 Dec. 14 AMES-HOLDEN-McCREADY, LTD. , Ist S . Fr Sterlings 68. Due April 1. 1941. Dated April 1. 1911. Interest payable April 1 and Oct. 1, at The Royal Trust Co., Montreal, and Bank of Montreal, Lon- don. Eng.. at fixed exchange rate of 4.86 2-3. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,500,000. Outstanding: (Mar.-l. '21) 1,296.693 Retired by S. F 203.134 Denomination — Coupon, £100 and $500. Trustee — ^Royal Trust Co., Montreal. Redeemable at 106 and interest on April 1, 1921, or any interest date thereafter, or for sinking fimd any time at same price. Sinking Fund — 2 % of the par value of all bonds issued, redeemed or cancelled, is payable to the Trustee on April 1, 1913. and annually thereafter for redemption of bonds at any time. Organization — Consolidation of a number of large, well established Canadian boot and shoe factories. Capitalization. Outstanding. Common $3,500,000 Preferred (7% cum.) 2.500.000 Funded debt 3,296,693 Secured by a first mortgage on factories located at Montreal and St. Hyaclnthe, Que- bec, and branch offices and warehouses In Winnipeg, and Edmonton. Underlies— $375,000 2nd 6s, due 1921 and $1,625,000 2d Ref. 7s. Years ended Apr. 30, Gross. 'Net. Intereit, + 1920. . def.$192,432 $361,152 1919., 6,229.274 494.137 170.816 1918.. 4.879,269 496,026 191,932 1917. . 6,880,840 457.693 202,630 • After depreciation. tYears ended Dec. 31. Ziisted on the London Stock Exchange. Original Market — Offered In May, 1911. at 101 and interest by Parrs Bank, Ltd., Lon- don. Market. New York — Lynch & McDermott, Miller & Co. Montreal — Balfour & White, Manning Bros. & Co., M. S. Wheelwright & Co., Han- son Bros. Toronto — Bryant Isard & Co. Price Range. Jan. 1, *17 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 88 '19 96 '17 86 Mar. 93 June Low. 75 'IS 80 '18 77 July 81 July AMES HOLDEN FELT CO., LTD., 80- Year 1st S. F. 7s. Due Jan. 1, 1940. Dated Jan. 1, 1920. Interest payable Jan. 1 and July 1, at Bank of Montreal, Mon- treal, Toronto and New York. Tax S^atns — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Outstanding 376,000 Reserved for Corporate Pur- poses $125,000 Denomination — Coupon $100, $500 and $1,- 000. Trustee — Eastern Trust Company, Mon- treal. Redeemable on Jan. 1, 1922, or any In- terest date thereafter on three months' no- tice at 105 and Interest. Sinking Fnnd — ^Annually beginning Jan. 1, 1922 an amount sufficient to retire the whole Issue at maturity. Guaranteed principal and interest by en- dorsement by Ames Holden, McCready, Ltd. Organization and Control — Incorporated in Canada and Is controlled through stock own- ership by the Ames, Holden, McCready, Ltd. The company- manufactures commercial fine felt, heavy felt footwear and felt slippers. Capitalization. Outstanding. Common $500,000 Funded debt 375,000 Secured by a first mortgage on plant and equipment located at Kitchener, Ont. Original Market — $376,000 offered by Thornton, Davidson & Co., Ltd., and Man- ning Brothers & Co., Toronto, and Pair- banks, Gasselin & Co., Ltd., and Ryan, Grler & Hastings, Ltd., Montreal, at 100 and In- terest with 20% bonus on common stock. New York — Miller & Co., Ambrose R. Clark & Co. Montreal — Balfour & White, Hanson Bros. Toronto — Bryant Isard & Co. AMES HOLDEN TIRE CO., LTD., 20-Year 1st S. F. 79. Due July 1, 1939. Dated July 1, 1919. Interest payable Jan. 1 and July 1, at Bank of Montreal, Mon- treal, Toronto, or New York. Tax Status — ^Payment of Federal Income Tax not assumed by the Company, Authorized $2,000,000 OutBtandlne 1,000,000 Reserved for Corporate Pur- poses 1,000,000 Denomination — Coupon (100. $600 and $1,- 000. Re^Isterable as to principal. Trustee — Eastern Trust Co., Montreal. Redeemable at 105 and interest on July 1, 1921, or on any interest date thereafter on three months* notice. Sinking Fund — Annually, beginning* on July 1921, an amount sufficient to retire this entire issue by maturity. Guaranteed principal and interest by Ames, Holden, llcCready, Ltd, , by endorsement. Organization — Incorporated In Canada. The Company manufactures automobile tires. Its product is marketed by Ames, Holden, Mc- Cready, Ltd. Capitalization. OutstandiniT. Common $2,000,000 Funded debt 1,000,000 Secured by a first mortgage on the prop- erty of the Company. Original Market — $1,000,000 offered July 1, '19, by Greenshields & Co., Nesbitt Thom- son & Co., Montreal, etc., and Thornton, Davidson & Co., Ltd., Toronto, at 100 and In- terest and SL 20% bonus of common stock, IVIarket New York — Lynch & McDermott. Montreal — Balfour & White, Greenshields & Co., Nesbitt Thomson & Co. Price Range 1920-— Ask. 100; 90. ANACONDA COPPER MINING CO. lO-Year Secured 6s, Series "A" and 7s, Series "B." Due Jan. 1, 1929. Dated Jan. 1, 1919. Interest payable Jan. 1 and July 1 at the National City Bank and Guaranty Trust Co., New York, Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized $50,000,000 Outstanding:. A 6s $?5,000,000 B 7s 25,000,000 50,000.000 Purpose of Issue — The proceeds of Series "A" bonds are to be used toward the equip- ment tt the properties of the Andes Copper Mining Co. and the Santiago Mining Co. and to replace in current account part of the earnings which have been heretofore invested. Series B w^as issued to provide additional working capital. Denomination — Coupon, $1,000, $500 ("B" only) and $100 ("B" only); registerable aa to principal. Trustee — Guaranty Trust Co. , New Tork. Redeemable, Series B only, as a whole or In part (but not for the sinking- fund), on any interest date upon 30 days' notice, at 100 and interest, plus a premium of %% for each year or part thereof by which the maturity is anticipated. Sinking Fund — Semi-annually, beginning July 1, 1921, $750,000, to be used In the purchase of Series "A" and Series "B" bonds as may be purchased at a price to yield 6%'. If bonds cannot be purchased at above price unexpended money is to re- vert to the company. Organization — Incorporated In Montana In 1895 as successor to Anaconda Minlngr Co. For many years this company was the lead- ing operating subsidiary of the Amalga- mated Copper Co., a holding company, which was dissolved in 1915, and its assets taken over by this company. The company owns the entire capital stock and substantial stock Interest In the following companies : United Metals Selling Co., Inspiration Consolidated Copper Co., Greene-Cananea Copper Co., An- 51 des Copper Co. (Delaware) which controls the Andes Copper Mining Co* and the Pro- trerlllos Railway Co., Santiago (Cuba) Min- ing Co. (Delaware). Capitalization. Outstanding, Common $116,562,500 Funded debt 50,000,000 Security — ^A direct obligation of the Ana- conda Mining Co. and secured by pledge of stocks of constitutent companies valued In ex- cess of $100,000,000. Thlfl issue constitutes the only funded debt of the company. The trust agreement contains the following cove- nants of the company. It will not mortgage, pledge, or suffer any mortgage or other charge to be Imposed upon any of its fixed assets without providing prior security for the bonds and for their payment In priority to all other obligations secured by such mortgage or pledge, and will not permit constituent companies to mortgage or pledge their fixed assets unless the obliga- tions secured thereby (other than those Is- sued in renewal of existing obligations) are pledged under the Trust Agreement. The earned surplus of the company (In- cluding any amount whioh may have been employed in the payment of any future stock dividend) shall always be maintained at an amount at least eaual to the amount of the outstanding bonds. In case the company or any constituent company shall sell any substantial or essen- tial part of its fixed assets, the proceeds or their equivalent shall In due course be ap- plied to the purchase of other fixed assets, or to the purchase of Ten-Tear Secured Gold Bonds for cancellation. The company will not consolidate with or permit itself to be merged into any cor- poration other than a constituent^ company if 26% of the holders of the outstanding bonds shall object, unless all the bonds are secured by a closed first mortgage and pledge on and of all its fixed assets and other prop- erties. Years ended Dec. 31. Gross. Net. Interest. 1919.. $102,606,287 $6,379,787 $1,276,145 1918. . 150.486.317 21,479,403 676,533 1917.. 158.954,240 34.860,027 526,275 1916.. 150,540,687 51,779,516 951.146 Original Market — $25,000,000 Series "A" 'offered January, 1919, by the Guaranty Trust Co. and National City Co., New York, at 9814 and Interest; $25,000,000 Series "B" offered October, 1920, by same firms at 96^4 and interest. Market. New York — Colgate, Parker & Co., T. Hall " Keyes & Co,, National City Co., Seasongood, Haas & Macdonald, iVanderhoef & Robin- son, Solomon Bros. & Hutzler, Bull & Eld- redge. Bankers Trust Co. Boston — Curtis & Sanger. Cincinnati — Fifth Third National Bank. Salt Lake City — Palmer Bond & 'Mortgage Co. Pliiladclphiar— Samuel McCreery & Co.. [Lloyd & Palmer. Chicago — Blair & Co., Curtis & Sanger, Union Trust Co., First Trust & Savings Bank. Pittsburgh — Moore, Leonard & Lynch, Union Trust Co. of Pittsburgh. Omaha — Stern Bros. St. Louis — Mark C. Steinberg & Co. Baltimore — Wm. E. Holloway. San Dieg:o — Blyth, Witter & Co. Minneapolis — Wm. W. Eastman Co. Louisville— J. J. B. Hilliard & Son. Price Range Jan. 1, '19 to Jan. 1, '31 1920 ^eiTies J%. Bid. Ask. Bid. Ask. High 99^/^ '19 100% '19 97% Feb. S8^A Feb. Low. 79% '20 80% '20 79% Dec. 80% Dec. Series B Higli 95% Oct. 96% Oct. Low 87% Deg. 88 Dec. ANACOSTIA & POTOMAC RIVER RAItROAB CO. 1st 6b. Dae April 1, 1949. Dated April 1, 1899. Interest payable April and Oct. 1, at Baltimore Trust Co., Balti- more. Tax Status — 2% Federal Income Tax paid (voluntarily assumed) by company without de- duction. Authorized $3,000,000 Outstanding: 2,979,000 Retii'ed by S. IT None Unissued 21,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Baltimore Trust Co. , Baltimore. Redeemable at 112 % and interest on any Interest date. Sinking Fund — ^After the payment of all fixed charges, operating expenses and a divi- dend of 6%, all surplus earnings, up to and not over the sum of $25,000, to be set aside as a sinking fund. This fund is no longer ' operative. Guaranteed — $462,000 guaranteed principal and interest by the Washington Ry. & Elec- tric Co. Control — Merged in 1912 with "Washington Ry. & Blec. Co. Secured by first mortgage on about 25 miles of street railway track in and around Washington, D. C. Franchises are unlim- ited as to time. UnderUes— $11,642,350 W. Ry. & El. Co. Cons. 4s of 1961. Under this mortgage bonds are reserved to retire this issue. Xlarnings — See Washington Ry. & Elec. Co. Listed on Washington, D. C, and Balti- more Stock Exchanges. Original Market — Guaranteed bonds offered, 1908, by the Baltimore Trust Co. at par and Interest. Market. New York — Berdell Bros. Baltimore — Townsend, Scott & Co., Foe & Davies, Jenkins, Whedbee & Foe, Macku- bln, Goodrich & Co., Smith, Lockhart & Co.^ Howard R. Taylor Co. Washington, D. C— Crane Parris & Co. Price Range. Jan. 1, '09 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 104 '09 106 '09 60 Nov. 70 Aug. Low. 50 '20 70 *20 50 Sept. 70 Aug. ANDROSCOGGIN AND KENNEBEC RAIL- WAY 1st Div. 6s. Due Mar. 1. 1940. Dated Mar. 1, 1920. Interest payable Mar. 1 and Sept. 1, at Bath Trust Company, Bath. Me. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $845,000 Outstanding 845,000 Purpose of Issue — Issued In exchange par for par for Lewiston, Brunswick & Bath Street Railway 1st 6s, due Mar. 1, 1920, In connection with the reorganization of the Lewiston, Augusta and Waterville Street Railway Company. Denomination — Coupon $600 and $1,000, Trustee — Bath Trust Company, Bath. Me. Organization — Incorporated In Maine In Oc- tpber, 1919, as successor through foreclosure to the Lewiston, Augusta & WatervUie Street Railway Company. The company owns and operates urban and interurban electric railways extending from Waterville through Augusta (at which point lines branch to WInthrop and Togus), Gar- diner, Sabattus and Lewiston. From Lew- iston "the line continues through Lis- bon Palls ^and Topsham to Brunswick, at which point lines extend to Bath on the east and on the west to Yarmouth, where connection is made with the Portland Rail- road Co.- The company does the electric light and power business In Freeport. Franchises of the system are unlimited as to time, and contain no burdensome restric- tions. Miles of track (single track basis), 157.14. Cars — Motor (closed, 42 ; open, 43 ; semi-con- vertible, 16), 101 ; express and freight, 58 ; snow plows, 11; sprinkler, l;^ther, 22; total 193. Owns one steam generating plant, with installed capacity of 500 k. w. All power Is purchased from outside companies. Capitalization, Outstanding. Common $1,354,500 1st Pref. (G% cum.) 1,468,500 2d Pref. (5% non-cum.) 1,708,200 Funded Debt 1.346,000 Secured by a first lien on the entire prop- erty of the * former Lewiston, Brunswick & Bath Street Railway Company, com- prising 55 miles of electric railway lines operated in and between Lewiston, Lisbon, Lisbon Falls. Brunswick and Bath. Years ended Dec. 31. Gross Net Interest 1920 . . . $1,157,530 $147,813 $78,493 *1919 . . . 1,096,151 153,698 198,483 *9 months to Sept. 30, '19, are Lewiston, Augusta & TN^aterville St. Ry. Co. operations. Original Market — See "Purpose of Issue,*' Market Boston — Chas. A. Day & Co. Portland — Beyer & Srtiall. ANDROSCOGGIN ELECTRIC CO. 1st & Ref. 5s. Due Oct. 1, 1934, Dated Oct. 26, 1914. Interest payable April 1 and Oct. 1 at "Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding 1,940,500 Reserved for Prior Lien 1,200,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Union Safe Deposit & Trust Co., Portland, Me. Organization and Control — Incorporated in Maine in 1914 as a consolidation of the Lew- iston & Auburn Interurban R. R. Co.; also owns a majority of the stock of the Me- chanic Falls Electric Light Co. In May, 1920, merged into the Central Maine Power Co. Secured by a first mortgage on 30 miles of interurban electric railway, recently con- structed between Portland and Lewiston, Me., and on steam power plants in Lewiston and a second mortgage on system supplying elec- tricity from hydro-electric plant to Lewiston and Auburn, and other towns in the vicinity; 28 miles of road are In private right of way. Population served. 60,000. Prior Liens — $1,200,000 Lewiston & Auburn Electric Light Co. 1st 5s. Eamingrs — See Central Maine Power Co., 1st 5s. Original Market — $140,500, offered by May- nard Bird & Co., Portland, Me., Feb., 1916. 52 Market. New York — Carruthers, Pell & Co., Ber- dell Bros. Portland — Maynard S. Bird & Co., Beyer & Small. Price Rang:e 1920 Bid 82 Apr. Ask 86 Apr. ANGLO-AMERICAN MIUL CO. (Owensboro, Ky.), 7% Notes. Due $68,500, July 3, 1921; $56,000, Jan. 2, 1922; $57,000, July 2, 1932; $53,500, Jan. 2, 1923; $41,500, July 2, 1923, and $25,500, Jan. 2, 1924. Dated January 2, 1919. Interest payable July 1 and Jan. 2 at Continental & Com- mercial National Bank, or Peabody, Hough- teling & Co., Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding: (Feb. 10, '21) 302,000 Matured and Paid 398,000 Redeemed 300.000 Purpose of Issue — To provide additional working capital. Denomination — Coupon $1,000 and $500. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at the end of ojie year at 101 and interest ; at the end of two years at 102 and interest, and at the end of three years at 103 and interest upon 90 days' written notice. Organization — Incorporated in Kentucky in 1910. The company manufactures flour mill- ing machinery and specializes on the pro- duction and sale of self-contained roller flour mills varying in its capacity from 15 barrels to 100 barrels per day. which are known under the trade name of ' 'American Midget Marvel Flour Mill." The company also does a jobbing business in grain cleaning ma- chinery and other accessories. The com- pany's plant is located at Owensboro, Ky. Capitalization. Outstanding. Common $763,220 Preferred (7% cum.) 154,900 Funded debt 302,000 Security — A direct obligation of the com- pany but not secured by a mortgage. The company covenants in the indenture that, while any part of this issue is outstanding or unpaid, no mortgage lien of any sort can be placed on the assets of the company. The company also undertakes to maintain its net quick cash assets at not less than double the amount of the outstanding notes and in no event less than $1,600,000. Years ended Dec. 31. •*Net. 1920 $2,972 1919 174,113 •1918 400,000 1917 201,989 1916 163,614 1915 207,881 * Two months estimated. •* After inter- est, depreciation and Federal taxes. Original Market — $1,000,000 offered Janu- ary. 1919, by Peabody, Houghteling Co. and John Burnham & Co., Chicago, at prices ranging from 99.75 to 96.94 and interest for respective maturities. Market. Ctiica^o — John Burnham & Co. Pi-ice Rangre 1920 Bid 95 Nov. Ask 99 Nov. ANGtO-AMERICAN OIL COMPANY, LTD. 5-Year 7^% S. F. Notes. Due April 1, 1925. Dated Apr. 1, 1920. Interest payable Apr. 1 and Oct. l, at Trustee's office. New York. Tax Status — Payment of Federal Income -Tax not assumed by company. Authorized $15,000,000 Outstanding 15.000,000 Purpose of Issue — To pay for new tank steamers under construction and for the ac- quisition and development of additional dis- tributing facilities. Denomination — Coupon. $1,000 and $500; reg- isterable as to principal. Trustee — Guaranty Trust -Company, New York. Redeemable on any interest date at 100 and interest plus a premium of 1 % for each year or portion of year from date of call to maturity. Sinking Fund — The company agrees to pay a sum not less than $1,260,000. Semi- annually April 1 and Oct. 1 beginning April 1, 1922, This fund is to be applied to the purchase or redemption of these bonds at not exceeding the current call price. Organization — Incorporated In 1888 under English laws. This company is one of the largest oil marketing concerns of the Uni- ted Kingdom. It owns and controls a large number of vessels engaged in transporting oil, and wharves and oil tanks throughout the United Kingdom, Capitalization. Outstanding. Common £3,000,000 Funded debt $15,000,000- Control — This company represents the Standard Oil interests in Great Britain. Its entire stock was formerly owned by the Stand- ard Oil Company of New Jersey. Its hold- ings were distributed to that company's stock- holders at the time of dissolution of the old Standard Oil Company. Security — A direct obligation of the com- pany but not secured by a mortgage. Un- der the provisions of the indenture the com- pany covenants as follows: To maintain current assets of an amount at least equal to 1% times Its current lia- bilities including these notes. Not to mortgage or pledge any of Its prop- erty or franchises (except by purchase money mortgages or by pledges as security for tem- porary loans in the usual course of busi- ness) except by securing these notes as prior liens. Years ended Dec. 31. • Net. 1919.. £300,000 1918.. 289,900 1917.. 348,687 1916. . 282,715 1915.. 732,776 • After income tax and exchange and de- preciation. Original Market — $15,000,000 offered March, 1920, by J. "P. Morgan & Company, Na- tional City Company, Guaranty Trust Com- pany, and Harris, Forbes & Company, at 100 and interest. Market. New York — ^T. Hall Keyes & Co., Season- good, Haas & Macdonald, Bull & Eldredge, Mann, Pell & Peake, Salomon Bros. & Hutzler, Bankers Trust Co., E. A. Baker & Son. Boston — Curtis & Sanger, Moors & Cabot. Philadelphiia^Biddle & Henry, AVm. W. Fogarty, Samuel McCreery & Co. Pittsbui*g:li — Stout & Co. Erie — Charles Messenkopf & Co. Price Range 1920 Bid. Ask. High 10014 Nov. 100% Nov. Low 87 1,^ Dec 88 Dec. ANN ARBOR RAILROAD CO. 1st 4s. Dne July 1. 1995. Dated July 1, 1896. Interest payable Jan., April, July and Oct. 1, at Trustee's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .(7,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Metropolitan Trust Co., New York, Organization — Chartered In Michigan, Sept., 1895, as the successor to the Toledo, Ann Ar- bor & North Michigan Ry. Co. Capitalization. Outstanding. Common ..$3,250,000 Preferred (5% non-cum.) 4.000,000 Funded debt 8,297,900 Secured by first mortgage on entire prop- erty of the Company, Including 291.90 miles of main line and 109 miles of sidings, etc., from Toledo, Ohio, to Frankfort, Mich., on Lake Michigan from which port the Company operates 3 car ferries to Milwaukee, Wis. Underlies — 2,000,000 Impt. & Extn. 6s, 1941. Fntire issue deposited to secure $760,- 000 6% notes, due May 1, 1921. Years ended Dec. 31. Gross. Net. Int. & Rent. *1919.. $528,000 $634,863 $550,832 *tl919. . 4,533,990 684,755 38,291 •1918.. 628.600 634,863 483,764 +1918.. 3,585,908 348,211 1917.. 3.138.943 639,394 669,670 1916., 2.807,121 700,616 449,439 •Corporate account. tFederal account — standard return not in- cluded. liisted on the New York Stock Exchange. Market. New York — J. S. Bache & Co., Ambrose R. Clark & Co., Dunham & Co., Samuel Gold- schmidt, Vanderhoef & Robinson, Vilas & Hickey, L. M. Pi'ince & Co., S. P. Larkin & Co., F. J. Liisman & Co. Price Range — ^N. Y. S. E. Jan. 1, *06 to Jan. 1, '21 1920 High 99 Jan. '19, *06 58 Mar. 25 Low. 47% '20 47% Aug. 10 APPALACHIAN POWER CO. 1st 5s. Due June 1. 1941. Dated June 1, 1911. Interest payable JiuM and Dec. 1, at Trustees office or First Natl Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2£, 000,000 Outstandingr (Jan. 1, '21) 8.837,000 Ftedgred to Secure Loans 330,000 In Treasury -; 66.000 Retired by S. F 502.000 Reserved for Bxt 15,265,000 Denomination — Coupon, $1,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 106 and Interest. Sinking Fund — ^Annually from 1916 to 1920 1% of outstanding bonds; 1921 to 1925, 1%%; 1926 to 1930. 2%, and 1931 to 1940, 2%%. Organization — Incorporated In 1911 in Vir- ginia. Capitalization. Outstanding. Common $6,000,000 1st Pref. (7% cum.) 312,000 Preferred (7%, cum.) 2,180,000 Funded debt 12,211,600 Secured by a first mortgage on 2 hydro- electric power plants in Carroll County, Va.. on the New River, a large steam electric plant, and on transmission lines, water, elec- tric and distribution plants in numerous towns in W. Va., and Va. The Company now^ serves 12 towns and cities and supplies power to large coal mining companies of tho Pocahontas district. Underlies — $6,000,000 2d 6s of 1930, all of which are pledged to secure $3,044,600 7% notes. Years ended Dec. 31. Gross. Net. Interest. 1920.. $2,265,610 $1,000,550 $683,244 1919. . 1,616,451 792,810 591,231 1918.. 1,254,266 580,718 511,197 1917.. 949,090 423.213 483.384 1916.. 799,136 4iiM02 473,561 1915. . 624,866 316,839 573,664 Market. New York — H. M. Byllesby & Co., Inc., Martin, Berwin & Co., Earle A. Miller & Co., A. W. H. Munford, Vanderhoef & Robinson, Carruthers, Pell & Co., Gilbert J. Postley, Merrill, Lynch & Co., Kiely & Co., Berdell Bros., Bonbright & Co., R. E. Harton & Co., Montgomery & Co., McDonnell & Co. Boston — H. 'M. Byllesby & Co., Inc., L. Sherman Adams, Moors & Cabot. Philadelphia — Bauer, Starr & Co. Chicagro — H. M. Byllesby & Co., Inc. Pi'ovidenc© — H. M. Byllesby & Co., Inc. Price Range. Jan. 1, '13 to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 82% '12 84% '12 €8 Nov. 70 Dec. Low. 58 '20 61 '20 58 July 61 July ARCOLA SUGAR MILI.S CO. 1st 6s. Due $30,000 annually Feb. 1, 1920 to 1939. Dated February 1 , 1919. Interest payable February and August 1, at Trustee' s office, Chicago, or Mississippi Valley Trust Com- pany, St. Louis. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $300,000 Outstanding: (Mar. 23, '21) 240,000 Matui'ed and Paid 60,000 Denomination — $100, $500 and $1,000. Trustee — Fort Dearborn Trust & Savings Bank. Chicago, Redeemable at 102 on any interest date on sixty days' notice. Guaranteed — Unconditionally principal and interest by estate of T. H. Scanlan. The Scanlan property is valued at $3,800,000 and has no mortgage indebtedness. Organization — Incorporated In Texas In 1903. Capitalization. Outstanding. Common $750,000 Funded debt 240,000 Secured by a first mortgage on a tract of about 8.400 acres with Improvements, equipment, etc^ in Ford Bend County near Houston. Texas, one-half under cultivation (sugar cane, cotton and feed crops). Also 4% miles standard gauge railroad track and one 600-ton sugar mill. Original Market — Offered February, 1919, by Mississippi Valley Trust Company, St. Louis. Mai'ket St. Louis — Mississippi Valley Trust Co. Pi'ice Range Jan. 1, *19 to Jan. 1. *31 1920 Bid. Ask. Bid. Ask. High ... 100 ... 100 Low. 95 96 95 96 54 ARDMORE STREET RAILWAY CO. 1st 6s Due Oct. 1, 1958. Dated Oct. 1, 1908. Interest payable April and Oct. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorized $1,250,000 Oatstandin? 1,032,000 Xmstee — Colonial Trust Co., Plttabureh, Pa. Redeemable on any interest date at 105 and Interest. Gaaranteed principal and Interest by Con- solidated Traction Co. of Pittsburgh. Organization — Incorporated in Pennsylvania, In 1907. Capitalization. Outstanding. Common $14,000 Funded debt 1.032.000 Control — ^AU stock owned by and property leased to the Consolidated Traction Co. of Pittsburgh, a subsidiary of the Philadelphia Co. Secured by a first mortgage on 8 miles of double-tracked electric railway, on private right-of-way, from Wilkinsburg to East Pitts- burgh, Pa. Population served, about 35,- 000. Market. New York — Moore, Leonard & Lynch, B. & C. Randolph, Fred H. Hatch & Co. Philadelphia — Boenning', Smauel K. Phil- lips & Co., McCown & Co. Pittsburgrh — Wm. P. Lempley & Co., Co- lonial Trust Co. Price Range. Jan. 1, *X0 to Jan. 1, '21 1920 Bid. Ask. Ask. Low. 50 '19 47 '20 47 Dec. High 99% *10 99% '10 47 Dec. ARIZONA GAS & ELECTRIC CO. Ist S. F. 6s, Due Jan. 1, 1937. Dated Jan. 1, 1917. Interest payable Jan. 1 and July 1, at P. W. Brooks & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $1,000,000 Outstanding: 235,000 In Treasnry 16,000 Retired by S. F None Additional bonds issuable for 75 % of cost of additions, etc., when net earnings for 12 months within preceding 14 months are equal to not less than - twice Interest charges on bonds outstanding and to be issued. Denomination — Coupon, $100, $600 and $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any In- terest date on 30 days* notice. Sinking Fund — ^Annually 1 % of outstand- ing bonds for their purchase or redemption at not over 105 and interest. Organization — Incorporated in Arizona in 1912. Capitalization. Outstanding. Common $250,000 Preferred 100,000 Funded debt 235,000 Secured by a first mortgage on plants sup- plying gas, electricity and Ice In Nogales, Arizona. Population served, about 10,000. The company also sells electric current to mining companies. Years ended Dec. 31. Gross. Net. Interest. 1919.. $179,859 $58,409 $14,100 1918.. 151,234 43.850 14,100 1917. . 129,891 38.203 12,000 1916.. 82,000 36,301 12,000 Original Market — Offered May, 1917, by P. W, Brooks & Co., New York and Philadel- phia. Market. New York — Hartshorne & Battelle, Car- ruthers. Pell & Co. Piice Rangre Jan. 1, *19 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 85 '20 89*20 85 89 Low. 75 '19 85''19 80 85 ARIZONA POWER CO. 1st 6s. Due May X» 1933. Dated May 1, 1908. Interest payable May and Nov. 1, at New York Trust Co., New York or W. P. Bonbright & Co., London. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $2,000,000.. Outstanding: -. 1,781,000 Retired by S. F 219,000 Denomination — Coupon, $1,000 and $600. Registerable as to principal. Trustee — ^New York Trust Co., New York. Redeemable at 102 and Interest on any Interest date. Sinking Fund — 2% annually of bonds Issued beginning March 15, 1914, Interest ,of bonds redeemed to be added to sinking fund. Pay- ments to be applied to purchase or redemp- tion of bonds at not exceeding 102 and In- terest. Advertisement shall be made for three consecutive days from each March 16 in the New York Evening Post for ten- ders to be received prior to April 2. If no bonds can be obtained at or below 102 and interest, bonds shall be drawn on April 16. and bonds so drawn shall be ad- vertised for three consecutive days thereafter. Company has alternative of buying bonds and delivering them to trustee, to be ac- cepted at their par value for payments to sinking fund. Organization — Company Incorporated In Maine, 1908. Company owns all of the stock of the Prescott Gas & Elec. Co., and supplies power to that company. Also sup- plies power to the Pacific Gas & Electric Co. of Phoenix. In Jerome, Ariz, and to min- ing companies Including the United Verde Copper Co. Capitalization. Outstanding. Common $995,000 Preferred (6% cum.) 2,950,000 •Funded debt 3.067,000 • Includes subsidiary bonds, guaranteed. Secured by first mortgage on all property, rights, franchises, etc., now owned or here- after acquired, including two hydro-electric plants, one of 5,400 k. w. capacity and other 1,500 k. w. , about 4 8 miles east of Pres- cott, Ariz. Underlies — $667,000 Gen. & Ref. 6s of 1946 all of which are pledged to secure 7% notes. Years ended Dec. 31. Gross. Net. Interest. 1920. . $582,852 $244,668 $140,861 1919. . $469,126 $144,673 $140,406 1918. . 570,691 218,474 138,026 1917. . 493.384 272,139 136.493 1916. . 309,801 207,941 126,803 1915. . 233,477 160,362 111.825 Market. New York — Earle A. Miller & Co., Berdell Bros., Gilbert A. Postley, G. R. McAllister & Co., Chas. E. Doyle & Co., Bonbright & Co., Carruthers, Pell & Co. Price Range. Jan. 1, '12 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '12 95 '17 69 Mar. 75 Nov. Low. 50 '20 60 '20 50 Sept. 60 Aug ARKANSAS LIGHT & POWER CO. Ist 30- Year S. F. 6s. Dae Oct. 1, 1945. Dated Oct. 1, 1915. Interest payable April 1 and Oct. 1, at Trustee's office, New York, or Continental & Commercial Nat'l Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $&.000,000 Outstanding (Jan. 1, '21) 2,111,900 In Xreasui-y .'.... 1,700 Betued by S. F 44,400 Reserved for Ext 2.842,000 Provisions of Issue — ^Additional bonds may be issued for 8 5 % of cost of improvements and extensions, but only when net earnings for past twelve months are twice interest charires on total issue of bonds. Denomination — Coupon, $1,000, $500 and $100. Reg-istorable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Sinking Fund — Beg^inning: Oct, 15, 1920, and annually thereafter, 5 % of gross earnings for the purchase or redemption of these bonds at not over 105 and interest. Bonds so ac- Quired to be cancelled. Maintenance Fund — Annually the foUowingr percentages of gross earnings: 7%, 1919; 8%, 1920; Q%, 1921; 10%, 1922. and thereafter. Organization — Incorporated in Arkansas. Sept . , 1914, to acquire and operate public utilities in that state. It has acquired the following properties: The light, power and water in Arkadelphia, Camden, Eldorado, Pa- ragould, Morrilton, Russellville, England, Newport and Stuttgart; the light and the power in Malvern, Plummerville, Dardanelle and De Witt. * Owns and controls transmission lines from Pine Bluff to Little Rock and Stutt- gart. Owns the entire common stock of the Pine Bluff Co. Capitalization. Outstanding. Common $2,490,000 •Preferred 1,511,100 Funded debt 2,193,900 •Includes $150,000 subordinated. Secured by a first mort&agre on all the prop- erty now owned and hereafter acquired. Pop- ulation served about 135,000. Franchises ex- pire from 1950 to 1966; but can be sur- rendered prior to Jan. 1, 1925 for inde- terminate permits. The company has long term lighting contracts in most cities served. Prior Lien — $82,000 Russellville Water & Light Co. , 1st 6s due $5,000 each Dec. 1, 1918 to 1930, balance due Dec, 1931. Years ended Dec. 31. Bond Gross Net. Interest 1920. . $1,244,911 $274,460 $120,255 1919. . 868,689 199,451 114,259 1918. . 639,326 264,471 114.732 1917. . 390.449 140,933 1916. . 330.040 135,235 69.120 1915.. 292,125 120,742 60.120 Original Market — Offered March. 1916, by Stan wood, Taylor & Co., and Wilsey, Fier- lein & Co. , Chicago, at par and interest. $750,000 offered March, 1919. by John Nick- erson Jr. & Co., New York, etc. Market. New Yorlt — Earle A. Miller & Co., John Nlckerson Jr., Vanderhoef & Robinson. Philadelphia — Frederick Peirce & Co., Mc- Cown & Co. Chicagro — R. D. Vilas & Co., Merrill, Lynch & Co. Price Range Jan. 1, '17 to Jan. 1, '21 1920 Bid. Ask. Bid. • Ask. High 99 '17 101 '17 73 May 93% Jan. Low. 67 '20 70 '20 67 May, 70 Aug. ARKANSAS VAIXEY IKTERURBAN BAUi- WAY CO. (THE) 1st Sinklne Fund 6%9, Due Dec. 1, 1936. Dated Dfc. 1, 1916. Interest payable June 1 and Dec. 1 at Trustee's office. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding (Jan. 1. '21) 854,000 Held in S. F 46,000 Reserved for Ext 2,100,000 ProTisions of Issue — Additional bonds to the amount of $100,000 may be issued for not exceeding 50 % of cash cost of addi- tions, etc., the remaining $2,000,000 ' bonds issuable at not exceeding 75% of cash cost, provided net earnings for twelve months with- ■ in 60 days preceding are not less than one and three-quarters annual interest charges on total issued. Denominations — $1,000, $500 . and $100. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 103 and interest on Dec. 1, 1919, or any interest date thereafter. Sinking Fund — ^Annually beginning Nov. 1, 1919, a sum sufficient to retire at not exceed- ing 103 and interest 2% of bonds certified. Bonds so acquired to be kept alive and in- terest thereon may at option of company be added to this fund or applied to addi- tions, etc., which shall not be made the basis for the certification of additional bonds. It is estimated that this fund will retire over $300,000 bonds by maturity. Maintenance Fund — The mortgage requires amounts to be set aside from earnings and expended for maintenance and equipment. Organization — Incorporated in Kansas In 1903. Capitalization. Outstanding. Common $1,500,000 Preferred 545,000 Funded debt 854,000 Secured by a first-mortgage on all the property of the company comprising 67. 5 miles single track equivalent of electric rail- road from Wichita, Kan., in a northerly direction to "Van Arsdale, Kan., and thence in a westerly direction to Hutchinson, Kan., with a line extending from Van Arsdale in a north- erly direction to Newton, Kan. Also oper- ates under contract 2.5 miles of line In Hutchinson. Except within corporate limits, road is built on private right of way. Fran- chises are for long terms and the most important extend beyond the year 2000. Power is purchased from the Kansas Gas & Electric Co. under long term contract. Total population served about 125,000. Years ended Dec. 31. Gross. Net. Interest. 1920 $547,375 $210,121 $49,500 1919 485,457 1S5.102 49,659 1918 328.611 130,370 49,032 1917 392,019 141,588 51,715 Original Market — $900,000 offered Jan., 1917, by E. H. Rollins & Son, Boston, etc., and Sweet, Causey, Foster & Co., Denver, at 98% and Interest. Market. New York — Hartshorne & Battelle. E. A. Miller & Co., Ernest Smith & Co. Wichita, Kans. — Vernon H. Branch. 66 Jan. 1, Price Range. *17 to Jan. 1. '21 Bid. Ask. High 80 '19 98^^ '17 Low. 80 *19 S3 '20 AKKANSAS VAI.IJE3Y RAILWAY, UGHT & POWER CO. (THE) Ist & Ref. S. E. 5s and V^/^s. Due Nov. 1, 1931. Dated Nov. IB. 1911. Interest payable May 1 and Nov. 1, at Trustee's ofHce. Tax Status: 5s — Payment of Federal In- come Tax not assumed by company; 7%s — 2% Federal Income" Tax paid by the com.- pany without deduction. Pennsylvania state tax refunded. ' Authorized $15,0000,000 Outstanding: — $3,000,000 5s 1,400,000 7^s (Jan.l, 21) 4,400,000 Reserved for Ext 10,600,000 Denomination — Coupon, $1,000. Keglster- able as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 and interest on any interest date. Siuking Fund — ^Annually, Commencing Nov. 1, 1913 to 1915, inch, 1% of bonds outstand- ing and 2% 1916 to 1930 Incl., for the pur- chase or redemption of these bonds at not exceeding 105 and interest. Bonds so ac- quired to be cancelled. Organization and Control — Incorporated In Colorado in 1911 and acquired the properties of the Pueblo & Suburban Traction & Light- ing Co., the Colorado Light & Power Co., Crown City, Colo. , the Rocky Ford Elec. Co., La Junta Elec. Co., and Gold Belt Con- solidated Elec. Co, Controlled by the Stand- ard Gas & Electric Co. through ownership of entire $3,500,000 common stock and $405,- OOOof $1,918,600 preferred. Management — H. M. Byllesby & Co., Chi- cago. Secured by a mortgage on all property of the company, Including 35 miles of street railway track and plants supplying electric light and power in Pueblo, Colo. ; also on hydro-electric power plant on Beaver Creek, near Victor; steam plant in Canon City, to- gether with distribution system supplying elec- tric light and power in the Cripple Creek District and on considerable real estate, in- cluding mineral lands. Railway franchise in Pueblo expires in 1940; electric in 1936. Prior liens — $1,697,000 Pueblo & Subur- ban Traction &■ Lighting 1st 5s of 1922. Underlies — $900,000 Gen. 7s, all of which are pledged to secure 8 % notes. Years ended Dec. 31. Gross. Net. Int.. etc. 1920. . $1,865,743 $608,632 $369,439 1919.. 1,579,020' 536.599 382,981 1918. . 1.480.548 605.071 371,325 1917.. 1,423,467 645,222 370,533 1916.. 1.260,287 564,762 344,699 1915.. 1,171.628 505,824 335,214 Original Market — $1,400,000 7%s offered Nov., 1920, by Federal Securities Corp., H. M. Byllesby and Co., Inc., and Henry S. Henschen, 'Chicago, at. 96 and interest. Market. New York — H. M. Byllesby & Co., Inc., Hartshorne & Battelle, Carruthers, Pell & Co. Chicago— H. M. Byllesby & Co., Inc., Geo. H. Taylor & Co., Dodge & Ross, Federal Securities Corp. Denver — Bankers Trust Co., Vail, Glascoe & McQuIlUn. ARKANSAS ^^ALLKY RAILWAY LIGHT & 1920 POWER CO. Bond Secured 8% Notes. Ask. Due Oct. 1, 1923. 88 Dated -Nov. 1, 1920. Interest payable May 83 1 and Nov. 1 (last coupon payable Oct. 1) at Continental & Commercial Trust ^ Sav- ings Bank, Chicago, and First National Bank, New York. Tax Status — 2% Federal" Income Tax paid by the company without deduction. Penn- sylvania State taxArefunded. Authorized $1,250,000 Outstanding 600,000 Reserved for Corp. Purposes. 650,000 Purpose of Issue — The proceeds from the pale of these Notes and $1,400,000 First and Refunding Mortgage T%% Sinking Fund Bonds will provide funds for the retire- ment of $724,900 Bond Secured 7% Gold Notes, due December 1, 1920, and $960,000 Pueblo Traction & Lighting Company First Mortgage Sinking Fund 5% Bonds, due January 1, 1921, and for extensions and Im- provements to the properties. Denominations — Coupon, $1,000, $500 and $100; registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago^ Redeemable on any interest date at 101 and interest during the first year and 100% and Interest thereafter. Organization — See 1st & Ref. S. F. 5s and 7%s. Secured by pledge of $900,000 (new) Gen. Mtge. 7s, which are secured by a general mortgage on the properties of the com- pany. For details on property see 1st & Ref. S. F. 5s and 7%s. Prior Liens — Outstanding. Ark. Valley Ry., Lt. & P. 1st & Ref. 5s, 1931 $3,000,000 Ark. Valley Ry., Lt. & P. 1st & Ref. 7%s, 1931 1,400,000 Pueblo & Suburban Trac. & Ltg. 5s, 1922 *1, 697.000 •Closed mortgage. Earnings — See 1st & Ref. 5s and 7%s. Original Market — $600,000 offered Dec, 1920, by H. M. Byllesby & Co., Inc., Chi- cago, etc., at 99 and interest. 67 ARKANSAW WATER CO. 1st 6s. Due Nov. 1, 1930. Dated Nov. 1, 1915. Interest payable May 1 and Nov. 1. at First National Bank. New York, or office of Trustee, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Unlimited, Outstanding $1,789,000 Additional bonds may be issued as follows: Up to $1,550,000 when net earnings are 1 % times the annual interest including bonds to be issued; and, at par for not over 80 % of the cost of improvements, etc., when net earnings are as aforesaid. Denomination — Coupon $1,000, $500 and $100. Registerable as to principal only. De- nominations interchangeable. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 and Interest on any in- terest date up to and including Nov. 1, 1925, and thereafter at 102 and interest. Improvement Enn^ — Annually 12% of gross earnings, of which at least 6 % shall be charged to operating expenses. This fund may be used for maintenance, replacement. Improvements and additions or for the re- tirement of these Jjonds. Organization — Incorporated November, 1880, in Arkansas. Capitalization. Outstanding. Common $1,549,400 Preferred (7% cum.) 56,000 Funded debt 1,789,000 Control — ^Entire capital stock ia owned and property managed by the American Water Works & Electric Co. Secured by a first mortgage plant supplying water to Little Kock, Argenta and Pulaski Heights, Ark. Population served about 80,- 000. Company's property at Little Rock comprises pumping station on Arkansas Riv- er, filtration plant, three wells, a concrete reservoir and a gravity system of distribution mains of 191 miles of pipe. Property at Argenta consists of eight clear water wells, pumping station, 600,000 gallon concrete res- ervoirs and distributive system. Franchise In Little Kock expires November, 1935, and provides for purchase by city after expira- tion on one year's notice at appraised value. Argenta franchise expires November 28, 1941, with municipal purchase provision exercis- able at end of each " ten-year period; Pu- laski Heights expires August, 1947, with fifteen-year period purchase privilege. Years ended Dec. 31. Gross. Net. Int. , etc. 1920. . $435,934 $198,493 $121,205 1919. . 409,504 189,968 125,639 1918. . 440.835 209,177 122,002 1917.. 318,701 150,025 112,676 1916. . 263,043 141,156 112,586 Original Market — Offered February, 1916, by N. W. Halsey & Co., New York, Philadelphia, Boston, etc., at par and Interest. Market. New York — Earle A. Miller & Co., Gilbert J. Postley, Berdell Bros. Fhiladelpliia — McCown &, Co. Chicag-o — Halsey, Stuart & Co. Price Range. Jan. 1, '17 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '17 101 '17 78 Dec. 87 July Low. 78 '20 84 '20 78 Dec. 84 Dec. ARMOUR AND COMPANY Conv. Deb. 6s. Due $10,000,000, each June 15, 1919 to 1924 inclusive. Dated June 15, 1918. Interest payable June and Dec, 15 at Trustee's office, Chicago and in New York. Tax Statas^2 7o Federal Income Tax paid by company without deduction. Authorized $60,000,000 Outstandingr (Mar. 17. '21) 7,647,000 Converted 49,709,900 Matured and Paid 2,643,100 Purpose of Issue — Entire proceeds will be used to reduce current liabilities. Denomination — Coupon $100, $500 and $1,- 000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable — ^At par on any interest date upon 60 days* notice as a whole or in ser- ies. If in series company must call for redemption all the debentures of one or more of the series first maturing. Convertible — On and after ' Sept. 1, 1918. par for par into Armour & Company 7% Cum. Pref. Stock. All of this stock is re- deemable by the company at 115 and accumu- lated dividends. Org:anization — See Real Estate 1st 4^3 due 1939. Secured — A direct obligation of the com- pany but not secured by mortgage. No ad- ditional mortgage shall be placed on the property of the company which does not In- clude these debentures In the lien of such mortgage. Trust agreement further provides that the current assets of the company shall be maintained in an aggregate amount equal to one and one-half times all current liabili- ties, including these debentures. Prior liien — 50,000.000 Real Estate 1st 4%s, due June 1, 1939 (closed mortgage). Earnings — See Real Estate 1st 4 ^ s, due 1939. Original Market — Offered June, 1918, at 99.25 to 94.60 for various maturities by Continental & Commercial National Bank, Continental & Commercial Trust & Savings Bank, Halsey, Stuart & Co., First National Bank, First Trust & Savings Bank, Illinola Trust & Savings Bank, The Merchants Loan & Trust Co., all of Chicago. Market. New York — Sa lomon Bros. & Hutzler, Mann, Pell & Peck, Bull & Eldredge. Boston — Curtis & Sanger. Chicasfo — John Burnh am & Co. , First Trust & Savings Bank, Halsey, Stuart & Co., Merchants Loan & Trust Co., Tilden & Tilden, Merrill, Lynch & Co. St. Tvouis — Mark C. Steinberg & Co. Louisville, Ky. — Fidelity & Columbia Trust Co. Omaha — United States Trust Co. Price Kange Jan. 1, '18 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Due 1921. High 108% '19 109% '19 98^ Dec. 99% Dec. Low. 95% '20 96% '18 95% May 97 May Due 1922. High 108% '19 109% '19 97 Dec. 99 Jim. Low. 95% '19 95% '18 95% Aug. 96% Aug. Due 1923. High 108% '19 109% '19 106 Feb. 107 Feb, Low. 93 '20 95 '18 93 Sep. 95 Dec. Due 1924. High 103 '19 104 '19 96 Jun. 99 Sep. Low. 93 '20 94% 'IS 93 Sep. 95% Dec. 58 AKMOIJR AND COMPANY Keal Estate 1st 4.^s. Due June 1, 1939. Dated June 1, 1909. Interest payable June and Dec. 1, at Trustee's oflSce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $50,000,000 Outstanding 50,000,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Registered $1,000, $5,000 and multiples. ^C. & R. interchangeable. Trustee — Farmers' Loan & Trust Co., New York. Redeemable as a whole at 102% and inter- est on any interest date upon 12 weeks' notice, expiring June 1, 1914; and in lots of not less than 10% of bonds outstanding, beginning December 1, 1914, at 102% -and Interest on any Interest date upon same no- tice. Organization — This Company is the largest engaged in the meat packing and allied busi- nesses. In addition to its packing industry the company is engaged In the production of fertilizer, soaps, glue and other by-producta of meat packing. Stockholders of this com- pany own the entire capital stock issues of the Armour CSr Lines, the Armour Packing Company and Armour & Company of New Jersey, which three companies have jointly with the parent company executed the mort- gage securing these bonds. These bonds are followed by $20,000,000 stock on which 10% dividends per annum are being paid. Capitalization. Outstanding. Common "A" $50,000,000 Common "B" 150,000,000 Preferred (7% cum.) 52,350,600 Funded debt 118,649,400 Secured by a direct first mortgage on 165 acres of improved real estate located In Chicago, Kansas City, Mo., South Omaha, Bast St. Louis, Sioux City and Port Worth as well as on 700 acres unimproved land at Minneapolis and warehouses in and around New York City. This property was appraised In 1909 at upwards of $40,000,000. These bonds are a first mortgage, in effect, by de- posit with the trustee of the- entire issues of first mortgage bonds on all property con- stituting the "plant" used In the production and distribution of the products of Armour & Company and its auxiliary companies, not Including refrigerator cars and other rolling stock. Underlies — Conv. Deb. 6s 1919-24 and Conv. 7s 1930. Years ended Nov. 1: Bond • Net Interest 1920 t$5,319,975 $ 1919 27,186,124 4,762,231 1918 26,128,611 3,490.649 1917 27,043,041 2,240,422 1916 23,835,208 1,8 09,784 1915 14,954.370 1,346,301 1914 11,069.274 1,346,301 • After Federal taxes. tAfter all charges. liisted on the New York Stock Exchange. Original Market — OfCered in May, 1909, by Kubn, Lioeb & Co., and the Nat'l City Bank of New York at 95% and interest. , Market. New York — E. A. Baker & Son, Samuel Goldschmidt, Seasongood, Haas & Mac- donald, Vilas & Hickey, HornbloTver & Weeks. Philadelphia — Brown Bros. & Co., Chas. Fearon & Co., Wni. W. Fogarty. Cliicagro — Curtis & Sanger, Halsey, Stuart & Co., Merchants Ijoan & Trust Co., Merrill, Lynch & Co. St. Louis — Francis Bros. & Co. Louisville, Ky. — Fidelity & Columbia Trust Co. Omaha — United States Trust Co. Price Range — N. Y. S. E. Jan. 1, '16 to Jan. 1, 'Zl 1920 High 95 Nov. 24, '16 84% Feb. 4 Low. 73% "20 73% July 22 AKMOUR AND COMPANY 10- Year 7% Conv. Notes. Due July 15, 1930. Dated July 15, 1920. Interest payable Jan. 15 and July 15, at Continental and Commercial Trust & Savings Bank, Chicago, or Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized : $60,000,000 Outstandingr 60,000,000 Purpose of Issue — Proceeds of this issue will be applied to the reduction of current liabilities thereby not increasing present in- debtedness. Denonunations — Coupon, $1,000. $500 and $100 interchangeable; registerable as to prin- cipal. Trustee — Continencal & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 and interest upon 60 days' notice. Convertible on and after Jan. 3, 1921, and prior to maturity or redemption date, par for par into Class "A" common stock, which under present laws will be exempt from personal property taxes in the State of Illinois. Org-anization — See Real Est. 4%s. Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the com- pany covenants as follows: Not to place any additional mortgage on the properties and assets of the company which does not equally secure these notes, by the lien of such mortgage. To maintain current assets in an ag- gregate amount equal to at least 1% times all current liabilities including these notes, any mortgage indebtedness (except purchase money mortgages) maturing prior to the maturity of these notes and any other issue of notes or debentures at any time out- standing. Prior Liens — ' Outstanding. Real Estate 1st 4^As. 1939 $50,000,000 Onginal Mai-ket — $60,000,000 offered July, 1920, by Continental and Commercial Trust and Savings Bank, Guaranty Trust Co. of N. Y., Harris, Forbes & Co., Kidder, Pea- body & Co., The National City Co., Blair & Co., Inc., and The Union Trust Co. of Pitts- burgh at 94.84 and interest. Market New York — Ames, Emerich & Co., T. Hall Keyes & Co., Seasongood, Haas & Mac- donald, Bull & Eldredge, Salomon Bros. & Hutzler, Bond & Goodwin, Buffalo — N. A. MacDonald & Co. Brie — Charles Messenkopf & Co. Boston — Curtis Sanger. Detroit — Joel Stockard & Co., Nichol, Ford & Co., Inc. Pittsburgh — Moore, Leonard & Lynch, Union Trust Co. of Pittsburgh, Rock Island, 111. — Litten & Roberts. Philadelphia — Chas. Fearon & Co., Wm. W. Fogarty, Parsley Bros. & Co. Cliicago — Ames, Emerich & Co., John Burnham «& Co., Blair & Co., Geo. H, Burr & Co., Curtis & Sanger, Paul H. Davis & Co., Fidelity Trust & Savings Bank, Halsey, Stuart & Co., Henry S. Henschen & Co., Illi- nois Trust & Savings Bank, Shapker & Co., State Bank of Chicago, Tilden & Tilden. Union Trust Co., "Wittekind & Co. St. Louis — Mark C. Steinberg & Co. Oak Park, 111. — Oak Park Trust & Savings Bank. Milwaukee — Ames, Emerich & Co. Los Angeles — Banks, Huntley & Co. San Diego — Blyth, Witter & Co. Denver — Boettcher, Porter & Co. Louisville, Ky. — Block, Fetter & Co., Fidelity & Columbia Trust Co., J. J. B. Hil- liard & Co., Geo. T. Wood & Son. Grand Rapids — Corrigan & Co. Minneapolis — Wm. W. Eastman Co. Omaha — Stern Bros., Omaha Tr. Co. Kansas City, Mo. — W. C. Sylvester Inv. Co., Stern Bros. Price Range 1920 Bid. Ask. High 97% Nov. 97% Dec. Low 92% Nov. 94 Dec. 69 ARMSTRONG CORK CO. 10-Year 7% Notes. Due Jan. 1, 1931. Dated Jan. 1, 1921. Interest payable Jan. 1 and July 1 at Trustee's office in New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exemption in Pennsylvania. Authorized $6,000,000 Outstanding: r 6,000,000 Purpose of Issue — To retire current in- debtedness incurred in part for capital ex- penditures. ..Denomination — Cf^upon $1,000. Trustee — Bankers Trust Co., New York. Redeemable on any interest date on 60 days' notice at 102% and interest. Orgranization — Incorporated in Pennsyl- vania in 1895. Business established in 1861. Manufactures corks, cork specialties, insula- tion and linoleum. Plants are located in Pittsburgh, Lancaster, Beaver Palls, Oak- dale, Pa., and Camden, N. J. Capitalization, Outstanding. Common $11,034,000 Preferred (7%) 3,000,000 Funded debt 6,073.500 Security — A direct obligation of the com- pany, but not secured by a mortgage. Under the provisions of the indenture the company covenants as follows: Not to make or permit to exist any mort- gage on the real property or plants of the company or any subsidiary ( excepting ex- isting mortgages aggregating $73,500). But this provision shall not prevent purchase money mortgages on hereafter acquired property, or the purchase of property subject to mortgage. Current assets of the conapany and its subsidiaries shall at all times be main- tained equal to at least 125% of their total indebtedness including these notes. ^ears ended Dec. 31 : Net. 1919 $3,343,829 1918 2,262,600 1917 -. . 3,080,207 1916 2,392,860 1915 1,008,428 Original Market — $6,000,000 offered Dec, 1920, by Union Trust Co. and Union National Bank, Pittsburgh, and Guaranty Company, New York, etc., at 94% and interest. Market New York — J. H. Holmes & Co., Salomon Bros. & Hutzler, Bull & Eldredge, Frederick H. Hatch ■& Co., Tobey & Kirk, Guaranty Co. Philadelphia — Samuel McCreery & Co. Fittsburgrh — W, E. Ballard, Continental Trust Co., Lyon, Singer & Co., Moore, Leonard & Lynch, Stout & Co., Edward A. Owens & Co., Union Trust Co. of Pittsburgh. ^Lancaster — McClain & Co. 4 Price Bange 1920 Bid. Ask. High 98% Dec. 98% Dec. Low 94% Dec. 94% Dec. AROOSTOOK NORTHERN RAILROAD CO. 1st SB. Dae Oct. 1, 1947. Dated Oct. 1 , 1897. Interest payable April and Oct. 1, at Trustee' s office. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized and Oatstanding $225,000 Denominatinn — Coupon, $1,000. Re&ister- able as to principal or fully registerable. Trustee — Guaranty Trust Co. , New York. Assumed by the Bangor & Aroostook H. K. Co. . Control — Incorporated in Maine and con- solidated with the Bangor & Aroostook R. R. Co., July 1. 1901. Secured by a first mortgage on 16 mUea of road from Caribou to Limestone, Me. Underlies — B. & A. Cons. Ref. 4s of 19B1, a sufficient amount of which Issue is re- served to retire this Issue. ^Earnings — See Bangor & Aroostok R. R. liCgal for Savings Banks in Me. and Mass. Market. New York — Carruthers, Pell & Co., F. H. Hatch & Co., "Wolffe & Stanley, P. J. Lis- man. Boston — Chas. A. Day & Co. Portland — Beyer & Small. Price Range. Jan. 1, '09 to Jan. 1, *21 1930 Bid. Ask. Bid. High 107 '09 106 '09 56 Nov. Low. 55 '20 87 '18 55 Mar. Redeemable on any interest date at 105 and interest. Sinking Fund — 1% of amount outstanding beginning in 1915. Guaranteed as to interest by the Canadian Pacific Ry. by endorsement. Organization and Control — Incorporated In Maine in 3 902; owns 33 miles of road from Washburn Jet. to "Washburn, PresQue Isle to Presque Isle Jet., "Washburn to Sweden and Carson to West Caribou all in Maine. Controlled by Canadian Pacific Ry. Co. through stock ownership and connects with mileage of that company at Presque Isle, Maine. Capitalization. Outstanding. Common $256,400 Funded debt 887,432 Secured by a first niortgage on electric rail- way from Washburn Jet. to Washburn, Maine, 12 miles. Underlies — $82,000 6% Debentures. Funded Debtr~$455,832 1st 4%s due July 1, 1961, are a first lien on 14 miles from Pres- que Isle to Presque Isle Jet. and Washburn to Sweden; $100,000 1st Div., 5s due 1962 are a first lien on 7 miles, Carson to West Caribou. Years ended Dec. 31. Gross. Net. Interest 1919.. $122,856 $46,151 $44,651 1918. . 99,853 31,417 45,965 1917. . 109,063 46,913 46,159 1916.. 110,335 53.782 46,996 Original Market — Offered Jan. , 1910, by J. M. Robinson & Sons, St. John, N. B. Market. New York — F. J. Lisman & Co., F. H. Hatch & Co. Portland — Beyer & Small. Price Range. Jan. 1, *10 to Jan. 1, *21 1920 Bid. Ask. Ask. High 97% '10 100 '13 73 Oct. Low. 45 '19 70 '17 73 Oct. AROOSTOOK VALLEY (Electric) RAILROAD 1st 4^s. Due Aug. 1, 1939. Dated Aug. 1, 1909. Interest payable Feb. and Aug. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding ...$250,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Augusta Trust Co., Augusta, Me. ARUNDEL SAND & GRAVEL Co. 1st 6s. Due Dec. 31, 1925. Dated Dec. 1, 1915. Interest payable June 1 and Dec. 1, at Trustee's office, Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed ' mortgages. Outstanding (Jan. 1, '21) 403,000 Fiu'cliased and Held 147,000 Denomination — Coupon, $100, $500 and $1,- 000. ' Registerable as to principal only. Trustee — Fidelity Trust Co., Baltimore, Md. Redeemable on any interest date at 105 and inerest. Assumed by the Arundel Corporation. Convertible at any time into common stock at par. Organization and Control — Incorporated in 1913 in Delaware. In August, 1919, merged with other companies into the Arundel Cor- poration. Secured by a first mortgage on sand and gravel beds near Baltimore, Md., and "Wash- ington, D, C, owned in fee or held under lease, and also on plants and equipment and 460 acres of water front property. Market. New York — E. A. Baker & Son, Carruthers, Pell & Co. Baltimore — Jenkins, Whedhee & Poe. ASHDOWN (THE J. H.) HARDWARE CO. LTD. Ist S. F. 58. Due Jan. 1, 1928. Dated Jan. 1, 1913. Interest payable Jan. and July 1 at the Canadian Bank of Com- merce, Toronto, Montreal, "Winnipeg and Lon- don, Eng. Tax Status — Payment of Federal Income Tax not' assumed by company. Authorized $1,600,000 Outstandings (Jan. 1, '21) •750,500 Held in S. F 295,900 Reserved for Ext 463.600 Denomination—Coupon, $1,000, $600 and $100 with sterling equivalents. Re&isterable as to principal or fully registerable. C. & R. interchangeable. Trustee — The Northern Trusts Co., Winni- peg', Canada. Redeemable at 100 and interest on any in- terest date on six weeks' notice or for sink- ing fund. Sinking Fund — ^Annually on and after Jan. 1, 1914, such sums as will be suincient to retire outstanding bonds at maturity. The fund may be used to purchase or redeem these bonds at not exceeding 100 and interest or invested in securities authorized for Trustees in the provinces of Manitoba, Alberta and Saskatchewan. Organization — The origin of the company dates back to 1869. Incorporated in Canada In 1902. The company does both a whole- sale and retail hardware business with branches throughout Northwestern Canada and British Columbia. Capitalization. Outstanding. Common $2,000,000 Funded debt 750,500 Secured by a first mortgage on all the prop- erty of the company, real and personal, in- cluding three wholesale buildings and one retail building in Winnipeg; af wholesale and retail building in Calgary; a wholesale build- ing in Saskatoon. Original Market — Offered Jan. , 1913, at 90.20 and interest by the Dominion Securi- ties Corp., Ltd., Montreal, Toronto apd Lon- don, Bng. Market. New York — J. D. McGeorge. Toronto — Manning Bros., Dominion Securi- ties Corp., Ltd. ASHEYILLE POWER & WGHT CO. 1st S. F. 58. Due April 1. 1942. Dated April 1, 1912. Interest payable April and Oct. 1, at Trustee's office. New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding 1,220,000 Reserved for Ext 3,780,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — United States Mortgage & Trust Co., New York. Redeemable as a whole at 105 and Inter- est on any interest date. Sinking Fund — One-half of 1% annually of outstanding bonds, from April 1, 1917 to 1922, 1% from 1923 to 1927, 1%% from 1928 to 1932, and 2% annually thereafter, to be applied to the purchase or redemption of these bonds at not over 105 and interest, or for permanent improvements and additions to plants and property. Organization — incorporate^ March, 1912, as successor to the Asheville Electric Co. Con- trolled through ownership of its entire com- mon stock by Carolina Power & Light Co., which company is controlled by the Electric Bond & Share Co., which latter company la controlled by the General Electric Co. Capitalization. Outstanding. Common $1,"000.000 Preferred (7% cum.) 639,700 Funded debt 1,220,000 Secured by a first mortgage on all prop- erty rights and franchises, now owned or hereafter acquired. The company owns and operates the gas, electric and street railway systems of Asheville, N. C, and suburbs. Population served, 28,500. The property In- cludes 23 miles of gas mains and 19 miles of street railway track. Besides generating its own power the company also has a favor- able contract with the North Carolina Elec- trical Power Co. for purchasing electrical power. Franchises are perpetual except one unim- portant street railway franchise (1% miles) expiring in 1952. Years ended Dec. 31. Gross. Net. Interest. 1920 $819,712 $307,097 $62,210 1919 668,364 276,499 62,173 1918 627,544 212,261 62,001 1917 497.959 219,481 58.944 1916 456,947 191,974 66,401 Original Market — $1,100,000 offered in 1912 at 95 and interest by Hambleton & Co., Bal- timore, and Redmond & Co., Equitable Trust Co., W. C. Langley & Co. and Spencer Trask & Co., of New York. Market. New Yox'lc — Lynch &McDermott, Earle A. Miller & Co., Redmond & Co., Gilbert J. Postley, Pynchon & Co., Berdell Bros., Mc- Donnell & Co., Carruthers, Pell & Co. Boston — Moors & Cabot, Milwaulcee — Edgar, Ricker & Co. Price Range. Jan. 1, '1,6, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 98-16 101 '16 8 3 ^^ Feb. 85 Sept. Low. 73 '20 78 '20 73 Dec. 78 Dec. ASHIAND (Wis. ) MGHT, POWER & STREET RAILWAY CO. Ist S. F. 5s. Due Jan. 1, 1939. Dated Jan. 1, 1909. Interest payable Jan. 1 and July 1, at Trustee's office, Chicago, or Second National Bank, Boston. Tax Status — Payment of Federal Income Tax not assumed by the company. Penn- sylvania State Tax refunded. Authorized $1,000,000 Outstanding 720, OQO Retired by S. F.... 51,000. Pledged to Secure 7% Notes. . 129,000 Resetrved for Ext 100,000 Denomination — C oupon, $1,000. Reglstera- ble as to principal. Trustee — Chicago Trust Co., Chicago. Redeemable at 104 and Interest on any In- terest date. Sinking Fund — ^Annually, beginning Jan. 1, 1912, 1% of outstanding bonds, for their pur- chase or redemption at not over 104 and in- terest. Organization and Control — Incorporated In Wisconsin in 1896. Capitalization. Outstanding. •Common $200,000 Funded debt ; 760,000 *$117,B60 owned by the Ashland Power Co., a subsidiary of the Ironwood & Besse- mer Railway & Light Co. Secured by a first mortgage on all the prop- erty of the company. The company does the entire electric light, power and gas bus- iness in Ashland and vicinity and owns and operates the street railway system In that city comprising 5 miles of track. The elec- tric property includes a hydro-electric plant of 1,360 h. p. and steam plant of 9,000 h. p., distribution system and transmission lines. The company operates under an Indetermi- nate permit. 61 Years ended Jane 30. Gross. Net. Interest. 1919 $304,400 $74,277 1918 318,903 54,717 1917 268,472 30.494 32,752 1916 148,173 64,418 30.169 1915 114,076 60,089 26.684 Original Market — A block offered February, 1917, by P. W. Brooks & Co., New York, at 95 and interest. Market. New York— Taylor & White, H. C. Spiller & Co., Merrill, Lynch & Co., Carruthers, Pell & Co. Price Rangre. Jan. 1, *17, to Jan. 1, '21 1930 Bid. Ask. Ask. Hi&h 96 '17 99 '17 68 June Low. 80 '19 65 '20 65 Nov. ASHLAND (Wis.) WATER CO. 1st 6s. Due Jnne 1, 1929. Dated June 1, 1909. Interest payable June and Dec. 1. at American Trust Co., Boston. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $300,000 Outstanding 297,000 Trustee — American Trust Co., Boston. Organization — Company incorporated in Wisconsin in 1884. Capitalization. Outstanding. Common $375,000 Preferred i6% cum.) 125,000 Funded debt 297.000 Secured by first mortgage on all the plant supplying water to Ashland, Wis. Popula- tion, 11,600. Operates under indeterminate provisions of the Public Utility law of Wis- consin. Original Market — $ 30,000 offered Dec. . 1914, at par by Geo. A. Fernald & Co, Market. New York — Harris, Forbes & Co., H. C. Spiller & Co. Boston — Geo. A, Fernald & Co., Harris, Forbes & Co., Inc., Chas. A. Day & Co. Chicag:o — Harris Trust & Savings Bank. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 97 '17 90 '19 Not available Low. 6714 '19 90 '19 ASHTABUIiA (O.) WATER SUPPLY CO. 1st 5s. Due June 1, 1937. Dated 'June 1, 1917. Interest payable June 1 and Dec. 1 at Trustee's office. Tax Status — 2 % Feder-al Income Tax paid by company without deduction. Authorized $275,000 Outstanding: 243,000 ITnissued 32,000 Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Columbia Trust Co., New York, Redeemable after June 1, 1922. at 106 and Interest. Organization — Incorporated in Ohio in 1910 and purchased the property of the Ashta- bula Water Co. Capitalization. Outstanding. Common $300,000 Preferred (6% cum.) 288.800 Funded debt 243.000 Secured by a first mortgage on all the property of the company. The company takes Its water supply from Lake Erie and has a modern filtration system with a daily capac- ity of 6,000.000 gallons. 55 miles of main and pumping station with a daily capacity of 11,000,000 gallons. Population served, 25.- 000. Franchise expires in 1932^ Years ended Dec. 31. Gross. , Net. Interest. 1920 $146,605 $55,928 $12,284 1919 131,983 47,863 11,892 1918 136,281 65,279 13.810 1917 118,642 65,881 ■ 11,176 1916 101,433 64.328 10,961 Original Market — $ 275.000 offered Aug., 1917, by Geo. A. Fernald & Co., Boston, at 99 and interest. New York — Berdell Bros., F. H. Hatch & Co., H. C. Spiller & Co. Boston — Geo. A. Fernald & Co., Chas. A. Day & Co. Price Kangre 1930 — Bid 70 July. ASHUBLOT GAS & BLBCTRIG CO. Ist 6s. Due Feb. 1. 1935. Dated Nov. 1, 1912. Interest payable May 1 and Nov. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $200,000 Outstanding: (Jan. 1, '21) 180,000 Denomination — Coupon, $ 500. Regiaterable as to principal. Trustee — ^American Trust Co., Boston, Redeemable as a whole at 103 on any In* terest date. Guaranteed as to principal and interest by the Keene Gas & Electric Co. by endorse- ment. Organization and Control — Incorporated In New Hampshire in 1911 and acquired from the Keene Gas & Electric Co. properties cov- ered by this mortgage. The latter company owns all the common stock, $100,000. and leases the properties until Feb. 1, 1935. Rental, interest, taxes, maintenance expenses, 5% cumulative dividend on $100,000 preferred stock, and 6% on common stock. Capitalization. Outstanding. Common $100,000 Preferred (5% cum.) 100,000 Funded debt 180.000 Secured by a first mortgage on plants sup- plying electricity in Winchester, Swanzey. Marlboro, Chesterfield, Westmoreland, Dublin and Peterborough, N. H., and including two hydro-electric plants in Dublin and Peter- boroug-h developing- 475 h. p., 40 miles trans- mission line from Hinsdale to Keene, and Keene to Dublin, supplying its own territory and Keene with electric current purchased from the Connecticut River Power Co. plant at Hinsdale. Total population served over 9.000. Earnings — See Keene Gas & Electric Co. 1st 5s of 1936. I^egal for Savings Banks In N. H. Original Market — Offered May, 1913. by Baker, Ayling & Co., Boston, Philadelphia, , etc.. at 99 and interest. Market. Boston — Baker, Ayling & Young, Rich- ardson. Hill & Co. ASSOCIATED GAS & ELECTRIC CO. CoU. Tr. S. F. 6s. Due Jan. 1, 1941. Dated January 1. 1912. Interest payable January 1 and July 1 at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by comi)any without deduction. Pennsylvania tax refunded. Autliorized $2,000,000 Outstandingr (Mar. 17, '21) '967,200 Retired by S. F 113,000 In Treasury 27,000 Unissued 892,800 Denomination — Coupon. $100, $500 and $1,- 000. Reglsterable as to principal. Trustee — Fidelity Trust Co., Philadelphia, Pa. Redeemable at 105 and interest at any time on three weeks' notice. Sinking Fand^Annually as follows: One- half of 1% of bonds outstanding Jan. 1, 1917, to Jan. 1, 1921; 1% Jan. 1, 1922, to Jan. 1, 1936; and 1^^% Jan. 1, 1937, to July 1, 1940, inclusive, for the purchase or re- demption of these bonds at not over 105 and - interest. Organization — See Coll. Tr. 5s of 1939. Secured by deposit of $1,355,000 of $1.- 500,000 Coll. Tr. 6s of 1949, and $375,160 6 % notes of Associated Gas & Electric Co. and $425,000 (entire) preferred stock and $566,900 (60%) common stock of the Ken- tucky Public Service Co. The indenture pro- vides for a bondholders' committee of three members, one appointed by the board of di- rectors of the company, one by the bondhold- ers and one by the trustee. The consent of the majority of this committee shall be ob- tained as a condition precedent to the release of any securities deposited. Additional bonds may be issued only for the following- purposes: 1. For 80% of the cost of betterments, Improvements, etc., made after January 1, 1916, to the property of operating companies, a majority of the voting- stock of which is deposited as collateral for these bonds, or for 5% bonds due 1939 and the 6% bonds due 1949. 2. For the acquisition of not less than a control of new subsidiary properties, provid- ed that (unless the bondholders* committee unanimously otherwise consents) the earn- ings of operating companies applicable to securities pledged and to be pledged under this agreement (or those securing the 5 % bonds due 1930 and 6% bonds 1949) for twelve months preceding, after deducting expenses and taxes and interest on the 6 % bonds due 1939, are not less than 2 % times interest charges on bonds ' of this issue outstanding and to be issued and the 6% bonds due 1949 outstanding in the hands of the public. If the 5% bonds due 1939 shall be cancelled prior to the maturity of this issue the earn- ings restrictions become twice the interest on these bonds outstanding and to be Issued and any debenture bonds outstanding in the hands of the public. 3. For the purpose of acquiring or refund- ing bonds for operating companies the ma- jority of the voting stock of which shall be acquired under paragraph 2. Barnings — See Coll. Tr. 6s of 1939. Original Market — Offered July, 1916, by Montgomery, Clothier & Tyler, Philadelphia, at 98% and Interest. Market. New York — Carruthers, Pell & Co., Taylor, White & Co., Geo. S. Crap & Co. Philadelphia — Huntoon & Co. Price Bangre 1920 Ask. High 73 Feb. Low : * 60 Sept. ASSOCIATED GAS & ELEGTRIO CO. iBt Coll. Tr. 5b. ^ Due Jaly 1, 1939. Dated July 1, 1909. Interest payable Jan. and July 1 at Phila. Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. 63 Authorized $5,000,000 Outstandiiur (Mar. 17, '21) 1.310,000 Ketired by S. F 301,000 In Treasury 1,500 Unissued 3,387.500 Provisions of Issue — The unissued bonds are reserved to exchange for the securities of subsidiary companies only when such compa- nies are earning twice the Interest charges on their bonds. Trustee — Philadelphia Trust Co., Philadel- phia. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Redeemable at 105 and interest on any In- terest date on four weeks' notice. Sinking Fond — Each of the mortgages se- curing the bonds deposited hereunder pro- vides for a sinking fund. ^'When money is available for the purchase of any deposited bonds for the respective sinking- funds, the Trustee under this mortgage shall sell such bonds, but only if the money so received can be applied to the purchase of bonds of this issue at not exceeding 105 and interest. All bonds so purchased are to be cancelled. If bonds are not purchaseable, the money in the sinking fund shall be applied by the sub- sidiary companies to improvements and ex- tensions. Organization — Incorporated in New York in 1906 as a holding company, and controls through stock ownership companies named below and also the Greenville, O., Gas & ■ Light Co. and the Kentucky Public Service Co. Coipnpany Is operated under supervision and advice of The J. G. White Management Corporation. Capitalization. Outstanding. Common $400,000' Preferred (6% cum.) 959,300 Funded debt 2,422.20(V Secured by pledges of the following securi- ties: Pledged. Homer (N. Y.) & Cortland Gas Lt. Co. Ref. (now 1st) 5s ♦$160,000' Ithaca (N. Y.) Gas & Elec. Corp. Ref- (now 1st) Bs *235,00(^ Ithaca (N. Y.) Gas & Elec. Corp. stock *1, 162, 000- Norwich (N. Y.) Gas & Elec. Co. 1st 5s 85,000 Norwich (N. Y.) Gas & Elec. Co. ^ Ref. 5s *153,00a Van Wert (O.) Gas Light Co. Ref. 5s •114,000 Van Wert (O.) Gas Light Co. stock •100,000 Oneonta (N. Y.) Lt. & Power Co. 1st 5s 194,000 •Entire issues. Franchises are either perpetual or for long terms, except in the city of Cortland, N. Y. Underlies — $145,000 Coll. Tr. 6s of 1949. and $934,500 Coll. Tr. S. F. 6s, due 194U secured in part by deposit of $1,355,000 Coll. Tr. 6s of 1949. Years ended Dec. 31 (consolidated). Gross. Net. Int. & S. F. 1919 $1,180,104 $317,658 $224,877 1918 989,107 210.595 230,760 1917 907,363 230,276 213,197 1916 774,874 302,641 184,648 1915 648,616 262,173 162.985 Original Market — $1,325,000 offered in Oct., 1909, by Montgomery, Clothier & Tyler, and W. H. Newbold's Son & Co., both of Phlla^ delphia, at 97% and interest. Market. New York — Montgomery & Co., Berdell Bros. Philadelphia — Bauer, Starr & Co., Mont- gomery & Co., H. D. Boenning & Co. Price Banse. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92^*17 96 '17 60 July 75 Dec. Low. 58 '20 73 '20 58 Dec. 73 Oct. ASSOCIATED LAUNDRIES. INC. 7% Notes. Due $35,000 each Nov. 1, from 1920 to 1929, incl. Dated November 1, 1919. Interest payable May 1 and Nov. 1, at City Bank Trust Com- pany, Syracuse, N. Y. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $350,000 Outstanding (Jan. 1, '21) 315,000 Matured and Paid 35,000 Denomination — Coupon, $1,000, $600 and $100. Registerable as to principal ($1,000 notes). Trustee — City Bank Trust Company, Syra- cuse, N. T. Redeemable on any interest date at 105 and interest. Organization — rincorporated in New York in 1919 to acquire the assets and good will of four established laundries in Syracuse and all of the principal laundries in Utica. Capitalization. Outstanding. Common (no par) 5,000 shs. Preferred (8% cum.) $350,000 Funded debt 315,000 Security — A direct obligation of the com- pany, -but not secured by a mortgage. Under the terms of the trust agreement company covenants that it will not mortgage or pledge (except for purchase money mortgages) any of its assets either real or personal during the life of these notes. The company also further agrees that its floating debt will not exceed the sum of $100,000 in excess of the authorized amount of this issue while any of these notes are outstanding. As of Novem- ber 1, 1919, the properties of the company without any allowance for good will were ap- praised at $548,197, Original Market — $ 360,000 offered Novem- ber, 1919, by W. "W. Seymour & Company, Syracuse, New York. Market. Syracuse — W. W. Seymour & Co. ASSOCIATED OIL COMPANY 1st 58. Due Aug. 1, 1922. Dated Aug. 1, 1902. Interest payable Feb. and Aug-. 1, at Union Trust Co., San Fran- cisco. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstan^ng- 1,440,000 In Treasury 62,000 Retired by S. F 2.403,000 Denomination — Coupon, $1,000. Trustee — Southern Trust Co., Los Angeles. Sinking Fund — 5% annually July 1, of bonds outstanding for the purchase or redemp- tion of these bonds at not over 105 and in- terest, as may tie offered Feb. 1, and Aug. 1. If no bonds are so purchaseable fund to be invested in government, municipal or quasi- public corporation bonds. See 1st Ref, 5s. Organization — See 1st Ref. Ss of 1930. Secured by a first mortgage on 6,000 acres of oil lands in California. Underlies — $8,800,000 let Ref. 5s of 1930. Listed on the San Francisco Stock and Bond Exchange. Earnings — See 1st Ref. 5s. Market. New Yorlt — Sutro Bros. & Co., McDonnell & Co. Los Angeles — Stephens & Co., John O. Knight & Co., Frank & Lewis. San Fi'ancisco — Sutro & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 10314 '16 104 '16 98 Jan. 100 Jan. Low. 75 '08 76^^ '08 85 ^^ Nov. 97 Dec ASSOCIATED OIL CO. (San Francisco) Ist Ref. 5s. Due Jan. 15, 1930. Dated Jan. 15, 1910. Interest payable Jan. and July 15, in New York and at the Union Trust Co., San Francisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $25,000,000 Outstanding 8,800,000 Retired by S. F 7,902,000 In Treasury 1,169,000 Reserved for Ext., etc 5,627,000 Reserved for Prior Liens 1,502,000 Trustee — Union Trust Co., San Francisco. Redeemable at par and interest on any in- terest date. Sinking Fund — Commenced Dec. 1, 1910, and provides for gradually increasing annual payments as follows: 1-20 of bonds outstand- ing Dec, 1910, 1-19 1911, 1-18 1912, 1-17 1913, etc., for the purchase of these bonds at not exceeding par and interest. Organization — Incorporated in California in 1901. The company owns directly or through subsidiaries, oil wells, pipe lines, steamships and refineries. Capitalization. Outstanding. Common . ; $39,756,086 Funded debt 10,240,000 Controlled by Pacific Oil Co. by stock ownership. Secured by a mortgage on 37,000 acres of oil land owned in fee and leasehold interest in 2,125 acres additional, and a second mort- gage on 6,000 acres of oil lands, located in central and southern California, Purthec se- cured by deposit of following stocks: 4,975 shares Associated Supply Co., 34,980 shares Associated Pipe ^ine Co. and 12,910 shares Bakersfield Iron Works. Oil production of properties owned or controlled amounts to 10,100,000 bbls. annually. Prior Lien — $1,502,000 1st 5s, 1922. Years ended Dec. 31. Gross. Net. Int.. Etc. 1919. . $38,521,167 $6,714,720 $644,377 1918.. 31,243,481 5,316.612 775,305 1917. . 28,188.565 4,729,101 887,312 1916.. 21,663.906 4,019.311 820.922 1915. . 15,818,671 2,887,814 969,809 Market. New York — Sutro Bros. & Co., McDonnall & Co. Los Angeles — Stephens & Co., Frank & Lewis, John O. Knight & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1930 Bid, Ask. Bid. Ask. High 97 '20 100 '20 97 Jan. 100 Jan. Low. 85 '20 94 '20 85 Nov. 94 Aug. ASSOCIATED SIMMONS HARDWARE COM- PANIES &-Year 7% Coll. Notes. Due May 1, 1925. Dated May 1, 1920.* Interest payable Jan- uary and July 1, at Trustee's offices. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $10,000,000 Outstanding 7,500,000 Reserved for Add 2,500,000 Purpose of Issue — To retire outstanding serial notes, reduce current HaDilities and provide additional working capital. , Trustees — Continental & Commercial Trust & Savings Bank, Chicairo, and First Nation- al Bank, St. Louis. Denomination — Coupon, $1,000 and $500; re^isterable as to principal. Redeemable on any interest date at 102^ In 1920, 102 in 1921, 101% in 1922, 101 in 1923, 100% in 1924- and at 100 on January 1, 1925. Org:anization — ^A voluntary trusteeship un- der the laws of Massachusetts and owns practically the entire capital stocks (except directors aualifying' shares) of the Simmons Hardware Company, St, Louis, and of other affiliated companies. Including: distributing corporations located in New York, Philadel- phia, Toledo, MInneapoUs, Sioux City and Wichita. Business established in 1863. Capitalization. Outstanding. Common $9,300,000 Preferred (7% cum.) 5,110,000 Funded debt 7,652,000 Security— A direct obligation of the com- pany and further secured by deposit of the entire capital stocks (except directors Quali- fying shares) of the Simmons Hardware Com- pany, St. Louis, and other affiliated com- panies, including distributing corporations, lo- cated in New York, Philadelphia, Toledo, lililn- neapolis, Sioux City and Wichita. Under the provisions of the trust indenture the company covenants as follows: The Associated Simmons Hardware Com- panies agree that their controlled companies shall not borrow during the life of this note Issue except from the Associated Simmons Hardware Companies and as hereafter stated, and that they at all ' times shall maintain quick assets at least equal to one and one- half times the amount of this note issue and all current obligations. The real estate of the controlled companies is not encum- bered, except for the three small mortgages, aggregating $184,000. No new mortgages can be created by these companies during the life of these notes without the consent of the trustee under the trust indenture, and then only to the extent of 75% of the im- provements ; except that one company, the majority of whose stock is owned and car- ried as an investment, is permitted to place a mortgage against real estate being ac- quired. ¥earB ended Dec. 31. •Net. 1920 $627,764 1919 2,124,230 1918 1,642,358 1917 2.679.765 1916 ^. 2.576,178 'After Federal and other taxes. Original Market — $7,500,000 offered April, 1920, by Halsey, Stuart & Co.. New York and Chicago; Continental & Commercial Trust & Savings Bank, Chicago, and First Na- tional Bank, St. Louis, at 98 and Interest- Market New ITork — ^Ames, Emerlch & Co., E. A. Baker & Son. Salomon Bros & Hutzler, Morton Lachenbruch & Co. Chica^TO — Ames, Emerlch & Co., John Bumham & Co., Geo. H. Burr & Co., Curtis & Sanger, Halsey, Stuart & Co.. Merrill, Lynch & Go. St. Louis — Mortgage Trust Co., Mississippi Valley Trust Co., Mark Steinberg & Co., Stix & Go. liOoisTiUe, Ky. — ^Block, Fetter & Co. Mliwanlcee — Ames, Emerlch & Go. Price Range 1920 Bid. Ask. High 97% Nov. 100% May Low 94% Dec. 95 Dec. ASTMAHCO NAVIGATION CO., INC., 1st Lien 7s. Dae $60,000 each July 1 and Jan. 1, from July 1, 1930, to Jan. 1, i 1927, incl. Dated Dec. 15, 1919. Interest payable Jan, and July 1 at National City Bank, New York, and Continental & Commercial National Bank, Chicago. Tax Status — 2% Federal Incpme Tax paid by the company without deduction. Authorized $840,000 Outstanding 840,000 i:*urpose of Issue — These bonds have been issued to provide funds for completing the purchase of the two American twin screw steel ocean freight vessels, Astmahco No. 3 and Astmahco No. 4, and to pay for the new high power internal combustion engines to be presently installed in each vessel. Denomination — Coupon $1, 000, $500. Keg- Isterable as to principal. Trustee — National City Bank, New York. Redeemable in reverse numerical order on any interest date on 60 days' notice at 102% and interest. Controlled through stock ownership by the Astoria Mahogany Company of New York. Secured by a first lien on two twin screw modern American steel freight vessels, Ast- mahco No. 3 and Astmahco No. 4, operat- ing between New York, Central America and Africa, and valued at $1,505,200. The yes- • sels are fully insured under marine policies covering the risks of fire, perils of the sea, collisions, general average and salvage, war risk and protection and indemnity insurance. The company agrees to maintain the ves- sels in good repair in first class seaworthy condition. The Astoria Mahogany Company agrees to furnish freight cargoes for these ships which will produce sufficient revenue to meet the payment of principal and interest of these bonds at maturity. Original Market — $ 840,000 offered May, 1920, by Peabody, Houghtellng & Co., Chi- cago, on a 7% basis. Price Kange 1930— Ask 100 Feb. 65 ASTORIA VENX]EB MILLS & DOCK CO. 1st S. F. 6s. Due Jan. 1, 1941. Dated Jan. 1, 1911. Interest payable Jan. 1 and July 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized $500,000 Outstanding 409,000 Retired by S. F 90,000 Denomination — Coupon and registered $1,- 000. Trustee — Guaranty Trust Co., New York, Redeemable at 110 and Interest. Sinking Fund — ^Annually at least $10,000 of these bonds at not over 110 and Interest. Assumed by the Astoria Mahogany Co. Oi^ani^atiob and Control — Incorporated in New York in 1911 as successor to the Astoria Veneer Mills, business established In 1876. In August, 1919, this company and the Hud' dieston Marsh Mahogany Co. were consoli- dated under the firm name of Astoria Mahog- any Co. Secured by a mortgage on New York Har- bor dock property comprising about 400 lots with 2,800 feet water front, with docks, ware- houses, machinery, etc. located at the north- ern end of Long Island City, appraised at $1,610,818. Market. New York — Earl A. Miller & Co., Vander- hoef & Robinson, Watson, Armstrong & Co. Price Range Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 100 '17 105 '17 90 Jan. 95 Dec. Low. 84% '20 95 '20 84% July 95 Dec. ATCHISON & EASTERN BRIDGE CO. Is 49, Dne July 1, 1928. Dated July 1, 1898. Interest payable Jan. and July 1, at Trustee's office. Tax Statue — 2% Federal Income Tax paid by company without deduction. Authorized $665,000 Outstanding: (Feb. 1, '21) 248,000 Retired by S. F 366,000 Denomination — Coupon $1,000. Trustee — Central Union Trust Co., New York. Redeemable for the sinking fund by lot at par. Sinking Fund — Difference between annual interest on outstanding bonds and $30,000. Organization — ^Incorporated in 1898 in Mis- souri and Kansas, as successor through fore- closure to the Chicago & Atchison Bridge Co, Capitalization. Outstanding. Common $521,300 Funded debt 248.000 Secured by a first mortgage on railway and highway tollbridge over the Missouri River, at Atchison, Kan. Used by A., T. & S. F.. C, R. I. & P., C, B. & Q., Mo. Pac. and other railroads. Market. New York— Fred H. JHatch & Co., Hart- shorne & Battelle, F. J. Lisman & Co., Car- ruthers. Pell &'Co. Price Range. Jan. 1, *08, to Jan. 1, '21 1920 Bid. Ask. 'Bid. Ask. High 89 '17 90 '08 Not available Low. 70 '80 82 '14 ATCHISON RAILWAY, LIGHT & POWER CO. 1st and Ref, S. F, 5s. Due Nov. 1, 1935. Dated November 1, 1910. Interest payable May and Nov. 1. at Federal Trust Co.. Bos- ton. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding: (Jan. 1, '21) 726,000 Held In S. F 24,000 Reserved for Ext 760,000 Denomination — Coupon, $1,000 and $500, Registerable as to principal. Trustee — ^Federal Trust Co., Boston. Redeemable at 105 and interest on any In- terest date after May 1, 1915, on two weeks' notice. Sinking Fund — $5,000 annually, from Nov. 1, 1915 to 1919, Inclusive, and $10,000 an- nually thereafter, to be applied to the pur- chase or redemption of these bonds at not over 105 and interest. Bonds so redeemed to be kept alive and interest added to sink- ing fund. Organization and Control — Incorporated in Kansas 1895. All of the stock is owned by the Western Rys. & Light Co., a Bubsidiary of the Illinois Traction Co. Capitalization. Outstanding. Common $500,000 Preferred (6% cum.) 136.000 Funded debt 726.000 Secured by a first mortgage on ten miles of street railway In Atchison, Kan., and on plants supplying gas and electricity to that city. Population, 16,429. Franchises are re- ported to extend beyond maturity of these bonds. The company has discontinued the manufacture of artificial gas. and is purchas- ing and distributing natural gas. Eamines — See Western Rys. & Light Co. Original Markets-Offered In 1910. $175,000 by Baker, Ayling & Co., Boston, Philadel- phia, etc., at 96 ^^ and interest. New York — F. H. Hatch & Co., Pynchon & Co., Carruthers, Pell & Co. Boston — Baker, Ayling & Young, Chas. A- Day & Co., G. W. Walkef & Co. Philadelphia — Baker, Ayling & Young. ChicaiTO — Central Bond & Mortgage Co, Price Range. Jan. 1, '16, to Jan. 1, '21 1920 High Ask. Ask. High 88% '16 93% '17 83 July Low. 75 '19 70 '20 70 Nov. ATCHISON, TOPEKA & SANTA FE RY. CO. Incorporated in Kansas in 1895. The com- pany owns 11,475 and operates 11,675 miles of road. The lines of the system extend from Chicago, 111., through Kansas City, to Denver, Colo., Port W^orth, Dallas and Galveston, Texas and Los Angeles and San Francisco Cal. The A., T. & S. F. By. Co. is the only company owning a line from Chicago to California. Capitalization. Outstanding. Common $225,128,500 Preferred (5% non-cum.) 124,173,700 Funded debt 291,072,628 Years ended Dec. 31. Gross. Net. Int. & Rent. tl920.. $93,102,203 $49,650,372 $12,015,621 tl919 . . 44,615,087 54,715,203 11,654,259 tl919. . 209,500,004 44.294,171 2,268,553 tl918.. 42,885.311 44,100,864 15,752,431 $1918.. 187,658,223 44,024,928 181.411 1917. . 165.529,519 52,240.229 14,054.681 1916.. 144.290.238 52,555.449 14.433.260 •1915.. 117.666,687 39.048.551 14,930,635 *1914.. 111,109.770 34,289.204 14,117,960 tCorporate Income Account includes stan- dard return under Federal control. tFederal Income Account. •Year ended June 30. «6 ATCHISON, TOPEKA & SANTA FE RAIL- WAY CO. Gen. 4s. Due October 1, 1995. Dated December 12, 1895. Interest payable April and Oct. 1. at company's office, 5 Nas- sau Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized 165, 490, 500 Outstanding (Jan. 1. '21) 150,634,500 In Treasury 1,928,000 Reserved for Ext 1,852,102 Reserved for Yarions Pur- poses 11.076.898 Denomination — Coupon, $500 and $1,000. Kegisterable as to principal, or exchangeable for registered. Registered, $1,000, $5,000 and $10,000. Trustee— Central Union Trust Co., New York. Secured by a direct or collateral mortgage on 8,516.S5 miles of road, viz: A first lien on 5,219.15 miles — Dearborn Station to Crawferd Ave., Chicago, lU 5.01 Ancona to Streater Junction 30.69 Pekin Jet. to Pekin, 111 30.69 North Lexington to St. Joseph, Mo... 76.10 St. Joseph, Mo., to Atchison, Kan .09 Atchison, Kan., to Kan.-Colo. State Line 470.56 Kansas City, Mo., to Topeka, Kan. . 64.35 Holliday, Kan., to Emporia, Kan 97.78 Hawthorne to Wilder, Kan 46.37 Lawrence to Ottawa Jet.. Kan 26.07 Ottawa Jet. to Okla.-Tex. Line 399.44 Quenemo to Osage City, Kan 19.46 Burlingame to Alma, Kan 34.23 Burlington Jet. to Burlington, Kan.... 41,67 Burlington to Gridley, Kan 10.72 Colony to Yates Center, Kan 34.74 Chanute to Pittsburgh, Kan 52.79 Chanute to Loniton, Kan 43.33 Benedict Jet. to Madison Jet., Kan... 40.61 Cherryvale to Cof£oyville, Kan 18.12 Independence to Cedar Vale, Kan.... 54.67 Havana to Caney, Kan 5.41 Kansas-Okla. State Line to Tulsa, Okla 67.17 Emporia to Moline, Kan 83,29 Florence to Winfleld Jet., Kan 72.74 Strong City to Bazar, Kan 11.70 Neva to Kan. -Neb. State Line 151.87 Abilene to Salina, Kan 12.03 Solomon to Salina, Kan 10.69 Manchester to Barnard, Kan 43.38 Florence to Elliniwood, - Kan 98.30 Little River to Holyrood, Kan 26.31 Newton to Arkansas City, Kan 76.61 Augusta to Mulvane, Kan 20.59 Mulvane to Englewood. Kan 166.35 Mulvane to "Wellington, Kan 16.71 Wichita to Pratt, Kan 79.79 Arkansas City, Kan., to Purcell, Okla. 153.95 At Cushing, Okla. (connection) .11 Attica to Medicine Lodge, Kan 21.01 Wellington to Hunnewell, Kan.- 18.32 Hunnewell, Kan. , to Braman, Okla . . 9.07 Braman to Tonkawa, Okla 15.95 Hutchinson to Kinsley, Kan 84.25 Great Bend to Scott City, Kan 120.17 At Scott City, Kan. (connection) .04 At Garden City, Kan. (-connection .25 At Dodge City, Kan. (coimection) . . . . .13 Larned to Jetmore, Kan * 46.33 Kan. -Colo. State Line to Canon Jet., Colo 150.16 Canon Jet. to Denver, Colo 116.48 Canon Jet. to Rockvale, Colo 35.86 Clelland to Canon City, Colo 7.24 Holly to Swink, Colo 93.17 Lamar to Kornman, Colo 4.32 Las Animas to Waveland, Colo 2.25 La Junta, Colo., to Colo.-N. Mex. State Line 96.46 Colo.-N. Mex. State Line to San Mar- cial, N. Mex 353.79 Hebron to Preston, N. M 4.34 Lamy to Santa Fe, N. M 18.10 Socorro to Magdalena, N. M 27.36 San Marcial to Doming, N. M 128.16 Rincon, N. M.. to N. M.-Tex. State Line 56.30 Nutt to Lake Valley, N. M 13.31 Doming to Silver City, N. M 46.56 Whitewater to San Jose, N. M 14.55 San Jose to Santa Rita, N. M ' 3. 29 Hanover to Fierro, N. M 6.18 Isleta to Sandia, N. M 11.20 Sandia to Rio Puerco, N. M. 11.32 Rio Puerco, N. M. to Needles, Cal 542.12 Oil Jet. to Ainrof, Cal 3, 04 Treadwell Jet. to Porque, Cal 1.20 Barstow to Los Angeles, Cal 140.70 Los Angeles to National City, Cal 131.92 San Bernardino to Orange, Cal 46,66 Highgrove to Temecula, Cal 45.06 Ferris to San Jacinto, Cal 19.44 Blsinore Jet. to Alberhill, Cal 7.76 Atwood to Olinda, Cal 4.26 Caaa Blanca to Prenda, Cal 2.04 Fallbrook Jet. to Fallbrook, Cal 17.58 Escondido Jet. to Eseondido, Cal 21.30 San Bernardino to Mentone, Cal 12.46 Highland Jet. to Mentone, Cal 12.88 Redondo Jet. to Redondo, Cal 20.59 A first collateral lien by pledge of entire issue of stocks an4 bonds on 1,388.70 miles — Galveston, Tex., to Purcell, Okla 515.58 35th St. Galveston to 9th St. Barge Landing .■ 2.03 At Sealy, Tex. (connection) .08 Alvin to Houston, Tex 24.65 Somerville to Silsbee, Tex 152.59 Montgomery Jet. to Montgomery, Tex. .99 Bragg to Saratoga, Tex 9.17 Temple to Coleman, Tex 161.35 Belton Jet. to Belton, Tex 1.25 Lampasas Jet. to Lampasas, Tex 1.06 Lometa to Eden, Tex 98. IS Coleman Jet. to San Angelo, Tex.... 73-16 At Miles, Tex. (connection) .07 Weatherford Jet. to Weatherford, Tex. 39.36 Cleburne to Paz'is, Tex 152.34 Ladonia to Honey Grove, Tex 11.70 N. M.-Tex. State Line to El Paso, Tex 20.22 Okla.-Tex. State Line to Amarillo, Tex. 124.92 A second lien on 1,908.50 mileg, covered by the first lien of the folld^ving — Hutchinson & Southern 1st 5s 141.36 A., T. & S. F. Eastern Oklahoma Div. 1st 4s 475.70 Chicago, Santa Fe & Cal. 1st 5s 437.89 San Francisco & San Joaquin Valley Ry. 1st 5s 374.60 A., T. & S. F. Trans. Short Line 4s 478.95 Prior Liens — Subject to $38,846,000 prior liens, as follows: Hutchinson & Southern 1st 5s- 1928 $192,000 A., T. & S. F. Eastern Okla 1st 4s. 1928 9,603,000 Chicagio. Santa Fe & Cal. 1st 5s, 1937 560.000 San Francisco & San Joaquin Val- ley 1st 5s, 1940 5,946,000 A., T. & S. F. Trans. Short Line 4s, 1958 22,545,000 Underlies — Adj. 49 of 1995. Legal for Savings Banks in Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., N, T., Ohio, Ore., R. L, Vt. and Wis., also- Baltimore Trust Funds. Listed on the New York, Boston, London, and Amsterdam. Exchanges. Original Market — $4,000,000 offered in 190S- by Lee, Higginson & Co., of New York, Bos- ton, etc.; Moffat & White (now White, Weld & Co.), of New York, Boston, etc. and Clark, Dodge & Co., of New York. Market. New York — Bigelow & Co., Simon Borg & Co., Ambrose R. Clark & Co., Colgate, Parker & Co., Constable & Fleming, Granger & Co., Herzfeld & Stern, Hodenpyl, Hardy & Co., Kountze Bros., Newbarge & Co., Prince & Whitely, R. W. Pressprich & Co., Struthers & Hiscoe, Seasongood, Haas & Macdonald. St. Louis — Francis Bro, & Go. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, *Z1 1930 High 104^ Jan. 29, '06 8234 Jan. 2 Low. 69 May 21, '20 69 May 21 ATCHISON, TOPBKA & SANTA FE RAII> WAY CO. Adj. 48. Due July 1, 1995. Dated December 12, 1895. Interest payable up to 4% per annum out of surplus net earn- ings, at company's office, 5 Nassau Streeet, New York. Interest cumulative beginning July 1, 1900. Originally payable annually on Nov. 1, on all bonds. Interest Is now payable on $44,635,500 stamped bonds, semi-annually May and November 1. Tax Status — 2% Federal Income Tax paid, by company without deduction. Authorized $71,728,000' Outstanding 61.346,000 In treasury 382,000 Unissued bonds may be Issued with the- assent of a majority of holders of outstand- ing bonds and at not more than $2,000,000 ■ per annum, after $30,000,000 bonds have been^ Issued under the Gen. Mtge. Denomination — Coupon, $500 and $1,000. Registerable as to principal only, or fully- rfeglsterable. Registered, $1,000, $5,000 ana" $10,000. Trustee — Central Union Trust Co., New York. Secured by a direct or collateral lien on all the property covered by the Gen. 4s, but subject to the lien of that mortgage. Prior Xiiens — Gen. 4s and prior liens to same. Leffal for Savings Banks in N. H., Ohio, Ore. and R. I. Listed on the New York, Boston, London and Amsterdam Stock Exchanges. Original Market — Offered In 1906, By the Guaranty Trust Co. and Potter, Choate & Prentice, New Tork, at 96 and Interest. Market. New York — Simon Borg- & Co., Colgrate, Parker & Co., Hirscli, Lillienthal & Co., Herzfeld & Stern, Hodenpyl, Hardy & Co., Newborn & Co., R. W. Pressprich & Co., Roosevelt & Son, Redmond & Co., Rutter & Co., Struthers & Hiscoe, Seasongood, Haas & iVIacdoriald, Viias & Hicltey, Prince & Whitely Co. Boston — R. L. Day & Co. Fhiladelpliia — Wm. W. Pogarty. St. Louis — Francis Bro. & Co. liOuisville — Fidelity & Columbia Trust Co. Trice Kange — N. Y. S. E. Jan. 1, '06, to Jan. 1, '81 1920 Unstamped. High 97% Jan. 23, '06 73% Oct. 6 Low. 62 May 24, '20 62 May 24, Stamped. High 97 Jan. 9, '06 74'^ Oct. 5 Low. 62 May 21, '20 62 May 21 ATCHISON, TOPEKA & SANTA EE RAIL- WAY CO. Bast Okla. Div. 1st 4s. Due Marcli 1, 1938. Dated February 26, 1903, Interest payable March and September 1, at the company's office, 6 Nassau Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding j_ 9,603,000 Denomination — Coupon, 11,000, registerable as to principal or exchangeable for fully reg- istered bonds. Registered, $1,000, $6,000 and $10,000. Trustee — Guaranty Trust Co. New York. Organization — The Eastern Oklahoma Ry. Co. was chartered in Oklahoma in 1899 and corsolldated with the A., T. & S. Fe Ry. Co. In 1907. Secured by a first mortgage, executed Joint- ly by the A., T. & S. F. Ry. and Eastern Oklahoma Ry. on 475.70 miles of road, viz: Newkirk to Pauls Valley, Okla 182.50 Guthrie Jet. to Gushing Jet., Okla.. 47.86 Ripley to Esau Jet., Olda 40.42 Pauls Valley to Lindsay, Okla 24.18 Davis to Su;phur, Okla 9.27 Guthrie, Okla., to Kiowa, Kan 113.34 Kiowa to Belvidere, Kan 47.52 Seward to Cashion, Okla 'lO.Ol •Not operated. Underlies — ^A., T. & S. F. Gen. 4s of 199B and A., T. & S. V. Adjmt. 43 of 1996 and X::onv. Debs. Legal for Savings Banks in Cal., Conn.. Me., Mass., Mich., Minn., Mo., N. H., N. J., E. I., Ohio, Ore., Vt. and Wis. Listed on the New York and Amsterdam iStock Exchanges. Original Market — $1,000,000 offered in 1908 by N. "W. Harris & Co., New York and Bos- ton, and the Harris Trust and fiavings Bank, Chicago, at 93% and Interest. New Yoric — Constable & Fleming, Samuel Goldschmidt, Granger & Co., Hlrsoh, Lillien- thal & Co., Hodenpyl, Hardy & Co., Kountze & Co., Prince & Whitely, R. W. Pressprich & Co., Redmond & Co., Struthers & Hiscoe, Seasongood, Haas & Macdonald, Taylor, Smith & Hard, Vilas & Hickey, Edwin Wolif. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 101% Jan. 9, '06 8 9 'A Sept. 28 Low. 82 May 19, '20 82 May 19 ATCHISON, TOPEKA & SANTA FJS RAIL- WAY CO. Conv. 4s. Due June 1, 1955. Dated April 1, 1905, and June 1, 1909. In- terest payable June 1 and Dec. 1, at com- pany's office, 5 Nassau Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Dated 1905 $49,711,00C Dated 19,09 28,258,000 $77,969,00(1 Outstanding (Mar. 22, '21) Dated 1905 $6,785,00(' Dated 1909 1,190,000 $7,975,000 Balance converted. Denomination — Coupon, $1,000. Registera- ble as to principal. Registered, $1,000, $5,000 and $10,000. C. & B. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- terest date upon five months' notice. Convertible atspar into the company's com- mon stock at any time up to June 1, 1918, Security — ^A direct obligation of the com- pany, but not secured by a mortgage. The Indenture provides that no new mortgage, ex- cept to further secure Issues executed prior hereto, shall be executed against the lines owned Jan. 1, 1905, without equally securing these convertible bonds. Legal for Savings Banks in N. H. and R. I. Listed on the New York, London, Amster- dam and Boston Stock Exchanges. Original Market — Underwritten In 1905 by J. P. Morgan & Co., and offered to stock- holders 1908 at 104. Market. New Yorlv — Dunham & Co., Granger & Co., R. W. Pressprich St. Co., Edwin Wolff. Pliiladclphia — Biddle & Henry, Isaac Starr Jr. & Co. Price Range — N. Y. S. E. Jan. 1, 06, to Jan. 1, '21 1920 High 123% Oct. 2, '09 70% Oct. 22 Low. 60 May 24, '20 60 May 24 ATCHISON, TOPEKA & SANTA FE BAIL- WAY CO, Conv. 48. Due June 1, 1980. Dated June 1, 1910. Interest payable June and Dec. 1, at company's office, 6 Nassau Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $43,686,000 Outstanding (Mar. 22, '21)... 7,895,000 Balance converted. Denomination — Coupon, $1,000. Registera- ble as to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and Interest on any in- terest date upon three months' notice. Convertible at par Into the company's com- mon stock at any time prior to June 1, 1923. Security — A direct obligation of the com- pany but not secured by a mortgage. The indenture provides that no future mortgage shall be executed on the lines owned on Jan. 1, 1907, except to secure Issues executed prior to that date, without equally securing these Convertible Bonds. Legal for Savings Banks in N. H. and B. I. Listed on the New Tork, Boston and Lon- don Stock Exchanges. Original Market — OiTered to the stockhold- ers in 1910 for subscription at 102%. Market. New York — Dunham & Co., Granger & Co., Kountze & Co., Newborg & Co., Prince & Whitely. Price Range — N. Y. S. E. Jan. 1, '13, to Jan. 1, '21 1980 High llOViNov. 4, '15 91 Oct. 4 Low. 771/1 July 23, '20 74% July 23 ATCHISON, TOPEKA & SAN TA FE RAIL- WAY CO. frans. Continental Short Line 4s. Due July 1, 1938. Dated July 1, 1908. Interest payable Jan. and July 1, at office of the company, 5 Nas- sau St.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized .$30,000,000 Outstanding 22,545.000 Reserved for Ext 7,456,000 Denomination — Coupon, $1,000. Registera- able as to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- terest date upon three months' notice. Secured by a mortgage, executed jointly by the A., T. & S. F. Ry. and the Eastern Ry. Co. of New Mexico, and is .a direct or col- lateral lien on 1,103.97 miles of road, viz: A direct first mortgage on 478.95 miles. Belen, N. M., to ,T6x., N. M. State Line 248.22 Clovis, N. M., to Tex. N. M. State Line.217.19 Dalies to Belen, N. M 10.02 Dalies to Sandia, N. M 3.52 A first collateral lien by pledge of entire Issues of stock and bonds, on 62.5.02 miles. Amarillo, Tex., to Tex. N. M. State Line 94.93 Farwell to Coleman, Tex 288.41 Plainview Jot. to Floydada, Tex 26.75 Sweetwater Jet. to Sweetwater, Tex.... 3.12 - Slaton Jet. to Lamesa, Tex 54.06 Canyon Jet. to Lubbock Jet., Tex 103,21 Tex. N. M. State Line to Pecos, Tex.. 54.24 Connections 30 Underlies — ^Atchison, Topeka and Santa Fe General 4s and Adjt. 4s of 1995. Legal for Savings Banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. J., R, I., Vt. and Wis. Listed on the New Tork Stock Exchange. Original Market — Offered In 1908 by J. P. Morgan & Co. New York: Drcxcl & Co., Philadelphia; Kidder, Peabody & Co., Bos- ton, and J. S. Morgan & Co., London, at 94^ and interest. Market. New Yoric — Granger & Co., Hodenpyl, Hardy & Co., Knauth, Nachod & Kuhne, Prince & Whitely, R. W. Pressprich & Co., Redmond & Co., Rutter & Co., Schuman & Silegmann, Seasongood, Hass & Macdonald, Vilas & Hickey. Price Range — N. ¥. S. E. Jan. 1, '08, to Jan. 1, '21 1930 High 97Dec. 24, 'OS 771/3 Oct. 25 Low. 67 June 24, '20 67 June 24 ATCHISON, TOPEKA & SANTA FE RAIL- WAY CO. Cal.-Ariz. Lines Ist & Ret. 4%s. Series *'A" and "B." Due March 1, 1962. Dated March 1, 1912. Interest payable March and Sept. 1, at Company's office. New York and London. Tax Statn.s — 2% Federal Income Tax paid by company without deduction. 69 Authorized $50,000,000 Outstanding 18,511,137 In Treasury 14,600 Reserved for Prior Liens 6,167,000 Reserved for Ext 23,307,263 *Are in sterling. Dcnomiaatian — Coupon, $1,000 and £100 and £200. • Registerable as to principal. Reg- istered, $1,000, $5,000 and $10,000. Q. & R. interch angeable. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any In- terest date on three months' notice. Organizadon — The California, Arizona & Santa Fe Ry. Co. was organized Dec, 1911, in the interests of the A., T. & S. F. Ry. Co. to take over the lines of the Cal. Basfn Ry., S. Fe, Prescott & Phoenix Ry. and the Prescctt' & East'n R. R. Co. and certain other railroads. Controlled by ownership of entire capital stock by the A., T. & S. F. By. Co. Secured by a mortgage executed jointly by the A., T. & S. F. Ry. Co. and the Califor- nia, Arizona & Santa Fe By. Co. and is a direct or collateral lien on 819.76 miles of road, viz: A direct first mortgage on 318.09 miles — Cadiz, Cal., to A. & C. Jet., Ariz 190.27 Barnwell, Cal., to Searchlight, Nev. . 23.22 Poland Jet. to Poland, Ariz 7.95 Mayer to Crown King, Ariz 27.70 Fullerton to Atwood. Cal 5.10 Reedley to Piedra, Cal 16.97 Kiverbank to Oakdale, Cal 6.32 Richmond to Oakland, Cal 11.32 Kramer to Johannesburg, Cal 28.64 Pate to Santa Fe Jet 60 A first collateral lien on 38.37 miles — Through pledge of $597,000 (of total issue of $600,000) California East- ern Ry. 1st 6s 1921 Goffs to South Ivanpah, Cal 38.37 A direct second mortgage on 463.30 miles — (Covered by the first lien of the Southern Pacific R. B. of Cal. 1st cons. 5s) Needles to Mojave, Cal *241.58 (Covered by the first lien of the Santa Fe, Prescott & Phoenix 1st 5s.) Ashfork to Phoenix, Ariz 195.32 (Covered by the first lien of the Pres- cott & Eastern 1st 5s) Prescott & Eastern Jet., to Mayer. Ariz. 26.40 Prior Liens — Subject to $9,294,300 prior Hens as follows: •California Eastern Ry. 1st 5s 1921. $3,000 •Prescott & Eastern 1st 6s 1928.. 224,000 Southern Pacific R. R. of Cal. 1st 5s 1937 4,127,500 •Santa Fe, Prescott & Phoenix 1st 5s 1942 '. 4,940,000 •Provided for by this issue. Legal for Savings Banks in Cal., Conn., Mich., Minn., N. H.. N. J., R. L and Wis. Listed on the New York and London Stock Exchanges. Original Market — $9,934,000 offered In March,' 1912. by J. P. Morgan & Co., Na- tional City Bank, and First Nat'l Bank of New York at 102 and Interest. Market. New York — Constable & Fleming, Samuel Goldschimdt, Granger & Co., Prince & Whitely, R.,W. Pressprich & Co., Roosevelt & Son, Redmond & Co., Rutter & Co., Struthers & HIscoe. Seasongood. Haas & Macdonald, Taylor, Smith & Hard, Vilas & Hickey, McDonnell & Co., Wolffe & Stanley, Carruthers, Pell & Co. Price Range — Scr. "A" — N. Y. S. E. Jan. 1, '12 to Jan. 1, '21 1920 High 100% Oct. 22, '12 82 Oct. 28 Low. 681/2 May 24, '20 68% May 24 ATCHISON, TOP£KA & SANTA TE RAIL- WAY CO, (THE), Rocky Mountain Divi- sion 1st 4s, Series A. Bue Jan. 1, 1965. Dated Jan. 1, 1915. Interest payable Jan. 1 and July 1, at company's offlce. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $20,000,000 OutBtandins . . , 3,000,000 Reserved for £xt 17,000,000 Denomination — Coupon, $1,000. Register- able as to principal or fully resisterable. Registered $1,000, $5,000 and $10,000. O. & R. interchangeable. Trustee— Guaranty Trust Co., New York. Redeemable as a whole at 105 and inter- est on any interest date. Control — The Rocky Mountain & Santa Pe Ily. Co. is controlled by the Atchi&on, To- peka & Santa Fe Ry. Co. through ownership of the capital stock. Secured by a first mortgage executed Joint- ly by the Atchison, Topeka & Santa Fe Ry, Co. and the Rocky Mountain & Santa Fe Ky. Co. on all the property of the latter company, owned or hereafter acquired by the proceeds of these bonds and includes 91.89 miles of railroad, viz: Des Moines to Clifton House, N. M 41.88 Preston to Ute Park, N. M 46.85 Clifton House to Dillon, N. M 2.56 This road forms a connection with the Colorado & Southern Ry. and the El Paso & Southwestern System. liisted on the New York Stock Exchange. !Legal for Savings Banks in Cal. . Conn. , Me., Mich., Minn., Mo., N. H., N, J., R. I. and "Wis. Original Market — Offered in 1915 by Rob- inson & Co., New York; Bodell & Co., Prov- idence, at 88% and interest. Market. New York — Ambrose R. Clart & Co. Kountze & Co., Chas. W. Place, R. "W. Pressprich & Co., Robinson & Co., Roose- velt & Son, Redmond & Co., Vilas & Hickey, Pynchon & Co. - Providence — Bodell & Co. Pittsburgh — Moore, Leonard & Lynch. Price Range — N. Y. S. E. Jan. 1, '16, to Jan. 1, '21 1930 High 89 Feb. 2, '16 72 Nov. Low. 64% June 4, '20 64% June 4 Atlanta — J. H. Hilsman & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 Bid. Ask- High 101 '16 105% '17 Low. 100 '17 100 '19 Not available ATHENS (Ga.) EliECTRIC RAILWAY CO. 1st 6s. Due Oct. 1, 1931. Dated Oct 1, 1901. Interest payable Apr. 1 and Oct. 1. at Title Guarantee & Trust Co., . Atlanta or Old Colony Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $400,000 Outstanding 388.000 Denomination — Coupon, $1,000; register- able as to principal. Trustee — Title Guarantee & Trust Co., At- lanta, Ga. Redeemable as a whole only at 106 and interest upon 4 weeks' notice. Control — Absorbed in 1910 by the Athens Ry. & El. Co., which is controlled by the Cities Service Co. Management — The Doherty Organization. Secured by a first mortgage on street rail- w^ays in Athens, Ga., embracing 8.9 miles of track. Population served, 18,000. Franchise unlimited as to time. Underlies — $362,000 Athens Ry. & Elec. Co. bonds. Earnings — See Athens Ry. & Elec. Co. Market. New York — Berdell Bros., G. R. McAllister & Co. Boston — H. C. Spiller & Co., Inc., Chas. A. Day & Co. ATHENS (Ga.) GAS, LIGHT & FUEL CO. 1st 30-Year S. E. 5s. Doe, May 31, 1942. Dated June 1. 1912. Interest payable June and Dec. 1, at Logan Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Otftstandiag 265,000 Denomination — Coupon, $1,000. Trustee — Fairmont-Savings Trust Co., Phil- adelphia. Redeemable at 102% and interest on and after June 1, 1918. Sinking Fund — ^Annually, beginning May 1, 1918, 1 per cent, of bonds issued. Organization — ^Incorporated In Georgia, in 1912. Capitalization. Outstanding, Common $125,000 Funded debt 265,000 Secured by a first mortgage on all the property and franchises of the company, in- cluding a gas plant at Athens, Ga., serving a population of 20,000. Franchises are re- newable at the expiration of each 20 years upon application to the Superior Court. Original Market — $ 250,000 offered June. 1913", by Newburger, Henderson & Loeb, Phil- adelphia, at 90 and interest with 20 per cent, stock bonus. Market. New York— H. C. Spiller & Co. Boston — H. C. Spiller & Co.. Inc. Pliiladelphia — Samuel K. Phillips & Co., Newburger, Henderson & Loeb. ATHENS (Ga.) RAILWAY & ELECTRIC CO. Is & Ref . 5s. Due July "l, 1950. Dated July 1, 1910. Interest payable Jan. and July 1, at Trustee's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstandin$r (Jan. 1, '21) 362,000 Ketii-ed by S. F 25,000 In Treasury 50,000 Reserved for Prior Lien 388,000 Reserved for Ext 1,175.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at 110 and interest on any interest date upon 8 weeks' notice. Sinldng Ennd — 1% annually commencing 1915, of all outstanding bond's, to be applied to the purchase or redemption of these bonds at not over 110 and interest. Organization and Control — Incorporated in Georgia in 1910 and purchased the property of the Athens Electric Ry. Co. Controlled through stock ownership by the Cities Serv- ice Co. Capitalization. Outstanding. Common S750.000 Preferred (5% cum.) 300,000 Funded debt 750,000 Management — The Doherty Organization. Secnred by a first mortgage on plant sup- plying electricity in Athens, Ga., and a second mortgage on the street railway sys- tem in that city comprising 8.9 miles of track franchises are unlimited as to time. Prior Liens — $388,000 1st 6s. 1931, which this issue provides to retire. 70 Years ended Dec. 31. Gross. 1918 $273,231 1917 262,326 1916 232.663 1915 213.742 Net. Interest. $102,906 $44,649 109,626 44.709 104,943 43,21G 86,913 41.866 Later earnings not available. Original Market — Offered in 1911 by Hincka Bros. & Co.. Brldeeport, Conn., and Jobn W. Dlckey» Augusta, Ga.. at 92% and interest. Market. New York — Henry L. Doherty & Co., G. R. McAllister & Co., Berdell Bros. Price Range. Jan. 1, '11, to Jan. 1, '21 19^ Bid. Ask. Bid. Ask. High 90 '11 95 '11 60 Oct. 70 Oct. Low. 55 '20 70 '20 55 Oct. 70 Oct. ATHENS TERAUNAL CO. 1st 5s. Due July, 1937. Dated July 1, 1907. Interest payable Jan. and July 1, at Trustee's office. TaS Status — 2% Federal Income Tax paid by company without deduction. Authorized $250,000 Outstanding 200.000 Unissued 50,000 Denomination — Coupon, $1,000. Trustee — ^New York Trust Co., New York. Redeemable on any , interest date, as a whole, at 105 and interest. Guaranteed as to Interest by contract with Seaboard Air Line and Gainesville Midland Ry. Control— One-half the stock Is owned by each of the above companies. Secured by a first mortgage on freight ter- minals in Athens, Ga. Population, 15,000. Has contract with Seaboard Air Line and Gainesville Midland Ry. companies whereby they agree to use these terminals exclusively during- life of these bonds, and to pay the Interest in shares proportional to the tonnage handled by each in these terminals. Market. New York — E. A. Baker & Son, Sharretts & Ford, Carruthers, Pell & Co., Flnlay & Davenport. Atlanta — J. H. Hilsman & Co. Price Range. Jan. 1, ae, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 89 '16 92^ '16 60 Sept. 73% July Low. 55 '20 65 '20 55 Feb. 65 Feb. ATLANTA & CHARLOTTE AIR LINE RAIL- WAY CO. 1st Series "A" 4V3S» and Se- ries "B" 5s. Due July 1, 1944. Dated July 1, 1914. Interest payable Jan. 1 and July 1, at Trustees^ Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $20,000,000 Outstanding- (Jan. 1, '21) 4%s $5,500,000 5s .^ 14,500,000 20.000.000 Denomination — Coupon, $1,000. Register- able as to principal only or exchangeable for fully registered bonds. C. & R. inter- changeable. Trustee — Central Union Trust Co., New York. Guaranteed as to interest by the Southern Railway Co. under terms of perpetual lease. Organization — Incorporated In Georgia, North Carolina and South Carolina. Capitalization. Outstanding. Common $1,700,000 Funded debt 20,000.000 Control — Leased into perpetuity to the Southern Railway Co. at an annual rental of interest on debt and 9 per cent, per an- num on the stock, of which $1,700,000 is outstanding, none of which is owned by the Southern Ry. Co. Secured by a first mortgage on 263.08 miles of road from Charlotte, N. C, to Atlanta, Ga., forming a part of the main line .of the Southern Ry. Co. A part of this mileage (39 miles) is now double-tracked and the bal- ance Is being double-tracked. Upon the com- pletion of this work the Southern Ry. Co. win have a double-tracked road from Wash- ington to Atlanta, 649 miles. Legal for Savings Banks in Mich., Minn., N. J. and Wis., also Baltimore Trust Funds. Listed on the New York Stock Exchange. Original Market — $ 5.600.000 offered In June, 1914, by J. P. Morgan & Co. and Brown Brothers & Co. at 98% and interest. $7,- 000,000 Series ' 'B' ' ofCered by same firms March, 1916, at 103 and interest, and $ 3,- 181,000 offered July, 1916, by White Weld & Co., at 101 and interest. $4,000,000 Series "B" 6s offered March, 1917, by the first men- tioned firms at 99% and interest. Market. New York — J. S. Bache & Co., Constable & Fleming, Dunham & Co., Samuel Gold- schmidt, Kountze Bros., Prince & Whitely, R. W. Pressprich & Co., Redmond & Co., Rutter & Co., Seasongood, Haas & Mac- donald", Taylor, Smith & Hard, Vilas & Hickey. Philadelphia — Brown Bros. & Co., Elkins, Morris Co., AVm. W. Fogarty, Isaac Starr Jr. & Co. Baltimore — BarroU, Corkran & Co., Jenk- ins, Whedhee & Poe, Howard R. Taylor & Co. Price Range — ^N. Y. S. E. Jan. 1, '14, to Jan. 1, '31 1930 "A" 4%s. High 96% Nov. 25, '15 81% Nov. 5 Low. 74% Aug. 4, '20 74% Aug. 4 "B" 5s. High 103% May 8, '16 89% Oct. 22 Low. 81% July 2, '20 81% July 2 71 ATLANTA & ST, ANDREWS BAY RAH/- WAY 1st 6s. Due Oct. 1, 1938. Dated Sept. 30, 1908. Interest payable April 1 and Oct. 1 at Guaranty Trust Co.. New York, and Trustee's office. Tax StatUfS — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding 425.000 Reserved for Ext 75,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Bank & Trust Corp., At- lanta, Ga. Redeemable at par and interest. Organization — Incorporated in Florida and Alabama in 1906. Capitalization. Outstanding. Common $300,000 Funded debt 850,000 Secured by a first mortgage on 82 miles of railway from Dothan, Ala., to Panama City, Fla., with valuable tidewater terminals at the latter place. Panama City is located on St. Andrews Bay, on the Southern coast of Florida, east of Pensacola. and there Is a channel with 24 feet of water at low tide up to this company's piers. Underlies — $426,000 2nd 6's. Tears ended Dec. 31. Gross. Net. Interest. 1919 $389,341 def. $38,458 $53,385 1918 307.388 86,729 51,000 19ir 278,669 110,498 62.348 •1916 213,477 66,832 54,725 •1915 177.143 46,471 64,817 •1914 227.096 81,691 52,738 •Tears ended June 30. Original Market — Offered in May, 1914, by Tevis-Hanford Co., New Torh:, and Thomas & Diggs, Troy, N. T., at 99% and Interest. Market. New York — H. C. Spiller & Co., Joseph Gil- man, Ernest Smith & Co. Atlanta — J. H. Hilsman & Co. Boston — H.' C. Spiller & Co., Inc. •Corporate account. - ' tFederal account — staidard return not in- cli ded. Market. New York — F. J. Lisman & Co. ATXANTA-BIRMINGHAM 1st 4s. Due May 1, 1933. See Seaboard Air Line, Atlanta-Birming- ham Div. 1st 43, 1933. ATLANTA, BIRMINGHAM & ATLANTIC RAILWAY CO. 1st & Ref. 6s. Due Nov. 1, 1945. Dated Nov. 1, 1915. Interest payable May 1 and Nov. 1, at New York, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized ._^ $15,000,000 Outstanding* None Reserved to Retire Prior Liens 4,090,000 Reserved for X]xt., etc 10,910,000 Denominations — Coupon, $1,000. Reeistera- ble as to principal. Registered, $1,000 and multiples. C. & R. Interchangeable. Trustee — Equitable Trust Co., New York. Redeemable on any interest date at 110 and Interest, Nov. 1, 1920, to Nov. 1, 1925, Inclusive; 105 and interest, Nov. 1, 1926, to Nov. 1, 1935, inclusive; 102^/^ and interest thereafter on 60 days' notice. Receiversliip — B. L. Bugg, president of the company, was appointed receiver on Feb. 25, 1921. The action was taken on peti- tion filed by Birmingham Trust & Savingrs Bank on a claim for $90,000 due on a promissory note. Organization — Incorporated in Georgia Jan., 1916, as successor under foreclosure to the properties of the Atlanta, Birmingham & At- lantic R. R. Co., Georgia Terminal Co. and Alabama Terminal Ry. Co. Capitalization. Outstanding. Common ; $30,000,000 Funded debt ~. 8,633,907 Secured by a first mortgage on 335.54 miles of road from Montezuma. Ga. , to Birming- ham, Ala, ; Manchester to Atlanta, Ga. ; branches to Ashland and Mulga Mines and on terminal properties in Birmingham. Ala., and Atlanta, Ga. A second mortgage on 302.06 miles from Brunswick to Montezuma, Ga., with branches to Waycross and Thom- asville, Ga., and terminal properties at Brunswick, Ga. Prior Lien — $4,090,000 (closed mortgage) Atlantic & Birmingham Ry. Co.' 1st 53, due Jan. 1, 1934, for the retirement of which bonds are reserved under this mortgage. UnderUes — $5,200,000 Non-Cum. Income Bs, due Nov. 1, 1930. Years ended Dec. 31. Gross. Net. Int. & Rent. • 1920 $4,786,688 $300,714 $364,534 +1920 1,043,174 def. 26,395 1,284 • 1919 480,000 543,821 558,722 +1919.... 4,961.072 def. 869,464 59,225 • 1918 358, $58 435,738 302,544 tl918 4.703,381 def. 446,192 108,249 1917 3.983,368 544,041 482,160 1916 3.339.839 725,323 438.425 ATLANTA, BIRMINGHAM & ATLANTIC RAILWAY CO. 15-Year Non-Cumulative Income 5s. Due Nov. 1. 1930. Dated Nov. 1, 1915. Interest payable Sept. 1 and March 1. at office of Trustee. Payment of Interest — Interest at the rate of 5 per cent, was paid Sept. 1. 1916, and was regularly paid up to and includmg March 1, 1918. None has been paid since. Interest is payable if and to the extent or net income as defined by Interstate Com- merce Commission. Tax Status — Payment of Federal Income Tax not assumed by -company. Authorized ^^'^O^SSS Outstanding 5,200.000 Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Columbia Trust Co.. New York. Redeemable as a whole only at 100 and in- terest ($33.33 interest for each $1,000) on any interest date on six weeks* notice. Reserve Fund — The board of directors may elect to reserve in any fiscal year from net Income an amount not in excess of $100,000 nor 20 per cent, of net income. Total amount not to exceed $300,000 exclusive of interest. This fund carries 6 per cent, interest. This fund may be paid to Trustee for distribution to bondholders on the next ensuing March 1 ■ or Sept. 1. But if in any fiscal year there shall be any net income in excess of (1) the amount required to pay the full interest on these bonds for such fiscal year, plus (2) an additional amount, equal to 20 per cent, of the net income, but not in excess of $100,000, then such excess (not exceeding the amount with interest thereon, as aforesaid, then In "Reserve Fund") shall be paid over, by the company to the Trustee for distribution to^ the bondholders, prior to the next Sept. 1 fol- lowing the close of such fiscal year, and the "Reserve Fund,'* upon such payment shall be reduced the amount thereof. Such distribu- tion shall be in addition to full interest accru- ing on the bonds for said period. At ma- turity of bonds, whether by lapse of time or redemption or otherwise, this fund shall be paid over to the Trustee for distribution to bondholders. No dividend shall be paid unless the company shall have paid or set aside full interest for these bonds, or unless all amounts in reserve fund shall be set aside for distri- bution to holders of these bonds and paid over to the Trustee. Organization — See 1st & Ref. 6s. Secured by a mortgage, junior in liens to the First & Ref. Mortgage on all property covered by that mortgage. See 1st & Ref, 6s for detail. Prior Liens — $4,090,000 (closed mortgage), Atlantic & Birmingham Ry. Co. 1st 53, due 1934, and $16,000,000 (authorized) 1st & Ref. 6s, due 1945. Earnings — See 1st & Ref. 6s. Original Market — Issued to retire equipment obligations, receivers* cert'flcates and to pro- vide $100,000 in cash. Market. New York — Samuel Goldschmidt, Roose- velt & Son, Wolff & Stanley, P. J. Lisman & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Ask. High 65 '17 70 '17 27 Nov. Low. 25 '19 27 *20 27 Nov. ATIiANTA CONSOI/IDATBD ST. RAILWAY C. 1st Cons. 6s. Due Jan. 1, 1939. Dated Jan. 2, 1899. Interest payable Jan. and July 1 at New Tork Trust Co., New York, or at Mercantile Trust & Deposit Co., Baltimore. Tax Stains — 2% Federal Income Tax paid by company without deduction. Authorized $2,600,000 Outstanding (Jan. 1, "21) 1,825,000 Iletired by S. I? 450,000 Reserved for Prior Mens 226,000 Denomination — Coupon, $1,000. Keg:ister- able as to principal. Trustee — Mercantile Trust & Deposit Co., Baltimore. Redeemable as a whole at 3 07^/^ and in- terest on any interest date. 'Sinking: Fund — Annually Jan. 1, an amount sufficient to redeem 1 per cent, of bonds is- sued at not exceeding 105 and Interest. Bonds BO acQuired are to be cancelled. Control — ^Absorbed by the Georgia Ry. & El. Co. This company, which operates 212.67 miles of street railway (measured as single track) in Atlanta, controls 18 miles of inter- urban line between Atlanta and Marietta, and supplies all the gas and electricity in Atlan- ta and Pulton County, Ga., was leased in 1912 to the Georgia Ry. & Power Co. for 999 years at a rental eauivalent to. all fixed charges, 6 per cent, per annum on $2,400,000 preferred stock and 8 per cent, pet annum on $8,514,600 common stock. Secured by a second mortgage on 67 miles of street railway in the central part of At- lanta, Ga., and also on all other property formerly belonging to the company. Popula- tion of Atlanta, 165,000. Franchises are practically all perpetual, a few expire in 1949. Prior Liens — $225,000 Atlanta Street R. R. 1st Bs 1930. Underlies — 1st Consol. Bs and Refg. & Iraprv't 5s of the Ga. Ry. & El. Co., the latter issue providing for the retirement of these bonds. Earnines — See Ga. Ry. & P. Co. i.egal for Baltimore Trust Funds. Market. New Yoi'k — Eynoh & MoDermott, Watson, Arm-strong & Co. Pluladelpliia — Elkins, Morris & Co. Baltimore — Jenkins, "Whedhee & Poe, Mackuhen, Goodrich & Co., Townsend, Scott & Co., J. S. Wilson Jr. & Co. Price Range. Jan. 1, '09, to Jan. 1, 'Zl 1920 Bid Ask. Bid. Ask. High 105 '12 107 '09 92 Mar. 96 Mar. Low. SO '20 94 '19 80 Nov. 94 July ATLANTA (Ga.) GAS LIGHT CO. 1st Bs. Due June 1, 1947. Dated June 1, 18 97. Interest payable June and Deo. 1, at Trustee's office. New York, or Bank of Scotland, London, Bng. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,150,000 Outstanding (Jan. 1, '21) 840,000 Held in S. F 310,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — New York Trust Co., New York. Sinking Fund — ^An annual amount eaual to $6.60 on each $1,000 bond to be applied first to the purchase of these bonds, or to pur- chase approved municipal bonds, or to pur- chase approved bonds listed on the New York Stock Exchange. Organization — Incorporated in Georgia In 1866. Capitalization. Outstanding. Common $1,014,626 Preferred (non-cum.) 600,000 Funded debt 840,000 Controlled by the Georgia Ry. & Electric Co. through ownership of entire capital stock. For further details see Atlanta Consol. St. Ry. 5s. Secured by a first mortgage on all prop- erty, rights, franchises, etc., now owned or hereafter acquired. Including the gas plant doing the entire gas business in Atlanta and Immediate vicinity. Franchise Is perpetual but not exclusive. Refunding — The Georgia Ry. & Electric Co. Ref. and Improvement Mortgage provides for the retirement of this issue. Earnings — See Ga. Ry. & P. Co. Listed on the New York Stock Exchange. Market. New York — Dunham & Co., Watson, Arm- strong & Co., Harris Forbes & Co., F. H. Hatch & Co. Fhladelpliia — Elkins, Morris & Co., Hun- toon & Co., Reed A. Morgan & Co., Harris, Forbes & Co., Inc., H. D. Boennlng & Co., Harrison & Co. Chicago — Harris Trust & Savings Bank. Baltimore — Jenkins, Whedhee & Roe. Price Range — y. Y. S. B. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. i|.sk. High 103 '15 98 '19 80 Dec. 90 Oct. Low. 78 -20 83 '20 78 Nov. 83 Nov. ATLANTA, KNOXVILLB & CINCINNATI Division 4s. Due May 1, 1946. See under Louisville & Nashville R. R. Co. ATLANTA, KNOXVILLE & NORTHERN RAILWAY CO. 1st 6s. Due Dec. 1, 1946. Dated December 1, 1896. Interest payable June and Dec. 1, at L. & N. R. K. Co.'B office, 71 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized ,...'... Closed mortgage Outstanding $999,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Control — The property of this company was deeded to the L. &. N. R. R. Co. in 1906. Secured by a first mortgage on 330.88 miles of road, viz: Miles. A. K. & N. Jet. Knoxville, Tenn., to Junta, Ga 146.94 Etowah, Tenn., to Marietta, Ga 143.71 Murphy Jot., Ga., to Murphy, N. C. 23.47 Mentor to Greenback, Tenn 17.76 TTnderlles — $500,000 Atl., Knox. & Nor. 1st Cons. 4s of 2002; $24,746,000 L. & N. Atl. Knox. & CIn. DIv. 4s of 1956; a sufficient amount of the latter being reserved to retire this issue. Legal for Savings Banks In Cal., Me., Minn., N. H., Ore. and R. I. Listed on the New York Stock Bxchanee. Market. New Yorli — R. W. Pressprich & Co.. Red- mond & Co., Taylor, Smith & Hard, Vilas & Hickey, W^olff & Stanley, Rutter & Co. Baltimore — Jenkins, Whedhee & Poe. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '31 1920 High 116 June 6 '06 95% Jan. 2 .Low. 87% Nov. 1 '20 87% Nov. 1 73 ATLANTA, KNOXTELLi: Si NORTHERN RAIIiWAT CO, 1st Cods. 4s. Due March 1, %002. Dated March 1, 1902. Interest payable March and Sept. 1, at L. & N. office, 71 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction, limited by terms of L. & N.-Atl., Knox. & Cin. Div. Ss to $1,280,000. Ontstanding $600,000 Redeemed 780,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — ^United States Trust Co., New York. Secured by a second mortgage on 330.88 miles of road covered by the first lien of the 1st 6s of 1946. Prior I/ien — $999,000 A. K. & N. 1st 6s of 1940. TTnderlles — $24,746,000 L. & N.-Atl., Knox. & Cin. Div. 4s of 1955. a sufficient atnount of which issue Is reserved to retire this Is- sue. I.egal for Savings Banks In Cal., N. H. and E. I. Market. New fork — H. "W. Pressprich & Co., Tay- lor, Smith & Hard, Carruthers, Pell & Co., Wolff & Stanley. Baltimore — ^Jenkins, Whedhee & Poe, Price Ranee. Jan. 1, '15, to Jan. 1, '31 1920 Bid. Ask. Ask. High 87 '16 95 '15 60 May Low. 70 '19 60 '20 60 May ATLANTA NORTHERN RAILWAY 1st 5s. Due Jnly 1, 19S4. Dated July 1, 1904. Interest payable Jan. and July 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $400,000 Ontstandins (Jan. 1, '21) 321,000 Held in S. r 79,000 Denomination — Coupon, $500 and $1,000. Hegisterable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 110 and Interest on any in- terest date. Sinking Fund — $6,000 annually since 1909. Bonds are held In sinking fund hut not re- tired. Guaranteed principal and interest hy Geor- gia Ey. & Electric Co. Organization — ^Incorporated in Georgia in 1906. Capitalization. Outstanding. Common $100,000 Funded debt 400,000 Control — Georgia Ey_. & Electric Co.. through ownership of entire capital stock. The property of the latter company is leased for 999 years from Jan. 1, 1912. by the Geor- gia Ey. & Power Co. For further details Bee Atlanta Consolidated Street Ey. 5s. Secured by a first mortgage on 15.2 miles of interurban railroad from Atlanta, Ga., to Marietta, mostly on private right of way. Company has arrangements for terminal and trackage rights in Atlanta with the G. E. & Blec. Co. Refunding of this issue is provided for in the Eefg. & Imp. mtge. of the Ga. Ry. & El. Co. Years ended Dec. 31. Gross. Net. Interest. 1920 $255,009 $17,387 $27,278 1919 222,422 46,712 28,240 1918 184,667 46,744 28,796 1917....'. 27,790 28,385 1916 126,207 22,404 27,603 1916 122,634 22,147 26.618 Original Market — $400,000 offered by Ba- ker, Ayling & Co., Boston, Aug., 1904, at 100 and Interest. Market. New York — ^Lynch & McDermott, Hart- shorne & Battelle. Boston — Blodget & Co., Old Colony Trust Co. Philadelphia — Samuel K. Phillips & Co. Atlanta — J. H. Hilsman & Co. Price Range. Jan. 1, '08, to Jan. 1, '81 1920 Bid. Ask. Ask. High 101% '12 103 '16 95 Apr. Low. 90 '08 95 '08 95 Apr. ATLANTA (Ga.) STREET RAILROAD CO. 1st Mtge. 68. Due July 1, 1930. Dated June 20. 1890. Interest payable Jan. and July 1. at Fourth National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized and Outstanding $226,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Control — ^Absorbed by the Georgia Ey. & Electric Light Co., Jan., 1902. This latter company Is leased for 999 years to the Geor- gia Ry. & Power Co. For rental, see Atlanta Consol. St. Ey. 6s. Secured by a first mortgage on an- Impor- tant part of the street railway system of At- lanta. Franchise perpetual. Underlies — $1,850,000 Atlanta Consolidated Street Ey. 1st Cons. 5s of 1939. Earnings — See Ga. Ey. & P. Co. Legal for Baltimore Trust Funds. Market. New York — Berdell Bros., Carruthers, Pell & Co. ■ Philadelphia — Elkins, Morris & Co., Isaac Starr Jr. & Co. Baltimore — Jenkins, "Wliedhee & Poe. Price Range, 1920 — Not available in 1919 Bid 98. 74 ATLANTA TERMINAL CO. 1st 6s, Series "A." Dne Aug. 1, 1939. Dated Aug. 1, 1919. Interest payable Feb, and Aug. 1 at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without' deduction. Anthorized $2,600,000 Outstanding 1,000,000 Reserved for Ext 1,500.000 Purpose of Issue — To retire $1,600,000 1st 4s due 1963 and other debt. Denomination — Coupon, $1,000. Eegister- able as to principal. Registered $1,000 and multiples. C. & E. interchangeable. Trustee — Guaranty Trust Co.. New York. Guaranteed principal and interest, jointly and severally, by endorsement by the South- em Eailway Co., the Atlanta & West Point R. R. Co. and the Central of (Seorgla Ry. Co. Organization and Control — Incorporated In (Georgia in 1903. The stock Is owned, one- third each by the Southern Ry. Co., the At- lanta & West Point E. E. Co. and the Cen- tral of Georgia Ey. Co. Capitalization. Outstandinir. Common $150,000 Funded debt 1,000,000 8ecnred by a first mortrage on the termi- nal property of the company, comprising 13,78 acres of land near the center of the business district of Atlanta, Ga., on which has been erected a modern passenger station and 4.98 miles of track. The terminal is ■ used by the Southern Ry. Co., Atlanta & West Point R. R. Co., Central of Georgia Ky. Co., Seaboard Air Line Ry. Co. and At- lanta, Birmingham & Atlantic Ry. Co. The first three companies are under an agreement dated June 1, 1903, to use this passenger sta- tion exclusively for their passenger business In Atlanta. Original Market — $1,200,000 offered August. 1919, by Harris Trust & Savings Bank. Chi' cago; Harris, Forbes & Co., New York and Boston, and Clark, Dodge & Co., New Tork, at 100 and interest. Market. New York — Harris. Forbes & Co., Clark, Dodge & Co., Finlay & Davenport. Chicago — Harris Trust & Savings Bank. Boston — Harris, Forbes & Co., Inc. Price Range 1920— Bid 98% Dec, Ask 100 Sept. ATLANTA WATER & ELECTRIC POWER CO. 1st 5s. Due Jan. 1, 1943. Bated Oct. 1, 1903. Interest payable Jan. and July 1, at office of Trustee. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized > $1,500,000 Outstanding: (Mar. 14, '21).... 1,277,000 Held in S. I" 123,000 Cancelled 100,000 Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Redeemable at 106. Sinking Fund — $5,000 annually from 1908 to 1917 and $10,000 annually thereafter. Control— Absorbed by the Georgia Ry. & Power Co. Secured by a first mortgage on a hydra- electric plant situated on the Chattahoochee River, 15 milea from Atlanta, and supplying that city with electricity. Underlies — Georgia Ry. & Power Co. 1st and Ref. 5s of 1954 which provide to retire this issue. Earnings — See Ga. Ry. & P. Co. Original Market — $ 500,000 offered May, 1915, by Fidelity Title & Trust Co.. Pitts- burgh, at 100, and $800,000 in March, 1916, by E. H. Rollins & Sons at 99^, Market. New Tork — Berdell Bros., G. R. McAl- lister, Chas. A. Day & Co., Hartshorne & Batelle, Carruthers, Pell & Co. Philadelphia — E31kins, Morris &, Co., H. D. Boeuning & Co. Price Range. Jan, 1, '16, to Jan 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 98% '16 100*16' 75 Dec. SO Aug. Low. 73 '20 SO '20 73 Dec. 80 Aug. ATLANTIC & BIRMINGHAM RAILWAY CO. 1st 5s. Due Jan. 1, 1934. Dated Jan. 1, 1904. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. iiuthorized Closed mortgage Outstanding $4,090,000 Denomination — Coupon, $1,000. Register- able, as to principal. Trustee — Old Colony Trust Co. . Boston. Redeemable at 110 and interest on any in- terest date. Organization — Chartered in Georgia in 1887. Consolidated with the Atlanta. Birmingham & Atlantic R. R. Co., April. 1906. The prop- erty of the latter company was sold under foreclosure, subject to this mortgage to the Atlanta, Birmingham & Atlantic Ry, Co. The latter company was placed in hands of a receiver in February, 1921. Secured by a first mortgage on 302.06 miles of line from Brunswick to Montezuma, Ga., with branches to "Waycross and Thomasville, Ga. , and on terminal properties at Bruns- wick, Ga. Underlies — A. B. & A. Ry. Co., lst.& Ref. 5s (none issued), which provide for the retire- ment of this issue, and $5,200,000 income 5s. Earnings^See Atlanta B. & A. Ry. 1st & Ref. Original Market — Offered in 1905 by Baker. Ayling & Co., Boston. Market. New York — Samuel Goldschmirtt, Vander- hoef & Robinson, P. J. L,isman & Co., Wolff & Stanley, Pynchon & Co. Boston — L. Sherman Adams. Baltimore — Earroll, Corkran & Co. Price Range. Jan. 1, 'OS, to Jan. 1,,'21 1930 Bid. Ask. Bid. Ask. High 9914. '12 101 '13 81 May 9-0 Jan. Low. Gfi '20 661^ '20 66 Nov. 6Gi^ Dec ATLANTIC & DANVILLE RAILWAY CO. 1st 4s. Due July 1, 1948. Dated July 2, 1900. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized .^ . . .$4,425,000 Outstanding 3,925,000 Reserved for Add 500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers' Trust Co., New Tork. Guaranteed as to interest by the Southern Ry. Co. under terms of lease. Organization — Incorporated in Virginia in 1894. Capitalization. Outstanding. Common ....*. $2,180,000 Funded debt 5,450,000 Control — l)eased in 1899 to the Southern Ry. Co. to July 1, 1949. Rental since Dec, 1909, $218,000 per annum. Also dividends equal to those paid on the common stock of the Southern Ry. Co. Rental will be in- creased $20,000 annually on issuance of the $500,000 reserved bonds. Secured by a first mortgage on 367.69 milea of road, viz: Miles. Danville to Norfolk, Va 205. 1.'; James River Jet. to Clairmont Wharf, Va. (narrow gauge) 50. 3 S Hitchcock Jet. to Hitchcock Mills, Va. . 8.33 Bufl^alo Jet. to Buffalo Lithia Springs, Va 3.9 Underlies — $1,525,000 Atlantic & Danville 2nd 4s of 1948. Listed on the New Tork and Baltimore Stock Exchanges. Market. New York — Constable & Fleming, Samuel Goldschmidt, R. B. Hutchinson & Co., Ritter & Co., Vilas & Hickey, Edwin Wolff. Philadelphia — Daniel & Co., Isaac Starr Jr. & Co. Baltimore-— Bar roll, Corkran & Co., Jenk- ins, Wliedhee & Poe, Howard R. Taylor & Co. Trice Ranee — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 19S0 High 96% Apr. 12 '06 69 Oct. 7 Low. 55 May 24 55 May 24 ATLANTIC & DANVILLE RAILWAY CO. 2nd 4b. Due July 1, 1948. Dated July 1, 1904. Interest payable Jan. and July 1, at Eaultable Trust Co. , New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding:. ... $1,525,000 Denomination — Coupon. $ 1 , 6 , Register- able as to principal. Trustee- — Equitable Trust Co., New Torlt. Guaranteed as to interest by Southern Ry. Co. under terms of lease. Organization — See 1st 4s. Secured by a second mortg-age on the 267.69 miles described under the 1st 4s of 1948, Prior Lien — $3,925,000 1st 4s of 1948. Listed on the New York and London Stock Exchanges. Market. New York — Samuel ^Golclschmidt, Wolff & Stanley, Carruthers, Pell & Co., Edwin Wolff, Pynclion & Co. Baltimore — Barroll, .Corkran & Co. Trice Range — N. Y. S. E. Jan. 1, *06, to Jan. 1, '21 1920 Bid. Ask. Higli 92 June 14, 'OG 59 Nov. 62 Nov. Low. 59 Nov. 30, '20 59 Nov. 62 Nov. ATLANTIC & NORTH CAROLINA RAIL- ROAD CO. (THE) 1st 6s. Due July 1, 1023. Dated July 1, 1917. Interest payable Jan. 1 and July 1 at Trustee's office In New York. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized $325,000 Outstandint; 325,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Equitable . Trust Co., New York. Guaranteed principal and interest by the Norfolk Southern Railroad Co. Organization and Control — Incorporated In North Carolina in 1854. _Road opened in 1858. The property is leased to the Norfolk South- ern R. R. Co. until Jan. 1, 1996, $1,266,000 of the $1,797,200 capital stock is owned by the State of North Carolina. Capitalization. Outstanding. Common $1,797,200 Funded debt 326,000 Secured by a first mortgage on all the property of the company, now owned or here- after acquired, including 96.11 miles of roau. Original Marltet — Offered June, 1917, by the Equitable Trust Co., New York, at 100 and interest. Market, New York — F. J. L,isman & Co., Carruth ers, Pell & Co. Denver — Bos worth, Chanute & Co, Price Range. Jan. 1, '18, to Jan, 1, '31 1920 Bid. Ask. Bid. Ask. High 98 M9 100 'IS 97 July 991^ July Low. 97 '19 99 'ig 97 July 99y2 July ATLANTIC & WESTERN RAILROAD CO. 1st 5s. Due May 1, 1953. Dated May 1, 1912. Interest payable May and Nov. 1. at Trustee's oflice. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized (at $12,000 per mile) $1,500,000 Outstanding (Jan. 1, '20) 303,000 In Treasury 29,000 Denomination — Coupon, $500 and $1,000. Trustee — Fidelity Trust Co., Baltimore, Md. Organization — Incorporated in North Caro- lina in 1899. Capitalization. Outstanding. Common $303,000 Funded debt 303.000 Secured by a first mortgag-e on 26 miles of road from Sanford to Lillin&ton, N. C, at the rate of $11,500 per mile. Years ended Dec. 31. Gross. Net. Int., etc. 1918 $38,139 $3,100 $19,573 1917 40,805 7,979 19,897 1916 46,164 15,880 18,990 Market. New York — Carruthers, Pell & Co., Alfred F. Ingrold & Co. Price Rangre 19.30 — Ask 64, 1919 ask 70. ATLANTIC & YADKIN RAILWAY CO. 1st 4s. Due April 1, 1949. Dated May 15, 1899. Interest payable April and Oct. 1, at J. P. Morgan & Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding. . .$1,500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and intere::t by the Southern Ry. Co. by endorsement. Organization — Incorporated in 1899 In North Carolina. Capitalization, Outstanding, Common $1,000,000 Funded debt 1,500,000. Controlled by the Southern Ry. Co, (oper- ated independently) through ownership of en- tire capital stock ($1,000,000), all but $700 of which is deposited under the S. Ry. Cons. 5s of 1994, Secured by a first mortgage on 161.08 miles of road including the line from Mt. Airy to Sanford, N. C, 130.95 miles, and branches. Refunding — The Southern Ry. Dev. & Gen. Mtge, provides for the retirement of this is- sue. Listed on the New York Stock Exchange. Market. New York — Constable & Fleming, Dunham & Co., R. E. Hutchinson &- Co., Rutter & Co., Vanderhoef & Robinson, Carruthers, Pell & Co., Pynchon & Co. Philaclelphia — Wni. W. Fogarty, Samuel McCreery & Co., Isaac Starr Jr. & Co. Pittsburgh — Moore, Leonard & Lynch. Ualtiniore — Barroll, Corkran & Co. Price Range— N. Y. S. E. Jan. 1, '14, to Jan 1, 'Zl 1920 Bid. Ask. High 75% Dec. 10, '14 67 Oct. 27 Low. 6O14 Aug. 26, '20 60^^ Aug. 26 76 ATLANTIC AVE. RAILROAD CO. OF BROOKLYN Gen. Cons. 5s. Due April 1. 1931. Dated April 23, 1891. Interest payable April and Oct. 1 at Central Union Trust Co., New York. Default. — Oct. 1, 1919, interest. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $2,241,000 Register- Denomination — Coupon, $1,000. able as to principal. Trustee — Brooklyn Trust Co. , Brooklyn. Redeemable at any time at par. In 1893 certain of these bonds were stamped and these bonds are not subject to redemption. Control — Merged into the Nassau Electric Railroad Co. This latter company is con- trolled by the Brooklyn Rapid Transit Co., through ownership of practically its entire capital stock. Property covered by this mort- gage is leased to the Long Island R. R. Co. at a rental of $60,000 per annum and affords that company an entrance into Brooklyn. Protectivo Committee — Deposits are re- quested by the following: committee: George E. Warren, chairman; Frank Coenen and William Carnegie Ewen, with Arthur N. Hazeltine, 60 Broadway, New York, Secre- tary, and Columbia Trust Co., New York, Dep^ository. Secured by a first mortgage on 9% miles of double track from Jamaica to Flatbush Ave.. Brooklyn. (In Oct., 1910, the N. Y. Court of Appeals decided that the city had the right to tear up the track.) Underlies — $220,000 Atlantic Ave. R. R. Impt. 5s and $11,508,000 Nassau Elec. R. R. Co. 4s. Bonds are reserved under the latter mortgage to retire this issue. Earnings — See Nassau EI. R. R. Market. New Yorlc — Theo. L*. Bronson & Co., Pin- lay & Davenport, Pouch & Co., Berdell Bros., Carruthers, Pell & Co. Price Range. Jan. 1, '08, to Jan. 1, *21 1930 Bid. Ask. Bid. Ask. High 102l^ '11 104 '13 50 Nov. 60 Sept. Low. 40 '20 50 '20 40 Sept. 55 June ATLANTIC AVE. RAILROAD Imp. Mtge. 5&. Due Jan. I, 1934. Dated Jan. 1, 1894. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Default — Jan. 1, 1920, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $220,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Control — See Gen. Cons. 5s. Secured by second mortgage on 9^/6 miles of road from Jamaica to Flatbush Ave., Brooklyn. Prior Lien — $2,241,000 Gen. Cons. Bs (closed). Underlies — $11,508,000 Nassau El. R. R. 4s. Earnings — See Nassau El. R, R. Market. New York — ^Theo. L. Bronson & Co., Wm. Carnegie Ewen, Hirsch Litienthal & |Co. Price Range. Jan. 1, '17, to Jan. 1, '31 1930 Bid. Bid. High 88 '17 SOfDec. Low. 30f '20 30f Dec. ATLANTIC CITY & SHORE CO. Coll. Tr. 4s. Due Feb. 1, 1928 or 1940. Dated Feb, 1, 1910. Interest payable' Feb. and Aug. 1> at office of Trustee. Bond Holders* Agreement — On Dec. 6, 1920, holders of $418,700 honds assented to the following conditions: To accept 2% In- terest in cash Feb, 1, 1921. To the cancella- tion of scrip due Feb. 1, 1921. To accept 2% Interest per annum in payment of coupons for 5 years from Feb. J, 1921, to Feb. 1, 1926, inclusive. To postpone the operation of the sinking fund of the col- lateral issue to Feb. 1, 1926. To the sale of engines, boilers, generators and ap- purtenances in the power house at Pleas- antville, N. J. , Negotiable certificates of deposit were is- sued against deposited coupons. Tax Status — 2% Federal Income Tax paid ' by company without deduction. Authorized and Outstanding $591,100 Denomination— Coupon, $1,000, $500, $100. Registerable as to principal. Trustee— Cambridge Trust Co., Chester, Pa. Organization — Company incorporated in Del- aware in 1909. Owns a majority of stock of the Atlantic City Shore R. R. Co. Capitalization. Outstanding. Common $995,000 Funded debt 591,100 Receivership of Subsidiary — Receiver was appointed for the Atlantic City & Shore R. R. Co., Dec, 1915, for default of Dec. 1, 1915, interest. Secured by deposit of $591,100 (entire Is- sue) Atlantic & Suburban 1st 5s and 2,9'95 out of 3,000 shares of same corporation. The Atlantic City & Suburban Ry. Co. owns 16 miles of road from Atlantic City to Pleasant- ville, Somers Point and Absecon, N, J. ATLANTIC CITY & SHORE RAILROAD 1st & Coll. Tr. 5s. Due Dec. 1, 1945. Dated Dec. 1, 1905. Interest payable June and Dec. 1, at office of Trustee. Dec. 1, 1915, and subsequent coupons in default. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 950,000 Held in Treasury 50.000 Denomination — Coupon, $1,000, Register- • able as to principal. Trustee — Girard Trust Co., Philadelphia, Redeemable at 110 and interest. Organization — Incorporated in New Jersey in 1905. Capitalization. Outstanding. Common $220,000 Funded debt 950,000 Receivership — Receiver appointed Dec. 1915, for default of interest. Protective Com- mittee : Geo. Burnham, Jr., Harry C, Fran- cis, Frank H. Bachman, Jr., Tilghman John- son and J. D. Mcllhenny. Control — Atlantic City & Shore Co. through stock ownership. Secured by a first mortgage on 4 miles of street railway in and around Atlantic City, N. J. The company operates 48 miles of track, including lines to Pleasantville, Long- port and Ocean City. ^ Years ended Dec. 31. Net. Rent, etc $63,435 $89,087 103,482 107.160 30,993 98.592 117,135 194,843 Gross. 1918 . . $639,487 1917 659,497 •1916 393,140 •1915 564,387 . Later earnlngrs not available. Original Market — First offered by H. F. Bachman & Co., Philadelphia, January. 1906,. at par and interest. Marlcet. Fhilfulelpllia — Barnes' & Ldfland, O. B. Lanslnger & Co., H. F. Bachman & Co. Price Range. Jan. 1, '18 to Jan. 1, '21 1920- Bid. Aslc. High 35 '18 10 Dec. Low. 20 '19 10 Dee. 77 ATLANTIC CITY & OCEAN CITY CO. Coll. Tr. 5s. Due March 1, 1947. Dated June 1, 1907. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding 350, OuO Denomination — Coupon, 51,000. Trustee — Girard Trust Co., Philadelphia. Redeemable on any interest date at 110 and interest. Organization — Incorporated in Delaware in 1907. Capitalization. Outstanding. Common ._ $220,000 Preferred (5% non-cum.) 175.000 Funded debt 350,000 Control — A majority of the stock is owned by the Atlantic City & Shore R. R. Co., which leases the Atlantic City & Ocean City R. R. for 999 years. Rental is $19,500 per annum, plus a contingent rental of 33 1-3% of net surplus after reservation of $25,000 for im- provements and betterments, but not to ex- ceed $25,000. Receivership of Xessee — Receiver wa.q ap- pointed for the Atlantic City & Shore R. R. Co. on default of its X)ec. 1, 1915, interest. Secured by a first lien on all stocks and bonds ($180,000 of each) of the Atlantic City & Ocean City R. R., owning 2\^ miles of road from Ocean City to Somers Point, N. J. , forming part of the only electric railway line between Atlantic City and Ocean City, N. J. The road is built largely on bridges and tres- tles across Oreat Egg Harbor Bay. Original Market — Offered by H. F. Bach- man & Co., Philadelphia, in 1907, at par and interest. Market. Philadelphia — H. F. Bachman & Co. Secured by a mortgage on all property, now owned or hereafter acquired, including plants supplying Atlantic City and Ocean City, N. J., with electricity and hot water for heat- ing. Population served, about 50,000 perma- nently and 250,000 in summer. Franchises are unlimited as to time except one which ex- pires 2005. Prior Liens — $82,000 Atlantic City Elec- tric Light & Power Co. 1st 5s of 1934 and $3,000 New Jersey Hot Water Heating Co. 1st 5s of 1936 for the retirement of which bonds of this issue have been reserved. Years ended Dec. 31. Gross. Net. Interest. 1920 $1,189,198 $244,402 $147,616 1919 933.931 321,550 137,001 1918 707,970 176,859 139.393 1917 646,337 278.696 132,904 1916 616,464 279,009 130,337 1915 548.250 272,754 123,620 1914 540.943 270,212 140,975 Listed on the Philadelphia Stock Ex- change. Original Market — Offered 190S, by E. B, Smith & Co., Philadelphia and New York, at 92% and interest; $350,000 offered by the same firm April, 1912. Market. New York — Dunham & Co., F. H. Hatch & Co., Carruthers, Pell & Co., G. R. Mc- Allister & Co. Philadelphia — Barnes & Lofland, Bauer, Starr & Co., Arthur J. Bender, Elkins, Mor- ris & Co., C. Clothier Jones & Co., Samuel McCreery & Co., H. D. Boenning & Co. Providence — Hornblower & Weeks. Price Range. Jan. 1, '16 to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 9SV4. '16 99% '16 80 June 82 Oct. Low. 73 '20 77 '20 73 Dec. 77 Dec, ATLANTIC CITY ELECTRIC CO. 1st & Ref. .5s. Due March 1, 1938. Dated March 2, 1908. Interest payable March and Sept. 1, at E. B. Smith & Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorized $5,000,000 Outstanding: 2,090,000 Retired by S. F 129.000 Reserved for Prior Liens 201*000 Reserved for Ext 2,580,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee-^Girard Trust Co., Philadelphia, Pa. Redeemable as a whole at 110 and interest on any interest date. Sinking Fund — 1% annually of outstanding bonds, from 1913 to 1921; 1%% from 1921 to 1930: and 2% from 1930 to 1937; to be applied to the purchase or redemption of these bonds at not over 110 and interest. Guaranteed principal and interest by the American Gas & Electric Co. Organization and Control — Incorporated in :I^ew Jersey in 1907. In October. 1914, the -company acquired the property of the Ocean ■-City Electric Co. Tlie company is controlled ■by the American Gas & Electric Co.. through ownership of Its entire common stock, which is deposited under that company's Coll. Tr. .5s, due Feb. 1, 2007. The latter company Is controlled by interests Identified with the ■Gen. Elec. Co. Caj)italization. Outstanding, Common $1,250,000 Preferred (6% cum.) 370. UOU Funded debt 2,175,000 78 ATLANTIC CITY GAS CO. 1st S. F, os. Due Jan. 1, 1960, Dated Jan. 1, 1910. Interest payable Jan. and July 1, at Trustee's oflice, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey; Pennsylvania state tax re- funded. Authorized ." 56,000.000 Outstanding 3,374,000 Retired by S. F None Reserved for Ext 2,626,000 Denomination — Coupon, $1,000 and $500. Registerable as to princit)al. Trustee — Girard Trust Co., Philadelphia, Pa. Redeemable at 105 and interest Jan. 1. 1920, or on any interest date thereafter, as a whole only or for sinking fund. Sinking Fund — $25, 000 annually, beginning Nov. 1, 1919. to be applied to the purchase of these bonds at not over 105 and interest. If entire sum available has not been consumed up to Dec. 1st, bonds are to be called. Bouds acquired to be cancelled. Sinking Fund Waiver — Bondholders have agreed to a suspension of the operation of the sinking fund for five years from Nov. 1, 1919. Organization and Control — Incorporated in New Jersey in 1909 and controlled by The Atlantic City Co. through ownership of en- tire capital stock. Capitalization. Outstanding. Common $1,000,000 Funded debt ■. . 3.374,000 Protective Committee — A. A. Jackson, chair- man; C. S. W. Packard, J. S. Disston. A. B. Johnson. J.R. McAllister, H. F. Hansill, Jr., Ij. H. Parsons, with J. M. Johnston, secre- tary. Depository, Girard Trust Co,, Phila. Management — C. H, Geist Co.. Philadelphia. Secured by a first mortsa&e on entire prop- erty, franchises, etc., now owned or here- after acquired, including plant supplying gas to Atlantic City, Chelsea, Margate City and Longport, N. J. Franchises are perpetual. Population served in winter^ 60,000, in sum- mer 300,000. Usted on Philadelphia Stock Exchange. Original Market — $3,000,000 offered March, 1910, by E. B. Smith & Co., of Philadelphia and New York, at 98 and interest. Market. New York — Berdell Bros., Carruthers, Pell & Co. Philadelphia— Barnes & Lofland, Bauer, Starr & Co., Arthur J. Bender, Brown Bros. & Co., Blkins, Morris & Co., Geo. N. Flem- ing, Huntoon & Co., Paul & Co. Price Range. Jan. 1, '10, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 93% '12 98 '10 50 Nov. 60 Oct. Low. 34 '18 38 '18 40 July 60 July ATLANTIC CITY RAILROAD CO. Ist Ext. SVas. Due May 1, 1929. Dated May 1, 1889. Extended May 1, 1919, with interest increased from 5% In- terest payable May and l^v, 1, at Reading Terminal. Philadelphia. Tax Status — 2% Federal Income Ta* paid by company without deduction. Authorized and Outstanding — $2,200,000. Denomination — Coupon, $1,000. Register- able as to principal. Trastce — Guarantee Trust & Safe Deposit Co., Philadelphia. Redeemable at 105 and interest on May 1, 1924, or any interest date thereafter. Guarantee — This issue was guaranteed by the old Philadelphia & Reading R. R. Co., but not assumed by the Philadelphia & Reading Ry. Co. Organization — In 1901 this company. The Ocean City R. R. Co., the Seacoast R. R. Co., and The Camden County R. R. Co., were con- solidated into the present Atlantic City R. R. Co. Capitalization. Outstanding. Common $2,625,000 Prefered (non-oum.) 1,000,000 Funded debt 4,694,600 Controlled by the Reading Co. through own- ership of practically the entire capital stock. Secnred by a first mortgage on 85.20 miles of road. Including the road from Camden to Atlantic City, N. J., 68.36 miles; from Atco to Mullica Hill, N. J., 22.67 miles and branch. Underlies — Atlantic City B. R. Co. 1st Cons. 4s of 1951, under which mortgage bonds are reserved to retire this issue, Eamingrs — See 1st Cons. 43. Listed on Philadelphia Stock Exchange. Market. New York — Carruthers, Pell & Co., B. & C. Randolph, Redmond & Co. Philadelphia — Arthur J. Bender, Blddle & Henry, Brown Bros. & Co., Elklns, Morris & Co., Chas. Fearons Co., Wm. W. Fogarty, Isaac Starr, Jr. & Co. Price Kange 1920 High 90 June 93 Sept. Low 90 June 92^ Dec. ATLANTIC CITY RAILKOAD CO. Ist Cona. 48. Dne July 1, 1951. Dated July 1, 1901. Interest payable Jan. and July 1, at Reading Terminal, Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,600,000 Ontstanding ^'^^i'?"? Reserved for prior liens 2,649,000 Denomination — Coupon,. $1,000. Register- able as to principal. Trustee— Girard Trust Co., Philadelphia. Guaranteed principal and interest by the Reading Co. by endorsement. Organization — See 1st Ext. 5%s. Secured by a mortgage on 170,19 miles of road, viz : A first iien on 16.84 miles- — Tuckahoe to Ocean City, N. J 10.16 ■Mt. Ephraim to Grenloc'h, N. J 6.68 A second lien on 153.35 miles — (Covered by the Atlantic City R. R. Ist 5s.) Camden to Atlantic City, N. J 58.3B Camden to Mt. Ephraim, N. J 4,18 Atco to Mullica Hill, N. J 22.6,7 (Covered by the Seacoast R. R. Prior Lien 5s. Ser. A 6s and Ser. B. 5s.) Winslow to Cape May, N. J 55.80 Tuckahoe to Sea Isle City, N. J 12.35 Prior Liens — Subject to $2,651,117 prior liens as follows — Atlantic City R. R. 1st Ext. 5%s 1929 -^ $2,200,000 Atlantic City R. R. R. B. i'Aa 1930 76,000 Seacoast R. R. P. L. 6s 1948 350,000 Seacoast R. R. Series A 6s 1948... 23,500 Seacoast R. R. Series B 6s 1948... 2,617 Bonds are reserved under this mortgage to retire all prior lien issues. Years ended Dec. 31; Gross Net Int.& Rent •1919 ... $222,066 $222,362 $334,411 tl919 ... 4,452,164 921,389 163,131 tl918 ... 4,252,270 1,257,760 232,724 1917 ... 3,215,426 783,293 687,841 1916 ... 2,711,811 661,617 459,933 ♦Corporate account. tFederal account — standard return not in- cluded. Listed on the New York and Philadelphia Stock Exchanges. Market. New York — Redmond & Co., Newberger, Henderson & Loeb, Sharretts & Ford, Car- ruthers, Pell & Co. Philadelpliia — Blddle & Henry, Elkins, Morris & Co., Chas. Fearon & Co., Wm. W. Fogarty, Isaac Starr, Jr. & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Ask. High 94 '16 95 '16 78% Jan. Low. 60 '18 71%, '20 71% Dec. 79 ATLANTIC COAST ELECTRIC LIGHT CO 1st 6s. Dne June 1, 1946. Dated July 1, 1896. Interest payable June and Dec. 1, at Asbury Park & Ocean Grove Bank, Asbury Park, N. J. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Outstanding 201,000 Unissued '. 299,000 Denomination — Coupon. $1,Q00. Trustee — Guaranty Trust C3o., New York. Redeemable at 105 and interest. Organization — Incorporated in New Jersey. Capitalization. Outstanding. Common $100,000 Funded debt 237,000 Controlled by the Atlantic Coast Electrlo Ry. through ownership of entire stock. Secured by a mortgage on plant supplying electricity to Asbury Park, Ocean Grove, Al- lenhurst, Belmar and other resorts on the Atlantic Coast of New Jersey. Population served, about 30,000. Prior Lieii — $36,000 Neptune Electric Co. 6s of 1933. Legal for Savings Banks in Cal. Market. New York — Van Sant & Le&g, Frederic H. Hatch & Co. Paterson — F. A. Peters, Francis K. Mc- Cully. Wilmingrton. Del. — Geo. P. Bissell. Philadelphia — Charles Fearon & Co.. Sam'l K. Phillips & Co., Boenning', Garrison & Co. ATLANTIC COAST ELECTRIC RAILROAD 1st 5s. Due May 1, 1945. Dated May 1, 1895. Interest payable May and Nov. 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding 800,000 Unissued 200,000 Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Control — ^Absorbed by Atlantic Coast Elec- tric Ry. Secured by a first mortgage on 36.06 miles of street railway in and around Asbury Park, N, J., with lines to North Long Branch and Sea Girt. Population served about 30,000. One franchise in Sea Girt expired In 1915. other franchises of the company expire be- tween 1926 and 1966, while a few are per- petual. Earnings — See Atlantic Coast Electric Ry. Co. Gen. 5s. Underlies — $1,000,000 Gen. 5s, due July 1. 1945. Market. New York — B. & C. Randolph. Frederic H. Hatch &.'Co., Berdell Bros., J. N. Kirk & Co. Philadelphia — ^Huntoon & Co., Samuel K. Phillips & Co., Boenning, Garrison & Co., Mc- Cown & Co. Paterson^F. A.- Peters & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Ask. High 97 '17 100 '16 72 June Low. 80% '18 50 '20 50 Dec. ATLANTIC COAST ELECTRIC RAILWAY Co. Gen. 5s. Due July 1, 1945. Dated Jan. 1, 1906. Interest payable Jan. 1 and July 1 at Central Union Trust Co., New York. Tax Status — Payment of Federal Income Tax is not assumed by the Company. Authorized $1,000,000 Outstanding 1.000,000 Denomination — Coupon, $1,000; register- able as to principal. Trustee — Central Union Trust Co., New York. Organization — Incorporated In New Jersey In 1905 as successor through foreclosure to the Atlantic Coast Electric R. R. Co. Owns the entire $100,000 capital stock and all the $50,000 5% bonds of the Asbury Park & Sea Girt R. R. Co.. and operates Its line (3.04 miles of track) under a 99 year lease at an annual rental of $6,000 per annum; owns the entire $100,000 capital stock and $100,000 5% bonds of the Seacoast Traction Co. and oper- ates its line (4,52 miles of track) under a 99 year lease; owns all of the $100,000 stock of the West End & Long Branch Ry. Co. (3.67 miles of track) which is operated under a lease; leases the Seashore Electric Ry. Co. until 1937; and owns 75% of Its stock; also owns entire $100,000 stock of the Atlantic Coast Electric Light Co. Capitalization — Outstanding. Common $1,000,000 Funded debt 1,800,000 Secured by a second mortgage on the prop- erty covered by the first lien of the Atlantic Coast Electric R. R. (1st 53 which aee for detail). Additionally secured by pledge of all the stocks and bonds of the Asbury Park & Sea Girt R. R. Co. and the Seacoast Traction Co. Prior Liens — Atlantic Coast Elec. R. R. 1st 5s 1945 $800,000 Years ended Dec. 31. Gross. Net. 'Charges. 1919 $458,381 $122,942 $122,854 1918 303,320 14,191 116,063 1917 322,782 72.176 107.746 1916 420,708 148,623 129,00B 1915 409,007 160,355 127.795 • Taxes, rentals and interest. Philadelphia — Huntoon & Co. SO ATLANTIC COAST FISHERIES CO. Equip. Tr. 7s. Due $55*000 each April 1 and Oct. 1, from April 1, 19^1. to Oct. I, 1925, inclusive. Dated April 1, 1920. Interest payable April 1 and Oct. 1 at New York National Irving Bank, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax re- funded in Massachusetts and Pennsylvania at rates prevailing April, 1920. Authorized $550,000 Outstanding: (Mar. 4, '21) 164,000 Unissued 386.000 Denominations — Coupon $1,000 and $500. Ti-ustee — Irving National Bank, New York. Redeemable at 104 and interest on any In- terest date upon 60 days' notice. Organization — Incorporated in Maine In 1917, The company Is engaged In the busi- ness of catchinir, storing and selling fish and other standard sea foods. It operates its own fishing fieet, and has an extensive system of distributing Its jiroducts in New York and sur- rounding markets. It operates three modern cold storage plants. Capitalization. Outstanding. Common $6,000,000 First Pref. (7% cum.) 2,549,000 Second Pref. (6% cum.) 700,000 Funded Debt 164,000 Secured by an equipment trust agreement on four (new) 3 4 6-ton steel steam trawlers ; two (new) 295-ton steel steam trawlers; one 143-ton wooden steam fishing vessel and one 97-ton wooden steam fishing vessel. The two steel trawlers now in operation are classi- fied in the American Bureau of Shipping 'Al (E) Trawler A. M. S.j_ and the four steel trawlers under construction are being built on specifications which will entitle them to a like classification in the American Bureau of Shipping. Under the provisions of the indetiture the company agrees not to pay any dividends upon any of its shares if such payment operates to reduce the net quick assets below 110% of the principal sum of these bonds then out- standing. The company will deposit insurance poli- cies with the Trustee for the benefit of the bondholders. Adequate and proper insurance will be carried in a sum equal to at least 125% of the outstanding bonds. Original Market — $550,000 offered April, 1920, by Cobe, Johnston & Pratt, New York. at prices ranging from 95.62 to 99.76 and Interest, according to maturity. ATLANTIC COAST LINE RAILROAD CO. Incorporated in 1836 by the Virginia Legis- lature aa the "Richmond & Petersburg:" R. R. Co. Subsequently its name was changred to A. C. L. R. R. Co. of Va., and in 1900 pres- ent title was adopted. The company owns 4,758 miles of road and has a controlling Interest in the Louisville & Nashville R. R, Co., and other companies, owning and controlling- 8,420 miles of road. Affiliated in interest with companies operating 424 miles of road. Of the mileage owned, ' about 345 miles are double-tracked. The lines owned by the company extend from Richmond and Norfolk, Va.. to Wil- mington, N. C, Charleston, S. C, Savan- nah, Brunswick and Albany, Ga. , Montgom- ery, Ala., Jacksonville, Moorehaven, Tampa and Fort Myers, Fla. Dividends have been paid on the common stock since the Incorporation of the present company in 1900. From 1912 to 1914, In- clusive. 7% per annum was paid, but in Jan- uary, 1915, the rate was reduced to 5 % an- nually. 7% was paid on common stock In 1917, 1918, 1919 and Jan., 1920. A majority of the Btock was owned by The Atlantic Coast Line Co. of Connecticut, but one-half of this stock has been distributed to its stockholders. Capitalization. Outstanding. Common $67,586,200 Preferred (5% non-cum.J 196,700 Funded /debt 154,923,355 Year ended Dec. 31. Gross. Net. Int. & Rent. tl919 $10,180,915 $14,116,304 $6,827,605 tl919 63,558,452 7,597.677 384,662 tl918 10,180.915 14,069,144 6,784,312 $1918 56,992.329 13,456,136 782,235 1917 44,063,331 17.192.960 6,491,666 1916 37,322,085 15,973,105 6,301,477 1915 31,936,962 11,569.992 6,141,624 •1914 36,832,780 13,105.935 5,767,088 •June 30. t Corporate Income Account. JFederal account — standard return not In- cluded. ATLANTIC COAST LINE RAILROAD CO. OF SOUTH CAROLINA Gen. Is 4s. Due July 1, 1948. Dated August 1. 1898. Interest payable Jan. and July 1, at Safe Deposit & Trust Co., Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed Mortgage Outstanding $5,047,000 In Treasury 500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Safe Deposit & Trust Co., Balti- more, Md. Assumed by the Atlantic Coast Line B. R. Co. Control — Consolidated ino the A. C. L. R. R. Co. in 1900. Secured by a mortgage on 696,60 miles of road, viz.: A first mortgage on 694.88 miles — Miles. North Carolina State Line to Florence. S. C 37.26 Latta to Clio, S. C 19.78 Florence to Wadesboro, N. C 64.08 Floyds to Hartscille. S. C 10.05 Sumter, S. C, to Gibson. N. C 73.95 Centra R. R. Connection, Sumter, S. C. 0.77 Sumter to Columbia, S. C 43.23 Creston to Pregnalls, S. C 40.85 Eutawville to Ferguson. S. C 5.58 Elliot to Lucknow. S. C 16.73 Wilmington to Wilmingotn Ry 1.71 Navassa, N. C. to Pee Dee, S. C 92.99 Florence to Robbins. S. G 137.78 Conway. S. C, to Boardman, N. G. . . 50.12 A second mortgage on 101.73 miles^ (Covered by the first lien of the Northeast- ern R. R. Cons, 6s.) Florence to Charleston, S. C 101.72 Prior Lien — $657,000 Northeastern R. R. 6b of 1933. Underlies — Atlantic Coast Line R. R. Cons. 4s of 1952, and General Unified bonds. The General Unified mortgage provides for the retirement of this issue. Legal for Savings Banks in Cal., Conn., Me., Mich., Minn., N. H., N. J., N. Y., Ore., R. L, Vt. and also Baltimore Trust Funds. Listed on Baltimore Stock Exchange. Market. New York — Samuel Goldschmldt, Charles W. Place, Prince & Whitely, R. W. Press- prech & Co., Remick, Hodges & Co., Taylor, Smith & Hard, Wolff & Stanley. Baltimore — Barroll, Cochran & Co., Jenk- ins, Whedbee & Poe. Price Range. Jan. 1, '09, to Jan. 1, ';3I 1920 Bid. Ask. Bid. Ask. High 99% '09 lOOJ^ '09 66 June 75 July Low. G6 '20 69H '20 66 June 69^^ June ATLANTIC COAST LINE RAILROAD CO, General Unified 4%Sf Series "A" and 4s Series *'B." Due June 1, 1964, Dated June 1, 1914. Interest payable June 1 and Dec. 1, at Trustee's ofiice. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $200,000,000 Outstundingr (Jan. 1, '21) — "A" $22,919,000 *'B" 100,000 23.019,000 Held in Treasury 18,874,393 Fledged to Secni-e 7% Notes. 10,000,000 Reserved for Prior Liens 88,943.710 Kesevved for Ext., etc 59,162,897 Denomination — Coupon, $1,000. Register- able as to principal only. Registered $1,000. $5,000, $10,000 and $50,000. C. & R. inter- changeable. Trustee — United States Trust Co., New Yoik. Secured by 1916 9,828,000 •Partially estimated. I^isted on the New York Stock Exchange. Original Market — $15,000,000, ofeered Feb., 1921', by Brown Brothers & Co., Graham, Parsons & Co., White, Weld & Co., Redmond & Co., and The Equitable Trust Co. of New York. New York — Bull & Eldredge, Bond & Goodwin, Salomon Eros. & Hutzler, Brown Bros. & Co., Hartshorne & Battelle, Gra- ham, Parsons & Co. Philadelphia — Biddle & Henry, Brown Bros. • & Co., Elkins, Morris & Co., Samuel McCreery & Co., Townsend, "V^^'helen & Co., H. D. Boenning & Co., Parsley Bros. & Co. Chicago — Fidelity Trust & Savings Bank, Rutter, Lindsay & Co., Inc., National City Bank. 86 ATtANTIC SHORE LINE RAILWAY CO. 1st Cons. 5s. Due April 1, 1934. Dated April 1, 1904. .Jnterest payable April and Oct. 1, at the Columbia Trust Co., New York. Default Oct. 1, 1915, and subsequent cou- pons. Tax Satus^— 2 % Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 361.500 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Redeemable at 105 and interest on April 1, 1914, or any interest date thereafter. Trustee — Columbia Trust Co., New York. Organization — Reorganized by foreclosure, Dec. 1, I&IO, and was succeeded by the At- lantic Shore Ry. Co., 1911. Receivership — Company placed in hands of receiver, Oct. 1, 1915. on default of Oct. 1 coupons of the Ref. 4s. Secured by a mortgage on 60.50 miles of electric road from Portsmolith, N. H., to Biddeford, Me., and Sanford to Cape Por- poise, Me. Also secured on two hydro-elec- tric plants and equipment. The road forma part of a through electric route from Boston to Portland. Population served by road, cov- ered by this mortgage, 50,000. The Atlantic Shore Ry. operates a total of 95 miles of road. Prior Liens — $707,000. Underlies — $641,750 Atlantic Shore Hy. Co, Ref. 4a of Jan. 1, 1941, which provides for retirement of this issue and on which no in- terest ia payable prior to 1915 unless earned. Years ended Dec. 31: Gross. Net. 'Interest. 1919 $184,106 $8,513 $80,895 1918 171.638 14,678 80,895 1917 231,757 27,135 92,595 •Accrued, not paid. Original Market — $ 250,000 offered Jan.. 1906, at 101 and interest, by A. H. Bickmore & Co.. New York. Market. Boston — Chas. A. Day & Co., Hotchkin & Co.. Inc., H. G. Spiller & Co. New York — H. C. Spiller & Co. Portland — Beyer & Small. Price Ranee. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. High 35fl7 42f'17 7f Nov. Low. 7f '20 35f '18 7f Nov. ATLANTIC STEEL CO. Is 6s. Dne Jan. 1, 1941. Dated Jan. 1, 1916. Interest payable Jan. 1 and July 1. at office of Trustee or Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Ontstanding: (Jan. 1, '21) 629,000 Repurchased or Retired by S.E. 371,000 Unissued 500,000 Denomination — Coupon, $500 and $1,000. Regristerable as to principal. Trustee — Trust Co. of Georgia, Atlanta, Ga. Redeemable at 105 and interest. Sinldns: Fund — Semi-annual payments, Nov. 30 and May 30 as follows: 1%% of out- standing bonds from Nov., 1917, to May, 1922: 2%, May, 1922. to May^^ 1927; 2V3%. May, 1927, to 1940. Minimum SLimual amount, $15,000, Fund to be applied to the purchase or redemption of these bonds not over 105 and interest. Organization — Incorporated in Delaware, Dec, 1915, to take over the business of the Atlanta Steel Co. Manufactures wires, wire nails, wire fencing, staples, cotton ties, hoops, bars. etc. Secured by a first mortgage on all the property of the company. Company's plant comprises 75 acres at Atlanta, Ga. Annual capacity about 100,000 gross tons. Original Market — Offered Feb., 1916, at 97^ and interest. Market. New York — E. A. Baker & Son, Geo. S. Crap & Co. Atlanta — Robinson-Humphrey Co., Trust Co. of Georgia. Baltimore — Townsend Scott & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid, Ask. Bid. Ask. High 100 '17 1011/^ '17 92% Jan. 96 Jan. Low. 91 '20 90 '20 91 Nov. 90 Dec. THE ATLAS PORTLAND CEMENT CO. 1st S. F. 6s. Due March 1, 1925. Dated March 1, 1905. Interest payable March and Sept. 1, at Liberty National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. AuthorUed $5,000,000 Outstanding: 3,500,000 Retired by S. F 1,500,000 Denomluation — Coupon, $1,000. Register- able as to principal. Trustees — Bankers' Trust Co., New York, and George A. Mahan. Redeemable at 110 and interest on any in- terest date on six months' notice. Sinking Fund — $100,000 of these bonds to be retired annually on or before March 1, by purchase or redemption at not over 110 and interest. Organization — ^Incorporated in Pennsylvania In 18 99, Owns six manufacturing plants at Copley and Northampton, Fa., and Hannibal, Mo. Also owns plant at Hudson, N. Y, Capitalization. Outstanding. Common $11,000,000 Preferred 8% cum.) 2,700.000 Funded debt 7,100, 000 Secured by a first mortgage on all prop- erty and real estate In Pennsylvania and Mis- souri, and plants having a capacity of 14,- 000.000 bbls. per year. TJnderlies — Gen. & Ref. 6s, due Nov. 1, 1939. Original Market — Offered in 1905, by Clark, Dodge & Co., New York, at 105 and Interest. Market. New York — E. A. Baker & Son, Samuel Goldschmidt, IJ. K. Rice, Jr. & Co. Tobey & Kirk, Vanderhoef & Robinson, Watson Arm- strong & Co., Carruthers, Pell & Co., Tobey, Kirk & Co., F. H. Hatch & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 108 '09 109 '09 95 Nov. 97 Feb. Low. 89 '20 92 '20 89 July 92 July ATLAS PORTLAND CEMENT CO. (THE) Gen. & Ref. S. F. 6s. Due Nov. 1, 1939. Dated Nov. 1, 1914. Interest payable May 1 and Nov. 1, at Company's office or agency, in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstandingr :. . 3,500,000 Retired by S, F 500,000 Reserved for Prior Liens.... 3,600,000 Reserved for Ext., etc 2.400,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustees — ^Bankers Trust Co., New York, and George A. Mahan. Redeemable at 105 and interest on any In- terest date on 30 days' notice. Sinking Fund — Annually, beginning Nov. 1, 1915, $100,000 of these bonds, and an addi- tional $100,000 when 90% or more of the 1st 6s have been refunded. Organization- — See 1st 5s. Secured by a first mortgage on part of the properties in Pennsylvania and Missouri and a second mortgage on the remainder (see 1st 5s). Also secured by pledge of 4,988 of 5,000 shares of stock of the Northampton & Bath R. R. Co.; 1,987 of 2,000 shares of stock of the Hannibal Connecting R. R. Co. ; 59 S of 600 shares of stock of the Atlas Transporta- tion Co.; 28,500 of 30,000 shares of the New York & New England Cement & Lime Co. and a promissory note of the same company for $2,214,795. Also on additional property acquired with the proceeds of these bonds. Prior Liens — $3,500,000 1st 5s, due 1025, and $77,000 Deb. 6s. due 1923. For the re- tirement of these issues bonds ara reserved under this mortgage. Marliiit, New York— Tobey & Kirk. F. H. Hatch & Co., Hartshorne & Battelle. Price Range 1920 Jan. 1, '19 to Jan. 1, 'Zl Bid. Aslf. Bid. Aslt. Hlgll 96% '19 99 "29 95 Jan. Low. 93 '19 95 '20 95 Jan. AUBURN St SYRACUSE EIxECTRIC RAII.- ROAD CO. l8t & Ref. 5s. Dae Oct. 1, 1942. Sated October 1, 1902. Interest payable April and October, at Harris, Forbes & Co., New York & Boston, or Harris Trust & Sav- ings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,752,000 Reserved or Ext 248,000 DenomiDation — Coupon, $1,000. Register- able as to principal. Trustee — Bduitable Trust Co., New York. Redeemable at 110 and interest on Oct. 1, 1912, or on any interest date thereafter. Organization — Incorporated in New York in 1902 as a consolidation of the Auburn City Ky. Co. and the Auburn Interurban Electric K. R. Co. Capitalization. Outstanding. Common $1,250,000 Preferred (67o non-cum.) 712,000 Funded debt 1,824.000 Secured by a first mortgage on 14 miles of fitreet railway in Auburn, N, Y., and 27 miles of interurban railway from Auburn to Syra- cuse. Total track owned, 64 miles. Also has trackage rights to enter Syracuse. Popu- lation served outside of Syracuse, 48,000. Perpetual franchise and 28 miles on private right of way. Underlies— $72,000 6% notes due Feb. 1, 1921. Years ended Dec. 31, Gross. 1920 $682,507 1919 632,544 1918 713,308 1917 674,816 1916 568,436 Net. Int.. etc. $88,803 $94,169 113,017 95,880 100,362 95,763 193,078 98.896 124,824 102,686 Original Market — Offered in 1902, by N. W. Harris & Co., New York, Boston, etc., and Perry. Coffin &^urr, Boston. Market. Boston — Harris, Forbes & Co., Inc. Cliicago — Harris Trust &. Savings Bank. Price Ranee. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '09 103 '10 40 Dec. 60 Mar. Low. 40 '20 55 '20 40 Dec. 65 Dec. AUBURN (N. Y.) GAS CO. 1st 5s. Due Jan. 1, 1927. Dated Jan. 1, 1902. Interest payable Jan. and July 1, at New York Trust Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $400,000 Outstanding (Jan. 1, '21) 168,000 Pledged under Cons. Ss 20,000 Retired by S. F 128,000 Unissued 84,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Trustee — New York Trust Co., New York. Assumed by the Empire Gas & Electric Co. Sinking Fund — $5,000 annually in January to purchase bonds at a price to net not less than 3%%. Control — Consolidated Into the Empire GaB & El. Co. in 1911. Secured by a first mortgage on plant sup- plying gas to Auburn, N. Y. Population served 36,000. Franchise is perpetual. Gaa is purchased from the Empire Coke Co., Underlies — $276,000 of the Auburn Gas Co. Cons. Bs of 1930, and $2^072,000 of the Em- pire Coke Co. and Empire Gas &'feleetrio Co. Joiht and lief. 63. which mortgage provides for retirement of this issue. Earnings — See Empire Gas & Electric Co, Original Market — $300,000 offered Jan., 1902, at 103% and interest, by N. W. Hal- sey & Co., of New York, Philadelphia, etc., $125,000 offered by the same firm Dec, 1906, at 102% arid interest. Market. New Yorlc — Dunham & Co., Earle A. Mill- er & Co., Hartshorne & Batelle. Plliladelphia — Elkins, Morris & Co., H. D. Boenning & Co, Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '17 101 '17 87 Nov. 92 Nov. Low. 80% '20 92 '18 80% Dec. 92 Nov. 88 AUBURN GAS CO. 25-Year Cons. 5s. Dae June 1, 1930. Dated June 1, 1905. Interest payable June 1 and Dec. 1 at office of Trustee. / Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $276,000 Denomination — Coupon. $1,000. Register- able as to principal. Trustee — New York Trust Co.. New York. Assumed by the Empire Gas & Electric Co. Control — Consolidated into the Empire Gas & Electric Co. in 1011. Secured by a first mortgage on the electric light and power plant in Auburn, N..Y.. and a second mortgage on the gas plant. Also . se- cured by pledge of $20,000 1st 5s. Franchise is perpetual. Prior Lien— $209,000 1st S. F. Bs, due 1927. Underlies — Empire Gas & Isiectric and Em- pire Coke Co. Joint & Ref. 5s, under which mortgage bonds are reserved to retire this issue. Earnings — See Empire Gas & Electric Co. Market. New York — Earnest Smith & Co., Car- ruthers. Pell & Co. Plliladelphia — Chas. Fearon & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. High 98% '17 101 '17 Not available Low. 75 '19 100% '17 AUGUSTA-AIKEN BAILW.AY & ELECTRIC CORP. S. F. 5s. Due Dec. 1, 1935. . Dated November 15. 1910. Interest payable June and Dec. 1. at Redmond & Co., New York. Interest Funded — ^Bondholders agreed In August, 1919. to accept five-year 5% coupon notes for the aggregate amounts of "June 1, 1919, and five subsequent coupons. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,500,000 Outstanding (Jan. 1, '21) 2,891,000 Keld in Treasury 384,000 Retired by S. F 129,000 Reserved for Prior Liens 898.000 Reserved for Ext 3.198,000 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Regis- tered $1,000 and multiples. C. & R. inter- changeable. Trustee — Central Union Trust Co., New York. Redeemable at 105 and Interest on any in- terest date on thirty days' notice, as a whole only, or in part for sinking fund. SlnkiQiT Fund — Beginning Feb. 1, 1916, the sinking fund provides for annual payments of $26,000 to 1920; $40,000, 1921 to 1926: $50.- 000, 1926 to 1930; and $65,000, 1931 to 1035. These amounts, if requested of trustee by the company to be applied to the purchase or redemption of these bonds at not over 10 5 and interest. Bonds so redeemed to be held alive and interest added to said fund. Sinking Fund Extension — Bondholders in August, 1919, agreed to _ waive sinking fund payment until 1-925 and also to permit the cancellation of bonds held in the fund or BUbsequently acauired. Organization — Incorporated in South Caro- lina in 1911 and is a consolidation of the Augusta-Aiken Ry, & Electric Co.. the Au- gusta Ry. & Electric Co. Also owns the en- tire capital stock of the Georgia-Carolina Power Co. (owning water power rights on the Savannah Hiver). The Augusta-Aiken Ry. & Elec. Corp. guarantees principal, interest and sinking fund of the latter company's $2,756.- 000 outstanding. Is 6s, due July 1, 1952. Capitalization. Outstanding. Common $2,250,000 Preferred (6% cum.) 2.250,000 Funded debt 6,913,500 Management — J. G. White Management Corp., New York, Secured by a mortgage on 55 miles of street railway track of which 29 miles are in the city of Augusta and suburbs ; a three-story brick terminal building in Augusta; two power plants, one of which has both steam and hy- draulic equipment; electric lighting systems in Augusta, North Augusta, Summerville and Harrisonville; 16 acre park on Lake Olrn- Btead. Railway and lighting franchises expire in 1929. Private right of way for interur- ban railway. Prior Lien — $866,000 Auff. Ry. & Elec. Co. 6s of 1940, for retirement of which bonds of this issue are reserved. Years ended Dec. 31. Gross. Net. Int.. etc. 1920 $1,251,154 $430,278 $392,323 1919 1,104,890 348,472 381,696 1918 1,023,832 368,286 366,488 1917 925,524 402,424 340,470 1916..*.. 838,456 406.735 348,674 Original Market — $2,400,000 offered in 1911 and 1912, by Redmond & Co., of New York and Boston, and in 1912 by Adams & Co., Boston, at 94 and interest. Market. New York— Samuel Goldschmidt, Martin, Berwin & Co., Redmond & Co., G. R. Mc- Allister & Co., Berdell Bros. Philadelphia — Huntoon & Co. Price Range. Jan. 1, '11, to Jan, 1, '21 1920 Bid. Ask. Bid. Ask. High 93 '11 95 '12 f25 Nov. f32 Nov. Low. fl9 '20 f25 '20 fl9 June f25 July AUGUSTA RAILWAY & ELECTRIC CO. 1st 5s. Due Jniie I, 1940. Dated June 1, 1900. Interest payable June and Dec. 1, at Trustee's office, at Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Aathorized $1,000,000 Outstandingr (Jan. 1, '21) 866,000 Held in S. F 134,000 Denomination — Coupon, $1,000. Registera- ble as to principal. Tmstee — Mercantile Trust & Deposit Co., Baltimore. Redeemable at 105 and interest on 10, 20 or 30 years from date of bonds upon six months* notice. Sinking Fund — % of 1% of all outstand-ng bonds, beginning June ], 1905, for 15 years; 1% for the next 10 years; and 2% for the remaining 10 years. Assumed by the Augusta-Aiken Ry. & Elec. Corp. Control — Merged In 1911 with several other companies into the Augusta-Aiken Ry. ^ Elec. Corp. Secured by a first mortgage on all the prop- erties of the former Augusta Ry. & Electric Co., consisting of 29 miles of track, two power plants and other property. Underlies — Augusta-Aiken Railway & Elec- tric Corporation 1st 5s of 1935, which pro- vide for the retirement of this issue. Earnings — See A. A. Ry. & El, Corp., 1st 5s. Listed on the Baltimore Stock Exchange. Original Market — Underwritten by the Mer- cantile Trust & Deposit Co. of Baltimore, and the New York Security & Trust Co., New York, Market. New York — Samuel Goldschmidt, Harris, Forbes & Co., Hartshorne & Batelle. Boston — Harris, Forbes & Co., Inc. Cliicag:o — Tarris Trust & Savings Bank. ISaltimore — John D. Howard & Co., Smith, Lockhart & Co. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid Ask. High 103 '11 105 '12 65 July 81 Dec. Low. 50 '19 80 '19 65 July 80 Aug. 89 AUGUSTA SOUTHERN RAILROAD CO. 1st Cons, (now 1st) 5s. Due Dec. 1, 1924. .Dated Dec. 1. 1894. Interest payable Juno and Dec. 1, at J. P. Morgan & Co., New Y^crk. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. . . .$400,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New ■S'ork. Receiver — Franklin Q. Brown and J. F. Lewis have been appointed receivers. Organization — Incorporated in Georgia In 1893. Capitalization. Outstanding. Common $400,000 Preferred (7% non-cum.) 350,000 Funded debt 400,000 Control — The $296,000 preferred and $294,- 800 common stock formerly owned by the Southern Ry. Co. was acquired March, 1917, by the Georgia & Florida Ry. Co. Secured by a first mortgage on the road from Augusta to Tennille, Ga., 82.50 miles. The company has trackage rights into Au- gusta over the Augusta & Summerville R. R. Prior Lien — Outstanding. Georgia & Florida Z% Rec. Ctfs. 1931 $700,000 Market. New York — Edwin Wolff, "Wolff & Stanley* Pynchon & Co., Rutter & Co. Price Range. Jan. 1, '12 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92 '12 95*13 62 July Low. 40 '19 62 '20 62 July AUGUSTA TERMINAL RAILWAY CO. 1st 6s. Doe April 1. 1947. Dated April 1. 1897. Interest payable April ^nd Oct. 1 at Central Union Trust Co., New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Aathorized and Oatstandins $600,000 Denomination — Coupon, $1,000. Trnstee — Central Union Trust Co.. New Tork. Assumed by Charleston & Western Caro- lina Ry. Control — ^Absorbed In 1906 by the Charles- ton & West Carolina Ry. All of the stock of which company is owned by The Atlantic Coast Line Co. Secured by a first mortiraire on warehouses and terminal facilities, including tracks in Augusta, Ga. Underlies — Charleston & W. Carolina Ry. 1st 6s of 1946 and 1st Cons. 4s of 1964. Bonds are reserved under latter mortgage for the retirement of this issue. Market. New York — E. A. Baker & Son, Finlay & Davenport, Chas. W. Place, Sharrets & Ford, Pynchon & Co., Prince & Whitely, Carruthers, Pell & Co. Baltimore — John D. Howard & Co. Price Ranse. Jan. 1, *16, to Jan. 1, '31 1920 Bid. Ask. Bid. High 110 '16 115% '16 88 Feb. 95 Feb. Low. 88 '20 95 '20 88 Feb. 95 Feb. AUGUSTA (Ga.) UNION STATION CO. 1st 4s. Dne Jnly 1, 1953. Dated August 1, 1903. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $250,000 Outstanding 225.000 Denomination — Coupon, $1,000. Register- ed, $1,000 and multiples. Trnstee — Safe Deposit & Trust Co., Balti- more. Organization — ^Incorporated in Georgia in 1901. Capitalization. Outstanding. Common $75,000 Funded debt 225.000 Control — The entire capital stock Is owned by and the property leased to the So. By., Georgia R. R. and the Atl. C. L. R. R. Co. Rental interest on bonds and 4 % dividends on stock. Secured by a first mortgage on the August^. Union Station. Used as passenger station by the Southern, Atlantic C^ast Line and Geor- gia railroads. Original Market — $225,000 offered in Jan., 1906. at 98 and interest by Potter, Choate & Prentice, of New York. Market. New York — Sharretts & Ford, Carruthers, Pell & Co., Finlay & Davenport. Philadelphia — H. D. Boenning & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Ask. High- 80 '16 83% '16 65 Sept Low. 65 '19 65 '20 65 Sept. was paid In October, 1920 by order of the court. Oct. 15, 1920, interest was deferred. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding (Jan. 1. '20) 2,589,000 Retired by S. F 411.000 Denomination — Coupon, $1,000. Trustee — Continental & Com. Tr. & Sav. Bank, Chicago. Sittldng Fund — Commencing April 15, 1911, $60,000,000 annually to be invested In these bonds if they can be acquired at a price agreed upon by company and trustee, or other securities selected by the company and ap- proved by the Trustee. Assumed by the Aurora, Elgin & Chicago R. R. Co. Control — Consolidated into the Aurora, El- gin & Chicago R. R. Co. in 1906. Receivership, Etc. — See Aurora, Elgin & Chicago R. R. 1st & Ref. 5s. Secured by a first mortgage on 57 miles of third-rail electric railway from a connection with the West' Side Elevated Ry. in Chicago, via Wheaton to Aurora, 111., of which 25 miles are double track. Population served, exclusive of Chicago, 50,000, The line is largely on private right of way. Fran- chises are tor 50 years or without limit. Underlies — ^A.. E. & C. R. R. 1st & Ref. 5a of 1946. a sufficient amount of which bonds is reserved to retire this issue. Earnings — See 1st and Kef. 5s, 1946. Listed on the Unlisted Depts. of the Chi- cago and Cleveland Stock Exchanges. Market. New York — Vanderhoef & Robinson, Ber- dell Bros., Gilbert J. Postley. Boston — L. Sherman Adams, Moors & Ca- bot, Chas. A. Day & Co. Fhiladelphia — Bauer, Starr & Co., Barnes & Lofland. Cliicagro — Babcock, Rushton & Co. Cincinnati — Barton & Barton. Price Range. Jan. 1, '12, to Jan. 1. '21 1930 Bid. Ask. Bid. Ask. High 1011^ '12 102^ '13 50 Mar. 58 Mar. Low. 38 '20 44 '20 38 Dec. 44 Dec. AURORA, ELGIN & CHICAGO RAILWAY CO. 1st 5s. Due April 15, 1941. Dated April 15, 1901. Interest payable April and Oct. 15 at First Nat'l Bank, New York, or Con. & Com. Tr. & Sav. Bank, Chi- cago. Interest Deferred — April 15. 1920, Interest AURORA. ELGIN & CHICAGO RAILROAD CO. 1st & Ref. 5s. Due July 1, 1946. Dated July 1, 1906. Interest payable Jan. and July 1, at New York, Citizens' Savings & Trust Co. . Cleveland, or Northern Trust Co., Chicago. Default — Jan. 1. 1919. interest and subse- quent interest in default. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding 3,079.000 Reserved for Prior Liens 4,196,000 In Treasury 532,000 Reserved for Ext, 6,126,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000. C. & R. interchangeable. Trnstee — The Northern Trust Co., Chicago. Protective Committee — ■ R. M. Stinson, Chairman: G. H. Stewart, 3d. L. B. Will- lams, W. T. Goodale, A. B. Conant, with A. E. Pfahler, 319 North American Bldg., Phila- delphia, as secretary. Depositary Girard Trust Co. , Philadelphia ; Sub-depositories, In- ternational Trust Co., Boston, and Citizens Savings & Trust Co., Cleveland. Receivership — Joseph R. Choate appointed receiver Aug. 9, 1919. Foreclosure — Suit has been started by the Trustee under this mortgage. Organization—Incorporated In Illinois In 1906 and is a consolidation of the Aurora, BlFin & Chicago Ry. , Co., the Elgin, Aurora & Southern Traction Co. and the Cook County & Southern R. R. Co. and in 1910 acquired by purchase the Chicagro, Wheaton & Western Ry, The company owns and operates the street railway lines in Blirin and Aurora, 111., and electric lighting* plant in Glgin. All its property is in Illinois. Capitalization. Outstanding. Common $3, 300, 000 Preferred (6% cum.) 3,100,000 Funded debt 10.646.000 Secured by a mortgage on 169 miles of third-rail electric railway (measured as sin- gle track) from a connection with the Metro- politan, West Side Elevated road in Chicago to Wheaton, Elgin, Batavia, Aurora and branches to Carpentersville, Dundee, St. Charles, Geneva, Torkville and Bristol. The company has exclusive trackage rights over the Met. W. S. Elev. to the central business district of Chicago. The road is built largely on private right of way. Franchises are for 50 years. Prior Liens — $2,650,000 Aur., El. & Chi. Ry. 1st Bs. 1941, $1,546,000 Elgin, Aurora & Southern Traction Co. 1st Cons. 53 of 1921, to retire which bonds of this issue are- re- served. Tears ended D&c. 31. Gross. Net. Interest. 1918 $2,140,355 $262,797 $439,253 1917 2,158,478 600,815 428,516 1916 2,056.362 675.494 433.910 1915 1,909,544 606,842 436,165 Listed on the Unlisted Dept. of the Chi- cago Stock Exchange. Original Market — $1,000,000 offered In 1909 by Hayden, Miller & Co.. Cleveland, on a 5.25% basis approximately. Market. New York — Vanderhoef & Robinson, Horn- blower & Weeks. Boston — Moors & Cabot, Chas. A. Day & Co. Philadelphia — Barnes & Lofland, Bauer, Starr & Co., Geo. N. Fleming, H. D. Boen- ning: & Co. Chicagro — Merrill, Lynch & Co. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94 '13 100% '14 f 25 Nov. f35 Nov. Low. f 10 '20 fl6%'20 £10 Dec. fl6^^ Dec. AUSTIN & NORTHWESTERN RAILROAD CO. 1st 5s. Dae Jnly 1, 1941. Dated July 1. _1891. Interest payable Jan. and July 1, at Southern Pacific tiffice. New Tork. Tax Status^ — Payment Of Federal Income Tax not assumed by company. Anthorized (per mile) $20,000 Outstanding ($300,000 held in S. F. of Central Pac. Rys. 3^^s of 1929) 1,920,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered $1,000. Trustee — Metropolitan Trust Co., New York. Guaranteed principal and interest by the Southern Pacific Co. by endorsement. Organization and Control— Consolidated^ in 1901 into the Houston & Texas Central R. R. Co. The entire capital stock of latter com- pany is owned by the Southern Pacific Co. Secured by a first mortgage on 106.08 miles of roads from Austin to Llano, Tex., 99.68 miles. an)3 branch. Listed on the New Tork Stock Exchange. Market. New York— Ambrose R. Clark & Co., Samuel Goldschmidt, R. B. Hutchinson & Co., Tobey & Kirk, Vilas & Hickey, Car- ruthers. Pell & Co., Pynchon & Co. Philadelphia — H. D. Boenning & Co. Baltimore — Baker, Watts & Co. Price Range— N. Y. S. E. Jan. 1, *06. to Jan. 1, '31 1920 High 110 Feb. 9. '06 85 Mar. 31 Low. 83 Sept. 2, '20 83 Sept. 2 AUSTIN (Tex.) GAS LIGHT CO. Bef. 6s. Due July 1. 1937. Dated July 2, 1917. Interest payable Jan. I and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding: (Jan. 1, '21) 546,600 Reserved for Prior Liens 134.000 Reserved for Ext. (80%) 819,400 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chicago. Redeemable at 102% and interest on any Interest date on 30 days* notice. Maintenance Fund — The company is re- quired to expend or set aside annually for maintenance and repairs, or for renewals and replacements a sum equal to 1 % of all out- standing bonds of this issue. Any part of this fund not used for such purposes may be used either for permanent extensions, enlarge- ments and additions against which no bonds may be issued or for the redemption and re- tirement of outstanding bonds. Should the sum thus provided not be sufficient, an added amount must be expended each year so that the property will be kept at all times in first class working condition and repair. Organization — Incorporated in Texas in 3 905 as successor to the Austin Gas Co. Capitalization. Outstanding. Common $250,000 Preferred (7% cum.) 300,000 Funded debt 696,000 Secured by a mortgage on all the property of the company now owned or hereafter ac- quired. The property covered includes plant completed in 1913 supplying gas to Austin, Tex. Population served about 40.000. Fran- chise expires In 1939. Prior Lien — $134,000 (closed mortgage) 1st 5s of 1925 for the retirement of which bonds are reserved under this mortgage. - Years ended Dec. 31: Gi'oss Net Bond Int. 1920 $244,833 $73,515 $39,845 1919 194,7G4 65,960 36,889 1918 166,786 54,921 34,279 191T 151,727 67,315 30,520 1916 136,778 63,312 26,985 Original Market — $ 440,000 offered July, 1917, by H. T. Holtz & Co.. Chicago. Market. Chicago — H. T. Holtz & Co., Eerdell Bros. Price Ran^e. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Ask. High 93 '19 96 '19 95 Mar. Low. 89 '18 90 '20 90 June AUSTIN (Tex.) STREET RAILWAY CO. 1st & Refg. 5s. Due Jan. 1, 1936. Dated January 2, 1911. Interest payable Jan. and July 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax de- ducted from interest payments. Authorized $1,500,000 Outstanding: (Feb. 14, '21) 633,000 Hclil in S. F 153,000 Reserved for Ext 714,000 I>e nomination — Coupon, $1,000, Register- able as to principal. Trustee — Ecfuitable Trust Co., New York. Kedeeniable at 102% and interest on any Interest date. Sinking Fund — Begrlnning 1915, and annual- ly thereafter, 2% of outstanding bonds includ- ing those held in sinking fund, to be applied to the purchase or redemption of these bonds at not over 102 Vz and interest. Bonds so redeemed to be kept alive and interest added to sinking fund. Organization — Incorporated in Texas in IE 11 and acquired the property of the Austin Electric Railway. Capitalization. Outstanding. Common $250,000 Preferred 190,000 Funded debt 786, 000 Secured by a first mortgage on street rail- way system in Austin, Tex« consisting of a power house, 21 miles ol tracK and equip- ment. Population served 45,000. Franchise expires in 1942. Years ended Dec. 31. Gross. Net. *DeductIons. 1920 $348,936 $88,962 $7b,»73 1919 273,184 96,696 80,047 1918 273,184 96.696 $80,047 1917 257,372 97,711 75,263 1916 269,994 106,020 67.500 1916 240,177 82.407 67,666 1914 262,069 109,640 64,463 •Interest, taxes and sinking fund. Original Market — Offered in 1911 by Bsta- brook & Co. , New York and Boston, at 95 and Interest. Market. New York— A. E. Pitkin & Co., Bstabrook & Co., Hartshorne & Eatelle. Boston^ — Estabrook & Co., Chas. A. Day & Co. Philadelphia — Chas. Fearon & Co., Sam*l K. Phillips & Co., McCown & Co. Price Range. Jan. 1, *15, to Jan. 1, '31 1D20 Bid. Ask. Bid. Ask. High 91 '16 94*15 50 Feb. 76 Mar. Low, 50 '20 60*20 50 Feb. 60 Feb. AVERY CO]Va»ANY 10-Year 8% Conv. S. F. Notes. Due Nov. 1, 1930. Dated Nov. 1, 1920. Interest payable May 1 and Nov. 1 at First Trust & Sav- ings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Anthorized $3,000,000 Outfstandingr 3,000,000 Purpose of Issue — To reduce bank loans and other current liabilities. Denomthations — Coupon, $1,000, $500 and $100 interchangeable and registerable as to principal. Trustee — First Trust & Savings Bank, Chicago." Kedeeniable upon 20 days* notice on May 1, 1921, Nov. 1, 1921, May 1, 1922, and Nov. 1, 1922, at 104 and interest, and at ^% less than 104 for each six months subse- quent to Nov. 1, 1922. Siiildng: Fund — Annually, beginning Nov. 1, 1921, an amount sufficient to retire at least $300,000 face value of these notes per annum. Convertible par for par into common stock at any time prior to maturity or If called for redemption at least 10 days prior to the redemption date. Organization — Incorporated in Illinois in 1907. as successor to 'Avery Manufacturing Co. Business established in 1877. In 1916 the company purchased the property of the Kingman Plow Co., adjoining its main plant at Peoria, 111. In 1917 the property of the Davis Manufacturing Co. of Milwaukee, "W'^is., was acquired, and in 1920 The Bar- tholomew Co., Peoria, was acquired. The Company manufactures agricultural implements, motor gang plows, motor plant- ers and cultivators, gas and oil tractors, threshing machines, motor trucks, ensilage cutters, etc. The company ■ operates In Texas thru the Avery Co. of Texas and In Canada thru the Canadian-Avery Co. The company owns warehouses at Kansas City, Omaha, Dallas, Des Moines and other dis- tributing centers. Capitalization, Outstanding. Common $5,179,400 Preferred (7%) 1,000,000 Funded debt 3,000,000 Seciu'ity — A direct obligation of the com- pany, but not secured by a mortgage. The indenture contains the following provisions: No mortgage or other liens may be put on the property of the company so long as any of these notes are outstanding. Current as- sets of the company shall be maintained in an amount equal to at least 200% of all liabilities exclusive of these notes and 140% of all liabilities including these notes.. No dividends on the common stock shall he paid by the company except out of surplus net earnings, from operations subsequent to Nov. 1, 1920. •Net. Years ending- Nov. 30: 1920 $17,355 1919 727,951 1918 663,145 1917 854,071 ♦After Federal taxes and interest. . Original Market — $3,000,000 offered Nov., 1920 by First Trust & Savings Bank, and A. G. Becker & Co., Chicago, at 100 and interest. Market Chicago — Fidelity Trust & Savings Bank, First Trust & Savings Bank. I^s Angreles — Drake, Riley & Thomas. Louisville, Ky. — Block, Fetter & Co. Cleveland — Stanley & Bissell. B BALDWIN COMPANY (THE) S-Year Conv. 8s. Due Sept. 15, 1925. Dated — Sept. 15, 1920. Interest payable March 15 and Sept. 15, at First National Bank, Cincinnati. Tax Status — 2% Federal Income Tax paid by company -without deduction. Authorized $2,500,000 Outstandingr 2,500.000 Purpose of Issue — To provide for addi- tional capacity and working capital. Denomination — Coupon, $500 and $1,000. Trustee — First National Bank, New York. Redeemable the foUowingr prices, plus ac- crued interest: During first year from Sept. 15, 1920, at 102%. During' second year from Sept. 15, 1920, at 102. During third year from Sept. 15, 1920, at 101%. During fourth year from Sept. 15, 1920, at 101. During fifth year from Sept. 15, 1920, at 100%. Sinking: Fund — Annually $100,000 to be applied to the purchase or redemption of these bonds at the current redemption price. Convertible par for par into 8% Cum. Debenture Stock. Organization — Business established In 1862, for the manufacture of pianos. Com- pany owns entire capital stock of The Baldwin Piano Co., The Baldwin Piano Manufacturing Co., The Ellington Piano Co., The Howard Piano Co., The Hamilton Piano Co., The Monarch Piano Co. and The Wm. H. Perry Iiumber Co. also owns con- trolling interest in the Baldwin Piano Co. of Indiana. Capitalization. Outstanding. Common ' $2,000,000 Pref. (5% cum.) 433,300 Deb. Pfd. (7% cum.) 366,700 Deb. Pfd. (8% cum.) 806,5' Funded debt 2,500,000 Secmfed — A direct obligation of the com- pany, but not secured by a mortgage. Under the provisions of the indenture the company covenants that while these notes are outstanding, it will not place any mort- gage on its present properties nor any of Its assets nor the assets of its subsidiaries without the written consent of 75% of the Debenture Preferred Stock. Provided, how- ever, that it may without such consent or vote issue Its notes or debentures for pur- pose of refunding any unpaid portion of this issue. The company may mortgage new properties acquired, and issue obliga- tions thereon, provided the value of the additional property shall not be less than the par value of notes so issued. Current assets must always be maintained In amount equal to 150% of current liablli- tlea Years ended Dec. 31: Gross 'Net 1920 $10,534,647 $697,445 1919 9,074,906 769,083 1918 8,150,897 -486.137 •After Interest. Original Market — $2,500,000 offered Sept., 1920, by Fifty-Third National Bank, Breed, Elliott & Harrison, Cincinnati, and W. E. Hutton & Co., Cincinnati and New York at 100 and Interest. BALDWIN liOCOMOTIVB WORKS Ist S. F. 58. Due May 1, 1940. Dated April 30, 1910. Interest payable May and Nov. 1, at Brown Bros. & Co., New York and Philadelphia. Pennsylvania Co. for Ins. on L. & G. A. Tax Status— 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $15,000,000 Outstanding: (Jan. 1, '21).... 8,788,000 Held in S. F .' 1,262,000 Keserved for Ext 5,000,000 Denomiuation — Coupon, $1,000. Reg-istera- ble as to principal or fully registerable. C. & R. interchangeable. Trustee — The Pennsylvania Co. for Insur- ances on Lives and Granting Annuities, Pliil- adelphia. Kedeemable as a whole at 115 and interest on any interest date after May 1, 1915. Sinking Fund — Beginning May 1, 1915, and annually tliereafter, a sum equal to 2% of all bonds issued for the purchase or redemption of th«^se bonds at not exceeding 107^^ nnd in- terest. Bonds so acquired to be held alive and interest added to this fund. Organization — Incorporated in Pennsylvania in 1&09 as successor to the firm of Burnham, Williams & Co., founded 1831 by M. "W. Bald- win. The Baldwin Locomotive Works w as incorporated in 1911 and acquired all the cap- ital stock of the original company and the entire $3,000,000 capital stock of the Stand- ard Steel Works Co, The company owns the largest individual plant in the world devoted to the manufacture of locomotives. Its prop- erty comprises a plant in the City of Philadel- phia covering 18 acres. Also owns 422 acres of land on which are foundries, smith shops - and erecting shops at Bddystone, Pa. (12 miles from Philadelphia^. The property of the Standard Steel Works Company is situat- ed at Burnham, Pa. Its plant consists of furnaces, tire mills, spring shops, foundries, 11 miles of railway with locomotives and freight cars, and covers 87 acres. Capitalization. Outstanding. Common $20,000,000 Preferred (7% cum.) 20,000,000 Funded debt 8,788,000 Secured by a first mortgage on all the prop- erty of the company as described above and by a first lien by deposit with the Trustee, all the capital stock of the Standard Steel Works Co, ($3,000,000). The mortgage pro- vides that the unencumbered quick assets of the corporation shall at all times equal its aggregate indebtedness. Including outstanding bonds. Years ended Dec. 31. Gross. Net, *Deductlon8. 1920.. $73,542,666 t$S.407.270 1919.. 84,307,777 9,945,672 $1,074,429 1918.. 123,179,252 19,760,441 1,498,329 1917., 98,263,865 12,740,485 1,546,645 •Taxes (not Including Federal), Interest. etc. tAfter Interest. Listed — New York and Philadelphia Stock Exchanges. Original Market — $10,000,000 offered May, 1910 by Kuhn, Loeb & Co., and Brown Bros, & Co., New York. Market. New York — Carruthers, Pell & Co., Fred H. Hatch & Co. Philadelphia — Arthur J. Bender, BIddle & Henry, Brown Bros. & Co., Elktns. Morris & Co., Chas. Pearon & Co., Geo. N. Flem- ing, 'Wm. W. Fogarty, Gisham, Parsons & Co., Huntoon & Oo.» McCown & Co., J. P. MagiU & Co.:, Heed A. Morgan & Co., Sazn- 93 uel K. Phillips & Co.. H. D. Boenning & Co., Parsley Bros. & Co. Price Range — N. Y. S. E. Jan. 1, '10 to Jan. 1. '21 1920 High 106% Dec. 2. '15 97 Feb. 20 Low. 98% Sept. 23. '20 90% Sept. 23 Price Range. Jan. 1, '18, to Jan. 1, '31 Bid. High 100 '18 Low. 90 '19 BALTIMORE & ANNAPOLIS SHORT LINE RAILROAD CO. 1st 5s. Due August 1, 1946. Dated August 6 , 1906. Interest payable Feb. and Aug. 1, at Alex. Brown & Sons, and Fidelity Trust Co., Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Maryland. Authorized and Outstanding. ... $1,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., Baltimore. Redeemable at 110 and interest on any in- terest date on 90 days' notice. Assumed by the Washington, Baltim,ore & Annapolis H. R. Co. Control — Incorporated in Maryland in 18&3. Consolidated in 1906 with the Maryland Elec- tric Ry. Co. into the Maryland Electric Rya. Co. and its line electrified. In Jan., 1921, the property covered by this mortgage was acquired by the Washington, Baltimore & Annapolis R. R. Co. Secured by a first mortgage on all prop- erty, rights and franchises, including 25 miles of electric street railway between Cliffords Station and Annapolis, Md.^ Original Market — Offered 1907 by J. S. Wil- son, Jr. & Co. and Fidelity Trust Co., Balti- more, at 97 and interest. Market. Baltimore — Howard R. Taylor & Co., Barroll & Gokran & Co. Price Range. Jan. 1, '09, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 95 '09 97^ '13 50 60 Low. 50 '19 55 '17 . . 50 BALTIMORE & CUMBERLAND VALLEY RAILROAD CO. (THE) 1st 6s. Due July 1, 1929. Dated July 1, 1 879. Interest payable Jan. and July 1 at National Bank of Commerce, Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. . Authorized $72,S00 Outstanding 72,800 Denomination — Coupon, $500 and $100. Trustee — Mercantile Trust & Deposit Co., Baltimore. AsEjomed by the Western Maryland Ry. Co. Control — Incorporated in Pennsylvania In 1878 and leased Its property for 50 years from July 1, 1879, to the Western Maryland R. B. Co. at an annual rental equivalent to interest and taxes. Merged Jan., 1917, Into the West- em Maryland By. Co. Secured by a flr^t mortgage on 4.56 miles of road from Maryland State Line to Wa3mes- boro. Pa. Underlies — ^Western Maryland By, 1st & Bef. Mtge,, under which bonds are reserved to retire this Issue. Listed — Baltimore Stock Exchange. Market. New York — Wm. G. Orton & Co. Baltimore — John D. Howard & Co., Jenk- ins, Whedhee & Foe, Smith. Lockhart & Co., Howard R. Taylor & Co., Poe & Davis. Not available. BALTIMOKE & CUBIBERLAND VALLEY RAILROAD EXTENSION CO. (THE) Ist 6s. Due July 1, 1931. Dated July 1, 1881. Interest payable Jan, and July 1, at. National Bank of Commerce, Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $230,000 Denomination — Coupon, $1,000. Trustee — Mercantile Trust & Deposit Co., Baltimore. Guaranteed as to interest, under terms of lease, by the Wesetrn Maryland Ry. Co, Control — Incorporated in Pennsylvania in 1880. Property was leased to the Western Maryland R. R. Co. for 50 years from July 1, 3 881, at a rental equivalent to interest on bonds and 7 % dividend on $2 70, capital stock, and lease assumed by the W. M. Ry. Co. Merged in 1917 into the Western Mary- land Ry. Co. Secured by a first mortgage on 26.52 miles of road from Waynesboro to Shippensburg, Pa. ; together with all other property now owned or hereafter acquired. Underlies — Western Maryland Ry. Co. lat & Ref. Mtge., under which bonds are reserved to retire this issue. Legal for savings banks in Conn. Market. See Railway 6s due 1929. Price Range. Jan. 1, '08, to Jan. 1, '31 1930 Bid. Bid. High 112 '09 93 Feb. Low. 90 '19 93 Feb. BALTIMORE & CUMBERLAND VALLEY RAILWAY CO. 1st 6s. Due July 1, 1939. Dated July 1, 1879. Interest payable Jan. and July 1, at National Bank of Commerce, Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized ._^ $48,500 Outstanding 48.500 Denomination — Coupon, $500. Trustee — Mercantile Trust & Deposit Co., Baltimore. Assumed by the Western Maryland Ry. Co. Control — Incorporated in Maryland in 1878, and leased for BO years^^ from July 1, 1879, with right' of renewal to the Western Mary- land R. R. Co.. at an annual rental equiva- lent to interest and taxes. Merged Jan. 23. 1917, into the Western Maryland Ry. Co. Secured by a first mortgage on 3.03 miles of road extending from Edgemont, Md., to Penn* aylvania State Line. Underlies — Western Maryland Ry. Co, Ist & Bef. Mtge., under which bonds are reserved to retire this issue. Listed on the Baltimore Stock Exchange. Market. New York- — Carrutiiers, Pell & Co. Baltimore — John D. Howard & Co., Smith, Lockhart & Co. 94 BALTIMORE & HARRXSBURO RAILWAY CO. 1st 5s. Dae Nov. 1, 1936. Dated November 1, 18S6. Interest payable May and Nov. 1, at National Bank of Com- merce, Baltimore, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Oatstandin? — ....$690,000 Denomination — Coupon, $1,000. Ree:isterable as to principal or fully reglsterable. Trustee — ^Mercantile Trust & Deposit Co., Baltimore. Assumed by the Western Maryland Ry. Co. Control — Incorporated in Pa. and Md. in 1886. Property leased for 50 years from Oct. 25, ,1886, to the Western Maryland R. R. Co. Merged Jan.. 1917, into the Western Maryland Ky. Co. Secured by a first mortgage on 65.03 miles of roac", viz: Miles Emory Grove, Md., to Orrtanna, Pa 58.43 Valley Jet. to Hanover Jcf7, Pa 6.20 Intersection, Pa., to Maryland State Line 1.30 Underlies — ^Western Maryland Ry. Co. 1st & Ref. Mtgre., under which bonds are reserved to retire this issue. Listed on the Baltimore Stock Exchange. Market. New York — Frederick H. Hatch & Co. Baltimore — Earrall, Corkran & Co., Jenk- ins, Whedhee & Poe, Smith, Lockhart & Co., Howard R. "taylor & Co. Philadelphia — Graham, Parsons & Co., Isaac Starr Jr. & Co., McCown & Co. Price Range. Jan. 1, '08, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 110 '08 110 '09 90 Feb. 95 Feb. Low. 85 '17 95 '19 90 Feb. 95 Feb. BALTIMORE & HABRISBURG RAILWAY CO. Western Extension 1st 5s. Due May 1, 19.S8. Dated July 7, 1888. Interest payable May and Nov. 1, at National Bank of Commerce, Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $240,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Mercantile Trust & Deposit Co. , Baltimore. Asnmed by Western Maryland Ry. Co. Control — Incorporated in Pennsylvania in 1888 and property leased for 50 years from June 1, 1889, to the Western Maryland R. R. Co. Merged in 1917 into Western Maryland Ry. Co. Secured by a first mortgage on 15 miles of road from Orrtanna, Pa., to Highfield, Md. Underlies — ^Western Maryland By. Co. 1st &. Ref. Mtge... under which bonds are reserved to retire this issue. Listed on the Baltimore Stock Exchange. Market. New York — Frederick Hatch & Co., Wm. C. Orton & Co. Baltimore — Barral, Corkran- & Co., Jenk- insfi Whedhee & Poe, Smith, Lockhart & Co., Howard K. Taylor & Co. Philadelphia— Isaac Starr Jr. & Co. Price Range. Jan. 1, '08, to Jan. 1, '31 " 1930 Bid. Ask. Bid. Ask. High 110 '10 111 '10 78 Aug: Low. 78 '20 93 '19 78 Aug BALTIMORE & OHIO RAILROAD CO. Chartered in Maryland In 1827. In 1896 the company was placed in receiver's hands, but a reorganization was effected without fore- closure. The company owns or controls 4,868.91 miles of road, extending from Phila- delphia to Baltimore, Washington, Pittsburgh, Cleveland, Cincinnati, Louisville, Chicago and St. Louis, and includes numerous branch lines. A large part of the mileage including prac- tically the entire line from Philadelphia to Chicago, is double-tracked, and large sums -are being expended in straightening the main line and reducing grades. "The company serves the soft coal fields of Pennsylvania and West Vir- ginia, about two-thirds of its total tonnage be- ing in the products of mines. Under reorganization agreement of the Cin- cinnati, Hamilton & Dayton Ry. Co., the B. & O. R. R. acquired all the securities of the Toledo & Cincinnati R. R. Co., the successor company. It also owns about one-fifth of the total capital stock of the Reading Co., includ- ing $6,945,593 1st preferred, $14,265,000 2nd preferred and $10,002,000 common stock. Common $152,317,468 Preferred (4% cum.) ." 60,000,000 Funded debt 474,303,048 Years ended Dec. 31: Gross. Net. Int & Rent *1919 $27,748,824 $33^178,041 $22,938,794 tl919 182,620,016 9.931,788 4,875,797 •1918 27,744,740 32,945,691 21.920,288 tl918 174,191,448 16,580,546 3.424,761 1917 133,613.321 32,218,525 24,189,150 1916 116,968,882 34.268,685 21.016,009 1915 100,717,666 34,690,477 19,115,066 ♦Corporate account. tFederal account — standard return not in- cluded. 96 BALTIMOlBE & OHIO RAILROAD CO. Prior Lieu 3^8. Due July 1, 1935. Dated July 1, 1989. Interest payable, Cou- pon Bonds, Jan. and July 1, at Company's oflace, 2 Wall Street, New York; Registered Bonds, Jan., April, July and Oct. 1. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstandingr $74,910,175 Held in Treasury 89.825 Denomination — Coupon, $1,000 and $500. Registerable as to principal, or fully register- able. Registered, $1,000 and multiplies. Trustee — Bankers' Trust Co., New York. Secured by a direct or collateral lien on 1,077.07 miles of road, viz: A first mortgage on 703.34 miles — Miles. Baltimore (Camden Station), Md., to Wheeling, W. Va 378.18 Washington, D. C, to Washington Jet. Md 41.56 Miller to Berkeley Station, W. Va 14.54 Hancock to Berkeley Springs, W. Va. . 6.06 Grafton to Belington, W. Va 41.47 Green Spring to Romney, W. Va 16.11 Beryburg Jet. to Beryburg, W. Va 3,90 Grafton to Parkersburg, W. Va 104.56 Relay Station, Md., to Washington. D. C 29.75 Miscellaneous branches 66.11 A first collateral lien (through deposit of all the bonds and practically all the stock of pro- prietary companies) on 374.83 nilles: Miles. Weverton to itagerstown, Md 23.92 Mt. Savage Jet., Md., to Pittsburgh, Pa 163.35 Garrett to Berlin, Pa 11.93 Salisbury Jet, to Niverton, Pa 12.57 Rockwood to Johnstown, Pa 40.04 Green Jet. to Unlontown, Pa 11.36 O. & B. Short Line Jet. to Elm Sid- ing, Pa 9.93 Board Ford to Mt. Pleasant. Pa..,^..., 9,70 Confiuence and Oakland Jet., Pa., to Kendall, Md 19.70 Wheeling Jet. to Wheeling, W. Va.... 63.34 UnderUes — B. & O. 1st 4s of 1948, which provide for retirement of this Issue. Conv, 4%s of 1933 and Kef. & Gen. Mtge. The lat- ter issue pi'ovides for the retirement of this issue. Legral for savings banlts in Conn., Mass., Ore. and Vt. : also Baltimore Trust Funds. liisted on the New York Stock Sxchanse. Original Market — $2,000,000 offered 1908 by the Guaranty Trust Co., New York, and Alex. Brown & Sons, Baltimore. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Colgate, Parker & Co., Con- stable & Fleming,' Arthur E. Frank & Co., Samuel Goldschmidt, Granger & Co., Herz- feld & Stern, Newborg & Co., Prince & Whitely, R. N. Pressprich & Co., Redmond & Co., Struthers & Hiscoe, Seasongood, Haas & Macdonald. • Baltunore — J. S. Wilson Jr. & Co. Fhiladelpliia — Arthur J. Bender, Klkins, Morris & Co., Wm. "W. Fogarty. liOulsville — Fidelity & Columbia Trust Co. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '81 1920 High 97^ June 7, 'OG 85 Oct. 19 Low. 78 May 20, '20 78 May 20 BALTIMORE & OHIO RAILROAD CO. 1st 4s. Due July 1, 1948. Dated July 1, 1898. Interest payable. Cou- pon, April and Oct. 1, at 2 Wall St., New York, Registered, Jan., April, July and Oct. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $166,000,000 Limited by Kef. & Gen. Mtge. to 157,000,000 Outstanding 82,000,000 Reserved for Prior Liens 75,000,000 Denomination — Coupon, $1,000 and $500. Resisterable as to principal or fully register- able. Registered, $1,000 and multiplies. Trustees — United States Trust Co., New York, and John A. Stewart. Redeemable at 105 on or after July 1, 1923, upon 3 months' notice. Secured by a direct or collateral lien on 1,638. %4 miles of road, viz: A first lien on 1S6.3^ miles — Miles. Md.-Del. State Line to Bay View Yard, Md., and branches 54.80 Akron to Chicago Jet., 65.79 Lodi to Mlllersburg, 36.73 A first collateral lien on 404.54 miles — Eastwick (Philadelphia), Pa., to Md.- Del. State Line and branches 56.61 Childs to Providence Mills, Md 4.00 Bay View to Baltimore, Md 7.24 Uniontown, Pa., to F. M. & P. Jet., W. Va., and branches 73.65 Chicago Jet., O., to Ind.-IU. State Line 257.12 Ind.-Ill. State Line to Brookdale, 111. 6.92 A second lien on 7012.34 miles — Covered by B. & O. P. L. 3%s 702.24 A second collateral lien on 374.83 miles — Covered by B. & O. P. L. S>4b 374.83 Also secured by pledge of $8,500,000 (en- tire issue) B. & O. R. R. Terminal 4%s, due 1934, which are a first lien on terminals in Baltimore, Brunswick and Cumberland. Md.; Benwood, W. Va., and Pittsburgh and Phila- delphia, Pa. This issue is also a collateral lien by deposit of stocks and bonds on 20.31 miles of road, viz: Park Jot., Phila., to Eastwick, Phlla., Pa. (connection with Phlla. & Reading R. R.). East Side to Philadelphia, Pa. Metropolitan Souhern Jet., Md., to Mary- land-District of Columbia State Line. Aqueduct Bridge, Georgetown, D. C, to Dis- trict of Columbia-Maryland State Line. Aqueduct Bridge to Rock Creek In George- town, D, C. Prior Liens — $74,896,400 Prior Lien 3%8 1925, $5,000,000 Schnylkill Biver East Side R. R. 4s of 1925. Underlies — Convertible Debentures and Ref. and Gen. Mtge. Bonds are reserved under this mortgage to retire this issue. Leg^I for savings banks in Mass., N. Y., Ore. and Vt. ; also Baltimore Trust Funds. Listed on the New York Stock Exchange. Original Market — $4,000,000 offered 1908 by Alex. Brown & Sons, Baltimore, and Guar- anty Trust Co., New York. $6,000,000 offered in July, 1913, by Kubn, Loeb & Co., Speyef & Co., White, Weld & Co., Harris, Forbes & Co., and Clark, Dodge & Co., all of New York, at 89% and interest. Market. New York — Simion Borg & Co., Ambrose R. Clark & Co., Coffin & Co., Colgate, Park- er & Co., Constable & Fleming, Granger & Co., Hodenpyl, Hardy & Co., Newborg & Co., Prince & Whitley, Redmond & Co., Roose- velt & Son, Raymond M. Smith, Struthers & Hiscoe, Seasongood, Haas & Macdonald, Vilas & Hickey. Boston — R. L. Day & Co. Baltimore — Smith, Lockhart & Co., How- ard H. Taylor & Co., J. S. 'Wilson Jr. & Co. Philadelphia — Barnes & Lofland, Biddle & Henry. St. Louis — Francis Bros. & Co. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, 'Zl 1920 High 105% Jan. 2G, '06 74^4 Oct. 8 Low. 57% May 20, '20 67% May 20 96 BALTIMORE & OHIO RAILROAD CO. Plttsb. Jet. & Middle Div. 1st SVsa. Due Not, 1, 1925. Dated November 1, 1898. Interest payable on coupon. May and Nov. 1, at Company's office, 2 Wall St., New York, on registered, Feb., May, Aug. and Nov. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding 6,124,600 Fledged Under P.. L. E. & W. Va. 4s of 1941 8,711,660 Held in Treasury 780 Unissued 5,163,170 Unissued Bonds, if issued, shall be depos- ited under B. & O.. P., L. E. & W. Va. Sys- tem Refg. Mtge. Denomination — Coupon, $500 and $1,000, Registerable as to principal, or fully register- able. Registered, $1,000 and multiplies. Trustee — Central Union Trust Company of New York. Secured by a direct or collateral lien on 379.74 miles of road, viz: A first mortgage on 229.90 miles — Miles. Shawnee to Sandusky, 160.10 Columbus to Midland City, 69.80 A second mortgage on 143.37 miles (cov- ered by the first lien of Cent. R. R. Cons. 4V4s)— Bellaire to Columbus, 136.80 Neff to Clalrsville, 6.67 Also a collateral lien on 6.47 miles — Loughlin Jet. to Willow Grove, Pa. River Branch to Pittsburgh, Pa. Prior Uens — ^Subject to $2,186,000 prior Hens, viz: Pittsburgh Jet. R. R. Ist 6s 1922. .. .$934,000 Pittsburgh Jet. R. R. 2d 5s 1922 243,000 Central Ohio R. R. Cons. Ist 4H8 1930 1,009,000 The balance of the above issues Is pledged hereunder. Underlies — B. & O. Pitts., L. B. & W. Va., Ref. 48, Ref. & Gen. Mtge. and Conv. 4 Vis of 1933. Bonds are reserved under first two mortgages to retire this issue. LiCgal for savings banlcs in Conn., Mass., «■. H., N. Y., Ore. and Vt. listed on the New York Stock Exchange, Market. New York — Simon Borg & Co., Constable & Fieming, Arthur E. Frank & Co., Samuel Goldschmidt, Hodenpyl, Hardy & Co., Prince & Whitely, R. W. Pressprioh & Co., Red- mond Co., Roosevelt & Co., Raymond M. Smith, Taylor, Smith & Hard, Vanderhoef & Robinson, Vilas & Hickey. Baltimore — J. S. Wilson Jr. & Co. ' Fliiladelphia — Arthur J. Bender. Trice Banee — N. If. S. E. Jan. 1, 'XT, to Jan. 1, '31 1920 High 94 Jan. 23, '17 81 Oct. 19 Low. 60 Jan. 7, '20 60 Jan. 7 BALTIMORE & OHIO BAILKOAD CO. So. West. Dlv. 1st SVzB. Doe Jnly 1, 1935. Dated January 1, 1899. Interest payable, registered, Jan., April, July and" Oct. 1, cou- pon, Jan. and July 1, at company's office, 2 Wall St., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Anthorized $45,000,000 Outstanding 44,991,630 Held in Treasuiy 8,370 Denomination — Coupon, $500 and $1,000. Principal may be registered, also fully regia- terable. Registered $1,000 and multiplies thereof. Trustee — Farmers* Loan & Trust Co., New York. Secured by a first collateral lien on entire capital stock ($4,000,000) and the entire issue ($45,000,000) B. & O. Southwestern R. R. Ist 3%s of 1925, which are secured by a first mortgage on 920.55 miles of road as follows: Miles. Belpre, 0., to Bast St. Louis, Mo 528.22 Belpre to Marietta, 11.36 Mineral City to Carbondale, 4.65 Hamden to Portsmouth, 55.45 Blanchester to Hillsboro. 21.60 North "Vernon to Jefferson, Ind 54.18 Watson to New Albany, Ind 6.77 Riverdale Station to Bedford, Ind 10.22 Shawneetown to Beardstown, 111 228.11 Underlies — ^Ref. & Gen. Mtge., which pro- vide to retire this issue and Conv. 4%s of 1933. listed on the New York and London Stock Exchanges. Leeral for savings banks in Conn., Mass. and Vt. ; also Baltimore Trust Funds. Original Market— Ofl:ered In 1908, $1,600,- 000, by Alex. Brown & Sons, Baltimore, and the Guaranty Trust Co., New York. Market. New York^jAmbrose R. Clark & Co., Oof- fin & Co., Colgate, Parker & Co., Samuel Goldschmidt, Granger & Co., Herzfeld t& Stern, Kountze Bros., Newborg & Co., Prince & Whitely, R. W. Pressprioh & Co., Red- mond & Co., Roosevelt & Son, Raymond M. Smith, Struthers & Hiscoe, Taylor, Smith & Hard, Vanderhoef & Robinson, Vilas & Hickey. Baltimore — J. S. AVilson Jr. & Co. Philadelphia — Wm. W. Pogarty. Fxlca Range-^N. Y. S. E. Jan. 1, '06, to Jan. 1, 'Zl 1990 High 94 Jan. 16, '17 79 Oct. 11 Low. 69% July 29, '20 67% July 29 BALTIMORE & OHIO RAILROAD CO. Pitts., I.ake Erie & W. Ya. Bef. 4s. Due Nov. i, 1641 Dated November. 1, 1901. Interest payable May and Nov. l s^t Company's ofilce, 2 Wall St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $76,000,000 Outstanding 43,000,000 Held in Treasury 442,400 Deposited Under Gen. & Bef. 5s 1,431,000 Reserved for Prior Liens •30,126,600 •70% be pledged under Ref. & Gen. mtge. when issued. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Central Union Trust Co., New York. Bedeemable, as a whole only, beginning Nov. 1, 1925, at par on any interest date on three months' notice. Secured by a direct or collateral lien on 1,643.20 miles of road, viz: A first lien on 262.18 miles — Miles. Clarksburg to Brooklyn, W. Va 61.93 Lore City to Cumberland, 16.94 Haselton via Girard and Warren to Cuyahoga Falls, 61.71 De Forest Jet. to Fairport, 49.86 Fairmont to Clarksburg, W. Va 36.60 Ravenswood to Spencer, W. Va 32.76 A second lien on 591.10 miles (covered by the first lien of the following: Ohio River R. R. Gen. 6s 42.20 Huntingon & Big Sandy R. R. 1st 63. . 10.92 Pitts., Cleve. & Tol. 1st 63 47.61 West Va. & Pittsburgh 1st 4s 177.13 Cleveland Terminal & ValleyTl. R". 1st 4s 83.43 B. & O. Pitts. Jot. & Middle Div. 1st 3%s : 229.91 A third lien on 309.03 miles (covered by the first lien of the following): Ohio River R. R. 1st 63^. 165.62 Central Ohio R. R. Cons. 1st 4%s 143.40 A fourth lien on 198.24 miles (covered by the first lien of the following): Cleve., Lorain & Wheeling 1st Cons. Ss 198.24 A collateral lien by pledge of stocks and bonds of proprietary companies on 282.66 miles — Miles Pittsburgh, Pa., to New Castle Jet., Pa 54.88 New Castle .Tot. to New Castle, Pa.... 4.19 Gallery to Mt. Jewett, Pa 137.06 Ribold Jet. to Harmony Jet., Pa 8.02 Zanesville to West Marietta, 72. 04 Connection with B. & O. R. R. in Pa. to a connection with the Pitts, & Western R. R. in the Borough of Millvale, Pa 6.47 Also secured by pledge of the following un- derlying bonds: Pledged. B. & O. Pitts. Jet. & Middle Div. 1st 3%3 1926 $8,711,660 Central Ohio R. R. Cons. 1st 4s 1930 1,491,000 Cleveland, Lorain & Wheeling Cons. Ref. 4V4s 1930 3,060,000 Cleveland, Lorain & Wheeling Gen. 63 ,1936 : 3,000 Cleveland Terminal Valley R. R. 1st 4s 1996 2,699,000 Huntington & Big Sandy 1st 6s 1922 97,000 Pitts., Cleveland & Toledo 1st 6s 1922 1,959,000 Ravenswood, Spencer & Glenvllle 1st 6s 1920 16,000 West Virginia & Pittsburgh 1st 48 . 1990 19,000 Prior Liens — Subject to $28,508,500 prior liens, viz: Huntington & Big Sandy R. R. 1st 6s of 1922 .- 303,000 Pitts.. Cleveland & Toledo 1st 6s of . 1922 441,Oeo EUwood Short Line 1st 63 1922 300,000 Pitts. Junction R. E. 1st 6s 1922... 934,000 Pitts. Junction R. K. 2a 63 1922 243,000 B. & O. Pitts. Jet. & Middle Div. 3%s 1925 6,124,500 Cleve., Lorain & Wheel.Cons. Ret. 4'^3 1930 960,000 Central Ohio R. R. Cons. Ist 4%s 1930 1,009,000 Cleve., Lorain & Wheeling l3t Cons. 53 1933 5,000,000 Cleve., Lorain & Wheelinir Gen. 5s 1936 890,000 Ohio River R. R. 1st Ss of 1936 2,000,000 Ohio River R. R. Gen. 5s of 1937.. 2,911,000 Ohio & Little Kanawha 1st 6s 1960 225,000 West Va. Si Pittsburgh 1st 4s of 1990 3,877,000 Cleve. Terminal & Valley R. R. 1st 4s 1995 3,301,000 Underlies — Conv. 4^s of 1933 and Ref. and Gen. Mtge., which provide for retirement of this issue. liisted on the New Tork and London Stock Exchanges. Legral for savings banks in Conn., Mass., N. Y., Ore. and Vt. ; also Baltimore Trust Funds. Original Market — $13,000,000 offered Feb.. 1909, by Alex. Brown & Sons, Baltimore, and Kuhn, Loeb & Co., and Speyer & Co., New Tork. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Constable & Fleming, Arthur E. Prank & Co., Samuel Goldschmidt, Hirsch, LilieHthal & Co., Hodenpyl, Hardy & Co., Prince & Whitely, R. W. Pressprich & Co., Redmond & Co., Roosevelt & Co., Rutter & Co., Raymond M. Smith, Struthers & Hisooe, Vilas & Hickey. Baltimore — Jenkins, Whedhee & Poe, J. S. Wilson & Co, , . Price Range — ^N. T. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 99% Jan. 16, '06 69% Oct. 7 Low. 61% Deo. 16, '19 61% May 17 BAXTIMOBE & OHIO RAILROAD CO. Conv. Deb. 4%s. Dne Marcti 1. 1933. Dated March 1, 1913. Interest payable March and Sept. 1, at Company's office, 2 Wall Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthnrized and Outstanding. . .$63,260,000 Denomination — Coupon, $1,000 and $500, Begisterable as to principal. Registered, $500, $1,000, $6,000, $10,000, and multiplies. C. & R. Interchangeable. Trustee — Central Union Trust Co., New Tork. Redeemable as a whole on March 1, 1923, or any interest date thereafter at 102% and In- terest, on 90 days' notice. Convertible into common stock of the Com- pany at $110 a share on or before February 28, 1923. The right of conversion not af- fected by call for redemption if made, on March 1, 1923. Security — These debentures are now a lien pari passu with the Ret. & Gen. Mtge., which issue provides to retire these bonds. For further detail see description of last- named issue. Legal for savings banlcs in Conn., Mass., N. T., Ore. and V-t. Listed on New Tork and London Stock Ex- changes. Original Market — Underwritten by Kuhn, Loeb & Co. and Speyer & Co., of New Tork, $63,260,000 offered to stockholders Jan., 1913, at 96% and Interest. Market. New York — Granger & Co., Herzfeld & Stern, Hirsch, Lilienthal & Co., Newborg & Co., N. A. McDonald & Co. Baltimore — J. S. Wilson Jr. & Co. Ptiiladelpliia — Charles Fearon & Co. Price Range — N. Y. S. E. Jan. 1, '13, to Jan. 1, '81 1920 High 98% Jan. 16, '16 75% Oct. IS Low. 53% Dec. 17. '19 67% July 28 08 BALTIMORE & OHIO RAILROAD Ref. & Gen. Series "A" Ss and Series "B" 6s. Dne Dec. 1, 1995. Dated Dec. 1, 1916. Interest payable June 1 and Dec. 1, at Company's office, 2 Wall St.. New Tork. Tax Status — Payment of Federal Income Tax jiot assumed by company. Authorized — See "Provisions of Issue." Outstanding (Series "A").... $60,000,000 Pledged to secure 6% notes (Series "B") 15,000,000 Reserved for prior liens 293,000,000 Reserved to retire Conv. 4%s 63,250,000 Reserved for Ext 210,61)2.404 Provisions of Issue — Limited to an amount which together with all the prior debts of the company after deducting therefrom the bonds reserved under the mortgage to retire prior debts at maturity shall not exceed three times the then outstanding capital stock of the com- pany, with the additional limitation that when the aggregate amount of bonds outstanding and the bonds reserved to retire prior debts shall be $600,000,000 no additional amount of bonds shall thereafter be issued except the bonds so reserved to retire prior- debts without further consent of the stockholders of the company, and such additional bonds may be issued only to an amount not exceeding 80% of the cost of work done or property acquired. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Registered $500, $1,000 and multiplies of $1,000. Coupon and registered interchangeable. Trustee — Central Union Trust Co. and James N. Wallace', New Tork. Redeemable as a whole on June 1, 1925, or any interest date thereafter at 105% and in- terest on three months' notice. Secured pari passu with the Conv. 4%3 of 1933 on practically the entire property of the company comprising 4,508.18 miles of first track, equipment, terminals and securities as follows : A first lien on 36.12 miles — Miles. Patterson Creek, W^. Va., to McKen- zie, Md 6.24 Tygert Jet. to Buokhannon, W. Va., and branches 21. 69 Federal Jet. to Grant Town, W. Va., and branches 8.19 A first collateral Hen on 110.20 miles — Cranford Jot. to Arthur Kill Bridge, N. J 6.31 Arthur Kill Bridge to South Bridge, S. I., N. Y 10.89 Harpers Ferry. W. Va., to Winchester, Va 31.43 Winchester to Strasburg, Va, 19.00 Quemahoning Jet. to Garret, Pa., and branches 41.28 Brainerd Jet. to Chicago, 111 2.30 A second lien on 455.11 miles — Covered by the B. & O. 1st 4s 166.3* Covered by the B. & C, Pitts., Lake Brie & W. Va. Ref. 4s ; 262.18 Covered by Hampshire Southern 1st 5s 36.61 A second collateral lien on 1,540.94 miles covered by the direct flrst or collateral lien: Miles. Staten Island Ey. 1st 4V4s 12.65 B. & O. 1st 4s 415.69 B. & O. S. W. 0iv. 3%s 920.55 B. & O. P. L. E. & W. Va. Ref. 4&.. . 191.05 A tliird lien on 1,283.50 miles (covered by the first lien of the following): Miles. B. & O. Prior Lien .3%s 702.25 B. & O. Pitts. Jet. & Middle Div. 1st 3%s 229.91 West Virginia & Pittsburgh 1st 4s.... 177.13 Ohio River R. R. 1st 5a 42.20 Huntington & Big Sandy R. R. 1st 6s. 10.92 Cleveland Terminal & Valley R. R. 1st 4s 83.43 Pittsburgh, Cleveland & Toledo 1st 6s. 37.66 A tliird collateral lien on 545.51 miles cov- ered by the direct or collateral first lien, viz: Miles. Chicago School Board 5s and Chicago £ Great Western 1st 6s 76.53 Schuylkill Rlvei' East Side R. R. 1st 4s 9.16 B. & O. P. L. 3%s 374.83 Ellwood Short Line 1st 6s 3.10 Pitts.. Cleve. & Toledo 1st 6s 9.86 Ohio & Little Kanawha 5a. . . . .■ 72.04 A fourth lien on 309. OS miles covered by the first lien, viz: Miles. Ohio River R. R. 1st Bs 165.62 Central Ohio R. R. Cona. Ist 4%a.... 143.41 A fifth lien on 198.84 miles — Covered by Cleveland, Lorain & Wheel- ing Cons. 1st 63 198.24 A fifth collateral lien on 6.47 miles- Covered by Pittsburgh Jot. R. R. 1st 6s 6.47 Also secured bv pledge of the following se- curities: $2,126,000 of $4,252,000 capital stock of the Washington Terminal Co.: all the underlying bor.ds (except Pitts. Jet. & Middle Div. 3%s) deposited under the B. & O. P. L. B. & W. Va. Kef. 4a: properties covered by thn firat collateral lien of the B. & O. 1st 4s, and entire equipment of the company, subject to prior Hens. Pi-ior Liens — Subject to $279,966,306 prior liena, viz: Elwood Short Line 1st 5s 1922 $300,000 Pittsburgh Jet. R. R. 1st 6s 1922.. 934,000 Pittsburgh Jet. R. R. 23 5s 1922.. 243,000 Huntington & Big Sandy 1st 6s 1922 303.000 Pitts., Cleve. & Toledo 1st 6s 1922 441,000 B. & O. Pitts. Jet. & Middle Div. 1st 3%s 1925 6,124,600 B. & O. Prior Lien 3%s 1925 74,910,176 B. & O. Southwestern Div. 1st 3 Via 1925 44,991,630 Schuylkill River East Side R. R. 1st 4s 1925 6,000,000 Central Ohio R. K. Cons. 1st 4%s 1930 1,009,000 Cleve., Lorain & Wheeling Cons. Ref. 4%s 1930 960,000 Cleve., Lorain & Wheeling 1st Cons. 6a 1933 6,000,000 Hampshire Southern R. R. 1st Ss - 1934 5.000 Cleve., Lorain &■ Wheeling Gen. 5s 1936 890.000 Ohio River R. R. 1st 5s 1936 2,000,000 Chicago & Great Western H. R. 6s 1936 394,000 Ohio River R. R. 1st 5s 1937 2,911,000 B. & o. Chicago Terminal R. R. Pur- chase Money 6s 1938 650,000 B. & O. Pitts., Lake Erie & W. Va. Ref. 4s 1941 43,000,000 Staten Island Ry. 1st 4%s 1943 511,000 Baltimore & Ohio 1st 4s 1948 82,000,000 Ohio & Little Kanawha R. R. 1st 6s 1950 . .- - 226,000 West Virginia & Pittsburgh 1st 43 1990 3,873,000 Cleve. Terminal Valley R. B. lat 4s 1996 3,301,000 Legal for Savings Banks in Cal., Conn., Mass., N. Y., Oie. and Vt. Listed on the New York Stock E.\chauge. Original Market^Sold by the B. & O. R. R. Co. to Kuhn, Loeb & Co. and Speyer & Co., at 97, and by these firms to a syndicate at 98, and offered to the public at par and In- terest in November, 1915. Market. New York — Bigelow & Co., Granger & Co., Hirsch, Lilientha & Go., Prince & Whitely, Redmond & Co., Vilas & Hickey, Merrill, Lynch & Co. Baltimore — J. S. Wilson Jr. & Co. Louisville — Geo. T. Wood & Son. St. Louis — Francis Bros. & Co. Price Range — N. ¥. S. B. Jan. 1, '16, to Jan. 1, '21 " 1920 High 101 Vz Mar. 13, '16 76% Oct. 6 Low. 55% Dec. '17 57% May 20 BALTIMORE & OHIO RAILROAD CO. Tole- do-Cincinnati Div. First Lien & Ref, Series "A" 4s and "B" 58. Due July 1, 1959. Dated July 1, 1917. Interest payable Jan. and July 1, at Company's office, New York, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $35,000,000 Outstanding 11,006,200 lu TreasuiT — A $244,300 B 6,000,000 5,244,300 Reserved for Prior Liens 12,366,500 Reserved for Ext 6,383,000 Denomination — Coupon. $100, $500 and $1,- 000. Registerable as to principal. Regis- tered, $1,000 and multiples. C. ($1,000) & R. interchangeable. Trustee — Bankers Trust Co., New York. Redeemable — Series "A" at 102% and in- terest, and Series "B" at 105 and interest on any interest date on 60 days* notice. Re- deemed Bonds are "to be cancelled. Organization — The collateral company, the Toledo & Cincinnati R. R., was incorporated in Ohio in June, 1917, as -successor to the Cincinnati, Hamilton & Dayton Ry. Co. by foreclosure. Its entire stock is owned by the B. & O. R. R. Co. and the property op- erated as a division of that company's sys- tem. Security — A direct obligation of the B. & O. R. R. and secured by deposit of all the outstanding Toledo & Cincinnati R. R. 1st & Ref. "A" 4s ($11,250,000) and ($6,000,000) "B" 5s, due July 1, 1959. (Additional bonda iasued under this mortgage rnust be deposit- ed.) The pledged bonds are secured by a di- rect or collateral mortgage on 249.81 miles of road owned; 144.10 miles of leasehold inter- est and all other property, viz: A flrst lien on 122.89 miles — Miles. Dayton to West Jet., O., and Byers Jet. to Wellston, 107.13: Wellston to Buckeye Furnace 8.31 Ironton Jet. to Berlin, O 1.43 Miscellaneous branches 6.02' A first (by pledge of practically all the securities of proprietary companies) collateral' Uen on 62.46 miles — Hamilton to Mlddletown, 13.21 Tontogamy to North Baltimorep O.... 18.9S Belt Line to Hamilton, O .' 2,94 Deshler to E'indlay, 17.56 Troy to Piqua, 8.81 Belt Line to Lima, O . . . . .99 A third lien on 60.06 miles — Cincinnati to Dayton, 60.06 Also a lien on 143.98 miles of leas000 each Aug. 1 from 1932 to 1939, inclusive. Dated Aug. 1, 1919, Interest payable Feb. 1 and Aug. 1 at Peoples' Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $400,000 Outstanding 400.000 Purpose of Issue — ^To retire bank loans and extend operations of the company. Denomination — Coupon, $1,000 and $500. .. Trustee — ^People's Trust & Savings Bank, Chicago. Redeemable on any Interest date up to Jan. 1, 1922, at 102 and interest, and after that date at 101 and Interest. Organization — Incorporated In Illinois In 1912. Business established In 1897. The company Is a large wholesale dealer of auto- mobile parts, sundries and accessories and allied commodities. The company maintains sales offices In Chicago, San Francisco, New York, Detroit and St, Louis. Capitalization. Outstanding. Common $1,275,000 Pref. (7% cum.) 224.600 Funded debt 400,000 Security — ^A direct obligation of the com- pany, but not secured by a mortgage. The trust deed provides that no mortgage shall be placed on the real or personal property of the company in excess of $62,250 outstanding at the date of these notes; that the company maintain at all times net quick assets equal to 200% of all outstanding notes; that in the event of any default in company's agreement, these notes become a first mortgage on all Its assets. Original Market — $400,000 offered Sep- tember, 1919, by Elston & Co., Chicago, etc., at prices ranging from 98.66 to 96.37 to yield 6%%. BEECH CREEK COAL & COKE CO. 1st S. F. 5s. Due June 1, 1944. Dated June 1, 1904. Interest payable June and Dec. 1, at N. Y. Central R. R., Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000, 000 Outstanding: (Jan. 1, *21) 1,747.000 Retired by S. F 1,205,000 Reserved for Prior Lien 48.000 Denomination-r-Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co. , New York. Redeemable at par and interest for sink- ing fund on any interest date. Sinking Fund— Beginning May 1, 1907, three cents per ton on all coal mined, with a mini- mum of $75,000 annually, to be applied to the purchase or redemption of these bonds at not exceeding par and interest. Guaranteed interest and sinking fimd by the Clearfield Bituminous Coal Corp. Control — ^Absorbed by the Clearfield Bitumin- ous Coal Corp. This latter company is con- trolled by the New York Cent. R. R. Co., through ownership of entire capital stock. Property leased and operated by the Pennsyl- vania Coal & Coke Corp. at a minimum an- ' nual rental of $225,000. Secured by a mortgage on 33,000 acres of coal land in Clearfield, Cambria and Indiana Counties, Pa., of which 3,400 acres are leased and 6,900 owned as to surface only the bal- ance owned In fee. The property includes 17 collieries with capacity of 10,000 tons per day. Coal estimated at 125.000,000 tons. Prior liens — $48,000 Chest. Creek Land & Improvement Co. 4s. 1914-24. retirement of which is provided for by these bonds. Underlies — Clearfield Bitum. Coal Corp. 4^i 1932. Original Market — $2,000,000 offered 1905 by Kean Van Cortlandt & Co, (how Kean, Tay- lor & Co.) New York, at 98% and Interest. Market, New York — Dunham & Co., Frederick H. Hatch & Co., Prince & Whitely, Vanderhoef & Robinson, "Vilas & Hickey, "Watson, Arm- strong & Co. Philadelphia — Elkins, Morris & Co., Hun- toon & Co.. McCown & Co., J. P. Ma^Il & Co., Samuel K. Phillips & Co., H. D. Boen- ning & Co. Scranton— J. H. Brooks & Co., Chas. E. Robertson, Weissenfiuh & Co. Price Range. Jan. 1, '13, to Jan. 1, 'gl 1930 Bid. Ask. Bid Ask High 96 '17 97% '17 84 Oct. 93 May Low. 66 '17 71 '13 80% Dec. 85 Dec. BEECH CREEK EXTENSION RAILROAD CO. 1st 3%s. Dae April 1. 1951. Dated May 1, 1901. Interest payable April and Oct. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized Closed Mortgage Outstandini; $^,600,000 Denomination — Coupon. $1,000. Besisterable as to principal only. Registered, $1,000, $5,000 and $10,000. Trustee — Guaranty Trust Co., New York, Guaranteed principal and Interest by the New York Central & Hudson River R. R. Co. (Now New York Central R. R.) by endorse- ment. ' Assumed by the New York Central R. R. Co. Organization — Incorporated In 1905 in Pennsylvania as a consolidation. Capitalization. Outstanding. Common $5,179,000 Funded debt 7.469,000 Control — ^Leased for 999 years to the N. Y. C. & H. R. R. R. Co. now New York Central Railroad Co., which company owns Its entire capital stock. Secured by a first mortgage on 5S.27 miles of road including line from Keating tQ Clear- field, Pa. 62.14 miles and branches. Underlies — $3,964,000 Beech Creek Extn, R. R. Cons. 43 of 19 55, which provide for the re- tirement of this issue. Legal for savings banks In Cal., Me., Mich., Minn., N. H., N. J. and R. I. liisted on the New York Stock Exchange. Original Market — $3,500,000 offered Nov., 1901, by J. P. Morgan & Co., at 104 and In- terest. Market. New York — R. B. Hutchinson & Co., R. W. Pressprich & Co., Carruthers, Pell & Co., Pynchon &. Co. Pbiladelphia — Thos. A. Biddle & Co., Bid- die & Henry, Harper & Turner, McCown & Co., Isaac Starr, Jr. & Co. Price Range. Jan. 1, '17 to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 82^ '17 85 '17 56 Oct. 65 Aug. Low. 52% '20 54 '20 52% Nov. 54 July Xegal for savings banks In Cal.. Me., Minn, N. H. and N. J. Listed jon the New York Stock Exchange. Market. New York — R. W. Pressprich & Co., Vilas & Hickev, E. & C. Randolph. Philadelphia— Biddle & Henry, Elkins, Morris & Co., Isaac Starr, Jr. & Co. BEECH CREEK EXTENSION RAILROAD CO. Cons. 4s. Due April 1. 1955. Dated May 1, 1905. Interest payable April and Oct. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding Call owned by N. Y. C. R. R. Co.) 3.964,000 Denomination — Coupon. $1,000. Reglsterable as to principal. Registered $1,000 and mul- tiples. C. & R. Interchangeable. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by the New York Central & Hudson River R. R. Co. (now New York Central Railroad Co.) by en- dorsement. Assumed by the New York Central R. R. Co. Organization — See 1st 3%s. Secured by a first mortgage on 79 miles of branch lines in the bituminous coal fields around Curwensville. Pa., and a second mort- gage on 58.27 miles of road from Keating to Clearfield, Pa., and branches. Prior Liens— $3,500,000 Beech Creek Exten- sion 3%s of 1951, outstanding at the rate of $60,000 per mile. BEECH CREEK RAILROAD CO. 1st 4s. Due July 1, 1936. Dated July 1, 1886. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized and Outstanding. .$5,000,000 Denomination — Coupon, $1,000. Registered, $1,000. Trustee — Columbia Trust Co., New York. Guaranteed principal and Interest by the New York Central & Hudson River R. R. Co. (now New York Central R. R. Co.) by en- dorsement. Assumed by the N. Y. C. R. R, Co. under consolidation agreement. OreranizatioQ — Incorporated In Pennsylvania in 1886. Capitalization. Outstanding. Common $6,000,000 Funded debt 6,000,000 Control — Leased for 999 years to the N. Y. ' C. & H. R. R. R. Co. Rental interest on bonds and 4% on capital stock. Lease as- sumed by the N. Y. C. R. R. Co.. as above. Secured by a first mortgage on 163.88 miles of road from Jersey Shore to MahafCey Jet., Pa., 112.31 miles, and branches to coal mines. Underlies — $1,000,000 B. C. R. R. 2nd 6s of 1936. Legal for savings banks in Cal., Conn.. Me., Mass., Mich.. Minn., N. H,. N. J. and Wis. Listed on the New York and London Steele Exchanges. Market. New York — Barstow & Co., Simon Borg & Co., Constable & Fleming, Chas. W. Place, R. W. Pressprich & Co., Redmond & Co,, Raymond M. Smith, Strutliers & Hiscoe, ■Watson, Armstrong & Co. Philadelpliia — Barnes & Lofland, Brown Bros. & Co., Wm. W. Fogarty, Graham Par- sons & Co., Huntoon & Co., McCown & Co.. Samuel McCreery & Co., Reed A. Morgan & Co., Samuel K. Phillips & Co., Wheeler, Elliott & Mann, Wurts, Dulles & Co., Elkins, Morris & Co., Harper & Turner, Isaac Starr & Co., Parsly Bros. & Co. Price Range — "S. Y. S. E. Jan. 1, '06 to Jan. 1, '31 1920 High 105y2 Feb. 20, '06 82^ Jan. 15 Low. 81 Nov. 5, '20 81 Nov. 5 BEECH CREEK RAILROAD CO. 3nd 5s. Due July 1, 1936. Dated July 1, 1892. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Reglsterable as to both principal and interest. Regis- tered, $1,000. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the New York Central & Hudson River R. R, Co. (now New Tork Central R. K. Co.) by endorse-' Denomination — £20, £100 and £200. or in .ment. Assumed by the N. Y. C. R. R. Co. under terms of consolidation agrreement. Organization — See 1st 4s. Secured by a second mortgage on 163.88 miles of road from Jersey Shore to Mahaffey Jet.. Pa., and branches to coal mines. Prior I^iens — $5,000,000 1st 4s of 1936. liCgal for savings banks in Cal. and N. H. Listed on the New York Stock Exchange. Market. New York — Simon Borgr & Co-., Coffin & Co.. R. B. Hutchinson & Co., Chas. W. Place, Taylor, Smith & Hard, Moore, Leonard & Lynch. Philadelphia — Elkins, Morris & Co., Har- per & Turner, Huntoon & Co., Isaac Starr, Jr. & Co., Parsly Bros. & Co. Price Range — N. Y. S. E. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Higrh 104 May 20, '16 76 June 82% June Low. 104 May 20, '16 75 Nov. 82^ June BEECH-NUT PACKING CO. 7% Notes. Due $500>000 each May 1, from 1922 to 1925. incl. Dated May 1 1920. Interest payable ' May 1 and Nov. 1 at Liberty National Bank, New . Yortc. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $2,000,000 • Outstanding 2,000,000 Purpose of Issue — ^To retire bank loans and provide additional working capital. Denomination — Coupon, $1,000 and $500; reg- Isterable as to principal. Trustee — Liberty National Bank, New York. Redeemable at any time on 60 days' no- tice at 101 and interest. Organization — Incorporated in New York in 1899. The company's products include Beech- Nut bacon, Beech-Nut ham, peanut butter, chewing gum, preserves, marmalade, jellies, beans, sauces, ginger ale, confections, and other products. Plants are located at Canajoharle and Roch- ester, New York, comprising about 280,000 sauare feet of floor space. Capitalization. Outstanding. Common $900,000 Preferred 1,000.000 Funded debt 2.000,000 Security — ^A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company covenants as follows: To maintain at all times net current assets equal to at least 150% of all indebtedness, including these notes. Not to create any mortgage, pledge or other lien upon its property except purchase money mortgages and pledges for temporary loans in the usual course of business. Original Market — $2,000,000 offered May, 1920, by Kidder, Peabody & Co., Boston and New York, and Liberty Securities Corp., New York, on a 7.60% basis. BELDING. PAUL, CORTICELLI, LTD.. Deb. 5b. Due May 1, 1936. Dated May 1, 1911. Interest payable May and Nov. l* at Bank of Montreal. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $1,000,000 Outstandlne: (Nov. 30, '20)... 559,375 Held in S. F 180.164 Unissaea 260,461 dollars at 4.86 2 /3.' Trustee — Royal Trust Co., Montreal, Can- ada. -Redeemable at 105 and interest on any inter- est date on six months* notice. Sinking Fund — 2 % annually to purchase bonds in open market at not exceeding 105 and interest. Bonds so acquired are kept alive and interest added. Convertible privilege expired May 1, 1915, Organization and Property — Incorporated In 1 9 II in Canada as a holding company to ac- quire securities of several silk manufacturing companies. Factories operated by the com- pany are located at Montreal, St. Johns and Coaticook. In May, 1920 name changed to Belding- Corticelli. Ltd. Capitalization, Outstanding. Common $749,500 Preferred i7% cum.) 865,300 Funded debt 559,375 Secured by pledge of 3,969 shares of Beld- ing, Paul. & Co., 175 shares of Cascade Nar- row Fabric Co., and 1,250 shares of Corti- celli Silk Co., I-itd. ; any additional shares of the first two companies hereafter acquired are to be pledged. Years ended Nov. 30: 1920 $262,153 $82,847 $58,021 1919 429,260 39,756 58i038 1918 278.732 31,235 51,768 1917 232.999 12,227 51,768 1916 225,127 11.124 51,768 Original Market — $750,000 offered July. 1911, at 89 and interest, by C. Meredith & Co., and Dominion Bond Company, Montreal, at 89 and interest, also offered in Tjondon by Royal Bank of Scotland and London and South- western Bank. Market. New York — Abraham & Co. Montreal — Nat'l Bond Co., Inc., Hew R. Wood Co., Balfour, White & Co. Toronto— Oxford Securities Corp., Ltd. Price Range. Jan. 1, as, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 78 '19 86^ '19 78 Mar. 83% Nov. Low. 74 "19 78 '19 78 Mar. SO Mar. BELL TELEPHONE COMPANY OF CAN- ADA 30-Year 6s and 5-Tear 7s. Dae April 1, 1925. Dated — 5s, April 1, 1895; 7s, April 1, 1920. Both principal and interest payable (Apr. 1 and Oct. 1) as follows: 5s, at Bank of Montreal, Montreal or London, England, at the rate of ^4.86 per pound; 7s, in Canadian cur- rency at Bank of Montreal, Montreal, or In U. S. gold coin at the Agency of the Bank of Montreal in New York. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized. — Such amount as may be authorized by shareholders. Outstandini: 5s. .$11,149,000 7s.. 5,500,000 In 116 $16,649,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Oi^anization — Incorporated In Canada 1880 as a consolidation. Capitalization Outstanding. Common ?22.657,000 Funded debt 16,649,000 Secured by a first charge upon the whole lines, works and plants of the company, other than real estate. There Is no mortiraEre on the real eetate. The company owns and operates the principal telephone system exchangringr bus- iness with 718 local companies In the Prov- inces of Quebec and Ontario, Canada. Xiisted (6s) on the Montreal and London Stock Exchangres. Tears ended Deo. 31: Gross. Net. Interest. 1920... $16,513,384 $881,523 $913,484 1919... 14,149,119 2,153,324 670,208 1917. . . 11.179,162 2,534.071 561,001 Original Market — $1,200,000 offered March, 1911, at 102 and Interest by the Royal Securi- ties Corp., Ltd.. Montreal, and Lee, Higgrin- son & Co., Boston and New Tofk. $1,750,000 offered July, 1912, by same firms at 101 and Interest. $4,500,000 ofCered Sept., 1913, same firms, at 98^ and interest; $5,600,000 7a offered April 1. 1920. by Lee, Hlgrsrinson & Company and Harris, Forbes & Company. New York. Boston, etc., and Royal Securities Corp., Ltd., Montreal, at 98 and Interest. Market. New Tork — Ames, Emerich & Co.. Joseph Gilman, Frederick H. Hatch & Co., T. L. MacDonald, Miller & Co., Earle A. Miller & Co.. Bull & Eldredge, Pynchon & Co., Dillon, Read & Co.. T. L. McDonald. Boston — L. Sherman Adams. Baltimore — Wm. B. Halloway. Buifalo — N. A. MacDonald & Co. Price Range. Jan. 1, '08, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 105 '10 105*10 93 Aug. 98 Apr. Low. 75 '20 78 '20 75 Dec. 78 Dec. BELL TELEPHONE CO. OF PENNSYL- VANIA 35-Year 1st & Ref. S. F. Series "A" 7s. Due Oct; 1, 1945. Dated Oct. 1, 1920. Interest payable April 1 and Oct. 1. in New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In Pennsylvania- Authorized — See "Provisions of Issue." Outstandingr $25,000,000 Provisions of Issue — Additional bonds may be issued for new property in connection with the company's business, but not in excess of 75% of the actual cash cost of such additional property; provided (a) that the amount of bonds issued together with Central District Telephone Co. 1st 5s do not exceed the amount of stock outstanding' and Its surplus; (b) that annual net earning-s after taxes, available for interest shall have been not less than 1% times the interest on ' bonds outstanding and proposed. Addi- tional bonds will be in different series, and with such interest rates, maturity dates, etc. (not earlier than 1945, nor later than 2020) as directors may determine. Purpose of Issue — To repay current debt for funds advanced for construction pur- poses and to provide funds for construction program for the balance of 1920 and 1921. Benominations — Coupon, $1,000, $500 and $100; registerable as to principal. Regis- tered $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Bankers Trust Co., New Tork. Redeemable on any interest date upon 60 days' notice at 107% and interest. Sinking' Fond — $410,000 annually in semi- annual installments beginning April 1, 1921, to be applied to the purchase or redemption of Series "A" bonds at not over 107% and Interest. Bonds so acquired are to be kept alive and interest added to this fund. Organization and Control — Incorporated in Pennsylvania in 1879. Present name adopt- ed in 1907. Owns and operates a compre- hensive system of exchange and toll lines located entirely lix Pennsylvania, reaching every part of the state. Connects directly or indirectly with all other companies of the Bell system throughout this country and Canada. Thee entire capital stock is directly or In- directly owned by the American Telephone & Telegraph Co. Capitalization. Outstanding. Common $60,000,000 Bounded debt 34,481.000 Secured by a first lien on the entire physi- cal property of the company in Pennsyl- vania with the exception of plant in the territory serving Pittsburgh and certain counties west of the Allegheny Mountains on which plant the mortgage is a second lien. Prior Liens — Outstanding. Central District Tel. Co. 1st 5s, 1943 *$9,4S1,000 ♦Closed mortgage. Years ended Dec. 31 Gross Net Int& Rent 1920 ... $30,329,204 $4,417,372 $1,477,735 •1919 . . . 13.997,290 4,717,673 736,405 1918 ... 24,329,531 4,280,687 651,669 1917 . . . 23.925.240 4,872,235 763.509 1916 ... 22,709.183 5,976,774 622,442- ♦Operating revenues for 5 months to Dec. 31, plus government compensation. Listed on the New York Stock Exchange. Original Market — $25,000,000 offered Oct., 1920, by J, P. Morgan & Co., Kuhn, Loeb & Co., Kidder, Peabody & Co., First National Bank, National City Co., Bankers Trust Co., Guaranty Trust Co.. Harris, Forbes & Co., Harris Trust & Savings Bank, and Lee, Higginson & Co., at 95 and interest. Listed on New Tork Stock Exchange, Market New York — Joseph Gilman, T. L. Mac- Donald, Salomon Bros. & Hutzler, W. E. R. Smith & Co., Hornblower & Weeks. Brown Bros. & Co., Bull & Eldredge, Mann. Pell & Peake. Boston — Moors & Cabot. Erie — :Ohas. Wessenkopf & Co. Providence — Hornblower & Weeks. PhUadelpliia — Thos. A. Biddle & Co., Bid- die & Henry, Daniel & Co., Elkins, Morris & Co., Chas. Fearon & Co., Wm, W. Pogar- ty; Huntoon & Co., McCown & Co., Samuel McCreery & Co., J. P. Magill & Co., Mont- gomery & Co., Reed A. Morgan & Co., Par- sly Bros. & Co. LouisviUe — Black. Fetter & Co., J. J. B. Hilliard & Son. Grand Rapids — Corrigan Co. BuiTalo — N. A. MacDonald & Co. Pittsburgh — Lyon, Singer & Co., Moore, Leonard & Lynch, Edward A. Owens & Co., Stout & Co., Union Trust Co. of Pittsburgh. Milwaukee — First Wisconsin Co. Price Range 1920 N. Y. S. E. High 102% Dec. 15 Low 95 % Oct. 2 BELLEVILLE & GARONDELET RAILROAD CO. 1st 6s. Due June 1. 1923. Dated June 1, 1883. Interest payable June and Dec. 1, at Company's office, 32 Nassau St., New Tork. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $470,000 Denomination— Coupon, $1,000, Register- able as to principal. Trustees — Robert Fulton Cutting and M. Bayard Brown. Assumed by the St. Louis, Alton & Terre Haute R, R. Co., which company conveyed its property to the Illinois Central R. R. Co. The latter company has not expressly assumed this obligation, but covenants in its Refund- ing Mortgage that it will not "make or suffer any default upon any of the prior Hen bonds, which provision includes this isstie." Control — Merged into the Illinois Central R. R. Co. Secured by a first mortgage on 17 miles of road from Belleville to East Carondelet, 111. Underlies — Illinois Central-St. Louis Div, & Ter. 3s & 3%s, and Illinois Central Kef. 4s of 1955, both of which issues provide for re- tirement of these bonds. liBgal for savings banks in Me. and Mo. Legal for savings banks in Me.. Mich.. Mo., N. H., Ohio and Ore. Market. New York — Constable & Fleming, Chas. W. Place, E. W. Pressprich & Co., Raymond M. Smith, Hartshorne & Battelle. Price Range — ^N. X. S. E. Jan. 1, '06, to Jan. 1, 'Zl 1920 Bid. Ask. High 121 Feb. 26, '06 90 Nov. 100 Nov. Low. 117% May 12, '10 90 Nov. 100 Nov. BEIXEVII-I,E (IIX.) GAS & ELECTRIC CO. 1st OH. Due Sept. 1, 1933. Dated Sept. 1, 1902. Interest payable March and Sept. 1, at Cont'l and Com'l Nat'I Bank. Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $350,000 Outstanding '. 263,000 Unissued 87,000 Denomination — Coupon, $500 and $1,000. Trustee — Citizens' Savings & Trust Co., East St. Louis, 111. Assumed by St. Clair County Gas & Ulec- trio Co. Control — Merged with St. Clair County Gas & Electric Co., which is controlled through ownership of all stock by the American Gas Co. Secured by a first mortgage on plants sup- plying Belleville (population, 1910. 21,122) with gas and electricity. Gas franchise is per- petual; electric expires in 1932. Underlies — $1,834,000 St. Clair County G. & E. Co. 1st Cons. 6s of 1959, under which bonds are reserved to retire this issue. Earnings — ^Not reported. Market. New York — Carruthers, Pell & Co., Ber- dell Bros. Philadelphia — Samuel K. Phillips & Co. Price Range. Jan. 1, '16 to Jan. 1, '80 1920 Bid. Ask. Bid. Ask. High 97 '16 95 '19 90 Nov. 95 Nov. Low. 85 '19 90 '19 86% Oct. 95 Nov. BELLINGHAM BAY & BRITISH COLUMBIA RAILROAD 1st 6s. Due Dec. 1, 1932. Dated Dec. 2, 1901. Interest payable June and Deo. 1, at U. S. Mortgage & Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not asumed by company. Authorized $1,200,000 Ontstanding- (Jan. 1, '21) 484,000 Retired by S. F 31,000 Reserved for Ext 686,000 Denomination — Coupon, $1,000. Register- able as to principal. Tmstee — Mercantile Trust Company, San Francisco, Cal. Sinking Fund — Commencing Dec. 31, 1911, 3% of bonds outstanding to be applied an- nually to retirement of these bonds, or in- vested In other securities legal for Cali- fornia trust funds. Assumed by the Chicago, Milwaukee & St. Paul By. Co. Control — Succeeded In 1912 by the Bellins- ham & Northern Ey. Co., the property ot which latter company was purchased Dec. 31, 1918, by the Chicago, Milwaukee & St. Paul Ey. Co. Secured by a first mortgage on 66.42 miles of road from Bellingham to Glacier, Waslu, and branches. Earnings — See Chicago, Milwaukee & St. Paul, Ey. Co. Original Market — First offered by N. W. Harris & Co., Mew York, Chicago and Boston. Market. New York— Frederick H. Hatch & Co., Edwin Wolff. Boston — Harris, Forbes & Co. Chicago — Harris Trust & Savings Bank. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Ask. High 93% '17 97 '17 82 May Low. 82 '19 65 '20 65 Sept. BENJAMIN ELECTRIC MANUEACTUKING CO. 8% Notes. Dae each Jnly 1, as foUows: $150,000 each 1981 and 1922; $200,000 1923; $250,000 1924; $150,000 1925. Dated July 1, 1920. Interest payable Jan. 1 and July 1, at National City Bank, Chi- cago, or the Hanover National Bank, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,500,000 Ontstanding (Jan. 1, '21) ..... 1,350,000 Balance Retired. Purpose of Issue — To retire bank loans. Denomiuations — Coupon, $1,000, $500 and $100;; registerable as to principal. Trustee — National City Bank, Chicago. Redeemable on at least 45 days' notice on any interest date at 102 and interest. Organization — The business of the com- pany was smarted in June, 1901. In 1917 the company consolidated with the Royal Enameling & Manufacturing Co., of Chi- cago. ■ The company manufactures illu- minating equipment for industrial use. Also produces wiring devices and electrical spe- cialties both for factory and general use, among which are included wireless clusters, stand lamp clusters, sockets, receptacles, at- tachment plugs, push buttons, signal horns and buzzers, panel boards, etc. In addition it manufactures porcelain enameled steel reflectors. The company's plant is located at Des Plaines, 111. Capitalization. Outstanding. Common $660,000 1st Pref. (8%) 675,000 2d Pref. (7%) 1,000.000 Funded debt 1,350,000 Security — A direct obligation of the com- pany, but not secured by a mortgage. Un- der the provisions of the indenture the com- pany covenants that during the life of these notes it will maintain net quick assets equal to at least 150% of the unpaid notes out- standing;' no mortgage can be placed on the property of the company except for purchase money obligations in acquiring ad- ditional property. Years ended Dec. 31 •Net 1920 $424,064 1919 390,344 1918 367,676 1917 340,848 1916 383,089 ♦After Federal taxes. Original Market — $1,500,000 offered July, 1920, by Curtis & Sanger, Boston, New York and Chicago, and National City Bank, Chicago, at par and interest. 118 _,_ . Market Chicaffo— John Burnham & Co., Henry S. Henschen & Co., Chlcagro Trust Co.. National City Bank. , Price Bangre 1920— Bid 98; Ask 100, Dec. BELLOWS FALLS POWER CO. Coll. Tr. 5s. Due July 1, 19;$S. Dated July 1, 1912. Interest payable Jan. 1 and July, 1 at Old Colony Trust Co., Bos- ton. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized Closed Mortirag'e Ontstandins $660,000 Denomination — Coupon, $1,000. Reglsterable as to principal. Trastee — Old Colony Trust Co., Boston. Bedeemable at 100 and interest on the first day of any month on 6 weeks' notice. Organization — ^Incorporated In Massachusetts in 1912. Owns the entire capital stocks of the Bellows Falls Canal Co., Bellows Falls ^ Electric Co. and Fall Mountain Electric Co. Capitalization. Outstanding. Common $150. 000 Preferred (5% cum.) 650,000 Funded debt 615.000 Control — ^The New England Co. owns 85% of the common stock and 95% of the pre- ferred stock. Secured by pledge of entire issues of the following securities: Bellows Falls Canal Co. stock.... $100,000 Bellows Falls Canal Co. 1st 5s. , 460,000 Pair Mountain Electric Co. stock.. 62,600 Bellows Falls Electric Co. stock.. 250,000 Under the provisions of the Trust Agree- ment no securities can be issued by the col- lateral companies having a lien on their prop- erties prior to the securities pledged. The Bellows Falls Canal Co. owns a water power site (53 foot head), dam and canal on the Connecticut River, at Bellows Falls, Vt,, from which water Is delivered under long leases to various industries. The Fall Mountain Electric Co. owns a steam generating plant in the town of Bel- lows Palls, a small hydro-electric plant on the Saxton's River and electric distributing system supplying Bellows Falls, Putney. West- minster and Saxton's^ River," Vt., and Al- stead, Charlestown, Walpole and North Wal- pole, N. H. Also sells power to the Co- lonial Power & Light Co. at Springfield, Vt. The Bellows Palls Electric Co. owns a hydro- electric plant on the canal of the Bellows Palls Canal Co. These properties are connected by trans- mission line with the large hydro-electric plant at Vernon of the New Eng. Pr. Co. system. Prior I^ien — Outstanding Fall Mountain Electric 1st 5s 1924. .$65,000 Tear ended Dec. 31: Bond Gross. Net. Interest. 1920 $275,581 $71,588 $30,750 1919 223,606 56,587 30,750 Original Market — $550,000 offered July, 1919, by Coffin & Burr, Boston and New Tork at 96 and Interest. Market New Yorl£— Fred H. Hatch & Co.. John Nickerson Jr., Cariuthers, Pell & Co. Boston — Coffin & Burr. Price Rangre 1920 — Ask 100%. Tax Status — 2% Federal Income Tax paid by company without deduction. Ontstanding (an. 1. *21) 1.208,300 Held in S. F 91,700 Reserved for Ext 1.700,300 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trastee — Union Savings Bank & Trust Co., Cincinnati, Ohio. Redeemable at 103 and interest on any In- terest date on three weeks* notice. Sinldng Fand — 1% annually, beginning Jan. 1. 1916, of outstanding bonds for purchase or redemption of these bonds at not over 103 and interest. Bonds so redeemed are to be kept alive and Interest added to the sinking fund. Organization — Incorporated in 1906 in WIst conain as a consolidation of the Beloit Gas Light & Coke Co., Beloit Water Works Co. and the Beloit Electric Co. Capitalization. Outstanding. Common $500,000 Preferred (7% cum.) 673.400 Funded debt 1,208,300 Secured by a first mortgage on plants sup- plying Beloit, Wis., and South Beloit, 111., with gas, electricity and water. Water sup- ply derived from wells and is reported Inex- haustible. Operates under an indeterminate permit from the R. R. Commission of Wis- consin. Population served. 25,000. Years ended Dec. 31: Net. Interest. 1920 $165,061 $65,000 1919 155,904 65,000 1917 139,221 65,000 1916 139.945 •55,000 1915 126,788 •60,000 •This issue. Original Market — $ 900,000 offered April, 1912, by Spencer Trask & Co.. New Tork, Boston, etc., on about a 5.30% basis. Market. New York — Frederick H. Hatch & Co., ■Pynchon & Co.. G. R. McAllister & Co. Boston — L. Shcman Adams, Chas. A. Day & Co. Milwaukee — Edgar, Ricker & Co. Price Range. Jan. 1, *16 to Jan. 1, '31 1920 * Bid. Ask. Bid. Ask. High 981^ '16 100 '16 80 Oct. 88 Oct. Low. 77 '20 83 '20 77 Dec. 83 Dec. BBLOIT. WATER GAS & EI.RGTRIC CO. 1st S. F. 58, Due March 1, 1037. Dated March 1, 1912. Interest payable Mar. and Sept. 1, at Trustee's office, or Spencer Trask & Co., New York. 119 BELT RAILROAD ft STOCKYARD OP IN- DIANAPOLIS 1st & Bef. 48. May 1, 1939. Dated May 1. 1909. Interest payable May and Nov. 1, at National City Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding.. .$1,000,000 Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Union Trust Company, Indianap- olis. Organization — Incorporated In Indiana In 1876. Capitalization. Outstanding. Common $3,000,000 Preferred (6% cum.) 500.000 Funded debt 1.000,000 Contj'ol — ^The railroad property is leased for 999 years to Indianapolis Union Ry. Indianapolis Union Ry. controlled by sub- sidiary companies of Pennsylvania System and New York Central System. Secured by a first mortgage on a belt rail- road around Indianapolis, Including' 1418 miles of first track and 11.57 miles 2nd track* 38.07 of first track and 11.57 miles 2nd track, 38.26 miles sidings, etc. — total track 64.01 m,iles. Original Market — $1,000,000 ofCered 1911 by Elstabrook & Co., Boston. New Xork and Chi- cago, at 97% and interest. Market. New York — ^Bstabrook & Co.. P. H. Hatch, Taylor, Smith & Hard, Estabrook & Co., Finlay & Davenport. Philadelphia — Sam'l K. Phillips & Co., Isaac Starr. Jr., & Co. Boston — Estabrook & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. High 97% '11 98 '14 72 Dec. Low. 72 '20 80 '19 72 Dec. BELT RAILWAY OF CHATTANOOGA 1st 6s. Due July 1. 1945. Bated Dec. 21, 1896. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstandine $300,000 Denomination — Coupon. 1000. Trustee — Mercantile Trust & Deposit Co.. Baltimore, Hd. Guaranteed as to interest by lease to the Alabama, Great Southern R. R. Organization — Incorporated in Tennessee in 1896 as successor through foreclosure to the Chattanooga Ry. Co. Capitalization, Outstanding. Common $300,000 Funded debt 300.000 Control — Leased to July 1, 1945, to the Ala- bama Gt. Southern R. R., which owns all the stock. Rental Interest on bonds. Ala. Gt. Southern R. R. is controlled by Southern Ry. Co. by ownership of majority of common and preferred stocks. Secured by a first mortgage on 49 miles of road in and around Chattanooga, Tenn. Underlies — $24,000 2d 4s. Market. New York — Chas. "W. Place, Wollf & Stanley. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. High 105 -09 109 '09 SO Oct. Low. 78 '19 101 '11 80 Oct. BELA^DERE DELAWARE RAILROAD CO. Cons. S. F. 4s and 3%s. Issued In 4 series as follows: Interest Outstanding Date Due Rate Payable $500,000 1885 Sept. 1, 1925 4% M. & S. 677,000 1887 Feb. 1,1927 4% F. & A. 315,000 1893 Jan. 1, 1933 4% J. & J. 972,000 1903 Jan. 1, 1943 S%% J. & J. Mortgage — Dated Dec. 1, 1876. Interest payable at Broad St. Station, Philadelphia, and bonds due 1943 also at Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without doduction. 3%s tax ex- empt in Penn. and New Jersey. 4s tax ex- empt in New Jersey. Authorized — ^Not to exceed $4,000,000 at one time outstanding. Outstanding: $2,406,000 Retired by S. F 429,000 Held by Employees' Saving Fund 15,000 Denomination — Coupon, $1,000. Register- able as to principal (1943 series). Registered $1,000 (1925, 1927 and 1933 series). Trustee— Commercial Trust Co., Philadel- phia, Pa. Sinking Fond — 17o of all bonds outstanding out of net earnings for the purchase of these bonds at not exceeding 105. If bonds are not purchaseable, the funds may be Invested In other securities. Guaranteed — Issues due 1925, 1927 and 1943 as to principal and interest by United New Jersey R. R. .& Canal Co. by endorsement. The Pennsylvania R. R. assumes ' all liabil- ity resulting from the guarantee. Organization — Incorporated in New Jersey in 1836. Capitalization. Outstanding. Common $1,263,000 Funded debt 2,421,000 Control — Leased in 1876 until 2870 to the United New Jersey R. R. & Canal Co. and lease transferred to the Pennsylvania R. R, Co. If earnings do not pay expense, lease may be cancelled. The latter company owns $244,600 of the $1,253,000 capital stock and the balance Is owned by the U. N. J. R. R. & Canal Co. Secured by a first mortgage on 81 miles of road from Manunka Chunk, N, J., to Tren- ton, N. J., and branch to Flemington. Legal — Issues due 1925, 1927 and 1943 for savings banks in Cal., Conn., Me., Mich., Minn.. N. H., N. J., R. I. and Wis. and Bal- timore trust funds; issue of 1933 for Me. Years ended Dec. 31: Gross. Net. Int. &Rent. *1919 $290,116 $303,644 $148,130 •1918 290.116 303,688 113,871 1917 395.693 277,314 1916 2,371.003 450,969 264.457 •Corporate account. Listed — Issues due 1927 and 1943 on Phila- delphia Stock Exchange. Issue due 1943 also on the New York Stock Exchange. Market. New York — ^Percy H. Bradshaw, Dunham & Co., Chas. W. Place, "Vilas & Hickey, Hartshorne, Battelle & Co. Fliiladelphia — Biddle & Henry, Brown Bros. & Co., Chas. Fearon & Co., Graham, Parsons & Co., Reed A. Morgan & Co., Samuel K. Phillips & Co., Isaac Starr Jr. & Co., Parsly Bros. & Co. Price Range. Jan. 1, »16, to Jan. 1, *21 1920 Bid. Ask. Bid. Due 1927 High 90 '17 92 '17 85% Feb. Low. 84 '18 92 '18 84 Feb. Due 1943 High 90 '17 92 '17 75 Feb. Low. 64 '17 78 '19 64 Sept. 120 BENEFICIAL LOAN SOCIETY. Profit Shar^ ing Deb. Gs. Due Jan. 1, 1939. Interest payable Jan. 1, April 1. July 1 and Oct. 1, at any office of the Society. Profit Sharing — These debentures carry a Certificate of Profit Sharing for pro rata par- ticipation, in addition to the 6% interest rate, of at least one-third of the annual profits after expenses, interest, losses or casualties, amor- tization fund and a suitable surplus each year until these bonds are redeemed. Profit shar- ing is limited to 8 % in addition to 6% inter- est on bonds. Under this provision 1% in cash was paid 1914, 2% 1915, and 5% 1916, 1917, 1918. 1919 and 1920. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding: (March 1, '21)... 2,600,000 Authorized $3,500,000 Denomination — Coupon, $1,000. $500 and $100. Reglsterable as to principal. Organization — Incorporated in Delaware, 1913, the Society makes small loans to indi- viduals and operates under the supervision of each state where it has offices. Loan offices are located at Baltimore, Md., Cincinnati, Cleveland and Columbus, O. , Detroit, Mich. , Pittsburgh, Pa., Elizabeth, Jersey City, New- ark, N. J., two offices in Philadelphia Chica- go, Richmond, Va. , New Haven, Bridgeport, Hartford and Waterbury, Conn., and several other cities. The Society has capital stock of $350,000 (par $10), outstanding. Security — A direct obligation of the Society, chargeable against its entire assets, equally with such other certificates as may be issued from time to time, and have priority over the eauity and interest of the holders of the capital stock. Original Market — Offered by Clarence Hod- son & Co., New Tork. Philadelphia and New- ark, also by Society at Newark, N. J., office. Market. * New York — Clarence Hodgpn & Co. Price Range. Jan. 1, '17, to Jan. 1, *21 1930 Bid. Ask. Ask. Hi&h 85 '17 115*17 110 Low.^ 75 '18 103 '20 103 BENNINGTON & RCTIiAND RAILWAY CO. 1st 4^/&s. Due Nov. 1, 1927. Dated — Nov. 1, 1897. Interest payable May and Nov. 1, at Grand Central Terminal, New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $500,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Trustee — New York Trust Co., New York. ABiJumed by the Rutland R. R. Co. Control — Merged in 1901 into the Rutland R. R. Co. Secured by a first mortgage on 59,02 miles of road, including line from Rutland to Ben- nington, Vt., and branch to New York State line and from Bennington to North Benning- ton. Vt. Leg:a1 for savings banks in Ohio, Ore. and R. X. Earnings — See Rutland R. B. Market. New York — Frederick H. Hatch & Co., Oarruthers, Pell & Co., Rutter & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1930 Bid. Ask. Ask. High 102 '98 104 '09 71 July Low. 70 '19 70 '20 70 Aug. BENTON COAL CO. (THE). 1st 6s. Dne 550,000 each June 1 from 1922 to 1927, inclusive. Dated June 2, 1919. Interest payable June 1 and Dec. 1 at First Trust & Savings Bank, Chicago. Tax Statns — 2% Federal Income Tax paid by the company without deduction, • Authorized $300,000 Outstanding 300,000 Purpose of Issue — To retire fioating indebt- edness incurred for Improvements and addi- tions to the property. Included in these ad- ditions is a new rescreening plant which cost over $60,000, also 832 acres of coal. Denomination — Coupon, $1,000 Call maturlti- and $500 (1937 maturity). Registerable as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable in numerical order at 100 and Interest on any interest date. Sinking Fund — ^Annually, beginning May 1, 1921, a sum equal to 5 cents for each ton of coal minei from the mortgaged premises. This fund is to be applied to the purchase of the outstanding bonds as the same mature or for their purchase or redemption irrespective of maturities. Bonds acquired are to be can- celled. Organization — Incorporated in Illinois. The property is operated by the Chicago, Wilming- ton & Franklin Coal Co. through its subsidiary the Benton Coal Mining Co., which owns a substantial Interest in the mortgaged property and leases the balance with an option to pur- chase. Secured by a first mortgage on all the real estate, coal equipment and other property of the company. The company owns 2,500 acres of coal In Franklin County, III., adjacent to the town of Benton and a developed and fully equipped mine with a daily capacity of 2,800 tons. Original Market — $ 300,000 offered July. 1919, by Stone & "Webster, Boston, etc., and Taylor, Ewart & Co., Chicago, at prices ranging from 98 % to 93 % and interest ac- cording to maturity. Market Clucas:o — Taylor, Ewart & Co'. BENTON HARBOR— ST. JOSEPH GAS & FUEL CO. Gen. 5s. Due Oct. 1, 1926. Dated Nov. 1, 1906, Interest payable Jan. 1, April 1, July 1 and Oct. 1, at Central Trust Co. of Illinois, Chicago. Tax Statns — 2 % Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding 600,000 Denomination — Coupon, $1000. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Organization — Incorporated in Michigan. Capitalization. Outstanding. Commoh $260,000 Preferred (6%) 125,000 Funded debt 600,000 Secured by a mortgage on plants supplying gas to St. Joseph and Benton Harbor, Mich. Population served 16,000. Franchises: Per- petual in Benton Harbor; runs to 1927 In St. Joseph. Earnings — Not reported. Original Market — -Offered In 1907 by Chas. S. Kidder & Co. and Kennett Cowan & Co., of Chicago. In 1915 by H. T. Holtz & Co., Chi- cago, at 93 and interest. Market. Clucagro — H. T. Holtz & Go. Lonisville — Henning Chambers & Co. Price Range. Jan, 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 86 '18 90 '19 85 July 90 July Low. 85 '19 85 '20 85 July 85 June BENTON HARBOR - ST. JOE RAILWAY & LIGHT CO. 1st Cons. 5s. Due Nov. 1, 1935. Dated 1906. Interest payable May and Nov. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding- 825,000 In Treasury 100.000 Denomination — Coupon $500 and $1,000. Trustee — Fidelity & Columbia Trust Co., Louisville, Ky. Redeemable at 105 and Interest on any In- terest date on three weeks' notice. Organization — Incorporated In Michigan in 1906 as a consolidation of the Benton Harbor & St. Joseph Electric Ry. & Lt. Co., the St, Joseph Electric Ky. & Lt. Co. and the St. Joe River Traction Co. Capitalization Outstanding, Common $800,000 Preferred (6% cum.) 400,000 Funded debt 1,500,000 Secured equally with the $499,500 Ref. 6a by a first mortgage on 39 miles of Inter- urban electric railway between Benton Har- bor and Paw Paw Lake and Benton Harbor via Kauclaire to Dowagiac; on 16 miles of street railway In Benton Harbor and St, Jo- seph, and on plant supplying electricity to Benton Harbor and St. Joseph, Mich., and all equipment- Population served by railway, 30,- 000; by electric plant, 16,000, Charter ex- pires in 1936. Refunding— Bonds are reserved under Ref. 6s to retire this isue. Years ended June 30: Int. & Gross. Net. Rent. 1920 $764,964 $274,2(57 $85,413 1919: 547,310 131,923 84,537 1918 508,968 119,195 90,189 1917 486,051 133,301 91.039 1916 422.097 109.973 79,914 1915 444,991 128,401 82,525 Market. New York — Carruthers, Pell & Cq., Ber- dell Bros. liOuiRville — Fidelity & Columbia. Trust Co. lionisville — Wood, Johnson & Co., Henhing, Chambers & Co. Refunding — Bonds are reserved under the Erie R. R. 1st Cons. Mtge. to retire this Issue. BBNTON HARBOR - ST. JOB RAILWAY & LIGHT CO. Ref. 59. Bue May 1, 1939. Dated May 1, 1911. Interest payable May and Nov. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Ontstandingr 499,500 Reserved for Refunding iBt Cons. 5s 1,000,000 Denomination — Coupon. $500 and $1,000, Registerable as to principal. Trustee — Fidelity & Columbia Trust Co., Louisville, Ky. Organization — See 1st Cons. 5s. Security — See 1st Cons, 6b, £arnings — See 1st Cons. 6s. Market — See 1st Cons. 5s. BERGEN COUNTY RAILROAD 1st Ext. 7s. Due April 1, 1931. Dated March 1, 1881. Extended April 1, 1911, interest being- reduced from 6%; again extended April 1, 1921, interest being in- creased from 5%. Interest payable April 1 and Oct. 1, at 50 Church St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $200,000 Outstanding 200,000 Denomination — Coupon, $1,000. Trustee — Farmers Loan & Trust Co., New York. Organization — Incoroporated In New Jersey In 1880. Capitalization. Outstanding. Common $200,000 Funded debt 200,000 Control — Leased to the Brie R. R. Co. dur- ing its corporate existence at annual rental of $22,000 and taxes. Fntire capital stock owned by latter company. Secured by a first mortgage on 9.82 miles from Rutherford Jet, to Ridgewood Jet., N. J., together with lands, buildings, etc. BERGBN TURNFIKB CO. 1st 5s. Due July 1, 1951. Dated July 1, 1901, Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax free in New^ Jersey. Authorized and Outstanding. .. .$1,000,000 Denomination — Coupon, $1, 000. Trustee — New Jersey Title Guarantee & Trust Co.. Jersey City, N. J. Guaranteed by Jersey City, Hoboken and Paterson St. Ry., which Is now merged in Public Service Ry. Co. Organization and Control — Incorporated In New Jersey in 1802- Entire capital stock owned by the Public Service Ry. Co. of N, J. Capitalization. Outstanding. Common $51,990 Funded debt 1.000,000 Secured by a first mortgage on turnpike and electric railway between Hoboken and Hack- ensack, N. J. Market. New Yoric — Geo. H. Burr & Co., Hepburn & Co. Philadelpliia — Elkins, Morris & Co. Price Range. Jan. 1. '17, to Jan. 1, '21 1920 Bid. Ask. High 95 '17 95% '17 Not available Low. 89 '17 80 '19 BERKSHIRE: STREET RAILWAY 1st 5s. Due June 1. 1922, Dated June 1, 1902. Interest payable June and Dec. 1, at Harris Trust & Savings Bank, Chicago, Harris, Forbes & Co., Boston and New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Anthorized and Outstanding $800,000 Denomination — Coupon, 1,000. Trustee — Girard Trust Co., Phlla., Pa. Organization and Control — Incorporated In Massachusetts In 1901. All of the stock was formerly owned by the New York, New Haven '& Hartford R. R. Co. In 1913 the Massa- chusetts Legislature authorized the consoli- dation of this and other companies into the Consolidated Berkshire St. Ry., which is con- trolled by the N. Y.. N. H. & H. R. R. Co. The stock of this company, ' formerly owned by the N. Y., N. H. & H. R. R. Co. Is now held by a board of trustees to be sold be- fore July 1, 1921, in accordance with a de- cree of the Supreme Court of the United States. Leases for 9 9 years the Vermont Company's property comprising 28 miles of lines from Bennington to Pownal, Vt. The latter company leases for 99 years the Hoo- sick Palls R. R. 7.53 miles serving Wal- loomsac, North Hoosick and Hoosick Palls, N. Y. The B. S. Ry. operates last mileage \m- der an agreement. The Vermont Co. is also controlled by the N. Y.. N. H. & H. R. R. Co. Capitalization. Outstanding. Common $5,398,100 Funded debt 1,600,000 Secured by a first mortgage on 79 miles of road serving Pittsfield and other towns In Massachusetts, having a population of about 100.000. Prior Liens — $700,000 bonds of absorbed companies. Underlies — $200,000 Deb. 5s of 1925 and $3,392,600 notes all owned by the N, T., N. H. & H. R, R. years ended Deo. 31: Gross. Net. Int. & Rent 1920 $1,050,545 def.$26.591 $319,012 1919 883,591 def. 12,212 317,396 1918 1,058,007 def.241,895 319.480 1917 1,212,906 83,547 317,908 Market. New York — Frederick H. Hatch & Co., Harris Forbes & Co., Berdell Bros. Boston — Coffin & Burr, Harris, Forbes & Co., Inc. Chicag-o — Harris Trust & Savings Bank. Price Range. Jan. 1, *08, to Jan. 1, *Z1 1930 Bid. Ask. Bid. Ask. Hl&hl02'12 105*10 50 Feb. 60 Feb. Low. 50 *20 50 '20 50 Feb. 50 Feb. BERLIN MILLS CO. 1st 5s. Dne $100,000 annually Ang. 1 1920. to Ang. 1. 1930. Inclusive, and $150,000 on Ans:. 1. 1931. Dated Aug*. 1, 1902. Interest payable Feb. and Aug. 1, at Old Colony Trust Co. Tax Status— Payment of Federal Income Tax not assumed by company. Authorized ... $2,750,000 Outstanding (Apr. 15 '21) 1,150.000 IVIatured and Paid 1,600,000 Trustee — Old Colony Trust Co., Boston. Redeemable at 110 and Interest on any In- terest date. Sinking Fund — Annually $1.75 per 1,000 feet of logs cut during the preceding season. Min- imum sinking fund $100,000. Organization and Control — ^Incorporated In Maine in 1888. In 1917 the Brown Com- pany of Maine was organized as successor company and acquired the entire stock of the Burgess Sulphite Fibre Co. and the Brown Corp of Canada. Secured by a flrst mortgage on 142,277 acres of spruce timber lands in Maine and New Hampshire, new mills at Berlin, and 17,000 H. P. water power for manufacture of pulp, paper, etc., and second mortgage on the prop- erty under the 1st 6s of 1919. Legal for savings banks In Maine. Original Market — Offered by H. W. Poor & Co., Boston. Market, New York — Carruthers, Pell & Co. Boston — Geo. A. Fernald & Co. Portland — Beyer & Small. Price Range. Jan. 1, '17. to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '17 100^4 '17 88 May 96 Mar. Low. 87 '20 961^ '20 87 June 96 Mar. BESSEMER & LAKE ERIE RAILROAD— Standard Equip Tr. 20-Tear 5s. Due AprU 1, 1925. Dated April 1, 1905. Interest payable April 1 and Oct. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,060,000 Outstanding 1,060,000 Denomination — Coupon, $1,000. Trustee — Home Trust Co., Hoboken, N. J. Secured by an equipment agreement on 12 locomotives and 1,000 gondola cars. Market. Philadelphia — Biddle & Henry. BESSEMER & LAKE ERIE RAILROAD^ Bessemer Equip. Tr. 6s. Due $110,000 each March 1 from 1918 to 1927. Dated March 1„ 1907. Interest payable March and Sept. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized ...;... $1,100,000 Outstanding (Apr. 1, '21) 660,000 Balance retired. Denomination— Coupon, $1,000. Trustee — Home Trust Co., Hoboken. N. J. Secured by an equipment agreement on six locomotives. 500 hopper cars and 500 gon- dola cars. Market — See 20-year 5s of 1925. BESSEMER & LAKE ERIE RAILROAD— Meadville Equip. Tr. 5s. Due $55,000 each March 1 from 1922 to 1931. Dated March 1. 1911. Interest payable Sept. 1 and March 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $550,000 Outstanding 550,000 Trustee — Home Trust Co., Hoboken, N. J. Secured by an equipment agreement on 36 locomotives. Market — See 20-year Bs of 1925. BESSEMER & LAKE ERIE RAILROAD— Albion Equip. Tr. 5s. Dae $75,000 each June 1 from 1923 to 1932 inclusive and $100,000 each on June 1. 1933. and June 1, 1934. Dated June 1, 1912. Interest payable June 1 and Dec. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $950,000 Outstanding 950,000 Denomination — $1,000. Trustee — Home Trust Co., Hoboken, N. J. Secured by an equipment agreement on 1,000 steel cars. Market — See 20-year 5s of 1925. BESSEMER & LAKE ERIE RAILROAD— Euclid Equip. Trust 5s. Dne $250,000 each July 1 from 1924 to 1933. Dated July 1, 1914. Interest payable Jan. and July 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding 2,600,000 Denomination — $1, 00 0. Trustee — Home Trust Co., Hoboken, N. J. Secured by an equipment agreement on 2,500 steel cars. Market — See 20-year 5s due 1926. BESSEMER & LAKE ERIE RAILROAD— Girard Equip Tr. 5s. Due $340,000 each Nov. 1 from 191S to 1932. Dated May 1, 1916. Interest payable Nov, 1 and May 1 at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding: (Apr. 1, '21) $2,640,000 Outstanding (Apr. 1, '20) 2,880.000 Balance Retired. Trustee — Union Trust Co., Pittsburgh, Pa. Secured by an equipment agreement on 2,500 freight cars and 20 locomotives. Market — See 20-year 5s of 1925. BESSEMER & LAKE ERIE RAILROAD— Erie Equip. Tr. 5s. Due March 1, 1922. Dated Feb. 28, 1902. Interest payable March 1 and Sept. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,220,000 Outstanding 1,220,000 Denomination — Coupon, $1, 000. Trustee — Home Trust Co., Hoboken, N. J. Secured by an eauipment agrreement on 11 locomotives and 1,000 steel cars. Market — See 20-year 5s of 1925. BETHLEHEM STEEL COMPANY Parcliase Money 6s. Dne Au?. 1, 1998. Dated Aug. 1, 1901. Interest payable quar- terly Feb. 1, at Girard Trust Co., Philadel- phia, Pa. * Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized and Outstanding. .. .$7,500,000 Denomination — Coupon, $1,000. Register- able as to principal, or fully registerable. Trustee — Girard Trust Co., Philadelphia. Organization — See -Purchase Money 5s of 1936. Secured by a first mortgage on property owned at date of mortgage, but not after- ward acquired, including 170 acres of land at South Bethlehem, furnaces, foundaries, etc. Further secured by deposit with the Trustee of one-half ($300,000) capital stock of the Juragua Iron Co. Underlies — 1st Ext. S. F. 5s of 1926 1st Lien & Ref. 5s of 1942, and B. S. Corp. Cons. 6s of 1948, which are pledged to secure that company's 7% notes. Earnings — See Purchase Money 5s of 1936. Listed on the Philadelphia Stock Exchange. Market. New York — J. H. Holmes & Co., E, A. Baker & Sons, Moore, Leonard- & Lynch. PlUladelpIiia — Bauer, Starr & Co., Blkins, Morris & Co., Charles Fearon & Co., Gra- ham, Parsons & Co., McCown & Co., J. P. Magill & Co., H. D. Boenning & Co. Price Range. Jan. 1, '08, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. Higrh 123% '17 125 '17 100 May 105 Nov. Low.^ 97 '20 99% '20 97 Aug. 99% May BETHLEHEM STEEL CO. 1st Ext. S. F. 59. Due Jan. 1, 1926. Dated Jan. 2, 1906. Interest payable Jan. and July 1, at Harvey Pisk & Sons, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $12,000,000 Outstanding? (Jan. 1, '21) 6,936,000 Ketii-ed by S. F 4,134,000 Pledged iindei* Cons. Mtgre. . . . 930,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date on six weeks' notice. Sinking Fund — Beginning July 1, 1908. and annually thereafter, the company agrees to pay the Trustee $300,000 for the purchase and re- tirement of these bonds at not over 105 and interest. Bonds so purchased to be cancelled. Under the provisions of the 1st Lien & Ref. Mortgage, all bonds for this sinking fund are to be purchased from the Trustee of the 1st Lien & Ref. Mortgage, as long as any bonds of this issue are deposited under that mort- gage. Guaranteed principal and interest by the Bethlehem Steel Corporation by endorsement. Org^anization and Control — See Purchase Money 5s of 1936. Secured by a first mortgage upon all real estate of the company at or near South Beth- lehem, Pa., acquired since Aug. 16, 1901, con- sisting of approximately 250 acres of land ad- joining Its original plant, and the plant and buildings erected thereon and upon all exten- sions or additions. Also a second mortgage upon the remaining plant and manufacturing properties of the company at or near South Bethlehem, Pa. Prior Lien — $7,500,000 Purchase Money 6s of 1998. Underlies — 1st Lien & Ref. 5s of 1942, a sufficient amount of which has been reserved to retire their issue: and also B. S. Corp, Cons. 6s of 1948, which are pledged to se- cure that company's 7% notes. Earnings — See Purchase Money Bs of 1936, Listed on the New York Stock Exchange. Original Market — Offered in 1906 and 1907 by Harvey Pisk & Sons, New Tork, at 96% and interest. Market. New York — Samuel Goldschmidt, J. H. Holmes & Co., Brown Bros. & Co., Car- ruthers. Pell & Co. Philadelphia — Brown Bros. & Co., Wm. W. Foffarty, J. P. Magill & Co. Price Range — 'S. Y. S. E. Jan. 1, *06, to Jan. 1, '21 1930 High 104% May 22, '16 97% Jan. 21 Low. 77 Feb. 23, '09 85% Aug. 18 BETHLEHEM STEEL CO. 1st Lien Ss Ref. Series *'A" 5s. Due May 1, 1942, Dated May 1, 1912. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $50,000,000 Outstanding: (Jan. 1, '21) 12,759,500 Retired by S. F 6,372,500 Pledffed under Cons. Mtgre.... 20,868,000 Reserved to retire 1st Ext. 5s 8,000,000 Reserved for Corp. Purposes. . 2,000,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal or interchange- able for registered bonds. Registered $10,- 000, $5,000, $1,000, $500 or multiples of $500. C & R. interchangeable. Trustee — Equitable Trust Co.. New Tork. Redeemable at 105 and interest on any in- terest date on 90 days' notice. Sinking Fund — Beginning Nov. 1, 1913, and annually thereafter, 2 % % of outstanding bonds with a minimum of $300,000 a year to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds so redeemed to be cancelled. Guaranteed principal . and interest by the Bethlehem Steel Corporation by endorsement. Guaranty is secured by pledge with the Trus- tee of the entire capital stocks of the follow- ing subsidiary companies: Bethlehem Steel Co., Union Iron Works Co., Harlan & Hoilings- worth Corporation, Samuel L. Moore & Sona Corporation and the Bethlehem Iron Mines Co. The $12,759,500 outstanding bonds are guaranteed, and the reserved bonds may also be guaranteed at the option of the Bethlehem Steel Corp. Organization — See Purchase Money 5s of 1936. Secured by a mortgage on all the real es- tate and plants now owned or hereafter ac- quired. Also secured by all the capital stock ($590,000) of the Juragua Iron Co., on $300,- 000 of which they are subject to the prior lien of the Purchase Money 6s 1998. Fur- ther secured by the deposit of $1,134,000 1st Ext. 5s 1926. Prior Liens — $7,500,000 purchase money 6s of 1998 and 36,936,000 1st Ext. 5s of Jan. 1926. Underlies — B. S. Corp. Cons. 6s of 1948, which are pledged to secure that company's 7% notes. Earnings — See Purchase Money 6s of 1936. Listed on the New York Stock Exchange. Original Market — $15,000,000 offered in May, 1912, at 91% and interest by Hallgar- ten & Co., Harvey Fisk & Sons and "Williani Salomon & Co., New York. Market. New York — Coffin & Co., Arthur E. Frank & Co., J. H. Holmes & Co., Vilas & Hickey, Merrill, Lynch, Tucker & Anthony, JRobingon & Co. Fhiladelphia — Brown Bros. & Co., J. P. Magill & Co., J. W. Thompson & Co. Price Range — N. Y. S, E. Jan. 1, 'IS, to Jan. 1, '21 1930 High 103% Feb. 14, '16 89 Jan. 2 Low. 76 Sept. 26, '20 76 Sept. 29 PETHLEHEM STEEL, CO. Purchase Mouey ' & Improvement 20-Year S, F. 5s. Due July 1, 1936. Dated July 1, 1916. Interest payable Jan. 1 and July 1 at Trustee's office. Tax Status — Payniant of Federal Income Tax not assumed by company. Free of Penn- sylvania State Tax. Authorized $60,000,000 Ontstandingr (Jan. 1, '21) 22,277,000 Retired by S. F 1,978,000 Pledgred undei* Cons. Mtsre 8,679,000 Reserved for Refanding 16,949,000 'Reserved for improvements.. 10,117,000 •Issuable for 75% of jiost, improvementa, etc., made after March 1, 1919, to mortg-aee property or the property" of any corporation 90% of the stock of which is pledged under this mortgage. Denomination — Coupon, $1,000. Register- able as to principal. Registered $1,000 and $6,000. C. & R. interchangeable. Trustee — Bankers Trust Co., New York. Redeemable at 105 and interest, on any in- terest date. Sinking Fund — ^Annually beginning July 1, 1919, an amount equal to 2^% of outstand- ing bonds for their purchase or redemption at not over 105 and interest. Bonds so acquired are to be cancelled. Organization — Incorporated in Pennsylvania In 1899. The company owns the entire capi- tal stock of the Juragua Iron Co., Bethlehem Steel Products Co., Philadelphia, Bethlehem & New f^ngland R. R. Co., Bethlehem, Chili Iron Mines Co., Fore River Shipbuilding Cor- poration and Detick-Hovey Machine Co. In July, 1916, $31,942,000 bonds, were issued in connection with the financing of the pur- chase of all the assets of The Pennsylvania Steel Co. of Pennsylvania, Maryland Steel Co. and the assets of the Pennsylvania Steel Co. of New Jersey, except the capital stocks of the two former companies, by the Peun-Mary Steel Co., all of the stock of the latter com- pany being owned by the Bethlehem Steel Co. Capitalization — See Bethlehem Steel Corp. 7% Notes. Control ■ — The entire $15,000,000 capital stock, except directors' shares, is owned by the Bethlehem Steel Corporation. Secured by a mortgage executed jointly by the Bethlehem Steel Co. and the Penn-Mary Steel Co. on properties as f olrows : Exten- sive steel plant at Steelton, Pa., with five blast furnaces, open hearth furnaces, rough- ing and finishing mills, forge and machine shops, a complete frog and switch depart- ment and bridge shop; two blast furnaces at Lebanon, Pa., and a complete plant with large ore docks, four blast furnaces, Bessemer con- verters and open hearth furnaces and rail mills, together with a fully equipped shipyard at Sparrows Point, Md. "These plants are all equipped with by-product coke ovens. -About $60,000,000 will be expended within -the next four years in extending these plants and di- versifying their products. All of. these exten- sions will be covered by this mortgage, which also covers the Penn-Mary Steel Company's 54.16%' interest in the valuable Cornwall Ore Banks, Lebanon County, Pa. In addition to the above-mentioned property, there are pledged with the trustee, capital stocks of subsidiary companies, having a par value o£ $2,644,290; being the entire outstanding stocks (except directors' shares) of these subsidiaries which include The Span ish-Ameri can Iron Co., owning valuable ore lands in Cuba, and the Penn-Mary Coal Co., owning about 16,000 acres of bituminous coal measures in Indiana and Cambria counties, Pennsylvania. Prior Liens — On property under direct mortgage as follows: $3,931,000 Pennsylvania Steel Co. of Pa. and Maryland Steel Co. Joint Cons. 6s, due Sept. 1, 1925; $1,903,000 Maryland Steel Co. 1st 5s, due Feb. 1, 1922; $4,950,000 The Pennsylvania Steel Co. of Pa. Coll. Tr. 5s, due Oct. 1, 1932. On collateral properties as follows: $1,754,000 Spanish- $1,277,000 Penn-Mary Coal Co. 1st 5s, due April 1, 1939, and $4,758,000 Penn-Mary Coal Co. 1st 5s due Oct. 1, 1939. Note. — All of the above mortgages are In effect closed by the provisions of this mort- gage. Payment of all of the above bonds except $1,000,000 Pennsylvania Steel Co. Ist 5s, are guaranteed by the Bethlehem Steel Co. Bonds are reserved under this mortgage to retire the above issue. Years ended Dec. 31 (consolidated). Gross. Net. Int., etc. 1920 $274,431,236 $22,410,039 $7^951,203 1919 281,641,908 24,875,066 9,518,206 1918 448,410.809 26,678.403 9.748,013 1917 298,929,531 36,067.719 8,746,982 1916 216,284,556 47,366,523 3.772,556 Original Market — Offered Nov. , 1916, by Clark, Dodg'e & Co., New York; Brown Bros. & Co., New York, Boston and Philadelphia; E. W. Clark & Co. and B. Lowber Stokes, Philadelphia at 100% and interest. Market. New York — Coffin & Co., Samuel Gold- schmidt, J. H. Holmes & Co., Hartshorne & Battelle, A. B. Leech & Co. Fhiladeiphia^ — Bauer, Starr & Co., Brown Bros. & Co., Charles Fearon & Co., Huntoon & Co., McCowu & Co., J. P. Magill & Co., Reed A. Morgan & Co., Parsly Bros.- & Co. Price Range— N. Y. S. E. Jan. 1, '17, to Jan. 1, *Z1 1920 High 89% June 10, '19 86% Jan. 3 Low. 75 Nov. 23, '20 75 Nov. 23 . 125 BFTHIiFUBM STFEIj CO. Fqnip. Tr. 7s. Due $gfi6.000 each May 15, from 1931 to 1930. incl. Dated May 15, 1920. Interest payable May 15 and Nov. 15 at Guaranty Trust Com- pany, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,660,000 Ontstanding 2,660,000 Denomination — Coupon, $1,000; regls- terable as to principal. Trustee — Guaranty Trust Company, New York. Redeemable on any Interest date on 30 day's notice at 100 and Interest plus a premi- um of % of 1% for each year or fraction thereof of unexpired life. Secured by an equipment trust agreement on 1.000 all steel coal and ore cars, of Pennsylvania Railroad , standard, of 70 tons capacity each, costing $3,325,000 or 25% in excess of the par value of these certificates. Original Market — $2,660,000 offered May, 1920,' by Guaranty Trust Co, and Bank- ers Trust Company, New York, dt prices ranging from 99% to 98^ and interest accord ins to maturity. JVtai'ket New Yorlt — Evans, Stillman & Co., Free- man & Co., Chater & Edey. Boston' — Curtis & Sanger. Baltimore — J. S. Wilson Jr. & Co. Philadelphia — Biddle & Henry, Huntoon & Co. Pittsburgh — ^Union Trust Co. of Pittsburgh. B£THXX]IEBM STEEIi CO. 15-Year Mai-ine Bquip. Tr. 7s. Due Oct. 1, 1935. Dated Oct. 1, 1920. Interest payable April 1 and Oct. 1, at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assessed by company. Authorized $20,000,000 Outstandlngr 20,000,000 Denomination — Coupon, $1,000; ' register- able as to principal. Trustee-^Guaranty Trust Co., New York. Redeemable at any time on 20 days' no- tice at 102% and interest. Sinking Fund — $1,000,000 each April and Oct. 1 from April 1, 1922. to Oct. 1, 1927, inclusive, and $500,000 thereafter, for the purchase or redemption of these bonds at not over 102% and interest. Giiai*anteed principal and interest by the Bethlehem Shipbuilding Corp., Ltd. by en- dorsement. Secui'ed by an equipment trust agreement on five steamships of 20,000 d. w. tons each, to be constructed, and five steamsh ips al- ready constructed, totaling 52,417 d. w^. torfe (all of which are less than three years old and one of which has just been delivered). This fleet w^ill be employed for the trans- portation of ore from the Bethlehem iron mines in Chile and Cuba for use in Bethle- hem Steel Company's plants. The purchase price of the ten ships will aggregate over $30,000,000. Title to any ship will be relinquished (pro- vided that the number of ships held shall not thus be reduced below five) upon de- posit of an amount of cash suificient to re- tire a ratable face amount of certificates, in which case the charter hire thereafter pay- able shall be ratably reduced. The Trust Agreement and Charter will further, provide that if at any time after completion and delivery of the ships to be constructed the depreciated value (calculat- ed upon the then current reproduction cosl new of similar tonnage, less depreciation at the rate of 5% per annum from the respec- tive dates of construction) of the ships held fails below 150% of the amount of certifi- cates then outstanding, Bethlehem Steel Company will agree to maintain this margin by the delivery of additional ships or by pledge of United States Government ob- ligations, or Bethlehem Steel Corporation's Consolidated Mortgage Bonds or certain un- derlying bonds or other securities which shall be legal investment for trustees In the State of New York, such obligations or bonds to be taken at their market value. Pending completion and delivery of the ships about to be constructed, Bethlehem Steel Company will agree to maintain the above-mentioned margin of 50% In tonnage under construction or in operation, or in the securities above mentioned, in excess of all certificates not covered by their face amount in cash or United States Government obligations of equivalent market value helfl by the Trustee. All of these ships will be under- American registry and will bear the highest classifica- tion under the American Bureau of Shipping. They will carry customary Insurance against fire and marine risk, such insurance In case of total loss to aggregate at least 125% of the principal amount of certificates out- standing, proper deduction being made for cash and securities held by the Trustee. Original Market — $20,000,000 offered Sep- tember, 1920, by Guaranty Trust Co. and Bankers Trust Co., New York, at 94% and interest. Market New York — Evans, Stillman & Co., T. HaH Keyes & Co., Morton Lochenbruch & Co., Freeman & Co., Salomon Bros. & Hutzler, Bull & Eldredge, Estabrook & Co. Fhiladelphia^Biddle & Henry, Elkina, Morris & Co., Charles Pearon & Co., Mc- Cown & Co., Montgomery & Co., Reed A. Morgan & Co., Parsly Bros. & Co. Chicago — Blair & Co., John Burnham & Co. Denver — Bankers Trust Co. Louis ville-^B lock. Fetter & Co., Fidelity & Columbia Tr. Co., J. J. B. HlUiard & Son. Grand Kapids — Corrigan & Co. Price Kangre 1920 Bid. Ask. High 94% Oct. 97 Oct. Low ; 93 % Dec. 94 3,^ Dec. BETHLEHEM STEEL CORP. Secured Serial 7% Notes. Due Series A, B. C and D, $7,500,000 each July 15, 1919-1932 in- clusive, and Series E, $20,000,000 July 15. 1923. Dated July 15, 191S. Interest payable Jan. 15 and July 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $60,000,000 Outstanding (Jan. 1, '21) 27,495,000 In Treasury 10,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers Trust Co., New York. Redeemable at any time upon 30 days' no- tice, as a whole or in series (in which event all the notes of one or more of the series first maturing must be called for redemption) at 102 for notes with 4 years or more to run; 101% for notes with 3 years or more to run; 101% for notes with 3 years or more but less than 4 years to run; 101 for notes with 2 years or more but less than 3 years to run; 100% for notes with 1 year or more but less than 2 years to run; 100 for notes with less than 1 year to run. Convertible at the option of the holder at par Into Bethlehem Steel Corporation Con- solidated Mortgage 30-Year Sinking Fund 6% Gold Bonds, Series A., due August 1. 1948, when pledged under the indenture, at a price for said bonds equivalent to a 6%% in- come basis at the time of such conversion. Upon any such conversion, the Corporation will deliver bonds up to the nearest $1,000 par value for which the notes will suffice to pay. and cash for any balance. Accrued In- terest, if any, will be adjusted. Rights of conversion on the first four Seri3s A, B, C and D, respective maturities, and on the last Series, B, four months prior to the maturity ot that Series. Oi^anlzation — Incorporated In New Jersey in 1904 and acquired the entire capital stocks of the following companies: Bethlehem Steel Co., Harlan & Hollingsworth Corp., Union Iron Works Co., Samuel L. Moore & Sons Corp., Carteret Improvement Co., Eastern Shipbuilding Corp.. Crescent Shipyard Corp., Bath Iron Works and Hyde Windlass Co. Capitalization. Outstanding. Common "A" $14,862,000 Common "B" 45,000,000 PrefErred (8% cum.) 30,000,000 Preferred (7% non-cum.) 14,r>08.000 Funded debt •249,403,612 •Includes subsidiaries. Security — The notes are diruct obligations of Bethlehem Steel Corporation,, and issued under an indenture executed jointly with the Bethlehem Steel Company and are secured by pledge with the Trustee of $68,587,000 to- tal issued $70,000,000) new Consolidated Mortgage 30-Year Sinking Fund 6 % Gold Bonds, Series A, due August 1, 1948. In ad- dition the note indenture contains a covenant that the Corporation will not declare or pay dividends on its Comiiiou atock which will result in reducing the net current assets of the Corporation and its subsidiaries as de- lined in the indenture, below the face amount cf these notes then outstanding. The Consolidated Mortgage Bonds are is- sued under a mortgage executed jointly by the Bethlehem Steel Corporation and Bethle- hem Steel Company and are to be secured either by direct mortgage lien, or collaterally through pledge of mortgage bonds and /or en- tire issues of stocks (excepting directors' shares), upon the ' real estate and plants of the principal subsidiaries of the Corporation, comprising in value over 95% of such prop- erties owned. The Consolidated Mortgage Bonds are also secured by $29,354,000 previously issued underlying bonds. No ad- ditional underlying bonds may be issued un- less pledged under the Consolidated Mort- gage. Earnings — See Purchase Money 5s of 1936. Original Market — $50,000,000 offered July, 1918, by a syndicate headed by the Guaranty Trust Co. and Bankers Trust Co., New York, at 99%. 98%, 98%, 97% and 97 and interest for respective maturities. Market. New ¥orlc — Salomon Bros. & Hutzler, Bond & Goodwin, Dillon, Reed &' Co., Bull & Eldredge, Mann. Pell ^ Peake, T. Hall Keyes. Boston — Curtis & Sanger. Baltimore — J. S. Wilson Jr. & Co. Glucagro — John Burnham & Co. Louisville — Fidelity & Columbia Trust Co. Detroit — Joel Stackard & Co. Price Kauge. Jan. 1, '18, to Jan. 1, '21 19^ Bid. Ask. Bid. Ask. Due 1921 Highl01% '19 101% '19 99% July 100% Feb. Low. 98^4 '18 98% '18 99% July 100% July Due 1932- Highl02i4 '19 102% '19 100% Feb. 100% Feb. Low. 95% '18 97 '18 96% Dec. 97 Dec. Due 1923 Hlghl02% '19 102% '19 100% Feb. 100% Feb. Low. 94 '20 95% '20 94 Nov. 95% Dec. BIGHEART PRODUCING & REFINING GO. (Tulsa, Okla.) Equip. Tr. 7s. Dae $30,- 000 each Oct. 1 and April 1, from Oct. 1, 1930, to April 1, 1934, incl.. and $33,500 each Oct. 1 and April 1, from Oct. 1, 1924, to April 1, 1926, inclusive. Dated April 1, 1920. Interest payable April 1 and Got. 1, at Fort Dearborn Trust & Sav- ings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized ; $370,000 Outstanding 370,000 Denomination — Coupon, $1,000 and $500. Reglsterable as to principal. Trustee — Port Dearborn Trust & Savings Bank. Chicago. Redeemable at 102% and interest on any in- terest date on 60 days' notice. Sinking Fund — Monthly beginning April 1, 1920, the company agrees to pay to the trus- tee an amount equal to the average accrual of the principal and interest of this issue on each maturity date thereafter. Outstanding (Nov. 1, '20) 340,000 Balance Retired Guaranteed principal and Interest by the Bigheart Producing & Refining Co. Organization — See Conv. S. F. 7s. Secured by an equipment trust agreement on 200 new all-steel tank cars of which 100 are 8,060 gallons capacity and 100 of 10.050 gal- lons capacity, built by the Pennsylvania Tank Car Co., and costing 1562,000, of which amount over 34% will be paid in cash. Original Market — $370 ,000 offered April, 1920, by Hyney, Emerson & Co., Chicago, on a 7% basis for the first four maturities, and on a m,% basis for the last four maturities. Market. Chicago — Hyney, Emerson & Co. BIGHEART PRODUCING & REFINING CO. (Tulsa, Okla.) 7% Conv. S. F. Notes. Due Mar. 1, 1934. Dated Mar. 1, 1919. Interest payable Mar. 1 and Sept. 1, at Lee, Higginson & Co., Bos- ton, New York and Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $600,000 Oatstandingr (Mar. 1, '21) 404,000 Retired by S. F 84,000 Converted 112,000 Purpose of Issue — Issued for the purpose of enlarging company's refinery and drilling additional wells. Denomination — Coupon, $500_ and $1,000. Reglsterable as to principal. Trustee — Commonwealth Trust Company, Boston. Redeemable at any time on thirty days* no- tice at the following prices and interest: 106 during the first year, 104 during the second year, 103 during the third year, 102 during the fourth year, and 101 thereafter. Sinking Fund — ^Annually, beginning Mar. 1, 1919, 20% of outstanding notes or such por- tion of that amount not converted into stock to be applied to the purchase or redemption of these notes at not exceeding call prices. Convertible at any time into stock of the company on the basis of one share of stock, par $10, for each $11 face value of notes. Organization — Incorporated in Massachu- setts In 1918. Company is engaged in the production, refining, transportation and mar- keting of all grades of refined oil products. At the time of its formation the company took over the property of the Massachusetts Okla- homa Oil Co. and the Bigheart Petroleum Re- fining Co., both Massachusetts corporations. The manufacturing properties of the company, are located at Bigheart, Osage County, Okla- homa, and consist of a modern and completely equipped oil refinery with a capacity of 3,000 barrels per day, a casinghead gasoline plant which is producing an average of 1,200 gal- lons of high gravity gasoline per day; par- afiine wax pressing and finishing plants, and a lubricating oil filtering plant. The producing properties of the company embrace a total of approximately 15,000 acres of proven oil lands in Oklahoma, Texas and Mexico, having a present combined daily pro- duction of over 40,000 barrels of crude oil. These properties consist of 3,040 acres in Osage Nation, Okla., on which there are 59 producing wells within three miles from the refinery. Properties also include over 11,000 acres in Ranger, Desdemona and Slpe Springs ■field, Texas, and in the Panuco field In Mex- ico. Capitalization. Outstanding. Common $5,476,840 Funded debt 1,235,764 127 Security — A direct obligation of the com- pany, but not secured by a mortgage. Under the proviaiona of the trusf agreement the com- pany must not incur any obligation in excess of ita auick assets. 10 months ended Oct. 31 Gross Net Interest 1920 $3,346,675 $559,014 $72,690 Original Marlcet — Underwritten by Lee, Higginson & Co., Boston. Marlset. New Xork — Lee, Higginson & Go. BIG S.4NDY BAILWAir CO. 1st 4s. Due June 1, 1944. Dated June 1, 1904. Interest payable June and Dec. 1, at C. & O. Ry. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 OutstandinsT (Mar. 30, '21) 4,322,000 Betired by S. F 678,000 Denomination — Coupon, $1,000. Kegiater- able as to principal. - Trustee — Central Union Trust Co., New York. Sinkiog Fund — 1 % per annum of outstand- ing bonds, payable Nov. 1 for purchasing these bonds at not exceeding 10~5 and interest; if not so purchasable, to be invested in ap- proved securities. Bonds of this issue ac- quired to be cancelled. Assumed by the C. & O. By. Co. Guaranteed as to principal and interest by the Chesapeake & Ohio Ry. Co. by endorse- ment. Control — ^Merged in 1907 into the C. & O. Ry. Co. Secured by a first mortgage on 86.8 miles of road including line from Blkhorn City to White House, Ky., 76.80 miles and branch. TJnderlies^C. & O. Gen. 4V4s; Gen. Fund & Impt. 5s. First Lien & Impt. Mtge. ; Conv. 4^8 of 1930 and Conv. Es of 1946. Legal for savings banks in Cal., Me., N. H. and Ore. Listed on the New York Stock Exchange. Original Market — ^Underwritten in 1906 by Kuhn, Loeb & Co., New York; $2,000,000 of- fered In 1908 by Kissel, Klnnloutt & Co. and ■William Salomon & Co., New York, at 87% and interest. Market New Tork — Constable & Fleming, H. B. Hutchinson & Co., Vanderhoef & Robinson, Vilas & Hlckey, Carruthers, Pell & Co. Fhiladelplua — Biddle & Henry, Chas. Fearon & Co., Graham, Parsons & Co., Isaac Starr, Jr. & Co. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 92% Oct. 30, '08 68% July 19 Low. 57% June 30, '20 67% June 30 BINGHAMTON GAS WORKS CO. 1st 5s. Due April 1, 1938. Dated April 1, 1898. Interest payable April and Oct. 1, at Emerson MoMillin & Co., 120 Broadway, New, York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $750,000 Den9minatioh — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Redeemable at 110 and Interest on six weeks' no^ic^.' Organization — IncorporiELted In New York In 1898 as successor to the Blnghamton Gas & Electric Co. Capitalization. Oatstanding. Common $450,000 Funded debt 996,000 Control — All stock owned by American Light & Traction Co. Secured by a first mortgage on plant sup- plying gas to Binghamton and Johnson City, N. Y. Population, 60,000. Franchise expires 1947. Underlies — $246,000 Gen. 5b of 1954. Years ended Dec. 31. Gross. Net. Interest. 1419 $420,912 $97,600 $51,104 1918 347,963 79,984 61,054 1917 313,682 102,490 50,896 1916 276,971 98,080 60,333 1915 267,616 102,534 47,360 Market. New York — F. H. Hatch & Co., B. & C. Randolph, Bigelow & Co., Berdell Bros. Boston- — G. W. Walker & Co. Philadelpliia — H. D.' Boenning & Co., Sam'l K. Phillips & Co., McCown & Co. Pittsburgh — ^Wm. P. Lemley & Co. Price Range, Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99% "10 107 '17 80 Nov. 90 Nov. Low. 50 '19 87% 'IS 80 Nov. 90 Nov. BINGHAMTON (N. Y.) LIGHT, HEAT & POWER CO. 1st Ret. (Now 1st) 3s. Due July 1, 1942. Dated July 1, 1902. Interest payable April and Oct. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding: (Nov. 1, '20) $155,000 Held in S. F 92,000 Fledged under 1st Ref. 5s 253,000 Denomination — Coupon, $1,000. Trustee — U. .S. Trust Co., New York. Redeemai>le for sinking fund at 110 and Interest. Sinldng Fund — $6,000 annually beginning Feb. 1, 1908, to Feb., 1918, inclusive, and $7,500 annually thereafter. Organization.~See 1st Ref. 5s of 1946. Secured by a first mortgage on plant sup- plying Binghamton, N. Y.. and near-by towns with electricity. Franchise perpetual. Pop- ulation served about 95,000. "Earnings — See 1st Ref. 6s of 1946. Original Market — Ottered in 1902 by N. W. Halsey & Co., New York, Chicago, etc., at 102 and interest. New York — Frederick H. Hatch & Co., Vanderhoef & Robinson, Hartshorne & Bat- telle, Berdell Bros. Providence — Hornblower & Weeks. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Ask. High 102% '16 93 '19 88 Mar. Low. 78% '18 71 '20 71 May 128 BINGHAMTON LIGHT, HEAT & POWER Co. 1st Ref. 58. Due Feb. 1, 1946. Dated Feb. 1, 1916. Interest payable Feb. and Aug. 1, at Guaranty Trust Co., New York. Tax Status — 1 % Federal Income Tax paid voluntarily by company without deduction. Tax exempt in New York. Pennsylvania State Tax refunded. Authorized Unlimited Outstanding $1,209,000 ' Pledged to Secure 7% Notes... 326,000 Reserved for Prior Lien 166,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co.. New Tork. Redeemable at lOB and Interest on 30 days' notice. Improvement and SiijkinEr Fund — ^Annually beginning Feb. 1, 1920, 1% of outstanding bonds, either for the purchase or redemption of these bonds at not over 105 and interest or for improvements or additions. Depreciation Fund — Annually, beginning March 1, 1917, 10% of gross operating rev- enues for maintenance, repairs, renewals or for betterments and iiaprovements. Any part of fund not so used during the fiscal year Is to be deposited with trustee for future use. Organization — Incorporated in New York in 1902. Capitalization. Outstanding, Common , 500,000 Preferred (6% cum.) 393,400 Funded debt 1,375,000 Secured by a mortgage on the entire prop- erty of the company. Further secured by pledge of $253,000 1st Ref. 5s of 1942. The property covered includes electric generating plant of 3,500 k. w. in Union, N. Y.. and 1,500 k. w. in Binghamton, six miles trans- mission lines, 660 miles of overhead distribut- ing lines and five miles of underground con- duits supplying city and vicinity with electric light and power. Franchises are perpetual. Prior Lien — ?155,000 1st Ref. 5s of 1942, which this issue provides to retire. Years ended Dec. 31. Gross. Net. Int., etc. 1919 $50S,5S4 $179,371 $74,043 1918 446,923 15 0,602 76,027 1917 3 72.08 5 130,163 -51,777 1916 315,207 128,701 49.853 1915 270,354 119,267 42,765 Legal for savings banks in R. I. Original Market — Offered by N. W. Halsey St Co., New York, etc., May, 1916, at 99 and interest. A block offered Oct., 1917, by Hal- sey, Stuart & Co.. Chicago, etc., at 90 and interest. Market. New York — Frederick H. Hatch & Co., Vanderhpef & Robinson, Hanson & Hanson. Philadelphia — E. P. Barnard, Arthur J. Bender. Chicagro — Halsey, Stuart & Co. Providence — Hornblower & "Weeks. Price Range. Jan. 1, '16. to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 961^ '17 99 '16 63 Dec. 73 July Low. 58 '20 70 '20 58 Sept. 70 July Baltimore — Wm. E. Holloway. Cliicagro — Halsey Stuart & Co. Price Range 1930 Bid. High 93 June Low 90 Dec. Ask, 95% Dec. 94 Dec. BINGHAMTON (N. Y.) LIGHT, HEAT & POWIflR CO. 5- Year 7% Secured Notes. Due May 1, 1925, Dated May 1, 1920. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company with out deduction Penn- sylvania State Tax refunded. Authorized $500,000 Outstanding- 227,500 Unissaed . . 272,500 Purpose of Issue — Proceeds to be applied principally to the cost of an additional 5,000 k. w. generating unit and for other construction expenditures. Denominations — Coupon, $1,000, $500 and $100; ;registerable as to principal. Trustee — Guaranty Trust Co., New York, Redeemable on any interest date upon : days' notice at 101 and interest. Org-anization — See 1st Hef. 5s. Secured by pledge of $325,000 1st Ref. 5s, due 1946. Eaming:s — See 1st Ref. 5s, due 1946. Original Market — $227,500 offered June, 1920, by Halsey, Stuart & Co., Chicago, New York, etc., on an S%% basis. Market New York — W. E. R. Smith & Co., Car- ruthers. Pell & Co. BINGHAMTON (N. Y.) RAILROAD CO. let 58. Due $5,000 annually Sept. 1., 1910, to 1917, inclusive, $10,000 annually Sept. 1, 1918, to 1922, inclusive, and $447,000 Sept. 1, 1923. Dated March 1, 1893. Interest payable Jan. and July 1, at Metropolitan Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $900,000 Outstandingr (aJn. 1, '21) 482,000 Balance retired. Trustee — Metropolitan Trust Co., New York. Assumed by Binghamton Ry.^ Co, Organization, Etc. — See 1st Cons. 5s. Earnings — See 1st Cons, 5a. Secured by a first mortgage on 21 miles of street railway track in Binghamton, N. Y. (see 1st Cons. 5s of 1931). Underlies — $1,833,000 B. Ry. Co. 1st Cons. 5s, 1931, which provide for retirement of this issue. Market. Scrauton — Weissenflush St Co. Price Range. Jan. 1, '17, to Jan. 1, *21 1920 Bid. Ask. High 99 '17 101 '17 Not Low. 80 '19 90 '19 available. 1st 129 BINGHAMTON (N. Y.) RAILWAY CO. Cons. 5s. Due Nov. 1, 1931. Dated Dec. 10, 1901. Interest payable May and Nov. 1, at Seaboard National Bank, New York, or at Trustee's office. Tax Status — ^Paymsnt of Federal Income Tax not assumed by company. Tax exempt in New York. Authorized $2,500,000 Outstanding: (Jan. 1, '21) 1,833,000 Reserved lor Pilor Liens 629,000 Reserved for Ext 38,000 Denomination — Coupon, $1,000. Registera- ble as to principal. Trustee — Fidelity Trust Co., Buffalo, N. Y, Redeemable at 110 and interest on any interest date. Receivership "W. G. Phelps was appointed receiver for the company Oct. 8, '18, by Judge George W. Ray, at a term of the U. S. Court in Auburn, N. Y. Protective Committee — Thomas B. Lock- wood, Frank B. Newell, Harry T. , Ramsdell, John T. Steele with Perry E. "Wurst, Sec- retary, 284 Main Street, Buffalo, N. Y, The Fidelity Trust Company, Depositary, corner Main and Swan Streets, Buffalo, and Peoples Trust Company, Agent of Depositary, Bing- hnmton, N. Y. Organization — Incorporated In New York In 1901 as a consolidation of the Binghamton R. R. Co. and the Binghamton, Lestershire & Union R. R. Co. Capitalization. Outstanding. Common $978,996 Funded debt 2,374,000 Controlled by the -Scranton & Binghamton Ry. Co. through ownership of 98% of stock. Secured by a mortgage on all the property, franchises, etc., now owned or hereafter ac- quired and comprises 49.75 m.iles of railway track of which 30 miles is in the city of Bing- hamton with Johnson City, Hooper. Endlcott, Union and Port Dickinson. Franchises are perpetual and exclusive. Serves a population of 100,000. Prior LienB — $147,000 B. L. & Union R. R. Co. 1st 5s, 1925, and $482,000 B. R. R. Co. 1st 6s 1916-23, for retirement of which bonds of this issue are reserved. Years ended Dec. 31. Gross. Net. Interest. 1920 $977,286 $214,818 $151,131 1919 648,242 72,324 137,705 1918 648,242 72,324 137,705 1917 705,030 212,125 134,303 1916 651,527 223,872 121.337 Original Market — Offered, 1909, by John T. Steele, Bu^alo, at 101 and interest. Market. New York — Vanderhoef & Robinson, Tay- lor & White. Scranton — Weissenftush & Co, Price Range. Jan. 1, '08, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 100 '10 104 '08 70 May 76 May Low. 50 '20 60 '20 50 Dec. 60 Dec. BIRD & SON, INC., 10-Year 6%, S. F. Notes, Due January 1, 1929. Dated January 1, 1919. Interest payable Jan. 1 and July 1 at offices of Lee, Higgin- Bon & Co., Boston, New York and Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding: (Jan. 1, '21) 775,000 In Treasui*y 25,000 Retired by S. F 200,000 Purpose of Issue — To pay off floating in- debtedness. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — First National Bank, Boston. Redeemable on any interest date at 103 dur- ing 1919: 102 during 1920 and 1921; 101^ during 1922 and 1923; 101 during 1924, 1925 and 1926: and 100 V^ during 1927 and 1928. Sinking Fund — ^Annually, beginning Nov. 1. 1919, $100,000 in cash or in these notes at cost not exceeding call prices. The cash fund is to be applied to the purchase or re- demption of these notes at not exceeding the call prices (see above). Notes acquired are to be cancelled. Organization — Incorporated In Massachu- setts in May, 1918. Business established in 1795. The company manufactures a large variety of paper, roofing and building prod- ucts, including paper boxes, roll roofings and waterproof building materials. Its roofing and building products are sold under the trade name "Neponset." Its plants are at East Walpole, Mass, ; Norwood, Mass. ; Phillips- dale, R. I., and Chicago, 111. Capitalization. Outstanding. Common $1,060,000 Prior Pref. (8% cum.) 1,000,000 1st Pref. (7%) 2,000,000 2d Pref. (6%) 3,000.000 Funded debt 1.000,000 Security — ^A direct, obligation of the com- pany, but not secured by a mortgage. The company has no mortgaged debt. The trust agreement provides that while any of these notes are outstanding the company will not mortgage any of its properties, will incur no indebtedness running- for a term in excess of one year, and will maintain t[Uick assets equal to at least 150% of all its liabilities (as defined in trust agreement) including these notes. As of October 31, 1918, plants and eauip- ment were valued at $2,826,624 and net quick assets amounted to $3,070,454. O'liginal Market — $1,000,000 offered Jan- uary, 1919, by Lee, Higginson & Co., Boston, etc., at 98^ and interest. Price Rangre 1920 — Ask 99. BIRDSBORO STREET RAILWAY 1st 5s. Due Jan. 1, 1934. Dated Jan. 1, 1904. Interest payable Jan. and July 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding $250,000 Denomination — Coupon, $500 and $1,000. Trustee — Colonial Trust Co., Reading, Pa. Redeemable at 105 and interest on and after Jan. 1, 1914. Control — Merged in 1917 in the (new) Reading Transit & Light Co., a subsidiary of the Elastern Power & Light Corp, Secured by a first mortgage on 7 % miles of electric railway from Black Bear to Birds- boro. Pa. Refunding — Bonds are reserved under Read- ing Transit & Lt. Co. Gen. Mtge. to re- tire this issue. Market. Philadelphia — Huntoon & Co., Graham, Parsons & Co. Price Itangre 1920 — Bid 35, Ask 50. BIRMINGHAM & SOUTHEASTERN RAIL- WAY CO. 1st 6s. Due May 1, 1961. Dated May 1, 1911. Interest payable May and Nov. 1, at Central Union Trust Co., New York. Default— Nov. 1, 1916. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 519,000 Held in Treasury 20,000 Denomination — Coupon and registered $ 1 and $1,000. Trustee — Central Union Trust Co. and Will- iam Goodman, New York. Redeemable as a whole at 107*/^ and in- terest. Protective Committee — George C. Van Tuyl. Jr., . chairman; Secretary, H. M. De Lanoie. 66 B'way, New York, and Depositary, Cen- tral Union Trust Co., New York. Receivership — W. M. Blount was appointed receiver in Aug-ust, 1920, on petition by the Western Ry Co. of Alabama on a claim of $7,792. Oi^anization — ^Incorporated in Alabama, in 1901. Present name adopted in 1911. Capitalization. Outstanding. Common $700,000 Funded debt 747,606 Secured by a firct mortgage on 54 miles of road from Union Springs to Electic, Ala.. including 21 miles extension from Fort Davis to Milstead, Ala., and 6 mile branch from Tallassee to Milstead. Underlies — $ 67.705 Inc. Deb . 6 s of 1921 and $161,000 Gen, and Equip. Market. Spiller & Co.. Boston — H & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 Bid. Ask. High 98 '12 101 '12 Low. 75 '19 45 '18 & Mtge. 6s. Chas. A. Day 1920 Ask. Not available. BIRMINGHAM BELT RAILROAD CO. Ist 4b Due Oct. 1, 1922. Dated October 1, 1902. Interest payable April and Oct. 1, at Bankers Trust Co. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. ... $1,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co.. Boston. Redeemable at 102 'A and interest on any interest date on 60 days' notice. Guaranteed jointly and severally by the St. Louis & San Francisco R. R. Co. (foreclosed) and by the Kansas City, Memphis & Bir- minirham R. R. Co. by endorsement. Organization — Incorporated in Alabama in 1899. Capitalization. Outstanding. Common $50,000 Funded debt 1,000,000 Controlled by the St. Louis-San Francisco Ry. Co. through ownership of entire capital stock. Secured by a first mortgage on belt railway and terminal property in Birmingham, Ala., including 39 miles of track, equipment and real estate. Eauity — The entire $50,000 Capital Stock of this company is held by Old Colony Trust Co. under terms of agreement dated Oct. 1, 1902, between Railway Construction and Im- provement Co. and St. Louis & San Francisco R. R. Co. ' Original Marliet — Ofl;ered in 1902 by H. W. Poor & Co., at 96 and interest. Market. New York — H. C. Spiller & Co., Finlay & Davenport, Abraham & Co. Boston — H. C. Spiller & Co. Philadelphia — Chas. Fearon & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. High 97 '13 99 '13 88 Jan. Low. 80 '19 84 '17 80 Sept. Philadelplua — H. D. Doenning & Co. Pittsburgh — Moore, Leonard & Lynch, Stout & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. High 111 '08 112 '08 t64%Nov. Low. (64% '20 f80 '19 f64%Nov. BIRMINGHAM, KNOXVILLE & AXLEN- TOWN TRACTION CO. 6s. Due Sept. 1, 1931. Dated Sept. 1, 1891. Interest payable Mar. and Sept. 1, at Mellon National Bank, Pitts- burgh, Pa. Tax Status-^2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. .Authorized and Outstanding $500,000 Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Phila., Pa. Guaranteed as to interest by the Pittsburgh & Birmingham Traction Co. Organization — Incorporated in Pennsylvania, Capitalization. Outstanding. Common $1,000,000 Funded debt 600,000 Control — Leased in 1889 to Pittsburgh & Birmingham Traction Co. The property of the latter company is leased to- the United Traction Co. of Pittsburgh, which is con- trolled through stock ownership by the Amer- ican Ry. Co. a subsidiary of the Philadelphia Co. Receivership — See Pittsburgh Railways Co. Secured by a first mortgage on 1.98 miles of track and all other property of the com- pany, including 19,980 of 20,000 shares of its own stock; the entire 1,060 shares stock of the Birmingham St. By. Co., 1,213 of 2,000 shares of stock of the Mt. Oliver Incline Ry. Co. and the entire 340 shares of stock of the Hilltop St. Ry. Co., and the lease by the Trac- tion Co. of the Birmingham St. Ry.'s prop- erty for 999 years. The Mt. Oliver Incline Ry. property consists of an incline plane in the 17th Ward, South Side, of Pittsburgh, extending from Carson and S. 12th Sts. to near Arlington Ave. and S. 18th St., includ- ing connecting surface tracks and is subject to $41,500 1st 6s, due May 1, 1964. Listed on the Pittsburgh Stock Exchange. Market. New York — Moore. Leonard & Lynch, H. C. Spiller & Co. BIRMINGHAM (Ala.) RAILWAY & ELEC- TRIC CO. 1st 5s. Due July 2, 1924. Dated July 2, 1894. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Tax Status — Payment of Federal Income- Tax not assumed by company. , Authorized $1,260,000 Outstanding' (Jan. 1, '21) 826,000 Ketii-ed by S. F 425,000 Denomination — Coupon, $1,000. Trustee — Birmingham Trust & Savings Co., Birmingham, Ala. ,' Redeemable at 105 and interest. Sinking Fund — $12,600 per annum January 1, for purchase or redemption of these bonds at not over 105 and interest. Bonds pur- chased to be cancelled. Receivership — See Birmingham Ry., Light & Power Co. Control — Absorbed by the B. Ry., Lt. & P. Co. This latter company is controlled through stock ownership by the American Cities Co. Secured by a first mortgage on 46 miles of street railway in Birmingham. Ala. Underlies — B. Ry., Lt. & Pr. Gen. 4%3 of 1954 and Ref. & Ext. 6s of 1957. Bonds- are reserved under the latter mortgage to re- tire this issue. Earnings — See B. Ry., Lt. & Pr. 4%s. Market. Baltimore— Jenkins, Whedbee & Co. Howard R. Taylor & Co. Bli-mingham — Caldwell, Garber & Co., Ward Sterne & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 104 '13 108 '11 95 July 98 July- Low. 90 '20 95 '20 90 Jan. 96 Aug. BIRMINGHAM RAILWAY, LIGHT & POWER CO. Gen. Ref. 4%s. Due April 1, 1954. Dated April 1, 1904. Interest payable Apr. and Oct. 1, at Trustee's office and New York Trust So., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $8,720,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Canal-Commercial Trust & Savings. Bank, New Orleans, La. Redeemable at 106 and interest on any In- terest date on 60 days' notice. Sinking Fund — One-half of 1% of outstand- ing bonds annually, beginning Aug. 1, 1924, tor the purchase or redemption of these bonds at not over 105 and interest. Receivership — Lee J. "C? Bradley was ap- pointed receiver Jan. 23. 1919. Organization and Control — Incorporated in Alabama in 1901 as a consolidation of the various public service companies in Birming- ham. Controlled by the American Cities Co. through ownership of a large majority of the preferred and common stocks. Capitalization. Outstanding Common $3,900,000 Preferred (6% cum.) 3,500 000 Funded debt 15,409,000 Secured by a first mortgage on about 90 miles of street railway track in Birming- ham, Ala., and vicinity and plants supplying steam heat, gaa and electricity to the same territory, and a second mortgage on 45 miles of street railway track in the center of the city. The street railway subject to this mortgage includes practically the entire sys- tem in the city and suburbs. Fifty-two miles is single track and 43 double track. Popu- lation served, 225,000,. Franchises, with un- important exceptionsj are perpetual. Prior Lien — ?825,000 Birmingham Ry. & Electric Co. 1st 5s of 1924. UnderUes — $4,664,000 Ref. & Ext. 6s of 1957, a sufficient amount of which have been reserved to letire these bonds, also $1,200,- OOO 6% notes due April 1, 1921. Years ended Dec. 31. Gross. Net. Int., etc. 1920... $5,613,135 $1,476,693 $932,017 1919... 4,577,356 1,179,544 883.036 1918. . . 3,742,865 1,094,444 838.487 1917. . . 3,655,894 1.306.441 830,088 1916. . . 3,404,104 1,191,770 811,412 1915. . . 2,987,251 1,020,699 789.697 l.iHied on the New Orleans and Louisville Stock Exchanges. Original Market — Offered in 1904 by Laden- burg, Thalmann & Co., New York, at 93^ and interest. Market. New York — J. S. Bache & Co., Frederick H. Hatch & Co., Hibernia Securities Co., Inc., Earle A. Miller & Co., Vanderhoef & Robinson, Harris, Forbes & Co. Boston — Harris, Forbes Co., Inc. Clucagro — :Harris Trust & Savings Bank. JSirming-ham — Ward Sterne & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94 '09 961^ '09 63 Nov. 68 Nov. Low. 51 '20 58 '20 51 July 58 Oct. BIRMINGHAM RAILWAY, LIGHT & PO^VER CO. Ref. & Ext. 6s. Due May 1, 1957. Dated May 1, 1907. Interest payable May 1 and Nov. 1, at Trustee's office and New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $25,000,000 Outstanding (Jan. 1, '21) 4,664,000 Held in S. F.-. 70,000 Reserved for Prior Liens 9,580,000 Reserved for Power House 1,200,000 Reserved for Ext 9,486,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co., Boston. Sinking Fund — Beginning Sept. 1, 1918, % % of outstanding bonds annually for the purchase of these bonds at not over a, i%% ■basis. Bonds so purchased to be kept alive. Organization and Control — See Gen. 4^s 1954. Secured by a general mortgage on all the property of the company as described under -the Gen. 4^s of 1954 (see above). Prior Liens — $8,720,000 (closed) Gen. Mtge. Ref. 41/28 of 1954, and $825,000 (closed) Bir- mingham Ry. & Electric Co. 1st 5s of 1924. -for the retirement of which bonds of this is- -sue, are reserved. Underlies — $1,200,000 6% notes due April 1, 1921. Earnings — See Gen. Ref^ 4y2S. Listed on the New Orleans and Louisville Stock Exchanges. Original Market — Offered in 1908 by Isi- ■dore Newman & Son, New Orleans, and the United States Trust Co. of Louisville, at 103^ and interest. Market. New York — J. S. Bache & Co., Hibemla Securities Co., Inc., Berdell Bros., G. R. Mc- Allister & Co., Merrill, Lynch & Co. Philadelphia — Huntoon & Co. Louisville — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Birmingrham — Caldwell-Garber Go. St. Louis — Mark C. Steinberg. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. > High 104 '12 105 '12 58 Dec. 64 Dec. Low. 51 '20 58 '20 51 July 58 Oct. BIRMINGHAM TERMINAL CO. 1st 4s. Due March 1, 1957. Dated March 1, 1907. Interest payable March and Sept. 1, at Equitable Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 1,940,000 Held in Treasury 60,000 Reserved for Add 1.000,000 Denomination — Coupon, $1,000. Regj^ter- able as to principal. Registered, $1,000 and multiples. C. & R. interchangeable. Trustee — Equitable Trust Co., New York. Guaranteed severally as to 1-6 of the prin- cipal and interest by 111. Cent. R. R. Co. Ry., Seaboard Central of Ga. Ry., St. L. & S. F. R. R. and Ala. Gt. So. Ry. Organization — Incorporated in Alabama in 1905. Capitalization. Outstanding. Common $150,000 Funded debt 1,940,000 Control — The entire capital stock is owned by Uie six companies mentioned above, to which the property is leased at a rental equiv- alent to all expenses and charges and 4% per annum on paid up stock, $150-,000 ($3,000 paid up). Secured by a first mortgage on the pa.ssen- ger terminals of the company at Birmingham. Ala. Original Market — Offered in 1907 by Wil- liam Salomon & Co., and Potter, Chdate & Prentice, New York, and Parkinson & Burr, New York and Boston, at 94 and interest. Market. New York — Finlay & Davenport, Frederick H. Hatch & Co., R. B. Hutchinson & Co., Sharretts & Ford. Price Range. Jan. 1, '12, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 90 '12 92*12 63 Dec. 67 Dec. Low. 55 '20 60 '20 55 June 60 June BIRMINGHAM (Ala.) TIDEWATER RAIL- WAY CO, 1st 5s. Due January 1, 1946. Dated Jan. -1, 1916. Interest payable Jan. and July 1. at office of Trustee, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,000 Outstanding 1,500,000 Held for Ext 2,500,000 Denomination — Coupon, $500 and $1,000. Trustee — Empire Trust Co., New York. Redeemable on any interest date at 101 and interest. Guaranteed principal and interest by the Birmingham Railway, Light & Power Co. by endorsement. Receiver Appointed — Lee C. Bradley was ap- pointed Jan. 23, 1919. Organization and Control — Incorporated in Alabama in 1916 as successor through fore- closure to the Birmingham, Ensley . mer R. R. Co. The entire capital stock is owned by the Birmingham Ry., Lt. & Pr. Co. Capitalization. Outstanding. Common $325,000 Funded debt 1,500,000 Security — ^A direct first lien on all property of the company now owned or hereafter ac- quired, and comprising 33.79 miles (single track equivalent) of electric railway extendmg from the eastern limits of Greater Birming- ham through the center of the City of Bir- mingham to Ensley. In Greater Birmingham the company operates under a 99-year fran- chise from Dec. 28, 1910. Earnings — See Birmingham Railway, Light & Power Co. Original Market — Offered Jan., 1S16, by Howard R. Taylor & Co., Baltimore. New York — E. D. Murphy, H. C. Spiller & Co. Boston — Chas. A. Day & Co. Baltimore — Howard R. Taylor & Co. Price Kangre Jan. 1, *19, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 77 '19 f30 Nov. f37 Oct. Low. 77 '19 f33 '20 £25 Sept. f33 Nov. BIRMINGHAM (Ala.) WATER WORKS— 2d Ext. 6s. Due Feb. 1, 1926. Dated Feb. 2, 1891. Extended Feb. 1, 1921. Interest payable Feb. 1 and Aug." 1, at Hanover National Bank, New York. Tax Status — 2% Federal Income Tax paid by the Company or without deduction. Authorized Closed mortgage Outstanding 239,000 Denomination — Coupon, $1,000. Trustee — Birmingham Trust & Savings Co., Birmingham, Ala. Redeemable as a whole or in part by lot on any interest date at 100 and interest upon 4 weeks notice. Organization, Etc. — See 5s of 1939. Secured by a first mortgage on an impor- tant part of the company's property — see 5s of 1939. Underlies — $2,260,000 5s of 1939 and $2,- 501.000 5s of 1945. Earnings — See 5s of 1939. Original Market — ^Under the extension agreement assenting holders of old bonds received a premium of $50 per $1,000 bond. Market. New York — H. C. Spiller & Co., Carruth- ers Pell & Co. Boston — Hotchkin & Co. Birmingham — Steiner Bros. BIRMINGHAM (Ala.) WATER WORKS CO. 40-Year 5s. Due Aug. 1, 1939. Dated Aug. 1, 1899. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed hv company. Authorized $2,500,000 Outstanding 2,260,000 Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., N, T. Redeemable at par and interest. Organization — Incorporated in Alabama in 1885. Capitalization. Outstanding. Common $1,829,700 Funded debt 5]025,00f' Control — Entire capital stock owned by American Wp,ter "Works & Electric Co. Secured by a mortgage on property of com- pany in Birmingham, Ala., and suburbs. Pop- ulation served about 190,000; nominal dis- tributive pumping capacity 38,000,000 gal- lons per day. Prior liiens — $239,000 2d Ext. 6s, 1926. Underlies— $2,5Oi;O0O 6s, due Feb. 1. 1945. Years ended Dec. 31. Gross. Net. Interest. 1920 $765,889 $361,835 $277,287 1919 706,508 337,910 270,745 1918 678,790 340,888 258,540 1917 638,233 377,947 269,177 1916 570,140 356,875 255,550 Market. New York — Otto Billo, Frederick H. Hatch & Co., H. C. Spiller & Co. Boston — Hotchkin & Co. Philadelphia — Bauer, Starr & Co. Birmingham — Steiner Bros, Caldwell-Gar- ber & Co. Pittsburgrh — Moore, Leonard & Lynch. Price Range. Jan. 1, '15» to Jan. 1, *21 19Z0 Bid. Ask. Bid. Ask. High 91 '17 95 '19 84 Feb. 85 Nov^ Low. 80 '20 85 '20 80 Nov. 95 Nov. BIRMINGHAM (Ala.) WATER WORKS CO. 40-Year 5s. Due Feb. 1, 1945. Dated Feb. 1, 1905. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income- Tax not assumed by company. Authorized $5,000,000 Outstanding . . ., 2,501,000 Prior Liens — $239,000 2d Ext. 6s, 1926, and $2,260,000 5s of 1930. Denomination — $500 and $1,000. Trustee — Equitable Trust Co., New York. Redeemable at par and interest. Organization — See 5s of 1939. Secured by a mortgage on property de- scribed under 1st 5 s above . Prior Liens — $239,000 2d Ext. 6s, 1926. 260,000 5s of 1939. Earnings — See 5s of 1939. New York — H. W. Whitney & Sons, Car- ruthers Pell & Co. Boston — Hotchkin & Co. Portland, Me. — H. M. Payson & Co. Birmingham — Stein Bros. Price Range, 1919 — Bid 80; 75. BISHOP NAVIGATION CO., LTD., 1st 6s. Due $100,000 each July 15 from 1930 ta 1929, inclusive. Dated July 15, 1919. Principal and interest (payable Jan. 15 and July 15) payable in gold at Bank of Nova Scotia, Toronto or Montreal, or at agency of Bank of Nova Scotia, Ne^v^ York, in gold at the holder's option. Tax Status — Information not available. Authorized $1,000,000 Outstanding: (Mar. 31, '21) 900,000 Balance retired. Denomination — Coupon, $1,000 and $500- Registerable as to principal. Trustee — Chartered Trust & Executor Co., Toronto. Redeemable at 102^/^ and interest on any interest date on 90 days' notice. ■ Organization — Incorporated in Canada, Jan- uary 20, 1919. Secured by a first mortgage on all the as- sets of the company and' including the steam- ship Iver Heath, a steel, twin screw, freight steamer, 469 ft. 6 in. long, 56 ft. 3 in. beam ■ and 34 ft. 10 in. depth; total dead-weight 11,400 tons, and a speed of about 12 to 13 knots per hour; valued at $2,109,000 as of July 12, 1919. This vessel has the highest classification of Lloyds' Register. Insurance to the extent of not less than 150% of the outstanding bonds will be carried. This ves- sel was built in 1901, was bufned and sunk in the River St. Lawrence in September, 1918.. It was rebuilt in 1919. Origrinal Market — $1,000,000 offered July, 1919, by A. E. Ames & Co., Toronto, etc., on a 6 ^ % basis. Market. Fhiladelplua — Battles & Co. Cincinnati — Breed, Ulliott & Harrison. Toronto — ^A. E. Ames & Co. BLACK & DICKER MANUFACTUKING (TUK) 1st S. F. Conv. 8s. Due Dec. 1, 1930. Dated Dec. 1, 1920. Interest payftble June 1 and Dec. 1, in Baltimore. Tax Status — 2% Fetieral Income Tax paid by the Company without deduction. Authorized $350,000 Outstanding- 350.000 Purpose of Issue — To retire floating in- •debtedness and to provide additional work- .;ingr capital. Denominations — Coupon, $1000. Trustee — Second National Bank, Balti- more. ' Redeemable on any interest date upon 60 days' notice at 100 and interest, plus % % premium for each year or portion thereof which the bonds have then to run, Sinlcing: Fund — Annually, beginning Dec. 1, 1922, an amount equal to 30% of the net ■earnings of the company which amount is to be arrived at after deduction of all oper- ating expenses and taxes. This fund • is to "be applied to the purchase or redemption of these bonds at not exceeding the current call price. Bonds so acquired are to be cancelled. Convertible at par at any time before ma- turity into Preferred stock of the Company at 95-. Ors:anization — Incorporated in Maryland in 1910. Tlie company manufactures port- able electric drills, electric valve grinders and electric air compressors. Capitalization Outstanding . Common $888,050 Preferred (8%) 367,200 Funded Debt 350,000 Secured- by a first mortgage on the plant and property at Towson, Md. (seven miles from the business district of Baltimore), v^alued in excess of $395,000. Additionally secured on certain real estate acquh'ed for the purpose o f providing housing facilities at $169,607 on which there are real estate mortgages aggregating $76,969. Under the provisions of the indenture the ■Company convenants to maintain at all times current assets in excess of current aiabilities in an amount equal to outstand- ing bonds. Years ended December 31: tNet 1920 *$201,645 1919 160,293 *Nine months only. tBefore taxes, de- preciation, etc. Original Market — $350,000, offered Feb., 1921, by Paker, Watts & Co., Baltimore, at 99% and interest. BLACK LAKE ASBESTOS & CHROME CO., I/rD., 2d Non-Cum. Income 6s. Due Sept. 1, 1943. and Sept. 1, at Trustee's office, Toronto, if earned for preceding six months. Non- cumulative. Interest payments as of May 1, 1920: 2% March 1, *17; 2% Sept. 1, '17; 3% March 1, '18; 3% Sept. 1, '18; 3% March 1, '19; 3% March 1, '20; 3% Sept. 1, '20; 3% March 1, '21. Tax Status — Payment of Federal Income Tax not assumed by company. Authoiized $1,250,000 Outstanding- (Jan. 1, '21) 1,183,000 Held in S. F 8,500 Unissued 58,000 PuriJOse of Issue — Issued in exchange for a like amount of bonds of the Black Lake Consolidated Osbestos Co., Ltd., upon pay- ment by bondholders of an assessment of 10%. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Registered $500 and $1,000. Trustee — National Trust Co., Toronto. Redeemable after Sept. 1, 1918, at 105 on any interest date as a whole only. Sinking Fund — ^Annually 25% of net earn- ings after the payment of all bond interest to be applied to purchase of these bonds in the open market at not more than 105. Organization — Incorporated in Canada in 1912 as reorganization of Black Lake Con- solidated Asbestos Co.,' Ltd. Owns controlling interest in Imperial Asbestos Co. Capitalization. Outstanding. Common ...'.$3,000,000 Preferred (7% noji-cum.) 1,000,000 Funded debt 1.183,000 Secured by a lien on 6,500 acres of min- eral lands, one asbestos mill of 10,000 tons fibre capacity and complete plant, repair shop, locos, etc. One 30 stamp chrome concentrat- ing mill. Years ended Dec. 31: Net. Dep'n etc. Interest. 1920. . . $153,470 $80,680 $71,280 1919. . . 124,932 94,162 *35,745 1918. . . 131,742 60,084 71,490 ♦For six months ended Dec. 31, 1919. Market. Montreal — Balfour, M^hite & Co. Price Range 1920 — Bid 30 Nov., Ask 33 Nov. BLACK MOUNTAIN CORPORATION 1st S. F. 6s. Due each April 1 and Oct. 1 as follows: $25,000. April 1, 1920, to AprU 1, 1922, inclusive; $37,500, Oct. 1. 1922, to April 1, 1925, Inclusive; $50,000 Oct. 1, 1925, to April 1, 1934, inclusive. Dated April 2, 1917. Interest payable Oct. 1 and April 1 at Central Trust Co., Chicago and First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,250,000 Outstanding (Mar. 23, '21) 1,200,000 Matui-ed and imid 50,000 Denomination — Coupon, $500 and $1,000. ■Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable in reverse of numerical order on April 1, 1918, or on any interest date at 102 ^/i and interest. Sinking Fund — Monthly, after the mines are in operation, the sum of 10 cents a ton (2,000 lbs.) for each ton of coal mined and shipped from this property during the preceding month. Organization — Incorporated in Virginia in 1609. Capitalization. Outstanding. Common $2,000,000 Preferred (6% cum.) 2,000,000 Funded debt 3,700,000 Secured by a first mortgage on 10,000 acres of merchantable coal, owned in fee, in Har- lan County, Ky., together with completely equipped mines and 1 double tipple; also a general lien on about 20,000 acres of coal in Lee County, Va. Contracts — The Middle West Utilities Co. By-Products Coke Corp. and Peabody Coal Co., have each contracted to purchase an- nually an aggregate amount of 1.000,000 tons for a period of 20 years. These contracts provide that under no circumstances shall the aggregate amount paid In any one month by 134 the three companies be less than one-twelfth of the anual requirenients for principal and in- terest of the bonds. Prior Liens — $2,500,000 1st 6s (on 20.000 acres of coal). Orisinal Market — $1,250,000 offered Dec, 1917, by Peabody, Hougrhteling & Co. on a €% basis. Market. ChicasTO — Peabody, Houghteling & Co. Ftico Ranee. Jan. 1, '16, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 102 '16 104 '17 80 Dec. 84 Dec. Low. 76 '20 80 '20 76 Nov. 80 Nov. BLACKSXONS VALLEY GAS & ELECTRIC Co. 1st & Gen. ds. Due Jan. 1, 1939. Dated July 1, 1912. Interest payable Jan. and July 1 at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding: (Jan. 1, '21) 3,500,000 Retired by S. F 219,000 In Treasury 346,000 Unissued 936.000 Denomintaion — Coupon, $1,000. Re&iaterable as to principal only. Registered. $1,000. Cou- pon and registered bonds interchangeable. Trustee — Slater Trust Co., Pawtucket, R. I. Redeemable on any interest date at 110 and Interest. Sinking Fund — 1% of bonds outstanding, payable annually on Jan. 1, at purchase bonds at not exceeding 110 and interest. If not pur- chasable bond shall be drawn by lot at 110 and interest. Organization — Incorporated in Rhode Island in 1912 as successor to Maine Company of the sp.me name. Controls through stock ownership the Pawtucket Gas. Co. Capitalization. Outstanding. Common $3,465,000 Preferred (6% cum.) 1,294,200 Funded debt 5,375,000 Management — Stone & "Webster. Secured by a general mortgage on plants supplying gas and electricity to Woonsocket, Central Falls, Lincoln and Cumberland, R. I. Further secured by a first lien on $10,000 of the $1,000,000 preferred and all of the $1,000,- 000 common stock of the Pawtucket Gas Co., which company supplies gas in Pawtucket. Population served, 160,000. Franchises unl.'m- ited as to time. The company is now pur- chasing its power from the Rhode Island Transmission Co., which distributes the power generated by the hydro-electric plants of the New England Power Co. and the Connecticut River Power Co. It is expected that the steam generating plants of this company will supplement the hydro-electric power In the 'iry seasons. Prior Liens — $176,000 (closed) Pawtucket Electric Co. Cons. 5s of 1938; $1,400,000 (closed) Pawtucket Gas Co. of N. J. Coll. 1st Mtge. 4s of 1932; $113,000 (closed) "Woon- socket Electric Machine & Power Co. 1st 4^/63 of 1931 and $186,000 (closed except for ref.) W. E. M. & P. Cons. 4%s of 1943. Years ended Dec. 31 (combined): Gross. Net. *Int. & S. F, 1920 $3,266,907 $907,156 $307,327 1919 2,647,059 721,234 296,938 1918 2,444,733 690,470 316,389 1917 1,991,844 641,663 304,165 1916 1.744,928 762,578 379.603 1915 1,515,194 676,485 365,270 1914 1,330.373 564,344 354,171 •Includes dividends on preferred stock of Pawtucket Gas. Co. Market. New York — Estabrook & Co., Frederick H. Hatch & Co., Brown Bros. & Co. Boston — Stone & Webster. Providence — Brown, Lisle & Marshall, Hornblower & Weeks. BLEECKER ST. & FULTON FERRY BAIL- ROAD 4s. Due Jan. 1. 1950. Dated Jan. 1, 1900. Extended in 1900 and interest reduced from 1% to 4%, Interest payable Jan. and July 1, at office of Treas- urer, N. T. Rys. Co. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $700,000 Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Guaranteed — Interest guaranteed by 99 jpar lease from 1876 to New York Rys. Co. Receiversliip — See New York Railways Co. Organization — Incorporated in New York In 1S64. Capitalization. Outstanding. Common $900,000 Funded debt 700,000 Control— Leased to New York Rys. Co. for 99 years from 1876 for interest on bonds and 1 % % on stock, taxes and expenses. The N. Y. Rys. Co. owns 8,536 of 9.000 shares of cap- ital stock. Secured by a first mortgage on 2.80 miles (underground electric) street railway track. Note — The company received permission in 1917 to abandon parts of its former route over which horse cars were run. Market. New York — Theodore L. Bronson & Co., Finlay & Davenport, Pouch & Co., BerdeU Bros. Price Range, Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask.- High 76 '08 85 '08 25 Sept. 40 Sept. Low. 18 '20 23 '20 18 Oct. 23 Oct. BXiOOMFIELD STREET RY. Ist 5s. Due August 1^ 1923. Dated Aug. 1, 1893. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized and Outstanding .$250,000 Denomlnaiton — Coupon, $1,000. Trustee — Pittsburgh Trust Co., Pittsburgh, Pa. Guaranteed as to principal and interest by the Pittsburgh Traction Co. Receivership — See Pittsburgh Railways Co. Organization and Control — Incorporated in Pennsylvania in 1892. All of the stock ia owned by the Pittsburgh Traction Co. and the road leased to that company for 999 years from 1892. The Pittsburgh Traction Co. is leased to the Consolidated Traction Co. for 950 years. Almost all of the stock of this last named company is owned by the Philadel- phia Co. Operated by the Pittsburgh Rys. Co. Capitalization. Outstanding. Common $250,000 Funded debt 250,000 Secured by a first mortgage on 2.27 miles of street railway track from Penn. Ave. and Main St. on Main St. to Liberty Ave. to Mill- vale Ave. to Center Ave., Pittsburgh. liisted on the Pittsburgh Stock Exchange. Market . New'Yorli: — Newburger, Henderson & Loeb. Philadelphia'^McCown & Co. Pittsbui-g:li — Moore, Leonard & Lynch, Edward A. Owens & Co. Price Ran^e, Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '16 101 '16 54 Feb. 58 Feb. Low. f50'19 58 '20 50 Jan. 58 Feb. BliOOMINGTON & NORMAL RAILWAY & LIGHT CO. 1st & Gen. 6s. Due Jan. 1, 1928. Dated June 1, 1911, Interest payable Jan, and July 1, at New York or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,500,000 Outstanding: (Jan. 1, '21) 1,3 57,000 Held in S. F 147,000 Reserved for prior liens 600,000 Reserved for Ext 1,596;000 Denomination — Coupon, $1,000, Registerable as to principal. Registered, $1,000. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemahle at 102^ and interest on any in- terest date. Sinking Fund — 1% annually of bonds out- standing from July 1, 1912. to 1919. and 2% annually thereafter, for the purchase or re- demption of these bonds at not over 102% and interest. Bonds kept alive and interest adJed to fund. Guaranteed principal, interest and sinking fund by the Illinois Traction Co. by endorse- m.ent. Organization — Incorporated in Illinois in 1906 as a consolidation of the B. & N. Ry., E. & H, Co. and the Consumers L. & H. Co. En- tire common stock of company is owned by the Illinois Traction Co. Capitalization. Outstanding. Common ^ $1,200,000 Pref. (6% guar, cum.) 805,000 Funded debt 1,579,000 Secured by a mortgage on property described under B. & N. Ry. El. & H. Co. 5s above. Prior Liens — $422,000 B. & N. Ry. Elec. & Heating Co. 1st 5s, 1927, which this issue pro- vides to retire. Years ended Dec. 31: Gross. Net. Interest. 1920 $848,376 $270,519 $81,162 1919 716,173 250,408 77.769 1918 610.270 218,432 79,335 1917 580.705 214.366 77.871 1916 555.285 269.325 77.121 1915 504,414 249,910 75,914 Original Market — $700,000 offered Sept., 1911, at 96 and interest by Estabrook & Co., Boston, New York, Chicago, etc. Market. New York — Dunham & Co., Frederick H. Hatch & Co., Estabrook & Co. Philadelphia — Bauer, Starr & Co., Samuel K. Phillips & Go. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93 '15 98 '17 82% Dec. 89% Feb. Low. 75 '20 82 '20 75 Nov. 82 Nov. BLOOMINGTON Dated June 28, 1898. Interest payable Jan. and Jan 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized $400,000 Outstanding 223,300 Retired by S. F 176,700 Denomination — Coupon, ■ $100 and $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia, Sinking Fund — 5 % of annual gross earn- ings. Organization — 'Incorporated in Pennsylvania in 1883. Capitalization. Outstanding. Common $600,000 Funded debt 422,900 Secured by a first mortgage on 29 miles of road from Bloomsburg to Jamison City, Penna. Underlies— $119,600 2d income 5s. Years ended Dec. 31: Gross. Net. Charges. 1919 $87,968 $17,638 $18,097 1918 92,390 17,499 18,560 1917 92,430 26,080 23,984 J916 96,731 37,204 25,008 Original Market — Issued in exchange for de- faulted issue of 5s. $666.66 of these bonds and $333.33 of 2d income 5 s for each old bond. Market. Pliiladelplria — Barnes & Lofland, Elkins, Morris & Co., Thos. A. Biddle & Co. BLUFF POINT LAND & IMFROTEMENT CO. 1st 4s. Due Jan. I, 1940. Dated Jan. 1, 1890. Interest payable Jan. and Juls? 1, at Delaware & Hudson offlee, 32 Nassau Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized and Outstanding $300,000 Denomination — Coupon, $1,000. Guaranteed as to principal and interest by the Delaware & Hudson Co. Organization — Incorporated in New York. Capitalization. Outstanding. Common $260,000 Preferred (4% cum.) 222,300 Funded debt 1,050,000 Controlled by Delaware & Hudson Co., through stock ownership. Secured by a first mortgage on 263 acres of ground on Lake Champlain, N. T. Market. New York — Samuel Goldschmidt, Freder- ick H. Hatch & Co., Wolff & Stanley. BOHN REFRIGERATOR COMPANY Ist 7fl. Due $26,000 each Nov. 1, from 1931 to 1928, incl., and $400,000 Nov. 1, 1929. Dated Nov. 1, 1919. Interest payable May 1 and Nov. 1, at Guaranty Trust Co., New York, or Central Trust Company, of Illi- nois, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $600,000 Outstanding 600,000 Denomination — Coupon, $100, $600 and $1,000 ($100 and $500 denominations 1929 maturity only); registerable as to principal.- Trustee — Central Trust Company of Illinois, Chicago. Redeemable coupon 60 days" notice at 102 and interest. Organization — The company has been en- gaged for more than twenty years in the manufacture and distribution of sanitary household refrigerators, refrigerator freight car and dining car equipment. Capitalization. Outstanding, Common (no par) 100,000 flhs. Preferred (8%) $350,000 Funded debt 600,000 Secured by a first, mortgage on all the land, buildings, machinery, equipment, etc., now owned or hereafter acquired. Company's plant is located at St. Paul, Minn. Original Market — $ 600,000 offered October, 1S19, by Blston & Co., Chicago and Justus F. Lowe Co., Minneapolis, etc., at 100 and in- terest. Market Chicas:o — Elston & Co., Johnson, Peck & Co. BOISE GAS LIGHT & COKE CO. 1st 5s. Due Nov. 1. 1941. f Dated November 1, 1911. Interest payable May 1 and November 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding 336,000 . .Retired by S. F None Reserved for Ext $1,165,000 Denomination — Coupon, $500 and $1,000 Registerable as to principal only. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on any interest date at 103 and interest. Sinking Fund — ^Beginning Oct. 1, 1917, an- nually 1% of outstanding bonds until 1921, thereafter 1%%, for the purchase or redemp- tion of these bonds, or for improvements or additions. Organization — Incorporated in Idaho In 1903. All of the common stock is owned by the American Public Utilities Co. Capitalization. Outstanding. Common $600,000 Preferred {B% cum.) 200,000 Funded debt . 335,000 Secured by a first mortgage on plant sup- plying gas in Boise, Idaho. Population, 21,000. Years ended Dec. 31: Bowd Gross. Net. Interest, 1919 $78,623 $30,839 $16,750 1918 66,173 20,990 16,750 1917 62,803 22,702 16,750 1916 58,239 24,885 16,760 1915 60,546 24,402 16,750 Market. New York — Fred. H. Hatch & Co., Car- ruthers Pell & Co., Berdell Bros. Price Range. Jan. 1, '15, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 82 '15 86 '15 68 Sept. 69 Low. 54-20 65 '19 54 69 BOONVIIiliE RAILROAD BRIDGE CO. (THE) 1st S. F. 4s. Due Nov. 1, 1951. Dated Nov. 1, 1901. Interest payable May and Nov. 1, at Company's office, 61 B'way., New York. Deferred Interest — Since Nov. 1, 1915, the Company has taken the six months' period of grace before paying interest. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding: (Mar. 24, '21) 897,000 Betlred by S. F 103,000 Trustee — Central Union Trust Co., New lork. Denomination — Coupon, $1,000. Kegisterable as to principal; or fully registerable. Trustee — Central Union Trust Co., New Tor. Redeemable at par and interest. SinhiniT Fund — $10,000 annually, beginning Nov. 1, 1911, and interest at 4% on all pay- ments made. Guaranteed principal and interest by M. K. & T. Ry. Co. by endorsement. The latter com- pany is in hands of receivers. Control — Entire capital stock owned by and the bridge property leased to the Missouri, Kansas & Texas Ry. Co. Secured by a first mortgage upon the bridge across the Missouri river from Boonville to Franklin, Mo. Original Market — Offered in 1901 by H. W. Poor & Co., Boston. Market. New York — Samuel Goldschmidt, "Wm. C. Orton & Co., Raymond M. Smith, Fred H. Hatch & Co., WoUf & Stanley, Carruthers Pell & Co., Calloway, Fish & Co., Finlay & Danvenport. Price Range. Jan. 1, '08, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 91 '09 92% '09 45 60 Low. 45 '20 60 '20 45 60 boonville;. st. louis & southern RAILWAY CO. 1st 5&. Dae Aug. 1. 1951. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1 at Spitzer-Rorick Trust & Sav- ings Bank, Toledo, O; Tax Status — 2 % Federal Income Tax paid by the company without deduction. Authorized $260,000 Outstanding 250,000 Purpose of Issue — Issued under a readjnst- nient plan proportionately to holders of $500,- 000 bonds. Old bondholders also received vot- ing trust certificates for $250,000 par value of preferred stock of Missouri Pacific R. R. Co. (new company). Denomination— ^Coupon $1,000; registerable as to principal. Trustee — Spitzer-Rorick Trust & Savings Bank, Toledo, and Lewis C. Nelson. Redeemable at 107% and interest on any in- terest date upon nine months' notice. Guaranteed as to interest under terms of leas§ by the Missouri Pacific R. R. Co. Organization and Control — Incorporated in Missouri in 1878, The entire outstanding cap- ital stock, $250,000, is owned by the Missouri Pacific R. R. Co. The property of this com- pany was formerly leased ot the (old) Mis- souri Pacific Ry. Co. Upon the reorganization of the latter company the Missouri Pacific R. R. Co. successor company, /leased the property from Aug. 1, 1917, to Aug. 1, 1955, rental be- ing maintenance expense3 and taxes and an annual sum of $12,500. Capitalization. Outstanding. Common $250,000 Funded debt 250,000 Secured by a first mortgage on all the prop- erty of the company now owned or hereafter acquired, including 43.95 miles of road, as follows: Miles. Boonville to Versailles, Mo 43.95 Listed on the New York Stock Exchange. Original Market — See "Purpose of Issue." New York — Frederick H. Hatch & Co., Carruthers Pell & Co. Price Kange 1920 — Bid 49, Ask 56. BOOTH COLD STORAGE CO. Ist Guaranteed 6s. Due annually each Jan. 1, $15,000, from 1917- to 1936, inclusive; $20,000. 1937 to 1930, inclusive, and $130,000 Jan. 1, 1931. Dated Jan. 1, 1916. Interest payable April 1, July 1, October 1 and January 1, at Trus- tee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding: (Mar. 25, '21)...:.. 425,000 Balance retired. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — ^American Trust Co., St, Louis, Redeemable at 102% and interest on any in- terest date, on 30 days' notice. Guaranteed principal and interest by the Booth Fisheries Co., by endorsement. Organization and Control incorporated In Missouri in December, 1915. Entire capital stock is owned by the Booth Fisheries Co. Capitalization. Outstanding. Common (no par) $250,000 Funded debt 425,000 Secured by a first mortgage on a public cold and dry storage plant in St. Louis. The prop- erty has a frontage of 280 feet on Ashley Street, a depth of 191 feet and bounded on the east by Lewis Street and on the west by Main Street. On this property are erected three modern storage buildings with over 2,000,000 cubic feet of cold storage space, and 500,000 to 600,000 cubic feet of dry storage space. The company is required by the in- denture to maintain fire and tornado insurance to the full insurable value of the property. Reproductive value of property appraised at $996,234. iEarnings — See Booth Fisheries Co. Conv. 66. Original Market — Offered June, 1916, by Mark C. Steinberg & Co., St. Louis, at 100 and interest. Market. Chicngro — Hyney, Emerson & Co. St. Louis — Mark C. Steinberg & Co. Pi-ice Range 19»(>^Ask 83; 1919— Ask 98. 138 BOOTH FISHERIES CO. Conv. Deb. S. F. 6s. Doe April I, 1936. Dated April 1. 1911. Interest payable April and Oct. 1, at Trustee's oSice or National City Bank, New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding: (Apr. 1, '21) 2,533,000 In Treasury 10,000 Held in S. F 2,457,000 Denomination — Coupon, $1,000. Reglater- able aa to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable in lots of $250,000 any interest date on 30 clays' notice at 101 and interest. Sinking Fund — $160,000 annually on March 1 for the purchase or redemption of bonds at not exceeding' 101 and interest. Bonds ac- quired to be kept alive and interest added to this fund. It is estimated that this fund will retire all but $609,000 debentures before ma- ti.rity. Convertible into first preferred 7 % cumu- lative preferred stock at par by presentation to the National City Bank, New York, or the Central Trust Co. of Illinois for endorsement. Organization — ^Incorporated in Delaware, May, 1909, and purchased at receiver' s sale all the assets of A. Booth & Co. .Chicago, 111. The Company is engaged in the wholesale and retail fish business, and has branches in over seventy cities in the United States and has a large fleet of fishing boats on the Great Lakes and the Pacific Ocean. The company owns in fee cold storage plants in several cities to- gether with other real estate and 117 steam- ships and tugs and 571 sailing vessels. In 1911 it purchased the entire capital stock and. assets of the Northwestern Fisheries Co. , operating along the Alaskan coast and in 1912 acQuired the entire capital stock and assets of the International Fisheries Co. of Taeoma, "Wash. Capitalization. Outstanding. Common (no par) 260,000 ehs. Preferred (7% cum.) $4,999,800 Funded debt 3,543,314 Security — These debentures are not secured by mortgage but while they are outstanding any new funded obligation created by the com- pany will be junior in lien. Prior L-ien — $62,500 bonds. Years ended Dec. 31: Net. Dep'n. Interest. 1920 $61,581 $108,770 $746,372 1919 1,433,238 245,676 707,728 1918 2.217,677 498,442 719,876 1917 3,388,829 354.632 631,904 1'916 1.659,295 274,024 374,919 Listed on the New York and Chicago Stock Exchanges. Original Market — $4,000,000 offered in 1911 at 98^ and interest by Jas. B. Colgate & Co., and S. B. Chapin & Co., New York, and Rob- ert Glendinning, Philadelphia, $250,000 offered Oct., 1915, by C. "W. Anderson & Co., Chi- cago, on about 7%% basis. Market. New York — Babcock, Rushton & Co., Tobey & Kirk, Vanderhoef & Robinson, Gilbert J. Postley. Fhiladelpliia — Arthur J. Bender, McCown & Co. Price Range — N. Y. S. E. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 84 Apr. 16, '17 89% Jan. 95ys Jan. Low. 90 Sept. 20, '16 74 Nov. 75 Nov. BOOTH MANUFACTURING CO. New Bed- ford, Mass. Ifit Conv. 4^s. Due July 1. 1931. Bated July 1, 1911. Interest payable .Tan, and July 1, at Old Colony Trust Co.. Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Massachusetts. Authorized $600,00f» Outstanding: (Mar. 30. 21) 134,000 Converted . . . , 366,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co., Boston. Convertible prior to July 1, 1921, into com- mon stock at $126 per share or at the rate of 8 shares of stock for each $1,000 bond. Organization — Incorporated in Massachu- setts in 1910. Capitalization. Outstandings i Common $792,800 Prefered (6% cum.) 593,700 Funded debt 134,000 Secured by a first mortgage on real estate and mills located at New Bedford, Mass., where Company Is engaged in the raanufactur& of cotton yarns and fabrics and silk novelties. Property covers 10 acres and is inventoried at over $1,450,000. Original Market — Offered Oct., 1911. at 100 and interest by Hayden, Stone & Co., New York, Bostort, etc. Market. New York — Millet, Roe & Haggen. New Bedford, Mass. — Sanford & Kelley. Price Range. Jan. 1, '18, to Jan. 1, '21 1920 Ask. High 92 '19 125 '20 125 Nov. Low. 82 '18 90^ '18 125 Nov. BORDER CITY MANUFACTURING CO. let 5s. Due July 1. 1930. Dated July 1, 1900. Interest payable Jan, and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Outstanding: (Jan. 1, '21) 196,500 Retii-ed 303,500 Trustee — B. M. C. Durfee Safe Deposit & Trust Co., Fall River. Mass. Organization — Incorporated in Massachusetts in 1880. Secured by a first mortgage on three mills at Fall River, Mass., having an annual output of 30,000,000 yards of cotton print goods and specialties. Original Market — Issued to stockholders in l&OO, at par and interest. Market. New Bedford, Mass. — Sanford & Kelley. Fall River — Geo. N. Durfee & Sons. Price Range Jan. 1, *19, to Jan. 1, '21 1920 Bid. Bid. Pligh 100 '3 9 100 Dec. Low. 97% '19 100 Aug. BOSTON & ALBANY RAILROAD CO. Deb. 3V4s. Due Jan. 1, 1951. Dated January 1, 1901. Interest payable Jan. and July 1, at Terminal Station, Boston. Tax Status — Payment of Federal Income- Tax not assumed by company. Authorized $1,000,000 Outstanding 1,000,000 Denomination — Coupon, $1,000. Guaranteed as to interest by the N. Y. C- & H. R. R. R. Co. under terms of lease. Assumed by the New York Central R. R. Co. Organization and Control — See 25-year Debs. Security — A direct obligation of the Com- pany, but not a mortgage. No mortgage shall be placed upon the property without equally securing this issue. Legal for savings banks in Conn., Mass. and Vt. Farnings — See 2B-year Debentures. Market. New York — Frederick H. Hatch & Co., Harris, Forbes & Co. Boston — Curtis & Sanger, Harris, Forbes & Co., Inc. Cliicagro— Harris Trust & Savings Bank. 1920 Price Range. -Jan. 1, '17, to Jan. 1, '21 Bid. Ask. Bid. Ask. JIigrh94i4'17 85% '17 67 Feb. 70% Feb. Low. 57y2'20 66% '20 57% Sept. 66% Dec. .BOSTON & ALBANY RAILROAD CO. Deb. 3V2S. Due April 1, 1952. Extended April 1, 1902. Interest being re- duced, from 5%. Interest payable April and Oct. 1, at Terminal Station, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized an^ Outstanding $3,858,000 DenomiDation — Coupon, $1,000. Registered, $1,000. Guaranteed as to principal and interest by -the N. Y. C. & H. R. B. R. Co. by endorse- ■ment. Assumed by the New York Central R. R. ■Co. Organization and Control — See 25-year Debs. Security — A direct obligation of the Com- pany, but not a mortgage. No mortgage shall iDe placed on the property without equally se- -curing this issue. Legal for savings banks in Conn., Mass. -and Vt. Earnings — See 25-year Debentures. Listed on the Boston Stock Exchange. Market. New York — Samuel GoldSchmidt, Freder- ick H. Hatch & Co., Harris, Forbes & Co. Boston — Curtis & Sanger, R. L. Day & <:!o., Harris, Forbes & Co., Inc. Chicagro — Harris Trust &, Savings Bank. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High SiVi '17 85% '17 63 Dec. 71 June Low. 61 '19 60 '20 61 Jan. 60 Sept. BOSTON & ALBANY RAILROAD CO. 25-Year Debentures. Dated. Rate. Outstanding. May 1, 1908 4% $7,000,000 May 1, 1909 4% 4,500,000 Hay 1, 1910 4% 2,000,000 July 2, 1912 4J^% 1,000,000 -July 1. 1913 5% 2,015,000 Interest payable May and Nov. 1 on series -dated May 1, and Jan. and July 1 on series ■dated July 1, at Company's oflfices, Terminal .Station, Boston. Tax Status — ^Payment of Federal Income Tax not assumed by company. Denomination — Coupon, $1,000. Registered, £1,000. C. & R. interchangeable. Guaranteed as to principal and interest by t:he New York Central & Hudson River R. R. Control — See Deb. 4s of 1932. Secured equally with the Boston & Mains' R. R. (new) Mortgage bonds by a mortgage on all the properties covered by tha/t mort- gage. For details see description of that, issue. Refunding — Bonds are reserved under the Boston & Maine R. R. Mortgage to retire:^ these debentures. Legal for Savings Banks in Mass. Market. New York — Remick, Hodges & Co., Esta- brook & Co. Boston — Estabrook & Co., Walter S. Place,. R. L. Day & Co. Chicago — Harris Trust & Savings Bank,, Estabrook & Co. Price Range. Jan. 1, *18, to Jan. 1, *21 1920 4y2S Hue 1933 Bid. Bid. High 89 '18 80Feb^ Low. 70 '20 70 Jan. BOSTON & MAINE RAILROAD. Incorporated in New Hampshire in 1835^ in Massachusetts in 1841 and in Maine in 1843. The company owns and operates: Mileage owned; Main lines 1,040.66 Branch lines 686.26- Total 1,726.92- Mileage leased: Main lines , . 305. 64 Branch lines 267.60 Total '. 573.24 Total operated 2,255.97 Reorganization — In December, 1919, Re- ceiver James H. Hustis was discharged and. the property returned to stockholders without foreclosure; also the properties of the follow- ing companies were acquired and merged^ Boston & Lowell R. R. Corp., Fitchburg Rail- road, the Concord & Montreal Railroad, thfe Lowell & Andover R. R. Co., Connecticut River Railroad, the Manchester Jk Lawrence Railroad and the Kennebunk and Kennebunk- port Railroad. Operates under lease the Con- necticut & Passumpsic Rivera R. R. , Ver- mont & Massachusetts R. R., Northern R. R., Nashua & Lowell R. R,, Pemlgewasset Valley R. R., Concord & Portsmouth R. R,, Massawippi Valley Ry., Stony Brook R. R.^ "Wilton R. R., Peterborough R. R., Troy & Bennington R. R., Suncook Valley R. R., New Boston R. R. and Newport & Richford R. R. Capitalization. Outstanding, Common $39,605,390 Preferred 3, 149,800 1st Preferred 38.817,900 Funded debt 121,107,085. Years ended Dec. 31. Gross. Net. Int. & Rent. •1920. $75,539,327 $11,223,994 $i! 0,609,265 *1919. . 9,382,527 8,453,456 5,795,933 tl919. . 72,583,879 4,866,871 1,255,876 •1918.. 9,618,771 9,875,394 9,648,464 tl&18. . 69,911.393 5,303,630 1,863,038 1917. . . 59,450,778 11,358,313 11,777,697 1916., . 55,383,544 16,242,790 ll,451,9l6 •Corporate account. tFederal account — standard return not in- cluded. BOSTON & MAINE RAILROAB MOKT- GAGE 6s and 7s. Interest Series Dated Due Payable C 6s Jan. 1, 1920 Jan. 1, 1929 J. & J. D 6s July 1, 1920 Jan. 1, 1929 J. & J. E 6s June 1, 1920 June 1, 1922 J. & D. F 6s June 1, 1920 June 1, 1930 J. & D. G 6s Dec. 29, 1920 Jan. 1, 1929 J. & J. H 6s Dec. 29, 1920 Nov. 1, 1930 M. & N. I 7s Jan. 1, 1921 Jan. 1, 1931 J. & J. Note — Indenture is dated December 1, 1919. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — The total issue at any one time outstanding-, including bonds at that' time re- served for refunding underlying bonds, is lim- ited to a principal amount which when a''^.ded to the aggregate principal amount of all the pre-existing bonds secured hereby and then outstanding, shall not exceed twice the aggre- gate par value of the capital stock of the rail- road -at that time paid and outstanding. Outstanding: (Apr. 11, '21) C 6s $10,273,000 D 6s 17.606,000 E 6s 5,000,000 *P 6s 3,843,000 G 6s 1,212,500 H 6s 5,443,979 *I 7s 609,000 $43,987,479 Retired A 5s (exc. for D 6s) $17,606,000 B 6s (exc. for C 6s) 2,273,000 19,879.000 2.838,000 Reserved for Prior I^iens Reserved for refunding equally secured issues 71,770.000 •Series P and I bonds have not all been issued as the exchange of matured obliga- ftions for these bonds has not been com- pleted, and it is not now known if all these bonds will eventually be exchanged. Provisions of Issue — ^Additional bonds are issuable for paying, refunding or retiring bonds secured hereby, whether now outstand- mg or issued or to be issued hereunder and rbr extension, improvements, etc., to property owned or leased or for acauiaitions. ■ Pur)poses of Issue ■ Series C 6s — $8,000,000 issued for addi- tions and betterments and $2,273,000 issued ;n exchange for like amount of Series B 6s which contained an option for calling the bonds, making a total of $10,273,000 Series C3 bonds, all of which were taken by the U: -S. Government. ■'■Series D 6s — $17,606,000 Series D bonds issued in exchange for an equal amount, of A 5s whiPh matured July 1, 1920. Series E 6s — $5,000,000 issued to provide funds to apply in settlement of $5,500,000. ■Concord and Montreal Railroad Mortgage 4s which matured June 1, 1920. \ Series F 6s— $500,000 issued to provide funds to pay the balance of the $5,500,000 Concord and Montreal Railroad Mortgage 4s which matured June 1st. 1920, and $3,343.- 000 issued to provide funds to settle Con- cord and Montreal Railroad Debenture 53. 4s and S^^s "whigh matured June 1. 1920, Fitchburg Railroad Company Debenture 4s which matured June 1. IS^O and 3%s which matured October 1, 1920, "^iid. Boston and Lowell Railroad Corporation Demand Notes in the amount of $620,000. The holders of the maturities purchased Series F bonds to tile amount of 50% of their holdings of the maturing bonds and notes. Series G 6s — $1,212,500 issued to provide funds for additional equipment, previously authorized by the Interstate Commerce Commission. Series H 6s — $5,443,979 issued to provide funds for additions and betterments, pre- viously authorized by the Interstate Com- merce Commission. Series I 7s — $609,000 issued in exchange for an equal amount of Boston and Lowell Railroad Corporation 3%s and Connecticut River R. R. 3 ^^s which matured January 1, 1921. Denominations — Coupon, $ 1 , 0.0 and $500. Registerable as to principal. Registered $1,000 and multiples. C. & R. interchangeable. Trustee — Old Colony Trust Co. and S. Park- man Shaw, Jr.. Boston. Redeemable on any Interest date at 100 and interest upon 60 days' notice. Secured equally with the debenture issues listed below under "Equal Security" by a mortgage on substantially all of the proper- ties of the Boston & Maine Railroad, and also o*: those formerly owned by the Fitchburg R. R. Co.. Boston & Lowell R. R. Corp., the Connecticut River R. R. Co., the Concord & Montreal Railroad, the Lowell & Andover R. R. Co., the Manchester & Lawrence Rail- road, and the Kennebunk & Kennebunkport Railroad; also a lien on certain gecurities and leaeeholds, and on all properties hereafter ac- quired by the use of bonds issued under this mcrtgage. The properties covered by the direct lien of this mortgage includes 1,558.03 miles of road owned, and 445.33 miles of leaseholds and trackage, viz: A first lien on 1.204.26 miles, viz: Miles. Boston via Dover. N. H., to Portland, Me 111.09 Boston via Portsmouth, N. H.. to Port- land, Me 104.90 North Cambridge, Mass., to Northamp- ton, Mass. 94.90 Nashua, N. H., to "Westbrook, Me.... 93.53 Medford Jet. to Medford, Mass 1.86 Wakefield Jet. to Peabody, Mass 8.13 "W akefield Jet. to Newburyport, Mass. 31.17 So. Lawrence. Mass., to Mass.-N. H. State Line 3.72 Bradford to Georgetown, Mass 6,10 Newton Jet. , N. H. . to Merrimac, Mass 4.44 Dover to Alton, N. H 28.20 Rollinsford to Somersworth, N. H. . . . 2.86 ' Charlestown Branch (in Boston) l-H Everett Jet. to West Lynn, Mass. . . . 9.74 Revere to East Boston. Mass 1.84 Swampscott to Marblehead, Mass.... 4.35 Salem to Marblehead. Mass 3.57 Salem to No. Andover, Mass 19.88 Beverly to Rockport. Mass 16.64 Hamilton to Conomo, Mass 6.00 Newburyport (Mass.) City Branch (to water front) 1.97 Salisbury to Amesbury, Mass 3.78 Portsmouth to Dover, N. H 10.59 Sanbotnville to Wolfeboro, N. H 12.25 Phillips Wharf Branch (Salem. Mass.) 1.08 Andover to Lowell, Mass 7.19 Kennebunk to Kennebunkport, Me. . . 4.63 Boston to Fitchburg, Mass 49.69 Greenfield, Mass., to Rotterdam, Jet.. New York 104.86 142 Vt.-Mass. State Line to Vt.-N. T. State Line 6.30 So. Ashburnham, Mass.. to N. H.-Vt. State Line at Bellows Falls 63.78 Hoosac Docks Branch (in Boston) 79 West Cambridge to Waltham, Mass... 8.41 So. Acton to Marlboro, Mass 12.25 Ayer, Mass., to Greenville, N. H 23.65 Groton, Mass., to Milford, N. H 21.69 So. Ashburnham to Ashburnham, Mass, 2.59 Worcester to Winchendon, Mass 35.86 Winchendon, Mass., to Peterboro, N. H. 15.92 Stillwater to Saratosa, N. T 17.90 Saratoga Springs to Schuylerville, N. T 8.20 Boston to Lowell, Mass ; . . . 25.52 Somerville to Mystic Wharf (Boston, Mass.) 2.0'6 Somerville Jet. to Lexington, Mass... 8.20 Lexington to Reformatory (Concord, Mass.) 3.60 Bedford to No. Blllerica, Mass 8.06 Winchester to Wilmington, Mass.... fa. 98 Woburh to Stoneham, Mass 2.41 Lawrence Branch (in Wilmington, Mass.) 3.27 Tewksbury Jet. to Peabody, Mass.... 16.80 Lowell to Lawrence, Mass 12,29 Springfield, Mass., to Brattleboro, Vt. . 69.39 Chicopee Jet. to Chicopee Falls, Mass. 2.26 Easthampton Branch (in Sasthampton, Mass.) 3.26 Deerfleld Jet. to East Deerfleld, Mass. . 1.04 Hinsdale to Keene, N. H 21.66 Hooksett to Concord, N. H 8.79 Manchester to Henniker, N. H 24.62 Lakeport to Alton, N. H 16.84 Tilton to Belmont, N. H 4.20 Whitefleld to Berlin, N. H 30.WB Waumbek Branch (in Jefferson, N. H.) 3.49 Bethlehem Jet. to Franconia, N. H. . . 9.47 Bethlehem Jet. to Bethlehem, N. H 3.26 Goffstown to Bast Milford 18.54 Greenfield to Keene, N. H 29.62 Manchester, N. H., to N. H.-Mass. State Line 23.44 A second lien on 353.77 miles, viz: (Covered by the first lien of Ports- mouth, Great Falls & Conway R. R. 1st 4s.) So. Berwick, Me., to Intervale, N. H. 73.16 (Covered by the first lien of the Worcester, Nashua & Rochester R. R. 1st 4s.) V^orcester, Mass., to Nashua, N. H. 45.97 (Covered by the first lien of the Troy & Boston R. R. 1st 7s.) Vt.-N. T. State Line to Troy, N. T. 34.07 (Covered by the first lien of the Concord & Montreal R. R. Cons. 4s.) Nashua to Groveton, N. H 180.46 Bethlehem to Base Station, Mt. Washington, N. H 20.13 Also a lien on 445.33 miles of leaseholds and trackage as follows: (Vermont & Massachusetts R. R. Co. 999 years from Jan. 1, 1874.) Miles. Fitchburg to Greenfield, Mass 56.02 Deerfleld to Turners Falls, Mass 2.76 (Troy &. Bennington R. R. for charter periods.) Hoosick, N. T., to N. T.-Vt. State Line 5.03 (Nashua & Lowell R. R. Corp. 99 years from Oct. 1, 1830.) Lcwell, Mass., to Nashua, N. H 14.26 (Stony Brook R. R. Corp. 99 years from Jan. 1, 1890.) 143 North Chelmsford to Ayer, Mass.... 13.26 (Wilton R. R. Co. 99 years from Oct. 1, 1883.) Nashua to Wilton, N. H 15.41 (Peterborough R. R. 93 years from April 1. 1893.) Wilton to Greenfield, N. H 10.64 (Connecticut & Passumpsic Rivers R. R. Co. 99 years from Jan. 1, 1887.) Hartford, Vt., to U. S. -Canada Boun- dary 109.40 This lease includes track connecting with the Concord & Montreal Railroad at Wella River, Vt., together with 4,000 shares (one- half) capital stock of the Massawippi Valley Ry. Co. and 3,500 (entire) capital stock of the Newport & Richford R. R. Co. (Massawippi Valley Ry. Co. 999 years from July 1, 1870.) Miles. U. S. -Canada Boundary to Lennox- ville. Que 31.95 Beebe Jet. to Stanstead, Que 3.61 (Northern R. R. 99 years from i Jan. 1, 1880.) Concord, N. H., to Hartford 69.63 Franklin to Bristol, N. H ,12.78 This lease includes 4,000 shares (entire is- sue 4,124 shares) of capital stock of the Con- cord & Claremont R. R., 1,328 shares (one- half) capital stock of the Franklin & Tilton R. R., 450 shares (entire) capital stock of the Petersborough & Hillsborough R. R., and $65,000 (entire issue) second mortgage 7% bonds matured April 30, 1887, of last named company. (Old Colony R. R. Co. Trackage.) Miles. Goffstown to New Boston, N. H 6.18 (New Boston R. R. 99 years from June 19, 1893.) Coffstown to New Boston, N. H 6.18 (Concord & Portsmouth R. R. 99 years from Jan. 1, 1862.) Manchester to Portsmouth, N. H. . . 39.82 (Pemigewasset Valley R. R. 100 years from Feb. 1, 1882.) Plymouth to Lincoln, N. H 21.41' (Franklin & Tilton R. R. 91 years from April 1, 1895.) Franklin to Tilton, N. H 4.96 (Portland Terminal Co. Trackage.) In Portland, Me., to Union Station... 4.41 Ir Portland, Me,, to Commercial St. 3.84 Gorham to Union Station, Portland, Me 7.51 Cumberland Mills to Fore River Yards, Portland 3. go (Boston & Albany R. R. Track- age.) Ir. Winchendon, Mass .16 In Springfield, Mass 23 (Troy Union R. R. Agreement.) In Troy to Union Station 2.03 (Delaware & Hudson Canal Co. Trackage. Covering use of tracks and bridge over Hoosac River at Eagle Bridge, N. T., and also use of station at Mechanicville, N. T.) Coons to Crescent, N. Y 6.91 Mechanicville to Halfmoon, N. Y.... .99 Halfmoon to Coons 1.95 (Grand Trunk Ry. Trackage.) Lennoxville to Sherbrooke, Que. 2.95 (Rutland R. R. Trackage.) In Rockingham, Vt ,34 Also a lien on the following securities- Shares Shares Stocks Pledged. Issued. Vermont Valley R. R 20,000 20,000 Xashua & Acton R. R 3,000 3.000 The Proprietors of Ports- mouth Bridge 400 400 Hampden Park Assn 248 2E0 Proprietors of Wells River Bridge 63 63 Franklin & Tilton R. R 1,328 2,666 Troy Union R. R 76 300 Concord & Claremont R. R. 117 4,124 lionds. Peterborough & Hillsbor- ough R. R. 1st 4%s. Due July 1, 1921 $100,000 $100,000 Also a lien on terminals, shops, wharf prop- rties, etc., including North Union Passenger Station, Boston, the Hoosack Dock and Mys- tic Wharf in Charlestown, and properties In Salem, Bast Cambridge, North Billerioa, East Fltchburg, Lowell and Springfield, Mass., in Concord and Keene, N. H., and Mechanic- ville and Rotterdam, N. T. £aaal Security — The following Issues of an aggregate principal amount of $73,040,000, are equally secured as Indicated above: Vermont & Mass. 3%3, 1923 $772,000 Boston & Maine 4s Imp., 1937..... 1,919,000 Boston & Maine 4s, 1942 2,500,000 Boston & Maine 4% s, 1944 ..:... 6,000,000 Boston & Maine 3s, 1960 5,454,000 Boston & Maine 3% s, 1921 1,000,000 Boston & Maine 3%s, 1923 2,000,000 Boston & Maine 3% s, 1925 500.000 Boston & Maine 4s, 1926 10,000,000 Boston & Maine 4Hs, 1929 11,700,000 Boston & Lowejl 3%s. 1923 250.000 Boston & Lowell 3%s, 1926 500,000 Boston & Lowell 4s, 1926 500,000 Boston & Lowell, 4a, 1927 326,000 Boston & Lowell 4s, 1929 350,000 Boston & Lowell 4s, 1932 1,000,000 Boston & Lowell 4yjs, 1933 1.000,000 Boston & Lowell 63, 1936 1,260,000 Manchester & Lawrence 4a, 1922.. 274,000 Pitchburg R. B. 4a, 1937 6,000,000 Fitchburg R. R. 4s, 1927 2,750.000 Fitchburg R. R. 4s. 1928 1,460,000 Fitchburg B. R. 3% s, 1921 1,776,000 Fitchburg R. R. 4s, 1925 3,660,000 Fitchburg R. R. 4a, 1927 2,000,000 Fitchburg R. R. 4%s, 1928 2.400,000 Fitchburg R. R. 4%s, 1932 1,200,000 Fitchburg R. R. 4%3, 1933 400.000 Pitchburg R. B. 63, 1934 1,872.000 Connecticut River 4s. 1943 1,000.000 Connecticut River 3'/4s, 1923 969,000 Bonds are reserved under this mortgage to refund the 'above issues. Prior Liens— Subject to $3,838,000 prior liens as follows: Portsmouth. Great Falls & Conway 4%s, 1937 $1,000,000 Worcester, Nashua & Rochester 43, 1930 735,000 Worcester, Nashua & Rochester 4s, 1934 380,000 Worcester, Nashua & Rochester 4s, 1935 136,000 Concord & Montreal 4s, 1920 5,500,000 Troy & Boston 7s, 1924 673,000 Bonds are reserved under this n\ortgage to retire the above issues. Lfe.rket-^$300,000; offered April, 1921, by Baker, Fentress & Co., Chicago, at prices to yield from 8% to 7%% according to maturity. BOYER VAT.I.EY RAILWAY CO. 1st 3^8. Due Dec. 1, 1933. Dated Dec. 1, 1898. Interest payable June and Dec. 1, at Chicago & Northwestern Ry. Co. 'a office, 111 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .. .$1,440,000 Denomination — Coupon, $1,000. Fully reg- .isterable. Registered, $1,000, $5,000 and $10,- Trustee — Farmers* Loan & Trust Co. New lork. ' Assumed by the Chicago & Northwestern xvy. Co. Control — Absorbed by the Chicago & North- western Ry Co. in 1900 by consolidation. Secui-ed by a first mortg:age upon 86 10 miles of road in Iowa, from Boyer to Monda- min, and Danlson to Wall Lake '"-"noa- Underlies — Chicago & N. W Ry rn (-^„ Mtgc under which bonds are reserved to r?: tire tins issue. ^civeu lo re- Legal for Savings Banks in Csil c^,,^ ^r-N."Y.-R. i:-nd "^s"- ^- ^- « - by°rw' u^^t'^%irz.^rot^ Shic^r" and Boston, at 1_02% and int^res? ' °'"'=^^° -, „ , Market. /|Tac^--l|-^;. ?rei-iT\^Co^°V„-- ^^^Hiekey, Fmlay & Davenport, Blod^et & c* Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Higrh 97% '16 95% '16 90% May 93% Apr. Low. 85 '08 91 '18 90% May 91 May BOYERTOWN & POTTSTOWN RY. SO-Year Ist 5s. Due Ane. 1, 1936. Dated Avs. 1, 1906. Interest payable Feb. and Aug. 1 at Trustee's office. Tax Status — 2% Pederai Income Tax paid by company without deduction. Authorized $300,000 Oatstanding ($30,000 owned by the United Traction Co.) 300,000 Denomination — Coupon, $500 and $1,000. Ke&isterable as to principal. Trustee — Colonial Trust Co., Reading, Pa. Guaranteed principal and interest by the United Traction Co. by endorsement, which was assumed by the Reading Transit & Light Co. Organization and Control — Incorporated in Pennsylvania in 1902. In 1908 absorbed the Pottstown & Northern Street Ry. In 1917 it was merged into the (new) Reading Transit & Light Co. Secured by a first mortgage on 12 miles of electric railway in and between Boyertown and Pottstown, Pa. Franchises arc unlimited as to time. Underlies — Reading Transit & Light Co. Gen. & Ref. 5s of 1947, which provide for the retirement of this issue. Earnings — See Reading Transit & Light Co. Price Range. Jan. 1, *17, to Jan. 1, '21 1920 Bid. AsK. Bid. Ask. High 80'17 88'17 Not available Low. 80 '17 87 '18 BBADEN COPPER MINES CO. 15-Year Coll. Tr. S. E. 6s. Due Feb. 1, 1931. Dated Feb. 1, 1916. Interest payable Aug, 1 and Feb. 1, at Bankers Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Ontstanding: (Feb. 25, '21) 14,202,000 Retired by S. E i5, 798,000 Retired by S. F 4,249,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers Trust Co., New York. Redeemable as a whole only on any inter- est date at 105 and interest on three weeks' notice. Sinking Fund — Semi-annually 3 1-3% each Feb. 1 and Aug. 1, from 1917 of total amount of bonds issued. If in any calendar year thn total amount of ore extracted from the mines of the Braden Copper Co, shall exceed 3,650,- 000 long tons, then the amount of cash to be paid to the Trustee shall be increased in the same proportion that such excess tonnage of ore extracted shall bear to 3,650,000 long tons. This fund is for the purchase or re- demption of bonds at not exceeding 105 and interest. Bonds so acquired to be cancelled. Organization- — Incorporated in Delaware in 1909 as a holding company, and owns the entire capital stock and first mortgage bonds of the Braden Copper Co., a Maine corpora- tion organized in 1914, and is registered in Chile and owns in fee at Sewell, Chile, 174 claims equal to 2,362 acres and at Rancagua railroad terminals containing about 16 acres. As of Feb., 1916, owned a concentrator with capacity of 4,400 tons of ore per day; com- plete smelting plant, hydro-electric power plant and an entire village for housing its employees. The entire property is located in the Province of O'Higgins, Chile. The ter- minal of the Mines railway at Rancagua is about 48 miles southeast of Santiago and con- nects with the government-owned railway which runs to Valparaiso on the seacoast. Capitalization. Outstanding. Common $12,953,530 Funded debt 16,477.000 Control— Feb. 1, 1921, $12,824,810 of the $12,953,530 capital stock outstanding (par $5) of this company was owned by the KennecottJ Copper Corporation. Secured by deposit all the securities of the Braden Copper Co. now owned or hereafter created, and comprising $4,000,000 first mort- gage bonds, due May 17, 1919, and 233,303 shares of stock (par $10) both entire author- ized issues; also $8,800,000 notes of the latter company and the operating agreement between the Braden Copper Mines Co. and the Braden Copper Co., dated Feb. 1, 1916. The property covered by the lien of this mortgage com- prises the property mentioned under "Organi- zation." It is estimated to contain ore re- serves of 113,000,000 tons — 2.5% copper — 38 pounds per ton; life of mine, 73 years. From the proceeds of these bonds it is proposed to increase the present milling capacity from 4,400 to 10,000 tons per day. Years ended Dec. 31 (consolidated). Gross. Net. Int. & Tax. 1919 $4,240,648 $719,735 $1,302,588 1918 19,188,494 5,244,022 1,547,141 1917 13,041,926 3,973,860 1,110,748 1916 12,648,111 4,849,861 1,029,786 1915 5,812,245 2,476,294 828,518 Listed on the New York Stock Exchange. Original Market — Offered Feb., 1916, by Kissell, Kinnicutt & Co., New York, Chicago, at 99 and interest. Market. New York — Dunham & Co.. Samuel Gold- schmidt, Vilas & Hickey, McKinley & Morris. Fliila^elphia — Samuel McCreery & Co. Price Range — N. Y. S. E. Jan. 1, '16, to Jan. 1, '21 1930 High 99i^July 5, '16 93 Mar. 4 Low. 84 May 28, '20 84 May 28 149 BRADFORD (PA.) ELECTRIC COMTAJVY 1st & Coll. Tr. Seiles "A" 6s. Due Jan. 1, 1929. Dated Jan. 1, 1919. Interest payable Jan. 1 and July 1 in New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $5,000,000 Outstanding (Jan. 1, '21)...... 1,225,500 Reserved for Ext. etc 3,774,500 Issuance Restrictions — Additional bonds may be issued only for 80% of the cost of additional property, improvements or better- ments, and of the entire plants, properties and franchises of other electric companies, and al0O for 80% of the cost of stock or indebtedness of other electric companies, provided there is pledged with the Trustee of this issue 90% of the entire outstanding, secured and unsecured, indebtedness (not in- cluding current indebtedness), and 90% of the entire outstanding Preferred and Com- nion stocks of such corporations. No addi- tional bonds may be so issued, however, un- less net earnings for twelve consecutive months during the preceding 14 calendar months shall have been at least twice the interest charges on all bonds outstanding and to be issued. Bonds may also be is- sued to retire or refund any maturing series other than bonds retired by the sinking fund or with the proceeds of property released or insurance received. Denominations — Coupon, $100, $500 and $1,000; registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at any time on 30 days* no- tice at 105 and interest. Sinking: Fund — Annually, beginning April 15. 1921, a sum equal to 1% of outstanding bonds on Dec. 31 of the preceding year, to be applied to the purchase or redemption of these bonds at not over 105 and interest. Improved Fund — Annually beginning 1920 the company shall expend for extensions and Improvements or additions, an amount equal to 1 % of the bonds outstanding on Dec. 31 of the respective calendar years. Organization — Incorporated in Pennsyl- vania in 1918, and acquired the property of the Bradford Electric Light & Power Co. Owns substantially all of the stock and bonds of the Olean Electric Light and Power Co. Controlled by interests identified with the Erie Lighting Co.. Capitalization Outstanding Common $312,800 Preferred 344,400 Funded debt 1,225,500 Management — Day & Zimmerman, Inc., Philadelphia. Secured by a direct first lien on all the property owned by the company, including power plant at Bradford, supplying elec- tric light and power to Bradford, East Bradford, South Bradford, Derrick City, Gilmore, Red Rock and communities in Foster Brook Valley, all in McKean Coun- ty, Pa., with a population of over 20,000, of .w^hom over 15,000 reside in Bradford. Franchise rUns until 1933. Additionally secured through pledge of substantially all of th e capital stock and outstanding bonds of the Olean Electric Light and Power Co. by a collateral lien on the property of that company. The col- lateral company supplies electric light and power in Olean, N. T., and vicinity. Year ended Dec. 31 (consolidated) ; Gross. Net. 1920 $578,932 $179,787 Original Market — $1,225,500; offered Feb. 1919, by Montgomery & Co., Philadelphia, at 97% and interest. Market Chicago — Bartlett, Knight & Co. New York — ^P. W. Brooks & Co., Carruth- ers. Pell & Co., Fitzgerald & Marte, Jo- seph D. McGeorge. Philadelphia — McCown & Co., Montgomery & Co., Isaac Starr Jr. & Co. Price Range 1920^High 90% Nov, Low 85 Dec. BRANDRAM-HFNBERSOX, LTD., 1st 6b. Due Oct. 1, 1936, Dated Oct. 1, 1906. Interest payable April and Oct. 1, at the Royal Bank of Canada, Montreal or Halifax. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Outstanding (Jan. 1, '21) 672,000 Outstanding (Jan. 1, '21) 325,700 Held in S. F 157,300 Exchanged and Cancelled 17,000 Denomination — $100 and $1,000. Trustee — Eastern Trust Co., Halifax. Kedeemable at 110 and interest. Sinking Fund — 2% of outstanding bonds per annum to be applied to redemption of bonds. Bonds ao acquired to be kept alive and inter- est thereon added to the sinking fund. OrganiKatSon — See Cons. S. F. 6s. Secured by a first mortgage on real estate, buildings and plants of the company, consist- ing of several plants manufacturing white lead, paints, etc. Underlies Cons. S. F. 6s, due Mar., 1939. Years ended Dec. 31. ^ Net. Dep'n. Int. & S.t . 1920 $120,836 $7,500 $59,935 1919 299,736 20,000 68,799 ♦ 1918 . 238,133 17,500 43.732 + 1917 ' 221,429 17,500 38,129 11916! ! '.'.'.'... 223.576 7,500 39.539 •13 months ended Dec. 31. lYears ended Nov. 30. Original Market — First offered by J. C. Mackintosh & Co. and F. B. McCurdy & Co., of Halifax, and Royal Securities Co., of Mciitreal, at par with 60% stock bonus. Market. Toronto — Manning Bros.- & Co., Oxford Securities Corp. Halifax— H. M. Bradford. Montreal — Balfour, White & Co., Nat'l Bond Co., Inc.. H. B. Robinson & Co., Hew R. Wood Co.. Nesbitt, Thomson & Co., Ltd. Price Range. Jan, 1, '18, to Jan. 1, *2l 1930 Bid. Ask. Bid. Ask. High 94 '18 100 '19 95 Mar. 96 Mar. Low. 92 '19 94 '20 95 Mar. 94 July Cons. S. 160 BRANDRAM-HENDERSON. LTD., F. 68. Doe March 15, 1939. Dated March 15. 1919. Interest payable March and Sept. 15 at Royal Bank of Can- ada. Montreal, Toronto. Halifax and New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,250,000 In Treasury 250,000 Outstanding (Jan. 1, '21) 672,000 Kesei-ved for Prior Lien 328,000 Reserved for Ext 250,000 Purpose of Issue — To pay bank loans and provide additional working capital. Denomination — Coupon, $600 and $1,000, Registerable as to principal. Redeemable on any interest date, begin- ning March 15, 1924, at 105 and interest. Trustee — Montreal Trust Company, Mont- real. Sinking Fund — Beginning March 16, 1924. 2% annually on all bonds outstanding and irterest on all bonds redeemed. Bonds to be purchased in the market or drawn at 105 and interest. Organization — Incorporated 1906 in Canada and acquired Canadian business of Brandram Bi others & Company of London, England, manufacturers of white lead. Company man- ufactures paints, colors, oils, varnishes, etc., and has plants at Halifax, Montreal, Toronto and Medicine Hat with warehouses and dis- tributing branches at other points. Capitalization. Outstanding. Common $970,000 Preferred 500,nno Funded debt 997,700 Secured by a direct mortgage on all 'the property of the company now owned or here- after acquired, and by pledge of entire cap- ital stock of the Alberta Linseed Oil Com- pany. Ltd. , except directors' qualifying shares. Prior Lien— $325,700 First Mortgage bonds Earnings — See 1st 6s. Original Market — Offered in March 1919 by Nesbitt, Thomson & Co.. Ltd., Montreal and J. C. Mackintosh & Co.. at 94^^ and interest. Market. Montreal — Balfour, White & Co H B Robmson & Co.. Hew R. Wood Co' Toronto— A. J. Pattison. Jr.. & Co.. Ox- ford Securities Corp., Bryant Isard & Co Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. A-^k High 92 '19 96% '20 78 Nov. 96UDec Low. 87 '20 941^ '20 78 Nov. 94 V? Aug! BRAZILIAN TRACTION, MGHT & POWER CO. 3-Year 6% Secured Gold Notes. Due Nov. 1, 1922. Dated Nov. 1, 1919. Principal and interest (May 1 and Nov. 1) payable in gold agency Canadian Bank of Commerce in New York; also in Toronto. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding (Jan. 1, '20) 7.500,000 Reserved for Corporate Pur- poses 2,500,000 Provisions of Issue — The reserved notes are against pledge of 133 1-3% of the par value of additional Rio de Janeiro & Sao Paulo Telephone Company bonds, which are issuable only against actual expenditures for new con- struction made after November 1, 1919. Purpose of Issue — The proceeds of this is- sue (J7, 500, 000) will be used to retire a like amount of 6% notes, maturing Nov. 1, 1919. Denomination — Coupon, $1,000. Trustee — Central Union Trust Company, New York. Redeemable on 30 days' notice at 102 and interest during the first year after issue ; at 101 and interest during the second year and a+ 100% and interest during the third year. Organization — Incorporat3d in Canada in 1912, and owns over 99% of the capital stock of both the Rio de Janeiro Tramway, Light & Power Co. and the Sao Paulo Tramway, Light & Power Co. and through the first ■ named company controls the entire capital stock of the Rio de Janeiro & Sao Paulo Tel- ephone Co. Through these controlled oper- ating companies it does the street railway, electric light and power, eas and telephone business in the cities of Rio de Janeiro and Sao Paulo, Brazil, and adjacent territory, serving a population estimated at 2,000,000. Capitalization. Outstanding. Common $106,566,300 Preferred (6% cum.) 10,000,000 Funded debt 7,500,000 Secured by pledge of the following securi- ties : $7,500,000 Rio de Janeiro & Sao Paulo Tele- phone Company First Mortgage , Collateral Trust 6% Bonds due 1949, of an authorized issue of $12,600,000. 5,002,967 (£1,028,000) Rio de Janeiro Tram- way, Light & Power Company Gen- eral Mortgage 5% Bonds due 1963, of an authorized issue of £2,000,- 000. 2,501,483 (£614,000) Sao Paulo Tramway, Light & Power Company General Mortgage 5% Bonds due 1963, of an auttiorized issue of £1,000,000. Price Range — 1920 Bid. Ask. High 92 June 97 1^ Feb. Low 85 May 88 May $15,004,450 Tear ended Dec. 31 (after subsidiaries) ; Net. Exp. & Int. 1919 $8,877,005 $1,003,038 1918 6,252,463 1,082,791 1917 6,203,698 2,251,316 Note — The above statement is in Cana- dian currency. Original Market. — $7,500,000 offered Octo- ber, 1919, by William A. Read & Co., New York, etc., at 87% and interest. Market. New Yoric — Babcock, Rushton & Co., E. A. Baker & Son, Samuel Goldschmidt, Rauscher & Mackay, Dillon, Read & Co., Morton Lackenbusch & Co., Merrill, Lynch & Co., Lynch & McDermott. PhJIa'delpliia — McCown & Co. Cliicagro — Tilden & Tilden. BREWER-TITCHENER CORP. 7% Notes. Due $150,000 each ApHl 1. 1923 and 1924 and $300,000, 1935. Dated Apr. 1, 1920. Interest payable Apr. 1 and Oct. 1, at First Trust & Deposit Company, Syracuse. Tax Status — 2% Federal Income Tax paid by the company without deduction. Antliorized $500,000 Outstanding 500,000 Purpose of Issue — To provide for extension of three plants, and the acquiring of addi- tional equipment. Denominations — Coupon $500 and $1,0,00; registerable as to principal. Trustee — First Trust & Deposit Co., Syra- cuse, N. T. Redeemable on any interest date upon 30 days' notice at a premium of % % of 1 %. for each year or portion of year the notes to be redeemed shall have to run. Organization — Incorporated in 1917 in New Totk as a consolidation of the Cortland Car- riage Goods Co., Cortland Forging Co. and Crandal Stone & Co. The company is a large manufacturer of bow sockets for automobiles and carriages. Also manufactures high grade forgings, stampings, and other automobile hardware. Plants are located at Cortland and Binghamton, N. T. Capitalization, Outstanding. Common $625,467 Funded debt 500,000 Security — A direct obligation of the com- pany but not secured by a mortgage. While these notes are outstanding, the Com- pany covenants as follows: That it will not mortgage or pledge any of its property' now owned or hereafter ac- Quired. (This covenant shall not prevent the acquisition of property subject to purchase money mortgages or other liens not exceeding 75% of the fair value thereof nor the pledge of United States Government obligations). The company and its subsidiaries will at all times maintain net quick assets as (Refined in the trust indenture equal to at l^ast one and three-quarters (1%) times this note is- sue. Original Market — $500,000 offered May» 1920, by First Trust & Deposit Co., Hudson & Eddy, W. A. Wynkoop, E. G. Childs & Co., Inc., "W. W. Seymour & Co., Syracuse. N. T., and Cayuga County National Bank, Auburn Trust Co., Auburn, N. Y., Homer National Bank, Homer, N. Y., National Bank of Cort- land, Second National Bank, Cortland, and Chittenden, Phelps & Co., Binghamton, N. T., to yield from 7 ^ % to 7 % % for various maturities. Market. New York — Ernest Smith & Co. Syracuse — First Tru^t & Deposit Co. 161 BRIDGEPORT (Conn.) GAS UGHT CO. 6- Year 5% Notes, Series "D." Due June 1, 1935. Dated June 1, 1920. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tav not assumed by Company. Authorized $500,000 Outstanding 500,000 Purpose of Issue — The proceeds will be used to retire $250,000 notes. Series "A," matur-, ing August 1, 1920, and for extensions and imp ro vement s . Denomination — $1,000. Trustee — ^Bridgeport Trust Co., Bridgeport, Conn. Redeemable at 100% and interest on any in- terest date. Organlzationj — See 1st 4s of 1952. Security — ^A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company may not place any additional mortgage on its property while these notes are outstanding, without making provision for their retirement. Original Marlcet — $500,000 offered June, 1920, by Harris, Forbes & Co., New York, at 90% and interest. Market Chlcagro — Harris Trust ,& Savings Bank. New 'Haven — C. "W. Scranton Co. Price Kange — 193« Bid. Ask. High 90 Oct. 90^i Oct. Low 90 Oct. 90^ June BRIDGEPORT (Conn.) GAS LIGHT CO. 1st 4s. Due Jan. 1, 195%. Dated Jan. 1, 1902. Interest payable Jan. and July 1, at Trustee's offlce. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding. .. .$1,000,000 Trustee — Central Union Trust Co., New York. Organization — Incorporated with perpetual charter in Connecticut in 1849. Capitalization. Outstanding. Common $2,500,000 Funded debt 1,750,000 Secured by a first mortgage on gas plant supplying Bridgeport, Conn., and nearby towns. Population served without competition 170,000. Franchise perpetual. Underlies — $1,000,000 5% Serial Notes. Years ended Dec. 31. Gross. Net. Interest. 1919.. $1,212,341 $349,666 $104,247 1918.. 1,212,260 274,819 95,417 1917.. 936,711 233,485 66,850 •1916.. 724,651 244,785 52,383 •1916.. 683,756 212,051 44,697 * Years ended June 30. Market. New York — Frederick H. Hatch & Co. Hartford — Riohter & Co. New Haven — H. C. Warren & Co.. Inc., C. W. Scranton Co. ' Providence — Hornblower & Weeks. Price Range. Jan. 1, 'IS, to Jan. 1. '81 1920 Bid. Ask Bid. Ask. High 97 '16 98% '16 78 Oct. 82 Oct. Low. 66 '20 75 '20 66 Nov. 76 Nov. BRIDGEPORT HYDKAULIC CO. B-Year 5% Notes. Due $1,000,000 Sept. 1, 1981, $500,000 Dec. 1, 1981, and Dec. 1, 1983, and $8,000,000 June 1, 1925. Dated Sept. 1, 1916, Dec. 1, 1916, Dec. 1, 1918, and June 1, 1920. Interest payable semi-annually, respectively, Jan. 1 and July 1, Sept. 1 and Mar. 1 and Dec. 1 and June 1, in Bridgeport, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Connecticut. Authorized $5,000,000 Oatstandingr 4,000,000 Purpose of Issue — Tlie proceeds from the 6% notes due June 1, 1926, to be applied to retire $1,000,000 5% notes, due July 1, 1920, and for other corporate purposes. Denomination — Coupon, $1,000; register- able as to principal. Trustee — Bridgeport Trust Co., Bridge- port, Conn. Redeemable at 100% and interest on any interest date. . i. + Orgranlzation — Incorporated in Connecticut in 1863. The company supplies water to Bridgeport, Stratford, Fairfield and South- port and parts of Westport and Huntington, under a franchise that is both perpetual and exclusive, serving a population of about 176 000. The company owns 17 reservoirs with a storage capacity of 9,000,000,000 gal- lons, has two pumping stations, 12,643 acres of land and 307 miles of mains. It serves about 23,000 customers. „ ^ , ,■ Capitalization °"J2'^?„*A'?,f Common *5'nnS'nSn Funded debt 4,000,000 Secui-ity — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of this indenture the com- pany covenants that no mortgage debt will be placed upon any of the company's prop- erty now owned or hereafter aoguired, ana no evidence of indebtedness for money bor- rowed be issud unless expressly made Junior to these notes. Years ended Dec. 31: Gross. Net. Interest. 1919 .' $841,351 $696,416 $396,415 Legral for savings banks in Connecticut. O'risinal Market — $2,000,000 offered in June, 1920, by Lee, Higginson & Co., at 93^ and interest. Mai'ket New Haven — Winslow, Day & Stoddard. Waterbury — R. F. Griggs Go. Price Kanse 1980— High 93% Jan., Low 92% June. BRIDGEPORT (Conn.) TRACTION CO. 1st 5s. Due July 1, 1923. Dated July 1, 1893. Interest payable Jan. and July 1, Redmond & Co. Unissued 1,294,000 Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding 706,000 Unissued 1,294,000 Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Newark, N. J. Asumed by Connecticut Ry. & Lighting Co. Control — Merged with Conn. Ry. & Ltg. Co., whose property was leased in 1906 for 999 yr. rental of $1,400,000 per annum. The latter company in 1907 was merged into the N. T., N. H. & H. R. R. Co., and property is oper- ated by the Connecticut Company, whose stock is owned by the former company, but by de- cree of court to be sold before July 1, 1919. Secured by a first mortgage on 63% miles of street railway in and around Bridgeport, Conn. Population served, about 140,000. Franchise perpetual. Underlies — $12,551,000 Conn. Ry. & Ltg. Co. 4%s. Market. New York — Frederick H. Hatch & Co. New Haven — H. C. Warren & Co., C .W. Scranton Co. Price Range Jan. 1, '19, to Jan. 1, '81 1980 Bid. Ask. Ask. High 94% '19 91 '20 91 Oct. Low. 94% '19 89 '20 89 Sept. BRIDGETON & MILLVELLE TRACTION CO. 1st 5s. Due Jan. 1, 1930. Dated Jan. 1, 1900. Interest payable Jan. and July 1, at Trustee's offlce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding ($16,000 owned by the American Rys. Co.) 500.000 Denomination — Coupon, $600 and $1,000. Regiaterable as to both principal and interest. Trustee — Continental-Equitable Trust Co. , Phila., Pa. Guaranteed as to principal and interest by American Rys. Co. Orsauization — Incorporated in New Jersey, May, 1897, as successor of the South Jersey Traction Co., sold in foreclosure. Capitalization. Outstanding". Common $500,000 Funded debt 500,000 Controlled by American Rys. Co., of N. J. through ownership of entire capital stock. Secured by a direct mortgagre on all the property of the company and by deposit with Trustee of 1,000 shares of stock (entire issue) of the Bridgeton Rapid Transit Co. (no bonds outstanding:); 377 shares of stock of the Bridgeton & Millville Turnpike Co. (no bonds outstanding) and $250,000 (entire issue) 1st n^ortgage 5% bonds of the Bridgeton Electric Co. The B. & M. Traction Co. controls and operates 40 miles of electric railway, including line from Bridgeton to Millville, 11 miles; Bridgeton to Cedarville, 8% miles; Cedarville to Port Norris, N. J., 12% miles, and 5^ miles of street railway in Bridgeton; also two toll roads and electric light and power plant in Bridgeton, and supplies electricity to Bridgeton, Cedarville, Newport, Fairton, Dividing Creek and oPrt Norris, N. J. Pop- ulation served, 30,000. Franchises perpetual. Years ended Dec. 31. Bond Gross. Net. Interest. IJ-ig $499,408 $19,929 $25,000 1918 133.946 16,507 25.000 Xiisted on the Philadelpha Stock Exchange. Original Market — Bioren & Co., of Philadel- phia at par and interest, August, 1900. Market. New York — Berdell & Co. Philadelphia — Arthur J. Bender, Samuel K. Phillips & Co., Barnes & Lofland. Price Range. Jan. 1, *08, to Jan. 1, '31 1920 Bid. Ask Ask. High 101 '09 104 '08 Not Low^ 89 '16 available BRIDGETON & SACO RITER RAII.ROAD 1st Cons. 48. Due June 1, 1928. Dated June 1, 1898. Interest payable June and Dec. ,1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $135,000 Denomination — Coupon, $500 and $1,000. Trustee — Union Safe Deposit & Trust Co., Portland, Me. Organization and Control — Incorporated in Maine in 1881. Controlled by Maine Central R. R. through ownership of entire capital stock. Capitalization. Outstanding. Common $102,250 Funded debt 135,000 Secured by a first mortgage on 21 miles of read from Harrison to Bridgeton Jet. Me. Underlies — $36,000 2nd Cons. 4s. Years ended Deril, 1B89. The latter company is controlled tthrough stock ownership by the Pennsylvania fR. R. Co. Secured by, 'a first mortgage on 78.15 miles, viz. : ^ '' Miles. F'rom a. point past Laurel Hill to Eaat- ■pdrt Jet., L. 1 66.90 Valley Stream to N. Y. & Rockaway Beach Jet., L. 1 7.13 Bushwick Jet. to Bushwick, L. 1 1.80 Long Island City to a point beyond Laurel Hill, L. 1 2.32 Underlies — Long Island 1st Con. 5s and 4s of 1931, Unif. 4s of 1949, Ref. 4s of 1949, which latter provide for the retirement of this issue, and Deb. 5s of 193?. Legal for savings banks in Me. Earnings — See Long Island R. R. Co. Market. New York— R. B. Hutchinson & Co.. Chas. W. Place, Raymond M. Smith,' Taylor, Smith & Hard, Wm. Carnegie Ewen Theo L. Bronson & Co. Price Range. Jan. 1, *08, to Jan. 1, '21 1930 Bid. Ask. Bifi High 106% '16 113% '12 86^5 Jan Low. 80 '20 100 -19 80 A^g. EKOOKLYN. BATH & WESi m^^SD RAIL- ROAD CO. Gen. 6s. 1933. kaii^ Dated Dec. 28. 1886. Interest payable April and Oct. 1 at Central Union Trust Co New York. Default— Oct. 1, 1919. and subsequent in- terest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $121,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Franklin Trust Co., Brooklyn. Protective Committee — Foreclosure pro- ceedings having been started under the Nassau Electric R. R. Cons. Mtge., the fol- lowing committee requests deposits: Ed- ward C. Delafield, chairman; William O. Blanvelt, Harry M. De Mott, with E. S. Blagden, secretary, 44 Wall St., New York, and Bank of America, New York, Deposi- tary. Control — Absorbed by the Kings County Electric Ry. Co., which was subsequently merged into the Nassau Electric R. R. Co. Secured by a first mortgage on 6 % miles of double track from Greenwood Cemetery, Brooklyn, to Coney Island. Underlies — $11,508,000 Nassau Elec. R. R. 1st Cons. 4s, 1951, which provide for retire- ment of this issue. Market. New York — Theodore L. Bronson & Co., Wm. Carnegie Ewen. Price Range. Jan. 1, '08, to Jan. 1, 'JJl 1920 Bid. Ask. Bid. Ask. High 100 '08 104 '08 55f 60f Low. 50f'20 55f '20 50f 55f RKOOKLYN BOROUGH GAS CO. 1st 5s. Due March 6, 1938. Dated March 5, 1898. Interest payable Mar. and Sept. 1, at office cf Trustee. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $500,000 Denomination — Coupon, $1,000. Trustee — Title Guarantee & Trust Co., New York, Organization — See Gen. 5a. Secured by a first mortgage on plant sup- plying gas to 31st Ward of Brooklyn, N. Y., including Coney Island. Poiiulation served, 30,000. Franchise perpetual. See Gen. 5s for further details. • Underlies — $500,000 General 53 of 1945. •{Earnings — See Gen. 5s. Listed on the Philadelphia Stock Exchange. Original Market — Stahl & Straub, Philadel- phia, at par and interest in Jan., 1899. Market New York — Theodore L. Bronson & Co., Finlay & Davenport, Frederick H. Hatch & Co., Tobey & Kirk, Berdell Bros., Lynch & McDerinott, Carruthers, Pell & Co. Pliiladelphia — Bauer, Starr & Co. Price Range. Jan. 1, '16, to Jan. 1, *31 1930 Bid. As. Bid. Ask. ' High 100% '16 102 '16 65 Aug. 70 Sept. Low. 60 '20 70 '20 60 Sept. 70 Sept. Capitalization. Outstanding. Common $750,000 Funded debt 1,000,000 Secured by a first mortgage on all property, franchises, etc., including gas plant supplying gas to the 31st Ward in the Borough of Brook- lyn, which includes ' Coney Island, Seagate, C-ravesend and Sheepshead Bay. The com- pany's plant Is located at Coney Island. Fran- chises are perpetual. Population served 30,- 000. Prior lien — $500,000 1st 5s, 1938, for re- tirement bonds of this issue reserved. Years ended Dec. 31. Gross. Net. 'Deductions. 1920 $927,686 $288,282 $192,904 1919 647,415 8,921 175,007 1918 518,078 25,366 173,418 191-7 434,645 68,510 151,951 1916 394.072 146,207 152,411 ♦Includes taxes, interest and amortization. Original Market — Offered March, 1912, at 98 and interest by P. W. Brooks & Co., New York, Boston, etc. Market. New York — Finlay & Devenport, Lynch & McDermott, Berdell & Co.. F. H, Hatch & Co., Carruthers, Pell & Co. Price Range. Jan. 1, *13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '16 100 '16 45 55 Low. 30 '20 50 '20 30 Sept. 50 Sept. BROOKLYN BOROUGH GAS CO. Gen. 5s. Due June 1, 1945. Dated June 1. 1905. Interest payable Jane and Dec. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 500,000 Reserved for Prior Liens 600,000 Denomination — Coupon, $1,000. Trustee — Title Guarantee & Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Organization — ^Incorporated in New York In 1898 as successor of the Coney Island Fuel, Gas & Light Co. BROOKLYN CITY & NEWTOWN RAILROAD 1st 5s. Due July 1, 1939. Dated July 1, 1889. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Default — July 1, 1919, interest was not paid. Tax Status — Payment of Federal Income Tax not assumed by company. Auttiorized and Outstanding. ,. ,$2,000,000 Denomination — Coupon, $1,000, Register- able as to principal. Trustee — Bankers' Trust Co., New York. Assutned by Coney Island & Brooklyn R. R. Protective Commitee — See Coney Island & Bicoklyn R. R. 1st Cons. 43. Control — Merged with Corjey Island & Biooklyn R. R., which is controlled through stock ownership by the Coney Island & Gravesend Ry. Co,, a subsidiary of the Brook- lyn Rapid Transit Co. Secured by a first mortgage on B^/^ miles of double-track street railway in Brooklyn, N. Y, Underlies — $4,232,000 bonds of Coney Island & Brooklyn R. R. Earnings — See C. I. & B. R. R. Market. New York — Theodore L. Bronson, & Co., Finlay & Davenport,, Frederick H. Hatch & Co., Pouch & Co., Berdell Bros., Wm. Car- negie Ewen. Price Range. Jan. 1, *08, to Jan. 1, *Z1 19:30 Bid. Ask. Bid. Ask. High 99y2'14 105 '08 f 21 July f 40 Sept. Low. fl6 '20 f20 '20 fl6 July f20 June BROOKLYN CITY RAILROAD CO. 1st Cons. 5s. Due July 1, 1941. Dated July 1, 1891. Interest payable Jan. and July 1, at \Brooklyn Trust Co. Payment of Interest — As of Feb. 1, '21, interest is being- regularly paid on the $4,- 373,000 bonds of this issue outstanding- in thq hands of the public, but interest on the. $1,627,000 held in guaranty fund is not being, paid. Tax Status — Payment of Federal Income Xax not assumed by company. Anthorized $6,000,000 Outstaijiding 4,373,000 ♦Owned by B. R. T. Co 1,627.000 *See "Guaranteed." Denomination — Coupon, $ 5 and $1,000. Registerable as to principal. Trustee — Kings County Trust Co., Brooklyn. Guaranteed as to interest by the Brooklyn Heigrhts R. K. Co. under terms of lease. Per- formance of the terms of this lease is secured by deposit with various trustees a guarantee fund comprising $1,627,000 bonds of this issue; $2,000,000 Ist 5s of the Brooklyn, Queens County & Suburban R. R. Co.; $125,000 Ref. 4s of the Brooklyn City R. R. Co.; $25,000 50-Tear 5s and $250,000 1st Ref. 4s of the B. R. T. Co.; entire $2,000,000 capital stock of B. Q. C. & S. K. R., owned by B. R. T. Co. is deposited with Peoples Trust Co., Brooklyn, and will at expiration, or sooner termination of lease become the sole and exclusive prop- erty of the Brooklyn City^. R. Co. Organization — Incorporated in New York in 1863. Capitalization. Outstanding. Common $12,000,000 Pi-nded debt 6,925,000 Control — Originally leased to the Brooklyn Heights R. R. Co., for 999 years from 1893, rental being all interest, taxes and 10% divi- dend on $12,000,000 captal stock. This lease v.-as abrogated by the court Sept. 29. 1919, for failure of lessee to pay rental. The property la now operated independently. The B. R. T. Co. owns entire capital stock of the B. H. R. R. Co. Secured by a mortgage on 229 miles of trol- ley surface lines, including 106 miles first track, 100 miles second track and 22 miles sidings. The lines covered include the following : Avenue C, Bushwick Avenue, Calvary Ceme- tery, Court Street, Crosstown, Cypresa Hills, Platbush Avenue, Flushing Avenue, Flushing- Knickerbocker, Flushing-Ridgewocd, Fulton Street, Gates Avenue, Gra^iam Avenue, Grand Street, Greenpoint, Hamilton Avenue, Lor- imer Street, Myrtle Avenue, Nassau Avenue, Noetrand Avenue, Putnam Avenue, Richmond Hill. Sixteenth Avenue. Sixty-fifth Street, Bay Ridge, Sixty-fifth Street. Port JIamilton. Thirty-ninth Street, Fort Hamilton, Tompkins Avenue and Union Avenue. Cnderlies — $926,000 Ref. 4s of 1956, which piovide for retirement of this issue. All are owned by the Brooklyn Rapid Transit Co. $125,000 deposited as above. I/isted on the New York Stock Exchange. Market. New York — Theodore L, Eronson & Co., Pinlay & Davenport, Frederick H. Hatch & Co., L. A. Norton & Co., Pouch & Co., Tobey & Kirk. Wm. Carnegie Ewen. Price Range — N, Y. S. E. Jan. 1, '06, to Jan. 1, '21 1930 High 107 June 14, '60 66 Apr. 29 Low. 66 Apr. 29. '20 66 Apr. 29 Authorized $100,000,000 Outstanding: 5,500,000 "A" 5s 3,000,000 "B" 6s 2,000,000 "C" 7s 5,000,000 "D" 7s BKOOKLYN EDISON CO., Series "A" 5s, Series "B" 78 and Series "D" 7s. Series Dated Due "A" 5s. ..Jan. 1, 1919 Jan. 1, 1949 "B" 6s. ..Jan. 1, 1920 Jan. 1, 1930 "C" 7s. . .Jan. 1, 1920 Jan. 1, 1930 "D" 7s. . -Dec. 1, 1920 Dec. 1. 1940 Tax Status — 2% Federal Income Tax paid by company without deduction. INC. Gen. »s, Series "C" Interest Payable J. & J. J. & J. J. & J. J.&D. 158 (Jan. 1, '21) $15,500,000 Reserved for Prior I.iens; . . . $11,996,000 Reserved lor Exp 72,504,000 Denomination — Coupon $100 (Series "A" only), $500 and $1,000; bonds of $1,000 regis- terable as to principal only. Reg-istered $1,000, $5,000 and $10,000. Coupon ($1,000) and registered bonds interchangeable. Trustee — Central Union Trust Co., New York. Redeemable on 30 days' notice on any in- terest-date as follows; Series A, B and C at 105 and interest and Series D at 107% and interest on or before Dec. 1, 1930, and at 105 and interest thereafter. Orgranization — The Brooklyn Edison Co., Inc., is successor by change of name Janu- ary, 1919, to the Kings County Electric Light & Power Co. (incorporated in New York in 1890). The Edison Electric Illumi- nating Co. of Brooklyn, formerly controlled through stock ownership was physically merged into the Brooklyn Edison Co., Inc., January, 1919. Capitalization Outstanding Common $17,355,000 Funded bedt 29,096,000 Seciu-ed by a mortgage on all the real and personal property of the company now^ owned or hereafter acquired in any way. The property covered includes two steam generating plants with an installed capacity of 160,000 k. w. and 6,799 miles of distribut- ing lines of which 3,151 miles are under- ground. The company does all the electric light and power business in the Borough of Brooklyn (except the 29th AVard), City of New York, serving a population of over 1, 600, 000. Franchises are reported as per- petual. Prior liens — $11,996,000 bonds, viz: Kings .County Elec. Lt. & Power 1st 5s, 1937 $2,500,000 Kings County Blec. Lt. & Power P. M. 6s, 1997 5,176,000 Edison Elec. Ilium. J.st Cons. 4s 1939 4,275,000 Real Estate Mortgages 45,000 Under the terms of this mortgage no ad- ditional bonds can be issued under the above mortgages and bonds are reserved under this mortgage for refunding. Underlies — $1,645,000 Convertible Deben- ture 6s due 1922 and 1925. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $13,308,869 $3,082,950 $1,420,333 1919 10,850,115 3,351,012 1,088,448 1918 8,854,302 2,691.857 898,677 Listed — Series A, B, C and D on the New York Stock Exchange. Original Market — $5,500,000 offered Feb- ruary, 1919, by the Guaranty Trust Co. and Millett, Roe & Hagen, New York, etc at 91 and interest; $3,000,000 Series "B" 6s' of- fered March, 1920, by the Guaranty Trust Co., White, Weld & Co., and W. A Read & Co., New York, at 92% and interest. Market. New York — Finlay & Davenport, Earle A Miller & Co., L. A. Norton & Co., W e" R. Smith & Co., Vanderhoef & Robinson Carruthers, Pell & Co., Pynchon & Co Ber- dell Bros., Ames, Emerich & Co., Babeocl^r Rushton & Co., T. Hall Keyes & Co. Boston — L. Sherman Adams, Curtis & Sanger, Arthur Perry & Co., Moors & Cabot Chicag-o — Illinois Trust & Savines Ranv" Tilden & Tilden. -oo-uk, Providence — Hornblower & Weeks. Ijouisville — Black, Fetter & Co. Gi-and Rapids — Carrigan & Co. Price Kang-e Jan. 1, '19, to Jan. 1, '20 1920 Series "A" 5s 1949 Bid. Ask. Bid. Ask. High 88 '19 91 '19 80 Jan. 87 June Low. 68 '20 72 '20 68 July 72 July Series "B" 6s 1930 High .- 92?4 Mar. 93% Mar. Low 82 Dec. 85 Dec. BROOKLYN HEIGHTS RAILROAD 1st Ss. Dne April 1, 1941. Dated April 1, 1891. Interest payable April and Oct. 1. at Trustee's office. Default — Oct. 1, 1919, interest lias not been paid. Tax Status — 2% Federal Income Tax paid, by company without deduction. Authorized and Outstanding $250,000 Denomination — Coupon, $1,000. Trustee — Peoples' Trust Co., Brooklyn. Receivership — See Brooklyn Rapid Transit Co. Organization — Incorporat-sd in New York in 1887. The company' a lease of the Brooklyn City R. R. was abrogated in September, 1919. Capitalization. Outstanding. Common $200,000 Funded debt 250,000 Control — ^All of the stock is owned by the Brooklyn Rapid Transit Co. Secured by a first mortgage on 2 miles of double tracked street railway, including the line from Court and Montague Street on Mon- tag-ue Street to Bast Rivsr. Market. New York — Theodore L. Bronson & Co., Finlay & Davenport, Frederick H. Hatch & Co., Berdeil Bros., Wm. Carnegie Ewen. Price Range. ' Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid, Ask. High 100% '16 103 '17 fl5 Sept. f35 Sept. Low. fl5 '20 f30 *20 fl5 Sept. f30 May BROOKLYN, QUEENS COUNTY & SUBUR- BAN RAILROAD CO. Ist 5s. Due July 1. 1941. Dated January 16, 1894. Interest payable Jan. and July 1, at Brookljn Trust Co. Default — July 1, 1919, interest has not been paid. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,500,000 Outstanding 3,500,000 Note — $2,000,000 of these bonds owned by the B. R. T. Co. and deposited in aruaranteed fund for performance of lease of Brooklyn City R. R. Co. See 1st Con. Bs. Denomination — Coupon, $1,000. Registera- ble as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at par and interest on July 1, 1916, at company's option. Guarantee — The $2,884,000 1st Cons. 5s, Jurior liens, are guaranteed as to principal and interest by the Brooklyn Heights R. K. Co. Protective Committee — The following com- mittee requests deposits: Chas. A. Peabody, Alex. J. Hemphill and Ellis W. Gladwin, with Frederick S. Stevenson, 55 Cedar St., New York, Secretary, and Guaranty Trust Co., New York, Depositary. Receivership — See Brooklyn Rapid Transit Co. Organization and Control — Incorporated in New York in 1893 and acquired the proper- ties of the Broadway R. R. Co. of Brook- lyn, the Broadway Perry & Metropolitan Ave. R. R. Co. and the Jamaica & Brooklyn R. R. Co. Controlled through ownership of $2,- 000,000 cat>ital stock (entire issue) by ihe Brooklyn Rapid Transit Co., which is depos- ited in guarantee fund (see above). Capitalization. Outstanding. Common $2,000,000 Funded debt 6,616,000 Secured by a mortgage on 62 miles of sur- face street railway in and around Brooklyn, N. Y., on large part of which mileage these bonds are secured by a first lien. The mile- age subject to this mortgage includes 30 miles of first track, 29 miles of second track and 3 miles of sidings. Prior Liens — $240,000 Jamaica & Brooklyn R. R. Co, 1st 5s of 1930 on 13 miles. Underlies — $2,884,000 1st Cons. 6s of 1941. Years ended June 30, Gross. Net. Int. & Rent. 1919 $1,333,522 $209,636 $517,481 1918 1,599,522 424,402 524,049 1917 1,755,639 571,447 525,267 lt']6 1,747,235 581,624 534,654 Listed on the New York Stock Exchange. Market. New York — Theodore L. Bronson & Co., Finlay & Davenport, Pouch & Co., Wm. Car- neg-ie Ewen, Berdeil Bros. Price Range — N. Y. S. E. Jan. 1, '13, to Jan. 1, *31 1930 Bid. Ask. High 101 May 22, '13 f20 Sept. f40 Sept. Low. 40 Dec. 24, '19 flS Nov. f20 Sept. BROOKLYN, QUEENS COUNTY & SUBUIU BAN RAILROAD CO. Ist Cons. 5s. Due July 1, 1041. Dated January 16, 1894. Interest payable May and Nov. 1. at Brooklyn Trust Co. Default — Nov. 1, 1919, interest has not been paid. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $4,500,000 Outstanding ($50,000 owned by the Brooklyn Rapid Transit Co.) 4 2,884,000 Reserved for Ext 1,616,000 Denomination — Coupon, $1,000. Register- able as to principal. Ti-ustee — Brooklyn Trust Co., New York. Redeemable at par and interest on July 1, 1916, on three months' notice at company' s option. Guaranteed principal and interest by the Brooklyn Heights R. R. Co. by endorsement. Receivership — See Brooklyn Rapid Transit Co. Protective Committee — Deposits of bonds are requested by the following committee: Ha- ley Fiske, Elon R. Brown, Chauncey M. De- pew, "William K. Dick and Willis McDonald, with Austin W. Penchoen, 177 Montague St., Brooklyn, Secretary, and Brooklyn Trust Co., Brooklyn and New York, Depositary. Organization and Control — See 1st 5s of 1941. Secured by a mortgage on all the property of the company covered by the lien of the IsL 5s. Prior Liens — $3,500,000 Brooklyn, Queens County & Suburban R. R. 1st 5s of 1941 and $240,000 Jamaica & Bklyn. R. R. 1st 5s of 1930. Earnings — See 1st 6s of 1941. Listed on the New York Stock Exchange, Market. New York — Theodore L. Bronson & Co., Finlay & Davenport, Pouch & Co., Wm. Car- negie Ewen. Price Range — 'S. Y. S. E. Jan. 1, 'm, to Jan. 1, '21 1930 Bid. Ask. High 104 Apr. 11, '06 f25 Sept. f45 Sept. Low. 80 May 26, *17 f25 Sept. f44% Oct. 159 BBOOKIiYN BAFID TRANSIT CO. 3-Year 7% Secured Notes. Dae Jaly 1. 1931. Dated July 1, 1918. Interest payable Jan. 1 and July 1, at Trustee' s office. . Tax Status — 2 % Federal Income Tax paid by company without deduction. Default — Interest due Jan. 1, 1919. Authorized $57,735,600 Outstanding 57,735,500 Purpose of Issue — Issued to retire $57,735,- 000 6-year 5% Secured Notes due July 1, 1918. The War Finance Corporation agreed to make an advance to the company of not exceeding $17,320,500, or 30% of the face value of the maturing notes, for three years at 7 % interest per annum, on the condition that arrangements be made by which 70% of the maturing notes were refunded. Denomination — Coupon, $1,000, $500 and $100. Trustee — Central Union Trust Co., New York. Redeemable on any interest date on 30 days' notice at a premium of ^ % for each six months which the notes have to run from the date of redemption. Organization — Incorporated in New York in 1896 as a holding and constructioi company. In June, 1917, the company was enabled by the "Thompson Bill" to consolidate the orig- inal holding company and its various sub- sidiaries into a single public utility . corpora- tion. The company controls directly or in- directly through stock ownership and leases the following companies: Brooklyn Heights R. R. Co., Brooklyn, Queens County & Sub- urban R. R. Co., Nassau Electric R. R. Co., Coney Island & Gravesend Ry. Co., South Brooklyn Ry. Co., Transit Development Co., Bridge Operating Co.. New York & Coney Island R. R. Co. , Prospect Park & South Brooklyn R. R. Co., Coney Island & Brook- lyn R. R. Co., Brooklyn & North River R. R. Co., DeKalb Ave. & North Brooklyn R. R. Co., Coney Island & Brooklyn Terminal Co., Broadway Subway & Home Borough Car Ad- vertising Co., Prospect Park & Coney Island R. R. Co., and New York Consolidated R. R, Co., which latter company owns all the $2,- 000,000 capital stock of the New York Mu- nicipal Railway Corporation. The lines constructed by the city are leased to the New York Municipal Ry. Corporation for a period of 49 years from Jan. 1, 1917, and are to be operated by the company in connection with the existing railroads of the New York Consolidated R. R. Co. as one system and for a single fare. The city-con- structed lines may be recaptured by the city after 10 years upon payment to the company of a fixed percentage of the latter's invest- ment in construction and ectuipment (116% at the end of ID years and a gradually dim- inishing amount in succeeding years), so that the company will receive an amount which with accumulations of its sinking fund, will at least make good its investment. Capitalization. Outstanding. Ccmmon $74,455,159 Funded debt 85,639,000 Receivership — On Dec. 31, 1918, Undley M. Garrison was appointed receiver of this com- pany, and of the New York Municipal Ry. Ccrp. and the New York Consolidated R. R. Corp., its subsidiaries. Foreclosure Proceedings— In March, 1919, proceedings were instituted under trust agreements of the above issue, the 6-Year 5% Notes, due July 1, 1918, New York Munici- pal Ry. Corp. 1st S. F. Bs Series "A," due Jan. 1, 1966, and B. R. T. Cons. & Ref. 6s, duo June 1, 1928. Protective Committee — Central Union Trust Co., Kuhn, Loeb & Co., Kidder, Peabody & Co., with Charles Sigler, Secretary, 80 Broad- way, New York. Depositary, Central Union Tiust Co. Secured by pledge of the following securi- ties : New York Municipal Ry. 1st 5s, due 1966 $57,735,000 Brooklyn Rapid Transit 10-year Cons. & Ref. 6s, due June, 1928 39,000.000 The indenture provides that the company will cause to be pledged hereunder any Cons. & Ref. Bonds to- an amount equal at face vf.lue to expenditures made by the company out of its current surplus earnings for cap- ital purposes and for which the company may be or becorne entitled to draw bonds from the trustee, as well as any New York Muni- cipal Ry. 1st 5s acquired by the company w.th such current surplus earnings. The irdenture also provides that while these notes are outstanding the company will pay no div- idends upon its capital stock in cash or in any securities or scrip unless such secuiity or scrip shall by its terms rank subsequent to the rights of the holders of such notes as against any of the assets of the company. Year ended Dec. 31 (consolidated). Gross. Net. Int. & Rent. 1£19 r $35,065,704 $7,102,635 $8,142,998 1?18 33,273,330 8,432,398 8,011,474 •1917 29,504,019 10,839,313 5.644,074 •1916 27,948,772 10,855,887 5,244,055 •1S15 26,427,686 10.205,985 4,693.424 *lfcl4 25,558,250 10,262,589 4,946,884 *Years ended June 30. Prior Liens — .$18,000,000 Receivers' Certi- ficates. Listed on the New York Stock Exchang'e. Central Union Trust Co. certificates of de- posit listed on the New York Stock Exchange. Original Market — Holders of 5% notes due July 1, 1918, were given the option to accept for each $1,000 note, either of the following offers: (a) $300 in cash and $700 face amount of notes of this issue. (b) $1,000 face amount of this issue. Market. New York — Samuel Goldschmidt, Edwin Wolff, Wm. Carne&ie Ewen, H. H. Galin&er & Co. Price Range — N. Y. S. E. Jan. 1, *I8, to Jan. 1, '31 iggn High 96% Oct. 19, -IS 50 Jan. 21 Low. 35 July 23, '20 35 July 23 Ctfs. of Deposit. Hig-h 79 May 19, '19 48% Oct 22 Low. 33 Dec. 1. '19 34%^ Aug. 27 Stamped. High 78% June 3, '19 45 Tan Q Low. 31% Feb. 4. -20 31% Feb! 4 BROOKLYN RAPID TRANSIT CO. SO-Year 5s. Due Oct. 1, 1945. .n^^*?fot°''V ^\^^^^\ Interest payable April New Y^rk. Central Union Trust Co.. Default— April 1. 1919, and subsequent In- terest has not been paid. Tax Status— Payment of Federal Income Tax not assumed by company income Authorized J7 nnn mn Outstanding •.■.:■" 7 SSS'SSS Denomination— Coupon. $1,000." ' Registet- able as to principal. ^^csiaLwr Trustee--Equitable Trust Co.. New York Organization- See 7% Secured Notes Receivership—See 7% Secured Notes ^rfv^^n^+v,?^ ^ ^''^^ mortgage on all the prop- erty of the company. As this company is a holding company, this mortgage Is a lien on its security holdings only. ^ °° GO' \ Prior Liens — $18,000,000 Receiver's Certifl- Underlies~$26. 086,000 1st Rpf. 4s of 2002. of which $10,000,000 are isposited to secure the notes of 1918. Bonds are reserved 1st Rfg. mortgag'e to retire this issue. Earnings — See 7% Secured Notes. Listed on the New York Stock Exchange. Market. New York — ^Theodore L. Bronson '& Co., Lynch & McDermott, Rauscher & Mackay, Wm. Carnegie Ewen. Price BanETc— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 109 Jan. 25, '06 38 Oct. 21 Low. 21 June 11. '20 21 June 11 BROOKLYN BAFIB TRANSIT CO. Ist Ref, Conv. 4s. Due July 1, 200^. Dated July 1, 1902. Interest payable Jan. and July 1, at Trustee's office. Default — July 1, 1919, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $150,000,000 Outstanding: 3,439,000 Converted Into Stock 29,619,000 Reserved for Refunding 59,179,000 Reserved for Ext 34,893.000 Owned by Brooklyn Rapid Transit System {22,850,000, of which $4,583,000 in treasury of B. R. T. Co., $587,000 in Nassau E. R, R. treasury; $10,000,000 deposited as part se- curity for six-year notes, due 1918, $6,690,- 000 collateral to bills payable; $750,000 depos- ited with Trustee of N. E. R. R. Consolidated Mtge. ; $250,000 in guaranty fund of Brooklyn City R. R. lease. Denomination — Coupon, $1,000. Register- able as to principal. Registered. $1,000 and $5,000. C. & R. interchangeable. Trustee — Central Union Trust Co., New York. Redeemable at 110 and interest on any in- terest date prior to 2000, and at par and in- terest thereafter. Convertible privilege expired July 1, 1914. Foreclosure — Suit was started by Trustee In 1919. Protective Committee — "Walter K. Frew, chairman; W. E. Edminster, Edward C. Del- afleld, Stephen Baker, Henry C. C. Phipps, with Frederick K. Lister, 13 William Street, New York, secretary, and Franklin Trust Co., New York, depositary. Receivership — See 7% Secured Notes. Organization- — See 7% Secured Notes. Secured by a direct mortgage on all prop- erty now owned or hereafter acquired with thf; proceeds of these bonds, subject to prior liens. During 1916 $660,000 Seabeach Ry. 1st 4s, due Sept. 1, 1916, were acQulred and de- posited under this issue. Prior Liens — $7,000,000 1st 5s 1945 and $52,449,000 bonds of controlled companies for retirement of which bonds of this issue are rcE-erved. Underlies— Cons. & Ref. 6s ($150,000,000 authorized) $29,000,000 of which are deposit- ed as part security for $56,229,000 7% se- cured notes due July 1, 1921, and $18,000,000 Receiver's Certificates. Earnings — See 7% Secured Notes. listed on the New York Stock Exchange. Market. New York — Theodore L. Bronson & Co., Hepburn & Co. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Coupon. High 100 Jan. 26, '06 31% Oct. 29 Low. 21% May 8, '20 21% May 8 161 bROOKLYN RAPID TRANSIT CO. 6% Kbi ceiver's Ctfs., Series "A." Due Aug. 1, 1921. Dated Aug. 1, 1919. Interest payable Feb. and Aug. 1, Central Union Trust Co., 80 B'way, New York. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $20,000,000 Presently Issuable (Series **A") 18,000,000 Reserved for Future Issuance. 2,000,000 Provisions of Issue — The court reserves the power to direct the appropriation of the pro- ceeds of the sale of an additional $2,000,000, which running not less than one or more than three years, will complete the entire author- ized issue of $20,000,000, having the same security. Beyond this amount any further is- sues of B. R. T. Receiver's Ctfs. must either be subordinate in lien to the $2,000,000 issue or must be secured on different property. See also under "Security." Purpose of Issue — $13,000,000 of the pro- ceeds fram this issue are to be used in pur- chasing an equal amount of the certificates of indebtedness of the receiver of the New York Municipal Railway Corp. and the New Ycrk Consolidated R. R. Co., which certifi- cates are to be pledged as part security for this issue. Denomination — $ 1,000. Redeemable at par and interest on any in- terest date on and after Feb. 1, 1920. Redemption Fund — The surplus income of all three companies, after meeting operating and receiver's expenses, etc., 70% of such in- come being specifically employed to provide for their interest and for the rpdemption of principal from time to time whsnever $500,- 000 is available for that purpose. Organization — See 7% Secured Notes. Security — These certificates are issuable un- der a decree filed by Judge Julius -M. Mayer in the Federal District Court, New York City, on Aug. 12. 1919, and authorizing Lind- ley M. Garrison to sell $18,000,000 of certifi- cates at 95 and interest. The c'ecree im- pounds 70% of the earnings of the Brooklyn Rapid Transit Co., New York Municipal Ry. Corp. and New York Consolidated R. R. Co. to provide for the payment of principal and interest of these certificates. The certificates are secured either by direct lien as in the case of the B. R. T. issue, or by pledge of receiv- er's certificates in the case of the New York Municipal Ry. Corp. and New York Consoli- dated R. Rv, and are a lien as follows: 1. On power houses, sub-stations, shops, car barns, etc., of the Brooklyn Rapid Tran- sit Co. 2. Certain small blocks of stock and $5,- 822,000 bonds, including $525,000 Coney Island and Brooklyn 1st Cons. 4s, $200,000 BrooKlyn City R. R. Ref. 43, and $5,812,000 B. B. T, 1st Ref. 4s. 3. On all property, real and personal, and mixed, of the Municipal and Consolidated com- panies, aforesaid. 4. The leases, etc., contracts made by the New York Municipal Corp.: (a) On Jan. 31, 1£13, and March 25, with the New York .con- solidated B. R. Co.; Cb) On March 19, 1913, with the City of New York and P. S, Com- mission. 5. On rolling stock, etc.. of the last two mentioned companies. 6. On New York Municipal Ry. Corp. and New York Consolidated Co., receiver's certifi- cates acquired by the Brooklyn Rapid Tran- sii Co. receiver. See "Purpose of Issue. * 7. These certificates are superior in lien to (a) Brooklyn Rapid Transit 60-Year 5s, due 1946, as to any property in receiver's hands; and to (b) Brooklyn Rapid Transit Cons. & Hef. 6a, due 1928 (pledged to secure 3-Tear ^% Notes). These certificates are inferior in lien to (a) Brooklyn Rapid Transit 1st Ref. 4s ($10,000,000 of which bonds are pledged to secure Brooklyn ^apid Transit Co. notes) aa to any property in receiver' s hands ; (b) Transit Development Company Ctfs. of In- debtedness of 1907 and indenture of July 24, liiis. 8. The certificates of the New York Muni- cipal By. and New York Consolidated R. R. are superior in lien to (a) the $57,736,000 Municipal Railway Corp. Is 5a (pledged undei B. B. T. Notes); (b) the mortgage given by the New York Consolidated R. R. Co. to se- cure its guarantee of last mentioned bonds; (c) $14,344,975 New York ConBolidated R. R. Ctfs. of indebtedness No. 1, but is inferior in lien to the Kings County Elevated R. R. 1st 4s, due 1949, and Brooklyn Union Elevated R. R. 1st 5s, due 1950. iEamings — See 7% Secured Notes. Original Market— Purchased by and offered privately at 98 and interest by the Chase Se- curities Corporation, Bankers Trust Co., Cen- tral Union Tr.ust Co., Hayden, Stone & Co. and J, & W. Seligman & Co., all of New York. Stamped Guaranteed. High 110 Feb. 6, '06 Low. 55 Aug. 25, *2D 68 Oct. 2S 55 Aug. 2S BROOKLYN UNION ELEVATED RAILROAD GO. 1st 5s. Due Feb. 1, 1950. Dated February 1, 1899. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $16,000,000 Outstanding ". . . 16,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Uiiion Trust Co., New York. Guaranteed as to principal and interest by the Brooklyn Heights R. R. Co. by endorse- ment. Note — Two days of each month have been designated for the presentation of these bonds for endorsement. Assumed by the New York Consolidated R. R. Co. Control — Incorporated In New York In 1899 as a merger of several street railways, and Irased In 1901 for 999 years to the Brooklyn Heights R. R. Co^ Lease terminated in 1901 and company consolidated In 1912 with two other companies into the New York Consoli- dated R. R. Co. Kecelvership — See Brooklyn Rapid Transit Co. Secured by a first mortgage on 21 miles of double track elevated railway In Brooklyn, from Brooklyn Bridge over Fifth Ave. to 63rd St, ; Myrtle Ave. to Ridgewood, and Lexington Ave. to Jamaica Ave., and a second mortgage on 14 miles of double track elevated railway formerly owned by the Kings County Elevated R. K. Co. Prior lilen — $7,000,000 Kings Qounty Ele- vated R. R. 1st 4s of 1949. Underlies — $18,000,000 Receivers' Certifi- cates due Aug. 1, 1921. Refunding — B. B. T. Co. 6s 2002 provide for retirement of this Issue. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Theodore Bronson & Co., FInlay & Davenport, L. A. Norton & Co., Seasongood, Haas & Mac- donald, Vanderhoef & Robinson, Berdell Bros., Wm. Carnegie Ewen. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jait. 1, '21 1920 Unstamped. High 113% Jan. 22, '06 66% Oct. 28 Low. 55 Aug. 25, '20 65 Aug. 25 BROOKLYN UNION GAS COMPANY (IHE) 1st Cons. 50-Year Gold 58. Due May 1, 1945. Date'd Sept. 16, 1895. Interest payable May and Nov. 1, at Chase National Bank, New Ycrk. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $15,000,000 Outstanding 14,736,000 Reserved for Prior Liens 264,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Organization — Incorporated in New Yotk in 1895. Capitalization. Outstanding. Common $18,000,000 Funded debt 17,000,000 Secured by a first mortgage on a large part of the plant and distribution system, and a second mortgage on the remainder, supplying gas to all parts of BrooKlyn, except the 31st and part of 29th wards, which includes Coney Island. The plant of the company embraces six water gas manufacturing plants and some thirty gas holders. The company also owns the stock of sev- ei al companies which distribute gas purchased from the Brooklyn Union Gas. Co. In nu-ner- ous sections of Brooklyn and vicinity. Pop- ulation served, 1,500,000. Franchise perpetual. Prior Liens^$264,000 bonds of absorbed companies. > , Years ended Dec. 31. Gross. Net. Int. & Rent. $15,894,532 def$l,303,432 $1,074,504 13,386,123 187,128 893,975 13,053,798 1,055,145 855,354 12.243,761 2,391,344 859,912 11,353,594 2,226,546 837,630 10,719,758 2,556,378 839,319 Listed on the New York Stock Exchange. Market. New Yorlc — Theodore L. Bronson & Co., FInlay & Davenport, L. A. Norton & Co., W. E. R. Smith & Co., "Vanderhoef & Robin- son, Hepburn & Co., "Wm. Carnegie Ewen. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 113% Jan. 10, '06 79 Apr. 29 Low. 70 Feb. 3, '20 70 Feb. 3 1920... 1919... 1918... 1917... 1916... 1915 162 PKOWN COMPANY Deb. 6s, Series "A." Due $375,000 each Nov. 15, from 1920 to 1939, inch Dated Nov. 15, 1919. Interest payable May and Nov. 15, at Old Colony Trust Company, Boston; Liberty National Bank, New York; Fidelity Trust 'Company, Portland. Me. Tax Statns — 2 % 'Federal Income Tax paid by the company without deduction. Authorized $15,000,000 Outstanding (Jan. 1, '21) 7,125,000 Matured and Paid 375,000 Reserved for Corporate Far- poses 7,500,000 Provisions of Issue — ^Additional bonds are IsF-uable only when average annual net earn- ir.gs applicable to this Issue for thirtyalx consecutive calendar months within the pre- ceding forty calendar months shall have been equal to at least twice the interest charges on all bonds outstanding and those to bo la- sred under, this indenture. Purpose of Issue — To provide payment for extensions and betterments already made, to provide working capital and for other cor- porate purposes. Denomination — Coupon. $1,000, $600 and $100. ReiTisterable as to principal. Trustee — Old Colony Trust Coinpany, Bos- ton. Redeemable on any interest date on 30 days' notice at 102% and interest. The latest ma- turity to be called first and not less than one maturity is callable at any one time. Oreanization — Incorporated in Maine as the Berlin Mills Company In 1888. Present name adopted in 1917. Business established in 1352. The company owns all of the stoQk of the Brown Corporation cf Canada. The company is the largest manufacturer of bleached sul- phite fibre pulp and kraft wrapping paper, and also manufactures bond paper, lumber and allied products. Selling offices are main- tained in Portland, Me., New York and Chi- cago. The mill properties of the company consist of two paper mills, two bleached sul- phite fibre mills, a sawmill of modern con- struction, located /at Berlin and Gorham, N. H. The daily capacity of company's mills is 600 tons of bleached sulphite fibre, 160 tons kraft paper, 40 tons bond paper, 150,000 ft. mercantile lumber and 1,200 window frames^ In addition, the company has five hydro- electric plants located at Berlin. Gorham and Shelbourne, on the Androscoggin River, with an installed capacity of 25,000 h. p., and furnishes electric power to the paper, pulp and saw mills; also a steam plant of 20,000 h. p. The company's timberlands comprise 400,000 acres owned in fee in Maine, New Hampshire and Vermont, and through Its siibaidiary. Brown Corporation, owns 700,000 acres owned in fee and 100,000 acres in Btumpage in Canada, and 1,700,000 acres in timber limits held under perpetual license in Canada. This property is estimated to con- tain 15,000,000 cords of pulp wood or a sup- ply sufficient for about 40 years. Capitalization. Outstanding. Ccmmon $2,000,000 1st Pref. (6% cum.) 600,000 2d Pref. (6% cum.) 800,000 Funded debt 8,275,000 Secnrity — A direct obligation, but not se- cured by mortgage. Under the provisions of the trust agreement the company covenants as follows: To maintain net tangible assets of 300% of Series "A" bonds at any time outstanding and total tangible assets at 200% of total liabilities so long as any bonds issued under this indenture remain outstanding. To maintain net quick assets, exclusive of Inter- company accounts, at not less than 75% of all bends of Series "A" and previously Issued at any time outstanding and not less than 50% of total funded debt outstanding during th.^ life of any bonds issued under this in- denture. No additional mortgage may be placed upon the present assets of the com- pany while any bonds of this issue are out- standing. Original Market — $7,500,000 offered Novem- ber, 1919, by Hornblower & Weeks, Boston, New Tork, etc., at prices ranging from 100 to 98 and interest, according to maturity. Market. New York — Newton G. Chase. Chicagfo — James D. Lacey Timber Co. Portland — Beyer & Small. Tax Statue — 2% Federal, Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding: fMar. 15, '21) l'?00.000 Matui-ed and Paid 1,100,000 Denomination — Coupon, $100, $500 and $1,000. Trustees — Old Colony Trust Co., Boston, and Michigan Trust Co., 3rand Rapids. Redeemable on any Interest date at 102% and interest. Sinking Fund — $1.00 per cord for any wood cut in addition to the 250,000 cords per an- num cut under the sale agreement referred to below. Such payments may be used to re- tire bonds, or with concurrence of James D. Lacey Timber Co. for purchase of additional timber or pulpwoods. Organization and Control — Incorporated In Canada as successor to Q-iebec & St. Maurice Industrial Co. In 1917 the Brown Company of Maine was organized ps successor to the Berlin Mills Co., and acquired the entire stock interest in this company and the Bur- gess Sulphite Fibre Co. Capitalization, Outstanding- Common 5,000,000 Preferred (6% cum.) .2,000.000 - Funded debt 1,900,000 Secured by a first mortgage on nearly 2,- 000,000 acres of pulp wood lands, owned In fee or perpetual license in Canada, reported to have cost $3,275,000 in cash, and on sul- phate pulp mill and lumber nlill at La Tuque, P. Q., including hydro-electric plant, reported to have cost $2,615,000 in cash. Further se- cured by a first lien on the proceeds of a sale by the Brown Corporation of about 3,- 750,000 cords of standing pulpwood timber for $4,485,000 to the Berlin Mills Co. and the Burgess Sulphite Fibre Co. The payments for this pulpwood and timber purchase are made semi-annually and are equal to the In- terest and principal requirements of thte is- sue. Original Market^ — Offered in April, 1915, by Hornblower & Weeks, Boston, New York, Chi- cago, etc., and James D. Lacey Timber Co.. Chicago, at par and interest. IVlarket New York — E. H. Rollins & Sons, New- ton G. Chase. Chicagro — James D. Lacey Timber Co. Portland — Beyer & Small. Price Range. Jan. 1, '16 to Jan. 1, '21 1920 Bid. ■ Ask. High 100% '16 102^ '16 Not Low. 98 '19 100 '18 available. BROWN CORPORATION 1st 6s. Due $100,- 000 each March 15 and September 15 I'rom March 16, 1921, to September 15. 1930. Dated March 15, 1916. Interest payable March 15 and September IB, at Old Colony Trust Co., Boston; Chase National Bank, New Tork, and Michigan Trxist Co.. Grand BapldB, Mich. BROWNSTILI>£ & MATAMOROS BRIDGE CO. 1st 5s. Due Jan. 1, 19B0. Dated Jan. 1. 1910. Interest payable Jan. and July 1, at St. Louis Union Trust Co., St- Louis, Mo. . Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $333,000 Outstanding 333,000 Denomination — Coupon. $1,000. Register- able as to principal. Trustee — St. Louis Union Trust Co., St. Louis, Mo. Guaranteed Jointly and severally as to prln- dipal and Interest by endorsement by the Nat'l Kys. Co. of Mexico and The St. Louis, Brownsville & Mexico By. Co. The latter company is subsidiary of the N. O., Tex. & Mex. Ry. Co. Organization and Control — Incorporated Aug.. 1909. in Arizona, and owns 95% of cap- ital stock of the Brownsville Ferry Co.. own- ing valuable river front property. The com- pany issued $95,000 Gen. 4s for this purchase, of which $90,000 are outstanding. Entire capital stock is owned jointly by guarantors. Capitalization. Outstanding. Ccmmon $650,000 Funded debt 423,000 Secured by a first mortgage on a steel bridge between Brownsville, Tex., and Mata- moros, Mexico. This is the only bridge cross- ing, the Rio Grande River east of Laredo, and connects the lines of the proprietary compa- nies. The company operates a gasoline car service between the two terminals. Underlies — $96,000 2d 4s, due Sept. 1, 1931, Years ended Dec. 31. Gross. Net. Int., etc. 1919 $37,253 $22,639 $20,250 1918 58,645 63,829 22,642 1917 41,756 33,126 21,880 Orieinal Market — Offered Jan., 1912. at 99 ane interest by G. H. Walker & Co., St. Louis, Mo. $50,000 offered 1913 by the Mer- cantile Trust Co., St. Louis. Market New York— Wolff & Stanley. Price Kang:e — Ask 65 Dec. BROWNSVILLE .4.VENUE STREET RAIL- WAY 1st 5s. Due Aug. 1, 1936. Dated Oct. 1, 1896. Interest payable Feb. ancl Aug. 1, at Mellon Nat'l Bank, Pitts- burgh. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt ill Pennsylvania. Authorized and Outstanding $300,000 Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Philadelphia. Pa. Guaranteed as to interest by Pittsburgh & Birmingham Traction Co. and the Philadelphia Cfmpany under terms of lease. Receivership — See Pittsburgh Railways Co. Organization and Control — Incorporated in Pennsylvania in 1886. Controlled by Pitts- burgh & Birmingham Traction Co. through ownership of its entire capital stock, and property leased to the latter company. The Pittsburgh and Birmingham Traction Co. is leased to The United Traction Co. of Pitts- burgh which is controlled through stock own- ership by the Pittsburgh Railways Co. The performance of lease is guaranteed by the Philadelphia Co., which controls through stoclc ownership the Pittsburgh Rys. Co. Capitalization. Outstanding. Common $300,000 Funded debt 300,000 Secured by a first mortgage on 8.14 miles of street railway track in the 16th, 17th and li th wards of Pittsburgh and the Boroughs of St. Clair and Mt. Oliver. The road extends on Brownsville Ave. from Carson St. to Ar- lington Ave. and on Arlington Ave. to its end at Handler St. Also on Beltzhoover Ave. from Warrington Ave. to Charles St. and on Climax St. from Beltzhoover Ave. to Gearing St., and to Chalfont St. Population of -wards and boroughs traversed, 75,000. Ji'ranchise perpetual. Listed — Pittsburgh Stock Exchange. Market. New York — Moore, Leonard & Lynch, Staurt & Co. Pittsbui'ffli — Moore, Leonard & Lynch. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 High 103 '09 107 '10 Not Low. 45 *19 95 '15 . available. BliUNSWICK & WESTERN RAILROAD CO. 1st 4s. Due January 1, 1938. Dated Dec. 12, 1887. Interest payable Jan. and July ], at United States Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Antliorized $3,000,000 Outstanding 1,407,000 Exclianged for and Fledged Un- der A. C. L. Cons. 4s 1.593,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Metropolitan Trust Co., New York. Assumed by the Atlantic Coast Line R. R. Co. Control — Merged in 1901 with the Savan- nah, Florida & Western Ry. Co., which com- pany was consolidated in 1902 into the Atlan- tic Coast Line R. R. Co. Secured by a first mortgage on 166.68 miles of road from Albany to Brunswick, Ga'. The Ime, which connects with three other lines of the Atlantic Coast Line R. R., affords that company its only entrance into Brunswick, Ga., which port is rapidly increasing in im- portance as a shipping point for lumber. Underlies — A. C. L. Cons. 4s of 1952, Gen. Unif. 4s and 4%s of 1964. Bonds are re- served under the Gen. Unif. mtge. to retire this issue. Legal for Savings Banks in Cal., Conn., Mich., Minn., N. H., N. J., N. T., R. I, and Wis.; and also for Baltimore trust funds. Listed on the New York Stock Exchange. Market. New York— J. S. Bache & Co., Simon Bore & Co., Constable & Fleming, R. B. Hutchin- son & Co., Chas. W. Place, Prince & White- ly, R. W. Pressprich & Co., Redmond & Co., Raymond M. Smith, Taylor, Smith & Hard. Baltimore — Barrall, Corkran & Co., Brink- man & Co., Jenkins, Whedhee & Poe. Flilladelphia — Isaac Starr Jr. & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 99% Mar. 30, '06 79% Oct. B Low. 78 Oct. 9, '18 78 Jan. 29 BRUNSWICK - BALKB COLLBNDER CO (THE) 6% Serial Notes. Dne $400,000 each January 1, from 1920 to 1929, in- clusive. Dated January 1, 1919. Interest payable July 1 and Jan. 1 at Trustee's ofljce. Tax Status — 2% Federal Income Tax paid h\ company without deduction. Authorized $4,000,000 Outstandingr (Mar. 1, '21) 3,200 000 Matured and Paid SOo'ooo Denomination — Coupon, $1,000 all maturi- ties; $600 and $100, January 1, 1925, matu- rity. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable as a whole only at 103 and in- terest on any interest date upon 60 days' no- tice. Organization — Incorporated in 1907 in Del- aware as successor to a corporation of the same name incorporated under the laws of Ohio in 1884. Business established in 1845. The company manufactures billiard tables bowling alleys, phonographs, automobile tires! hard rubber goods, etc. The company, with its subsidiary compa- nies, has factories distributed over the entire ccuntry as follows: Chicago, New York, Mus- kegon Michigan. Dubuque, Iowa, Rockford, 111., lOioxvUle, Tenn., and Toronto, Can- ada, In addition, it has hardwood timber lands, saw mill and planing mill at Big Bay Michigan. The products of the ccmpanv are 64 sold both through jobbers and through thirty five branch houses in the principal cities of the United States and Canada. Capitalization. Outstanding. Common (Class A) '$9,000,000 Common (Class B) 13,500,000 Preferred (7% cum.) 4,818,500 Funded debt 3,200,000 Security — ^A direct obligation of the com - PEiny but not secured by a mortgage. These notes are the company's only funded debt. The indenture contains the following provi- sions : While any of the notes are outstanding the company may not mortgage or pledge any of its present assets, or those of its subsidiaries, except Liberty Bonds or other obligations of the United States Government. Total quick assets of the company and its subsidiaries must equal at least twice total liabilities, including the amount of these notes outa,tanding. The company may not issue, guarantee or endorse any other long time notes, bonded debt 01 similar securities, except for acquiring ad- ditional property, without the consent of the Trustee, Years ended Dec. 31. *Net. 1920 $4,248,486 1919 1,239,969 1618 1,239,969 1917 1,211,889 ♦After depreciation and interest. Original Market — $4,000,000 offered Janu- ary, 1919, by A. G. Becker & Co., Ames. Em- erich & Co. and Continental & Commercial Trust & Savings Bank, Chicago, at prices ranging from 100 and interest to 96 and in- terest for various maturities. Market. New York — Ames, Emerich & Co. Omaha — Stern Bros. & Co. Milwaulcee — Ames, Emericli & Co. BRUSH ET.ECTKIC CO. 1st 5s. Due Api-il 1, 1952. Dated April 1, 1912. Interest payable April 1 and Oct. 1, at H. L. Doherty & Co., 60 V/all Street, New York. Tax Status — 2 % Federal- Income Tax paid b3' company without deduction. Tax refunded in Pennsylvania. Authorized $5,000,000 Outstanding: (Mar. 24, *21) 1,189,000 Held in S. F 76,000 Reserved for Ext 3,735,000 Denomination — Coupon, $1,000 (optional $500, $250 and $100). Registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Improvement and Sinking Fund — ^Annually after 1916, 1 % of outstanding bonds out- standing or in lieu thereof the company may expend 2 % of outstanding bonds for improve- ments, etc. Organization and Control — The Brush Elec- tric Co. was incorporated in Delaware in 1912. The company is controlled through stock own- ership by the Cities Service Co. Capitalization. Outstanding. Common $2,000,000 Pj-ef erred (6 % cum.) none Funded debt 1,189,^0 Secured by a first mortgage on eUctric plant supplying a large part of Galveston, Tex., with electric light and power. The company wholesales current to the municipality for street lighting. Franchise expires in 1961, Earnings — Not available. Original Market — $1,250,000 offered in 1916 by Klemm & Keen and McCreery. Capelle & McCown & Co., Philadelphia, at 92 and in- terest. Market. New York — Henry L. Doherty & Co., Frederick H. Hatch & Co., R. E. Horton & Co., F. S. Moseley & Co., Pynehon & Co. Philadelphia — McCown & Co. , Samuel K. Phillips & Co. Price Range. Jan. 1, '17, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 91 '17 93 '17 56 Dec. 72 Jan. ■ Low. 44 '20 47 '20 44 Sept. 47 Sept. BUDD (The Edw. G.) MANUFACTURING CO. 1st 6s. Due $67,000 each Aug. 1 from 1918 to 1920, incl., $84,000 from 1921 to 1923 incl., and $83,000 from 1924 to 1933, incl. Dated Aug. 1, 1917, Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax free in Pr-nnsylvania, Authorized $2,000,000 OutstandinfT (Jan. 1, '21) 1,799,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Philadelphia Trust Co., Philadel- phia. Redeemable as a whole at 101 and inter- est, or in part by lot. from the last maturity outstanding. Organization — Incorporated in Pennsylvania and manufactures all steel automobile bodies, ii terior steel furnishings, steel window frames, steel doors for railroad passenger coaches and steel stampings of every sort. Cf'pitalization. Outstanding. Common $1,096,800 Preferred (8% cum.) 3,207,400 Funded debt 1,799,000 Secured by a first mortgage on about 7 acres of land, for which the company paid $75,000, bounded by "Wissahickon and Hunt- ing Park Ave. and the Reading and Pennsyl- vania Railroads, on which the company has erected modern concrete buildings - of ilre- proof construction at a total cost, including machinery and fixtures, of $2,036,831. These buildings are adjacent to the company* s old plant, which is leased. The plants are con- nected by underground tunnels. Net assets as of Aug. 1, 1917, $1,253,350. The company covenants that it will at all times keep its quick assets to liabilities in the ratio of two to ore. Years ended Dec. 31: Net. 1919 $1,689,684 1918 ' 1,395,318 Original Market — Offered Aug., 1917, by Townsend, Whelen & Co. and Brown Bros. & Co., Philadelphia, at prices to net 6%, 6% and GVzfc. $1,000,000 offered June, 1920, by the above firms and "Wm. A. Reed & Co., and Frazier & Co. at prices ranging from 98% to 84% and interest according to maturities. Market. New York — Brown Bros. & Co., Dillon, Read & Co. Philadelphia — Brown Bros. & Co., Reed A. Morgan & Co. BUFFALO & LACKAWANNA TRACTION CO. 1st 20-Year 5s. Due Dec. 1, 1928. Dated Dec. 1, 1908. Interest payable June and Dec. 1, at New York Trust Co., New York. Default — Dec. 1. 1918, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exenipt In New York. Pennsyivania tax refunded. Authorized $1,600,000 Outstandlngr 1,150,000 Reserved tor Ext 340,000 In Treasury 10,000 Benomination — Coupon, $1,000. Regl&Ler- able as to principal. Trustee — City Trust Co., Buffalo. Guaranteed principal and interest by the BiifTalo & Lake Erie Traction Co. (now in hands 'of receiver). Receiver — In December, 1918, Harry Evers of Buffalo was appointed receiver, upon ap- pl.'cation of City Trust Co., of Buffalo. Protective Committee — Harry Evers, chair- m£:n; Maynard S. Bird, W, W, Goidsborouirh, Isaac M. Thomas. "William B. Whelen. City Trust Company, Buffalo, depositary. Control — Leased tor 999 years to the Buf- falo & Lake Erie Traction Co., which com- pany also owns entire capital stock. Through a contract with the International Railway Co. has universal transfers throughout the City of Buffalo. The Buffalo & Lake Erie Traction Co. is now in the hands of receiv.^rs. Secured by a first mortgage on 4.37 miles of double-tracked street railway from the ren- tre of Buffalo to the south city line of Buffalo, where connection is made with the Buffalo cSb Lake Erie Traction Co. This line affords an entrance Into Buffalo for the B. & L. E. cars from Brie, Pa., and mtermedi- ate points. Franchises expire in 1931. Original Market — Offered in 1910 by Ber- tron, Griscom & Jenks, New York, at 96 and interest. Market. New Toric — J. S. Bache & Co., Alfred F. Ingold & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94 -10 96 '12 f5 June flO Dec. Low. f 5 '20 f 9 '20 fSJune f 9 Jan. BriTAI.0 & I/AKE ERIE TRACTION CO. 1st & Ref. 5b. Due Nov. 1, 1936. Dated Nov. 1, 1906. Interest payable May and Nov. 1, at New York Trust Co., New York. Defanft — Nov. 1, 1912, and subsequent in- terest in default. Interest due Nov. 1, 1912, .advanced to holders of certificates of deposit. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York and Pennsylvania. Authorized $12^000,000 Outstanding: 7,005,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — New York Trust Co., New York. Bedeemahle at 110 and interest on any in- terest date. Protective Committee — ^A. W. Krech, Chair- man; A. V. Morton, W. N. Ely, H. Nesbit, R. E. Griscom, L. S. Lunghno, H. W. Kil- leen, C. N. Mason, with Samuel Armstrong, 37 Wall St., N. Y. C, as secretary. De- positary, EQUitable Trust Co., New York. Sub-depositary, Girard Trust Co., Philadel- phia. Receivership — George Bullock was appoint- ed July 7, 1916. Organization and Control — Incorporated In New York and Pennsylvania in 1906. The company is in process of reorganization. S&muel Armstrong, 37 Wall Pt,, New York, is Secretary of Bondholders* Committee, Equita- ble Trust Co., New York, is the depositary. Capitalization. Outstanding. Common $4,664,100 Preferred (5% cum.) 2,600,000 Funded debt .- •9.947,620 •Includes $960,000 Receiver's Certificates. Secured by a first mortgage on high speed interurban railway between Lackawanna, N. Y., and Erie, Pa., about 85 miles, and by a second lien, by deapsit of all the stock of the Buffalo & Lackawanna Traction Co., on 414 miles of double track street railway between Buffalo and Lackawanna. Also secured by a second mortgage on 13 miles of interiirban railway from Buffalo to Hamburg, N. Y., a second mortgage on 6% miles of street rail- way in Dunkirk, N. Y., and between that city and Fredonia and a general mortgage on 30 miles of street railway in and around Brie, Pa. Population served, 800,000. Franchises are perpetual. _ , , . Prior Liens — $692,000 Hamburg By. 1st 43 of 1926, $39,000 Dunkirk & Fredonia 5s of 1952, $1,250,000 Erie Electric Motor Co. 1st Ref. 5s of 1941 and $960,000 receivers cer- tif<.cates. Years ended Dec. 31. •Int., Gross. Net. Bent, etc. 1920 $2,321,480 $112,419 $651,764 1919 2,181,771 159,827 670,894 1918 2,044,287 174,751 708,087 1917 1,721.273 494,993 648,007 •Includes interest accrued but not paid. Market. New York — J. S. Bache & Co., W^m. M. Clarke, Frederick H. Hatch & Co., Rauscher & Mackay, Carruthers, Pell & Co. FiiUadelpliia — Barnes & Lofland, Geo. N. Fleming, Samuel K. Phillips & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 86 '19 95 '19 f7 Nov. fl2 Oct. Low. f 5 '20 f 7 '20 f6 Deo. f 7 Dec. BUFFALO & LOCKPORT RAELWAY 1st 5s. Dne July 1, 1938. Dated May 26, 1898. Interest payable Jan. and July 1, at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Oatstanding $500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Equitable Trugt Co., New York. Control — Merged into the International Ry. Secured by a first mortgage on 24 miles of Tcnawanda interurban railway between Buf- falo and Lockport, N. Y., and 6 miles between Kenmore, a suburb of Buffalo, and Tonawan- da, and on 7 miles of street railway in Lock- port. Franchises are mostly perpetual, none expiring prior to 1946. Underlies — $16,662,000 International Ry. Ref. & Imp. 5s of 1962, under which mortgage bonds are reserved to retire this issue. Earnings — See International Ry. Co. Market. New Yorlc — Carruthers, Pell & Co., B. A. Miller & Co. Buffalo — Evers, Beher & Co., N. A. Mac- Donald & Co., Schoellkopf, Hutton & Co., Inc. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Aslv. Ask. High 100% '09 IDS '08 85 Feb. Low. 90 '18 75 '20 75 July nUFFAXO Si NIAGARA FALLS ELECTRIC LIGHT & POWER CO. 1st 5s. Dne Feb. 1, 1942. •Dated Feb. 1, 1902. Interest payable Feb. 1 and Aug. 1, at Buffalo Trust Co., Buffalo. Tax Status — 2% "Federal Income Tax paid by company without deduction. Authorized and Oatstanding $600,000 Denomination — Coupon, $1,000. Register- able as to principal. 166 Tmstee — ^Buffalo Trust Co., ButFalo. Orsanlzation — Incorporated In New York In 18$2. In Dec, 1915, name changed to Nlae- ara Electric Service Corp. Capitalization. Outstanding. Common $600,000 Funded debt 500,000 Controlled througrh stock ownership by the Buffalo General Slectrlc Co. Secured by a first mortgrage on transform- ing: station and distribution system supplylns electricity In Niagara Falls. N. T. The company purchases power from two crmpanies operating hydro-electrlc plants. Population served, 45,000. Franchises perpet- ual. Years ended Dec. 31. Bond Gross. Net. Interest. 1920 $427,683 (130.486 (25,000 1919 380,060 126,355 25,000 19i18 364.825 127.952 25,000 1917 330.668 118.970 26 000 1916 304.693 116,073 26,000 ISI6 283.688 106.664 26,000 1914 274,641 110,610.- 26,000 Market. New York — Hodenpyl, Hardy & Co., Van- derhoef & Robinson. BuiTula — Bvers, Rebec & Co., N. A. Mac- Donald & Co., O'Brien, Potter & Co. Price Ranee. Jan. 1, 'OS, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 100% '14 103 '18 93% Sept. 96% Aug. Low. 80% '20 86% '20 80% Dec. 86% Jan, BUFFALO & NIAGARA FALLS ELECTRIC RAILWAY CO. 1st Ss. Due July I, 1935. Dated June 15, 1895. Interest payable Jan. ane July 1. at Bankers Trust Co., New iork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $760,000 OulHtanding 760.000 Drniimination — Coupon, $1,000. Resrister- atU' as to principal. Trustee — Bankers Trust Co., New York. Cimtrul — Merged in 1902 Into International Ry. Co. Secured by a first mortgage on 30 miles of intnrurban and street railway track between Buffalo. Tonawanda, North Tonawanda ■ and Niagara Falls, and street railway lines In tat- ter city. Franchises extend to 1946 or be- yond. Underlies — $16,662,000 International Ry. Hef. & Imp. 6s of 1962. under <\rhich bonds are rpserved to retire this issue. Earnings — See International Ry. Co. Market. New York — Hodenpyl, Hardy & Co., Ber- dell Bros. ISuston — L. Sherman Adams. Hulfalo — Citizens Commercial Trust Co., Bvers, Reber & Co., N. A. MacDonald & Co. Price Ranse. Jan. 1, '09, to Jan. I, 'HI 1920 Bid. Ask. Ask. High 107 '09 108 '09 90 Feb. Low. 100 '16 89 '18 90 Feb. BUFFALO & SOUTHWESTERN RAILROAD CO. 1st Extended 6b. Due July 1. 1928, Dated Dt-cember 17, 1877. Extended July 1, 1908, interest being reduced from 6% to 5%, re-extended July 1. 1918, with interest In- creased from 5% to 6%. Interest payable in New York. Tax Statue — 2% Federal Income Tax paid by company without deduction. Tax exo»apt Jan. and July 1, at office of Company, 50 Church St., New York. Authorized and Outstanding $1,500,000 Denomination — Coupon, $1,000, $600, HOO and $50 each. Reglsterable as to principal. Redeemable at 105 and interest on any In- terest date. Assumed by the Erie R. R. Co. Control — Merged into the Erie B. B. Co. In 1895. Secured by a first mortgage on 66.38 mllea of road from Buffalo Creek R. B. Jet., Buf- falo to Jamestown, N. Y. Underlies — Erie R. B. Buffalo & S. W. Dlv. 2d Extd. 6s; Brie R. R. Cons. Prior Lien and Gen. Lien 43, which latter provide for the retirement of this Issue and Erie Gen. Conv. 43 of 1953 and notes. Legal for Savings Banks in Cal. and Me. Original Market — $300,000 offered In 1908 by Charles C. Harrison. Jr., & Co., Phila- delphia, at par and Interest. Market. •- New York — Samuel Goldschmldt, Flnlay & Davenport. Price Range Jan. 1, '19, to Jan. 1, 'HI 1920 Bid. Ask. Bid. Ask. High 97 '19 91 '20 95 Dec. 91 June Low. 80 '20 91 '20 80 Sept. 91 June BUFFALO & SUSaCEHANNA IRON CO. 1st S. F. 58. Due June 1, 1932. Dated July 1, 1902. Interest payable June and Dec. 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding (Jan. 1, '21) 1,583,000 Retired by S. F 1,400,000 Denomination — Coupon, $1,000. Register- able as to principal or fully reglsterable. Tmstee — New York Trust Co., New York. Redeemable as a whole at 107% and inter- est on any Interest date or for sinking fund at par. ' Sinking Fund — ^Retires $100,000 par value ar.r.ually of these bonds each June 1 at par, in numerical order from the lowest. Control — Incorporated in New York In 1902. In 1909 the company was merged into the Rogers-Brown Iron Co., which is controlled through stock ownership by partners of Bos- ers, Brown & Co. Secured by a first mortgage on all property now owned or hereafter acquired and Includ- ing fifty acres of land In Buffalo with two blast furnaces with a . daily capacity of 700 tons of pig iron. Also further secured by de- posit with thetrustee of entire $100,000 cap- ital stock of the Munro Iron Mining Co. Underlies — Debenture 6s of 1926 and Rog- ers-Brown Iron Co. 1st Jc Ref. 6s which pro- vide to retire this issue. Eainiings — See Rogers-Brown Iron Co. 1st & Ref. 6s. Listed on the New York Stock Exchange, Original Market — Offered in 1904 by FIsk & Robinson, New York, at 98 and interest. Market. New York — Hartshome & Battelle, Hoden- pyl, Hardy & Co., Harris, Frobes & Co., Wollf & Stanley. Boston — Harris, Forbes & Co., Inc. Clucago — Harris Trust & Savings Bank. Buifalo — Citizens Commercial Trust Co., Evers, Reber & Co., Glenney, Mouro & Moll, N. A. MacDonald & Co., O'Brien, Potter & Co., Schoellkopf, Hutton & Co., Inc. Price Range — N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. High 100 May 24, '09 83% May 88 Nov. Low. 90 Sept. 4, '13 76 Nov. SO Deo. BUFFALO & SUSQUEHANNA IRON CO. 20- Year Deb. B», Dae Jan. 1, 1926. Dated January 2, 1906. Interest payable March and Sept. 1, at Trustee's office. Tax Stata8-^2% Federal Income Tax paid by conipany without deduction. Anthorized S1,500.00U Outstandln^r (Jan. 1, *21) 980,000 In Treasury 520,000 DeBominaiion — Coupon, $1,000. Register- able as to principal. Reiristered, $1,000. Trustee — Columbia Trust Co., New York. Redeemable at 105 and interest on any in- terest date on nine weeks' notice, as a whole only. Organization and Control — See Ist S. F. 5s 1932. Secured equally with Rogers Brown Iron Co. 1st and Ref. 5s of 1911-40 by a mortgage on the property covered by the direct lien of the B. & S. X Co. 1st S. F. 5s of 1932, and 2 additional blast furnaces and ore docks. Prior Liens — 1st S. P. 6s of 11)32. Refimding — The R.-B. t. Co. 1st & Bet. Mortgage provide to retire this issue. Earnings — See Rogers-Brown Iron Co. 1st & Ref. 5s. Listed on the New York Stock Exchange. Original Market — First offered by Fisk & Robinson, New York. Market. New York — Hodenpyl, Hardy & Co., Har- ris, Forbes & (Jo Boston — Harris, Forbes & Co., Inc. Philadelphia — McCown & Co., Isaac Starr Jr. & Co. Chicag-o— Harris Trust & Savings Bank. Buifalo — Citizens Commercial Trust Co., Evers, Reber & Co., Glenny, Mouro & Moll, O'Brien, Potter & Co., Schoellkopf, Hutton & Co., Inc., A. L. Chambers & Co. Price Range— N. Y. S. E. Jan. 1, '09, to Jan. 1, '31 1920 High 99%Nov. 8, '09 85% Nov. 5 Low. 74 Dec. 9, '13 85% Nov. 5 BUFFALO & SUSQUEHANNA RAILROAD CORPORATION 1st 4s. Duo Dec. 30, 1963. Dated Dec. 30, 1913. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania- Authorized $10,000,000 Outstandingr 5,914,500 Held in S. F 676,000 lu Treasury 368.600 Reserved for Ext 3,041,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal only or exchanged for fully registered bonds which are reconver- tible into coupon bonds. Registered, $100, $200 and $500 bonds, exchangeable for $1,000 bonds. Trustee — ^Eauitable Trust Co., New York. Sinking Fund — Minimum of $50,000 per an- num from Jan. 1, 1915, to 1949, to retire bcr.ds at not exceeding par and interest. Amounts in excess of $50,000 to be received on account of principal of any mortgages held as collateral under this mortgage arid any further payments authorized in case of issue of further bonds or otherwise. Bonds acauired to be held alive. Organization — Incorporated in Pennsylvania Id 1913 as successor to company of the same name. Capitalization. Outstanding. Common $3,000,000 Preferred (4% cum.) 4.000,000 Funded debt 5,914, BOO Secured by a direct or collateral lien on 237.13 miles of road, viz : A first lien on 217.28 miles — Miles. Sagamore, Pa., to N. Y.-Pa. State Line 164.60 Gaines Jet. to Ansonia, Pa 8.60 Oaleton, Pa., to N. Y.-Pa. State Line 26.91 Du Bois Jet. to Du Bois, Pa .54 "Wharton to Keating Summit, Pa 16.63 A first colltaeral lien (entire issues of stocks and bonds) on 19,84 miles — N. Y.-Pa. State Line to Addison, N. Y. 9.73 N. Y.-Pa. State Line to "Wellsville, New York 10.11 Further secured by deposit of all the mort- gages aggregating $1,153,117 on the pi op- erty of the Powhatan Coal & Coke Co. at Tyler, Pa^ and Sykesville, Pa., and by de- posit of a second mortgage for $1,300,000 on the properties of the Buffalo & SusQuehanna Coal & Coke Co. at Du Bois, Pa., Onondaga, Pa., and Sagamore, Pa., and by deposit of all th(,- common stock (par value, $50,000) of the Keystone Store Co, Years ended Dec. 31. Gross. Net. ^Charges. •1919 $590,598 $798,447 $336,331 tl919 2,157,830 def. 357,922 48,602 ♦1918 592.628 795.104 325.962 tl918 2,249,666 146,411 43,&9B 1917 1.785,701 936.698 294,038 1916 1,678,686 910,077 301-526 1915 1.532,863 707,508 319,' 97 •Corporate account. tFederal account — standard return not in- cluded. tincludes rentals and sinking fund. Legal for savings banks in Me., Mich., Minn., N. J., Ohio, Ore., R. I. and Wis. Market. New York — Dunham & Co., Frederick H. Hatch & Co., Pouch & Co., Harris, Forbes & Co., Bauer Starr & Co., Moore. Leonard & Lynch, Merrill, Lynch & Co. BostcHi — Harris. Forbes & Co., Inc. Philadelphia — Arthur J. Bender, Biddle & Henry, BIkins, Morris & Co., Chas. Fearon & Co., Wm. W. Fogarty, C. Clothier, Jones & Co.. J. P. Magill & Co., Samuel K. Phillips & Co., Isaac Starr Jr. & Co., H. D. Boen- ning' & Co. Chicagro — Harris Trust & Savings Bank. Price Range. Jan. 1, *15, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 81 '16 82 '17 69% Mar. 75% Oct. Low. 63*15 67 '20 04 Sept. 67 May 168 BUFFALO CREEK RAILROAD CO (THE) Cons, (now 1st) 5s. Due January 1, 1941. Dated January 1. 1891. Interest payable Jan. and July 1, at U. S. Mortgage & Trust Co., New York. Tax Statuses % Federal Income Tax paid by company without deduction. Anthorized $1.000,0ne Outstanding 1,000.003 Denomination— Coupon, $1,000. R^qrer- able as to principal. Trustee — B. P. Wilbur Trust Co., South Bethlehem, Pa. Guaranteed as to inter-^st by the Lehigh Valley R. R. Co. and N. Y., L. E. & W. R. R. Co., now Erie R. R. Co., jointly, under terms of lease, each company being liable for one-half the rental. Organization and Control — ^Incorporated In New York in 1869 and leased in 1889 for the ttrm of its charter to the Lehigh Valley R. R. Co. and the Erie R. R. Co. Rental 7% dividend on $250,000 capital stock and inter- est on bonds. Capitalization. Outstanding Common $250,000 Funded debt 2,000,000 Secared by a first mortgaire on 5.70 mlleg ol terminal main line and a total mileage m Buflalo, N. Y., including second, third and fourth track and sidings of 35.37 miles. Underlies — 1st Ref. 6s of 1961, which mortgage provides for the retirement of these bonds. Original Market — First offered by Spencer Trask & Co. and Potter, Choate & Prentice, New Tork. Market. New York — Chas. W. Place, Raymond M. Smith, Taylor, Smith & Hard. Fhiladelpliia — Huntoon & Co., Samuel K. Phillips & Co., Isaac Starr Jr. & Co. Price Range. Jan. 1, '09, to Jan. 1, '31 ' 1920 Bid. Ask. Ask. High 114 '09 116 '09 Not Low. 85 '19 88 '19 available. BUFFALO CBEEK RAILROAD CO. 1st Kef. Ss. Due Jan. 1, 1961. Dated Dec. 31, 1910. Interest payable Jan. 1 and July 1; at United States Mortgage & Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by the company without deduction . Authorized $5,000,000 Outstanding 1,000,000 Reserved for Prior liiens 1,000,000 Reserved for Ext 3,000,000 Denomination — Coupon, $1,000, registerable as to principal. Registered $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Bankers Trust Company, New Tork. Redeemable on any interest date at 106 and interest on three weeks' notice. Guaranteed as to interest by the Lehigh Valley R. R. Co. and N. T., L. E. & W. R. E. Co., now Erie R. R. Co., jointly under terms of lease, each company being liable for cne- half the rental. Organisation — See Con. 5s. Secured by a second li3n on the property covered by the first lien of the Cons. 5s, which see for details. Prior I/iens — $1,000,000 Cona. 5s of 1941, for the retirement of " which bonds are re- served under this issue. BUFFALO GENERAL ELECTRIC CO. 1st 58. Due Feb. 1, 1939. Dated Feb. 1, 1899. Interest payable Feb. and Aug. 1, at Fidelity Trust Co., Buffalo, , and Columbia Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Antliorized Closed mortgage Outstanding $2,376,000 Denomination — Coupon, $100 and $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Bufl'alo. Organization — Incorporated in New Tork Aug., 1892, as a consolidation of all electric light companies in Buffalo. Also cwns entire capital stock of the Buffalo & Niagara Falls Electric Lt. & Pr. Co. (now Niagara Electric Service Corporation). In .Sept., 1915, merged the Cataract Power & Conduit Co. Capitalization. Outstanding. Common $7,990,600 Funded debt 14,443,100 Secured by a first mortgage on plants sup- plying electric light to Buffalo, Lackawanna, Blasdell, West Seneca. Amherst and Ch3ck- towaga, N. T. Uses electricity generated by the Niagara Falls Power Co. and owns a 65,000 k. w. steam generatirig station. Popu- lation served, 600,000. Franchises are per- petual. Underlies — $7,029,000 Ist Ref. 6s "of 1939. which provide for retirement of tbis issue, also $1,956,100 Conv. Deb. 6s of 1922 and $2,000,000 Conv. Deb. 7s of 1925. Tears ended Dec. 31. Gross. Net. Int. & S. F. 1920 $6,202,060 $1,820,156 $908,212 1919 5,336,008 1,613,368 787,128 1918 5,373,703 1,416,555 826,133 1917 4,209,719 1,479,757_ 681 r39 1916 3,356,953 1,226,000 639. /83 1916 2,134,180 788,986 298,656 Original Market — First offered by J. C. Dann & Co., Buffalo. Market. New York — ^J. S. Bache & Co., Samuel Goldschmidt, Carruthers, Pell & Co., Fred- erick H. Hatch & Co., Hodeupyl, Hardy & Co., Earle A. Miller & Co., Vanderhoef & Robinson, Berdeil Bros. Pliiladelphia — Bauer, Starr & Co. Buffalo — Citizens Commercial Trust Co., Evers, Reber & Co., Glenny, IMouro & Moll, N. A. MacDonald & Co., O'Brien, Potter & Co., Schoeilkopf, Hutton & Co., Inc. Price Range. Jan. 1, '08, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 102% '17 104 '17 85 June 90 Dec. Low. 77 '20 78% '20 77 Oct. 78% Sept. BUFFALO GENERAL ELECTRIC CO. l8t Ref. 59. Due April 1, 1939. Dated April 1. 190 9. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New Tork. Antliorized $10,000,000 Outstanding 7,029,000 Reserved for Prior Liens 2,375,000 Reserved for Ext 596,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New Tork. Redeemable as a whole or in part by lot at lOR and interest on four weeks' notice on any interest date. Organization- — See 1st 5s of 1939. Secured by a mortgage on plants supplying electric light to Buffalo, Lackawanna, Blas- dell, West Seneca, Amherst and Cheektowaga, N. T., and also -a second mortgage on the property formerly belonging to the Cataract Power & Conduit Co. Prior Liens. Outstanding, 1st 6s 1939 $2,376,000 Cataract P. & C. 1st 5s 1927 1,084,000 $3,459,000 Underlies — $1,955,100 Conv. Deb. 63 of 1922, and $2,000,000 Conv. Deb. 7s of 1925. Earnings — Sec 1st 5s. Original Market — $1,200,000 offered March, 1916, by Lee, Higginson & Co., at 100% and interest. Market. New York — J. S. Bache & Co., Carruthers, Pell & Co., Frederick H. Hatch & Co., Hodenpyl, Hardy & Co., Earle A. Miller & Co., "Vanderhoef & Robinson, Berdeil Bros. Boston — L. Sherman Adams. Bufiralo — Citizens Commercial Trust Co., Evers, Rebers Co., Glenny, Monro &, Moll, N. A. MacDonald & Co., O'Brien, Potter & Co., Schoeilkopf. Hutton & Co., Inc. Providence — Homblower & Weeks. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101% '16 101% '17 87 Feb. 90 Nov. Low. 76 '20 78 '20 76 Sept. 78 Sept. BUFFALitt GENERAL ELECTRIC CO. 6-Tear Conv. Deb. 69. Dae Aagr. 1, 1923. Dated Aug. 1. 1917. Interest payable Feb. 1 and Aug. 1, in New Tork and Buffalo. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,400,000 Outstanding (Jan. 1, '21) 1,955,100 Converted 2,444,900 Purpose of Issue — Proceeds to be applied to the new construction, including- new 50.000 h. p. steam turbine. Denomination — Coupon, $1,000, $500 and $100. Reglsterable as to principal. Trustee — Marine Trust Co., Buffalo. Redeemable as a whole only on any interest date on five weeks' notice as follows: During 1920, 103 and interest; 1921, 102 and inter- est, and on Feb. 1, 1922, at 101 and interest. Convertible at any time after Aug. 15, 1919, Into the common capital stock of the com- pany, par for par, with adjustment of inter- est and dividends. If called privilege extends to ten days before call date. Organization — See 1st 5s of 1939. Security — A direct obligation of the com- pany but not secured by a mortgage. While these debenture bonds are outstanding no fur- ther mortgages or Hens can be placed on the company's properties without equally securing these bonds. Prior Liens — Outstanding. let 5s 1939 $2,375,000 l8t Ref. 5s 1939 7,029,000 Cataract P. & C. 1st 53 1927 1,084,000 $10,488,000 Earnings — See 1st 6s of 1939. Original Market — $4,400,000 offered Aug., 1917, by Lee, Higglnson & Co., at 100 and in- terest. Market. New York — J. S. Bache & Co., Barle A. Miller & Co., Vanderhoef & Robinson, Lee, Higreinson & Co. Boston — Lee, Higglnson & Co. Buffalo — Citizens Commercial Trust Co. , Evers, Reber & Co., Glenny, Munro & Moll, N. A. MacDonald & Co., O'Brien, Potter & Co., Schoellkopf, Hutton & Co., Inc. Price Range. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 107 '19 108 '19 95 Dec. 97 Dec. Low. 85 "18 89% *18 92 Sept. 94 Jime BUFFALO GENERAL ELECTRIC CO. 5-Yrar Conv. Deb. 7s. Due April 1, 1925. Dated April 1, 1920. Interest payable A>>ril 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax nald by the company without deduction. Authorized $5, 000. 000 Outstanding 2.000,000 Reserved for Corporate Purposes 3.000,000 Purpose of Issue — The proceeds of $2,000.- 000 of these bonds will be used for additions to the company's distribution system. Denomination — <:oupon $1,000 and $100; registerable as to principal. Trustee—Marine Trust Co., Buffalo. RedeemaJble on any interest date after Ave weeks' notice, as follows: 103 and Interest on Oct. 1. 1922; 102 and interest during 1923; 101 and interest during 1924. Called bonds may be converted If presented at least 10 J:iys before fedenaption date. Convertible at any time after May 1, 1922, Into common stock par for par with an ad- justment of interest and dividends. Organization — See Ist 5s. Security — ^A direct obligation of the com- pany but not secured by a mortgage. The Indenture provides that while any of these debenture bonds are outatandlnff no further mortgages or liens can be placed on the com- pany's property without equally securing these bonds. Prior Liens — Outrtandlng. 1st 5s. 1939 $2,375,000 1st Ref. 5s, 1939 7,029,000 Cataract Power & Conduit Co. 1st 5s. 1927 1.084.000 Total $10,488,000 Earnings — See 1st 5s. Original Market — $2,000,000 offered April, 1920, by Lee, Higglnson & Co., Boston, New Tork and Chicago, at 97% and interest. Market New York — W. E. R. Smith & Co., Car- ruthers. Pell & Co., N. A. MacDonald & Co., Gilbert J. Postley, J. S. Bache & Co., Lee, Higginson & Co., Berdell Bros. Louisviile — Block, Fetter & Co. Buffalo — Citizens Commercial Trust Co., Evers, Reher & Co., Glenny, Munro & Moll, N. A. MacDonald & Co., O'Brien, Potter & Co., Schoellkopf, Hutton & Co., Inc. Providence — Homblower & Weeks. Price Bange 1920 Bid. Ask. High 96% July 98 Sept. Low 93 Sept. 96% Nov. BUFFALO RAILWAY CO. 1st Cons. 5s. Due Feb. 1, 1931. Dated Feb. 1, 1891. Interest payable Feb. and Aug. 1, at International Ry. Co., Buffalo, Bankers' Trust Co., New York, and E, W. Clark & Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .. .$5,000,000 Denomination- — Coupon and registered. $1,000. Coupon bonds registerable as to prin- cipal. Trustee — Bankers' Trust Co., N^w York. Control — Merged into the Interne tional Ry. Co. Secured by a first mortgage on 67 miles of street railway track, of which 40 miles are first track, including many of the most im- portant lines in Buffalo. No franchises expire prior to 1946, while practically all are per- petual. Underlies — $16,662,000 International Ry. Ref. & Imp. 5s of 1962, under which bonds are reserved to retire this issue. Earnings — See International Ry. Co. Market. New York — J. S. Bache & Co., Hodenpyl, Hardy & Co., Tohey & Kirk, Vanderhoef & Robinson, Berdell Bros. Boston — L. Sherman Adams. Louisviile — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. BufTalo— Citizens Commercial Trust Co., Evers, Reher & Co.. Glenny, Munro & Moll, N. A. MacDonald & Co., O'Brien, Potter & Co., Schoellkopf, Hutton & Co., Inc. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103 '17 104 '17 85 Dec. 87 Dec. Low. 71 '20 80 '20 71 Sept. 80 Dec. BUFFALO, ROCHESTER & PITTSBURGH RAILWAY CO. Gen. 5s. Due Sept. 1, 1937. Dated September 1, 1887. Interest payable March and Sept. 1, at A. Iselin & Co., 36 Wall Street, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Pennsylvania State Tax exempt. Authorized $4,780,000 Outstanding 4,427,000 Reserved for Ext 363.000 Denomination — Coupon, . $1,000. Register- able as to principal only, or fully registerable. Tmstee — Central Union Trust Co., New Tork. Organization — See Cons. 4%s of 1957. Secured' by a direct morteaee on 2S3.22 miles of road, viz. ; A first lien on 18.89 miles — Miles. Howard Jot. to Mt. Jewett, Pa 18.89 A second lien on 234.33 miles — (Covered by flrst lien of E. & P. Cons. 1st 63) 234.33 Also secured by a first lien on practically tbe entire capital of the Rochester & Pitts- burgh Coal & Iron Co. Prior IJens — $3,920,000 R. & P. Cons. 1st 6s of 1922. rnderlies— B., R. & P. Cons. 4%s of 1957, of which a sufficient amount is reserved to retire this issue. Earnings — See Cons. 4%s. Listed on the New Tork Stock Exchange. Legral for savings banks in Cal., Conn., Me., N. H., N. T., Ore. and R. I. Market. New York — Ambrose R. Clark & Co., Samuel Goldschmidt, Hartshorne & Battelle, Chas. W. Place, Prince & Whitely, R. W. Pressprich & Co., Redmond & Co., Roose- velt & Co., Struthers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey, Wollf & Stanley. Philadelphia — Biddle & Henry, Elkins, Morris & Co., Graham, Parsons Sc Co., Harper & Turner, Isaac Starr Jr. & Co. Price Banee — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 119% July 16, '06 92% Jan. 12 Low. 88% June 21, '20 88% June 21 BUFFALO. ROCHESTER Si PITTSBURGH RAILWAY CO. Cons. iMsa. Due Mav 1, 1957. Dated May 1, 1907. Interest payable May and Nov. 1, at A. Iselin & Co.. 36 Wall Street, New York. Tax Status — 2% Federal Income Tax T.ald by company without deduction. Tax exempt (numbers 10,001 to 10,907) in New York (stamped). Tax exempt in Pennsylvania. Authorized $35,000,000 Outstanding 14,129,000 In Treasury 4,081,000 Reserved for Prior Liens 8,697,000 Reserved for Ext 8,093,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully registerable. Registered. $1,000 and $5,000. Trustee — Central Union Trust Co., New York. Organization — Chartered In 1887 in New York and Pennsylvania as a consolidation of the B., R. & P. R. R. Co. and the Pittsburgh & State Line R. R. Co. The two latter' com- panies were chartered in accordance with a plan for the reorganization of the Rochester & Pittsburgh Ry. Co. Capitalization. Outstanding. Common $10,500,000 Preferred 6,000,000 Funded debt 33,081,610 Secured by a direct mortgage on 368.31 miles of road and all other property, viz. : A first lien on 104.79 miles — Miles. Indiana Jet. to Josephine, Pa 18.61 Creekside to Iselin, Pa 13.61 Ptrry to Silver Springs, N. Y t;.46 Prances Branch, Pa 1.17 Lucerne Branch, Pa C.76 Jacksonville Branch, Pa 5.21 Aultman Branch, Pa 2.42 Eleanora Branch, Pa 5.98 Adrian Branch, Pa 4.2 Walston Branch. Pa 2.82 Beechtree Branch, Pa 4.83 171 A second ilen on 29.18 miles — (Covered by flrst lien of Lincoln Park & Charlotte 1st 6s) 10.29 (Covered by flrst lien of B. R. & P. Gen. Mtge.) 18.89 A tliird lien on 234,33 miles — (Covered by flrst lien o R. & P. Cons. 1st 6s) 234,33 Also secured upon $249,700 (total issue, $600,000) capital stock of the Lake Ontario Ferry Co., Ltd., which operates a car ferry across Lake Ontario. Also secured on 99.31 miles of leaseholds and 131.11 miles of trackage rights. Prior Liens — Subject to $8,697,000 (closed! mortgages) prior liens, viz. : Buffalo, Rochester & Pittsburgh Gen. 5s, 1937 $4,427,000 Lincoln Park & Charlotte 1st 5s, 1939 360,000 Rochester & Pittsburgh Cons. 1st 6s, 1922 3,920,000 Prior liens cannot be extended at maturity. Bonds are reserved under this mortgage to retire prior liens. Years ended Dec. 31. Gross. Net. Int. & Rent. •1920... $9,145,766 $4,561,586 $2,235,825 •1919... 3,276,410 3,470,979 2,407,012 tl919... 13,955,592 def.430,809 432,588 •1918... 3,276,410 3,353,337 2,205,026 tl918... 18,479,658 1,414,768 356.949 1917... 14,975,000 3,904,287 2,164,467 1916... 12,761,755 4,232,343 2,102,804 •Corporate account. tPederal account — standard return not In- cluded. Legal for savings banks in Cal., Conn., Me., Mich., Minn., N. H., N. J., N. Y., Ore., E. I. and Wis. Listed on the New York Stock Exchange. Original Market — $1,000,000 offered July, 1907, at 100% and interest, by Wm. A. Read & Co., New York, $500,000 Sep., 1912, by same firm on a 4U% basis. $1,400,000 offered April, 1914, by Colgate, Parker & Co., White, Weld & Co. and Robert Winthrop & Co., at 103 V4 and interest. $1,020,000 offered March, 1917, by Kean, Taylor & Co., at 101% and interest. $4,570,000 offered by Guaranty Trust Co., New York, at 87% and interest, April, 1919. Market. New York — Arthur E. Frank & Co., Samuel Goldschmidt, Kountze Bros., Prince & Whitely, E. "W. Pressprich & Co., Red- mond & Co., Roosevelt & Co., Rutter & Co., Struthers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey, Joseph Walker & Sons. Philadelphia — Biddle & Henry, Biking, Morris & Co., Graham, Parsons & Co., Harper & Turner, J. P. Magill & Co., Reed A. Morgan & Co., Isaac Starr Jr. & C^o. Pittsburgh — Union Trust Co. of Pitts- burgh. Price Range — N. Y. S. B. Jan. 1, '08, to Jan. 1, '21 1920 High 110% Dec. 28, '09 83% Jan. 15 Low. 70% Apr. 30 70% Apr. 30 BUFFALO, ROCHESTER & PITTSBURGH RAILWAY CO. Equip. 4V4s, Series "B." Due May 1, 1922. Dated May 1, 1900. Interest payable May and Nov. 1, at A. Iselin & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. I'ax exempt in Pennsylvania and New York. Antiiorized $2,000,000 Outstanding (Jan. 1, '21) 457,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 102 and interest on any in- terest date on six weeks' notice. Sinkine Fund — On March 1st of each year, beginning March 1, 1905, an amount equal to 6 % of issued bonds, for the purchase and can- celation of same at not more than 105 and interest. Bonds not purchasable to be called by lot at not exceeding 10 B and interest. Organization and Earnings — See Cons. 4%s of 1957. Secured by an equipment trust agreement on 30 locomotives, 12 passenger cars, 100 box cars and 1,994 gondola cars. T-egral for savings banks in Ohio. Market — See Equip. 6s. Price Range 1920 Bid, Ask. High 95% Oct. 98Vs Apr. Low 95% Nov. 9714 Apr. 1912, by Proctor & Borden, New Tork,. on a 4.35% basis; $500,000 offered July, 1913, by Kean, Taylor & Co., New York, at S0% and irterest. Price Kangre 1920— Bid 86. BIIPFALO. ROCESTER & PITTSBURGH RAILWAY CO. Equip. 4%s, Seriet '*Y." Due AprU 1, 1927. Dated April 1, 1907. Interest payable April an'd Oct. 1, at A. Iselin & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Penngylvania and New York. Authoi-ized $3,000,000 Outstanding (Jan. 1, '21) 706,000 Balance Retired. Denomination — Coupon, $1,000. Registei^ able as to principal. - Trustee — ' not assumed by company. Authorized $15,000 per mile of single track and $7,600 additional per mile of double track. Outstandingr $11,000,000 Beposited under C, R. I. & P. Ref. 48 6.500. OOO Under terms of the Chic. R. I. & Pac. Re- funding Mortgage, all of the Burlington. Cedar Rapids & Northern Cons. 5s issued subsecjuent to April 1, 1904, are to be acquired and de- pceited under said Refunding Mtge. An addi- ijcnal $1,905,000 bonds may be issued under this mortgare to retire prior liens. Denomination — Co upon, $1,000. Exchange - ablf for registered bonds. Registered, $5,000. Trustee — Central .Union Trust Co., New York. Assumed by the Chicago, Rock Island & Pa- cific Ry. Co. Control — Purchased in 1903 by the Chicago. Rock Island & Pacific Railway Company. Secured by a direct mortgage on 1,303.61 miles of road, viz.: A first Uen on 999.32 miles — Miles. Plymouth Jet. to Manly, la., and Northwood, la., to Minn. State Line 9.23 Traer to Holland, la 24.16 Germania, la., to Erie, Minn., and Rosemiount to Iver Grove, Minn 108.92 Waverly Jet. to Waverly, la 5.80 Bennett to Dav«nport. la 29.71 Hayfield Jet. to Titonka, la 24.92 Lake Park, la., to Watertown, S. D. .. 164.54 Elssworth, Minn., to Sioux Falls, S. D. 42.52 "Worthington, to Hardwick, Minn 34.82 Trosky to Jasper, Minn 8.73 Iowa City to Monetzuma, la 71.25 Thornburg to What Cheer, Ta 5.40 Iowa City to Clinton, la 78.73 Junction near Postville, la., to De- corah, la 23.48 Spur to Worthington. Minn 1.27 Spur to Albert Lea, Minn 0.68 Burlington to Plymouth. Jet., la 219.64 Muscatine to Iowa Jet., la 28.15 Linn Jet. to Postville, la 94.12 ymton to Traer, la 23.62 A second lien on 304.97 miles — Covered by the first liens of the fol- lowing: ■Cedar Rapids, Iowa Falls & N .W. 6s 292.63 Minn. & St. L. 1st Guar. 7s 12.34 Also a lien on 39 miles of trackage. Farther secured by pledge of $2,011,000 of t3,916,0J)0 C, R. I. F. & N. W. 1st 6s of 1921. Prior Liens — $1,905,000 C. R., I. P. & N. W. 5s of 1921, and $150,000 Minn. & St. Louis 1st Guar. 7s of 1927 (closed mortgages). Underlies— C. R. I. & Pac. Ref. 4s of 1934. which provide for the retirement of this issue. Legul for savings banks in Ore. and also Baltimore trust funds. Listed on the New York and Boston Stock Exchanges. Market. New York — Constable & Fleming, Samuel Goldschmidt, Alfred F. Ingold & Co.. Chas. W. Place, Prince & Whitely, R. W. Press- prich & Co., Redmond & Co., Rutter & Co., Raymond M. Smith, Struthers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey, aCr- ruthers. Pell & Co., Pynchon & Co., Hart- shorne, Beattle & Co. Baltimore — Barrall, Corkran & Co., Brink- man & Co. Fliiladelpliia — Isaac Starr Jr. & Co. Price Range — N, Y. S. E. Jan. 1, '06, to Jan. 1, *Z1 1920 High 119^ Feb. 28, '06 90% Jan. 12 Low. 85^4 Feb, 24 85^4 Feb. 24 BLRLINGTON (Vt.) GAS LIGHT CO. 1st 5s. Duo Jan. 1, 1955. Dated April 1, 1905. Interest payable Jan. and July 1, at American Trust Co., Boston, Mass. Tax Status — -2% Federal Income Tax paid by company without deduction. Authorized $1,250,000 Outstanding (Mar. 1, *£0) 1,250,000 Outstanding: 1,250,000 Trustee — Burlington Trust Co., Burlington, Vt. Guaranteed principal and interest by the American Gas Co. by endorsement. Organization and Control — Incorporated in Vermont, 1904, as a consolidation of two elec- tric companied and the old Burlington Gas Co. Controlled through ownership of entire cap- ital stock by American Gas Co. Capitalization. Outstanding. Common $1,250,000 Funded debt 1,250,000 Secured by a first mortgage on entire prop- erty, Including a water gas plant and a hy- dro-electric plant in Burlington, three miles from Burlington on the Winooski River; sup- ples gas to Burlington and Winooski, and electric light to Burlington, Winooski, Essex, Essex Jet. and Fort Ethan Allen. Franchises are perpetual. Population served, gas, 25,000; electricity, 30,000. Original Market — Offered in 1905 by E. H. Gay & Co., New Tork, at 10214 and interest and also offered in 1910 by Damon, Bolles & Co., Boston, at 96 and interest. Market. New Tork — ^Frederick H. Hatch & Co., Pynchon & Co., Berdell Bros., Lynch & Mc- Dermott. Baltimore — Wm. E. Holloway. Philadelphia — Bauer Starr & Co., McCown & Co. Price Range. Jan. 1, *12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95% '16 97% '12 68 Apr. 70 June Low. 60 *20 65 '20 60 Dec. 65 Nov. 174 BURLINGTON (lA.) RAILWAY & LIGHT CO. (The) 1st S. r. 58. Due March 1, 1932. Dated March 1, 1912. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,500,000 Outstanding: (Apr. 11, '21) 1,687,000 Retired by S. F 153.000 Reserved for Ext 6,660,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — The Eauitable Trust Co., New York. Redeemable at 105 and interest on any in- terest date on three months* notice. Sinking Fund — ^Annually, beg:nninjj July 1, 1914, 5% of the grross earninirs of the Com- pany for the purchase and cancellation of bonds at not exceeling 105 and interest. Orsranization — Incorporated in Delaware in 1912 and acquired the Peoples* Gas & Elec. Co. and the Burlington Ry. & Light Co. of Iowa. Capitalization. Outstanding. Commou $1,500,000 Preferred (6% cum.) 1,000,000 Funded debt 1,715,000 Secured by a first mortgage on all the prop- erty, franchises, etc., now owned or hereafter acauired and including 23 miles of street rail- way track in Burlington and suburbs and gas, electric and steam heating plants. The com- pany owns all the lighting properties In Sigourney, Hedrick, Delta, Martlnsburs, Fre- mont, Hedlapolis, Wapello, What Cheer, Milton, West Burlington, Morning Sun and Winfleld, all in Iowa. The company has long term contracts with the Mississippi River Power Co, and the Rock Island-Southern Ry. Co. for the purchase of power for its own use and for distribution. Railway franchises ex- cept two minor ones are unlimited as to time. Gas, electric and heating in Burlington expire in 1927. Company must obtain renewal three years prior to expiration or on failure to do so pay the trustee the appraised value of prop- erties. Population served, 53,000. Years ended Dec. 31. Uross. Net. Ilil7 $431,580 $176,124- 191 G 427,285 186,703 1915 405,352 182,508 Later earnings not available. Original Market — $1,400,000, offered June, 1912, on a 5.30 7o basis by Spencer Trask & Co. Market. New York — Frederick H. Hatch & Co., Pynchon & Co., G. R. McAllister & Co., Gil- bert J. Postley, Carruthers, Pell & Co., Equitable Trust Co., Vanderhoef & Robinson. Boston — L. Sherman Adams. Price Range. Jan. 1, *08, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. HIeh 94% '12 96% '12 53 June 62 May Low. 44 *20 50 '20 44 July 50 July BUBNHAM & MOBRILL CO. 1st Conv. 7s. Dne $60,000 each Feb. 1 from 1921 to ^ 1930, incl. Dated Feb. 1, 1920. Interest payable Feb. 1 and Aug. 1. at Irving National Bank, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $600,000 Outstanding: (Feb. 1, '21) 429,000 OonTerted , 21,000 Matni'ed and Paid 50,000 Purpose of Issue — To fund current Indebt- ness. Denomination — Coupon, $500 and $1,000: reglsterable as to principal. Trustee — Fidelity Trust Company, Portland, Me. Redeemable as a whole or In part by sep- arate maturities on any interest date at 100 and Interest, plus a premium of % of 1% for ea ch year or fraction thereof of unexpired term. Convertible Into 7% cumulaitve Pref. stock at par, plus a premium of three months ad- ditional Interest on bonds. The preferred fltock is redeemable at 110 and accumulated dividends, and also carries a provision for redemption of a minimum amount of B% of the lai^est amount of preferred stock at any one time outstanding during the year of re- demption. The total amount of, this preferred stock authorized is $1,000,000, of which $500,000 will be set aside for the conversion of these bends., The remaining $500,000 can be issued only when the net quick assets of the company equal 125%, and the total net assets 176% of tho total amount of preferred stock out- standing, plus that to be issued, and when the earnings for the fiscal year preceding the time of proposed issuance equal at least twice the preferred dividend on the stock outstand- ing, plus that to be issued. Organization — Incorporated li- Maine In 1892. Business established in 1845. Th6 com- pany is a large packer of vegetables and flsh products, canning over 26% of tho corn packed in the state of Maine. Capitalization. Outstanding. Common $500,000 Preferred 20,000 Funded debt 429,000 Secured by a first ihortgage on all the land, buildings, machinery and equipment of the company valued in 1919 as in excess of $840,- 000. The properties covered include manu- facturing plants in Portland, Me, Medomak, Friendship, Port Clyde, South Paris, Den- n^ark, Bridgton, Harrison, Auburn, Dlxfleld, .Farmlngton, Norrldgewock, West Paris, Strong Vassalboro, LIvermore Falls and North Turner, Me. Under the provision of this indenture the company covenants that as long as any of these bonds are outstanding It will maintain net quick assets equal to at least 125% of the largest amount of bpnds outstanding in any fiscal year. As of January 31. 1920, net current assets amounted to $728,228. Total net assets ap- plicable to this issue were appraised at $1,645,734 or 329% of. this Issue. Year ended Jan. 31: Gross. Net. Int., etc. 1921 $2,835,032 $71,648 $82,719 Legal for savings banks In Me. Original Market — $500,000 offered Mar. 1920, by George H. Burr & Co., N^w Torlc, etc., at 100 and interest. Marlcet New York — Geo. H. Burr & Co. Boston — Coffin & Burr. Chicago — George H. Burr & Co. Fortland^ — Beyer & Small, 175 BURNS (P.) & CO. 1st 6s. Dne April I, 1924. Dated April 1, 1909. Interest payable April and Oct. 1, at Canadian Bank of Commerce, Montreal and Toronto, Canada and in Lon- don, England. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstandingr (Jan. 1, '21) 294,100 Retired by S. F 71)5,900 Denomination — Coupon, $100, $500 and $1,000. Trustee — National Trust Co., Toronto, Can. Redeemable on any Interest date as a whole, or for the sinking fund at 105 and interest. Sinking Fund — Sum sufficient to redeem bonds before maturity must be set aside each year. Organization — See 1st Ref. €s. Secured by a first mortgage on abbatoirs, packing houses and ranch land located at various points In Canada. Underlies — $979,100 Ref. 6s of 1931. Original Market — Dominion Securities Co., Toronto, at par and interest, July, 1909. Market. New York — Hartshorne & Battelle, Lynch & McDermott, Abraham & Co. Montreal — Balfour White & Co., H. B. Robinson & Co. Toronto — H. R. Brereton & Cc, Dominion Securitiea Corp., Ltd., A. J. Pattison, Jr., & Co., Oxford Securities Corp., Manning: Bros. & Co. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Hi&hl03%'ll 104 '12 100 Feb. 102 Feb. Low. 95% '18 98 '20 98^ May 98 Dec. BFRNS (P.) & CO. 1st Bef. 6s. Due Jan. 1, 1931. Dated Jan. 3. 1911. Interest payable Jan. and July 1, at Canadian Bank of Com- merce, Montreal and Toronto, and London, Eng. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized ^ $1,600,000 Outstaadiug: (Jan. 1, '21) 979,100 Retired by S.^ 520,900 Denomination — Coupon, $100, $500 and $1,000. Tmstee — ^National Trust Co., Toronto, Can. Redeemable as a whole at 106 and interest on any interest date after July 1, 1916, and for the sinking fund beginning July 1, 1912, antl annually thereafter. Sinking Fund — Commencing July 1 , 1912, Company must pay to Trustee annually, sum sufficient to retire bonds before maturity on basis of purchasing fixed amount in market, or calling desired amount at 106 and interest. Organization — Incorporated in Canada In 1909. Business established in 1890 at Calgary. Alberta. Capitalization. Outstanding. Common $5,000,000 Funded debt 1,273,200 Secured by a second mortgage on abbatoirs, packing houses, stores and ranch lands, lo- cated throughout western Canada. Prior Liens — $294,100 1st 6s of 1924. Original Market — Offered by the Dominion Securities Corp, at 100 and interest in March, 1911. Market. New York — Abraham & Co. Toronto — Manning Bros. & Co., H. R. Brereton & Co., Dominion Securities Corp., Ltd., Aenelius Jarvis & Co., Oxford Securi- ties Co. Montreal — Balfour White & Co. Price Range. Jan. 1, *1Z, to Jan. 1, *Z1 1920 Bid. Ask. Bid. Ask. High 102 '12 103 '12 97 Feb. 100 Feb. Low. 94*20 96 '20 94 Jan. 96 Jan. BUSH TERMINAL BUILDINGS CO., 1st S. F. 5s. Due April 1, 1960. Dated April 1, 1910. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt In New York, Authorized $12,000,000 Outstanding: (Mar. 29, '21)... 8,998,000 Retired by S. F 755,000 Reserved for Ext. 2,247,000 Denomination — Coupon, $1,000, Registerable as to principal or fully registerable. Regis- tered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Columbia Trust Co., New York. Sinking Fund — On November 1, 1915, and ar-nually thereafter, sums equal to the per- centages ^ of the amount of all bonds which have been issued prior to respective dates of ■uch payments as follows: 1915 to 1919 In- clusive, 1%; 1920 to 1929 inciusive, 1%%\ 1930 to 1939 inclusive, 1^%; 1940 to 1949 In- clusive, 1%%; 1950 to 19 59 inclusive, 2%; teeether with an additional sum equal to 10% of the amount of each payment. The bonds may be purchased for sinking fund at not over 110 and interest, but If not purchasable the fund may be invested in securities legal for New York State Savings Banks, and securi- tieh so acquired to be pledged under this mort- gage. Bonds of this issue purchased for sink- ing fund to be cancelled. Guaranteed principal and interest by the Bush Terminal Co. by endorsement. Organization — Incorporated in New York in 1905. Capitalization, Outstanding. Common $1,000,000 Preferred (7% cum.) 4,784,300 Funded debt 8,998,000 Controlled by the Bush Terminal Co:, through ownership of entire outstanding capi- tal stock and which is deposited under the Cons. 5s of that company. Secured by a first iriortgage on a number of large modern terminal factory and loft build- ings in Brooklyn and New York City. These properties include 9 city blocks and 9 seven and eight story steel and concrete loft build- ings with power buildings in Borough of Brooklyn; office building of company 100 Broad St., and a 10-story loft building east 29th St., New York City. Ifears ended Dec. SI: Gross, Net. Interest. 1919 $2,066,764 $845,088 $450,758 1918 1,909,838 739.794 432,503 1917 1,480,939 627,275 366,242 1916 1.230,930 629.826 353,908 1915 1,100,830 664,689 360.726 I^isted on the New York Stock Exchange. Original Market — $4, 000,000 offered April, 1911, by Spencer Trask & Co., and F. J. LIs- man & Co., New York, at g^S^ and interest. Market. New York — Dunham & Co., Finlay & Davenport, Samuel Goldschmidt, Redmond & Co., Rollins. Kalbfieisch & Co., Sharr.etts & Ford, Vanderhoef & Robinson, Hartshorne & Battelle. Philadelphia — Chas. Fearon & Co. Price Range — ^N. Y. S. E. Jan. 1, '11, to Jan. 1, *31 1920 High 97% Nov. 19, '12 82% Jan. 17 Low. 66 June 11, '20 66 June 11 BUSH TERMINAL COMPANY ist 4s. Due April 1, 1952. Dated April 1, 1902. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Fc'deral Income Tax Kot assumed by company. Authorized $3,500,000 Outstanding: (Mar. 29, '21) 2,877,000 Retired from Sale of Lands 129,000 Retired by S. F 494,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Columbia Trust Co., New York. Sinking Fund — 1 % of outstanding bonds annually on July 1, for their pu'rhase at not exceeding par and interest. If not so pur- chasable, within one year after offer to pur- chase, fund to revert to company's treasury. Organization — Incorporated in New York in 1902 and In 1904 ab.sorbed the Bush Co. Ltd. Also owns entire capital stock of the Bush Terminal R. R. Cc. and the Bush Terminal Buildings Co. Capitalization. Outstanding, Common $6,558,806 Preferred (6% cum.) 2,300,000 Funded debt 9,506,000 Secured by a first mortgage on property In Brooklyn on New York Bay, having 3,100 leet water frontage and comprising 104 acrea together with improvements, terminals, seven piers, 20 miles of railroad track, 6 locomo- tives, nu'Tierous car floats and tug boats. I^derlies — Cons. 5s of 1955. Years ended Dec. 31: Gross. Net. Interest. 1919 $2,124,457 $1,298,137 $492,440 1918 2,131,671 1,476,305 495.553 1917 2,157,210 1,436,306 451,858 1916 1,966.237 1,392,721 463,097 Original Market— Offered in 1903 by P. J. Lisman & Co. and Dominlck & Dominick, New York, at 91% and interest. Market. New York — Finlay & Davenport, Samuel Goiasohmidt, R. "W. Pressprich & Co., Red- mond & Co., F. J. Lisman & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 96 Sept. 16, '11 79% Jan. 8 Low. 65 June 15, '20 66 June 16 Co.. Denomination — Registered, $1,000. Trustee — Title Guarantee & Trust Brooklyn, N. Y. Redeemable at 101 and interest upon 16 day' 3 notice. Organization, etc. — See 1st 4s. Secured by pledge of $1,171,000 Bush Ter- minal Buildings Co. lat Mortgage BO year S. F. Gold Bonds $1,800,000 (par value). Pre- ferred Stock of the Bush Terminal Buildings Company, and Collateral Demand Note of Ex- hibition Building Co., Inc., $300,000. BUSH XBBMINAl COMPANY Cons. 5s. Due Jan. 1, 1955. Dated December 31, 1904. Interest payable Jan. and July 1. at Trustee's ofiloe. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstanding 6,243,198 Reserved tor Prior lien 3,371,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Title Guarantee & Trust Co. Organization — See 1st 4s. Secured by a first collateral lien on the en- tire capital stock ($20,000) of the Bush Ter- minal R. R. Co., which owns a double trqri- electric railroad, free from bonded debt, from 2Sth Street and Second Avenue, Brooklyn, to First Avenue and 66th Street, Brooklyn, two electric locomotives: also on the entire capi- tal stock of the Bush Terminal Buildings Co.. which owns nine city blocks in the Borough of Brooklyn (see B. T. Bids. Co. 1st 5s); also a second mortgage on the entire property of the company covered by the First 4s. Prior T/iens — 1st 4s, due 1952, which this mortgage provides to retire. Listed on the New York and Amsterdam Stock Exchanges. Earnings — See 1st 4s. Original Market — $1,000,000 offered In 1905, by F. J. Lisman & Co., New York, at 96 S; and Interest. Market. New York — Finlay ,& Davenport. Samuel Goldschmidt, R. W. Pressprich & Co., Rol- lins, Kalbfleisch &Co., Vanderhoef & Rob- inson, Pynchon & Co., P. J. Lisman & Co. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 100% Apr. 18, '11 82 Jan. 3 Low. 67 Aug. 30, '20 67 Aug. 30 BUSH TERMINAI. CO. 7% Collateral Trust Notes. Due $250,000, Nov. 18, 1920, $95,000 Quarterly thereafter until August 18th, 1922. Balajice $1,085,000 Nov. 18th, 1922. Dated — Nov. 18, 1919. Interest payable semi-annually. Tax Status — ^Payment of Federal Income tax not assumed by company. Authorized $2,000,000 Outstanding (Mar. 29, '21) 1,655,000 Balance retired. Purpose of Issue — To provide funds for the payment of the company's fioating Indebted- ness and to strengthen the treasury. BUTLER WATER CO. S. F. 5s. Due July 1, 1927. Dated July 1, 1897. Interest payable Jan. and July 1, at Trustee's oIRce. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized $200,000 Outstanding: 165,000 Balance retired. Denomination — ^Coupon, $500 and $1,000. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at any time at par and interest. Organization — Incorporated in Pennsylvania In 1877. Capitalization. Outstanding. Common $421,500 Funded debt 749,000 Control — Entire stock owned by American Water Works & Electric Co. Secured by a first mortgage on plant sup- plying water to Butler, Pa. Real estate in- cludes 550 acres of ground, with pumping sta- tion, reservoirs and filtration plants. Popu- lation, 36,000. Company operates with per- petual franchise. Underlies — 30-year 5s of 1931 under which bords are reserved to retire this issue, and $4,000 5s of 1948. Years ended Dec. 31. Gross. Net. Int., etc. 1930 $150,237 $81,762 $55,137 1919 142,538 87,394 52,235 1918 147,564 89,346 48,290 1917 121,229 70,226 64,141 1916. 126,037 90,928 50,742 Market. New York — Frederick H. Hatch & Co., Morton Laclientaruch & Co. Boston — Chas. A. Day & Co., Hotchkin & Co. Pittsburgh — Union Trust Co. of Pitts- burgh, Wm. P. Lempley & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. High 98 '17 92% '17 75 Oct. Low. 82 '18 90 '19 75 Oct. BUTLER WATER CO. 30-Year 5s. Due Sept. 2, 1931. Dated Sept. 2, 1901. Interest payable Mar. and Sept. 2, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Anthorized $750,000 Outstanding 584,000 Reserved for Prior Liens 166,000 Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co.. New lork. Redeemable at par and Interest at any time. Organization — See S. P. 6b of 1927. Secured by a second mortgage on plant sup- plying water to Butler, Pa. Pop., 30,000. Prior Liens — $165,000 Ist is of 1927. Earnings — See lat Ss. 177 Market. New Yorw — Otto BIllo. Brown Bros. Boston — Chaa. A. Day & Co., Hotchkln & Co. Fittsburs:h — Union Trust Co. , of Pltts- burgrh. Price Range. Jan. 1, '15, to JaQ. 1, '21 1920 BicL Ask. Bid. High 84 '15 90 '15 75 Feb. Low. 65 '18 73% '18 70 Sept. BUTTE, ANACONDA & PACIFIC RALLWAX CO. Ist S. F. 5s. Dae Feb. 1, 1944. Dated Feb. 1. 1914. Interest payable Feb. and Auk. It at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstanding: (Feb. 25. '21) 2,826.000 Held in S. F 174.000 In Treasury 1,289,000 Reserved for Ext 637,000 Denomination — Coupon, $1,000. Regrister- able as to principal or fully registerable. C. & R. interchangreable. Truistee — Guaranty Trust Co., New York. Redeemable at 105 and interest on Feb. 1, 1916, or on any interest date thereafter. Sinking Fund — Beginning February 1, 1915. and annually thereafter, a sum of money equal to 1% of total face amount of bonds is- sued, plus interest on bonds in the sinking fund, to be applied to the acauisition of these bonds at not exceeding 105 and interest. Bonds so acauired to be held alive in the sinking fund. Guaranteed as to principal and interest by the Anaconda Copper Mining Co. by endorse- mt-nt. Organization — Incorporated in Montana in 18£2. Capitalization. Outstanding. Common $2,500,000 Funded debt 2,826,000 Control — Over a majprlty of the capital stock is owned by the Anaconda Copper Min- im; Co. Secured by a first mortgage on 60 miles of main line road and a total of 150 miles of track from Butte to Anaconda and west to Southern Cross with branches: and also on all equipment (except steam locomotives) valued at $1,500,000, which the company covenants to maintain. Of this mileage 77 miles are op- erated by electricity. The road operates be- tween the mines of the Anaconda Copper Min- ing Co. and smelter, and connections with through lines. Tears ended Dec. 31. Gross. Net. Int., etc. 1919 $1,189,085 def, $45,330 $156,378 1918 2,095,714 527.749 161.399 1917 1,789.396 307,651 160.664 1916 2,168,132 689,721 162,383 Original Market — Offered March, 1914. by the Guaranty Trust Co., New York, and Kid- der, Peabody & Co., Boston and New York, at 99% and Interest. Market. New Yorlf — B. A. Baker & Son, Dunham & Co.. Samuel Goldschmldt, R. B. Hutchin- son & Co., Morton Lachenbruoh & Co., Vanderhoef & Robinson, Carruthers, Pel! & Co., Wolf & Stanley, P. J. LIsman & Co. , FhiladelplUa — Isaac Starr, Jr., & Co. , Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '17 100 '16 83 Mar. 87 Mar. Low. 67 '20 71 '20 67 Dec. 71 Dec, BUTTE (Mont.) ELECTRIC & POWER CO- 1st S. F. 5s. Due $35,000 annually from June 1. 1919, through June 1, 1930; $269,000 on June 1, 1931, and remainder on June 1, 1951. Dated June 1, 1901. Interest payable June 1 and Dec. 1. at Trustees, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstandingr (Jan. 1, '21) $3,859,000 Retired by S. F. 336,000 Matui-ed and Paid 430.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — United States Mortgage & Trust Co., New York. SSnIdng Fund — Beginning May 31. 1916, $10,000 annually, which will provide for the payment of one-half of the bonds that mature on June 1, 1931. A second sinking fund pro- vices for the redemption of one-fourth of all bonds maturing June 1, 1951. Assnmed by the Montana Power Co. Organization and Control — Incorporated in New Jersey 1901 as successor to the Butte Lighting & Power Co. In 1912 it was merged with three other power companies into the Montana Power Co. Secured by a first mortgage on all the prop- erty formerly owned by the company and in- cluding gas plant in Butte; elf'ctric lighting end distributing systems in Butte and Great Fi.lls, street railway system In latter town and by deposit of $376,000 (one-half entire is- sue) capital stock of the Great Falls Water Power and Townsite Co., and $5,000,000 (over half Issue) common stock of Great Falls Power Co., which owns 3 power plants and water rights near Great Falls,- Mont. The former company owns a 2-3 interest In a com- pany owning a hotel costing $400,000, and other real estate in Great Falls. The Mad- ison River Power Co. owns two hydro-electric plants and supplied Livingston and Bozeman, Mont., with electricity. Franchises for most Im- portant properties are reported as perpetual. - Underlies — $22,328,700 Montana Power Co. 1st & Ref. 5s of 1943. Earnings — See Montana Power Co. Listed on the Boston Stock Exchange. Original Market — $1,000,000 offer*-d July. 1901, at prices from 100 to lOl and interest by E. H. Rollins & Sons, New York. Boston, etc., and Rudolph Kleyboite Co. Ntw York, Chicago and Cincinnati. $1,050,000 offered June, 1909, by Lee, Higginson, New York, Bcfeton. etc., at 98 and interest. Market. New Yoric — Samuel Goldschmldt. Freder- ick H. Hatch & Co., Earle A. Miller & Co., Vanderhoef & Robinson, Dunham & Co., Lee Higginson & Co.. Carruthers, Jel! & Co. Boston — L. Sherman Adams, Moors & Cabot. PliiladelphUi — Bauer, Starr & Co. Providence — Hornblower & Weeks. Price Range. Jan. 1, '16, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 100% '16 101% "17 86 Jan. 88% Jan. Low. 79 '20 SO '20 79 July 80 July BUTTE (Mont.) ELECTRIC RAILWAY CO. Ist 58. Due March I. 19:.%. Dated March 1, 1900. Intfr^'st payable Mar. and Sfpt. 1. at Trustee's ottici'. Default — Interest due March 1, 1919, not paid (May 15, 1919). Tax Status — Payment of Federal Income Tax not assumed by company. Aathorizpd $l.nnn.noo Outstanding goo noO Retired by S. P None Reserved for Ext loo 000 178 Denomination — Coupon, $1,000, Register- able as to principal. TruBtee — W. A. Clark & Bro., Butte. Mont. Redeemable as a whole only« at par and li;^tereBt March. 1, 1916, or on any interest date thereafter, on three weeks* notice. Sinking Fund — 10 % per annum of bonds iBSued, DeRinninK March 1, 1916. Organization — Incorporated In West Vir- Elnia, 1889, as a consolidation of street rail- way properties in Butte. Capitalization. Outstanding:. Common $1,000,000 Funded debt 'JOU.< Secured by a first mortsasre on all prop- erty, including 38.98 miles of street railway track, in Butte, Mont., and vicinity. Fran- chise expires in 1929. Population served, eo.ooo. Underlies— $200,000 2d 6s of 1925. Years ended Dec. 31. Gross. 1919 $700,321 •3918 700,866 •1917 722,357 •1916 550,037 •J915 466,936 •Tears ended June 30. Original Market — Offered In 1912, by Law- rence Barnum & Co., at 95 and Interest. Market, New York — Frederick H. Hatch & Co., John Nickerson, Jr., & Co. Boston — Chas. A. Day & Co. Net. Interest. $17,979 $46,000 132,623 44,667 106.097 42,687 100,686 43,469 26,326 41,481 BUTTi; (Mont.) WATER CO. 1st 5s. Dne Jnly 1, 1921. Dated July 1, 1901, Interest payable Jan, anc' July 1, at office of Trustee, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,500,000 Outstandine 2,000,000 Beserved (or Ext 600,000 Denomination — Coupon, $600 and $1,000. Trustee — Old Colony Trust Co,, Boston, Mass. Organization — Incorporated in New Jersey in 1901. Capitalization. Outstanding. Common ^ $3,000,000 Funded debt 2,000, OOu Secured by a first mortsa&e on plants sup- plying: water to Butte, Montana. Population served 76.000. Franchise is without time I'mtt, Orisinal Market — $600 ot these bonds and two shares stock in exchange for bonds on which default was made. Also to stockhold- ers of old company at par with 100% bonus of stock of new company July, 1901. Market. New Tfork — H. G. SplUer & Co., Carruth- ers. Pell & Co., Frederick H. Hatch & Co. Boston — Pond Co., Hotchkin & Co., Chas. A. Day & Co. Fhiladelpliia — McCown & Co. Price Ranee, ' Jan, 1, '15, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 96 '17 97 '17 94 June 96 Deo. Low. 81 '15 85 '16 91 Aug. 96 Dec. BT-FRODUCTS COKE CORPORATION 80- Year 68. $676,000 due May 1, 1926: $1,- 000,000 dne May 1, 1930: $325,000 dne Not. 1, 1933. Interest payable May and Nov. 1, at Trus- tee's office. Tax Statns — 2% Federal Income Tax paid by company without deduction. Aathorized $2,000,000 Oatstanding 2,000,000 Denomination — Coupon, $1,000 and $100. Trustee — First Trust & Savings Bank, Chi- cago, Organization — Incorporated in New Torlc, l^(f5. In 1916 acquired the entire property of the Federal Furnace Co,, subject to $1,- 080,000 mortgage bonds. Capitalization. Outstanding. Common $8,633,900 Funded debt 3,980,000 Secured by a first mortgage on 280 coke ovens, by-product plant and 200 acres of land on Calumet HIver at South Chicago, 111. Years ended Dec. 31. Net. Dep'n. 1920 $1,833,167 $663,640 1919 1,055,696 514,567 Market, New York — Frederick H. Hatch & Co., Watson, Armstrong & Co., B. A. Baker & Co., Carruthers, Pell & Co. Syracuse — The Syracuse Trust Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Interest. $317,472 402,793 Bid. High 103% '17 Low. 92 '20 Bid. Ask. 96 July 96 July Ask. Due 1926. 105 '17 93% July 96 '20 92 Feb. Due 1930. High 105 '17 106 '17 96 May 100 May Low. 90 '20 98 '20 90 June 98 May Due 1932. High 103 '17 107 '17 92 July 93^4 July Low. 92 '20 93% '20 92 July 93% July 179 c C. & O. (Brookings, Ore.) LUMB£K CO. Ist 6s. Due eacU June 1 and Dec. 1> as fol- luAvs: $30,000. June 1, 1919, to June 1, 1922, inclusive; $35,000 Dec. 1. 1922, to Dec. 1, 1930, inclusive, and $95,000 June 1, 1931. Dated June 1, 1916. Interest payable June and Deo. 1. at Illinois Trust & Savings Bank, Chicago, and Michigan Trust Co., Grand Rap- ids, Mich. Tax Status — 2 % Federal Income Tax paid by company without deduction. Outstanding (Apr. 1, '21} 780,000 Matured and Paid 120,000 Unissued 300,000 Additional bonds issuable for the purchase of timber or timber lands. Denomination — Coupon, $1,000 and $500. Rei:isterable as to prmcipal. Trustee — Illinois Trust & Savings Bank, Chicago, the Michigan Trust Co., Grand Kap- id&, Mich., and Wood Beal, Chicago. Redeemable at 102 and interest on any in- terest date on 30 days' notice. Sinking Fund — $2 per 1,000 feet of timber cut or removed, such payment to be made from time to time prior to cutting. It isw es- timated that this fund will retire this issue when less than 45% of the standing timber has been removed. Organization — Incorporated m Missouri Dec, 1916, as a consolidation. Capitalization, Outstanding. Common $5,000,000 Funded debt 780,000 Secured by a first mortgage on 13,830 acres of virgin timber land in Del Norte County, Cal., estimated to carry over 1,100,000,000 feet of timber, of which 90% is redwood and 10% douglas fir. Mill is located at Brook- ings, Ore. Original Market — $900,000 offered July, 1916, by James D. Lacey Timber Co. and Illi- nois Trust & Savings Bank. Chicago, at prices to yield from 5.257o to 6%, according to naturity. Market. Cliicagro — James D. Lacey Timber Co. CADDO CENTBAI. OIL & REFINING CORP. 1st Cons. S. F. 6s. Due Jan. 1, 1930. Dated May 1, 1919. Interest payable Jan. 1 and July 1 (interest did not beg-in to run uiitil Jan. 1, 1920) at Guaranty Trust Com- p?ny. New York. Tax Status — 2 % Federal Income Tax paid by the company without deduction. Authorized $5,378,000 Outstanding: (Apr. 1, '21) 3,980,600 Retired by S. F 397,400 In Treasury 1,000,000 Purpose of Issue — Issued to holders of Vot- ing, Trust Certificates of Caddc Oil & Refin- Int' Co. of Louisiana, predecessor company, in .payment of their certificates at $35 per share, and for other corporati' purposes. Denominations — Coupon $100, $500 and $1,000; reglsterable as to principal, Tnistee — Guaranty Trust Co., New York. Sinking: Fund — Beginning Feb. 1, 1921, the company must pay to the Trustee annually 5% of the face amount of issued and out- standing bonds. After all the Caddo Oil & Refining Co. 1st 6s have been retired and can- colled company must pay to the Trustee a sum equivalent to 10% of net surplus earn- ings remaining in each year, after deducting from gross receipts all interest, sinking fund charges, ta^tep and operating expenses, includ- ing rentals and royalties paid by the company, but not including any moneys expended for eytensions and additions to the mortgages property, nor for drilling new wells. Organization — Incorporated in New York in May, 1919, and acquired the properties of the Caddo Oil & Refining Company of Louis- iana. Capitalization. _ Outstanding. Common 150,000 shs. Funded debt $6,277,600 Secured by a mortgage on all the property of the company now owned or hereafter ac- quired. The property covered mcludes 31,000 acres in fee in Bossier Parish, La. ; 2,238 acres in fee in Caddo Parish, La. ; approxi- mately 25,000 acres under lease distributed over North Louisiana in Caddo, Homer, Red River, De Soto, Little River, "Webster and Bienville parishes; upward of 10,000 acres in Texas and Arkansas. The 31,000 acre fee holding in Bossier Parish is now the centre of drilling operations by many of the larger companies and leases in this location have si a bonus of 50% of common stock. Market. Philadelphia — Barclay, Moore & Co., Barnes Lofland, Arthur J. Bender, E. W. Clark & Co., Paul & Co,, H. D, Boenning & Co. Price Range. Jan. 1, »18, to Jan. 1, '21 1920 Bid. Ask. Bid, Ask. High -85 '18 87^/^ '18 51 July 55 Dec. Low. 51 '20 51% '20 51 July 51% July CAHABA COAI. MINING CO. 1st 6s. Due Dec. 1, 1923. Dated Dec. 1, 1893. Interest payable June and Dec. 1, at office of U. S. Steel Corpora- tion, 71 Broadway, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $1,100,000 Outstanding 892,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Trust Co., New York. Assumed by the Tennessee Coal, Iron & R. R. Co. Controlled by T. C, I. & R. B. Co. by mer- ger. The latter company is controlled by the UKited States Steel Corp. through stock own- ership. Secured by a first mortgage on 44,000 acres of coal land comprising 8 operating mines w-th a production of 3,600 tons per day; also or. 467 coke ovens, 16 miles of railroad, equip- ment, etc., and 575 tenement houses, stores ar d warehouses. Underlies — T. C, I. & R. R. Gen. Bs of 1951, wh-'ch provide to retire this issue. Listed on the New York Stock Exchange. Market. New York — Coffin & Co., Watson, Arm- strong & Co., Hactshorne & Battelle. Price Range. Jam. 1, *16, to Jan. 1, '21 1920 Bid. Ask. Bid. High 1061^ '16 108 '16 101 Feb. Low. 951/^ '19 106 '16 90 Nov. CALCO CHEIMICAI. CO. 1st S. F. Conv. 8s. Due Oct. 1, 1940. Dated Oct. 1, 1920. Interest payable April 1 and Oct. 1 at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. Authorized $2,500,000 Outstanding: 2,250,000 Reserved for Corporate Pur- poses 250,000 Purpose of Issue — To pay oif the conir pany's outstanding notes and fioating debt, and provide additional w^orklng capital. Denominations — Coupon, $1,000, $500 and $100 interchangeable; registerable as to principal. Trustee — Guaranty Trust Co. , New York. Redeemable at any time upon 30 days' notice at 110 and Interest, Sinking' Fund — Annually, 10% of the net earnings of the company after payment of taxes and fixed charges, but In no event less than $70,000 per annum to be applied to the purrliase or redemption of these bonds at not exceeding 110 and interest. Convertible after October 1, 1922, or soon- er if lawful, and until October 1, 19 25, at the rate of 10 shares of 8% cumulative pre- ferred stock, par value $100 each, and 8 shares of common stock, without par value, for each $1,000 principal amount of bonds. Stock Purchase Privileg-e — If and when conversion is made, any bondholders shall have the right to purchase 12 shares of common stock, without par value, at a price of $12 per share, if such conversion is made on or before October 1 , 1923, or at $15 per share if made thereafter and before Oct. 1, 1925. Orfranization — Incorporated in New Jersey in 1916. The company is a large manufac- turer of Intermediate (the basis of dye- stuffs), dyes, pharmaceutical products and other chemical products of a kindred na- ture. Capitalization, Outstanding. Common (no par) 500.000 shs. Preferred (S% cum.) $1,500,000 Funded debt 2,250,000 Secured by a first mortgrage upon all the property of the .company now owned or hereafter acquired. The main plant of the conipany is located at Bound Brook, N. J., on 250 acres of land situated on the Le- hig'h Valley Railroad and the Central Rail- road of New Jersey. The Bound Brook plant consists of 57 buildings largely of steel, brick and concrete construction, mod- ern and efficient in design, and valued at approximately $4,500,000. The company also has three smaller plants in Jersey City, Woodbridge and Burlington, N. J. Years ended Dec. 31: Gross. Net. •1920 $4,843,461 $635,263 1919 4,751,716 480,270 1918 4,744,034 667,445 1917 2,918,715 331,433 •Six months ended June 30. Original Market — $1,700,000 offered No- Tember, 1920, by Hemphill, Noyes & Co., New York, etc., and Taylor, Ewart & Co., Chicago, at 98 and interest. Mai'ket New York — Hemphill, Noyes & Co., N. A. McDonald & Co., Robert E. Horton & Co. Baltimore — Wm. E. Halloway. Chicago — Taylor, Ewart & Co. Buffalo — N. A. MacDonald & Co. Price Range 1920 — Ask 98, Nov.; 97 Dec. CAIiDWELIi & NORTHERN RAILROAD 1st 5s. Due June 1, 1967. Dated June 1, 1907. Interest payable June 1 and December 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid b>' company without deduction. Authorized $1,000,000 Ontst^ndin? 643,000 Held in Treasury 162,000 Denomination — Registered, $1,000. Trustee — Guaranty Trust Co., New York. Assumed by the Carolina & North Western Ey. Co. Control — Absorbed by the Carolina & North Western Ry. Co. Secured by a first mortgage on 24 miles of road from Lenoir to Bdgemont, N. C. Tears ended Dec. 31 (C. & N. W.). Grogs. Net. Int. & Rent. •1919 $64,600 $66,965 $119,285 tl919 606,076 def.112,458 15,088 115,985 145,767 158,661 •1918 64,600 tlS]8 $499,694 33,591 1917 471,228 130,835 Ifie 451.022 81,866 •Corporate account. tFederal account — standard return not In- cluded. Market. New York- — Carruthers, Pell & Co. CALGARY POWER CO., LTD., 1st 5s. Dne Jan. 1, 1940. Dated Jan. 1, 1910. Principal and interest (Jan. 1 and July 1) payable in sterling- at the Bank of Montreal, Montreal, New York or London, or in Canadian g-old coin at the fixed rate of $4.86 2-3 to the £ at Bank of Montreal in Montreal, or at Its ag-ency in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,999,813 Outstanding: (Mar. 1, '21) 2,971,100 Retired by S. F 28,713 Denomination — Coupon, £100. Registera- blo as to principal. Trustee — Royal Trust Co., Montreal, Can. Redeemable at 105 and interest at any time. Sinking Fund — Beginning- 1920 a cumula- tive sinking fund of 1% of outstanding bonds tc purchase bonds at not exceeding 10 5 and li>tereBt. or. if ^not purchasable at that price, boi'da may be called. Organization — Incorporated In Canada, 1909, and acquired all the property of the Calgary Power & Transmission Co., Ltd. Leases from the Dominion Government water power on the Bow River. Capitalization. Outstanding-. Common $1,900,000 Funded debt 2,971.000 Secared by a first mortgage on hydro-ele©- trlc power plant and transmission lines sup- plying electric power to the City of Calgary, Canada Cement Co., Ltd., and the Village of Cochrane. The contract with the City of Cal- gary is for five years from December, 1913, providing a minimum payment of $130,000 par annum, being 5,000 horse power at $26 per h. p. Years ended Dec. 31. Gross. Net. Interest, 1919 $287,836 $242,315 $152,586 1918 274,694 232,481 149,991 1917 262,162 221,303 149.991 1916 266,983 217,059 151.849 1&15 289,613 237.159 156.966 1914 231,186 180,207 155,479 1913 240,116 188,061 100,034 Listed on the Montreal Stock Exchange. Market. New York^E. A. Baker & Son., Berdell Bros. Montreal — Balfour, W^hlte & Co. Price Range Jam. 1. '19 to Jan. 1, »31 1920 Bid. Ask. Bid. Ask. High 78 '19 83 '19 69 Mar. 82 Mar. Low. 69 '20 72 '20 69 Mar. 72 Mar. CALIFORNIA BARREL CO. 1st 68. Dne $50,000 each Oct. 1, from 1930 to 1939, inclufsive. Dated Oct. 1. 1919. Interest payable April and Oct. 1. at Union Trust Company, San Franpisco. Tax Status — 2 % Federal Income Tax paid b?- the company w^ithout deduction. Tax ex- empt In California. Anthorized $500,000 Outstanduig: (Jan. 1. '21) 450,000 Matured and Faid 50,000 Denomination — Coupon, $1,000. Trustee — Union Trust Company, San Fran- cesco. Redeemable — Bonds having less than four yfars to run are redeemable at 101 and inter- est; for four years 102 and interest. Organization — 'Incorporated in California. Business established in 1883. Secured by a first mortgage on all of the property of the company. The company owns, diiectly or through the control of subsidiary companies, timberlands in California and Ore- gon, buildings, manufacturing r'ants, machin- ery and equipment, having a boolt value as of June 30. 1919, of $2,260,706. The company manufactures all kinds of containers from staves, including fir oil barrels for vegetable r.nd mineral oils; fish, sugar, vinegar, cider, CLment and asphalt barrels; nail, butter, olive tegs, etc. Original Market — $500,000 offered October, 1j]9, by Blyth, "Witter & Co., San Francisco, New York, etc., at prices ranging from 99.76 to 96.37 and Interest, according to maturity. ISIarket New York — McDonnell & Co. San Diegro — Blyth, Witter & Co. 182 CALIFORNIA CENTRAL GAS &■ ELECTRIC CO. l8t 5b. Due Aug. 1, 1931. Dated August 1, 1901. Interest pavable February and August 1, at Trustee's office, or Bankers Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Aothorized $1,000,000 Ont^tandingr 639,000 Held in S. F 287,000 Held in other S, F 74.000 Denomination — Coupon, $1,000. Register- able as to 'principal. Trustee — Mercantile Trust Co., San Fran- cicco. Sinking Fund — 2% per annum of bonds out- standing, to be invested in bonds of this or other issues, all such bonds to be held alive £.nd interest added to the sinking fund. In addition to the $287,000 bonds of this Issue the sinking fund holds $316,364 other bonds and cash. Assumed by the Pacific Gas & Electric Co. Control — ^Absorbed by the Pacific Gas & Electric Co. Secured by a first mortgage on plants sup- plying gas and electricity to Belvedere, Chi- co. Grass Valley, Marysville, Mill Valley, Napa, Nevada City, Petaluma, Ross Valley, San Qu'3ntin. San Rafael, Santa Rosa, Tibu- ron and Woodland, in California. Population served, 55.000. The property covered by this mortgage includes a very important part of the system of the Pacific G. & E. Co. north of San Francisco Bay. Underlies — California Gas & Electric Corp. Gen. & Coll. Tr. 5s, 1933; California Gas & Electric Corp. Unlf. & Ref. 5s, 1937; Pacific Gas & Electric Co. Gen. & Ref. 5s, 1942, and Pacific Gas & Electric Co. 1st & Ref. 7s, 1940. Bonds are reserved under the last two mortg-ages to retire this issue. BamingB — See Pac. G. & B. Co. liEgal for savings banks in Cal. Market. New York — Sutro Eros. & Co., Vanderhoef & Robinson. McDonnell & Co. San Francisco — Sutro & Co. Price Range. Jan. 1, 'OS. to Jan. 1, *Z1 1920 Bid. Ask. Bid. Ask. High 106 '09 105 '11 90 Dec. 93^ Mar. Low. 85 '08 91 '20 87 Apr. 91 Mar. CALIFORNIA ELECTRIC GENERATING CO.. let 5fi, Series "A** and "B.'* Due Sept. 1, 1948. Dated Sept. 1, 1908, Interest payable Mar. tnd Sept. 1, at Central Union Trust Co., New York, and Anglo-Cal. Trust Co., San Francisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — "A" $1,500,000 "B" 3.500,000 $5,000,000 Outstanding: (Jan. 1, '21) 947.000 Retired by S. F 227,000 Held by G. W. P. Co. of Cal.. 26,000 Unissued A $300,000 B 3,500,000 3,800,000 Denomination — Coupon. $1,000; registerable as to principal, and exchangeable for fully registered bonds. Registered, $1,000. Trustee — Central Union Trust Co., New York. Redeemable at 105 and interest on 60 days' notice. Sinking Fund for Series "A" bonds $28,- OOC annually bpgan Jan. 1. 1913, Series "B" 1H% of outstanding bonds. These pay- ments to bp applied to purchase of bonds at not exceeding 1 05 and interest. Guarantee — Spries "A" are guaranteed as to principal. Interest and sinking fund by eudorspmrnt by the Great "Western Power Co. S651,000 1st 5s of G. "W. P. Co. are pledged With the Trustpe as surety for the perform- ance of this guaranty. Organization — Incorporated in California in 1908. Capitalization. Outstanding. Common $5,000,000 Preferred <6% cum.) 2.500,000 Funded debt ^ 947,000 Control — Leased to the Great "Western Power Co., which owns the entire $5,000,000 common stock. Rental provides for interest, sinking fund and 6% on $2,500,000 preferred stock. The Great Western Power Co. is con- trolled, through ownership of its entire stock, by the Western Power Co. Secured by a first mortgage on an electric steam generating plant, capacity 15.000 h. p., located on the water front at Oakland, Cal.; t.lso by deposit of $665,000 Great Western I ewer Co. 1st 5s of 1946. Underlies — Great Western Power Co. lat 6s of 1946, and Great Western Power Co. of Cal. 1st & Ref. 6s, 1949 and Gen. Conv. 8s, 1930, which are secured in part by the deposit of the entire common stock issue of the Cal. El. Gen. Co. Farnings — See Great Western Power Co. Original Market — $1,200,000 offered Feb., 1909, by B. H. Rollins & Sons, Boston, New ■5crk, etc. Market. New York — Sutro Bros. & Co., Carruthers, Pell & Co., McDonnell & Co., Robert E. Horton & Co. Baltimore — Wm. E. Holloway. FliUadelphia — Henry D. Boenning- & Co. San Francisco — Sutro & Co. Price Range. Jan. 1, '16, to Jan. 1, *21 1920 Bid. Ask. Eld. Ask. High 89 '16 92 '10 78 Feb. 80% Mar. Low. 60 '18 74 '20 70 Oct. 74 Dec. CALIFORNIA GAS & FLFCTRIC CORPORA- TION Gen. & Coll. Tr. 5s. Due March 1, 1933. Dated March 1, 1903. Interest payable March and Sept. 1, at Trustee' s office, San Francisco, Cal., and. Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding: 4.176,000 Held in S. F. this issue 1,194,000 Held in S. F. subsidiary issues 763,000 Fxchanged , for and Deposited Under Unifying & Ref. 5s of 1937 4,492,000 Denomination — Coupon, $1,000. Trustee — Mercantile Trust Co. of San Francisco, Cal. Redeemable at 110 and interest on any In- terest date on four weeks nothie. Sinking Fund — $150,000 annually March 1, 1904 1908, $200,000 1909-1913. $250,000 1914- iri9, $300,000 1919-1923. $350,000 1924-1928, $■100,000 1929-1933 to be applied to the re- demption of underlying bonds, the remainder to be applied to the redemption of bonds of this issue. All bonds acquired are held alive except where the mortgage provides for their cancellation. Assumed by the Pacific Gas & Electric Co, Organization and Control — See Unifying & Ref. 5s. Secured by a mortgage on the property for- merly owned by the California G. & E. Corp., which property includes Lhe most important part of that described under the Unifying & Ref. 5s. Prior liiens — Bay Counties Power 1st Cons. 6s 1930 r $1,043,000 Bay Counties Power Co.. 2d 6s, 1931 524,000 Valley Counties Power 1st 5s, 1930 1,745,000 Cal. Central Gaa & Bl. 1st 5a. 1931 639.000 SacramentQ Elec. Gas. & Ry. 1st 5a, 1937 2,024,000 Nevada ■ County El. Power 1st 6a, 1928 166,000 Yuba Electric Power 1st 63, 1929 179,000 Central Electric Ky. 1st 6s, 1912- 22 64,000 The above are all closed mortgages. - Underlies — ^Unifyinir & Ref. 5s of 1937 -and Pacific Gas & Electric Gen. & Ref. 5s, 1942 and 1st & Ref. 7s, 1940. Bonds are re- served under latter mortgages to retire this issue. Xlamings — See Pac. Gas & El. Co. Legal for Savings Banks in Cal. Original Market — Offered in 1903 by Mer- cantile Trust Co., San Francisco, at par and interest. Market. New York — Frederick H. Hatch & Co., Sutro Bros. & Co., Vanderhoef & Robinson, Earle A. Miller & Co., McDonnell & Co. San I^-ancisco — Sutro & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103 '16 10378*12 88 Dec. 94 Mar. Low. 76 '08 69 '08 86 Nov. 88 Nov. C A tlFOBNIA GAS & EI.ECTRIC CORP. Unifying and Ref, S. F. 5s. Due Nov. 1, 1937. Dated November 1, 1907. Interest payable May and ,Nov. 1, at Bankers Trust Co., New York, or company's office, San Fran- cisco. Tax Status — 2 % Federal Income Tax paid bj company without deduction. Authorized Closed mortgage Outstandmg $18,844,000 Held in S. F 1.633.000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000 and $] 0,000. C. & R. interchangeable. Trustee — Union Trust Co., San Francisco. Redeemable at 110 and interest on any in- terest date. Sinking Fund — ^Annual payment Nov. 1st of cash, bonds of this issue or underlying issues as follows: $450,000 from 1912 to 1916, in- clusive; $560,000, 1917 to 1921. $700,000 1922 to 1926, and $900,000 1927 to 1936; total, $17,500,000, to be applied to redemption of ur.derlying bonds or the purchase or redemp- tion of bonds bf this issue at not over 110 and interest. Bonds so acquired to be held alive and interest added to fund. Assumed by the Pac. Gas & Electric Co. Organization and Control — Incorporated in California in J901 and has acquired practi- cally all the gas, electric light and power plants in Central California outside of San Francisco. All of its property has been deed- ed to th'i Pacific Gas & Electric Co. The California Gas & Electric Co. constitutes the operating division of the Pacific Gas & Elec- tric Corp. outside of San Francisco. Secured by a mortgage on" all the property of the Pacific Gas & Electric Company, ex- cept the capital stock of the San Francisco Gas & Electric Company, subject to the Gen. & Coll. 5s and bonds of constituent companies and including 22 hy-iro-elefctric and steam gen- erating plants, of 331.567 h. p., of which 210,924 h. p. ia hydro-electric; 2,255 miles of transmission lines. 115 miles of underground conduits, 5.531 miles of distribution lines, 84 reservoirs with storage capacity of 7.002.991,- 837 cubic feet, 20 gas plantq and 2,996 miles of mains; entire street railway system in Sac- ramento, embracfhg 43.9 miles of track, valu- able water power rights and new devetop- menta. Operations extend to 33 counties In Central California, covering an area of over 47,000 square miles. Supplies light and power to about 199 communities, gas to 56 and wa- ter to 21. Its operations include the cities of San Francisco, Oakland, Sacramento, San Jose, Berkeley, Fresno and Stockton. Further secured by deposit of $4,492,000 Gen. Coll. 6a. Population served about 1,845,175. Transmis- sion lines are largely on private right-of- way. Franchises are unlimited as to time with one unimportant exception, in which franchises extend from 10 to 15 years beyond the life of these bonds. Prior ILiens — Gen. & Coll. 5s of 1933 and prior liens thereto. Underlies — ^Pacific Gas & Electric Co. Gen. & Ref. 5s of 1942 and 1st & Ref. 7s, 1940 are reserved under these mortgages to re- tire this issue. Earnings — See Pac. Gas & El. Co. Legal for Savings Banks in Cal. Listed on the New York and San Francisco Stock Exchanges. Original Market — $5,000,000 offered May, ]S09, at 95% and interest by N. W. Halsey &6 Co., Ne-V7 York; Lee, Higginson & Co., Bos- ton; National City Bank, J. P. Morgan & Co.. and the First National Bank, all of New York. Market. New York — Sam'l Goldschmidt, Earle A- Miller & Co., Sutro Bros. & Co., Vander- hoef & Robinson, McDonnell & Co. Cliicago — Halsey, Stuart & Co. San l^ancisco — Sutro & Co. Price Range — N. T. S. E. Jan. 1, *17, to Jan. 1, '31 1920 High 101 Jan. 31, '17 90% Jan. 2 Low. 79% May 20, '20 79% May 20 CALIFORNIA NORTHWESTERN KAILWAT CO. Ist S. F. 5s. Dne April 1, 1928. Dated March 17. 1898. Interest payable April 1 and Oct. 1. at Northw^estern Pacific R. R. office, San Francisco and Southern Pacific Co.'s office. New York. Tax Stains — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Ontstandingr (Mar. 31, '21) $914,000 Retired by S. F 86,000 Denomination — Coupon, $1,000. Trustee — ^Ignatz Steinhart, San Francisco. Redeemable for Sinking Fund at 110 and interest on six months* notice. Sinking Fund — One-half of one per cent, an- nually of the outstanding bonds to be applied t>) their purchase at not exceeding 110 and interest. Guaranteed as to principal and interest by the San Francisco & North Pacific Ry. Co. Control — ^Absorbed by San Francisco & North Pacific Ry.. which has been consoli- dated into the Northwestern Pacific R. R. Co. One-half of the $35,000,000 capital stock of this latter company is owned by the Southern Pacific Co. and one-half by the Atchison. To- peka and Santa Fe Ry. Co. Secured by a first mortgage on 40 miles of road from Ukiah to Sherwood, Cal. This line forms part of a road which extends from San- salito on San Francisco Bay to Trinidad, on the Pacific Ocean, in Humboldt County, Cal. P forms part of a through line of 304 miles, passing through one of the richest timber drstricts in America. Ukiah, where the road covered by this mortgage begins, is 114 miles frcm San Francisco. The Northwestern Pa- cific Ry. also owns from Trinidad to Shive- ly 68 miles, and is building- from Willits, on the line covered by this mortgage to Shively, abcut 60 miles. Underlies — Northwestern Pac. R. R. lat & Rff. 4%s of 1957 (all owned by the Southern Pacific Co.), which mortgage provides for the retirement of this issue. Tears ended Bee. 31 (N. W. Pac. R. R.): Gross. Net. Int. & Rent- +1918 $1,413,779 $1,443,198 $1,446,940 tl918 5.702,398 1.601,762 68.205 1917 4,871,595 1,597,169 1,445.029 1916 4.515,562 1,585,004 1,437,140 *iei5 3,568,701 1.133,720 914,111 •1914 3,745,805 1,195,156 867,676 •June 30. tCorporate account. tFederal account — standard return not In- cluded. Market. New York — Sutro Bros. & Co., Carruthers, Pell & Co. Price Range. Jan. 1, 'OS, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 106 '09 107 '08 95 Feb. 100 Feb. Low. 88 '20 98 '19 88 Dec. 100 Feb. CAI.IFORNIA ORCHARPS & VINEYARDS, INC., 1st 7V.S. Due each Dec. 1 as fol- lows: $10,000, 1933; $15,000, 1933; $30,- 000, 1924; $35,000, 1935 and 1936; $30,- 000, 1937 to 1929 inclusive ; ; $35,000, . 1930, and $40,000, 1931 and 1933. Dated Dec. 1, 1920. Interest payable June 1 and Dec. 1 at the Anglo-California Trust Co., San Francisco. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Tax exempt in CaliforniA. Anthonzed $300,000 Oatstanding- 300,000 Denominations — Coupon, $500 (1931 and 1932 only) and $1,000. Trustee — Anglo-California Trust Co., San Francisco. Redeemable at 101 ^^ and interest. Orgranlzation — Incorporated in California. ' Secured by a first mortgage on all the property of the Company embracing 5.704 1-6 acres of fruit, grain and vineyard land, situated about 4% miles northeast of the town of Clovis and about 17 miles north- east of the city of Fresno. The property consists of three tracts of land, including vineyards and Calimyrna figs and unimproved fruit land. The vine- yards are planted to the best table and raisin grapes only, there being no wine grapes on the property. ' Tract "A" consists of 888 1-6 acres, of which 160 acres are in Malaga Grapes,. 117% acres in Muscatel Grapes, 10 acres in Em- peror Grapes and 120 acres in Calimyrna Figs, all in their tenth year and in a state of high productivity; also 480 2-3 acres of excellent grain lands, also suitable for vine- yard or orchard 'planting. Tract "B" consists of 69"6 acres, of which 120 are in Calimyrna Figs in their tenth year and 26 acres are in Calimyrna Figs in their fifth year, and 550 acres are grain lands, hut all suitable for fruit planting and culture. Tract "C" consists of 4,120 acres, of w^hich 120 acres are in Calimyrna Figs in their fifth year; 3,000 acres are suitable for fruit culture and also excellent grain land, while 1,000 acres are unimproved and used for pasturage. The Southern ■ Pacific Railroad has a branch line running directly to the border limits of Tract "A." Irrigation for Tract "A" is furnished by means of a ditch connecting with one of the canals 'of the Fresno Canal and Land Corporation, and also by wells. ■ The supply received from these has always been suffi- pient to keep the vineyards in excellent condition. Irrigation for Tracts "B" and "G" is also furnished by wells, and water la , obtainable at a depth of about 40 feet on most parts of the tracts. A part of the proceeds from the sale of these bonds will be devoted to improving our present irri- gation system, putting more land in a con- dition to he planted to vineyards and or- chards. Additionally secured by pledge of all property leases for cash or on a cropshare basis. In the event that any sales of the land should be made, the Trust Deed provides for the release of such acreage by deposit with the Trustee of a stipulated amount per acre, the land having been divided into parcels with an average release value of $97 per acre, to be used in redeeming bonds by call at not less than 101^ and accrued interest, which operation would immediately increase the property equity over the bal- ance of the mortgage remaining. Original Market — $300,000 offered Feb. 1921, by Girvin & Miller, San Francisco. CALIFORNIA OREGON POWER CO. (The) 1st and Ref. S. F. ny^s. Sei-ies "A". Due Feb. 1, 1941. Dated Feb. 1, 1921. Interest payable Aug.' 1 and Feb. 1, at Mercantile Trust Co., San Francisco and Harris Trust & Saving.*? Bank, Chicago, and National City Bank, NewYork. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $10,000,000 Outstanding- 2,000,000 Reserved for Prior Liens 1,000,000 Reserved for Ext 7,000,000 Issuance Restrictions — The mortgage pro- vides that bonds may be issued, up to a total at any one time outstanding of not more than $10,000,000 in series of the same or different date, maturity' (but not later than Dec. 1, 1960), interest rate and re- demption provisions, only for the following purposes: (1) For the acquisition or re- tirement of underlying bonds; (2) for the redemption or retirement of bonds of any other series under this mortgage, and (3) for up to 75% of actual and reasonable ex- penditures for extensions, betterments and additions to the plants and properties, pro- vided that no bonds shall be issued unless the net income of the company, as defined in the mortgage, has been at least 1 %, times the sum of the interest on all bonds outstanding in the hands of the public (in- cluding underlying issues) and on those pro- posed to be issued. Purpose of Issue — To reimburse the com- pany for expenditures already made for additions and betterments to complete the regulating dam at Upper Klamath* Lake and for other extensions and additions, includ- ing additions to generating capacity. Denominations — Coupon $1,000, $500 and. $100; registerable as to principal. Trastee — Mercantile Trust Co., San Fran- cisco. Redeemable on 60 days' notice on any in- terest date at 110 and interest up to and including Feb. 1, 1931, and thereafter at a premium equal to 1% for each full year or fraction thereof of unexpired, term of bonds. Sinking Fimd — Annually, beginning 1922, an amount equal to 2% of all bonds of this issue then outstanding and not previosuly called and all underlying bonds then out- standing. One-third of all sums of money paid into the sinking fund shall be applied by the trustee for the purchase or redemp- tion of bonds secured by this mortgage, and the remaining two-thirds shall be held in trust by the trustee and withdrawn from time to time by the company for additions and betterments made, provided such ex- penditures may not be used as the basis for the issuance of additional bonds. Organization — Incorporated in California in 1920 as successor through re-organiza- tion of the California-Oregon Power Com- pany, incorporated in California in 1911. Capitalization. Outstanding. Common $4,442,000 Preferred (7%) 2,221,000 Funded debt 3,151,000 Secured by a 'first raortgag-e on a sub- stantial part of the company's properties Including the Copco and Prospect hydro- electric plants, with a combined Installed capacity of 25,600 h. p., and by a general mortgage on all the remaining property of the company. The company owns and operates 7 hydro- electric plants,, w^ith a total installed ca- pacity of 33,980 h. p. The 2 largest plants are Copco, on the Klamath River (18,600 h. p.) and Prospect, on the Rogue River (7,000 h. p.). An additional 18,600 h. p. unit Is already on the ground at Copco and the capacity of the Copco plant can be -doubled, when required, by the installation of this unit and by raising the height of the dam fifteen feet. The company's high-tension transmission lines have an aggregate length of 465 miles. The distribution system con- 1 aists of about 800 miles jof circuits. The company serves with electric light and power 26 communities located in north- em California and southern Oregon, includ- ing the towns of Medford, Ashland, Grants Pass and Klamath Palls in Oregon, and Duusmuir, Treka and Port Jones in Cali- fornia. The company also furnishes w^ater for domestic purposes to a few small towns. The population of the territory served is over 77,000. Prior Oens — Outstanding. Klamath Power Co. 1st 6s, 1931... $345,000 Rogue River Elec, Co. P. L. 5s, 1937 618,000 Siskiyou Elec. Pr. Co. 1st 6s, 1923. 135,000 Siskiyou Elect. Pr. & Lt. 1st & Ref. 5s, 1938 53,000 $1,151,000 Under the provisions of this mortgage the above- mortgages are closed ana bonds are reserved hereunder for the retirement of all prior lien issues. If ears ended Dec. 31: Gross. Net. Bond Int. 1920 J94S,277 $550,236 $203,490 1919 726.079 430,335 1918 502,269 257,119 Original Market — $2,000,000; offered March, 1921, by E. H. Rollins & Sons, Na- tional City Company, Harris Trust & Sav- ings Bank and Harris, Forbes & Co., at 100 and' interest. CALIFORNIA PACmC RAITAVAT 1st 5s. Duo July 1. 1941. Dated July 1, 1901. Interest payable Jan. and July 1, at Chase National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized (per mile of completed track) $20,000 Outstandine 480,000 Denomination—Coupon, $1,000. Trustee — Title Insurance & Trust Co., Los Angeles, Cal. Assumed by Pacific Electric Ry. Co. Guaranteed principal and interest by Cne Los An&eles Traction Co. Control — Merged with Pacific Elec. Ry. All of the stock of that company is owned by Southern Pacific Co. Secured by a mortgage on property for- merly belonging to the company. Underlies — Pac. El. Ry. 1st Ref. 5b, which provide for retirement of this Issue.* Earnings — See Pac. El. Ry. Co. Legal for Savings Banks in Cal. Marlcet. New York — Bernhard, SchoUe & Co., Mc- Donnell & Co. Los Angeles — ^A. E. Lewis & Co., Torrance, Marshall & Co., J. J. Doran & Co. Seattle — H. B. Chessher & Co. Price Range. Jan. 1, 'IZ, to Jan. 1, 'Zl High Low. Bid. 99 '12 94 '16 Ask. 101 '12 93 '14 1920 Bid. Ask. Not available CALIFORNIA TELEPHONE & LIGHT CO. 1st 6s. Dae April 1, 1943. Dated April 1, 1913. Interest payable April 1 and Oct. l,at Trustee's office, and Na- tional City Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized $5. 00". 000 •21). $100, 557,900 18,100 4,424,000 $500 and San Fran- Outstandingr (Jan. 1, Retired by S. F Reserved for Ext Denomination — Coupon, $1,000. Trustee — Mercantile Trust Co., c-eco. Redeemable at 107 '^ and interest on any interest date. Sinking Fund — ^Annually for 10 years begin- nmg July 1, 1916, 1%% of bonds outstand- ing and 2% from 1926 to July I. 1943. Organization — In 1911 this company pur- chased the property of the Russian River Light & Power Co., together with local elec- tiic and telephone companies. Capitalization. Outstanding. Common $764,850 Preferred (6% cum.) 343,886 Funded debt 657,900 Secured by a first mortgage on an inde- P'^ndent telephone system and electric light and power distributing system serving Sono- nja and Mendocino Counties. Ca!.. with light and power and the last mentiutied counties, together with Napa and Lake with telephone service. The counties served include a rich resort section of Cal. Property covered by tbis mortgage includes 40 miles of transmis- sion lines. Power is purchased from the Pa- cific Gas & Electric Co. Franciitais expire as follows: Telephone in Ponoma County. 1963; ir Calistoga City, 1958; in Lnkeport City, 1£27; electric in Sebastopol City. ;1!l«n; CIo- verdale City, 1928: Sonoma County. 1960; Mrnedooino County, 1964. Company also con- tracts power to mining enterpiises. le^rs ended Dec. 31. Gross Net Int.& Rent 1920 $252,620 $100,199 $57,516 1919 178,148 68.685 33,222 Original Market — Offered in 191 S by Sutro & Co. and N. W. Halsey & Co.. San Fran- cisco: $75,000 offered Jan., 1920. by Prank & Lewis, San Francisco, at 100 and interest. Market. New Tork — Sutro Bros. & Co., & .Co., Joseph Oilman. Los Anscles — Citizens National Bank. San Francisco — Sutro & Co. Price Ransre 1920 Bill. High 97% Apr. Low 80 Dec McDonnell Ask. 101 Apr. 88 Dec. 186 CALIFORNIA-WESTERN RAILROAD ft NAVIGATION CO. 1st 6s. Due Oct. 1, 1934. Dated Oct. 1, 1914. Interest payable Oct. 1 and April 1 at Anglo-California Trust C!o., San Francisco. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in California.. Authorized $750,000 OutHtandingr 690,000 Retired by S. F 60,000 FurpoHe of Issue — The proceeds from the J 60 0, bonds originally issued under this mcrtgagre were used to retire $600,000 Ist 6s which matured Jan. 1, 1915, and -to repay advances to the Union Lumber Co. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — ^Anglo- California Trust Co., San Francisco. Redeemable at 102 and interest on any in- terest date upon 30 days' notice. Sinking Fund — Annually, beginning Oct. 1, 1916, $15,000 for the purchase or redemption Of these bonds at not over 102 and interest. Guaranteed principal and interest by the Union Lumber Co. Orgauizatton and Control — Incorporated In California in 1905, and is controlled through stock ownership by the Union Lumber Co. Capitalization. Outstanding. Common $1,000,000 Funded debt 690,000 Secured by a first mortgage on 43.85 miles of road all in California, viz: Miles. Fort Bragg to Willits 39.63 Junrtion to Glen Blaln 3.22 At Willits the road connects with the North- Ttestern Pacific R. R, The transportation of ndwood lumber is the chief source of revenue. years ended Dec. 31. O-ross. Net. Int. & Rent. 1919 $322,077 $94,330 $49,991 1918 281,272 121,222 55,440 1917 261.365 100,555 54.268 1916 257.974 124,916 54,632 L.PBal for Savings Banks In California. Ori^nal Market — A block offered Septem- ber, 1919, by Girvin & Miller, San Francis- co, at 100 and interest. Market. San Francisco — Girvin & Miller. Los Ani^eles — Cohn, McCabe & Co, Price Range 1930— Eld 90, Ask 92. CALIFORNIA WINE ASSOCIATION SO-Year First Lien 5s. Due Sept. 10^ 1925. March 10 and Sept. 10, at office of Trustee and Corn Exchange Bank, New Tork. Dated Feb. 1, 1908. Interest payable Feb. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding: (Jan. 1, '21) 1,089,000 Cancelled 127.000 Held in S. F 784,000 Denomination — Coupon, $1,000. Trustee — Union Trust Co., San Francisco. Redeemable after Sept. 10, 1915, at 110: Mfrch 10, 1916, at 109; 1917 at 108 and a reduction of $1.00 each year thereafter. Sinking Fund — Annually, beginning Sept. 10, 1910. B,% of outstanding bonds. Bonds acquired to be kept alive. Convertible privilege expired Sept. 10. 1915, Org-anization^— Incorporated in California in 1894 as a consolidation of several wine companies and controls through stock own- ership a number of Important companies engragred In manufacturing or selling wine. Capitalization. Outstanding. Common $7,393,400 Funded debt 1,089,000 Secured by a first mortgage on certain real property in ."^an Francisco, and in counties of Napa, Alameda, Santa Clara and Sacramento: also a first lien on all the stocks of subsidiary companies, including $499,500 stock of Cali- f crnia Wineries Co. and $499,500 stock ot Great Western Vineyards Co. Listed on the San Francisco Stock and Bond Exchange. Market. New York— Sutro Bros. & Co., McDonnell & Co. L*os Angreles — Cahn, McCabe & Co. Price Range Bid. Ask. Bid. Ask. High 95 '19 100 '19 89 Dec. 93 Dec. Low. 89 '20 93 '20 89 Dec. 93 Dec. 187 CALUMET & SOUTH CHICAGO RAILWAY CO. 1st 5s. Due Feb. 1. 1937. Dated Feb. 1, 1908. Interest pjayable Feb. and Aug, 1, at First Trust & Savings Bank, Chicago, 111. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Limited to the amount of new work done. Oatstandingr $5,393,000 Denomination — Coupon, $l,Oi>t,. Registered, $^,000 and multiples. Coupon registerable as to principal. C. & R. interchangeable. ' Triistee — First Trust and Sav. Bk., Chicago. Organization and Control — Incorporated in 11*08 as a consolidation of the Calumet Elec- tric St. Ry. Co. and the South Chicago City Ry. Co. In June, 1908, the City of Chicago approved an agreement by which 'the Chicago C-ty Ry. Co. operates the system and in- cludes it in its transfer zone. Under an agreement effective February 1, 1 f'l 4, all of the street railways in Chicago are operated as a single system, known as the Chicago Surfatie Lines. Of the income re- maining after operating charges the Chicago City Rys, Gp.. Calumet & South Chicago Ry. Co. and the Southern St. Ry. will receive 41% until Feb. 1, 1916, and 40% thereafter, and the Chicago Rys. Co. will receive the remain- ing 59% and 60%, respectively. Capitalization. Outstanding:. Common $10,000,000 Funded debt 5.393,000 * Secured by a first mortgage on all the prop- erty of the company, which includes 125.75 miles of track from 64th street to 106th street and the Indiana State Line, and con- nects South Chicago, Pullman, West Pullman, Auburn "Park, Burnside and Manhattan Beach. The city may purchase the property Feb, 1 01 Aug. 1 of any year on six months' notice for present value fijted at $5,000,000 plus amounts expended for lmprovemen,ts, etc., but jnly for municipal operation where purchase is made prior to Feb. 1, 1327. City may also purchase for the purpose of turning the prop- erty over to other parties for an additional 20 % In price, except if purchased for the Chicago City Ry. Co. additional price shall be only 12%, but such additional sums need not be paid if the parties taking the property pay over to the city all of the profits above 5% on the purchase price. Franchises expire in Feb. 1, 1927, and the city receives 55% on the net receipts after operating expenses, taxes and depreciation and 5 % on present value, together with amounts expended on im- provements, etc. Years ended Jan. 31. Int. on Total Capital. Income. Interest. 1921 $568,912 $568,671 $316,904 1920 561,060 569,817 303,814 li/19 547.375 558.813 292,938 1918 -535,681 548,992 266.250 Ihn 518,868 544.732 266,250 Listed on Chicago Stock Exchange. Original Market — Offered In 1908 by the First Trust and Savings Bank, Chicago. $1,- 250,000 offered Dec, 1910, at par and Inter- est by White, Weld & Co., New Tork, etc.; $500,000 offered 1913 by the First Trust & Sa V. Bk. , Chicago, at 96 and interest ; of - ft.red April, 1914, by Merchants Loan & Trust Co., Chicago, at 95 and interest. Market. New York — Hornblower & Weeks. Chicag:o — Halsey, Stuart & Co., Merrill, Lynch & Co. Price Bangre. Jan. 1, '09, to Jan. 1, '21 Bid. Ask. High 102 '10 102% -09 Low. 40 '20 46 '20 1920 Bid. Ask. 47 Nov. 55 Aug. 40 Oct. 46 Dec. CAMBRIA & CLEARFIELD RAILROAD CO. 1st 5s. Dne Jan. 1, 1941. Dated Jan. 1, 1891. Interest payable Jan. and July 1, at Broad Street Station, Philadel* phia. Tax Status — 2% Federal Income Tax paid by company withuot deduction. Tax free in Pennsylvania. , Authorized Closed mortgage Outstanding $534,000 Cancelled 745,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co.. Philadelphia. Assumed by the Pennsylvania R. R. Co., Dec. 31, 1915. Control — Consolidated into the Cambria & Clearfield Ry. Co. , which company was raerged into the Pennsylvania R. R. Co,, Jan., 1913. Secured by a first mortgage on lOS.Ol miles of road from Cresson to Glen -Campbell, Pa., witb branches. Underlies — Cambria & Clearfield Ry. Gen. 4s of 1955, Penna. R. R. Cons. Mtge. and Gen. Mtg-e. which provides for retirement of this issue. Legral for Savings Banks in Conn,, Mass., Mich., Minn.; Mo., N. J., N. Y., Vt. and Wis. ; also Baltimore Trust Funds. Lisj;ed on the Philadelphia Stock Exchange. Market. New York — Raymond M. Smith, Taylor, Smith & Hard, Moore, Leonard & Lynch. Philadelphia — Henry D. Boenning & Co., Daniel & Co., Chas. Fearon & Co., Harper & Turner, Huntoon & Co., Reed A. Mor- gan & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 112 '09 115 '09 90 July 100 July Low. 85 '20 91 '20 85 Dec. 91 Dec." CAMBRIA & CLEARFIELD RAILWAY CO. Gen. 48. Due Eeb. 1, 1955. Dated Feb. 1, 1905. Interest payable Feb. r.iid Aug. 1. at Broad Street Station, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized Closed mortgage. Outstanding $415,000 Held in Penna. R. R. Funds 1,585.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Commercial Trust Co. , Philadel- phia. Assumed by the Pennsylvania R. R. Co. Dec. 31, 1915. Control — Merged into the Pennsylvania R. P.. Co., Jan., 1913. Secured by a direct lien on 411.81 miles of road in Pennsylvania, viz. : A first lien on 219.35 miles — Miles. Vail to Grampian and branches 149.46 Cresson to Irvona and branches 29.47 Ebensburg to Black Lick and branches 40.42 A second lien on 135.95 miles — Covered by the first lien of the following: Penna. & Northwestern Gen. 5s 33.94 Cambria & Clearfield 1st' 5s 102.01 A 4Jtnrd lien on 56.51 miles — Covered by the first lien of the Clear- field & Jefferson 1st 6s 56.51 Prior Liens — Subject to $2,555,000 prior liens, as follows: Cambria ■& Clearfield R. R- 1st 5s 1941 $534,000 Clearfield & Jefferson Ry. 1st 6s 1927 - 1,000,000 Pennsylvania & Northwestern R. R. Gen. 5s 1930 1,021.000 Underlies — Penna. Cons. Mtge. and the Gen, Mtge. which latter provides for retirement of this issue and prior liens. Legral for savings banks in Conn., Mass., N. T., Vt., also Baltimore Trust Funds. Market. Philadelphia — Henry D. Boenning & Co., Huntoon & Co., Reed A. Morgan & Co. Price Range. Jan. 1, *16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93 '17 95 '16 80 May 85 Aug. Low. 75 '20 SO '20 75 Dec. 80 Sept. 188 CAMBRIA & INDIANA RAILROAD CO. 1st 5b. Due May 1, 1936. Dated May 1, 1911. Interest payable Nov. 1 and May 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Free of Penn- sylvania State tax. Authorized $900,000 Outstanding: (Jan. 1, '21) 638.000 Retired by S. F 187.000 Pledged to secure 6% Notes 75,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 102^ and interest on any interest date. Sinking Fund — Two cents per ton of coal (2,240 pounds) originating and shipped over the company's lines, w^ith a minimum annual amount of $16,000 for the purchase or re- demption of these bonds at not over 102 % and interest. Organization — Incorporated in Pennsylvania as the Blacklick & Yellow Creek R. R. Pres- ent name adopted in 1911. Capitalization. Outstandin^r. Common $2,000,000 Funded debt 1,438,000 Secured by a mortgage on all the property of the company now owned or hereafter ac- quired, viz: A first lien on 46 miles of single track — Miles. Rexis to Manver, Pa 18.15 White Mill to Colver Hts., Pa 7.90 Regan Jet. to Nant-Y-Glo, Pa 10.36 Nant-Y-Glo to Revloc, Pa 6.55 Mine branches 3.00 This road serves a large coal territory in Cambria and Indiana Counties, Pa., and con- nects at Rexis with the Pehna. R. R. and Bi.jfalo, Rochester & Pittsburgh Ry. and at Manver with the New York Central R. R. and Penna. R. R. TJtaderlies — '$1,125,000 Gen. 6s of 1944. which are pledged to secure 2-year 6% notes due Aug. 1. 1921. Years ended Dec. 31. Gro33. Net, Interest. 1920 $580,734 $410,566 $158,618 .. 368,253 196.020 166,203 557,393 441.444 196,681 .. 384,933 489,138 178.806 266,486 244,072 89 419 1919 1918 1917 1916 Market. New York — "Watson, Armstrong & Co., Moore, Leonard & Lynch. Philadelphia — Henry D. Boerining & Co., Brown Bros. & Co., Elkins, Morris -& Co., Harper & Turner, Huntoon & Co., Samuel K. Phillips & Co. Price Ransre. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '16 101 '16 95 Feb. 98 Feb. Low. 80 '20 88 '20 80 Sept. 88 Sept. CAMBRIA & INDIANA RAILROAD Equip. Tr. 5s Series "B." l>ue annnuUy to Feb. 1. 1927. . Dated Feb. 1, 1912. Interest payable Feb. 1 and Aug. 1, at office of Trustee. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Autlinrized $220,000 Oatstandingr (Jan. 1, '21) 105,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co.,- Philadelphia, Pa. Secured by an equipment agreement on 300 bteel hopper coal cars and one electric stor- agp battery combination car. Legal for savings banks in Ohio. Markev. See Equip. 6s Series F. CAMBRIA & INDIANA RAILROAD CO. Eauip. Tr. 5s Series "C." Due $20,000 each Feb. 1 from 1914 to 1928, inclusive. Dated Feb. 1, 1913. Interest payable Feb. 1 and Aug. 1, at office or Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $300,000 Outstanding: (Mar. 1, '21) 140,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — .Girard Trust Co., Philadelphia. Guaranteed principal and interest by the Cambria & Indiana R. R. Co. Secured by an equipment agreement on 393 Bteel hopper cars costing $339,000. Legal for savings banks in Ohio. Original Market — Offered by Brown Bros. & Co. Market. See Equip. 6s Series F. CAMBRIA & INDIANA RAILROAD CO. Equip. Tr. 5s Series "E." Due annually to May 1, 1929, inclusive. Dated May 1, 1914. Interest payable May 1 and Nov. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $360,000 Outstanding: (Jan. 1, '21) 216,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee— Girard Trust Co., Philadelphia. Secured by an equipment agreement on 500 steel hopper cars, Legal for savings bank in Ohio. Market. See Equip. 5a Series F. b> company without deduction. Tax exempt in Pennsylvnia. Authorized $1,320,000 Outstanding (Jan. 1, ■21> 968,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co., Philadelphia. Secured by an equipment aereement on 1,000 steel hopper cars costing about $ 1 , - 650,000. Original Market — Offered Dec. 1916, by Brown Bros. & Co., at prices yielding from 4.25% to 4.75% according to maturltits. Legal for savings banks in Ohio. Market. Philadelphia— Sam'l K. Phillips & Co., Brown Bros. & Co. CAMBRIA & INDIANA RAILKOAD CO . Equip. Tr. 5s Series "F." Due $88,000 each Dec. I, from 1917 to 1931, inclusive. Dated Dec. 1, 1916. Interest payable June 1 and Dec. 1, at office of Trustee. Tax Statns — 2 % Federal Income Tax paid CAMDEN & SUBURBAN RAILWAY CO. 1st 5s. Due July 1, 1946. Dated July 1, 1896. Interest payable Jan. and July 1, at Trustee's office. Tax btatus — 2 % Federal Income Tax paid bv company without deduction. Tax exempt in New Jersey, Authorized $3,000,000 Outstanding 1,940,000 Reserved for Corp. Purposes 1,060,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — New Jersey Trust & Safe Deposit Co. , Camden, N. J. Guaranteed as to interest under terms of lease. Organization — Incorporated in New Jersey in 1896. Capitalization. Outstanding. Common *$3. 000,000 Funded debt 1,940,000 *$600,000 paid in. Control — Leased for 999 years from May 1, 1904, to the Public Service Ry, Co., which company is . controlled by the Public Service Corp. of N. J. through ownership of entire ca pital stock. Rental fixed charges anc" an annual amount increasing from $30,000 in li'05 to $120,000 in 1913, and this sum an- nually thereafter. Secured by mortgage on about 60 miles of street railway track, all in New Jersey, run- ning from the City of Camden to Haddon Heights, Haddonfield, Merchantville, Morris- t('Wn, Clementon and Riverton. The property of the Camden Horse Railroad Ct-mpany, which includes about 30 miles of track in the City of Camden, is leased to Camden & Suburban Railway Company for a period of 999 years from April 1, 1896. The leasehold interest of Camden & Subur- ban Railway Company is subject to the lien cf this mortgage. Population served, about 115,000. Franchises are perpetual, with one n:inor exception which expires in 2000. Original Market — $200,000 offered Feb., 1907, at 110 and interest, by Bioren & Co., Philadelphia; offered in i909 by Cramp, Mit- chell & Shober, Philadelplna. and Fidelity Union Trust Co., Newark, N. J.; $250,000 offered April, 1912, at 106 and interest by Bioren & Co., Philadelphia. Market. Philadelphia — Barnes & Lofland, Henry P. Boenning & Co., Huntoon & Co., Samuel K. Phillips & Co., McCown & Co. Price Range. Jan. 1, '10, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 1051^ '12 107 '10 80 Jan. 85 Jan, Low. 67 '20 70 '20 67 Dec. 70 Dec. OAMPBELIi ELECTRIC COMPANY Ist S. F. 78. Due Feb, 1, 1931. Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug. 1, at Old Colony Trust Com- pany, Boston. Tax Status — 2% Federal Income Tax paid by the company without deduction and an additional 2% refunded to bondholders. Massachusetts Income Tax not In execess of 8% (present rate 6^%) refimded. Authorized $185,000 Outstanding- 185,000 Denominations — Coupon, $1,000, $500 and $100; registerable as to principal. Trustee — Old Colony Trust Company, Bos- ton. Redeemable at 103 and interest up to and Includingr Aug*. 1, 1930, on any Interest date upon 60 days' notice. Sinking: Fund — Monthly, beginning March 1, 1921, a sufficient amount to equal $9,000 per year for the purchase or redemption, semi-annually, of these bonds at not over 103 and interest. Organization — Incorporated in Massa- chusetts in 1909. Business, established in 1901. The company manufactures many kinds of -electrical equipment. Including X-ray apparatus, signal transformers, auto- matic time switches, etc. Capitalization. Outstanding. Common $250,000 Preferred 250,000 Furixled debt 185,000 Secured by a first mortgage on the entire real estate and equipment of the company now owned or hereafter acquired. Property covered includes company's plant located at Lynn, Mass., valued at $438,565. Original Market — $185,000, offered Feb., 1921, by C. D. Parker & Co.. Inc., Boston, at 93 and interest. CAMPBELIi, WYANT & CANNON FOITNDRY CO. Ist 7s. Due each Mar. 1 as follows: $150,000. 19Z2» 1923 and 1934, and $300,- 000, 1925. Dated March 1, 1920. Interest payable Mar. 1 and Sept. 1 at Continental & Com- mercial Trust & Savings Bank. Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $750,000 Outstanding 750,000 Purpose of Issue — To provide funds for the coi^struction of a new plant to cost abouf $1,000,000. Denomination — Coupon, $1,000 (except a rortion of bonds due in 1925 which are in $500 denominations). Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable as a whole or In part on 60 days' notice as follows: 102% and interest during the first two years, 102 and interest during the third year, 101% and interest during the fourth year and 101 and Interest during the fifth year. Organization — Incorporated in Michigan in 1910. The company manufactures grey iron motor castings for tractors, trucks and pas- senger cars. Capitalization. Outstanding. Common $800,000 Funded debt - 750,000 Secured by a first mortgage on all fixed property of the company now owned or here- after acquired. The property covered includes plant located at Muskegon Heights. Mich., &nd occupies about 18 acres. An additional site of 110 acres has Just been acquired out- side the city limits upon which a new plant is to be constructed. More than half the area of the present plant Is of steel and concrete ccnstruction. The new plants will be entirely of steel and concrete, and fireproof through- out. ' The output is between 2,500 and 3,000 tons per month of grey iron motor castings. Number of employees, over 1,300. l^'ears ended Dec. 31. ♦Net. l'J19 $271.94J 1918 145.007 1917 140,011 li*16 139,646 *After Federal taxes, depreciation, etc. Original Market — $750,000 offered Mar., 1020, by Continental & Commercial Trust & Savings Bank, Chicago, at prices ranging from 99.54 to 98.96 and interest according to ma- turity. CANADA BREAD CO. iMt S. F. 6s. Dae Aug. 1, 1941. Dated Aug. 1, 1911. Interest payable Feb. 1 and Aug. 1, at Canadian offices of the linion Bank of Canada or the Bank of Nova Scotia. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $1,250,000 Outstandiner ' 1,118,900 Retired by S. F 77,000 Denomination — Coupon, $100, $500 and $1,- 000. Hegisterable as to principal. Trustee — Chartered Trust & Executor Co., Toronto. Redeemable at 110 and interest on three months' notice. Sinking Fund — 1% annually of outstanding bonds beginning Aug. 1, 1912. Organization — Incorporated in Ontario In ion. Capitalization. Outstanding. Common $2,500,000 Preferred (7% non-cum.) 1,250,000 Funded debt 1,118,900 Secured by a first mortgage on three bread bakeries in Toronto, two in Hanailton, one in Montreal, and one in Winnipeg. Capa- city, 600,000 loaves of bread per week. Years ended June 30. Net. Dep'n.etc Interest 1920 $310,118 $72,714 $67,199 ■1919 196,152 50,000 67.989 1918 226,206 12,500 68,938 1917 212,812 12,522 71.028 •Interest only, tNet after depreciation. Listed on the Toronto Stock Exchange. Original Market — Offered Aug., 1911, by Cj'Wthra, Mulock & Co. and Baillle, Wood & Cioft, Toronto, at 98% and interest, and 25% bonus in common stock. Market. New York — G. B. de Chadenedes & Co. Montreal — National Bond Co., Inc., Hew R. "Wood Co. Toronto — Manning Bros. & Co., Hausser, Wood & Co. 190 CANADA CEMENT CO., LTD., 1st 6s. Due Oct. 1, 1929. Dated Oct. 1, 1909. Interest payable April 1 and Oct. 1. at Bank of Montreal, Montreal and London. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $8,000,000 Outstanding: (Apr. 1, '21) 6,346,260 Retired by S. F 1,653,740 Denomination — Coupon, $100, J500 and $1,- 000 and £100. Registerable as to principal. Trustee — Royal Trust Co., Montreal. Redeemable as a whole or In part at 110 end Interest at any time on three months* notice, and for sinking fund on any Oct. 1. Sinking Fund — 2% per annum, plus Inter- est on bonds In sinking fund to purchase bonds at not exceeding 110 and interest. If rot purchasable bonds are to be called. Bends acQufred to be cancelled. Organization — Incorporated in Canada In August, 1909. Capitalization. Outstanding. Common $13,600,000 Preferred '7% cum.) 10.500.000 Funded debt 6.346,260 Secured by a first morti?age on a number of cement plants in Canada with a total ca- pocity per annum of 6,800,000 barrels of Port- lend cement. Years ended Dec. 31. Nf t. Interest. 1920 $1,562,251 $392,622 1919 1,907,969 406,793 1918 2,215,708 420,064 1917 2,861,247 432.066 Listed on the Montreal and London Stock B xchangf s. Original Market — Offered In 1909 by the Royal Securities Corp. and Dominion Securi- ties Co., Montreal, etc., at 100 and interest. Market. New York — Miller & Co., Sutro Bros. & Co. Montreal — Mackenzie & Kinsman, Bal- four, White & Co. Price Range. Jan. 1, 'IS, to Jan. 1 ,'ai 1920 Bid. Ask. Bid. Ask. High 10014 '12 101 '12 97 Mar. 100 Mar. Low. 80 '20 82 '20 80 Mar. 82 Mar. CANADA ^OCTKEBN RAILWAS CO. 1st & Bef. Cons. 5s Series **A.'* Due Oct. 1, 1962. Dated October 1, 1912. Interest payable April and Oct. 1, at Treasurer's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Anthurizrd t40,000,000 Outstanding 22,600,000 Beserved ror Prior Lien 130,000 Reserved for Ext 17,370,000 Denumlnatiun — Coupon, $1,000. Kegister- able as to principal or fuily registerable. Registered. $1,000, $5,000, $10,000, $50,000 and multiples of $6,000. C. & R. Interchange- able. Trustee — Guaranty Trust Co., New York. Guaranteed as to principal and interest by the Mich. Cent. R. B. Co. by endorsement. Organization and Control — Incorporated in Canada In 1868. Leased in 1904 for 999 years to the Michigan Central R. R. Co. at a rental eauivalent to all fixed charges and 3% en $15.0(10,000 on stock outstanding. Capitalization. Outstanding. Common $16,000,000 Funded debt 22,600,000 Secured by a llrsc mortgage on 380.04 miles ot road, viz : A first lien on 366.24 miles — Miles. Windsor to Suspension Bridge 226.18 St. Clair Jet. to Courtrlght 62.60 Niagara to Fort Brie 30.70 Amherstburg ro Essex Centre 16.83 Welland Jet. to Brldgeburg 17.60 Branches 12.40 A second Uen on 13.80 miles — Covered by Leamington & St. Clair 1st 4s: Leamington to Comber .station 13.80 A first lien on $700,000 (entire Issue) cap- ital stock Niagara River BridgL Co. Prior Lien — $130,000 Leamington & St. Clair 1st 4s of 1945. Iicgral for Savings Banks in Cal., Mich., N. H., N. J. Listed on the New York and London Stock Exchanges. Original Market — $20,000,000 altered Dec, 1912, in exchange for maturing bonds by J. P. Morgan & Co., New York, and $2,600,006 offered by Ladenburg, Thalmann & Co.. Har- ris, Forbes & Co., New York, and Coutts & Co., London, at 106% and Interest, Jan., 1918. Market. New York — Barton & Co., Simon Borg & Co., Ambrose B. Clark & Co., Constable Fleming, Dunham & Co., Arthur B. Frank & Co., Knauth, Nacbod & Kuhne, Prince & Whlteiy, R. W. Pressprich & Co., Redmond & Co., Rutter & Co., Struthers & Hiscoe, Seasongood, Haas & Macdonald, Taylor, Smith & Hard, Vanderhoef & Robinson. Price Range — ^N. Y. S. E. Jan. 1, '14, to Jan. 1, '21 1920 High 106 '/s Apr. 16, '14 91 Oct. 8 Low. nVi. July 9, '20 77liJuly9 CANADA STARCH CO., LTD., 1st 6s. Doe Oct. 1, 1930. Dated Oct. 1, 1910. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $500,000 Outstanding: (Jan, 1, '21) 600.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee— Royal Trust Co., Montreal. Redeemable on Oct. 1, 1915, and on any Interest date thereafter at 110 and interest.. Organization — Incorporated in Canada, Feb., 1906, and absorbed the Imperial Starch Co.. Prescott, Edwardsburg Starch Co.. Montreal. Brantford Starch Works, Brantford, and Fort William Starch Co., Fort William. Capitalization. Outstanding. Common $1,186,500 Pref. (7% non-cum.) 1,186,600 Funded debt 600,000 Secured by first mortgage on plants of the company located at Cardinal and Fort Will- lam, Ont., Canada. Haruings — Not reported. Market. Montreal — Nat'l Bond Co., Inc., H. B. Rob- inson & Co., Hew R. Wood Co., Balfour, White & Co. Toronto — Manning Bros. & Co. Price Range Jan. 1, '19 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94 '19 96 '19 90 Mar. 95 Mar. Low. 90 '20 95 '20 90 Mar. 95 Mar. 191 CANADIAN CAB & FOUNDRY CO., LTD., 1st 6s. Due Dec. 1, 1939. Dated Dec. 1, 1909. Interest payable June and Dec. 1. at any agency of the Bank of Montreal or Trustee's ofllce. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $7,600,000 OntstanOing (Sept. 30, '20)... 5,028,147 Retired S. F 1.246,853 Reserved for Ext 1,226,000 Denomination — Coupon, $10CI. $600 and $1,000. Registerable as to principal. Trustee — Royal Trust Co., Montreal. Redeemable as a whole at 110 and inter- est on Dep. 1. 1919. or thereafter, or in part for sinking fund on any interest date at 110 and interest. Slnldng Fend — On July 1, 1912, and an- nually thereafter 2% of all bonds Issued, plus an amount eaual to the annual interest on bonds redeemed. Bonds to be purchased or redeemed at not exceeding 110 and interest. Organization — Incorporated in Canada. Oct., 1909, and has acquired the properties of the following companies: Canada Car Co., Ltd., Pbodes-Curry Co., Ltd., Dominion Car & Foundry Co., Ltd., Pratt &. Letchworth CO., Ltd., and owns the entire capital stock of the Canadian Steel Foundries, Ltd. (latter ermpany is a mergrer of the Montreal Steel Works. Ltd., and the Ontario Iron & Steel Co.) Capitalization. Outstanding. Common $4,975,000 Preferred (7% cum. and part.) 7,600,000 Funded debt 5,028,147 Secured by a first mort&aee on all the prop- erty of the company and including the plants of the company, two of which are located at Montreal, Quebec, and one each at Ft. Will- iam, Ont., and Amhtrst, Nova Scotia. Years ended Sept. 30 (combined): Net. Dep'n. Interest. 1920 $1,516,712 $616,800 $459,615 1919 2,993,470 568,719 493,911 1918 4,617,390 711.6S3 607.306 1917 2,672.884 467,610 623,916 1916 1.292.106 360,000 538.693 I^isted on the Toronto, Montreal and London Stock Exchanges. Original Market — $2,360,000 offered in 1910 at 102% and interest by Lee. Higginson & Co., Boston, and Royal Securities Corp., Mon- treal; $600,000 sold to same firms In Sept., 193 2, and $500,000 additional July, 1913. Market. New York — Miller & Co., Vanderhoef & Robinson, Jenks Gwynne &'Co., Sutro 'Bros. & Co., Rutter & Co. Baltimore — Wm. E. Holloway. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 107 '12 108 -12 85 Mar. 89% Feb. Low. 71 '20 76% '20 71 Apr. 76% Apr. Years ended Dec. 31; Gross. Net. Interest. 1920 $1,749,583 $891,178 $68,457 1919 1,234,03,0 136,410 64,533 1918 1,155,192 69,806 After Int. 1917 763,482 43,340 After int. 1916 577,676 51,614 47,464 Usted oh Montreal Stock Exchange. Original Market — $500,000 offered in 1911 by the Investment Trust Co., Montreal, at 9!i% and interest. Market. New York — G. D. de Ohadenedes & Co., Oarruthers, Pell & Co. Montreal — Nat'l Bond Co.. Inc., Hew R. Wood Co., Balfour, W^hite & Co. Toronto — Oxford Securities Corp., Ltd. Price Range. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92 '19 95 '19 90 Mar. 96 Mar. Low. 90 '20 92 '18 90 Mar. 96 Mar. CANADIAN CONSOLIDATED FELT CO. 1st S. F. 6s. Due April 1, 1940. Dated April 1, 1910. Interest payable April 1 and Oct. 1, at Bank of Toronto. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Outstanding (Jan. 1, '21) 345,500 Retired by S. 1' 138,500 Purcliased and Cancelled 16,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Royal Trust Co., Montreal. Redeemable as a whole or In part at 106 and interest on three months notice. Sinking Fund — Beginning April 1, 1911, and annually thereafter 2% of outstanding bonds to be applied to the purchase of bonds at not exceeding 105 and interest, or if not pur- chasable, to their redemption at that price. Guaranteed as to principal, interest and sinking fund by the Canadian Consolidated Rubber Co. Organization and Conlroi — Incorporated March, 1910, in Canada as a consolidation of the Berlin Felt Boot Co., the Kimmel Felt Co. and the Blmira Felt Boot Co., which com- panies manufacture felt boots. Controlled through stock ownership by the C^anadian Con- solidated Rubber Co. The United States Rub- ber Co. owns a majority of the stock of the last-named company. Capitalization. Outstanding. Common $1,600,000 Preferred (7% cum.) ._^. . . 600,000 Funded debt 345,500 Secured by first mortgage on three manu- facturing plants, two of which are located at Berlin and one at Elmira, Ontario. 192 CANADIAN CONSOLIDATED EUBBER CO., LTD., Coll. Tr. 6s. Due Oct. 1, 1946. Dated Oct. 1, 1906. Interest payable April and Oct. 1 at Bank of Toronto. Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,600,000 Outstanding 2.600,000 Denomination — Coupon, $100, $500 and $1,000. Trustee — Royal Trust Co., Montreal, Can. Redeemable at any time at 110 and Inter- est. Organization — Incorporated in Canada in 1906 and owns the entire capital stock of the Canadian Rubber Co. of Montreal, Ltd., Ber- lin Rubber Mfg. Co., Ltd., Merchants Rubber Co., Ltd.. Maple Leaf Rubber Co.. Ltd., Granby Rubber Co., Ltd., Dominion Tire Co.. Ltd., Dominion Rubber Co., Ltd. Also owns a controlling stock interest in the Canadian Consolidated Felt Co. Acts as selling agent for the above companies. The company is controlled by the United States Rubber Co. Capitalization. Outstanding. Common $2,805,500 Preferred (7% non-cum.) 3,000,000 Funded debt 10,600,000 Secured by a mortgage on the plants of the Granby Rubber Co. and by deposit of the en- tire capital stock of the Canadian Rubber Co. of Montreal, Ltd. Years ended Dec. 31. Gross. Net. Interest. 1920 $26,675,513 $2,256,252 $969,085 1919 23,162,978 2,397,678 646,071 1918 18,785,640 *1,604,851 1917 16,323,432 •1,208,018 ♦After interest. Listed on the Montreal Stock Exchange. Original Market— Offered by Bank of To- ronto and Royal Trust Co., Montreal, at par and interest, Dec, 1906, Market. New York — Miller & Co., W. S. Maoomber. Montreal — Dominion Securities Corp., Nat'l Bond Co., Inc., Hew P.. Wood Co., Balfour, White & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '16 101 '16 92 Mar. 94% Jan. Low. 87 '16 88 '15 92 Mar. 88 Dec Due CANADIAN COTTONS, LTD., 1st 6s. July 2, 1940. Dated July 2, 1910. Interest payable Jan. 2 and July 2, at Royal Trust Co., Montreal, and agencies of Bank of Montreal. Tax Status — ^Payment of Federal Income Tax not assumed by company. Aathorized $5,000,000 Outstandingr (Mar. 31, '21) .... 3,393,480 Retired by S. I' 494,895 In Treasury 1,111,625 Denomination — Coupon, $100, $600 and 51,000. Registerable as to prmcipal. Trustee — Royal Trust Co. , Montreal. Redeemable at 105 and Interest on six months' notice. Sinking Fund— 1% annually of outstanding bonds commencing- July 2, 1913, for the pur- chase of these bonds at not above 105 and Interest. IC not purchaseable to be drawn by lot. Bonds acquired are cancelled. Organization — Incorporated in Canada as the Canadian Colored Cotton Mills, Feb., 1892; .name changed to present title Aug., 1910. Owns a controlling interest in the Cornwall &-York Cotton Mills Co., with two plants at St. John, N. B. Capitalization. Outstanding. Common $2,715,600 Preferred (6% non-cum.) 3,661,600 Funded debt 3.393.480 Secured by a first mortgrage on all the prop- erty of the company, which includes 7 mills and a bleaching and print w^orks located at Milltown and Marysville, N. B., Cornwall and Hamilton, Ont., and Montreal, Que, Property includes two valuable water powers at Mill- town and Cornwall, respectively. Substituted Security — Company has sold the Mount Royal Mills to the Dominion Textile Company, Ltd., for $2,375,000, payment to be made in bonds and cash. Property sold is covered by the lien of the above mortgage and proceeds of the sale will be turned into Royal Trust Company, Montreal, Trustee, to replace the property released. lears ended March 31. Bond Int. $177,660 209,700 209,700 209,700 Stock Net. Dep*n, etc. 1920 $1,581,046 $810,000 1J19 1,663,103 615,000 1918 1,126,125 300,000 1917 792,833 10,000 liisted on the Montreal and London Exchanses. Original Market — Offered April, 1911, by the Royal Securities Corp., Montreal, at 92 and Interest; $400,000 offered in March, 1912, at 86 and interest by C. Meredith & Co., Montreal; $1,000,000 offered Oct., 1912, at 86 and interest by Royal Securities Corp. Market. Montreal — Dominion Securities Corp., Nat'l Bond Co., Inc., Nesbitt, Thomson & Co.. New R. Wood Co., Hanson Bros. Toronto — Oxford Securities Corp., Ltd. Price Range. Jan. 1, '15. to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 86 '19 87*15 82 Mar. 86 Mar. Low. 74 '20 75 '20 74 May 75 Oct CANADIAN LIGHT & POWER CO.. liTD., OF MONTREAL 1st 5s. Due July 1, 1949. Dated July 1, 1909. Interest payable Jan. and July 1, at Trustee's office, and London Joint Stock' Bank, Ltd., London. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $6,600,000 Ont^tandins: (Jan. 1» '21) 5,845,500 Retired by S. F 654,500 Denomination — Coupon, $600 and $1,000. Btgisterable as to principal. Trustee — Royal Trust Co., Montreal, Can. Redeemable at 105 and intereat on 60 days' notice. Sinking Fund — 1% of all bonds issued an- nually beginning July 1, 1914. Bonds to he. purchased or redeemed at not exceeding 105 and interest. Organization — Incorporated in Canada in 1&04. Capitalization.- Outstanding, Common $6,000,000 Funded debt 6,500,000 Control — Over 90% of the capital stock Is Ofvned by Montreal Tramways & Power Co, Secured by a first mortgage on hydro-elec- tric plant on St. Lawrence River about 30 miles from Montreal with a present develop- ment of 30,000 h. p.; also on franchise and plant supplying electric light and power In the downtown business district of Montreal. In 1916 the distribution system of this com- pany in Montreal was acaivred by the Mont- real Public Service Corp. Franchise per- petual. Market. New York — Miller & Co., Berdell Bros., Jenks Gwynne & Co. Montreal — Balfour, White & Co., Sutro Bros. & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 821^ '11 85 "10 47 Mar. 58 May Low. 35 '18 44 'IS 40 July 48 Aug. CANADIAN locomotive: CO. 1st S. F. 6s. Due July 1, 1951. Dated July 1, 1911. Interest payable Jan. and July 1, at agencies of the Bank of Mon- treal. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding: (May 3, '21) 1,409,600 Held in S. F 90.400 Reserved for Corp. Purposes... 500,000 Denomination — Coupon, $100. $500 and $1,000. Registerable as to principal and in- terest. C. & R. interchangeable. Trustee — National Trust Co., Toronto. Redeemable as a whole at 105 and interest on or after July 1, 1914, on six weeks' notice, or for sinking fund commencing July 1, 1916. Sinking Fund — Beginning on July 1, 1916, 1 % per annum of bonds oul standing and those held in sinking fund, together with in- terest on bonds in sinking fund, to be ap- plied to the purchase of bonds at not exceed- ing 106 and interest. If not purchasable, bonds are to be called. Organization — Incorporated in Canada June 9, 1911, as successor to company of same name which began business in 1901. Capitalization. Outstanding, Common $2,000,000 Preferred (7% cum.) 1,500,000 Funded debt 1,409.600 Secured by a first mortgage on all the prop- erty of the company, including a large plant In Kingston, Ont. Tears ended June 30. Net. Dep'n, etc. Int. & S.P. 1920 $367,969 $147,780 $105,000 1919 892,976 125,599 105,000 1918 677,937 125.000 105,000 1C17 721,255 125,000 106.000 1916 574,212 190.0G0 105,000 Listed on Montreal and Toronto Stock Bx- changes. Original Market — $1,500,000 offered Nov., 1911, at par and interest by Aemilius Jarvis & Co., Toronto, and the Dominion Securities Corp., Montreal, etc. Market. Montreal — Dominion Securittea Corp., Nat'l Bond Co., Inc., Hew R. Wood Co. Toronto — Dominion Securities Corp., Ltd,, Oxford Securities Corp., Ltd. Price Range Jan. 1, *19, to Jan. 1, *21 Bid. Ask. High 95 '19 100 '19 Low. 75 '20 80 '20 1930 Bid. Ask. 75 Nov. 951^ Feb. 75 Nov. 80 Nov. CANADIAN NATIONAL RAILWAYS li>-Year Equip. Tr. 78. Due May 1, 1935. Dated May 1, 1920, Interest payable May i and Nov. 1, at Girard Trust Company, Phila- delphia or Hanover National Bank, New ;Tork. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $15,000,000 Outstanding: (Apr. 4, '21) 14,500,000 Cancelled 500,000 Denomination — Coupon, $1,000; re^^islerable as to principal. Trustee — Girard Trust Company, Philadel- phia. Not Callable. Sinking Fund — Semi-annual payments of $500,000 beginning Nov. 1, 1920, must be used by the Trustee to purchase certificates at or under par if obtainable. At the end of each six months any unexpended balance must be used at the direction of the railway to pur- chase either these certificates or Canadian Government obligations due before maturity date of the certificates. Certificates may be purchased at a premium and tendered by the railway company to the Trustee under the foregoing provision. Organization) — The Dominion Parliament has authorized the incorporation of the Canadian National Railways to take over the Govern- ment owned railways. The system will com- prise 22,275 miles, extending from Halifax on the Atlantic Coast, to Vancouver on the Pa- cific Coast, touching practically every impor- tant center in Canada. The Canadian Gov- ernment owns $100,000,000 of the $100,000,- 600 stock of the company. Secured by an equipment trust agreement on new railway equipment costing $20,024,500, an Initial payment of $5,024,500 or over 25% of the cash contract cost being made. Under the provisions of the statutes of Canada the rentals payable under the lease of this equipment rank as a railway working expenditure and constitute a claim against earnings prior to both principal and interest of mortgage debt. Legral for savings banks in Ohio. Original Market — $15,000,000 offered May, 1920, by Wm. A. Read & Co., New York, Boston, Chicago and Philadelphia, at 99 and Interest. NcAV York — Beverley Bogert & Co., New- ton G. Chase, Evans, Stillman & Co., Free- man & Co., Sam'l Goldschmidt, Salomon Bros. & Hutzler, Mann, Pell & Peake, Mer- rill, Lynch & Co. Boston — Moors & Cabot. Philadelphia — Henry D. Boenning & Co., Daniel & Co., Reed A. Morgan & Co., "Wur- tls, Dulles & Co. Pittsburgh — Stout & Co. liOS Angfeles — Banks, Huntley & Co. San Diego — Blyth, Witter & Co. Louisville — Block, Fetter & Co., Fidelity & Columbia Trust Co. Detroit — Joel Stockard & Co. Salt liake City — Palmer Bond & Mortgage Co. Milwaukee — First Wisconsin Co. Price Range 1920 Bid. Ask. High 101% Nov. 102% Nov. Low 96% July 97% July CANADIAN NORTHERN COAL & ORE DOCK CO., LTD., Ist Sinlung Fund 5s. Due Jan. 1. 1936. Dated Jan. 1, 1916. Interest payable Jan. and July 1, at Trustee's office, New^ York City. Tax Status — Payment q£ Federal Income Tax not assumed by company. Tax free in Canada. Authorized $2,000,000 Outstanding (Mar. 1, '20) 1,580,000 Outstanding: (Mar. 1, '21) 1,531,000 Held in S. F 219,000 Reserved for Ext 250,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Columbia Trust Co., New York, and National Trust Co., Ltd., Toronto. Redeemable as a whole at 105 and interest after Jan. 1, 1921, and In part for sinking fund after Jan. 1, 1917. Sinking Fund — ^Annually on or before Jan. 1 beginning 1917, 2% of outstanding bonds for the purchase or redemption of these bonds at not over 105 and interest. Bonds so ac- quired to be kept allvp and interest added. Organization — Incorporated in Ontario, Canada. Capitalization. Outstanding. Common $500,000 Funded debt 1,531,000 Secured by a first mortgage on all the property of the company, comprising water- ficnt real estate, dock, storehouses, hoisting tcwers, cable cars and other ore dock equip- ment located in the city of Port Arthur, On- tario (on Lake Superior). Storage capacity 500,000 tons of bituminous and 160,000 tons of anthracite coal. About 8,000 tons can be unloaded and handled in a ten-hour day with present equipment. The coal is used by the Canadian Northern Ry. Co. and also distrib- uted in Northern Ontario and Western Can- ada. Lease — ^Property leased for 25 "years from Jan. 1, 1916, to the Canadian Northern -Ry, Co. As of June 15, 1915, amiualrental $122,- 500, which is increased when any of the $250.- OOC escrow bonds are issued. Annual rental when $2,000,000 are outstanding $140,000. Rental to be paid direct to the Columbia Trust Co.. Trustee^ for interest and sinking fund requirements. Under the Railway Act of Canada this re-ital is payable from the giosa earnings of the Railway Company be- fore deduction for interest on its bonded In- debtedness. Under terms of lease the Rail- way Company shall pay all taxes, mainte- rance charges and keep the property fully irsured. In the opinion of coimsel it would be Impossible, under the Railway Act of Can- ada, for the Railway Company through re- ceivership proceedings, abrogate or cancel this lease. Original Market — $ 1,375,000 offered July, 1916, by the Chicago Truat Co., Chicago, and Chas. H. Jones & Co., New York, at 88.60 and Interest. Market. New Tork — McClure, Jones & Reed, Wat- son, Armstrong & Co., Pynchon & Co., Chas. H. Jones & Co. Philadelphia — Barclay, Moore & Co., Hen- ry D. Boenning & Co., Barnes & Lofland. Montreal — Balfour, W^hlte & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 89 '16 93-16 89 Mar. 94 Mar. Low. 73 '20 79 '20 73 Aug. 79 Aug. CANADIAN NORTHERN RAI1.WAY CO.— Imperial Rolling Sto'^k Co.. JAd. — Slquip. 4%8 Series "Al." Due $184,000 semi- axuiually Feb. 1, 1912 to Augr. 1, 1920, inclusive, and $188,000 Feb. 1, 1921. Dated Feb. 1, 1911. Interest payable Feb. and Aug-. 1, at Canadian Bank of Commerce, Toronto, New Tork and London. Tax Status — 2% Federal Income Tax paid b> company without deduction. Authorized $3,500,000 Outstanding: (Mar. 1, '21) 372,000 Balance cancelled. Denomination — Coupon, $ 6 und $1,000. P.egiaterable as to principal. Trustee — National Trust Co., Ltd.. Toronto. Guaranteed as to principal and interest by the Canadian Northern Ry. Co. by terms of sale. Secured by a conditional bill of sale cover- ing 42 locomotives, 4 snow plows, 300 flat cars, 1,600 box cars, 20 ore cars. 10 baegasre cars, 4 dining- cars, 250 convertible cars, 200 stock cars, 100 refrigerator cars, 38 passenger cars, 6 passenger and baggage cars. 2 bag-- gage and m.all cars, 10 sleepinsr cars, 15 ca- boose cars, costing $4,996,570, of which the railway company paid $1,490,570 In cash, lieg^al for savings banks in Ohio. Original Market — First offered by Dominion Securities Corp., Toronto, and Wm. A, Read & Co., New Tork. Market. See Series "D Gs." CANADIAN NORTHERN RAILWAY CO.— Imperial Rolling Stock Co., Ltd. — Bquip. Tr. 4^/4b Series "CI." Doe semi-annu- ally $100,000 April and Oct. 1 from April 1, 1913 to 1917f inclusive, and $110,000 to April 1, 1922, inclasive. Dated April 1, 1912. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding (May 1, '21) 210,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — ^Philadelphia Trust, Safe Deposit & Insurance Co., Philadelphia. Guaranteed as to principal and interest by the Canadian Northern Ry. Co. by terms of sale. Secured by a conditional bill of sale on 25 locomotives, 1 snow plow, 1,084 box cars, 20 caboose cars, 100 flat cars, 550 steel under - frame flat cars, 300 ballast cars, which cost $2,667,165, of which the railway company paid $667,165 in cash. n licgal for savings banks in Ohio. Original Market — Offered by "Wm. A. Head & Co., in 1912, on a 4.75% basis. Market. See Series "D 6s." CANADIAN NORTHERN RAILWAY CO.— Imperial Rolling Stock Co., Ltd. — Equip. 41/^s, Series "D-1." Due semi-annuaUy $160,000 April and October 1, to April 1, 1917, inclusive; $165,000 thereafter to April 1. 1922, inclnsive. Dated April 1, 1912. Interest payable April and Oct. 1, at Canadian Bank of Commerce, Toronto, New Tork and London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding (May 1, '21) 330,000 Balance retired. Denominatiour — Coupon, $1,000 and $600, Registerable as to principal. Trustee— National Trust Co., Toronto. Guaranteed as to principal and interest by thf- Canadian Northern Ry. Co. by terms of sale. Secured by a conditional bill of sale on 41 locomotives, 1,866 box cars, 50 caboose cars, 100 ballast cars. 3 passeng^er and baggage C£.rs, 250 flat cars, 34 passenger cars, 2 pas- senger and mail cars, 12 baggage and mail cars, 21 baggage cars. 4 dining cars, 3 pas- senger and baggage cars and 41 locomo- tives, costing $4,150,631, of which the rail- way company paid $1,150,631 in cash. Legral for savings banks In Ohio. Origrinal Market — $3,'000.000 offered in June, 1912, by Wm. A. Read & Co., New York, and the Dominion Securities Corp., Toronto, on a 4.75% basis. Market. See Series "D 6s." i CANADIAN NORTHERN RAILWAY CO.— Imperial, Rolling Stock Co., Ltd. — ^Eanip. 4^s Series "!E1." Due semi-annually $106,000 March and Sept. 1 to Sept. 1, 1922, inclusive. Dated Sept. 1, 1912. Interest payable March and Sept. 1, at Canadian Rank of Connmerce, Toronto, New Tork and London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 outstanding: (May 1, '21) 315,000 Balance retired. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — National Trust Co.. Ltd., Toronto. Guaranteed as to principal and interest by the Canadian Northern Ry. Co. by terms oE ssle. Secured by a conditional bill of sale on 37 locomotives, 1,025 box cars, 70 automobile box cars, 10 tank cars, 75 caboose cars. 6 first-class coaches, 25 second-class coaches. 6 sleeping cars. 2 parlor cars, costing $2,797,- 370, of which the railway company paid $79'7,370 in cash. Leg:al for savings banks in Ohio. Original Market — $2,000,000 offered in 1912 by Wm. A. Reid & Co., New York, and Do- minion Securities Corporation, Ltd., Toronto. Market. See Series "D 6s." 195 CANADIAN NORTHERN RAILWAY CO.— Imperial Rolling Stock Co., Ltd. — ^Eanip. AVzB Series **F1." Due $210,000 semi- annually March and Sept. 1 from March 1, 1914, to Sept. 1, 1922, inclusive: and $220,000 March 1, 1923. Dated March 1, 1913. Interest payable March and Sept. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,000 Outstanding: (May 1, '21) 850,000 Balance retired. •• Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co., Philadelphia. Guaranteed as to principal and interest by the Canadian Northern Ry. Co. by terms of' sale. Secured by a conditional bill of sale on 90 ■ ' locomotives, 2 snow plows, 1,780 box cars, 700 flaflt cars, 300 Hart convertible cars, 20' passenger cars, 71 stock cars, 90 locomotive« passenger cars, 71 stock cars, 90 loconao-- tives, 2 snow plows and 5 baggage cars, costing $5,333,606, of which the railway company paid $1,333,606 in cash. Legral for savings banks in Ohio. Original Market — $4,000,000 offered 1913 by Dominion Securities Corp., Toronto, and Wm. A. Read & Co., New York, on a 5 % basis. - Market. See Series "D 6s." CANADIAN NORTHERN RAILWAY CO. — Imperial Boiling Stock Co., Ltd. — ^Equip. Tr. Wss Series "Gi." Due $50,000 semi-annually March 1 and bept. 1 from March 1, 1914, to March 1, 1918; and $55,000 from Sept. 1, 1918, to Alarch 1, 1923, inclusive. Dated March 1, 1913. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 OutstanOing: (May 1, '21) 220,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. ' Trustee — Girard Trust Co., Philadelphia. Guaranteed as to principal and interest by the Canadian Northern Ry. Co. under terms ot equipment lease. Secured by an equipment agreement on 11 combination cars, 5 baggage cars, 4 coaches, 9 '4 box cars, 260 box cars, 2 consolidation locomotives, 12 switching locomotives and 79 stock cars, costing $1,339,932, of which amount the railway company paid $339,932 in cash. Legral for saving's banks in Ohio. Origrinal Market — Offered May. 1913, by A7m. A. Read & Co.. New York, Chicago, etc., a.t prices to yield 5%, Market. See Series D 6s. CANADIAN NORTHERN RAILWAY CO.— Imperial Rolling Stock Co., Ltd. — ^Equip. Tr. 5s Series "HI." Due $40,000 each June 1 and Dec. 1 from Dec. 1, 1914, to June 1, 19^3, inclusive; and $30,000 Dec. 1, 1923. Dated Dec. 1, 1913. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $760,000 Outstandingr (May 1, '21) 190,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co., Philadelphia. Guaranteed principal and interest by the Canadian Northern Ry. Co. under terms of equipment lease. Secured by an equipment agreement on 300 box cars, 75 ore cars, 25 refrigerator cars, 50 cabooses, 6 sleeping coaches, 10 passenger cars and 8 switching locomotives, coating $1,003,058, of which the company paid $253,- 058. Leg-al for savings banks in Oftio. Original Market — Offered Dec, 1913, by "Wm. A. Read & Co., New York, at prices to yield 6%%. Market. See Series X> 6s. CANADIAN NORTHERN RAILWAY 5 % Equips. Series "Kl." Due $105,000 each April 1 dnd October 1 from October 1. 1915, to April 1, 19:34, and $110,000 on October 1, 1934. Dated October 1, 1914. Interest payable April 1 and October 1, at Trustee's office. Tax Statns — Payment of Federal Income Tax not assumed by coTnpany. Authorized $2,000,000 Outstanding: (May 1, '21) 950,000 Balapce retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Trust ' Co., Philadelphia. Guaranteed as to principal and interest by the Canadian Northern Ry. by endorsement. Secured by an equipment trust agrreement on 20 first class sleeping cars, 7 dining cars, 56 colonists' sleeping cars. 7 tourist sleeping cars, 12 first class day coaches, 6 second clasa tourist cars. 6 electric interurban cars, 3 snow plows and 28 baggage and mail cars, costing $2,669,040, of which $669,040 was paid in cash. Lcffal for savings banks in Ohio. Original Market — Offered in January, 1915, by William A. Read & Co., New York, Phila- dPlphia and Chicago, at prices to yield froni 6% to 5%%, according to maturity. , , Market. See Series D 6s. CANADIAN NORTHERN RAILWAY CO.-^ Imeperiol Rolling: Stock Co., Jjtd., Equip. Trust 5s Series **L-I." Due $66,000 ea<^ February 1 and August 1, from Angmst ; 1, 1917, to February 1, 1926, inclusiTe> and $62,000 Augmst 1, 1926. Dated August 1, 1916. Interest payable February 1 and August 1 at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $1,250,000 Outstandingr (May 1, '21) 722,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., Philadelphia. Guaranteed principal and interest by the Canadian Northern Railway Co. by endorse- ment. % Secured by an equipment agreement on 750 box cars, 6 steel tank cars, 50 cabooses, 10 steam locomotives, 6 electric locomotives, 5 second class steel coaches, 1 rotary plough, 3 snow ploughs, costing $1,6 67,298, of which over 25% was paid in cash under Canadian laws. K-entals on this equipment rank as a working expenditure and constitute a claim prior to both principal and interest of all its bc-nds and other securities. Legal for savings banks in Ohio. Original Market — Offered August, 1916. by "William A. Read & Co., New York, etc., and Dominion Securities Corporation, Toronto. Market. See Series D 6s. CANADIAN NORTHERN RAILWAY Rqulp. Tr. 6s Series **A." 1918. Due each July 1 as follows; $750,000 1919 and 1920; $450,000 1921 to 1926, inclusive, and $400,000 1927 and 1938. Dated July 1, 1918. Interest payable Jan, 1 and July 1, at Trustee's ofUce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding: (May 1, '21) 3,500,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed principal and interest by the Canadian Northern Ry. Co. by endorsement. Control — See Equip. Trust 6s Series D. . Secured by an equipment trust agreement on 1,500 40-ton steel frame box cars 200 30- ton stock cars, 250 50-ton steel frame gon- dolas, 250 50-ton dump cars, 215 40-ton steel frame flat cars. 25 50-ton steel tank cars and 10 consolidated locomotives, costing $7,- 144,336, Of Which amount the railway com- pany paid 30% cash. Legral for savings banks in Ohio. Orisinal Market — $5,000,000 offered July, 1918, by Wm. A. R^ad & Co., New York, etc., on it 7^/4% basis. Market. See Equip. Tr, 63 Series "D.'* CANADIAN NORTHERN RAILWAY Eauip. Tr. 6s Series "B," 1919. Due $375,000 each July 1 and Jan. 1, from Jnly 1, 1919, to Jan. 1. 1929, inclusive. Dated January 2, 1919. Interest payable Jan. 1 and July 1, at Trustee's ofRce, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,500,000 Outstanding: (May 1, '21) 6,000.000 Balance retired. , Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phil- adelphia. Guaranteed principal arid . Interest by the Canadian Northern Railway Co, by endorse- r.ient. Control — See Equip. Tr. 6s, Series "D." Secured' by an equipment agreement on 2,565 40-ton steel underframe box cars. 285 40-ton steel frame flat cars. 100 30-ton wooden stock cars, 15 40-ton steel tank cars, 40 consoli- dation locomotives and fo six-wheel switching Iccomotives, costing $10,716,914, of which the company paid $3,216,914 in cash. l/4 and interest to Feb. 1. 1923, 101 and Interest to Feb. 1, 1924, and 100^ and in- terest thereafter to maturity. Control — The entire outstanding $100,000,- I'OO capital stock was acquired by the Gov- ernment of the Dominion of Canada during 1918. The Canadian National Railways was 7ncorporate(a In 1919 to take over tlie prop- erties of the Canadian Northern Railway. As of Jan. 1, 1921, this plan had not been carried out. , Secured by pledge of $14,2&6,000 (total is- •Bue $45,000,000) Canadian Northern Ry. Gen. 4s, due Sept. 1, 1934. Principal and interest of pledged bonds are guaranteed by the Gov- ernment and are secured by a direct lien on the Canadian Northern Railway. Years ended Dec. 31. Fixed Gross. Net. Charges. 1919. . . $55,353,930 def.$5, 700,640 $19,960,710 1918... 49,062,713 3,400,138 17,898,247 *1917.. 43,495,077 12,145,668 14,607,805 *Year ended June 30. Original Market — $10,000,000 offered July, 1S19, by "Wm. & Read & Co., New York, etc., lit 100 and interest. Market. New York — Newton G. Chase, Evans, Stillman & Co., Freeman & Co., McDonnell & Co., Mann, Pell & Peake, Saloman Bros. & Hutzler. Pliila^lelplua — Reed A. Morgan & Co. San Diego — Blyth, "Witter & Co. liOiusville — J. J. B. Hilliard & Son. Price Rane:e 1920 Bid Ask. 6s Feb. 1922 High 931^ Mar. 98 Dec. Low 89 Oct. 91 Oct. Gs Aug. 1924 High 96 Feb. 99 Jan. Low 88 July 82 July CANADIAN NORTHERN RAILWAY 5^% Notes. Due $6,000,000 Dec. 1, 1922, and $6,000,000 Dec. 1, 1924. Dated Dec. 1, 1919. Principal and interest (June 1 and Dec. 1) payable in gold in New "York at the agency of the Canadian Bank of Commerce. Tax Status — 2 % Federal Incom.e Tax paid by the company without deduction. Authorized $12,000,000 Outstanding 12,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Redeemable as a whole or in amounts of r.ot less than $500,000 by lot, at 101 and in- terest on any interest date on 60 days' notice. Guaranteed principal and interest by the Government of the Dominion of Canada by endorsement. Control — See 6% Coll. Tr. Notes. Security — ^A direct obligation of the com- pfiny, but not secured by a mortgage. Earnings — See 6 % Coll. Tr. Notes. Original Market — $12,000,000 offered March, 1920, by William A. Read & Co., New York, Boston, Philadelphia and Chicago; Partly l^ros. & Co., Philadelphia, and Illinois Trust & Savings Bank, Chicago, at 96.64 and 94.50 ard interest for respective maturities. Market New York — Newton G. Chase, Evans, Stillman & Co., Frepman & Co., Dillon, Read & Co, Philadelpliia — Reed A. Morgan & Co. Los Ang:ele« — Banks, Huntley & Co. San Dicffo — Blyth, Witter & Co. Louisville — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Kansas City, Mo. — Stern Bros. Milwaukee — First Wisconsin Co. Pi'ice Ranffc 1920 Bid. Ask. 51/38 1922 High 94 Nov. 96% May Low 90 Aug. 93% Dec. 5i^s 1924 High 92 Nov. 94*/^ May Low 891/2 Sept. 92 Dec. CANADIAN NOKTHERN RAILWAY CO. 20-Year S. F. Deb." 7s. Due Dec. 1, 1944). Dated Dec. 1, 1920. Principal and inter- est (June 1 and Dec. 1) in New York at the agency of the Canadian Bank of Com- merce Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $25,000,000 Outstanding 25,000,000 Denomination — Coupon $1,000; registerable as to principal. TiTistee — Central Union Trust Co., New York. Redeemable as a whole at 102^,4 and in- terest on Dee. 1, 1935, and on any interest date thereafter on 30 days' notice. Sinking Fimd — $600,000 per annum, pay- able semi-annually, for the purchase of bonds in the market at or belo^w par, but bonds are not callable for this fund. Guai'anteed principal and interest by the Dominion of Canada by endorsement. Control — See 0% Coll. 7s Notes. Secui-ity — A direct obligation of the Cana- dian Northerh Railway Co. which is owned by the Government of the Dominion of Canada under authority of Acts of the Do- minion Parliament. Original Market — $25,000,000 offered Deo. 1920, by Wm. A. Read & Co., National City Co., Blair & Co., Inc., Bankers Trust Co., Guaranty Company of N. Y., Lee, Higrginson & Co. and Continental & Commercial Trust & Savings Bank, for 100 and interest. Listed on New York Stock Exchange. Market New York — Alfred F. Ingold & Co., Sal- man Bros. & Hutzler, Dillon, Read & Co., Curtis & Sanger, Guaranty Trust Co. Boston — Moors & Cabot. Philadelphia — Reed A. Morgan & Co., Bid- die & Henry. Pittsburgh — Continental Trust Co., The Union Trust Co. of Pittsburgh. Chicago — Blair & Co., John Burnham & Co., Henry S. Hensohew & Co., Wm. Marriot Canby. Elkins, Morris & Co. Los Angeles — Banks. Huntley & Co. San Diego — Blyth, Witter & Co, Louisville — Black, Fetter & Co., Fidelity & Columbia Trust Co. Deti-oit — Joel Stockard & Co., Watling, Lerchew & Co. Grand Rapids — Corrigan Co., Philip L. Bay & Co. Salt I^ake City — Palmer Bond & Mortgage Co. Price Range N. Y. S. B. 1920 High 100% Dec. 31 Low 99% Dec. 28 198 CANADIAN PACIFIC RAILWAY 6% Note Certificates. Due March 2, 1924. Dated March 2, 1914. Interest payable J'arch 2 and September 2 to holders of rec- ord February 2 and August 2. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .. $62,000,000 Denomination — Registered, $20, $100, $600 and $1,000. Trustee — Royal Trust Co., Montreal, Can. Redeemable at any time by lot at par on 00 days' notice. Organization — Incorporated in Canada in 1881. Capitalization. Outstanding. Ordinary $260,000,000 I'reterred 4% 80.681,921 Debenture 4% 216,284,882 Funded debt 56,650,000 Secured by a first Tien on $32,243,952 de- ferred payments on land and townsites, $11,- 404,883 government securities and $13,482,365 in cash. Years ended Dec. 31. Gross. Net. Charges. 1920... $216,641,349 $33,153,045 $10,775,409 1919... 176,929.060 41,982,379 10,161,510 1918... 157,537,698 42,437,163 10.177.513 .1917... 162.389.335 55,290.635 10,229.143 Orisinal Market — Offered for subscription to ihe stockholders in February, 1914, at SO. Market. New York — Barstow & Co., Samuel Gold- schmidt, T. Hall Keyes & Co., The National City Co., Salmon Bros. & Hutzler, Season- good, Haas & Macdonald, Vanderhoef & Robinson. Boston — Curtis & Sanger. Philadelphia. — Chas Fearon & Co., Wm. W. Fogarty. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Highl03y4 '16 103y2 '16 97% Feb. 98Va Jan. Low. 91^4 '20 9(2 '20 91^4 Dec. 92 Dec. CANADIAN PACIFIC RAILWAY CO. (Algo- ma Branch) 1st 5s. Bae Jan. 1, 1937. Dated Jan. 1, 1888, Interest payable Jan. and July 1, at Baring Bios, & Co.. London. Tax Status — Payment- of Federal Income Tax not assumed by company. Authorized 53,650,000 Outstanding 3,650,000 Denomination — Coupon, £100, £500 and £1,000. Kegisterable as to principal. Trustees — Sir Thomas Skinner, Bart., and George McL. Brown, Secured by a first mortgage on 180.4 miles of road from Sudbury to Sault Ste- Marie, Csnada. This line connects the lines of the Canadian Pacific Ry. with those of its con- trolled companies in the United States. Earnings — See 6% Notes. Listed on Londori Stock UJxchange. Market. Montreal — Nat'l Bond Co.. Inc.. Hew R. Wood Co. CANADIAN PACIFIC RAILWAY EQuii>. Was. Due $470,000 each Jan. 1 and July 1 from July 1, 1915, to July 1, 1928, in- clusive. Daetd Jan. 1, 1915. Interest payable Jan. 1 and July 1 at Brown Bros. & Co., New York, and Trustee' s office, Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $12,690,000 Outstanding (May 1, '21) 7,050,000 Balance retired. Denomination — Coupon, $1,000. Register- Bble as to principal only. Trustee — Pennsylvania Company for Insur- er ces on Lives & Granting Annuities. Secured by an equipment trust agreement on 150 locomotives, 68 sleeping and dining curs, 38 passenger coaches, 500 flat and bal- last cars and 7,304 box cars, the original cost of which was $14,350,000. Legal for savings banks in Ohio. Orisrinal Market — Offered in Dec, 1914, by Guaranty Trust Co., Brown Bros. & Co., White "Weld & Co. and Colgate, Parker & Co., New York, and Brown Bros. & Co. and E. Lowber Stokes, Philadelphia, on a 4^^% basis for 1915 maturities'. 6% basis lor Jan., 1916, maturity, and 5.10 7o for later maturities. Market. 'New York — Evans. Stillman & Co., Free- man & Co., McDonnell & Co. Pliiladelphia — Brown Eros. & Co., Daniel & Co., Graham, Parsons & Co. CANADIAN PACIFIC RAILWAY Eaoip. Tr. 6s. Due $500,000 oaeh Oct. 1 and Apr. 1, from Oct. 1, 1920. to Apr. 1, 1932. Dated April 1, 1920.' Principal and interest ((April 1 and October 1) payable at Union Trust Company, Pittsburgh, and Guaranty Trust Co., New York, in U.-'S. ffold coin. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $12,000,000 Outst^idiug: (May 1, '21) 11,000,000 Balance retired. Denomination — Coupon, $1,000. Trustee — Union Trust Company, Pittsburgh. Secured by an equipment trust agreement on standard new railway equipment, costing $15,000,000 delivered. Legral for savings banks in Ohio. Original Market — $12,000,000 offered March, 1920, by Guaranty Trust Company, Bankers* Trust Company, Brown Brothers & Company, White "Weld & Company, and Colgate, Parker 1 Company, New York, and Union Trust Com- pany, Pittsburgh, on a 6%% basis for the first 12 maturities and 6%% basis for the last 12 maturities. Market See Squip. 4^s. New York — Barstow & Co., Evans, Still- man & Co., Freeman & Co., McDonnell & Co. Philadelphia — Bioren & Co., Brown Bros. & Co., Reed A. Morgan & Co., Wurts, Dullis & Co. Pittsbui'ffh — The Union Trust Co. of Pitts- burgh. Louisi'llle — J. J. B. Hilliard & Son. • 199 CANADIAN SALT CO., LTD., Ist 6s. Due Sept. 1, 1934. Dated Sept. 1. 1914. Interest payable March 1 and Sept. 1, at Merchants Bank of Canada, Montreal or Toronto or at London Joint Stock Bank, London, Eng. Tax StatuB — Payment of Federal Income Tax not assumed by company. Authorized $400,000 Authorized (Jan. 1, '21) 356,000 Retired by S. F 40,000 Unissued 4,000 Denomination — Coupon, $1,000 and Sterling equivalent at $4,866 to the £. Trustee — Toronto General Trust , Coiipora- Xion, Toronto. Redeemable at any time after Sept. 1, 1919, at 105 ahd interest. .Sinking Fund — A sum equivalent to 2 % % of outstanding bonds annually, to be applied to the redemption of bonds at not over 105 and *nterest. Organization — Incorporated in Canada In 1901. Capitalization. Outstanding. Common $1,200,000 Funded debt .' 356,000 Secured by a first mortgage on extensive salt wells at Windsor and Sandwich, Ontario, Canada, and on the salt and chemical manu- facturing plants of the company. The com- p.-iny is about to take title to 38 acres at Sandwich, on which its chemical plant is lo- ctited. Years ended Dec. 31. *Net. 1920 ; '. . . . $202,298 1919 226,881 It 18 223,342 1917 101,090 1916 209,232 ♦After interest. Original Market — $100,000 offered in 1914 pnd $200,000 in June, 1915, by the Royal Se- curities Corp., Ltd.. of Montreal, at par and interest. $100,000 sold privately by company March, 1916. Market. Montreal — National Bond Co., Inc., Hew R. Wood Co., Sutro Bros. & Co., Balfour, White & Co. Toronto — Oxford Securities Corp., Ltd. Price Range. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '19 100 '19 SO Dec. 100 Jan. Low. 90 '20 87 '20 80 Dec. 87 Dec. CANADIAN STEEL FOUNDBIBS, LTD., 1st & CoU. Tr. 6s. Dne March 1, 1936. Dated March 1, 1911. Interest payable Mar. and Sep. 1, at Trustee's office or agen- cies of the Bank of Montreal, New York, Lon- don, etc. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstanmngr (Oct. 1, '20) 2,125,176 Retired by S. F 820,228 Unissued .■ 2,045,596 Denomintaion — Coupon, $500 and $1,000. Beg'isterable as to principal. Trustee-7-Montreal Trust Co., Montreal. Redeemable at 110 and interest on three months' notice on any interest date after Sept. 1, 1920. Sinking Fund — ^Annually from March - 1, 1913, 2^ % on all bonds issued, plus an amount equal to the interest on bonds re- deemed. Bonds are purchasable at not over 110 and' interest. Guaranteed as to principal and interest by endorsement by the Canadian Car & Foundry, Ltd. Organization and Control — Incorporated In Dec. , 1910, to acquire tbe Montreal Steel Works, Ltd., and the Onatrio Iron & Steel Co., Ltd. These companies manufacture open hearth steel castings, springs, switches and miscellaneous railway supplies. The Canad- ian Car & Foundry Co., Ltd., owns the en- , tire capital stock of the Canadian Steel Foun- dry, Ltd. Capitalization. Outstanding. Common $1,400,000 Preferred 3,000,000 Funded debt 2,729,676 Secured by pledge of all the fixed assets of the Ontario Iron & Steel Co., Ltd., and by deposit of the entire capital stock of the Montreal Steel Works, Ltd. Prior Linen — $604,500 1st 6s of the Mon- treal Steel Works, which this issue provides to retire. Listed on the London Stock Exchange. Original Market — $2,000,000 offered in Mar., 1911, by Parr's Bank. London, at about 102% and interest. Market. New York — Lynch & McDermott. Montreal — Balfour, -White & Co. Toronto — Manning- Bros. & Co. Price Range Jan. 1, '17, to Jan. 1, *21 1920 Bid. Ask Bid. Ask. Higrh 87% '18 89% '18 86 July .. Low. 75 '20 85 '20 75 85 CANADIAN WESTERN STEAMSHIPS, LTD. 1st Marine Equip. 7s. Dae as follows: $128,000 Jan. 16, 1921; $212,000 Jan. 15, 1922 and 1923: $170,000 Jan. 15, 1924; $128,000 Jan. 15, 1926. Dated Jan. 15, 1920. Interest payable Jan. 15 and July 15 at Guardian Savm^s & Trust Com3)any, Cleveland. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $850,000 OntstandinfiT (Jan. 15, '21) 722,00 Balance retired. Denomination — Coupon $100 and $500. Trustee — Guardian Savings & Trust Com- pany, Cleveland. Redeemable at 100% and interest during: the first year, at 101 during the second year, and at 102 thereafter. Guaranteed principal and interest by J. Coughlan & Sons, Ltd. This guaranty be- comes inoperative wrhen the second maturity, $212,00.0 is paid, provided the boat has been completed and accepted. Organization and Control — Incorporated in Canada to own and operate the vessel pledged to secure this Issue. Stock control la owned by J. Coughlan & Sons, Ltd. Secured by a first mortgage on 8,800 dead weight ton steel cargo vessel now in process of construction, bonds of this issue being out- standing at the rate of about $96 a ton. The contract price of the vessel, without including any builders' profit, is $1,250,000. Additionally secured by a first mortgage on the shipbuilding plant of J. Coughlan & Sons, Ltd., Vancouver, B. C, where the vessel is being built. This plant has four combination ways, ship sheds, plate, machine and boiler shops, mould loft, fitting-out berths, and, in short, the equipment necessary in a modern plant. The plant is worth in excess of $1,000,000. The mortgage upon it is to be released when the first maturity of bonds, aggregating $128,000, is paid, provided the boat has then been completed and accepted. The vessel under construction will have Lloyd's 100 A-1 classification, will be 427 feet long, 54 feet beam, 29 feet deep and will have a speed of 11.5 knots an hour. Its power plant will consist of three S;3otch boilers, one of tHple expansion, engines generating 3,000 h. p. The trust deed provides for insurance as follows: (a) Upon the material that is to enter into the vessel and upon the vessel it- self during construction; (b) upon the com- pleted vessel against all marine risks to its full insurable value, namely: $1,500,000, and never in outstanding bonds; (c) protection and Indemnity insurance in an amount never less than 125% of the then outstanding bonds; (d) upon the shipbuilding plant while it is un- der mortgage to the full insurable value thereof. All insurance is payable to the Trus- tee as further security for the bonds. Original Market — $860, 000 offered May, 1920, by Tillotson & Wolcott Co., Cleveland, and Cincinnati, on a 8%% basis. CANXON-AKRON CONSOLIDATED RAIL- WAY CO. Gen. Cons. 5s. Due Jan. I. 1933. Dated Oct. 12. 1906. Interest payable Jan. and July 1. at Chase National Bank. New York, or Trustee's office, Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding: 779.000 Pledged under N. O. X. & L. 1st Lieu & Kef. 5s 1,431,000 Provisions of Issue — The remaining $290,- 000 authorized may be issued for 85% of coat of additions, betterments, etc., but must be immediately pledged under first lien and re- funding mortgage. Denomination — Coupon. $1, 000. Hegister- able as to principal. Trustees — Citizens' Savings & Trust Co.» Cleveland, Ohio, and S. Reed Anthony, Bos- ton. Guaranteed principal and interest by the Northern Ohio Traction & Light Co. Organization and Control — Incorporated in Ohio In 1906 as a consolidation of the Can- ton-Akron Ry. Co., the Canton-New Philadel- phla Ry. Co., and The Tllscarawas Traction Co. The entire capital stqck is owned by and the property deeded to the Northern Ohio Traction & Light Co. 99% of the common Btock of the latter company is owned by the Northern Ohio Electric Corp., a subsidiary of the Commonwealth Power Ry. & Lt. Co. Secured by a direct mortgage on 107.50 miles of track, viz.: A first lieo on line from Canal-Dover south- ly over the westerly aide of the loop to New Philadelphia and Ulrichsville. Total miles of track, 14. A second lien on lines from Akron southerly to Canal-Dover, 22 miles: and from Navarre southerly to Canal-Dover and from Canal- Dover over the easterly side of the loop to New Philadelphia, 23.50 miles; and also on lines from Canton (including Canton street railway system) westerly to Massillon (includ- ing Massillon street railway system) and West BrookHeld, and from Massillon southerly to Navarre. Total miles of track, 93.5^0. Prior Liens — $2,566,000 bonds, viz.: Canton-Akron 1st 5s. 1922 $2,000,000 Canton-New Phila, 1st 53. 1923 566,000 Underlies — Northern Ohio Traction & Light Co. 1st DIen & Ref. 5s, due Aug. 1, 19 56, un- der which bonds are reserved to retire this Issue. Earnings — See Northern Ohio Traction & Light Co. Original Market — $200,000 offered in 1910, by Claude Ashbrooke, Cincinnati, at 87% and Interest. Market. New York — Frederick H. Hatch & Co., Hodenpyl, Hardy & Co. Philadelphia — Samuel K. Phillips & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1930 Bid. Ask. Bid, Ask^ High 97% '17 -100 '17 76 Nov. 80 Nov. Low. 60 '20 70 '20 60 Dec. 70 Dec. Jan. 1» Price Range. '08, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 100 'OS 101 'OS 90 Nov. 94 Oct. Low. 85 '19 88 '19 88 Nov. 91 Oct. CANTON-AKRON RAILWAY 1st 5s. Due March 1. 1922. ■ Dated March 1, 1902. Interest payable Mar. and Sept. 1, at Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by pompany without deduction. Autliorized Clcs^d niorigage Outstanding: $295,000 Fledgred under N. O. T. & L. 1st Lien & Kef. 5s 855,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Columbia Trust Co., New York, Assumed by Northern Ohio Trac. & Lt. Co, Organization and Control — The Northern Ohio Traction & Light Co. has acquired the porperty of the Canton-Akron Consolidated Ry., with which the Canton-Akron Ry. was merged. Secured by a first mortgage on 70 miles; .of track as follows: From Akron to Canton, 22 miles; from Canton (including Canton street railway system) westerly to Massillon (in- cluding Massillon street railway system) and West Brookfield, and from Massillon southerlj^ to Navarre, all In Ohio. Underlies — C.-A- Cons. 5s of 1933 and N. O. T. & Lt. Co. 1st L. & Ref. 6s, due 1956, under which bonds are reserved to retire this Issue. Earnings — See N. O. T. & Lt. Co. Market. New York — Frederick H. Hatch & Co., Hodenpyl, Hardy & Co., Vanderhoef & Rob- inson. Philadelphia — ^B. R. Barnard, Bauer, Starr & Co.. Samuel K. Phillips & Co. CANTON COMPANY (Baltimore) 10-Year Deb. 6s. Due April 1, 1^26. Dated April 1, 1916. Interest payable Oc- tober 1 and April 1, at Alex. Brown & Sons. Baltimore. Tax Statns — ^Payment of Federal Income Tax not assumed by company. Authorized $1,500,000 Outstanding 1,500,000 Purpose of Issue — For permanent improve- ments and acquisitions. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Mercantile Trust & Deposit Co., Baltimore. Redeemable at 101 and interest on any In- terest date. Organization — Incorporated in Maryland ln_ 1828 and acquired a large tract of land in Canton and In and near the City of Baltimore. Now owns 1,600 acres of valuable land with over a mile of water front. Also has large interest in ground rents. The company's prop- erty is largely improved with warehouses, stores, factories and dwellings. It is reached by the Pennsylvania B. R., B. & O. R. R. and "Western Maryland Ry. The company also owns practically all the stock of the Canton R. R. Co. which owns 25 miles of terminal road which connects the deep water of Balti- more Harbor with various trunk lines. Capitalization. Outstanding. Common 22,000 shs. Funded debt $1,500,000 Security — ^A direct obligation of the com- pany, but not secured by a mortgage. The company has no funded debt and agrees not to place any mortgage debt ahead of these bonds. Also*agrees to apply at least 60% of the proceeds from sale of real estate or from proceeds of Canton R. R. if sold to the re- demption of these bonds or for permanent im- provement. Years ended May 31. Gross. Net. Interest. 1920 $960,374 .$132,093 $75,518 Original Market — Offered April, 1916, by Alex, Brown & Sons, Baltimore, at 99% and interest. Market. Baltunore — John D. Howard & Co., Jen- kins, Whedhee & Poe. Price Rangre 1920— Ask 92%, CANTON (Ohio) ELECTRIC CO. Ist Si Ref. 5s. Due May 1, 1937. Dated May 1, 1907. Interest payable May 1 and Nov. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgagre Outstandingr (Jan. 1, '21) $1,316,500 Retired by S. F 107,500 Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- Interest date, on four weeks' notice. Sinking Fund — Annually on May 1, 1% of _the total amount of bonds outstanding from 1912 to 1919. inclusiv©; lh^% to 1929 In- clusive, and 2% to 1936. Guaranteed as to principal and interest by endorsement by the American Gas & Electric Co. Organization and Control — Incorporated Apr. 1907, in Ohio as a consolidation of three elec- 201 trie lighting: companies. In -1916 The Central Power Co. was organized aa successor com- pany. In 1919 the latter company was merged into the Ohio Power Co. The entire common stock of the latter company Is owned by the American Gas & Electric Co., which is con- trolled by interest affiliated with the Gen, Elec. Co. Secnred by a first mortgage on the entire property formerly owned by the Canton Elec- tric Co., comprising plants supplying Canton, Osnaberg, New Berlin and Louisville, Ohio. with electricity and Canton with steam heat. Population served, 58,000. Electric franchise perpetual, heating franchises expire in 1932. Underlies Ohio Power Co. 1st & Ref. Mtge. under which bonds are reserved to re- tire this issu'e. Ejamingps — See Ohio Power Co. 1st & Ref. 7s. Original Market — Offered in June, 1908, at 92% and interest, by Coggeshall & Hicks, New York. Market. New York — Dunham & Co., Frederick H. Hatch & Co., Vanderhoef & Robinson, Ber- dell Bros. Philadelphia — E. R. Barnard, Bauer, 'Starr & Co., Henry T>. Boenning & Co., Huntoon & Co., Samuel K. Phillips & Co. Providence, K. I. — Hornblower & Weeks. Price Range. Jan. 1, *16, to Jan. 1, *31 1920 Bid. Ask. Bid. Ask. High 98% '16 101 '17 85 May 93 Mar. Low. 76 '20 84 '20 76 Dec. 84 Oct. CANTON-NEW PHILADELPHIA RAILWAY CO. let 6s. Due February 1, 1923. Dated Feb. 2, 1903. Interest payable Feb. 1 and Aug. 1, at American Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Uutstandin^: ¥565,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — American Trust Co., Boston, Mass. Redeemable as a whole only at 105 and in- terest on any interest date upon three months' notice. Assumed by the Northern Ohio Traction & Light Co. Control — Merged into the Canton-Akron Con- solidated Ry. Co. (See Cons. 5s of that com- pany.) Secured by a direct first lien on lines from Navarre southerly to Canal-Dover and over the easterly side of the loop to New Philadel- phia. Total miles of tracEr'23.50. Underlies — Canton-Akron Consolidated Ry. Co. Cons, 5s of Jan. 1, 1933, and N. O. T. & Lt. Co. 1st L. & Ref. 5s. due 1956, under which bonds are reserved to retire this issue. Earnings — See N. O. T. & Lt. Co. Legal for savings banks in R. I. Original Market — First offered ($350,000) In 1903, by E. H. Rollins & Sons, New York, Boston, Philadelphia, etc., and Benjamin Fisher (now Kuhn, Fisher ik Co.), Boston, Mass. Market. New York — Frederick H. Hatch & Co., Hodenpyl, Hardy & Co, Philadelphia — Bauer, Starr & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, *08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '08 101 '08 80 June 92 Oct. Low. 78 '20 80 '20 78 Dec. 80 Dec. CAPE BRETON ELECTRIC CO., LTD.. Isi 5s. Due Jan. 1, 1932. Dated January 1, 1902. Interest payable Jan. and July 1, at State. Street Trust Co., Boston. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $1,500,000 Outstanding- (Jan. 1, '21) 1,096,000 Cancelled for Improvement Fund 2,000 Reserved for Ext 402,000 Denomination — Coupon, $1,000. Register- ble as to principal. Trustee — State Street Trust Co., Boston. Redeemable as a whole only at 105 and in- terest on any interest date. Improvement Fund — 1% per annum of bonds issued. Management — Stone & Webster Management Association, Boston, Mass. Organization^ — Incorporated in Nova Scotia and does the entire street railway and ele(i- tric businfess in Sidney, the entire^ electric busi- ness in North Sidney, ferry business between Sidney and Sidney Mines, owns interurban railway connecting Sidney Mines with Sid- ney. Also owns the entire capital stock and $220,000 of $380,000 1st 5s of the Sidney & Glace Bay Ry. Co. and leases its 19 miles of interurban railway, Capitalization. Outstanding. Common $1,125,000 Preferred (6% non cum.) 234,000 Funded debt 1,252,000 Secured by a first mortgage on all the prop- erty of the company including electric lighting plants, three ferry boats and 12 miles of elec- tric railway in Sidney and North Sidney, Nova Scotia. Franchises expire in 1931 and 1932. Years ended Dec. 31. Gross. Net. Int. & S. F. 1920 $652,007 $99,105 *$67,e79 1919 582,023 127,991 64,367 1918 513,005 120,596 78,606 1917 464.082 165,835 78,652 1916 393,667 162,402 78,328 ♦Interest only. Original Market — ^First offered by Stone & Webster, Boston, and J. M. Robinson & Sons. Montreal, etc., $100,000 offered Jan., 1913, by Stone & Webster, Boston. Market. New York — Frederick H. Hatch & Co. Boston — Stone & Webster. Price Range. Jan. 1, '16, to Jan. 1, '21 . 1920 Bid. Ask. Bid. Ask. High 87 '16 91 '16 77 May 84 Mar. Low. 65 '20 70 '20 6 5 Oct. 70 Oct. 202 CAPITAL TRACTION CO. 1st 5s. Dae Jane 1. 1947. Dated June 1, 1907. Interest payable June 1 and December 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding: 5,606,000 In Insurance Reserve Fund.... 194,000 In Treasury 200,000 Denomination — Coupon, $500. Trustee — Union Trust Co. of District of Co- lumbia. Organization — Incorporated under Act of Congress in 1895. Capitalization Outstanding Common $12,000,000 Funded debt 5,606,000 Secured by a first niortgage on 27 miles of double tracked underground trolley road in the city of Washington and five mile suburban line to Chevy Chase. Population served, 350,000. Franchise perpetual. The Company pays as a tax 4% of gross earnings and paves Btreets. There are 160 miles of street railway track in Washington not owned or operated by this company. YearB ended Dec' 31, Gross, Net. Int. & Tax. 1920 $5,466,598 $1,631,728 $306,656 1919 4,535,661 1,404,109 290,616 1918 3,529.855 1,460.474 572,385 1917 2,783,538 1,266,471 469,941 Market. New York — Vanderhoef & Robinson, Ber- dell Bros. Baltimore — Jenkins, Whedbee & Poe. Washingfton, D. C. — Crane, Parris & Co. Price Bangre. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Highl20 '09 120^ '09 93 Jan. 93% Feb. Low. 911^ '20 S31A '20 81^^ May 83»^ May CAKBON STJEBL CO. 7ya% Notes. Due $400,000 each July 1, from 1922 to 1925, inci. Dated July 1, 1920. Interest payable Jan. 1 and July 1, at Union Trust Co., Pitts- burgh, or Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. AuthoHzed $1,600,000 OutstaRding- 1,600,000 Denomination — Coupon, $1,000. Trustee — Union Trust Company, Pitts- burgh. Redeemable as a whole only on 30 days' notice on any interest date at 102^4 and interest. Organization — Incorporated in West Vir- ginia in 1894 as successor to the Carbon Steel Co. of N. J., which was formerly the Carbon Iron Co. of N. Y. The plants of the company are modern and are located in the city of Pittsburgh covering 11 % acres at 32d Street and Allegheny Valley Division of Pennsylvania Railroad. The company originally manufactured ordinary open hearth carbon steels, but in 1912 the plants were changed for the manufacture of high- est grade alloy steels, which changes were completed in 1915, In addition to its Pittsburgh plant, the company owns 103 acres of river frontage land, opposite the plant of Kittanning Iron & Steel Manufacturing Co., at Kittanning. Pa., affording adequate facilities^ for fu- ture expansion. In 1917, the company purchased the con- trol of ^ Kittanning Iron & Steel Manufac- turing Company, the plant of which com- prises a modern blast furnace, thirty-two puddling' furnaces, much bar mill and fur- naces, and 1,450 acres of valuable coal land located in Armstrong County, Pa., which is in full operation. This company has ca- pacity of both iron and coal of a tonnage equal to about twice the maximum require- ments "ot the Carbon Steel Company. Capitalization. Outstanding Common $3,000,000 1st Pref. (8% non-cum.) 500,000 2d Pref. (6% non-cum.) 1,500,00 Funded debt 1,600,000 Secured by pledge of the following se- curities: Carbon Steel Co.. 20-Year 5s, due Nov. 1, 1932 *$1, 776,000 Carbon Iron and Steel Mfg. Co. stock 1510,600 •Closed mortgage. tTotal outstanding $1,000,000. Under the provisions of this indenture the company covenants 16 maintain at all times during the life of these notes current as- sets equal to 100% of all its liabilities, in- cluding the principal amount of this issue of notes at the time outstanding. Year ended Sept. 30: *Net. 1919..., $1,936,500 •After the estimated allowance for air Original Market — $1,600,000 offered July, 1920, by The Union Trust Co. of Pittsburgh; Lyon, Singer & Co. and Moore, Leonard & Yynch at prices ranging from 99 to 97^ and interest, according to maturity. IMarket Pittsbui'gh — Lyon, Singer & Co., Moore-,. Leonard &. Lynch, The Union Trust Co. of Pittsburgh. CARBONDALS & SHAWNEETOWN KAIL- ROAD CO. let 4s. Due March 1, 1932. Dated March 1, 1887. Interest payable Mar. and Sep. 1, at Illinois Central office, 32 Nas- sau St., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $241,000 Denominat ion — Coupon, $1,000. Register- able as to principal. Trustee — Bankers' Trust Co., New York. Assumed by St. Louis, Alton & Terre Haute R. R. Co. at time of merger in 1897. But not assumed by the 111. Central R. R. Go. Control — Merged in 1897 into the St. Louis, Alton & Terre Haute R. R. Co., which com- pany was merged into the Illinois Central R. R. Co. in 1904. Secured by a first mortgage on 10.72 miles of road from Carbondale to Marion, 111. Underlies — III. Cent., St. Louis Div. & Ter- minal 3s and 3^^a, and Ref. 4s of 1955, both of which mortgages provide for the retirement of this issue. Legal for savings banks in Me., Mo., Mich, and N, H, Listed on the New York Stock Exchange. Market. New York — R. W. Pressprich & Co., Ray- mond M. Smith, Taylor, Smith & Hard, Carruthers, Pell & Co., Wolff & Stanley, Price Range— N. Y. S. E. Jan. 1, '08, to Jan. 1, *21 1920 Bid. Ask, High 100 Aug. 13, '08 70 Oct. 77 Feb. Low. 73 Mar, 29, '19 70 July 77 Feb. CARBONDALE RAILWAY Gen. 58. Due Jan. 1, 1033. Dated Dec. 1. 1909. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $800,000 Outstanding 800,000 Denomination — Coupon, $1,000. Trustee — Provident Life & Trust Co., Phila- delphia, Pa. Guaranteed principal and interest and as- sumed by the Scranton Ry. Co. Control — All of the stock is owned by Scran- ton Ry. Co., which is controlled by American Rys. Co. Secured by mortgage on 35 miles of road, connecting' Carbondale, Forest City, Pittston and Duryea with_Scranton, Pa. Population served, exclusive of Scranton, about 50,000. Franchise perpetual. Prior Liens — $655,000 bonds of merged com- panies. Underlies — $2,500,000 Scranton Ry. 1st & Ref. 6s of 1947, under which bonds are re- served to retire this issue. Earnings — See Scranton Ry. Co. Original Market — $800,000 offered January, 1912, at 96 and interest by Newburger, Hen- derson & Loeb and Bioren & Co., Philadelphia, Market. ■ New~ York — Lynch & McDermott, Moore, Leonard & Lynch, Fred. H. Hatch & Co. Philadelphia'— Bauec^ Starr & Co.y Henry D. Boenning & Co., Samuel K. Phillips & Co. Scranton — Weissenflush & Co. Price Ranee. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 95 '16 97^2 '16 70 Mar. 80 Mar. Low. 60 '20 70 '20 60 Dec. 70 July CARNATION MILK PRODUCTS CO. 5-Year S. F. 7% Conv. Notes. Due May 1, 1925. Dated May 1, 1920. Interest payable May 1 and Nov. 1, Continental &. Commercial Trust & Savings Bank, Chicago; National Bank of Commerce, New York; Bank of California, San Francisco, and Dexter Hor- ton National Bank, Seattle, Wash. Tax Status — 2% Federal Income 1'ax paid by the company without deduction. Authorized $3,000,000 Outstanding ' 3,000,000 Purpose of Issue — To - provide additional working capital. Denomination — Coupon, $1,000 and $500; registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 100 and interest on any in- terest date at 30 days' notice. Sinking Fund — For each fiscal year ending Dec. 31, the company agrees to pay to the Trustees on the following March 15, either In cash or in not6s, an amount equal to 15% of the net earning-s available for common stock dividends during such year. Funds so received are to be used by tlie Trustee for the purchase of notes in the open market for can- cellation or for redemption at the call price. Convertible at any time after Nov. 1, 1921, and ten days prior to maturity or redemption into 7% Cumulative Sinking Fund Preferred stock on the basis of 100 for the notes and 9 5 for the stock ; accrued interest and divi- dend to be adjusted at the time of conver- sion. Each noteholder at time of conver- sion will be entitled to receive 5 % in cash and 95% in stock, or the greatest number of even shares which the par value of his notes will purchase at 95 and cash for any balance re- maining. Organization — Incorporated in Delaware in 1920 as successor to a Maine corporation of the same name. Business established In 1899. The company's principal products are evapo- rated milk sold under the Carnation brand In all parts of the United States and in for- eign countries, and the product. Hebe, a com- pound of evaporated skimmed milk and vege- table fat used for cooking and baking, .which is sold throughout the United States The' company is the principal stockholder of the American Milk Products Corporation, or- ganized under the "Webb-Pomerene Act. The American Milk Products Cnrporation handles the export milk business of the company in distributing its products throughout the civil- ized world. ' The company owns and operates twenty- two large and completely equipped conden- seriea, located in the States of Washington, Oregon, Idaho, California, Illinois, Wisconsin, Michigan and Ontario, Canada. In addition to its condenaeries. it also oper- ates its own can factories. Capitalization. Outstanding. Common (par $25) $9,000,000 Preferred (7 % cum. ) None. Funded debt 3,000.000 Secnrity^-A direct obligation of the company but not secured by a mortgage. Under the provisions of the trust agreement the com- pany covenants as follows: That it will not mortgage any of its pres- ent fixed property as long as any of these notes are outstanding. That it will maintain at all times quick assets equal to at least 150% of the amount of this issue outstanding, and all current lia- bilities. I'ears ended Dec. 31: Gros. 1919 $36,794,687 1918 38,682.193 1917 28.767,526 Original Market^-$3, 000,000 offered May, 1920, by- Continental & Commercial Trust & Savings Bank, Chicago, Blyth, Witter & Co., and Cyrus Peirce & Co., San Francisco, at 96% and interest. New York — Dillon, Read & Co. Chicago — Merrill, Lynch & Co. San Uiego — Blyth, W^itter & Co. Price Kangre 1920 Bid. Ask. High 92 Dec. 97 Sept. Low 92 Dec. 95 Dec. CAROLINA & YADKIN RIVER RAILWAY CO. 1st 6s. Due June 1, 1963. Dated June 1, 1912.' Interest payable June and December 1, at Equitable Trust Co., New York. Default — June 1, 1917. Authorized $3,000,000 Outstanding 1,288,600 Denomination — Coupon, $100, $600 and $1,000, registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Sinking Fund — Annually from July 1, 1918, to 1922, 1% of gross earnings; 1923 to 1927, 1%%; 1928 to 1932. 2% and 3% thereafter. Protective Committee — Because of the de- fault and the financial difficulties of W. N. Coler & Co., w^ho have been financing the com- pany, the following committee request de- posits: Alvin W. Krech, Chairman; Lewis L. Clarke, Westcott Roberson, Walter Sheperd, L. H. Holeb, Jr., with Samuel Armstrong, Secretary, 37 Wall Street, and Equitable Trust Co., New York, depositary. Organization— Incorporated in 1903 in North Carolina, and acquired the property of the Piedmont Ry. Secured by a first mortgage on 34.81 miles of main track and 8.01 miles sidings and pass- ing track; on terminals at Thomasville and High Point of sufficient capacity to meet the road's requirements for several years to come; also on 13 switches completed into various factories. Additional switches (40) projected. Year ended Dee. 31. Gross. Net. Int. & Rent. 1919 $115,119 $7,114 $83,017 1918 112.233 11,932 87,248 1917 114,675 14,582 90,800 Market. New* York — Robt. E. Horton, Carruthers, Pell & Co. Price Range. Jan. 1, '16, to Jan. 1, 'Zl 1920 Bid. A-sk. Ask. High 81 '16 88-16 15 May Low. 20 '17 15 '10 15 July CAROLINA CENTRAL BAH.ROAD CO. let Cons. 4s. Due Jan. 1, 1949. Dated Sept. 1, 1898. Interest payable Jan, and July 1, at office of Blair & Co., 24 Broad Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding... $3,000,000 Denomination — Coupon, $1,000; registerable as to principal. Trustee — The Farmers' Loan & Trust Com- pany, New York. Assumed by the Seaboard Air Line Railway. Guaranteed principal and interest by Sea- board & Roanoke R. R. Co. and Raleigh & Gaston R. R. Co: (consolidated into S. A. L. Ry.) jointly and severally by endorsement. Control— Merged in 1901 into the Seaboard Air Line Ry. Secured by a, first mortgage on 271.03 miles of road, viz. : Mile* Wilmington to Rutherford, N. C 264.63 Mill Jet. to Henrietta, N. C 1.70 Ellenboro to' Caroleen, N. C 4.70 irnderlies — S. A, L. 1st "43 of 1960; Ref. 4a of 1959; 1st & Cons. -Cs of 1945, which pro- vides for retirement of this issue: and Adjmt. Es of 1949. Barnines — See Seaboard Air Line Railway. Legal for Baltimore Trust Funds. I/isted on the New Tork Stock Exchange. . Market. New York — Constable & Fleming:, Charles W. Place, Taylor, Smith & Hard, Vander- hoef & Robinson. Baltimore — Ban-oil, Corkran & Co., Jen- kins, Wliedbee & Poe. Philadelpliiil — Isaac Starr, Jr., & Co. Price Range — N. Y. S. B. Jan. 1, '08, to Jan. 1, '21 1920 High 97 Mar. 23, 'DC 64 May 27 Low. 64 May. 27, '20 64 May 27 CAROLINA, CLINCHFIELD & OHIO BAII/- WAY let 5s. Sue June 1, 193S. Dated June 1, 1908. Interest payable June and Deo. 1, at Blair & Co., New York. Tax Status^2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding 13,950,000 Pledged .: 250,000 In Treasury 160,000 Reserved for Ext 660,000 Denomination — Coupon, -$1,000 and $100. Registerable as to principal. Registered, $1,'000 and multiples thereof. C. & R. inter- changeable. ! Trastco — Farmers' Loan & Trust Co., New [ York^ [ Redeemable as a whole or may be drawn In part by lot at 110 and interest on any interest date upon two months' notice. Organization — Incorporated in Virginia in 1906 as the South & Western R. R. Co. In 1908 its present name was adopted and it ac- Qulred all the property of th^ Lick Creek & Lake Erie R. R. Co. Captalizatlon. Outstanding. Common $36,600,000 Funded debt 23,812,000 Secured by a direct or collateral Hen on 241.42 miles of road, eauipment, etc., viz. : A first lien on 215.97 miles — Miles Pink, Va., to S. C— N. C. State Line. ..215.97 A second lien on 7.50 miles — Covered by the first Hen of the Lick Creek & Lake Ist 5s: Dante to Fink, Va 7.60 A first collateral Uen through pledge of entire issue of C. C. & O. of S. C. lat es: S. C-N. C. State Line to Spartanburg, S. C 17.9B A 36-mile extension has been completed from Dante to Elkhorn, Va., where connection will be made with the Chesapeake & Ohio Ry. This latter mileage is not covered by the lien ot this mortgage. Prior lilen — $200,000 Lick Creek & Lake Erie Ist 6s, due 1933. Underlies — $2,000,000 Carolina, Clinchfleld & Ohio Ry. 6% notes due July 1, 1920. Years ended Dec. 31. Gross. Net. Int. & Rent. •1919 $1,758,957 $1,837,548 $1;523,250 tl919 6,277,826 1,491,415 10,385 •1918 1,758,957 1,881,783 1,419,375 tl918 6,022,077 1,172,827 10,645 1917 4,285,390 2,231,924 1,332,128 1916.... 3,101,444 1,816,178 1,254,948 1915 2,260;776 1,1^6,773 988,967 •Corporate account. tFederal account — standard return not in- cluded. Listed on the New York Stock Exchange. Original Market — $10,000,000 offered in Feb., 1909, by Blair & Co., New York, at 102% and interest. Market. New York — Arthur B. Frank & Co., Sam'l Goldschmidt, Raymond M. Smith, Schuman & Seligmann, Taylor, Smith & Hard, Van- derhoef & Robinson, Edwin Wolfl, Pynchon & Co. Philadelphia — Henry D. Boenning & Co., Chas. Fearon & Co. Price Range — ^N. Y. S. B. Jan. 1, '14, to Jan. 1, '21 1920 High 100 Apr. 6, '14 75ViSept. 25 Low. 69 Va Aug. 25, '20 69% Aug. 25 CAROLINA, CLINCBUBLD Si OHIO RAIL- WAY CO., Blkhorn Bxtenslon 1st 6s. Doe Jan. 1, 1922. Dated Feb. 1, 1917. Extended Jan. 1, 1920, with interest increased from 5% to 6%. In- terest pa,yable Aug. 1 and Feb. 1, at Com- pany's office. New York. Tax Status— Payment of Federal Income Tax not assumed by company. Authorized *. $6,000,000 Outstanding 6,000,000 Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Redeemable on any interest date, on 30 days' notice, at 100 and interest. Organization and Control — See 1st 5s due 1938. Secnred by a direct first mortgage on 34.69 miles of road from the terminus of the C, C. & O. Ry. at Dante to "The Breaks" on the Big Sandy River at the Virginia-Kentucky state line and to a connection with the Chesa- peake & Ohio Ry. Co. near Elkhorn City, Ky. Under the provisions of this mortgage the Company covenants that it will not create any new mortgage Hens on any of its prop- erty without first retiring these notes. Bamlngs — See 1st 5s due 1938. Original Market — $6,000,000 offered March, 1917, by Blair & Co, New Tork, and Brooke, Stokes & Co., Philadelphia, at 97% and In- terest. Market. New York — Vanderhoef & Robinson. Pynchon & Co.,' F. J. Lisman & Co. Philadelphia — Henry D. Boenning & Co. Price Kange 1920 Bid 87%, Ask 96 CAROLINA, CLINCHFIBLD & OHIO BAII.. WAY CO. Banip. Tr. 5s, Series "O." Due $50,000 each Feb. 1 and Ans. 1 to Aug. 1, 1922, inclusive. Dated Aug. 1, 1912. Interest payable Feb. and Aug. 1, at Blair & Co., New York. Tax Status — 2% Federal Income Tax paid company without deduction. Authorized $1,000,000 Outstanding: (May 1, '21) 224,000 Balance Retired. Denomination — Coupon, $1,000 Trustee — New Tork Trust Co., New York. Secured by an equipment trust agreement on 1,000 steel hopper cars, 6 freight locomotives, 3 passenger locomotives, costing $1,385,761, of which the company paid $385,761 in cash. I^egral for savings banks in Ohio. Origrinal Market — First offered in 1912 by Bair & Co., New York. Market. See Series "G." Market. New York — Freeman & Co., F- J. lasman & Co., W. R. Britton & Co., Evans, Stillman & Co., Freeman & Co. Philadelphia — Townsend, Whelen & Co. CAROIilNA, CLINCHFIELD & OHIO RAIL- WAY Eauip. 5s. Series "E.** Due $13,- 000 each April 1 and October 1 to October 1, 1924. Dated October 1, 1914. Interest payable April 1 and October 1 at Blair & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $260,000 Outstandingr (May 1, '21) 91,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Organization, Earnings, etc. — See 1st 5s. Secured by a direct first lien on 300 steel underframe stock cars, two Pacific type pas- senger locomotives and one Shay locomotive, costing $309,604, of which $49,604 was paid in cash. X.eg:al for saving's banks in Ohio. Original Market — Offered in April, 1915, by Ji'reeman & Co., New York, at prices to yield £.25%. Market. See Series "G." CAROLINA, CLINCHFIELD & OHIO RAIL- WAY Equip. Tr. 5s, Series "F." Due $38,000 each Jan. 1 and July 1 to Jan. 1, 1927, inclusive. Dated Jan. 1, 1917. Interest payable Jan. 1 and July 1 at Blair & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $760,000 Outstanding; (May 1, '21) 456,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Redeemable as a whole only at 102% and interest on any interest date upon 30 days' notice. Secnred by an eciuipment trust agreement on 5 00 fifty- ton all steel hopper cars and 5 steel-underframe caboose cars. Legral for saving's banks in Ohio. Original Market — $760,000 offered in 1917 by Blair & Co., New York. Market. See Series "G." CAROLINA, CLINCHFIELD & OHIO RAIL- WAY Kauip. Tr. 5s, Series *'G." Due $43,000 each Oct. 1 and Apr. 1 from Oct. 1, 1917, to Apr. 1, 1937, inclusive. Dated April 1. 1917. Interest payable Oct. 1 and April 1 at office of Trustee. Tax Status — Payment of Federal Income 'Tax not assumed by company. Authorized $840,000 Outstanding: (May 1, '21) 494,000 balance Retired. Denomination — Coupon, ,$1,000. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed principal and Interest by Caro- lina, Clinchfleld & Ohio Ry. Co., by endorse- ment. Secured by- an equipment agreement on 7 Malley type locomotives and 9 Mikado type iocomotives, costing $1,006,500, of which the Railway Company paid $205,000 in cash. liCgral for savings banks in Ohio. Original Market— Offered April, 1917, by Elklns, Morris & Co., at 100 and interest. CAROLINA POWER & LIGHT CO. Iflt 5s. Due Aug. 1, 1938. Dated August 1, 1908. Interest payable Feb. and Aug. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstandingr 3,481,000 Retired by S. F 196,000 In Treasury 95,000 Reserved for Est 3,228,000 Denomination — Coupon, $1,000 and $500. Registerable as to principal. . Trustee — Guaranty Trust Co. of New Yorfe. Redeemable at 10 5 and interest on any in- terest date as a whole or in part for sinking fund. Sinking Fund — 1% anually of outstanding bonds from Aug. 1, 1913, to 1922, and 1%% annually thereafter. Organization — Incorporated in North Caro- lina in 1908 as successor to the Raleigh Street Ry. Co., Raleigh Electric Co., Central Carolina Power Co. and Consumers' Light & Power Co. Subsequent to 1910 absorbed 'the Durham Light & Power Co., Henderson Light & Power Co., the Standard Gas & Electric Co. and the Goldsboro Lighting Co. Owns the en- tire common stock, except directors* shares, of the Ashville Power & Light Co. and the Yadkin River Power Co. Capitalization. Outstanding. Common $4,787,500 Preferred (7% cum.) 1,948,500 Funded debt 3,182,000 Controlled^by the Electric Bond & Share Co. through stock ownership. The latter company is controlled by the General Electric Co. ' Secured by a first mortgage on 13.7 miles of street railway track in Raleigh, N, C, gas plants in Raleigh and Durham, N. C.; elec- tric light and power plants in Raleigh, Ox- ford, Henderson, Sanford, Jonesboro and Goldsboro, N. C, and elecric light and power distribution system for manufacturers in Fay- etteville, Smithfield, Selina, Franklington, Pine Level, Roxboro and Cumberland. N. C, and comprising five power stations, two of which are hydro-electric, and 215 miles of transmis- sion lines, 186 miles of distributing lines and 60 miles of gas mains. Population served by railway 22,000, gas 42,000 and electricity 50,000. The street railway franchise in Ral- eigh expires in 1945, the gas and electric fran- chises are perpetual, as is also the franchise in Fayetteville. In Sanford franchise expires in 1942, in Henderson and Oxford in 1971, in Goldsboro, Smithfield and Pine Level in 1972, in Jonesboro in 2003, and in Durham In 1950. Years ended Dec. 31. Gross. Net. Interest. 1919 $1,249,809 $558,099 $189,896 1918 1,015.382 502,181 181,888 1917 915,401 471,727 175.611 1916 786,916 382,767 178,687 1916 701,079 321,443 175,871 Listed on the Baltimore Stock Exchange. Original Market — Offered in 1911 by B. H. Rollins & Sons, New York; Hambleton & Co., and Stein Bros.. Baltimore, and Ptingree, Mc- Kinney & Co., Boston, at 92% and interest. Offered in 1914 by W. C. Langley & Co., at 94^ and interest. Market. ■ New York — Frederick H. Hatch & Co., Martin, Berwin & Co., "Earle A. Miller & Co., Vanderhoef & Robinson, Carruthers, Pell & Co., F. H. Hatch & Co., Pynchon & Co. Boston — L. Sherman Adams, Moors & Cabot. Baltimore — Macubin, Goodrich & Co. Philadelphia — Bauer, Starr & Co., Henry D. Boenning & Co. Milwaukee — Edgar, Ricker & Co. Price Range. Jan. X, '17, to Jan, 1, *31 1930 Bid. Ask. Bid. Ask. High 96 '17 97 '17 85 Jan. 88 Jan. Low. 68 '20 72 '20 ' 68 June 72 June CAROLINA POWER & LIGHT CO., YADKIN RIVER POWER CO., PALMETTO POW- ER & LIGHT CO. 5-Year First and Joint e». Due January 1, 1924, Dated January 2, 1919. Interest payable January 1 and July 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $3,000,000 Outstanding 3,000,000 Purpose of Issue — To retire indebtedness and to finance the construction of 94 miles of high-voltage transmission lines, sub-stations and certain distributing lines. These addi- tions are being constructed by the Palmetto Power & Light Co. to connect up the various plants of the Tadkin River Power Co. and Palmetto Power & Light Co. with the hydro- electric plant of the Wateree Power Co., located about eight miles northwest of Cam- den, S. C, and having a capacity of 93,833 h. p. The Tadkin River Power Co. has a thirty-year contract with the "Wateree Power Co. whereby latter is to supply 18,666 h. p. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Bankers Trust Co.. New Tork. Redeemable at any time upon four weeks' notice at 101 and interest during 1919; 100% and interest during 1920, and thereafter at 100 and interest. Organization — -The companies are incorpo- rated in North Carolina. The Yadkin River Power Co. owns all the capital stock, except directors' shares, of the Palmetto Power & Light Co. nie Carolina Power & Light Co, owns all the common stock, except directors' shares, of the Tadkin River Power Co. Control — The Electric Bond & Share Co. controls the Carolina Power & Light Co. through stock ownership. Secured by a first mortgage on all the property of the Palmetto Power & Light Co. now owned or hereafter acquired and a sec- ond mortgage on all the property now owned or hereafter acauired 'of the Tadkin River Power Co. and *lie Carolina Power & Light Co. The Palmetto Power & Light Co. owns and operates 44 miles high-voltage transmission lines and interconnecting distributing lines supplying Florence, Marion, Darlington, Mul- lins and Timmonsville, S. C. ; steam electric plant supplying Summerville, S. C, and wa- ter works system in Marion and Darlingrton, ^S. C. For further description of property covered by this mortgage see Carolina Power & Light Co. 1st 5 s and Yadkin River Power Co. Ist 6s. 'Vranchisea and Contracts — None of the franchises of the Palmetto Power & Ligrht Co. with one exception expires prior to 1932, whil6 one extends to 1972, three extend to 1976 and one is unlimited as to time. None of the franchises of the Tadkin River Power Co. expires prior to 1971. None of the fran- chises of the Carolina Power & Light Co. with one unimportant exception, expires prior to 1942, while one is unlimited as to time, and sixteen extend to 1971 or beyond. The companies are supplying street light- ing service in all communities served, either directly or through the sale of power at wholesale to local distributing systems. They also have a large number of power contracts. many of which are for long terms of years, supplying a large number of diversified man- ufacturing industries. Prior Liens — OutstandinC' Carolina Power & Light 1st 5s 1938 $3,482,000 Tadkin River Power 1st 53 1941.. 3,600,000 Total $6,982,000 Original Market — $3,000,000 offered Febru- ary, 1919, by Spencer Trask & Co. and "W. C. Langley & Co., New Tork, at 95% and interest. A block offerea Oct., 1919, by W. C. Langley & Co. and Spencer Trask & Co., New Tork, at 96^ and interest. Market. Boston — Arthur Perry & Co. Chicagro — Taylor, Ewart & Co., Merrill, Lynch & Co. Price Rangre Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91 '20 96% '19 91 Feb. 96% Jan. Low. 96 '20 91 '20 86 Dec- 91 Dec. CAROLINA TERMINAL CO. 1st 5s. Due Nov. 1, 1937. Dated Nov. 1, 1912. Interest payable May and Nov. 1, at Trustee's office. New Tork. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding- (Jan. 1, '21) 491,000 Retired by S. I' 140,000 In Treasui-y 69,000 Unissued 300,000 Denomination — Coupon, $1,000. Trustee — ^Bankers Trust Co., New Tork, Redeemable at 106 and interest on any in- terest date. Sinking Fnnd — $20,000 annually, beginning Nov. 1, 1914, for the purchase of bonds of this issue at not exceeding 105 and interest. Bonds so acquired to be cancelled. Guaranteed as to principal and interest by the Clyde Steamship Co. by endorsement. Organization — Incorporated in South Caro- lina. Capitalization. Outstanding, Common $100,000 Funded debt 491,000 Controlled by the Atlantic Gulf & West In- dies S. S. Co. by ownership of entire capital stock. The Clyde Steamship Co. leases the property for 99 years rental, all fixed charges, maintenance and insurance. The Clyde S. S. Co. is controlled through stock ownership by the Atlantic, Gulf & West Indips S. S. Co. Secured by a first mortgage on the entire property of the company, including an exten- sive terminal site at Charleston, S. C, to- gether with three large piers 425 feet long. which furnish terminal facilities for the Clyde S. S. Co, and connecting railroads. Earnings — Included in Atlantic Gulf & West Indies S. S. Co. Original Market — $700,000 ofCered Dec, 1912, by Spencer Trask & Co., New York, at 99 and interest. Market. New York — ^Vanderhoef & Robinson, Car- ruthers, Pell & Co., Spencer Trask & Co. Price Ranee. Jan. 1, '15, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 95 'IG 98 '16 87 Feb. 88^ Apr. Low. 65 '20 70 '20 65 Deo. 70 Dec. CABPENTEE-O'BRIEN CO. 1st 68. Dae $135,000 each Dec. 1 and $140,000 each June 1 from Dec. 1, 1915, to Jane 1, 1925. Dated Feb. 1, 1914. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid hy company without deduction. Anthorized $4,260,000 Outstandlne 1,716,400 Faid and Cancelled , 1,283,600 Reserved for Add 1,260,000 Denomination — Coupon, $100, $600 and $1,000. Kegisterable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago, and John K. Lyon. Redeemable at 102% and interest on any Interest date on 30 days' notice. Sinking Fund — $4.60 per thousand feet for cypress and $3.00 per thousand feet for pine, payable before timber is cut. Organization — Incorporated in Delaware in 1913. Name changed to Brook-Scanlon Corpo- ration Dec. 31, 1917. Capitalization. Outstanding. Common $3,728,800 Funded debt 1,676,400 Secured by a first mortgage on 183,000 acres of lard owned in fee in^Paylor, Lafay- ette, Madison and Jefferson counties, estimat- ed to contain $50,000,000 feet of pine and 425,000,000 feet of cypress, and on plant on the ' St. John's Kiver at tidewater, Jiist out- side of Jacksonville. Fla. The cypress tim- ber has all been sold, subject to this mort- gage, to another company. Original Market — Offered in March, 1914, by William A. Reed & Co., New York, and Lyon, Gary & Co., and Continental & Commercial Trust & Savings Bank, Chicago, at par and Interest. Market. Chicaffo — Baker, Feutress & Co. Minneapolis — Wells-Dickey Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. High 98% '16 101 '16 96 Sept. Low. 89 '20 93 '17 89 Sept. Organization — Incorporated in Canada, 1909, to acquire the businesses and properties of the Canada Carriage Co. of Brockville, Ont. ; Heney Carriage & Harness Co., Ltd., Mont- real: Munro & Mcintosh Carriage Co., Ltd., Alexandria, Ont., and the Tudhope Carriage Co., Ltd., Orrillia, Ont Capitalization. Outstanding. Common $1,200,000 Preferred (7% cum.) 1,200,800 Funded debt 445,500 Secured by first mortgage on plants of four companies engaged in the manufacture of car- riages and truck and auto bodies in Canada. Yeaa* ended July 31: Net. Dep'n Interest. 1920 $178,007 '$134,844 $80,019 •Included inventor ydepreciation. Original Market — $600,000 offered 1910 at par and interest by J. A. Mackay & Co., Montreal. Market. New York — G. B. de Chadenedes & Co. Montreal — National Bond Co., Inc., Hew R Wood Co., Canada Securities Co., Ltd., Bal- four, White & Co. Toronto — Manning Bros. & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. High 90 "17 93 '16 90 Mar. Low. 70 '18 72 '18 ' 88 Apr. CARRIAGE FACTORIES, LTD., Ist 6s. Due April 1, 1940. Dated April 1, 1910. Interest payable April and Oct. 1, at Royal Bank of Canada, Mon- treal. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding: 445,000 Retired by S. F 64,600 Reserved for Corp. Purposes. . 500,000 Denomination — Coupon, $500 and $1,000. Reglsterable as to principal or fully regis- terable. Trustee — Montreal Trust Co., Montreal, Canada. Redeeinahle after April 1, 1920, at any time on six months' notice, at 110 and interest. Sinking Fund beginning Dec. 1, 1915, an amount annually sufficient to redeem one-half the bonds prior to maturity, by purchase or redemption at not exceeding 110 and interest. Note — As of July 31, 1920, the sinking fu^nd was credited with $467,818, or more thdn sufficient to retire all outstanding bonds. 208 CARTHAGE & ADIRONDACK RAELWAX CO. iBt 4s. Due Dec. 1, 1931. Dated Dec. 1, 1892. Interest payable June and Dec. 1, at Grand Central Station, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized Closed mortgage Outstanding $1,100,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Assumed by the New York Central R. R. Co. Guaranteed principal and Interest by the New York Central Sc Hudson River R. R. Ca. by endorsement, which obligation was assumed by the N. Y. C. R. R. Co. at consolidation. Control — Merged into the N. Y. C. & H. R. R. R. Co., April. 1913, which was consol- idated Into New York Central R. R. in 1914. Secured by a first mortgage on 46.86 miles of road from Carthagg to Newton Falls, N. Y. UnderUes — N. Y. C. & H. R. R. R. Mtee. 3%s of 1997: Cons. 4s of 1998, Michigan Central Coll., Lake Shore & M. C. Coll. and Debentures; and Ref. & Imp. 4%s of 2013. Legal for Savings Banks In Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J. N. Y., R. I., vt. and Wis. Listed on the New York Stock Exchange. Market. New York— Simon Borg & Co., R. B. Hutchmson & Co., Charles W. Place, R. W. ?''*;??P''''=*!. ^ Co., Rutter & Co., Taylor, bmitn & Co., Moore, Leonard & Lynch. Philadelphia— Bauer, Starr & Co., Harper cfc Turner. Price Range — ^N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 tajn High 97 % Apr. 26, '09 73 j™ 1 Low. 73 June 1,'20 73 J™e 1 CARTHAGE, WATEBXOWN & SACKETT'S HARBOE R. R. CO. Cons, (now flrst) 6s. Due July 1, 1931. Dated July 1, 1891. Interest payable Jan. and July 1, at Grand Central Station, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $300,000 Denomination— Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Assumed by the N. Y. Cen. R. R. Co. Guaranteed principal and interest by the New York Central & Hudson River R. R. Co. by endorsement which obligation was assumed by the N. Y. C. R. R. Co. at consolidation. Control — Merged in April, 1913, into the N. Y. C. & Hud. Riv. R. R. Co., which was con^ solldated in 1914 into the New York Central R. R. Co. Secured by a first mortgage on 28.96 miles of road from Carthage to Sackett's Harbor, N. Y. UnderUes— N. Y. C. & H. R. R. 3%s of 1997; Cons. 4s of 1998; Ref. & Imp. 4%s of 2013; Coll. Tr. 3%s of 1998 and Debentures. L^al for Savings Banks in Cal., Conn., Me., Mass.,, Mich., Minn., Mo., N. H., N. J,, N. Y., R. I.. Vt. and Wis. Market. New York — Charles W. Place. Fittsburg^li — R. B. Hutchinson. Price Ranee. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 105 '16 100 '17 85 July 88 Aug. Low. 85 '20 88 '20 85 Aug. 88 Aug. CASS AVENUE & FAIR GROUNDS RAI]> WAY CO. 1st Ext. 4%^ Due July 1, 19ZZ. Dated July 1, 1912. Extended from July 1, 1912; interest reduced-from 5%. Interest pay- able January and July 1, at St. Louis Union Trust Co., St. Louis, and Northern Trust Co., Chicago, or office of No. American Co., New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding 1,640,000 Cancelled 360,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Northern Trust Co., Chicago. Redeemable at 102 and interest on any in- terest date. Guaranteed principal and interest by the United Railways Co. of St. Louis by endorse- ment. Controlled through ownership of entire cap- ital stock by the United Rys. Co. of St. Louis, which latter company is controlled by the N. American Co. of New York. Secured by a first mortgage on 36 miles of street railway, including the following lines extending from the center of the city into the northern and western residential sections: On Walnut St. from 5th St. to 8th St. to Cass Ave. to Glasgow Ave. to St. Louis Ave, to Clara Ave. near the western city line. On 7th St.' from Walnut St. to Cass Ave. On Franklin St. from 5th St. to 14th St. to Lef- flngwell Ave. On Carr St. from 5th St. to Leffingwell Ave. to Garrison Ave. to Market St. to Prairie Ave. to Natural Bridge Road to Kingshighway Boulevard. On O' Fallon St. from 2nd St. to 15th St. to Salisbury St. to Kossuth Ave. to Prairie Ave. to Lee Ave. Additionally secured by deposit of 10,001 shares (one-half of entire issue) of the cap- ital stock of the St. Louis R. R. Co. Fran- chises extend to 1939. Refunding — The United Rys. Gen. 4s of 1934 provide to retire this issue. Earnings — See United Rys. of St. L. listed on the St. Louis Stock Exchange. Original Market — Offered' in 1912, by Mis- sissippi Valley Trust Co., Mercantile Trust Co., A. G. Edwards & Sons, and Francis Bros. & Co., St. Louis, at 97% and interest. Market. New York — John Nickerson, Jr. St. Louis — Mississippi Valley Tr. Co., Stix & Co. - ' Price Range. Jan. 1, '16, to Jan. 1, '21 19:30 Bid. Ask. Bid. Ask. High 98 '17 98^ '16 86% Apr. 88^ Apr. Low. 85 '20 87 '20 85 Dec. 87 Dec. CATARACT POWER & CONDUIT CO. Ist Ss, Due January 1, 19S7. Dated January 1, 1897. Interest payable Jan. and July 1, at Metropolitan Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax Fxempt Bonds — Bonds numbered 832 to 845, inclusive, 851 to 866, inclusive, 876 to 900. Inclusive, and 1,001 to 1,384, inclusive, have been made tax exempt in New York. Autliorized Closed mortgage. Outstanding: (Jan. 1, '21) $1,084,000 Retired by S. F. 300,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Metropolitan Trust Co., New York. Sinking Fund — Annually an amount from the surplus income and invested so as to form a fund sufficient to redeem at maturity out- standing bonds. Assumed by the Buffalo General Flectrlo Co. Organization and Control — Incorporated In New York in 1896 to distribute electric power generated by the Niagara Palls Power Co. In the City of Buffalo. ' Merged in 1915 into Buf- falo General Electric Co. Secured bj^ a first mortgage on the distri- bution system supplying electricity in Buffalo, including 106 miles of underground conduits and five sub-stations. Underlies — Buffalo General Electric let Ref. 5s of 1939, Conv. Deb. 6s and Conv, Deb. 7s. Earnings — See Buffalo General Electric Co, issues. Legal for Savings Banks In R. I. Market. New York — Earle A. Miller & Co., Van- derhoef & Robinson. Bufifalo — Citizens Commercial Trust Co., Evers, Seber & Co., N. A. MacDonald & Co., O'Brian, Potter & Co., Schoellkopf. Hutton & Co., Inc. Price Range. Jan. 1, '16, to Jan. 1, 'SI 19S0 Bid. Ask. Bid. Ask. High 101 '16 101% '16 89 July 91 July Low. 82 '20 81 '20 82 July 91 July 209 CATASAUaUA & FOGBLSVUXE rah^ ROAD CO. 1st 48. Due July 1, 1938. Dated July 1, 1898. Interest payable Jan. and July 1, at Reading Terminal, Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $135,000 Denomination — Coupon, $1,000. Register- able as to principal or fully reglsterable. Trustee — The Pennsylvania Company for Xn^ surances on Lives and Granting Annuities, Philadelphia. Orsranization — Incorporated in Pennsylvania July 2. 1863. Capitalization. Outstandiner. Common $426,900 Funded debt 136,000 Controlled by the Heading Co. through ownership of $254,125 o£ $426,900 capital stock.' Secured by first mortgaire on 31.76 miles of road from CatasauQua to Rittenhouse Gap, Pa., and branches. Years ended Dec. 31. Gross. Net. Int., etc. *1920 $618,499 $310,461 $31,061 •1919 143,162 155,974 12,180 ■fl91!) 325,181 156,641 •1918 143,102 166,021 16,319 tl918 475,200 222,137 2,883 1917 325,181 157,994 }112,816 1916 312,842 195,508 7,570 •Corporate account. tPederal account — standard return not in- cluded. tincludes additions, etc. XiBsal for savings banks in Me., Mich., Minn., N. H., N. J., R. I. and Wis. Market. Pittsburgh — R. B. Hutchinson & Co. Fhilaclelphia — Graham, Parsons & Co. CATAWBA POWER CO. SO-Tear 6a. Doe June 1, 1933. Dated June 1, 1903. Interest payable June and Dec. 1, at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding- (Nov. 17, '20) $508,000 Ketired by S. F 242,000 Trustee — Equitable Trust Co., New York. Sinldng Fund — Beginning June 1, 1906, the company will pay $10,000 per annum to pur- chase bonds in the open market at not ex- ceeding 105 and interest. If bonds cannot be purchased, ten bonds are to be drawn by lot and cancelled. Organization — Incorporated in South Caro- lina. Capitalization. Outstanding. Common $600,000 Preferred 200,000 Funded debt 514,000 Control — ^A.11 the capital stock la owned by the Southern Power Co, Secured by a practically first mortgage on hydro-electric plant 6% miles from Rock Hill., S. Car., and 18 miles from Charlotte, N. Car., and on distribution system for sup- plying electricity to those cities and Gasto- nia. Fort Mill, Pineville and YorkvIUe, all located within 20 miles of the power plant. Population served, 40,000. Prior Lien — $6,000 1st 6s of 1922. Original Market — Offered by Morris Bros. & Christiansen, Phila., at par in 1903, Market. New York — Dunham & Co., Frederick H. Hatch & Co., Berdell Bros., G. it. Mc- Allister. Philadelphia — Bauer, Starr & Co., Henry D. Boenning & Co., Elkins, Morris & Co., Chaa. Fearon & Co., Huntoon & Co., Samuel K. Phillips & Co. Price Range, Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102 '16 103 '15 97% Feb. 99 Nov. Low. 86 '20 91 '20 86 Aug-. 91 Aug. 210 CATAWISSA RAILROAD CO. 1st Cons. 48. Due April 1, 1948. Dated April 1, 1898. Interest payable April and Oct. 1, at conipany's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding $2,215,000 Denomination — Coupon, $1,000. Register- able as to principal or fully reglsterable. Trustee — The Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia. Guarante^ed as to principal and interest by the Philadelphia & Reading Ry. Co. under terms of lease. Organization — Incorporated in Pennsylvania in 1860 as a reorganization of the Catawis- sa, Williamsport & Erie R. R. Co. Capitalization. Outstanding. Common $826,660 1st Preferred '. . . 2,178,900 2nd Preferred 990,800 Funded debt 2,216,000 Control — Leased Dec, 1896, for 999 years to the Phildelphia & Reading Ry. Co. The entire capital stock of the latter company is owned by the Reading Co. Rental interest 6n bonds, 6% dividends on $3,200,000 preferred stock, taxes and $8,000 for organization ex- penses. Secured by a first mortgage on 99.83 miles of road from Tamanend to Newberry Jet., Pa. This line affords that system its only en- trance into Williamsport, Pa., and also a connection with the New York Central & Hudson River R. R. at Newberry Jet. Legal for Savings Banks in Me. Listed on the Philadelphia Stock Exchange. Market. New York — JVtoore, Leonard & Lynch. Philadelphia — Barnes & Lof land, Henry D. Boenning & Co., Brown Bros & Co., Chas. Fearon & Co., Harper & Turner, Hun- toon & Co., Read A. Morgan & Co., Isaac Starr, Jr., & Co., "Welsh Bros., Samuel K. Phillips & Co. Price Range. Jan. 1, '08, to Jan. 1, 'HI 1920 Bid. Ask. Bid. Ask. High 103 '08 105 '08 80 Mar. 84 Mar. Low. 76 '20 78.'20 76 May 78 May CAYADCTTA ELECTRIC RAILROAD Ist 6b. Due Oct. 1, 1922. Dated Oct. W 1892. Interest payable April and Oct. 1, at Trustee's" office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $360,000 Outstanding 360,000 Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co. Guaranteed principal and interest by Fon- da, Johnstown & GlovcrsvUle P.. R. Control — Merged with Fonda, Johnstown & Gloversville R. R. Co., which operates botll steam and electric railways. Secured by first mortgage on 9 mtlea of electric road from Fonda to Gloversville Underlies — F. J. & G. R. R, lat Cons. 4b Gen. Refe. 4%s, which provide to retire this Issue. Earnings — See Fonda, Johnsto-wn & Glov- ersville R. R. Market. New York— F. H. Hatch 4 Co., Wolft A Stanley. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '17 100 '18 83 July 90M Nov. Low. 83 '20 90^1 '20 S3 July 90y, Nov. Market. New York — Taylor, Smith & Hard. Price Ranee — N. Y. S. B. Jan. 1, '11, to Jan. 1, '21 1920 High 1061/2 Feb. 23, '11 Low. 9714 Feg. 14, '19 Bid. Ask. 95% Mar. 97 July 9014 Nov. 87 June CEDAJB RAPIDS & IOWA CITY RY. & L.I6BT CO. Ist S. F. 5s. Dne Jane 1, 1923.. Dated June 1, 1903. Interest payable June and Deo. 1, at Harris Trust & Savings Bank, Chicago, or Harris, Forbes & Co., New York. 'Tax Status — 2% Federal Income Tax paid by company without deduction. Out?ten^nV °'°^'"" ""sYlrOoS CBDAKS KAPIDS MANUFACTUKING & De"nStt"™-6oupon: ■■$l,6bb;--*Blg?ster- POWER CO. 1st Ss. Due January 1. "•"^raTtees-imnSs"' Trust & Savings Bank Dated January 17 1913 Interest payable and Harris Trust & Savings Bank, Chicago. ^5""^?'' V"? •'""' } ^' ^°J\' ^^^^ °' °^"' Redeemable at 107 >,4 and interest on any "-da. New York, Montreal and London. interest date, on 60 days' notice. ^ Tax Status— Payment of Federal Income Sinking Fund— Began June 1, 1908, an an- Tax not assumed by company, nual amount to retire $600,000 bonds by ma- ^^ZlLg m^r. 'i,' ^i) ! ! ! ! ^"s',???;??? turity. ^ , ^^ , „ . X- ,.» ,-. In Treasury 1,291,000 Assumed by the Iowa Ry. & Light Co. Denomination— Coupon, $100, $600 and $1,- Organization and Control — Incorporated in jqq^ ^nd sterling equivalents. Kegisterable aa Iowa, 1903, and acquired the property and jq principal only. franchises of the Cedar Rapids Electric Light Trustee — Montreal Trust Co., Montreal, & Power Co. and built an electric railway Canada. from Cedar Rapids to Iowa City. Name Redeemable on or before January 1, 1917, changed Sept., 1912, to the Iowa Ry. & Light at 100 and interest, between January 1, 1917. Co. (See latter company for details.) .and 1922 at 106 and interest and after Janu- Secured by a first mortgage on plants sup- ary 1, 1922, at 110 and interest, plying Cedar Rapids, la., with electricity and Sinking Fund — Beginning January 1, 1925, steam heat and on 30 miles of interurban 1% per annum of outstanding bonds to be paid railway between Cedar Rapids and Iowa City, to the trustee, la., built on private right-of-way. Franchise- Organization and Control. — Incorporated in in Cedar Rapids expires in 1926 and is per- Canada. During 1916 the stocks of this com- petual in Iowa City. Population served, pany and of the Montreal Light, Heat & 60,000. Power Co. were acquired by the Civic Invest- Underlies — Iowa Ry. & Light Co. 1st & Ref. ment & Industrial Co. The name of the lat- 6s of 1932, which provide to retire this issue. ter company was changed in 1918 to Montreal Earnings— See Iowa Ry. & Lt. Co. Light, Heat & Power Consolidated. The prop- Original Market-Oitered in 1903 by N. W. f'^'^; ,Tv»?/l»^»^ fL^lll 7 ^^Y^^^W.^'^', Harris & Co., Boston; Harris Trust & Savings ^^' ^ 98-year lease from Aug. 1 1916. Rental Ts I- r^t,f.,„™„ ^^^ xT..^..;« ■^l.,,.l^«„ s r-., expenses, fixed charges and dividends. Bank, Chicago, and Harris, Forbes & Cc, r'„„^+«n„«+?.^« r».,+«^.,^.ii^.- New Vnrk at Dar and interest Capitalization. Outstanding. New York, at par ana interest. Common $8,900,000 Market. Funded debt 13,709,000 New Yorli — Harris, Forbes & Co. Secured by a first mortgage on hydro-eleo- Boston — Harris, Forbes & Co. trio plant on the St. Lawrence River, about Cliicagro— Harris Trust & Savings Bank. 30 miles above Montreal. The development ex- , tends for two niiles along the river, in which „.,,„ „ ,- distance there is a drop of 32 feet. The com- CEDAR RAPIDS. IOWA FALLS & NORTH- pany has perpetual righTs to take sufficient WESTERN RAILWAY CO. 1st 5s. Due water to develop 160,000 horsepower. Pres- Oct, 1, 1921. . ent equipment has a capacity of 100,000 h. p. Dated June 23, 1881. Interest payable April The company has Ions term contracts with and Oct. 1 at First National Bank, New the "Aluminum Co. of America for the delivery York. of 60,000 h. p. at its plant at Massena, N. Y., Tax Status — Payment of*Federal Income and with the Montreal Light, Heat & Power Tax not assumed by company. Co. for the present delivery of 20.000 h. p. in Authorized $4,000,000 Montreal, with an ultimate increase to 60,000 Outstanding 1,905,000 h. p. The transmission lines for delivery of Deposited under B., C. R. & N this current are owned by the purchasing com- Cons. 1st 58 2,011,000 pany, who receive an agreed amount per Provision of Issue — Under terms of C. R. I. horse power for delivery service. & P. Ry. Co. 1st & Ref. Mtg. bonds of this Listed on the Montreal Stock Exchange, issue cannot be extended. , Original Market — Offered in May, 1916, by Denomination — Coupon. $1,000. Register- Jackson & Curtis, New York and Chicago, at able as to principal. 87% and interest. A block offered Feb.; 1918, Trustee — Central Union Trust Co., New by Spencer Trask & Co., New York. York. Market. Control— Merged in 1900 into the Burling- New York — Aldred & Co., Sam'l Gold- ton, Cedar Rapids & Northern By. Co. and Schmidt, Frederick H. Hatch & Co., Hoden- the property of the latter company was deed- PJ'', Hardy & Co., Martin, Berwin & Co., ed to the Chicago, Rock Island & Pacific Ry. Jj!"^"' *^^'^?,- ^J'''^ ^r ^i"1'' ^ °o°'-r.^L--'- qq_ Minsch & Co., Inc., Vanderhoef & Robm- Secured by a first mortgage on 292.63 ^"m'oston I. .qherman Artams rnhnrn ^^. It i^S-l^-^^^^X^i ^rs 11 f Si ^'^bo.^'^lISlfson l^%Trtis,"So"o?s ^JSl-t' n"i N. cons. 6S of 1934, ,,^S^f±i^^^CfiJX'^''o?o% g^SoT which provide for the retirement of this issue, paul & Co and the C, B. & I. P. Ry. 1st & Ref. 4s of Providence, B. I. — Hornblower & Weeks, 1934. Sartorins & Co. Legal for savings banks in Me. Montreal — Nesbitt, Thomson & Co.,- Ltd., lilsfed oh the New York Stock Excliange. Mackenzie & Kingman. 211 Price Ran^e. Jan. 1, '16, to Jan. 1, '21 Bid. Ask. High 90% '16 92 '17 X,ow. 73 '20 76 "20 1920 Bid. Ask. 85 Mar. 90 Mar. 73 July_ 75 Aug. 1st CEDAR VA1X.EY (la.) EUBCTBIC CO. 68. Due April 1, 1935. Dated April 1, 1915. Interest payable April 1 and October 1. Tax St.atus-^2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $600,000 Outstandine 400,000 Reserved for Ext. . .~. 200,000 Denomination — Coupon, $500 and $1,000 Registerable as to principal only. Trustee — I'ennsylvania Co. for Insurances on Lives & Granting Annuities. Redeemable on any interest date at 105 and Interest. Guaranteed as to principal and interest by the American Gaa. Co. by endorsement. Organization and Control — Incorporated in Iowa in 1915. Controlled by the American Gas Co. through stock ownership. Capitalization. Outstanding. Common $221,000 Fimded debt 400,000 Secured by a first mortgage on two hydro- electric and three steam generating plants and distribution systems supplying electricity in Charles City, Hampton, Farkersburg and other towns in north central Iowa, Popula- tion served, 16,000. The principal franchises are reported as extending to 1940 or beyond. Earnings — Included in American Gas Co. income account. Original Market — Offered in May, 1915, by William P. Bonbright & Co., New York, and Blston, Clifford & Co., Chicago, at par and Interest. Market. New York — Merrill, Lynch & Co., Car- ruthers, Pell & Co. Fhiladelphia — Henry D. Boenning & Co. Price Range. Jan. 1, '18, to Jan. 1, 'gl 1980 Bid. Ask. Bid. Ask. High 91 '18 91 '19 62 Low. 60 '20 70 '20 60 70 70 CENTBAI, ARGENTINE RAILWAY, LTD., 10-Year Conv. 6% Gold Notes. Dne Feb. 1, 1927. Dated Peb. 1, 1917. Interest payable Feb. 1 and Aug. 1 at J. P. Morgan & Co., New York, or in sterling, at fixed rate of $4.85 per £ at London County & Westminster Bank, London, Bng. Tax Status — ^Payment of Federal Income Tax not assumed by company. Principal and interest payable without deduction for any British or Argentine taxes. Authorized $16,000,000 Outstanding 16,000,000 Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Redeemable as a whole at 102 and interest on Feb. 1, 1922, or on any interest date thereafter on 6 months' notice (see "Note" under "Convertible"). Convertible at any time after Jan. 31, 1918, to and including date of maturity, or date of redemption if called prior there- to, into consolidated ordinary stock of the Company at par. Bonds are convertible in London or at the Guaranty Trust Co., New Tork. Organization — Organized In 1863. The prop- erty comprises 3,306 miles of track connect- ing Buenos Aires with the interior and serv- ing ,the most densely populated section and principal cities of the Argentine Republic. The business is conducted under a perpetual concession and an amended contract with the Government whereby the railway is entitled to rates that will provide a net earning power of 6.80% on the capital Invested, now over $250,000,000. Capitalization. ($4.86 per £) Outstanding. Ordinary stk $136,988,577 Preferred U% non-cum.) 47,121,189 Deferred stk 3,946,348 Funded debt 93,074,885 Security — A direct obligation of the com- pany but not secured by a mortgage. Prior Liens — Total, $76,644,800; $429,080 Central Argentine Ry. Central Deb. 3'A% Stock (secured on 160 miles): $9,805,050 4%% Western Annuity (secured) on 202 miles); $65,410,765 4% Debenture Stock (secured on entire property. ) Years ended June 30: Gross. 1920 £9,769,766 1919 6,925,798 1918 6,184,089 1917 6,246,626 Ori^al Market — Offered March, 1917, by J. P. Morgan & Co., Kuhn, Loeb & Co., Na- tional City Co., Guaranty Trust Co., Lee, Hig- ginson & Co., and Wm. A. Read & (Ik)., at 100 and Interest. Market. New York — Vanderhoef & Robinson, Bull & Eldredge, Pynchon & Co., Dillon, Bead & Co., Fred. H. Hatch & Co. Price Range. Jan. 1, '17, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 92% '18 100 '17 84% Jan. 86% Mar. Low. 55 '17 65 '17 82 Dec. 72 Dee. Net. Interest. £3,398,374 £836,724 1,330,587 836,724 1,860,997 833,046 1,882,416 820,72. CENTBAI. ARKANSAS & EASTERN RAIL- ROAD CO. 1st Guar. 5s. Due Jaly 1, 1940. Dated July 1, 1910. Interest payable Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 1.085.000 Reserved for Ext 1,915,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — St. Louis Union Trust Co., St. Louis. Redeemable at 105 and interest at any time, on 30 days* notice. Guaranteed principal and interest by the St. Louis Southwestern Ry. Co. by endorse* ment. Organization; — Incorporated In Arkansas In 1901. Capitalization. Outstanding. Common $150,000 Funded debt 1,085,000 Control — Leased for 30 years from July 1, 1910, to the St. Louis, Southwestern Ry. Co. with the privilege of purchasing the prop- erty. Lessee owns $149,600 of the capital stock. Secured by a first mortgage on 44.8 miles of road from Stuttgart to Sngland and from Rice Jet. to Hazen, all in Arkansas. Refunding — ^The St. L. S. W. 1st Term. & XJnlf. Mtge. 5s of 1962 provides for retire- ment of this issue. Iiegal for Savings Banks In Me. and Mo. „ OriGTinal Market — Offered In 1911, by the Guaranty Trust Co., and Rhoades & Co., New York, Townsend, Whelen & Co., Fhila., and Hayden, Miller & Co., Cleveland, at 91'A and interest, $360,000 offered in Feb., 1912, by Guaranty Trust Co. and Rhoafles & Co., New York, at 98 and interest. Market. New York — Carrutliers, Pell & Co., F. J. Lisman & Co. Philadelphia — Barclay, Moore & Co. Price Range. Jan. 1, '16, to Jan. 1, 'HI 1930 Bid. Ask. Bid. Ask. High 90 '16 95 '16 65 Sept. 70 Sept. Low. 45 '18 55 '18 60 June 67% June CENTBAI, ASKAIfSAS RAJXWAY & IIGHT CORP. iBt Lien S. I". 5s. Due March 1, 1928. Dated March 1, 1913. Interest payable March and Sept. 1, at Trustee's office and Lee, Higginsoji & Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,000,000 Ontstandlngr (Feb. 1, '21) 1,866,000 Held in S. F 375,000 Reserved for Ext 4,759,000 Benomination — Coupon, $600 and $1,000. Keglsterable as to principal. Trnstee — Columbia Trust Co., New York. Redeemable as a whole on any interest date at 102 and interest or in part for sinklnsr fund beginning 1915. Sinking Fund — Beginning Jan. 2, 1915, an- nual amounts sufficient to retire at least 20% of bonds issued at the date of the last Installment in 1927. Organization and Control — Incorporated In Virginia in 1913 and owns all the stocks and bonds of four companies doing the street railway, water, gas and plectric business of Hot Springs, Ark. Controlled by the Fed- eral Light & Traction Co. through owner- ship of the entire ($2,500,000) common stock, which company also guarantees by endorse- ment 7% dividends on the $1,200,000 pre- ferred stock outstanding. Capitalization. Outstanding. Common $2,600,000 Preferred (7% cum.) 1,200,000 Funded debt 1,866,000 Secured by deposit with the Trustee of $499,- 500 of $500,000 capital stock and $358,000 (entire issue) first mortgage bonds ot the Hot Springs Water Co.; $499,600 of $500,000 capital stock and $513,000 (entire issue) capital stock and $565,000 (entire issue) first mortgage bonds of the Hot Springs Street Ry. Co. (owning 13 miles of street railway); $199,500 of $200,000 capital stock and $300,000 (entire Issue) first mortgage bonds of the Consumers' Gas Co.; $499,600 of $600,000 capital stock and $635,000 (en- tire issue) first mortgage bonds of the Citi- zens Electric Co. Through the lien on these securities this issue is practically a first mortgage on all of the public utilities in Hot Springs, Ark., including plants supplying gas, electricity and water, and on 13 miles of street railway. Street railway franchises expire in 1954, water 1931, artificial gas unlimited as to time, natural gas expires 1931, electric expires in 1933. Population served about 34,000. Xears ended Dec. 31. Gross. Net. Int., etc. 1920 $798,507 $309,303 $102,424 1919 665,618 268,164 95,206 1918 555,179 207,863 97,697 1917 645,456 204,365 98,012 1916 494,109 166,747 98,900 Original Market — $2,000,000 offered March 1913, by Lee, Higglnson & Co., Boston, New York, Chicago, etc., at 96 and interest. Market. New York — Frederick H. Hatch & Co.^ Chas. E. Doyle & Co., Carruthers, Pell & Co. and Dec. 1, at Missouri Pacific R. R., New York. Price Range, Jan. 1, '15, to Jan. 1, 'gl 1920 Bid. Ask Bid. Ask. High 98 '16 92 '17 74 Mar. 79 Mar. Low. 65 '20 70 '20 66 Dec. 70 Sept. CBNTRAI, BRANCH UNION PACIFIC RAII#- WAY CO. 1st 48. Dne Jane 1, 1948. Dated June 30, 1898. Interest payable June Tax Status — 2% Federal Income Tax paid by the company without deduction. Antboriied $2,600,000 Outstanding 1,628,000 Pledged under Mo. Pac. 1st & Ret 872,000 Exchange for New Securities — The reorgani- zation plan of the Mo. Pac. Ry. Co. provides for the exchange of these bonds for 50% of Gen. Mtge. 4s 50% of 5% preferred stock, cumulative after June 30, 1918, or 100% of Gen. 4s, Denomination — Coupon, $1,000. Register- able as to principal only, or fully register- able. Registered, $1,000. Trustee — Central Union Trust Co., New York. Assumed by the present Missouri Pacific Ry. Co. Control— Absorbed in 1909 by the Missouri Pacific Ry. Co. In March, 1917, the lat- ter company was succeeded through lore- closure by the Missouri Pacific R. R. Co. Secured by a first mortgage on 100 miles of road from Atchison to Waterville, Kan. Underlies — Missouri Pacific (new) 1st & Ref. Mtge., which mortgage provides for the re- tirement of these bonds, and Gen. 4s cf 1976. lasted on the New York Stock Exchange. Market. New York — Simon Borg & Co., Earle A Miller & Co., Charles W. Place, Carruthers, Pell & Go. Boston — Hotchkin & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan 1, '21 1920 Bid. Ask. High 95 Mar. 20, '06 65 Jan. 70T5ec. Low. 68 June 30, '19 66 Aug. 60 Mar. CENTRAL CALIFORNIA TRACTION CO. 1st S. r. 0s. Due April 1, 1936. Dated September 1, 1906. Interest pnyabie April and Oct. 1, at Union Trust Co. San Francisco, Cal, In 1917 bondholders assented to a riiduc- tion of interest to 2% for 1917, 18 and '19 and waive default of sinking fund. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding 1,471,000 Retired by S. F 29,000 Denomination — Coupon, $1,000. Trustee — Union Trust Co., San Francisco, Cal. Redeemable at 105 and Interest on any iftterest date on 60 days' notice. Sinking Fund — Commencing Oct., 1912, $15,- 000 antjuaily to 1922, $30,000 for succeeding 10 years and $46,000 annually thereafter. Organization — Incorporated In California In 1905 to construct and operate interurban rail- ways for both freight and passenger traffic. This company, in 1915, leased its lines in Stockton, which had not proven profitable, to the Stockton R. R. Co, at an annual rc-ntal increasing from $12,500 for rhe first three years to $15,000 for the next 35 years. Early in 1916 this company entered into an agree- ment with the Tidewater Southern Ry. Co., providing for the joint operation of the two lines as one system, the separate crporate existence of each to be rnaintainod. The Tidewater Southern Ry. operate:^ 3 J m'les of electric railway between Modesto and Stock- ton. Capitalization. Outstanding, Common ! $2,675,300 Preferred (6% cum.) 1,000,000 Funded debt - 1,492,000 Secured by a first mortgage on 70 miles of railway track extending from Stockton via Lodi to Sacramento, Cal., and including street railway mileage in Stockton. Street rail- way franchise in Stockton expires in 1950, and outside of cities road is built on private right-of-way. Population served, 80,000. Original Market — Offered in 1911, by N. W. Halsey & Co., New York, etc., at 95 and interest. Market. Los Angeles — A. H. Woollacott, Cahn, Mc- Cabe & Co. Price Range. Jan. 1, *12, to Jan. 1, '21 1920 Bid. Ask. Bid. AsK. High 96% '12 97 '12 37% Sept. 40 Sept. Low. 25 '19 33 '20 25 June 33 Dec. Price Kangre Jan. 1, '19, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 97 '09 101 '19 92 July 97 July Low. 82 '20 94 '20 92 July 94 Nov. CENTRAL COAL & COKE CO. Gen. Cons. 6s. Bae $100,000 each July 1st to 1926, and $150,000 July 1, 1927. Dated Jan. 15, 1902. Interest payable Jan. and July 1st, at Drexel & Company, Phila- delphia. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $2,500,000 Outstanding: (Jan. 1, '21) 719,000 Balance Retired. Denomination — Coupon $1,000. Register- able as to principal. Trustees — Fidelity Trust Co., Kansas City and Pennsylvania Co. for Ins. on Lives, etc., Philadelphia. Sinking Fund — Annually one-twelfth of bonds outstanding to provide for redemption of bonds maturing each year. Organization — Incorporated in Missouri, 1893, in 1900 acguired properties of the Sweetwater Coal Mining Co. of "Wyoming and in 1902 properties of the Kansas and Texas Coal Co. of St. Louis, Mo. The company owns the entire capital stocks of the Delta Lumber Company and Delta Land & Timber Company, owning timberlands in Texas and Louisiana, and also entire capi- tal stock of Bevier & Southern Railroad, Capitalization. Outstanding. Common $5,125,000 Preferred (5% cum.) 1,875,000 Funded debt 2,045,616 Secured by a mortgage on entire property owned including coal mines in Kansas, Mis- souri, Arkansas, Oklahoma and "Wyoming with daily output of about 25,000 tons bituminous coal, and planing mills in Louisiana and Texas with daily capacity of 700,000 ft. Tears ended Dec. 31 (excl. of subsidiary). Net. Exp. & Int. 1920 $1,538,900 $235,586 1919 292,842 227,385 •Includes gen. expenses and interest charges. Market. New York — Watson, Armstrong & Co., Carruthers, Pell & Co. CENTRAL CROSSTOWN RAILROAD 1st €8. Due Nov. 1, 1922. Dated Nov. 1, 1882. Interest payable May and Nov. 1 at Treasurer's office N. T. Rys. Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $250,000 Denomination — Coupon, $1,000. Trustee — ^American Trust Co. , Boston. Mass. _ ReceivershiiH— See New York Rys. Co. Control — Chartered in 1873 in New York. Leases the Christopher & lOth Sta R. R., 4 miles, for 999 years from 1890, at a ren- tal equivalent to interest on bonded debt and 8% on $650,000 stock. All of the Consoli- dated Mtge. bonds are owned by the New York Rys. and pledged as security for a note issue, on which no interest is being paid. The road was merged with the New York Railways through foreclosure proceed- ings. Secured by first mortgage on 2% miles of street railway in New York City. Bight- tenths of a mile of track is operated by electricity, and the company has abandoned the operation of that part of its horse railway located on 17th and ISth Streets. Underlies — $2,473,400 1st Cons. 6s, due 1952, all owned by New York Rys. Co. Market. New York — Theodore L. Bronson & Co., Hepburn & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. High 105 '13 114 '08 25 Nov. Low. 15 '20 50 '19 15 Dec. CENTRAL DISTRICT TELEPHONE CO. (THE) Ist. S. F. 5s. Due Dec. 1, 1943. Dated Dec. 1, 1913. Interest payable June and Dec. 1, at Trustee's office and National Bank of Commerce, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax ex- empt in Pennsylvania. Authorized Closed mortgage Outstandingr (Jan. 1, '21) $9,481,000 Retii-ed by S. F 529,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Fidelity Title & Trust Co., Pitta- burgh. Redeemable as a whole at 105 and interest on any interest date on or after Dec. 1, 1918, on three months' notice. Sinking Fund — Beginning June 1, 1914, 1% per annum of the amount of bonds issued, payable semi-annually. Assumed in 1918 by the Bell Telephone Co. of Pennsylvania. Organization and Control — Incorporated In Pennsylvania in 1874 as the Central District & Printing Telegraph Co. Name changed to the Central District Telephone Co. in 1913. On April 1, 1918, the Ohio property of the latter company was sold to the Chesapeake & Potomac Telephone Co. of "W. Va. and the remaining property and business of the company was sold to the Bell Telephone Co. of Pennisylvania on September 30, 1918. The latter company Is a subsidiary of the Am- erican Telephone & Telegraph Co. Secured by a first mortgage and first col- eral lien on the property of the company in Pennsylvania. The physical property covered by this mortgage is valued at more than $22,000,000. Underlies Bell Telephone Co. of Pa. 1st & Ref. 7s 1945. Earnings — See Bell Telephone Co. of Pa. 1st & Ref. 7s. L,egal for savings banks in Ohio. UBted on the New Torlc Stock Exchange Original Market — Offered March, 1914, hs J. P. Morgan & Co. , Kuhn, Loeb & Co., National City Bank and First National Bank. New York, and Kidder, Peabody & Co., Bos- ton and New York, at par and interest. Market. New York — Joseph Oilman, Frederick H. Hatch & Co., T. L. MacDonald, Earle A. Miller & Co., Redmond & Co., Vanderhoef & Robinson. Fhiladelpliia — Thos. A. Biddle & Co., Brown Bros. & Co.. J. P. Magill & Co., Reed A. Morgan & Co., Samuel McCreery & Co., Samuel K. Phillips & Co. Pittsburgh — W. E. Ballard, Lyon, Singer & Co., Moore, Leonard & Lynch, Stout & Co., Edward A. Owens & Co., The Union Trust Co. of Pittsburgh. Price Range — N, Y. S. E. Jan. 1. '16, to Jan. 1. '21 1920 High 103 y2 Aug. 1, '16 96 Jan. 3 Low. 81 14 June 3, '20 81% June 23 GENTBAJL EUBICTRIC CO. OF N. J. Cons. 66. Due July 1, 1940. Dated July 1, 1900. Interest payable Jan.. and July 1, at Trustee' s office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $750,000 Outstanding 750,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Tmstee — Fidelity Union Trust Co., New- ark, N. J. Redeemable at 110 and interest. Assumed by Somerset, Union & Middlesex Lighting Co. Control — Merged with Somerset, Union & Middlesex Lighting Co., which is leased to the Public Service Corporation of N. J. for 900 years from Jan. 1, 1904, and lease as- signed to the Public Service ' Electric Co. Rental, interest, taxes and 4% dividend on $1,050,000 'stock. Secured by a first mortgage on generating plant and distribution system supplying elec- tricity to Metuchen, Perth Amboy, Rahway, Woodbridge, Raritan, Bound Brook, Dunel- len. South Plainfield and New Brunswick, N. J,, including a large generating plant at Metuchen. Franchises are perpetual. UnderUes— $1,974,481 S. U. & M. Lgt. Co. Original Market — OfCered by J. S. Rippel, Newark, N. J., in March, 1901. New York— W. E. R. Smith & Co., Sutro Bros. & Co. Price Range. Jan. 1, '16, to Jan, 1, '21 1920 Bid. Ask. Bid. Ask. High 95 '16 98 '16 72 Dec. 83 Mar. Low. 72 '20 78 '20 72 Dec. 78 Dec. CENTRAL FOUNDRY CO. (THE) 1st S. F. 68. Due May 1. 1931. Dated May 1, 1911. Interest payable Feb. and Aug. 1 at Company's office. New York. Tax, Status — 2% Federal Income Tax paid by company without deduction. Autliorized $1,500,000 Outstanding (Jan. 1, '21) 1,238,200 Held in S. F 196,500 In TreasuiT 65,300 Denomination — Coupon. $1,000 and $100. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Redeemable at 105 and interest on any interest date as a whole, or in lots not leas than $100,000 on 60 days' notice. Sinking Fund — $20,000 annually, beginning Oct. 1 , 1914, for the purchase or redemp- tion of these bonds at not over 105 and Interest. Bonds so redeemed to be kept alive and interest added to sinking fund. Organization — Incorporated March, 1911, in Maine as- a reorganization of the Central Foundry Co. of New Jersey, which was in the hands of a receiver appointed Feb., 1910. The predecessor company had absorbed a large nlajorlty of the soil pipe plants of the United States. Plants are located at Baltimore, Newark, N. J., Bessemer, Holt and Anniston, Ala., South Pittsburgh, Tenn., Vincennes, Ind., and Medina, N. Y. Owns the entire capital stock and $435,000 of $1,- 206,000 bonds of the Central Radiator Co. and the Central Iron & Coal Co. Capitalization. Outstanding. Common $3,598,600 1st Pref. (8% cum.) 437,200 Ordinary Pref. (5% non-cum.) 4,600,000 Funded debt 1,238,200 Conti'oUed by the Iron Products Corpora- tion (organized in 1919) through ownership of $2,999,197 common, $329,800 first pre- ferred, and $3,795,930 ordinary preferred stock. Secured by a first mortgage on all the property of the company mentioned above and additionally secured by deposit with the Trustee of $1,000,000' (entire Issue) of the capita] stock of the Central Iron and Coal ' Co. The latter company owns a blast fur- nace, coal mines, large ore properties and coke ovens in and around Holt and Keller- man, Ala., and supplies the Central Foundry Co. with pig iron. Also secured by deposit of entire capital stock ($200,000) of the Cen- tral Radiator Co. The plant of the latter company was destroyed by fire in 1913 and it is being liquidated. Prior Lien — $1,171,000 Central Iron.& Coal ■ Co. 1st 6s of 1938. XAsted on the New York Stock Exchange. Original Market — $1,000,000 offered In 1912 by Alfred Mestre & Co., New York, on about a 6 % basis. Market. New York — Samuel Goldschmidt, Carruth- ers. Pell & Co., E. A. Baker & Son. Price Range — N. Y. S. E. Jan. 1, '17, to Jan. 1, '21 1920 High 85 Aug. 31, '17 81% Jan. 7 Low. 68 Aug. 4. '20 68 Aug. 5 CENTRAX GEORGIA POWER CO. 1st S. F. 5s. Due May 1, 1938. Dated May 1, 1908. Interest payable May and Nov. 1, at A. B. Leach & Co., New York, and Bank of Scotland. London, Bng, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding (Jan. 1, '21) 2,746,200 Retired by S. F 253,800 Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Empire Trust Co., New York. Redeemable at 105 and Interest on any interest date, upon 60 days' notice. Sinking Fund — ^Annual amount equal to 1% of outstanding bonds from July 1, 1913. Organization and Control — Incorporated in Georgia, March, 1 9 07, as Bibb Power Co., Present name adopted Jan.. 1908. Controlled through ownership of Sl'A'Z entire capital stock ($4,000,000) by the Georgia Light, Pow- er & Hallways and _ deposited under its Xst. Lien 5s. Capitalization. Outstanding. Common 14.000,000 Funded debt 2,746,200 Secured by a first mortgage on a hydro- electric plant, 24,000 h.p., located on Ocmul- gee River, near Jackson, Ga,, and on 103 miles of transmission lines extending to Jack- son. Macon, Forsyth, . Bibb, Bamesvilie, Thom- aston and Griffin, Ga., and connecting at lat- ter town with the lines of the Central Georgia Transmission Co., extending to Hampton, Jonesboro and Atlanta, which the company leases. The company furnishes electric light and power In the above cities, and also to the street railways In Macon, these vari- ous properties having been consolidated Into the Georgia Lt., Pr. & Rys. Population served, Macon, 65,000; remaining territory (not including Atlanta), 20,000. Franchises are reported to extend beyond the life of the bonds. Earnings — See Georgia Lt., Pr. & Rys. Co. Original Market — Offered in 1909 by A. B. Leach & Co., New Tork, etc. Market. New York — Frederick H. Hatch & Co., Earie A. Miller & Co., Carruthers, Pell & Co. Philadelphia — Bauer, Starr & Co., Samuel McCreery & Co. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 85 '17 ?0 '17 64 Oct. 86 Jan. Low. 60 '20 68 '20 60 Aug. 68 Aug. CENTRAl, OF GEORGIA RAILWAY CO. Ist 68. Due Nov. 1, 1945. Dated Nov. 1, 1895. Interest payable Feb. and Aug. 1, at Trustee's office. Xax Status — 2% Federal Income Tax paia by company without deduction. Authorized and Outstandmg. .,.57,000^00 Denomination.— Coupon, $1,000. Register- able as to principal, or fully registerable. Registered, $1,000. _ „ _ , Trustee— Guaranty Trust Co., New York. Secured by a first mortgage on 311.34 miles of road, viz.: M'les Savannah to Atlanta. Ga ,1,1 Gordon to Milledgeville, Ga 17. 32 A second lien on $1,995,000 of $2,000,000 capital stock of the Ocean S. S. Co., sub- ject to $4,840,000 bonds, secured In part by the deposit of this stock. The Ocean S. S. Co. operates between Savannah and New York and Boston and owns several steam- ships and valuable wharf property, subject to prior pledge under Central R. K. & Banking Co. of Ga. Coll. 7s 5s. Underlies — Cons. 6s of 1946 and Ref. & Gen. Mtge. under which bonds are reserved for the retirement of this issue. Listed on the New York Stodk Exchange. Legral for savings banks in Cal., Mich., Minn., N. D., Ohio. Ore., R. I. and Wis. Market, New Tork — Simon Bore & Co., Ambrose R. Clark & Co., Prince & Whitely, R. W. Pressprich & Co., Roosevelt & Son, Red- mond & Co., Struthers & Hiscoe. Baltimore — Jenkins, Whedbee & Poe. Price Range— N. T. S. E. Jan. 1, '06, to Jan. 1, '21 192» High 121 Jan. 16, '06 95% Feb. 18 Low. 85 July 21, '20 86 July 21 CENTKAX OF GEORGIA RAILWAY CO. Incorporated in Georgia in 1895 as suc- cessor to the Central R. R. & Banking Co., whose property was sold at foreclosure. The company owns 1,485 miles of roadj (58 miles not operated) and leases 492 miles addi- tional. Its lines extend from Savannah, Ga., fo Augusta', Macon, Atlanta and Albany, Ga., Chattanooga, Tenn. , and Birmingham and Montgomery, AI., and include many impor- tant branches. It also owns all of the stock of the Ocean Steamship Co. of Savannah, operating a fieet of modern steamships be- tween Savannah and New York and Bos- ton. Capitalization. Outstanding. Common $6,000,000 Preferred (67o cum.) 15,000,000 Funded debt 40,426,360 Years ended Dec, 31. Gross. Net. Int.&Rent tl919. $3,408,809 $4,132,425 $2,849,776 tl919. 21,696,611 tl918. 3,450,903 4,171,141 2,965,854 tl918. 20,692,888 4,481,190 1917.. 16,024,637 6,362,242 2,721,614 1916.. 13.725,144 5,346,989 2,697,338 1915.. 12,264,153 4,386,292 2,692,168. •1915. 12,108,184 3,844,637 2,642,631 •1914. 14,326,575 3,760,806 2,659,763 •1913. 13,864,872 3,730,863 2,607,389 t Corporate Income Account. ipederal Income Account — standard return not included. • June 30. 21 CENTRAL OF GEORGIA RAILWAY CO. Cons. 5s. Due Nov. 1, 1945. Dated Nov. 1, 1895. Interest payable May and Nov. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $18,500,000. Denomination — Coupon, $1,000. Register- able as to principal, or fully registerable. Registered. $1,000. Trustee — ^The Bankers' Trust Co., New York. Secured by a direct mortgage on 1,485.13 miles of road, equipment, etc., viz. ; A first lien on 595.87 miles — Miles. Savannah to Tylee, Ga 17.70 Meldrim to Lyons, Ga •58.09 Barnesvllle to Thomaston, Ga 16.26 Griffin to Carrollton, Ga 60.00 Americus to Columbus, Ga 62.34 Columbus to Greenville, Ga 48.23 Columbus, Ga., to Birmingham, Ala, .. .166.82 Opelika to Roanoke, Ala 36.12 Montgomery to Eufaula, Ala 79.66 Eufaula to Ozark, Ala 60.00 Henry Ellen Ala., to 1,67 M. P.. Upper Cahaba Branch 1,67 •Leased to Georgia & Alabama Ry. A second lien on 555.13 miles — Covered by the first lien of the follow- ing; Central of Georgia 1st 6s 311.30 Mobllie Div. 6s 137.90 Macon & Northern Div. 6s 101.78 Central of Georgia Gen. & Ref. Mtge.. 4.05 A third lien on 176.31 miles — Covered by the first lien on the fol- lowing; Middle Ga. & Atlantic Div. es 43 B7 Oconee Div. 5s 77.02 Chattanoog^a Div. 43 21.56 Upper Cahaba Div. 4s 10. 49 Greenville & Newman 4b 23.67 A fourth lien on 157.8/3 miles — ■ Covered by the first lien on the fol- lowing: Batonton Branch R. R. Bs 21.00 Chatt., Rome & So. 5s 136.82 The issue is further secured by a first lien on $30,000 bonds (entire issue) of the Tal- botton R. R., owning: 6% miles of roadi, on 870,000 (entire issue) of preferred stock of the Wrigrhtsville & TenniUe R. R. , owning 104 miles of road, subject to $200,000 bonds, and on the entire capital stock of the New Engiland & Savannah S. .S. Co. and the Sa- vannah & Ogeechee Canal Co., a second lien on $1,500,000 (entire issue) stock of the West- em Ry. of Alabama?- owning- 130 miles of road, subject to $1,543,000 bonds, and a third lien on $1,995,000 of the $2,000,000 stock of the Ocean S. S. Co., owning a fleet of modern steamships, subject to $1,00,000 bonds. Prior JAens — $17,483,000 bonds, viz.: Central of Georgia, Upper Cahaba 4s, 1925 $180,000 Central of Georgia, Greenville & Newman 4s, 1925 180.000 Eatonton Branch R. R. 1st Bs, 1926 168,000 Central R. R. & Banking Co. of Georgia Coll. 5s, 1937 4,840,000 Central of Georgia, Oconee Div. 5s, 1945 462,000 Central of Georgia 1st Bs, 1945... 7,000,000 Central of Georgia, Macon & No. Div. Bs, 1946 840,000 Central of Georgia, Mobile Div., Bs 1946 1,000,000 Central of Georgia, Middle Georgia & Atlantic Div. 6s, 1947 413,000 Chattanooga, Rome & Southern 1st 5s, 1947 343,000 Central of Georgia, Chatt. Div. 4s, 1951 2.057,000 Underlies — ^Pref. Income Bonds and Ref. & Gen, Mtge which latter issue provides for the retirement of this issue. Legral for savings banks in Mich., Minn., N. D., Ore., R. I. and "Wis. I^lsted on the New York and Richmond Stock Exchanges. Oiiginal Market — Offered in 1895 by Har- vey Fisk & Sons, New York. Market. New York — Simon Borg & Co., Constable & Fleming, Arthur E. Frank & Co., Sam'l Goldschmidt, Hodenpyl, Hardy & Co., Prince & Whitely, R. W. Pressprich & Co., Red- mond & Co., Rutter & Co., Struthers & Hiscoe, Edwin Wolff. St. IjOUIs — Francis Bro. & Co. Price Range— N, T. S. B. Jan. 1, '06, to Jan. 1, '31 1920 High 114% Jan. 19, '06 88 Jan. 6 Low. 15V2 May 27, '20 75^^^ May 27 CENTRAX OF GEORGIA RAILWAY CO. FirBt Preference Non-Cnm, Inc. 6s. Due Nov. 1, 1945. Dated Nov. 1, 1895. Interest payable Oct. 1, at Guaranty Trust Co., New York, or at Savannah, Ga. Interest payable, if earned, up to B% per annum. Interest is being reg- ularly paldl Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $4,000,000 OutBtanding 136,500 Balance has been exchanged for preferred stock and cancelled. Draominatlon — Coupon, $1,000. Fully reg- isterable. Xrustee — ^Metropolitan Thrust Co., New York. Secured by a mortgage on all the property covered by the liens of the Cons. 53 of 1945i Prior Lien — $18,500,000 Cons. 5s of 1945. Underlies — 2d & 3d Pref; Inc. 6s and Ref. & Gen. Mtge. under which bonds are re- served for retirement of these bonds. Leg:al for savings bands in Mich., Minn., N. J., Ore., R. I. and Wis. Market. See Consol. 5s of 1945. Price Range. Jan. 1, '16, to Jan. 1, *21 1980 Ask. Ask. High 101 '16 87 July Low 78 '20 87 July CENTRAL OF GEORGIA RAILWAY CO, Sec- ond Preference Non-Gum. Inc. 6s. Due Nov. 1, 1945. Dated Nov. 1, 1895. Interest payable Oct. 1 at Guaranty Trust Co., New York, or at Savannah. Interest payable, if earned, up to 5% per annum. Interest Is being regularly paid. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $7,000,000 Outstanding 104,350 Balance has been exchanged for preferred stock and cancelled. Denomination^ — Coupon, $1,000. Fully reg- isterable. Trustee — Central Union Trust Co. , New York. Secured by a mortgage on all the property covered by the liens of the Cons. Bs of 194B. Prior Liens — $18,500,000 Cons. 5s of 1945 and 1st Pref. Inc. Bs. Underlies— 3d Pref. Inc. 6a and Ref. & Gen. Mtge. Bonds of the latter Issue are reserved to retire these bonds. Legral for savings banks in Mich., Minn., N. J., Ore., R. I. and Wis. Market. See Consol. 5s of 1945. Price Range. Jan. 1, '18, to Jan. 1, '21 1930 Ask. Ask. High 101 '18 85 Dec. Low 85 '20 85 Dec. CENTRAL OF GEORGIA RAILWAY CO. Third Preference Non-Cumulative Income Mortgage Gold 5s. Due Not. 1. 1945. Dated Nov. 1, 1895. Interest payable Oct. 1, at Guaranty Trust Co., New York, or at Savannah. Interest payable, if earned, up to 5 % per annum. Interest is being regu- larly paid. Tax Status — Pasnnent of Federal Income Tax not assumed by company. Authorized $4,000,000 Outstanding 47,500 Balance has been exchanged for preferred stock and cancelled. Denomination — Coupon, $1,000. Fully reg- isterable. Trustee — Bankers Trust Co. , New York. Secured by a mortgage on the property cov- ered by the liens of the Cons. 5s of 1945. Prior Liens— $18,500,000 Cons. Bs of 1945, and 1st and 2nd Pref. Inc. 59. Underlies — ^Ref. & Gen. Mtge. Bonds of that issue are reserved to retire these bonds. Legral for savings banks in Mich., Minn.» N. D., Ore., R. I. and Wis. Market. See Consol. 5a of 1946. Price Range. Jan. 1, '15, to Jan. 1, *21 19^0 Ask. Bid. Ask. High 101 '18 Not Low 91 '15 available CENTRAL OF GEORGIA RAILWAY CO.— Mobile DlT. 1st 58. Bne Jan. 1, 1946. Dated Nov. 1, 1895. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized {1,000,000 Outstandingr 1,000,000 Denomination— Coupon, $1,000. Reg-ister- able as to principal. Trustee — Guaranty Trust Co., New York. Secured by a first mortgage on 137.96 miles of road from Columbus, Ga., to Andalusia. Ala. Underites — Cons. 5s of 1945. and Ref. & Gen. Mtge. under which bonds are reserved to retire this issue. Lcffal for savings banks in Mich., Minn., N. J., Ore., R. I. and Wis. Ijisted on the New York Stock Bxchange. Market. New York — Simon Borg- & Co., Charles W. Place, Roosevelt & Son, Raymond M. Smith, Taylor, Smith & Hard. Baltimore — Jenkins, Whedbee & Poe. Fhiladelpliia — Wheeler, Elliot & Mann. Price Range— N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 1920 High 110% May 7, '09 85 Sept. 13 Low. 16% Aug. 23, '20 IQV2 Aug. 23 CENTRAL OF GEORGIA RAILWAY CO.— Macon & Northern Div. Ist 6s. Due Jan. 1, 1946. Dated Nov. 1, 1895. Interest payable Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $840,000 Outstandinff 840,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Maryland Trust Co., Baltimore. Control — Macon & Northern Ry. Co. was consolidated in 1895 with other roads Into the Central of Georgia Ry. Co. , which is controlled by the Illinois Central through ownership of entire capital stock. Secured by a first mortgage on 101.78 miles of 'road from Macon Jet. to Athens, Ga. Underlies — Cons. 5a of 1945, and Ref. & Gen. Mtge. under which bonds are reserved to retire this issue. Leffal for savings banks in Mich., Minn., N.J J., Ore., R. I. and Wis. Listed on the New York Stock Exchange. Market. New York— Simon Borg & Co., Chas. "V^''. Place, Roosevelt & Son, Raymond M. Smith, Taylor, Smith & Hard. Baltimore — Jenkins, Whedbee & Poe. Price Range — N. Y. S. E. Jan. 1, '13, to Jan. 1, *21 1920 Bid Ask Bid Ask High 107^^ Jan. 16, '12 S9% Apr. 82% Apr. Low. 90 May 7, '18 76 July 80 Aug. CENTRAL OF GEORGIA RAILWAY CO.— Middle Georgia & Atlantic Div. 1st 6b. Due Jan. 1, 1947. Dated Jan. 1, 1897. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $413,000 Denomination — Coupon, $1,000. Hegisterable aa to principal. ' Trustee — Guaranty Trust Co., New York. Secured by a direct mortgage on 64.57 miles of road, viz.: A first lien on 43.57 miles — Miles Eatonton to Covington, Ga 43.57 A second lien on 21 miles — Covered by the Eatonton Branch R. R. 5s: Eatonton to Mill edgevi lie, Ga. '. 21.00 Prior Lien — $168,000 Eatonton Branch 5s of 1926. Underlies — Cons. 6s of 1946, and Ref. & Gen. Mtge. under which bonds are reserved to retire this issue. Listed on the New York Stock Exchange. Legal for savings banks in Mich., Minn., N. J., Ore., R. I. and Wis. Maifiet. New York — Charles W. Place, Roosevelt & Son, Raymond M. Smith. Baltimore — Jenkins, "Whedbee & Poe. Price Range — ^N. Y. S. E. Jan. 1, *14, to Jan. 1, '21 1930 Bid High 104% Apr. 7, '14 81 June Low. 97% June 8, '17 71 Sept. CENTRAL OF GEORGIA RAILWAY CO.— Oconee Div. 1st 5s. Due Dec. 1, 1946. Dated June 1, 1901. Interest payable June and Dec. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $462,000 Outstanding 462,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Secured by a first mortgage on the 77.02 miles of road ^ from Dover to Brewton, Ga. Underlies — Cons. 5s of 1945, and Ref. & Gen. Mtg-e. under which bonds are reserved to retire this issue. Legal for savings banks in Mich., Minn., N. J., Ore., R. I. and Wis. Market. New York — Arthur E. Frank & Co., Roosevelt & Son. Pittsburgh — R. B, Hutchinson & Co. Price Range. Jan. 1, '13, to Jan. 1, '^1 1930 Bid. Ask. Bid. High lOgya '13 110 "13 80 June Low. 80 '19 70 '20 70 July CENTRAL OF GEORGIA RAILWAY CO.— Chattanooga IMvision P. M. 4s. Due June 1, 1951. Dated June 1, 1901. Interest payable June and Dec. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed Mortgage. Outstanding $2,057,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Secured by a direct mortgage on 158.38 miles of road, viz. : A first lien on 21.56 miles — Miles Chicamauga to Durham, Ga 17.54 Lyerly to Woodyard, Ga 4. 02 A second lien on 136.82 miles — Covered by the Chattanooga, Rome & Southern 5s: Belt Jet., Chattanooga, Tenn., to Car- rollton, Ga 136.82 Prior liien— $343,000 Chattanooga, Rome & Southern 1st 6s of 1947. Underlies — Cons. 5s of 1945 and Ref. & Gen. Mtge. under which bonds are reserved to retire this Issue. Legral for savings banks in Mich., Minn., N. J- Ore., R. I. and Wis. IiBt6d on the New York Stock Exchange. Original Market — OfEered in 1901 by Kean, Van Cortlandt & Co. (now Kean, Taylor & Co.), New York, at 89 and interest. Market. New York — Simon Borg & Co., Roosevelt & Son, Raymond M. Smith, Carruthers, Pell & Co. Philadelphia — "Wheeler, Elliot & Mann. Price Range — ^N, Y. S. E. Jan. 1, '06, to Jan. 1, '21 1930 High 94J^ Apr. 25, '06 66 Dec. 30 Low. 66 Dec. 30, '20 66 Dec. 30 CENTRAI* OF Gi:ORGIA RAILWAY CO.— Upper Cahaba Branch P. M. iBt 48. Due $15,000 each Feb. 1st and Aug. 1st to Aug. 1, 1925. Dated Aug. 1, 1905. Interest payable Feb. and Aug. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized $600,000 Outstanding (Mar. 1, '21) 135,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — The New York Trust Co. , New York. Redeemable at 102% and interest on any interest date, on three weeeks' notice. Secured by a first mortgage on 10.49 miles of road from Henry Ellen to Margaret, Ala., also on about 4,000 acres of coal lands in Northern Alabama, and rights in 5,040 acres. Underlies — Cons. 5s of 1945, and Ref. & Gen. Mtge. under which bonds are reserved to retire this issue. Leg'al for savings banks in Mich., Minn., N. J., Ore., R. I. and Wis. Market. New York — Carruthers, Pell & Co., Abra- ham & Co.. Edwin "Wolff. Plilladelphia — Graham, Parsons & Co. Baltimore — Jenkins, Whedbee & Foe. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93y2 '16 96y2'lG 82% Dec. ^6 Jan. Low. 81 '17 83% '20 82% Dec. 83% Dec. CENTRAL OF GEORGIA RAILWAY CO.— Greenville & Newman Div. P. M. 1st 4s. Due $15,000 each March 1st and Sept. 1st to Sept. 1, 1925. Dated Sept. 1 , 1905. Interest payable March and Sept. 1, at Guaranty Trust Co., New York. Tax Status — 2% federal Income Tax paid by company without deduction. Authorized $600,000 Outstandinff (Apr. 1, '21>....... 135,000 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at 102 ^/^ and interest on any interest date upon three weeks' notice. Secured by a first mortgage on 23.67 miles of road from Greenville to Raymond, Ga. Underlies — Cons. 5s of 1945. first, second and third Preference Income 5s, and Ref. & Gen. Mtge. under which bonds are re- served to retire this issue. Leg-al for savings banks in Mich., Minn., N. J., Ore., R-. I. and Wis. Original Market — Offered in 1906 by Wil- liam Salomon & Co., New York, on a 4%% basis. Marlset. New York — Carruthers, Pell & Co., Simon Borg & Co., Pynchon & Co. Baltimore — Jenkins, Whedbee & Poe. Philadelphia — Graham, Parsons & Co. Price Uange 1920 Ask 91 CENTRAL OF GEORGIA RAILWAY COM- PANY 10-Year Secured 6^. Due June 1, 1929, Dated June 1, 1919. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $8,000,000 Outstanding 8,000,000 Denomination — $1,^00, coupon, registerable as to principal and fully registerable. C. & K. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable as a whole, but not in part upon 60 days' notice on June 1, 1924, or any interest date thereafter upon payment of a premium of % % for each six months between the date of redemption and the date of maturity. Secured by pledge of $11,000,000 face value New Refunding & General Mortgage Bonds, which are a mortgagee on the entire prop- erty and leaseholds of the company, total- ing 1,976 miles of road. Upon the crea- tion of the mortgage securing the new Ref. and Gen. bonds the company' s Gen. and Ref. mortgage dated October 1 , 1912, under which $11,135,000 Bonds were authorized but none of which are outstanding, will be can- celled. Prior Liens — $31,462,300, all closed issues and for the retirement of which sufficient of the New Ref. & Gen. Mortgage Bonds are reserved. Listed on the New York Stock Exchange. Original Market — Offered May, 1919, by Kuhn, Lioeb & Co., and National City Com- pany, New York. Market. New York — Redmond & Co., Struthers & Hiscoe, Vanderhdef & Robinson, Ppnchon &^Co. Pliiladelphia — Daniel & Co., Harper & Turner, Graham, Parsons & Co. Louisville — Fidelity & Columbia Trust Co. Price Rangre N. Y. S. E. 1920 High 99iiJunel7 94 Jan. 3 Low. 84 May 21, '20 84 May 21 CENTRAL OF GEORGIA RAILWAY CO. Equip. Tr. 4*/&s Series "L." Due $50,000 each July 1 and January 1 to January 1, 19^6, inclusive. Dated January 3, 1916. Interest payable Jan. 1 and July 1 at Commercial Trust Co,, Philadelphia, and Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding: (May 1, '21) 500,000 Balance Retired. Denomination-— Coupon $1,000. Registerable as to prijicipal. Trustee — Commercial Trust Co. , Philadel- phia. Redeemable as a whole only, at 102^ and interest on Januay 1, 1921, or on any in- terest date thereafter, upon 90 days' notice. Gaaranteed principal and interest by the Central of Georgia Railway Co. by endorse- ment. Secured by an SQuipment agreement on 500 steel underframe fruit cars, 500 steel super- structure box cars, 8 mikado type locomo- tives, 4 Pacific type locomotives. 4 steel baggage and express cars and 1 steel baggage and mail car, costing $1,269,881, of which the company paid $282,381 in cash. Xiegral for savings banks in Ohio and R. I. Oritrinal Market — $1,000,000 offered in 1916 by Kuhn, Loeb & Co., New York. Market. New York — Evans, Stillman & Co., Free- man & Co. CENTRAi OF GIIORGIA RYi CO. Eqilip. Tr. eVaS, Series "M." Due $60,000 Peb. ' 1, 1926, and $59,000 eacli Feb. 1 there- attei- to 1936. Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug. 1 at CommQrcial Trust Co., Philadelphia, Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $650,000 Outstanding 650,000 Denomination — Coupon, $1,000. TiTistee — Commercial Trust Co., Philadel- phia. Guaranteed principal and interest by the Central of Georgia Ry. Co. by endorsement. Secured by an equipment agreement on 7 locomotives, 13 passenger cars and 4 ex- press cars estimated to cost $1,088,000. liCgal for savings banks in Ohio and R. I. Oi*ig:inal Market — $650,000 placed privately in Feb., 1921, by Kuhn, Loeb & Co., New York. CENTRAl HUDSON GAS & EIECTRIC CO. 1st & Ref. 58. Due June 1, 1941. Dated June 1, 1911. Interest payable June and December 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized $6,000,000 Outstanding- (Jan. 1. '21) 1,175,000 Reserved for Prior Mens 700.000 Reserved tor Ext 3,125,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Organization — Incorporated in New York April 1911, as a consolidation of the New- burgh Lig^t, Heat & Power Co., the Hud- son Counties Gas & Blectric Co. and the Poughkeepsie lyight. Heat & Power Cc Capitalization. Outstanding. Common $1,899,700 Funded debt 3,680,600 Secured by a mortgage on the entire prop- erty of the company, and by a first mort- gage on the new gas plant at Poughkeepsie and on real estate, office buildings, and other property in Poughkeepsie and Newburgh and on all the company's property in Cornwall and vicinity. The company supplies gas and electricity in Newburgh and Poughkeepsie, N. Y., and adjacent territory. Population served. 116,132. Franchises in Newburgh and Poughkeepsie are perpetual. Prior I/lens — $700,000 Newburgh Light, Heat & Power Co. 1st 6s of 1921, for the retirement of which bonds are reserved under this mortgage. Underlies — $355,100 Con. Deb. 6s of 1925, $750,000 Conv. Deb. 7s 1929 and $100,000 Conv. Deb. 7s 1930. Years ended Dec. 31. Gross. Net. Interest. 1920 $1,824,103 $461,091 *284,717 1919.:.. 1493:329 377,325 209,070 191'S 1,290,620 412,922 151,935 1917 . . 1,149,168 446,216 163,661 1916 1,001,679 448,980 144,160 Original Market — $600,000 offered July, 1911, by James A. Hutchinson and Merrill, Oldham & Co., Boston, at 100 and interest. Market. New York — Frederick H. Hatch & Co., Lynch & McDermott, Carruthers, Pell,& Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97% '17 100 '17 69% Oct. 90 June Low. 65 '20 74 "20 65 Deo. 74 Sept. CENTRAI, HUDSON GAS & KLECTRIC CO. Conv. Deb. 6s. Due Oct. 1, 1925. Dated Oct. 1, 191-5. Interest payable April 1 and October 1 at Trustee's ofRce. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Outstanding (Jan. 1, '21) 335,100 Balance retired. Denomination' — Coupon $100, $500 and $1,- 000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable on 30 days' notice ui)on any in- terest date on and after April 1, 1921, at 105 and interest. Convertible on Oct. 1, 1918, or any inter- est date thereafter at par into the capital stock of the company upon 30 days' notice in writing, at office of company in Pough- keepsie. Organization — See 1st & Ref, 6s. Security — ^A direct obligation of the com- pany but not secured by a mortgage, these debentures are a charge on the assets of the company prior to the stock. Prior Lien — $1,176,000 1st & Ref. 6s of 1941; $700,000 Newburgh LSght, Heat & Power Co. 1st 6s of 1921. Market— See 1st & Ref. 6s. Fi*ice Rangre Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94 '19 98 '19 Not Low. 92 '19 98 '19 available CENTRAL HUDSON GAS & ELEXTBIC CO. Conv. Deb. 7s. Due Jan. 1, 1929. Dated Jan. 1, 1919. Interest payable Jan. and July 1, at Company's office, Pough- keepsie, and Columbia Trust Co., New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $750,000 Outstanding (Jan. 1, '21) 750,000 Denomination — Coupon $100, $500 and Jl,- 000. Registerable as to principal. Redeemable at 105 and Interest on any interest date on thirty days' notice. Convertible at the option of the holder after Jan^ 1, 1921, into capital stock of the company, on any interest date on thirty days' notice, on the basis of par for the stock and par and interest for the bonds. Organization — See 1st & Ref. 6s. Security — A direct obligation of the com- pany but not secured by mortgage. Prior Liens — $1,175,000 1st &. Ref. Bs, due June 1, 1941, and $700,000 liens prior there- to. Earnings — See 1st & Ref. Bs. Original Market — Offered direct by the com- pany Feb., 1919, at par and interest. Market — See 1st & Ref. 6s. CENTRAIi HUDSON STEAMBOAT CO. 1st Ext. 7s. Dae May 1, 1923. Dated May 1. 1899. £;xtended May 1. 1919; Interest increased from 5%. Interest payable May and Nov, 1 , at Trustee' s office. Tax Status — Payment of Federal Income Tax no-t assumed by company. Authorized $500,000 Outstanding: 500,000 Trustee — Equitable Trust Co., New York. Bedeemable at 102 and Interest. Oreranlzatton — Inco i^orated 1899 in New York as a consolidation of four Hudson Klver steamboat lines. Secured by a first m,ort&ag:e on a number of steamboats plying on the Hudson River and on all other property of the company, including" docks, etc. Underlies^— $231,000 Kef. 6s of 1933. Market. New York — Ivan Goldsmith & Co., Dldrich- sen & Co., Herrick & Bennet, Fred H. Hatch & Co. Poughkeepsie — Isaac W. Sherrill & Co. Rochester — Wm. H. Foxall & Co. Price RaniTe (old 5s) Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 *16 102% '16 60 Nov. 65 Nov. Low. 60 '20 65 '20 60 Nov. 65 Nov. CENTRAI* II.IJNOIS MGHT CO. 1st & Rcf, 6s. Due April 1, 1943. Dated April 1, 1913. Interest payable April 1 and October 1, in New York City. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized $15,000,000 Outstanding: 4,410,000 Retired by S, F None. Reserved for Prior Liens 2,500,000 Reserved for Ext 8.090,000 Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal only. Trustee — Bankers* Trust Co., New York. Redeemable at 105 and interest on any In- terest date. Sinking Fund — Beginning April 1, 1917, and annually thereafter, an- amount equal to % % of the amount of these bonds and underlying bonds outstanding to be applied to the re- tirement of these bonds or for the acquisi- tion of new property or for permanent ex- tensions. Organization, Control and Management — In- corporated in Illinois in 1913. Controlled by the Commonwealth Power, Railway & Light Co., and under the management of Hodenpyl, Hardy & Co.. Inc., New York, and E. W. Clark & Co., Philadelphia. Capitalization. Outstanding. Common $5,000,000 Preferred (6% cum.) 2,559,200 Funded debt 6.910,000 Secured by a mortgage on the plants sup- plying gas, electricity and steam heat in Pe- oria and Pekln, 111., and . vicinity. Popula- tion served, 135,000. Gas franchise In Peoria expires in 1998, in Pekin is without time limit. Electric franchise In Peoria runs to 1947. Franchises elsewhere are of various maturities'. Prior liiens — $2,600,000 Peoria Gas & Elec- trjo Co. 1st 5a, 1923. Years ended Dec. 31. Gross. Net. Interest, 1920 $2,728,584 $741,234 $381,686 1919 2,102,251 638,110 388,474 1918 ...-.: 1,909,789 686,423 371,008 Original Market — Offered in February, 1915» by Drexel & Co. and B. W. Clark & Co., Philadelphia, and Hodenpyl, Hardy & Co., Inc. New York. Market. New York — Sam'l Goldschmidt, Hodenpyl. Hardy & Co., Vanderhoef & Robinson, Car- ruthers. Pell & Co. Philadelphia — Huntoon & Co., Samuel K. Phillips & Co. Pi'ovidence, R. I. — Hornblower & Weeks. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96 '17 98 '17 70 Dec. 79 July Low. 62 '20 70 '20 62 Sept. 70 July CENTRAL ILLINOIS PUBLIC SERVICE CO. 1st & Ref. 5b. Due Aug. 1, 1952. Dated Aug. 1, 1912. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — ^Additional bonds above $6,000,- 000 may be issued only in such amounts that the net earnings for the previous year shall be equal to at least one and one-half times all interest charges. Including Interest on bonds to be issued. Outstanding: (Jan. 1. '21) $12,143,000 Denomination— Coupon, $1,000. Register- able as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 and Interest on any in- terest date. Depreciation Fund — On Jan. 1, 1919, and an- nually thereafter a sum equal to 2%, of outstanding bonds shall be charged to de- preciation. Organization and Control — Incorporated in Illinois in 1902 and originally operated street railways and electric and heating plants In and around Mattoon, 111. In 1912 name was changed to present title and company ac- quired control of numerous other companies. Controlled by Middle West Utilities Co., through stock ownership. Capitalization. Outstanding, Common $7,250,000 Preferred (6% cum.) 4,062,900 Funded debt 17,133,681 Secured by a mortgage covering as a direct lien all fixed property now owned or here- after acquired by .the company, and are se- cured by a first lien on properties producing about 68% of the total gross earnings of the company ; and a lien on the balance of the company's property subject to underlying bonds which mature on or before Oct. 1, 1935. Further secured by deposit with the trustee of $75,000 (entire Issue) First Mort- gage bonds of the Mattoon Gas Light & Coke Co.: $361,000 (entire outstanding) Cen- tral Illinois Traction Co. 1st 5s and $1,- 999,500 (entire outstanding except qualifying shares) of the stock of the latter company; and $343,500 par value of various underly- ing bonds. The Central Illinois Public Serv- ice Co. now serves 185 communities in cen- tral and southern Illinois. The company now has in operation a total of 1,387 miles of hig'h tension transmission lines. See annual report. Population served, 350,000. The fran- chises under which this company operates are, in the opinion of counsel, favorable from the standpoint of the company and the holders of these bonds, and In many of the more Important instances extend well- beyond the maturity of the First and Refunding Mort- gage Bonds of the company. 221 Prior Liens — $2,833,500 (closed mortgages) bonds of absorbed companies. Years ended Dec. 31. Gross. Net. Int. Etc. 1920 $5,168,090 $1,342,472 $1,049,206 1919 4.165,416 1,174,151 908,185 1918 2,955,171 957,555 736,101 1917 2,448,051 897,997 61^,497 1916 2,169.649 849,093 552,053 Original Market — $3,000,000 offered in 1912 and 1913 by N. W. Halsey & Co., New Tork, Chicago, Philadelphia, etc., at 95 . and inter- est; $4,000,000 offered Nov., 1916, by the Con- tinental & Commercial Trust & Savings Bank, Halsey, Stuart & Co., Illinois Trust & Sav- ings Bank, Fort Dearborn Trust & Savings Bank, McCoy & Co, , Chicago, at 90 and in- terest. ^ Market. New York — Sam'l Goldschmidt, Frederick H. Hatch & Co., Vanderhoef & Robinson. Chicagro — Curtis & Sanger, Halsey. Stuart & Co. Price Range. Jan. 1, *16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 89^4 '16 92 '16 61 Nov. 69 Nov. Low. 50 '20 55 '20 50 Dec. 55 Dec. CENTRAL ILLINOIS UTILITIES CO. 1st 68. Due $10,000 annually Oct. 1, 1916 to 1920 iiLClnsive; $15,000 Oct. 1, 1921 to 1925 inclusive; $25,000 Oct. 1, 1926 to 1930 inclusive; and $719,000 Oct. 1, 1932. Dated Oct. 1, 1912. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding (Jan. 1, '21) $1,084,000 Retired 40,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Continental and Commercial Trust and Savings Bank, Chicago. Redeemable at 103 and interest on any in- terest date. Organization and Control — Incorporated in Illinois in 1912 as a consolidation of a num- ber of electric light and ' power plants in North Central Illinois. In 1919 the phy- sical properties of the company were ac- auired by the Central Illinois Public Service Co., a subsidiary of the Middle "West Utili- ties Co. Secured by a first mortgage on all the property of the company, including plants supplying electricity to Chatsworth, Fairbury, Forest, Piper City, Oilman, Onarga, Wet- seka, Milford, Paxton, Saybrook, Gibson City, Arrowsmlth, Colfax and other towns in gen- eral vicinity. Population served, about 32,- 000. Franchises have been extended with minor exceptions to 1962. Earnings — See Central Illinois Public Serv- ice Co. 1st & Ref. 5s. Original Blarket — $400,000 offered at par and Interest by Farson Son & Co., New Tork, etc. Market, New York — E. & C. Randolph. Cliicag'O — McCoy & Co., Merrill, Lynch & Co. New Haven — The W. T. Field Co. by company without deduction. Pennsylvania State tax refunded. „„^ Authorized '^«-??5'SSX Outstandinsr (Jan. 1. '21) 2,754.000 Cancelled 228,000 $500,000 addditional bonds issuable on writ- ten consent of bankers and balance for 80% of cost of permanent Improvements, etc. , provided net earnings are 1% times annual interest charges on bonds outstanding and to be Issued. Denomination — Coupon, $1,000. Register- able as to principal. ' Trustees — Continental & Commercial Trust & Savings Bank and Frank H. Jones, Chi- cago. Redeemable on any interest date at 102 and in.terest. Sinking Fund — Annually, beginning Jan. 15, 1917, 2 % of all bonds certified, payments to be semi-annually, for the purchase or redemption of these bonds at not over 102 and Interest. Bonds so acquired to be cancelled. Ogra-nization- and Control — Incorporated in Indiana in 1888 for supplying artificial and natural gas in the east-central part of In- diana. Controlled through stock ownership by the Metropolitan Gas & Electric Co. of Chicago. Capitalization. Outstanding. Common $5,000,000 Preferred (7% cum.) 500,000 Funded debt 3,001,000 Secured by a first mortgage on plants sup^ plying gaa to Muncie, Anderson, Marlon, Hart- ford City, Elwood, Alexandria and Fair- mount, Ind. Property covered Includes arti- ficial gas plants with a daily capacity of 3,300,000 cubic feet and 128 miles of trans- mission lines connecting the cities served. Distributing system comprises 283 miles. As of June, 1919, the company was distribu- ting natural gas from the "West Virginia fields through its artificial gas distribution system. Population served, 116,000. Fran- chises are either without time limit or ex- tend beyond the life of the bonds. Underlies — $475,000 10-year Debenture 63 due 1925. Year ended Dec. 31: Gross. Net. Interest. 1919 $1,094,858 $256,302 $155,439 Original Market — $ 2,100,000 offered June, 1916, by A. B. Leach & Co., and E. H. Rollins & Sons, New York, Boston, Chicago, etc, at 94% and Interest. Market. New Y'ork — Babcock, Rushton & Co., E. A. Baker & Son. Philadelphia — Bauer, Starr & Co. Clucago— H. T. Holtz & Co., Merrill, Lynch & Co. Price Ranee. Jan. 1, '17, to Jan. 1, *21 1920 ^^. ^ ^ Bid. Ask. Bid. Ask. High 94y2 '17 96 '17 71 Dec. 90 Sept. Low. 69 '20 76 '17 69 July 76 Dec. CENTRAL INDIANA GAS CO. 1st S. F. 5s. Due Sept. 1, 1931. Dated Sept. 1, 1911, Interest payable March 1 and Sept. 1 at Continental & Com- mercial Trust & Savings Bank, Chicago. Ta-x Status — 2% Federal Income Tax paid CENTRAL INDIANA LIGHTING CO. 1st & Ref. 5s. Due May 1, 1937. Dated May 1, 1907. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding — $870,000 ($661,000 of these Bonds are owned by National Light, Heat & Power Co. and deposited to secure col- lateral notes of that Company) Retired by S. F j^^jj. Denomination — Coupon, $500 and $1,000. Trustee — Columbia Trust Co.. New York. Sinkine Fund — 2 % per annum of gross Assumed by the Interstate Public Service Co.. Goaranteed principal and interest, by the National Light, Heat & Power Co. Orsanizaiion and Control — Incorporated in 1907 in Indiana as a consolidation of the Peo- ples' Gas, Electric Light & Heating Co. of Bloomington, Ind,, and Columbus Street Ry, & Light Co. Merged in 1921 into Interstate Public Service Co., a subsidiary of the Mid- dle West Utilities Co. Secured by a first mortgage on street rail- way system and plant supplying electricity in Columbus, Ind., and a mortgage on plants supplying gas, electricity and hot water heat in Bloomington, Ind. Population served, about 20.000. Franchises in Columbus per- petual, in Bloomington expire in 1931 and 1932. Prior Jjiens — $116,000 Peoples' Gas, Blec. Lt. & Heating Co. 53 of 1931. Years ended Dec. 31: Bond Gross. Net. Interest. 1919 $270,166 $50,464 $50,246 1918 209,862 41,075 49,795 Original Market — First offered by A. H. Bickmore & Co., New York. Market. New York — Frederick H. Hatch & Co., Lynch & McDermott. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 75 '17 86 '16 72 Apr. 78 Apr. Low. 53 '19 63 '19 70 May 70 Apr. CENTRAJL INDIANA RATLWAY CO. Ist 4fl. Dae May 1, 1953. Dated May 1, 1903. Interest payable May and Nov. 1," at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Indiana. Authorized $4,000,000 Outstanding ($750,000 owned by the Pennsylvania Co.) 1,500,000 Reserved for corporate pur- poses 2,500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co. , New York. Guaranteed — The $750,000 in hands of pub- lic, formerly owned by the Cleveland, Cin- cinnati, Chicago & St. Louis Ry. Co., are guaranteed as to principal and interest by that company, by endorsement. Organization — Incorporated in Indiana in in 1903 as successor to the Chicago & South- eastern Ry. Co., foreclosed. Capitalization. Outstanding. Common $120,000 Funded debt 1,500,000 Controlled jointly by the Cleveland, Cin- cinnati, Chicago & St. Louis Ry. Co., and the Pennsylvania Co. through stock owner- ship. Secured by a first mortgage on 117.74 miles of road from Muncie, Ind. » to Waveland, Jet., and from Sand Creek, to Brazil, Ind., and SL first lien on trackage rigbts over the Vandalia R. R. between Waveland Jet. and Sand Creek, 10 miles. The road covered is not of much importance to either of the systems which control it, as they both have other lines entering the Important cities served by this road, excepting Brazil, which is not served by any other line of the New York Cen- tral System. Years ended Dec. 31. Gross. Net. Int., etc. tl919 •$60,270 $65,447 tl919 $327,406 *140,106 25,015 tl918 *61,353 70,726 n918 292,543 *140,513 18,711 1917 303,055 •24,591 106,518 1916 225,888 •15,995 89.761 1915 208,574 •28,686 89,738 1914 203,715 •44,874 99,027 tCori>orate account. tFederal account — standard return not in- cluded. •Deficit. Original Market — Offered in 1904 by Doml- nlck & Dominick, New York, at 97% and interest. Market. New York — Vanderhoef & Robinson, Wolff & Stanley, Carruthers, Pell & Co. Price Range. Jan. 1, '08, to Jan. 1, *21 1930 Bid. Ask. Bid. Ask. High 92% '19 95 '09 50 Feb. 55 May Low. 45 *19 55 '19 45 Dec. 55 Dec, CENTRAL IRON & COAL CO. 1st S. F. 6s. Due Aug. 1, 1938. Dated Aug. 1 , 1908. Interest payable Feb. 1 and Aug. 1, at Central Foundry Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding (Jan. 1, *21) 759,000 In Treasm-y 79,000 Retired by S. F 231,000 Cancelled 142,000 Retired by S. F 172,000 Held in Treasury 423,000 Owned by the Central Foundry Co 412,000.. Reserved for Ext 377,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 105 and interest on 90 days* notice. Sinking Fund — 5 cents per ton of ooal; 8 cents per ton of brown iron ore; 10 cents per ton red iron ore mined by the company. Organization — Incorporated In New Jersey in 1901. Capitalization. Outstanding. Common $1,000,000 Funded debt 1,171,000 Controlled by the Central Foundry Co. through ownership of the entire $1,000,000 capital stock, which Is deposited under the 1st 6s of that company. Stock control of Central Foundry Co. was acquired in 1919 by Iron Products Corporation. Secured by a mortgage on all the proi)- erty of the Company, including 7,400 acres of coal and iron ore land and 500 acres of mineral rights; blast furnace, coke ovens, houses, stores, etc.. located in and around Holt, Ala. Original Market — Offered Aug. , 1908, at 87% and interest by F. S, Smithers & Co., New York. Market. New York — Watson. Armstrong & Co., Carruthers, Pell & Co., E. A. Baker & Son. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 82 '17 90 '17 75 Mar. 85 Jan. Low. 65 '20 70 '20 65 Nov. 70 Oct. 223 CBNTBAIi IBON & STEEI. CO. Ist S. F. 5a. Dae Aneviat 1, 1935. Dated August 1, 1905. Interest payable Feb, 1 and Aug. 1 at Girard Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in Pennsylvania. Authorized $1,500,000 Oatstandingr (Feb. 1. '21) 337,000 Retired by S. F 1,163,000 Denomination — Coupon, $1,000. Hegrister- able as to principal or fully regrfsterable. Trustee — Girard Trust Co., Philadelphia. Redeemable at 105 and interest. Sinking Fund — Annually an amount suffi- cient to retire $75,000 of these bonds at not over 102% and interest. Organization — Incorporated in Pennsylvania in 1897. Business established in 1852. Owns the capital sto<^ of the Connellsvllle Basin Coke Co., which company owns about 2,000 acres of coking coal In the Morgantown, W. Va., district. In February, 1912, receivers were appointed on petition of general creditors. In June, 1917, all obligations having been paid, the receivers were discharged and the property transferred back to stockholders. Capitalization. ^ Outstanding. Common $2,245,400 Funded debt 337,000 Secured by a mortgage on the company* s real estate, buildings and machinery, includ- ing plant at Harrlsburg, Pa., with an annual output of about 200,000 tons of steel. Dur- ing receivership (see above) the company' s nUllB were rebuilt, enlarged and modernized. Original Market — First offered in 1905 by Henry & "West (now West & Co. ), Phila- delphia. Market. Philadelphia — O. B. Lansinger & Co., Samuel K. Phillips & Co. Price Kanjfe 1920 — Bid 95 — 92. CBNTBAIi IiEATHEB COMPANY Ist Uen 20-Year 5s. Due April 1, 1925. Dated April 1, 1905. Interest payable April and Oct. 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $45,000,000 Outstanding: (Apr. 1, '21) 27,889,650 In Treasury 115,500 Held ini Stumpage and Special Dep'n Fund 8,719,000 Beserved for U. S. Iae annually each Marcli 1 from 1917 to March 1, 1941, inclusive. Dated March 1. 1916 Interest payable March 1 and Sepetmber 1. at Trustee's of- fice. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding: (Mar. 2, '21): "A" 5s $2,400,000 "B" 5s 1,152,000 "B" 6s 119,000 3,671,000 Retired by S. F.: ■ "A" 5s $600,000 "B" 5s 688,000 "B" 6s 20,000 1,308,000 Pledged to Secure 7% Notes ("B" 6s) 850,000 Cancelled (E 5s not issued).. 120,000 Reserved for Ext 4,051,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — First Trust & Savings Bank. Chi- cago. Redeemable at 105 and interest on any in- terest date on 30 days' notice. Bonds to be called by lot if less than whole Issue re- deemed. Guaranteed principal and Interest by the Chicago Junction Railways & Union Stock Yards Co. of New Jersey, by endorsement. Sinking Fund — ^Annually 2% of total Issue of bonds except bonds issued in exchange for other bonds, which Is to be increased 1% in any year the "District" distributes any of its net earnings, other than for payment of dividends to holders of its first preferred certificates of interest to an amount not exceeding in the aggregate the amount of Series "A" and "B" bonds outstanding. Organization — The property is held by J. A. Spoor, Arthur G. Leonard and Sugene V. R. Thayer, as Trustees. The District is being developed primarily for the pur- pose of bringing tonnage to the Chicago Junc- tion Railways. The guarantor company, owns the entire capital stock of the Chicago Junc- tion Railways and the Union Stock Tards and Transit Co. The companies own and operate one of the largest railroad freight terminal properties in the country, includ- ing about 143 miles of Belt Line Railroad. Secured by a first mortgage on the real estate and property of the Central Manu- facturing District now owned or hereafter acquired. The , property has been developed since 1908. The property is located between 39th and 35th Streets, extending from Mor- gan Street on the east to Ashland Avenue on the west, together with considerable areas located at 39th Street and Normal Avenue and north of 35th Street on South Racine Avenue and a new tract of over 100 acres south of 39th Street and extending from Ashland Avenue to Western Avenue. The property covered includes 375 acres lo- cated in the exact geographical and popu- lation centre of Chicago. As of March 1, 1916, there were 150 high-grade concerns, most of which occupied buildings erected by the Trustees. The south branch of the Chicago River runs through the center^ of the "District." It is also located on 'the tracks of the Chicago Junction Railway and is connected directly with every Trunk Line Railroad entering Chicago. Property values of March, 1916, as fol- lows: Appraised value of land $10,017,393 Cost value of improvements 2,874,829 Total $12,892,222 Original Market — OfCered by the First Trust & Savings Bank, Chicago, March, 1916, at prices to- yield about 4 % % . Market. Chicagfo — First Trust & Sav. Bank, Harris Trust & Savings Bank. 225 CENTRAL MANUFACTURING DISTRICT 7% Coll. Tr. Notes. Dne May 1, 1923. Dated May 1, 1920. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $850,000 Outstanding 850,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable on any interest date upon 60 days' notice at 101 and interest. Organization — See Ist 5s and 6s. Secured by pledge with the Trustee ot $850,000 lat Serial B 6s, and additionally secured by deposit of $150,000 U. S. Gov- ernment Liberty Ijoan bonds and Victory Liberty Loan Notes. Original Market — $ 860,000 offered May, 1920, by Harris Trust & Savings Bank, Chi- cago: Harris, Forbes & Co., New Tork, and Harris, Forbes & Co., Inc., Boston, at 99% and interest. Market Cliicago — First Trust & Sav. Bank, Harris Forbes & Co. Price Rang-e — Ask 98%; 98. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. ■ High 100 '08 101 '09 95 Oct. 97 Nov. Low. 88 '18 92% '19 91 Nov. 96 Mar. CENTRAL MARKET STREET RAILWAY CO. 1st 6s. Due Jan. 1, 1922. Dated Jan. 1, 1902. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Paym,ent of Federal Income Tax not assumed by company. Authorized $500,000 Oatstanding: (Jan. 1, '21) 276,000 Held in S. F 224.000 Denomination! — Coupon $1,00 0. llegisterable as to principal. Trustee — New York Trust Co., New York. Redeemable as a whole at 110 and inter* est on 60 days' notice. Sinking Fund — 5% of gross earnings per annum payable from Dec. 31, 1907. Bonds acquired are kept alive and interest added to this fund. Organization and Control — The property of ' this company was acquired under foreclos- ure sale in 1906 by the Columbus Traction Co. The name of latter company was changed to Columbus Ry., Pow. & Lt. Co. in 1913. Secured by a first mortgage on 13 miles of street railway track in Columbus, C, ex- tending on Summit and Hamlet Streets from the northern city line to Mt. Vernon Ave., in the center of the city, and on Rich Street from Hamlet to 5th Sts. to Mohawk, Jaeger and Fourth Streets, with a loop in the southern end of the city. The road is not continuous, but has a gap of about four blocks in the center of the city. The fran- chise for this line expires in 1927. Underlies — Columbus By. P. & Lt. 1st Ref. & Ext. 5a of 1940, and Gen. 6s. Bonds are reserved under the Ref. & 'Ext. Mtge. to retire this issue. Earnings — See Columbus Ry., Pr. & Lt. Co. Legal for Savings Banks In N. H. Original Market — First offered by E. H. Rollins & Sons and Edgerly & Crocker, Bos- ton, and Ristlne & Conklin (now F. P. RIs- tine & Co.), Philadelphia. Market. New York — Vanderhoef & Robinson, Wat- son, Armstrong & Co., Carruthers, Pell & Co. Fhiladelplua — Bauer, Starr & Co., Huntoon & Co., Samuel K. Phillips & Co. CENTRAL MEXICO MGHT & POWER CO. 1st S. F. 68, Due Jan. 1, 1940. Dated January 1, 1910. Interest payable Jan. and July 1, at Old Colony Trust Co., Boston, and Wm. P. Bonbright Co., New York. Defewed Interest — July 1, 1919, and Jan. 1, 1920, interest with interest at 6% paid Jan. 1. 1921. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding 1,778,000 I>enominjation — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on any in- terest date on and after Jan. 1, 1915. Sinking Fund — Annually 1% of outstand- ing bonds, from Jan. 1, 1915, to Jan. 1, 1924; 2% from Jan. 1, 1925, to Jan. 1, 1932, and 4% from Jan. 1, 1933, to Jan. 1, 1940, for the purchase or redemption of bonds at not exceeding 105 and interest. Bonds so ac- quired to be cancelled. Guaranteed principal and interest by the Guanajuato Power & Electric Co. by en- dorsement. Organization and Control — Incorporated in Maine in 1909 and acquired the electric light and power distributing systems supplying Leon, Irapuato, Silao, Celeya-Salamanca and San Luis, all in the State of Guanajuato, Mexico, and other towns. The Guanajuato Power & Electric Co. owns the entire ($ 1 , - 500,000) common stock. Capitalization. Outstanding. Common $1,500,000 Preferred 900,000 Funded debt 1,778,000 Secured by a first mortgage on all the property of the company and including the distributing systems supplying the above towns with a population of over 200,000. Franchises are perpetual. Status — Owing to the disturbed conditions in Mexico, all of the company's American force has left Mexico, and in consequence 1916 earnings are not available. Years ended Dec. 31 (consolidated): Gross. Net. Interest. 1919 $1,131,290 $401,158 $339,777 1918 .1.089.096 381.171 339.422 1917 743,295 227,260 335,094 Original Market — $1,800,000 offered in 1910, by Wm. P. Bonbright & Co.. New York, and Kennett, Cowan & Co., Chicago, at 95 and interest with 20% stock bonus. Market, New York — Frederick H. Hatch & Co., Chas. E. Doyle & Co., Carruthers, Pell & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 89 "12 93% '12 55f Dec. 63fDec. Low. f20 '19 58f '20 55f Dec. 58f July CENTRAL NEW ENGLAND RAILWAY CO. Ist 48. Due Jan, 1, 1961. Dated Jan. 1, 1911. Interest payable Jan. and July 1, at Lincoln National Bank, New York, or First National Bank, Boston. Tax Status — 2% Federal Income Tax palcl by company without deduction. Tax exempt in New York. Authorized $25,000,000 Onfstanding: 13,427,000 In Treasury 1,217,000 Deposited under N. Y., N. H. & H. l-Yr. Notes 1,600,000 Reserved for Prior Uen 287,000 Reserved to ^Exchange for In- come Bonds 18,000 Reserved for Ext 8,551,000 Denomination — Coupon, $1,000. Register- able as to principal. Regristered, $10,000 and multiples. C. & R. interchangeable. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at 105 and interest on any in- terest date- on and after Jan. 1, 1921, on six weeks' notice. Guaranteed principal and interest by the New York, New Haven & Hartford R. R. Co. by endorsement. Organization and Control — Incorporated in New York in 1907. Leases for 5 years from 1890 the Hartford & Connecticut West- ern R. R. The New York, New Haven & Hartford R. R. Co. owns practically all of the • preferred stock, and a large majority of the common stock. Capitalization. Outstanding. Common $4,800,000 Preferred (4%) 3,750.000 Funded debt 13,730,000 Secured by a mortgage on 137.87 miles of road and all other property constructed or acquired with the proceeds of these bonds, viz: A first lien on 136.03 miles — Miles. •Campbell Hall to Poughkeepsie Jet., N. Y 30.86 RhineclifC Jet. to Silver Nails, N. Y. 3.38 Dutchess Jet., N. Y., to Conn.-N, Y. State Line 53.16 Poughkeepsie to Boston Corners, N. Y. 36.12 Other branches 2. 50 •Includes bridge over Hudson River cost- ing more than $7,000,000. A second lien on 11.85 miles — Covered by the Dutchess County R. R. 1st i^a: Poughkeepsie to Hopewell, N. Y 11.85 In additidn to the road covered by this mortgage the company leases and operates 120 miles additional from Rhinecliff, N. Y., to Hartford, Conn., and Agawam Jet., near Springfield, Mass. Prior Lien — $287,000 Dutchess County R. R. 1st 4M!S of 1940. Years ended Dec. 31. Gross. •1919 $1,468,124 11919 6,757.409 •1918 1,468.124 tl918 6.063.156 1917 5,477,288 1916 5.208,198 •Corporate Income Account. tFederal Incdme Account — standard return not included. Legal for Savings Banks in Me.^ Original Market — $11,927,000 offered In 1911, by J. P. Morgan & Co.. National City Bank and the First National Bank, New York, at 93% and interest. Market. New Yorlt — Sam'l Goldschmidt, Frederick H. Hatch & Co., Rutter & Co., Tobey & Kirk, Vanderhoef & Robinson, Hartshorne & Battelle, Pynchon & Co. Boston — Pond & Co. FhlladelpMa — Barclay, Moore & Co., Harper & Turner. 'Providence, R. I. — ■Hornblower & Weeks. Price Range — N, Y. S. E. Jan. 1, '11, to Jan. 1, '31 1920 High 93% Nov. 17, '11 60 Sept. 2?^. Low. 47% May 27, '20 47% May 27. Net. Int, . & Rent. 51,535,728 $870,123 737,344 90U,482 1,526,809 835,196 677,267 619,499 1,690,566 1.452,756 2.273,298 1,358,648 CENTRAL NEW YORK GAS & ELECTRIC; CO. 1st S. F. 5s. Due Jan. 1, 1941. Dated March 15, 1911. Interest payablfr- Jan. and July 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid; by company without deduction. Pennsylvania-. State Tax refunded. Authorized $2,000,000 Outstanding: (Jan. 1, '21) 1.272,000'^ Retired by S. F 72,000 Reserved for Ext 656,000 Denomination! — Coupon, $500 and $l,0OO".. Registerable as to principal. Trustee — Philadelphia Trust, Philadelphia, Redeemable at 105 and interest on any in- terest date on 3 weeks' notice. Sinking: Fund — 1% per annum of outstand- ing bonds beginning 1916. Assumed by the Bmpire Gas & Electric Co. Organization and Control — Incorporated In- New York, 1911, as a consolidation of two- electric companies and one gas company. Merged 1916 into Empire Gas & Electric Co- Capitalization. Outstanding. Common . $1,756,000- Preferred 490.000- Funded debt 4,956,00d Secured by a first mortgage on all the property of the company, including plants supplying gas and electricity to Newark^. Lyons and Palmyra. N. Y. ; plants supply- ing electricity in Seneca Falls, Palmyra^. Clyde, Waterloo and Phelps. N. Y. , and' plants supplying steam heat in Geneva and' Newark. Also includes 8 generating sta- tions, one hydro-electric plant at Lyons and transmission lines connecting the various towns named. The company has recently completed a gas pipe line from Syracuse to Lyons, and Is now purchasing gas front the Solvay Process Co. , which has resulted In considerable reduction in the cost of gas. Population served, about 55,000. Franchises are either unlimited In time or extend well beyond maturity of bonds. Underliesi — Empire Gas & Electric Co. and-: Empire Coke Co. Joint 1st & Ref. 5s of 1941. Earnings — See Empire Gas & Electric Co. & Empire Coke Co. Joint 1st & Ref. 5s. Original Market — Offered in 1911 by W. C- Langley & Co., New York, at 97 and inter- est, and in 1914 by the same firm at 9 6 H and interest. Market. New York — Frederick H. Hatch & Co.,. Martin, Berwin & Co., Earle A. Miller &. Co., Vanderhoef & Robinson. PhiladelpMa — Bauer, Starr & Co. Price Range. Jan. 1, »17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 96 '17 98 '17 68 Sept. 82 Feb. Low. 63 '20 73 '20 63 Au&. 72 Sept. 527 CENTRAL OHIO RAILROAD CO. Cons. Ist WsB. Due Sept. 1, 1930. Dated Aug. 30, 1886. Interest payable March and Sept. 1, at company's office. 2 "Wall St., New York. Tax Status — Payment of Federal Income^ Ta X not assumed by company. Authorized Closed mortgage. Outstanding $1,009,000- Deposited under B. & O., F. Jet. & M. Div. Mtge 1,491,000' Denomination — Coupon, $1,000. Trustee — Mercantile Trust & Deposit Co. , Baltimore. Assumed by the B. & O. R. R. Co. Ctmtrol — During the fiscal year 1914-15 the property of this company was acquired by the Baltimore & Ohio R. R. Co. Secured by a first mortgage on 143.38 miles of road from Bellaire to Columbus, O., and branch. The road covered is the only entrance of the B. & O. R. R. into Columbus, O., from the Bast. Underlies — P. Jet. & M. Div. 1st 3%8 of 1925; P., D. B. & W. Va. Ref. 4a of 1941, and B. & O. Ref. & Gen. 5s of 1995. Legal for savingrs banks in Conn., Mass., N. Y., and Vt. listed on the New York Stock Bxchange. Market. New York — Barston & Co., Charles W. Place, Retlniond & Co., Raymond. M. Smith, Taylor, Smith & Hard, Garruthers, Pell & Co. Baltimore — Barrell, Corkran & Co.. Baker, "Watts & Co. Price Range— N. Y. S. E. Jan. 1, '09, to Jan. 1, '31 1920 High 103 June 18, '09 85 Feb. 20 Low. 85 Feb. 20, '20 85 Feb. 20 Prior liien — $98,787,000 1st Ref. 4s. Legral for savings banks in Minn., N. H., Ore. and R. T. Listed on the New York. London and Amsterdam Stock Bxchanges. I^ew York — R. W. Pressprich & Co., Red- mond & Co., Rutter & Co., , Season&ood, Haas & Macdonald. Price Range— N, Y. S. B. Jan. 1, ai, to Jan. 1, '31 1930 High 92 Feb. 17 '11 82^! Jan. 3 Low. 721^ Dec. 27 72% Dec. 27 CENTRAL PACIFIC RAILWAY CO. 30-Year S. F. 3Va9. Dae Aug. 1, 1939. Dated August 1, 1899. Interest payable June and Dec. 1 , at 165 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $25,000,000 Authorized (Apr. 6, '21) 6.815,00 Ketired by S. F 560,500 'Cancelled 17.624,500 Denomination — Coupon, $1,000 and $500. Ee&isterable as to principal only, or fully Teeisterable. Registered, $1,000 and multi- iples. Trutsee — United States Trust Co., New York. Sinking Fund — Beginning in 1900 and an- nually thereafter, the company agrees to set apart o,ut of its net earnings the sum of $25,000 to be applied to the purchase of these bonds at the lowest price offered. The proceeds from the sale of securities pledged as security for these bonds are also to be applied to their purchase at not ex- -ceeding par and Interest. If not obtainable -at that price, the company has the option of buying these bonds or 1st Refg. 4s. Guaranteed principal and Interest by the .Southern Pacific Co, by endorsement. Organization, Etc. — iSee 1st Ref. 4s. Secured by a first mortgage on 7,117,987 acres of land, which include all of the orig- inal grants to the company remaining un- sold. . Also secured by a first lien on all se- -curities acquired by any sinking fund of the -Central Pacific Ry. These amount to $4,- 729,000 securities, viz: .Austin & Northwestern R. R. 1st 53 $300,000 Fort Worth & New Orleans Ry. 1st 6s 548,000 •Galveston, Harrlsburg & San Anto- nio Ry., Mex. & Pac. Ext. 1st 5s 1,024.000 Iberia & Vermilion R. R. 1st 5s., 322,000 -Oregon & California R. R. 1st 5s.. 353,000 ■Guatemala Central R. R. 1st 6s.. 1,788,000 San Antonio & Aransas Pass Ry. lat 4s 394,000 Further eecared by a second Hen on prop- erty described under 1st Refg. 4s, 228 CENTRAL PACIFIC RAILWAY CO. 1st Ref, 4s. Due Aug. 1, 1949. Dated August 1, 1899. Interest payable Feb. and August 1 , at 165 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $100,000,000 Authorized 98,787,000 Reserved for Ext 713,000 . Retired by S. F 500,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal only, or fully registerable. Registered, $1,000 and multiples. Trustee — Central Union Trust Co. , New York. Sinking Fund — $25,000 per annum for the purchase and cancellation of these bonds. Guaranteed as to principal and interest by the Southern Pacific Co. by endorsement. Organization — Incorporated in Utah in 1899. Capitalization. Outstanding. Common $67,275,000 Prefered 17,400,000 Funded debt 184,938,349 Control— r-P roper ty of the Company leased to the Southern Pacific Co, for 90 years from 1894 and its common stock and preferred stock are owned by the latter company. Secured by a first mortgage on 1,343.20 miles of road and all other property, viz. : Miles. Oakland Antonio Jet. to Fruitvale, Cal. 4.83 Oakland Pier to "West Oakland, Cal... 2.02 Oakland to Melrose, Cal 6.13 Sacramento, Cal., via Brigham to near Ogden. Utah 731.74 Roseville, Cal., to Oregon State Line.. 296.58 Lathrop to Goshen Jet., Cal 146.48 Halvern to Alvardo, Cal 2.63 Elmhurst to Stonehurt, Cal 0.75 Oakland Pier to Elvas, Cal 133.46 Niles to San Jose, Cal 17.58 Underlies — 3%s of 1929. Legal for savings banks In Mich., Minn., Mo.. N. H., N. J., Ore and R. I. Listed on the New York, London, Berlin, Hamburg, Frankfort, and Amsterdam Stock Exchanges. Market. New York — Barston & Co., Simon Borg & Co., Colg-ate, Parker & Co., Knauth, Nachode & Keehoe, Prince & Whitely, R. W. Pressprich & Co., Redmond & Co., Rut- ter & Co., Struthers & Hiscoe, Seasongood, Haas & Macdonald, Edwin Wblff. Baltimore — Lockhart & Co. Price Range— N. Y. S. E. Jan. 1, »06, to Jan. 1, '21 1920 High 102% Jan. 11, '06 78 Jan. 2 Low. 65 Vs Apr. 22. '20 65% Apr. 22 CENTRAL PACIFIC RAILWAY CO. Through Short Line 1st 48. Due Oct. 1, 1954. Dated October 1, 1904. Interest payable April and Oct. 1, at 165 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding 10,000,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully registerable. Registered, $1,000 and multiples. C. & R. in- terchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 107% and interest on any in- terest date upon 60 days' notice. Guaranteed principal and interest by the Southern Pacific Co. by endorsement. Oi^anization, etc.— See 1st Ref. 4s. Secured by a first mortgage on the road known as the "Ogden-Lucin Cut-Off," 102.94 miles in length, from Umbria across the Great Salt Lake to Cecil, Utah. This line shortens the through line from Ogden to San Francisco some forty miles, and does away with an extremely heavy grade. More than 30 miles of the line are built on a trestle, over Great Salt Lake. Practically all through trains between the East and San Francisco over the Union Pacific R. R. and connecting lines use this cut-off. Listed on the New York and Amsterdafn Stock Exchanges. Legral for savin§:s banks in Cal., Mich., Minn., Mo., N. H., N. J., Ore. and R. L Original Market — Underwritten in 1904 by Speyef & Co. and Kuhn, Loeb & Co., New York. Market. New York — Simon Borg- & Co., Constable & Fleming, Sam"; Gold.srhmidt, Knauth, Nachod & Keehoe, R. W. Pressprich & Co., Rutter & Co., Struthers & Hiscoe, Season- g-oodt Haas & Macdonald, Vanderlioef & Robinson, Edwin Wolff. Philadelphia — Arthur J. Bender, Chas. Fearon & Co., Wm. W. Fogarty. Price Ranee — N. Y. S. E. Jan, 1, '06, to Jan. 1, '21 1920 High 99% Feb. 9. '06 74% Oct. 18 Low. 601^ May 8, '20 60% May 8 Oregon & California R. R. preferred stock 11,991.000 12,000,000 Southern Pacific R- R. Co. capital stock... 35,000.000 160,000,000^ Southern Pac. Term. Co. capital stock... 1.999,500 2,000,000 CENTRAL PACIFIC RAILWAY CO. 35- Year European Loan 4s. Dne March 1, 1946. Dated March 1 , 1911. Interest payable March 1 and Sep. 1 at Banque de Paris et des Pays Bas and Societie Generale, Paris; at Baring Bros. & Co. , Ltd. , London, and in Brussels and Switzerland, Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized 250,000,000 francs Outstanding' 133,164,500 francs Held by Southern Fa^- eiflc Co 116,835.600 francs Purpose of Issue — To provide funds for double-tracking, additions and other corporate purposes. Denomination — Coupon 500 francs (or £19 16s). Trustee — United States Trust Co. , New York. Redeemable at 100 and interest on March 1, 1921, or on any interest date thereafter upon six months' notice. Guaranteed principal and interest, by en- dorsement, by the Southern Pacific Co. and as security for said guarantee has pledged the following securities of affiliated companies, ag- gregating $83,985,000 viz.: Stocks. Pledged. Issued. Houston, East & West Texas Ry. Co. cap- ital stk $1,919,000 $1,920,000 Houston & Texas Cen- tral R. R. Co. cap- ital stk 9,998,300 10,000.000 Morgans Louisiana & Texas R. R. & S. S. Co. capital stk. ... 10,000,000 15,000,000 Oregon & California R. R, common stock 6,900,000 7,000,000 Total ...; $77,807,800 $207,920,000 Bonds. Pledged. Issued. Galveston, Harrisburg & San Antonio Ry. - 1st Mtg. Eastern Div. 6% Bonds $4,728,000 $4,728,000- Galveston, Harrisburg & San Antonio Ry. 2d Mtg. Eastern Div. 6% Bonds 1,000,000 1,000,000- Houston & Texas Cen- tral R. R. Lam- pasas Ext. 1st Mtg. 5% Bonds 450,000 450,000- Total $6,178,000 $6, 178,000' Organization, etc. — See 1st Ref. 4s. Security — See "Guaranteed." Lasted on the Paris and Boston Stock Ex- change. Original Market — 125,000,000 francs offered March, 1911, by the Banque de Paris et des Pays Bas and Societe Generale, Paris, and Baring Bros, & Co., Ltd., London, at 471 francs 25 centimes per 500 franc bond" (94%%). Price Rangre New Yoi-k — Sam'l Goldschmidt, McClure^ Jones & Reed, McClure, Smith & Co.. Inc.^ R. A. Soich &Co. Philadelphia — Barclay, Moore & Co., Har- per & Turner. Price Kange 1920 High 511^ Nov. 56% Dec. Low : 51 Nov. 51 % Oct> CENTRAL PASSENGER RAILWAY (Pitts- burgh) 1st 6s. Due Oct. 1, 1934, Dated Oct. 1, 1894. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. fAufhorlKed $125,000 Outstanding 125,000 Denomination — Coupon, $1,000. Regiaterable as to principal only. Trustee — Union Trust Co., Pittsburgh, Pa. Guaranteed as to principal and interest by the Central Traction Co. Receirership — See Pittsburgh Rya. Gen. 5a. Organization — Incorporated in Pennsylvania. Capitalization. Outstanding. Common $125,000 Funded debt ■ 125,ouo Control — All of the stock is owned by the Central Traction Co. Practically all of th<- stock of that company is owned by the Con- solidated Traction Co.. which is, in turn, con- trolled by the Philadelphia Co. and operated by the Pittsburgh Rys. Co. under an operat- ing agreement. All of the stock of the Pitts- burgh Rys. Co. is owned by the Philadelphia Co. Secured by a first mortgage on about 10- miles of street railway track in the center of Pittsburgh proper. The road commences on Sixth Ave. at Smithfield St. and extends on Sixth Ave. to Wylie Ave. to Pullerton St. to Center Ave. to Penn. Ave. Also from Wylie Ave. on Roberts Ave. to Linton St. to Mahon ron Ave. to Center St. Also from Bedford Ave. on Roberta Ave. to Linton St. to Mahon. St. to Heron Ave. Underlies — $375,000 Central Traction Co. 6b, 1929. Market. Pittsburgrh — Edward A. Owens & Co. Price Range. -Jan. 1, *16, to Jan. 1, '21 1930 Bid. Bid. Aak. :Hi&h 104 '16 Not available Low. 96 '17 •CENTRAL POWER CO. (Nebraska) 5-Year 6s, Series "A." Doe July 1. 1924. Dated July 1, 1919. Interest payable Jan. 1 and July at Continental & Commercial Trust & Savings Bank, Chicago. ' Tax Status — 2 % Federal Income Tax paid -by the Company without deduction. Authorized — See "Provisions of Issue." Outstanding: (Jan. 1, '21) $1,454,200 Provisions of Issue — The mortgage provides • for the issue from time to time of different -series of bonds, all equally secured by this mortgag-e, bearing such date, rate of interest, redemption price and maturity as the Board -of Directors may determine. These addi- tional First Mortgage bonds may be issued at not exceeding 75% of the cash cost of plant, equipment or other property, and then only when net earnings are one and three-fourths ■times annual interest charges on all First Mortgage bonds outstanding, and those pro- posed to be issued. Purpose of Issue — The proceeds of $1,375,- ■000 Series A bonds issued on July 1, 1919. ■were used to pay for a portion of the proper- ties and to refund all previous issues of bonds upon the various properites. Additional Bonds have since been issued on account of new con- -struction. Denomination — Coupon $1,000, $500 and $100. Interchangeable and registerable as to principal. Trustees — Continental & Commercial Trust A Savings Bank and William P. Kopf, Chi- ■cago. Redeemable at 100 and interest at any time tupon 30 days' notice. Maintenance, Replacement and Depreciation fund — Annually, beginning with the year end- ing December 31, 1920, a sum equal to not less than 12^% of the gross income derived •during such year from the operation of the physical properties covered by the mortgage. Organization — Incorporated in Delaware, •December, 1914, at which time it acquired the •properties of the Grand Island (Neb.) Electric 'Co. In 1919 acquired the properties of the 'Kearney Water & Electric Powers Co. and Midway Gas Co. operating in Kearney, Ne- braska and vicinity. Capitalization. Outstanding. Common $600,000 T*referred (7% cum.) 590,000 Funded debt 1,614,200 Controlled by the Middle West Utilities Co. through ownership of the entire common stock. Secured by a first mortgage on all the prop- erty now owned or hereafter acquired by the Company, and no additional bonds can be is sued under this mortgage except on account of property covered by its first lien. . The porperty covered includes two hydro- electric stations with a present rated capacity of 2,900 K. W.; two reserve steam stations with a rated capacity of 2,383 K. W. ; 176. miles of high tension transmission lines; gas plant at Kearney with a capacity of 200, i cubic feet, and ice plant at Grand Island with a daily capacity of 25 tons. The electrical .system is entirely interconnected. The Com- pany supplies Grand Island, Neb. (population 14,000), with electricity and ice; Kearney, Neb. 1922, inclusive. Dated Februa ry 1 , 1912. Interest payable Feb. and Aug. 1. at Blair & Co., New York. Tax Status — 2 % Federal Income Tax paid by company wittoout deduction. Authorized $980,000 Outstanding (Mar. 1, '21) 98,000 Balance Retired. Denomination — Coupon , $1,000. Trustee — Bankers' Trust Co., New York. Redeemable as a whole only at 102^ and interest on any interest date on 40 days* notice. Secured by a conditional bill of sale on 1,000 thirty-ton steel underframe box cars, 200 fifty- ton all steel hopper cars, 2 standard baggage cars, 6 passenger coaches, 2 parlor cars. 1 dining: car, 3 switching locomotives and 4 Pacific-type locomotives, costing $1,094,210 of which the Company paid $114,210 in cash. Original Market — Offered, 1912. by Blair & Co., New York. Market. New York — Evans, Stillman & Co., Free- man & Co., Sam'l Goldschmidt, Vanderhoef & Robinson. 234 CilRRO de PASCO COPPER CORP. 10- Year Conv. S. F. 8s. Due Jan. 1, 1931. Dated Jan. 1, 1921. Interest payable Jan. 1 and July 1 in New York. Tax Status — Payment of Federal Income Tax not assumed toy the companv. Authorized $8,000,000 Outstanding 8,000,000 Piu*pose of Issue — To reimburse the cor- poration for expenditures on the construc- tion of a new smelter, and to provide funds for its completion, part of the cost toeing met from current earnings. Denomination — Coupon and registered, $1,000; C. & R. interchangeable. Trustee — Columbia Trust Co., New York. Redeemable toy operation of sinking fund on any interest date after 60 days' notice at 105 and interest. Sinlving Fiuid — Semi-annual installments of a sum equal to not less than 20% of the corporation's net earnings before interest charges and depletion, but in no event less than $840,000 per annum, for the purchase or redemption of these bonds at not over 105 and interest. Convertible until and including Jan. 1. 1931, or, if called for redemption after 60 days' notice, then until and including the redemption date, into stock of the corpora- tion at the rate of 30 shares of stock for each $1,000 principal amount of bonds, equivalent to a price of $33 1-3 per share of stock. Org:anizatlon — Incorporated in New York in 1915 and has acquired the physical prop- erties in Peru formerly owned by the Cerro de Pasco Mining Co. and Morococha Mining Co. Owns tire entire capital stock of the Cerro de Pasco Railway Co. In the summer of 1919 the corporation started the construction of a new modern smelter at Oroya, a central point for Cerro and Morococha ores, and to build a rail- way cutoff from Morococha to Pachachaca on the Central Railway. As of Dec. 14, 1920, the cutoff was about completed and the new smelter well under way. The Corporation's mining properties con- sist of an extensive area of valuable mining claims comprising more than 5,900 acres. These properties are being worked by mod- ern systems of shafts, drifts, crosscuts, etc. The total underground workings aggregate more than 20 miles in length. The ore re- serves and the copper and silver contents, according to the last engineers' reportsC are considerably larger than they were when the corporation was organized in 1915. Taking into account the nature of the ore deposit and the record of production, the engineers estimate that there is in the miines many years' supply of smelting ore in addition to the prospective ore not estimated. In addi- tion to copper ore reserves, deposits of oxi- dized silver and silver pyrite are estimated in excess of 100,000.000 tons. Of this ton- nage about 18,800,000 tons are definitely re- ported and the contents are calculated at over 200,000,000 ounces of silver. The Corporation also owns an extensive coal mining area covering over 2, 000 acres of land, and through its subsidiaries an even larger acreage of coal lands not yet opened up. The Corporation also owns and operates two hydro-electric plants having an aggre- gate capacity of over 16,000 h. p. The ag- gregate, length of transmission lines is over 120 miles. The Cerro de Pasco Railway is 125 miles in length and connects with the Central Railway of Peru at Oroya, The approximate average annual output in the last five years has been 64,155,922 pounds of copper, 5,220,540 ounces of silver and 27,725,068 ounces of gold. Capitalization. Outstanding. Common 898,230 shs. Funded debt $8,000,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the Corpora- tion covenants that in the event of the placing of a subsequent mortgage on any of the real property of the Corporation now owned, or of a pledge of any of the stocks or securities of the Cerro de Pasco Railway Co.., or of the Sociedad Minora Backus y Johnson del Peru, the outstanding bonds of this issue are to be secured thereunder by a prior lien. Years ended Dec. 31: 1920 $4,261,154 1919 5,777,417 1918 8,866,428 1917 12,726,311 1916 3,614,217 IJsted on the New Tork Stock Exchange. Market New York — Beverley, Bogert & Co., Col- gate, Parker & Co., Bull & Eldredge, Salo- mon Bros. & Hutzler. Philadelphia — Samuel McCreery & Co. Pittsburgh — Moore, Leonard & Lynch, The Union Trust Co. of Pittsburgh. Denver — Boettcher, Porter & Co. CHAI.MERS KNITTING CO. 5-Year 6% S. F. Notes. Due Dec. 1, 19S4. Dated Dec. 1, 1919. Interest payable lune 1 and Dec. 1 at Mechanics' & Metals Na- tional Bank, New York. Tax Status — 2% Federal Income Tax pair)- by the Company without deduction. Authorized $850,000 Outstanding: (Jan. 1, '21) 775,000 Retired by S. F 75,000 Purpose of Issue — To provide additional fa-, cilities and working capital. Denomination — Coupon, $1,000; registerable- as to principal. Trustee — Mechanics' & Metals National Bank, New Tork. Redeemable as a whole (or in part for Sinking Fund at 102 and interest) on 30 days'" notice on or prior to Dec. 1, 1922, at 100 and interest, and after that time at 102 and in- before Dec. 1. 1920; $100,000 on or before Dec. 1, 1921; •$125,000 on or before Den. 1, 000 in principal amount of said notes, on or terest. Sinking Fund — The Company covenants to- retire annually the following amounts; $75,- 000. in principal amount of said notes, on or before Dec. 1, 1920; $100,000 on or before Dec. 1. 1921; $125,'000 on or before Dec. 1». 1922. and $150,000 on or before December 1, 1923, thus paying off at leant $450,000, or over 60% of the entire issue before maturity- Orgranization — Incorporated in New York in 1904. The company manufactures summer and winter underwear for men and boys under the trade names of ' 'Porosknlt. ' ' ' 'Inrox. "^ and "Knico." Plant is located at Amsterdam,. N. T. Capitalization. Outstanding- Common $400,000 1st Prefered (5% cum.) 390,000 2nd Preferred (8% cum.) 250.000 Funded debt. 775,000 Security — ^A direct obligation of the Com- pany, but not secured by a mortgage. Under- the provisions of the Trust Agreement the Company covenants as follows i Not to mortgage nor pledge any of its plants or equipment; not to issue, guarantee nor en- dorse any bonds, debentures, long-time notes- or similar securities, except "purchase money" obligations; to maintain net quick a»- sets equal to at least 125% of the amount of these notes outstanding. Year ended Dec. 31: Gross. Net. Deductions 1920 $2,725,774 def. $87,098 $153,649' Original Market — $ 850,000 offered Dec. , 1919. by Hemphill, Noyes & Co.. Ne^ York, at 96 and iijterest. Market. New York — Hemphill, Noyes & Co., Kean Taylor & Co. Price Range 1920 Ask96; 90 CHAMPAIGN & URBANA WATER CO. Ist 5s. Due July 1, 1932. Dated July 1. 1912. Interest payable Jan. and July 1, at Fourth-Atlantic National Bank^ Boston. Tax Status — 2 % Federal Income Tax paidi by company wtihout deduction. Authorized $400,000 Outstanding (Apr. 5, '21) 327,000 Held in S. F 31,000 Reserved for Exp 42,000 Denomination — Coupon, $1,000. Tmstee — H. K. Hallett, Fourth-Atlantic Na- "tional Bank, Boston. Sinldng Fund — $3,000 per annum. Bonds acquired are to be held alive and interest added. Organization — Incorporated in Illinois in 1884. Capitalization. Outstanding. -Common $157,900 Funded debt 327,000 Secured by a first mortgage on waterworks -supplying Champaign (franchise expires 19^' ■ and Urbana (franchise expires 1942). Popula- tion served, 30,000. Earnings — Not available. Original Market — First offered by Geo. A. Fernald & Co., Boston, 1912, at 98 and hi- iierest. Market. New Yorlc — Newton G. Chase. Boston — Geo. A. Fernald & Co., Pond & Co., Moors & Cabot. Price Range. -^an. 1, 'IG, to Jan. 1, '31 1920 Bid. Ask. Bid. -High 94 '17 98 '17 . 81 Apr. Low. 81 '20 97 '20 81 Apr. OHAIMPION FIBER CO. 8% Notes. Due $75,000 each Nov. 15 from $1921 to 1929 inclusive and .$825,000 i-*ov, 15, 1930. Dated Nov. 15, 1920. Interest payable May 15 and Nov. 15 at First- National Bank, Cincinnati'. Tax IStatus — 2% Federal Income Tax paid l)y the company without deduction. Authorized $2,000,000 Outstanding- (Feb. 15, '21) 1,470,000 "Reserved for Cori>. Pui'poses. . . 530,000 Purpose of Issue — To provide working capital. Denominations — Coupon, $100, $500, $1,000 .and $5,000; registerable as to principal. Trustee — First National Bank, Cincinnati. Redeemable on any interest date upon 30 each June 1 and Dec. 1 to Dec. 1» 1926, inclusive. Dated Dec. 1, 1916. Interest payable June 1 and Dec. 1, at Trustee's office or com- pany' 3 office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized $2,500,000 Outstanding- .(July 1, '21) 1,500,000 Balance retired. Denomination — Coupon. $1,000, Besrlster- able as to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable as a whole only at 102 and interest on 60 days' notice. Guaranteed principal and Interest by the Chesapeake & Ohio Ry. Co. by endorsement. Secured by an equipment ag^reement on 25 locomotives and 1,000 steel coal cars, costing about $3,149,375, of which the company paid $649,375 in cash. Market. See Series "N." CHESAPEAKE & OHIO EAILWAY CO. Equip. Tr. Wzs Series "R." Due $189,- 000 each Nov. 1 and May 1 from Nov. I, 1917, to May I, 1937. inclusive. Dated April 2, 1917. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,780,000 Outstandings (June 1, '21).... 2,268,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Commercial Trust Co. , Phila- delphia. Redeemable at 102 and interest on any in- terest date on 60 days' notice. Secured by an equipment agreement on 26 Mallet locomotives, 2,000 50-ton steel coal cars, 10 steel passenger coachest 2 steel par- lor cars, 1 steel dining car, costing $4,- 735,110, 20% of which was paid by company in cash. Original Market — Offered April, 1917, by Elkins, Morris & Co., Philadelphia, on a 4.65% basis. ^ Market. See Series "N." CHESAPEAKE & OHTO RAILWAY CO. Equip. Tr. GYzS, Series S. Due $375,000 each Dec. 1, from 1924 to 1935, inclu- sive. Dated Dec. 1, 1920. Interest payable June 1 and Dec. 1, at the agency of the trustee in New York. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $4,500,000 Outstanding: 4,500,000 Denomination — Coupon $1,000; register- able as to principal. Trustee — Commercial Trust Co., Philadel- phia, Secured by an equipment trust agreement on 20 Mallet super-heater freight locomo- tives, 5 10-wheel super-heater switch loco- motives and 1,000 100-ton steel coal cars costing about $8,118,000. Original Market — $4,500,000 offered Na- tional City Co., at prices to yield from Nov., 1920, by Kuhn. Loeb & Co., and 6.85% to 6.80%, accoraing to maturity. Market See Series "N." CHESAPEAKE & POTOMAC TEUEPHONE CO., (THE), (N. Y.), Cons. 5s. Due July 1, 1939. Dated July 1, 1899. Interest payable Jan. and July 1, at American Security & Trust Co. , ^Vashlngton, D. C, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,500,000 Outstanding: (Jan. 1, '21) 1,189,000 Retired by S. F 311,000 Denomination — Coupon $1,000 ; registerable as to principal. Registered $1,000. Trustee — American Security & Trust Co. , "Washington, D. C. Redeemable at 103 and interest. Sinking Fund — Semi-annually, January 1 and July 1. beginning In 1901, an amount equivalent to 1% of outstanding bonds, plua interest on securities held In this fund. The company may direct the Trustee to invest the payment in such securities and property as shall be satisfactory to the company. Bonds of this issue acquired are cancjeiled, but other securities purchased are held alive and interest added to this fund. Organization — Incorporated in New York in 1883 as a consolidation of the National Capi- tal Telephone Co. of Washington, D. C, and the Telephone Exchange Co. of Baltimore. Capitalization. Outstanding. Common $13,000,000 Funded debt 1,439,000 Control — This company is controlled by the New York Tel, Co., which is controlled by the' American Tel. & Tel. Co. Secured by first mortgage on property of the company, which embraces the Befl sys- tem in District of Columbia and vicinity. Years ended Dec. 31: Gross. Net. Int. &Rent. 1920 $4,334,812 $605,083 $102,517 *1919 1,593.765 179,719 214,125 tl918 2,835,218 972,390 647,885 1917 3,375,032 1,429,799 660,259 1916 3,684,013 1,598.167 651,399 1915 3.508,495 1,578,408 656,696 ♦Excludes all revenues accrued to, and ex- penses borne, by the U. S. Govt, for Federal control period from Jan. 1, '19, to July 31, •19. tincludes $512,158 Government compensa- tion. tSeven months ended July 31, 1918. liisted on the Washington Stock Exchange. Market. New York — Joseph Gelman, T. L.Mac- Donald. AVashlngton, D. C. — Crane, Parris & Co. Price Range. Jan. I, '09. to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 105% '09 106 '10 93 Mar. 95 Mar. Low. 85 '20 90 *20 85 Dec. 90 June 248 CHESAPEAKE & POTOMAC TEI^HPHONE CO. OF VIRGINIA Ist Ss, Series "A." Due May 1, 1943. Dated April 30, 1913. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding (Jan. 1. '21) 3,168,300 Retired by S. F 331,700 Reserved for Ext 1,500,000 Denomination — Coupon, $100, $500 and $1,000. Registerabie as to principal only. Trustee — Old Dominion Trust Co., Rich- mond, Va. Redeemable as a whole only at 103 and interest, on and after Nov. 1, 1918. Sinking Fund — 1% per annum of bonds out- standing, payable semi-annually. Organization and Control — Incorporated in Virginia in 1905 as the Southern Bell Tele- phone & Telegraph Co. of Va. Present title adopted in 1912. All of the capital stock of the company is owned by the New Tork Tele- phone Co., a subsidiary of the American Tele- phone & Telegraph Co. Capitalization. Outstanding. Common $4,247,000 Funded debt 3.168,300 Secured by a first mortgage on the Bell tele- phone system In a large part of Virginia, in- cluding the cities of Richmond, Norfolk, Lynch- burg, Newport News and Portsmouth. Years ended Dec. 31: Gross. Net. Int. &Rent. 1920 $3,977,999 $630,701 $626,051 •1919 1,466,755 t411,208 591,684 tl918 1.556,050 244,248 166,747 1917 2,482,789 381,844 200,932 1916 2,171,208 355,847 162,209 1915 1,734,261 310,610 144,278- 'Excludes all revenues accrued to, and ex- penses borne by, the U. S. Govt, for Fed- eral control period from Jan. 1, '19, to July 31, '19. tincludes $381,827 Government compensa- tion. JSeven months ended July 31, *18. Original Market — $1,000,000 offered in Mar., 1914, by Hambleton & Co. , and Mercantile Trust & Deposit Co., Baltimore; Old Dominion Tr. Co., Inc., Richmond, at 96 and Interest. Market. New York — Joseph Gilman, T. L. Mc- Donald & Co. Baltimore — Jenkins, Whedbee & Poe, Smith, Lackliart & Co., J. S. Wilson, Jr. & Co., Townsend, Scott & Sons. Price Range. Jan. 1, *17, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High- 98 '17 100 '17 86 Jan. 92 Jan. Low. 73 *20 80 '20 73 Aug; 80 Dec. CHESAPEAKE STEAMSHIP CO. Equip. Ist 58. Due $30>000 semi-annually April 1 and Oct. 1 to April 1» 1934. Dated Oct. 1, 1912. Interest payable April and Oct, 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $630,000 Outstanding- (Oct. 2. '20) 210,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Mercantile Trust & Safe Deposit Co., Baltimore, Md. Redeemable as a whole on any interest date at 102 ^^ and interest. Organization and Control — Incorporated In Maryland in 1900 and acquired the property of the Baltimore, Chesapeake & Richmond S. S. Co., operating two lines of freight and pas- senger steamers to Norfolk and Richmond, Va. The entire capital stock and debentures valued at $1,250,000 are owned Jointly by the South- ern Ry. Co. and the Atalntic Coast Line R. R. Co. Secured by a first lien on four steamships costing $1,535,400, of which amount the com- pany paid $305,000 in cash. Thtj company cannot create any mortgage or other lien on its terminal property in Baltimore during the life of these bonds and in the event of selling any of its other vessels the proceeds must be applied to the redemption of outstanding equip- ment bonds or the acquisition of additional floating equipment. Original Market — First offered 1912 by the Mercantile Trust & Safe Deposit Co., Balti- more, at par and Interest, Market. Baltimore — J. S. Wilson, Jr. & Co. CHESTER & PHILADELPHIA RAILWAY CO. 1st 5s. Due July 1, 1940. Dated July 1, 1910. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $600,000 Outstanding: (Jan. 1, '21) 576,500 Held in S. F 23,500 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — The Real Estate Title Insurance A Trust Co., Philadephla. Redeemable at 105 and Interest on any in- terest date on four weeks' notice. Improvement and Sinking Fund — Under the operating agreement with the Philadelphia Rapid Transit Co., one-half of the surplus earnings of the Company in excess of 4% on the capital stock to be used either for the purchase or redemption of these bonds, or for new construction. Organization and Control — Incorporated in Pennsylvania in 1910 as successor to the Philadelphia & Chester Ry. Co., foreclosed. Capitalization. Outstanding. Common $485,000 Funded debt 576,500 The road is operated by the Philadelphia Rapid Transit Co. under an operating agree- ment for 30 years, from Feb. 14, 1911, in consideration of 6 5 % of the gross receipts, the balance, 35%, being paid to this Company. Secured by a first mortgage on 10.8 miles (15.2 miles single track equivalent) of street railway extending from Third and Market Sts., Chester, Pa., to Bow Creek, the south- erly limits of the City of Philadelphia, where physical connection is made with the Phila- delphia Rapid Transit Co., which Company's through cars are operated to 13th and Market Street, subway station, Philadelphia; 1.6 mile branch from Essington, Pa., to Moore Station, where connection is made with the Philadel- phia Rapid Transit lines at Folsom; 3.4 mile branch along Second Street and Tinicum Road,' Essington, to a connection with P. R. T. lines at Bow Creek and 0.2 mile branch from Essington south to the I)elaware River. Fran- chises are unlimited as to time. Years ended Dec 31: Rental. Total Int. & (35%) Receipts. Taxes. 1920 $169,656 $172,904 $54,071 1919 131,166 134,253 74,641 1918 157,438 161,219 91,495 Listed on the Philadelphia Stock Exchange. Original Market — Offered Feb. , 1917, by Martin & Co., and Harper & Turner, Phila- delphia, at 98^/^ and interest. Market. Philadelphia — Boenning, CJarrison & Co., Harper & Turner, Reed A. Morgan & Co., Parsly Bros. & Co. Price Rangie. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. High 97 'IS 99 '17 80 Oct. Low 70 '20. TO Oct. CHESTER COUNTY GAS CO. Ist Cons. 5s. Due Dec. 1, 1925. Dated Dec. 1, 1905. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $500,000 Outstanding- 350.000 Reserved for Ext 150,000 Denomtniation — Coupon, $1, 000. TruBte^^Chester County Trust Co.. West- chester, Pa. Redeemable on any interest date at 102 ^ and interest. Orgamzation — Incorporated in Pennsylvania in 1905 as a consolidation of a number of small gas companies. The United Gas Im- provement Co. is interested in this company. Capitalization. Outstandingr. Common $300,000 Funded debt 350,000 Secured by mortgage on plant supplying gas In West Chester, Dowlington, Paoli and other towns in Chester County, Penna. Population served, about 16,000. Earnings — Not reported. Original Market — OfCered in 1906 by H. W. Noble & Co., Detroit, at 101 and interest. Market. New York — Earle A. Miller & Co. Fhlladelpliia — Huntoon & Co., McCown & Co., Reed A. Morgan & Co., Samuel K. Phillips & Co., H. D. Boenning & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask Ask. High 10iy3 'IS 103 '16 92 Jan. Low. 83 '20 93 *19 83 Dec. CHESTER COUNTY PUBUC SERVICE CO. Ist 5s. I>ue June 1, 1941. Dated June 1, 1911. Interest payable June and Dec. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Aathorlzed Closed mortgage Outstanding: (Nov. 4, '20) $268,000 Held in S. E 27,000 Denomination — Coupon. $500 and $1,000. Trustee — Chester County Trust Co., West Chester, Pa. Redeemable on any interest date at 105 and interest. Sinking Fund — Annually % of 1% of out- standing bonds from Dec. 1, 1912, to June 1, 1922, and % of 1% from Dec. 1, 1922, to maturity, for the purchase or redemption of bonds at not exceeding 105 and interest. Bonds so acquired to be kept alive and interest added to fund. Assumed by the Philadelphia Suburban Gas & Electric Co. Organization and Control — Incorporated in Pennsylvania in 1911 as a consolidation of a number of small electric light and power com- panies supplying West Chester, Pa., and vi- cinity. Power plant located in West Chester. Absorbed in 1913 by the Philadelphia Subur- ban Gas & Electric Co. Secured by a first mortgage on plant sup- plying West Chester, Pa., and vicinity with electricity. Population served, about 20,000. Underlies — Philadelphia- Suburban G. & Elec. 1st & Ref. 53 of 1960 under which bonds are resarved to retire this issue. Earnings — See Phila. Sub. Gas & Electric Co. Original ' Market — Offered in 1911 by Mont- gomery, Clothier & Tyler, Philadelphia, at 97% /and interest and a 25% bonus of com- mon stock. Market. ..New York — Carruthers, Pell & Co. Philadelphia — Huntoon & Co., McCown & Co Reed A. Morgan & Co., Samuel K. Phillips & Co., Battle & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. High 101% '16 97 '18 80 S°^- Low. 80 -20 93^4 '18 80 Nov. CHESTERFIELD & LANCASTER R. R- CO. 1st 5s. Due Aug. 1, 1955. „ ^ Dated Aug. 1, 1905. Interest payable Feb. and Aug. 1, at Columbia Trust Co, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $750,000 Outstanding 186,000 Reserved for Ext 564,000 Denomination— Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co. Organization — Incorporated in South Caro- lina in 1896 as a reorganization of a company of the same name. Capitalization. Outstanding. Common $500,000 Funded debt 253,000 Control — The Seaboard Air Line Ry. Co. owns a majority of the capital stock. Secured by a first mortgage on 38 miles of road from a connection with the Seaboard Air Line Ry. at Cheraw to Pageland and Crow- burk, S. C. Years ended Dec. 31: Gross. Net. Int.&Rent. *1919 $1,267 $5,119 $11,136 tl919 105,262 8,469 4,299 *1918 1,267 1,267 16,639 tl918 75,640 18,412 7,492 1917 60,298 16,271 22,324 1916 50,914 7,147 19,039 ♦Corporate account. tFederal account — standard return not in- cluded. Original Market — First offered by F. J. Lis- man & Co., New York, in 1905. Market. New York — F. J. Lisman & Co., Taylor & White, J. W. Kirk Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '12 101 '08 50 June 56 Dec. Low. 40 '20 56 '20 40 Dec. 56 Dec. , CHICAGO & ALTON R. R. CO. Incorporated in Illinois' in 1906 as a consoli- dation of the old Chicago & Altott Railroad Company and the Chicago & Alton Railway Company. The company owns 6 38 miles of road, of which 160 miles are double tracked, and leases 328 miles, of which 37 miles are double tracked, and trackage rights on 37 miles. Total mileage operated, 1,052. The road owned includes the entire system in Illinois excepting from Joliet to Chicago and a small branch. Of this mileage 20 miles between Joliet and Pequot and 18 m,iles from Wann to East St. Louis, which are figured as double track, are owned jointly with the Atch- ison, Topeka & Santa Fe Ry, Co. and the Cleveland, Cincinnati, Chicago & St. Louis Ry. Co., respectively. In each case each road owns one track. The road owned extends from Joliet to E. St. Louis, with two lines between Bloomington and Godfrey, from Peoria to Springfield, and to the Mississippi River. Leased lines extend from the Mississippi River to Jefferson City and Kansas City, Mo. Capitalization. Outstanding. Common $19,542,800 P. L. Parties (4% cum.) 879,300 Preferred (4% non-cum.) 19,544,000 Funded debt 86,723,500 $14,420,000 of the common stcck and $6,- 480,000 of the non cumulative preferred stock is owned by the Toledo. St. Louis & Western R. R. Co., and $10,343,000 of the preferred stock Is owned by the Union Pacific R. R. Co. The stock owned by the Toledo. St. Louis & Western R. R. Co. is deposited as collateral for its 4% collateral trust bonds, the pre- ferred stock being deposited par for par and the common stock m the ratio of $100 in Btock for each $35 of bonds. No dividends have been paid on the common stock since 1910, the non-cumulative preferred stock since 1911 nor the cumulative preferred stock since 1912. In Aug., 1914. the T., St. L. & W. R. R. Co. defaulted in the payment of interest on the collateral trust bonds, secured by the de- posit of C. & A. R. R. stock and the T., St. L. & W. R. R. Co. is now in the hands of a receiver. Years eudc-d Dec. 31: Gross. Net. Int. &Rent. *1919 $3,276,212 def$997,469 $4,273,681 $1919 25,272,334 1.373,800 5,470,173 *1918 3.187,914defl,429,319 4,617,233 tl918 24,358,661 3,782,248 5,612,600 1917 20,525,689 4,900,266 4,947,358 1916 17,781,279 4,972,109 4,656.465 •Corporate account. tFederal account — standard return not in- cluded. ^Federal and corporate accounts combined. CHICAGO & AtiTON RAILROAD CO. Kef. 3e. Due Oct. 1, 1949. Dated October 1, 1899. Interest payable April and Oct. 1, at Company's office. New York.^ Tax Status — 2 % Federal Income Tax paid ty company without deduction. Authorized — Bonds in excess of $40,000,000 were only to be issued to refund obligations of the company, excepting: that $10,000,000 were Issuable for extensions at not exceeding $20,000 per mile, and $5,000,000 for betterments. The latter amount has already been issued. OutstandiDg '.$45,350,000 Denomination — Coupon, $ 1 , C 0. Registerable as to principal or fully registerable. Regis- tered, $1,000. $5,000 and $10,000. C. & R. interchangeable. Trustee — Illinois Trust & Savings Bank, Chicago. Secured by a direct mortgage on 595.10 miles of road in Illinois, 394.75 miles of lease- holds, and stocks of a par value of $6,815,200, viz.: A first lien on 595.10 miles — Miles. Joliet to East St. Louis 242.80 Joliet to Mazonia aud Coal City 26.92 Dwight to "Washington & Lacon 80.77 Bloomington to Godfrey and Warm 158.19 Roodhouse to Center of Mississippi River 37.80 Barnett to Eldred 48.80 Also secured on 294.75 miles of lease- holds — ■ Joliet & Chicago R. R. — Chicago to Jol- iet, 111 37.15 Louisiana & Missouri River R. R. — ^Lou- isiana to Cedar City, Mo 101.77 Kansas City, St. Louis & Chicago R. R. — Mexico to Kansas City, Mo 155.83 Further secured by deposit of the following stocks: Deposited Issued Kan. City, St. L. & Chi. R. R. Pfd $3,000,000 $3,000,000 Kan. City. St. L. & Chi. R. R. Com 157,100 271,800 Louisiana & Missouri Riv. R. R. pfd 989,300 1,010,000 Louisiana & Missouri Riv. R. R. Com 2,268,800 2,312,700 Kansas City Terminal Ry. Com 100,000 1,200,000 Mississippi River Bridge Co 300.000 300,000 Market. New York — Constable & Fleming, Arthur E. Frank & Co., Granger & Co., Hirsch. Lillenthal & Co., E. D. Levinaon & Son, Sea- W. Pressprich & Co., Roosevelt & Son, Sea- songood, Haas & Macdonald, Vilas & Hickey. Philadelphia — Arthur J. Bender, Chaa. Fearon & Co., Harper & Turner. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1930 High 82% Jan. 8, '06 49% Oct. 27 Low. 41 July 17. '20 41 July 17 CHICAGO & ALTON RAILWAY CO. 1st Lien 31/28. Due July 1, 1950. Dated April 1, 1900. Interest payable Jan. and July 1, at Company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $22,000,000 Outstanding 22,000.000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000 and multiples. C. & R. inter- changeable. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at par and interest on any in- terest date upon six months' notice. Secured by a direct mortgage on €80.26 miles of road in Illinois, together with 294.75 miles of leaseholds and securities, viz. : A first lien on 85.16 miles — Miles. Grove to Sherman 50.82 Ilea to Murrayville 34.34 A second lien on 595.10 miles — Covered by the first lien of the Ref. 3s. Also a second lien on the leasehold rights of the Company in 294.76 miles, covered by the first lien of the Ref. Ss. Prior Liens — $ 45,350.000 Chicago & Alton 1st Ref. 3s of 1949. Underlies — Chicago & Alton Impt. & Equip. 6s of 1930, all deposited to secure the Gen. 6s, Deb. 5s of 1922 and Gen. 6s of 1932. Listed on the New York Stock Exchange. Market. New York — E. A. Baker & Son, Ambrose R. Clark & Co., Constable & Fleming, Roosevelt & Son, Seasongood, Haas & Mac- donald. Philadelphia — Harper & Turner, Lloyd & Palmer. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1930 High 82 Feb. 1. '06 40% Oct. 5 Low. 29 li Feb. 14, '20 29% Feb. 14 $6,815,200 $8,094,500 Underlies — 1st Lien 3 % s. Debenture 6s, Gen. Mtge. 6s and Imp. & Equip. Ba. Listed on the New York Stock Exchange. CHICAGO & ALTON RAILROAD CO. 15-Year S. F. Deb. 5s. Dae June 1, 1922. Dated Juno 1. 1907. Interest payable June and Dec. 1, at Company's office, 2 Rector Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding (Jan. 1, '21) $628,000 Retired by S. F 1,038,000 Denominatioi: — Coupon $1,000. Trustee — Central Union Trust Co., New York. Redeemable as a whole only at 102% and interest on any interest date on 60 days' notice. Sinking Fnnd — Annually beginning May 15. 1908. 7%% of the face amount of these de- bentures outstanding, to accumulate for the purpose of paying these debentures upon ma- turity, or for thfir redemption at not exceed- ing 102% and interest. Secured equally with the Imp. & Equip. 6s and Gen. 6s on the entire property of the com- pany. For details, see description of Gen. 6s. Prior Liens — $46,350,000 Chicago & Alton 1st Ref. 3a of 1949 and $22,000,000 Chicago & Alton 1st Lien 3%s of 1950. Refunding; — Bonds are reserved under the Gen. Mtee. to retire this issue. Market. New York — Sam'l Goldschmidt, Wm. G. Orton & Co., Wolff & Stanley, Fred H. Hatch & Co., Finlay & Davenport. Price Rangre. Jan. 1, *13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 87 '14 92% '13 75 Jan. 80 Jan. Low. 40 '19 72 '16 50 Apr. 80 Jan. CHICAGO & ALTON RAILROAD CO. Gen. 6b. l>ue July 1, 1932. Dated July 1, 1912. Interest payable Jan. and July 1, at Company's office, 2 Rector Street New York. Tax Statas — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Oatstandini: ($8,417,000 owned by the United Pacific R. R.). . 16,834.000 In Treasury 216,000 Reserved for Corporate Far- poBes 4,317,000 Denomination — Coupon, $100, $500 and $1,000. Reiristerable as to principal or fully reg'isterable. Registered, $100, $500 and $!,• 000. C. & R. interchangeable except $100. ' Trustee — United States Mortgage & Trust Co., New York, and E. F. Swinney. Redeemable as a whole at 106 and inter- est, on any ir.terest date on 90 days' notice. Secured equally with the Dob. 5s of 1922 on all the property of the company, and is a di- rect mortgage on 687.84 miles of road in Illi- nois,, leaseholds, securities, etc., as follows: A first lien on the following securities: Deposited Issued Chic. & Alton R. R. Imp. & Equip. 5s, 1930 $6,817,000 $6,817,000 Louisiana & Missouri River R. R. pfd. stock 10,500 1,010,000 Louisiana & Missouri River R. R. com. stock 31,700 2,312,700 Rutland Toluca & North- ern R. R. stock 96,300 97,000 Peoria Ry Terminal Co. cap. stock 499,300 1,000.000 Terminal R. R. Associa- tion of St. Louis stock 205,800 3,087,800 Total $7,660,600 $14,324,500 A second lien on 7.58 miles — Covered by the first lien of the Imp. and Equip, 5s 7.58 A third lien on 86.16 miles — Covered by the first lien on the 1st Lien 3%s 85.16 A fourth lien on 695.10 miles — Covered by the first lien of the Ref. 3s. 595.10 Also- a second lien on the leasehold rights of the Company in 26.97 miles covered by the first lien of the Imp. & Equip. 5s and a fourth lien on the leasehold rights of th« Company In 294.75 miles covered by the first lien of the Ref. 3s. Also a lien on the $6,815,200 securities cov- ered by the first lien of the Ref. 3s. Prior Lien — Ref. 3s of 1949, 1st Lien 3%s of 1950, and the Deb. 6s of 1922 and Imp. & Equip. 5s of 1930, which latter issues are equally secured. Tax Status — 2% Federal Income Tax paid by company without deduction. Authoi-ized $475,000 Outstanding: (May 1, '21) 95,000 Balance Retired. Denomination — Coupon. $500 and $1,000. Trustee — Guardian Savings & Trust Co., Cleveland. Redeemable as a whole only at 102 and interest on any Interest date on 30 days' no- tice. Secured by an equipment trust agreement on 200 automobile cars and 350 wooden gon- dola cars, costing $625,000. Original Ms^rket — Offered Feb., 1917, by the F. L. Fuller Co., and the Tillotson & Wolcott Co., Cleveland. Market. New York — Freeman & Co. Fliiladelphia — Brown Bros. & Co. CHICAGO & ATLANTIC RAILWAY TERM- INAL CO. Ext. 1st 5s. Due July 1, 1928. Dated November 1, 1888. Extended July 1, 1918. Interest payable Jan. and July 1, at Erie R. R. office, 50 Church St., N. Y, Tax Status — Payment of Federal Income Tax not assumed Dy company. Authorized $300,000 Outstanding: 30Q,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 105 and ii.terest on any in- terest date upon 30 daya' notice. Control — Reorganized in 1890 as the Chi- cago & Erie R. R. Co., the entire stock of which is owned by the Brie R. R. Co., and pledged under its Cons. Mtge. of 1996. Secured by a first mortgage on numerous parcels of land located in various places along the line of the Chicago & Erie R. R. used by the company, on which stations, machine shops and other buildings have been erected. Refunding — Bonds are reserved under the Erie R. R. Cons. Gen. Lien Mortgage of 1996 to retire this issue. Original Market — Extension underwritten by J. P. Morgan & Co., assenting bondholders re- ceived $75 in cash on each $1,000 bond. Market. New York — Chas. W. Place, Raymond M. Smith. Price Range. Jan. 1, *11, to Jan. 1, '21 1920 Bid. Ask. Bid. High 101% '16 104 '11 89 May Low. 75 '20 92 '19 75 Aug. CHICAGO & ALTON RAILROAD CO. Eauip. Tr. 4M!S, Series 1916. Due .$47,500 each June 1 and Dec. 1 to Dec. 1, 1921, incl. Dated Dec. 1, 1916. Interest payable June 1 and Dec. 1, at Trustee's oflace or Bankers Trust Co., New York. CHICAGO & EASTERN ILLINOIS RAIL- ROAD COMPANY. Tncorporatfd in Illinois in 1894. The com- pany owns 990 miles of road of which 190 miles are double-tracked. Th(-^ lines owned ex- tend from Dolton, 17 miles south of Chicago, to Thebes, 111., Pana, 111., and Evansville, Ind., and from La Crosae to Brazil, Ind., with numerous branches. The company leases road from Pana to St. Louis from the Cleveland, Cincinnati, Chicago & St. Louis Ry., from Dolton to Chicago, from the Chi- cago & Western Indiana R. R., one-fifth of the capital stock of that company being owned by the Chicago & Eastern Illinois R. R. Co., and from Thebes to Illmo, Mo., including bridge over the Mississippi River, and has op- erating rights over or controls several short terminal lines. The total mileage operated ia 1,131.39 miles. Foreolosure— On April 5, 1921, the prop- erty of this company was sold under fore7 clo.sure proceedings to the reorg-anizatiori manager for the sum of $13,285,000. New Company — A new company is to be Incorporated, to take over all the property of the old company witli these exceptions; The coal properties formerly pledged under the C. & E. I. purchase money first lien coal bonds of tlie former Evansville & Indianapolis R. R. Co., the property of the former Chicago & Indiana Coal Ry. Co. New Old Capitalization. Company Company Common $24,135,100 $7,204,400 •Pref. (6% non-cum.) 22,051,050 12,163,500 Funded debt :. 44,847,700 71,076,600 ♦Cumulative after Jan. 1, 1924. Assessment — Under the plan of reorganiza- tion stockholders were assessed $30 per share. years coded Dec. 31 (Including E. & I. R. R. to Mar. 1. 1916) Gross. Net. Int.&Rent. •1919 $2,946,000 $3,175,051 $1,180,294 tl919 24,795,181 393,812 782,705 •1918 2.946,000 3,174,088 1,609,438 tl918 26,763,092 2.673,039 1,012.233 1917 21,018,985 6,577,925 1,883,040 •Corporate account. tFederal account — stahdarcl return not in- cluded. CHICAGO & EASTERN ItllNOIS RAILBOAD CO. 1st Ext. 6s. Due Dec. 1, 1931. Dated December 1, 18S1. Interest payable June and Dec. 1, at Mechanics & Metals Na- tional Bank, New York. Ueorffanization Status — Bonds of this is- sue are not disturbed. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $250,000 Outstanding 91,000 R«tired 159,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Secured by a first mortgage on 14.10 milea of road from "Westville to Sidell, 111. Underlies — $6,000,000 Receivers' Certfs. and Cons. 6s of 1934, Gen. Cons, and 1st 63 of 1937 and Ref. & Imp. 4s of 1955. Marliet. See 1st Cons. 6s 1934. CHICAGO Si EASTERN rLUNOIS RAILROAD CO. 1st Cons. 6s. Due October 1, 1934. Dated June 2, 1884. Interest payable April and Oct. 1, at .Central Union Trust Co., New York. Reorgranization Status — Bonds of this issue are not disturbed. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $2,736,000 Denomiaation — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Protective Committee — J. W. Flatten, Chair- man; Calvert Brewer, Sec; U. S. Mtge. & Trust Co., N. T., depository. ' Secured by a direct lien on 130.31 miles of road, viz.: A first lien on 107.S1 miles— Miles Dolton to Danville, 111 107.21 A second lien on 23.10 miles — Covered by the Danville & Grape Creek lat 68 — Danville Jot. to Westville, III. 9.00 Covered by the C. & E. I. 1st Extn. 6s —Westville to Sidell, 111 14.10 Prior l.lens--$97,000 Danville & Grape Creek 6s o? 1920 and $91,000 Chicago & East- ern Illinois 1st Extn. '6s ^f'1931. Underlies — $6,000,000 Receivers' Certfs. and ^en. Cons. & Ist 6s of 1937 and Ret. & Imp. 48 of 1966. X.isted on the New York and Boston Stock Exchanges. Market. New York — Sam'l Goldsohmidt, Kountz Bros., Wm. C. Orton & Co., Chas. W. Place, Pouch & Co., Raymond M. Smith, Edwin Wolff. Price Range — N. Y. S. B. Jan. 1, '06 to Jan. 1, '21 1920 High 139 Jan. 25, '06 97% Aug. 30 Low. 87% Sept. 1 87% Sept. 1 S53 CHICAGO & EASTERN ILUNOIS RAII,ROAD CO. Gen. Cons, and 1st Ss. Due Novem- ber 1, 1937. Dated November 1, 1887. Interest payable May and Nov. 1, at Central Union Trust Co., New York. Default — May 1, 1915, and subsequent cou- pons. Reorgranization Status — Each $1,000 bond will receive: $1,162 in new Gen. 5b; $100 in new Pfd. stock; $163 in cash. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $30,000,000 Outstanding 21,343,000 Denomination — Coupon, $1,000. Coupon bonds may be exchanged' for registered. Reg- istered, $1,000 and $5,000. Trustee — Central Union Trust Co., New York. Foreclosure instituted by Trustee Nov. 6, 1915. Protective Committee — H. Evans, Chairman; A. F. Halsted, Sec, 62 Cedar St., N. Y. C; Guaranty Trust Co., N. Y. C, depository. Secured by a direct mortgage on 1,024.22 miles of road, equipment, etc., viz.; A first mortgage on 463.77 miles of road viz. : Miles Momence Jet., 111., to State Line 11.35 Sidell's Grove to Thebes and Joppa, 111.269.29 Woodlawn Jet. to Villa Grove, 111 62. 2u Findley Jet. to Pana, III 19.74 Milford Jot. to Preeland, Ind 10.84 Cissna Jet. to Cissna Park, 111 11.36 Rossville Jet. to Sidell Jet., Ill 34.29 Rossville Jet. to Judyville, Ind 13.77 Otter Creek Jet. to Brazil, Ind 12.62 Branches 18.31 A second mortgage on 336.09 miles — Covered by the first lien of the follow- ing; Chicago & Eastern Illinois 1st Cons. 6s,107.21 Chicago & Indiana Coal 1st 6s 176;52 Evansville, Terre Haute & Chicago Inc. 6s 48.58 Evansville Belt Ry. 1st 5s of 1940 3.77 A third mortgage on 23.10 miles — Covered by the first lien of the follow- ing: Danville & Grape Creek 1st 6s 9.00 Chicago & Eastern Illinois 1st Extn. 6s. 14,10 A fourth mortgage on 201.26 miles — Covered by the first lien of the Evansville & Terre Haute 1st Gen. 6s of 1942. Prior Liens— $16,120,150 prior liens as fol- lows; Chicago & Eastern Illinois 1st Extn. 6s, 1931 ...J $91,000 Chicago & Eastern Illinois 1st Cons. 6s, 1934 2,736,000 Chicago & Indiana Coal Ry. 1st 5s, 1936 4,626,000 Danville & Grape Creek 1st 63, 1920 97,000 Evansville, Terre Haute, Chic. Inc. 6s, 1920 ■ 150,000 Evansville & Terre Haute 1st Cons. 68, 1921 3,000,000 Evansville & Terre Haute— Mt, Ver- non Branch 1st 63, 1923 375,000 Evansville & " Terre Haute — ^SuUivan Co. Coal Br. 1st 5s, 1930 450,000 Evansville & Terre Haute Ref. 5s, 1941 1,278,160 Evansville & Terre Haute 1st Gen. 6s, 1942 3,176,000 Evansville Belt By. 1st 5s, 1940... 142,000 TJndei-Iies — J6, 000, 000 Receivers' Certfs. and Ref. & Imp. 43 of 1955. Listed on the New York and Boston Stock Exchanges. Market. New York — Sam'l Goldschmidt, Morton Lachenbruch & Co., Newborg & Co., Wm. C. Orton & Co., Pouch & Co., Roosevelt & Son, Vanderhoef & Robinson. Price Ranee — N. Y. S. B. Jan. 1, '(Mi, to Jan. 1, 'gl 1920 Coupon. High 120 Apr. 7, '06 85 Nov, 9 Low. 51 Mar. 18, '16 68 June 10 Guar. Xr. Co. Ctfs. of Dep. High 88 Jan. 31, '17 85 Vt Oct 25 Low. 641/2 Feb. 28, '20 64i^Feb. 28 tJ. S. Mtsre. & Tr. CMs. ot Dep. High 91 Nov. 23, '16 85i^ Oct. 23 Low. 50 Apr. 12, '20 50 Apr. 12 Orieinnl Market — $5,000,000 offered in 1905 by Redmond & Co., and J. . & W. Seligman & Co., New York. Market New York — Morton Lachenbruch & Co., C. Orton & Co., Vanderhoef & Robinson, L. L. Winwleman & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1930 High 96% Mar. 9, '06 41 Oct. 11 Low. 15 Oct. 13,'15 201i Jan. 23 Ctfs. of Deposit , High 41 Oct. 19, '20 41 Oct. 19 Low. 13 Oct. 11, '16 19% May 27 CH1C.4G0 & EASTERN ILLINOIS RAILROAD CO. Ref. & Imp. 4s. Due July 1, 1955. Dated July 1, 1906. Interest payable Jan. and July 1, at Bankers' Trust Co., New York. Default — July 1, 1914. Reorganization Status — Each $1,000 bond will receive $1,000 in new pfd. stock. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $65,000,000 Outstanding 18,019,000 Denomination — Coupon, $1,000. Reeisterable as to principal. Registered, $1,000 and $10,- 000. C. & R. interchangeable. Trustee — Bankers' Trust Co., New York. Redeemable at 102% and interest on 60 days 'notice. Foreclosure — Instituted by Trustee July, 1914. Protective Committee — J. "W. Flatten, Chair- man: Calvert Brewer, Sec. : U. S. Mtge. & Trust Co., N. Y., depository. Secnred by a direct mortgage on 819.18 miles of road. viz. : A second lien on 463.77 miles — Miles Covered by thi- first lien of the C. & E. I. Gen. & Cons. & 1st 5s 463.77 A third lien on 332.31 miles — Covered by the first lien of the follow- ing: C. & B, I. 1st Cons. 6s 107.21 Chic. & Ind. Coal Co. 1st 6s 176.62 Evans. T. H. & Chic. Inc. 6a' 48.58 A fonrth lien on 23.10 miles — Covered by the first lien of the follow- ing; Danv. &. Grape Creek 1st 63 9.00 C. & E. I. 1st Extn. 6s 14.10 Prior Liens — Subject to $35,043,000 prior liens as follows: Receivers' Certificates $6,000,000 Chicago & Eastern Illinois R. R. 1st Extn. 6s, 1931 91,000 Chicago & Eastern Illinois R. R. 1st Cons. 6s, 1934 2,736,000 Chicago & Eastern Illinois R. R. Gen. Cons. & 1st 6s, 1937 21,343,000 Chicago & Indiana Coal Ry. Co. 1st 5s, 1936 4,626,000 Danville & Grape Creek R. R. 1st 6s, 1920 97,000 Evansville, Terre Haute & Chic. Ry. Inc. 6s, 1920 150.0'"' Listed on the New York and Boston. Stock Exchanges. 254 CHICAGO & EASTERN ILLINOIS RAILROAD CO. Equip. 5%s, Series "H." Due $166,- 000 each March 1 and $165,000 each Sept. 1 to eSpt. 1, 1925, inclusive. Extended for there years with interest at 5%%. Dated Sept. 3, 1912. Interest payable March and Sept. 1, at Trustee's office, Phila- delphia. Reorganization Status — Bonds of this issue are not disturbed. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,310,000 Outstanding: (Apr. 1, '21) 1,477,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable at 101 and interest on any in- terest date on 60 days' notice. Secured by an equipment trust agreement on 3,000 fifty-ton steel frame freight cars, 20 steel underframe caboose cars and 25 freight locomotives, costing $3,680,000, of which $370,000 was paid in cash. Under extension agreement all equipment obligations were made superior in lien to mortgages on all property except coal prop- erties. Original Market — Oftered,in Sept., 1912, by Kuhn, Loeb & Co., New York, on B%% to 4 % % basis. Market. New York — Evans, Stillman & Co., Free- man & Co. CHICAGO & ERIE RAILROAD CO. Ist 58. Due May 1, 1982. Dated August 21, 1890. Interest payable May and Nov. 1, at Erie R. R. ofllce, 60 Church Ft., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $12,000,000 Outstanding 12,000,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Trustee — Central Union Trust Co., New Yoi'k. Guaranteed as to interest by the New York. Lake Erie & Western R. R. Co. by endorse- ment, which guarantee has been assumed by the Erie R. R. Co. Organization and Control — Incorporated in Indiana in 1890. The entire $1,000,000 stock is owned by the Erie R. R. Co. Capitalization. Outstanding. Common $100,000 Funded debt 22.400,000 Secured by a first mortgage on 249.67 miles of double-tracked road from Marion Jot., Ohio, to the Indiana-Illinois State Line near Hammord, Ind., also upon all rights to the use of the Chicago & Western Indiana R. R. from the Indiana-Illinois State Line to Chi- cago, III., and the terminal facilities in Chi- cago; also upon $1,000,000 of the $6,000,000 stock of the Chicago & "Western Indiana R. R. and $240,000 of the $2,880,000 stock of the Belt By. of Chicago, which companies own valuable terminal facilities in Chicago. The former stock has received dividends at the rate of 6% per annum since 1896 and the latter at various rates for a long period of years. Underlies — 2nd Income 5s, all but $98,000 of which are deposited under the Erie R. R. Cons. Mtge. Refunding — Bonds are reserved under the Brie R. R. Cons. Gen. Lien Mortgage of li);; to retire this issue. listed on the New York and Amsterdam Stock Exchanges. Market. New York — Constable & Fleming, Dun- ham & Co., Sam'l Goldschmidt, A. B. Mur- ray & Co., Redmond & Co., Raymond M. Smith, Taylor, Smith & Hard, Vanderhoef & Robinson, Vilas & Hickey. Price Range — N. Y, S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 122% Feb. 7. '06 84 Oct. 18 Low. 69y2 May 28 , 69i^May28 CHICAGO & ERIE RAU/ROAD CO. 2d In- come 5s. Due Oct. 1, 1982. Dated August 21, 1890. Interest payable annually on Oct. 1 at company's office, BO Church St. , N. T. Interest is being paid regularly. Tax Status — Payment of Federal Income Tax not assumed by company. Aathorized $10,000,000 Outstandingr $98,000 Fledged Under Erie R. K. Cons. Mtffe 9,902,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — New York Trust Co., New York. Control — ^Erie R. R. Co. See 1st 5s of 1982. Secured by a second mortgage on 249.57 miles of road covered by the 1st 5s. Prior Xiiens — $12,000,000 Chic. & Erie R. R. 1st 5s of 1982. Market New York — A. B. Leach & Co. Price Range. Jan, 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 108^ '17 110 "17 Not available Low. 85 '17 95 '17 CHICAGO & IIXINOIS WESTERN RAIL- ROAD CO. Gen. 6&. Due July 1, 1947, Dated July 1, 1907. Interest payable Jan, and July 1, at Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,000 Outstandingr 959,000 Cancelled 41,000 Reserved for Ext 3,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at par and interest on any in- terest date on 30 days' notice. Guaranteed as to principal and interest by Dolese & Shepard Co. Organiaztion — Incorporated in Illinois in 1903. Capitalization. Outstanding. Common $1,000,000 Funded debt 1,057,765 Secured by a first mortgage on all prop- erty, now owned or hereafter acquired, in- cluding 11 miles of road from Hawthorne to Willow Springs and branches, a total of 14 miles in and around Chicago. Extensions to the stone and granite quarries of the Dolese & Shepard Co. at Napierville, 111., and Gary, Ind., are proposed. Years ended Dec, 31. Gross. Net. Int.&Rent 1919 $212,419 $13,500 $91.00& 1918 253,243 55,665 90,219 1917 180,291 77,665 88,436 1916 141,101 46,358 84,783 CHICAGO & INDIANA COAL RAILWAY CO. 1st 6s. Due January 1, 1936. Dated December 1, 1885. Interest payable Jan. and July 1, at Metropolitan Trust Co., New York. Default— July 1, 1914, Reorganization Status — Under the reor- ganization plan of the Chicago & Eastern Illinois R. R. Co. the property covered by this mortgage was not included in the fore- closure sale and these bonds are excluded from participation. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding (closed mortgage). .$4,626,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Metropolitan Trust Co. , New York. Assumed by the Chicago & Eastern Illinois R. R. Co. (foreclosed). Control— Consolidated with other roads into the Chicago & Eastern Illinois R, R. Co. in 1894, now In hands of receivers. Foreclosure instituted by Trustee, January, 1915. March, 1916, appointment of separate receiver refused by court- Protective Committee — James B. Mahon, Chairman; Chas. E. Sigler, Sec, 54 Wall St., New York. Depository, Central Union Trust Co., New York. Secured by a first mortgage on 172.65 miles of road from La Crosse to Brazil, Ind., with branch to Indiana-Illinois State Line near Momence, 111. Underlies — C. & E. I. Gen. Cons, and 1st 5s of 1937 and Ref. & Imp. 4s, due 1955. Listed on the New York Stock Exchange. Market. New York — Fred H. Hatch & Co., "Wm. C. Orton & Co., Watson, Armstrong & Co., Pynchon & Co., Carruthers, Pell & Co., J. - S. Bache & Co. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, *Z1 1920 Bid. Ask. High 118% Feb. 6, '06 7 Dec. 10 Apr. Low. 4 '20 9 '20 4 Dec. 9 Dec. CHICAGO & INTERCRBAN TRACTION CO. 1st 5s. Due Jan. 1, 1932. Dated Jan. 1. 1912. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Unlimited Outstanding $1,350,000 Held in Treasury 378,000 Denomination — Coupon, $100, $500 and $1,000, Trustee — First Tr. & Sav. Bank, Chicago. Redeemable on any interesti date, begin- ning with lowest number, at 102 and interest. Organization — Incorporated ini Illinois, Feb., 1912, and acquired by purchase the property outside the city of Chicago of the Chicago & Southern Traction Co. sold under foreclosure The company operates its interurban cars over the lines of the Chicago City Ry. Co. to a terminus at 63rd and Halsted Sts. under an operating agreement between both compan- ies ratified by an ordinance passed January, 1912. 256 Capitalization. Outstanding:. Common J1,000,000 Funded debt 1,350,000 Secured by a first mortgage on 48 miles of electric railway from 1 1 9th St. and Vin- cennes Ave. in Chicago to Kankakee, 111., and on all other property of the company. Years ended Dec. 31. Gross. Net. Int. & Taxes. 1920 $449,883 $62,139 $99,840 1919 349,011 116,759 93,123 1917 338,168 125,788 9^,769 1916 333,603 143,394 87,566 Market. Ghicaffo — Babcock, Rushton & Co. CHICAGO & NORTHWESTERN RAILWAY CO. Incorporated in Illinois and Wisconsin in 1859. The company owns 8,107.82 miles of road of which 906.57 miles are double-tracked, 104.49 miles have third track and 95.36 miles have fourth track. The lines owned extend from Chicago via Milwaukee to Elroy, Wis., where connection is made with a controlled line for Minneapolis and St. Paul, and Pierre, S. D., and from Chicago to Omaha and Su- perior, Neb., Caspar, Wyo., and Deadwood, S. T>. From Chicago to Elroy and from Chi- cago to Omaha, road is double-tracked. In connection with the Union Pacific R. R. Co. at Omaha a through line is operated between Chicago and San Francisco, of which 1, 3 4 5 miles, from Chicago to Granger, Wyo., is double-tracked, constituting the longest con- tinuous stretch of double-track in the world. The C. & N. W. Ry. Co. also owns lines into the Michigan mining region. In addition to the mileage owned it leases and has track- age rights over 145 miles of road and con- trols companies operating 2,060 miles of road, including the Chicago, St. Paul, Minneapolis & Omaha Ry. Co. (For description see under that company.) Capita lization. Outstanding. Common $145,157,519 •Preferred 22,395,120 Funded debt 230.137,900 ♦First entitled to dividends up to 7% per annum; common then at same rate; preferred then to an additional dividend up to 3% per annum (10% in all); common then entitled to same rate; both classes share alike In any further dividend. Years ended I>ec. 31. Gross. Net. Int. & Rent. •1919. . $23,201,016 $25,493,023 $11,404,919 tl919. . 139,689,915 14,246,619 •1918. . 23,201,016 25,463,677 10,980,966 tl918. . 127,295,678 12,272,956 1917.. 108,264,983 28,311,461 10,367,302 1916.. 97,978,844 30,794,904 10,625,555 1916. . 83,754,447 25,081,321 10,687,299 ♦Corporate account, tFederal account — standard return not in- cluded. CHICAGO & NORTHWESTERN RAILWAY CO. CoU. Tr. S. F. 6s and 5s. Dne Oct. 1, 1929. Dated Oct. 1, 1879. Interest payable April and Oct. 1,- at Company's office. 111 Broad- way, New York and in London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $15,000,000 Outstandiner $5,079,000 6s 6.214,000 5s $10,293,000 Retired by S. F $4,707,000 Denomination — Coupon, $1,000. Fully reg- Isterable. Registered, $1,000, $5,000 and $10,- 000. Trustee — Farmers' Loan & Trust Co., New York. Redeemable for Sinking Fund at 105 and interest. Sinking Fund — Commencing Oct., 1884, 1% annually of bonds outstanding, to be applied to the purchase of bonds at the lowest price obtainable, or, if not purchasable at a lower price, to redeem bonds at 10 5 and interest ; bonds so acquired to be cancelled; and when so cancelled, the Trustee shall deliver to the Company an equal amount of First Mortgage bonds held hereunder, to be selected propor- tionately from all issues, and cancelled. Secured through deposit of an equal amount of entire issues of first mortgage bonds of 12 companies, whose properties have since been purchased by a first lien on 1,045.03 miles of road, as follows: Miles. Sheboygan to Princeton, Wis 78.40 Carroll to Kirkman, la 34.81 Manning to Audubon, la 17.00 Tama to Elmore. la 16 4.56 Eagle Grove to Hawarden. la 145.20 .Tewell Jot. to Lake City. la 58.00 State Line to Stager, Wis 13. uu Stager to Iron River, W^is 18.00 Tracey to Piere. S. D 255.66 Chatfield Jet. to Chatfield, Minn 11.46 .Sioux Valley Jet. to Watertown, S. D. 43.83 James Valley Jet. to Columbia, S. D. . 104.82 Centreville to Yankton, S. D 28.46 Branches 71,83 Underlies — Gen. Mtge. bonds, debentures and 1st & Ref. Mtge. Bonds are reserved under the General and 1st & Ref. Mortgages to retire this issue. Leg:al for savings banks in Mass., N. H., and R. I. Listed on the New York Stock Exchange. Market. New York — Bigelow & Co., Simon Borg & Co., Sam'l Goldschmidt, Prince & Whitely, A. W. Pressprich & Co., Redmond & Co., Remick, Hodges & Co., Roosevelt & Son, Raymond M. Smith, Strutliers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Coupon 6 s, High 113 June 14, '06 103 Mar. 26 Low. 99 Mar. 15, '20 99 Mar. 15 Coupon 5s. High 111 Feb. 23, '06 99 Aug. 20 Low. 89% Dec. 27, '20 89% Dec. 27 256 CHICAGO & NORTHWESTERN RAILWAY CO, S. F. Deb. 5s. Dae May 1, 1933. Dated May 1, 1883. Interest payable May and Nov. 1, at Company's office. 111 Broad- way, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstanding 8,971,000 Retired by S. F 1,029,000 Denomination — Coupon, $1,000. Register- able as to principal, or fully registerable. Registered, $1,000, $5,000 and $10,000. Trustee — Central Union Trust Co., New York. Sinking Fund — $200,000 annually to pur- chase bonds at not exceeding 105 and interest. If not purchasable, company is relieved of lia- bility of sinking fund. Bonds acquired to be cancelled. Secured (originally debentures) equally with the first and refunding mortgage on all the property of the company. Prior Liens — Subject to the general mort- gage and prior liens thereto and also by the following additional issues: Boyer Valley Ry. 1st 3l4s, 1923... $1,440,000 Minnesota & Iowa Ry. 1st 3143, 1924 1,904,000 Princeton & North Western Ry. 1st 3%s, 1926 2,100,000 Peoria & North Western Ry. 1st 3%s, 1926 2,125,000 Mankato & New Ulm Ry. 1st 314 s, 1929 416,000 Freemont, Elkorn & Missouri Val- ley R. R. Cons, 6s, 1933 7,725,000 Minnesota & South Dakota Ry. 1st 7,725,000 3%3, 1935 528,000 Iowa, Minnesota & Northwestern Ry. 1st 314s, 1935 3,900,000 Sioux City & Pacific R. R. 1st 314s, 1936 4,000,000 Milwaukee & State Line Ry. lat 314s, 1941 2,600,000 Manitowoc, Green Bay & North Western R. R 3,760,000 St. Paul, Eastern Grand Trunk Ry. 1st 414s, 1947 1,120,000 Milwaukee, Sparta & North West- ern Ry. 1st 4s, 1947 15,000,000 Des Plaines Valley Ry. lat 414 s, 1947 2,500,000 St. Louis, Peoria & North Western. Ry. 1st 5s, 1948 10,000,000 Refundingr — Bonds are reserved under the first refunding mortgage to retire this is- sue and all prior liens; bonds are also re- served under the general mortgage to re- tire this issue. Leg:al for savings banks in Cal., Conn., Me., Mich., Minn., N. H., N. J., N. T., Ohio, Ore., K. I. and Wis. ' lasted on the New York and London Stock Exchar.ires. Market. New York — Barston & Co., Simon Borg & Co., Sam'l Goldschmidt, Prince & Whitely, R. W. Pressprich & Co., Redmond & Co., Remick, Hodges & Co., Struthers & Hiscoe, Taylor, Smith & Hard, Vanderhoet & Rob- inson, Vilas & Hickey, Joseph Walker & Sons, Edwin Wolff. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '81 1920 High 117 Jan. 26, '06 9114 Oct. 28 Low. 8314 Aug. 13, '20 8314 Aug. 13 Further secured by deposit ot {10,676,000 of $18,400,000 Fremont, Elkhorn & Missouri Valley R. R. Cons. 6s of 1933, covering 1,- 171.56 miles of road. Underlies — Gen. Mtge. Bonds and Deben- tures. Bonds are reserved under the General Mortgage to retire this issue. Legal for savings banks in Cal., Conn., Mass., N. H., R. I. and Vt. Lisetd on the New York Stock Ejxchange. Market. New York — Bigelow & Co., Arthur E. Prank & C, Granger & Co., R. W. Press- prich & Co., Redmond & Co., Remick, Hodges & Co., Struthers & Hiscoe, Vilas & Hickey. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, 'HI 1920 Coupon. High 10514 Jan. 17, "06 92 Jan. 7 Low. 81% June 21, '20 81 14 June 21 Registered. High 104 Feb. 8, '07 81 July 8 Low. 81 June 8, '20 81 July 8 CHICAGO & NORTHWESTERN RAILWAY CO. Coll. Tr. Ext. 4s. Due Aug. 16, 1926. Dated April 15, 1886. Interest payable. Feb. and Aug. 15, at Company's otllce. 111 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $20,000,000 Outstanding 17,662,000 Held in S. V 970,000 Denomination — Coupon, $1,000. Fully regls- terable. Registered, $1,000, $6,000 and $10,- 000. Trustee — Central Union Trust Co., New York. Seenred, through the deposit of the entire Issues ($7,948,000) of First Mortgage bonds of 12 companies, whose properties have since been purchased, by a first lien on 447.26 miles of road, viz. : Lake City to Wall Lake, la 19.00 Mapleton to Onawa, la 20.63 Janeaville to Bvansville, Wis. 15.68 Ispheming to Republic, Mich 23.64 Clowry to Michigamme, Mich 10.44 Iron River to Watersmeet, Mich 42.26 Crystal Falls to Amasa, Mich 16.10 -Redfleia to Gettysburg, S. D 74.77 Doland to Groton, S. D 38.84 Columbus to Oaks, N. D 27.13 State Line to Caspar, Wyo 130.43 Branches 28. 4 B CHICAGO & NORTHWESTERN RAILWAY CO. Gen. 3%s, 4b and 5s. Due Nov. 1, 1987. Dated Nov. 1, 1897. Interest payable on coupon bonds. May and Nov. 1, at company's office, 111 Broadway, New York. Interest on registered bonds, quarterly, February 1. Tax Status — The company assumes the pay- ment of the Federal Income Tax of 2 % as follows: All the 314s; 4s — Nos. 31,317 to 53,- 816, inclusive. On 4s — Nos. 53,817 to 61,870, inclusive, and entire issue of 5s no payment is assumed by the company. Authorized $166,000,000 Outstanding 31,316,000 314» 30,654,000 4s 28,472,000 5s $90,342,000 53 Fledgred under 15-Yr. 6%s 18,000,000 53 Pledged under 10- Yr. 7s. . 2,600,000 5s Reserved for Prior Liens $45,182,000 , Reserved for Ext 8,976,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully reglsterable. Registered, $1,000, $5,000 and $10,000. Trustee — United States Trust Co., New York, John A. Stewart. Secured by a direct lien on 6,043.91 miles of road, viz. : A first Hen on 2,925.77 miles— Miles. Chicago, III., to Council Bluffs, la 491.00 Chicago to Freeport, 111 121.00 Chicago via Janesville to Green Bay, Wis 242.20 Chicago, 111., via Milwaukee to Fond du Lac, Wis 147.63 Chicago South Branch to Chicago River 4.50 North 40th Ave. to Mayfair, 111 6.20 Appleton to Water Power, Wis 3.63 Elgin, 111., to Lake Geneva, Wis 46.24 Galena, 111., to Woodman, Wis 76.84 Green Bay, Wis., to Ishpeming, Mich., and Branches to mines 229.71 Ipswich to Platteville, Wis 4.00 Kenosha, Wis., to Rockford, 111 72.10 Lancaster Jet. to Lancaster, Wis 12.04 Laona, Wis., to Saunders. Mich 29.51 Milwaukee to Montfort. Wis 140.88 Narena to Metropolitan, Mich 34.86 Powers, Mich., to State Line Sl.OS St. Charles to Aurora, II. . . 11.80 Wabik to Champion, Mich 1.23 Spring Valley to Belvldere. Ill 76. 9B Belvidere, 111., to Winona, Minn 22S.83 Winona, Minn., to Watertown, S. D... 322.98 Wall Lake to Mapleton, la 44.00 Wall Lake to Klngsley, la 70.87 ^Watertown to Redfleld, S. D 71.1(1 267 Boone to Coal Banks, la 3.26 Burdette to Mankato, Minn 3.75 Plainview Jet. to Plainview, Minn 15.01 Tower, W. J., to La Crosse 3.96 Rochester to Zumbrota, Minn 24.48 Clinton to Qu.arry beyond Anamosa, la. 73.57 Des Moines to Story City, la 67.34 Belle Plain to Muchakinock, la 64.00 Extension through Section 34 1.34 Iroquis to Hawarden, S. D 125.49 Maple River to Carnarvon, la 13.00 Sleepy Eye to Redwood Falls, Minn. . . . 24.40 A second lien on 1,997.37 miles — Covered by the first lien of the following : C. & N. W. Coll. 63 and Ea of 1929. 1,045.03 C. & N. W. Coll. Ext. 4s of 1926... 316.83 Milwaukee, Lake Shore & Western Ext. and Imp. 6s 534.38 Milwaukee, Lake Shore & Western- Marshfleld Ext. 1st 5s 40.00 Wisconsin Northern 1st 4s 61.03 A thli-d Uen on iao.90 miles — Covered by the first lien of the followini:: Milwaukee, Lake Shore & Western- Michigan Div. 1st 6s 81.28 Milwaukee, Lake Shore & ■ Weatern- Ashland, Div. 1st 6s 39.62 Prior Mens — Subject to $35,341,000 prior liens : C. & N. W. Bxtn. 43 of 1926 $17,662,000 C. & N. W. S. F. 6a and 53 of 1929 , 10,661,000 M.,, L. S. & W. Marshfleld Ext. 6s, 1922 400,000 M., L. S. & W. Michigan Div. 6a of 1924 1,281,000 M., L. S. & W. Ashland Div. 6s, 1926 1,000,000 M., L. S. & W. Ext. & Imp. 6s of 1929 3,997,000 Wisconsin Northern 4s of 1931 440,000 Bonds are reserved under this mortgage to retire the above issues. Underlies — Debentures and (new) 1st & Ref. Mtge. under -which bonds are reservetl to retire this issue. liCgal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Vt., Wis., Ore.; and Baltimore Trust Funds Listed on the New York Stock Exchange. Original Market — $15,000,000 offered in 1918 and $7,600,000 in 1911 by Kuhn, Loeb & Co., New York; $8,064,000 4a offered in May, 1914, by Kuhn, Loeb & Co., at 94% and interest and $10,000,000 6s in December, 1914, by the same firm at 102% and interest. $5,000,000 5s offered Feb., 1916, by Kuhn, Loeb & Co. at 116 and interest, and $3,000,000 5s in May, 1916, by the same firm. $10,600,000 5s of- fered December, 1918, by Kuhn, Loeb & Co., New York, at 100 and Interest. Market. New York — J. S. Bache & Co., Bigelow & Co., Simon Borg & Co., Arthur E, Frank & Co., Granger & Co., Hodenpyl, Hardy & Co., Kountze Bros., Prince & Whitely, R. W. Pressprich & Co., Redmond & Co., Remick, Hodges & Co., Struthers & Hiscoe, Seasongood, Haas & Macdonald, Vanderhoef & Robinson, Vilas & Hickey. Boston — R. L. Day & Co., LiOuisville, Ky. — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Coupon 3% 3. High 100% Jan. 9, '06 70% Oct. 25 Low. 59% May 17, '20 69% May 17 2S8 Registered. High 96 Nov. 5, '06 Low. 69 Mar. 20, '19 . Coupon 4s. High 99%Apr. 26, '11 Low. 67 May 14, '20 Stamped 4s. High 96 Dec. 16, '15 Low. 70 June 22, '20 Stamped 53. High 118 Jan. 19, '16 Low. 84% May 26, '20 Bid. Ask. 62 Feb. 65 Jan. 61 Jan. 63 Feb. 80 Jan. 8 67 May 14 79% Nov. 6 70 June 22 98 Jan. 5 84% May 26 CHICAGO & NORTHWESTEKN RAILWAY CO. 10-Year 7% Secured Bonds. Due June 1, 1930. Dated June 1, 1920. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $15,000,000 Outstanding 16,000,000 Purpose of Issue — To reimburse the com- pany for moneys expended in permanent im- provements and additions, which have not been capitalized. Denomination — Coupon, $1,000 and $500; registerable as to principal. Registered $1,00 and $500 C. & R. interchangeable. Trustee — Central Union Trust Company, New York. Secured by pledge of the following securi- ties: $15,000,000 face value, Chicago & North Western Railway Co. New First & Ref. Mtge. 6s, due May 1, 2037; $2,600,000 face value, Chicago & North Western Railway Co. Gen. Mtge. 6s, due Nov. 1. 1987. Listed on the New York Stock Exchange. Original Market — $15,000,000 offered June, 1920, by Kuhn, Loeb & Co., and National City Company, New York, at 100 and interest. Market New York — Bigelow & Co., Salomon Bros. & Hutzler, Guaranty Trust Co. Fhlladelpliia — Chas. Fearon & Co. Pittsbui-gh — The Union Trust Co. of Pitts- burgh. Clucago — Curtis & Sanger, Illinois Trust & Savings Bank. Louisi-ille, Ky. — Fidelity & Columbia- Trust Co. Detroit — Joel Stoekard & Co. . Kansas City, Mo. — Stern Bros. Blilwaukee — First W^lsconsln Co. Pi-ice Bange 1920 — N. Y. S. E. High 104 Oct. 4 Low 991^ Aug. 24 CHICAGO & NOETHWBSTEKN RAILWAY CO. 15- Year Secured 6%s. Due March 1, Dated March 1, 1921. Interest payable March 1 and Sept. 1 at Trustee's oflice. Tax Status — Payment of Federal Income Tax not assumed by the Company. Authorized $15,000,000 Ontstandingr 16,000,000 Pm-pose of Issue — ^To provide funds to- ward the payment of $10,000,000 Chicago & North Western Railway Deb. 5s, due April 15, 1921, and $5,000,000 Milwaukee, Lake Shore & Western Ry. Cons. 6s, due May 1 1921. Denomination — Coupon, $1,000 and $600; registered as to principal. Registered $1,000 and $500 C. & R. interchangeable. Trustee — United States Trust Co., New York. Secured by pledge of $18,000,000 face value Chicago & North Western Ry Co Gen. 5s, due Nov. 1, 1987. Listed on the New York Stock Exchange. Original Market — $15,000,000 offered Feb 1921,. by Kuhn, Loeb & Co., and National City Co., at 99% and interest. Market ..New York — Barstow & Co., Eigelow & Co., Struthers & Hiscoe, Asiel & Co., Shar- retts & Ford, L. M. Prince & Co., Tucker, Anthony Sc Co. Pliiladelpliia — Daniel & Co., Samuel Mc- Creery & Co. Chicagro — Fidelity Trust & Savings Bank. CHICAGO Si PACIFIC WESTERN Ist Bs, Due 1921. See under Chicago, Milwaukee & St. Paul. Ey. Co. CHICAGO & NORTHWESTERN RAIXWAT Equip. 4%s, Series "A." Due $300,000 each Jul; 1 to 1BS3. Dated July 1, 1912. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,700,000 Outstanding (May 1, '21) 000,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000, $6,000, $10,000 or $B0,000. Trustee — Farmers' Loan & Trust Co., New York. Secured by an equipment trust agreement on 75 locomotives, 3 observation buffet cars, 6 steel dining cars, 6 parlor cars, 30 steel coaches, 10 steel smokers, 483 refrigerator cars, 500 flat cars, 146 automobile cars and 111 box cars. Legal for savings banks in Ohio. Market. New Yoric — Bigelow & Co., Evans, Still- man & Co., Freeman & Co. Fliiladelpliia — Graham, Parsons & Co. CHICAGO & NORTHWESTERN RAILWAY Equip. 41/28, Series "B." Due 8300,000 each Oct. 1 to WHg. Dated Oct. 1, 1912. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,700,000 Outstanding (May 1, '21) 600,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal only or fully registered. Registered. $1,000, $6,000, $10,000 and $60,- 000. Trustee — Farmers' Loan & Trust Co., New York. Secured by an equipment trust agreement on 464 automobile cars, 617 refrigerator cars and 2,699 box cars. Legal for savings banks in Ohio. Market. See Series "A" due 1922. CHICAGO & NORTHWESTERN RAILWAY Equip. 4%s, Series "C." Due $400,000 each July 1, to 1933. Dated July 1, 1913. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $4,000,000 Outstanding (May 1, '21) 1,400,000 Balance Retired. , Denomination — Coupon, $1,000. Register- able as to principal or fully registered. Reg- istered $1,000, $5,000, $10,000 and $60,000. Trustee — Farmers' Loan & Trust Co., New York, Secured by an equipment trust agreement on 4 locomotives, 2,000 gondola cars and 2,006 box cars. Legal for savings banks In Ohio. Market. See Series "A" due 1922. CHICAGO & ROCK ISLAND ELEVATOR CO. 1st 6s. Due $50,000 annually on. Oct. 1 to 1934. Dated Oct. 1, 1904. Interest payable AprlY and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000, OOO' Outstanding (May 1, '21) 200,000> Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — First Trust & Savings Bank, Chi- cago, 111. Redeemable on any Interest date at par and; Interest on 30 days' notice. Assumed by the Chicago, Rock Island & Pacific Ry. Co. Control — The company has been consoli- dated -with the Chicago, Rock Island & Pacifie Ry. Co. Secured by a first mortgage on real estate,, grain elevators and docks in Chicago, 111. New York — Fred. H. Hatch & Co. Fhiladelpliia — Henry D. Boennlng & Co., Price Range, Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask_ High 96 '17 100% '16 85 Low. 92% '16 .. 86 259 CHICAGO & WEST TOWNS RAILWAY CO^ 1st 8s. Due Sept. 1, 1922. Dated March 1, 1918. Extended Sept. 1, 1920. Interest payable March 1 and Sept. 1 in Chicago. Tax Status — 2% Federal Income Tax paid, by company without deduction. Anthorlzed $1.000,00(r Outstanding 950,000i Cancelled SO.OOai Denomination — $1,000 and $600. Register- able as to principal. Trustee — Harris Trust & Savings Bank, Chicago. Redeemable upon 40 days' notice at 102%-. and interest. Organization — Incorporated in Illinois im Sept., 1913. Capitalization. Outstandinar^ Common $1,000,000- Preferred (6% cum.) 1,000,000 Funded debt 950,000 Secured by a first mortgage on all the property of the company as follows: 72.13 miles of electric railway measured as single track, of which about 5 miles are leased and operated by the Chicago Railways Co.: two- power houses and rolling stock. The company purchases power from the Chicago Sanitary District under a five-year contract. The com- pany's lines serve a suburban section west and southwest of the City of Chicago and afford connection with both surface and ele- vated lines In Chicago. Franchises extend beyond the maturity of these bonds, with the exception of 5.78 miles which have been oper- ated for several years without a franchise. 10.5 miles are located on private right of way. Years ended Dec. 31. Gross. Net. Interest. 1920 $1,000,096 $183,267 $62,333' 1919 792,220 166,415 66,301 1918 694,773 118,820 60,488- 1917 687,292 173,119 39,223: 1916 666,675 189,021 37,935. Orisinal Market — $750,000 ottered March, 1S18, by Harris Forbes & Co., New York & Boston, and Harris Trust & Savings Bank, Chicaso, at 98% and interest. Holders assenting to the extension re- ceived a cash bonus of 2 % % . Market, Chicago — Babcock, Rushton & Co. Milwaukee— F. A. Bartlett Co. CHICAGO & WESTERN INDIANA RAIL,- ROAD CO. Gen. 6s. Due Dec. 1, 1932. Dated Dec. 1, 1882. Interest payable March, June, Sept. and Dec. 1, at J, P, Mor- gan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortsaBO Outstanding (Mar. 2, '21) $2,225,667 Ketired by S. E 12,142,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — C. H. Russell and H. L. Satter- lee. Sinking Fund — Under the terms of leases, monthly payments of a portion of the pro- ceeds from rentals, sufficient in amount to re- tire the bonds of this issue, on or before ma- turtiy, to be applied to their purchase at not exceeding 105 and interest or for their re- demption by lot. Organization — Incorporated in Illinois, June «, 1879, and in 1882 absorbed the South Chi- cago and "West Indiana Railroad and the Chi- •cago and Western Indiana Belt Ry. In 1912 ;the company acQuired the Chicago Union Transfer Ry. Co. Capitalization. Outstanding. •Common . $5,000,000 .Funded debt 66,049,167 Control — ^AU the property of the company ■except the "Belt Line Division" is leased for 999 years to Chicago & Eastern Illinois R. R. •Co., the Chicago & Brie R. R. Co., the Chi- cago, Indianapolis & Louisville R. R. Co., the Grand Trunk "Western Ry. Co. and the "Wa- bash R. R. Co., each of which owns one-fifth of the company's $5,000,000 -capital stock. .'Rental 20% in excess of the interest on all .bonds outstanding. The "Belt Line Division" is leased to the Belt Ry. Co. of Chicago for 60 years from Nov. 1, 1912. The Belt By. -Co. pays for maintenance and all operating expenses and in addition an annual rental payable monthly equal to i% on $18,400,000 agreed upon as the valuation of the division -and cost of property formerly owned by Chi- cago Union Transfer Ry. and the interest on bonds of the Chicago & "West Indiana, whose proceeds have been expended on this division. Approximate total rental now paid, $1,512,- 761 per annum. Rental from all leases for 1920, $3,903,491. The entire capital stock of the Belt Ry. Co. is owned equally by the five companies mentioned above and the Atchison, Topeka & Santa Fe Ry. Co., Chi- <:ago, Burlington & Quincy R. R. Co., Chi- cago, Rock Island & Pacific Ry. Co., Chesa- peake & Ohio B. R. Co., Illinois Central R. R. Co., Minneapolis, St. Paul & Sault Ste. Marie By. Co. and the Pennsylvania Co. Secured by a first mortgage on 67.83 miles of main track and 492.83 miles of second and miscellaneous track, part of which consti- tutes a belt line around the city; and also on 1,200 acres of real estate, including the Dear- born station and other passenger and freight yards, warehouses, elevators, wharves, etc., practically all of which are within the city limits of Chicago or the territory immediately Underlies — $47,645,000 Cons. 4s; bonds of which mortgage are reserved to i^i'tlre this issue and $7,000,000 15-year 7%4s, $8,000,000 15-year 6% Notes and $1,000,000 16-year 6% Notes issued under the Ist & Ref'e Mort- gage. Year ended Dec. 31: „ ^ ^, Net. Deductions. 1920 $4,260,090 $3,743,679 IiiBted on the New York Stock Exchange. Market. New Yorlt — R. W. Pressprich & Co., Red- mond & Co., Taylor, Smith & Hard, "Vilas & Hickey, Wofff & Stanley, B. A. Baker & Son. Curtis & Sanger, F. J. Lisman & Co. Baltimore — Jenkins, "Whedbee & Poe. Pluladelphia — Chas. Fearon & Co. Price Range— N. Y. S. B. Jan. 1, •O'i' ,to Jan. 1. '21 1920 High 116 Oct. 16, '07 103 Mar. 26 Low. 98 June 9, '20 98 June 9 CHICAGO & WESTERN INDIANA BAIL- ROAD CO. Cons. 4s. Due July 1, 1952. Dated July 1, 1902. Interest payable Jan. and July 1, at Chase National Bank, Ne-w York and at Illinois Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $50,000,000 Outstanding (Jan. 1, '21) 47,545,000 Resei*ved for prior liens 2,455,000 Denomination — Coupon, $1,000. Register- able as to principal, or fully registerable. Registered, $10,000. Coupon Bonds of the same amount are interchangeable. Trustee — Illinois Trust & Savings Bank, Chicago. Organization — ^See Gen. 6s of 1932. Control — See Gen. 6s of 1932. Secured by mortgage upon entire property of the company. For details see Gen. 6s. Prior Liens — $2,225,667 Gen. 6s of 1932 for the retirement of which bonds of this issue are reserved, and also 1st & Ref. Mtge. as to Chicago Union Transfer Yards and im- provements thereon. ITnderlies — First & Ref. Mtge. under which $9,000,000 6% notes and $7,000,000 15-year 7%3 have been issued. Earnings — See Gen. 6s of 1932. iisted on the New York and London Stock Exchanges. Original Market — Offered in 1908 by Potter, Choate & Prentice, "White, "Weld & Co. and "William Salomon & Co., New York; offered in 1911 by same firms on a 4.36% basis; oftend in 1914 by the Guaranty Trust Co., "White, "Weld & Co., Potter, Choate & Prentice of New York, and Montgomery, Clothier & Tyler of Philadelphia on about a 4.98% basis. Market. New York — Hirsch, Ulienthal & Co., John Nickerson, Jr., .R. W. Pressprich & Co., Struthers & Hiscoe, "Vanderhoef & Robin- son, Vilas & Hickey, "Wolff & Stanley, Grange & Co., Rutter &Co., F. J. Lisman & Co. Philadelpliia — Cadbury, Ellis & Haines, Chas Fearow & Co., Harper & Turner. Cllicogo — Blair & Co., Second "Ward Se- curities Co. Price Range — N. Y. S. E. Jan. 1, '08, to Jan. 1, '21 1920 High 100 Deo. 31, '08 64 Oct. 7 • Low. 62% Aug. 3 52% Aug. 3 CHICAGO & WESTERN INDIANA R. R. CO. 15-Year Coll. Xr. S. E. IVzs. Due Sept. 1935. Dated Sept. 1, 1920. Interest payable March 1 and Sept. 1 at Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $7,000,000 Outstanding: 6,957,000 Unissued 43,000 Purpose of Issue — To provide in part for the payment of $15,000,000 Coll. Tr. 7s ex- tended to Sept. 1, 1920. Denominations — Coupon, $500, $1,000 and multiples of $1,000; intercliangeable and registerable as to principal. - Trustee — Bankers Trust Co., New York. Redeemable on any interest date upon 30 days' notice at 102^4 and interest. Sinking Fund — Monthly, beginning Oct. 1, 1920, the sum of $25,000 plus any and all moneys derived from the sale of first and refunding bonds pledged to the sinking fund of that mortgage. This fund is to be ap- plied to the purchase or redemption of these bonds at not over 102% and interest. Bonds so acquired shall be kept alive and interest added to this fund. Organization and Control — See Gen. 6s. Seonred by pledge of $9,800,000 (total is- sue $22,250,000) 1st & Ref. 5s, Series A, due Sept. 1, 1962. The 1st & Ref. 5s are a first lien on the "clearing yards," comprising 1,810 , acres, having 150 miles of yard track and other facilities, costing about $10,000,000, and a junior lien on the remaining property of the company, including 137.7 miles of main tracks and 237 miles of yard and siding track in and around Chicago, valued at $118,000,000. Further secured by pledge of a supple- mental contract of leasing dated Sept. 1, 1920, between the company and its five proprietary tenants, whereby said tenants have agreed that each will pay monthly di- rectly to the trustee as additional rental to that received in prior leases a sum of money equal to one-fifth of the monthly sinking fund payment of $25,000. Additional 1st & Ref. 5s outstanding are held as collateral for $8,000,000 15-Tear 6% collateral for $1,000,000 15-year 6% notes, due September, 1935, issued to the Belt Railway Company of Chicago. Prior Ta^ns — Outstanding. Gen. 6s 1932 $2,225,667 Cons. 4s 1952 47,545,000 $49,770,667 Earnings — See Gen. 6s. Listed on the New York Stock Exchange. Market New York — Bigelow & Co., Newton G. Chase, Pynchon & Co., F. J. Lisman & Co., Granger & Co., E. A. Baker & Son, Van- derhoef & Robinson. Philadelphia — Cadbury, Ellis & Haines, Samuel McCreery & Co. Oi*iginal Market — Underwritten by J. P. Morgan & Co. and offered at 100 and in- terest. CHICAGO, BURMNGTON & QUINCY R. R. Incorporated in Illinois in 1849 as the Au- rora Branch R, R. Co. , name changed to present title in 1855. The .Company owns 9,018.60 miles of road, of which 996.15 miles are double-tracked. Its lines extend from Chi- cago to St. Paul and Minneapolis, to Omaha, Denver, and Billings, Montana, to St. Louis and Kansas City, entering all of the principal cities in northwestern Illinois, southern Iowa and southern Nebraska. The Company also controls, through ownership of a majority of its capital stock, the Colora,do & Southern Ry. Co., owning and operating roads from Orin Jet. and Cheyenne, Wyo., through Denver, Colo., and Fort "Worth, Texas, to Houston. Tex., d. total of 1,870 miles. Also leases 3 5 '. miles. Total mileage operated, 9,373. Captalization. Outstanding. •Common $170,839,100 Funded debt 173,634,300 *A substantial majority is owned by the Great Northern Ry. Co. and Northern Pacific Ry. Co., and deposited under their joint Collateral trust bonds. " The company haa paid dividends in all but three of the fifty- seven years since 1861. Years ended Dec. 31. Gross. Net. Int. & Rent. *1919.. $33,360,683 $31,881,131 $8,840,915 tl919. . 154,011,438 27,632,059 11,070,830 •1918. . 33,360,683 33,977,307 11,184,807 tl918. . 144,172,769 25.819,940 9,030,166- 1917.. 122,342,707 38,414,360 8,783,61ff- 1916. . 109,191,205 42,090,304 8,873.786' 1915. . 93,589,722 30,480,802 8, 809, 90 9i •Corporate account. tFederal and Corporate account.^ combined* C. B. & Q. (Joint) Coll. Tr. 6^s. See under Northern Pacific. 261 CHICAGO. BURXINGTON & QUINCY RAIL- BOAD CO. Nebraska Sxten. S. F. 4b. Bue May 1, 1927. Bated May 2, 1887. Interest payable May and Nov. 1, at company's office. New York., and at Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding (Apr. 1, '21) $18,294,000 In Treasui*y 1,730,000 Retired by S. F 8,895,000 Cancelled by Treasm-y 31,000 Exchanged for Gen. Mtge. 4s, 1958 491,000 Benomination — Coupon, $1,000. Register- able as to principal, or fully registerable in amounts of $5,000. Registered, $5,000. Trustee — New England Trust Co., Bostbn, Mass. Sinking Fund — 1 % of par value of all bonds issTied, payable annually on May 1, to be applied to purchase of these bonds at not to exceed 110 and interest; but if not so pur- chasable, funds to revert to Company. Bonds purchased to be canceled. Secured by a direct or collateral lien on 1,471.41 miles of road, viz.: A Fii-st Lien on 296.91 miles — Hastings to Aurora. Neb 27.75- Grand Island to Reliance, Neb 269.16. A First Collateral Bien on 1,174.50 miles, viz.: Be Witt, Neb., to Cheyenne, "Wyo. ... 471.91' Fairmdnt via Strang to Chester, Neb.. 45.19- Edgar to Superior, Neb 26.53: Kenesaw via Holdrege to Oxford, Neb. 60.67" Omaha via Ashland to Schuyler. Neb. 80.59- Central City to Ericson, Neb 62.94' Palmer to Arcadia, Neb 53.61^ Greeley Center to Burwell, Neb 40. 38* Orleans, Neb., to St. Francis, Kan 133.79" Odell, Neb., to Concordia, Kan 71.49' Republican City, Neb., to Oberlin, Kan. TS.23; Culbertson to Imperial, Neb 49.17" Underlies — Gen. Mtge. Bonds are reserv-ed "under that mortgage to retire this issue. Jjeestl for savings banks in Cal., Conn... Me., Mass., Mich., Minn., Mo., N. J., N. H., N. T., R. I., Vt.. Wis., and Ore., and also. Baltimore Trust Funds. Bisted on the New York and Boston Stoclc Exchanges. Market. NcAV York — J. S. Bache & Co., Simott Borgr & Co., Ambrose R. Clark & Co., Con- stable & Fleming-, Arthur E. Frank & Co., Sam'l Goldsclimidt, Granger & Co., Prince & Whitely, R. W. Pressprich & Co.. Red- mond & Co., Remick, Hodges & Co., Struth- ers & Hi scoe, Seasongood, Haas & Mac- donald, Vanderhoef & Robinson, Vilas & Hickey, Edwin Wolff, Rutter & Co., Curtis & Sanger. Boston — L. Sherman Adams. Price Banee — ^N. Tf. S. B. Jan. 1, '06, to Jan. 1, '21 1920 Coupon. High 107 Feb. 15, '06 92 Jan. 7 Low. 83% May 24, '20 83% May 24 Registered. High 104% May S, '06 Not Low. 90% Oct. 16, '19 available 3%s. High 9514 Jan. 3, '06 Low. 64 May 18, '20 4s. High 106% Jan. 3, '06 Low. 73 June 17, '20 76 Jan. 2 64 May 18 84 Jan. 5 73 June 17 CHICAGO, BURLINGTON & QUINCY EAIL- BOAD CO. 111. Div. SVza and 4s. Due Jnly 1, 1949. Dated July 1, 1899. Interest payable Jan. and July 1, at company's office. New York, ^and at Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $85,000,000 Outstanding — 3y2S $50,451,000 4s 33,976,000 84,427,000 In Treasury — 3%s $384,000 4s 189,000 573,000 Denomination — Coupon, $1,000. Register- -able as to principal only, or fully registerable in amounts $5,000 and multiples thereof. Registered, $5,000 and multiples thereof. Trustee — New England Trust . Co., Boston, Mass. Redeemable at 105 and interest on any in- terest date after July 1, 1929. Secured by a first mortgage on 1,646,40 miloa of road, viz.; Miles Chicago, III., to Burlington, la 204.04 •Galesburg to Quincy, 111 99.91 .South Aurora, 111., to St. Paul. Minn.. 379. 50 Hock Island to Bast Alton, 111 226.74 South Aurora to West Chicago, 111 12.36 Aurora to Geneva, 111.... 7.54 Montgomery to Streator, 111 57.55 Streator to Walnut Jet., Ill 59.49 Sheridan Jet. to Paw Paw, 111 19.54 Mendota to Savanna, 111 80.86 Buda to Blmwood, 111 44.82 Tates City to Rushville, 111 62,29 ■Galva to New Boston, 111 60.63 ■Galesburg to I'eoria, 111 52.77 <3alesburg to Bio, III 12.22 Gladstone to Arpee, 111 23.38 Carthage Jet. to Quincy, 111 71.21 Quincy to East Louisiana and East Hannibal, III 46.33 Shabbona to Barstow, 111 88.42 Flag Center to Rockford, 111 23.50 Oregon to Forreston, 111 17.96 Galena Jet. to Galena, 111 3.82 East Clinton, 111., to Clinton, la 0-.39 East Dubuque, 111., to Dubuque, la... 0.53 Underlies — C.-, B. & Q. Gen. 4s of 1968. Bonds are reserved under that mortgage to retire this issue. Legal for savings banks in Cal., Conn., Me., Mass., Mich,, Minn., Mo., N. H., N, J., N. T., R. I., Vt, and Wis.; and Baltimore Trust Funds. Listed on the New York, Boston and Lon- don Stock Exchanges. Market New York — Bigelow & Co., Simon Borg & Co., Percy H. Bradshaw, Constable & Flem- ing, Arthur E. Frank & Co., Sam'l Gold- schmidt. Granger & Co., Hodenpyl, Hardy ■& Co., Prince & Whitely, R. W. Pressprich & Co., Redmond & Co.. Remick, Hodges & Co., Struthers & Hisroe, Seaaongood. Haas & Macdonalcl, Vilas & Hickey. Philadelphia — Graham, Parsons & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 CHICAGO, BURLINGTON & QUINCY RAIL- BOAD CO. Gen. 4s. Due March 1, 1958. Dated March 2, 1908. Interest payable Mar. and Sept. 1, at company's office. New York, and at Boston. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $300,000,000 Outstanding ^^■^"•'^1l°„ In Treasury 9,873,000 Reserved for Prior Liens 102,721,000 Kesen-ed for Bxt 122,159,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully register- able, in amounts of $5,000, $10,000 and $50,000. Registered, $5,000, $10,000 and $60,000. C. &. R. interchangeable. Trustees — Central Union Trust Co., New York, and Oliver M. Spencer. Secured by a direct or collateral lien on 8,488.55 miles of road, together with lease- holds, trackage rights, securities and all other property of the company, viz.: A first direct lien on 4,821.16 miles — Miles Galesburg to West Havana, 111 57.29 Concord to Herrin, 111 174,77 Viele, Iowa, to Carrollton, Mo 181.55 Buj-lington, la., to St. Louis, Mo 211.61 Mt. Pleasant to Keokuk, Iowa 48.01 Ft. Madison to Batavia, Iowa 55.95 Burlington to Tracy, Iowa 103.98 Winfleld to Washington 18.64 Alexandria, Mo., to "Van Wert, Iowa.. 142. 71 Des Moines. Iowa, to -Cainsville, Mo. ..105.62 Seden, Iowa, to Elmira, Mo 52.04 Bigelow to Burlington Jet,, Mo 31.54 Grant City to Albany, Mo 18.93 Old Monroe, to Mexico, Mo 63.29 Corning, Mo., to connection with branch from Clarinda, Iowa 27.61 Harlem, Mo., to Council Bluffs, Iowa. 189.60 Amazonia, Mo., to Iowa State Line. . 52.30 Armour, Mo., to Atchinson, Kan 3.51 East Leavenworth, Mo., to Leaven- worth, Kan. .: 2.11 Neb. City Jet., Iowa, to Neb. City 3.65 Atchison, Kan., to Rule Jet., Neb 45.39 Napier, Mo., to Lincoln, Neb 109.75 South Omaha to Pappio. Neb 4.47 Ashland, Neb., to Sioux City, Iowa. . .103.07 O'Neill to Sioux City & Western Jet., Neb 127.66 Stromberg to Alma, Neb 149.55 McCool Jet. to Bndicott, Neb 43.63 Arcadia to Sargeant, Neb 19,27 Alliance, Neb., to Huntley, Mont 463.33 Alliance, Neb., to Brush, Colo 126.96 Northport, Neb., to Ironton, "Wyo.. . .104.25 Denver, Neb,, to Lyons and Tower Colo 35,67 Edgemont to Deadwood. S. D 106.40 Minnekata to Hot Springs, S. D 13.34 Englewood to Spearflsh, S. D 31.52 Hill City to Keystone, S. D 9.50 New Castle to Cambria. Wyo 7.00 Lincoln to Columbus, Neb 73.41 Hannibal to St. Joseph, Mo 205.52 Palmyra Jet. to Moody, Mo 8.73 Cameron Jet. to Kansas City, Mo 52.52 Pacific Jet., la., to Kearney, Neb 193.39 Omaha to Oreapolis, Neb 16.88 Crete to Beatrice, Neb 31.04 Nerhaha to York, Neb 136.53 Hastings to W. Line of Franklin Co., Neb 76.34 West Line of Red Willow Co. to West Line Franklin Co., Neb 90.47 Burlington to Pacific Jot., Iowa 270.40 Bed Oak to Hamburg, Iowa 39.17 Chariton to Leon, Iowa 36.54 Creston, Iowa, to Hopkins, Mo 44.61 Main track in Council Bluffs, Iowa.. 1.57 Leon, Iowa, via Bethany Jet., Mo., to Grant City and from Bethany Jet. to Albany, Mo 103.28 Hastings to Sidney, Iowa 21.12 Villisca Jet., Iowa, to Burlington Jet,, Mo 35.02 Clarinda to Northboro, Iowa 17.85 Red Oak to Griswold, Iowa 18.04 Creston to Fontanelle, Iowa 26.83 Hastings to Carson, Iowa 15.79 Chariton to Indianola, Iowa 30.49 " Knoxville to Des Moines, Iowa 32.92 Albany to St. Joseph, Mo 48.75 Fontanelle to Cumberland, Iowa 20.33 Albia to Knoxville, Iowa 32.97 Van Wert to Shenandoa, Iowa 95.34 West Line of Red Willow County to West line of Neb 72.60 Nemaha to Beatrice, Neb 65.19 Nemaha to Salem, Neb 17.73 Table Rock to Wymore, Neb 39.09 West line of Nebraska to Denver, Colo. 174. 87 A fii'st collateral lien on 549.58 miles through pledge of entire issues of bonds on the following- mileage: West line of Red Willow County to West line of Neb 72.60 Nemaha to Beatrice, Neb 65.19 Nemaha to Salem, Neb 17.73 Table Rock to Wymore, Neb 39.09 West line of Nebraska to Denver, Colo 174.87 Aurora to York, Neb 21.64 Aurora to Central City. Neb 19.71 Aurora to Grand Island, Neb 18.22 Beatrice to Red Cloud, Neb 120.53 A second direct lien on 1,943,31 miles — Covered by the following : C, B. & Q.— 111. Div. 3^3 & 4a, 1949 1,646.40 C, B. & Q.— Neb. Extn. 4s, 1927... 296.91 A second collateral lien on 1,174.50 miles — Covered by the first collaterial lien of the Nebraska Extension 4s 1,174.50 Also secured on terminals in Chicago, Au- rora, Galesburg, Peoria and East St. Louis, 111.: St, Paul and Winona, Minn.; St. Louis, Hannibal and Kansas City, Mo. ; Clinton- Dubuque, Burlington. Ottumwa, Des Moines and Council Bluffs. la.; Omaha and Lincoln, Neb., and Denver, Colo. Further secured by pledge of the control- ling interest in the capital stock of the Colo- rado & Southern Ry. Co. Prior Liens — $102,731,000 bonds, viz.: Nebraska Ext. 4s of 1927 $18,294,000 Illinois Div. 3%s & 4s of 1949.. 84,427,000 Legal for savings bank in Cal., Conn., Me., Mass. . Mich. , Minn. , N. H, , N. J. , N. Y., R. I.. Vt., Wis., and Ore.; and also Balti- more Trust Funds. Listed on the New York Stock Exchange, Original Market — $8,000,000 ofCered in Feb- ruary, 1911, by the First National Bank, New York, at 97 and interest. $5,000,000 offered by Kean, Taylor & Co., in March, 1914, at 93% and interest. Market. New York — Barstow & Co., Bigelow & Co., Simon Borg & Co., Colgate, Parker & Co.. Arthur B. Frank & Co., Granger & Co., Hodenpyl, Hardy & Co., Prince & "^''hitely, Redmond & Co., Rutter & Co., Strutliers & Hiscoe, Seasongood, Haas & Macdonald, L. M. Prince & Co St. Louis — Francis Bro & Co. 263 Price Range— N. Y. S. B. Jan. 1, *08, to Jan. 1, '21 1930 High 103% Dec. 28, '08 82^ Oct. 2 Low. 67 May 21. '20 67 May 21 CHICAGO BY-PRODUCT COKE CO, 1st 78. Due $867,000 each Feb. 1, from 1924 to 1937, incl., and $862,000, 1938. Dated Feb. 2, 1920. Interest payable Feb. 1 and August 1 at Union Trust Company, Pittsburgh, or Guaranty Trust Co., -New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax of four mills refunded. Also payable without deduction of any Illi- nois State Tax, payable at source. Authorized $13,000,000 Outstanding 13,000,000 Purpose of Issue — To provide funds for plant construction. Denomination — Coupon, $1,000; register- able as to principal. Trustee — Union Trust Company, Pitts- burgh. Denomination — Coupon, $1,000; register- able as to principal only. Redeemable on four weeks' notice on any interest date on and after Feb. 1 , 1926 at 102 and interest. If redeemed in part bonds last maturing shall be retired first by lot. Guaranteed principal and interest by the Koppers Company and the Peoples' Gas Light & Coke Company of Chicago, by en- dorsement. Organization and Control^The Koppers Company of Pittsburgh has organized the Chicago By-Product Company, under the laws of Delaware, and has contracted to construct and complete for that company at Chicago, 111., a combined water-gas plant and by-product coke plant. All capital stock of the latter company is controlled by the Koppers Company. Capitalization. Outstanding. Common (no par) 45,000 shs. Funded debt $13,600,000 Secured by a first mortgage on the en- tire real estate and on the combined plants of the company. The company's plants will be constructed on a site comprising 160 acres in Chicago, and will have a combined mini- mum initial capacity of 30,000,000 cubic feet of gas daily in addition to eoke and other by-products. As additional Security the Koppers Com- pany has pledged with the Trustee as part security for these bonds certain collateral having a value based on present quoted prices in excess of $13,000,000. This col- lateral at present consists of 8,000 shares of stock of the Aluminum Company of Amer- ica and 20,000 shares of stock of the Gulf Oil Corporation. The Koppers Company covenants with the Trustee that the market value of such col- lateral will be maintained at all times at least equal to the principal amount of bonds of this issue outstanding, and certain indi- vidual directors of The Koppers Company (who represent ownership of a majority in- terest in that company and who have fur- nished this collateral as and for additional security) irrevocably agree with The Koppers Company to supply further collateral for this purpose in the event that it is required. Other marketable securities ma-y be substi- tuted for the pledged securities from time to time, in whole or in part, with the con- sent of the Trustee, and withdrawals from the collateral may be made, provided the aggregate value shall be maintained as above. Chlcag'o By-Product Coke Company and The Peoples* Gas Ligrht and Coke Company, of Chicago, have entered into a contract under the provisions of which the latter company has both leased the water-gas plant for a period of twenty-five years and also has contracted to purchase the entire output of gras and coke from the by-product plant, for a like period. In this contract the an- nual rentals from the lease of the water-gas plant are favorable to the Chicago By-Prod- uct Coke Company and only basic prices for the gas and coke from the by-product plant are fixed, a provision having been made for a sliding scale of prices which will operate to insure against fluctuations in the coal and labor markets, which might otherwise affect the net revenue derived from the by-product plant. These combined plants have been so planned that they can be readily expanded to a daily capacity of more than 100.000,000 cubic feet. Original Market — $13,000,000 ofCered Feb- ruary, 1920, by the Union Trust Co. and Mellon National Bank, Pittsburgh; Guaranty Trust Company, New York, and Halsey, Stuart & Company, New Tork, Chicago, etc., at 99 and interest. Market New York — Babcock, Rushton & Co., Mor- ton Lachenbruch & Co., Vanderhoef & Rob- inson, Hornblower & AVeeks. Philadelphia — Paul & Co. Pittsburgrh — W. E. Ballard, Lyon, Sin&er & Co., Moore, Leonard & Lynch, Edward A. Owens & Co., The Union Trust Co. of Pitts- burgh. Chicagro — Halsey, Stuart & Co., Merrill, Lynch & Co. luouisville — Block, Fetter & Co. Milwaukee — First Wisconsin Co. CHICAGO CITY AND CONNECTING RAIL- WAYS Coll. Tr. S. r. 5s. Due Jan^ 1. 1927. Dated January 1, 1910. Interest payable April and Octi 1, at J. P. Morgan & Co., New Tork, and First Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $22,000,000 Outstandingr (Mar. 1, '21) 21,141.000 Retired by S. F 859,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000 and multiples. C. & R. interchangeable. Trustee — First Trust & Savings Bank. Chicago. Redeemable as a whole or for sinking fund on any interest date at lOB and interest. In the event the City of Chicago purchases the property of the Chicago City Ry. Co. these bonds are redeemable at par and interest. Sinking Fond — $105,000 annually, begin- ning March 1, 1915. Organization — Organized in 1910 under a trust agreement (Trustees : Chicago Title & Trust Co., Chicago) to take over the stock of the Chicago City Ry. Co. and the stock and bonds of the Calumet & South Chicago Ry. Co. , the Southern Street Ry. Co. . the stocks and bonds deposited with the Trustee: Hammond, Whiting & East Chicago Ry. Co. and the Chicago & Western Ry. Co. These companies own about 512.19 miles of street railway in the South Side of Chicago and adjacent territory. This agreement has been held valid by the Illinois Supreme Court. Und(»r an agreement effective Feb. 1, 1914. all of the street railways In Chicago are now operated as a single system, known as the Chicago Surface Lines. Of the Income remaining after operating charges the Chi- cago City Rys., Calumet & South Chicago Ry. and Southern St. Ry. will receive 41% until Feb. 1, 1916, and 40% thereafter, and the Chicago Rys. Co. will receive the remain- ing 59% and 60%, respectively. Capitalization Outstanding •Common (no par) 150.000 shs. ♦Preferred (no par) 250,000 shs. Funded debt $21,141,000 •Common Is entitled to $4 per share per annum after $4.50 per share per annum hag been paid on preferred. The remaining sur- plus, not exceeding in any year $1,000,000. shall be paid ratably five-eighths to the pre- ferred and three-eighths to the common but in no case will the preferred be entitled to more than $7 per annum. Secured by a first lien on the following Stocks Bonds Par Value Par Value a. Chic. City Ry. Co. $16,971,900 None b. Calumet & South Chi. Ry. Co •10,000.000 u. Southern Street Ry. Co *2. 400.000 d. Hammond, Whiting & East Chi. Ry. Co ♦1.000,000 •$1,000,000 Chicago & Western Ry. Co •72,000 None Total $30,443,900 $1,000,000 •Entire issue. The Hammond, Whiting & East Chicago Ry. and the Chicago & Western Ry. own a total of 34.17 miles of street railway track. Note — Under the provisions of this mort- gage the bonds pledged as collateral may be converted as an entirety Into the stock of the respective companies in equal amount. a. Total outstanding stock $18,000,000, par $100. This stock was purchased at about $200 per share, by a syndicate which subse- quently joined in the organization of the trust. The Chicago City Ry. has also $33,- 926,000 bonds outstanding. b. Total outstanding bonds, 5,393,000 1st 5s, 1927. c. Outstanding bonds have been canceled. d. Bonds authorized. $5,000,000 new Ist 5s of 1930. Years ended Dec. 31 Net. •Charges. 1920 $1,442,503 $1,247,870 1919 1,287,450 1,236,683 1918 1,285.776 1.257,612 1917 2.040.851 1,264.662 1916 2.100.670 1,264.147 •Includes taxes, expenses, interest, and sinking fund. Iiisted on the New Tork and Chicago Stock Exchanges. Original Market — Offered in 1910 by J. P. Morgan & Co., New Tork. and the First Trust & Savings Bank and Illinois Trust & Savings Bank. Chicago, at 95 and interest. Market. New York — Babcock, Rushton & Co. Chicag:o — John Burnham & Co.. Curtis & Sanger, Edwin L. Lobdell & Co., Merrill, Lynch & Co. Price Range — ^N. Y. S. E, Jan. 1, '10 to Jan. 1, *21 1920 Bid. Ask. ■ High 81% Nov. 28. '16 62 June 63 June Low. 58 Mar. 25, '18 35f Mar. 37fi Dec. 264 CHICAGO CITY RAILWAY CO. 1st 59. Due Feb. 1, 1937. Dated July 1, 1907. Interest payable Feb. and Auff. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorlzed Unlimited Outstandiingr $33,926,000 Fiedered as Collateral 2,821,000 Denomination — Coupon, $1,000. Reeister- able as to principal. Registered, $1,000 and multiples. C. & R. interchangeable. Trustee — First Trust & Savings Bank. Chi- cago. Redeemable as a whole in case the prop- erty is purchased by the City of Chicago or its licensee, and only In such case, at par and interest on any interest date before ma- turity on not less than 2 months' or more than 8 months' notice. Orgranization — Incorporated in Illinois in 1859. Capitalization Outstanding Common $18,859,683 Funded debt 33,926.000 Control — The Chicago City & Connecting Rys. Co. own $16,971,900 of the $18,000,000 entire outstanding capital stock and has de- posited same under its Coll. Tr. 5s of 1927. This company and the Chicago Rys. Co. are now being operated as a single system under control of a joint Board of Operation, and are known as Chicago Surface Lines. For two years ending Jan. 31, 1916, this com- pany together with the Calurriet & South Chicago Ry. and the Southern St. Ry. re- ceived 41 % of net income and thereafter 40%, the balance going to the Chicago Ry. Co. Secured by a first mortgage on all the property of the company, comprising prac- tically the entire surface railway system of the South Side of Chicago. Also operates the Southern Street Ry. and the Calumet and South Chicago Ry. Miles operated (includ- ing Southern Street Ry.) 349.87 single track. Franchise — Under city ordinance passed Feb.. 1907, the City of Chicago has the priv- ilege of purchasing the property of the com- pany or authorizing its purchase on any in- terest date on six months' notice. The value of the property as of that date was fixed at $21,000,000 and this amount plus the cost of rehabilitation, extensions, including fair allowance for construction, profit and broker- age Is fixed as the basis for the purchase of the property by the City Jan. 31. 1921, purchase price in terms of franchise was $55,005,694. If purchased by an authorized private corporation the purchase price is to be Increased 20%. Earnings — The city receives 55% of the net earnings after the payment of 5% on the capital investment. On this basis the re- ceipts of the company were as follows: Years ended Jan. 31: Net. Interest. 1921 $3,307,486 $1,822,337 1920 3,084,821 1,780,884 1919 2,601,404 1,755,217 1918 3,196,385 1.695.000 191,7 3,367.502 1,617.792 1916 2,97 9.096 1,565,556 1916 3,298,826 1.529.409 I/isted on the Chicago Stock Exchange. Original Market — Offered in 1907 by Harris. Forbes & Co., New York; N. W, Harris & Co., Boston; Harris Trust & Savings Bank and First Trust & Savings Bank, Chicago, at 98 and interest. Jan., 1916, $1,000,000 Market. offered at 99% and Interest by Lee. Higgin- son & Co. New York — Ames, Bmerich & Co., Bab- cock, Rushton & Co., J. S. Bache & Co., Morton Lachenbruch & Co., Tobey & Kirk, Vanderhoef & Robinson, Harris, Forbes & Co., Gilbert J. Postley. Boston — Harris, Forbes & Co., Inc. Baltimore — Howard R. Taylor & Co. Cluca^ro — John Burnham & Co., Curtis & Sanger, Halsey, Stuart &. Co., Edwin L. Lobdell & Co., Merrill, Lynch & Co., First Trust & Savings Bank, Harris Trust & Sav- in§:s Bank. Price Range. Jan. 1, '09, to Jan. 1, '21 1930 Bid Ask Bid Ask High 104% '09 104% '09 69 Nov. 71 Nov. Low. 56 '20 58 '20 56 Dec. 58 Dec. CHICAGO ELEVATED RAILWAYS 6% Notes. Due July 1. 1919. Dated July 1, 1916. (Extended July 1. 1916, interest Increased from 5%). Interest payable Jan. 1 and July 1, at New York or Chicago. Default — Principal and interest due July 1. 1919, are in default. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $14,000,000 Outstanding 14,000.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable as a whole at 100 and interest on any interest date on 30 days' notice. Protective Committee — Charles E. Mitchell, Chairman; Geo. M. Reynolds, John H. Mason, T. Hartley Given, R. Floyd Clinch, with E. St. Clair Thompson, 55 Wall St., New York, Secretary, and National City Bank, New York and Continental & Commercial Trust & Savings Bank, Chicago, Depositaries. Organization — Organized in 1911 as a vol- untary association under the laws of Massa- chusetts, to acquire the securities of elevat- ed railways in Chicago. For some time a plan for consolidating all the various rail- ways in dhicago has been under considera- tion. Capitalization Outstanding Common 250,000 shs. Preferred (6% cum.) 160,000 shs. Funded debt $21,000,000 Secured by pledge of practically the entire capital stocks of the Northwestern Elevated R. R., Metropolitan West Side Elevated Ry. and South Side Elevated R. R. Under the extension agreement promissory notes of the above companies, aggregating about $1,070,- 000, were pledged as additional security; also claims and notes representing additional float- ing debts of collateral companies aggregating $1, 00 0,000. The company also procured an agreement with the Commonwealth Edison Co., whereby all claims for power after June 30, 1916, and until July 1, 1919, will be as- signed to the trustee and will be paid only if and as other floating debt of subsidiary companies (except capital debt) is not in- creased. In case other collateral securities pledged shall upon sale prove insufficient to pay these notes in full, the power claims then unpaid will be placed on a parity with these notes. Tears ended Jane 30 (Combined): Gross Net Int. & Rent 1920.. $15,097,812 $2,930,261 $2,832,444 1919.. 10,687,462 2,858,369 2,413.832 1918.. 9,777,164 3,767.269 2,390,460 1917.. 9,289,913 3,763,682 2,386,662 1916.. 8,436,008 3,613,625 2.247,406 1916.. 8.046.266 3.692.621 2.188.410 Market. New York — Babcoek, Rushton & Co.. Sam'l Goldschmidt, Vanderhoef & Robinson, Wolff & Stanley. Chicagro — Merrill, Lynch & Co., Babcoek, Rushton & Co. Price Rangre 1920 Bid. Ask^ High 2Df Nov. 30f Nov. Low lot June 17%fJu»j CHICAGO GAS LIGHT & COKE CO. Ist 59. Dne Joly 1, 1937. Dated July 1. 1887. Interest payable Jan- uary and July 1. at Central Union Trust Co.. New York. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstandingr 9,929,000 Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Fidelity Trust Co.. Philadelphia, Pa. Assumed by the Peoples' Gas Light & Coke Co. Control — ^Absorbed with other companies in 1897 by the Peoples' Gas Lisht & Coke Co. Secured by a first mortgage on all the property formerly owned by the old Chicago Gas Co. and including plants supplying " gas to important sections of the South and North Divisions of the City of Chicago. Underlies — Peoples' Gas .Light & Coke Co. Consol. 63 of 1943. Ref. 5s of 1947. and Gen. & Ref. 6s of 1963, which latter mortgage provides for the retirement of this issue. iEamings — See Peoples' Gas Xiight & Coke Co. Listed on the New York and Chicago Stock Exchanges. Market. New York — Babcoek, Rushton & Co.. To- bey & Kirk. E. A. Miller & Co., Berdell Bros., Carrtuhers, Pell & Co. ChicaffO — Curtis & Sanger, Merchants Loan & Trust Co., Merrill, Lynch & Co., Isaac Starr, Jr. & Co., Babcoek Rushton & Co. Providence, R. I. — Hornblower & "Weeks. Price Range — N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 High 107 Jan. 3, '06 Low. 70 Nov. 11. '20 1920 80 Jan. 7 70 Nov. 11 CHICAGO GREAT WESTERN RAILROAD CO. 1st 4s. Due Sept. 1. 1959. Dated September 1. 1909. Interest payable March and Sept. 1. at J. P. Morgan & 'Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $75,000,000 Outstanding 26,383,000 In Treasury 6,062,000 Pleue $50,000 Aug. 1, 1930, and $35,000 each Feb. and Aug. l6t thereafter to Aug. 1, 1939. Dated Aug. 1, 1919. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $550,000 OutstandJngr (Jan. 1, '21) 492,500 In Treasui-y 2,500 Retired 55,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Northern Trust Co., Chicago. Redeemable as a whole or in part at any time upon 30 days' notice at 101 and inter- est for notes having more than five years to run and 100% and interest for notes having five years or less to run. Organization — See 1st 5s due 1936. Secured by an equipment agreement con- stituting a first lien on 15 steel interurban motor passenger cars, 1 5 steel interurban control trailer passenger cars, 12 parcel dis- patch motor cars and 10 one-man safety cars. The total cost of the equipment is at the rate of $100 of equipment for not in ex- cess of each $70 of notes issued. Farnings — See 1st 5s due 1936. Original Market — Offered August, 1919, by Halsey, Stuart & Co., Chicago, New York, etc., at prices to yield from 6.50% to 6.75% for various maturities. Market. New York — Babcock, Rushton & Co., John Nickcrson, Jr. Cliicagro — Halsey, Stuart & Co. CHICAGO, OTTAWA & FFORIA RAILWAY CO. iBt Cons. & Ref. 5s. Due Dec. 1, 1937. Dated Dec. 1, 1907. Interest payable June and Dec. 1, at Merchants' Bank of Canada, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding: 3,494,000 Reserved for Prior lAen 1,022,000 Reserved tor Fxt 484,000 Trustee — Central Trust Co. of Illinois, Chi- cago. Denomination — Coupon, $1,000. Register- able as to principal. Redeemable on any Interest date at 105 and interest. Guaranteed principal and Interest by the Western Rys. & Light Co, by endorsement. Organization and Control — Incorporated in Illinois In 1907 and in 1909 purchased the property of the Illinois Valley Ry. Co. The entire capital stock ($1,540,000 outstanding) Is owned by the Western Rys. & Light Co. All the stock of this latter company is owned by the Illinois Traction Co. Capitalization. Outstanding. Common $1,540,000 Preferred (6% cum.) 406,000 Funded debt 4,461,500 Secured by a first mortgage on 47 miles of interurban railway from Joliet to Seneca and Ottawa to Streator, 111. , and a second mortgage on 57 miles of interurban rail- way from Seneca to Princeton and Spring Valley to Ladd, and 4 miles of street rail- way in La Salle, all in Illinois. Road Is built largely on private right of way. Fran- chises in towns expire w^ith minor excep- tions after 1950. Population served, 85,000. Prior Lien — 1967,500 Illinois Valley Ry. 1st S. F. 53 of 1935 (closed mortgage) for the retirement of which bonds of this Issue are reserved. Earnings — See Western Rys. & Lt. Co. CHICAGO, PEORIA & ST. LOUIS RAILROAD CO. Gen. & Bef. 4%b. Due Dec. 1, 1939. Dated Dec. 1, 1909. Interest payable June 1 and Dec. 1, at Liberty National Bank, New York. Default — June 1, 1914, and subsequent in- terest. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding 2.850,000 Denomination — Coupon, $1,000. Registered $100. Trustee — Bankers Trust Co., New York Organization — Incorporated in Illinois and took over the property of the Chicago, Peo- ria & St. Louis Ry. of 111. in Dec, 1913. Receivership — July, 1914, Bluford Wilson (pres. of company) and William Cotter, ap- pointed receivers. Protective Committee — P. J. Llsman, Chairman, and Alfred Shepherd, with Gra- ham Adams, Secretary, and Bankers Trust Co., New York, Depository. Secured by a second mortgage on 234.32 miles of road described under the Prior Lien ' Prior Lien — $2,000,000 "Ry." 4%s. Earnings — See Prior Lien 4%s. Market. New York — F. J. Lisman & Co.. Wolff & Stanley, Carruthers, Pell & Co, PhUadelphia— F. R. Welsh. Price Rangre 1930 — Bid 30. CHICAGO, PEORIA & ST. LOUIS RAILROAD CO. Eanip. 6s. Due $59t,000 annually Nov. 1 to 1923. inclusive. Dated April 1, 1913. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $590,000 Outstanding: (Apr. 27, '21) 236,000 Balance retired. Denomination — Coupon, $1,000. Trustee — Bankers Trust Co., New York. Organization — Company operates 255 znllea of road In Illinois, of which 234 miles are owned. Road is now in hands of receivers. Secured by an equipment agreement on 10 consolidated locomotives, 400 steel gondola ears and 200 steel underframe box cars, costing $692,700, of which the company paid $102,700 In cash. Original Market — $400,000 offered April, 1916, by Farson, Son & Co., New York, at par and Interest. Market. New York — Bull & Eldredge, Wolff & Stan- ley, Coggeshall & Hicks, Freeman & Co., Earnest Smith & Co. CHICAGO, PEORIA & ST. LOUIS RAILWAY OF ILLINOIS Prior Lien 4%s. Due March 1, 1930. Dated March 1, 1900. Interest payable March 1 and Sept, 1, at Liberty National Bank, New York. Default — March 1, 1918, and subsequent interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .. .$2,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Equitable Trust Co., New York. Redeemable at any time at 107*/^ and In- terest, on six months' notice. Organization — Reorganized in 1913 as the Chicago, Peoria & St. Louis R. R. Co. These bonds were not disturbed in the reorganiza- tion. Protective Committee — Sidney C. Borg, Hen- ry E, Cooper, Thomas Denny and Robert Struthers, Jr. Secretary, J. N. Babcock, 37 Wall St., New York. Depositary, Equi- table Trust Co., New York. Secured by a first mortgage on 234.32 miles of road from Pekin to Granite City, 111. . Havana to Jacksonville and short branches. Underlies — Gen. & Ref. 4%s, 1939. Yeai-s ended Dec. 31: Int. & Gross. Net. Rents. *1919 $127,540 $115,579 $148,659 tl919 1,736,078 def. 783,858 48,303 *1918 127,540 128,410 115,593 T1918 2,147,466 454,924 73,937 1917 2,192,2S8 279,683 206,440 ♦Corporate account. fFederal account — standard return not in- cluded. Market. New York — Simon Borg & Co., Wm. C. Orton & Co., F. J. Lisman & Co., Wolff & Stanley. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 70 '15 85 '16 35 Dec. 38 Dec. Low. 25 '20 35 '20 25 Jan. 35 Jan. 276 CBHCAGO, RACINE & JOLAVAUKEE LINE 1st 8s. Due each Oct. 1, as follows: $10,000, 1921; $15,000, 1922; $25,000, 1933; $35,000, 1924; $35,000, 1925; $40,000, 1926, and $165,000, 1927. Dated Oct. 1, 1920. Interest payable April 1 and Oct. 1, at Central Trust Co. of Illi- nois, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $325,000 Outstandin^r 325.000 Pui-pose of Issue — To refund two short term bond issues, issued to provide a por- tion of the purchase price of the steamships "Puritan" and "General O'Reilly," acquired during: the fall of 1919, and to reimburse the company to a small extent for subse- Quent expenditures in equipping such ves- sels for their present service. Denominations — Coupon $100, $500 and $1,000. Trustee — Central Trust Co. of IlHnols, Chicago. Redeemable at 102 and interest. Guaranteed principal and interest by the Northern Michig-an Transportation Co. Organization and Control — Incorporated in 1908. Operates a line of freight and pas- senger steamships between Chicago, Racine and Milwaukee. Controlled -through stock ownership by the Northern Michigan Trans- portation Co. Secured by a first mortgage on two steel steamships, the "Puritan" and "General O'Reilly," representing a cash investment of $733,633. Under the provisions of the in- denture the mortgaged steamships are to be kept amply insured against loss by fire, shipwreck, damage by collision, whether to boat or cargo ,loss of earnings in case of accident -and liability for injury to persons; the insurance policies to be assigned to and deposited with the Trustee. Years ended Dec, 31: Gross. fNet. ♦1920 $620,693 $103,042 1919 593,073 111,113 1918 501,852 70,826 *7 months ended July 31. tAfter Federal taxes. Original Market — $325,000 offered Sept., 1920, by Taylor, Ewart & Co. and Central Trust Co. of Illinois, Chicago, at 100 and interest. CHICAGO RAILWAYS COMPAJSTf 1st 5s. Due Feb. 1, 1927. Dated February 1, 1907. Interest payable Feb. and Aug, 1, at Harris, Forbes & Co., New Tork, or Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Issuable from time to time on the approval of the Board of Supervising Engineers. Outstanding $55,655,000 In Treasury 1,459,000 Fledged for Bank Ix>an8 2,812,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000. C. & R. interchangeable. Trustee — Harris Trust & Savings Bank, Chicago. Redeemable at par and interest on any in- terest date. Organization — Incorporated in Illinois In 1903 and in 1908 acquired at foreclosurs sale the property of the old Chicago Union Traction Co., comprising the surface lines, on the north and west sides of the city of Chi- cago. These properties have been largely reconstructed. In 1910 acquired the prop- erty of the Chicago Consolidated Traction Co. within the city of Chicago. The Chicago Rys, Co, and the Chicago City Ry. Co., to- gether with road controlled by the latter company, are now being operated as a sin- gle system under the control of a lolnt Board of Operation. For two years ending Jan. 31, 1916, the Chicago Rys. Co. received 59% of the net income after taxes, etc., and thereafter until 1927 it will receive 60%. Capitalization. Outstanding. Common $100,000 Funded debt 101,418,591 Secured by a first mortgage on all the prop- erty and franchises of the company, includ- ing 584 miles of track serving the downtown as well as the north and west sides of Chi- cago, and also on equipment including 1907 pay-enter cars. Valuation of the property as of January 31, 1921, is $92,128,636. Dur- ing eight years of rehabilitation, 473 milea of track have been laid with grooved rails, 129 lbs. to the yard. Franchises — ^All franchises expire Feb. , 1927. The city of Chicago or its licensee may purchase the property of the company at any time prior to the expiration of the franchises. If purchased by the city the price to be paid is the valuation of the property as of Feb, 1, 1907, $30,779,875, plus all expenditures for extensions, rehabilitation, ets. If purchased by a licensee of the city, not for municipal operation, the purchase price shall be 20% more. All expenditures by the company are made under the ap- proval of the Board of Supervising Engineers. Underlies — Consol. 5s of 1927, Pur. Mon. 4-5s of 1927, and Adjt. Inc. 4s of 1927, Years ended Jan. 31. Net. Deductions. 1921 $5,874,127 $5,410,540 1920 5,483,104 5,300,643 1918 5,654.360 6,244,384 1917 5,958,370 5,180,355 1916 5,313,553 4,982,981 Legal for Baltimore Trust Funds. Usted on the New York and Chicago Stock Exchanges. Original Market — Offered In 1908 by the National City Bank and Harris, Forbes & Co., New Tork, at 95^ and interest; offered by same firms in 1912 at 99^ and interest. $3,000,000 offered April, 1914, by same firms at 98V6 and interest. $1,500,000 offered Jan., 1916, by the Harris Trust & Savings Bank, National City Bank, Northern Trust Co., Illinois Trust & Savings Bank, Chicago, and Harris, Forbes & Co. , Perry, Coffin & Burr, New York and Boston, at 97 "^^ and interest. Market. New York — Ames, Emerich & Co., Bab- cock, Rushton & Co., Harris, Forbes & Co., Hodenpyl, Hardy & Co., Vanderhoef & Rob- inson, Curtis & Sanger, Gilbert J. Postley. Boston — Harris, Forbes & Co., Inc. Baltimore — Mackubin, Goodrich & Co., Howard R. Taylor & Co. Philadelphia — Arthur J. Bender. Chicago — Curtis & Sanger, Edwin L. Lob- dell & Co., Merrill, Lynch & Co., Harris Trust & Savings Bank. Price Range — N. Y. S. B. Jan. 1, '10, to Jan. 1, '31 1920 High 99% Jan. 24, '10 70% Oct. 13 Low. 52% Dec. 20, '20 52% Dec. 30 277 CHICAGO RAILWAYS COMPANY Cons. Ser. "A," "B" and "C" 58. Due Teb. 1. 1927. Dated February 1. 1907. Interest payable. Series ' 'A," April and Oct. 1 ; Series ' 'B, '* June and Dec . 1 , and Series "C. ' • Feb. and Aug. 1, at Trustee's oflSce, Chicago, and agency New York City. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized; "A" $18,600,000 "B" 17,194,000 "C" 4,000,000 $39,794,000 Outstanding "A" $16,397,800 "B" 16,936.475- "C" 349,336 33,683,611 In Treasury: "A" $1,006,000 "B" 228,000 1,234,000 Retired by S. F. ("C") 3,650,664 Cancelled ("A") 900,000 Denomination — Coupon, $1,000. Re&ister- able as to principal or fully registerable. Registered, $1,000. C. & R. intercliangeable. Trustee — The Merchants' Loan & Trust Co., Chicago. Redeemable at par and interest on any Interest date on 30 days' notice. Sinking Fund — Beginning August 1, 1908, and annually thereafter until Series ' 'C ' bonds have been retired. $250,000 for the purchase of bonds of that series at not ex- ceeding par and interest, bonds so acquired to be cancelled. So long as any bonds of Series "C" shall he outstanding, no purchase shall be made of any other series, but after cancellation of Series ' 'C ' the sinking fund shall remain in force until such bonds of- Series "A" and "B" which have been issued in lieu of bonds of Series "C" shall have been purchased or redeemed. There are now outstanding $700,000 Series "A" bonds, is- sued in place of Series "C" bonds. Organization — See 1st 5s due Feb., 1927. Secured by a second mortgage subject to 1st 5s on 387 miles of track, including the most important mileage owned by the com- pany, and a fourth mortgage, subject to the first 5s and Purchase Money and Adjustment Mtge. bonds, on the 128 miles of track ac- quired from the Chicago Consolidated Trac- tion Co., Including lines in the northern and western part of the city. Bonds of Series "A" are prior in lien to those of Series "B" and "C," and bonds of Series "B" are prior to bonds of Series "C." Prior Liens — 1st 5s, as to 387 miles, and 1st 5s as to 128 miles, purchase money 4-5s and adjustment 4s. Underlies — Purchase Money 4s-5s and Ad- justment 4s, as to 128 miles of track. Earnings — See First 5s due Feb., 1927. lasted on the Chicago Stock Exchange. Original Market — $6,000,000 Series "A" in 1911, by the National City Bank and Har- ris, Forbes & Co. , New York ; the Harris Trust & Savings Bank, Chicago; N. W. Har- ris & Co., Boston, at 96% and interest. Market. New York — Babcock, Rushton & Co., Hodenpyl, Hardy & Co., Harris, Forbes & Co., S. Bache & Co. Boston — Harris, Forbes & Co., Inc. Chicagro — John Burnham & Co., Curtis & Sanger, Edwin L. Lobdell & Co., Harris Trust & Savings Bank, Merrill, Lynch & Co. Price Range. Jan. 1, 08, to Jan. 1, '21 1930 Series "A." Bid. Ask. Bid. Ask. High 96% '12 96% '12 59 June 60 June Low. 36 '20 37% '20 36 Dec. 37% Dec. Series "B." High 91%*12 91% '12 57% Sept. 58 Aug. Low. 25 '20 28% '20 25 Dec. 28% Dec. ^prie^ * 'C *' High 97% '17 99 '17 ' 32 Sept. 36 Sept. Low. 25 '20 35 '20 35 Dec. 35 Dec. CHICAGO RAILWAYS COMPANY Purchase Money 5s, Doe Feb. 1, 1937. Dated January 1, 1911. Interest was at the rate of 4% to Jan. ^1, 1916, and there- after at the rate of b'fo. Interest payable Jan. and July 1, at Trustee's office, Chicago, or Chase Nat'l Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstandingr 3,970,000 In Treasury 103,000 Unissued 1,927,000 Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable at par and interest on any interest date upon 3 days' notice, AH bonds redeemed shall be cancelled. Organization— See 1st 5s due Feb., 1927. Secured by second mortgage (subject to $59,926,000 First Mortgage 5s> upon about 128 miles of track acquired in 1910 from the Chicago Consolidated Traction Co., in the outlying districts of Chicago, and by a third mortgage upon- 387 miles of track, being subject to the First Mtge. 5s and the Consol- idated 5s. Prior Liens — $59,926,000 1st 5s and Con- solidated 5s as tc 387 miles of track and $59,926,000 1st 5s as to 128 miles of track. Underlies — Adjustment 4s as to 387 miles of track and Consol. 5s and Adjustment 4s as to 128 miles of track. Earnings — See Ist 5s due Feb., 1927. Listed on the Chicago Stock Exchange. Market. New York — Babcock, Rushton & Co., Car- rutliers. Pell & Co., J. S. Bache & Co. Chicag-o — Merrill, Lynch & Co., Babcock, Rushton & Co. Price Range, Jan. 1, *12, to Jan. 1, *31 1930 Bid. Ask. Bid. Ask. High 82% '12 85 '12 30 May 33 May Low. 24 '20 26 '20 24 July 26 Sept. CHICAGO RAILWAYS COMPANY Adjust. Non-Cumulative Inc. 48. Due Feb. 1. 1927. Dated January 1, 1911. Interest payable annually, on May 1st, beginning 1912, at Company's office, Chicago, but only from net earnings for the 12 months ending Jan. 31. Payment of Interest — Interest has been paid up to May 1, 1919. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding 2,500,000 DenDmination — Coupon, $100 and $500. Registerable as to principal. Trustee — Central Trust Co. of Illinois. Redeemable at par and interest on any May 1st upon 30 days' notice. All bonds redeemed to be cancelled. Organization — See 1st 5s due Feb., 1927. Seciu-ed by a third mortgage on 128 miles of track in the outlying districts of Chicago, acquired from the Chicago Consolidated Trac- tion Co., subject to the First 5s and the Purchase Money 4s-5s and Consolidated 5s. Prior I^ens — 1 st 5 s, Consol. 53 and Pur- chase Money 4s-6s, as to 387 miles, and 1st 5s and Purchase Money 5s on 128 miles. Underlies — Consolidated 5s as to 128 miles. !Earnings — See 1st 5s due Feb., 1927. Listed on the Chicago Stock Exchange. Market. New York — Babcock, Rushton & Co. Chicago — John Burnham & Co., Babcock, Rushton & Co., Merrill. Lynch & Co. Price Range. Jan. 1, '13, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 56 -12 59% '12 18 Jan. 25 Mar. Low. 10 '20 10% '20 10 Aug. 10% Dec. CHICAGO RI\^R & INDIANA RAILROAD 1st 58. Due Oct. 1, 1925. Dated Oct. 1, 1911. Interest payable April 1 and Oct. 1, Merchants* National Bank, Boston, Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized $2,000,000 OntstandiQs 1765,000 Reserved for Ext 1,235,000 Denomination — Coupon, $1,000. Re&ieter- able as to principal only. Tmstee — ^Merchants' Loan & Trust Co., Chicago. Redeemable on and after Oct. 1, 1916, at 105 and interest on 12 weeks' notice, Gaarau'teed as to principal and interest by the Chicago Junction Rys. & Union Stock Yards Co. Organization and Control — Incorporated In Illinois in 1904. Controlled by the Chicago Junction Rys. & Union Stock Yards Co. by ownership of a majority of stock. Capitalization. Outstanding. Common $500,000 Funded debt 765,000 Secured by a first mortgage on 11% milea of terminal road in the Stock Tarda and Chicago River district of Chicago. This road is the only outlet of the Chicago Junc- tion Rys. & Union Stock Yards Co.'s sys- tem to the Chicago River and water trans- portation via the Great Lakes. The com- pany has trackage right of some 25 miles. Equipment owned consists of 13 switch- ing locomotives and 50 cars. Years ended Dec. 31. Gross. Net. Int. &Rent, ♦1920 $719,692 $397,408 $211,897 •1919 140,180 122,741 44,278 tl919 867,337 385,988 186,266 •1918 108,526 136,849 44,182 .1918 550,805 268,889 180,028 1917 347,347 254,487 200,642 1916 366,215 291,037 210,169 • Corporate account. tPederal account — standard return not in- cluded. Original Market — Offered in Aug., 1915, by Homblower & Weeks, Boston, New York and Chicago, at 97% and interest. Market. New York — Hornblower & Weeks. Boston — Hornblower & Weeks. Chicag-o — Babcock, Rushton & Co, Providence — Hornblower & Weeks. Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid. Ask. Ask. High 97 '16 101 '17 90 Dec. Low. 97 '16 90 '20 90 Dec. CHICAGO, ROCK ISLAND & PACIFIC RAIlr- WAY CO. Incorporated in Illinois and Iowa in 1880. The company owns 6,832 miles of road, leases 109 miles, has trackage rights over 607 miles and controls through stock own- ership 469 miles Of road. The lines opera- ted extend from Chicago via Omaha to Den- ver and Pueblo, Colorado, St. Paul, Minn. , Watertown, N. D., Kansas City, Ft. Worth, Dallas and Galveston, Tex., and Santa Rosa, N. M., and from Memphis Tenn., to Tu- cumcari, N. M., with numerous branches. From 1902 until 1914, $71,353,500 of the $75,000,000 stock was owned by the Chica- go, Rock Island & Pacific R. R. Co. and de- posited as security for an equal amount of collateral trust bonds of that Company. In 1914 the railway company discontinued the payment of dividends, and as a result of this action the railroad company defaulted in the payment of interest on its collateral trust bonds, and in the latter part of 1914 this stock was sold under foreclosure, and distributed pro rata to the collateral bond- holders. In April, 1915, the Railway Com- pany was placed in hands of receivers. In June, 1917, receivel* was discharged. Re- organization was completed without fore- closure. Under reorganization plan of Nov., 1916, the stock was assessed $40 per share, and the 20-Year Deb. Bs exchanged for 100% for 6 % Cumulative Preferred Stock and received in cash the 5% arrears of interest due July 15, 1916. Capitalization. Outstanding. Common $75,000,000 Pref. (7% cum.) "A" 29,422,189 Pref, (6% cum.) "B" 25,135,800 Funded debt 289,873,045 Years ended Dec. 31. Int. Gross. Net. & Rent. ♦1920... $118,746,404 $13,736,123 $14,180,031 ♦1919. . . 15,800,255 16,787,509 11,899,618 •1918... 15,883,891 15,766,489 10,285,390 tl918... 104,289,565 11,490,753 2.273.752 1917 89,608,722 20,622,243 13,095,098 1916 80,889,129 23,428,685 15,350,496 1915 71,299,359 15,469,676 15.856,064 • Corporate account. tFederal account — standand return not in- cluded. 279 CHICAGO. ROCK ISIAND & PACIFIC RAIL- WAY CO. Gen. 48. Due Jan. 1. 1988. Dated January 1, 1898. Interest payable Jan. and July 1, at First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortg'age. Outstanding: $61,581,000 Denomination — Coupon, $1,000. Register- able as to principal or exchangeable for Registered. Registered, $1,000 and $5,000. Trustee — Bankers' Trust Co., New York. Secured by a first direct or collateral lien on 3,252.29 miles of road yards, terminals and lands, except land grants, for use in connection therewith, equipment leaseholds, trackage, etc. , as follows : A first lien on 3,150.79 miles- Miles Chicago, 111., to Colorado Springs, Colo 1063.72 Davenport, la., to North Topeka, Kans 707.38 Wilton to Muscatine, la 11.88 Gresham to South Chicago, 111 7.43 Newton to Monroe, la 17.03 Menio to Guthrie Centre, la 14.50 Audubon to Griswold, la 39.42 Harlan to Carson, la 29.64 Washington to Knoxville. la 79.89 Des Moines to Winterset, la 38.65 Connecting track with St. P. & K. C. S. L. R. ,R. at Allerton, la 05 Summerse-f Jot. to Indianola, la 8.50 Pairbury Jet. to Nelson, Neb 51.56 Cameron, Mo. , to Connection with Leavenworth Terminal Ry. & Bridge Co, track 53.17 Edgerton Jot. to Winthrop, Mo., on the Missouri River, opp. Atchison, Kan. 29.28 Kansas City, Mo., to Armourdale, Kan. 3.51 McParland to Belleville, Kan 103.24 Herington Salina, Kan 49.61 North Enid to Billings, Okla 26.68 Kingfisher to Cashion, Okla 15.95 El Reno, Okla., cutoff 2.06 Bl Reno, Okla., freight connection 0.14 Chlckasha to Mangum. Okla 97.73 Anadarko to Lawton, Okla 36.50 Herington to Liberal, Kan 263.08 Bucklin to Dodge City, Kan 26.60 Altmont to St. Joseph, Mo., and from Blwood, Kan., to Jansen, Neb 197.99 St. Joseph to Rushville, Mo 15.09 Horton to North Topeka', Kan 48.09 Mt, Zion to Keoaauqua, la 4, 50 Gowrie to Sibley, la 109.33 Oresham to Blue Island, 111 6.68 Connecting: track at Bast Des Moines , la 0.13 Rock Island, 111., 20th St. Depot to junction with main line 0.78 A first collateral Hen on 93.09 mtles througOi pledge of entire Issue of $1,365,000 1st Mtge. Bonds of the Chicago, Rock Island & Texas Ry. — Terral, Okla., to Ft. "Worth, Tex.. 93.09 Also secured on 209.31 miles of leasehold interest, as follows: Peoria & Bureau Valley R. R 46.97 Keokuk & Des Moines R. R J162.34 Also seciu'ed on 343.65 miles of trackage rigrhta. Underlies — 1st & Ref. 43 of 1934. liisted on the New York Stock Exchange. Original Market — $5,000,000 offered, 1898, at 103 '^ and interest by Speyer & Co., New Tork. Market. New York — Constable & Plemingr, Arthur E. Frank & Co., Granger & Co., Prince & Whitely, R. W. Pressprich & Co., Redmond & Co., Roosevelt & Son, Struthers & Hiscoe, Seasongood, Haas & Macdonald, Tobey & Kirk, Vilas & Hickey. Price Range — ^N. Y. S. E. Jan. 1, *06, to Jan. 1, '21 1920 Coupon. High 103% Jan. 8. '06 76% Jan. 2 Low. 65 Apr. 20, '20 65 Apr. 20 Registered. High 102 Feb. 5, '06 71 Nov. 8 Low. 71 Nov. 8, '20 71 Nov. 8 CHICAGO, ROCK ISLAND & PACIFIC RAIL- WAY CO. 1st & Ref. 4s. Due April 1, 1934. Dated April 1, 1904. Interest payable April and Oct. 1, at First National Bank, New Tork Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $163,000,000 Outstanding: 94,941,000 Deposited as Collateral 47,070,000 In Treasury 7,104,000 Reserved for Prior Liens 13,255.000 Reserved for Sxt 630,000 Denomination — Coupon, $1,000 and $500. Registerable as to principal. Registered, $1,- 000 and $500. C. & R. interchangeable. Trustee — Central Union Trust Co., New York. Secured by a direct or collateral lien on 5,828.62 miles of road owned, toother with 1,250.35 miles of leaseholds, terminals, etc., viz.: A first lien on 815.76 miles — Miles Peoria to Iowa Jet., Ill 3.09 Preemption to Sherrard, 111 4.94 St. Louis (Union Ave.) to Leeds Jet., Mo 283.87 Lackland Connection at St. Louis, Mo.. 1.46 Imer Groove to West St. Paul and Newport, Minn 10.15 Liberal, Kan., to Texhoma, Okla 60.70 El Reno, Okla,, passenger connection and belt line 1. 75 Enid to Watonga, Okla., and Geary to Anadarko, Okla 98.77 Watonga, Okla., cut-off 81 Lawton to Waurika, Okla 40. 52 Guthrie to Chandler, Okla 39.39 Chickasha to Lindsey, Okla 24.78 Lawton to Chattanooga, Okla 21.01 Coalgate to Lehigh, Okla 6.54 Searcy to Mesa, Ark / 37.60 Mesa to Stuttgart, Ark 21.22 Memphis, Tenn. (Union Sta.), to Bridge Siding, Ark 04 Tex.-N. M. State Line, near Glenrio Tex., to Tucumcarl, N. M 41.46 Bravo, Tex., to Santa Rosa. N. M... .111.53 A first collateral lien through pliedge of entire issues of bonds of proprietary companies on 362.26 miles as follows: Oklahoma-Texas State Line, near Tex- ola, Okla., to Texas-New Mexico State line, near Glenrio, Tex 182.90 Texhoma, Okla., to Brevo, Tex 91,83 Fort Worth to Dallas, Tex 32.26 Bridgeport to Graham, Tex 55.27 A second lien on 4.270.46 miles — Covered by the first Hen of the follow- ing: C, R. I. & P. Gen. 4s 3,159.79 Burlington, Cedar Rapids & Northern Cons. 5s 999.32 Rock Island & Peoria 1st 6s 112.51 A second collateral lien on 92.48 miles — Covered by the first collateral Hen of the C, R. I. & P. Gen. 4s 92.48 A third lien on 292.63 miles — Covered by the first lien of the follow- ing: Cedar Rapids, Iowa Falls & Northwest- ern 1st 5s 292,63 Also a lien on 1.251.88 miles of leaseholds. Also a first lien on 38.70 miles of track- age rights. Also secured o:i terminal prop- erties. Further secured by deposit of the following securities: Rock Island Improvement Co.lst 5s.*$2, 700,000 Rock Island Improvement Co. -Kan- sas City Term. Gold Bond ... *392,838 Peoria Railways Terminal Co. 1st & Ref. 4%s •1,369,000 St. Louis, Rock Island Term. Ry. stk 11,300 Gasconda Ry. Construction Co. stk. 50,000 C, R. I. & P. Gen. 4s, 1988 28,500,000 Choctaw, Okla. & Gulf Equipt. Tr. Notes, Series A, B and 2,360,000 •Entire Issues. Prior Liens — Subject to $74,936,0(H) prior liens as follows: C, R. L & P, Ry. Gen. 4s, 1988. .$61,581,000 Burl., Cedar Rapids & Northern Ry. Cons. 1st 5s. 1934 11,000,000 C, R., Iowa Falls & N. W, Ry. 1st 6s, 1921 1,905,000 Rock Island & Peoria Ry. 1st 6s, 1925 450,000 listed on the New York Stock Exchange. Original Market — Underwritten by Speyer & Co., New Tork, $3,500,000 was offered De- cember, 1911, by Harris, Forbes & Co. New York ; N. W, Harris & Go. Inc. Boston and Harris Trust & Savings Bank. Chicago, at 89% and interest. Market. New York — Granger & Co., Herzfeld & Stern, Hirsch, Lilienthal & Co., Newborg & Co., Prince & Whitely, Redmond & Co., Struthers & Hiscoe, Seasongood, Haas & Macdonald, "Vilas & Hickey, Guaranty Trust Co. Kansas City, Mo. — Stern Bros. St. Louis — Francis Bros. & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 97 Jan. 31, '06 71 Oct. 2 Low. 5914 Dec. 14, '17 60% Feb. 17 280 CHICAGO, BOCK ISIiAND & PACIFIC RAIL- WAY CO. 3-Year Coll. Tr. 6% Notes. Due Feb. 1, 1922. Dated Feb. 1, 1919. Interest payable Feb. 1 and Aug. 1 at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathoiized .$4,500,000 Outstanding 4,500,000 PnrpoHe of Issue — The proceeds of these notes are to be used for the settlement In full of the claims, long in litigation, of the • Colorado & Southern Railway Company growing out of certain contracts relating to the securities of The Trinity & Brazos Val- ley Railway Company and the Galveston Ter- minal Railway Company, and the use of their properties. Denomination — Coupon, $1,000. Xmstee — Bankers Trust Co., New York. Redeemable, as a whole only, at 100 and Interest on any interest date upon 30 days' notice. Secured by pledge of $8,500,000 1st & Ref. 4s due April 1, 1934. Under the terms of the Trust Agreement the collateral pledged shall at all times be equal at market price to not less than 120% of the face amount of the notes outstanding. Original Market — $4,600,000 offered Jan- uary, 1919, by Speyer & Co. and Hayden, Stone & Co., at 98% and interest. Market. New York — Evans, Stillman & Co., Free- man & Co., Granger & Co., Salomon Bros. & Hutzler, Seasongood, Haas & Macdonald, Bull & Eldrcdge, Mann. Pell & Peake. Fhiladelpliia — Brown Bros. & Co., Gra- ham, Parsons & Co. Price Range Jan. 1, '09, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 98 :^ "19 99% '1*9 95% Dec." 96% Oct. Low. 90 '20 94 '20 90 July 94 June CHICAGO, ROCK ISLAND & PACIFIC WAY CO. Equip. 41^8, Series "D." Due $225,000 each May and Nov. 1, to May 1, 1925. Dated May 2, 1910. Interest payable May and Nov. 1, at First National Bank, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,750,000 Outstanding: (Jan. 1, '21) 2,025,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers' Trust Co., New York. , Secured by an equipment trust agreement on 134 locomotives, 4 gasoline motor cars, 5 dining cars, 66 steel passenger, baggage and combination cars, 25 cabooses, 2,625 steel un- derframe box cars, 250 steel underframe re- frigerator cars, 600 steel underframe stock cars and 600 steel underframe ballast cars, costing $7,722,253, of which amount $972,253 was paid in cash. Legal for savings banks in Ohio. Original Market — Offered in 1910 by Speyer & Co. and Guaranty Trust Co., New York, and Edgerly & Crocker, Boston. Market. See Series "3." CHICAGO, ROCK ISLAND & PACIFIC RAILWAY CO. Series "F" Eanip. 4%8. Due $12,000 each Feb. and Aug. I, to Aue. 1, 1926. Dated Aug. 1, 1911. Interest payable Feb. and Aug. 1, at First National Bank. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $360,000 Outstanding: (Jan. 1, '21) 144,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Secured by an equipment trust agreement on 30 steel mail cars and 11 steel baggage and mail cars, costing $400,252, of which $40,252 was paid in cash. Legal for savings banks in Ohio. Original Market — Offered Oct.. 1911, by White, Weld & Co., New York, Boston and Chicago, on a 5% basis. Market. See Series "3." CHICAGO, ROCK ISLAND & PACIFIC RAILWAY C. Equip. 4V29, Series "G." Due $170,000 semi-annually Jan. 1 and July 1, to July 1, 1927, inclusive. Dated July 1, 1912. Interest payable Jan. and July 1, at First National Bank, New York. Tax ^Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,100,000 Outstanding: (Jan. 1, '21) 2,210,000 Balance Retired. Denomination — Coupon, $1,000, Trustee — Bankers' Trust Co., New York. Secured by an equipment trust agreement on 50 locomotives, 30 steel baggage and pas- senger cars, 6 steel dining cars, 10 steel bag- gage cars, 4 steel horse cars, 2 gasoline motor cars, 3,000 box cars and 900 ballast and coal cars, costing $5,557,788, of which amount $457,788 was paid in cash. Legral for savings banks in Ohio. Market. See Series "3." CHICAGO, ROCK ISLAND & PACIFIC RAIL- WAY CO. (THE) Equip. Ss, Series "H." Due $441,000 annually to July 1, 1923, inclusive. Dated July 1, 1913. Interest payable Jan. and July 1, at First National Bank, N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,410,000 Outstanding- (Jan. 1, '21) 1,323,000 Balance Retired. Denomination — Coupon, $1,000. Registered, $1,000 and $5,000. Trustee — Bankers' Trust Co., New York. Secured by an equipment trust agreement on 87 locomotives, 5 steel passenger cars, 1,500 steel underframe box cars, 500 steel gondola cars and 50 cabooses, 8 steel din- ning cars, 10 steel baggage cars and 4 steel horse cars, costing $5,521,349, of which 20% of $1,111,349 is paid by the railroad com- pany. Leg"al for savings banks in Ohio. Original Market — Offered in May, 1913. at prices to yield 5Mi% by Brown Bros. & Co., New York, Philadelphia and Boston, and White. Weld & Co. Market. See Series "3." CHICAGO. ROCK ISLAND & PACIFIC RAIL- WAY CO. Receiver's Equip. 5s, Series *'I." .Due $90,831 each March and Sept, 1, to Sept. 1, 1925, inclusive. Dated Sept. 1, 1915. Interest payable March 1 and Sept. 1, at Merchants Loan & Trust Co., Chicago. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $1,816,620 Outstandingr (Jan. 1, '21) 908,310 Balance Retired. Redeemable at any time at par and inter- est. Secorcd by an equipment agrecinent with the Pullman Co. on 2,500 steel frame box cars, costing $2,137,200, of which the Receiver paid $320,680 m cash. Leg:al for savings banks in Ohio. Market. See Series "3." CHICAGO, ROCK ISI.AND & PACIFIC RAILWAY CO. Receiver's EquId. 5s, Se- ries "8." Dae $18,143.40 each March 1 and Sept. 1, 1935, inclusive. Dated Sept. 1, 1915. Interest payable March and Sept. 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $362,848 Outstanding: (Jan. 1, '21) 181,424 Balance Retired. Denominatien — Lease warrants of $18,142.40 each. Trustee — First Trust and Savingrs Bank, Chicago. Redeemable at any time at par and interest. Secured by an eauipment agreement with the Haskell. Barker Car Co. on 500 steel frame box cars, costing^ $426,880, of which Receiver paid $64,032 in cash. IjCg^l for savingrs banks in Ohio. Market. See Series "3." CHICAGO, ROCK ISI^ND & PACIFIC RAIL- WAY CO. Receiver's Equip, 5s, Series "3." Due .S36,000 each March 1 and Sept. 1, to March 1, 1935, and $34,641 Sept. 1, 1935. Dated Sept. 1, 1915. Interest payable March 1 and Sept. 1 at First National Bank, Chi- cag-o. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $718,641 Outstanding: (Jan. 1, '21) 358,641 Balance Retired. Denomination — Coupon, $1,000. Trustee — Merchants' Loan & Trust Co., Chi- cago. Redeemable at any time at par and inter- est. Secured by an equipment agreement with the Bettendorf Co. on 1,000 steel frame box cars, costing $845,460, of which the Receivers paid $126,819 in cash. Iieg:al for savings banks in Ohio. Market. New York — Freeman & Co., Harris, Forbes & Co., Evans, Stillman & Co. Philadelphia — Brown Bros. & Co., Cassatt & Co., Graham, Parsons & Co., West & Co. CHICAGO. ST. LOUIS & NEW ORLEANS RAILROAD CO. Cons. 3^s and 5s. Due June 15, 1951. Dated March 15, 1881. Interest payable June and Dec. 15, at Illinois Central office, 32 Nassau St., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $18,000,000 Outstanding: 6s $11,369,000 3^3 1,359.000 12,728,000 Held by Illinois Central R. R. Co. and pledged under its Coll. Tr. of 1886 (6s) 6,266.000 Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Trustees — Lewis V. F. Randolph and Lynde A. Catlin. Guaranteed — Bs, as to interest only; 3%s, as to both principal and interest by endorse- ment by the Illinois Central R. R. Co. Organization and Control — Incorporated In 1877 under the laws of Louisiana and Indiana. Leased in 1882 for 400 years to the Illinois Central R. R. Co. Rental, equivalent to inter- est, taxes and 4% on $10,000,000 stock, all of which is owned by the Illinois Central R. R. Co., $9,989,700 being deposited as security for an equal amount of Illinois Central R. R. Co.. Leased Line Certificates. Capitalization. Outstanding. Common $10,000,000 Funded debt 24.494.000 Secured by a first mortgage on 564.24 miles of road, viz. : Miles Bast Cairo, Ky., to New Orleans, La. .546.08 Aberdeen Jet. to Kosciusko, Miss 18.16 Note — 230 miles are double-tracked. Underlies — Illinois Cent. R. R. Co.. C. St. L. & N. O. Joint 1st & Ref. 5s, due Dec. 1, 1963.. and Dl. Cent. R. R. Sterling SV^s of 1950. Bonds are reserved under the former mortgage to retire this issue. Ijeg:al for savings banks in Cal.. Conn., Mich., Minn.. Mo.. N. H., N. J., R. L, Ore and Wis. Listed on the New York and London Stock Exchanges. Market. New York — Simon Borg & Co., Constable & Fleming, Sam'l Goldschmidt, Prince & Whitely, H. "W. Pressprich & Co., Redmond & Co., Raymond M. Smith, Strut h ers ■ &~ Hiscoe. Taylor, Smith & Hard, Vilas & Hickey, Wolff & Stanley, Carruthers. Pell & Co. Philadelphia — Graham, Parsons & Co. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 3i^s Bid. Ask. High 90 Feb. 2, '09 U^. Feb. 68% Apr. Low. G5% July 11, '18 60 June 65% June Coupon 5.S. High 133% Mar. 9, '06 93 Jan. 6 Low. 84 June 11, '20 84 June 11 Registered. High 119 Feb. 5, '09 88 Oct. 23 Low. 88 Oct. 23, '20 88 Oct. 23 282 CHICAGO, ST. tOUIS & NEW ORLEANS RAILROAD CO. Memphis Div. Ist 4s. Due Dec. 1, 1951. Dated April 3, 1889. Interest payable June and Dec. 1, at Illinois Central office, 32 Nassau St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,500,000 Outstandingr 3,500,000 Denomination — Coupon, $1,000, Registerable as to principal only, or fully registerable. Trustee — United States Trust Co. , New York. Guaranteed principal and interest by the Illinois Central R. R. Co. by endorsement. Organization and Control — See Consol. 5s and 3%s of 1951. Secured by a first mortgage on 98.18 miles of road from- Memphis, Tenn., to Grenada, Miss. Underlies — Illinois Cent. R. R. C, St. L. & N. O. Joint 1st and Ref. 5s, due Dec. 1, 1963. Legal for savings banks in Cal., Mich., Minn.. Mo., N. H., N. J., R. I., Oi-e. and MMs. Listed on the New York and London Stock Exchanges. Mai-ket, New York — Simon Borg & Co., Prince & Whitely, Taylor, Smith & Hard, Vilas & Hickey, Sharretts & Ford. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, *21 1920 High 101% Augr. 20. '06 69% Feb. 3 Low. 69% Feb. 3, '20 69% Feb. 3 CHICAGO, ST. tOUIS & NEW ORLEANS RAILROAD CO. Equip. Tr. 5s, Series "A." Due $250,000 each June 1 and Dec. 1, to Dec. 1. 1934, Dated Dec. 1, 1914. Interest payable June 1 and Dec. 1, at office of Trustee or Com- pany's office, New York. Tax Status — Payment of Federal Income Tax not assumed by company. ■ Authorized $5,700,000 Issued 5,000,000 Ontstanding: (May 1, '21) 3,000,000 Redeemed 3,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable as a whole on any interest date after Dec. 1, 1919, at 102% and interest on 90 days' notice. Guaranteed principal and interest by the Illinois Central R. R. Co. by endorsement. Secured by an equipment agreement on 1,000 steel gondola cars, 500 steel underframe re- frigerator cars, 5,000 steel superstructure shigle-sheathed box cars, 50 Mikado type loco- motives and 22 switch engines. 20 7o of cost of equipment paid in cash. Leg:al for savings banks in N. H. , Ohio and R. I. Original Market — Offered in Dec, 1914, by Kuhn,- Loeb & Co., New York, at par and interest. Market. New York — Evans, StiUman & Co., Free- man & Co. Philadelphia — Graham, Parsons & Co. CHICAGO. ST. LOUTS & PITTSBURGH RAILROAD CO. 1st Cons. 5s. Due Oct. 1, 193J2. Dated March 31, 1883. Interest payable April and Oct. 1, at Pennsylvania B. R. office, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Ohio, Indiana and Illinois. Authorized Closed mortgage Outstanding: (Apr. 21, '21) $1,446,000 Retired by S. F 60,000 Denomination — Coupon, $1,000. Fully regia- terable. Registered, $1,000. Trustee — Central Union 1 rust Co. , New York. Sinking Fund — On April 1, 1893, and an- nually thereafter, 1% of bonds outstanding to be applied to the purchase of these bonds at not exceeding 105 and interest. If not pur- chasable at that price, funds revert to the Company. Bonds purchased are to be can- celled. Assumed by the Pittsburgh, Cincinnati, Chi- cago & St. Louis R. R. Co. Control — Consolidated in 1890 with spveral other companies into th* Pittsburgh, Cincin- nati, Chicago & St. Louis Ry. Co. A large majority of the stock of this company is owned by the Pennsylvania Co., all of whose stock is owned by the Pennsylvania R. R. Co. Secured by a first lien on 581.52 miles — Miles Columbus, O., to Indianapolis,. Ind. . .187.13 Richmond Jet. to Anoka Jet.. Ind 102.56 Bradford Jet. to Chicago. Ill 231.49 Peoria. Jet. to Effner, Ind 60.34 Underliefi — P., C, 0. & St. L. Ry. Cona. Mtge. and Gen. Mtge. Bonds are reserved tinder the latter mortgage to retire this issue. Listed on the New York and Philadelphia Stock Exchanges. New York — Dunham & Co., Chas. W. Price, Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Raymond M. Smith, Taylor, Smith & Hard, Vanderhoef & Rob- inson, F. H. Hatch & Co., Hartshorne & Batelle. Philadelphia — Elkins, Morris & Co., Gra- ham, Parsons &Co., Isaac Starr, Jr., & Co., Welsh Bros, Wheeler, Elliot & Mann. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 122 Jan. 15, '06 99 Feb. 21 Low. 96^4 Sept. 30, '20 96% Sept. 30 CHICAGO, ST, PAUL, MINNEAPOLIS & OMAHA RAILWAY CO. Incorporated in W^isconsin in 1880. The company owns 1,679.60 miles of road, of which 183.03 miles are double-tracked from Blroy, Wis. , where connection is made with the Chicago & Northwestern Ry. Co., to St. Paul, Minneapolis and Duluth, Minn., and from Minneapolis to Sioux City and Council Bluffs, la., and Omaha, Neb. Capitalization. Outstanding. •Common $18,569,087 Funded debt 41.362,000 ♦Preferred (7% non-cum.) 11,259,859 ♦If more than 7 % per annum is paid on the common stock, the preferred stock is entitled to a like distribution. The Chicago & Northwestern Ry. Co. ac- quired $5,380,000 of the preferred and 59,540,- 000 of the common stock in 1882. Years ended Dec. 31: Gross. Net. Int. &Rent. ♦1919.. $4,934,790 $5,000,370 $2,574,190 tl919. . 27,732,018 3,101,078 ♦1918. . 4,934,790 5,031.160 2,654,443 tl918.. 24,829,981 2,fr51.912 1917. . . 21,476,509 4,837,725 2,719.136 1916. . . 20,855.286 6,664,051 2,949,075 ♦Corporate account. tFederal account — standard return not in- cluded. 283 CHICAGO, ST. PAUL, MINNEAPOLIS & OMAHA RAILWAY CO. Cons. 6s & 3V4s. Due June 1, 1930. Dated June 1, 1880. Interest payable June and Dec. 1, at company's office, 111 Broad- way, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $30,000,000 Outstanding (Jan, 1, '20): 6s $24,417,000 3%S 3.734,000 28.151,000 Koserved for Prior Liens 536,000 Reserved for Ext 1.313,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Control — The C. & N. W. Ry. Co. owns a majority of the stock. Secnred by a direct lien on 1.679.60 miles of road. viz. : A first lien on 1.589.60 miles — Miles. Elroy to near Hudson, Wis 177.60 St. Paul, Minn., to Lake St. Croix, Wis. 15.40 Hudson to Ellsworth, Wis 24.82 Merrillan to Marshfield, Wis 38.67 Pairchild to Mondovi, Wis 36.75 Emerald to Weston, Wis 36.37 Eau Claire to Spooner, Wis 81.51 Trero to Superior, Wis 61.70 Tuscobia to Park Falls, Wis 76.25 Chippewa Falls to Yellow River, Wis.. 45.69 Madelia to Fairmont, Mont 29.38 Bingham Lake to Currie, Mont 38.63 Ponca to Wynot, Neb 29.06 Emerson to Norfolk, Neb 46.50 "Wakefield to Crofton, Neb 49.14 "Wayne to Bloomfleld, Neb 43.14 Branches 17.54 St. Paul, Minn., to LeMars, la 241.46 Lake Crystal to Elmore, Minn 43.69 Heron Lake to Pipestone, Minn 55.10 Trent to Mitchell, S. D 130.73 Bayfield to Chandler, "Wis 97.51 Lucerne, Minn., to Doon, la 28.00 Ponca, via Sioux City to Omaha.... 139.39 St. Croix to Stillwater, Minn 4.55 ClifC to St. Paul Jet 1.02 A second lien on 90 miles — Covered by the first lien of the follow- ing": North "Wisconsin Ry. 1st 6s 80.00 Superior Short Line Ry. 1st 5s 10.00 Prior Liens — $2,030,000 prior liens as fol- lows North "Wisconsin Ry. 1st 6s, 1930.. $530,000 Superior Short Line Ry. 1st 5s, 1930 1,500,000 ' Underliee — $11,200,000 Debenture 5a. !Legal for savings banks in Cal., Conn., Mass., Mich., Minn., Mo., N. H., N. J., N. T., R. I., Vt. and "Wis. Listed on the New York Stock Exchange. OrUrinal Market — $6,070,000 6s offered Feb- ruary, 1919, by Hornblower & "Weeks and "Wil- liam Salomon & Co., New York, etc., at 106^ and interest. Market. Nefw York — Simon Borg & Co., Percy H. Bradshaw, Constable & Fleming, Arthur 0. Frank & Co., Prince & "Whitely, R. W. Pressprich & Co., Redmond & Co., Remick, Hodges & Co., Raymond M. Smith, Struthers & Hiscoe, Seasongood, Hass & Macdonald, Taylor, Smith & Hard, Vilas & Hickey, Jo- seph AValker & Sons, Edwin Wolff. Boston — R. L. Day & Co. Price Ranee — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 6s. High 136 Feb. 13, '06 104% Mar. 9 Low. 98 May 26, '20 98 May 26 3%s. High 91% Feb. 7, '17 79% Sept. 10 Low. 79% Sept. 10, '20 79% Sept. 10 CHICAGO, ST. PAUL, MINNEAPOUS & OMAHA RAILWAY CO. Deb. 5s. Due March 1. 1930. Dated March 1, 1912. Interest payable March and Sept. 1, at company's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction on bonds so stamped, Nos. 1 to 9,200, inclusive. No tax is assumed on Nos. 9,201 to 11,200. Inclusive, AathorizRd $15,000,000 Outstanding 11,200,000 Reserved for Ext 3,800.000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered,' $1,000, $5,000 and $J0,000. C. & R. interchy.iigeable. Trustee — Central Union Trust Co., New York. Security — A direct obligation of the com- pany, but not secured by a mortgage. TKe company covenants rot to increase its mort- gage debt, except for the enlargement or ex- tension of its property, without securing these debentures equally with any such additional bonds. I^eg^l for savings banks in N. H. and R. I. Listed on the New York Stock Exchange. Original Market — Offered in 1912 by Kuhn, Loeb & Co., New York, at 105%. $2,500,000 offered in May, 1913, by Rhoades & Co., and "White, "Weld & Co., New York, at 97% and Interest. Market. New York — Prince & "Whitely, Redmond & Co., Roosevelt & Son, Struthers & Hisoe, Schuman & Seligmann, "Variderhoef & Rob- inson, Vilas & Hickey, Edwin "Wolff, F. J. Lisman. Price Range — 'S. Y. S. E. Jan. 1, '13, to Jan. 1, '21 1920 High 105 May 9, '12 87% Jan. 5 Low. 78 Aug, 11, '20 78 Aug. 11 ' CHICAGO, SANTA FE & CALIFORNIA RAILWAY CO. 1st 6s. Duo Jan. 1, 1937. Dated January 1, 1887. Interest payable January and July 1, at company's olflce, 5 Nassau Street, New York. Tax Status — Pay m€ nt of Fed eral Income Tax not assumed by company. Authorized Closed mortgage Outstanding $560,000 Pledged under A. T. & S. F. Gen. Mtge 14,790.000 Denomination — Coupon, $1,000. Registerable as to principal, or fully registerable. Regis- tered. $5,000. Trustee — Boston Safe Deposit & Trust Co., of Boston. Control — Merged into the Atchison, Topeka & Santa Fe Ry. Co. Secured by a first mortgage on 437.89 miles of double-tracked road from Corwith, 111. (five miles from Chicago), to Big Blue Jet., Mo. (near Kansas City). Underlies — A., T. & S. P. Gen. 4s and Adj. 4s, Gen. 4s are reserved to retire this issue. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. J., N. Y., R. I., Vt. and "Wis. Market. New York — Chas. "W. Place, R. W. Press- prich & Co., Remick, Hodges & Co., Car- ruthers. Pell & Co. , Baltimore — Brinkman & Co. Price Range 1920 — Bid 95. 284 CHICAGO, SOUTH BEND & NORTHERN INDIANA RAILWAY 1st 5s. Due Jan. 1, 1937. Dated Jan. 1, 1907. Intetest payable Jan. and July 1, at Trustee's office. Default — July l, 1918 and subsequent inter- est. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authoi*ized $5,000,000 Outstanding: 2,488,000 Held In Treasury 492.000 Reserved for Prior Liens 1,900,500 Reserved for Ext 119.500 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Protective Committee — G. C. "Van Tuyl, Jr., Chairman; L. H. Gethoefer, D. Taylor, "W. H. Pritchard, F. Coenen, and J. F. MadNamara, Sec, 60 "Wall St., N. Y. C. Metropolitan Trust Co., N. Y., depository. Organization — Incorporated in Indiana, Jan., 1907, as successor to the Northern Indiana Ry. Co., which latter company had absorbed the Indiana Ry. Co., the South Bend, La Porte & Michigan City Ry., the Michigan City Electric Co. and the Michigan City Traction Co. Secured by a mortgage on all the property of the company, including 117 miles of elec- tric railway track in South Bend, Mishawaka, Elkhart, Goshen, La Porte, Michigan City, and interurban lines connecting these towns. Population served, about 130,000. Franchises are perpetual, except in Elkhart, where fran- chise expires in 1957. Prior liiens — $688,000 Northern Indiana Ry. lat Cons. 4s of 1936, 5766,000 Indiana Ry. 1st S. F. 6s of 1930 and $312,500 La Porte & Michigan Citjr Traction Co. 1st S. F. 6a of 1930. Years ended Dec. 31: Gross. 1920 $1,246,516 1919 1,031,771 1918 820,218 1917 791,956 1916 863,693 •Includes interest accrued and not paid. Market. New York — Pouch & Co., Tobey & Kirk, Carr-athers, Pell & Co., Granger & Co. Fhiladelpliia — Arthur J. Bender, Samuel K. Phillips & Co. Price Ran^e. Jan. 1, '16, to Jan. 1, 'ai 1930 Bid. Ask. Bid. Ask. High 78 '16 84 '16 32 Oct. 41 Nov. Low. 30 '19 32 '20 30 Nov. 32 Jan. Net. •Interest. $310,898 $240,215 240,076 244,644 175,198 233,511 185,734 227,489 313,324 223,512 CHICAGO TELEPHONE COMPANY Ist 58. Due December 1, 1933. Dated December 1, 1908. Interest payable June and December 1, at Firat National Bank, New York, and Trustee's office, Chicago. Tax Status- — 2% Federal Income Tax paid by company without deduction. Authorized $50,000,000 Outstamlijigr (Jan. 1, '21) 19,004,000 Reserved for Ext 30,996,000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000 and $5,000. C. & R. inter- changreable. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable at 105 and interest on any in- terest date on three months* notice. Organlxation and Control — Incorporated in Illinois in 1881; on December 23, 1920, name changed to Illinois Bell Telephone Company, it halving purchased all property of the Cen- tral Union Telephone Company in the State of Illinois on November 30, 1920. It owns the perpetual and exclusive rights of the Bell System in moSt of the State of Illinois and in Lake and Porter Counties in Indiana. The American Tel. & Tel. Co. owns a ma- jority of the $40,000,000 capital stock of the company. Capitalization. Outstanding. Common $40,000,000 Funded debt 35,087,000 Secured by a first mortgage on the plant supplying "Bell" telephone service in Chicago, 111., and tHrougrhout the State of Illinois. Chicago franchise expires Jan., 1929. The city may purchase the property either on Jan. 1, 1919. or Jan. 1, 1924, at 5% in ex- cess of the cost of duplication. Prior Liiens — Outstanding. •First Mtge. bonds 1922-26 $520,000 •Bonds of 3 independent telephone com- panies assumed in connection with the pur- chase of the Central Union Company's prop- erties and are liens on certain parts of sucR property. Years. ended Dec. 31: Gross. Net. Int.&Rent. 1920 $33,201,708 $2,833,543 $1,407,081 1919 27,138,198 3,341,1^7 1,11€,582 1918 22,433,426 3,362,670 1,194,871 1917 21,543,914 3,666,219 1,218,220 1916 19,672,718 4,509,965 1,095,379 1915 17,659,533 4,216,807 1,053,760 1914 16,221,922 3,609,065 1,038.468 Listed on the New York and Chicago Stock Exchanges. Original Market — $14,000,000 ofCered in 1912 by First Trust & Savings Bank, Merchants' Loan & Trust Co., Chicago, and Lee, Hlggln- son & Co., New York and Boston, Harris Trust & Savings Bank, The Northern Trust Co. and Illinois Trust & Savings Bank, Chi- cago, at 102^4 and interest. Market. New York — Joseph Oilman, B. & C. Ran- dolph. Philadelphia — Newburger, Henderson & Loeb. Chicago — Merrill. Lynch & Co., Babcock, Rushton & Co. New York — Babcock, Rushton & Co., Jo- seph Gilman, T. L. MacDonald, Harris, Forbes & Co., Curtis & Sanger, T. L. Mac- Donald. Boston — Harris, Forbes & Co., Inc. Chicago — John Burnham & Co., Curtis & Sanger, First Trust & Sav. Bank, The Mer- chants Loan & Trust Co., Harris Trust & Savings Bank. Price Range — N. Y. S. B. Jan. 1, *17, to Jan. X, '31 1930 High 103% Jan. 24, '17 90^^ Dec. 8 Low. 89 Dec. 15, '20 89 Dec. 15 CHICAGO, TERRE HAUTE & SOUTHEAST- ERN RAILWAY CO. 1st & Kef. 5s. Due Dec. 1, 1960. Dated December 1, 1910, Interest payable June and Dec. 1, at First National Bank, New York, and First Trust & Savings Bank, Chi- cago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding 4,244,000 Held in Treasury 606,000 Pledged 1,485,000 Reserved for Corporate Pur- poses 5,879,000 Reserved for Prior Liens 7,787,000 Denomination — Coupon, $1,000. Registerable as to principal. Registered, $6,000 and multi- ples. C. & R. interchangeable. Trustee — Illinois Trust & Savings Bank, Chicago, and "Wm. H. Henkle. Redeemable as a whole at 107 1,^ and inter- est on any interest date on eight weeks' no- tice. Guaranteed principal and interest by the Chicago, Milwaukee & St. Paul Ry. Co. under terms of lease. Organization and Control — Incorporated in Indiana in 1910 as- successor to the Southern Indiana Ry Co., which was sold at fore- closure. Subsequently acquired the property of the Chicago Southern Ry. Co. and Bed- ford Belt Ry. Co. In 1921 the Chicago, Mil- waukee and St. Paul Ry. Co. acquired a sub- stantial majority of the stock of this com- pany, and also leased its property for 999 years, lessee guaranteeing principle and in- terest on all outstanding bonds of the com- pany. I 1 Capitalization. Outstanding. Common $4,300,000 Funded debt 18,784,055 Secured by a direct mortgage on 360.08 miles of road, viz. : A first lein on 128.73 miles — Miles. Chicago Heights, III., to Indiana-Illinois State Line 114.24 Windsor Jet. to Bridge Jet., Ind 7.10 Blanford Jet. to Essenbee Mine, Ind.... 2.30 Kolsem Jet. to Jackson Hill Mine. Ind. . 3.03 Mile Post 166.5 to Pine Ridge Mine, Ind, ^.20 Station 37 to Hugh Shirkie Mine, Ind.. 0.86 A second lien on 227.17 miles — Covered by the Southern Indiana Ry. 1st 4s: Ind.-m. State Line to Westport, Ind 183.78 Blackhawk to Sullivan, Ind 18.52 Shady Grove to Mile Post, Ind 0.91 Mile Post 6.08 to Glendora, Ind 6.59 Latta to Hawton, Ind 8.09 West Clinton to Crown Hill, Ind 6.08 Coxton to Giberson Quarry, Ind 3.20 A third lien on 4.19 miles — Covered by the first lien of Bedford Belt Ry. 5s: Bedford to Oolitic. Ind 4.19 Further secured by a first lien on 25 loco- motives and 2,674 cars, $249,200 stock of the Bedford Belt Ry. Co. and $2,499,500 stock of the C, T. H. & S. E. Ry. Co. of Illinois. The company has trackage rights into Chicago. No passenger service is operated north of West Dana, Ind., 35.50 miles north of Terre Haute. Prior Liens — $7,537,000 Southern Indiana 1st 4s of 1951 and $250,000 Bedford Belt Ry^ 1st 5s of 1938, for the retirement of which, bonds of this issue have been reserved. Underlies — $6,500,000 Chicago, Terre Haute & Southeastern Income Bonds, due Dec. 1, 1960. Years ended Dec. 31: Gross. Net. Int. &Rent. •1919 $922,785 $92S,470 $787,342 tl919 4.094,195 def. 262,159 797,230 •1918 922,785 995,034 882,489 tl918 5,000.956 810,369 812.168 1917 3,805,025 1,322,387 820,564 1916 2,813,761 946,061 760,461 1915 2,263,877 836,738 683,337 •Corporate account. t Corporate and Federal accounts combined. liisted on the New York Stock Exchange. Original Market — Offered in 1911 by F. J. Liaman & Co,. New York, at 98 and interest. Market. New York — Babcock, Rushton & Co., E. A. Baker & Son, Fred. H. Hatch & Co., Wm. C. Orton & Co., Vanderhoef & Robinson, Pynchon & Co., Carruthcrs, Pell & Co., Wolff & Stanley. Boston— Pond & Co. Fhiladelpliia — Harper & Turner. Price Range — N. Y. S. E. Jan. 1, '14, to Jan. 1, '21 1920 High 85 Jan. 23, '14 69% Dec. 4 Low. 58 May 8, '19 65 Nov. 22 CHICAGO, TFRBE HAUTE & SOUTHEAST- ERN RAILWAY CO. Cumulative Income 58. Due Dec. 1, 1960. Dated December 1, 1910. Interest payable if earned, March and Sept. 1, at First Na- tional Bank, New York, and First Trust & Savings Bank, Chicago. Interest Paid — 1% Sept. 1, 1911, March and Sept. 1. 1912, and March 1, 1913. 1%% Sept. 1, 1913. 1V4.% March 1, 1916. Semi-annual interest has been paid from March 1, 1917, to and including March 1, 1920. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,500,000 Outstanding 6,336,066 Held in Treasury 163,945 Voting Privilege — These bonds are entitled to one vote for each $100 par value. Denomination — Coupon, $1,000 and $100. Registerable as to principal. Trustees — First Trust & Savings Bank and Louie Boisot, Chicago. Redeemable as a whole on any interest date at par and interest on 60 days* notice. (guaranteed (stamped bonds) principal and interest by the Chiacgo, Milwaukee & St. Paul Ry. Co. under terms of lease Organization — See Ist & Ref. 6s Secured by a mortgage, subject to the Hen of the 1st & Ref. Mtge. on the property de- scribed above under that issue. Prior Liens — $ 6,334,000 Chicago & Terre Haute & Southeastern Ry. Co. 1st & Ref. 5a of 1960, $7,537,000 Southern Indiana 1st 4s of 1951, and $250,000 Bedford Belt Ry. Co. let 5s of 1938. Earnings — See 1st & Ref. 5s. New York — Sam'l Goldschmidt, Fred H. Hatch & Co., Wm. C. Orton & Co., Vander- hoef & Robinson, Gilbert J. Postley, Pynchon & Co., Wolff & Stanley. Boston — Pond & Co. Chicagro — Curtis & Sanger, Merrill, Lynch & Co. Price Range. Jan. 1. *16, to Jan. 1, '21 19Z0 Bid. Ask. Bid. Ask. High 82 '16 84 '16 35 Dec. 41 Dec. Low. 16 '20 20 '20 16 May 20 May CHICAGO UNION STATION CO. 1st Series **A" 4%s, Series "B" 5s and Series "C" 6%9, Due July 1, 1963. Dated July 1, 1915. Interest payable Jan. 1 and July 1, at Trustee's office, Chicago, and Pennsylvania R. R., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $60,000,000 Outstanding- (May 1, '21) "A" 4^s $30,860,000 "C" 6%a 10,000,000 40,850,000 In Ti-easury B 5s 6,500,000 Reserved for E3xt 12.650,000 Denomination — Coupon, $1,000 and $ 50 0. Registerable as to principal. Registered, $500, $1,000, $5,000 and $10,000. C. & R. inter- changeable. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable on 90 days* notice as follows: A 4%s at 105 and interest on any interest date; C e^^s as a whole only at 110 and interest on Jan. 1, 1935 or any interest date thereafter. Guaranteed as to principal and interest jointly and severally by the Chicago, Burling- ton & Quincy R. R. Co., Chicago, Milwaukee & St. Paul Ry. Co., Pittsburgh, Cincinnati, Chicago & St. Louis Ry. Co. and the Penn- sylvania Co. by endorsement. Organization — Incorporated in Illinois, July, 1913, as the Union Station Co., and present name adopted May, 1"'' 5. Capitalization. Outstanding. . Common $2,800,000 Funded debt 40,850,000 Control — Each of the p-uarantor companies owns one-fourth of the outstanding capital stock. Secured by a first mortgage on all the property of the company, including the prop- erty known as the "Union Station," Chicago, and properties adjacent thereto, comprising 11 blocks from Carroll Ave. to West 12th St.. principally between the Chicago River and North and South Canal Sts., and including the present city block bounded by West Adams, West Jackson, Clinton and North Canal Sts. A new passenger station is being erected with enlarged terminal facilities. Listed on the New York and Chicago Stock Exchanges. Leg:al for savings banks in R. T. Original Market — Underwritten by Kuhn, Loeb & Co., Lee, Higginson & Co., Illinois Trust & Savings Bank, National City Bank of New York and First National Bank of New York, at par and interest; $10,000,000 Series "C" 6%s offered April, 1920, by Kuhn, Loeb & Co., Lee, Hieginson & Co., National City Co., and Firat National Bank, New York, and Illinois Trust & Savings Bank, Chicago, at 9i% and interest. Market. New York — Ames, Emerich & Co., Bab- cock, Rushton & Co., Sam'l Goldschmidt & Co., Prince & Whitely, Redmond & Co., Seasongood, Haas & Macdonald, Sharretts & ■Ford,. "Vilas & Hickey. Philadelphia — Brown Bros. & Co., Chas. Fearon & Co., Wm. W. Fogarty, Isaac Starr, Jr. & Co. Pittsburgh — Edward A. Owen & Co. Ghicagro — John Burnham & Co., Illinois Trust & Savings Bank. Denver — Bankers Trust Co. Louisi'ille, Ky. — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Co. Milwaukee — Ames, Emerich & Co. St. I-ouis — Francis Bros. Sc Co. Price Range— N. Y, S. E. Jan. 1, 'in, to Jan. 1, 'Zl 1920 Series "A" 4%s High lOl^A Jan. 12. '17 83 Jan. 10 Low. 78^4 Dec. 6, '19 IOV2 May 5 Series "C" Q^As High 106 Nov. 3 Low. 100 May 29 cars are shifted directly from the various railroads to the building in which they are to be loaded or unloaded, electric locomotives be- ins' used. Year ended Dec. 31 (subsidiaries) ; Gross. Net. 1920 $871,516 def$174,420 Market. New York — Carstairs & Co., Vanderhoef & Robinson, Didrichsen Bros. Scranton — J. H. Brooks & Co., Chas. E. Robertson, W. F. Stetter & Co; Price Range. Jan. 1, »16, to Jan. 1, '31 1920 Series "A" Bid. Ask. Bid. Ask. High 54 '16 60 '16 4f Mar. lOf Nov. Low. 2f '20 5f '20 2f Sept. 5 Sept. CHICAGO UTILITIES 1st 59. Series "A" and "B." Due April 1, 1943. Dated April 1, 1912. Interest payable April 1 and Oct. 1, at Trustee's office. Interest on Series "B" bonds non-cumulative to April 1. 1917. Default — April 1, 1915, interest. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized : "A" $20,000,000 "B" 4,000.000 $24,000,000 Outstanding: "A" $5,024,900 "B" 4,000,000 9,024,900 Held in Treasury: "A" 975,000 Denomination — Coupon, $1,000. Begisterable aa to principal. Registered, $1,000. Trustee — United States Mortgage & Trust Co., New Tork. Redeemable on any interest date at par and interest. Organization — Incorporated in Maine in 1912 as a reorganization of the Chicago Sub- way Co. and the Illinois Tunnel Co. Owns all the securities of the Chicago Tunnel Co., Chicago AVarehouse Co. and Illinois Telephone & Telegraph Co. Capitalization. Outstanding. Common $18,794,000 Preferred . 30,475,000 Funded debt 9,974,900 Security — Series "A" are secured by a first and Series "B" by a second collateral lien on the properties of the Chicago Tunnel Co^. and the Chicago Warehouse Terminal Co., through the deposit of all of the stocks and bonds of the two companies. The Chicago Tunnel Co. owns 58 miles of subway, covering every busi- ness street in the center of Chicago. These subways are used for the transportation of freight in the business center of Chicago, and the company also has a telephone system in- stalled, using automatic stations. The Chicago "Warehouse & Terminal Co. owns the tunnels located on private right-of- way, which connect the lines of the Tunnel Company with the, various building and ware- houses which are served by the lines, and also with the railroads entering Chicago. Freight 287 CHICAGO VARNISH CO. 1st 68. Due each August 1 as foUows: $10,000, 1930; $30.- 000, 1931 and 1933; $35,000, 1933 and 1934; $30,000, 1935 to 1938 inclusive, and $180,000, 1939. Dated August 1, 1919. Interest payable Feb. 1 and Aug. 1 at Central Trust Co. of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $600,000 Outstanding 400,000 Reserved for Extension 200,000 Provisions of Issue — The additional $ 2 ,- 000 issuable for permanent extensions and ad- ditions, at not to exceed 75 % of the actual cost or physical value thereof, which ever is the lesser amount; and provided that net earn- ings of the company for twelve months pre- ceding shall have been at least three times annual interest charges upon all bonds out- standing, plus bonds proposed to be issued. In case any bonds are issued for acquisitions or improvements, then the trust 3eed requires the company to pay to the trustee, on or be- fore the first day of March in each year, an amount equivalent to one-tenth of the par value of such additional bonds issued, the sinking fund so created to be used either for the retirement of bonds or for the acquisition of permanent property of the same character as would authorize the issuance of addition "il bonds. Purpose of Issue — To fund bank loans In- curred in installing an additional plant for the manufacture of paint. Denomination — Coupon $100, $500 and $1,- 000; registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 102 and interest on any ia- terest date. Organization — Incorporated in Illinois In 1883 to take over a business founded In 1867. Secured by a first mortgage upon the com- pany's plant and equipment. The trust deed requires the company at all times to maintain net current assets equiva- lent to 50% of the par value of bonds out- standing. Provision is made for release of the Kinzio Street property upon the payment to the trus- tee of $75,000, to be used either for the pur- chase or retirement of bonds of the last ma- turity, or the acquisition of additional fixed assets, subject to the written approval of the Manager of Bond Department of Central Trust Co. of Illinois. The property covered includes the company'-s plant located at Elston and Webster Avenues, on the northwest side of Chicago, adjacent to the tracks of the Chicago & North Western Railway. Six acres are owned in fee, the plant comprising 25 buildings of brick struc- ture (for the greater part pressed brick) with an aggregate floor space of 13 3, 00 square feet. The office building is a two-story and basement pressed brick structure, 50x120 feet. In addition to the storage capacity for finished product in the buildings proper, the company has outside steel storage tanks for raw mate- rial of a total capacity of 200,000 gallons. "Xears ended Dec. 31: Gross. Net. 1918 $1,335,323 $88,100 1917 1,294,417 55,016 1916 1,156,009 153,424 Original Market — $400,000 ofCered Septem- ber, 1919, by the Central Trust Co. of Illinois, Chicago, at prices to yield from 6% to 6^%, according to the maturity. Market Cliicagro — Babcock, Rushton & Co. New York — Ernest Smith & Co. CHICKASAW REFINING CO. Ekiuip. Tr. 8s. (Issue of 1930) . Due $50,000 each March 15 and Sept. 15, from March 15, 1921, to Sept. 15, 1924, incL Dated Sept. 15, 1920. Interest payable March 15 and Sept. 15, at Columbia Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the comipany without deduction. Penn- sylvania State Tax refunded. Authorized $400,000 Outstanding: 400,000 Purpose of Issue — The proceeds of this is- sue w^ill be used by the company to pay for the 100 cars now being delivered, and also to pay for the installation of a still which is at present on the company's property at Ardmore. On completion of the work of erection in connection with this new still, the capacity of the plant will be increased from 5,000 barrels to 7,500 barrels per day. -Denomination — Coupon, $1,000. Trastee — Columbia Trust Co., New York. Organization — Incorporated in Delaware in 1917. Owns and operates a refinery at Ardmore, Okla., having a daily refining ca- pacity of 5,000 barrels. Capitalization. Outstanding. Common $1,420,55^ Preferred (7%) 1,060,380 Funded debt *444,125 ♦Includes $44,125 Equipment 6s for the re- tirement of which a cash sum has been de- posited with the Columbia Trust Co., New Tork. Secui'ed by an equipment agreement on 100 all-steel standard tank cars, 8,000 gal- lons capacity, 40-ton trucks, built in 1920 by American Car and Foundry Co., 100 all-steel standard tank cars, 10,000 gallons capacity, 50-ton trucks, built in 1919 by Cambria Steel Co. Original Market — $400,000 offered Sept. 1920 by Freeman & Co., New York, on a 9% basis. CHICRASHA (Okla.) GAS & ELECTRIC CO. 1st & Ref. 5s. Due January 1, 1934. Dated January 1, 1914. Interest payable January and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $400,000 Outstandingr (Jan. 1, '21) 115,000 Held in Treasury 40,000 Held by Trustee 3,000 Reserved for Prior liens 132,000 Denomination — Coupon, $1,000. Registerable as to principal only. Trustees — Central Trust Co. of Illinois, Chi- cago, and William T. Abbott. Redeemable any Interest date at 105 and Interest. Depreciation Fund — Beginning December 31, 1919, an annual payment equal to 2% of the par value of bonds outstanding for a period of not less than 6 months shall be credited to a depreciation fund. Organization and Control — Incorporated In Oklahoma in 1909. The company is controlled by the Middle "West Utilities Co. Capitalization. Outstanding. Common $500,000 Preferred (6%) 250,000 Funde debt 247,000 Secured by a second mortgage on plants supplying gas and electricity in Chickasha, Okla. The company has hydro-electric and steam generating' plants and gas manufactur- ing plant. Electric franchise expires in 1932, gas in 1954. Population served, 16,000, Prior lien — $132,000 1st 6s. Due serially to 1928. Years ended Dec. 31; Gross. 1920. 1919. 1918. 1917. 1916. 1915. $188,835 155,685 118,182 103,487 97,999 87,808 Net. $54,611 59,067 25,198 ^ 36,711 41,758 37,650 Int. Etc. $14,697 14.831 14,637 13,787 21,198 20,412 Original Market — OfCered in August, 191B, at 88 and interest, by McCoy & Co., Chicago. Market. New York — Earnest Smith & Co. Chicago — McCoy & Co. CHILEAN-AMERICAN STEAMSHIP COM- PANY OF DELAWARE 1st 7s. Due as foUows: 880,000 April 1, 1920; §100,000 Oct. 1, 1930; SIOO.OOO Apr. 1, 1931; $80.- 000 Oct. 1, 1921; $60,000' Apr, 1, WZH, and 560,000 Oct. 1, 1923. Dated Oct. 1, 1919. Interest payable April 1 and Oct. 1 at Central Union Trust Com- pany, New Tork. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $480,000 Outstanding: (May 1, '20) 400,000 Balance Retired. Denomination — Coupon $500 and $1,000; registerable as to principal. Trustee — Central Union Trust Company, New Tork. Redeemable on any i nterest date on three weeks' notice at 101 and interest. Guaranteed principal and interest by Com- pania de Vapores Chileanos of Chile, which la being organized to operate on an established trade route between New York and Chile. The guarantor company operates the steamers cov- ered by this mortgage, under charter. Organization — Incorporated in Delaware in 1919. Secured by a first lien on the steamships Llay-Llay and Til-Til. All of the capital stock of the Llay-Llay and Til-Til Steamship Com- panies of Chile, owners of the above steam- ships, is to be deposited with the- trustee as further security. The steamship Llay-Llay is a charcoalir-on coal-burning cargo vessel of approximately 3,- 500 tons dead weight, built at Glasgow, Scot- land, by Duncan & Company and rebuilt and commissioned by the United States Navy In 1918, The Steamship Til-Til is a steel, coal-burn- ing vessel of approximately 35,000 tons dead weight, built at West Hartlepool, England, by "W. Gray & Company, This boat Is now being rebuilt and improved at Cramps Ship- yard, in Philadelphia. The Steamship Llay-Llay has the highest rating of the French Bureau of Veritas and the Steamship Til-Til upon the completion of the reconstruction and Improvements now In progress at Cramps, will have the highest fating of the British Lloyds. S&6 Insurance — In the amount of at least 150% of the bonds issued ag'ainst these boats Is carried, payable to the Central Union Trust Co. of New York, Trustee, iusuringr the boats against loss or damage arising from the perils of the sea, including: fire, collision and accident liability. Insurance moneys paid on account of any actual or constructive total . loss of any steamer' must be used by the Trustee to redeem bonds or applied on the purchase of a steamship of at least equal value, to be substituted under the mortgage. Original Marlcet — $ 480,000 offered Novem- ber, 1919, by Howe, Snow, Corrigan & Bertles, Grand Rapids, Mich., on a 7^^% basis. CHECJB COPPER CO. Coll. Tr. Convertible 7b. I>ae May 1, 1973. Dated May 1, 1913. Interest payable May 1 and Nov, 1, at Trustee's- office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $15,000,000 OutstandiniT 15,000,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal or fully register- able. Registered, $1,000 and multiples. C. ft R. interchangeable. Trustee — Guaranty Trust Co., New York. Convertible at any time Into common stock, par for par. Organization — Incorporated in Delaware In- 1913, and owns all of the stock of the Chile Exploration Co. The company is controlled by the Guggenheim interests. Capitalization. Outstanding. Common $95,000, OOn Funded debt 50,000,000 Secured by a first lien on the entire $1,000,- 000 capital stock of the Chile Exploration Co., which owns extensive copper mines and reduc- tion plant at Chuquicamata, Chile, producing 120,000,000 to 150,000,000 lbs. of copper per annum. Underlies — Conv. 6s of 1932, under which bonds are reserved to retire this issue. Years ended Dec. 31 (combined): Gross. Net. *Deduction8. 1919 $10,360,167 $2,489,089 $4,779,747 1918 20,931,071 8,953,667 5,513.438 1917 18.908.855 7.806,371 6.207,961 1916 10.558.725 4,173,049 2,236,667 •Federal taxes, depreciation, depletion and interest. Market. New York — Schuman & Seligmann, Vilas & Hickey, Carruthers, Pell & Co. Price Range — N, Y. S. £. Jan. 1, *1G, to Jan. 1, '21 1920 High 154 Nov. 30, '16 108% Jan. 5 Low. 88 Dec. 22, '20 88 Dec. 22 CMUjE COPPER CO. Conv. CoU. Tr. 6s, Series *'A." Due April 1, 1932. Dated April 1, 1917. Interest payable April 1 and Oct. 1, at Trustee's ofRce. New York. .. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $100,000,000 Outstandingr 35,000,000 Reserved to Retire Conv, 7s of 1923 16,000,000, Reserved for Ext 50,000.000 Denomination — Coupon, $ 500 and % 1,00 0. Registerable as to principal or fully regis- terible. Registered, $1,000 and multiples. Trustee — Guaranty Trust Co., New York. Redeemable as a whole on any interest date after April, 1922, at 110 and interest. Conv^ible at the rate of $36 face amount of bonds for each $25.00 par value of com- pany's stock at any time during the life of these bonds. Organization — See 7 % Convertibles. Secured by a second lien on entire $1,000,- 000 capital stock of the Chile Exploration Co. The properties of the latter company are lo- cated in Chile. The proceeds of this issue are to be applied in part to Increasing company's plant capacity to 27,000 tons per day. Prior Liens — $15,000,000 Chile Copper Co. Conv. 7a of 1923, for the retirement of which bonds are reserved under this mortgage. Earnings — See 7% Convertibles.. Listed on the New York Stock Exchange. TJjnderwritten April, 1917. by the Guaranty Trust Co., Eugene Meyer, Jr., & Co., and Gug- genheim Bros., New York. Market. New York — Schuman & Seligmann, Vllaa & Hickey, Carruthers, Pell & Co. Philadelphia — Paul & Co. Price Range— N. Y. S. E. Jan. 1, '17, to Jan. 1, '21 1920 High 101 June 14, '17 86 Jan. 2 Low. 62 Dec. 21, '20 62 Dec. 21 CHINA MAIL STEAMSHIP CORP. 1st 8s. Due each July 1 as follows: $100,000 Series "A," 1921; $150,000 Series "B," 1932; $200,000 Series "C," 1923; $250,000 Series "D," 1924 and $300,000 Senes '•E," 1925. Dated July 1, 1920. Interest payable Jan. 1 and July 1 at Union Trust Co., San Fran- cisco. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authorized .". $1,000,000 Outstanding: 1,000,000 Denomination — Coupon, $500 and $1,000. Trustee — Union Trust Co., San Francisco. Redeemable at the following prices, .. plus Interest: Series "A" 100%; Series "B" at 101; Series "C" 101%; Series "T>" 102; and Series "E" 102%. Sinking- Fluid — The Trust Agreement ""pro- vides for quarterly payments sufficient to meet serial payments. Oi'Sranization and Control — Incorporated In California in 1918. The entire capital stock of the Company is owned by the China Mall Steamship Co., Ltd. Capitalization. Outstanding. Common $2,100,000 Funded debt 1,000,000 Secured by a first mortgage on steamer Nanking, United States registry, &. steel, oil- burning cargo and passenger vessel of 8.262 tons, rebuilt in 1918 atfer purchase by the China Mail tSeamship Corporation, and rep- resents a cash investment in excess of $3,250,000. Steamer China, United States registry, a steel, coal-burning cargo and pas- senger vessel of 5,060 tons. Further secured by deposit of all capital stock representing ownership of steamer Nile, British registry, a steel, coal-burning cargo and passenger vessel of 5.888 tons. The above vessels, with combined tonnage of 19,210 tons, have a present value of morie than $3,842,000, which is $200 per ton. The total mortgage indebtedness, $1,000,000, is $52.05 per ton. These boats operate over established and profitable trade routes between San Fran- cisco and the Orient. Insurance carried is the broadest form of coverage obtainable on steamers, including fire, destruction by the elements, perils of the sea, collision, marine risks and war risks; and is payable to the Union Trust Cmpany of San Francisco, Trustee. Insur- ance moneys paid on account of any actual or constructive total loss on any steamer must be used by the Trustee to redeem bonds. Total insurance carried as follows: steamer Nanking $2,751,060 Steamer China 750,010 Steamer Nile 620,000 Total H, 121,070 Years ended Dec. 31 : Gross, Net. Interest. 1920 ?2. 367,577 $365,919 *$71,224 1919 2,357.189 351,503 86,520 Orifirinal Market — $1,000,000 offered July, 1920, by Blyth, Witter & Co., San Francisco, New York, etc., at 100 and interest. Market New York — Blyth, Witter & Co. San Diego — Blyth, Witter & Co. Price Rangre 1920 — 100 July, Dec. CHIPPEWA TAtLEY RAILWAY, LIGHT & POWER CO. 1st 59. Dae July 1, 1934. Dated July 1, 1907. Interest payable Jan. and July 1, at Trustee's office and Harris, Forbes & Co., New York & Boston. Tax Status — 2 % Federal Income Tax paid by company without deduction. Anthorized Closed mortirage Outstanding: (Feb. 25, '21) $506,000 Retired by S. P 496,000 Pledged tinder Wis.-Minn. Lt, & Pow. Co. 1st & Kef. Mtgre.. 498,000 Denomination — Coupon, $1,000. Regrlsterable as to principal. Trustee — Harris Trust & Savings Bank, Chi-_ caro. " Redeemable at 105 and interest on any in- terest date. Sinking Fund — 1 % of outstanding bonds on July 1, 1913 and 1914, 2% 1915-1919, 3% 1920-1923 for the purchase or redemption of bonds at not exceeding 105 and interest. Bonds so acquired are to be cancelled. Organization and Control — Incorporated in Wisconsin in 1898 and acquired the property of the Chippewa Falls Electric R. R. Co. into which the Bau Claire Light & Power Co. was merged. In Jan., 1911, acquired the property of the Chippewa Falls Water Works & Light- ing Co.; July, 1911, the Menominee Blec. Light & Power Co., and Nov., 1912. the Spring Val- ley Light & Power Co. Merged into the Wis- consin-Minnesota Light & Power Co. All of the common stock of the latter company is owned and the property managed by the Amer- ican Public Utilities Co. Secured b^ a first mortgage on all the prop- erty of the company and including 23 miles of electric railway track embracing the street railway systems of Eau Claire and Chippewa Falls, Wis., and interurban line between those cities; all the water powers on the Red Cedar River and hydro-electric plant at Menominee, Wis. ; plants, transmission lines and distrib- uting systems supplying electric light and power in Eau Claire, Chippewa Falls, Meno- minee, Elk Mound and Altoona; on 40 miles of transmission lines furnishing electric power to company supplying Redwing, Lake City and Wabasha, Minn., with electricity, and on plant supplying gas to Chippewa Palls. Population served, over 30,000. Railway franchise In Eau Claire expires in 1928. The company surrendered its lighting franchise In this town for an indeterminate franchise. Underlies — Wisconsin- Minnesota Lt. & Pr. 1st & Ref. 6a, under which mortgage bonds are reserved to retire this ieue. Earnings — See Wisconsin-Minnesota Light & Power Co. Original Market — $650,000 offered in 1907 at 91 and interest by Harris, Forbes & Co., New York, N. W. Harris & Co., Boston, and Har- ris Trust & Savings Bank, Chi«ago. Market. New York — Harris, Forb£s & Co, Boston — Harris, Forbes & Co., Inc. Chicagro — Harris Trust & Savings Bank. Milvraukee — Edgar, Ricker & Co.," First Wisconsin Co. Price Range. Jan. 1, as, to Jan. 1, '31 1920 Not available Bid. Ask. High 98 'IT 101 '17 Low. 91 '19 - 97 '15 CHOATE OIL CORPORATION 3-Yr. S. F. Conv. -7s. Due Nov. 1, 1933. Dated Nov. 1, 1919.. ■ Interest payable May 1 and Nov. 1, at Land Title & Trust Com- pany, Philadelphia. Tax Status — 2% Federal Income Tax" paid by the con:pany without deduction. Pennsyl- vania State Tax refunded. Autliorized $1,220,000 Outstanding- 988,000 Retired by S. F 212.000 Purpose of Issue — To finance the purchase of 100 additional tank cars and for other cor- porate purposes. Denumination — Coupon, $1,000. Registerable as to principal. Trustee — The Lind Title & Trust Company, Philadelphia. Redeemable at 102^ and interest on any in- terest date on 30 days' notice. Holders have the right on or before April 15th or October 15th to present the bonds called for conver- sion into stock. Sinking Fund — The Company will pay to the Trustee on or before March 15 and Septem- ber 15, 1920, and March 15, 1921, the sum of $200,000. and in addition thereto sums equal to 2^% thereon and six months* inter- est thereon at the rate of 7% per annum, except that the Company may deduct from this fund payments to the extent hereinafter set forth, the face value of any said bonds theretofore redeemed or converted (but ex- cluding bonds purchased or called for the sinking fund), with a premium of 2\^% and the interest thereon, viz. : From the payment due Sept. 15, 1920, one- fifth of the -face value, with the premium and interest, of all bonds redeemed or converted on or before May 1. 1920', From the payment due March 15, 1921, one- fourth of the face value, with premium and interest, of all bonds redeemed or converted on or before Nov. 1, 1920; From the payment due Sept. 15, 1921, one- third of the face value, with the preriiium and interest, of all bonds redeemed or con- verted on or before May 1, 1921; and From the payment due March 15, 1922, one- half of the face value, with the premium and interest, of all bonds redeemed or converted on or before Nov. 1, 1921. This fund is to be applied to the purchaan or redemption of these bonds at not over 102% and interest. Bonds acquired to be can- celled. Convertible — Each $1,000 bond may be con- verted into shares of capital stock (no par value) at various times and in various amounts as follows: After May 1, 1920, ana on and before Nov. 1, 1920, 60 shares: on or before Nov. 1, 1921, 40 shares; on or be- fore Nov. 1 , 1922. 33 shares : any bonds called on May 1, 1920, may be converted Into 50 shares for each $1,000 bond. Organization — Incorporated in Delaware in August. 1918, as the Sammies Oil Corpora- tion; present name adopted In 1919. The corporation is engaged in producing, refining, transporting and marketing petroleum and Its pioducts. Capitalization. Outstanding. Common (no par) 200.000 shs. Funded debt $1,200,000 feccured by plcd&e of the following: s.-cur- Itics: (a) 100% of the Capital Stock of the- Sam- mi(S Oil Corp. of Texas. (b) 60% of the issued stock of the Sammies Oil and Supply Company of Sioux City, Iowa. (c) 40% of the atock of the Falcon Oil Asso- ciation of ' t'xas. Under the provisions of the trust agree- ment, the Company agrees that ao long as any of .the bonds are outstanding, it will create no mortgage or lien upon any of its property, but tho Company may purchase ad- ditional property, riving in part payment pur- chase money mortgagre s ; and, further, that while any of these bonds are outstanding no funded indtbtednesa^ of any kind shall be cre- ated without the consent of Frazier & Co. The oil and gas properties of the Choate Oil Corporation and its subsidiary companies comprise leaseholds of oil lands, producing oil and gas wells, pipe lines, an operating re- finery, steel tankage, retail and wholesale filling stations, a municipal gas franchise, tank cars, railroad trackage and loading racks. It has an establishod marketing or- ganization which handles the "Sammies" brand of refined products. The Corporation owns leases on approxi- mately 30,000 acres of oil properties, located In the States of Oklahoma, Texaa and Louisiana In the territory, known as the Mid-Continent Field. The oil and gas production is located in the Healdton Field, Healdtor, Oklahoma; in the North West Extension of Burkburnett, Texas; the Ranger Field, Kanger, Texas ; and the Fine Island Field, Caddo Parish, Louisiana. The approximate daily production is 5,000 barrels from 28 producing wells. The Healdton and Pino Island oils are not 80 high in gasoline content as the Ranger and Burkburnett. but they are most valuable on account of their very high lubricating oil content. In addition the Corporation owns in this location steel storage tanks having a ca- pacity of 66,200 barrels, together with 18 miles of distributing gas pipe lines, supply- ing the City of Ranger, Texas, with gas for commercial and domestic uses. The properties of the Corpo»>.tion also com- prise a half interest in several pipe lines which are used as gathering, lines from the Burkburnett Pool and North West Extension. These lines transport the oil from the differ- ent wells In this field to the Corporation' s tanks and loading rack, built to load tank cars destined for the Corporation's refinery and for the general crude oil market. At Oil City, La. , the Corporation owns steel storage tanks with a capacity of tlO,- 000 barrels, together with preliminary con- struction to double this capacity. These tanks are now connected by pipe lines with the Corporation's producing wells In the Pine Island Field, The Corporation's refinery -Is located at Oklahoma City. The capacity of the refinery ia 2.000 barrels per day, of which 1,500 bar- rels are obtained from the skimming plant, together with 600 barrels of lubricating oil, with a total storage capacity of 56,000 bar- rels. Corporation owns Its own ' 'cracking' ' process. Transportation facilities include 10'' tank cars now In service. The Corporation's retail and wholesale stations are located in Oklahoma and Iowa, Its central distributing points being ; Oklahoma City and Sioux City, Iowa, together with a number of retail filling stations radiating from each of these. The Corporation supplies the city of Ranger, Texas, with natural gas under a forty-year gas franchise. This plant . includes 18 miles of gas mains. The Corporation's properties have been valued at $4,125,000. Original Market — $1,200,000 offered Oc- tober, 1919, by Frazier & Co., Ph^adelphla, etc., at 99 and interest. Market. Philadelphia — Boenning, Carrison & Co., Frazier & Co., O. B. Lanslnger & Co., Mc- Cown & Co. Price lianse 1920 Bid. Ask. High 95 Apr. 100 Mar. Low 82% Sept. 83 Sept. CHOATE OIL CORP. S-Year 8% S. F. Conv. Notes. Due June 1, 1925. Dated June 1, 1920. Interest payable June 1 and Dec. 1, in Philadelphia. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. Authorized $2,500,000 Outstanding 1,000,000 Reserved for Refunding 988,000 Reserved for Corporate Purposes 612,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Land Title and Trust Co. . Phil- adelphia. Redeemable at 102 % and interest at any time on 30 days' notice. Sinking Fund — One-third of net Income less all accrued interest but without deducting depreciation is payable monthly for the pur- chase or redemption of these notes at not over 102 ^ and interest. Convertible at any time into stock of the company at the following rates for each $1,- 000 notes : On or before June 1 , 1921, 50 shares; on or before June 1, 1922, 40 shares; on or before June 1, 1923, 33 shares; and on or before maturity, 30 shares. The ac- crued interest is paid to the date of conver- sion. Urgranlzation — See Conv, ^s. Security — A direct obligation of the com- pany, but not secured by a mortgage. The indenture contains the following covenants: The corporation shall not sell, convey, mort- gage, pledge or otherwise dispose of any of its plant or property, unless the proceeds resulting therefroni to the extent of the ap- praised value of such property so disposed of as determined by the appraisement made by Jos. P. Cappeau, dated Sept. 5, 1919, and in case of property acquired since such date to the extent of the cost thereof to the cor- portatlon, shall be applied by the corporatloLi, By paying the same to the sinking fund relating to this note issue ; by investing the Rame in other property suitable for the pur- poses of the business; or in the development of property then owned or leased, (These provisions do not apply to any profit over and above said appraised value or the cost above referred to, as the case may be.) Price Rangre 1920 — Ask 98. As long as any of these notes are out- standing, the corporation shall not make any distribution of its assets among stockhold- ers by dividends or otherwise which will re- duce Us capital account below a sum to be ascertained by adding the total appraised value of the property as the same appears by report of Jos. P. Cappeau dated Sept. 6, 1919, to the cost of all property thereafter acquired by it for capital account up to the date of the Issue of these notes, and the 1 cost of all property acquired by It out of the proceeds of these notes. For details ofprbperty see Conv. la of 1922. Origrinal Market — $900,000 offered June, 1920, by Frazier & Co., Philadelphia, etc, at 98 and interest, with a bonus of five shares of stock. CHOCTAW & MEMPHIS RAILROAD CO. 1st 5s. Due Jan. 1, 1949. Dated January 2, 1899. Interest payable Jan. and July 1, at First National Bank, New York or Girard Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mort^a^e Outstandings $3,525,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co., Philadelphia. Assumed by the Choctaw, Oklahoma & Gulf R. R. Co. Guaranteed as to interest by the ChIca,go, Bock Island & Pacific Ry. Co., under terms of lease of the Choctaw, Okla. & Gulf R. R. Control — Merg-od into the Choctaw, Okla- homa & Gulf R. R. Co. For further details see C, O. & G. Cons. 5s of 1952. Seciu-ed by a first mortgage on 280.49 miles of road from the west bank of the Missis- sippi River near Hopefiold, Ark., to the Ark. Okla. State Line ; on terminals in Memphis, Tenn. , and trackag-e rights from Memphis, Tenn., to west side of the Mississippi River, including bridge over the Mississippi River, 4 miles. Underlies — Choctaw, Okla. & Gulf Cons. 5s of 1952. Listed on the Philadelphia Stock Exchange., Market. New York — Dunham & Co., Chas. W. Price. Raymond M. Smith, Pynchon & Co., Wolff & Stanley, Vanderhoef & Robinson, Rutter & Co. Philadelphia — Elkins, Morris & Co., Chas. Pearon & Co., Graham, Parsons & Co., Sam- uel K. Phillips & Co. ■ Price Range. Jan. 1, *09, to Jan. 1, *Z1 1920 Bid. Ask. Bid. Ask. High 113% '09 llBVa '09 81 Jan. 84 Mar. Low. 77 '20 81 '20 77 Nov. 81 Mar. CHOCTAW. OKLAHOMA & GULF RAIL- ROAD CO. Cons. 5s. Due May 1, 1953. Dated May 1, 1902. Interest payable May and Nov. 1, at Trustee's office, Philadelphia, and at First National Bank, New Tork. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $5,411,000 Fledged under C. R. I. & P. 1st and Ref. Mtge 5,500.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co., Philadelphia. Assumed by the Chicago, Rock Island & Pa- cific Ry. Co. ' Organization and Control — Incorporated in 1894 under act of Congress and acquired Choctaw & Memphis R. R. and other com- panies. In 1902 the Chioago, Rock Island & Pacific Ry. Co. acquired all of the stock, and in 1904 leased the property for 999 years. Capitalization. Outstanding. 'Common $9,827,500 Preferred 6.000.000 Funded debt 8,936,000 Secured bjt a, direct mortgage on 697.43 miles of road, viz: A fii'st lien, on 679.4)3 miles — Miles. Elk City to Okla.-Tex. State Line near Texola, Okla 40.17 Haileyville Jet. to Ardmore, Okla 117.51 Geary, Okla, to Anthony, Kan 114.72 Ingersoll to Alva, Okla 15.59 Hot Springs to Benton, Ark 34.95 Butterfield to Malvern, Ark 6.15 Connection with Malvern & Camden Ry. at Malvern Jet., Ark 0.86 Ark.-Okla. State Line to Elk City, Okla 325.28 Tecumseh to Asher, Okla 25.19 Also on bridge across Arkansas River at Little Rock, Ark. A second lien on 28/0.49 miles — Covered by the first lien of the follow^ing: Choc. & Memphis 1st 5s 280.49 Also a first lien on 62AS mies of lease- hold — Brlnkley to Jacksonport, Ark 66.60 Viville to Gregory, Ark 5.98 Prior Liens — $3,525,000 prior liens as fol- lows: , Choctaw & Memphis 1st 5s. 1949 .. $3,526,000 Legal for savings banks in Mo. Listed on the New York and Philadelphia Stock Exchanges. Original Market — $3,400,000 offered in Jan., 1902. by Drexel & Co., Brown Bros. & Co., E. B. Smith & Co., and W. H. Newbold Sons & Co.. Phijadelphia, at 107^ and interest. Market. New York — Constable & Fleming, Cam'l Goldschmidt, Chas. W. Place, Roosevelt & Son, Taylor, Smith & Hard, Carrutliers, Pell & Co.. Wolff & Stanley, Rutter & Co., Pynchon & Co. Philadelphia— Barnes & Lofiand, Elkins, Morris & Co., Chas. Gearon & Co., Graham, Parsons & Co., Huntoon & Co., McCown & Co., Samuel K. Phillips & Co. Price Range — ^N. T. S. E. Jan. 1, '09, to Jan. 1, '31 1920 High 111% Aug. 16, '09 82 Nov. 6 Low. 81 Oct. 21, '20 81 Oct. 21 CICERO GAS COMPANY Ref. & Gen. 6s. Due Jnly 1, 1932. Dated July 1, 1902. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding 3,365,000 Reserved for Prior Liens 600,000 Reserved for Corporate Pmv poses 1,130,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Trust Co., Chicago. Guaranteed principal and interest by the Northwestern Gas Light & Coke Co. by en- dorsement. Assumed by the Public Service Co. of Northern Illinois. Control — Consolidated In 1902 into the Northwestern Gas Light & Coke Co., which company supplies gas to about 25 suburbs of Chicago. In 1913 the property of the latter company was acquired by consolidation by the Public Service Co. of Northern Illinois. Secured by a mortgage on all the property formerly belonging to the Cicero Gas Co. and including plant supplying gas to Cicero, 111., and vicinity. Population served, 20.000. Franchises expire about 1940. Prior Liens — $500,000 1st 6s of 1922 which this issue provides to retire. Underlies — Pub. Serv. Co. of Nor. 111. 1st & Ref. 5s under which mortgage bonds are re- served to retire this issue, and Deb. 63, due 1922. Earnings — See P. S. of N. III. liistea on the Unlisted Department Of the Chicago Stock Exchange. Market. New York — Babcock, Rushton & Co., J. S. Bache & Co. Philadelphia — McCown & Co. ■Ghicagro — Halsey, Stuart & Co., Merrill, Lynch & Co. Price Ranee. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98% '16 100 '16 87 Dec. 81 Apr. Low. 60 '20 68 '20 60 Nov. 68 Nov. CINCINNATI & MUSKINGUM VALLEY RAILROAD CO. 1st 4s. Due Auff. 1, 1948. Dated Aug. 1, 1898. Interest payable Feb. and Aug. 1. at Penna. R. R. Co., New York. York. Tax StatnB — 2% Federal Income Tax paid by company without deduction. Tax free In Ohio. Anthorized $2,000,000 Outstanding: (Apr. 21, '21) 1,616,000 Retired by S. F 134,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan and Trust Co., New York. Sinking Fund — Annually, on October 1, 1% of the bonds outstanding, to be applied to their purchase at not exceeding par. If not purchased at this price, the fund for that year shall revert to the company. Guaranteed principal and interest by the Pennsylvania Co. by endorsement. Control — Consolidated in 1911 Into the Cleveland, Akron & Cincinnati Ry. Co., which is operated by the Pennsylvania R. R. Co.- Weatern Lines under the terms of an operat- ing agreement, whereby the net earnings re- vert to the C. A. & C. Ry. Co. All of the stock of the company is owned by the Penn- sylvania Co. Secured by a first mortgage on 148.46 miles of road from Trinway to Morrow, Ohio. Legal for savings banks in Cal.. Me.. Mich., Minn., Mo.. N. H., N. J. and R. I. Market. New York — Dunham & Co., R. B. Hutch- inson & Co. Philadelphia — Samuel K. Phillips & Co., Isaac Starr, Jr., & Co. Price Range. Jan. 1, »16, to Jan. 1, »21 1920 Bid. Ask. Bid. High 93 '16 95 '17 72 Jan. Low. 65 '20 99 '20 65 July CINCINNATI ABATTOIR CO. S, F. 7% Notes. Due April 1. ld!39. Dated April 1, 1919. Interest payable April and October 1st at Trustee's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized ^ . . . .$1,000,000 Outstanding 1,000,000 Denomination — Coupon, $1,000, registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable upon thirty days' notice by purchase at not exceeding 102, and if not so purchasable to be called by lot at 102 and Interest. Sinking Fund — Annually beginning March 1. 1920, as follows: $50,000, 1920; $75,000, 1921; $100,000, 1922 to 1927, inclusive; $125,- 000, 1928. Organization — Incorporated in Ohio, 1893. Company, leases from its subsidiary company the Abattoir Realty Company (all of whose capital stock it owns), plant adjoining Union Stock Yards in Cincinnati, covering five acres of land. Company also leases a curing and cold storage warehouse with capacity of three million pounds and maintains branch house in New York. Owns 159 refrigerator cars, which are operated under the title of the Cincinnati Refrigerator Express. Capitalization. Outstanding'. Common $400,000 1st Pref. (7%) 400,000 2d Pref. (7%) 375,000 Funded debt 1,000.000 Security — ^A direct obligation of the com- pany, but not secured by mortgage. Com- pany covenants that so long as any notes of this issue are outstanding, it will not, without the written consent of the holders of two- thirds of the outstanding notes, place any mortgage upon its property or issue evidences of indebtedness maturing within more than one year, except under certain carefully guarded restrictions specified in the Indenture. The company further agrees to maintain at all times net tangible assets equal to 250 % of the face value of the notes outstanding, of which the net quick assets shall be not less than 150%. Original Market — Offered in April, 1919, by ImbrJe & Company, New York, etc., at 99% and interest. Market. New York — Blodget & Co. Boston — Blodget & Co. Chicago — National City Bank. Baltimore — Robt. Garrett & Sons. Price Rangre Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 991^ '19 100 '10 93 Nov. 99 June Low. 93 '20 93% '20 93 Nov. 93% Sept. CINCINNATI GAS & ELECTRIC CO. 40- Year 1st & Bef. (now 1st) 8. F. 6s, Series "A." Due April 1, 1956. Dated April 1, 1916. Interest payable April and Oct. 1, at Trustee's office, New York, and Central Trust Co., Cincinnati. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding: (Mar. 11, '21)... 9,311,000 Held in S. F 148,000 Pledged to Secure 6% Notes.. 3,000.000 Reserved for guaranty of Cin- cinati Gas Transportation Co. 5s of 1933 2,137,000 Cancelled 404,000 Denomination — Coupon . $1,000. Register- able as to principal. Registered $1,000 and multiples. C. & R, interchangeable. Trustee — Columbia Trust Co., New York. Redeemable at 102 and interest on any In- erest date on 30 days' notice. Sinking Fund — Annually, beginning April 1, 1920, a sum equal to 1 % of outstanding bonds, to be applied to their purchase or re- demption at not over 102 and interest. Guaranteed as to interest and sinking fund under terms of the lease by the Union Gas & Electric Co. Lease — Property of company leased for 99 years from Sept. 1, 1906, to the Union Gas & Electric Co. Rental, interest and sinking fund charges 5 % dividend on capital stock (authorized $36,000,000, outstanding, $35,- 056.300) and renewals, replacements and de- preciation. Performance of lease guaran- teed by deposit of $3,375,000 in cash and se- curities with Trustees. Organization — Incorporated in 1837 in Ohio. In 1901 absorbed Cincinnati Edison Electric Co., Brush Electric Co. and Jones Bros. Elec- tric Co., all in Cincinnati. Capitaliztaioii. Outstanding. ■Common $35,056,300 Funded debt 13,359.000 Secured by a first mortg-age on all the ■property of the company and including plants supplying gas and electricity to Cincinnati, O., eas to Norwood, Elmwood, ■Wyoming, St. Ber- nard, Arlingotn, Reading, Lockland, Wil- Jiamsdale, Glendale, Woodlawn, Silverton, Deer Park and Mount Healthy, Cheviot, Ivory- dale, Rennselear Park, and electricity to town, Cheviot, Norwood, St. Bernard, Silver- ton, Williamsdale, Addystone, North Bend Cleves, Maderia. Twightwel, White Oak and Gresbeck. Electric generating capacity 106,000 K. W. Franchises in Cincinnati are perpetual, subject to city's privilege to pur- chase property and regulate rates at 10-year periods. Population served 450,000. Liisted on the New York and Cincinnati Stock Exchanges. Original Market — $4,500,000 offered April, 1916, by A. B. Leach & Co., New Tork, etc., at 99% and interest. / Market. New York — Babcock, Rushton & Co., Sam'l Goldschmidt, Hodenpyl, Hardy & Co., Earle A. Miller & Co., Vanderhoef & Robinson. Baltimore — Jenkins, Whedbee & Poe. Fhilaec. 1 pt Trustee'^' office. N^-v York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $2,000,000 Outstanding 1,500,000 Reserved for Corporate Pur- poses 500,000 Purpose of Issue — These Notes are Issued for the purpose of obtaining funds for the construction, installation and equipment of a third electrical generating unit of 30,000 Kilo- watts capacity; to pay for extensions and im- provements to the gas and electric proper- ties of the Company carried out during the past year, and to provide for other neces- sary additions and betterments. Denomination — Coupon. $1,000 ; registerablfl as to principal. Trustee — Central Trust Co., Cincinnati. Redeemable at any time on 30 days' notice at 101% on or before Dec. 1, 1920, at 101 on or before Dec. 1, 1921, and at 100% there- after, plus accrued Interest. Organization — See 1st & Ref. 5s. Security — ^A direct obligation of the Com- pany, but not secured by mortgage. Prior Liens. Outstanding. 1st & Ref. 5s 1956 $12,459,000 Original Market — $1,500,000 offered Jan., 1920, by A. B. Leach & Co., Inc., and J. W. Seligman & Co., New York, at 99% and Interest. Market. New York — Babcock, Rushton & Co., Sam'l Goldschmidt, Earle A. Miller & Co., Car- ruthers, Pell & Co. Price Rang:e 1920 Bid, Ask. Hi&h 97% Mar. 99% Mar. Low 92 Sept. 9,7 Dec. CINCINNATI GAS TRANSPORTATION CO. 1st 58. Due July 1, 1933.— Dated July 1, 1908. Interest payable Jan. and July 1, at Cincinnati Trust Co., or Lon- don County & Westminster Bk., Ltd., Lon- don. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding: (Jan. 1. '21) 2,547,000 Ketii-ed by S. F 2,453,000 Denomination — Coupon, $1,000. Trustee — Provident Savings Bank & Trust Co.. Cincinnati. Redeemable at 110 and interest. Sinldng Fund — $250,000 per annum payable monthly, at not over 110 and interest. Bonds redeemed to be cancelled. Guaranteed principal. Interest and sinking fund by Columbia Gas & Electric Co. and $3,- 000,000 also guaranteed principal and inter- est by endorsement by the Cincinnati Gas & Electric Co. and under terms of guarantee are equally secured with that company's 1st & Ref. 6s of 1956. Organization — Incorporated In West Vir- ginia In 1908. Capitalization. Outstanding. Common $2,000,000 Preferred (5%) 3,000.000 Funded debt . . ; 2.547,000 Control — All preferred stock owned by Cin- cinnati Gas & Elec. Co. , which company is leased to the Union Gas & Elec. Co., all of whose stock is owned by the Columbia Gas & Elec. Co., and the C. G. T. Co, property leased to that company until 1938, with privi- lege of renewal of lease. Secured by first mortgage on 160 miles of main, pipe line and 25 miles of field lines, con- necting natural gas fields in W. Va. and Ky„ owned by Columbia Gas & Elec. Co.. of West Virginia. Daily capacity, 121,000,000 cubic feet. Farnings — Dividends at the rate of 10% on the $2,000,000 common stock are being paid annually under terms of lease. Listed on the Cincinnati and Pittsburgh Stock Exchanges. Original Market — $3,000,000 offered 1909, at 97% and interest, by A. B. Leach & Co., New Tork, Chicago, Boston, etc., and White & Co., New York. Market. New York — Dunham & Co., Fred. H. Hatch & Co., Earle A. Miller & Co.. Vander- hoef & Robinson. Boston — L. Sherman Adams. Fliiladelpliia — Samuel K. Phillips & Co. Price Baiiffe. Jan. 1, '17, to Jan .1, '21 1920 Bid. Ask. Bid. Ask. High 99% '17 102 '17 89% Nov. 98Jun6 Low. 84% '20 89 '20 84% Dec. 89 Deo. Double Guar. High 100 '17 102 '17 99 Jan. 100 Jan. Low. 85 '20 90 '20 86 Sept. 90 Aug. CINCINNATI, H.«II1,T0N & DATTON RAH,- ROAD CO. 2nd (now 1st) 4%s. Due Jan. t, 1937. Dated January 1, 1887. Interest payable Jan. and July 1, at J. P. Morean & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Ontstandingr 2,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New Tork. Assumed by Toledo & Cincinnati R. R. Co. Control — Merged In 1896 into the Cincin- nati, Hamilton & Dayton Ry. Co. In June, 1917, the latter company was succeeded through foreclosure by the Toledo & Cincin- nati R. R. Co., the entire capita] stock of which is owned by the Baltimore & Ohio R. R. Co. Secured by a first mortgage on 60.06 miles of road from Cincinnati to Dayton, Ohio, of which 35.84 miles are double-tracked: a first lien 1.16 miles of trackage rights over the New Tork Central E. R. at Toledo, O. ; a first lien on 143.98 miles of leaseholds. Including 141.16 miles from Dayton to To- ledo, O. (Dayton & Michigan R. R. Co., dated May 1, 1863, and modified Jime 23, 1870) and 2.83 miles from Dayton to Sol- diers' Home, O, (The Home Avenue R. R. Co. dated June 29, 1897.) Underlies — C:. H. & D. H. R. Gen. 5s of 1942 and B. & O. Toledo-Cincinnati Div. 4s and 5s of 1969, under which bonds are re- served to retire this issue and T. & C. R. R. Adj. & Imp. Mtge. Bonds, all of which are owited by the B. & O. R. R. Ijisted on the New York and Cincinnati Stock Exchanges. Market. New York — Sam'l Goldschmidt, Wolff & Stanley, P. J. Lisman & Co. Cincinnati — Dudley V. Sutphin. Price Range — N. Y. S. E. Jan. 1, '11, to Jan. 1, '21 1920 Bid. jVsk. High 101% May 25, '11 78 Feb. 80 May Low. 86% Dec. 6, '19 69 Apr. 70 June CINCINNATI, HAMILTON & DAYTON RAIL- ROAD CO. Gen. 5s. Due June 1, 1942. Dated June j, 1892. Interest payable June and Dec. 1, at Kuhn, Loeb Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $3,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers' Trust Co., New Tork. Assumed by Toledo & Cincinnati R. R. Co. Control— See 2nd 4%s of 1937. Secured by a second mortgage on 60.06 miles of road, trackage and leaseholds, de- scribed under the 2nd 4%s. Prior Liens — $2,000,000 Second (now First) 4%a of 1937. Underlies — B. & O., T-C Div. Ist Lien & Ref. 4s and 6s of 1969, which mortgage pro- vides for the retirement of this iasu.^ and T. & C. R. R. Adj. & Imp. Bonds, all owned by the B. & O. R. E. Listed on the Cincinnati Stock Exchange. Original Market — $2,000,000 offered in 1892, at 102 and interest, by Blair & Co., New York. Market. New York — Sam'l Goldschmidt, Pynchon & Co., Wolff & Stanley, F. J. Lisman & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 106 y2 '90 109 '09 70% Aug. 76 Jan. Low. 60 '20 70 '20 60 July 70 Feb. CINCINNATI. INDIANAPOLIS & WESTERN RAILROAD CO. (The). 50-Year Ist 6s. Due Nov. 1, 1965. Dated Nov. 15, 1915. Interest payable May land Nov. 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduct.on. Authorized $12,000,000 Outstanding 2,676,000 Keserved (or Ext 9,326,000 Denomination — Coupon, $100 and $1,000. Registerable as to principal. Trustee — Equitable Trust Co. and F. E. Mowle, New York. Redeemable at 106 and interest on any interest date on 30 days' notice. Organization — Incorporated in Indiana In 1916. Dec, 1915, acquired the property of the Cin., Ind. & Western Railway Com- pany, sold undfir foreclosure. Capitalization. Outstanding. Common $6,350,000 Preferred (6% non-cum.) 5,360,000 Funded debt 3,433,021 Secured by a first mortgage on 283.22 miles of road from Hamilton, O., via Indiana- polls, Ind., to Springfield, 111. Years ended Dec. 31. Gross. Net. Int.&Rent. •1920 $3,786,145 def.$456,874 $238,114 tl920 757,320 def. 280,933 •1919 422,212 475,947 244,869 tl919 3,204,571 def. 633,711 208,322 •1918 422,212 480,322 341,626 tl918 3,137,153 def. 42,179 311,247 1917 2,639,637 608,538 285,775 1916 2,372,129 590,551 347,662 • Corporate account. tPederal account — standard return not in- cluded. Market. New Yorlt — Vanderhoef & Robinson. Car- ruthers. Pell & Co., F. J. Lisman & Co., Wolff & Stanley, Pynchon & Co. Price Range. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 79 '17 90 '16 67 Jan. 77 Jan. Low. 50 '20 60 '20 50 Dec. 60 Dec. CINCINNATI, INDIANAPOLIS & WESTERN RAILROAD CO. Equip. Tr. 5s. Series "A." Due $28,000 each Feb. 1 and Aug. 1 to Feb. 1, 1926, inclusive. Dated Feb. 1, 1916. Interest payable Aug. 1 and Feb. 1, at office of Trustee. Tax Status — 2% Federal Incomt Tax paid by company without deduction. Authorized $560,000 Outstandlngr (Mar. 1, '21) 280,000 Balance retired. Denomination — Coupon $1,000. Register- able as to principal. Trustee — Equitable Trust Co., New York. Bedeemable as a whole only, at par and interest, at anv time on 60 days' notice. Secured by an equipment aErreement on 8 Mikado type locomotives, 1 consolidated locomotives, 5 switching locomotives, 10 freight locomotives and 6 passenger locomo- tives, costing 1700,000, of which the com- pany paid $140,000 in cash. Leg:al for savings banks in Ohio. Market. New York — Freeman & Co. CINCrNNATI, INDIANAPOLIS & WESTERN RAIUCOAD CO. (The). Equip. Tr. 6s. Series "B/* Due $33,000 each Oct. 15 and April 15, from Oct. 15, 1916, to April 15, 1921. inclusive, and $33,000 semi-annually from Oct. 15, 1931, to ^ April 15, 3926, incluBive. Dated April IB, 1916. Interest payable April 15 and Oct. 16, at trustee's. Tax Status — -Payment of Federal Income Tax not assumed by company. Authorized $650,000 Outstanding: (May 1, *21) -330,000 Balance Retired. Dehomination — Coupon, $1,000. Hegister- able as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadel- phia. Guaranteed as to principal and interest by the C. I. & W. R. R. Co. by endorsement. Secured by an equipment lease on 660 steel freight cars and nine modern steel coaches. The railroad company paid 20% in cash and these certificates are issue-I for the balance. Legul for savings banks in Ohio. Original Market — OfEered April, 1916, by Breed, Elliott & Harrison, Cincinnati, etc., at prices yielding from 3%% to 4%%. Market. See Series "A". CINCINNATI, INDIANAPOLIS, ST. LOUIS & CHICAGO RAILWAY CO. Gen. Ist 4s; Due Aug. .1, 1936. Dated Augurt 2, 1886. Interest payable Feb., May, Aug. and Nov. 1, M. S. Barger, Treasurer, Grand Central Terminal, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized Closed mortgage Outstondins: (Nov. 15, '20) $6,537,000 Retired by S. F 1,546,000 Exchanged for C. C. C. & St. L. Gen. Mtge. Bonds 1,060,000 Denomination — Coupon, $1,000. Coupon bonds may be exchanged for registered bonds. Registered, $1,000, $5,000 and $10,000. ' Trustees — Central Union Trust Co., New Tork, and Wm. A. Wildhack. Sinking Fund — 1% annually of the bonds outstanding, to be paid to the Trustee by the company in money or bonds; if in money, to be applied to the purchase of these bonds at not exceeding 102% and interest. If bonds are not purchasable at this figure payment shall revert to company. Assumed by the Cleveland, Cincinnati, Chi- cago & St. Louis Ry. Co. Control — ConeoIIdated In 1889 into the C, C, C. & St. L. Ry. Co. Secured by a dii-ect or collateral lien on 348.18 miles of roacl, viz. : A first Uen on 232.87 miles — Miles Valley Jet. to Harrison, Ohio 7.02 Fairland to Martinsville, Ind 38.37 Cincinnati, O., to Lafayette, Ind 174.60 Lawrenceburg Jet., to Lawrenceburg, Ind 2.88 A first collateral lien on 125.31 miles through deposit of stock and bonds of pro- prietary companies — Greensburg to Columbus, Ind 24.28 Rushville to North Vernon, Ind 44.25 Templeton, Ind., to Kankakee, 111 56.78 Also secured by pledge of tha following : DepoEited Issued Cent. Union Depot & Ry. Co. Pfd $200,000 $600,000 Indianapolis Un. Ry, stk. 50,000 250,000 Underlies — C., C. C. & St. L. By. Gen. 4» and 5s., and Ref. & Imp. Mtge. Bonds, are reserved under both mortgages to retire this Issue. Listed on the New Tork and CincinantI Stock Exchanges. Market. New York — Chas. W. Place, R. "W. Press- prich & Co., Prince & Whitely, Redmond & Co., Raymond M. Smith, Watson, Arm- strong & Co., Edwin Wolff, Carruthers. Pell & Co. Price Range — N. Y. S. B, Jan. 1, '06, to Jan. 1, '21 1920 High 103% Jan. 31, '06 82 Oct. 29 Low. 69 Sept. 3, '20 69 Sept. 3 CINCINNATI, LEBANON & NORTHERN RAILWAY CO. 1st Cons. 4s. Due Nov. 1, 1942. Dated Nov. 1. 1902. Interest payable May and Nov. 1, at Penna. R. R. Co., New Tork. Tax Status — 2% Federal Incom^ Tax paid by company without deduction. Tax exempt in Ohio. Authorized Closed mortgage Outstanding: (Apr. 21, '21) $1,106,000 Retired by S. F 194,000 Owned by Penna. Co 200,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Ceatral Trust & Safe Deposit Co., Cincinnati, Ohio. Sinking Fund — 1% per annum of bonds outstanding to be applied to their purchase at not exceeding par. If not purchasable at this price, the funds for that year shall revert to the company. Guaranteed as to principal and interest by the Pennsylvania Co. by endorsement. Organization and Control — Incorporated in Ohio in 1885. The Pennsylvania Co. owns the entire capital stock. In Jan. , 1915, the C. , L. & N. P.y. Co. acquired the Dayton, Lebanon & Cincinnati R. R. & Terminal Co., owning 3 miles of road from Lebanon to Lebanon Jet. , Ohio, and branches. Capitalization. Outstanding. Common $2,100,000 Funded debt 1.306,000 Secured by first mortgage on 51.45 miles of road, viz. : Miles Cincinnati to Dodds, 35. 87 Blue Ash to Montgomery, 1.35 Middletown Jet. to Middletown, 14.23 Legal for savings banks in Cal. , Me. , Mich., Minn., Mo., N. H.. N. J. and B. I. Listed on the Cincinnati and New Tork Stock Exchanges. Original Market — Offered in 1902 by Sea- songcod & Mayer, Cincinnati, at 1 02 and Interest. Market. New York — Dunham & Co., Frederick H. Hatch & Co., Chas. W. Place, Redmond & Co., Carruthers, Pell & Co., Finlay & Dav- enport. Philadelphia — Elkins, Morris & Co., Chas. Fearon & Co., Graham, Parsons & Co., Isaac Starr, Jr., & Co. Price Range— N. Y, S. E. Jan. 1, *09, to Jan. 1, '21 1920 Hi&h 101 May 10, '09 80 Feb. 2 Low. 80 Feb. 2, '20 80 Feb. 2 CINCINNATI, NEW ORI/EANS & TEXAS PACIFIC RAILWAY CO. Equipment 4%s. Series "D." Due $90,000 each Dec. 1 and June 1 to June 1, 19Z6, inclusive. Dated June 1, 1916. Interest payable June 1 and Dec. 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,800,000 Outstanding: (July 1, '21) 900,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Secured by an equipment agreement on 12 all-steel passenger cars, 3 all-steel passengrer- bagg'age cars, 6 all-steel baggage-express cars, 1 all-steel cafe-ob£ervation car, 4 switch en- gines, 6 mountain-type passenger engines and 1,609 steel center sill box cars, coating $2,- 084,638, of which $284,638 was paid in cash by the company. Legral for savings banks in Ohio. Original Market — Offered April, 1916, by Potter, Choate & Prentice, New York. Market. New York — Evans, Stillman & Co., Free- man & Co. Philadelphia — Graham., Parsons & Co. CINCINNATI, NEWPORT & COVINGTON RAILWAY 1st Cons. 58. Due July 1, 1922. Dated July 26, 1892. Interest payable Jan. and July 1, at Nat'l Bank of Commerce, New York, First Nat'l Bank, Cincinnati, and Liberty Nat'l Bank, Covington, Ky. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $3,000,000 Outstanding 2.850.000 Reserved for Prior Lien 150,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000. Trustee — Farmer's Loan & Trust Co., N. Y. Guaranteed as to interest by terms of lease of Cin., New. & Gov. Lt. & Traction Co. to Columbia Gas & Elec. Co. of Ohio. Organization and Control — Incorporated In Ohio in 1892. All of the stock is owned by the Cin., Newport & Gov. Light & Traction Co., and property is leased to the Columbia Gas & Electric Co., to 1997, at a rental equiv- alent to Interest on bonds and 4^% per an- num on $4,500,000 preferred stock and 6% per annum on $5,000,000 common stock. Capitalization. Outstanding. Common $3,200,000 Funded debt 4.044.000 Secured by mortgage on 68 miles of street railway in Covington, Dayton and other cities In Kentucky, opposite Cincinnati. Ohio; fur- ther secured by deposit of stocks of consoli- dated companies. Population served, about 105,000, exclusive of Cincinnati. Franchises — The Covington franchise has been declared perpetual by U. S. District Court. In 1917 the City Council of Cincin- nati granted a franchise for the so-called to remain in force until Jan. 1, 1919, and ' 'temporary' ' Covington and Newport routes until 24 months after the ordinance takes effect, respectively; and in the case of other routes for 25 years. As of April 1, 1920. the City of Newport had not granted a new franchise. Prior Liens — $150,000 Cincinnati & Coving- ton Cons. 6s of 1932. Underlies — $859,000 2d 68. 1926. Listed on the Cincinnati Stock Exchange. Market. New York — J. S. Bache & Co., Taylor & White. Cincinnati — Fifth Third National Bank, Dudley V. Sutphin. Price Range Jan. 1, '09, to Jan. 1, '21 1920 Ask. Ask. Bid. Ask. High 104% '09 107 '09 91 May 92% Oct. Low. 83 '20 88 '20 83 Sept. 88 Dec. CINCINNATI, NEWPORT & COVINGTON RAILWAY 2nd 5s. Due July 1, 1922. Dated July 1, 1896. Interest payable Jan. and July 1, at National Bank of Commerce, N. Y., First Nat'l Bank, Cincinnati, and Liberty Nat'l Bank. Covington, Ky. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding - 859,000 Reserved for Ext 141,000 Denomination — Coupon, $1, 000. Trustee — Farmers' Loan & Trust Co., New York. Guaranteed as to interest by lease of Cin., New. & Gov. Lt. & Traction Co, to Columbia Gas & Elec. Go. Organization, etc. — See 1st Cons. Bs. Secured by a mortgage junior in lien to that of the 1st ConS. 5s on the property de- scribed under that issue. Prior Liens — $3,000,000 1st Cons. Bs and bonds of absorbed companies. Listed on the Cincinnati Stock Exchange. Market. Cincinnati — Channer & Sawyer, Chaa. C. Murray & Co.. Beazell & Chatfleld, West- helmer & Co.. Fifth-Third National Bank. Price Range. ^ Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103% '10 108 '09 86 Feb. 90 May Low. 95 '20 90 '14 85 May 90 May CINCINNATI NORTHERN RAILROAD CO. 1st 4s. Due July 1, 1951. Dated Sept, 23, 1901. Interest payable Jan. and July 1. at Guaranty Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 419.000 Owned by C. C. C. & St. L 681,000 Reserved for Ext 2,000,000 Denomination — Coupon. $ 1 , O'O. Kegister- able as to principal only, or fully register- able. Registered, $1,000. Trustee — Guaranty Trust Co., New York. Organization — Incorporated in 1897 In Ohio and Michigan.' Capitalization Outstanding Common $3,000,000 Funded debt 1,258.000 Control — A majority of the stock Is owned by the Cleveland, Cincinnati, Chicago & St. Louis Ry. Co., which is in turn controlled through stock ownership by the New York Central R. R. Co. Secured by a first mortgage on 206.26 miles of road from Franklin Jet., Ohio, to Jackson. Mich, and branches. The company has track- age rights over the C, C, C. & St. L. Ry. Co. from Franklin Jet. to Cincinnati, 38 miles, and the line operated forms a short line be- tween Cincinnati and points in Michigan. Years ended Dec. 31: Gross. Net. Int. & Rent. *1919 $317,628 $368,429 $234,029 tl919 2,872,269 734,778 134.939 •1918 317,628 326,787 89,968 .1918 2,812,980 410,397 129,618 1917 2,440,830 553,009 262,779 1916 1,909,947 544,096 185,474 1915 1,628,641 330,263 ISg'.SSS •Corporate account. t Federal account — standard return not In- cluded. Ijeeal for savin&s banks In Me. New York — Fred. H. Hatch & Co., Rutter & Co., Vanderhoef & Robinson, F. J. Lis- man & Co., Carruthers, Pell & Co. Price Ranee. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '11 94 '11 60 Dec. 70 Nov. Low. 55 '19 58% '20 56 June 58% July CINCINNATI NORTHERN RAILROAD Equip. 5s. Due $43,000 each Sept. 1, from 1916 to 1925. Dated Sept. 1 , 1915. Dividends payable Mar. 1 and Sept. 1, at Trustee's office, Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In Pennsylvania. Aatliorized $500,000 Issued 430.000 Outstandingr (July 1, '21) 215,000 Redeemed 215,000 Denomination — Coupon. $1,000. Register- able as to principal only. Trustee — Commercial Trust Co., Phila. Oreanization — See 1st 4s. Secured by an equipment trust agreement on 500 new steel underframe box cars, cost- ing $482,000, of which $52,000 was paid in cash. Leg:al for savings banks in Ohio. Original Market — Offered In November, 1915, by Kean. Taylor & Co.. New York and Chicago, at prices to yield 4.90%. Market. New York — Evans, Stillman & Co., Free- man & Co. C. & St. L. may declare on its own common stock. Secured by a first mortgage on 169.84 miles of road from Sandusky to Dayton, Ohio, and branch to Findlay, Ohio. Prom Springfield to Dayton. Ohio, this line forms part of the main line of the C, C, C. & St. L. Ry. (New York Central System) into Cincinnati from the east. Refunding — Bonds are reserved under the .C, C, C. &- St. L. Gen. Mtge. and Ref. & Imp. Mtge. to retire these bonds. Listed on the New York and Boston Stock Exchanges. Market. New York — R. B. Hutchinson & Co., Prince & Whitely, Redmond & Co., Ray- mond M. Smith, Taylor, Smith & Hard, Vanderhoef & Robinson, Vilas & Hickey, Carruthers, Pell & Co., Wolff & Stanley. Pliiladeli^liia — Isaac Starr, Jr., & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan, 1, '21 1920 High 115 Jan. 10, '06 88 Oct. 4 Low. 88 Oct. 4, '20 88 Oct. 4 CINCINNATI TRACTION CO. Equipment SB- Series "E." Due $10,000 semi-annually on last day of February and last day of August, to February 29, 1924. Dated March 2, 1914. Interest payable last day of February and last day of August, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $200. 000 Outstanding: (May 1, '21) 60,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Philadelphia. Secured by an equipment trust agreement on 60 double-truck steel passenger trail cars complete, coating $253,500, of which $53,500 was paid in cash. Market. See Series G-1. CINCINNATI. SANDUSKY & CLEVELAND RAILROAD CO. Cons. Ist 5s. Due Jan. 1, 1928. Dated January 1, 1888. Interest payable, Jan. and July 1, at Grand Central Terminal, N. Y. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,000,000 Outstanding 2,571,000 Issuable in Exchang-e for Pre- ien-ed Stock 429,000 Denomination — Coupon, $1,000. Trustee — rAmerlcan Trust Co., Boston. Guaranteed as to interest by the Cleveland, Cincinnati, Chicago & St. Louis Ry. Co. un- der terms of lease. Organization — Incorporated in Ohio in 1868. Capitalization Outstanding Common $4,003,000 Preferred (6%) 428,997 Funded debt 2,571,000 ^ Control — $4,001,750 of the stock is owned by the C, C, C. & St. L. Ry. Co., and is pledged under Its Gen. Mtge. and Ref, & Imp. Mtge. The C, C, C. & St. L. Ry. also leases the property until 1989, with renewal privilege, paying as rental all Interest, 6% per annum on preferred stock and on each $60 share of the common stock of this com- pany 40% of any dividend which the C, C, 298 CINCINNATI TRACTION CO. Equipment 5b, Series "F." Due S27,O00 first day of February and $28,000 first day of August, to August 1, 1927. Dated August 1, 1917. Interest payable February 1 and August 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company witbout deduction. Authorized $550,000 Outstanding: (May 1, '21) 356,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Philadelphia. Secured by an equipment trust agreement on 100 double-truck motor cars, costing $719,- 000, of which $169,000 was paid in cash. Market. See Series G-1. CINCINNATI TRACTION COMPANY Equip. 6b. Series "G-1." Due 950,000 each April and October 1, from October 1, 1019. to April 1, 1929. Dated April 1, 1919. Interest payable April and October 1, at Trustee's office, Cin- cinnati. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1, 000,00* Outstanding (May 1, '21) 800,000 Balance Retired. Denomination — Coupon. $1,000. Register- able as to principal. Trustee— Fifth-Third National Bank, Cin- cinnati. Secured by an Equipment Trust Asroement on 105 44 ft. "Pay-"Within" Double Truck Closed Motor Cars, costine about 51,250,000. Original Market— Offered March , 1919, by the Fifth-Third National Bank, Cincinnati, at prices ranging from 3 00 to. 98.16 and interest, according to maturities. Market: Gincuinati — Fifth Third National Bank. CITIES FUEIi & POWER CO. 3-Yr. S. F. 6% Secured Notes. Due Nov. 1, 1922. Dated Nov. 1. 1919." Interest payable May and Nov. 1, at H. L. Doherty & Co., New York. Tax Status — 2 % Federal Income 'J ax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $7,500,000 Outstanding' (Jan. 1, '21) 6,330,000 Retired by S. F 1,170,000 Denomination — Coupon, $1,000, $600; regr- laterable as to principal. Trustee — Bankers* Trust Company. New York. Redeemable as a whole or in part by lot on 30 days' notice until Nov. 1, 1920, at 101% and interest: thereafter until Nov. 1, 1921. at 101 and interest, and thereafter before maturity at 100% and interest. Sinking Fund — Monthly, beginning May 1, 1520, a sum equal to 1% of notes outstanding for the purpose of redemption of these notes at not exceeding the redemption price. Guaranteed — As to principal, interest and sinking fund payments by the Cities Service Company by endorsement. Organization and Control — Incorporated in Delaware November, 1917. The entire capi- tal stock is owned by the Cities Service Com- pany. Capitalization Outstanding Common $10,000,000 Funded debt 6,330,000 Secui'cd by pledge of the following securi- ties: Bonds — $750,000 Lorain County Electric Co. 1st M. 6s, due 1941. $1,500,000 Ozark Power & Water Co. 1st M. 5s, due 1952. $1,750,000 Dominion Gas Co. 5% gold bonds, due 1952. $1,500,000 Consol. Cities Lt., Power & Traction Co. First Lion 5s, due 1962. $3,000,000 Frost Gas Co. 1-Year 6% Notes, due Nov. 1, 1920 (company has privilege of renewal). $2,000,000 Empire Transportation & Oil Corp'n 8 % six months' Notes, dated Nov. 1, 1919, renewable until Dec. 21, 1921. $2,000,000 Empire Transportation & Oil Corp'n S% Demand Notes. Stocks (par $100) — 99,995 shares of capital stock of The Franklin County Pipe Line Co. 66,750 shares of capital stock of The Sentinel Oil & Gas Co. 7,495 shares of capital stock of Glenwood Natural Gas Co., Ltd. 7,993 shares of capital stock of The Man- ufacturers' Nat. Gas. Co., Ltd. 495 shares of capital stock of American Pipeline Co. 996 shares of capital stock of Frost Gas. Co. Original Market — $ 7,500,000 off ere d Octo- ber, 1919, by Henry L. Doherty & Co.. New York, at 96% and interest. Market. New York — Henry L. Doherty & Co., R. A. Soich & Co., Vanderhoef & Robinson. Philadelpliia — Bauer, Starr & Co., Wm. 29 Marriott Canby, McCown & Co., Paul & Co. Fittsburerh — Continental Trust Co. CIiicQgo — Shapker & Co., Union Trust Co, Rock Island, III. — Litten & Roberts. Fiice Range 1920 High 92 Dec. 96% Jan. Low 82 % Aug. 86 Aug. CITIES SERVICE CO. Convertible Debenture 7s, Series "B" and Series "C." Due Jan. 1, 1966. Dated Series "B," January 1, 1918; Series "C," January 1, 1919. Interest (coupon bonds) payable Jan. 1 and July 1, at Henry L. Doherty & Co., New York, or Company's office. London. Interest on registered bonds payable by check monthly, quarterly, semi-annually, or annually, at the option of holder; except that on debentures of less than $100 interest is payable annually on the first day of January. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized: **B" $12,500,000 *'C" 17,500.000 $30,000,000 Outstanding- (Jan. 1, '21): "B" $6,547,540 "C" 17,005,780 23,553,32(r Converted: "B" $5,952,460 "C" 494,220 ^ .. 6,446,680 Held in S. F.: Owned by Companj': "B" $46,100 "C" 213.700 259.800 DenominaUon — Coupon, $1,000 and $500. Reglsterable as to principal. Registered $5,000. $1,000, $500, $100, $10 and multiples of $10. Trustee — Bankers' Trust Co., New York. Redeemable as a whole, or in part by lot, on any date at 102 and interest. Convertible — Series ' 'B' ' on and after Jan, 1, 1920, on the following basis: Each $1,000 principal amount of debentures Is convertible into 8 shares of preferred stock and 2 shares of common stock together with accumulated cash and stock dividends on 2 shares of common stock from Jan. 1, 1918; up to and including the date of conversion; Series "C" on and after January 1, 1921, into 9 shares of preferred stock and 1 share of common stock, together with the accumulated cash and stock dividends on the latter amount of common stock from January 1, 1919, to the time of conversion. If called for redemption conversion priv- ilege extends to 30 days prior to redemption date. Note — Directors have extended to holders of Series "C" the privilege of converting into stock on and after March 1, 1920, 10% of the debentures held by them on Feb. 1, 1920, and on the first day of each month thereafter. Organization — Incorporated in Delaware in 1910 to acquire securities of electric light and power, natu»'al and artificial gas, steam heating, water, electric street and interurban railway and kindred corporations. The development of natural gas properties in the mid-Continent field brought an ex- tension of activities, so that the company has become, through subsidiaries and asso- ciated corporations, an important factor in the oil producing, transporting, refining and distributing industries of the United States, and is now .through subsidiaries, among the largest producers of high-grade refinable crude oil in the United States. Capitalization. Outstandinif. Common $46,799,507 Preferred (6% cum.) -81.810,321 Funded debt 26,894,018 Security — ^A direct obligation of the com- pany, but not secured by a mortgage. Guaranty OblisationB of Company — ^The company has guaranteed the following sub- sidiary issues: $10,000,000 Consolidated Cities Light, Power & Traction Company 6 % Gold Bonds, due 1962 ($1,000,000 of which are de- posited under the Cities Fuel & Power Com- pany Notes); $11,606,600 Empire Gas & Fuel Company First Mortgage & Collateral Trust Sinking Fund 6% Gold Bonds, due May 1, 1926; $1,660,000 Empire Gas & Fuel Company Notes; $8,384,000 Cities Fuel & Power Com- pany 7% Secured Gold Notes, due Dec. 1, 1919; $750,000 Richland Company 7% Gold Notes, duo Feb. 1, 1920, and 5% dividends on $1,560,000 St. Joseph Railway, Light, Heat & Power Company Preferred Stock. Yeai's ended Dec. 31 Gro'ss. Net. Interest. 1920 $24,698,03^ $23,997,567 $1,941,628 1919..... 19,977,551 19,273,716 1.922,861 1918 22,280,067 21,758,582 272.580 1917 19,252,493 18,895,264 2,862 Market. New York — Beverly Bogert & Co., Henry L. Doherty & Co., Dunham & Co., Morton Lachenbruch & Co., Martin, Berwin & Co., Earle A. Miller & Co., R. A. Soich & Co., Gilbert J. Postley. Boston — Moors & Cabot. Philadelphia^ — McCown & Co. Pittsburgh — Stout & Co. Rock Islsuid, 111. — Litten & Roberts. Minneapolis — AVm. W. Eastman Co. Scranton — Chas. E. Robertson. Price Rangre Jan. 1, '19, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. Series "B" High 172% '19 174 '19 161% May 167 May Low. 115 '19 120 '19 126 Dec. 129 Dec. High 114 '19 116 '19 101% Apr. 107 Jan. Low. 91 '20 93 '20 91 Dec. 93 June CITIES SERVICE COMPANY Conv. Deb. 7b, Series **D." Due Jan. 1. 1966. Dated Dec. 1, 1919. Interest (coupon) payable Dec. 1 and June 1 at Henry L. Do- herty & Company, New Tork, and Cities Service Company, London, Eng. Interest on registered bonds payable monthly except that on debentures of less than $ 10 interest is payable annually only on the first of Decem- ber. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $30,000,000 Outstanding: (Jan. 1, '21) 3,031,800 Owned by Company 18,200 Unissued 26,950,000 ProTisionn of Issue — Debentures in excesa of $30,000,000 may not be issued under this Indenture unless the net Income of the com- pany after deduction from gross income of expensres including rentals, license charges and taxes for twelve consecutive calendar months within fo'urteen calendar months im- mediately preceding issuance shall be not less than three times the interest charges for a like period on all debentures outstand- ing under this trust agreement and all for- mer trust agreements, and those to be issued under this agreement as well as upon all other indebtedness of the company outstand- ing at the close of such twelve months' period. Denomination — Coupon $1,000 and $ 500 : registerable as to principal. Registered $5,000, $1,000, $500, $100, $10 and multiples of $10. Trustee — New York Trust Company, New York. Redeemable at 102 and interest. Conver- sion privilege expires either on the redemp- tion date or a date a reasonable time prior to such redemption date which be fixed 1& the published notice of redemption. Convertible — On and after January 1, 1922, on the following basis: Each $1,000 deben- ture, or smaller amounts in like proportion, are convertible into $925 par value of either Cities Service Company 6% Cum. Preference B stock or Cities Service Company 6 % Cum. Preference stock and $75 par value Citiea Service Company common stock, together with the accumulated cash and stock dividends on the $75 par value Cities Service Company common stock from Dec. 1, 1919, up to the time of conversion. The company reserves the right to provide for the conversion of all or any part of this issue any time prior to Jan- uary 1, 1922. Organization — See Series ' 'B' ' and ' *C.** Security — ^A direct obligation of the com- pany but not secured by mortgage. Earnings — See Series ' 'B' ' and "C ' of 1966. Original Market — $10,000,000 offered No- vember. 1919, by Henry L. Doherty & Com- pany, New York, at 100 and interest. Market. New York — Beverley Bogert & Co., Henry L. Doherty & Co., Morton Lachenbruch & Co., R. A. Soich & Co. Boston — Moors & Cabot. Philadelphia — "Wm. Marriott Canby, Mc- Cown & Co. Detroit — Joel Stockard & Co. Providence, R. I. — Sartorius & Co. Price Ran^e 1920 Bid. Ask. High 100% Apr. 101% Apr. Low 82% Dec. 83 Dec. CITIZENS GAS & ELECTRIC CO. (Waterloo and Cedar Falls, Iowa), 1st & Ref. 6s. Due Jan. 1, 1926. Dated January 1, 1906. Interest payable quarterly, Jan., April, July and Oct. 1, at Trustee's office. Chicago, or at First National Bank. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,200,000 Outstanding: (Apr. 20, '21) 1,057,500 Retired by S. F 142,500 Denomination — Coupon, $500. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago, III. Redeemable at 105 and interest on any in- terest date. Sinking Fund — 1% annually, on Nov. 15, of outstanding bonds to redeem bonds at 105 and interest. Organization and Control — Incorporated in Delaware in 1902. All of the common stock is owned by the American Gas Co. Capitalization Outstanding Common $800,000 Funded debt 4,000,500 Secured by a first mortgage on plants sup- plying gas and electricity to Waterloo and Cedar Falls. la. Population served, 35,000. Gas and electric franchises expire in Waterloo in 1926, in Cedar Falls in 1930. Underlies — Cons, 6s of 1931. Bonds are reserved under that mortgage to retire this 300 Years ended Dec. 31; Gross Net Interest 1919 $820,405 $294,233 $276,902 1918 705,261 196,539 232,462 1917 634,632 232,228 191,425 1916 526,680 216,003 161,135 Original Market — Offered in 1906 by H. L,. Crawford & Co., New York, and Chas. S. Kid- der & Co., Chicago, at 97% and interest. Market. New York — Merrill, Lynch & Co. Fhiladelplua — Samuel K. Phillips & Co. CllicafiTO — Merrill, Lynch & Co. Milwaukee — F. A. Bartlett & Co., Edgar, Ricker & Co. Price Ranse. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid, Ask. High 98% '16 99% ■17 86 Nov. 90 Low. 75 -19 75 '19 77 July 90 CITIZENS GAS & ELECTRIC CO. (Waterloo and Cedar Falls, Iowa), Cons. 6b. Due Feb. 1, 1931. ,■ Dated February 1. 1911. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Statns — 2% Federal Income Tax paid by company without deduction. Tax refunded In Pennsylvania. Anthorized $4,000,000 Outstandingr 2,931,500 Reserved for Prior Lien 1,069.000 Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trnstee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 101 and interest on any in- terest date, on 30 days' notice. Gaarantee — A part of these bonds are guar- anteed as to principal and interest by the American Gas Co. Organization, etc. — See 1st & Ref. 6a. Secared by a second mortgage on property described under 1st & Ref. 6s. Prior Lien — $1,069,000 1st & Ref. 6s, of 1926, for retirement of which bonds of this Issue have been reserved. Earnings — See 1st & Ref. 5s. Original Market — $700,000 offered in 1911, by Charles S. Kidder & Co., Chicago, and Douglas Fenwlck & Co., New York, at par and interest; a block ottered Sept., 1917, by Bonbright & Co., New York, at 100 and In- terest. Market. New York — Barle A. Miller & Co., Vander- hoef & Robinson. Philadelphia — McCown & Co., Paul & Co. Chicagro — Merrill, Lynch & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Guaranteed. Bid. Ask. Bid. Ask. High 9814 "17 100 '17 70 Mar. 80 Jan. Low. 60 '20 68 '20 60 Deo. 68 Dec. CITIZENS GAS & FUEL CO. (Terre Haute) 1st 6s. Due Oct. 1, 1922. Dated Oct. 1, 1902. Interest payable April and Oct. 1, at New York Trust Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding 283,000 Cancelled 217,000 Denomination — Coupon, $1,000 and $600. Registerable as to principal and fully reg- isterable. Trustees — New York Trust Co.. New York, and Demas Doming. Organization and Control — Incorporated in Indiana in 1889. Practically Its entire capi- tal stock owned by the United Gas & Elec- tric Co.. which is controlled through the stock ownership by the United Gas & Electric Corp. Capitalization Outstanding Common $376,000 Preferred (7% cum.) 52,600 Funded debt 861.600 Secured by first mortgage on plant supply- ing Terre Haute, Ind., with gas. Population served, 75,000. Franchise perpetual. Underlies— $568,600 lat & Ref. 6s, 1960. Bonds are reserved under that mortgage to retire this issue. Earnings — See 1st & Ref. 5s. Market. PhiladelpWia — Samuel K. Phillips & Co. New York — Ernest Smith & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96 '16 87 92 Low. 80 '20 87 '20 80 87 CITIZENS GAS & FUEL CO. (Terre Haute, Indiana)) 1st & Ref. Ss. Due Jan. 1, 1960. Dated January 1, 1910. Interest payable Jan. and July 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding (Jan. 1, '21) 668,600 In Treasury 27,000 Reserved for Prior Lien 283,000 Reserved for Ext., etc 1,121,500 Denomination — Coupon, $100, $600 and $1,000. Registerable as to principal. Trustees — New York Trust Co., New York, and Demas Deming, Terre Haute, Ind. Redeemable as a whole only at 105 and in- terest on any Interest date. Secured by a second mortgage on property described under 1st 6s above. Prior Liens — $283,000 1st 5s. Years ended Dec. 31; Gross. Net. Bd. Int. 1920 $432,644 $130,878 $42,576 1919 367,773 121,801 42,575 1918 316,369 130.467 42,575 1917 289,321 128,363 42,575 1916 277,436 107,877 40,344 Original Market — Ottered in 1910 at 96 and Interest by Bertron, Grigcom & Jenks, New York and Philadelphia, and Townsend "Whelen & Co., Philadelphia. Market. Providence — Hornblower & Weeks. New York — Berdell Bros., Ernest Smith & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95% '12 97% '12 66 Nov. 75 Nov. Low. 65 '20 76 '20 65 Nov. 75 Nov. CITIZENS GAS CO. (of Indianapolis) Ist & Ref. S. F. 5s. Due July 1, 194%. Dated July 1, 1912. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Federal Income Tax not as- sumed by company. Authorized $10,000,000 Outstandingr (Jan. 1, '21) 2,788,600 Held in S. F. ., 134,500 In Treasury ' 90,000' Pledged under Gen. Mtge. ... 660,000> Keserved lor Ext 6,691,000 Denomination — Coupon, $600 and $1,000.. Registerable as to principal. Trustees — Bankers' Trust Co.. New York,, and Union Trust Co., Indianapolis. Redeemable at 108 and interest on four "weeks' notice. Sinking Fund — \^% annually of outstand- ing bonds from July 1. 1915. to 1917, and 1% annually thereafter to purchase bonds. Bonds acquired to be kept alive and interest added to sinking: fund. Organization — Incorporated in Indiana In 1907. In 1913 leased plant and distribution system of Indianapolis Gas Co. for 99 years. Rental, see Indianapolis Gas Co. 1st 6s. Capitalization Outstandine Common $2,000,000 Funded debt 4,309.000 Secured by a first mortgrage on plant sup- plying one half of the eras consumed in In- dianapolis. Property includes about 140 coke ovona owned and 41 leased. Franchise ex- pires in 1930. Gas is supplied at 60 cents per 1,000 feet, as fixed by the Public bervice Commission. Underlies — $1,500,000 Gen. S, P. 7s due to May 1, 1923. Years ended Dec. 31 Gross 'Net Int.. etc. 1920 $8,520,596 $695,496 $280,518 1919 5,519,081 565,426 293,499 1918 5,291,186 507,427 151.151 1917 4.297,995 412.926 122.771 1916 3,327.137 598,212 114,949 •After rentals. Original Market — $400,000 offered July, 1912. at 101 and interest by Payne, Bush & Co., Otto F. Haueisen & Co., O. M. Rasrsdale & Co.. Newton 'iodd and the Union Trust Co.. all of Indianapolis. Market. N«iv York — Dunham & Co.. Fred. H. Hatch & Co., E. A. Miller & Co.. Berdell Bros.. Chas. E. Doyle & Co., Hartshorne & Battelle. Boston — Blodg-ct & Co. Philadelphia — McCown & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 981^ '17 100 '17 84 Jan. 87 1^ Mar. Low. 72 -20 TSVa '20 72 May TS^^Sept. CITIZENS GAS CO. of Indianapolis Gen. S. F. 7s. Dtie each May 1 as follows: $150,000 1020; $350,000, 1921: $450,000, 1922, and $550,000 May 1, 1923. Dated May 1, 1918. Interest payable Nov. 1 and May 1 at B.^nke^s Trust Co. , New York, or Union Trust Co., Indianapolis. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized ?1, 500,000 Outstanding (Jan. 1, '21) 1,350.000 Retired by S. F 150.000 Purpose of Issue — To provide funds for the construction of 40 new and improved Wil- putte by-product coke ovens, which will in- crease the company' s capacity for produc- ing gas and by-products by more than 50%. Denomination — Coupon $1,000. Register- able as to principal. Trustees — Bankers Trust Co., New Tork ■and Union Trust Co., Indianapolis. Redeemable at 103 and interest on any interest date. Sinking Fund — All net earnings in excess •of $300,000 per year, after interest, depre- ■ciation not exceeding $200,000 per year and sinking fund for the 1st & Kef. 5s, shall be. set aside for the retirement of this issue. Organization — See 1st & Ref. 5s. Secured by a general mortgage on all the property of the company. As fast as 1st & Ref. 5s for 80% of the cost of new con- struction are drawn down they shall be pledged hereunder to not exceeding the amount approved by the P. S. Commission of Indiana for such purpose fixed at $650,000. Prior Xiien — $2,7 88,500 1st & Ref. 5s of 1942. Earnings — See 1st & Ref. 5s. Original Market — $1,500,000 offered July, 1918. by Lee. Higglnson & Co. and Boldget & Co. , Boston, etc. , at prices ranging from 98% to 97 according to maturity, to yield 7%%. Market. New York— Berdeil Bros. Roston — Biodget & Co. CITIZENS GAS LIGHT CO. (Brooklyn) Cons. .5s. Due Feb. 1, 1940. Dated Feb. 1. 1890. Interest payable Feb. and Aug. 1. at Trustee's ofBce. Tax Status — Payment of Federal Income Tax not assurnvd by company. Authorized $264,000 Outstanding;: 264,000 Denomination — Coupon, $1,000. Trustee — People's Trust Co., Brooklyn. Assumed by The Brooklyn Union Gas Co. Control — Consolidated into The Brooklyn Union Gas Co. In 1895. Secured by a first mortgage on plant sup- plying gas to a part of Brooklyn. N. T. Underlies — Brooklyn Union Gas Co. Cons. 6s. Earnings — See Brooklyn Union Gas Co. Market. New York — Theodore L. Bronson &. Co., Finlay & Davenport, Berdell Bros. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '16 95 '19 70 Sept. 80 Sept. Low. 70 '20 80 '20 70 Sept. 80 Sept. CITIZENS GAS LIGHT CO. (Jackson, Tenn.) 1st 5s. Due March 1, 1926. Dated March 1, 1906. Interest payable March 1 and Sept. 1, at Merchants' Loan & Trust Co.. Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding 295,500 Reserved for Ext 204,500 Denomination — Coupon, $ 5 00. Registerable as to principal. Trustee — Merchants' Loan & Trust Co., Chicago. Redeemable at 103 and Interest after March 1, 1916. Sinking F\ind — The original mortgage pro- vided for a sinking fund beginning March 1. 1912. but by a supplemental mortgage bond- holders agreed to waive sinking fund provis- ions. Organization — Incorporated in Tennessee in 1887. Capitalization. Outstanding. Common $200,000 Funded debt 295,500 Controlled through stock ownership by the Middle West Utilities Co. Secured by a first mortgage on plant sup- plying gas to Jackson, Tenn. Population served. 18.000. Franchise extends beyond maturity of bonds. Original Market — Offered In 1906 at par and interest by Howard. Simmons & Co. . Chi- cago. CITIZENS LIGHT, HEAT & POWER CO. OF PA. (Johnstown, Fa.) 1st 5s. Due Not. 1, 1934. Dated Nov. 1, 1909. Interest payable May and Nov. 1, at Harris, Forbes & Co., New York or Harris Trust & Savings Bank, Chi- cag-o. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorized Closed mortgage. Outstanding: $1,500,000 Retired by S. F None Pledgred under Pcnn . Public Sd-vice Corp 1st & Ref Mtg:e 774,000 Denomination — Coupon, $1,000. Registfer- able aa to principal. Trustee — United States Mortgage & Trust Co., New York. Bedeemable on and after Nov. 1, 1914, at 105 and interest. Sinking Fund — Annually on February 1, the following amounts from net earnings: $5,000, 1910; $8,000, 1911; $10,000, 1912: $15,000, 1913; $20,000, 1914; $20,000, 1915, and $22,- 000, 1916. Also annually on September 1 from 1912 to 1916 a sum equal to 1% of outstanding bonds; 1917 to 1921 2% and there- after 3%. Fund applicable, for the purchase or redemption of these bonds at not over 105 and interest only at the special request of company; otherwise fund is to be applied to permanent extensions and improvement. Bonds acquired are to be cancelled. Control — Consolidated in 1919 with two other companies int-o the Penn. Public Serv- ice Corporation. Management — H. D, Walbridge & Co., New York. Secured by a first mortgage on plants supplying artificial gas, electricity and heat and on all of the stock, $400,000, of the Johnstown Fuel Supply Co., supplying natural gas in Jphnstown, Pa., and vicinity. Popula- tion served, 75,000. Franchises perpetual. Underlies — Penn Public Service Corpora- tion 1st & Ref. Mtge. under which bonds are reserved to retire this issue. 'Earmngs — See Penn Public Service Corp. 1st & Ref. Mtge. Original Market — $1,600,00& offered Dec. 1909, at par and interest by Harris, Forbes & Co., New York, N. W. Harris & Co., Bos- ton, and Harris Trust & Savings Bank, Chicago. Market. New York — Fred. H. Hatch & Co., Earle A. Miller & Co., A. B. Murray & Co., Van- derhoef & Robinson, Harris, Forbes & Co. Boston — Harris, Forbes & Co., Inc. Fhiladelpliia — B. R. Barnard, Huntoon & Co., McGown & Co., J. P. Magill & Co., Samuel K. Phillips & Co., Welsh Bros. Chicago-— Harris Trust & Savings Bank. IMce Range. Jan. 1, '13, to Jan. 1, '21 1930 Bid. Ask. . Bid. Ask. High 101 '16 102 '12 80 Apr. 85 July Low. 73 '20 78 '20 73 Nov. 78 July CITIZENS MGHT, HEAT & POWER CO. (Lawrence, Kansas)' Ist 5s. Dae July 1, 1925. Dated July 1, 1905. Interest payable Jan. and July 1, at Trustee's office and National City Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $300,000 Outstanding: 300,000 Denomination — Coupon, $100 and $500. Trustee — Fidelity Trust Co. , Kansas City. Organization — Incorporated in Delaware In 1905. Capital izatlont, Outstanding. Common $300,000 Funded debt 300,000 Secured by first mortgage on plant supply- ing gas in Lawrence, Kansas. The company owns an artificial gas plant, but at present purchase natural gas from the Kansas Natural Gas Co., which it distributes. Pop- ulation served, 15,000. Franchise expires Feb. 15, 1925. Years ended Dec. 31. Bond Gross. Net. Interest. 1920 $196,556 $30,212 $15,000 1919 161.251 34,488 15,000 1918 119,269 22,347 15,000 1917 148,326 29,860 15,000 1916 142,884 30,542 , 15,000 1915 124,657 28,188 15,000 Market riiiladelpliia — Samuel K. Phillips & Co. CITIZENS STREET RAILROAD CO. Ist 5b, Due May 1, 1933. Dated May 1, 1893. Interest payable May and Nov. 1, at Fourth Street National Bank, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,000 Outstanding: 4,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co. , New York. Assumed by the Indianapolis Street Ry. Co. Control — Consolidated into Indianapolis St. Ry. Co. Secured by first mortgage on street rail- way in Indianapolis, Ind., Including many important lines. Franchise expires in 1933. The city has right to purchase property up tp one year before franchise expires. Undex-iies — $6,000,000 Ind. St. Ry. Gen. 4s. Earnings — See Indianapolis Street Ry. Co. Listed on the Indianapolis and Philadelphia Stock Eixchanges. Market. New York — Vanderhoef &, Robinson. Fliiladelpliia — Lloyd & Palmer, McCown & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '09, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 107*09 107 '09 82 Jan. , 76 Jan. Low. 72 '20 76 '20 72 Sept. 76 Dec. CITIZENS TRACTION CO. (Pittsburgh) Ist 5s. Due Oct. U 1937. Dated Oct. 1, 1887. Interest payable April 1 and Oct. 1, at Union National Bank, Pitts- burgh. Tax Status — 2% Federal Income Tax paid by company" without deduction. Tax exempt in Pennsylvania. Authorized $1,250,000 Outstanding 686,000 Retired 564,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Title & Trust Co., Pitts- burgh. Guaranteed principal and interest by the Fort Pitt Traction Co. under the terms of the lease. Organization — Incorporated in Pennsylvania. The Citizens' Traction Co. owns the en- tire capital stocks of the Citizens Passenger Ry. Co., Transverse Passenger Ry. Co., As- pinwall St. Ry. Co. , Penn Street Ry. Co, , and Highland Park & Butler St. Ry. Co. The Citizens Traction Co. also leases for 98 years from 1887 the property of the Citizens Passenger Ry, Co. which in turn leases the property of the Transverse Pas- senger Ry . Co. for 9 9 years from 1886. The Citizens Traction Co. does not own any mileage. The mileage owned by the above subsidiaries is as follows : Miles Citizens Paas. Ry. 20.65 Transverse Pass. Ry 9. 89 Aspinwall St. Ry 1.436 Penn. St. Ry 4.15 H. P. & B. St. Ry 2. 02 Total 38.146 Franchises are perpetual or for 999 years. Capitalization Outstanding. Common $3,000,000 Funded debt 686,000 Co>nitrol — Leased to the Fort Pitt Traction Co. for 950 years from 1895, at an annual rental of $181,500. Under the terms of the lease the Fort Pitt Traction Co. assumes all the floating and mortgage debt of the company. The $3,000,000 capital stock of the Citizens company is not under corporate con- trol. All the property of .the Fbrt Pitt Traction Co. is operated by the Consolidated Traction Co. under an operating agreement. The latter company also owns all of the $3,000,000 capital stock of the Fort Pitt Traction Co. The Consolidated Traction Co. owns the entire capital stock of the Fort Pitt Trac- tion Co. and operates its property under an operating agreement. The Consolidated Traction Co. is controlled through stock ownership by the Philadelphia Co. Secured by a first lien on the entire capi- tal stocks of the Transverse Passenger Ry. Co. ($300,000) and Citizens Passenger Ry. Co. ($200,000). The Transverse Passenger Ry. Co. owns street railway lines extending from Water St. on Wood St. to Liberty Ave. and on Liberty Ave. to 23rd St., and also on 16th St., from Liberty Ave. over the Allegheny River to Spring Garden St. and on Spring Garden St. to the city line. The Citizens Passenger Ry. owns street railway lines extending on Penn Ave. from Sandusky St. to Frankstown Road and on FTankstown Road to Washington Boulevard, and on Butler St. from 3 4th St. to the Sharpsburg Bridge. All of the above mil- eage is free from bonded debt, but there Is no clause In the mortgage securing these bonds which prevents the companies whose stocks are deposited from mortgaging their properties. Note — Neither the securities nor properties of the Penn, Street Ry. Co. (owning 4,15 miles of street railway from Frankstown Ave, and Washington Boulevard to Wilkins- burg), Aspinwall Street Ry. Co. (owning 1. 43 6 miles from the Sharpsburg Bridge through Sharpsburg and Aspinwall), and High- land Park & Butler Street Ry, Co. (owning 2.02 miles), are covered by the lien of this mortgage. The Penn Street Ry. Co. has out- standing $260,000 first xnortgage 5% bonds due 1922 and guaranteed by the Citizens Traction Co. lasted on the Pittsburgh Stock Exchange. Market New York — Moore, Leonard & Lynch. Pliiladelphia — McCown & Co. Fittsburgrh — Moore, Leonard & Lynch, Ed- ward A. Owens & Co. Price Range. Jan. 1, '09, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 106 '09 108 '09 75f 78f Low. 60f *19 68 '20 65f 68f 304 CITIZENS TRACTION CO. (THE) (Oil City, Pa.) 1st 6s. I>ue AprU 1. 1943. Dated April 1, 1912. . Interest payable April and Oct. 1, at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $2,500,000 OutstandiniT (Jan. 1, '21) 1,347,000 Retired by S. F. 45,000 Reserved for Ext 1,108,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives & Granting Annuities, Phila- delphia. Redeemable as a whole at 105 and Interest on April 1, 1917, or any Interest date there- after, or for sinking fund after April 1, 1918, upon 60 days' notice. Sinking Fund — Beginning July 1, 1918, and annually thereafter, 1% of outstanding bonds to be applied to the purchase of these bonds at not over 105 and Interest. Bonds bo acquired to be cancelled. Improvement Fund — Beginning Jan. 1, 1923, and semi-annually thereafter % of 1% of outstanding bonds to be deposited with the Trustee for improvements, etc. Organization — Incorporated in Pennsylvania in 1902. Capitalization. Outstanding. Common $1,000,000 Preferred (6% cum.) 600,000 Funded debt 2.083,500 Controlled by the Municipal Service Co., through ownership of all the common stock and the preferred, and pledged under its Coll. 5s of 1942. Secured by a first mortgage on 29 miles of road, 35 miles of track, including all of the street railways in Oil City and Frank- lin, Pa., and interurban line between those cities. 8 miles. Also secured by a first lien on the entire capital stocky and $412,000 (entire outstanding) Ist es, due 1944, of the Citissens Light & Power Co., owning the plants supplying electricity in Oil City, Frank- lin and vicinity, and also stocks of other subsidiary companies. Population served, 28,- 000. TTnderlies — $636,500 Ref. 6s due May 1. 1942, all of which are owned by the Munici- pal Service Co. and deposited under its 1st Lien Coll. Tr. 6s of 1942, Years ended June 30 Gross. Net. Int. & Tax. 1920 $877,280 $222,290 $90,882 1919 694,672 160,610 84,290 1918 618,858 184,655 83,783 1917 485,511 142,841 74,576 Later earnings included in Municipal Serv- ice Co. income statement. Original Market — $1,000,000 ofCered April, 1912, at 99 and interest by Brown Bros. & Co. and Robert Glendinriing & Co., Philadel- phia,. Market. Pittsburgh — Moore, Leonard & Lynch. Price Range. Jan. 1, '16, to Jan. 20, '21 1920 Bid. Ask. Bid. Ask. High 96 '16 97% '16 60 70 Low. 96 '16 97% '16 CITIZENS WATER SUPPLY CO OF NinV- TOWN 2nd Ext. 7s. Due Jan. 1, 1926. Dated Jan. 1, 1901. Extended Jan. 1, 1921 with interest increased from 4 % to 7 % . Interest payable Jan. and July 1, at Trustee's office. Tax StatoB — 2% Federal Income Tax paid by company "without deduction. Authorized and Outstanding. . .$1,000,000 Denomination — Coupon, $1,000. Trustee — Equitable Trust Co., Npw York. Redeemable on any interest date at 100 and interest. Organization — ■Incorporated in New York, June, 1893, as a consolidation of the WyckofC Heights "Water Co. and the Manhanset Water Co. Capitalization. Outstanding. Common $3,000,000. Funded debt 1,150,000 Secured by a second mortgage on plant sup- plying 2nd Ward, Borough of Queens, New York City, with water. Population served, about 150,000. Prior liens— $ 150,000 Ist 5 a. Market. Boston — Chas. A. Day & Co., H. C. Spil- ler & Co. New York — ^Hepburn & Co., H. C. Spiller ft Co. CITY & EUVI GROVE RAII.ROAD CO. (Wheeling, W. Va.) Cons. Colt. Tr. 5s. Due July 1,^1936. Dated July 1, 1906. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $2,500,000 Outstanding 1,119,000 Denomination — Coupon, $1, 000. Trustee — Union Trust Co., Pittsburgh, Pa. Redeemable on any interest date at 105 and interest. Assumed by Wheeling Public Service Co. Control — The properties covered by this mortgage w^ere acquired thru the fore- closure of the West Virginia Traction & Electric Co. in 1920 by the Wheeling Pub- lic Service Co. The entire stock of the lat- ter company is owned by the West Virginia Utilities Co. Secured by a first mortgage on 30 miles of street railway in Wheeling, W. Va., and a second mortgage on 10 miles of inter- urban lines. Population served, about 45,000. Franchises expire in 1947. Prior I.iens — $140,500 Wheeling & Elm Grove Ist 6b of 1928 and $794,500 5s of 1931. Market. Wheelingr — Howard, Hazlett & Son. CITY & SUBURBAN GAS CO. 20-Year 1st 6s. Due Nov. 1, 1932. Dated Nov. 1, 1912. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized SI. 000.000 Outstanding: (Jan. 1, '21) 540,000 Held in S. T 60,000 Unissued 400.000 Denomination — Coupon, $ 1, 00 0. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeeonable at 105 and interest on any interest date. Sinking Fund — -Annually as follows: 2% of outstanding bonds, Nov. 1, 1916 to 1920: 3% 1920 to 1922; 4%, 1922 to 1924; 5%, 1924 to 1933. If bonds In addition to the original $500,000 are issued the company shall pay additional amounts sufficient to retire such additional bonds before maturity. At the request of the company this fund is appli- cable to the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired are held alive and interest added to fund. Guaranteed principal and interest by the West Virginia Traction & Electric Co. — fore- closed in 1919. Organization and Control — Incorporated In West Virginia in 1912 as succeaor to the Virginia Oil & Gas Co. The entire common stock is owned by the Wheeling Public Service Co. Capitalization. Outstanding Common $50,000 Preferred (7% cum.) 100,000 Funded debt 540,000 Secured by a first mortgage on plants supplying natural gas to Fulton, Leatherwood, Woodsdale, Edgewood, Pleasant Valley, Elm Grove and Patterson, W. Va. Population served 100,000. Franchises are of long du- ration, except in two instances, where they expire in 1931 and 1933. Years ended Dec. 31 Int. & Gross Net. Rents. 1919 $109,660 $42,537 $49,683 1918 125,032 64,404 51,808 Market. New York — Berdell Bros. Price Range. Jan. 1, '17, to Jan. 1, '21 1980 Bid. Ask. Ask. High 84^ '17 90 '17 70. Low. 64 '19 60 '20 60 CITY & SUBURBAN RAILWAY CO. (Balti- more) 1st 5b. Ihie June 1, 1923. Dated June 20, 1892. Interest payable June and Dec. 1, "at Alex. Brown & Sons. Balti- more. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstandingr 3,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Safe Deposit & Trust Co., Balti- more. Assumed by the United Rys. and Electric Co., Baltimore. Control — ^Absorbed by the United Kys. & Electric Co. Secured by a first mortgage on 44 miles of street railway track in and around Bal- timore, Md. Underlies — United Kys. & Elec. Co., Inc. 4s of 1949, Income Fdg. 5s and 1st Cons. 4s of 1949. Bonds are reserved under the latter mortgage to retire the bonds of this Issue. Earninigs — See United Rys. & Elec. Co. Legal for Baltimore Trust- Funds. liisted on the New York, Baltimore, Cin- cinnati and Washingrton Stock Exchanges. Original Market — $1,500,000 offered in June, 1892, at 105 and Interest by Alex. Brown & Sons, Baltimore. Market. Baltimore — Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co., Smith, Lockhart & Co., Townsend, Scott & Co. Cincinnati — Dudley V. Sutphin, Price Range. Jan. 1, '08, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 110 '08 111 '08 94 Mar. 97 Mar. Low. 94 '20 951/4 '20 94 June 95 J^ Oct. CITY & SUBURBAN RAILWAY (Portland, Ore.) Cons. 4s. Due June 1. 1930. Dated June 1, 1900. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax vol- untarily assumed by company.' Authorized Closed mortgage. Outstanding $1,290,000 Denomination — Coupon, $1,000. Begristerable as to principal only. Trustee — Security Savlngia & Trust Co., Portland, Ore. Redeemable on and after June 1, 1915, at par and interest. Control — Absorbed by Portland Ry. Co, now a part of the Portland Ry., Lit. & Power Co. Secured by a first mortgagre on 69 miles of street railway in the center of Port- land, Ore. Underlies — $30,587,000 bonds and notes of Portland Ry. , Lt. & Power Co. and prede- cessor companies. The P., Ry., Lt. & P. 1st & Ref. 53 of 1942 provide to retire this is- sue. Earnings — See Portland Ry., Lt. & Power Co. Market. New York — Harris, Forbes & Co., Berdell Bros. Boston — Harris, Forbes & Co., Inc. Baltimore — Jenkins, Whedbe'e & Poe, Pliiladelphia — Elkins, Marris & Co. Chicagro — Harris Trust & Savings Bank. Portland, Ore. — Hall & Co. Price Range. Jan. 1, '13, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 89 '13 92 '13 60 70 June Low. 60 ' 65% '20 -60 Aug. 65 1^ June CITY & SUBURBAN RAILWAY (Washing- ton, D. C.) 1st 5s. Due Aug. 1, 1948. Dated Aug. 1, 1898. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax vol- untarily assumed by company. Authorized $1,750,000 Outstanding 1,750,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Baltimore Trust Co., Baltimore. Sinking Fund — ^After the payment of all fixed charges, operating expenses and a divi- dend of 6%, all surplus earnings up to and not over the sum of $25,000 to be set aside as a sinking fund. Organization and Control — Incorporated in the District of Columbia in 1888. Prac- tically all of the stock is owned by the Washington Ry. & Bl. Co. Capitalization. Outstanding. Common $1,750,000 Funded debt 1,750.000 Secured by a first mortgage on 41 miles of street railway track in Washington and vi- cinity, 23 miles of which is suburban. Fran- chises are perpetual. Xiarnings — See Washington Ry. & Electric issues. Listed on the Washington and Baltimore Stock Exchanges, Market. Baltimore —■ Jenkins, Whedbee & Poe, Smith, Lockhart & Co. Wasliingrton, D. C. — Crane, Parris & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 1051^ '09 105 '12 63 Sept. 83 Jan. Low. 50 '20 62 '20 50 Aug. 62 Dec. Authorized $6,000,000 Ontstanding: (Jan. 1, '21) 1,542.000 Held in Treasury 18,000 Retii-ed by S. F 266,000 Pledged under G. W. P. 1st and Ref. Mtge 2.561,000 Unissued 613,000 Denomination — Coupon, $1,000. Trustee — Central Trust Co. of California, San PVancIsco. Redeemable at 102 and interest. Sinking Fund — July 31, 1913-17, 1% of outstanding bonds per annum; 1918-22, 1%%, 1923-32, 2%; and 1933 to maturity, 2%%. Guaranteed principal and interest by Great Western Power Co, Control — Merged June 1, 1919, into the Great Western Power Co., which is con- trolled by the Western Power Corporation, Secured by first mortgage on steam elec- tric plant at North Beach, supplying elec- tricity to San Francisco in competition with the Pacific Gas & Elec. Co. Franchises are perpetual. Underlies — Great Western Power Co. 1st 5 s of 1946, and Great Western Power Co. of California 1st & Ref. 6s of 1949, Gen. Conv. 8s of 1930 and Gen. Lien Conv. 8s of 1936. iEarnings — See Great W&stern Power Co. 1st 5s. Market. New Yorit — Sutro Bros. & Co., Vander- hoef & Robinson, McDonnell & Co., John Nickerson, Jr., Berdell Bros., E. A. Miller & Co. San Fi-ancisco — Sutro & Co. Price Range. Jan. 1, '10, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 941^ '10 95% '10 84 Jan. 87 Jan. Low. 701^ '20 80 '18 70»^ Dec. 80 Aug CITY ELECTRIC COMPANY (San Francisco) 1st 5s. Due July 1, 1937. Dated July 1, 1907. Interest payable Jan. and July 1, in San Francisco or New York. Tax Status — 2% Federal Income Tax paid by company without deduction. CITY GAS CO. (Norfolk, Va.) Ist 6s. Due June 1, 1936. Dated June 1, 1896. Interest payable June and Dec. 1, at Trustee' s office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in "Virginia. Anthorized $500,000 Outstanding 500,000 Denomination — Coupon. $1,000. Register- able as to principal. Trustee — United States Mortgage & Trust Co., New Tork. Organization and Control — Incorporated in Virginia in 1851. $401,100 of the $500,000 capital stock is owned by the Norfolk Rail- way & Light Co. and $98,900 owned by the Virginia Railway & Power Co. The lat- ter company leases the property of the form- er company for 99 years from June 1, 1906. Capitalization. Outstanding. Common $500,000 Funded debt 500,000 Secured by first mortgage on office build- ing, 8 acres of land and gas plant supplying Norfolk, "Va., with gas. Population served, about 125,000. Market. New York — Pouch & Co. Baltimore — Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co., Howard R. Taylor & Co. Norfolk — Motter & Co. Price Range. Jan. 1, *15, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 105% '15 106 '15 90 96 Low. 88 '20 94 '20 88 94 CITY ICK DEIJVERY CO. (Cincinnati) 1st 6s. l>ue each Dec. 1, 1810,000, 1917-19: $15,000, 1930-21; $30,000, $1923-23; $25,- 000, 1924-25; $30,000, 192G-27; $35,000, 1928-29; $40,000, 1930-31; $45,000, 1932- 33; and $50,000, 1934-36. Dated June 1. 1915. Interest payable June 1 and Dec. 1, at Trustee's office, or office of Field, Richards & Co., Cincinnati and Cleveland. Tax Status — 2% Federal Income Tax paid by company witliout deduction. Anthnrized $1,000,000 Outstanding: (Jan. 1, '21) 550.000 Retired 50,000 Reserved for Corporate Purposes 400.000 Denomination — Coupon, $500 and $1,000. RegJsterable as to principal only. Trustee — Cleveland Trust Co. , Cleveland, Ohio. Redeemalile on any interest date at 1 02 and interest in reverse of numerical order. Organization< — Incorporated in Ohio in 1915 as a consolidation of six ice companies, four operatinir in Cincinnati, one* in New- port. Ky., and one in Covington, Ky. Two additional companies consolidated in 1918. Capitalization. Outstanding. Common $1,314,700 Funded debt 550,000 Secured by a first mortgage on 18 ice manu- facturing plants, with an outpat of 1,350 tons of ice per' day, and on delivery, equip- ment, etc. The company serves Cincinnati and adjacent towns. The territory which it covers embraces a population of about 600,- 000. Years ended Dec. 31. Gross. 1920 $1,980,995 1919 1,900,945 1918 1.621,185 ♦After interest. Original Market — Offered in November, 1915, by Field, Richards & Co. , Cincinnati and Cleveland, at par and interest. Market. Cincinnati — Field, Richards & Co. •Net. Dep'n. $434,481 $204,714 362,250 210,177 207,430 136,923 CITY LIGHT & TRACTION CO. (Sedalla, Mo.) 1st 5s. Due June 1. 1952. I>ated Aug. 1, 1912. Interest payable June 1 and Dec. 1, at Trustee's office, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding 922,000 Reserved for Ext 1,178.000 Held for Exchange of Preferred Stock 400,000 Denomination — Coupon, $100, $250, $500 and $1,000. Registerable as to principal only. Trustee — New York Trust Co. , New York, and Sedalia Trust Co., Sedalia, Mo. Redeemable on any interest date at 105 and interest upon four weeks' notice. • Sinkini; Fund — Beginning June 1, 1922, .1% per annum of bonds outstanding In cash to retire bonds, or in bonds at 105 and in- terest, or 2 % per annum to be invested in the property. Organization and Control — Incorporated in Missouri In 1912 as a reorganization of the Sedalia Light & Traction Co. All of the common stock except directors' shares is owned by the Cities Service Co., and de- posited as part security for the Consolidated Cities Lt., Power & Traction Co. 5s of 1962, and the property operated by the Doherty Organization. Capitalization. Outstanding. Common ", $1,000,000 •Preferred (4% cum.) 400,000 Funded debt 922,000 •Dividends guaranteed by Gas Securities Co. Secured by a first mortgage on plants supplying gas, electricity and ice in Sedalia, Mo., and on street railway system in that city, comprising about eight miles of track. Popu- lation served, 21,000. Electric and railway franchises expire in 1940; gas franchises in 2926. Barndngs not reported. Market. New York — Henry L. Doherty '& Co., Fred H. Hatch & Co.. Earle A. Miller & Co., BerdeU Bros. Price Range. Jan. 1, '17, to Jan, 1, '21 1920 Bid. Ask. Bid. ■ Ask. High 81 '17 89 '17 68 Jan. 74 Jan. Low. 60 '20 70 '20 60 July 70 June CITY LIGHT & WATER COMPANY 5- Year 6% Secured Notes. Due July 1, 1924. Dated July 15, 1919. Interest payable Jan. and July 1, at Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania State Tax and Maryland State Tax re- funded. Authorized $1,250,000 Outstanding 250,000 Reserved for Ext 1,000,000 Provisions of Issue — Additional notes may be issued by deposit of 1st Mtge Bonds in the proportion of 62 Vz % notes to 100 % bonds. Denomination — Coupon, $500 and $1,000. Trustee — Fidelity Trust Company, Philadel- phia. Redeemable at 100^ and interest in whole or in part by lot upon 30 days' notice. Organization' — Incorporated in Delaware June, 1912, succeeding the Amarillo "Water & Light Company. Capitalization. Outstanding. Common $1,000,000 Preferred 100,000 Funded debt 550,000 Controlled by Cities Service Company through ownership of practically the entire common and preferred stock. Management— Doherty Organization. Security — A direct obligation of the com- pany and secured by pledge of $400,000 ($700,000 issued) First F. S. 6s, due Sept. 1, 1953, which are a first lien on the entire property of the company. Company does entire electric light, power and water busi- ness of Amarillo. Texas, without competi- tion. Both electric and water franchises ex- pire March, 19 32. Population served over 15,000. Year ended Dec. 31: Gross. Net. Interest 1920 $300,452 §71,074 $33,000 1919 208,120 46,903 33,000 Original Market — Offered June, 1919, by Brooke. Stokes & Company, Philadelphia and Baltimore, at 97% and interest, to yield over 6 % % . Price Itange 1920 — Ask 95%. CITY WATER CO. (Chattanooga) 1st Ref. Gs. Due Jan. 1» 1931. Dated January 2, 1911. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not asumed by company. Authorized $1,800,000 Outstanding: 1,800,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at 101 and interest on and from Jan. 1, 1916, to Jan. 1, 1921; and at 100 and interest thereafter. Guaranteed principal and Interest by en- dorsement by the American Water "Works and Guaranteee Co., suceeeded through fore- closure by American "Water "Works and Elec- tric Co. The latter company has not as- sumed this guaranty. Organization and Control — Incorporated in Tennessee in 1869, for Q9 years. All of the stock is owned by the Ara.erican "W. "W. & Electric Co. Capitalization. Outstanding. Common $1,740,300 Preferred (7% cum.) 438,300 Funded debt 1,800,000 Secured by a first mortgage on plant sup- plying water to Chattanooga, Tenn. , and vicinity. Population served, 100,000. Years ended Dec. 31. Gross. Net. Int., etc. 1920 $429,429 $161,696 $119,482 1919 416.264 185,616 117,127 1918 449,446 182,648 116,547 1917 374,382 188,855 128,709 1916 326,409 186.612 148,363 Original Market — OfCered in 1911 by J. S. & "W. S. Kuhn, Pittsburgh, etc., and C. E. Mitchell & Co., New York, at 101 and interest. Market. New "Vork— Otto Billo, H. C. Spiller & Co., Carruthers, Pell & Co. Boston — Pond & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 3/i '16 9914 '16 85 90 Low. 76 '20 81 '20 76 81 Market. New York— H. C. Spiller & Co. Boston — Chas. A. Day & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 81 '17 55 70 Low. 50 '20 52 '20 50 53 CITY WATER COMPANY OF SEDAMA, MO., 1st 58. Due Feb. 1, 1937. Dated Feb. 1, 1907. Interest payable Feb. and Aug. 1, at Trustee's office, St. Louis, Mo. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $600,.000 Outstan^ng: (Jan. 1, '21) 570,000 Ketired by S.- F 25,000 Unissued 5,000 Denomination — Coupon, $1,000. Trustee — St. Louis Union Trust Co., St. Louis, Mo. Redeemable for the sinking fund at 105 and interest. Sinking Fund — $5,000 per annum, commenc- ing Feb. 1, 1917. Organization — Incorporated in Missouri in 1907. Capitalization. Outstanding. Common $450,000 Preferred 150,000 Funded debt 570,000 Secured by first mortgage on a plant sup- plying water to Sedalia, Mo. Franchise ex- pires 1928, but if city does not purchase plant, franchise will extend for 21 years additional, and so on for 21-year periods until city purchases plant at an appraised value. Population served, about 20,000. Years ended Dec. 31. Gross. Net. Interest. 1920 $92,524 $34,133 $29,180 1919 82,591 30,902 29,966 1918 77,546 25,627 1917 75,039 36,644 29,000 CIiARKE BROTHERS, LTD., 1st Serial 7s. Due eaph April 1, as follows: $75,000 in 1921, $100,000 1922 to 1929 incl. and $125,000 1930. Dated April 1, 1919. Interest payable April and Oct. 1, at the Hoyal Bank of Canada, Toronto, Montreal. Bear River, N. S., and New York. Principal payable at Montreal Trust Company, Halifax, N. S.. and Hoyal Bank of Canada, New York. Tax Status — Not stated. Authorized $1,000,000 Outstanding 875,000 Held in Treasury 126,000 Purpose of Issue — To erect a new sulphate pulp mill of 30 tons per day capacity and additional saw mill of 30,000 feet per day capacity, to enlarge capacity of the hard- wood mills already in operation and install larger ship repair blocks and dry docks. Denomination — Coupon $ 5 0. Trustee — Montreal Trust Company, Mon- treal. Organization — Incorporated in 1912 under Nova Scotia charter and in 1919 under Do- minion charter, succeeding to the partnership of Clarke Brothers who had been in busi- ness at Bear River for over thirty years. Manufactures spruce and pine lumber, sashes, doors and hard wood products of various kinds. Owns and operates two vessels which move its own prodiicts i.nd also owns and operates freight steamer between Bear River, N. S., and St. John, N. B. Capitalization. Outstanding. Common $1,500,000 Funded debt 875,000 Secured by a floating charge on all as- sets, present and future, also a direct first mortgage on all real estate now owned or hereafter acquired, including 40,000 acres of timber and pulp wood lands, w^ater powers, saw mills, ship repair blocks and dry dock. Also secured on sulphate pulp mill of 30 tons daily capacity (under construction). Original Market — $875,000 offered May, 1919, by Graham, Sanson & Company, To- ronto, at par and accrued interest w^ith bonus of 20% in common stock. CLEARFIELD & JEFKERSON RAILWAY CO. 1st 6s. Due Jan. 1, 1927. Dated July 8, 1886. Interest payable Jan. and July 1, at Broad Street Station, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,000,000 Outstanding: 1,000,000 Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Assumed by the Pennsylvania R. R, Co., (Dec. 31, 1915). Orgranization and Control — ^Absorbed by the Pennsylvania R. R. Co. in 1913. Secured by a first mortgage on 56.51 miles of road from Irvona to near Punxsutawney, Pa., and branches. Underlies — Pennsylvania & Northwestern Gen. 5s of 1930, and Cambria & Clearfield Gen. 4s of 1955; also Penn. R. R. Cons. Mtge. and Gen. Mtge. of 1965 under which latter mortgage bonds are reserved to re- tire this issue. Legral for savings banks in Cal., Conn., Me, Mass., Mich., Minn., Mo.', N. II,, N. J. N. T., R. I.. Vt., and Wis. Listed on the Philadelphia Stock Ex- change. Market. New York — Raymond M. Smith, Taylor, Smith & Hard, Vanderhoef & Robinson, Moore, Leonard & Lynch, Edwin Wolff. Philadelphia — Barnes & Lofland, Bauer, Starr & Co., Daniel & Co., Chas. Fearon & Co., Graham, Parsons & Co., Huntoon & Co., Reed A. Morgan & Co., Samuel K. Phillips & Co., Isaac Starr, Jr. & Co., Welsh Bros. Pittabnrph — R. B, Hutchinson & Co. Price Bang-e. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 122% '09 123% '09 98 Jan. 102 Jan. Low. 93 '20 98 '20 93 July 98 July CUEAJIFIEU) & ItfAHONING RAILWAY CO. 1st 5s. Due Jan. 1, 1943. Dated January 3, 1893. Interest payable Jan. and July 1, at A. Iselin & Co., 36 Wall Street New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $650,000 Outstanding: 650,000 Denomination — Coupon $1,000. Register- able as to principal only, or fully register- able. Registered, $1,000. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by the Buffalo, Rochester & Pittsburgh Ry. Co. by endorsement. Organization and Control — Incorporated In Pennsylvania in 1892. Property leased in perpetuity to Buffalo. Rochester & Pittsburgh Ry. Co., rental being eauivalent to interest, taxes and 6 % per annum on the stock. Capitalization. Outstanding. Common $900,000 Funded debt 650,000 Secured by a first mortgage on 25.72 miles of road from Dubois Jet, to Clearfield, Pa. Legal for savings banks in Cal., Conn., Me., Mich., Minn., N. H., N. J.. R. I. and Wis. Listed on the New York Stock Bxchange. Market. New York — A. B. Hutchinson & Co., Chas. W. Place, Prince & Whitely, Redmond & Co., Raymond M. Smith, Taylor, Smith & Hard, Vanderhoef & Robinson, Carruther.s, Pell & Co. Philadelphia — Graham, Parsons & Co., Isaac Starr, Jr. & Co. Price Range — N, Y. S. E. Jan. 1, '14, to Jan. 1, '21 1920 High 112 Apr. 17, '14 85 Apr. 12 Low. 85 Apr. 12, '20 85 Apr. 12 CLEARFIELD BITUMINOUS COAL CORPO- RATION 21-Year 4*^8. Due Nov. 1. 1933. Dated Nov. 1, 1911. Interest payable May 1 and Nov, 1, at Company's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized 35,000,000 Outstanding 2,500,000 Reserved for refunding and Bxten- 8ion» 2,500,000 Denomination — Coupon, $1,000. Register- able as to principal, or fully registerable. Registered, $1,000 and $5,000. C. & R. Interchangeable. Trustee — Guaranty Trust Co. , New York. Guaranteed as to principal and interest by the New York Central & Hudson River R. R. Co. by endorsement (now New York Central R. R. Co.). Organization — Incorporated In Pennsylvania in 1886, and owns in fee In excess of 148,000 acres of coal, with the necessary surface land, located in Cambria, Clearfield, Indiana and Blair Counties, Pennsylvania, on sub- sidiary lines of the New York Central Rail- road. In 1911 acquired the property of the Pennsylvania Coal & Coke Co. (foreclosed), which owned about 106,000 acres of coal, and surface of this, 59,000 acres, was leased to the Pennsylvania Coal & Coke Corporation, successor of last named company, at a mini- mum rental of $375,000 from Jan. 1, 1911, to April 1, 1913, when lease was modified and minimum rental reduced to $225,000 with the same royalties as in the original lease, viz. : 1 cents per ton on coal mined from fee premises and two cents per ton in excess of 1,500,000 tons from leasehold premises. The lessee also gave up leasehold rights to about 17,000 acres of coal, 2,600 acres surface and also control of the Hooverhurst & South- western R. R. Co. In 1915 the Clearfield company acquired the property of West Branch Coal Co., formerly leased. The properties of the C, B. C. not leased are operated ex- clusively for the N. Y. C. R. R. Co. Capitalization Outstanding. Common $825,000 Funded debt 8,164,959 Control — The entire $825,000 stock is owned by the New York Central R. R. Co. Secured by a first mortgage on 22,000 acres of coal and a general mortgage on the remaining property of the company, including 126,000 acres of coal, equipment, etc. Prior Liens — $6,046,700 bonds as follows: $2,559,000 "Webster Coal & Coke Co^ 1st Cons. 5s of 1942; $1,057,000 Pennsylvania Coal & Coke 1st 5s of 1932; $60,000 Chest Creek Land & Improvement 1st 4s of 1924; $1,818,000 Beech Creek Coal & Coke 1st 5s of 1944; $552,700 Clearfield Bituminous Coal Corp. 1st 4s of 1940. All closed mortgages. The amounts are being reduced by the opera- tion of the respective sinking funds. Original Market — A block of these bonds were offered in January 1916, by Brooks, Stokes & Co. , Philadelphia, at 97 and inter- , est. A block offered July, 1916, by Union Trust Co., Pittsburgh, at 97 and interest. Market. New York — Vanderhoef & Robinson, Wat- son, Armstrong & Co., Carruthers, Pell & Co., A. E. Baker & Son. Pliiladelphia— J. P. Magill & Co. Pittsburgh — Union Trust Co. of Pittsburgh. Price Range. Jan. 1, *16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91 '18 98 '16 75 Mar. 85 Mar. Low. 75 '19 95 '19 75 Mar. 85 Mar. CLEARFIELD BITUMINOUS COAL CORF. iBt 4s. Due Jan. 1. 1940. Dated July 1, 1891. Interest payable Jan. and July 1, at Trustee's office in New York. Tax Status — 2% Federal income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $825,000 Outstanding (May 1, '21) 545,400 Retired by S. F 279,600 Denomination — Coupon, Ser. ' 'A, " $1,000; Ser. "B," $100. Trustee — Columbia Trust Co., New York. Sinking Fund — ^Annually, net earnings in excess of interest, up to $20,000. Fund to be used for the purchase of these bonds or for their redemption at maturity. Guaranteed as to interest by the Beech Creek R. R. Co., which guaranty has been assumed under terms of lease by the N. T. C & H. R. R. R. Co., now the N. T. C. R. R. Co. Organization and Control — Sep il^s of 1932. Secured by a first mortgage on 14,000 acres of coal land owned in fee in Pennsylvania, also on mining rights on 18,000 acres. The property mentioned includes 10 mines and 100 coke ovens. Underlies— $2,500,000 4»^s of 1932. Usted on the New York Stock Exchange. Market. New York — Simon Borg & Co., Sam'I Gold- schmiclt. Fred H. Hatch & Co.. Watson, Armstrong: & Co., A. E. Baker & Son. Pliiladelphia — Arthur J. Bender, Samuel K. Phillips & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 ■ Bid. Ask. Bid. Ask. High 85 '08 90 '09 76 Mar. 77 Sept. Low. 70 '16 72 '13 70 Nov. 77 Sept. CliEVElLAND & EtYRIA ELECTRIC RAII> WAY 1st Ext. Is. Due Feb. 1, 1923. Oated May 1, 1895. Extended May 1, 1915, and Aug. 1, 1920. Interest payable Febru- ary 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $200,000 Denomination — Coupon, $500. Trnstee — Citizens' Savings & Trust Co., Cleveland, Ohio. Redeemable on any interest date prior to and including November 1, 1916. at 102 and interest, in 1917 at 101% and interest, 1918 at 100% and interest and 1919 at 100 ^ and interest, and on February 1, 1920, at par and interest. Organization — Absorbed by the Cleveland) Southwestern & Columbus Ry. Co, Secnred by a first mortgage on 18 miles of single track interurban railway, between the outskirts of Cleveland and Elyria, Ohio. A part of the line is on private right-of-way. Underlies — $3,545,000 C. S. W. & C. bonds. Earnings — See Cleve., S. "W. & Col. Ry. Original Market — Extended bonds offered In April, 1915, by Hayden, Miller & Co., Cleve- land, Ohio, at par and interest. Market. Cleveland — Borton & Borton, W. S. Snyder & Co. CIiEVEtAND & ERIE RAIIiWAY CO. 1st 6s. Due Jnly 1, 1929. Dated July 1, 1909. Interest payable Jan. and July 1, at Trustee's office. Default — Au&. 1, 1920 interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Antliorized $800,000 Outstanding 500,000 Reserved for Ext 300,000 Denomination — Coupon, $250 and $500. Trustee — Fidelity Trust Co., Philadelphia, Pa. Receiversliiii — A. O. Chapin appointed re- ceiver in Sept., 1920. Redeemable at 105 and interest. Organization — Incorporated in Pennsylvania in 190 9 as successor to Conneaut & Erie Traction Co., foreclosed. Captalization. Outstanding. Common $300,000 Funded debt 1,000,000 Secnred by first mortgage on 31 miles ot electric railway between Erie, Pa., and Con- neaut, Ohio. Population served, excluding Brie (100,000), about 40,000. Franchises are for 999 years. Underlies — $500,000 Income 5s of 1929. Years ended Dec. 31. Gross. Net. 'Charges. 1920 $151,776 $23,222 $29,909 1919 181,288 32.841 39,241 1918 164,509 24,710 38,37^ 1917 145.606 32,864 38.752 tl916 121,837 46.516 39,597 tl915 117,532 45.308 38.810 ♦Includes taxes, rentals and interest. tTear ended June 30. Market. New York — H. C. SpiUer & Co, Philadelphia — O. B. Lansinger & Co , Barnes & Lofland. Price Range. Jan. 1, '18, to Jan. 1, 'Zl lim) Bid. Ask. Ask. High 20f. '18 25f. 'IS 17f. Sept. Low. 18f. '18 12f. '20 12f. ]:>ec. CLEVELAND & ERIE RAILWAY, Inc. 58. Due July 1. 1939. Dated July 1, 1909. Interest payable July 1, if earned (none paid as yet). Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free In Pennsylvania. Authorized and Outstanding $500,000 Denomination — Coupon, 250 and 500. Trustee — Fidelity Trust Co., Philadelphia. Organization — See 1st 5s. Secured by second mortgage on 31 miles of electric railway from Erie, Pa., to Conneaut, Ohio. Population served, exclusive of Erie (100,000), about 40,000. Francliises lor 999 years. Prior Liens — $500,000 1st 5s, Earnings — See 1st 5s. Pi'lce Itanse Jan. 1, *19, to Jan. 1, "40 1920 Bid. Ask. Bid. Ask. High 15^f 'IS 5f Sept. lOf Oct. Low. 5f '20 lOf '20 5f Sept. lOf Oct. CLEVELAND & MAHONING VALLEY RAIL- WAY CO. Cons. 5s. Due Jan. 1, 1938. Dated January 1, 1888. Interest payable: Coupon bonds, Jan. and July 1, at Winslow. Lanier & Co., New York; registered bonds, quarterly January, etc. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 2,936.000 Denomination — Coupon. $1,000. Exchange- able for registered bonds. Registered, $1,000 and $10,000. Trustee — Central Union Trust Co. , New York. Guaranteed as to interest under terms of lease by Nypano R. R. Organization and Control — Incorporated in Ohio in 1872. Practically all of the stock la owned in England, and is held by the Atlantic First Leased Lines Rental Trust, Ltd. Prop- erty is leased lor 999 years from March 9, 1917. to the NsTiano R. R., all of the stock of this latter company being owned by the Erie ■ R. R. Co., which leases and operates its line. Annual rental of Cleveland & Mahoning Val- ley Ry., $558,967. Capitalization. Outstanding. Common $3,259 200 Preferred Nam Funded debt 2,936.000 Secored by a first lien on IZZ.eo miles-r- ™ , ^ „ Mlle«. ClBvelana, O., to Pennsylvania-Ohio State Line at Hazelton, 80. M Girard to Crab Creelt, TounBston, O. . . . (ioo Niles to 3 miles south of Lisbon, O.... 36.77 Befnndine — ^Bonds are reserved under the Brie R. H. Consol. Gen. Mort&age to retire this issue. liisted on the New Tork Stock Exchange. Market. New York — Ambrose R. Clark & Co., Chas. W. Place, Redmond & Co., Rutter & Co., Raymond M. Smith, Vanderhoef & Rob- inson, Carruthers, Pell & Co., Hartshorne & Battelle. Fhiladelpltia — Daniel & Co., Isaac Starr, Jr. & Co. Price Range — ^N. Y. S. E. Jan. 1, '08, to Jan. 1, 'Zl 1921) High 121 Dec. 28, '08 81% Dec. 86 Nov. Low. 101 Feb. 1, '15 71% Dec. 77 Apr. CLEVELAND & MARIETTA RAILWAY CO. 1st S. F. 4%8. Due May 1, 1935. Dated May 1, 1895. Interest payable May and Nov. 1. at Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deuction. Tax exempt in Ohio. Authorized $2,000,000 Untstanding 1,191,000 Retired by S. F 69.000 Reserved for Ext 760,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — t'armers* Loan & Trust Co., New Tork. Sinking Fond — Annually, on July 1, a sum equal to 1 % of the - bonds outstanding to be applied to their purchase and cancellation at not exceeding par. If bonds are not purchas- able fund reverts to the company. Assumed by the Toledo, Columbus & Ohio River R. R. Co. Guaranteed as to principal and Interest by the Pennsylvania Co. by endorsement. Control — Merged in 1911, with other roads, into the Toledo, Columbus & Ohio River R. R, Co, This company is leased to the Pennsyl- vania R. R. Co., Western Lines, the rental being the net earnings. Secured by a first mortgage on 103.68 miles of road from Marietta to Canal Dover, Ohio. Legal for savings banks in Cal., Me., Mich., Minn., Mo., N. H., N. J., Ore. and R. I. Listed on the New York Stock Exchange. Market. New York — Dunham & Co., Redmond & Co., Rutter & Co., Raymond M. Smith, Strtuhers & Hisooe, Taylor, Smith & Hard, Vanderhoef & Robinson, Vilas & Hickey, E. - Wolff, Hartshorne & Battelle. Flliladelpllia — Elkins, Morris & Co., Chas. Fearon & Co., Graham, Parsons & Co., C. Clothier Jones & Co., Isaac Starr, Jr. & Co., Wheeler, Elliot & Mann, H. D. Boenning & Co. Price Range — ^N. Y. S. E. Jan. 1, 'n, to Jan. 1, '21 1920 High 100% Jan. 17, '17 84% July 1 Low. 82% Oct. 5 82% Oct. 6 CLEVELAND « PITTSBURGH RAILROAD Co. General S. F. iVka and 3V&8. Due Scries "A," Jan. 1, 1942; Series "B," Oct. 1, 1942: Series "C", Nov. 1, 1948; Series "D," Aug. 1. 1950. Dated Dec. 1, 1891. Interest payable: Series "A," Jan. and July 1; Series "B." April and Oct. 1; Series "C," May and Nov. 1. and Series "D," Feb. and Aug. 1, at Winslow, Lanier & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Ohio and Pennsylvania. Authorized $10,000,000 Outstanding $2,816,000 "A" 4%s 1,507.000 "B" 4%s 349,000 "C" 3%s 2,664,000 "C" 3%s 1,277,000 "Di' 3%s $8,603,000 Retii-ed by S. F $1,497,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co., New York. Sinking Fund — Beginning Jan. 1, 1893, 1% annually of bonds outstanding to be applied to their purchase at not exceeding par. If bonds are not purchasable fund reverts to the company's treasury. Guaranteed — Principal,' interest and sinking fund by the Pennsylvania R. R. Co. by en- dorsement. Organization and Control — Incorporated in Ohio in. 1836 and in Pennsylvania in 1853. Leased to the Pennsylvania R. R. Co. for 999 years from 1871, at a rental equivalent to interest, taxes, 7% on stock and $10,000 or- ganization expenses annually. Lease assigned to Pennsylvania Co. in 1873 for operation on Jan. 1, 1-918, the lease was reassigned to the Pennsylvania R. R. Co. There is outstanding $28,617,643 stock, of which $17,369,460 is known as "special guaranteed stock." Of this stock the Pennsylvania R. R. Co. owns $9,770,800. Captali'zation. Outstanding. •Regular (7% guar.) $11,228,300 •Special (4% Quar.) 17,369,460 Funded debt 8,694,000 •Guaranteed by Penna. R. R. Co. Secured by a first mortgage on 206.32 miles of road, of which 138 miles are double- tracked, from Rochester, Pa,, to Cleveland, O., with branches to Belaire and Roswell, Ohio. This road affords the Pennsylvania System its only entrance into Cleveland, Ohio. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. T., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Sam'I Gold- schmidt, Hodenpyl, Hardy & Co., Rutter & Co., Strtuhers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey Watson, Armstrong & Co., Rutter & Co., Edwin Wolff. Philadelphia — Elkins, Morris & Co., Gra- ham, Parsons & Co., Reed A. Morgan & Co., Ssaac Starr, Jr. & Co., Welsh Bros., Wheeler, Elliot & Mann, Wurts, Dulles & Co. Price Range — ^N. Y. S. E. - Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. 4%s, Series "A." Bid. High 110% Jan. 19, '09 91% Jan. 93 Jan. Low. 92% Dec. 12, '17 80 May 82% May 4%s, Series "B." High 109% July 6, '09 91% Jan Low. 109% July 6, '09 80% Aug. 3%s, Series "B." High 91% Feb. 29, '12 69% Nov Low. 91% Feb. 29, '12 67% Dec ■3%s, Series "C." High 96 Aug. 26, '09 70 Nov Low. 90% Oct. 25, '12 70 Dec 3%s, Series "D." High 90 May 22, 'OS 73 Nov Low. 83% June 16, '15 67% Dec 311- CliEVELAND & SANDUSKY BREWING CO. 1st 6b. Dae Jane 1, 1048. Dated June 1, 1898. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Aathorized J6,000,000 Outstanding 2.653.000 Held in S. F 3,121,000 Cancelled 226,000 Denomination — Coupon^ $1,000. Trustee — Guaranty Trust Co., New York. Redeemable at 107% and interest. Sinking Fund — $50,000 per annum for pur- chase of bonds at not exceeding: 107% and in- terest. If not purchasable, bonds shall be called. Organization — Incorporated in May, IS 98, in Ohio. Capitalization. OutstandiniT. Common $2,386,500 Preferred (6 7(, non-cum.) 2,602,000 Funded debt 3.728,000 Secured by a mortgage on breweries of the company located in Cleveland and Sandusky, Ohio. Prior Ijiens — $ 350,000 Schlather Brewing Co. 1st 4s, due $10,000 annually to 1932. Earnings — Not available. Market. New York — Merrill, Lynch & Co., Car- ruthers, Fell & Co., Ernest Smith & Co. Cliicagro — Merrill, Lynch & Co. Cleveland — Borton & Borton. Price Range. Jan. 1, '08, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 92 '19 92% '19 90 Feb. 93 Feb. Low. 41 '09 43 '09 75 June 80 July CLEVELAND & SOUTHWESTERN TRAC- TION CO. 1st & Cons. 5s. Due Feb. 1, 1933. Dated February 1, 1903, Interest payable Feb. and Aug. 1, at Bankers Trust Co., New York, and Trustee's office, Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 1.400,000 Reserved for Prior Liens 1.600,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guardian Savings & Trust Co.. Cleveland. Redeemable at 105 and interest on any in- terest date. Control — Absorbed in 1907 by the Cleveland, Southwestern & Columbus Ry. Co. Secured by a first mortgage on 43 miles of Interurban street railway, and a mortgage on 93 miles additional, from Cleveland, Ohio, to Berea, Blyria, Oberlin and Norwalk ; and from Cleveland to Medina, Creston and Wooater; from Seville to Mansfield and from Oberlin to Wellington, Population served, ex- clusive of Cleveland, 100.000. Road is built largely on private right-of-way. Oct. 1, 1915. the City of Elyria granted a 25-year fran- chise. Prior Liens — $1,600,.000 bonds of absorbed companies, viz.: $200,000 Cleve. & Blyria 1st Ext. 7s, 1923, $100,000 Blyria & Oberlin 1st 63 of 1922 (extended from 1917)) $127,000 Cleve- land, Berea & Oberlin 1st Bxt. 7s, 1923, $1,073,000 Cleveland, Blyria & "Western 1st Bxt. 7s, 1923, and $100,000 Elyria, Grafton & Southern 1st 5s of 1922. Underlies — C, S.-"W. & C. Ry. Co. 1st Con- sol. 5s. Earnings — See Cleveland, Southwestern ft Columbus Ry. Co. Listed on the Cleveland Stock Exchange. Original Market — Offered in 1903 by the Iron City Trust Co.. Pittsburgh. Market. New York — Merrill. Lynch & Co., T. L. Bronson & Co., Hanson & Hanson, Hart- ahorne & Batelle. ^ Philadelphia — R. M. Stinaon & Co. Chicago — Merrill, Lynch & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Ask. Hi&h 901^*12 95-16 ?2i"y^y Low. 70 '09 68 '19 68 May CLETELAND, AKRON & COLUMBUS RAIL- WAY CO. Gen. (now 1st) 58. Due March 1, 1927. Dated March 1, 1887. Interest payable March and Sept. 1, at Winslow, Lanier & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,800,000 Outstanding 1.800,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Henry "William Smithers. London. Eng. Assumed by the Cleveland, Akron & Cin- cinnati Ry. Co. Control — Merged in 1911 into the Cleveland, Akron & Cincinnati Ry. Co., incorporated in Ohio. All of the stock is owned and road operated by the Pennsylvania R. R. Co. Secured by a first lien on 186.75 miles — Miles. Hudson to Columbus, Ohio 143 . 79 Killbuck to Trinway, Ohio 33.54 Kramore, O., to mines 9.42 Underlies — $1,464,000 C. A. & C. Cons. 4s of 1940. Bonds are reserved under that mort- gage to retire this issue. Leg'al for saving's banks in Me. and Mo. Market. New York — Barstow & Co., Dunham & Co., Sam'l Goldschmidt, Fred H. Hatch & Co., R. B. Hutchinson & Co., Morton Lachen- bruch & Co., Chas. W. Place, R. W. Press- prich & Co., Raymond M. Smith, Taylor, Smith & Hard, Tobey & Kirk, Vanderhoef & Robinson, "Vilas & Hickey, Edwin oWlff, Wm. Carnegife Bwen. Philadelphiar^-Blkins, Morris & Co., Isaac Starr, Jr. & Co. Price Range. Jan. 1, '09, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 109*11 112 '09 903^ Apr. 92%. Apr. Low. 85 '17 88 % '20 87 Oct. 88% Sept. CLEVELAND, AKRON & COLUMBUS RAIL- WAY CO. 1st Cons. 4s. Due Aug. 1. 1940. Dated Aug. 1, 1900. Interest payable Feb. and Aug. 1, at Winslow, Lanier & Co., New York. Tax Status— 2% Federal Income Tax paid by company without deduction. Tax exempt in Ohio. Authorized $4,000,000 Outstanding: (Apr. 21, '21) 1,464,000 Ketired by S. E 336,000 Reserved for Prior Lien 1,800,000 Reserved for Ext 400,000 Denomination — Coupon, $1,000, Register- able as to principal. Trustee — Commercial Trust Co., Philadel- phia. Sinking Fund — Annually on Oct. 1. 1% ' bonds outstanding to be applied to their pur- chase at par. If bonds are not purchasable fund reverts to the company. ABBnmed by the Cleveland, Akron & Cincin- nati Ry. Co. Gnaranteed — Bonds Nos. 778 to 1800 are sruaranteed principal and interest by Pennsyl- vania Co, by endorsement. Note — Jan., 1918, all the properties of the latter company were taken over by the Penn- sylvania R. R. Co. Control — See Gen. 5s of 1927. Secured by a second mort&age on 186.76 miles of road described under the General Ss. Prior Lien — $1,800,000 Gen. 5a of 1927. Original Market — $ 932,000 eu aranteed of- fered in 1914 by Wm. Salomon & Co., New York, at 94 and interest. Market. New York — Sam'l Goldschmidt, Fred H. Hatch & Co., R. B. Hutchinson & Co., Chas W. Place, Raymond M. Smith, Taylor, Smith & Hard, Vanderhoef & Robinson, Wolff & Stanley, Pynchon & Co., Wm. Carnegie Ewen. Philadelphia — Elkins, Morris & Co., Chas. Fearon & Co., Isaac Starr & Co. Price Banee. Jan. 1, '06, to Jan. 1, *21 1920 Guaranteed. Bid. Ask. Bid. Ask. High 96% '09 100*08 72 Oct. 76 Oct. Low. 62 '20 72 '20 62 July 72 Nov. Not Guaranteed. and the Missouri Valley Sack Company with a large plant at St. Joseph, Mo. In addi- tion, the company owns two paper mills, one located in Cleveland and the other in Boston Mills, Ohio. Oriffinal Market — $2,000,000 offered April, 1921, by Union Trust Company, Cleveland, at 100 and interest. CLEVELAND, BEREA, ELYRIA & OBERLIN RAILAVAY CO. Cons., Ext. 78. Due Feb. 1, 1933. Dated March 1, 1899. Extended March 1, 1919, at 5%; Aug. 1, 1920, at 7%. Interest payable March and September 1, at Trustee's office. Tax Status — 2% Federal Income Tax paiS by company without deduction. Authorized $500,000 Outstandine 127,000 Reserved for Prior Liens 300,000 Reserved for Extensions 73,000 Denomination — Coupon, $1,000. Trustee — Cleveland Trust Co.. Cleveland, O. Redeemable at par and interest. Assumed by Cleveland, Southwestern & Co- lumbus Ry. Control — ^Absorbed by Cleveland, Elyrla & West. Ry., now a part of the Cleveland, Southwestern & Columbus Ry. Co. wio-T, QA-y -IK aa'nr n/^ *-r Secured by a second mortgage on 41 miles High 94y2 15 96 06 l^f^"" of electric railway from Cleveland to Blyria. tpi) Aug Oberlin and Wellington and branch to Berea, Low. 65 '20 81 '18 CLEVELAND-AKRON BAG CO. (THE) 15- Year If^t S. F. 8s. Due April 1, 1936. Dated April 1, 1921. Interest payable April 1 and Oct. 1 at the Union Trust Co., Cleveland. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State tax refunded. Authorized $2,000,000 Outstanding- 2,000,000 Purpose of Issue — The proceeds of this is- sue together with an issue of preferred stock will be used to reimburse the comipany fo£. capital expenditures, including a new plant" at St. Joseph, Mo., and to provide additional working capital. Denominations — Coupon, $1,000 and $500. Trustee — Union Trust Co., Cleveland. Redeemable as a whole on 30 days' notice on any interest date at 105 and interest. Sinking: Fund — Semi-annual payments be- ginning April 1, 1922, of amounts sufficient to retire $100,000 par value of bonds an- nually by purchase or redemption at not over 105 and interest, up to and including April 1, 1930; thereafter to maturity amounts sufficient to retire $100,000 bonds on each_ interest date. Organization, — Incorporated in Ohio in 1902. Business established in 1895. The company is a large manufacturer and dis- tributor of paper, jute and cotton bags. The company also doei:- a very large business in awnings and in a number of miscellaneous products, such as tire wrappings, buckram, sealing tape, etc. Capitalization. Organization. Common $4,407,700 Preferred (8% cum.) 1,000,000 Funded debt 2,000,000 Secured by a first mortgage on all of the physical property (including properties of subsidiaries wholly owned) and on all other assets of the company, except current assets as defined in the indenture. The company agrees to maintain net cur- rent assets at all tiems eqaul to not less than 50% of the amount of first mortgage bonds outstanding. The company owns and operates tw^o plants in Cleveland, and also owns outright the Chicago-Detroit Bag Company, with a plant in Goshen, Indiana, the Buffalo Bag Company with a plant in Buffalo, New York, Ohio. Prior Liens — $ 200,000 Cleveland & Blyria 1st Ext. 7s, 1923; $100,000 Blyria & Oberlin 1st 6s of 1922. UnderUes— $3,545,000 5s of C, S.-W. & C. Ry. Co. and predecessor companies. Earnings — See Cleveland, Southwestern & Columbus Ry. Co. Listed on the Cleveland Stock Exchange. Price Range. Jan. 1, '08, to Jan. 1, *21 Bid. High.lOO '12 Low. 85 '17 Ask. 100 '09 95 '17 1920 Not available. CLEVELAND, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY CO. Incorporated in Ohio in 1889. The company owns 11,451.99 miles of main line and 241.04 miles of branches (total, 1,687.87) from Cleve- land to Terre Haute, Ind., with branches to Columbus and Sprin^eld, Ohio; from Cincin- nati, Ohio, to Lafayette, Ind. ; from Columbus, Ohio, through Indianapolis, Ind., to Peoria, 111.; Sandusky to Cincinnati, Ohio; Benton Harbor, Mich., to North Vernon, Ind., with trackage rights to Louisville, Ky. ; Danville to Cairo, 111., with branch to Evansville, Ind.: Terre Haute, Ind., to St. Louis, Mo.; and Tem- pleton, Ind., to Seneca, 111., with trackage rights from Lafayette to Templeton, Ind., and Kankakee to Chicago, 111. The total mileage operated is 2,408.53 miles: 604.01 miles are double-tracked, including 493.68 miles of the road directly owned by the company. The lines operated by the C, C, C. & St. L. Ry. Co. form a very important part of the New York Central System, affording that sys- tem its only entrances into Columbus and Cin- cinnati, Ohio; Indianapolis and Evansville, Ind.; Louisville, Ky., and St. Louis, Mo., and also important entrances into all other im- portant cities in Ohio and many in Indiana and Illinois. Capitalization Outstanding Common $47,028,700 Preferred (5% non-cum.) 9,998.500 Funded debt 119,387,622 The New York Central R. R. Co. owns $30,207,700 of the common stock. Tears ended Dec. 31. Interest, Gross. Net. Rent, Etc. •1919 $9,938,697 $11,190,574 $10,645,922 tl919 73,856,466 18,281,269 1,719,087 •1918 9,938,697 10,772,278 7,683,808 tl918 71,403,940 18,281,269 1,719,087 1917 62,650,920 13,441,830 -8,184,333 1916 46,678,240 16,061,345 6,768,610 1916 39,364,087 10,448,938 7,128,010 •Corporate account. tFederal account, standard return not in- cluded. CliEVELAND, CINCINNATI, CHICAGO & ST. LOUIS RAtLWAY CO. Cairo Dlv. l8t 49. Due Jan. 1, 1939. Dated January 1. 1890. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Ontstandingr 5,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Secured by a mortgage on 461.67 miles of road, as follows : A first Uen on 261,97 miles: Miles. Danville to., Cairo, 111 259.67 St. Prancisville, 111., to Vincennes, Ind 8.30 A second lien on 193.70 miles (Covered by first lien of C, C, C. & St. L.-St. L. Div. 1st Coll. Tr. 4s.) Terre Haute, Ind. (via Litchfield), to E. St. Louis, 111 189.50 East Alton to Alton, 111 4.20 Prior Liens — Outstanding. C, C, C. & St. L.-St. L. Div. Coll. Tr. 4s, 1990 $9,169,000 Underlies — Outstanding. C, C, C. & St. L. Gen. 4s. 1893. .$28,679,000 C, C, C. & St. L. Gen. 6s, 1993.. 4,561,000 C, C, C. & St. L. Ref. & Imp. 6s, 1929 16,000,000 Bonds are' reserved under the above mort- gages to retire this issue. Lesral for savings banks in Cal., Me., N. H., Ohio, Ore. and R. I. Listed on the New York, London and Am- sterdam Stock Exchanges. ■ Market. New York — Simon Bore & Co., Sam'l Goklschmidt, A. B. Hutchinson & Co., E. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Raymond M. Smith, Strjithers & Hiscoe, Taylor, Smith & Hard, Vilas & Hlekey, Edwin Wolff, Carruthers, Pell & Co. Price Range — N. Y. S. )E. Jan. 1, '06, to Jan. 1, '81 1920 High 101% Dec. 4, '06 75 Mar. 5 Low. 68 May 28, '20 68 May 28 CLEVJELAND, CINCINNATI, CHICAGO « ST. LOUIS RAILWAY CO. Springfield & Columbus Div. 1st 4s. Due Sept. 1, 1940. Dated October 30, 1890. Interest payable March and Sept. 1, at Grand Central Ter- minal,, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $1,025,600 Fledged under C, C, C. & St. L. Gen. Mtgc. and Ref. & InU). Mtse 78,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. 314 Secured by a first mortgage on 44.81 miles of road from Springfield to Columbus. Ohio. This mortgage was executed jointly by the Columbus, Springfield & Cincinnati R. R. Co., which owns the road, and the C, C, C. & St. Louis Ry. Co. The former company was merged J.an., 1913. Underlies — C C, C. & St. L. Gen. 4s and 6s of 1993, and Ret. & Imp. Mtge. of 1929. Bonds are reserved under both mortgages to retire this issue. Leffal for savings banks in Cal., Me., Mo., N. H., Ohio, Ore. and E. I. Listed on the New York Stock Exchange. Market. New York — R. B. Hutchinson & Co., Prince & Whitely, Redmond & Co., Roose- velt & Co., Raymond M. Smith, Taylor, Smith & Hard, Pynchon & Co., Carruthers, Pell & Co., Edwin Wolff. Price Range — N. Y. S. E. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. High 86% June 15, '16 70 Jan. 76 Aug. Low. 73 H June 4, '17 62 June 72 May CLEVELAND, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY CO. White Water Valley Div, Farchase Money Ist 4h, Doe July 1, 1940. Dated November 1, 1890. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $660,000 Outstanding: 660,000 Denomination — Coupon, $1,000. Register- able as to principal. Tm9tee---Central Union Trust Co., New York, and J. Alfred Barnard. Secured by a first mortgage on 63.13 miles of road from Harrison, Ohio, to Hagerstown, Ind. UnderUes — C., C, C. & St. L. Gen. Mtge. of 1993. and Ref. & Imp. Mtge. of 1929. Bonds are reserved under both mortgages to retire this issue. Legral for savings banks in Cal., Me., Mo., N. H., Ohio, Ore. and R. I. Listed on the New York Stock Exchange. Market. New York — R. B. Hutchinson & Co., Prince & Whitely, Redmond & Co., Raymond M. Smith, Taylor, Smith & Hard, Carruthers, Pell & Co., Finlay & Davenport. Price Range — N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. High 98 Sept. 19, '06 65 Nov. 71 Jan. Low. 84 Oct. 28, '16 6H4 July 68 July CLEVELAND, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY CO. St. Louis Div. 1st Coll. Tr. 4s. Due Nov. 1, 1990. Dated November 1, 1890. Interest payEible May and Nov. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authcrized $10,000,000 Outstanding (Jan. 1, '21) 9,116,000 Held in S. F 884,000 Denomination — Coupon, $1,000. Exchange- able for registered bonds. Registered, $1,000, $6,000 and $10,000. Trustees — Central Union Trust Co., New York, and John T. Dye. Sinldng Fund — $250,000 bonds were delivered to the Trustee upon the execution of the mort- gage. The interest on these bonds is used to acquire bonds of this issue at a price not ex- ceeding 106 and interest, and all bonds so ao- quired are to be kept alive and interest added to the sinkine fund. Secured by a first lien on a $10,000,000 4% Purchase Money Mortgage of the Cairo, Vin- oennes & Chicago Ry. Co. Property of com- pany acquired in 1912. This bond covers as a first mortgage 103.70 miles of road from Terre Haute, Ind., to East St. Louis, III., and branch, Alton. 111. The road on which they are secured affords the New York Central System its only entrance into St. Louis, Mo. Underlies — C, C, C. & St. L. Ry. Co. Gen. Mtgc. of 1993 and Ref. & Imp. Mtge. of 1929. Listed on the New Tork and London Stock Exchanges. Market. New York — Simon Borg & Co., Constable & Fleming, Sam'l GolcTsohmidt, Hartshorne & Battelle, R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Rutter & Co., Struthers & Hiscoe, Taylor, Smith & Hard, Carruthers, Pell & Co., Granger & Co. Fhiladelpbia — Chas. Fearon cS; Co., Samuel K. Phillips & Co. Price Ranee — N. Y. S. E. Jan. 1, '06, to Jan, 1, '21 High 103 J.in. 22, '06 Low. 60% May 19, '20 1920 73 Oct. 26 60=4 May 19 CIJfVBLAND. CINCINNATI, CHICAGO & ST. LOUIS RAILWAY CO. Gin., Wa- bash Si Mich. Ry. Div. 1st 4s. Dae July 1, 1991. Dated May 9, 1891. Interest payable Jan. and July 1, at Grand Central Terminal, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,000 Outstanding 4,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — United States Trus* Co., New Tork, and .1. .A If red Barnard. Secured by a first mortgage on 204.09 miles of road from Rushville, Ind., to Benton Har- bor. Mich., on Lake Michigan and branch. This mortgage was executed jointly by the C, C. C. & St. L. Ry. Co. and the Cincin- . nati, Wabash & Michigan Ry, Co., which latter company has since been merged. Underlies — C, C; C. & St. L. Gen. Mtge. of 1993, and Ref. & Imp. Mtge. of 1929. Bonds are reserved under both mortgages to retire this issue. Leg:a1 for savings banks in Me., Mo., N. H., Ohio, Ore. and R. I. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Constable & Fleming, R. B. Hutchinson & Co., R. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Raymond M. Smith, Taylor, Smith & Hard, Vilas & Hickey. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 101 yg Mar. 1, '06 70 Oct. 21 Low. 66% Apr. 20, '20 66% Apr. 20 CLEVELAND, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY CO. Gen. Series "A" 4s and Series "B" 5s. Due June 1, 1993. Dated May 15, 1893. Interest payable June and Dec. 1, at Grand Central Termi- nal, New Tork. Tax Status — 2% Federal Inoom» Tax paid by company without deduction. Authorized $50,000,000 Outstanding: 4s $28,579,000 5s 4,161,000 32,740,000 Reserved for Prior Liens 17,260,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully register- able. Trustees — Bankers Trust Co., New York, and Union Trust Co., Indianapolis, Secured by a direct or collateral' lien on 1,769.61 miles of road, together with 704.28 miles of leaseholds and trackage right and all ether property, viz: A first lien on 120.16 miles — Miles. Dayton to Ivorydale 48.57 Terre Haute to Indianapolis, Ind 71.59 A second Hen on 1,387.65 miles — Covered by the first lien of the follow- ing: Cine. Ind., St. Louis & Chi. Gen. 1st 4s 222.87 C, C, C. & St. L. — Cairo Div. 1st 43 267.97 C, C C. & St. L. — Cin., Wabash & Mich. 1st 4s 204.09 C, C, C. & St. L.— St. Louis Div. 1st Coll. Tr. 4s 193.70 C, C C. & St. L. — Springfield & Co- lumbus Div. 1st 4s 44.81 C, C, C. & St. L. — White Water Val- ley Div. 1st 43 63.18 Cleve., Col.. Cine. & Ind. Gen. Cons. 63 391.08 A second collateral lien on 125.31 miles — Covered by the first collateral lien of the Cin., Ind., St. Louis & Chi. Gen. 1st 4s 125.31 A third lion on 136.49 miles — Covered by the first lien of the follow- ing; Ohio, Indiana ft Western 1st 5s 136.49 Also secured by a second lien on the se- curities pledged under Cine, Ind., St. Louis & Chi. Gen. 1st 4s, 1936. Also secured by pledge of the following stocks: Deposited. Issued. Cine, Sanduskv & Cleve. R. R $3,981,500 $4,003,000 Paoria & Eastern Ry. . 5,000,000 10,000,000 Also a lien on 164 miles of trackage and on the following 540,28 miles of leaseholds and contract rights: Mllea. Cine. Sandusky & Cleve. R. R. — Day- ton via Bellefontaine to Sandusky, O. 169.8.4 Peoria & Eastern Ry. — Indianapolis, Ind., to Pekin, III 201.37 Indianapolis, Ind., to Springfield. O. 136.49 Bvansville, Mt. Carmel & Northern Ry., Mt. Carmel, 111., to Bvansville. Ind. 32.58 Prior Liens — $35,269,500 as follows: Cleve., Col., Cine & Ind. Gen. Cons. 6s, 1934 $3,205,000 Cine, Ind., St. Louis & Chi. Gen. 1st 4s. 1936 6,695,000 C, C, C. & St. L. — Cairo Div. 1st 4e, 1939 5,000,000 C, C, C. & St. L. — White Water Valley Div. 1st 4s, 1S40 650,000 C' C e. & St. L. — Springfield i- Columbus Div. 1st 4s, 1940... 1,103,600 C, C, C. & St. L. — St. L, Div. 1st Coll. Tr. 4s, 1990 9,116,000 C, C, C. & St. L. — Cine, Wabash & Mich. Div. 1st 4s, 1991 4.000,000 Ohio, Indiana & Western 1st Pfd. 63, 1938 500,000 C, C, C. & St. L. P. M. Lien 5,000,000 Underlies — Ref. & Imp. Mtge. ot 1929, un- der Vv-hich bonds are reserved to retire this issue. European 4s, 1930, and Debenture 4y,s, 1931. li^al for savings banks in Cal., Me., N. H., Ohio, Ore. and R. I. liisted on the New Tbrk and London Stock Excliangea. Original Market — $1,150,000 offered In March, 1910, by White, Weld *■ Co., New York, Boston, etc. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Arthur E. Frank & Co., Sam'l Goldschmidt, Granger & Co., R. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Roosevelt & Son, Rutter & Co., Struthers & Hiscoe, Vilas & Hickey; Kountze Bros., Carruthers, Pell & Co. Philadelphia — Chas. Fearon & Co. Price Range — 'S. Y, S. E. Jan. 1. '06, to Jan. 1, '21 1920 4s "A." High 105% Feb. 1, '06 ' 72 June 28 Low. 56 Dec. 20, '17 60 May 18 6s "B." High 101 Oct. 19, '16 88 Oct. 23 Low. 79 June 28, '20 79 June 28 CI:EVELAN1>, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY CO, 20-Year Deb. 4^8. Doe Jan. 1, 1931. Dated January 1, 1911. Interest payable Jan. and July 1, at Grand Central Terminal, New York. ' Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstandinf- 5,000,000 Unissued 5,000,000 Denomination! — Coupon, $1,000. Register- able as to principal or fully registerable. Registered, $1,000, $5,000, $10,000 and mul- tiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Secured equally with the Ref. & Imp. mtge. of 1929 by a mortgage on all the property of the company. For details see descrip- tion of Ref. & Imp. 6s. Legral for savings banks in Cal., Me., N. H., Ohio, Ore. and R. J. Listed on the New York Stock Exchange. Original Market — Offered in June, 1911, by the Guaranty Trust Co., New York, Robert Glendinning & Co., Philadelphia, Roy T. H. Barnes & Co., Hartford, J. Harmann Fisher & Son, Baltimore, and Darr & Moore (now Moore, Leonard & Lynch), Pittsburgh, at 97% and interest. Market. New York — Arthur E. Frank & Co., Granger & Co., Hirsch, Lilienthal & Co., Prince & Whitely, Redmond & Co., Roose- velt & Co., Vanderhocf & Robinson, Vilas & Hickey. Price Range — 'N. Y. S. B. Jan. 1, '12, to Jan. 1, *21 1920 High 93% June 13, '12 80 Sept. 30 Low. 65^4 Apr. 3. '18 69 July 30 CLEVELAND, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY COMPANY 10- Year Kef. & Imp. 6s, Series "A." Due July 1, 1929. Dated July 1, 1919. Interest payable Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — See "Provisions of Issue." Outstanding (Series "A") $15,000,000 Reserved to Retire "European Loans" 4s 9.650,000 Reserved to Retire Debenture 41,^8 9,500,000 Reserved for Prior Liens 74.100,500 Provisions of Issue — Except for refunding purpcses, bonds dhall not be Issued under this mortgage in excess of $25,000,000 with- out the consent of the holders of a majority of the preferred stock of this company and that, whenever the amount of bonds issued hereunder and then outstanding, except those -ssued for refunding purposes, shall be $25,- 000,000, no additional amount of bonds shall be issued in respect of work done or property acquired in an amount in excess of 80% of the cost thereof; and, further, that bonds shall not be issued hereunder, other than for refxmding purposes, unless for twelve consecutive months out of the eighteen months next preceding the first day of the month in which it is proposed to make such issue of bonds the income of the company, after deducting therefrom operating ex- penses, rentals of leased property, hire or equipment, interest on equipment, trusts and taxe.s, shall be not less than one and one- half times the amount arrived at by adding the interest for such twelve mor ths on debt secured by lien prior to that of said mort- gage on lines of railroad owned by the com- pany and on the bonds issued and outstand- ing or secured -hereunder to the interest for one year on the bonds then proposed to be issued. Purpose of Issue — To provide funds for capital expenditures made or to be made upon the company's properties, to refund bonded debt and for other corporate pur- poses. Denomination — Coupon, $1,000. Register- able as to principal and fully registered. C. & R. interchangeable. Coupon, $500. Reg- isterable as to principal only. Ccupon, $100. Trustee — Guaranty Trust Company of New York and Frank L. Littleton. Redeemable on any interest day at 103 and accrued interest. Secured equally with $5,000,000 Debenture 4%3, due Jan. 1, 1931, and 50.000.000 franca European Loan 4a, due June 1, 3 930, on all the property of the company, including ter- minals, coal properties, securities, lease- holds and traffic rights now owned or here- after acquired with the proceedo of bonds issued under this mortgage. This mortgage covers by direct or collateral lien 1,828.17 miles, as follows: A- first direct lien on 13.95 miles — Miles. Harrisburg, 111., to Mines 9.99 Lawrenceburg to Aurora, Ind 3.96 A first collateral lien on 0.78 miles through pledge of entire capital stock, $86,500 (no bonds) of the Pindlay Belt Ry. Co. In Fmdlay. Ohio 0.78 A second direct lien on 164.19 miles (covered by the first lien of Gen. 4s and 5s): Dayton Ivorydale, 48.57 Terre Haute to Indianapolis, Ind. . . . 71.59 (Covered by the first lien of Chicago, Indianapolis & St. Louis Short Line 1st 4s.) Hillsboro to Lenox, 111. .T 44.03 A third direct lien on 1,387.65 miles: (Covered by the first lien of the C, C, C. & St. L. White Water Val- Iry Div. -^-s.) Harrison to Hagerstown, Ind 63.13 (Covered by the first lien of the C, C, C. & Indianapolis Ry. Gen. 6s.) Clev^land to Columbus, 137.89 Delaware to fapringfield. 50.02 Gallon, O., via Bellefontaine and Anso- nia, O., and Muncie, Ind., to Indian- apolis, Ind 203.17 il6 (Covered by (he first lien of the C. C, C. & St. L., Springfleia & Co- lumbus Div. 4 s.) Sprinrfleia to Columbus, 44 81 (Covered by the first lien of thp C. C, C. & St. li.-Cinc, Wabash & Mich. Div. 4s.) Benton Harbor, Mich., to Rushville, Ind 204.09 (Covered by the first lien of the Cine, Ind., St. I.,. & Chi. Ry. Gen. 1st 4s.) Valley Jet. to Harrison, 7.02 Fairland to Martinsville, Ind 38.27 (Covered by the first lien of thy C, C, C. & Sf. L.-Cairo Div. 1st 4s.) Calio to Danville, 111 259.67 St. Francisvillo, 111., to Vincennes, Ind. 8.30 (Covered by the first lien of Cine, Ind., St. Z,. & Chi. Ry. 1st Cons. 6s.) Cincinnati, O., to Lafayette, Ind.... 174.60 Lawrenceburg- Jet. to Lawrenceburgr, Ind 2.88 (Covered by the first lien of the C, C, C. & St. L. Ry., St. L. Div. 1st Coll. Tr. 4s.) Terre Haute, Ind., via Litchfield and East Alton, 111., to Bast. St. Louis, lU 189.60 East Alton to Alton, 111 4.20 A third collateral lien on 125.31 miles (Covered by the first collateral lien of Cine, Ind., St. L. & Chi. Gen. 1st 43.) Greensburs to Columbus, Ind 24.28 Kushville to North Vernon, Ind.... 44.26 Templeton, Ind., to Kankakee, 111.... 56.78 A fourth dirrct lien on 136.49 miles (Covered by the first lien of Ohio, Ind. & Western Ry. 1st Pref, 6s.) Springfield, O., to Indianapolis, Ind. 136.49 Further secured upon contract rights, leaseholds and trackage rights (not includ- ing mileage covered above under collateral liens) as follows: Contract Bights — 52,33 miles (Lake Erie S- Western R. R.) Lafayette to Templeton, Ind 18.61 (Evansville, Mt. Carmel & Northern Ky.) Evansville, InJ., to Mt. Carmel 111.. 32.68 (Central R. R'. of Indianapolis.'' Sidir'gs in Indianapolis 1.14 (Louisville & JefCersonville Bridge & R. R.) Louisville, Ky., to JefCersonville, Ind. 4.12 Total 62.33 Note — Between Kankakee and Chicago the C, C, C. & St. L. trains are hauled by Illi- nois Central R. R. locomotives over Illi- nois Central R. R. tracks under a traffic agreement. (a) All the stock of this company pledged hereunder and the bonds (12,118,000) are all owned by the C, C, C. & St. L., but not Pledged hereunder. Leaseholds — 169.84 miles. (Cine, Sandusky & Cleveland R R.) Sandusky to Dayton, 164.47 Carey to Findlay, 15,37 Total 169.84 Trackage Bights — 109.34 miles. (B. & O. S. W. R. R.) Korth Vernon to Jefferaonvllle, Ind. 62. l4 Ludlow Grove (Ivorydale) to Cincinnati, Ohio 5.90 (Toledo & Ohio Central Ry.) Berwick to Toledo, 47.18 317 Total 109.34 Terminal Bights. Agreements for terminal facilities for the following cities are subject to this mortgage Indianapolis, Ird. : Dayton, O. : Columbus, O. Alton, III. ; West Alton, 111. ; Cincinnati, O. Bast St. Louis, 111.; St. Louie, Mo.; Jef- fcrsonville, Ind., and Louisville, Ky. Further secured by pledge of the follow- ing securities: Stocks. Pledged. Issued. Cine, Lafayette & Chi., pfd t$l, 810,860 $1,810,860 Cine , Lafayette & Chi., com 67,400 68,200 Vernon, Greensburg & Rushville R. R. t452.000 600.000 Columbus, Hope & Greensburg R. R. . tl62,760 260,000 Central Union Depot Ry. pfd t200,000 600,000 Central Union Depot & Ry. com 76,000 112,500 Cine, Sandupky & Cleve. com •4,001,760 4,003,000 Evansville, Mt. Car- mel & No. Ry 600,000 600.000 Findlay Belt Ry 86,600 86,500 Union Depot Co. In- dianapolis Union Ry t2-5 6-6 (Columbus, O.) 260,000 600,000 Bonds: Cine & Springfield By. 1st 7s (a)2,000,000 2,000,000 Cine & Springfield Ry. 2d 7s (a)661,000 661,000 Cine. Indianap., St. L. & Chi. Gen. 1st 43 •636,000 6,771,000 Cine, Lafayette & Chi. 1st 7s tl, 120,000 1,120,000 Cine, Lafayette & Chi. 2d 73 tl, 120,000 1,120,000 Columb., Hope & Greensburg 1st 63 t275,00C 276,000 Ca"io, "\^incen. & Chi. P. M. 4s tlO.OOO.OOO 10,000,000 Verr.on, Greensburg & Rushville 1st 73 t450,000 450,000 C, C, C. & St. L.. Springfield & Col. Div. 43 •78,000 1,103,000 •Subject to prior pledge) under C, C, C. & St. L. Gen. 4s and 5s. tSubject to prior pledge under Cine, Ind., St. L. & Chi. Gen. 43 and also C, C, C. & St. L. Gen 4s and 6s. tSubject to prior pledges under C, C, C. & St. L'., St. L. Div. 1st Coll. Tr. 43, and Gen. 4s and 63. (a) Pledged merely as muniments of title: the property has been deeded to the C C, C. & St. L. and the bonds have matured. Prior Liens — Subject to $74,038,600 bonds, as follows: Outstanding. C, C, C. & St. L. Gen. 4s, 1993 •$28,579,000 C C, C. & St, L. Gen. 6s, 1993 •4,661,000 Chi., Indpls. Sc St. L. Short Line 1st 43, 1953 t3.0e0,000 C. , C. C. & St. L. White 'Water Valley Div. 4s, 1940 t650.000 Ohio, Ind. & Wi>stern l3t Pref. 59 1938 t600,000 C, C, C. & St. L. Purchase Money Lien 1940 (a)t6,000,000 Cleve., Col., Cine. & Indpls. Gen 6s, 1934 t3. 205. 000 C. C. G. & Sr. L. -Springfield & Col. Div. igt 4s, 1940 tl, 103, 500 C, C, C. & St. L.-inc, Wabash & Mich. Div. 1st 4s. 1991 14,000.000 Cinu., Indpls., St. L. & Chi., Gen. 1st 4s, 1930 t6, 695,000 C, C, C. & St. L. -Cairo Div. 1st 4s, 1939 ~t5,000,000 C, C C. & St. L..-St. L. Div. 1st Coll. 4s. 1990 t9,169,000 Cincin., Sandn=ky & Cleve. Cons. 1st 5a, 192S 2,571,000 •Bonds are issuable under this mortgage for refunding turposes. t Closed mortgages. (a) Pledged under Peoria & Kastern Ry. 1st Cons. 4s and also Income 43. Bonds are reserved under this mortgage for the retirement of the above prior liens, except the Ohio, Indiana & "Western 1st Pref. 5s. Le^al for savings banks in Cal., Me., Mo., N. H., Ohio, Ore. and R. I. JListed on the New York Stock Exchange. Original Market — Offered July, 1919, by J. P. Morgan & Co., National City Company, First National Bank and Guaranty Trust Company of Now York, at 98 and interest to yield over QM%. Market. New York — Sam'l Goldschmidt, Granger & Co., Prince & "Whitely, Redmond & Co., Salomon Bros. & Hutzler, Vilas & Hickey. Philadelphia — Reed A. Morgan & Co. Chicagro — Union Trust Co. IiOuisville> — Block, Fetter &. Co., Fidelity & Columbia Tr. Co., J. J. B. Hilliard & Son. Kansas City, Mo. — Stern Bros. Omaha — Omaha Trust Co. Cincinnati — Fiftty-third National Bank. Pi'ice Kanffe— 1920— N. V. S. E. High 90 Nov. 26 Low. 85 3^ Dec. 22 CUEATELAND, CINCINNATI, CHICAGO & ST. liOtJIS 20-Year Deb. 4s. (European Loan of 1910). Due June 1, 1930. Dated June 1, 1910. Interest payable June 1 and Dec. 1, at Morgan, Harjes, Paris. Tax Status— 2% Federal Income Tax paid by the company without deduction. Authorized •$9,650,181 Outstanding 9,650,181 ♦Equivalent to 50,000,000 francs. Denomination — Coupon, 500 francs. Secured eauaUy with the Ref. &. Imp. Mtge. of 1929, by a mortgage on all of the prop- erty of the ccmpany. For details see de- scription of Ref. & Imp. 63. Leg'al for savings banks in Cal., Me., N. H., Ohio, Ore. and R. I. Listed on th,' Paris Bourse. >Iarket New York — Vilas & Hickey. CI^EVELAND. CINCINNATI, CHICAGO iSi ST. LOUIS RAILWAY CO. Equip. 68. Due $237,000 each June 1 to June 1, 1937. Dated June 1, 1917. Interest payable June and Dec. 1, at Trustee's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,370,000 Outstanding: (Jan. 1. '21) 1,659,000 Dalanre Retired. Denomination — Coupon, $1,000. Register- able as to pr'ncipal. Trustee — G-uaranty Trust Company, New York. Guaranteed principal and interest by en- dorsement by Cleveland, Cincinnati, Chicago & St. Louis Railway Company. Secured by an equipment lien on 500 steel hopper cars, 50 steel passenger cars, 250 stock cars, 1 5 passenger locomotives and 2 switch locomotives. Cost, $2,962,500. Legral for N. H., Ohio and R. I. Original Market — First offered in June, 1919, by Callaway, Fish & Company, New York, etc., at prices to yield from 5%% to 5.85%, for various maturiti*=>s. Market See Equip 5s dated June 1, 1914. CLEVELAND, CINCINNATI. CHICAGO & ST. LOUTS RAILWAY CO., "BIG FOUR,** Equip 58. Due $115,000 (1-15) each July 1, from 1915 to 1929,- iucla- sive. Dated Jan. 1, 1915. Interest payable Jan. 1 and July 1, at Bankers Trust Co., New York or Commercial Trust Co., Philadelphia. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $1,995,000 Issued 1,725,000 Outstanding: (Jan. 1, '2i) 1,150,000 Redeemed 575,000 Denomination — Coupon, $1, 000. Register- able as to principal. Trusl/Ce — Coirmercial Trust Co., Phila. Guaranteed principal and interest by the C C, C. & St. L. Ry. Co. by endorsement. Secured by an equipment trust agreement on 1,915 steel underframe box cars with steel ends and roofs, 13 switching locomo- tives and 5 Pacific type passenger locomo- tives, 20% of cost paid in cash by the com- pany. Legal for savings banks in N. H., Ohio and R. I. Original Market — Offered by Kean, Taylor & Co., New York; Illinois Trust & Savings Bank, Chicago, and Bioren & Co., Phila- delphia, on a 5.30% basis. Market. See Equip. 5s dated June 1, 1914. CLEVELAND, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY CO., "BIG FOUR" Equip. 5s. Dae $373,000 (1-15) each June 1, from 1915 to 1929, inclnsive. Dated June 1, 1914. Interest payable June 1 and Dec. 1. at Guaranty Trupt Co., New York. Ta X Status — Payment of Federa 1 Income Tax not assumed by company. Authorized $5,600,000 Issued 5,365,000 Outstanding: (Jan. 1, '21) 3,357,000 Redeemed 2,008,000 Denomination — Coupon, $1,000. Register- able as to ppiacipal. Trustee — Guaranty Trust Co. , New York. Guaranteed principal and interest by the C, C, C. & St. L. Ry. by endorrement. Secured by en equipment trust agreement on 2,585 steel underframe box cars, 2,500 steel underfraire gondola cars, 15 steel pas- senger cars, 5 Mikado type locomotives, 1.- 000 steel hopper cars and 12 steel baggage cars, 20% of the cost paid in cash by the company. Legal for savings banks in N. II., Ohio and R. I. Original Market — $3,800,000 offered May, 1914, by Wm. A. Read & Co., Kountze Bros., and Equitable Trust Co., New York. Market. New York — Evans, Stillman & Co., Free- man & Co. Philadelphia — Graham, Parsons & Co. CLEVELAND, COLUMBUS, CINCINNATI & INDIANATOIS KAILWAY CO. Gen. Cons. 68. Due Jan. 1, 1934. Dated January 1, 1884. Interest payable Jan., and Juiy 1, at Grand Central Termi- nal, New TorK. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Cloaed mortgage OutstaniMns $3,206,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully regis- terable. Trustee — Unl'ed States Trust Co., New York Assumed by the Cleve., Cin., Chic. & St. Louis Ry. Co. Control — Merired with other companies_ into the C, C, C. and St. L. Ry. Co. in 1889. Secured by a first lien on 391.08 miles — Miles Cleveland to Columbus, Ohio 137.89 Delaware to Springfield, Ohio 50.02 Gallon, Ohio, to Indianapolis, Ind 203.17 Underlies — C. C, C. & St. 1.. Ry. Co. Gen. Mtge. an3 Ref. & Imp. Mtge. Bonds are reserved under both mortgages to retire this issue. Legal for savings banks in aCl., Me., Mo., N. H., Ohio, Ore. and R. I. Listed on the New Tork Stock Exchange. Market. New York — Chas. W. Place, H. W. Press- prich & Co., Prince & Whitely, Redmond & Go. Raymond M. Smith, Taylor, Smith & ■ Hard, Vilas & Hickey. Price Range — N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 High 135 Jan. 29, '06 98 Nov. 16 Low. 98 Nov. 16, '20 98 Nov. 16 CLEVEI.AND ELECTKIC ILLUMINATING CO. (THE). 1st 5s. Due April 1, 1939. Dated April 1, 1909. Interest payable April and Oct. 1, at Chase National Bank, New York, or Citizens Savings & Trust Co., Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $30,000,000 Outstanding 18,600,000 Pledged under 1st Coll. Is... 7,143,000 Reserved for Ext 4,357,000 Denomination — Coupon, $600 and $1,000. Registerable as to principal, or fully regis- terable. Trustees — C'tizens' Savings & Trust Co.. Cleveland, Ohio, .and Acosta Nichols, N. Y. Bedeemable April 1, 1924, at 107^ and interest, and thereafter on any interest date at a price diminishing % % annually to maturity, upon 8 weeks' notice. Organization and Control — Incorporated in Ohio in 1892. More than 75% ot the stock Is owned by the Central States Electric Corp. Secured by a first mortgage on plants supplying electricity in Cleveland Ohio. Pop- ulation served, over 1,000,000. Franchise per- petual. The company has competition from municipal plant. lears ended Dec. 31. Gross. Net. •Int., etc 1919... Legal for Baltimore Trust Funds. Original Market — Offered in 1909 at 103 and interest by Spencer Trask & Co.. New York; $1,000,000 in 1911 and $50C,000 in 1912 by above iirm and Jackson & Curtis of Bos- ton, at 102 .and interest; $2,000,000 offered Feb., 1917, by Spencer Trask & Co., at 103 and interest; $2,500,000 offered January, 1919, by Spencer Trask & Co. and National City Co. at 94^4 i'.d interest. Market. New York — Babcock, Rushton & Co., New- ton G. Chase, Sam'l Goldsohmidt, Fred H. Hatch & Co., Hodenpyl, Hardy & Co., Kleiy' & Co., National City Co., Barle A. Miller & Co., Pauscher & Mackay, Redmond & Co., Vanderhoef & Robinson. Boston — L. Sherman Adams, Coburn, Kit-' tredge & Co., Moors & Cabot, Arthur Perry & Co., Pond & Co. FhUadelpliia — Bauer, Starr & Co., Samuel McCreery & Co. Chicago — The Merchants Loan & Trust Co, Cleveland — Schultz Bros. & Co., The Union Trust Co. Providence, R. I. — Brown, Lisle & Mars- hall, Hornblowcr & Weeks. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 High 102% '16 1031,4 '16 88 Jan. 92 Jan. Low. 75 '20 80% '20 75 Aug, 80l^Dec. 1918... 8,443,329 2,692,430 1,680.690 1917... 6,863,«86 2,063,626 1,181,891 1916. . . 5,109,737 2,126,684 975,075 1915... 4,392,579 2,079,987 964,460 • Includes prtferred dividends and deprecia- tion. CI.EVELAND ELECTRIC HXUMINATING CO. 15-year 1st Coll. 7s. Due July 1, 1935. Dat«ne Oct. 1, 1923. Dat«d Oct. 1, 1898. Extended Oct. 1, 1918, with interest, increased from 5 to 7 per cent. Interest payable April and Oct. 1, at Cleveland Trust Co., Cleveland, and Chase Nat'l Bank, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $1,131,000 Denomination — Coupon, $1, 000. Trustee — Union Trust Co., Cleveland. Redeemable at 100 and interest upon any interest date on 60 days' notice. Organization — See Ext. 1st 7a. Secured by a second mortgage on property described under Ist^ Ext. 7s. Prior Liens — $500,000 Ist Ext. 7s of 1923. Underlies — Ref. & Ext. 5s of 1848, which mortgage provides for the retirement of this issue. Earnings — See Ext. 1st 7s. Martlet. PliiladelpMa — Lloyd & Palmer. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 94 '17 100 '16 68 July 70 Feb. Low. 68 '20 70 '20 68 July 70 Feb. 322 CLETELAXD RAILWAY CO. (THE) let Ss. Due March 1, 1931. Dated March 1, 19 11. Interest payable March and Sept. 1, at Citizens Savings & Trust Co., Cleveland, and Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid ky company without deduction. Authorized $35,000,000 Outstandinc; 5.495,000 Reserved for Ext 29,505.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — The Citizens' Savings & Trust Co., Cleveland, and Bankers' Trust Co.. New York. Redeemable at 105 and interest on any in- terest date on 90 days' notice. Organization — Incorporated in Ohio, Firb. , 1893, as a consolidation. Capitalization. Outstanding. Common $28,89^.400 Funded debt 5,495,000 Secured by a first m.ortgage on the entire street railway system in Cleveland, Ohio, In- cluding 413 miles of track. Population served, 800,000. The agreed valuation of the company's property, as of 1909, was $19,- 300.000. Franchise — The franchise granted to the oompany extends to 1944. The city has the right to buy the property at any time at par and interest of the bonds and floating *ebt and 110% of the stock, or after Janu- ary 1, 1918, to designate a purchaser on these terms, , November, 191 5, voters rejected •rdinance to purchase property. Years ended Dec. 31. Gross. Net. Int.&Tax. 1920 $17,382,358 $1,992,503 $l,380,r99 1919 15,459.234 4.058,146 1.534,387 1918 12,338,906 2,948,135 1,017.900 1917 10,176,126 2,694,176 955.613 1916 9,521.555 2,936,873 886.179 lasted on the Cleveland Stock Exchange. Original Maj4cet — $5,000,000 offered March. 1911. by Harris, Forbes & Co.,. Boston and New York, and Harris Trust & Savings Bank, Chicago, at par and interest. New York — Pred H. Hatch & Co., Vander- hoef & Robinson, Harris, Forbes & Co. Boston — Harris, Forbes & Co., Inc. Fhiladelpliia — McCown & Co. Chieagro — Harris Trust & Savings Bank. Cleveland — Barton & Barton, Schultz Bros. & Co. Price Range. Jan. 1, m, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 103 '17 104 '17 88 Jan. 93 Jan. Low. 81 '20 83 '20 81 Dec. 83 Nov. CIiEVEIAND SHORT MNE RAILROAD CO. (THE) 1st Wzs. Due April 1. 1961. Dated April 1, 1911. Interest payable April and October 1, at office N. Y. Central R. R., Grand Central Terniinal, N. Y., and in Lon- don, England. Tax Status — 2% Ferleral Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized Closed Mortgage Outstanding $11,800,000 Denomiuation — Coupon, $1,000 Registerable aa to principal. Registered, $1,000, $5,000 and mutliples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Guaranteed as to principal and interest by The Lake Shore ' & Michigan Southern Ry. Co. by endorsement, which obligation was assumed by the New York Central R. R. at time of consolidation. Assumed by the N. Y, Cent. R. R. Co. Contrtol — Absorbed by the N. T., Cent. R. R. Co. Secured by a first mortgage on 20.29 miles of belt line around Cleveland from a point near "West Park, seven miles west of Cleve- land, Ohio, to Collinwood, affording the only entrance to Cleveland for the Lake Brie & Pittsburgh Ry. and effecting a saving of time for the through freight service of the New York Central R. R. Co. and facilitating in- terchange of traffic by that road. Underlies — N. Y. C. R. R. Ref. & Imp. 4^s of 2013, under which bonds are reserved fo retire this issue. Legal for savings banks in Cal., Conn., Me., Mass. , Mich. , Minn. , Mo. , N. H. , N. J., N. Y., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Original Market — Offered September, 1913, by Lee, Higginson & Co. , White, Weld & Co., Kissel, Kinnicutt & Co., Harris, Forbes & Co., New York, and Montgomery, Clothier & Tyler, Philadelphia, at 95% and interest. Market. New York — Ambrose R. Clark & Co., Dun- ham & Co., Arthur E. Frank & Co., Prince & Whitely, Redmond & Co., Vanderhoef & Robinson, Vilas & Hickey. Fliiladelphia — Wm. W. Fogarty, Graham, Parsons & Co., Isaac Starr, Jr. & Co. Price Range— N. T. S. E. Jan. 1, '17, to Jan. 1, 1930 High 102% Jan. 30, *17 89 Oct. 29 Low. 74 May 20, '20 74 May 20 CLEVELAND, SOUTHWESTERN & COLUM- BUS RAILWAY CO. 1st Cons. 5s. Due April 1, 1927. ' Dated April 1, 1907. Interest payable April and Oct. 1, at ' Trustee's office or Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding 945, 000 Reserved for Prior Liens 3,510,000 Reserved for Ext 6,545,000 Denomination— Coupon, $1,000. Trustee — Cleveland Trust Co., Cleveland, O. Redeemable on or after April 1, 1917, at 105 and interest. Organization — Incorporated in Ohio in 1907. Capitalization. Outstanding. Common $4,236,000 Preferred (5% cum.) 2,412,000 Funded debt 3,455,000 Secured by mortgage on property of the company, which operates 209 miles of road, of which 177 miles are on private right-of- way. Lines of road extend from Cleveland to Berea, Elyria, Norwalk and Wooster, from Gallon to Bucyrus, Ashland and Mansfield, and from Mansfield to Seville, all located in Ohio. Prior Liens — Outstanding. Cleveland & Elyria 1st 7s, 1923... 200.000 Elyria & Oberlln lat 6s, 1922 100,000 Cleve., Berea, Elyria & O. Cons. Ext. 7s. 1923 127,000 Cleve., Elyria & Western 1st 7s, 1923 1,073,000 Elyria, Grafton & Southern 1st Ss, 1922 100.000 Norwalk Gas & Electric 1st 6s, 1923 110,000 Cleve. & Southwestern 1st & Cons. 5s, 1923 1,400,000 Ohio Central Traction 1st 7s, 1923 95,000 Ohio Central Traction Cons. 5s, 1923 305,000 323 Total $3,510,000 Bonds are reserved under this mortgage to retire the above issues. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $2,182,362 $385,544 $370,415 1919 1,870,404 457,356 367,139 1918 1,531,294 300,806 358,375 1917 1,406,570 276,177 340,995 1916 1,337,156 469.803 332,284 Original Market — First issued in exchange for bonds and in payment of accumulated dividends on stock of Cleveland & South- western Traction Co. Market. New York — Alfred F. Ingold & Co. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 87 '13 90 '13 71 Aug. Low. 45 '20 65 '20 45 Dec. &5 Feb. CXJEIVELAND TERMINAL & YALLE^Y RAILROAD CO. Ist 4s. Due Nov. 1, 1995. Dated October 29, 1895. Interest payable May and Nov. 1. at B. & O. R. R. office, 2 Wall Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $3,301,000 Deposited under Fgh., L. E. A W. Va. Ref. Mtge. 2,69i9,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Trustee — Bankers Trust Co., New York. Assumed by the B. & O. R. R. Co. Guaranteed principal and Interest by the Baltimore & Ohio R. R. Co. by endorse- ment. Control — Incorporated in Ohio in 1895. Ab- sorbed by the B. & O. R. R. Co. , Secured by a first mortgage on 83.43 miles of road, viz: Miles. Cleveland to Valley Jet., Ohio 75.4T Willow to Newburg, Ohio 2,9* Sandy ville to Magnolia, Ohio 5.00 Underlies— B. & O. P. L. E. & W. Va. Ref. 4s and Ref. & Gen. Mtse. of 1995. Bruds are reserved under both mortgages to re- tire this issue. J^eg^al for savings banks in Conn., Mass., N. Y. and Vt. ; also Baltimore Trust' Funds. Market. New York — Rutter & Co., Sharretts & Ford^ Tobey & Kirk, Vilas & Hickey. Baltimore — BarroU, Corkran & Co., Jenk- ins, Whedhee & Poe. Philadelphia — Daniel & Co., Wm. W. Fogarty, Isaac Starr, Jr. & Co. Price Range. Jan. 1, '09, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 97% '09 98^*09 65 Nov. 71% Nov. XjOW. 60 '19" 62 '20 60 Jan. 62 Feb. OUEVEIiAND TRINIDAD PAVING CO. 1st .Serial 7s. Due $60,000 each June 1, 1921 to 1935; $50,000 June 1, 1936. T^ated June 1, 1919. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by thb company without deduction. Authorized $350,000 Outstanding: (Jan. 1, '21) 331,500 Balance Retii*ed. Denomination — Coupon, $1,000. Trustee — Guardian Savings & Trust Com- aiany, Cleveland. Redeemable at 102 and interest. Organization — Incorporated in Ohio, 1898. Controlled through ownership of entire cap- lital stock by the Cleveland Trinidad Paving Company of Delaware, and is engaged ex- clusively in the preparation and Installation •of pavement. Secured by a mortgage on lands, buildings, machinery and eauipment in New York, Cleveland, Detroit, Columbus, Canton, Bay City, Cleburne, Texas and Roswell, New Mex- ico. Appraised value March 25, 1919, $578.- -443. Original Market — Offered June, 1919, by Tillotson & "Wolcott Co., Cleveland and Cin- y the company without deduction. Penn- sylvania State tax (4 mills) refunded. Authorized $1,000,000 Outstanding 1,000,000 Puix>ose of Issue — To retire the indebted- ness .incurred for development during 1920, and to provide additional w^orking capital. Denominations — Coupon $1,000 and $500; registerable as to principal. Trustee — Eciuitable Trust Co., New York, Redeemable at 105 and interest as a whole ■only (except for sinking fund) on or after April 1, 1923, on any interest date. Sinking Fund — Semi-annually payments «ach Feb. 15 and Aug. 15, beginning Aug. 15, 1921, of amounts sufficient to retire $100,- €00 of bonds each year. Fund is to be ap- plied to the purchase or redemption of these lionds at not exceeding 105 ' and interest. Bonds so acquired to be cancelled. Organization — Incorporated in "Virginia to 1906. The company is engaged in mining a medium volatile coking coal. The proper- ties consist of about 300,000 acres of coal lands in Wise, Dickenson, Russell ahd Buchanan Counties, Va. Some 200,000 acres axe owned in fee and upon 100,000 acres the corporation owns the coal, minerals and mining rights. The properties mclude 10 mines electrically operated and equipped, together with villages with miners' houses. etc. Owns the entire capital stock of the Clinchfield Navigation Co., Inc. Capitalization. Outstanding. Common $14,547,600 Preferred (7% cum.)...^ 1,392,200 Funded debt •2,648,464 ♦Includes $540,000 Clinchfield Navigation Co., Inc. Marine Equipment 53, which are guaranteed both as to principal and interest" Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provision of the indenture the company covenants as follows: Not to create any mortgage or lien upon its physical properties nor create any fund- ed debt unless provision is made for the retirement of these debentures, except pur- chase money mortgages or temporary loans made in the usual course of business ma- turing in less than one year. Years ended Dec. 31: Net. 1920 $1,561,538 1919 791,479 1918 942,238 Original Market — $1,000,000; offered March, 1921, by Hambletpn & Co., Baltimore and New York, and Cassatt & Co., Phila- delphia and New York, at 100 and interest. CLINTON (Mass.) GAS LIGHT CO. 1st 4%s. Due Jan. 1, 1925. Dated Jan. 1, 1905. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paifli by company without deduction. Authorized and Outstanding $110,000 Denomination^ — Coupon, $1,000. Trustee — American Trust Co., Boston, Mass. Organization — Incorporated in Massachu- setts. Capitalization. Outstanding. Common $183,000 Funded debt ; 110,000 Control — Majority of stock owned by Mas- sachusetts Jjighting companies. Secured by first mortgage on plant supply- ing gas and electricity to Clinton and Lan- caster. Population, 15,500. Years ended June 30: Net. Interest. 1920 $55,587 $10,420 1919 : 41,461 11,003 1918 42.620 10,878 1917 45,594 9,835 1916 41,173 9,004 1915 31,215 11,198 Market. Boston — C. D. Parker & Co. Pi'ice Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95% '19 .. 93 Low. 89 '20 93 '20 89 CLINTON (la.) STREET RAILWAY CO. Ist 5s. Due March 31* 1926. Dated March 31, 1906. Interest payable April 1 and Oct, 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $400,000 Outstanding 400,000 Retired by S, F ^.. None Denomination — Coupon, $1,000. Register- able as to principal. Trust-ee — Illinois Trust & Savings Bank, Chicago. Redeemable at 105 and interest on any In- terest date on 90 days' notice, Imprwrement and Redemption Fund — ^Annu- ally beginning April 1, 1918, 2% of bonds outstanding or retired by this fund, to be applied either for Improvement, etc., or for the purchase or redemption of these bonds at not over 105 and interest. Organization — Incorporated in Iowa as the State Electric Co. in 1889. Present name adopted in 1905. Capitalization. Outstanding. Common $699,800 Funded debt 400,000 Secured by a first mortgage on all the prop- erty of the company, comprising 16 miles of street railway track in Clinton. la. Pop- ulation served. 26,000. Franchises: three miles on main street are perpetual (adjud- icated); franchise granted by city March 13, 1913, for 25 years covers remainder of track- age in city's limits and also right to do a power business: a third franchise granted by the county expires in 1935. The com- pany buys power from the Clinton Gas & Electric Co. Interurban cars from Daven- port, la., enter Clinton under traffic agree- ment with this company. Years ended Dec. 31: Gross. Net. Bond Int. 1920 $237,738 $72,781 $20,000 1919 210,898 83,503 20,000 1918 183,697 73,866 20,000 1917 182,415 76,500 20,000 1916 185,871 76,009 20,000 Original Market — $360,000 offered Feb., 1917, by Coffin & Burr, Boston, and Fidel- ity Trust Co., Portland, Me., at 98% and interest. Market. New Jfork — Coffin & Burr. Boston — Coffin & Burr, Inc. Portland — Fidelity Trust Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. A.sk. High 80 '17 98% '17 Not Low. SO '18 95 '19 available CLOSE BROTHERS & CO. 6% CoU. Tr. Notes. Due Jan. 15, 1925. Dated Jan. 15, 1920. Interest payabi* Jan. and July 1, at Trustee's office. Authorized $440,000 Outstanding 14O,00(r Denomination — Coupon, $1,000; register- able as to principal. Trustee-^First Trust & Savings Bank;. Chicago. Redeemable on July 16th, 1920, or any In- terest date thereafter upon 60 days' noticet at 101 and interest. Org:anization — The company has been en-- gaged .in the investment business in Chicago for the past thirty-five years. Secured by pledge of $531,000 principal amount, municipal bond^, farm mortgagees stock, collateral notes and tax secured ob- ligations. The company covenants that while these notes are outstanding the face- value of this collateral shall equal at least 120% of the amount of notes issued. The- security is largely of a self-liquidating na- ture and substitution may only be mad* with approval of the First Trust and aSv- ings Bank. Original Market — $440,000, offered Febru- ary, 1921, by First Trust & Savings Bank, Chicago, at 97% and interest. Market Chicago — First Trust & Savings Bank.. CIJNTON (la.) WATER WORKS CO. 1st 5s. Due Ang. 1, 1939. Dated Aug. 1, 1899. Interest payable Feb. and Aug. 1, at Trustee's office. Ta.\ Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $465,000 Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., New Tork. Redeemable at par and interest. Organization — ^Incorporated in Delaware in 1906 and acquired by purchase the property of the Clinton Water Works Co. of Iowa and Lyons Water Works Co. of Iowa. Capitalization. Outstanding. Common $321,000 Funded debt 466,000 Control — ^Entire capital stock owned by American Water Works & Electric Co. Secured by first mortgage on plant sup- Plying water to Clinton, la. Population, 28,- 600. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $95,731 $40,872 $26,101 1919 81,797 35,927 24,605 1918 75,490 39,880 24,398 1917 75,088 38,213 32,697 1916 75,754 46,316 33,061 Market. New York — Otto BiDo. Price Range. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. High 75 '18 801/2 '19 72 Oct. Low. 66 '18 73 '19 71 Mar. CLYDE STEAMSHIP COMPANY l8t S. K. 58. Due Feb. 1, 1931. Dated February 8, 1906. Interest payable Feb. and Aug. 1, at Bankers Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding (Jan. 1, '21) 3,163,000 Owned by A. G. & W. I l.OOO Retired by S. F 2,590,000 Reserved for Ext 246,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Columbia Trust Co., New Tork. Redeemable at 110 and interest on any In- terest date. Sinking Fund^The company agrees to can- cel annually sufficient bonds to retire the en- tire issue by maturity, present annual pay- ments amount to $247,000. Organization and Control — Incorporated iii> Maine in 1906. Practically all of the stock. is owned by the Atlantic, Gulf & West In- dies S. S. Lines. Capitalization. Outstanding-, Common $7,000,000' Funded debt 3,163,00* Secured by a first mortgage on twen'ty-two steamshSps and all other property. Tha company operates between Boston, New Tork: and Philadelphia and Southern ports. Earnings — See Atlantic Gulf & West In- dies S. S. Lines. Origiina.1 Market — $2,000,000 offered in 190C: by Geo. A. Fernald & CIo., Boston, at 101 and interest. Market, New Yorlc — Fred H. Hatch & Co., Vandor- hoef & Robinson. Boston — L. Sherman Adams. Price Range. Jan. 1, '16, to aJn. 1, '31 1920 Bid. Ask. Bid. Ask. High 96 '12 98 '16 75 Sept. 78 Nov.. Low. 70 '20 74 '20 70 Aug. 74 Dec- CLYDE STEAMSHIP TERMINAL COM- PANY l8t Guar. 5s. Due Oct. 1, 1934. Dated October 1, 1909. Interest payable April and Oct, 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $700,000 Outstanding (Jan. 1, '21) 447,000 Retired by S. F -160,000 Rcsen'ed for Ext 65,000 In Treasury 8,000 Denomination — Coupon, $1,000. Trustee — The 3ankera Trust Co., New York. Redeemable at 105 and Interest on any in- terest date. Sinking Fund — $20,000 annually to purchase and cancel bonds, at not exceeding 105 and interest. Bonds so retired to be cancelled. Guaranteed principal, interest and sinking fund by the Clyde Steamship Co. by en- dorsement. Organization — Incorporated in Florida. Capitalization. Outstanding. Common $200,000 Funded debt 447,000 Secured by a first mortgage on 735 feet frontage on St. John's River and other val- uable property located in Jacksonville, Fla., including terminal buildings and piers. Original Market — $500,000 offered Novem- ber, 1910, by Spencer Trask & Co., New York, Boston, etc., at 99 and interest. Market. New York — VaiiUerhoef & Robinson. Boston — Geo. A. Fernald & Co, Price Range. Jan. 1, 'IG, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. Hi&h 94 '1(> 96 "17 72 Dec. 76 Dec. Low. 72 '20 76 '20 72 Dec. 76 Dec. COAL PRODUCTS MANUFACTURING CO. Debenture 78. Due $100,000 each Feb- ruary 1 from 1921 to 1935 inclusive. Dated February 1, 1919. Interest payable Aug. 1 and Feb. 1 at Trustee's office, Chi- cag:o. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding (MaV. 1, *21) 1,392,700 Balance Retired. Purnose of Issue — To refund $427,000 out- standing debentures, and for the addition of 35 ovens and accompanying machinery which will increase the capacity of the plant 66%. Denon^ination — Coupon, $1,000, $500 and $100, Registerable as to principal. Trustee — Northern Trust Co., Chicago. Redeemable at 102 and interest on any in- terest date on 30 days' notice. Sinking Fund — Annually, beginnlngr 1921, an amount oiiual to V2 cent per 1,000 cu. ft. of all gas sold. This fund will be used in roMring these bonds by purchase or call on Aug. 1 yearly. If bonds are called the Trustee' is required to call from the longest maturity outstanding. Guaranteed, principal and interest, by en- dorsement by the Western United Gas & Electric Co. and Illinois Commercial & Min- ing Co. Organization^ — Incorporated in Illinois In 1911. The company's plant is located at Joliet, 111., and consists of 53 coke ovens with a daily capacity of over 5,000,00 cu. ft, of gas and 650 tons of coke. The ovens are charged and drawn by electrically op- #rated machines. The company purchases Its coal from the Illinois Commercial & Mining Oo. and sells its g'as for distribution to the Western United Gas & Electric Co. The lat- ter company distributes gas to 63 cities and towns within 45 miles of Chicago. It mar- kets Its coke through the Illinois Commer- cial & Mining Co. Tar and ammonium sul- phate are the other principal products man- ufactured and sold. Capitalization. Outstanding. Common $600,000 Funded debt 1,392,700 Control — The stock of this company is owned by stockholders of the Western Unit- ed Gas & Electric Co. in which company the American Gas Co. has a large stock in- terest. Security — A direct obligation of the com- pany, but not secured by a mortgage. The Trust" Agreement contains the follow- ing provisions: No new mortgages shall be placed on the properties of the company and no additional bonded indebtedness shall oe created while these bonds are outstand- ing; the property cannot be sold or consoli- dated with any other corporation, nor can the company become a guarantor without the consent of the holders of 75% of these bonds outstanding;, in guaranteeing these bonds the Western United Gas & Electric Co. agrees that it will not sell or consolidate its prop- erties without the consent of 75% of these bonds outstanding. Years ended Jan. 31: Gross. Net. Interest. 1921 $2,942,166 $176,209 $51,980 Original Market— $1,500,000 offered Febru- ary, 1919, by Emery, Peck & Rock wood. Fort Dearborn Trust & Savings Bank, Chicago; Spencer Trask & Co., New York. Boston and Chicago, and W. W. Armstrong Co., Aurora, 111. , at prices ranging from a 7 % to 7. 20 % basis for various maturities. Market. New York — Spencer Trask & Co. Boston — Spencer Trask & Co. Chicago — Spencer Trask & Co., Emery, Peck & Rockwood, Fort Dearborn Trust & Savings Bank. Aurora, 111. — W. W. Armstrong Co. COAL RIVER RAILWAY CO. 1st is. Due June 1, 1945. Dated April 1, 1905. Interest payable June and Dec. 1, at C. & O. Ry. office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 2,756,000 Retired by S. F 244.000 DenoDiinatton — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Sinking Fund — 1% of outstanding bonds, beginning Nov. 1, 1910, and annually there- after, to be applied to the purchase of these bonds at not exceeding par and interest. If no bonds are purchaseable, funds to be in- vested in other securities. All bonds of this issue acquired are to be cancelled. Assumed by the Chesapeake & Ohio Ry. Co. Control — Absorbed by the C. & O. Ry. Co. Secured by a first mortgage on 95.10 miles of road from St, Albans to Helen, and Sproul to Seth, W. Va., and branches. Underlies — C. & O. Ry. Co. Gen. Funding & Impv't, First Lien & Impv't, of which $45,920,000 are deposited to secure Conv. 5a of 1946 and Conv. 4V^s of 1930. Le^al for savings banks in Cal., Me.,- Mich., Minn., Mo., N. H., N. J,, Ohio, Ore. and Wis. LdSted on the New Tork Stock Exchange. Orieinal Market — $600,000 offered in 1906 by Rudolph Kleybolte & Co., White, Weld & Co., New Tork, and Mbntgomery, Clothier t Tyler, Philadelphia, at 98 and interest. $618,000 offered In 1914 by Brown Bros. & Co., New Tork and Philadelphia, at 84% and interest. Market. New York — Dunham & Co., R. B. Hutchin- son & Co., Vanderhoef & Robinson, Watson, Armstrong & Co. Philadelphia — Brown Bros. & Co., Wm. W. Fogarty, McCown & Co., Isaac Starr, Jr. & Co. Price Banie— N, Y. S. E. Jan. 1, '09, to Jan. 1, 'Zl 1920 Bid. Ask. High 90>4 Feb. 6, '09 71Jan. 89% Apr. Low; 81 Oct. 19, '15 69July 68 May Price Range. Jan. 1, '16, to Jan. 1, 'Zl 19«0 Bid. Ask. Bid. Ask. High 83 '16 95 '16 81V4 Apr. 84 Apr. Low. 70 '20 76 '20 70' Nov. 76 Dec. COAST COUNTIES LIGHT & POWER CO. 1st S. F. SB. Dae Auc. 1, 1946. Sated Aug. 1, 1906. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid - by company without deduction. Tax exempt in California. Autliorized $1,000,000 Oatstanding (Jan. 1, '21) 868,000 Held in S. 1' 182,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Mercantile Trust Co., San Fran- ClBCO. Redeemable at 107% and interest on any interest date. Sinking Fund — 1% annually of outstand- ing bonds to be applied to the purchase of bonds at not exceeding 107% and interest. If not purchasable, bonds shall be called. Bonds so acquired to- be kept alive and In- terest added to sinking fund. Control — ^Absorbed by the Coast Counties Gas & Electric Co. Secured by a first mortgage on gas and electric plants supplying Santa Cruz, Hollis- ter, Gilroy and Watsonvllle, Cal., and elec- tric plants supplying San Juan, Gilroy and other towns in the vicinity, and a second , mortgage on plants supplying gas and elec- tricity in Hollister, Cal., and hydro-electric plant on Big Creek, in Santa Cruz County. The company also purchases current from Paciflc Gas & Electric Co. Population served, 26,000. Franchises are perpetual, and large part of right of way for transmission lines la owned. These bonds are further secured by the deposit of all of the stock of the Union Traction Co. of California, owning 18 miles of street railway, subject to $607,000 bonds, Pilor Liens — Big Or. Lgt. & P. Co. 4s of 1947 and $141,000 San Benito Lgt. & P. Co. 1st 6s of 1950. Years ended Dec. 31 (C. C. Gas & B. Co.): Gross. Net. Interest. 1020 $637,001 $219,950 $82,175 1919 523,184 214,152 84,457 1918 440,332 143,957 87,894 1917 391,158 169,214 79,416 1916 363,979 167,740 79,069 1916 338,210 163,209 84,008 Original Market— Offered in 1912 by N. W. Halsey & Co., New York, Chicago, etc., at 96 and interest. Market. , New York — Sutro Bros. & Co. Los Angreles — Citizens National Bank. San FrancLsco — Sutro & Co. COAST VAtLEYS GAS & ELECTRIC CO. 1st 6s. Due March 1, 195%. Dated March 1, 1912. Interest payable Afarch and Sept. 1, at Trustee's office, or at U. S. Mortgage & Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding 997,000 Held in S. F 28,000 Pledged to Secure 8% Notes. . 330,000 Reserved for Ext 8,645,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Mercantile Trust Co., San Fran- cisco. Redeemable at 106 and interest, on 30 days' notice. Sinking Fund — 1% annually of all bonds issued beginning March, 1918. Bonds re- deemed to be kept alive. Organisation and Control — Incorporated in California in 1912. All of the stock is owned by the California Ry. & Power Co., which is controlled through stock ownership by the United Rys. Investment Co. Capita.lization. Outstanding. Common $3,000,000 Preferred (7% cum.) 2,000,000 Funded debt 1,120,000 Secured by a first mortgage on plants sup- plying gas and electricity tO' Monterey and King City and electricity to King City and Salinas Valley, Salinas and Pacific Grove, and water to Salinas, all in California. Pop- ulation served, 12,000. Gas and water plants were installed at a time when no franchises were needed from municipalities. Franchisee for electricity expires in Salinas in 1938, in Monterey in 1940 and in Pacific Grove in 1941. Years ended June 30: Gross. Net. Int., etc. 1920 $528,130 $149,285 $64,926 1919 367,171 128,827 69,681 1918 326,190 112,397 68,546 1917 270,914 93,667 69,440 1916 249,417 80,912 69,606 1916 229,616 73,487 60,890 Listed on San Francisco Stock and Bond Exchange. Original Market — $786,000 offered May, 1912, at 101 and interest, by B. H. Rollins & Sons, Boston, New Tork, etc. Market. New York — Vanderhoef & Robinson. Los Angeles — Citizens National Bank. Price Range. Jan. 1, '16, to Jan. 1, '%! 1920 Bid. Ask. Bid. Ask. High 79 '18 100 '16 76 Nov. 80 Nov. Low. 70 '20 71 '20 70 Dot. 71 Sept. 327 COAST VALLEYS GAS & BLECTBIC CO. 10-Year Coll. Tr. 8% oNtes. Due Not. 1, 1930. Dated Nov. 1, 1920. Interest payable May 1 and Nov. 1 at Anglo-California Trust Co., San Francisco, or New York Trust Co., New Tork. Tax Status — 2% Federal Income Tax paffl by the company without deduction. Authorized $400,000 Outstanding 220,000 Reserved for Corp. purposes.... 180,000 Purpose of Issue — For acquisition and ex- tensions. Denomination — Coupon $1,000. Trustee — Ang-lo-California Trust Co., San Francisco. Redeemable at 105 and interest until and including 1926 and thereafter at a premium equal to 1% for each year of unexpired term, Org-anization — See 1st 6s. Secured by pledge of Ist 6s of 1952 at the ratio of $3,000 bonds to $2,000 notes. Baming-s — See 1st 6s. Origrinal Market — $220,000 offered Decem- ber, 1920, by E. H. Rollins & Sons, Boston, etc., and Blankenhorn-Hunter-Dulin, Los Angeles, at 100 and interest. Market ZiOS Angreles — Blankenhorn-Hunter-Dulin Co., Citizens National Bank. COinjB D'AI/BNE & SPOKAl^ RAILWAY 1st 6s. Dne Jan. 1, 1929. Dated Nov. 21, 1903. Interest payable Jan. and July 1, at Trustee's office. Tax Statas — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding (Jan. 1, '21) 430,500 Retired by S. F 58,000 Held in S. F 11,500 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Title Guarantee & Trust Co., New York. Redeemable at 106 and interest. Sinktns: Fund — 5% of net earnings per an- num. Assumed by Spokane & Eastern Ry. & Pow. Co. Control — Merged with Spokane & Inland Empire R. R. Co., which company was suc- ceeded through foreclosure by the Spokane & Eastern Ry. & Power Co. in 1919. Secured by a first mortgage on 41 miles of interurban electric railway, from Termi- nal Jet., Wash., to Coeur d'Alene, Idaho, and branches. The road is built in accord- ance with steam railroad specifications on private right-of-way. Underlies — Spokane & Eastern Ry. & Power Co. Ist & Gen. Mtge. under which bonds are reserved to retire this Issue. Market. Spokane — Ferris "& Hard grove. Price Range. Jan. 1, '17, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 75 '17 85 '19 60 Nov. 70 Nov. Low. 60 '20 70 '20 60 Nov. 70 Nov. COHOBS POWBR & UIGBT CORPORATION let 6s. Due Jan. 1. 1939. Dated January 1, 1918. Interest payable Jan. 1 and July 1, in New York, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New York. Authorized $10,000,000 Outstandingr (Feb. 1, '21) 3,225.000 Reserved for Ext 6,775,000 Denomination — Coupon, $1,000, $500 and $100. Registered $1,000 and $10,000. Cou- pon and registered interchangeable. Trustee — Central Union Trust Co., New York. Redeemable at 105 and Interest on any in- terest date on 30 days' notice. Organization — Incorporated in New York in 1916 and acquired through merger the Cohoes Co. and the Cohoes Gas Light Co. Capitalization. Outstanding. Common $2,500,000 Funded debt 3,225.000 Secured by a first mortgage on plants sup- plying electricity for retail uses and public lighting in Cohoes and for ' power purposes in Albany, Cohoes, Rensselaer, Waterford, N. Y., and adjoining territory; and also on plant supplying gas in Cohoes. The property cov- ered includes a bydro-electric plant on the Mohawk River about three miles from Troy, six miles from Watervllet and Green Island, twelve miles from Albany and Rensselaer and fifteen miles from Schenectady. This plant is designed for five units of 10,000 h. p. each and as of January 1, 1919, the installation of three units with a total ca- pacity of 30,000 h. p. had been completed. As of January 1, 1918, the New York Public Service Commission placed a valuation of $5,000,000 on the property for purposes of capitalization. Franchises are without time limit. Years ended Dec. 31: Gross. Net. Interest. 1919 $652,930 $237,742 $150,000 Original Maarket — $2,500,000 offered Jan- uary, 1919, by First National Bank and Hemp- hill, Noyes & Co., New York, at 102% and interest; $725,000 offered Feb., 1921, by Potter Brothers & Co., New York, and Cof- fin & Burr, Inc., Boston, at 91 and interest, interest. Market. New York — Sani'l Goldschmidt, Hempbell, Noyes & Co., Earle A. Miller & Co. Price Range Jan, 1, '19, to Jan. 1, '20 1920 Bid. Ask. Bid. Ask. High 971^ '19 102% '19 93% May 99% Apr. Low. 90 '20 95% '20 90 July 95% Apr. 328 COLBURN MACHINE TOOL CO. (The) 1st Ss. Dae $30,000 each Oct. 1 and Apr. 1, from Oct. 1, 1922, to April 1, 1932, incl. Dated April 1, 1921. Interest payable Oct. 1 and April 1, at The Union Trust Co., Cleveland. Tax Status — 4% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. Anthorized $600,000 Outstanding 600,000 Purpose of Issue — To reduce current lia- bilities and provide additional working capital. Denominations — Coupon, $100, $500 and $1,000. ( Ti-ustee — The Union Trust Co., Cleveland. Redeemable on any interest date at 102 and interest. Sinlcingr Fund — On or before April 10, 1921, in advance and monthly thereafter the com- pany is required to deposit w^ith the Trustee one-sixth of the next interest payment. On or before the 10th day of April, 1922, and on or before the 10th of each month there- after the company is required to deposit with the Trustee each month in advance one-sixth of the next principal payment. Orgranization — Incorporated in Ohio in 1920. Business established in 1903. The company manufactures vertical boring and turning mills and heavy duty drill presses, used by railroads, locomotive shops, steel plants, automobile and automobile parts manufacturers, also in plants making pumps, electric motors, engines ,as well as in all general machine shops. Capitalization Outstanding Common (no par) 10,500 shs. Preferred (7% cum.) $150,000 Funded debt 600,000 Secured by a first mortgage upon land, buildings and equipment now owned or here- after acquired. Under the provisions of the indenture the company covenants not to pay dividends unless current assets are equal to at least twice current liabilities. The property covered includes plant lo- cated at Cleveland, Ohio, which has been appraised at $1,526, 330, as of March 1, 1921. Years ended Dec. 31: 1920 $115!298 191? 224,314 1918 249,457 1917 211,855 1916 :•: 172,403 Ongrinal Mai-ket— $600,000, offered April, 1921, by Stanley & Bissell at 100 and in- terest. COIiUBR & SON COMPANY (P. F.) 8% Notes. Due each Oct. 1, as follows: $36,000, 1921; $45,000, 1932; $50,000, 1933: $60,000, 1924; $70,000, 1925; $75,000, 1936; $80,0000, 1937, and $85,000, 1938. Dated Oct. 1, 1920. Interest payable April 1 and Oct. 1, at Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company witliout deduction. Authorized $1,000,000 Outstanding: 500,000 Reserved for Corporate Purposes — $500,000. Provisions of Issue — Additional bonds is- suable- on the approval of Peabody, Houghteling & Co. Purpose of Issue — To fund floating indebt- edness. Denominations — Coupon, $1,000, $500 and $100 (1923 maturity only); registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable in reverse of numerical order at any time upon 60 days' notice at 103 and interest. Organization and Control — Incorporated in 1919 in Delaware as successor to P. F. Col- lier & Son, Inc. Business founded in 1875. The company publishes "Colliers, The Na- tional Weekly." Also publishes a line of books covering the entire field of literature. Stock control is owned by the Crowell Pub- lishing Co. "T^apitalization. - Outstanding. Common (no par) shs. 80,000 Preferred (7% ciim.) $2,500,000 Funded debt 500,000 Security — A direct obligation of the ocm- pany but not secured by a mortgage. Original Market — $500,000 offered Nov., 1920, by Peabody, Houghteling & Co., Chi- cago, at 100 and interest. COIiORADO & SOUTHERN RAILWAY CO. 1st 4b. Due Feb. 1, 1939. Dated Dec. 31, 1898. Interest payable Feb. and Aug. 1, at company's office, 26 Liberty Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $20,000,000 Oatstandine -. 19,400,000 Provisions of Issue — ^Additional bonds is- sued are to be deposited under the Bef. & Ext. Mtg. Denomination — Coupon, $1,000. Register- able as to prfncipal. Trustee — Equitable Trust Co. , New York. OrgauTzation, Etc. — See Ref. & Ext. 4%s. Secured by a first lien on 978.71 miles of road of which 374.98 miles are narrow gauge, viz : Miles. Wyoming District 152.76 Port Collins District 141.20 Falcon District 73.35 Trinidad District 56.62 New Mexico District 150.32 Clear Creek- District 66.06 Platte Canon District 97.84 Leadville District 74.21 Gunnison District 162.81 Pueblo District 3. 54 Also a first lien on the following stocks: Ft. Worth & Denver City Ry. Common $6,390,983 Ft. Worth & Denver City Ry. "stamped" 6,800 Further secured by second -lien on the col- lateral described under the Refunding & Ex- tension 4% a. Prior Ijen — Subject to securities covered by the first lien of Colo. & Southern Ref. & Ext. 4%s. Underlies — Ref. & Ext. 4^s. Bonds are reserved under that mortgage to retire this Issue. Earnings — See Ref. & Ext. 4^s. Legal for savings banks in Cal, Mo. and Ore.; also for Baltimore Trust Funds. Listed on the New York Stock Exchange. Market. New York — Ambrose R. Clarke & Co., Constable & Fleming, Arthur E. Frank & Co., Sam'l Goldschmidt, Granger & Co,, R. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Roosevelt & Son, Vilas & ' Hicltey. Denver — Boettchsr, Porter & Co. St, Louis — Francis Bros. & Co. Price Range— N. Y. S. E. Jan. 1, '08, to Jan. 1, *21 1920 High 99% Dec. 19, '08 85% Jan. 5 Low. 74 May 22, '20 74 May 22 COLORADO & SOUTHERN RAILWAY CO. Ref. & Ext. 4%s. Due May 1, 1935. Dated May 1. 1905. Interest payable May and Nov. 1, at company's office, 26 Liberty Street, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $100,000,000 Outstanding (Jan. 1, '21) 28.978,900 Held in Treasui-y 6,633,370 Reserved for Prior Liens 19,400,000 Reserved for Ext 44,987,730 Denomination — Coupon, $100 and $1,000. Registerable as to principal. Registered, $1,000 and multiples. Coupon bonds of $1,- 000 and registered bonds are interchange- able. Trustee-^Central Union Trust Co., New York. Redeemable as a whole at 101 and interest on any interest date upon three months' no- tice. Organization and Control — Incorporated In Colorado in 1898. The company owns 978.56 miles of road, of which 374.85 miles is nar- row gauge. Its lines extend from Grin Jet,, Wyo., to Sixela on the line between New Mexico and Texas, with numerous branches. The company controls roads which own 926 miles of additional road. These controlled lines extend from Sixela to Port Worth, Abilene and Houston, Texas. $22,667,500 of the common stock, $930,000 of the first pre- ferred stock and $5,938,700 of the second preferred stock is owned by the Chicago, Burlington & Quincy R. R. Co., which com- pany is controlled by the Great Northern and Northern Pacific Ry. Co. Capitalization. Outstanding. Common $31,000,000 1st Pref. (4% non-cum.) 8,500,000 2nd Pref. (4% non-cum.) 8,500,000 Funded debt 49,428,900 Secured by a mortgage on all the property of the company and including 978.71 miles of road, of whicli 374.98 miles are narrow gauge, viz: A second lien on 978.71 miles — Miles. Covered by the first lien of the 1st 4s 978.71 Also a first collateral lien on the following aecurities : Denver & Inter. R. K. stock $100,800 do. 1st mtg. bonds 1,079,000 Colorado R. R. stock 2,233,100 do. 1st rate, bonds 2,233,000 Ft. W. & Denv. City Ry. com... 342,426 do. "stamped" 2,488,900 Colo. Springs & Cripple Creek Dlst. Ry. p£d 800,000 Colo. Springs & Cripple Creek Dist. Ry. com 1,199,100 Trin. & Brazos Val. Ry. stock.. 303,100 do. 1st mtg. bonds 8,760,000 Wichita Valley Ry. stock 1,019,100 do. 1st mtg. bonds 769,000 Wichita Valley R. R. stock 60,100 do. 1st mtg. bonds 744,000 Wioh. Falls & Okla. Ry. stock.. 22,100 do. 1st mtg. bonds 257,000 Abilene & Northern Ry. stock..*.. 39,100 do. 1st mtg. bonds 516,000 Stamford & Nwstn. Ry. stock 81,600 do. Ist mtg. bonds 1,872,880 Gilpin R. R. stock 199,950 {25,120,265 Also a second lien on the Ft. Worth & Denver City Ry. stock pledged under the 1st 4s. Prior Iden— $19,400,000 1st 4s, due 1929. Underlies — 1st 4s as to the securities cov- ered by the first lien of this mtg. Years ended Dec. SI: Gross. Net. Int.&Eent •1919 .. . . $2,481,212 $4,202,687 $2,422,740 tl919 .. . . 12,976,644 3,483,953 2,732,466 •1918 .. 2.421,211 3,879,892 2,602,521 tl918 .. . . 12,947,688 4,997,943 3,086,732 1917 .. . . 10,966,664 5,030,906 2,637,449 ♦Corporate account, tFederal account — standard return not in- cluded. I^egal for Gal., Mo. and Ore. Listed on the New York Stock Exchange. Original Market — $15,000,000 offered in 19i)5 by Hallgarten & Co., "Wm. Salomon & Co. of New York, and Jackson & Curtis, of Boston. Market, New York — Granger & Co., Hirsch, Liben- thal & Co.. R. W. Pressprich & Co., Prince & Whitely, Redmond & Co. , Roosevelt & Son, Seasong-ood, Haas & Macdonald, Vilas & Hickey. Price Range — N. ¥. 8. E. Jan. 1, 1)9, to Jan. 1, '21 1920 High 100% Feb. 19, '09 79 Oct. 2 Low. 66 Jan. 19, '18 66^ May 24 COLORADO FUEL & IRON CO. (The) Gen. S. F. 59. Dae Feb. 1, 1943. Dated Feb. 1, 1893. Interest payable Feb. and Aug. 1, at Chase National Bank, New York. . Tax Status — Payment of Federal Income Tax not assumed^ by company. Aathorized $6,000,000 Outstanding: 5,388,000 Retired by S. F 233,000 Held in Treasury 374,000 Denomination — Coupon. $1,000. Regiater- able as to principal or fully reglsterable. Trustee — Central Union Trust Co., New York. Redeemable at 105 and Interest on each Feb. 1st for Sinking Fund only. Sinking Fund — 2 cents per ton on all coal mined and 5 cents per ton on all Iron ore. This fund is to be applied by the company to the purchase of additional coal or ore properties, but if not so invested, shall be paid to the Trustee. A majority of the bondholders may demand that the money be Invested in bonds. The Trustee shall buy bonds in the open market, but if not pur- chasable at less than 106 and interest, bonds shall be called. Organization — Incorporated in Colorado in 1892, for 20 years. Charter renewed for 20 years in 1912. The company leases the coal properties of the Atchison, Topeka & Santa Fe Ry. Co. and owns all of the stock of the Colorado Industrial Co. Also controls the Colorado & "Wyoming and the Crystal River railways, owning 80 miles of road. Capitalization. Outstanding. Common $34,235,000 Preferred 2,000,000 Funded debt 43,144.000 Secured by a first mortgage on 32,500 acres of coal land, including the only an- thracite coal field west of Pennsylvania, ex- tensive mines, coke ovens and yards in var- ious cities in Colorado. Years ended Dec. 31: Gross. Net. *Deductions. 1919 $34,405,218 $3,725,055 $4,302,701 1918 48,223,575 8,101,110 5,369,064 tl917 40,004.887 9,019,602 5,040,133 tl916 25,626,605 4,971,077 2,769,906 •Includes interest, taxes, depreciation, sink- ing fund, etc. tYear ended June SO. Listed on the New York Stock Exchange, Market. New York — J. H. Holmes & Co.. "Watson. Armstrong & Co. Denver — Bosworth, Chanute & Co., Inter- national Trust Co. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 105 Jan. 22. '06 85^^ Jan. 19 Low. 76 Dec. 30. '20 76 Dec. 30 COLORADO INDUSTRIAL CO. (THE) Ist Guar. 5s. Due Aug. 1, 1934. Dated August 1, 1904. Interest payable Feb. and Aug. 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized — "A" $14,068,000 "B" 30,932.000 $45,000,000 Outstanding 32,515,000 Owned by C. F. & I. Co 4.867.000 Retired by S. F 1.618.000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000, Trustee — The New York Trust Co., New York. Redeemable at 105 and interest for sinking fund. Convertible — The convertible' privilege which applied to Series ' 'A' ' bonds expired August 1, 1906. Sinking Fund — The company shall pay annually, on April 1, 2 cents per ton of coal and 5 cents per ton of iron ore mined. After Aug. I, 1915, the trustee may require these payments to be increased to 4 cents and 10 cents, respectively. These payments to be ap- plied to the purchase and redemption of bonds. Guaranteed principal and interest by the Colorado Fuel & Iron Co. by endorsement. Organization and Control — Incorporated in Colorado in 1903, with a 20-year charter, to acquire certain properties of the Colorado Fuel & Iron Co. All of the stock is owned by that company. Secured by a first mortgage on 83,000 acres of mineral and frontage lands in Colorado and "Wyoming, and leasehold interest in 43,000 acres in Colorado and New Mexico, also on extensive coke oven and other equipment. Further secured by a first lien on all of the stock and bonds of the Colorado & Wyoming Ry. Co. and the Crystal River R. R. Co., owning 80 miles of road in Colorado, $14,068,- 000 Col. Fuel & Iron Debenture 5s, which fell due in 1911, and stock of several subsi- diary companies. Eaminss — See Colo. F. & I. Gen. 5a of 1943. liisted on the New York Stock Exchange. Market. New York — J. H. Holmes & Co., Vander- hoef & Robinson, Watson, Armstrong & Co. Price Range^ — N. Y. S. E. Jan. 1, *07, to Jan. 1» *21 1920 High 85% Oct. 1, '12 74 Jan. 13 Low. 35 Nov. 25, '07 63 Dec. 28 COLORADO POWER CO. (THE) Ist 6s. Due May 1, 1953. Dated May 1, 1913. Interest payable May 1 and November 1, at Columbia Trust Co., New York. Tax Status — 2% Federal Income Tax paid by com.pany without deduction. Authorized Unlimited Outstanding- (Jan. 1, '21) $4,198,400 Retired by S. F 84,800 Cancelled 148,000 In Treasury 563,300 Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal only. Trustee — Columbia Trust Co., New York. Redeemable on any interest date at 105 and Interest. Sinking Fund — Annually, beginning May 1, 1918, % of 1 % of outstanding bonds from 1918 to 1925 and thereafter 1 %, payable in cash. Fund to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds acquired to be can- celled. Organization — Incorporated in Colorado in 1913 as a reorganization of the Central Colo- rado Power Co. and the Leadville Light & Power Co. In July, 1916, purchased all the stock of the United Hydro Electric Co. Capitalization Outstanding Common $11,063,200 Preferred (7% "cum.) 1,000,000 Funded debt 4,198,400 Secured by a first mortgage on hydro-elec- tric plant, with present development of 40,000 horse rower, located on the (jrand River, near Glenwood Springs, Colo., transmission lines to Leadville, Boulder, Denver and other cities in Colorado, a total length of about 210 miles, and on plant distributing electricity in Lead- ville. Years ended Dec. 31: Gross Net Int.&Dep. 1919 $1,095,105 $549,6 97 $334,760 ^ 1918 1,273,212 748,947 351,388 1?17 1,183,750 708,585 350,930 1916 1,020,309 600,288 323,323 Market. New York — Babcock, Rushton & Co., Fred H. Hatch & Co., Earle A. Miller & Co., Van- derhoef & Robinson. Boston — L. Sherman Adams. Fliiladelphia — Bauer, Starr & Co. Denver — International Trust Co. Providence K. I. — Hornblower & Weeks, Price Range. Jan. 1, *16, to Jan. 1, 'Zl Bid. Ask. Hig-h 9414 '16 96 '17 Low. 67 '20 68 '20 1930 Bid. Ask. 75 Sept. 78 Nov. 67 Oct. 68 May COIX)RADO SPRINGS & CRIPPIiE CREEK DISTRICT RAILWAY CO. 1st 5s. Dob Jan. 1, 1930. This road has permanently discontinued operations. Dated January 1, 1900. Interest payable Jan. and July 1, at Nat'l City Bank, New York, and at Colorado Springs. Default — Jan. 1, 1919, and subsequent in- terest. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding (Jan. 1, '20) I,255k000 Retired by S. F 745,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee— Central Union Trust Co., New York. Redeemable prior to Jan. 1, 1915, at 110 and interest, between Jan. 2, 1915, and Jan. 1, 1920, at 107^/4 and interest, between Jan. 2, 1920, and Jan. 1, 1925, at 105 and int., between Jan. 2, 1925. and Jan. 1, 1928, at 102^/6 and interest, and thereafter at par. Sinking Fund — 5% of gross earnings, pay- able every six months, to be applied to the purchase of these bonds at not exceeding 110 and interest. If not purchasable bonds shall be called. Protective Committee — James Simpson, Chairman, and Robert Struthers, with Emer- son W. Judd, Secretary, 6 Nassau St., New York, and Central Union Trust Co. , New York, Depository. Organization and Control — Incorporated in Colorado in 1897. Practically the entire cap- ital stock is owned by the Colorado & South- ern Ry. Co. The lease of the property to the Cripple Creek & Colorado Springs R. R- Co. was terminated July 15, 1919. All of the stock of this company is owned by the Crip- ple Creek Central Ry. Co., which Is a hold- ing company. Capitalization Outstanding Common $1,200,000 Preferred 800,000 Funded debt 2,667.878 Receivership — In May, 1919, George M. Tay- lor was appointed receiver. Foreclosure — See 1st Cons-^ 6s. StatuN April 1, 1930 — The company operat- ed its own road until 1905 in which year the Colorado & Southern Ry. Co. acquired a majority of the stock. The latter company operated the road as a part of its system un- til 1911, in which year it leased the property to a connecting line, the Florence & Cripple Creek R. R. Co. This lease was assigned in 1915 to the Cripple Creek & Colorado Springs R. R. Co., successors to the Florence & Crip- ple Creek R. R., at a minimum rental equiva- lent to the interest and sinking fund payments on all of the bonds of the lessor company. Rental payments were discontinued about May 1, 1918. In a statement of the protective committee it is alleged that the lessee during the summer of 1917 diverted substantially all of the freight traffic to a competitive route between the terminal cities, and since the spring of 1918 operation on the greater part of this road has been suspended altogether until operation was begun by receiver about July 16, 1919. Unpaid taxes amounting to over $150,000 have accumulated against th* property. Another cause assigned for the condition of -this company is the playing out of gold mining in the Cripple Creek Distriet.-"' Secured by a first lien on 74.25 miles — Miles -Colo. Springs to Cripple Creek, Colo. .. .46.62 •Cameron to Victor, Colo 5.15 Portland Mine Branch 3.03 Colorado City Branch 1.89 Victor Jet. to Victor 4.70 Hossier Pass to Portland 2.80 ■Other branches and spurs 10.06 Underlies — Cons. 6s of 1942. Bonds are reserved under that mortgage to retire this issue. Refunding — Bonds are reserved under the • Colorado & Southern By. Co. Ref . & Bxt. Mtg. to retire this issue. Market. New York — Wm. M. Clarke. I'liiladelpliia — Bauer, Starr & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 105 Va '09 107*09 26f Nov, 33f Nov. Low. lOf '19 15f'19 lOfJan. 15fJan. COLORADO SPRINGS & CRIPPLE CREEK DISTRICT RAILWAY CO. 1st Cons. Ss. Due Oct. 1, 1942. This road has permanently discontinued ■operations. Dated October 1, 1902. Interest payable April and Oct. 1, at Nat'l City Bank, New York, and at Colorado Springs. Default — Oct. 1, 1918, interest.. Tax Status — 2 % Federal Income Tax paid ^by company without deduction. Authorized Closed Mortgage. Outstanding . . .^. $1,379,000 Denomination — C oupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Protective Committee — Frederick J. Lisman, •Chairman; Mortimer N. Buckner, Herbert H. Dean, A. H. S. Post and Richard C. Shannon. ■Craham Adam.s, Secretary, 61 Broadway, New York. New York Trust Co., Depository. Foreclosure — Suit has been filed under this mortgage by the Guaranty Trust Co., New Y^ork. OrganiKation and Control — See 1st 5s. rs«€ured by a second mortgage on 74.25 miles enomination — Coupon, $1,000. Register- Able as to principal. Trustee — New York Trust Co.. New York. Redeemable at 110 and interest on any In- date on 90 days* notice. Protective Committee — See Colo. Springs. L. H. & P. 1st & Ref. 5s. Control— Absorbed by the Colorado Springs Light, Heat & Power Co., which is controlled through stock ownership by the United Gas & Electric Co. Secured by a first mortgage on plant sup- plying electricity to Colorado Springs, Colo. Population served, 45,058. Franchises extend beyond maturity of bonds. Underlies — Colorado Springs Light, Heat & Power Co. 1st & Ref. 6s of 1920. Bonds are reserved under that mortgage to retire this issue. Earnings — See Colo. Sprgs., L., H. & P. 1st & Ref. 5s. Original Market — Offere(Lin 1911 by Bertron Griscom & Jenks, (now Bertron, Griscom & Co., Inc.), New York and Philadelphia, at par and interest. Market. Denver — Vail, Glascoe & McQuillin. COLORADO SPRINGS LIGHT & POWER CO. 1st (extended indefinitely) 7s. Dated April 1, 1919. Extended Apr. 1. 1919, with interest increased from 5% to 7%; extended April 1, 1920, with interest at 7%. Interest payable April and Oct. 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid, by company without deduction. Authoi-ized $300,000 Outstandinff 300,000 Denomination — Coupon, $500 and $1,000. Trustee — The New York Trust Co. , New York. Assumed by Colorado Springs Light, Heat & Power Co. Protective Committee — See Cols. Sprgs. -L, H. & P. 1st & Ref. 5s. Control — Absorbed by Colorado Springs Light, Heat & Power Co. Secured by a first mortgage on plant sup- plying gas to Colorado Springs, Colo. Popu- lation served 45,058. Franchise for gas and electricity in Colorado Springs expires in 1923, and for electricity in Manatou 1926. Underlies — Colorado Springs Light, Heat & Power Co. 1st & Ref. 5s of 1920. Bonds are reserved under that mortgage to retire this issue. Earnings — See Colo. Spgs. L.. H. & P. 1st & Ref. 5s. Original Market — Offered in 1911. by Ber- tron, Griscom & Jones (now Bertron, Griscom & Co., Inc.), New York and Philadelphia, at 99 and interest, ^ New York — P. H. Hatch & Co.. E. & C. Randolph, Bertron, Griscom & Co., Inc., J. W. Christiansen, Miller & Co., G. B. de Cha- denedes & Co., Berdell Bros. Portland, Me. — Fidelity Trust Co. Wilmington — Geo. P. Bissell. Denver — Newbold & Co. Colorado Springs — Newbold & Co. 332 COLORADO SPRINGS LIGHT. HEAT A POWER CO. 1st & Ref. (Extended in- defimtely) 7s. Dated August 1, 1910. Extended Aug. 1, 1920, with interest increased from 5%. In- terest payable Feb. 1. and Aug-. 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,500,000 Outstanding 1,284,000 Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustees — New York Trust Company, N. Y., and Mortimer N. Buckner. Redeemable at 105 and interest on any in- terest date on or before Feb. 1, 1917, and at 102% and interest on any interest date there- after. Protective Committee — Pending the negotia- tions with the city of Colorado Springs for the granting of a new franchise, the committee named below has been formed to safeguard the interests of the holders of the several classes of securities of the company. J. A. Cauldwell, B. G. Connette, E. C. Delafield, T. A. Johnson, John H. Mason, Arthur V. Morton, Jonathan C. Neff and George K. Reilly, with L. H. Cubfaerly as Secretary, 306 Chestnut street, Philadelphia. (a) 1st M. (Ext.) 7s Gold Bonds of Colo- rado Springs Light & Power Co., at Franklin Trust Co., New York City. (b) 1st M. (Ext.) 7s 20-Tear Gold Bonds of Colorado Springs Electric Co. at Penn- sylvania Co. for Insurance on Lives & Grant- ing Annuities, Philadelphia. (c) First and Refunding Mtge. (Ext.) 7s Gold Bonds of Colorado Springs Light, Heat & Power Co. at Commercial Trust Co., Phila- delphia. (d) and (e) Non-Cumulative 6% Preferred Stock and the Common Stock of Colorado Springs Light, Heat & Power Co. at New York Trust Co., New York City. Organization and Control — Incorporated in Colorado in 1910. A majority of the stock is owned by the United Gas & Electric Co., which is controlled through ownership of its entire common capital stock by the United Gas & El. Corp. Capitalization. Outstanding. Common $1,000,000 Pref. (6% non-cum.) 1,000,000 Funded debt 2,584,000 Secured by a first mortgage on plant sup- plying electricity to Manitou, Col., and a sec- ond mortgage on plants supplying gas and electricity in Colorado Springs, Col. Popula- tion served, Colorado Springs, 45,058; Mani- tou, 1960. Franchises for gas and elec- tricity in Colorado Springs expire in 1923, for electricity in Manitou in 1926. - Prior Liens — $ 1,000,00 Colorado Springs Electric Co. 1st (extended indefinitely) 7s, and 1300,000 Colorado Springs Light & Power Co., (extended indefinitely) 7s, to re- tire which bonds are reserved under this mortgage. Years ended Dec. 31. Bond Gross. Net. Interest. 1920 $707,257 $289,413 $159,789 1919 637,138 236,574 133,700 1918 603,515 222,934 129,200 1917 570,837 207,223 129,200 1916 556,416 230,468 129.700 Original Market — $1,200,000 offered Oct., 1910, by Bertron, Griscom & Jenks (now Ber- tron, Griscom & Co., Inc.), New York and Philadelphia, at 94% and interest. Market. New York — Newton G. Chase. Price Range. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask, Bid. Ask. High 95 '19 98 '19 50 May 70 May Low. 94% '16 72 '19 COLORADO, WYOMING & EASTERN RAII^ WAY CO. 1st & Ref. 6s. Due July 1. 1934. Dated July 1, 1914. Interest payable Jan. 1 and July 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized! $2,500,000 Outstanding 560,000 Reserved for Prior Lien 240,000 Reserved for Extension 210,000 Reserved for Extension (80%).. 1,500,000 Denomination — Coupon, $100, $500 and $1,- 000. Registerable a^ to principal. T^stee—Guaranty Trust Co.. New York, Redeemable at 102% and interest on a.nr interest date on 30 days' notice. Organization — Incorporated in Colorado in. 1914 to take over the property of the Laramie, Hahn's.Peak & Pacific Ry. Co., foreelosed.. Alexander J. Hemphill. Henry Sanderson, and; Trowbridge Calaway, as voting trustees,- will' hold the stock of the company until all ac- crued interest on income bonds has been paid, and current interest has been paid regularly- for two consecutive years, and for such fur^ ther period, not exceeding one year, aa they- deem advisable. Capitalization. Outstanding.. Common $2,300,OO»- Preferred 6% (non-cum.) 2,000,000- Funded debt 2,390, OO*^ Secured by direct mortgage on 112 miles of road, and all other property as follows: a first mortgage on 44 miles from Coalmont^ Colo., to Wyoming State Line; a second mort- gage on 68 miles from Wyoming State Line to Laramie, Wyo. Prior Lien — $240,000 Laramie, Hahn's Peafe & Pacific Ry. 1st 6s, 1929. Underlies — C. W. & E. Gen. Income 6s of 1944. Years ended Dec. 31. Gross. Net. *Int. & Rent- 1919 $243,656 $75,087 $65,130 1918 215,942 40,380 52,35^ 1917 186,372 67,700 68,064 •Income bond interest not included. Market. New York — Barnum, Mildon & Co. Boston — Chas. A. Day & Co., Parkinson &: Burr. Pittsburgh — ^Wm. P. Lemley & Co. Utica — Burr L. Tibbits. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask.- High 35 '17 60 '17 8 15 Low. 10 '19 60 '17 COLORADO, WYOMING & EASTERN RAIX^ WAY CO. Gen. Cum. Income 6s. Duo July 1. 1944. Dated July 1, 1914. Interest payable May 1 and Nov. 1, when earned, at Equitable Trust Co., New York. At maturity the company agrees to pay all accumulated interest whether earned or not. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $l,R0(?,00O Outstanding 1,600,000- Denomination — Coupon, $100, $1,000 and multiples. Registerable as to principal,. Trustees — Equitable Tr.ust Co., New York and Lyman Rhoades. Redeemable at par and interest on any. in- terest date on 30 days' notice. Organization — See 1st & Ref. 6s. Secured by a mortgage on the same prop- erty covered by the 1st & Ref. 63 and subject to the liens of that mortgage. Prior Liens — $240,000 Laramie, Hahn'» Peak & Pacific Ry. 1st 6s of 1929. and $550,- 000 Colorado, Wyoming & Eastern Ry. 1st & Ref. 6s of 1934. Earnings — See 1st & Ref. 6s. Market. Pittsburgh — Wm. P. Lemley & Co. COLUMBIA & MONTOUR ELECTRIC CO. Isfc 5s. Due Feb. 1. 1943. Dated Feb. 1, 1913. Interest payable Feb., 1 and Aug. 1, at Electric Bond & Share Co.,. New York. Tax Status — 2 % Federal Income Tax paid ■ by company without dediiction. Tax exempt in Pennsylvaina. Authorized Closed mortgage Outstanding: $577,200 Pledged Under Penna. P. & L. 1st & Kef. Mtge 23,800 Denomination — Coupon, $100, $500 and $1,~ 000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable on any interest date at 10-6 and Interest. Assumed by the Pennsylvania Power & Light Co. Control — Merged in 1920 together with other companies into the Pennsylvania Power & Light Co. Secured by a first mortgage on plant sup- plying electricity in Berwick, West Berwick, Nescopeck, Bloomsburg and Danville, aP., and plants supplying gas to Bloomaburg and Danville, Pa, Property includes 30 miles of transmission lines and both steam and hydraulic electric generating stations. Underlies — Pennsylvania Power & Light Co., 1st & Ref. Mtge., under which bonds are reserveil to retire this issue. Original iVIarket — Offered in 1914, by Dev- Itt, Tremble & Co., Chicago, at a price to yield Market. Philadelphia — B. R. Barnard, McCown & Co., Reed A. Morgan & Co. Price Range. Bid. Ask. Bid. Ask. Jan. 1, '16, to Jan. 1, *21 1920 High 931^ '16 98 '17 63 Dec. 65 Sept. Low. 63 '20 65 '20 63 Dec. 65 Sept. COLUMBIA & ST. LOUIS RAILROAD CO, (THE) 1st 4s. Due May 1, 1943. Dated May 1, 1902. Interest payable May and Nov. 1, at Wabash R. R., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $200,000 Denomination — Coupon, $1,000. Register- able as to principal. - Trustee — Mississippi Valley Trust Co.. St. Louis. Assumed by the Wabash Ry. Co. Guaranteed principal and ' interest by the Wabash R. R.. Co. (foreclosed). Control — Absorbed by Wabash- R. R. Qo.. which latter company was succeeded by the Wabash Ry. Co. through foreclosure. - Secured by a first mortgage on 21.60 miles of road from Centralia to Columbia, Mo. Underlies — Wabash R. R. 1st 6s of 1939 and Deb. "B" 6s of 1939. Market. New York — Curtis & Sanger, Wolff & Stanley, Abraham & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid: Ask. Bid. High 78 '16 85 y2 '17 70 Aug. Low. 60 '19 70 '20 70 Aug. COLUMBIA GAS & ELECTRIC CO. (of W. Va.) 1st 5s. Due Jan. 1, 1927. Dated January 1, 1907. Interest payable January and July 1, at Trustee's office. New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Aufhorized $25,000,000 Outstanding (Jan. 1, '21)' 11,501,000 Retired hy S. E 7,587,500 In Treasui-y - - 2,342,000 Reserved for Ext 3,569,500 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 105 and interest on any in- terest date on four weeks* notice, or at par and interest for sinking fund. Sinking Eund — Annual payments of 6 % to 1916, 6% 1917-1920, 7% 1921-1924 and 8% 1926-1927 of outstanding bonds. This fund may be left with the Trustee at interest; used for the purchase or redemption of these bonds at not over par and interest, or invested in other securities approved by the Trustee. The mortgage provides that the sinking fund pay- ments w^ill be sufficiently increased, with the issue of additional bonds after 1910, to retire all bonds by maturity. Organization — Incorporated in West Vir- ginia, in 1906, and controls gas and electric business in Cincinnati, Ohio, and vicinity and street railways in cities in Kentucky opposite Cincinnati. Capitalization. Outstanding. Common $50,000,000 Funded debt 11,501,000 Secured by a first mortgage on about 280.000 acres of gas lands in West Virginia. Also seccured by a first lien on $15,000,000 stock of the Union Gas & Electric Co., which supplies gas and electricity in Cincinnati, Ohio, and vicinity, and controls companies owning 200 miles of pipe line from the property of the Columbia Gas & Elec. Co. to Cincinnati. Also secured on 51% of the capital stock of the United Fuel Gas Co. The Columbia Gas & El. Co. leases the Cincinnati, Newport & Cov- ington Light & Trac. Co., operating 67 miles of street railway connecting Cincinnati with Covington, Newport and other cities in Ken- tucky and controls company supplying elec- tricity in fame communities. Franchises for gas and electricity in Cin- cinnati and for electricity in Kentucky towns are perpetual. Underlies — Deb. 5s of 1927. Years ended Dec. 31 (consolidated). Gross. *Net. Interest. 1920. . $14,614,363 $5,530,958 $694,417 1919.. 11.950,272 3.962,739 705,339 1918. . 11,538,772 3,912,548 713.350 1917. . 10,861,331 3,650.628 717,266 ♦After subsidiary charges. Listed on the New York, Cincinnati and Pittsburgh Stock Exchanges. Market. ' New York — Babcock, Rushton & Co^, Beverley, Bogert & Co., Coggeshall & Hicks, Sam'l Goldschmidt, Martin, Eerwin & Co., Earle A. Miller & Co., U. E. R. Smith & Co., Vanderhoef & Robinson. Fliiladelphia — Bauer, Starr & Co., Paul & Co. Oak Park, III. — Oak Park Trust & Sav- ings Bank. Rock Island, 111. — Litten & Roberts. Price Range — N. Y. S. E. Unstamped. Jan. 1, '07, to Jan. 1, '21 1920 High 91 Apr. 2, '17 89 Mar. 27 Low. 75 Dec. 31, '17 80 Dec. 20 Stamped. High 90 May 30, '17 B7% Mar. 29 Low. 76 Jan. 22, '18 80 Nov. 19 334 COLUMBIA GAS & ELECTRIC CO. (of W. Va.) Debenture 5s. Due Jan. 1, 1927. Dated July 1, 1913. Interest payable Jan. 1 and July 1, at Trustee's oflfice, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. AuthoHzed $3,000,000 Outstanding: (Jan. 1, '21) 2,167,168 In Treasury 232.832 Purpose of Issue — Issued on the basis of par in debentures for Union Gas & Electric preferred and dividend scrip and $100 de- bentures for 10 shares of the common. Denomination — Coupon, $600 and Sl.OOO. Trustee — Central Union Trust Co.. New York. Redeemable at par and interest on any in- terest date on 60 days' notice. Organization — See 1st 5a. Security — A direct obligation of the com- pany, but not secured by a mortgage. Prior Iiien — 1st Bs of Jan. 1, 1927. Barnings — See 1st 5s. Market. New York — Babcock, Rushton & Co., Beverley Bogert & Co., Sam'l Qoldschmidt, EarlG A. Miller & Co., W. E. R. Smith & Co., Vanderlioef & Robinson. Bostoil — Pond & Co. Fhiladelpliia — Bauer. Starr & Co. Price Range. Jan. 1, 'll, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 811,4 '17 84-20 80 Jan. 84 Jan. Low. 65 '18 72 'IS 72 Oct. 78 Aug. COLUMBIA GBAPHOPHONE FACTORIES CORP. OF MARYLAND 1st 6s. Due $125,000 each Not. 1 trom 1921 to 1934, inclusive. Dated Nov. 1, 1919. Interest payable May 1 and Nov. 1 at Mercantile Trust & Deposit Company. Baltimore. Tax Status — 2 % Federal Income Tax paid by the company without deduction. The com- pany also agrees to refund upon presentation to it of receipted tax bills of State, county or municipal taxes in Maryland, not exceeding 4Bc for each $100 par value paid by holders of these bonds. Authorized $6,000,000 Outstanding 1,750,000 Reserved for. Extensions 3,250,000 Provisions of Issue — ^Additional bonds may be issued for 50% of the cost of future addi- tions and improvements. Trustee — Mercantile Trust & Deposit Com- pany, Baltimore. Redeemable at 102% and interest upon two months' notice. Guaranteed principal and interest by the Columbia Graphophone Manufacturing Com- pany under the terms of an irrevocable 25- year lease of the property mortgage. Organization and Control — Incorporated in Maryland in 1919 as a subsidiary of the Co- lumbia Graphophone Manufacturing Company for the purpose of acquiring and building large and modern manufacturing plants in Baltimore, Md., and Toronto, Can. The Co- lumbia Graphophone Manufacturing Company is successor to the American Graphophone Company, whose business was established in 1887. Secured by a first mortgage on land to be acquired by the company in Baltimore by this company and on buildings to be constructed thereon, and to be secured by a first lien on property to be acquired by the company in To- ronto, Can. The two plants together will rep- resent a total investment of over $6,000,000. Simultaneously with the issuance of these bonds there will be deposited with the trustee approximately $5,000,000 so that the bonds will be secured by cash until the same is in- vested in land, buildings and equipment. The Baltimore plant is to be located in the eastern section of that city and will include a mod- ern factory representing an outlay of $3,600,- 000, in which will be employed about 6,000 people. . The plant in Toronto was recently completed by the Canadian government for the manufacture of airplanes at a cost of over $1,000,000. This company plans to make an additional expenditure of some $800,000 on this 335 plant. The latter plant will employ about 2,600 people. Lease — ^All the property mortgaged to' se- cure these bonds will bo leased to the Cclum- bia Graphor-hone Manufacturing Co. -for a period of 26 years, or ten years beyond the r.aturity of the last series. The terms of the lease provide that the Manufacturlr.g Company will assume all taxes, insurance and main- tenance charges, and will pay In Bddltlne July 1, 1923. Dated July 1, 1902, Interest payable Jan. and July 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $250,000 Ontstanding 230,000 Denomination — Coupon and registered, $1,- 000. , Trustee — ^American Trust Co., Boston. Organization — Chartered In 1900 In Mass. , and road opened in 1901. Has acquired the Concord & Clinton St. Ry. and the Lowell, Acton & Maynard Street Railway. Capitalization. Outstanding. Common $335,000 Funded debt 230,000 Control — Mass. Cone. Rys. (formerly Mass. Nor. Ry.) owns $227,600 of the $235,000 cap- ital stock. Secured by first mortgage on 19 miles of electric trolley road between Concord, May- nard, Acton, Stow and Hudson, Mass. Fran- chise perpetual. Population served* 23,000. Years ended Dec. 31: Gross. Net. Int., etc. 1918 $63,816 def. $2,196 $17,656 1917 78,696 6,389 15,729 1916 81,683 24,434 15,562 Market. Boston — Pond & Co., Chas. A. Day & Co., H. C. Spitter & Co. Price Range. Jan. 1, *16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 9314 '17 97 '16 40 June 50 Dec. Low. 40 '20 50 '20 40 June 50 Dec. COKEMAUGH SMOKEI^ESS COAI/ CO. 15- Year Ist S. F. 68. Due April 1, 1932. Dated April 1, 1917. Interest payable April 1 and Oct. 1, at Latrobe Trust Co., Latrobe, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $300,000 . Outstanding 300,000 Denomination — Coupon and Registered, $1,- 000. Trustee — Latrobe Trust Co., Latrobe, Pa. Redeemable at 101 and interest on any Interest date on 60 days' notice. Sinkin^r Fund — Semi-annually, a sum equal to 10c per ton for each gross ton or run of mine coal mined out of and shipped from or manufactured into coke upon the mort- gaged premises. The payments to this fund shall not be less than $50,000 for the frac- tion of the year 1917, $50,000 for 1918, $20,000 for 1919, and $15,000 for each year thereafter. Bonds are to be purchased for the Sinking Fund upon tender at the lowest price not to exceed 101. In event of there being no proposals to sell at that price bonds are to be called by lot at 101. Secured by a first mortgage on 1,723 acres of coal lands situated In Indiana County, Pennsylvania, on the main line of Penna. R. R., nine miles west of Johnstown, with Clear- field R. R. rate east. The property has been appraised by Edw. V. d'Invilliers, Mining En- gineer of Philadelphia, at $490,000. Equipment consists of steel tipple, power house, electric haulage, brick store building and eighteen modern miners' dwellings, all of which have cellars, electric light and water inside. Contracts — The company In April, 1917, closed a three-year contract with the Penn- sylvania Railroad Company for all the coal It can mine, entire output at $1.90 per ton: the Railroad Company -to supply cars. Original Market — Offered April, 1917. by Moore, Leonard & Lynch, Pittsburgh and New York, at 100 and Interest. Market New York — B. H. Rollins & Sons. Pittsburgh — Moore, Leonard & Lynch. CONESTOGA TRACTION CO. Ist 4s Due Jan. 1, 1950. Dated Jan. 1, 1900. Interest payable Jan. and July 1, at Trustee' s office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free In Pennsylvania. Authorized $2,000,000 Outstanding: (Jan. 1, '21) 1,302,400 Reserved for Piior Liens 450,000 Reserved for Ext 247.600 Denomination' — Coupon, $100, $500 and $1,- 000. Regiaterable as to principal. Trustee — Provident Life & Trust Co., Phila- delphia. Orgaidzation — Chartered In Penn. In 1899 and i.g an operatine company, leasing 12 elec- tric railway companies (Including the Lan- caster City Street Ry.), aggregating 164 miles of city and 55 miles of suburban (total 219 miles) track in the City and County of Lan- caster. Capitalization. Outstanding. Common $3,999,95^ Pref. (6% cum.) 300,000 Funded debt 1,752,400 Control — Approximately the entire com- mon stock is owned by Lancaster County Ry. & Light, all of whose stock is owned by United Gas & Electric Corp. Secured by mortgage on 50 miles of street railway in the city of Lancaster. Popula- tion served by company, 100,000. Charter perpetual. Prior Liens — $450,000 bonds of leased com.- panies. Underlies— $1,000,000 Lancaster Co. Ry. & Light Coll. Trust 5s. Due 1951, secured In part by deposit of common stock of Cones- toga Traction Co. Years ended Dec. 31: Gross. Net. Int. ,etc. Gross. Net. Bond Int. 1920 $1,686,336 $566,828 $80,026 1919 1,443,978 516,763 85,350 1918 1,243,200 416,874 85,363 1918 1,206,638 52ii,726 85,400 1916 1,096,827 478,928 85,400 Market. Pliila-delphia — Huntoon & Co., McCown & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 88 '17 90 '17 70 May 80 July Low. 60 '20 791/^ '18 60 July 80 July CONEY ISLAND & BROOKLYN RAILROAD CO. 1st Cons. 4s. Due July I, 1948. Dated July 1, 1898. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Default — July 1, 1919, and subsequent In- terest. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $2,000,000 Outstandine 1,987,000 Owned by B. R. T. and subsidi- aries 13,000 $13,000 are held In the treasuries of the B. R. T. Co. and its subsidiaries. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers' Trust Co., New York. Foreclosure — Suit has been Instituted by the Bankers' Trust Co. Protective Committee — The following com- mittee requested deposits: A. B. Horr, David H. Lanman, J. H. Wal- bridge. Depositary — Brooklyn Trust Co., Brooklyn, N. Y. Organization — Chartered in New York in 1860. Inaugurated car service over the Brooklyn Bridge In 1898. Merged the Brook- lyn City & Newtown R. R. In 1910 and owns the entire stock of the DeKalb Ave. & North Beach R. R. Capitalization. Outstanding. Common $2,983,900 Funded debt 6,024.200 ReceiverBhip — See Brooklyn Rapid Transit Co. Control — On Dec. 31, 1913, the Pub. Serv. Commission granted permission to the Coney Ii3]and & Gravesend Ry., a subsidiary of the Brooklyn Rapid Transit, to purchase $2,- 637,000 of the $2,983,900 stock of the Coney Island & Brooklyn R. R. Co. Secui'ed by first mortg-age on 53 miles of street railway, of which 24 miles are first track, extending from Brooklyn Bridge via Coney Island Ave. to Coney Island. Underlies — Cons. 4s, due 1955, which pro- vide for the retirement of this issue. Years ended June 30. Gross Net Int.&Rent 1920 $2,376,769 $251,725 $298,051 1-919 1,871,735 331,130 300,843 1918 1,848,449 477,914 300,389 1917 1,910,040 571,153 301,440 1916 1,839,200 619,585 301,592 1915 >- 1,791,619 578,833 304,333 1914 1,630,601 550,070 306,142 Market. New York — Theodore L. Bronson & Co., Pinlay & Davenport, Pouch & Co. Price Range Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 85 '08 95 '08 30f Sept. 40f Aug. Low. 15f '20 30f*20 15f Sept. 30 Sept. 350 CONGOLBUM COMPANY, INC., 1st 7s. Due $1,000,000 ea«li July 1 from 1920 to 1929, inclusive. Dated July 1, 1919. Interest payable Jan. 1 and July 1 at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State tax refunded. Authorized $1,000,000 Outstanding (Aug. 1, '21) 800,000 Balance Retired. Purpose of Issue — To reduce current lia- bilities. Denomination — Coupon $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 103 and interest on any in- terest date upon 30 days' notice. Organization — Incorporated in New York in 1919 and acquired all the property and assets of ^ the Congoleum Company, organ- ized in Pennsylvania, which latter company was controlled and operated by The Barrett Company. The company manufactures floor coverings, art rugs and borders under the registerable name of "Congoleum." The company's products are manufactured under a special process which is protected by pat- ents. The company's plant is located at Marcus Hook, Pa. The company has Its own sales organization, with display rooms in New York, Chicago and San Francisco, and distributing warehouses In those cities as well as In Pittsburgh, Minneapolis, Gal- veston and several other cities. Capitalization. Outstanding. Common (no par) 30,000 shs. 1st Preferred (7% cum.) $2,000,000 2nd Preferred (8% cum.) 1,000,000 Funded debt 900,000 Secured by a first mortgage upon the en- tire real property and all other fixed assets of the company now owned or hereafter ac- quired. The company covenants in the mort- gage 'that it will at all times maintain net current assets as therein defined equal to at least 150% of the principal amount of all notes of this issue at any time outstand- ing. year ended Dec. 31: Gross. Net. 1918 $S,310,590 $662,398 Origrinal Market— $1,000,000 offered July, 1919, by Halsey, Stuart & Co., Chicago, New York. etc.. at lOQi^ and interest for flrpt and second maturities and 100 and interest for. remaining- maturities. Market. New York — Halsey, Stuart & Co., John Nickerson, Jr. Pittsburg:h — Continental Trust Co. Chicago — Halsey, Stuart & Co. CONNECTICUT & PASSUMPSIC KIVEKS RAILROAD CO. 1st 4s. Due Api-U 1, 1943. Dated April 1. 1S93. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,900,000 Outstandingr 1,900,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Boston Safe Deposit & Trust Co., Boston. .' Guaranteed as to interest, under terms of lease, by Boston & Lowell R. R. and Bos- ton & Maine R. R. Organization and Control — Incorporated in Vermont in 1835. Leased in 1887 for 99 years to the Boston & Lowell R. R. Corp., and lease subsequently assigned to Boston & Maine R. R. Rental is interest on bonds, 6% on stock and $3,000 per annum for organi- zation expenses. Company also owns one- half of the stock and leses the property of the Massawippi Valley Ry. Co. Capitalization. Outstanding. Preferred (6%) $2,500,000 Funded debt 1,900,000 Secured by a first mortgage on 109.60 miles of road from White River Jet.. Vt., to the Vermont-Canadian border. Further se- cured by a first lien on the 999-year lease and $400,000 of the $800,000 capital stock of the Massawippi Valley Ry. Co., owning 35 miles of road from the term,inus of the Connecticut & Passumpsic Rivers R. R. on the Vermont-Canadian Line to Lennoxville, Quebec, on which there is no bonded debt. The line covered by this mortgage forms a part of the Bcston & Maine R. R.'s route from Boston and other southern New Eng- land points and New York to Montreal. 'Legal for savings banks in Conn., Mass., Mich.. Minn., N. J., Vt. and Wis. Listed on the New Tork and Boston Stock Exchanges. Market. New York-^G. W. Walker & Co., Murphy Bros. & Miles, Blodgef & Co., Taylor, Smith & Hard. Price Range. Jan. 1, '16, to Jan. 1, *Z1 1920 Bid. Ask. Bid. High 91 '16 95 '16 65 Feb. Low. 60 '20 92 '16 60 Aug. CONNECTICUT LIGHT & POWER CO. (The) 1st Ref. 7s Series "A." Due May 1, 1951. Daved May 1, 1921. Interest payable May 1 and Nov. 1 in New York, Boston and Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. I Authorized Unlimited. 'Outstanding $6,500,000 ' sReserved for Prior Liens 1,000,000 Issuance Restrictions — Additional Bonds may be issued for 75% of the cost or fair value, whichever is less, of additional elec- tric, water power or gas properties in Con- necticut, or of additions or improvements and then only when net earnings, applicable to interest and rentals, for 12 months with- in 15 months immediately proceeding the issue, shall have been at least 1% times the total annual interest and rental charges, in- cluding interest on the Bonds sought to be Issued; excepting only that not exceeding $2,500,000 Bonds may be issued, regardless of this earning provision, for 50 % of the cost or fair value, whichever is less, of ad- ditional electric or water power develop- ments on which this mortgage will be a first lien. Bonds for the additional 25% of such cost shall not be issuable until net earnings are at least 1% times all interest and rental charges, including interest on all bonds out- standing and those then sought to be issued. Purpose of Issue — The proceeds of these $6,500,000 Bonds, together with the simul- taneous sale of $2,990,000 8% Preferred Stock, will fetire all floating debt, and in addition will furnish more than $500,000 cash for future construction. This floating debt was in^jurred chiefly for the construc- tion of a new hydro-electric power plant having a present installed capacity of 25,- 000 horse power at Stevenson, on the Housa- tonic River, and transmission lines, sub- stations, etc., in connection therewith, cost- ing in all about $6,800,000. This plant was completed in March, 1920. It has largely in- creased the company's output and sales of electric current and greatly lowered the cost of production. Denominations — Coupon, $1,000 and $500; registerable as to principal. Registered $1,- 000 and multiples. C. & R. interchangeable. Trustee — Bankers Trust Co., New York. Redeemable for sinking fund only on any interest date prior to and including Nov. 1, 1931, at 110 and interest, thereafter de- creasing %% annually to 100 14 and interest on Nov. 1, 1950. Slnlmig Fund — Annually beginning Sept. 1, 1922, a sum equal to 1% of the total amount of Series "A" bonds theretofore certified plus 1% on the $1,000,000 New Mil- ford bonds or any bonds issued to refund the latter. This fund (less any amount not exceeding $10,000 per annum, required under any sinking fund established for the New Milford bonds or any bonds issued to re- fund them, is to be applied to the purchase or redemption of Series "A" bonds at not over the current call prices. Bonds so ac- quired are to be kept alive and interest add- ed to the fund. Organization — Incorporated in Connnecti- cut in 1917 as a consolidation of the Housa- tonic Power Co. The Rocky River Power Co., The Seymour Electric Light Co. and the United Electric Light & Water Co. Capitalization Outstanding Common $8,486,000 Preferred (8% cum.) 2,990,000 Funded debt 7,500,000 Secured by a first mortgage on new hy- dro-electric power plant at Stevenson of 25,- 000 h. p., several important sub-stations, 61 miles of high tension transmisison lines; and several undeveloped w^ater powers on Housatonic and Rocky Rivers; also secured by a second mortgage on property formerly belonging to the New Milford Power Co.» including hydro-electric power plant of 9,600 h, p. at Bulls Bridge on the Housatonic and about 25 miles of high tension transmission lines; additionally secured by a first lien on the company's 999-year lease on steam plant at Waterbury of 33,000 h. p., together with distribution systems in Waterbury, New BHtain and 12 other cities and towns. The leased properties are a part of thb prop- erty owned by the Connecticut Railway & Lighting Co. The company supplies electric light and power to a population of about 300,000 In the following Connecticut cities and towns: Waterbury, New Britain, Watertown, Soufh- ington, Norwalk, Naugatuck, Oxford, Berlin, 151 Cheshire, Ne^w Canaan, Beacon Falls, Wood- bury, Middlebury, Plainville, Guilford and Greenwich. The conipany also sells electric current to other public service companies, among which are the com.panies doing- business in Danbury, Bethel, New Milford and West- port. It also supplies gas to a population of about 62,000 in Norwalk, Naug'atuck and East Portchester. The franchises were authorized by special acts of Connecticut, are unlimited as to tim.e, are subject to no burdensome conditions or restrictions and are ample for the purposes of the company's business. Prior Ijiens^ Outstanding New Milford Power Co. 1st 5s 1932 $1,000,000 ♦Connecticut Ry. & Ltg. 1st & Ref. 4%s, 1951-. , . 11,330,000 ♦On leased property only. Twelve months ended March. 31: Gross. Net. Interest. 1920 $4,005,305 $1,914.45-1 $1,007,096 Original Market — $6,500,000; offered May, 1921, by Lee, Higginson & Co., Estabrook & Co., Richter & Co., Huncks Bros. & Co., The Chas. W. Scranton Co., at 95 and in- terest. CONXECTICUT POWER CO. (THE) 1st & Coll. Trust 5s. Dae July 1, 1956. Dated July 1, 1906. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized Closed Mortgage. Outstanding $517,000 Denomination — Coupon, $ 1, 000. Register- able as to principal. Trustee^Equitable Trust Co., New York. Assumed by the Connecticut Power Co. (consolidated company). Organization — See 1st & Cons. 5s. Management — Stone & Webster. Secured by first mortgage on hydro-electric plant and water rights at Falls Village on the Housatonic River, and by deposltof $294,- 000 of the $367,500 capital stock of the New London Gas & Blec. Co., supplying gas and electricity to New London, Conn. This lat- ter company has $726,000 bonds outstanding, all closed mortgages. Franchises, both com- panies, perpetual. Underlies — $1,870,000 Conn. Power 1st & Cons. Bs, due 1963, which provide for retire- ment of this issue. Earnings — See 1st & Cons. S. F. 5b. Market. New York — Fred. H. Hatch & Co., ' Earle A. Miller & Co. Hartford — Richter & Co. . New Haven — H. C. Warren & Co., Inc. Price Range. Jan. 1, *17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 98 '17 100 '17 86 Jan. 96 Jan. Low. 73 '20 88*19 73 Dec. 96 Jan. CONNECTICUT POWER CO. l8t & Cons. S. F. 58. Due April 1, 1963. Dated April 1. 1913. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Connecticut. Acthorized Unlimited. Outstanding (Jan. 1, '21) $1,870,000 Ketii-ed by S. E 98.000 Reserved for Prior il-*ns 1,313,000 Denomination — Coupon, $500 and $1,000. Reglsterable as to principal. Fully registered $5,000 and multiples. C. & R. interchange- able. Trustee — Old Colony Trust Company, Boa- ton. Redeemable as a whole or In part for the Sinking Fund at 107^ and interest on any Interest date. ' Sinkinf: Fund — ^Beginning April 1. 1916, 1% annually of outstanding bonds. Organization— Incorporated in Connecticut in 1913 as a consolidation of the old company of the same name the Middletown Elec. Light Co., New London Gas & Blec. Co., Eastern Conn. Elec. Power Co. The company oper- ates the Thomaston Electric Light Co. under a 999 year lease. Capitalization. Outstanding. Common $1,000,000 Preferred (6% cum.) 1,250,000 Funded debt -^3,883,000 Control — During 1919 and 1920 the Hartford Electric Co. acquired all the common stock In exchange for its own stock. Management — Stone & Webtser. Secured by a mortgage on entire property of company, consisting of hydro-electric, steam power and gas plants, doing the en- tire gas, electric lighting and commercnal business in New London, and entire electric lighting and commercial power business In Middletown, Middlefield, Durham, Portland, Cromwell, North Canaan, Norfolk, Sharon and Salisbury, Conn. Company does business in the various cities and towns under special charter rights which are not limited as to time. Population served: electricity, 72,700; gas, 20,900. Pi-ior X.i€ns — $1,313,000 as follows: $513,- 000 Connecticut Power Co. 1st 5s of 1956;. $726,000 New London Gas & Electric Co. 5s of 1927, 1920 and 1933, and $74,000 Berk- shire Power Co. Bs of 1934, to retire which bonds of this issue may be sold. Years ended Dec. 31. Gross. Net. Int., Etc. 1920 $1,473,151 $583,750 $237,720 1919 1,260,022 504,152 229,865 1918 1,028,262 397,660 242,717 1917 870,621 397,450 207,261 1916 742,686 373,356 195,465 Original Market — OfCered in April, 1913, by Stone & Webster, New York, Boston and Chi- cago. Also by B. B. Smith & Co.. Philadel- phia and New York, at 96 and interest. Market, New York — Fred H. Hatch & Co., Earle A. Miller & Co., Vanderhoef & Rabinson. Boston — L. Sherman Adams, Stone & Webster. Hartford — Richter & Co. New Haven — H. C. Warren & Co. Price Range. Jan. 1, '16, to Jan. 1, *S1 1920 Bid. Ask. Bid. Ask. High 97% '16 100-16 85 Jan. 90 Jan. Low. 73 '20 80 '20 73 Dec. 80 Sept. CONNECTICUT POWER COMPANY 8-Yr. 6% Notes. Due Dec. 1, 1921. Dated Dec. 1, 1919-. Interest payable June 1 and Dec. 1, at Commonwealth Trust Com- pany, Boston. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $700,000 Outstanding 700,000 Purpose of Issue — To retire $500,000 of notes due Jan. 1, 1920, and to reimburse the company for expenditures made for ad- ditions and improvements during 1919. Denominaidon — Coupon $1,000, $500 and $100; reglsterable as to principal. Trustee — Commonwealth Trust Company, Boston. Redeemable at 100 and Interest on any interest date upon 30 days' notice. Organisation — See lat and Cons. 5s of 1963. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. The indenture under which these bonds are 1^ sued provides that no bonds will be sold by the company unless the proceeds of the sale are applied to the retirement of notes of this issue. Prior Uens — Connecticut Power Company 1st Cons, ^s, 1963 $1,870,000 Connecticut Power Co. 1st 5s, 1056 513,000 New London Gas & Elec. 5s, due 1927, 1929 and 1933 726,000 Berkshire ' Power Company 6s, 1034 74,000 Total $3,183,000 "Eammes — See 1st & Cons. 5s of 1963. Original Market— $700,000 offered Novem- ber, 1919, by Stone & W^ebster, Boston, New York, etc., at 98 and interest. Market New York — Stone & Webster, EerdeH Bros., E. A. Miller & Co., Carruthers, Pell & Co. Hai-tford — Richter & Co. New Haven — H. C. Warren & Co. Price Rangre 1920 Bid. Ask. High *. . . 98 Jan. 100 Jan. Low 95 Sept. 98 June CONNECTICUT RAELWAT & LIGHTING CO. 1st & Kef. 4%s. Dae Jan. 1, 1951. Dated January 1, 1901. Interest payable January and July 1, at Equitable Trust Co., New' York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Connecticut. Authorized $15,000,000 Outstanding 11,330,000 Held in S. F 1,221,000 Denominatio-n — Coupon, $1,000. Register- able as to principal. Trustee — Equitable Trust Co., New York, Redeemable — $10,682,000 "'Stamped bonds" at 105 and interest. Sinking Fund — From July 1, 1905, annually to 1950, ^A% and on December 31, 1950, %% of all bonds issued to be held by Trustee for the benefit of staiSiped bondholders or applied to purchase of these bonds at not exceeding 105 and interest. Guarantee — Under terms of supplemental mortgage of June 23, 1904. United Gas Im- provement Co. agreed to guarantee the pay- ment of interest on such bonds as would be presented to be * 'stamped, ' ' giving the com- pany the right to redeem same at 105 and interest. Stamped bonds amount to $10,682,- 000. Interest and sinking fund are also guar- anteed under the terms of the lease by the N. Y., N. H. & H. R. R. Organizatioa — Incorporated in Connecticut in 1895 as Gas Supply Co. , name changed to Connecticut Lighting & Power Co. in 1899. Present name adopted in 1901. This company has acQuired the properties of the Bridge- port Traction Co., Central Ry. & Electric Co., Cheshire Street Ry. Co., Derby Street Ry. Co., Greenwich Gas & Electric Lighting Co., Mil'- ford Street Ry. Co., Naugatuck Electric Light Co., Norwalk & So. Norwalk Electric Lt. Co., Naugatuck "Valley Electric Ry. Cq., Norwalk Qas Light Co., Norwalk Street Ry. Co., Nor- walk Tramway Co., Shelton Street Ry. Co., Southington & PlaptsviUe Tramway Co., Thomaston & Watertown Electric Ry. Co. , Waterbury Traction Co., and Westport & Saugatuck Street Ry. Co. Capitalization. Outstanding Common $8,977,200 Preferred (5% cum.) 8,142,900 Funded debt 12.247,324 Control — Leased for 999 years from Dec, 1906, to the Consolidated Ry. Co., since ab- sorbed by the N. Y., N. H. & H- R. R. Co. Operated by the Connecticut Co. Rental $975,- 000 for the year 1906-1907 and increasing to $1,400,000 for year 1914-1915 and thereafter. Out of this, lessor pays fixed charges and sinking fund amounting to- $673,300 annu- ally. Performafice of lease is guaranteed by the N. T., N. H. & H. R. R. Co. Secured by a mortgage on all the property of the company, including 168.8 miles of first track and 252.2 miles of single track equivalent, located principally in and connect- ing with Bridgeport, Norwalk, Derby, Water- bury and New Britain, Conn, Franchises are perpetual. Prior Liens — $915,000 bonds of merged com- panies, for the retirement of which bonds of this issue are reserved. Ijegal for savings banks in Conn. Lifted on the New York, Amsterdam and Philadelphia Stock Exchanges. Original Market — $8,000,000 offered In 1901. at 100 and interest by Redmond & Co. and J. W. Seligman & Co., New York. Market. New York — Dunham & Co., Sam'l Gold- schmidt, Fred. H. Hatch & Co., Redmond & Co., Vanderhoef & Robinson, G. R. Mc- Allister & Co. Pliiladelphia — Bauer, Starr & Co., Samuel McCreery & Co., Samuel K. Phillips & Co. Hartford — Richter & Co. New Haven — Winslow, Day & Stoddard. Price Range — N. Y. S. K. Jam. 1, '06, to Jan. 1, »21 1920 High 103% Nov. 15, '06 66 J^ July 1 Low. 60 Feb. 10, '20 60 Feb. 10 Stamped. High 104 Dec. 22, '06 60% Nov. 16 Low. 60 Dec. 1, '20 60 Dec. 1 CONNECTICUT RIVER CO. Ist €». Doe Jan. 15, 1934. Dated Dec. 15, 1913. Interest payable Jan. 15 and July 15 at Trustee's office or in New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Connecticut. Authorized $1,000,000 Outstanding 300,000 Unissued 700,000 Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Travelers' Bank & Trust Co., Hartford, Conn. Redeemable on any interest date at 110 and interest. Oi^ranization — Incorporated in Connecticut In 191S. Capitalization. Outstanding. Common $203,500 Funded debt 300,000 Controlled through ownership of entire capi- tal stock by the Northern Connecticut Securi- ties Co. Secured by a first mortgage on real estate and mill sites and canal which furnishes water power, extending along the Connecticut River from Windsor Locks to Thompsonville, Conn. Earnings — Not reported. Original Markets-Offered In 1914 by H. v>. Warren & Co., New Haven, Conn. Market. Hartford — Richter & Co. New Haven — H. C. Warren & Co. CONNECTICUT RITBB FOWBR CO OF NEW HAMFSHHIE let S. F. 5s. Due Jane 1, 1937. Dated June 1, 1907. Interest payable June and Dec. 1. at Merchants' National Bank, Boston, or West End Trust Co., Philadel- phia, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorized $2,000,000 Outstanding: (May 1, '21) 1,851,000 Retired by S. F 149,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 107 and interest on any in- terest date upon 43 days' notice. Sinking Fund — ^Annually at least 10% * of net income to be applied to purchase or re- demption of these bonds at not exceeding 107 and interest, bonds thus Required to be cancelled. Organization — Incorporated in New Hamp- shire and Vermont, June 1907. as a consoli- dation. Capitalization. Outstanding. Common $1,500,000 Preferred (6% cum.) 714,000 Funded debt 1,851,000 Control — The entire common stock is owned by the New England Co. Secured by first mortgage on entire prop- erty of company, including dam and power house equipped with eight units of 2,500 k. w. capacity located on the Connecticut River between Vernon, Vt., and Hinsdale, N. H.. on transmission line to Mass. State Line at Northfield, where it connects with trans- mission line of New England Power Co. F^rnings — See issues of New England Co. Original Market — Offered in 1911, by Baker, Ayling & Co., Boston, at 92 and interest. Market. New York — Dunham & Co. , Fred. H. Hatch & Co., Earle A. Miller & Co., Vander- hoef & Robinson, Berdell Bros., John Nick- erson. Jr. Boston — L. Sherman Adams. Philadelphia^Bauer, Starr & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 98 '17 100 '17 89 Jan. 93 Jan. Low. 77 '20 82 '20 77 July 82 Nov^ CONNECTICUT RITER R. R. CO. Deben- tures. Outstanding: — $1,969,000 as follows: Dated. Due. Amount. Rate Sept. 1, 1893 Sept. 1. 1943 $1,000,000 4% Jan. 1. 1903 Jan. 1, 19-23 969,000 3%% Interest payable respectively : Mar. and Sept. 1 and Jan. and July 1, at the com- pany's office, Springfield, or Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Denomination — Coupon and registered, $ 1 , - 000. C. & R. interchangeable. Assumed by Boston & Maine R. R. Control — Incorporated in Massachusetts in 1890. Leased for 99 years from 1893 to the Boston &■ Maine R, R. at annual rental of interest on bonds, 10% on Btock and $2,000 for organization expenses. ' In 1919 merged with other companies into the Boston & Maine R. R. Co. Secured equally under the Boston & Maine R. R. (new) mortgage with various other is- sues on 1,558.03 miles of road owned and .445.33 miles of leaseholds and trackage. For details see that description. Refunding — Bonds are reserved imder the Boston & Maine R. R. (new). Mortgage to retire these issues. Legal for savings banks in Mass. Listed (4s of 1943) on the Boston Stock Exchange. Mai-ket Boston — Jackson & Curtis. PhLladelphia — Isaac Starr, Jr., & Co. Price Range. Jan. 1, *09, to Jan. 1, 'Zl 1930 Bid. Ask. Bid. 4g X943 High 100 '09 101 '11 ' 65 Sept. Low. GO '20 88 '13 60 Aug. 3%s— 1923. High 941^ '09 94% '11 87 Sept. Low. 75 '20 90 H '13 75 Aug. CONNECnCCX VALI^EY LIIMBER COM- PANY 1st Serial 68. Due annually $200,- 000 June 1, 1922 to June 1, 1928 incl.; $250,000 June 1, 1929 to June h 1932 incl.; and $300,000 June 1, 1933 and June 1, 1934. Dated June 1, 1919. Interest payable June and Dec. 1, at Trustee's office, Boston. Tax Status — 2% Federal Income Tax paid by Company without deduction. Anthorized '. $3,000,000 Outstanding 3,000,000 Purpose of Issue— tTo retire $1,204,500 1st S. F. 6s, due Aug. 15, 1933 (called for payment Aug. 15, 1919) and floating indebted- ness, and to provide additional working capital. Denominations — Coupon $100. $500 and $1,- 000. Registerable as to principal. Trustee— International Trust Company, Boston. Redeemable as a whole or in part on 30 days' notice at 102% and interest. Sinking Fund — Beginning June 1, 1922, an- nual payments to. Trustee of $3 per thousand feet on all soft wood timber in excess of 75,000,000 ft. and $1 per thousand feet on all hard wood timber in excess of 10,000,000 ft. cut during the twelve months period ending the previous April 30 Sinking Fund to be applied to the purchase of bonds of this issue of longest maturities then out- standing at not exceeding 102% and inter- est; if not so purchaseable to be called on the next interest date at that price. Bonds thus called or purchased are to be cancelled. Orgtinization — A voluntary association formed in Massachusetts by a trust agree- ment dated June 26, 1913, succeeding to com- pany of the same name which was incor- porated in Connecticut in 1898. Company deals in lumber and pulp wood. Capitalization. Outstanding. Common (no par) 50,000 shrs. Funded debt $3,000,000 Managrement — Stone & Webster, Boston. Secured — By a first mortgage on over 300,- 000 acres of timberlands in northern New Hampshire and Vermont owned in fee, es- timated to carry over 1,600,000,000 ft. mer- chantable pulp wood mostly spruce, and 750,- 000,000 ft. merchantable hard wood mostly birch and maple; also on riparian rights controlling undeveloped water powers on the Connecticut River estimated at 28,000 h. p. Additionally secured by pledge of stock of subsidiary company on water storage facill- ties and river improvements. It is estimated that ail bonds of tliis issue will be retired before 60% of the standing timber has been cut. Orieinal Market — Offered June, 1919, by Homblower & Weeks and Stone & Webster, Boston, New York, etc., at 97% to yield from 6.90% to 6.26% fpr various maturi- ies. Market New York — Stone & Webster, Homblower & Weeks. Boston — Stone & Webster. Price Rangre • Jan. 1, '19, to Jan. 1, 'Zl 1930 High 97^ '19 DTVai-pr. Low. 95 '20 95 Mar. CONNECTING RAILWAY CO. (of PhUadel- phia) iBt 4s. Dae March 15, 1951. Dated June 21, 1911. Interest payable March and Sept. 15, at Broad St. Station, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized $15,000,000 Ontstandine 7,000.000 Reserved for Ext 8,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co., Philadelphia. Guaranteed as to principal q,nd Interest by the Pennsylvania R. R. Co. by endorsement. Orsantzatloo and Control — ^Incorporated in Pennsylvania in 1863. All of the capital stock is owned by the Pennsylvania R. R. Co., which leases the property for 999 years from Feb. 18, 1863, at a rental of 4% on the stock, all interest and taxes. Secured by a first lien on 35.49 miles — Miles Prankford Jet. to "West Girard Ave., W. Philadelphia 6.24 Holmesburg Jet. to Bustleton, Pa 4.14 Tiog-a St., Kensington, to East Tacony. . 5.55 North Pa. Jet. to Oxford Road, Phila. . 3.71 Branches 2.69 North. Phila, to Chestnut Hill 6.73 Junction near Allen Lane to Fort Hill 5.80 Branch to Midvale Steel Works 0.63 I^egal for savings banks in Cal., Conn., Me., Mich., Minn., N. H., N. J., R. I., and Wis., also Baltimore Trust Funds. Listed on the Philadelphia Stock Exchange. Original Market — S3,310,000 offered in Feb- ruary, 1914, by B. B. Smith & Co. of Phila- delphia and New York, and Brown Bros. & Co., of Philadelphia, New York and Boston, at 98% and interest; $3,000,000 offered Oct. 1916, by the above firms at 98 and interest. ' Market New York — Ernest Smith & Co., Brown Bros. & Co. Philadelphia — Brown Bros. & Co., Chas. Fearson & Co., Graham, Parsons & Co., Huntoon & Co., McCown & Co., J. P. Ma- giil & Co., Reed A. Morgan & Co., Samuel K. Phillips & Co., Isaac Starr, Jr., & Co. Price Range. Jan. 1, '16, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 99% *17 100 '16 82^^ Jan. 87 Jan. Low. 75 '20 78 '20 75 June 78 July Out^andinsr (Nov. 10, '20) 511,000 Held in S, F 496.000 Denomination — Coupon, $1;000. Register- able as to principal. Trustee — Union Trust Co.. Pittsburgh, Pa, Redeemable for the Sinking Fund at par and interest in numerical order. Sinking Fund — $25,000 per annum to pur- chase bonds at not exceeding par. If not purchasable bonds are to be called in nu- merical order at par and interest. Bonds acquired to be kept alive, and interest added to sinking fund. Organization and Control — Incorporated in Pennsylvania in 1905. The company is con- trolled through stock ownership by interests allied with the United States Steel Corpora- tion, and the property leased to 1946 to the Monongahela Ry., owned jointly by the Pennsylvania R. R. Co. and the Pittsburgh & Lake Brie Ry. Co. The rental is equivalent to 4% of cost of road with all taxes, opera- ting and maintenance charges. This lease has been assigned to the Union Trust Co. of Pittsburgh as Trustee and cannot be abro- gated without the consent of the Trust Co. Capitalization. Outstanding. Common $700,000 Funded debt 511,000 Secured by a first mortgage on 21 miles of road from Brownsville to Moser Run Jet., Pa., and branches. Market. New York — Dunham & Co. Philadelphia — Brown Bros. & Co., Blkins, Morris & Co., Graham, Parsons & Co., Mc- Cown & Co., Samuel K. Phillips & Co. Price Range Jan. 1, '13, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 97V4 '16 99 '12 87 Oct. 90 May Low. 80 '20 86 *20 80 June 86 Aug. CONNEI.IjSVILI.B & MONONGAHELA RAILWAY 1st 49. Du6 Sept. 1, 1930. Dated Sept. 1. 1909. Interest payable March and Sept. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,007,000 CONSOLIDATED CITIES LIGHT, POWER & TRACTION CO. 1st Lien 5s, Due July 1, 1963. Dated July 1. 1912. Interest payable Jan. and July 1, at company's office. New York, and Lloyds Bank, .Ltd., I^ondon, England, at $4.85 2-3 to the f. Tax Status — 2% Federal Income Tax paid by company without deduction. Maryland and Pennsylvania State Tax Refunded (stamped bonds). Authorized See provisions of issue Outstanding (Jan. 1, '20) 9,901,000 Held in S. F 206,500 FroTifiions of Issue — Additional bonds may be drawn when lUet earnings of Company, Including net earnings on the property if any, to be acquired, for the 12 months preceding are equal to one and one-half times the Interest on all bonds outstanding and those to be requested. The aggregate principal amount of bonds authorized, together with all other indebtedness of the company secured by Hen upon its property, real or personal, shall at ■ no time exceed five times the authorized capital stock of the company. Denominations — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and Interest on any In- terest date on three months' notice. Sinking Fund — ^Annually beginning Jan. 1, 1919, 1% of outstanding bonds to be used^ for the purchase or redemption of these bonds at not over 105 and Interest; or for purchasing bonds of collateral companies; or- the company may deposit bonds of this Issue- at 105 In lieu of cash,. Bonds acquired are to be kept alive and Interest added. It i estimated that this fund will retire $4, 000,000- bonds before maturity. Guaranteed principal and interest by the Cltiea Service Co. by endorsement. Oriranization and Control — Incorporated in Delaware in 1912 as a holding company. In 1913 its assets were acquired and its liabili- ties assumed by the Cities Service Co. Capitalization. Outstandins. Common : $25.0,000 Funaed debt 9,793,600 Secured by pledge of the following securi- ties: 6,600 shares ($660,000) of Common Capital Stock of Alliance Gag & Power Co. 2,930 shares ($283,000) of Common Capital Stock of Bristol Gas & Electric Co. 24,979 shares ($2,497,900) of Common Capi- tal Stock of Central Ohio Gas & Electric Co. 10,000 shares ($1,000,000) of Common Capi- tal Stock of City Light & Traction Co. of Sedalia, Mo. 10,000 shares ($1,000,000) of Common Capi- tal Stock of City Light & Water Co. of Am- arillo, Texas. 10,667 shares ($633,360) of Common Capi- tal Stock of Cumberland & "Westernport Elec- tric Ry. Co. 30,000 shares ($3,000,000) of Common Capi- tal Stock and $2,000,000 Five Per Cent. Bonds due 1962, of Dominion Gas Co. 2,686 shares ($268,600) of Common Capital Stock of Knoxville Gas Co. 6,000 shares ($600,000) of Common Capital Stock of Massillon Electric & Gas Co. 19,970 shares ($1,997,000) of Common Capi- tal Stock of Meridian Lt. & Ky. Co. 40,000 shares ($4,000,000) of Common Capi- tal Stock and $1,360,000 Five Per Cent. Bonds due 1953, of Southern Ontario Gas Co., Ltd. 13,000 shares ($1,300,000) of Common Capi- tal Stock of Trumbull Public Service Co. Prior Liens — The company whose stocks are deposited have $17,326,100 bonds outstand- ing, of which $3,250,000 are pledged as part security for this issue. Earnings — See Cities Service Co. Listed on the London Stock Exchange. Original Market — $4,600,000 offered June, 1912, by Sperling & Co., London, at 87% and interest and $3,000,000 Deo., 1916, by Brooke. Stckes & Co., and Klemm & Keen Philadelpiha, at 92 Ms and interest. Marlcet. Now York — Henry L. Doherty & Co., Sam'l Goldschmidt, Morton Lachenbruch & Co., A. W. H. Munford. Boston — L. Sherman Adams, Moors & Cabot. Philadelphia — Bauer, Starr & Co., Geo. N. Fleming, McCown & Co., Samuel McCreery & Co. Providence, K. I. — Sartorius & Co. Price Ranee. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid.. Ask. High 92 '17 93 '17 63 Jan. 73 Jan. Low. 50 '20 62 '20 50 Sept. 52 June CONSOLIDATED ELECTKIC LIGHT CO. OF MAINE Cons. 4%s. Due Jan. 1, 1925. Dated Jan. 1, 1900. Interest payable Jan. ■and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $600,000 Outstanding 500,000 Denomiinationj — Coupon, $600 and $1,000. Trustee — Union Safe Deposit & Trust Co., Portland, Me. Control — Incorporated in Maine in 1S83. Ab- sorbed July, 1912, by the Cumberland County Power & Light Co. Manasement^E. W. Clark & Co., Philadel- phia. Secured by first mortgage on plant and distribution lines supplying Portland, Me., and, other towns in vicinity with electricity. Fran- chises perpetual. Population served, 76,000. Underlies — Portland Elec. 1st 6s and Cumb. Co. Pr. & Lt. 1st, & Ret. 53, which mort- gage provides for the retirement of this is- sue. Earnings — See Cumberland County Pr. & Lt. 1st & Kef. 6s. Market. Nfew York — Berdell Bros. Portland, Me. — Beyers & Small. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96% 'IS 98 '17 .. 92 Low. 77 '18 79 '18 86 CONSOLIDATED GAS CO. OF BALTIMORE CITY (THE) Cons. 1st 68. Doe July 1, 1939. Dated July 1, 1889. Interest payable Jan. and July 1, at Farmers' & Merchants' Natl. Bank, Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding $3,400,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Mercantile Trust & Deposit Co., Baltimore. Asf^umed by the Consolidated Gas Elec- tric Light & Power Co. of Baltimore. Organization — See General Mtge. 4%s. Secured by first mortgage upon entire prop- erty formerly owned by company, including the Spring Gardens plant and distiribution system. Franchise perpetual. Underlies — Cons. Gas of Bait. Gen. 4%a, which provide for the retirement of this is- sue. Cons. G., B. L. & P. Gen. 4%3. ; 1st Bef. Mtge. Bai-nings — See C. G. B. L. & P. Co. 1st Ref. Mtge. Legal for Baltimore Trust Funds. Listed on the Baltimore Stock Exchange. Original Market — $1,000,000 offered in 1900. at 111 %, and interest, by Stein Bros, and J. Harmanus Fisher & Son, Baltimore. Market. New York — Hanibleton & Co. Baltimore — Wm. E'. Halloway. Jenkins, Whedbee & Poe, Macliubin, Goodrich & Co., Smith, Lockhart & Co., Howard R. Taylor & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 112% '09 113% '09 95 Jan. 96 Jan.. Low. 83 '20 9614 '20 83 May 86^iAug. 366 CONSOIJDATED GAS CO. OF BALTIMORE CITY (THE) Gen. 4%s. Due April 1, 195*. Dated April 1, 1904. Interest payable April and Oct. 1, at The Fidelity Trust Co., Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $16,000,000 Outstanding 6,100,000 Reserved for Prior Liens 3,400,000 Cancelled by Court Order 6,500,000 Denomination — Coupon, $1,000. Registerabie as to principal. Ti'Qstee — Tlie Fidelity. Trust Co., Balti- more. Assumed by the Consolidated Gas Electric Light & Power Co. of Baltimore. Control — Incorporated in 1888 as a consoli- dation of three &as companies and in 1906 was merged into the Consolidated Gas Elec- tric Light & Power Co. of Baltimore, con- trolling the entire gas, electric lighting and power business of Baltimore and vicinity. Secured by mortgage subject to $3,400,000 Cons. 5s upon entire properties of former Cons. Gas. Co. of Baltimore City, including the Spring Gardens plant and distribution system. Franchise perpetual. Prior Uens — $3,400,000 Cons. Bs, due 1939 to retire which bonds of this issue have been reserved. - Underlies — Cons. G., B. L. & P. General 41^8 and 1st Ref. Mtge. under which bonds are reserved to retire this issue. E:arning:s — See C. G., E. L. & P. 1st Ref. Mtg:e. I.egal for Baltimore Trust Funds. listed on the Baltimore Stock' Exchange. Original Market — Offered in 1904 by Baker, Watts & Co. and Hambleton & Co. , Balti- more, at 99 and interest, $2,037,000 offered in 1913 by Lee, Higginson & Co. at 95 and interest. Market. New York — Hambleton & Co., Carruthers, Pell & Co., Berclell Bros. Baltimore — Wm. E. Halloway, Jenkins, Whedbee & Pee. Mackubin, Goodrich & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '12 98% '12 82 Feb. 83 Jan. Low. 72 '20 73 '20 72 Dec. 73 Dec. CONSOLIDATED GAS COMPANY OF NEW JERSEY 1st Cons. 5b. Due Jan. 1, 1936. Dated Jan. 1, 1896. Interest payable Jan. and July 1 , at Emerson, McMillih & Co. , New York. Tax Statas — 2% Federal Income Tax paid by company without deduction. Anthorized $1,000,000 Outstanding- 1,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Columbia Trust Co., New Tork. Organization — Incorporated in 1895 in New Jersey as a consolidation of the Long Branch Gas Light Co. and the Long Branch Elec. Light Co. Capitalization. Outstanding. Common $1,000,000 Funded debt 1,700,000 Control — Practically entire capital stock owned by American Light & Traction Co. Secured by first m,ortgage on gas and elec- tric plants supplying Long Branch, Sea Bright, AUenhurst, Asbury . Park, Bradley Beach, Red Bank and a number of other places with gas, and Long Branch, Monmouth Beach, etc. , with electric light and power. Population served with gas, 52,000; with electricity, 25,000. Of the 14 franchises un- der which the company operates a majority are perpetual. Underlies — $700,000 1st Ref. 5s, of which sufficient are reserved to retire these bonds. Years ended Dec. 31: Gross. Net. Int. etc. 1919 $586,547 $167,990 $86,209 1918 512,304 120.808 86,423 1917 451,582 102,012 86,138 Market. New York — W. E. R. Smith & Co., Ber- dell Bros. Fhiladelpliia — Bauer. Starr & Co. Price Range. Jan. 1, '16, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 102 '16 103 '16 85 Jan. 85^ May Low. 75 '20 80 '20 75 Sept. 80 Nov. CONSOLIDATED GAS CO. OF NEW JER- SEY 1st Ref. 5s. Due April 1, 1965. Dated April 1, 1915. Interest payable April 1 and Oct. 1, at Emerson, McMiUin & Co., New Yoik. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding 700,000 Reserved for Prior Lien 1,000,000 Reserved for Ext 3,300,000 Denomination — Coupon, $1,000. Register- able as to principal only. Redeemable on any interest date at 110% and interest. Organization — See 1 st Cons. 5s, Secured by a second mortgage on plants supplying gas and electricity in Long Branch and vicinity and gas in Asbury Park, Red Bank, Seabright, AUenhurst and vicinity. Prior Lien — $1,000,000 1st Cons. 5s of 1936, to retire which bonds are reserved un- der this mortgage. Earnings — See 1st Cons. 5s. Original Market — Offered in Oct., 1915, by Bodell & Co., Providence, Boston and Spring- field at 9G¥2% and interest. Market. New York — John AV, ■ Christionsen. Newark — J. S. Rippel & Co. Providence — Bodell & Co. Price Range. Jan. 1, 16, to Jan. 1, '21 1920 Bid. Ask. Bid. High 96% '16 98 '17 80 Jan. Low. 65 '20 85 '19 65 Dec. CONSOLIDATED GAS COMPANY OF NEW YORK 5-Yr. Secured Conv. 7s. Due Feb- ruary 1, 1925. Dated Feb. 1, 1920. Interest payable quar- terly May 1, Aug. 1, Nov, 1 and Feb. 1, at Nat'l City Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $25,000,000 Outstanding 25,000,000 Purpose of Issue — Proceeds of this issue will be applied to the retirement of a like amount of Debenture 6s, due Feb. 1, 1920. DenominatJon — Coupon, $1,000 and $500. Registerable as to principal. TrusteCT— National City Bank, New York. Redeemable as a whole only on Sept. 1, 1922, or on the first day of the month next succeeding any subsequent interest day, upon 60 days' prior notice, at 102% and interest during 1922, 102 and interest during 1923, and at 101 and interest during 1924. Convertible on Feb. 1, 1922, or on any in- terest day thereafter, prior to redemption or maturity, par for par. into capital stock of the company. Organization — Incorporated in New Tork In 1884. The company owns a large part of the plants supplying gas and electricity in the Borough of Manhattan, New York City, and controls through stock ownership all other companies supplying gas and electricity (except one electric company w^hose opera- tions are on a very limited scale) in the same territory. The manufacture of gas is being concentrated at Astoria, Long Island. Capitalization. Outstanding. Common $100,000,000 Funded debt 50,000,000 Secured by pledge of $35,000,000 of an is- sue of $65,994,771 capital stock of the New York Edison Co. Dividends at the rate of 7% per annum, have been paid on this stock since June 1, 1915; previous rate 6% per an- num. Years ended Dec. 31: Net. Interest. Dividends. 1920 $3,633,734 $2,225,057 $7,000,000 1919 5,695,876 1,483,436 7.021,796 1918 7,236,772 1,633,372 6,994,793 1917 9,234,236 1,493,159 6,987,166 1916 10,147,620 1.493,156 6,987,165 listed on New York Stock Exchange. Original Market — $26,000,000 underwritten by the National City Bank and offered for subscription at par to shareholders of rec- ord Jan. 3, 1920. Unsubscribed bonds were offered by the National City Co. at 100 and Interest. Market. New York — Salomon Bros. & Hutzler, Vanderhoef & Robinson, Pynchon & Co., Mann, Pell & Peake, Bull & Eldredge. Boston — Curtis & Sanger. Philadelphia — Chas. Fearon & Co. Frice Rangre 1930 Bid. Ask. High 101% Mar. 101% Mar. Low 96% Aug. 97% Aug. CONSOLIDATED GAS CO. OF NEW YORK 1-Year Secured 8% Notes. Dae Dec. 1, 1921. Dated Dec. 1, 1920. Interest pa3%ble June 1 and Dec. 1, at National City Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by the Company. Authorized $26,000,000 Outstamdins 25,000,000 Purpose of Issue — The proceeds, besides providing funds for construction in the im- mediate future, will be used to liquidate floating indebtedness incurred in connection with the construction of the 30,000,000 cu. ft. water-gas installation, the preliminary casts of a large new electric generating sta- tion and various other extensions to the gas and electric systems necessitated by the greatly increased demand for service on the part of the public. Denomination — Coupon $1,000. Trustees — Charles E. Mitchell and Au- giista V. Heely. Organization — See Conv. 7s. Secured by pledge with the trustees of $34,000,000, par value, of the capital stock of The New York Edison Co., on which dividends are being paid at the annual rate of 7%. Eiamings — See Conv. 7s. Original Market — $25,000,000, offered Dec, 1920, by National City Co. at 100 and in- Prlce Range 1920 Bid. Ask. High 98% Dec. 100 Dec. Low 97% Dec. 98 Deo. CONSOUDATED GAS, ELECTRIC LIGHT & POWER CO. (Baltimore) Gen. 4'/4s. Due Feb. 14, 1935. Dated Feb. 14, 1906. Interest payable Jan. and July 1, at Trustee's office, Blair & Co., New York, and Joint City & Midland Bk., Ltd., London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding 13,845,000 Deposited as Collateral Under Bait. Blec. Bonds 1,166,000 Denomination — Coupon, $1,000,. Register- abie as to principal. Trustee — The Continental Trust Co., Bal- timore, Md. Assumed by the Consolidated Gas Electric Light & Power Co. of Baltimore. Control — Company incorporated in Mary- land in 1905. and, through consolidation with The Consolidated Gas Co. of Baltimoie 358 City in 1906, formed the Consolidated Gas, Electric Light & Power Co. of Baltimore, which is the only company engaged in gas, electric light and power business in Balti- more and surrounding territory. Secured by a first mortgage on the West- port Power Station of the company and are further secured by lien (subject in part to underlying securities) upon all the other elec- tric, gas and other properties, real and per- sonal, now owned or hereafter acquired by the company. Prior Liens — Outstanding. Consolidated Gas 1st Cons. 5s. 1939 $3,400,000 Consolidated Gas Gen. 4%s, 1954.. 6,100,000 United Electric Lt. & P. 4%s, 1929 4,428,000 £13,928,000 Underlies — 1st Ref. Mtge. under which bonds are reserved to retire this issue. Eaming*T-See 1st Ref. Mtge. Listed — Baltimore and London Stock Ex- ch.£L 11^6 S Ori^nal Itfarket — Offered in 1905 by Harvey Pisk & Sons, New York; $2,500,000 offered In 1909 by E. H. Rollins & Son, Boston, and Drexel & Co., Philadelphia, at 86% and in- terest. $2,000,000 offered in 1913 by Lee, Hig&insou & Co. at 95 and interest. $4,800,- 000 offered Dec, 1916, by Alex. Brown & Sons, Brown Bros. & Co., Jackson & Curtis and Lee, Higginson & Co., at 93 and interest. Market. New York — Sam'I Goldschmidt, Hambleton & Co,, Earle A. Miller & Co., Vanderhoef & Robinson. ■ Baltimore — Wm. E. HoUoway, Jenkins, "Whedbee & Poe, Maokubin, Goodrich. & Co., Smith, Lockhart & Co., Howard R. Taylor & Co., J. S. Wilson, Jr. & Co. Fhiladelpliia — Arthur J. Bender, Joseph W. Gross & Co. Price Range. Jan. 1, '08, to Jan. 1. *21 1920 Bid. Ask. Bid. Ask. High 93% -17 94 '17 77% Feb. 78% Feb. Low. 65 '08 71 '08 71% Dec. 71% Dec. CONSOUDATED GAS ELECTRIC LIGHT & POWER CO. OF BALTHMORE. 7% Se- cured Conv. Notes. Due Aug. 1, 1923. Dated Feb. 1, 1919. Interest payable Feb. and Aug. 1, at Alex. Brown & Sons, Bal- timore, and Merchants Nat' 1 Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstanding 5,000,000 Purpose of Issue — The proceeds of these notes together with additional cash fur- nished by the company, provide $6,000,000 w^hich was used for extensions, additions and improvements, and for the liquidation of temporary loans already contracted for such purposes. Denomination — Coupon,' $500 and $1,000. Reglsterable as to principal. Trustee — Maryland Trust Co. , Baltimore. Redeemable, as a whole only, at any time on 60 days' notice, at 103 and interest prior to Feb. 1, 1920; at 102 and interest on Feb. 1, 1920. and prior to Feb. 1, 1921: and at 101 and interest on and after Feb. 1, 1921. Convertible, par for par, at any time into 1st Ref. S. F. Series "A" 6s, due Feb. 1, 1949. If called for redemption, conversion privilege may be exercised up to 30 days be- fore the redemption date. Oi*g:anization — See 1st Ref. Mtge. Secured by pledge of $6,000,000 bonds, viz: (a) The Consolidated Power Co. 1st 5s. 1937 $2,500,000 (b) C. G. E. L. & P. Co. of Balti- more 1st Ref. Series "A" Os, 000 oni)^J^°'i?®?' $15,000,000; issued, Jll,- aecure 'm nn^^i'?,!*'"""'"''" ^''^ Pledged to rtn» A„l •■?''?d'y S^ notes of the company, tna ifknn nnP' fV""-'""' P'eaeed as above I?nn(i nnn v"?" -J"®"^^®^ '" secure in part Jfi^lJkS £ ^f ^^*- Series "B" 7 He. The pieagea Bonds are guaranteed principal and interest by the Consolidated Gas Electric iilght & Power Oo. of Baltimore, which owns the entire capital stock of the com- pany. (b) Authorized, $100,000,000; issued, $3,- f 2 xiiSlinn^^'''?^ "^" pledged as above, and 56,000,000 outstandmg Series "B". The bonds are secured equally with $8,263,100 6% notes due Nov. 16, 1921, by a general mortgage on all the property of the company, subject to prior liens Including Gen. 4%s and prior liens thereto. Eai-ningrs — See 1st Ref. Mtge. Original Market — $5,000,000 offered Mar., 1919, by Alex. Brown & Sons, Brown Bros. & Cor, Jackson & Curtis and Lee, Higginson & Co., at 100 and interest. Market. New York — Hambleton & Co., B. A. Miller & Co., Salomon Bros. & Hutzler. Boston — Curtis & Sanger, Geo. A. Fernald & Co. Baltimoi-e — Wm. E. Halloway, Smith, Lockhart & Co., J. S. "Wilson, Jr. & Co. Fluladelphia — Brown Bros. & Co., Joseph W. Gross & Co. Price Range Jan. 1, '19, to Jan. 1, '21 i9go Bid. Ask. Bid. Ask. Highl00% '19 102 '19 99% Jan: 100% Feb. Low. 9214 '20 96% '20 92^4 Dec. 96% Aug. CONSOMDATBD GAS, BUICTKIC LIGHT & POWBIl CO. OB" BALTIMOKB 1st Kef. S. F. Series A 6s and Series B _ . „ , , Interest Senes Dated Due Dates A 6 s Feb. 1, 1919 Feb. 1, 1949 1. & A. B 7%s Dec. 1, 1920 Dec. 1, 1945 J. & D. Principal and interest payable at oflice of Alex. Brown & Sons, Baltimore, and Bank •f the Manhattan Company, New York, Lon- don Joint City and Midland Bank, Ltd., London, England. Tax Status — (Series B) 2% Federal In- oome tax paid by the company without de- duction. Authorized $100,000,000 Outstanding (Jan. 1, '21) B7%s 5,000,000 Pledgred to Secui'e 1% Notes, A 6s ~ 3,500,000 Reserved for Refunding 53,,'i76,100 Reserved for Ext 38,123,900 Issuance Restrictions — Additional bonds are issuable to refund par for par under- lying and subsidiary bonds. . The remainder of the authorized issue not required for refunding purposes, may be is- sued for additions and improvements to the properties (and, to a limited extent, for the acquisition of additional securities or stocks »f controlled companies) at a rate not ex- aeeding 80 per cent of the cost of such addi- tions, improvemients or securities acquired after February 1, 1919. excepting only that, in case any or all of $6,032,000 First Mort- gage Bonds of The Consolidated Power Com- pany of Baltimore shall be acquired and pledged under this mortgage (being the un- issued balance after February 1, 1919, of the authorized issue of $15,000,000 of such bonds) First Refunding Mortgage Bonds may be issued, par for par, against any such First Mortgage Bonds so acquired and pledged, representing not less than the actual cash oost of additions to the property of that subsidiary. 36! Purpose of Issue — The proceeds of $6,000- 000 Series B 7%s, together witlT additional cash to be furnished by the Company, will provide $5,626,000, to be used for the ac- quisition of equipment and* structures for ex- tending the capacity of gas plant and holders, electrical generating and substa- tions, gas and electric transmission lines and distribution systems and to refund $468,000 3-year 6% Notes of The Consolidated Power Y°- 01 Baltimore, which ipatured March 1, 1921. Included in these improvements are additional gas generators, a 10,000,000 cu. ft. gas holder and a large electric substa- tion. These improvements will be completed within the year 1921. Denominations — Coupon $1,000, S500 and $100; legisterable as to principal. Registered $1,000 and multiples. C. & R. interchange- able. Trustee — Bankers Trust Co., New York." Redeemable (Series B 7%s) at any time on 60 days' notice at 110 prior to Dec. 1, 1930, during the next 6 years at 107, during the next 5 years at 106, during the next 3 years at 102% and during the last 2 years before maturity at 101; plus accrued interest in each case. Sinking Fund — (Series B 7%) Annual pay- ments which shall begin to accrue not later than. Aug. 1, 1922, first payment not later than Aug. 1, 1923^ equal to 1% of the larg- est amount of First Refunding Mtge. bonds outstanding during such yearly period to be applied to the purchase or redemption of such bonds at not exceeding the current call price. Bonds so acquired to be cancelled. Organization — Incorporated in Maryland in 1906 as a consolidation of the Consolidat- ed Gas, Electric Light & Power Co. and The Consolidated Gas Co. of Baltimore City. Owns the entire capital stock of the follow- ing companies: Roland Park Electric & Water Co., Mt. Washington Electric Light & Power Co., The Consolidated Power Co. of Baltimore, Patapoco Electric & Manu- facturing Co. of Maryland, Patapsco Electric & Manufacturing Co. of Delaware, The Balti- more County Electric Co., Northern Electric Co. The Liberty Realty Co., The Baltimore Co. of Baltimore City and Maryland Securi- ties Co. The last named company owns all of the common stock of the Baltimore Electric Co. of Baltimore City. All of the properties of the above companies with the exception of the Maryland Securities Co. are operated under lease. Also owns the entire common stock of The Public Service Build- ing Co., which company erected a twenty- story ofHce building for the use of the executive, commercial, engineering and mer- chandising departments of the Consolidated Company and for retail stores and general office purposes, and has leased this build- ing for a period of twenty-five years. Capitalization. Outstanding, Common $14,608,7.00 Funded debt 46,026,100 *Include3 subsidiaries. Secured equally with Convertible 5% Notes due Nov. 15, 1921, by a mortgage upon all the property of the company now owned or hereafter acquired. Additionally secured by pledge of $2,600,000 The Consolidated Power Go. of Baltimore 1st 5s. For description of physical property covered see Gen. 4%s. Pi'ior Liens — Outstanding. Consolidated Gas Co. 1st Cons. 5s, 1939 $3,400,000 Consolidated Gas Co. Gen. 4%s, 1954 6,100,000 United Electric Lt. & P. 4%s, 1929 4,428,000 Consolidated G. E. L. & P. Gen. 4%s 13,845,000 Consolidated G. E. L. & P. Oonv. 7s, 1922 5,000,000 $32,TTS,000 No additional bonds of the above issues may be issued except $3,400,000 Conaolidat- ed Gas Co. Gen. 4%s, which are issuable to refund Cons. 5s of 1939. Bonds- are re- served under this mortgage to retire the above issues. Years ended Dec. 31: Gross. Net. Int. & Rent 1920 $15,433,458 $4,981,667 $2,475,193 1919 12,813,617 4,800,711 2,283,622 +1918 10,619.588 4,203,904 2,071,339 tl917 8,498,809 4,018,644 1,672,223 tl916 7,431,768 3,583,692 1,580,058 tTears ended June 30. Original Market — $5,000,000 offered Dec, 1920, by Alex. Brown & Sons, Baltimore; Brown Brothers & Co., New York, etc.; Jackson & Curtis and Lee Higginson & Co., Boston. New York, etc., at 97% and interest. Market New York — W. J. Minsch & Co., Inc. Boston — Geo. A. Fernald & Co. Baltimore — Smith, Lockbart & Co. Phlladelpliia — Brown Bros. & Co., Joseph W. Gross & Co., McCown & Co. . Woi-cester — Merchants Securities Corp. Grand Kapids — Carrigan Co. CONSOUVATED IRON-STEEL MEG. CO. ConT. Deb. 7s. Dne $100,000 each Feb. 15th from 1921 to 1923, incl., and $160,- 000 Eeb. 15, 1924, and 1925. Dated Feb. 15, 1920. Interest payable Feb. 15, May 15, Aug. 15 and Nov. 16 at Superior Savings & Trust Company, Cleve- land. Tax Status — 2% Federal Income Tax paid by the company without deduction. Anthorized $600,000 Outstanding: (Mar. 1, *21) 500,000 Balance Retired. Purpose of Issue — To provide funds for the acquisition of the Taylor & Boggis Foundry Company and for other capital corporate pur- poses. Denomination — Coupon. $1,000. Trustee — Superior Savings & Trust Co., Cleveland. Redeemable at 101 and interest on any in- terest date upon 30 days' notice. Convertible par for par into 7 % Cumula- tive Preferred stock at any time during the life of these notes. Organization — Incorporated in Ohio in 1919, to take over the property and business of the Columbian Hardware Co., the Republic Struc- tural Iron Works Co. and certain property and business of the Taylor & Boggis Foundry Co. 'Among the principal products manufactured by the company are Columbian vises and an- vils. Duplex joist hangers, post caps and bases; structural steel and ornamental iron, sash locks, oil lamp stoves, door lock sets, sash pulleys, hinges, warm air registers, wall ties, coal hole rings, sidewalk doors, wall guards, and gray iron castings including ma- chine tool castings. Company's plants are located in Cleveland. Capitalization Outstanding Common (no par) 12,500 shs. Preferred (7% cum.) ♦None Funded debt $735,000 •Authorized, $1,207,000. Security — A direct obligation of the com- pany but not secured by a mortgage. Under the trust agreement the company covenants as follows: It will not place any mortgage or lien upon any of the real property of the company ex- cepting liens now existing securing debts upon such property to an aggregate of not over $135,000, and liens to replace such existing liens. It will not create or assume any debts other than these debentures except commer- cial obligations due within one year and self- liquidating in the ordinary course of trade. That its total debts including outstanding debentures, but not including existing mort- gage liens, shall not at any time exceed its net liquid assets (not including patents, trade- marks, nor good will). Years ended Dec. 31 (Combined): Net Interest 1919 $342,373 $75,067 1918 : . . 308,956 71,922 1917 161,951 49,261 Original Market — $600,000 ofCered by Bon- bright-Herrick Co., and Hayden, Miller & Co., Cleveland, at prices ranging from 99 % to 98 interest according to maturity. CONSOLIDATED MGHT, HEAT & POWER CO. (Kenova and Huntington, W. Ta.) Ist 5s. Dne Dec. 1. 1946. Dated Dec. 1, 1916. Interest payable June 1 and Dec. 1 at Commercial Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Anthorized $1,800,000 Outstanding 1,239,000 Reserved for Ext 561,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000. Trustee — Commercial Trust Co., Philadel- phia. Redeemable on any interest date after Dec. 1, 1921, at 102% and interest on four weeks* notice. Organization and Control — Incorporated in West Virginia. The entire $530,000 capital stock is owned by the American Railways Co. Capitalization Outstanding Common $530,000 Funded debt 1.239,000 Secured by a first mortgage on power plant at Kenova, W. Va. , substation at Hunting- ton, "W. Va., together with transmission and distributing lines supplying electric light and power to both towns and neighboring com- munities. Principal franchise extends to 1959. Tears ended Dec. 31: Gross Net Bond Int. 1919 $540,180 $154,647 $67,018 1918 490.460 136,059 49,277 Original Market — $800,000 offered Dec., 1 S 16, by Newburger, Henderson & Loeb, Bioren & Co., of Philadelphia, and Scott & Co., Wilmington: a block offered March, 1919, by Newburger, Heliderson & Loeb. Price Rang:e 192ft — Ask 64. 360 CONSOMDATED MINING & SMELTING CO. OF CANADA, LTD., 10-Year Conv. Deb. 7s. Due Jan. 1, 1929. Dated January 1, 1919. Interest payable July 1 and January 1 at the Bank of Mon- treal in Toronto, Montreal or New York. Authorized $3,000,000 Outstanding 3,000,000 Denomination — Coupon, $1,000, $500 and $100. Trustee — Royal Trust Co., Toronto. Redeemable after Jan. 1, 1922, at 110 and interest. Convertible at any time after Jan. 1, 1924. into stock, par for par. Organization — Incorporated in Canada in 1906, to take over the War Eagle Consoli- dated Mining & Development Co.. Ltd., Centre Star Mining Co., St. Eugene Consolidated Mining Co. and the Rossland Power Co. and also the Smelter, formerly operated by the British Columbia Southern Ry. Co. at Trail. B. C. In addition to the acauisition of other properties in and around Phoenix and Nelson. B. C. , the company in 1916 purchased the entire $2,000,000 common stock of the "West Kootenay Power & Light Co., Ltd., and also acquired the Emma Mine in Boundary district, and a majority interest in the Coast Copper Co., Ltd., owning properties in the Quatsino district, Vancouver Island. In 1916 the company erected a zinc plant and doubled the capacity of the copper refinery and sul- phuric acid plant. Capitalization Outstanding Common §10, 533,700 Funded debt 3,000,000 Security — A direct obligation of the com- pany but not secured by a mortgage. 15 months ended Dec, 31: Gross. Net. Interest. 1919 $13,002,499 $1,011,213 $185,539 Original Market — $ 3,000.000 offered Janu- ary, 1919, to stockholders at 100 and interest. CONSOIJDATSD POWER & LIGHT CO. OF SOUTH DAKOTA Ist Cons. 5s. Dne Dec. 1, 1929. Dated June 1, 1910. Interest payable June 1 and Dec. 1. at office of Trustee. Tax Status — 2 % Federal Income Tax paid by company without deduction. Anthorized $5,000,000 Outstandings (Jan. 1. '21) 1,549,000 In Treasui-y 82,000 Retired by S. F 208,000 Reserved for Ext 3,061,000 Cancelled 100,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on any in- terest date on 30 days' notice. Sinking Fund — Annually, beginning Aug. 1, 1913. 1% of outstanding bonds, 1913 to 1916. inc.; 1%%, 1916 lo 1918; 1^%, 1919 to 1921; 1%%. 1922 to 1924, and 2%, 1925 to 1928, inc., for the purchase or redemption of these bonds at not over 105 and interest. Organization — Incorporated in Maine in 1908 as successor to company of same name incor- porated in Wyoming. Capitalization Outstanding Common $2,000,000 Preferred (6% cum'.) 795,000 Funded debt 1.549,000 Secured by a first mortgage on all the prop- erty of the company. The company supplies Deadwood, Lead, Trojan, Terry, Central City. Terraville, Belle Fourche. Whitewood, Sturgis and Spearfish, S. D., with electric light and power. Years ended Dec. 31: Gross Net Interest 1920 $270,820 $99,590 $77,450 1919 234.328 90.498 77,450 1918 213,351 88,459 77,450 Market. Boston — Chas. A. Day & Co. New York— F. H. Hatch. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 77 '17 - . 60 70 Low. 60 70 60 70 Tax Status — Payment of Federal Income Tax not assumed by' company. Anthorized '. $5,000,000 Outstanding 6,000.000 Denomination — Coupon, $1,000 and $500. Hegisterable as to principal. Trustee — The Continental Trust Co., Balti- more. Redeemable as a whole only on or after Aug. 1, 1918, at 103 and interest: on and after Aug. 1, 1919, at 102 and interest, and on and after Aug. 1. 1920. at 101 and in- terest. Guaranteed principal and Interest by the Consolidated Gas, Electric Light & Power Co. of Baltimore by endorsement. Organization — Incorporated in Maryland in 1917. ■ Capitalization Outstanding Common $ioo Preferred (6% cum.) 1.274,900 Funded debt 10.000,000 Control — Property leased for 25 years from 1917 to the Consolidated Gas Electric Light & Power Co. of Baltimore. Secm-ed by pledgre of $6,000,000 20-year 1st 5s of the company. The proceeds of these notes were used for the acquisition of land and the erection of a power plant and transmission lines, distribution lines, pipe lines and sub-stations. This property will represent an expenditure of $6,000,000, on which the mortgage of the pledged bonds is a first lien. Original Market — $5,000,000 offered August, 1917. by Alex. Brown & Sons. Brown Bros. & Co., Jackson & Curtis and Lee. Higginaon Sc Co. at 97^ and interest. Market. New York — Hambleton & Co., Earle A. Miller & Co., "Vanderhoef & Robin«on, Ber- dell Bros. i Boston — Curtis & Sanger, Jackson & Curtis. Baltimore — Smith, Lockhart & Co. Philadelphia — Brown Eros. & Co. Price Range. Jan. 1, '19, to Jan. 1, *21 1930 Bid. Ask. Bid. Ask. High 98 '19 100 '19 95 Jan. 96 Jan. Low. 91 '20 92 '20 91 Dec. 92 Dec. CONSOLIDATED POWER CO. OF BALTI- MORE (THE) 5-Year 6% Secured Notes. Due Aug. 1, 1922. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1, at Alex. Brown & Sons, Balti- more, or Bankers* Trust Co.. New York. CONSOLIDATED RAILWAY CO. (The) 50- Year Deb. 4s. Tax Status — 2% Federal Income Tax paid by company Avithout deduction. Dated. Authorized. Outstanding. Feb. 1, 1905 $1,000,000 $972,000 July 1, 1904 5.000,000 4,255.000 Jan. 2. 1905 4,000,000 2,309,000 Apr. 1, 1905 3,500,000 1,340,000 Jan. 1, 1906 10,000,000 2,011.000 $23,500,000 $10,887,000 Entire amounts authorized have been is- suedi the balance have been exchanged for stock of the N. T.. N. H. & H. K. R., $200 of these debentures for each $100 stock. Denomination — Coupon, $1,000. Registered, $10,000. Assumed by the New York, New Haven & Hartford R. R. Co. Control — Incorporated in 1901 under the laws of Conn, as the Thompson Tramway Co. and in 1904 assumed its present title. It owned or controlled a number of compa- nies whose lines, aggregating 370 miles, formed a through electric route between New York and Boston and comprised the street railway systems In New Haven, Meriden, 361 New London, Norwich, Great Barrlngton, etc. On May 31, 1907, the company was merged with the New York, New Haven & Hartford Kailroad Co, The property formerly of the Consolidated Ry. uo. Is now owned and op- erated by the Connecticut Co., all of whose 140,000,000 stock Is owned by the New Tork, New Haven & Hartford R. R. Co. The con- trol of this stock has been transferred to a board of five trustees. In accordance with an agreement between the N. T., N. H. & H. R. R. Co. and the United States Depart- ment of Justice, and the R. R. Company is bound to sell the stock before July 1, .1921. Secured (originally debentures) equally with N. T., N. H. & H. R. R. Co. 1st & Ref. Mtge. on the property covered by said mortgage. For details see description of that mortgage. liisted on the New York Stock Exchange. Orieinal Market — Offered in 1905 by Lee, Hlgginson & Co., Boston, New York and Chi- cago. Market. New York — Fred. H. Hatch & Co., Vander- hoef & Robinson, "Wolff & Stanley, Alfred F. Ingold & Co. Harttord — Riohter & Co. New Haven — Winslow, Day & Stoddard. Price Range. Jan. 1, '09, to Jan. 1, 'ai 1920 Bid. Ask. Bid. Ask. 4g 1954. High 94 '09 94% '11 45% July 48 Jan. Low. 43 '20 45 '20 43 Feb. 45 June 43—1955. High 94% '14 95 '14 47% Feb. 55 Mar. Low. 45 '10 48 '20 46 Jan. 48 June 48—1966. High 90 '09 94% 09 47% Feb. 52% Sept. Low. 43 '20 47% '20 43 May. 47% Feb. CONSOLIDATED RAILWAYS, LIGHT & FOWER CO. (Wilmington, N. C.) iBt 58. Due July 1, 1933. Dated July 1, 1902. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $600,000 Ontstandinsr (Jan. 1, '21) 425,300 Held in S. F 174,700 Denomination — Coupon, $50, $100, $500 and $1,000. Trustee — Safe Deposit & Trust Co., Balti- more. Sinldng Fond — 1% of outstanding bonds annually to July 1, 1914; 1%% to 1924, and 2% thereafter to be applied to purchase of bonds at not exceeding 105 and Interest. Assumed by the Tide Water Power Co. Control — ^In April, 1917, all the property was acquired by the Tidewater Power Co. Secured by a first mortgage on 20.3'8 miles of street railway track in Wilmington, N. C, and on plants supplying gas and elec- tricity in that city. Population served, 36,000. Franchises are perpetual and street railway franchise Is exclusive to 1937. Underlies — Tidewater Power 1st 6s of 1949, and Gen. 68 of 1920. Earnings — See Tidewater Power Co. Market. New York — Fred. H. Hatch & Co. Baltimore — John D. Toward & Co. Philadelphia — Samuel K. Phillips & Co., Biddle & Henry. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Ask. High 98 '16 92 Nov. Low. 86 '19 92 '20 92 Nov. CONSOLIDATED RENDBBINO CO. let S. F. 6s. Due Jnly 1, 1941. Dated July 1. 1916. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status— 2% Federal Income Tax paw by company without deduction. Authorized "'^"S'?SX Outstanding (Jan. 1, '21) ^-JOS'S"" Retired by S. F ?^S'2S2 In Treasury J52'J2J Tteserved for Ext 700,000 Provisions of Issue — ^Additional bonds issu- able only for acquisition of new property on a basis of 75% of cost. Denomination — $1,000 and $6,000. Regls- terable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable as a whole or In part for sink- ing fund at 102% and Interest. Sinking Fund — Annually, on or before July 1 from 1917 to 1940 the company must de- posit an aggregate principal amount of bonds which shall equal one-half of all bonds that have been certified. The minimum amount t» be deposited in any year shall be ascertaine* by dividing amount of bonds remaining to be deposited by the years remaining to 1940. The company may call bonds at not over 102% and Interest on any interest date t» enable it to comply with the provisions of this fund. Bonds acquired are to be can- celled. Organization — Incorporated In Maine in 1899 as the Lowell Fertilizer Co. Present name adopted 1903. The company is engaged in rendering, buying and selling hides, calf- skins, sheep pelts and wool: wool pulling and scouring: manufacture of glue and fer- tilizer. Company has plants from Syracuse, N. Y., to Bangor, Me. Company's office, Boston. Capitalization. Outstanding. Common $4,731,00* Funded debt 1,600,00» Secured by a first mortgage upon all tho lands, buildings and machinery owned by the company, comprising 14 well-equipped plants located mostly In New England, and numer- ous buying and collecting stations. Replace- ment value of property covered estimated at $2,218,719. Earnings — The company does not report earnings. Original Market— $1,600,000 offered July, 1916, by Wm. A. Read & Co., New York, Boston, etc., and Old Colony Trust Co., Bos- ton, at 97% and interest. Market. New York — Ames, Emerich &' Co., Fred. H. Hatch & Co. Boston — L. Sherman Adams, Chas. A. Day & Oo. Price Range 1920 Bid. Ask. High 76 Mar. 80 Jun« Low 75 Aug. CONSOLIDATED TEXTILE CORP. 8-Year S. F. Conv. Deb. '78. Due April 1, 1923. Dated April 1, 1920. Interest payable April 1 and Oct. 1, at Trustee's office, New York. Tax Status — Payment of Federal Income Tax not assumed by Company. Pennsylva- nia State Tax refunded. Authorized $3,000,000 Outstanding (Jan. 1, '21) 2,868,000 Retired by S. F 132,000 Purpose of Issue — To retire certain bank loans and to complete payments for mills acquired. Denominations — Coupon, $500 and $1,000. Reglsterable as to principal. 362 Trustee — Mercantile Trust Co.. New York. Redeemable at 102% and Interest on 30 days notice. Convertible prior to maturity at any time after May 1. 1920, at the rate of twenty-two shares of common stock for each $1,000 par value of notes. If called for redemption notes may, nevertheless, be converted if pre- sented at least ten days before the redemp- tion date. Sinking Fund — The company will set aside as a sinking fund on each Oct. 1 and April 1 of each year, beginning with Oct. 1, 1920, the sum of $125,000 to be applied to the pur- chase or redemption of notes at not exceed- ing 102^% and accrued interest. The com- pany shall be credited toward the amounts payable by It to the sinking fund with the face amount of all notes converted into stock. Organization — The Consolidated Textile Corporation was organized under the laws of the State of Delaware on September 27, 1919, and has acauired either directly or through stock ownership the business and assets of the Pilot Cotton Mills Company of Kaleigh, N. C. : The James N. "Williamson & Sons Company of Burlington, N. 0. (Ossipee and Hopedale mills); The Ella Manufacturing Company of Shelby, N. C; Phelham Manu- facturing Co., Pelham, Ga. ; The Lynchburg: Cotton Mills Company of Lynchburg, Va. ; The Windsor Print Works of North Adams, Mass.; Bouham Cotton Mills, Bouham, Tex.; Henderson Cotton Mills, Henderson, K.y.; B. B. & R. Knight, Inc., with mills in Massa- chusetts and Rhode Island, and has con- tracted to acquire and is now operating- the Union Cotton Mills, Lafayette, Ga. The company owns a substantial interest in the Exposition Cotton Mills of Atlanta, Ga. This company manufactures a wide variety of cotton goods, including chambrays, napped flannels, percales, printed napped flannels, crepes, fine brown sheetings, osnaburgs, drills, iprint cloth, yards and a wide range of printed and dyed fancy cotton fabrics. The product of the mills is sold under trade- marks, which are well established and dis- tributed in both the domestic and export markets. Total number of spindles approxi- mately 730,000. Capitalization. Outstanding. Common (no par) (Jan. 1, '21).. 802,911 shs. •Preferred (8% cum.) $2,500,000 Funded debt tl0,368,000 •B.- B. & R. Knigrht, Inc. tincludes sub- sidiaries. Security — A direct obligation of the com- pany, but not secured by a mortgage. Un- der the provisions of the Indenture the com- pany covenants as follows: So long as any of the notes of this issue remain outstanding the company will not cre- ate or permit to be created any mortgage, pledge, lien or other encumbrance upon any of Its properties or upon the income there- of, and will not issue any debentures, notes or obligations maturing later than one year from their respective dates In addition to this issue of notes. The company will not permit any subsidiary or controlled company to issue preferred stock or to create any mortgage, pledge, lien or other encumbrance upon any of the properties or upon the in- come thereof of any such subsidiary or con- trolled company. The company will at all times maintain Quick assets as defined In the indenture equal to one and one-half times its current lia- bilities as therein defined. Year ended Dec. 31 (combined) : •Net. Dep'n Interest. 1920 $2,310,794 $238,282 $620,091 •After Federal Taxes and inventory ad- justments. Original Market — $3,0 00,000 ofCered April, 1920, by Hambleton & Co., New York and Baltimore ; Central Trust Company of Illi- nois, and Federal Securities Corporation, Chi- cago ; Frazler & Co, and Graham, Parsons & Co., Philadelphia, at 98% and interest. >[arket New York — Babcock, Rushton & Co., Hambleton & Co., T. Hall Keyes & Co. Pi-ice Rangre 1920 Bid. Ask. High 95 Nov. 99% Apr. Low 90% Nov. 92 Nov. CONSOLIDATED TRACTION CO. OF NEW JERSEY iBt 58. Due June 1, 1933. Dated June 1> 1893. Interest payable June and Dec. 1, at ofl!lGe of Trustee. Tax Status — 2 % Federal Income Tax paid by company without deduction. Autliorized $15,000,000 Outstanding 15,000,000 Denomination— Coupon. $1,000. Register- able as to principal. Trustee — Bankers Trust Co. , New York. Organization — Incorporated in 1893 in New Jeresy and leased the New Jersey Traction Co., which had leased the Newark Passen- ger Ry., operating 83 miles of track. Com- pany has acquired the entire capital stock of the Newark Passenger Ry. Co. , Jersey City & Bergen R. R. Co,, Passaic & Newark Electric Traction Co., Jersey City, Harrison & Kearny Ry, and the Newark Plank Road Co. , and operates a total of 190 miles of track owned by these companies. In 1898 the property was leased for 999 years to the North Jersey Street Ry., which was merged in 1907 into the Public Service Ry., owned by the Public Service Corp. of New Jersey. Capitalization. Outstanding. Common $15,000,000 Funded debt 15,000,000 Control — Public Service Corp. of New Jer- sey. Secured by first mortgage on all property, franchises, etc., of Consolidated Traction Co., and by deposit the following securities; En- tire $1,000,000 stock of Jersey City & Ber- gen R. R. ($258,000 bonds outstanding, due 1932), owning 41 miles; practically all the $162,000 stock of the Newark Plank Road Co. (no bonds outstanding), owning 5 miles; entire $6,000,000 stock of the Newark Pas- senger Ry. ($6,000,000 bonds outstanding), owning 83 miles, and practically all "of the $100,000 stock ($18,000 paid in) of the Jer- sey City, Harrison & Kearny Ry. Co. (no bonds outstanding), owning 10 miles of track. These bonds are, therefore, a lien subject to $6,258,000 prior bonds, on 139 miles of track of the controlled companies. Prior laens — $6,258,000 bonds of the com- panies whose stocks are deposited under this mortgage. Listed on the Philadelphia Stock Exchange. Market. New York — Morton Lachenbruch & Co., W. E. R. Smith & Co., Vanderhoef & Rob- inson, Parsly i^ros. & Co., Berdell Bros. Philadelpliia — Barnes & Lofland, Bauer, Starr & Co., Chas. Fearon & Co., Geo. N. Fleming:, Graham, Parsons & Co., McCown & Co., Samuel McCreery & Co., Samuel K. Phillips & Co. Jersey City — Cutwater & Wells. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 106 Vj '09 1071^ '09 67 Nov. 71 Dec. Low. 55 '20 62 '20 55 June 62 Dec. CONSOLIDATED TRACTION CO. (Pittsburgh) Bqnip. Ss. Due $35,000 each April and Oct. 1 to Oct. 1, 1924. Dated April 1, 1914. Interest passable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $50^,000 Outstanding (Feb. 1, '21) 200,000 Retired 300,000 Trustee — Union Trust Co.. Pittsburgh. Organization — Incorporated in 1895 under the laws of Penna. , and controls through stock ownership the Fort Pitt Traction Co.. Ardmore Street Railway Co., Pittsburgh Traction Co., Duquesne Traction Co. and Central Traction Co., and in addition leases the lines of the Citizens' Traction Co., Al- legheny Traction Co., Monongahela Street Ry. and Suburban Rapid Transit Street Ry. Co.' Controls in all 225 miles of track, op- erated by the Pittsburgh Ry. Co. under an operating agreement effective Jan. 1, 1902. Capitalization. Outstanding. Common . .' $14,049,000 Preferred (6% non-cum.) 12,000.000 Funded debt 950,000 Control — Leased to the Pittsburgh Raiways Co. , whose entire stock is owned by the Philadelphia Co. Receivership — See Pittsburgh Rys. Co. Gen. 5 s. Secured by first lien on 100 double truck closed street railway motor cars, costing about $560,000. Original Market — Offered by Union Trust Co., Pittsburgh, Pa. Market. Pittsburgh — Colonial Trust Co. Baltimore — J. S. Wilson, Jr., & Co. New York — Freeman & Co. CONSOLIDATED TRACTION CO. 5% Car Trust Bonds. Due $20,000 each April 1, 1917 to 1926, inclusive. Dated April 1, 1916. Interest payable April 1 and October 1. Tax Status — 2% Federal Income Tax paid by comipany without deduction. Tax exempt in Pennsylvania, Authorized $200,000 Outstanding (Feb. 1, '21) 120,000 Retired 80,000 Denomination — Coupon, $1,000. Trustee — Colonial Trust Co., Pittsburgh. Organization — See Equip. 53. due 1924. Secured by an equipment agreement on 25 double truck steel motor cars and 25 double truck steel trailers, costing $221,000, of which amount $21,000 was paid in cash. Original Market — Sold Jan., 1916, by the Colonial Trust Co. of Pittsburgh at 100 and Interest. Market. New York — Freeman & Co. Pittsburgh — Mellon National Bank. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania, Authorized $800,000 Outstandiiigr (Feb. 1, '21) 180,000 Retired 320,000 Denomination — Coupon, $1, 00 0, Trustee — Union Trust Co., Pittsburgh. Organization — See Equip. 5s of 1924, Secured by an equipment agreement on 125 double truck steel motor cars and 50 double truck steel trailers. CONSOLIDATED TRACTION CO. 5% Car Trust Bonds. Due Not. 1, 1918, to Nov. L 1929» incl. Dated Nov. 1, 1917. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $200,000 Outstanding: (Feb. 1, '21) 150.000 Retired 50,000 Denomination — Coupon, $ 1 , OOO. Trustee — Fidelity Title & Trust Co., Pitts- butgh. Organization — See Equip. 5s of 1924. Secured by an equipment agreement on 50 double truck street trailer cars. CONSOLIDATED TRACTION CO. 5% Car Trust Bonds. Due $40,000 semi-annually each April 1 and Oct. 1, from April 1, 1917, to Oct. 1, 1926, inclusive. Dated April 1, 1916. Interest payable April 1 and Oct. 1, at Trustee's office. CONSOLIDATED UTILITIES CO. 5-Yea.r 8% Coll. Tr. Notes. Due Oct. 1, 1925. Dated Oct. 1, 1920. Interest payable April 1 ind Oct. 1, in Chicago and New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State tax refunded. Authorized $400,000 Outstanding- 250,000 Reserved for Cori>orate Purposes 150,000 Issuance Restrictions — Additional Notes are issuable against the deposit of additional collateral issues in the same proposition. Purpose of Issue — To provide funds for extensions and Jmprovements. Denominations — Coupons $1,000, $500 and $100; registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Orgranization — Incorporated in Delaware Nov. 26, 1915. Owns the entire capital stock of the Kansas Electric Utilities Co., which in addition to the properties directly owned and operated by it at Parsons, Lawrence and Emporia, Kansas, also owns, all of the stock of the Union City Electric Co. of Indiana and Ohio; the Miami Valley Electric Co. of Ohio, and the United Lighting Co. of Penn- sylvania. Total population served by vari- ous companies , about 115,000. Capitalization Outstanding Common $500,000 Preferred 1,300,000 Funded debt 1,523,000 Secured by pledge of $220,000 Kansas Electric Utilities Co. 1st 5s, due Oct. 1, 1925. and $150,000 Miami Valley Electric Co. 1st & Ref. 6s, due Jan. 1, 1945, making a total of $370,000 or at the ratio of $1,480 of bonds for each $1,000 of notes. Years ended Dec. 31 (combined) : Gross. Net. Interest. 1920 $771,277 $250,247 $81,738 1919 628,442 203,598 83,340 1918 526.040 343,988 80,605 1917 510,147 178,634 79,347 1916 476,235 193,284 76,375 Original Market — $250,000, offered Nov., 1920, by Counselman & Co. and Wni. L. Ross & Co., Inc., Chicago, at 98 and interest. CONSOLIDATED WATER CO. of POMONA (Cal.) Ist 68. Dne Oct. 1, 1935. Dated Oct. 1. 1915. Interest payable April 1 and Oct. 1, at Trustee's office, Hanover Na- tional Bank, N. T., and American National Bank, Pomona. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $225,000 Outstanding: (Jan. 1, '21) 225,000 Dennmination — Coupon, 5500 and $1,000. Registerable as to principal only. Trustee — Los Angeles Trust & Savings Bank, Los Angeles, Cal. Redeemable on any interest date at 102 Ms and interest. Organization — Incorporated in California in 1S96. Capitalization. Outstanding. Common $500,000 Funded debts 225,000 Secured by a first mortgage on plant sup- plying water in Pomona, Cal. The prop- erty includes water bearing land and water rights, pumping stations, reservoirs and dis- tributing pipe lines. Population served, 14,000. Franchises perpetual. Years ended Dec. 31: Gross. Net. Interest. 1920 $81,740 $9,876 $14,901 1919 75,496 12,181 13.470 1918 08,168 12,181 13,741 1917 68,315 21,025 14,036 1916 67,797 31,233 14,036 Original Market — Offered in Nov., 1915, at par and interest by Blankenhorn-Hunter Co., Pasadena and Los Angeles, Cal. Market. liOS Angeles — Blankenhorn-Hunter-Dulin Co. Pi-ice Range, 1920 — Bid 94. CONSOUDATED WATER CO, OF UTICA, N. Y. 1st 5s. Due Jan. 1, 1930. Dated Nov. 15, 1889. Interest payable Jan. and July 1, at Mechanics & Metals Nat'l Bank. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding 2,500,000 Denomination — Coupon, $1,000. Register- able as to principal and interest. Trustee — New York Trust Co., New York. Organization — See Deb. 5s of 1930. Secured by first mortgage upon entire prop- erty of company, for description of which see Deb. 5s, due 1930. Underlies — $1,500,000 Deb. 5s, due 1930. Earnings — See Deb, 5s. Original Market — First ofCered by Redmond & Co., New York. Miirket, New York — Fred. H. Hatch & Co., Red- mond & Co., Vanderhoef & Robinson. Philadelphia' — Bauer, Starr & Co. Utica — Mohawk Valley Investment Corp., Douglas M. Ross Co. Price Range, Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 102 '16 104 '16 93 Jan. 98 Jan. Low. 77 '20 78 '20 77 July 78 Sept. CONSOLIDATED WATER CO. OF UTICA, N. Y., Deb. 5s. Due Jan. 1, 1930. Dated Jan. 1, 1906. Interest payable Jan. and July 1, at Mechanics & Metals Nat'l Bank. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. (Stamped Bonds.) Authorized $1,500,000 Ontstandine 1.500.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Utica Trust & Deposit Co., Utica, N. Y. Redeemable at 105 and Interest on any in- terest date on 60 days' notice. Organization — Incorporated in New York in 1899 as a consolidation of the Utica Water Works Co., West Canada Water Works Co., New Hartford Water Co. and the Whites- town Water Works Co. It owns the entire stock of the Whitesboro Water Works Co. Capitalization. Outstanding. Common $1,500,000 1st Preferred (7% cum.) 300.000 Preferred (5% cum.) 1,000,000 Funded debt 4.000,000 Secured by second mortgage on entire prop- erty of company, including ten reservoirs, 205 miles of mains, etc., furnishing the en- tire water supply of Utica, N. Y. , and the towns of New Hartford, Whitestown and Deerfield, N. Y. , together with several vil- lages. Franchise perpetual. Population served, 110,000. Prior Liens — $2,500,000 1st 5s, due 1930. Years ended Dec. 31: Gross. Net. Int. &Rent. 1920 $575,298 $354,453 $226,308 1918 491,019 363,079 222,093 1919 504,967 386,841 225,744 1917 464,415 334.111 212,325 1916 . 439,277 322.761 215,612 Original Market — First offered by Redmond & Co., New York. Market. New York — Fred. H. Hatch & Co., Red- mond & Co., Parsly Bros. & Co., Berdell Bros., Graham, Parsons & Co. Boston — Chas. A. Day & Co. Utica — Mohawk Valley Investment Corp., Douglas M. Ross Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94 '16 98 '16 85 Jan. 92 Jan. Low. 71 '20 74 '20 71 Oct. 74 Aug. CONSOUDATED WATER SUPPLY CO. let 5s. Dne May 1, 1929. Dated May 1, 1899. Interest payable May and Nov. 1, at First National Bank, Scran- ton, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,000,000 Outstanding: 1,000.000 Denomination — Coupon, $1,000. Trustee — County Savings Bank & Trust Co., Scranton. Pa. Redeemable at par and interest. Guaranteed principal and interest by the Scranton Gas & Water Co. Control — Entire stock owned by Scranton Gas & Water Co. Secured by first mortgage upon property of the company and by deposit of stocks of 11 water and water supply companies. Market. New York — Carruthers, Pell & Co., Ber- dell Bros. Scranton — J. H. Brooks & Co., Chas. E. Robertson, W. D. Runyon. Weissenfluh & Co. Price Range. Jan. 1, '16, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 10214 '16 1031^ '16 90 Sept. 93 Sept; Low. 871/2 '20 93 '20 STi^Oct. 93 Sept. CONSOLUDATION COAL CO. (The) Ref. Wzs. Doe May 1, 1934. Dftted May 1, 1904. Interest payable May and Nov. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstandifig' (Jan. 1, '21 114,525,000 Held in S. F 893,000 Fledged under 1st and Bef. 5s. . 332,000 Denomination-^Coupon, $1,000. Regiater- 'able as to principal or fully registerable. Registered, $1,000. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- terest date upon ^hree months' notice. Sinking Fund — Annually on or before Mar. 1st in each year, beginning 1907, three cents per ton mined from the mortgaged property during the preceding year to be applied to the purchase of these bonds at, not exceed- ing 105 and interest. If not obtainable at this price fund may be invested in addi- tional coal lands to be placed under the lien of this mortgage, in bonds listed on N. Y. Stock Exchange or in bonds of this issue at over 105 and interest. Organization — See 1st & Ref. 6s. Secured by first mortgage on 36.585 acres of coal lands, 24,691 of which are in Som- erset County, Pa., and the balance in Mon- ongahela County, W. Va., and by second mortgage on 13,148 acres in Allegheny Co., Md. Also by pledge of $5,000.08 stock of the Fairmont Coal Co., $2,000,100 of the $4,- 000,000 stock of the Somerset Coal Co., and the entire $1,500,000 stock of the Cum- berland & Penn. R. R. Prior Liens — $2,000 1st 4%s. Underlies — 1st & Ref. 6s, due 1960, which provide for retirement of this issue. Framings — See 1st & Ref. 5s. Original Market — $3,000,000 offered In Dec, 1904, at 98 and interest by Harvey Fisk & Sons, New York. Market. New Yoric — Dunham & Co.. Sam'l Gold- schmidt, Vanderhoef & Robinson, Watson, Armstrong & Co., Carruthers, Pell & Co., Alfred F. Ingold & Co. Baltimore — John D. Howard & Co., Jen- kins, Wlledbee & Foe, Mackubin, Goodrich & Co., Smith, Lockliart & Co., Howard R. Taylor & Co., J. S. Wilson, Jr., & Co. Price Range. Jan. 1, '09, to Jan. 1, '31 Bid. Ask. Bid. Ask. High 96 '09 97 '09 80 Mar. 93 Mar. Low. 72% '20 76% '20 72% Sept. 76% Sept. 19»0 CONSOLIDATION COAL CO. (The) 1st & Bet. S. F. 5s. Due Dec. 1, 1950. Dated Deo. 1, 1910. Interest payable June and Dec. 1, at Trustee's office. ^ Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $40,000,000 Outstanding (Jan. 1, '21) 10,219,000 Retired by S. F 1,207,000 Keprurchased and Held 314,000 Pledged as Collateral 5.804,000 iiHeld in TreasuiT ''''^^'525 Keserved for Prior Liens 10,776,000 Reserved lor Improvements. . . 4,068,000 Denomination— Coupon, $1,000. Register- •.able as to principal. Registered, $1,000, $5,- 400 and multiples. C. & R. interchangeable. Trustee— Guaranty Trust Co., New York. Redeemable at 107% and interest on any Interest date upon three months' notice Sinking Fund— Two cents per ton for first flvf years, three cents per ton for the next 15 vears, four cents per ton for the next 10 years and five cents per ton for the remain- ing 10 years, with an allowance from these amounts for the sinking funds of undertying bonds. This fund is to be used for the pur- chase or redemption of these bonds at not exceeding 107% and interest. Organization — Incorporated in Maryland In 1860 to operate a coal property in the Cum- berland region. Owns the entire capital stock of the Cumberland & Penn, R. R. and a ma- jority of the stock of the. Metropolitan Coal Co. of Boston. It also owns the entire cap- ital stocks of the Somerset Coal Co. and the Fairmont Coal Co., and through the latter owns the Clarksburgh Fuel Co., Southern Coal & Transportation Co., Pittsburgh & Fair- mont Fuel Co. and a majority of the stock of the North Western Fuel Co. In 1910 the company purchased about 100,000 acres of coal lands in the Elkhorn region of Ky. Company's holdings are estimated to contain 2,150,000,000 gross tons, or a reserve of coal suflicient to last more than 200 years. Capitalization, Outstanding. Common $40,206,448 Funded debt 24,667,000 Secured by a first lien on 193,902 acres of coal lands or coal rights and surface lands, and a general lien on 110,251 acres. Of this land, 278,322 acres are directly owned and 25,831 acres are leased. Of the 204,- 525 acres upon which this mortgage is a first lien, 31,790 acres are covered by Som- erset Coal Co.'s 1st mortgage bonds depos- ited hereunder. Prior Liens : Outstanding 1st 4 %s, 19 $2,000 Ref. 4%s, 1934 4,625,000 Fairmont Coal 1st 6s, 1931 4,500,000 $9,027,000 Bonds are reserved under this mortgrage to retire the above issue. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $33,965,280 *$12,127,860 $1,330,043 1919 23,607,656 4,686,646 1,398,173 1918 26,148,895 1,155,169 1,376,668 1917 26,113,204 11,336,960 1,334,670 1916 17,342,366 6,696,367 1,620,802 1915 16,617,968 4,004,798 1,469,117 •Includes $3,688,879 profit from sale of capital assets. Listed on the New York Stock Exchange. Original Market — Offered in Feb., 1911, by Spencer Trask & Co., William Salomon & Co., and Kissell, Klnnicutt & Co., New York, at 97 and interest. Market, New Yorlv — Dunham & Co., Sam'l Gold- schmidt, Fred. H. Hatch & Co., Vanderhoef & Robinson, Edwin Wolff, Carruthers, Pell & Co., Hartshorne & Battelle. Baltimore — Brinkman & Co., John D. Howard & Co., Jenkins, Whedbee & Poe, Machubin, Goodrich & Co., Smith, Lockhart & Co., Howard R. Taylor & Co., J. S. Wil- son, Jr., & Co. Pliiladelplua — Bauer, Starr & Co., Arthur J. Bender. Price Range— N. Y. S. E. Jan. 1, '11, to Jan, 1, '21 19»0 High 97 June 24, '11 76 Apr. 2S Low. 70 Sept. 3, '20 70 Sept. % CONSOLIDATION COAL CO. (The) Convert- ible Secured 68. Dne Feb. 1, 19^3. Dated Feb. 1, 1913. Interest payable Feb, and Aug. 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,600,000 Outstanding (Jan. 1, '21) 4,421,600 Repurchased and Held. . . , 1,452,000 Converted 626,500 Denomination — Coupon, $600 and $1,000. 366 Registerable aa to principal or fully reels- torable. Registered, $600, Jl.OOO and J5,000. Soupon and registered bonds Interchangeable. Tmstee — Equitable Trust Company. Bedeemable after Feb. 1, 1916, at 105 and interest on any interest date upon 12 weeks' aotice. Convertible into capital stock of the Con- solidation Coal Co. at tl06 per share at any Mme prior to Feb. 1, 1922. (Company has paid dividends without interruption on Its capital stock for 27 years and has paid 6% since ,1906.) Organization — See- 1st & Eef. Bs. Secured by pledge of $5,804,000 Consolida- tion Coal Co. 1st ft Ref. Bs; $1,800,000 North- western Fuel Co. common stock and $500,000 Metropolitan Coal Co. stock. Both of these stocks have paid consecutive dividends for 10 years. Value of collateral equal to 126% of par value of outstanding bonds. Under provisions of indenture the company substi- tutes 1st & Ref. 6a equal to 111 1-9% of par value of shares withdrawn. Earnings — See 1st & Bef. 63. Original Market — Offered in 1913 by Wm. Salamon & Co., Spencer Traak & Co., Kis- sel, Kinnicutt & Co., New York, at par and interest. Market. New York — Sam'l Goldschmidt, "Watson, Armstrong & Co., Carruthers, Pell. & Co., Fred. H. Hatch & Co., Alfred F. Ingold & Co., Chas. E. Doyle & Co., E. A. Baker & Son. Baltimore — Jenkins, Whedhee & Poe, Howard R. Taylor & Co., J. S. Wilson, Jr., & Co. Price Range. Jan. 1, '16, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. HighlO? '16 109% '17 98 Mar. 99 Mar. Low.- 95% '20 96% '20 95% June 96% Nov. CONSTANTIN REFINING CO. Ist S. F. 7b. Due as follows: $500,000 Sept. 1, 1920, $1,000,000 Sept. 1, 1921, and $1,- 600,000 Sept. 1, 1922. Dated Sept. 1, 1919. Interest payable Mar. and Sept, 1, at Spitzer-Rorick Trust & Sav- ings Bank, Toledo, or Spltzer, Rorick & Co., New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Pennsylvania State Tax refunded. Authorized $3,000,000 Outstanding: (Jan. 1, '21) 2,600,000 Matured and Paid 500,000 Purpose of Issue — To pay Indebtedness in- curred in the construction of a new refinery at Devol; to extend pipe lines, increase tank storage capacity, and to furnish additional working capital. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — SpitzerJRoriok Trust & Savings Bank, Toledo. Bedeemable on and after one year from «ate of bonds at 101 and Interest on any Interest date upon 60 days' notice. Sinking Fund — On or before Oct. 1, 1919, and monthly thereafter, a sum In cash equal to 1-6 of the next maturing coupons on all notes outstanding at the time of making such payments: and in addition a sum in cash equal to 1-12 of the next maturing Installment of notes. Payments to be con- tinued until all of the notes issued hereunder are fully paid. .„.,,. Organization — Incorporated in Oklahoma In 1913. Owns entire capital stock of the Lind- ner Oil Co. Also owns together with the Indiahoma Reflnlng Co. a 2-3 interest In the Export Oil Corporation. The latter company has loading racks and storage tanks at Avon- dale, La. Capitalization. Outstanding. Common $76,000 Funded debt 3,220,000 Secured by a mortgage on all of the prop- erty of the company, real, personal and mixed, now owned or hereafter acquired. Property covered by the lien of this mort- gage includes two refineries: one at Tulsa, Okla., having a daily capacity of 6,000 bar- rels, and one at Devol, Okla., with a pres- ent capacity of 3,600 barrels; the company owns oil properties In Kansas, Oklahoma and Texas; pipe lines connecting the various oil fields, and 668 modern steel tank cars. Year ended Dec. 31: Gross. Net. •1920 $9,874,408 $2,064,142 1919 6,418,161 1,726,034 •Ten months ended Oct. 1. Original Market — $3,000,000 offered Nov., 1919, by Spitzer, Rorick & Co. at 100 and Interest. Market Philadelphia — McCown & Co. CONSTANTIN KBFINING COMPANY Equip. Tr. 6s. Due $60,000 on the 14tb day of each March, Jane, Sept. and Dec. from Dec. 11, 1919, to Sept. 14, 1924. Dated Sept. 15, 1919. Interest payable quar- terly, March 14, June 14, Sept. 14 and Dec 14, at Union Trust Company of Pittsburgh. Tax Status — Information not available. Authorized $1,200,000 Outstandlngr (Jan. 1, '21) 720,000 Matured and Paid 480,000 Denomination — Coupon, $1,000. Trustee-— Union Trust Company of Pitts- burgh. Guaranteed — ^Principal and Interest by the Constantin Refining Company and by the Standard Tank Car Company. Organization — See 1st S. F. 7s. Secured by an equipment trust agreement on 400 tank cars of 10,050 gallon capacity and 200 tank cars of 8,050 gallon capacity, costing $1,410,000. Earnings — See 1st S. F. 7s. Original Market — $1,200,000 offered Octo- ber, 1919, by the Union Trust Company, Pittsburgh. Market. Pittsburgh — The Union Trust Co. of Pitta- burgh. CONSTANTINB HYDRAULIC CO. Ist S8. Due April 1, 1925. Dated April 1, 1905. Interest payable April and Oct. 1, at Corn Exchange National Bank, Philadelphia, and Cent. Tr. Co. of 111., Chi- cago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $250,000 Outstanding (Jan. 1, '21) 228,000 Redeemed 22,000 Denomination — Coupon, $1,000. Trustee — Corn Exchange National Bank, Philadelphia. Redeemable at 106 and interest on any in- terest date. Control — In February, 1917, the Michigan Gas & Electric Co., a subsidiary of the Mid- dle West Utilities Co., was organized to con- solidate this and other companies. Secured by first mortgage on hydro-electrlo power plant of 2,500 h. p. at ConstsLntine, Mich., supplying that town and vicinity with electricity. Population served, 28,100. Fran- :67 chises in Constantine, Three Rivers and White Pigeon expire in 1932, in Vandalia in 1943. TTndfirlics — Michigan Gas & Electric 1st & Ref. 5s of 1932, under which bonds are re- served to retire this issue. Market. New York — Berdell JJios. Philaaelphia — Samuel K. Phillips & Co., H. D. Boenning & Co. Fzice Ranee. Jan. 1. '16, to Jan. 1, '21 192ii Bid. Ask. Ask. High nVz '17 85 '16 71 Sept. Low. 65 "Iti '(1 Sept. CONSTITUTION PUBUSHING CO. 1st 5s. Due Jan. 1» 1930. Dated Jan. 1, 1900. Interest payable Jan. and July 1, at Trustee's offlce. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $360,000 OutBtandine 260,000 Retired by Sinking Fund 90,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co., New Tork. Sinking Fund — $5,000 of the bonds to be retired annually. Organization — Incorporated in 1899 In Geor- gia and publishes the "Atlanta Daily & Sun- day Constitution" and "Tri-Weekly." Capitalization. Outstanding. Common $600,000 Preferred (6% cum.) 160,000 Funded debt 260.000 Secured by first mortgage on entire prop- erty of company. Market. Baltimore — Jenkins, Rowland & Dancy. Atlanta — Robinson-Humphrey Co. Price Range. Jan. 1» 'n, to Jan. I, '21 1920 Bid. Bid. High 85 '20 85 Aug. Low. 75 '17 85 Aug. CONSUMERS ELECTRIC LIGHT & P0WI:B CO. (New Orleans) 1st Ss. Due Jan., 1936. Dated Jan. 1, 1911. Interest payable Jan. and July 1, at Columbia Trust Co., New York and Whitney Central Trust & Savings Bank, New Orleans. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding (Jan. 1, '21) 1,569,000 Held in Treasury 193.000 Reserved for Sxt 738,000 Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York, Redeemable at 106 and Interest on any in- terest date. Organization — Incorporated in Louisiana In 1910 as a reorganization of the Consumers Electric Co. Capitalization. Outstanding, Common $1,000,000 Preferred (7%) 500.000 Funded debt 1,669,000 Control — Entire common stock owned by United Gas & Electric Corp. Secured by first mortgage on entire prop- erty, including main generating station and sub station supplying the entire business sec- tion and part of the residential section of New Orleans with electric light and power. Fran- chise extends to 1938. Yeara ended Dec. 31: Gross. Net. Bond Int. 1920 $704,713 $199,076 $78,450 1919 568,267 224,000 78,450 1918 411,265 127,107 78,450 1917 369,368 172.790 78,450 Original Market — Offered In Feb., 1911. by Bertron, Griscom & Co., New Tork and Phila- delphia, and the Syracuse Trust Co.. Syra- cuse. N. T., at 93 and Interest. Market. New York — Babcock, Rushton & Co., Fred. H. Hatch & Co., Pynchon & Co., Berdell Bros. Philadelphia — Bauer, Starr & Co., Geo. N. Fleming, Wm. >W. Fogarty. Price Range, Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91% '17 100 '16 53 Dec. 57% Low. 45 '20 5314 *20 45 Dec. 53% Dec.^ CONSUMERS GAS CO. (Chicago) 1st 5s. Doe Dec. 1, 1936. Dated Dec. 1. 1886. Interest payable June find Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding $4,246,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co. , New Tork. . Assumed by Peoples' Gas Light & Coke Co.. of Chicago, Control — Incorporated in Illinois in 1886 to acquire the property of the Consumers Gas Light & Fuel Co., placed in the hands of re- ceivers. In 1897 was merged into the Peo- ples' Gas Light & Coke Co., which manufac- tur€s and sells illuminating gas in Chicago. Secured by first mortgage on property for- merly owned by Consumers Gas Co. Underlies — Peoples' Gas Light & Coke Co. Ref. 5s. due 1947, and Gen. & Ref. 5s of 1963, which provide for retirement of this is- sue. Earnings — See Peoples' Gas Light & Coke Co. lilsted on the New York and Chicago Stock Exchanges. Market. New York — Babcock, Rushton & Co., Har- ris, Forbes & Co., Earle A. Miller & Co. Boston — Harris, Forbes & Co., Inc. Chicago — Curtis & Sanger, Harris Trust & Savings Bank. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. High 108 Feb. 16, '06 61 Nov. 85 Mar. Low. 95 Apr. 4. '08 60 Dec. 62 Dec. CONSUMERS LIGHT, HEAT & POWER CO. (New Jersey) 5s. Due June 1, 193$. Dated June 1, 1898. Interest payable July and Dec. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstandlni; 308,000 Held by Trustee 115,000 Denomination — Coupon, $500. Trustee — New Jersey Title, Guarantee & Trust Co., Jersey City. Assumed by United Electric Co. of New Jersey. Control — Consolidated in 1899 with several other electric light and power companies into the United Electric Co. of New Jersey, which supplies without competition the cities of Newark. Jersey City. - Hoboken, Bayonne Elizabeth, Montclair. East Orange and South Orange. Franchises, with few minor excep- tions, are unlimited as to time. Leased to Public Service Electric Co.. a subsidiary of the Public Service Corp. of New Jersey, for 999 years from July 1, 1907. Secured by a first mortgage on all the property formerly belonging to the compnay. Underlies — $18,617,500 United Electric Co. of N. J. 5s. Market. New York — W. E. R. Smith & Co. Price Ranee. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. High 105*08 112 '10 90 Apr. Low. 75 '20 100*08 75 Dec. CONSUMERS POWER CO. (Mich.) 1st lien & Ref. 5s. Due Jan. 1, 1936. Dated January 2 , 1911. Interest payable Jan. and July 1, at Trustee's office and Harris, Forbes & Co., New York and Boston. Tax Stains — 2% Federal Income Tax paid by company without deduction. Tax exempt in Michigan. Anthorized $35,000,000 Outstanding 22,254,000 Reserved for Prior Uens 1,759,000 Pledeed under Gen. and Ref. Mtee 510,000 Reserved for Ext 10,477,000 Provisions of Issue — Addition^;! bonds issued hereunder are to be pledged under Gen. & Ref. Mtge. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Harris Trust & Savings Bank, Chicago. Redeemable at 106 and interest on Jan. 1, 1916, or on any interest date thereafter on 12 weeks' notice. Sinking Fund — Annually, beginning. 1915, 1 % of all bonds outstanding, including prior liens, to be applied on account of sinking fund payments under mortgages of constituent com- panies, retirement of these bonds, or to reim- burse the company for 8 % of the cost of additions or permanent extensions to its prop- erty or that of its constituent companies for which no escrow bonds have been or may be issued. Organization — See Gen, and Ref. 7s. Secured by a direct mortgage on all the electric light and power property of the com- pany and a first mortgage on hydro-electric plants having a total installed capacity of 139,000 h. p., and on undeveloped water rights; a mortgage subject to prior liens on the remaining property. The property of the company includes hydro-electric plants lo- cated on the Au Sable, Grand Muskegon. Man- istee and Kalamazoo Rivers, with a combined capacity of 101,000 h. p. and steam generat- ing plants of about 101,000 h. p. The com- pany supplies electric light and power to com- munities in Michigan, having a total popula- tion of 800,000 and including the following elites: Grand Rapids, Saginaw, Bay City, Kalamazoo, Flint, Cadillac, Jackson, Battle Creek, Muskegon, Big Rapids, Marshall, Man- istee, Albion. Pontiac, Owosso, Charlotte, Grand Ledge and Alegan. Transmission lines are mostly on private right of way. Fran- chises are for long terms. Prior liiens — $1,078,000 Commonwealth Power Co., 6s of 1924; $549,000 Grand Rap- ids -Muskegon Power Co. , 5s of 1931; and $132,000 Cadillac "Water and Light 5s of 1925. Earnings — See Gen. and Ref. 7s. Legal for savings banks in Me. and R. I. Original Market — OfEered in 1911, at 96 and interest, by Harris, Forbes & Co., New York, N. "W. Harris & Co., and Perry, Coffin & Burr, Boston, and Harris Trust & Sav. Bank. Chicago; $1,200,000 offered by same firms In 1912. at 97 Vi and interest. $1,146..000 of- fered by same firms in November, 1914, at 9 and interest ; $5,334,000 offered by the same firms in December, 1918, at 89*/^ and Interest. Market. New York — Babcock, Rushton & Co., New- ton G. Chase, Sam'l Goldschmidt, Fred. H. Hatch & Co., Hodenpyl, Hardy & Co., Kiely & Co., National City Co.. Martin, Berwin & Co., Earle A. Miller & Co., Rauscher & Mackay, Vanderhoef & Robinson, Harris, Forbes & Co. Boston — L. Sherman Adams, Coffin & Burr, Moors & Cabot, Arthur Perry & Co., Harris, Forbes & Co., Inc. Philadelphia — Bauer, Starr & Co. Cliicagro — Merrill, Lynch & Co., Paine, Webber & Co. Detroit — Joel Stockard & Co., Wm. A. Neers & Co., Nichol-Ford & Co., Inc., Har- ris Trust & Savings Bank. Grand Rapids — Carrig-an Co. Providence, K. I. — Brown, Lisle & Mar- shall. Milwaukee — F. A. Bartlett Co., First Wis- consin Co. Price Range. Jan. 1, '16. to Jan. 1, '21 1920 Bid. Ask. Bid- Ask, High 9878 '16 100 '16 84^^ Feb. 89% Jan. Low. 73 '20 76 '20 73 Sept. 76 Sept. CONSUMERS' POWER CO. 10-YEAR Gen, & Kef. Series A and B 7s. Diie: Series A Jan. 1, 1930; Series B July 1, 1935. Dated Jan. 1, 1920. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in Michigan. Authorized Unlimited Outstanding: $5,000,000 "A" 2,500,000 "B" (Oct. 1, '21) $7,500,000 Provisions of Issue — Additional bonds are issuable in series, of different date, maturity, interest rate and redemption provisions as may be determined by the Board of Direcors of the company. Bonds of any series may be issued in the future from time to time, in principal amounts equal to and, for (1) the acauisition or retirement of underlying bonds ; (2) the redemption or retirement of bonds of another series; and C3) 75% of actual and reasonable expenditures, except those pro- vided for from the present financing made after January 1, 1920, for permanent exten- sions, enlargements and additions of and to the plants and properltes, which may include under certain conditions carefully prescribed in the mortgage, the acquisition of not less than 95% of each class of outstanding stock of another corporation supplying electric or gas service in the same or adjacent general territory served by the company, provided in each case that the consolidated net earnings, for 12 consecutive calendar months ending not more than 60 days prior to the application for the issuance of bonds, shall have been not less than twice the annual Interest charges on all underlying bonds outstanding in the hands of the public and all General and Refunding mortgage bonds outstanding and for the is- suance of which application is then made. PuiT>ose of Issue — Issued to reimburse the company for the retirement of certain under- lying bonds and for capital expenditures here- tofore made. The financing will also provide " for future construction expenditures including a part of the cost of a large new steam plant the construction of which is contemplated by the company. Denomination — Coupon, $109. $600 and $1,000; reristerable as to principal. Reeia- tered. $1,000, $5,000 and $10,000. C. & R. (Series B) interchangeable. Trustee — National City Bank. New York. Redeemable on any interest date upon 60 days* notice as follows: Series A at par and accrued interest, plus a premium of % % for each year or portion of a year be- tween the date of redemption and maturity; Series B at 105 and interest on or before July 1. 1925, at 103 and interest thereafter to and including: July 1, 1930, and at 101 and interest thereafter. Sinking Fund — Annually beginning March 1, 1924, an amount in cash equal to not less than 1 % of all underlying bonds outstanding in the hands of the public, and bonds of this Issue, issued and outstanding at the preceding Dec. 31. This fund may only be utilized In the acquisition or retirement of underlying bonds or General and Refunding Mortgage bonds of any series as the Board of Directors of the company may in each year determine. General ReserTe Fund;^ — Annually beginning with the year 1920, the company is required to either expend, or in lieu thereof, to deposit in cash with the Trustee not less than 4% of the aggregate amount of underlying bonds out- standing in the hands of the public and Gen- eral and Refunding Mortgage bonds issued and outstanding at December 31 of each such year. This amount may only be expended for main- tenance, re#airs, replacements and renewals, for the purchase of underlying bonds or Gen- eral and Refunding Mortgage bonds, or for extensions, enlargements and additions on ac- count of which no bonds shall have been or may be issued. Organization — Incorporated in Maine in 1910 and Is a merger of a number of public utlities operating in lower Michigan, In 192f) the company sLcquired all of the common stock and 80% of the preferred stock, together with certain bonds of the Michigan Light Company. Capitalization. Outstanding. Common $14,425,900 Preferred (6% cum.) •12,873,700 Funded debt t32.975,000 •Includes sufficient shares reserved to issue for equal amount of preferred stock of Michi- gan Light Co. tincludes Michigan Light Co. bonds as- sumed. Control — Entire common stock ia owned by the Commonwealth Power Railway & Light Co. Management — Hodenpyl, Hardy & Co., New York, and E. W. Clark & Co., Philadelphia. Secured by a direct mortgage on the entire electric property of the company and also by pledge of $3,175,000 conmion stock (entire is- sue) and $2,204,700 preferred stock (80% of entire issue) and $1,073,000 First & Refund- ing Mortgage bonds 'of the Michigan Light Company, together with $510,000 of the com- pany's First Lien & Ref. bonds. As further amounts of the various pledged issues are ac- quired they are to be pledged under this mortgage. For details of property see First Lien & Ref. 5s. Prior Liens — Outstanding. First Lien & Ref. 5s of 1936 $22,254,000 Divisional bonds 1,759,000 Michigan Light ,Co. 1st & Ref, 5s of 1946 2,582.000 Michigan Light Co. Divisional Bonds 1,380,000 Underlies — Outstanding. Debenture 7s, 1922-1927 $3,000,000 370 ¥ears ended Dec. 31 (combined) — Gross. Net. Int. , etc 1920 $14,157,453 $4,342,395 $2,133,53^ 1919 11,439,094 4,243.149 1,709,931 Original Market — $6,000,000 offered Feb- ruary, 1920, by the National City Company at 98 and interest; $2,500,000 B 7s offered by National City Co., New York, Cassatt & Co. and Graham. Parsons & Co., Phila- delphia, at 91% and interest. AInrket New Tork — ^Hodenpyl, Hardy & Co., Uor- ton Lachenbruch & Co., Vanderhoef & Rob- inson, Earle A. Miller & Co., Gilbert J. Postley, Berdell Bros. Boston — Arthur Perry & Co., Paul & Co. Philadelphia — Parsly Bros. & Co. Chicagro — Paine, Webber & Co. LouisviHe— Geo. T. Wood & Son. Grand Rapids — Corrigan Co. Salt Lake City — ^Palmer Bond & Mort- gage Co. Price Kan^e 1920 Bid. Ask. High 92 Oct. 98 Feb. Low 86 Dec. 90 Dec. CONSUMERS' POWER CO. I>eb. 7s. Due $500,000 each Feb. 1, from 1932 to 1927, incl. Dated Feb. 1, 1920. Interest payable Feb, 1 and Aug. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by the company without deduction. Authorized $3,000,000 Outstanding 3,000,000 Denomination — Coupon $ 50 and $1,000 (also $100 for Feb. 1, 1927, maturity); regls- terable as to principal. Trustee — Central Union Trust Company, New York. Redeemable as a whole, in part or by series on the first day pf any month upon 60 days' notice at 103 for bonds maturing three years or more from the redemption date; at 102 and interest for bonds maturing 2 or more but less than 3 years from the redemption date; and at 101 and interest for bonds maturing less than two years from the redemption date. Organization — See Gen. & Ref. 7s. Security — ^A direct obligation of the com- pany, but not secured by a mortgage.' Under the provisions of the trust agreement while these bonds are outstanding the company will not either directly or indirectly make, issue or negotiate any other issue of bonds, debentures, notes or. other funded obligations (except pur- suant to the terras of the new (General and Refunding Mortgage) without providing that all such funded obligations shall be subject and inferior to this issue. Prior Liens— Outstanding. Gen. & Ref. 7s, 1930-1935 $7,500,000 First Lien & Ref. 5s of 1936 22,254,000 Divisional bonds 1,759,000 Michigan Light Co. Ist & Ref. 5s of 1946 2,582,000 Michigan Light Co, Divisional Bo"*5s 1,380,000' Earnmgs — See Gen. & Ref. 7s. Original Market — $3,000,000 offered Feb- ruary. 1920, by the National City Company at prices to yield about 7.75%. Market New York— Hodenpyl, Hardy & Co., Na- tional City Co., Berdell Bros. CONTINBNTAIi CANDY CORP. Series "A" S. F. 8s, $500,000 due July 1, 1923- fo^/® c^" ®'«5;.®l' ^'000 due July 1 1924; Senes "C" S. 1f. 8s, $500,000 due July 1, 1925. Dated July 1, 1920. Interest payable Jan. 1 and July 1, at Guaranty Trust Co., New Default — Jan. 1, 1921, interest. Tax Status — Payment of Federal Income Xax not assumed by the company. Authorized $2,000,000 Outstanding: 1,600,000 Unissued 500,000 Purpose of Issue — To cover cost of the oonstruction of new plant, which it is esti- mated will triple the present production and earnings of the company. Denomination — Coupon, $1,000; register- able as to principal. Trustee — Guaranty Trust Co. of New York. Redeemable at 102% and accrued interest •n 30 days' notice. Sinkingr Fund — Annually beginning July 1, 1921, $60,000 for the purchase or redemp- tion of these bonds at not over 102i^ and interest. Receivership — On Feb. 9, 1921, Judge John ®. Knox in the U. S. Dist. Court appointed Edwin A. Potter, Jr., New York, and Benj. aohneewind (president of company), Chi- cago, receivers. Organization — Plant and Business: The corporation operates factories in Chicago and Jersey City. In Chicago there are two factories, the larger of which turns out practically every known variety of candy; the smaller specializes in peanut lines and ohocolate products. Secured — A direct obligation but not se- cured by a mortgage. Under the provisions of the trust agreement the company cov- enants as follows: Company will not create or permit to be created any mortgage, pledge, lien or otlier encumbrance upon any of its properties, or upon the income there- of, except against ra"w materials which it may purchase upon credit for manufacture in the ordinary course of its business, and, with the exception of this issue of notes, will not issue any debentures, or notes, or obligations maturing later than one year froni their respective dates. Original Market — Offered in October, 1920, by Allan A. Ryan & Co., as follows: Series "A," 97% and accrued interest; Series "B," 97. and accrued interest; Series "C," 96^ and accrued interest. CONTINENTAL GAS & EtECTRIC CORP. 1st CoU. Tr.-S. F. 5s. Due Nov. 1, 1SZ1. Dated Nov. 1, 1912. Interest payable May 1 and Nov. 1 at Union Trust Co., Cleveland, and First Nat. Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $5,000,000 Outstanding (Jan. 1, '21) 2,678,900 Retired by S. E 390,000 Fledged to Secure 7% Notes.. 1,786,400 Unissued 144,800 Reserved for Ext 116,200 Denomination — Coupon, $100, $600 and $1,- »00. Registerable as to principal. Trustee — Union Trust Co., Cleveland. Redeemable at 106 and interest on any in- terest date, on 60 days* notice. Sinking Fund — 2% of issued bonds in semi- annual payments to be applied to purchase or redemption of these bonds at not exceeding 105 and interest. Bonds so acquired to be cancelled. Organization — Incorporated In 1912 in Dela- ware and owns practically all the bonds and stocks of a number of gas and electric com- panies operating in Iowa, Neb. and Canada. Capitalization. Outstanding. Common $2,063,800 Preferred (6% cum.) 1,659,900 Funded debt 4,617,800 ' Secured by lien through deposit of the se- curities of constituent companies upon all their properties serving a number of cities in Iowa and Nebraska with gas and electricity. Population served 156,000. The franchises of collateral companies, with one exception, ex- tend beyond the maturity of these bonds or are unlimited as to time. Thij exception is the franchise of the Red Oak Gas Light Co., which expires Dec. 1, 1924. Under the terms of the mortgage unless this franchise is ex- tended or unless the company makes satisfac- tory substitution for the pledged securities of this company, then these bonds will become due and payable Dec. 1, 1924. Years ended Dec. 31: Gross. *Net. interest. 1920j $1,942,323 $469,721 1919 1,665,616 401,405 1918 1,408,771 334,062 1917 1,302,704 339,097 $118,836 1916 714,203 234,662 88,630 Original Market — Offered in 1913 at 93 and interest by P. W. Brooks & Co., New York. Market. New York — Edwin Bauoher & Co., Morton Lachenbruoli & Co., Gilbert J. Postlej-, Jo- seph Gilman. Fhiladelpliia — McCown & Co. Price Range, Jan. 1, '17, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 92% '17 95% '17 82 Jan. 91% June Low. 70 '20 75 '20 70 Nov. 76 Dec. CONTINENTAL GAS & ELECTRIC CORP. 2- Year 7% Conv. CoU. Tr. Notes. Due July 15, 1922. Dated July 15, 1920. Interest payable Jan. 15 and July 16 at ofBce of Otis & Co., Cleve- land, or First National Bank, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania and Maryland 'Taxes refunded. Authorized $l,400,00t Outstanding 1,338,900 Purpose of Issue — Proceeds used to retire the Coll. Tr. Conv. &% Notes whicli ma- tured Sept. 1, '20. Denomination — Coupon, $1,000, $600 and $100. Trustee — Cleveland Trust Co., Cleveland, Ohio. Redeemable on 30 days' notice at 100% and interest. Convertible at any time before maturity or redemption into 1st Coll. Tr. 5s at 89 and interest. ■ Organization, etc. — See 1st Coll. Tr. S. F. 6 s. Secured by pledge of $1,785,400 1st Coll. Tr. 5s due Nov. 1, 1927. Additional notes can be issued only when secured by 1st 5s at 75% of their face value. Earnings — See 1st Coll. Tr. S. F. 5s. Original Market — $1,400,000, offered July, 1920, by Robert Garrett & Sons and The Fidelity Securities Corp. of Maryland, Balti- more, and Otis & Co., Cleveland, at 98 and interest. Price Range 1920 Bid. High 96 Dec. Low 93 Dec. Ask. 98 July 96 Dec. 371 CONTINENTAL MOTORS CORP. 7% Notes. Due each Afril 1, as toUowai $500,000 Series "A" 1922, $750,000 Series "B" 1923, $750,000 Series "C" 1924, $3,000,- 000 Series "D" 1925. Dated April 1, 1920. Interest payable April 1 and Oct. 1, at Trustee's office, or First Nat'l Bank, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $6,000,000 Outstanding 6,000,000 register- Purpose of Issue — To provide additional working capital and to ^ provide for extensions to plant and equipment. Denomination — Coupon, $1,000 able as to principal. Trustee — Continental & Commercial Trust & t avings Bank, Chicago. Redeemable on 60 days' notice at 101 and interest. Organization- — Incorporated in "Virginia in January, 1917, and acquired the entire prop- erty and business of the Continental Motor Company. Business established in 1902. The company is a large manufacturer of motors and has a present annual output in excess of 200,000. Company's plants are located at De- troit and Muskegon, Mich. Capitalization. Outstanding. Common 114,607,250 Pref. (7% cum.) 2,266,900 Funded debt 5,037,950 Security — A direct obligation of the com- pany but not secured by a mortgage. The company covenants that it will not mortgage or pledge during the life of these notes any of its assets now owned or hereafter acquired, except by way of purchase money mortgages, and will not create any evidence of indebted- ness having a lien prior to or on a parity with these notes, except temporary borrowings in the usual and ordinary course of business. It further covenants that it will maintain at all times net quick assets to an amount equal to at least 150% of the principal amount of notes outstanding. Years ended Oct. 31: Gross. Net. 1920 $53,584,220 t$3,567,504 1919 t3, 425, 725 1918 1,939,785 1917 1,800,806 1916 *2, 356,063 fAfter all charges and Federal Taxes. ♦Years ended June 30. Original Market — $5,000,000 offered March, 1920, by Halsey, (Stuart & Co., F. S. Moseley & Co.. and Continental & Commercial Trust & Savings Bank at 100 and interest. Market Neiv York — Babcock, Rushton & Co., Al- fred F. Ingold & Co., Morton Lachenbruch & Co. Boston — Moors & Cabot. Philadelphia^— Samuel McCreery & Co. Cliicago— Ha Isey, Stuart & Co., Paine, Webber & Co. Detroit — Joel Stockard & Co., Watling-, Lerchen & Co. Price Rang:e 1920 Series "A" 1922 Bid. Ask. High 100 Mar. Low 99 July Series "B" 1923 High 100 Mar. Low 99 July Sei-ies "C" 1924 High 99 July Low 9 3 Dec. Series "D" 1925 High 88 July 98 Aug. Low 87 Dec. 90 Dec. CONTINENTAL PASSENGER RAILWAY CO. 1st 4s. I>ue July 1. 1959. Dated June 3 0, 1879, and extended from July 1, 1909, with interest reduced from 6%. Interest payable Jan. and July 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized $280,000 Outstanding: 280,000 Denomination — Coupon, $500 and $1,000, fully registerable. Trustee — Land Title & Trust Co., Phila. Guaranteed as to interest under terms of the lease by Philadelphia Rapid Transit Co, Organization — Incorporated in 1873 and leased in 1880 for 99 years to Union Passen- ger Ry. Co. at a rental equivalent to ■ operat- ing expenses, taxes, interest and $6 per share on stock. Lease was assigned to Philadelphia Rapid Transit Co. in 1902. Capitalization. Outstanding. Common $580,000 Funded debt 280.000 Secured by first mortgage on 13 miles of track in Philadelphia. Listed on Philadelphia Stock Exchange. Market. Philadelphia — Sam'l K. Phillips & Co. CONTINENTAL TANK CAR CORP. Equip. Tr. 7s. Due eacli Dec. 1 as follows: $45,000 1Q2Z to 1929 inclusive, and $40,- 000, 1930. Dated — Nov. 24, 1920. Interest payable June 1 and Dec. 1 at Union Trust Co., Chi- cago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $400,000 Outstanding- 400,000 Denomination — Coupon $1,000. Tnist-ee — Union Trust Co., Chicago. Redeemable on 30 days' notice on any in- terest date at 101% and interest. Sectired by an aquipnnent agreement on 249 all-steel tank cars valued at $725,000. All of these cars are now under lease a1 a rental of $171,810 per annum. Origrinal Market — $400,000. offered Dev., 1920, by King, Hoagland &Co.. Chicago, at prices to yield 8% for first four maturi- ties, "%% for remaining maturities. CONTINENTAL TIMBER LAND CO. (Chi- cago) 1st Gs. Due each May 15 and Nov. 15, as follows: $24,000 Nov. 15. 1918; S28,000 May 15, 1919; $30,000 Nov. 15. 1919; $29,000 May 15, 1920; $34,000 Nov. 15, 1920; $34,000 May 15, 1921; $33,000 Nov. 15, 1921; $33,000 May 15. 1922; $32,000 Nov. 15. 1922; $17,000 May 15, 1923, and $300,000 May 15. 1924. Dated Dec. 1, 1916. Interest payable May 15 and Nov. 15 at Union Trust Co., Chicago. Tax Status — 2% Federal Income Tax paid Aathorized $1,935,000 Outst-andingr (Jan. 1, '21) 449.000 Matured and Paid 145,000 Reser*-ed for Ext 1,341,000 Denominations — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Union Trust Co. and Walter A. Graff. Chicago. Redeemable at 101 and interest on any in- terest date on 30 days' notice. Sinking Fund — Before any timber is cut or removed or released from the mortgage, there must be paid to the Trustees for such timber iVz times the amount loaned thereon per thou- sand feet log scale, such amount being based on the bonds then outstanding. This fund ap- plicable to retire the principal only of this is- sue. Organization — Incorporated in 1915 to ac- quire certain properties, including those of the Linn & Lane Timber Co. Capitalization. Outstanding. Common $1,500,000 Funded debt 449 qqq Seenred by a first mortgage on 37,953.07 acres of land in Linn County, Ore., owned in fee and carrying upwards of 2,127,000,000 feet of timber. Further secured by pledge of individual stockholders' undertakings ix 372 provide for the payment of $335,000 bonds. Original Market — $635,000 ofCered April, 1917. by Lyon Gary & Co., Chicago, at prices to yi^ld from 5 % to 5 % % on first four ma- turities and 6 % on remaining maturities. Market. New York — Ernest Smith & Co. Chicaero — Baker, Fentress & Go. CONVERSE RUBBER SHOE COMPANY 7% Notes. Due SIOO.OOO each Dec. 1 from 1921 to 1928, incl., and $150,000 Dec. 1, 1929. Dated Dec. 1, 1919. Interest payable June 1 and Dec. 1 at Citizens' Savings & Trust Company, Cleveland. Tax Status — 2% Federal Income Tax paid by the company direct and 2% refunded. Authorized $1,000,000 Ontstanding: 1,000,000 Furpcse of Issue — To reduce current liabili- ties and to provide additional working . capital . Denomination — Coupon $500 and $1,000. Trustee — Citizens' Savings & Trust Com- pany, Cleveland. Redeemable at 102 and interest on any in- terest date. Organization — Incorporated in Massachu- setts in 1908. Company's plant is located at Maiden, Mass., a suburb of Boston. The com- pany's plant employs from 1,500 to 1,700 peo- ple and has a daily capacity of 18,000 pairs of rubber footwear. Capitalization. Outstanding. Common $375,000 Preferred (7% cum.) 2,405,400 Funded debt 1,285,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the trust indenture the com- pany covenants as follows: So long as any of these notes are out- standing, obligations running longer than one year shall not exceed $2,000,000. No mortgage nor other prior lien may be placed on the assets of the company. The company may not sell nor pledge its accounts receivable without the consent of Stanley and Bissell. The net current assets must be maintained in an amount at least equal to the outstand- ing coupon notes. Dividends are restricetd to seven per cent, per annum, except that additional dividends may be paid, provided the payment of such ■ additional dividends will not reduce the cur- rent assets below an amount equal to 200% of the current liabilities. Insurance must be carried on the property at all times for an amount to cover the full value of the property. The company must furnish Stanley & Bis- sell each month with the preceding month' s trial balance. It must furnish Stanley & Bissell within 60 days after March 31 ^ each year the report of a certified public accountant covering the twelve months' period ending March 31. Years ended Dec. 31. . Gross. tNet. *1920 $4,683,219 $382,094 1919 5,265,000 312,270 •Nine months only. fAfter interest. Original Market — $1,000,000 offered Janu- ary, 1920, by Stanley & Bissell, Cleveland, at 100 and interest. Market. Boston — Baker, Ayling- & Young. Philadelphia — Baker, Ayling & Toung. Chicagro^Johnson, Peck & Co. Cleveland — Stanley & Bissell. Price Rangre 1920 Bid. Ask. High 94 98% Oct. Low 90 Oct. 97 COOPER UNDERWEAR COMPANY 1st IVzs. Due each Nov. 1 as follows: .$50,- 000 1921 to 1923 inclusive; $60,000, 1924 to 1928 inclusive, and $75»000 1929 and 1930. Dated Nov. 1. 1920. Interest payable May 1 and Nov. 1 at Port Dearborn Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. Authorized $600,000 Outstanding 600,000 Puri>ose of Issue — To reduce loans. Denominations — Coupon, $1,000 and $500; registerable as to principal. Ti'ustee — Port Dearborn Trust & Savings Bank, Chicago. Redeemable on any interest date upon 60 days' notice at 100 and interest plus a pre- mium of y2 of 1% for each full year, or ' fraction thereof, remaining until maturity. Orgranization — Incorporated in A^'isconsin in 1902. Business established in 1876. Principal products are the widely known "ICenosha-Klosed-Krotch" Union Suit, and the "Nainsook Knit-Klosed-Krotch" Athletic Union Suit which are sold through branches located in New York, Chicago, Dallas, Los Angeles, San Francisco and Seattle. Capitalization Outstanding Common $250,000 Funded debt 600,000 Secured by a first mortgage on all the mianufacturing properties now owned or hereafter acquired. The properties covered include company's manufacturing plants at Kenosha, Wis., and Manistee, Mich. Plants are valued at $1,071,454. The two plants comprise six buildings, having a total of 221,057 square feet of floor space. These properties are fully insurett and all insur- ance policies are assigned for payment to the trustee of the bond issue. Under the provisions of the trust agreement the com- pany covenants that during the life of this issue- net current assets shall be maintained at all times in an amount equivalent to $1,500 for each $1,000 bond outstanding. Original Market — $600,000, offered Nov., 1920, by Hyney, Emerson & Co., Chicago, at prices ranging from 99.53 to 100 and interest according to maturity. Market Chicago — Paul H. Davis & Co., Hyney, Emerson & Co. Milwaukee — Investors Finance Corp. COPPER EXPORT ASSOCIATION, INC., 8% Secured Notes, Due each Feb. 15th as foUows:. $6,000,000 1923; $10,000,000 1933; $12,000,000 1924, and $12,000,000 1925. Dated Feb. 15, 1921. Interest payable Feb. 15 and Aug. 15 at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by the company. Aurthorized $40,000 Outstanding 40,000 Denominatioins — Coupon, $1,000; register- able as to principal. Trusty — Guaranty Trust Company, New York. Redeemable on any interest date on 30 days' notice at par plus a premium of 1% for each year or portion of year between the date of redemption and respective ma- turity dates. Redemption Fund — Copper may be with- drawn under the Trust Agreement only up- on payment to the Trustee of 12%c. (in cash or Notes) per pound of copper with- drawn ; all cash so received by the Trus- tee shall be held by it as security for the Notes until applied to the payment, pur- ehase (at not exceeding- par), or redemption of Notes and coupons. Any premhims paid upon redemption of Notes are to be pro- vided by the Association from other funds. Guaranteed — The sum required for the payment of principal and interest is g-uar- anteed by the following: copper producing companies in their several proportions under a contract between such companies and Copper Export Association, Inc., and the Trustee: Propor- tionate Percentag-e Principal Proportion Sums Phelps Dodge Corp 10.90% $4,360,000 American Smelting & Refining Co 5.00 2,000,000 Calumet & Hecla Min- ing Co 6.00 2,400,000 ^tah .Copper Co 8.20 3,280,000 Chile* Exploration Co... 7.58 3,032,000 Kennecott Cop. Corp... 5.06 2,024,000 Braden Copper Mines Co 5.95 2,380,000 Ray Cons. Cop. Co 4.00 1,600,000 Chino Copper Co 3.66 1,464,000 Nevada Cons. Copper Co 4.45 1,780,000 United Verde Cop. Co... 5.00 2,000,000 Anaconda Cop. Mining Co 12.26 4,904,000 Inspiration Consolidat- ed Copper Co 8.45 3,380,000 Greene- Can an ea Copper Co 4.63 1,852,000 New Cornelia Copper Co 4.07 1,628,000 North Butte Mining Co. 1.75 700,000 Utah Cons. Cop. Co 34 136,000 To be allotted 2.70 1,080,000 Total 100.00% $40,000,000 Organization — Incorporated In Delaware in Dec, 1918, and qualified under the "Webb Export Trade Act to engage in the copper export trade. Secnrity — The Copper Export Association bas purchased to re-sell in foreign markets 400,000,000 pounds of refined copper from the Producing Copper Companies named above and will pledge with the Trustee as security for these Notes, receipts of refining companies for all of the said copper with the exception of not exceeding three and one-half per cent, for which the Calumet & Hecla Mining Company will issue its own receipts. The refined copper pledged will have at present market prices (13c. per pound) an indicated value of $52,000,000, or a margin of 30% in excess of the principal amount of the Note Issued. The average market price of refined copper for the last twenty years has been in excess of 16c. per pound and the lowest price reached during this period was lie. per pound. In the Trust Agreement under which these Notes are to be issued, the Association covenants as follows: It will not create or issue any other Notes, Debentures, Bonds or other funded obliga- tions, and will not make or issue any note or obligation of any other character except In the ordinary course of business and pay- able in not more than twelve months. It will withdraw copper pledged under the Trust Agreement to the extent of at least one-third of all deliveries made against Its export sales of copper from and after the date of the Trust Agreement. Origrinal Market— $40,000,000, offered Feb., 1921, by Guaranty Trust Co., Kidder, Pea- body & Co., The National City Co., Lee, Hlg- ginson & Co., Dillon, Read & Co., Union Trust Company of Pittsburgh, Mellon Na- tional Bank, Pittsburgh, Continental & Commercial Trust & Savings Bank, First Trust & Savings Bank, Illinois Trust ft Savings Bank and Halsey, Stuart & Co.j Inc., of Chicago, at the following prices plus interest: 100, 99%, 99% and B9 for respec- tive maturities. Market New York — Salomon Bros. & HutzJer, Morton Lachenbruch & Co., Halsey Stuart & Co. Philadelphiar— Samuel McCreery & Co. Chicago — First Trust & Savings Bank, Halsey Stuart & Co. Los Ang-eles — Banks, Huntley & Cq., Ste- vens, Page & Sterling. San Francisco — Girvin & Miller. Denver — Bankers Trust Co. Salt Lake City — Palmer Bond & Mortgase Co. COPPER RANGX: RAILROAD 1st 68. Due Oct. 1, 1949. Dated Oct. 1, 1899. Interest payable Aprft and Oct.' 1, at Old Colony Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Michiiran. Aathorized — $.5 ,000.000 (limited to $20.00* per mile of road and $15,000 per mile of siding). Outstanding — $2,280,000 ($870,000 owned by Copper Range Co.). Denomination — Coupon, $500 and $1,000. Trustee — American Trust Co., Boston. Organization — Incorporated in Michigan Ib 1899 and road opened for operation in 1899. Capitalization. Outstanding, Common $4,244, 30# Funded debt 2,280,00« Controlled through entire stock ownership by Copper Range Co. Secured by first mortgage on road from Cal- umet to McKeever, Mich., and a number of branches in the State of Mich., aggregatins 116 miles, together with all buildings, shops, equipment, etc. Gross. Net. Int., etc. §1920 $205,540 $114,000 *1919 222,781 223,591 144,454 tl919 1,002,912 def.116,611 9,57» *Gorpoiate account. tPederal account — standard return not in- cluded. §Interest only. Listed on the Boston Stock Exchange. Market New York — Vanderhoef & Robinson, WolSf & Stanley, Tobey & Kirk. Price Ran^e 1930 Jan. 1, *19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 65 '19 80 '19 60 70 Low. 60 '20 ... . 60 374 CORN PRODUCTS REFINING COMPANY 25- Year Deb. S. F. 5s. Due Nov, 1, 1931. Dated November 1, 1906. Interest payable May and Nov. l,_at Title Guarantee & True* Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding (Jan. 1, '21) $506,008 Reitred by S. F. or E:xchanged for 1st 5s 1,711,000 Denomination — Coupon, $1,000. Trustee — Title Guarantee & Trust Co., New York. Redeemable at par and interest on any In- terest day on four weeks' notice. SinkiDg Fnnd-:rS114.000 annually on or be- fore Nov. 1 to be applied to redemption and cancellation of these bonds at not exceedlns par and interest. Fxohangeable for Corn Products Refining Co. 1st 5s of i9Si at par. Organization — See 1st Es ol 1934. - »=.^t''"?'f~-*- '"''='=' obligation of the oom- Sf.Y' „ I. °°' =«™red by mortgaffe. Hoiaers may exchange same par for par for First Mortgage Sinking Fund Bs, due 1934 The company covenants that in the event of issu- ing any new mortgage upon its property such mortgaBe will include all bonds of this issue, and holders shall have the privilege of ex- changing same at par for the new bonds. Earnings — See 1st 5s of 1934. liisted on the New York Stock Exchange. „ . Market New York— Carruthers, Pell & Co., Hanson & Hanson. Price Range — N. Y. S. E. Jan. 1, '08, to Jan. 1, "21 iggn High 101 Nov. 27, '18 98 Apr 27 Low. 70 Jan. 3, '08 89% Sept. 24 -To provide additional CORN PRODUCTS REFINING COMPANY Ist S. F. 5s. Due May 1, 1934. Dated May 1, 1909. Interest payable May and Nov. 1, at Title Guarantee & Trust Co. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized HO. 000,000 Ontstandingr (Jan. 1, '21) 3,362,000 Acquired by Purchase or Ex- changre 2,763,000 Reserved for Corporate Pur- poses 3,885,000 Denomination — Coupon, $1,000. Register- able as to principal. Tmstees — Title Guarantee & Trust Co., New- York and C. H. Kelsey. Redeemable at 105 and interest on any In- terest date on 60 days' notice. Sinldng Fund — 2% annually of all bonds is- sued, for the purchase or redemption of these bonds at not over 105 and interest, bonds to be cancelled. Organization — Incorporated in 1906 in New Jersey, and is a consolidation of the Corn Products Co. of New York, the New York Glucose Co.. Warner Sugar Refining Co., and other companies manufacturing corn syrup, starch and by-products. Capitalization. Outstandng. Common $49,784,000 Preferred (7% cum.) 29.826,933 Funded debt 5,923,160 Secured by first mortgage on plants located at Waukegan, Pekin, Granite City and Argo, III., and Davenport. Iowa, and by second mortgage on plant of New York Glucose Co. at Bdgewater, N. J. Further secured by de- posit of stocks of ten constituent companies, and $2,217,000 National Starch 6s. Prior Uens — $636,160 New York Glucose Co. 1st 6s, due 1926. ITnderlieB — Debenture S. F. 6s of 1931. Years ended Dec. 31. Net. Dep'n. Interest. 1920 $19,817,822 $2,636,514 $131,682 1919 22,840,417 2,407,843 158,204 1918 24,930,387 2,694,899 201,187 1917 17,124,940 2,050,676 226,803 1916 7,971.129 807,044 256,608 Listed on the New York Stock Exchange. Original Market — $6,000,000 offered in May, 1909, at 98 and interest, by Speyer & Co., New York. Market. New York — Carruthers, Pell & Co., Wat- son, Armstrong & Co., Hartshome & Battelle. Chicago— First Nat' I Bank. Price Range — ^N. Y. S. E. Jan. 1, '18, to Jan. 1, '21 1920 High 101 Dec. 27, '18 100% Jan. 8 Low. 89% Aug. 26, '20 89%Aug.26 375 COBNO MIIXS CO. (THE) Ist 8s. Doe eaclt March 1 as follows: $50,000 from 192S to 1925, incl. and $300,000, 1926. Dated March 1, 1921. Interest payable March 1 and Sept. 1 at Liberty Central Trust Co., St. Louis, and American Exchange Na- tional Bank, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $500,006 Outstanding 600,000 Purpose of Issue worlting capital. Denominations — Coupon, $1,000, $600 anfl $100; registerable as to principal. TiTistee — Liberty Central Trust Company, St. Louis. Redeemable on any interest date on S0 days' notice at the following prices, plus interest: 104 the first year; 103% the sec- ond year; 103 the third year; 102% the fourth year, and 102 the fifth year. Organization — Incorporated in 1904. The company manufactures staple products, namely, rolled oats, oatmeal, oatfeed, com meal, hominy feed, hominy grits, com flour, poultry feed, live stock feed; a full and complete line of both dry and sweet mixed live stock and poultry feeds, and markets these products under the trade names of "National Oats" and Gomo Feeds." Capitalization. Outstanding. Common $1, 600,000 Funded debt 600,000 Seciu'ed by a first mortgage on all of the fixed assets of the company, including land, buildings, machinery and equipment, located in East St. Louis and Peoria, 111., and Cedar Rapids, la. Under the provisions of the Indenture the company covenants to maintain quick as- sets equal to 200% of all outstanding liabili- ties before any cash dividends can be paid, and also to maintain current assets equal to 140% of all current liabilities. Original Market — $600,000; offered April, 1921, by Stifel-Nicolaus Investment Co., and Liberty Central Trust Co., St. Louis, Mo., at 100 and interest. CORPUS CHRISTI RAILWAY & MGHT CO. 1st S. F. 6s. Due July 1, 1934. Dated July 1. 1914. Interest payable Jan. 1 and July 1 at Trustee's oflice. Default—July 1. 1919, and subsequent In- terest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,900,000 Outstanding (Apr. 16, '20) 829,600 Retired by S. F 30,600 Reserved for Ext 140,000 Denominations — Coupon, $100 and $1,000. Registerable as to principal. Trustee — Merchants Union Trust Co.. Phila. Redeemable at 102% and interest on July 1, 1917, or any interest date thereafter. Sinking Fund — Annually 1% of bonds out- standing. Organization — Incorporated in Texas Im 1909. Present name adopted June, 1014. Capitalization. Outstanding, Common $750,000 Funded debt 794,970 Protective Committee — -The following com- mitee request deposits: John Gribel, Chair- man, Louis J. Kolb, J. C. Neff, John J, Hen- derson, John S. Bowker, with Joseph A. Hen- derson, 1410 Chestnut St., Philadelphia, Sec- retary, and Fidelity Trust Co., Philadelphia, Depository. Receivership — Judge -Hutchinson in the U. S. District Court at Houston, Tfcx., has ap- pointed R. U. Culberson receiver for this company, on the application of the Mer- chant's Union Trust Co., Philadelphia, trustee for the bondholders. Secured by a first mortgage on 10 miles of street and interurban railway and plants sup- plying electric and power in Corpus Christi, Texas. Original Market — $100, 000 offered May, 1917. by Newburger, Henderson & Loeb, New Tork and Philadelphia, at 100 and interest. Market. Philadelphia — S. K. Phillips & Co., Barnes & Lofland. Price Kangre 1920 — Ask 3 Of. COSDEN AND CO. (Delaware) IS-Year Conv. S. F. Series "A" and **B" 68. Due Joly 1, 1933. Dated July 1. 1917, Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $20,000,000 Outstanding: (Jan. 1, '21).... 7,271,000 Retire by S. F 3,450,500 Reserved for Prior Lien 581,000 Cancelled 8,697,500 Denomination — $ 500 and $1,000. Register- able as to principal. Xrustee-^-Central Union Trust Co., New Tork. Redeemable at 110 and interest. Convertible into common stock as follows: Series A, one share of stock, par $5, for $12.55 bonds, and to be further reduced if additional common stock is issued. Series B. one share of stock, par $5, for $12.55, and to further be reduced if common stock is issued. Sinking Fond — Annually 5% of all bonds theretofore authenticated whether or not at the time outstanding and in addition a sum equal to the amount by which 20 % of the annual net earnings ascertained as provided in deed of trust shall exceed said 5%. This fund is for the purchase or redemption of these bonds, at not over 110 and interest. The company agrees to submit quarterly state- ments of earnings and combined balance sheets to the directors and deliver copies of such statements to the trustee. Organization — Incorporated in Delaware, July, 1917. The company has acquired by exchange of securities practically all the stocks and bonds of the old Cosden & Co. and the Cosden Oil & Gas Co. Capitalization. Outstanding. Common (no par) 811,365 ahs. Pref. (7% cum.) S3, 595,040 Funded debt 7,271,000 Secured by a mortgage on all property now owned or hereafter acquired. Further secured by deposit of practically all the capital stock ($5,752,395) and First Mortgage 6% Bonds ($2,640,500) of the old Cosden & Co. and practically all the stocks ($6,909,075 common and $3,470,130 preferred) and G% Conv. Notes ($5,995,000) of the Cosden Oil & Gas Co. The property covered by the direct or col- lateral lien of this mortgage includes refiner- ies, extensive producing oil and gas proper- ties in Kansas and Oklahoma and transport- ing equipment. 6 months ended June 30. ■►Net. 1920 $6,012,888 1919 4.281,533 1918 3,819,171 •After interest. Original Market — Exchanged $ for $ for Cosden & Co. 1st 6s and Cosden Oil & Gas Co. 6% Conv. Notes. Market. New York — Hambleton & Co., Carruthers, Pell & Co. Baltimore — Robert Garrett & Sons. Fhiladelpliia — McCown & Co. Price Range. Jan. 1, '17. to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Sen "A." High 103 '19 97 '19 92% Dec. 931^ Nov. Low. 78*18 79 '17 86% Aug. 90% Sept. Ser. "B.** Highl03% '19 104% '19 92 Va Nov Low. 78 '17 96 '19 90% Aug COSDEN & CO. (Okla.) Ist Convertible 6s. Due October 1, 1926. Dated October 1, 1916. Interest payable April and October 1, at Trustee's office. Tax States — Payment of Federal Income Tax not assumed by compnay. Authorized $6,000,000 Outstanding: (Jan. 1, '21) .. 581,000 Retired by S. F 2,531,500 Exchanged for Conv. 6s, 1932* Serie-s "A" 2,640,500 Reserved for Corporate Purposes 247,000 Denominations — Coupon, $500, $1,000. Trustee — Equitable Trust Co., New York. Redeemable as a whole, or in part for sink- ing fund, on any interest date on 60 days* no- tice. Sinlcing Fond — Annually, either 10% of bonds issued, or 20% of net earnings, which- ever is greater, for the purchase or redemp- tion of these bonds at not over 105 and in- terest. Convertible at any time prior to redemp- tion into common stock (par $5) at $18 per share. Provision is made for a reduction in the rate of conversion in case any additional common stock shall be issued at less than $18 per share. Control — Incorporated in Oklahoma, Nov. 29, 1913, as a consolidation of the J. S. Cos- den Co.. Tulsa, Okla.; Southwestern Refining Co., Big Heart, Okla., and the Colonial Re- fining Co., Cushing, Okla. Owns entire capital stock of the Cosden Pipe Line Co. Prac- tically all of the stock of this company haa been exchanged for stock of the Cosden Com- pany of Delaware. Secnred by a first mortgage on all the prop- erty of the company now owned or hereafter acquired, including modern refinery at Tulsa. Okla., with capacity of 30,000 bbls. daily, producing all by-products. 2,062 tank cars and about 10,000 acres oil lands in Okla- homa. Underlies — Cosden and Co. (Delaware) Conv. S. F. Series A-6s due July 1. 1932. Eaimingrs — See Cosden and Co. (Delaware) Conv. 6s. Original Market — Offered to stockholders Oc- tober, 1916, at 99 and interest and subscrip- tion underwritten by Eugene Meyer, Jr., & Co. and Hallgarten & Co., New Tork. Market. New York — Han^bleton & Co.. Ernest Smith & Co. Baltimore — Jenkins, "\A'hedbee & Poe, Poe & Davis. Philadelphia — McCown & Co. Price Range 1920 — Bid 90. COUNTIES GAS & ELECTRIC CO. General 50-Year 5s. Due Oct. 1, 1962. Dated October 1, 1912. Interest payable April and Oct. 1, at office of Trustee. Tax Statas — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Aathorized $7,500,000 Outstandingr (Jan. 1, '21) 2,685,000 Reserved for Prior LieDS 1,797,000 Kesei-ved for Ext 3,018,000 Denomination — Coupon, $1,000. Register- able as to principal. Trnstee — Commercial Trust Co., Philadel- phia, Pa. ' * Redeemable as a whole at 105 and interest on Oct. 1, 1917, or any interest date there- after on eight weeks' notice. Organization^ — Incorporated in 1912 in Penn., succeeding the Merion & Radnor Gas & Electric Co., and is a consolidation of 14 com- panies serving the suburbs of Philadelphia with gas and electricity. The United Gas Improvement Co. is Inter- ested in this company. Capitalization. Outstanding. Common $3,060,000 Pref. (7% cum.) 2.400,000 Funded debt 4,482,000 Secured by mortgage on gas plants at Ard- more and Norristown, Pa., and electric plants at Wayne and Norristown, Pa., serving a total of 16 communities in the suburbs of Philadelphia. Franchises are perpetual. Prior Liens — $1,317,000 Merion & Radnor Gas & Electric 5s, due 1954, and $480,000 Gas Co. of Montgomery County 5s, due 1960. Earnings — The company does not report earnings. Original Market — Offered in 1913 at par and interest by Ervin & Co., Philadelphia. Market. New York — ^Vanderhoef & Robinson, Montgomery & Co. Fhladelphia — Elkins, Morris & Co., Hun- toon & Co., McCown & Co., Samuel Mc- Creery & Co., Reed A. Morgan & Co. Price Range, Jan. 1, 16, to Jan. 1, *Z1 19ZQ Bid. Ask. Bid. Ask. High 102% '16 1031A '16 74% Dec. 90 Dec. Low. 72 '20 77 '20 72 Dec. 77 May COTINGTON & CINCINNATI BRIDGE CO. 1st 58. Due July 1, 1935. Dated July 1, 1915. Interest payable Jan- uary 1 and July 1, at Fifth-Third National Bank, Cincinnati, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized $600,000 Outstanding (Nov. 2.0, '20) 458,000 Held in S. F 142,000 Denomination — Coupon, $500. Registerable as to principal only. Trustee — Central Trust & Safe Deposit Co., Cincinnati, Ohio. Redeemable on any interest date at 104 and Interest. Sinking Fund — ^An annual payment equal to 5% of issued bonds to be invested in these bonds or non taxable municipal bonds. Organization — Incorporated in Kentucky in 1846 and in Ohio in 1849. Capitalization. Outstanding. Common $145,400 Preferred (15% non-cum.) 750,000 Funded debt 458,000 Secured by a first mortgage on suspension bridge over the Ohio River, between Cincin- nati, Ohio, and Covington, Ky. The bridge was originally opened for traffic in 1867 and was rebuilt between 1895 and 1899. Tolls are charged for all traffic, including pedes- trians. The company has paid dividends on Its pre- ferred stock in all but four years since 1867, and continuously since 1879. The average rate since 1867 has been 7%% per annum. The company has $750,000 preferred stock now outstanding. Years ended Dec. 31. •Net. 1919 ' $120,613 1918 99.542 1917 96,224 1916 9 5,666 1915 114.177 ♦After interest. Original Market — Offered by the Fifth-Third National Bank, Cincinnati, Ohio, in June, 1915, at 102 and interest. Market. New Yorlt — Finlay & Davenport. Cincinnati — Central Trust & Safe Deposit Co., Fifth-Third National Bank. CRAMP (WM.) & SONS SHIP & ENGINE BUILDING CO. 1st 5s. Due March 1, 1929. Dated March 1, 1899. Interest payable March and Sept. 1, at Fidelity Trust Co., Phil- adelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding 975,000 Retired by S. F 525.000 Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable at not over 110 and interest for the sinking fund annually. Sinking Fund — At least $25,000 yearly Jan. 31. Guaranteed principal and interest by the I. P. Morris Co. Organization — See 5% notes. Secured by first m.ortgage on the property of the Cramp & Sons Ship & Engine Building Company and the I. P. Morris Co., including plant and buildings covering 45 acres in Phil- adelphia and 57 acres of water frontage- and the Port Richmond Iron Works. Underlies — Serial 5% notes and Cons. 5s of 1923. Earnings — See 5% Notes. Market. New York — Carruthers Pell & Co., Hart- shorne & Battele. Philadelphia — Barnes & Lofland ; EJkins, Morris & Co., Graham, Parsons & Co., Hun- toon & Co., McCrown & Co., McMeekin & Williamson; Samuel K. Phillips & Co. Price Range. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. Bid. - Ask. High 103 '06 107 '08 82 Apr. 101 Mar. Low. 82 '20 86% '20 82 Apr. 86% Apr. CRAMP (WM.) & SONS SHIP & ENGINE BUILDING CO. Cons. 6s. Due July 1, 1923. Dated May 1, 1903. Interest payable Jan. 1 and July 1, at Girard Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Free of Penn- sylvania State Tax. Authorized $7,500,000 Outstanding 1,022,000 Pledged 411,000 Redeemed 308,000 Reserved for Corporate Pur- poses 5,759,000 Denomination— Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 105 and interest any Jan. 1 on 10 days' published notice. Guaranteed principal and interest by the I. P. Morris Co. and the Kensington Ship- yards Co. OrEranization — See 5% notes. Secured by a morti:ag:e executed Jointly by the Wm. Cramp & Sons Ship & Engine Build- ing Co.. the I, P. Morris Co. and the Ken- sington Shipyards Co. and is a lien on all the properties of these companies, including 45 acres of land in Philadelphia, of which 17 acres are occupied by buildings; 57 acres of water front land on the Delaware River and 100 acres on Petty' s Island, Property valued at $14,230,933. Prior Liens — $555,444 irredeemable ground rents and $1,000,000 1st 5s, due 1929 (closed mortgage). EamingB — See 6 % notes. Original Market — A block offered Jan., 1917, by Woll, MacKeekin & Co. and Wm. C. "Wil- liamson, Jr., Philadelphia, at 99 and interest. Market. New York — Graham Parsons & Co. Philadelphia — Wm. W. Fogarty; Graham, Parsons & Co., Huntoon '& Co., McCown & Co., McMeekingr & Williamson; Reed A. Morgan & Co., Samuel K. Phillips & Co., H. D. Boenning & Co. CRAMP (WM.) & SONS SHIP & ENGINE BLDG. CO. 5% Notes. Due semi-annually $140,000 each January and July 1 to July 1. 1918, and $170,000 to July 1, 1933. Dated May 1, 1903. Interest payable Jan. and July 1, at Drexel & Co.. Philadelphia. lax Status— 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $5,000,000 Outstanding r 411,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Redeemable on any interest date at 102 % and interest on 30 days' notice. Oi^anization — Incorporated in 1872 In Penn., succeeding to the shipbuilding and machinery business of Wm. Cramp, established in 1830. It owns the entire capital stock of I. P. Morris Co., with iron works at Port Richmond,* and the Kensington Shipyards Co., and a majority of the capital stock of the Federal Steel Foundry Co. Capitalization. Outstanding. Common $6,098,000 Funded debt 2,998,444 Control — The American Ship & Commerce Corp. was incorporated in Delaware in July, 1919. to acauire a majority of stock of this company and the Kerr Navigation Co. Secured by deposit of an equal amount of Consolidated Mortgage 5 % Bonds of the com- pany, of an authorized issue $7,500,000, which are a lien subject to 1st mortgage bonds, on entire property of company. Prior liiens — 1st 5s, due 1929. Years ended April 30: Net. Dep'n. Int.&Rent. 1920 $3,261,794 $954,178 $173,062 1919 2,958,286 654,100 199.624 1918 2,981,846 294.826 288,607 1917 1,759,487 213,063 257.496 191S 1,497,255 197,879 211.672 Original Market — First offered by Drexel & Co. at 99 and interest with 20% bonus of stock. Market. Philadelphia — McMeeking" & Williamson; Samuel K. Phillips & Co., Graham Parsons & Co. Price Range. Jan. 1, '16 to Jan. 1, '21 1920 Bid. Ask. Bid. High 98 '16 101 '16 90 Jan. Low. 9'>*20 96 'IS 90 Jan. CREDIT FINANCE COMPANY Deb. 7s. Dae Oct. 1, 1940. Dated Oct. 1, 1915. Interest payable quar- terly (Jan. 1, etc.) at company's office, 26 Church Street, New Tork. Profit Sharing* — Debenture carry a certi- ficate of profit sharing for pro rates partici- pation, in addition to annual 7% interest, of at least one-third annual profits, after expenses, interest, loss or casualties, amor- tization fund and a suitable surplus each year until bonds are redeemed. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding: (Mar. 1, 1921) 355,000 Denominations — Coupon $100, $500 and $1,- 000; registerable as to principal. Organization — Incorporated Sept., 1915, in Delaware. Company purchases and deals in notes, open accounts and other collateral of manufacturers, wholesalers and jobbers. Capitalization. Outstanding. Common (no par) 30,000 shs. Funded Debt $355,000 Security — A direct obligation against en- tire assets of the company; ranking equally with such other certificates as may be issued from time to time, and have direct priority over the equity and interest of stockholders. Oriffinal Market — Offered from time to time by Clarence Hodson & Co-, New Tork, New- ark and Philadelphia. Market. New York — Clarence Hodson & Co. Price Range 1920 — Ask; 105, 95. CREW LETICK CO. 1st S. F. 6s. Doe Aug. 1, 1931. Dated Aug. 1, 1916. Interest payable Feb. 1 and Aug. 1, at H. L. Doherty & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $16,000,000 Outstanding (Jan. 1, '21) 2,710,000 Retired by S. F 666,000 Reserved for Ext 11,624,000 Denomination — Coupon $1,000, $500 and $100. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable as a whole but not in part (ex- cept for Sinking Fund) upon tWo weeks* pub- lished notice, on any interest date, at 107 and interest. Sinking Fund — Sum equal to 2 % % of bonds certified and issued by Trustee must be set aside semi-annually, Feb. and Aug. 1, to re- tire bonds by purchase or call on two weeks published noiice at not over 107 and interest. Company may submit bonds to Trustee for acceptance instead of cash. Organization and Control — Business estab- lished in 1862. First incorporated in Penn- sylvania in 1890. The present Crew Levied Company was incorporated in Pennsylvania in September, 1916, and is the successor of the former Crew Levick Company, Combination Oil Company, Lawrence Company, Mulr Oil Company, Pemrick Company and Muir & Shea- sley Company; also Bessemer and Muir Pipe Line Companies. The Company owns the entire capital stock except directors' qualifying shares, of the Crew Levick Company of Delaware which owns and operates the tank stations in Kan- sas, Missouri and Oklahoma, as well as oper- ates under lease the distributing stations In Texas, and the Warren Company which pro- duces oil in Kansas and Oklahoma, also owns the entire capital stock of the Admlralen Steamship Company. The Company operates complete refineries tthree having: a present capacity of 80,000 barrels per month, viz.: Pennsylvania Par- affine "Works, Bessemer Refining Company and Glade Oil Works) making all petroleum prod- ucts; it also has an extensive marketing sys- tem in the United States and foreign coun- tries. The Company has its own pipeline system, comprising 210 miles of main and gathering lines, and oil production in Pennsylvania and Ohio, where it operates about 700 wells. Com- pany also has a compounding plant. 2 export stations in Chester and Philadelphia, 184 d!s- ributing stations located In Eastern Pennsyl- stations in Chester and Philadelphia, 197 dis- vania, along the Atlantic Seaboard, Kansas, Missouri, Oklahoma and Texas ; and at Liverpool, England; also operates 51 distri- buting stations located in Michigan, Minne- sota, North Dakota, and Wisconsin, owned by The Bartles Oil Company. Owns 190 tank cars and leases additional 49 tank cars. Company has distributing agents in Japan. All of the common stock of the company Is owned by the Cities Service Co. Capitalization. Outstanding. Common $3,001,600 Funded debt 2,710,000 Secured by a first mortgage on all the prop- erty owned by the company in fee or here- after acquired, and by pledge of oil leases and of all stock of subsidiaries except qualify- ing shares. None of the collateral companies may create any mortgage indebtedness unless pledged to secure these bonds. For detail of property covered see "Organization.** Earnings — Company doe's not report earn- ings. Original Market— Offered Sept., 1916, by Bl- kins, Morris & Co., and Montgomery, Clothi- er & Tyler, Philadelphia, and Kissel, Kinni- outt & Co.. New Tork, at 100 and interest. Market. New York — Bauer, Starr & Co., Montgom- ery & Co., Morton Lachenbruch & Co., B. & C. Randolph, Newburger, Henderson & Loeb. Boston — F. B. Bassett & Co. Philadelphia — Bauer, Starr & Co., Boenning, Garrison & Co., Carstairs & Co., Blklns. Morris & Co., Graham. Parsons & Co., Hun- toon & Co., O. B. Lansinger & Co., McCown & Co., Sam'l K. Phillips & Co., Newburger, Henderson & Ijoeb, Investment Registry of America. Market New York — Henry L. Doherty & Co., Van- derhoef & Robinson; Bauer Starr & Co., Carruthers Pell & Co., Montgomery & Co. Philadelphia — Barnes & Lof land ; Bauer, Starr & Co., Elkins, Morris & Co., Graham, Parsons & Co., O. B. Lansinger & Co., Sam- uel K. Phillips & Co. Chicago — Babcock. Rushton & Co. Price Range. Jan. 1, '16 to Jan. 1, '31. 1920 Bid. Ask. Bid. Ask. High 99% '16 101 '17 94 Feb. 95 Feb. Low. 82^ *20 85 '20 82% Dec. 85 Dec. CROSSTOWN (Buffalo) STREET RAILWAY Ist 5s. Due May 1, 1933. Dated May 2, 1892. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding $2,624,000 Owned by International Ry 350,000 Denomination — Coupon, $1,000. Trustee — Metropolitan Trust Co., New York. Guaranteed as to principal and interest by Buffalo Ry. Co. - Control — Absorbed by the International Ry. Co. Secured by a first mortgage on 53 miles of street railway in Buffalo, N., T. Franchises are perpetual. Underlies — International Ry. Co. Ref. & Imp. 5s. Earnings — See International Ry. Co. Market. New York — Hodenpyl, Hardy & Co., Van- derhoef & Robinson, Carruthers, Pell & Co., Bauscher & Mackay. Price Range. Jan. 1, '09, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 106 '09 108 '09 65 Nov. 87 Feb. Low. 60 '20 65 '20 GO Dec. 65 Dec. CROSSTOWN STREET RAILWAY (Columbus) 1st 5s. Due June 1, 1933. Dated June 1, 1893. Interest payable June and Dec. 1, at E. W. Clark & Co., Philadel- phia, company's office, Columbus, Ohio. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding $572,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., "New Tork. Control — Merged into the Columbus Ry., Lt. & Pr. Co. in 1914. Secured by first mortgage on important street railways in Columbus, Ohio, including the principal line serving the w^estern part of the city. Franchises for most of the street railway lines in Columbus expire in 1926, but a part of the lines covered by this mortgage are operated under franchises grant- ed in 1868 and 1878, which the company claim to be perpetual. Underlies — Columbus Ry. ' 1st Cons. 4a of 1939; C. Ry., P. & Lt, 1st Ref. & Ext. 5s of 1940, which provide for the retirement of this issue, and also Gen. 6s, all of which are pledged to secure S% notes. Earnings — See C, Ry., P. & Lt, 1st Ref. & Ext. 5s. Listed on the Philadelphia and Columbus Stock Bxchanges. Market. New Yorw — Berdell Bros. Philadelphia — Bauer, Starr & Co., H. D. Boenning & Co. Price Range. Jan. 1, '08, to Jan, 1, '31 1920 Bid. Ask. Bid. Ask. High 104 '09 106 '10 65 Nov. 83 July Low. 60 '20 65 '20 60 Nov. 65 Dec. 379 CKOWBLL & THURLOW STEAMSHIP CO. 1st 8s. Due $150,000 each March 1 from 1933 to 1933, incl. Dated March 1, 1921. Interest payable Mareh 1 and Sept. 1, in Boston. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,500,000 Outstanding: 1,500,000 Purpose of Issue — Proceeds will be dQr posited with the Trustee, the Exchange Trust Co., Boston, to be released only to pay for actual expenditures made in the construction of the new steel freighter of 9,500 deadweight tons capacity now being built at the Bath Iron Works and desig- nated as Hull 86, which ship it is ex- pected w^ill be completed and turned over to the company in July of this year. Denominations — Coupon, $1,00 Oand $500; registerable as to principal or fully regis- terable. Trustee — Exchange Trust Co., Boston. Redeemable on any interest date on SO days' notice at 105 and interest. Orgranizatlon — Incorporated in Maine, 1912. As of March 1, 1921, operated 8 ocean-going steel freighters with a total deadweight carrying capacity of 60,200 tons. Capitalization Outstanding Common $3,000,000 Funded Debt 1,500,000 Secured by a direct first mortgage on 8 vessels now in operation, having a total deadweight tonnage of 60,200 and* also by a first mortgage durijig construction on Hull 86, which on her documentation as a vessel about July, 1921, will be included under a supplementary first mortgage. This fieet of vessels has a present value estimated at over $100 per deadweight ton and a present replacement value of $140 per deadweight ton. These bonds are issued at the rate of $21.52 per ton. The vessels covered are as follows: Capacity Built d.w.t. Peter H. Crowell 1912 5,000 Lewis R. Thurlow 1913 5,100 Edward Peirce 1914 7,200 Walter D. Noyes 1915 7,200 Stephen R. Jones 1915 7,200 Wm. A. McKenney 1916 9,500 Felix Taussig 1917 9,500 A. L. Kent 1920 9,500 Hull 86 (now building) 1921 9,500 69,700 Under the provisions of the Trust Agree- ment the company covenants as follows: The vessels of the fleet were built under Special Survey and have the highest classi- fication of Lloyd's Register of shipping — 100 A-1, and the mortgage will provide that they must be maintained. The company will not create or permit to be created any lien or charge having precedence over, or parity with these bonds, that it will promptly pay all lawful claims and demands however arising, which, if un- paid, might by law have precedence or parity with the bonds as a lien or charge upon the vessels, and that it will promptly release any vessel from any libel or other detention. This company may sell, free" of the lien of this mortgage, any vessel covered there- by, provided as a condition to such release, that the price is found by an approvided surveyor to be the fair value of the vessel and that ,the company deposit with the Trustee the proceeds of such sale, to be applied towards the purchase or redemp- tion of bonds of this issue. Whi le any of these bonds are outstand- ing, the company will maintain on all its vessels full insurance to the extent of 125% of the par value of such bonds at any time outstanding, and also protection and in- demnity insurance, in proper form ade- quately to protect the holders of these bonds. Years ended I>©c. 31: Gross. *Net 1920 $4,784,647 $2,127,722 1919 4,675,360 2,812,920 1918 3.720,419 2,671,481 1917 3,415,328 994,488 1916 1,224,655 842,986 "* *After depreciation and before Federal Orig:iiial Market — $1,500,000, offered Mar. 1921, by Harris, Forbes & Co., New York, etc., at 99% and interest. CROWN WILMAMETTE PAPER CO. Ist 68. Bue $100,000 annnally each May 1 from 19^0 to 1033. inclasive; $135,000 from 1933 to 1936, inclDSive, and $200,000, 1937 to 1941, inclnsive. Dated May 1, 1916. Interest payable May 1 and Nov. 1 at Continental & Commercial Trust & Savings Bank, Chicago, or Anglo- California Trust Co., San Francisco. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $6,000,000 Outstanding: (Jan. 1, '21) 2,700,000 Matured and Paid 300,000 ♦Reserved for Add 3.000,000 * Issuable after the expiration of five years from May 1, 1916, to an amount not exceed- ing in the aggregate 75% of the actual rea- sonable cost of additions and improvements. Denomination — Coupon. $1,000. Register- able as to principal. Trustees — Continental & Commercial Trust & Savings Bank, Chicago, and Wra. P. Kopf. Redeemable on four weeks' notice as fol- lows ; 103 and interest for first 1 years, 102^ and interest for next succeeding 5 years, 102 and interest for next succeeding 5 years, and 101 and interest thereafter. Sinking Fund — $ 1 . 5 per thousand feet on all pulp timber and $2.50 per thousand feet on all saw timber cut from the company' s Jioldings covered by the trust deed. This fund is to be used for the payment of the principal of maturing bonds. Orsanization — Incorporated in Maine in 1914 as successor to the Crown Columbia Paper Co. and the Willlamette Pulp & Paper Co. This company is the largest manufacurer of paper on the Pacific Coast. Capitalization. Outstanding, Common $5,000,000 1st Pref. (7% cum.) 6.000,000 2d Pref (6% non-cum.) 2,000,000 Funded debt 2.700,000 " Secured by a first mortgage on plants lo- cated at West Linn, Lebanon and Oregon City., Ore.; Camas, Wash., and Floriston, Cal., with a combined daily capacity of 400 tons of newsprint, lOO tons of wrappings, 35 tons tissue; pulp and sulphite mills, bag fac- tory, having a daily capacity of 2,000,000 bags; 107,466 acres of land owned in fee, on which there is estimated to be 2,476,119 feet of timber, of which 62% is suitable for pulp wood; 82,000.000 feet of standing timber on 6,596 acres not owned; water power at Flor- iston, Cal., and leases and contracts for ad- ditional water and electric power for Camas plant, which run to 1955, Earnings — Company does not report earn- ings. Orleinal Market — Offered June. 1916. by Continental & Commercial Trust & Savings Bank, Chicago, at prices ranging from 101% for 1918 to 100^ for 1924 maturities and 100 and interest for remaining maturities. Market. Chicago — Continental & Commercial Trust 6 Savings Bank. 3[i0 CUBA CANE SUGAR CORP. 10-Yr. Conv. Deb. 7s. Due Jan. 1. 1930. Dated Jan 1, 1920. Interest payable Jan. and July 1 at Trustee's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $25,000,000 Outstandiine 25,000,000 Purpose of Issue — To provide additional working capital. Denomination — Coupon $100. $500 and $1,- 000; reglsterable as to principal. Trustee — Guaranty Trust Company, New York. Redeemable on 60 days* notice at 10 7 % during the first five years: 105 during the sixth year; 104 during the seventh year; 103 during the eighth year; 102 during the ninth year and 101 thereafter, but the right of re- demption shall not be exercised until not less than 60 days after the debenture bonds shall have become convertible. Bonds re- deemed are to be cancelled. Convertible on and after Jan. 1, 1922 (or sooner if at any time permitted by law) into common atock of the company (no par value) at the rate of $60 per share. Conversion privileg-e extends to and includ- ing date of redemption. Organization — Incorporated in New York in 1915, and owns the following sugar produc- ing estates in Cuba: Jasueyal, Moron, Con- chita, Mercedes Julia, Alava, Santa Ger- trudls, Lugareno, Perseverancia, Maria "Vic- toria, Socorro, Feliz, Soledad, Ijequeitio, Stewart and Violeta. . The company owns in lee the 373,800 acres and holds under leases 231,000 acres of land. The company owns and operates 683 miles of railway with 121 locomotives and 3,504 cars. The com- pany's mills ground 5,598,176 tons of cane in the fiscal year ending Sept. 1 1919. Capitalization. Outstanding. Common (no par) .500,000 shs. Preferred (7 % cum.) $50, 000, 000 Funded debt 25,000,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the com- pany covenants not to create any mortgage on any of its properties except purchase money mortgages, while these debentui'-s are outstanding. Tears ended Sept. 30: Net. Dep'n. Int., etc. 1920 $22,249,202 $3,500,000 $2,156,585 1919 11069,880 2,150,000 555,810 1918 7,390,604 1,750,000 697.654 1917 11,095,531 2,250,000 244,003 Listed on New York Stock Exchange. 'Original Market — $25,000,000 offered Janu- ary, 1920. by J. & W. Seligman & Co., Hay- den, Stone & Co., and Halsey, Stuart & Co.. at 100 and interest. Market. New York — Farr & Co., Herzfeld & Stern, Salomon Bros. & Hutzler, Schuman & Selig- mann, Vanderhoef & Robinson. Pittsburg: — Continental Trust Co. Chicago— Halsey, Stuart & Co., Price Kansre 1930 — N. Y. S. E. — High 100 Apr. 22; Low 76 Dec. 21. CUBA RAILROAD CO. 1st 5s. Due July 1, 1952. Dated Sept. 18, 1902. Interest payable Jan. and July 1, at Royal Bank of Canada, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000 per mile Outstanding $12,030,000 Denomination — Coupon, $1,000. Registered, $1,000 and multiples. Coupon fully register- able. C. & R. interchangeable. Trustee^Guaranty Trust Co., New York. Organization and Control — Incorporated in New Jersey in 1902. The Cuba Co. (con- struction company) owns the entire outstand- ing common stock and $1,000 of the preferred stock. Capitalization. Outstanding. Common $15,800,000 Preferred (6% non-cum.) 10,000,000 Funded debt 22,188,000 Secured by a first mortgage on 658.1 miles of road, terminals of the Company at Santa Clara, Santiago, Sancti Spiritus. Pompo, La Maya, Holquin, Antilla and Manzanillo equip- ment and all other property now owned or hereafter acquired, viz. : Miles Santa Clara to Santiago 356.1' Alto Cedro to Antilla 30. 8 Zaza Jet. to Sancti Spiritus 7.3 Dos Camlnos Ponupo 11'2 Jatibonico to Pelayo ll'S Cacocum to Holguin H-l Marti to San Luis (by way of Bayamo). .141.3 Bayamo to Manzanillo 32.5 Placetas el Sur to Caslia 56.0 Underlies — Imp. & Equip. 5s of 1060. Years ended June 30: Gross. Net. Interest. 1920 $14,149,108 $3,704,873 $1,264,705 1919 12,236,246 3,466,960 1,269,640 1918 11,645,098 3,937,078 1,311,488 1917 6,452,108 1,934,532 1,140,715 1916 6,815,697 .3,528,659 973,340 Listed on the New York, London and Am- sterdam Stock Exchanges. Market. New York — Arthur E. Frank & Co., Sam'l Goldschmidt, "Vanderhoef & Robinson. Price Range — N. Y. S. E. Jan. 1, '10, to Jan. 1, '21 1920 High 100 May 7, '10 73 Mar. 24 Low. 63 Aug. 11, '20 63 Aug. 11 CUBA RAILROAD CO. Improvement & Equip- meni 5s. Due May 1, 1960. Dated July 1, 1910. Interest payable May 1 and Nov. 1 at Royal Bank of Canada, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $12,000 per mile (exclusive of sidings). Outstanding $4,000,000 Purpose of Issue — To reimburse the com- pany for expenditures for terminals, rolling stock, additions and improvements. Denominations — Coupon $1,000, $600 and $100; 1.000 francs and 500 francs. Register- able as to principal. Trustee — New York Trust Co., New York. Organization and Control — See 1st 5s. Secured by a second mortgage on the prop- erty covered by the first lien of the 1st 5s of 1952. Prior Lien. — $12,030,000 1st 5s of 1952. Karnings — Kee 1st 5 s. Listed on the London Stock Exchange. Original Market — $2,500,000 offered 1912 by Robert Fleming & Co. , London, at 95 and interest. The remaining $1,500,000 were sold in Amsterdam by the same firm. Market. New York — Sam'l Goldschmidt, Vander- hoef &. Robinson. Piice Range Jan. 1, '19, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 65 '20 85 '19 65 Mar. 70 Mar. Low. 50 '20 55 '20 50 Dec. 55 May CUBA RAILROAD CO. (THE) 2-Year Ext. 6% Secured Note.s. Due Nov. 15, 1922. Dated Nov. 15, 1918. Extended Nov. 15, 1920, at same interest rate. Interest pay- able May 15 and Nov. 15 at Trustee's office, Philadelpliia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 2,000.000 Purpose of Issue — The proceeds of this issue were used to pay in part $3,000,000 3-year 5% notes which matured Nov. 15, 1918. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable — $1,000,000 face value of notes may be redeemed on Nov. 15, 1919, at 100% and interest, upon four week's notice. Organization — See 1st Ss. Secured by deposit of $2,000,000 capital stock (entire issue except quallfyinsr shares) of the Camaguey & Nuevitas R. R. Co. The property of the latter company is free of niortgaire debt and the Cuba R. R. Co. cove- nants in the indenture securing these notes not to use its voting power for the creation of any lien, security, or charge, upon the property or franchises of the collateral com- pany. The property represented by the pledged collateral includes about 48 miles of road ex- tending from a junction with the main line of The Cuba R. R. at Camaguey, northeast- erly to" Nuevitas, and thence to PasteliUo, on the north coast of Cuba. The Camaguey & Nuevitas R. R, Co. also owns a concession for the construction, under subsidy, of 61 miles of road from Camaguey to Santa Cruz del Sur, on the south coast. Earnings — See 1st 5s. Original Market — $2,000,000 offered Nov., 1918, by Drexel & Co., Philadelphia, to hold- ers of the 3-year 5 % notes which matured Nov. 15, 1918, in proportion to their holdings of the old notes on a 7 ^ % basis. CUBA RAILROAD CO. Eqaip. 58. Dne $43.- 000 each Au?. 1 and Feb. 1, to Feb. 1, 1924. inclnsive. l>ated Feb. 1, 1914. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $860,000 Outstanding (Jan. 1, '21) 301,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Montreal Trust Co., Montreal. Secured by an eauipment trust agreement on 500 freight cars, 10 passenger cars, 1 passenger locomotive and 14 freight locomo- tives, costing $955,550, of which the company paid $95,650 in cash. Original Market — Offered March, 1914, by the Equitable Trust Co. , New York. Market. See Equip. 5s, 1917-26, CUBA RAILROAD CO. Equip. 5s. Due $38,- 000 each July Zl from 1915 to 1925, in- clusive; $27,000 each January 21 from 1916 to 1925, Inclnsive. 'Dated January 21, 1915. Interest payable January 21 and July 21, at United States Trust Company of New York, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $550,000 Outstanding: (Jan. 1. '21)....... 247,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — United States Trust Company of New York, New York. Secured by an equipment trust agreement on 6 freight locomotives, 2 passenger locomo- tives, 1 electric welder, 200 flat cars, 150 box cars, 2 sleeping cars, 4 baggage cars, 4 sec- ond class cars, and 2 flrst-class cars, costing $667,776, of which $117,776 was paid in cash. Market. See Equip. 5s due 1926. CUBA RAIIjROAD CO. Equip. 5s. Due $40,- 000 each June 16 and December 15, to Dec. 15, 1925, inclusive. Dated December 15, 1915 Interest payable Dec. IB and June 15, at United States Trust Company of New York, in New York City. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $800,000 Ontstandinsr (Jan 1, '21 400,000 Balance Rotlred. Denomination — Coupon, $1,000. Trustee — United States Trust Company of New York, N. Y. Secured by equipment trust agreement on 12 freight locomotives, 300 flat cars. 150 box cars, 294 flat cars with cane racks, costing $967,000, of which $167,000 paid in cash. Market. See Equip. 5s 1917-26. CUBA RAILROAD CO. Equip. 5s. Due $98.- 000 each May 1 from 1917 to 1926; $97,- 000 each Nov. 1 from 1917 to 192b. Dated November 1, 1916. Interest payable May 1 and November 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,950,000 Outstandingr (Jan. 1, '21) 1,267,000 Balance Retired.- Denomination — Coupon, $1,000. Trustee — Guaranty Trust Company, New York. Secured by an equipment trust agreement on 35 freight locomotives, 3 switching loco- motives, 40 tank cars, 400 flat cars, 10 sec- ond-class passenger cars, 2 baggage cars, 10 second-class passenger cars, 2 baggage cars, 350 box cars, 1 firstclass passanger car, 1 flrst-class observation car, 425 flat cars with cane rack, 9 refrigerator cars, 2 compart- ment sleeping cars, and 3 baggage and mail cars, costing $2,601,469, of which $651,469 was paid in cash. Market. New York — Evans, Stillman & Co., Free- man & Co. Philadelphia — Graham, Parsons & Co. CUBA RAILROAD CO. Equip. Tr. 78 of 1920. Due $85,000 semi-annually from Oct. 1, 1920, to April 1, 1930, incl. Dated April 1, 1920. Interest payable Oct. 1 and April 1 at Commercial Trust Co., Phil- adelphia. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,700. 000 Outstandingr (Jan. 1, '21) 1,611,000 Balance Retired. Denomination — Coupon, $1,000; registerable as to principal. Trustee — Commercial Trust Co., Phila- delphia. Organization — See 1st 5s. Secured by an equipment trust agreement on the following equipment: Three hundred box cars, five first-class passenger cars, ten second-class passenger cars, five baggage and mail cars, five express cars, thirteen locomo- tives, six sleeping cars and two hundred fiat cars. Original Market — $1,700,000 offered March, 1920, by White, Weld & Company, New York and Boston at prices to yield 7%%, CUBAN-ATMERICAN SUGAR COMPANY (The) 1st CoU. S. F. 8s. Due March 15, 1931. Dated M&rch 15, 1921. Interest payable March 15 and Sept. 15 at National City Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $10,000,000 Outstanding: 10,000,000 Purpose of Issue — The entire proceeds of this issue will be used in reduction of pres- ent outstandingr bank loans and other notes and accounts payable and to increase work- ing capital. Denominations — Coupon, $1,000, $500; reg- isterable as to principal. Trustee — National City Bank; New York. Kedeemalile as a whole only at 107 Ms and interest on any interest date upon 30 days' notice. Sinkingr Fund— Quarterly, beginning June 15, 1921, J250,000. This fund will be used to purchase bonds in the market up to 105 and interest, if obtainable; and unexpended balance to be credited upon the next quar- terly installment. Bonds so acquired to be cancelled. Orgranization — Incorporated in New Jersey in 1906, to acquire the entire capital stocks of the Chaparra Sugar Company, the Ting- uaro Sugar Company, the Cuban Sugar Re- fining Company, the Unidad Sugar Company and Mercedita Sugar Company; five inde- pendent companies engaged in the business of cultivating sugar cane and manufactur- ing raw and refined sugar in the Island of Cuba. In 1908 the company acquired the Colonial Sugars Company, organized under the laws of New Jersey, with cane lands, sugar factory and other equipment located in the Island of Cuba, and a sugar factory, lands and refinery in Louisiana. In 1910 purchased the San Manuel Sugar Company, an estate adjoining the property of the Chaparra Sugar Company. These two prop- erties, which are operated as a single unit, form the largest sugar estate in the world. In 1910, the Chaparra Railroad Company was organized to take over the railroad companies of the Chaparra and San Man- uel companies. Capitalization Outstanding Oomman $10,000,000 Preferred (7% Cum.) 7,893,800 Funded Debt 10,000,000 Secured" by pledge of $16,000,000 (the en- tire outstanding issue) of first mortgage bonds of subsidiary companies as follows: The Chaparra Sugar Co. 1st 6s, 1929 $3,500,000 The Chaparra Railroad Co. 1st 6s 1929 2,900,000 San Manuel Sugar Company 1st 6s, 1929 3,500.000 The Tinguaro Sugar Company 1st 6s, 1929 1,000,000 Mercedita Sugar Company 1st 6s, 1929 500,000 The Cuban Sugar Refining Co. 1st 6s, 1929 300,000 The Cuban Sugar Refining Co. 1st 63, 1929 900,000 The Unidad Sugar Company 1st 6s, 1929 400.000 Colonial Sugar Company 1st 5s, 1952 3,000,000 $16,000,000 The company owns all the capital stock, except directors qualifying shares, and the entire outstanding first mortgage bond issues of all the above companies and will reserve the right under the Trust Agreement secur- ing these bonds, to procure an extension of the maturity of the first inortgage collateral (due in 1929) to a date not later than March 15, 1931, or to pledge new mortgages covering the same property and maturing not later than March 15, 1931. Under the provisions of the indenture the company covenants as follows: The company and its subsidiary companies will at all times maintain their aggregate net current assets as defined in the Trust Agreement at an amount equal to at least 100% of the aggregate principal amount of the bonds then outstanding. The company will not dispose of any of the stock of its subsidiaries without first withdrawing the bonds of such subsidiary which are pledged' hereunder by depositing cash equal to 90% of their aggregate prin-' cipal amount or other first mrtgage bonds issued by another subsidiary of an equal principal amount on property having a phys- ical value in excess of 166 2-3% of such bonds so deposited, and of which 60% of the stock having ordinary voting power is owned or controlled by the company. Years ended Sept. 30: Gross. Net. Interest. 1920 $90,413,179 $21,185,862 $498,964 1919 49,324,349 12,046.214 726,985 1918 38,251,539 9,339,479 897,047 1917 38.653,479 10,059,930 675,931 lasted on New York Stock IBxchange. Original Market — $10,000,000; offered March, 1921, by National City Company at 100 and interest. CUBAN SUGAR MILLS CORPORATION 15- Year 1st S. F. 6s. Due Jan. 1, 193S. I>ated Jan. 1, 1917. . Interest payable Jan. 1 and July 1, at Chase Nat'l Bank. New York and' Havana. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding (Apr. 27, '21) 1,201.500 Retired by S. F. 298,500 Denominations — Coupon $1000 and $500, Registerable as to principal. Trustee — The Trust Co. of Cuba, Havana. Redeemable on any interest date on 30 days notice at 102% and interest up to and in- cluding Jan. 1, 1919, and thereafter at 105 and interest. Sinking Fund — Annually beginning August 1, 1918, 5% of total bonds issued for the pur- chase or redemption of these bonds at not over redemption prices and interest. Special Provision — No dividends shall be paid on the common stock until one-half of the bonds issued and outstanding have been retired, and then only 5% per annum shall be paid in dividends on the common stock until all the bonds of this issue have been retired; subject to these provisions, working capital requirements, necessary additions and exten- sions, surplus profits must be devoted to retir- ing bonds. Assumed by the Cuban Sugar Mills Co. Control — Organized to manufacture raw or centrifugal sugar from cane, whether grown on its own or other lands. On Feb. 27, 1920, the property of this company was purchased at public auction, subject to this mortgage, by the -Cuban Sugar Mills Co. Secured by a first mortgage on 36,000 acres sugar land in the Province of Pinar del Rio, having a four-mile frontage on the ocean with a natural harbor; also on modern steel mill with a daily capacity of 1,200 tons and on standard gauge railroad connecting at Los Palacios with railroad to Havana. Original Market — $1,500,000 offered Dec, 1916, by Bertron, Griscom & Co. and Mil- let, Roe & Hagen, New York, and Clarke & Co., Chicago, at 97% and interest. Market. Detroit — Joel Stockard & Co. New York — Hanson & Hanson, Millet, Roe & Hagen. Holyoke, Mass. — E. M. Dickinson. Price Range. Jan. 1, '17, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 65 '20 100 '17 65 Sept. 75 Sept. Low 66'*20 65 Sept. 66 Jan. CUDAHY PACKING CO. (THE) 1st S. F. 5s. Due Dec. 1, 1946. Dated Dec. 1, 1916. Interest payable June 1 and Dec. 1, at Lee, Higginson & Co., New Tork, Boston, or at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $12,000,000 Outstanding (Jan. 1, '21) 7,877,600 Itotired by S. F 1,078,400 In Treasury 44,000 Unissued 3,000,000 83 Denominations — Coupon, $1,000, $500 and $l00. Reeisterable as to prinipal. Registered $1,000, $5,000 and $10,000. C. & R. inter- changeable. Trustees — Illinois Trust & Savings Bank and "William H. Henkle, Chicago. Redeemable at 102 ^y^ and interest on any interest date on two months' notice. Sinking Fund — Annually beginning Oct. 1 , 1917, $250,000 and an additional 2H% an- nually of all bonds issued in excess of $ 9, - 000,000, for the purchase or redemption of these bonds at not over 102% and interest. Bonds so acquired to be cancelled. Oreranization — Incorporated in Maine in 1915 as successor to a company of same name or- ganized in 1887. Is one of the largest packing house concerns in the country, having plants in Omaha, Kansas City, Sioux City, Wichita, Salt Lake City, Los Angeles, Memphis and East Chicago, and distributing- branch houses in over 100 of the principal cities of the United States. Capitalization. Outstanding. Common $17,249,500 Preferred (6% cum.) 2.000.000 Pref. (7% cum.) 6,550,500 Funded debt 14,921,600 Secured by a first mortgage on all real es- tate, plants, other fixed properties, rolling stock, trade marks, etc., now owned or there- after acquired. As of Oct., 1920, real estate, plants, branch houses and rolling stock valued at $23,833,457, net quick assets, $19,929,282; total net assets, $30,522,721. Underlies — 5-year S. F. 7% Notes of July 16,, 1923. Years ended Nov. 1. Gross. *Net. 1919 $288,802,000 624,288 1919 305,997.398 2,064,995 1918 286,660,971 3,376,808 1917 184,811,423 4,430,529 1916 133,960,986 3,011,415 *After interest, sinking fund, excess profit, taxes, etc. Original Market — $9,000,000 offered Dec. 1916, by Lee, Hig&inson & Co., at 98% and in- terest. Market. New York — Babcock, Rushton & Co., Earle A. Miller & Co., E. A. Baker & Co., Merrill Lynch & Co.. Carruthers Pell & Co. Philadelphia — Wm. "W. Pogarty. Chicagro — John Burnham & Co., Curtis & Sanger, The Merchants Loan & Trust Co. , Merrill, Lynch & Co. Ix>uisville — Fidelity & Columbia Trust Col Omaha — United States Trust Co. IMilwaukee — First Wisconsin Co. i Price Range. Jan. 1, '17, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 100 '17 lOOVi '17 88 Jan. 89 Jan. Low. 68 '20 72 '20 68 Dec. 72 Dec. Cm>AHY PACKING CO. (The) 5-Year 7% S. F. Notes. Doe July 15, 1923. Dated July 15, 1918. Interest payable Jan. 15 and July 15, at Lee, Higginson &"Co., New York, Boston and Chicago, and at Illinois Trust & Savings Bank. Chicago. Tax Status — 2 % Federal .Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding: (Jan. 1, '21) 7,000,000 Retired by S. F 3,000,000 Purpose of Issue — To provide additional working capital by reducing current liabilities. Denominations — Coupon $1,000, $500 and $100. Registerable as to principal. Trustees — Illinois Trust & Savings Bank and William H. Henkle, Chicago. Redeemable as a whole on any interest date, or in part for sinking fund on any July 15, at 101 and Interest, upon 20 days' notice. Sinking Fund — ^Annually, commencing on or before July 15, 1919, 15% of total notes is- sued. This will retire at least $1,600,000 of these notes in each year to 1922 inclusive. Organization — See 1st S. F. 6s of 1946. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. Under the provisions of this indenture the company covenants that while these notes are out- standing, it will not further mortgage or pledge any of its assets, except in the ordi- nary course of business ; it will not issue, guarantee or endorse any other bonds, de- bentures, long time notes or similar securities* except for the acquisition of additional prop- erty and except purchase money obligations; it will maintain net quick assets equal to at least 200 per cent, of the amount of these notes outstanding; it will maintain total quick assets equal to at least 150% of its current liabilities; and it will maintain its capital stock and surplus of not less than $23,600,000 and will pay no cash dividends on the com- mon stock except out of profits earned after Oct. 27, 1917. Prior Liens — $7,921,600 1st S. F. 5s of 1946. FamingB — See 1st S. F. 5s of 1946. Original Market — $10,000,000 offered July, 1918, by Lee, Higginson & Co., Boston, etc.. National City Co., New York, Illinois Trust & Savings Bank and Merchants Loan & Trust Co.. Chicago, and First National Bank, Mil- waukee, at 98 and interest. Market. New York — Ames, Emerich & Co., Bab- cock, Rushton & Co., Barston & Co^, T. Hall Keyes & Co., Salomon Bros. & Hutzler, Mann Pell & Peakes, Bull & Eldredge, Gil- bert J. Postley, Hall Keyes. Boston — Curtis & Sanger. Chicagro — John Burnham & Co., Curtis & Sanger, The Merchants Loan & Trust Co., Merrill, Lynch & Co. LiOuisviUe — Fidelity & Columbia Trust Co. Omaha — United States Trust Co. Price Range. Jan. 1, '19, to Jan, 1, '21. 1920 Bid. Ask. Bid. Ask. Highl02% '19 102% '19 100% Feb. 101^ Feb. Low. 93 '20 95 '20 93 Dec. 96 Dec. 3S4 CUMBERLAND COUNTY (ME.) POWER & LIGHT CO. 1st & Retf, 55. Due Sept. 1, 1942. Dated August 1 , 1912. Interest payable March and September 1, at Trustee's office, or A. B. Leach & Co., New York. .Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding 2,918,000 In Treasury '. 296,000 Reserved for prior liens.... 3,000,000 Re&ereved for Ext 3,786,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Empire Trust Co. , New York. Redeemable as a whole at 105 and interest on any interest date upon 60 days' notice. Depreciation and Sinking Fund — Beginning July 1. 1915. and annually thereafter 1% of outstanding bonds, but not less than $20,000 peu annum for the purchase of bonds at not exceeding 105 and interest or the company may be reimbursed for the actual cash cost of replcements, extensions, additions, etc., and for the actual cash cost of extraordinary renewals and replacements. Organization — Incorporated in Maine In 1907. Operates the Portland Railroad Co. un- der lease and controls through stock owner- ship the York County Power Co. Does the en- tire electric light and power business of Port- land, Me., and vicinity, and through subsidiary •ompanlea operates the street railway syatems of Portland and South Portland, with lines to Yarmouth. Cape Elizabeth, Old Orchard, Gor- ham, South "Windham and other towns; the gas and electric plants supplying Biddeford and Saco and plants supplying electricity In Kennebunk. York, Sanford and other towns In southwestern Maine. Capitalization. Outstanding. Common $1,348,400 Preferred (6% cum.) 2.300,000 Funded debt 6,214,00 Management — E. W. Clark & Co. Phila- delphia, ' Secured by a mortgage on four hydro-elec- tric plants located on the Saco and Presump- Bcot rivers within 2B miles of Portland, Me., and a steam plant in that city with a com- bined capacity of over 18.670 k. w.; transmis- Bion lines (108 miles) to and distribution sys- tem in Portland and adjacent territory and also on the 99-year leasehold right of the Portland Railroad. Franchises are reported as liberal. Population served 275,000, Prior laens — Subject to ?2,648,000 bonds, as follows: Consolidated Elec. Lt. 1st 4 % s 1925 $500,000 Portland Electric 1st 5s 1926 1,148,000 Portland Electric 6% Cum. Pref... 600,000 Portl'd Lt. & Power 1st Ext. 7s 1931 500,000 The above issues are closed and bonds of this issue are reserved to retire them. Years ended Dec. 31 (consolidated). Gross. Net. Int., Etc. 1920 $3,114,008 $971,174 $667,483 1919 2,768,600 954,666 672,252 1918 3,226,900 925,736 859,075 1917 3,081,927 1.027,881 820.400 1916 2,866.997 1,091.510 809,342 Original Market — Offered in 1912 by A. B. Leach & Co., of New York, etc., at 98 and Interest. Market. New York — A. B. Leach & Co., Horn- blower & Weeks. Boston — L. Sherman & Adams, H. O. Spll- ler &,Co. Price Range, Jan. 1, '17, to Jan. 1, '21, 1920 Bid. Ask. Bid. Ask. High 96 '17 99 '17 75 Nov. 85 Nov. Low. 62 '20 69 '20 62 Aug. 69 Dec. CUMBERLAND TELEPHONi: & TELE- GRAPH CO. Ist & Gen. Ss. Dae Jan. 1, 1937. Dated January 1, 1912 Interest payable Jan. and July 1, at Columbia Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Antliori^ed $15,000,000 Outstanding: 14,969,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Tmstees — Columbia Trust Co., New York, and P. V. R. Van Wyck. Summit, N. J. Redeemable as a whole at 105 and interest on and after July 1, 1917, upon eight weeks notice, provided the company has first ac- quired and cancelled more than $12,000,000 of these bonds. Organization — Incorporated in Kentucky In 1883 and operates under perpetual and ex- elusive license from the American Bell Tele- phone Co., throughout the States, Mississippi and Louisiana, the greater parts of Kentucky and Tennessee and a few counties In Illinois and Indiana. Capitalization. Outstanding. Common $17,250,050 Funded debt 15,385.000 Controlled by the Southern Bell Telephone & Telegraph Co. through ownership of a ma- jority of capital stock. The latter company Is controlled by the Am. Tel. & Tel. Co. Secured by a first mortgage on all the prop- erty of the company except that covered by the first lien of the first 5s on which this mortgage is a second lien. The company serves a territory of 176,768 square miles with a population of more than 8.000,000. Dec. 31, 1918, owned 214,120 stations and 106,619 con- Cnderlies — Deb. 6s of 1920. Years ended Dec. 31. ' Gross. Net. Int. & Rent. 1920 $13,947,012 $1,578,030 $1,432,441 •1919 5,434,322 $2,125,519 1,257,637 tl918 5,604,545 1,205,722 845.572 1917 9,219,954 2,379,936 1,345,041 1916 8,485,199 2.263,264 1,272,518 1915 7,880,374 2,180,667 1,300,089 ♦Excludes revenues and expenses borne by the U. S. Gov't for Federal control period from Jan. 1, '19, to July 31, '19. tSeven months ended July 31, '18. Jlncludeg government compensation, $1,184, • 694. Listed on the New York, Boston and Louis- ville Stock Exchanges. Original Market — Offered in 1912 at par and Interest by Geo. H. Burr & Co., Parkinson & Burr, Estabrook & Co., Lee, Hlgglnson &'Co.. of New York, Boston, etc. Market. New Yorl£ — Joseph GUman, T. L. Mac- Donald. Louisville — Black, Fitter & Co., Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Nashrille — Caldwell & Co. Price Range — N. Y. S. E. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. High 101^ Nov. 15, .'16 85^4 Jan. 30 Low. 70 May 26, '20 70 May 26 385 CUMBERLAND VALLEY TELEPHONE CO. OF PA. SO-Year Ist S. F. 6s. Due Jan. 1, 1966. Dated Jan. 1, 1916. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free In Pennsylvania. Authorized $750,000 Outstanding 265,000 ^Reserved for Additions, etc 486.000 •Issuable for 85% of cost when net earn- ings for the previous year are equal to 1 H times interest charges on all bonds outstand- ing and to be issued. Denomination — Coupon, $100, $600 and $1,- 000. Registerable as to principal. Trustee — Mechanics' Trust Co., Harrlsbure. Pa. Redeemable at 100 and interest on any in- terest date. Sinking Fond — Annually, beginning Jan., 1921, 1% of outstanding bonds for the pur- chase or redemption of these bonds at not over 100 and interest. Organization — Organized under the laws of the State of Pennsylvania, as a reorganization of a company of the same name, Dec. 28, 1915. Operates the following exchanges in the State of Pennsylvania: Harrishurg, Hum- melstown. Steelton, Marysville, Duncannon. Carlisle, Mechanicsburg, Mt. Holly, Newville, Chambersburg, Payett'eville, Greencastle, St. Thomas. Shippensburg, Wasmesboro, Hanover, Gettysburg, BiglerviUe, Littletown, New Ox- ford, Lewistown, MlfClintown, Reedsvllle, Mid- dleburg, -Newport, Adamsburg, Selinsgrove, ElizabethvlUe, Mlllersburg and Tower City; Hagerstown, Md. ; Martlnsburg, W. Va. , and Winchester, Va. The company also owns the entire capital stock of the Lykens Telephone & Telegraph Co., operating In Lykena, Pa., and the entire capital stock of the Cumber- land "Valley Telephone Co. of Balitmore City, operating iji the States of Maryland, Virginia and Wiest Virginia. The, territory served has a population oZ over 300.000. Capitalization. Outstanding. Common -$656,000 Funded debt 1,00.7,000 Secured by a first raortsage on all the prop- erty of the company now owned or hereafter acquired. For detail see "Organization." Franchises are all perpetual. Underlies — $737,000 Gen. 4s-53, due April 1, 1966. Years ended Dec. 31. Gross. Net. 1920 $286,916 $101,736 1919 242,380 77,965 1918 227,607 76,461 1917 213,278 63,775 1916 182,192 50,384 1915 171,325 51,982 Original Market — Offered March, 1917, by Chandler & Co., Philadelphia, New York and Boston, at 97% and interest. Market. New York — T. L. McDonald, Morton Lach- enbruch & Co., Joseph Oilman. Boston — H. C. Spiller & Co. Philadelphia — McCown & Co., Samuel I-C Phillips & Co. Price Rangre. Jan. 1, '19, to Jan. 1, '20 1920 Bid. Ask. Bid. High 90 '19 92% '19 60 June Low 40 '20 40 Dec. CURRENT RITER RATLROAD CO. 1st 5s. Due Oct. 1, 1927. Dated October 1 , 1887. Interest payable April and Oct. 1, at Old Colony Trust Co., Boston. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Oastanding $1,606,000 Denomination— Coupon, $1,000. Register- able as to principal. Trustee — New England Trust Co., Boston. Assumed by the Kansas City, Fort Scott & Memphis Ry. Co. Control — ^Absorbed by the Kansas City, Fort Scott & Memphis Ry. Co. All of the stock of which company is owned and its property leased by the St. Louis-San Francisco K. R. Co. Secured by a first mortgage on 81.95 miles of road from "Willow Springs to Grandin, Mo, Underlies-— K. C, Ft. S. & M. Ref. 4s Of 1936. Bonds are reserved under that mort- gage to retire this issue. Xisted on the Boston Stock Exchange. Market. New York — Samuel Goldschmidt, Fred H. Hatch & Co., Vanderhoef & Robinson, Wm. Carnegie Ewen, Carruthers, Pell & Co., Edwin Wolff. Philadelphia — McCown & Co., Isaac Starr, Jr., & Co. Price Range. Jan. 1, '17, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 101% '12 102% '12 85 Jan. 90 Jan. Low. 70 '17 80 '17 80 Sept. 83 Sept. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $2,676,000 Denomination — Coupon, $1,000, Re&ister- able as to principal. Trustee — Citizens' Savings & Trust Co., Cleveland, O. Assumed by the Ohio State Telephone Co. Control — Incorporated in 1898 in Ohio to operate a telephone system in Cleveland and vicinity. Merged with 14 other companies into the Ohio State Telephone Co. in 1914. Secured by a first mortgage on all the prop- erty of the company, which operates about 30,000 telephones in Cleveland and vicinity. It has seven exchanges, 460 miles of subway and 150 miles aerial cable, together with a nine story building in business centre of Cleve- land. Underlies — $5,000,000 Ohio State Tel. Con- sol. & Ref. Series "B" 5s of 1944. Earnings — See Ohio State Telephone Co. Listed on the Cleveland, Toledo and Colum- bus Stock Exchanges. Original Market — First offered by Kissel. Kinnicutt & Co., New York. Offered 1911 by Miller & Co., New York, offered December. 1918 by Otis & Co., Cleveland, at 99% and interest. Market. New York— ^Joseph Gilman, T. L. Mac- Donald, Rauscher & Mackay. Boston — C. E. Denison & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99% '17 101 '18 93 June 99 Nov. Low. 65% '08 67 'OS 90 Nov. 95 Dec. CUYAHOGA TELEPHONE CO. (THE) 1st Ext. 7s. Due Dec. 1. 1021. Dated Jan. 2, 1899, and originally due Jan. 1 , 1919, but was extended for three years from Dec. 1, 1918. Interest increased from 5%. Interest payable June 1 and Dec. 1, at Citizens' Savings & Trust Co., Cleveland, or at J. P. Morgan & Co., New York. CUYAMEL FRCIT CO. Marine Equip. 6s, Due monthly as follows: $100,000 from Mar. 1, 1931 to June 1, 1921. iucl.; $125.- 000 from July 1, 1921, to June 1, 1922, and $100,000, July 1, 1922. Dated Mar. 1, 1920. Interest payable Mar. 1 and Sept. l,.at Hibernia Bank & Trust Co., New Orleans. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding: (July 1, '21 1.600,000 Balance Retired. Purpose of Issue — To pay for five new com- bination freight and passenger steamers now in the course of construction at contract prices aggregating about $3,000,000 of which the first $1,000,000 will be paid out of the current assets of the company. Denomination — Coupon, $1,000. Trustee-r-Hibernia Bank & Trust Co., New Orleans. Redeemable at 101 and interest on any interest date upon 30 days' notice. Guaranteed principal and interest by Mr. S. Zemurray (the founder and president of the company), by endorsement. Organization — Incorporated in Louisiana in 1911. The company is a large fruit producer and importer. Secured by a direct lien on five new com- bination freight and passenger steariiers dur- ing construction, and thereafter by the notes and all the stock of a subsidiary of the Cuyamel Fruit Co., which subsidiary will hold title to said ships. Under the provisions of the trust deed the company covenants not to incur any funded debt during the life of these notes. Original Market — $2,000,000 offered Feb- ruary, 1920, by Hibernia Securities Company. New Orleans, at prices ranging from 99.52 to 97.88 and interest. 386 DAKOTA CENTRAI. TELEPHONE CO. 1st 6s. Due June 1, 1935. Dated June 1, 1915. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding: (Jan. 1, '21) 1,089,500 Held in S. F. 63,000 In Ti-easury 12,500 Reserved for Ext 1,335,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustee — Boston Safe Deposit & Trust Co., Boston. Redeemable on any interest date at 107% and interest. Sinking Fund — Annually, beirinning June 1, 1916, 1% in cash of amount of bonds out- standing, plus interest on bonds in sinking fund, to be applied to purchase of these bonds. Bonds so acquired to be held alive in Sinking Fund. ' Organization — Incorporated in South Dako- ta. Capitalization. Outstanding. Common $1,622,792 Preferred (6% cum.) 111,200 ■Funded debt 1.089,500 Secured by a first mortgage on the tele- phone system operating under the Bell li- cense in South Dakota, east of the Missouri River, except in Sioux Falls and vicinity, and in adjoining parts of North Dakota. The company's plant includes 3,600 miles of- toll lines and 3,000 miles of rural lines, and, it operates exchanges in 80 communities. The population of the territory is about 400,000. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $1,083,342 $272,812 $93,051 1919 945,843 212,516 76,479 1918 791,333 207,313 62.567 1917 745,867 216,520 76.948 1916 673,050 190,789 60.724 1915 592,062 141.184 53,164 Original Market — $1,000,000 offered in June, 1915, by Merrill, Oldham & Co., Boston, at par and interest. •Market. New York — Joseph Oilman. Hartshorne & Battelle, F. L. MacDonald, Carruthers, Pell & Co., Rauscher & Mackay. Price liangre 1920 Bid. Ask. High 81 Dec, 88 Dec. Low 81 Dec. 85 Dec. DAKOTA POWER CO. (The) (Rapid City, S. D.) 1st 6s. Due March 1, 1930. Dated Sept. 1, 1918. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $1,000,000 Oatstandingr (Jan. 1, '21) 253,750 Reserved for Ext 746,250 Denomination — Coupon $1,000, $500 and $250. Registerable as to principal. Trustees — Chicago Title & Trust Co. and Wm. C. Niblack, Chicago. Sinking Fund — 2 %' per annum beginning Sept. 1, 1923, to purchase bonds at not ex- ceeding 101 and interest. Organization — Incorporated in South Dako- ta In 1907. In 1911 absorbed the Rapid City Electric & Gas Light Co. Capitalization. Outstanding. Common $1,000,000 Preferred (7% cum.) 414.860 Funded debt ; 253,750 Secured by a first mortgage on 5 % miles of completed waterway and other water rights on the Rapid River, hydro-electric plant of 2.500 h. p. , a hydro-electric plant of 150 h. p., and on electric distribution sys- tem supplying Rapid City. S. D., and other cities in the Black Hills, S. D.. with elec- tric light and power. Franchise expir'ea in 1930. Population served, 15,000. Years ended Dec. 31: Gross. Net. Interest, 1920 $103,344 $52,089 $15,211 1919 76,266 41.829 15,904 1918 61,459 31,707 32.000 1917 56,720 30,419 38,666 DALLAS & WACO RAILWAY CO. 1st 58. Due Nov. 1. 1940. Dated Nov. 1. 1890. Interest payable May and Nov. 1, at company's office, 61 Broadway, New York. Payment of Interest — Since May, 1916, in- terest payments have been deferred for 6 months. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax ex- empt in Texas. Authorized $2,000,000 Outstanding (Closed mortgage).. 1,340,000 Denomination — Coupon, $1,000- Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the M., K. & T. Ry. Co. of Texas by endorse- ment. Protective Committee — Theodore H. Banks (Chairman), Henry E. Cooper, Frank S. Gan- non, W. C. Langley, with Martin S. "Watts, Secretary, 115 Broadway, New York, and Equitable Trust Co., New York, Depository. Control — Property conveyed to the Missouri, Kansas & Texas R7. Co. of Texas in 1891. Now in receivership. > Secured by a first mortgage on 65.58 miles ol road from Dallas to Hillsboro, Texas. Also a first lien on 7 locomotives, 5 chair cars and 13 box cars. Listed on the New York and Amst-^rdam Stock Exchanges. Market. New York — Dunham & Co., Sam'l Gold- schmidt, Wm. C. Orton & Co., Pouch & Co., Vanderhoef & Robihson, F. J. Lisman & Co., Wolff & Stanley, Carruthers, Pell & Co., Wm. Carnegie Ewen. Price Range— N. Y. S. E. Jan. 1, '00, to Jan. 1, '21 1920 High 110 Mar. 4, '09 60 Nov. 15 Low. 45 June l&i '20 45 June 15 DAIXAS EUECTRIC CORP. 1st Coll. Tr. 5s. Due April 1, 192Z. Dated April 1, 19 02. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax pald^ by company without deduction. Authorized $4,000,000 Outstandin£r (Jan. 1, '21) 155,000- Held in S. F 885,000' Cancelled 2,960,000' Denomination — Coupon, $100 and $1,000'. Registerable as to principal. 387 Trustee — Old Colony Trust Co., Boston. Redeemable aa a whole only at 105 and in- terest on any interest date. Sinking Fund — 1% per annum of outstand- ing bonds, payable Oct. 1 for the purchase or redemption oif these bonds at not over 105 and Interest. Bonds so acquired to be kept alive and interest added. Orgranization and Control — Incorporated in 1902 in New Jersey as a holding company and succeeded Ii. 1913 by The Dallas Electric Co. The latter company assumed the obligations of predecessor company. In 1917 The Dallas Electric Railway Co. and the Dallas Power A Light Go, were organized to acquire, re- spectively, the railway and the electric light and power properties, covered by the lien of this mortgage. These companies are subsi- diaries of the Southern Securities Co., a sub- sidiary of the Electric Bond & Share Co. Security — Originally this issue was secured by a first collateral lien on the Street Railway system and the electric light and power plant in Dallas, Texas, through pledge of all the stocks (except qualifying shares), bonds and indebtedness of the following proprietary com- panies : The Dallas Consolidated Electric Street Railway Co., Rapid Transit Railway Co., Metropolitan Street Railway Co. and Dal- las Electric Light & Power Co. Substitution of Collateral and Subordination of Lien — In Sept., 1917, the following securi- ties ^ere substituted by the Old Colony Trust Co., as Trustee, viz.: $4,999,700 (par value) Capital Stock of the Southern Securities Co. and a 6 % note of the latter company, dated Sept. 29. 1917, for $3,500,000 and which is secured by the follow- ing collateral, viz. : Dallas Ry. Co. Com. Stock $2,247,900 Dallas Ry. Co. Pfd. Stock 500.000 Dallas Ry. Co. 6% Bearer Note 2,600,000 Dallas Power & Light Co. Stock 666,667 Dallas Power & Light Co. 6% Bearer Note 1,333,333 Also by pledge of a 6% Note of Harry M. Durning, payable April 1, 1922, for $3,213,334, and* which is secured by the following col- lateral, viz. : Dallas Power & Light Co. Stock $1,331,233 Dallas Power & Light Co. Bearer Note 2,666,667 The above substitution was made under the discretionary powers of the trustee for the following reasons : "Although the various franchises would ex- pire within a few years, the only renewals obtainable by the companies from the City of Dallas were upon terms which could not be accepted without loss' to the company's security holders. New franchises, however, involving reorganization of the corporations themselves, could be obtained upon terms be- lieved to be fair, but it was necessary to ac- cept and to operate under them before Sep- tember 27, 1917. The proposed new street railway franchise involved the expenditure of $1,000,000 for improvements; and the pro- posed new lighting company franchise the sum of $2,000,000 for Improvements. It was represented by _ the company that securities other than first mortgage bonds could not be sold to raise the money called for by the fran- chise requirements. "To enable the company to acquire the fran- chises and to raise the necessary funds, a plan of reorganization was proposed, in which plan, after Investigation and advice, the Trustee Joined, acting under authority given it by the mortgage." Prior Liens — $1,000,000 ($2,200,000 author- ized) Dallas Power & Light Co. 1st 7s, due 1920. As of March 1, 1918, no mortgage had been placed on the railway properties. Bamings — See ' 'Organization. ' ' Listed on the Louisville Stock Exchange. Original Market — $150,000 offered in Feb., 1915, by Perry, Coffin & Burr, Boston and New Tork, at 97^ and interest. New York — Fred. H, Hatch & Co., Earle A. Miller & Co.. Stone & Webster. Boston — L. Sherman Adams. Coffin & Burr. Price Range. Jan. 1, '08, to Jan. 1, '31 1920 Bid Ask Ask. Hig-h 100% '17 lOl^'l'e 100 Dec. Low. 75 '08 85*08 99 June DAIiliAS GAS COMPANY 1st 5s. Due May 1, 1935. Dated June 12, 1905. Interest payable May and November 1, at H. D. "Walbridge & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 1,000,000 Denomination — Coupon, $1, 000. Trustee — Lincoln Trust Co., New York. Redeemable on any interest date at 105 and interest. Organization — Incorporated in Texas, In 1905, as successor to the Dallas Gas & Fuel Co. Capitalization. Outstanding. Common $850,000 Funded debt 1,000,000 Management — H. D. Walbridge & Co. Secured by a first mortgage on a plant sup- plying natural gas to Dallas, Tex. Popula- tion served, about 115,298. Franchise is in- determinate and provides for service at coat and 8 % return on capital invested. Original Market — First offered by O'Connor & Kahler, New York, at 101 and interest, Nov.: 1905. Market. New Yoric — Babcock, Rushton & Co., A. B. Murray & Co., Berdell Bros., E. A. Miller & Co. Philadelphia — E. R. Barnard. Price Range. Jan. 1, '17, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 95 '17 99 '17 94 July 97 July Low. 65 '20 80 '20 65 Nov. 60 Nov. 388 DAIXAS FOWSR & LIGHT COMPANY 1st Series A 6s and B 7^s. Due July 1» 1949. Dated July 1, 1919. Interest payable Jan. and July 1, 1919. Interest payable at Trustee office, Boston, or Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Unlimited. Outstanding: (May 12, '21) A 6s $4,500,000 B 7M!S 1,100,000 ■ $5,600,000 In Treasury A 6s- 500,000 Additional bonds Issuable for 80% of cost of extensions, betterments. Improvements as ap- proved by the city authorities of Dallas, Tex., and only when net earnings, as defined In franchise, for a period of twelve consecutive months within the fifteen months preceding the application for the issue are equal to at least 1% times interest charges on all bonds outstanding and to be issued. Denominations — Coupon, $500 and $1,000. Registerable as -to principal. Registered $1,- 000 and multiples. C. & R. interchangeable. Trnstee — Old Colony Trust Company, Boa- ton. „^^^^™^^^le — A 6s on any interest date on 30 days' notice as follows: At 107i^ and in- terest up to and including July 1, 1924; 1061^ after. B 7^a, 107'^ and interest through Jan. 1, 1935; 106 and interest through Jan. 1, 1940; 104 and interest through Jan .1, -1945; 103 and interest through Jan. 1, 1947; 102 and interest through Jan. 1, 1948; 101 and interest thereafter. Sinking and ImproTement Fond — Annually, beginning July, 1924, an amount equal to 1%% face amount of bonds outstanding, in- cluding those retired by sinking fund. Mon- eys in the sinking fund shall be expended for additions and improvements to the mort- gaged properties and no bonds of this issue may be certified against such expenditures. Any moneys not so expended within three years from the date of their payment Into the fund shall be used to purchase bonds of this issue at the lowest price obtainable, but not exceeding the call price then prevailing, and if a sufficient number of bonds cannot be so purchased to exhausit the funds avail- able, bonds of this issue shall be called at the redemption price then prevailing, and bonds thus acquired shall be cancelled and none issued in their place. Organization — Incorporated September, 1917, In Texas and on Sept. 29, 1917, acquired all the property of the Dallas Electric Light & Power Company. At the same time secured from the City of Dallas a new franchise under which it Is now operating. Company does practically all the electric light and power business In the City of Dallas and sub- urbs. Population served 165,000. Capitalization. - Outstanding, Common $2,000,000 Preferred (7% cum.) 1,000,000 Funded debt 5,600,000 Alanagrement — Electric Bond & Share Co., New York. Secured by a first mortgage on plant sup- plying Dallas, Tex., and suburbs with elec- tric light and power. Under the new franchise company is au- thorized to reserve out of net earnings as a first charge 9% per annum of the "property value." As of Feb., 1921, propert yvalue mately $7,575,000. A franchise approved by popular vote of the city April 3, 1917, ia for ten years from that date and continues thereafter unless and until the city or its licensee shall purchase the prorperty, in which event city shall pay company at least 105% or the city'n licensee 110% of the above property value. Years ended I>e«. 31: Gross. Net. 1920 $2,534,302 $617,667 1919 1,753,987 740,323 1918 1,434,367 696,269 ■ 1917 1,267,922 678,708 1916 1,143,065 609,705 1915 1,030,317 544,475 Original Market — $4,500,000 A 6s, offered July,- 1919, by Lee, Higginson & Co., and Harris, Forbes & Co., New York, etc., at par and interest; $400,000 B 7i^s offered Feb., 1921, by same firms at 100 and interest. Market. New York — Babcock, Rushton & Co., Fred. H. Hatch & Co., Earle A. Miller & Co., Vanderhoef & Robinson. Boston — L. Sherman Adams, Coffin & Burr, Moors & Cabot, Arthur Perry & Co., Providence — Hornblower & "Weeks. Price Rangre Jan. 1, *19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97*19 100 '19 92% Feb. XOO Jan. Low.. 86*20 88*20 ' 86 Dec. 88 Dec. DAXLAS RAILWAY CO. Car Trust 8s, Series of 19^. Due $46,000 each March 1 and Sept. 1 from March 1, 1921, to Sept. 1, 1922, incl.; $48,000 each Mar. 1 and Sep*. 1, 1923. Dated — Sept. 1, 1920. Interest payable Mar. 1 and Sept. 1 at Fidelity Trust Co., Baltimore. Tax Status — Information not available. Authorized $280,000 Outstanding 280,000 Denomination — Coupon, $1,000; register- able as to principal. Trustee — Fidelity Trust Co., Baltimore. Redeemable as a whole on 30 days' notice at 1011^ and interest. Orgranization— Incorporated in Texas, 1917, and owns 70 miles of electric railway, roll- ing stock comprising about 225 cars of va- rious types, and a modern oiTice and ter- minal building. In addition 17 miles of track are controlled under lease. Secured by an equipment trust agreement on 50 Birney Safety cars, upon which the company will make an initial payment of approximately 20% of the total cost. Original Market — $280,000 offered Aug., 1920, by Hambleton & Co., New York and Baltimore. DANBURY & BETHEL GAS & ELECTRIC LIGHT CO. (THE) 1st Ref. 5is. Due Deo, 1, 1953. Dated Dec. 1, 1903. Interest payable June 1 and Dec, 1, at office of Trustee, or at oflice of company, Danbury. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $150,000 Outstanding 150,000 Deniomination — Coupon, $1, 000. Reglsterable as to principal. Registered $1,000. Trustee — South Norwalk Trust Co. , South Norwalk, Conn. Sinking "Fund — Annually $5,000, beginning' Dec, 1, 1923, for the purchase or redemption of these bonds at not over par and interest. Orsranization and Control— Incorporated in Connecticut in 1954. Present name adopted in 1887. Controlled by Cities Service Co. through stock ownership. Capitalization. Outstanding, Common $400,000 Preferred (7% cum.) 156,000 Funded debt ; 150,000 Management — Doherty Organization, New York. Secured by a first mortgage on plants sup- plying gas and electric service to Danbury & Bethel, Conn. , and electric service to Brook- field. Population served, 29,000. Market. New York — Dunham & Co., Berdell Bros. Price Range Jan. 1, *17, to Jan. 1, '21 1920 Bid. Ask. High 75*17 80 '17 Not Low. 70 '19 80 '17 available DANBURY & NORWALK RAILROAD Gen. 6s. Due ApHl 1, 1925. Datedi March 31, 1883. Interest payable April 1 and Oct. 1, at Second Nat'l Bank, New Haven. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $160,000 Outstanding 150,000 Denomination — Coupon, $1,000. Ke^ister- able as to principal. Trustee — State Treasurer of Connecticut. Assumed by the New York, New Haven A Hartford R. R. Co. Control — 'Merged in 1905 into the New York, New Haven & Hartford R. R. Co. Secui'ed by a first mortgage on 36.2 miles ■of' road, viz. : Danbury to Wilson's Point; Conn., 26.28 miles; Branchville to Ridgefield, Conn., 3.97 miles, and Bethel to Hawley- ville, Conn., 5.95 miles. Underlies — Dan>bury & Norwalk R. R. 1st Ref . 4s, 1955, and New York, New Haven & Hartford R. R. 1st & Ref. Mtge. and va- rious Debentures secured thereby. Bonds are reserved under the latter mortgage to retire this issue and under its provisions these bonds may not be extended at ma- turity. Earnings — See N. Y., N. H. & H. R. R. Co. Market New York — Carruthers, Pell & Co., E. A. Baker & Son, Finlay & Davenport. Price Range. Jan. 1, '17, to Jan. 1, '20 19^ Bid. Ask High 101 '17 60 Feb. Low. 60 '20 60 Feb. DANBURY & NORWALK RAILROAD 1st Ref. 4s. Due June 1, 1955. Dated June 1, 1905. Interest payable June 1 and Dec. 1, at Second Nat'l Bank, New Haven, Conn. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding $350,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Trustee — State Treasurer of Connecticut. Assumed by the New York, New Haven & Hartford R. R. Co. ~^ Control — See Gen. 5s. Secui'ed by a second mortgage on 36.2 miles of road. For details see Gen. 5s. Prior Liens — $150,000 Gen. 5s, due April 1, 1925. Underlies — New York, New Haven & Hart- ford R. R. 1st & Ref. Mtge. .and various Debentures equally secured thereby. Bonds are reserved under the 1st & Ref. Mtge. to retire this issue, and under its piovisions this issue may not be extended at maturity. Market. :^ew Yovli — Wolff & Stanley. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. High 84 '17 86 '17 Not Low. 55 '17 78 '18 available DANVILLE, CHAMPAIGN & DECATUR RAILAVAY & LIGHT CO. Cons. & Ref. Coll. Tr. 5s. Due March 1, 1938. Dated March 1 , 1913. Interest payable March 1 and Sept. 1 , at Trustee' s office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding (Apr. 1, '21) 3,287,000 Held in S. F 156,000 Pledged to Secure 8% Notes. 1.333,000 Resen-ed for Pi-ior Liens 2,035,000 Keserved for Ext 8,189,000 Denomination — Coupon, $1,000. Register- able as to principal only. Registered, $1,- 000, $5,000. $10,000 and multiples of $1,000. C. & R. interchangeable. Trustee — Boston Safe Deposit & Trust Co., Boston, and Herbert D. Heathfleld. Redeemable as a whole only or in part for sinking fund on any Interest date at 104 and interest. ^ Sinking Fund — Annually beginning March 1, 1914, a sinking fund is provided, which, it is estimated, will retire 40 % of these and underlying bonds before maturity. Guai*anteed as to principal and interest by the Illinois Traction Co. by endorsement. Organization and Control — Incorporated in Maine In May, 1913, A holding company, controlling several Important subsidiaries of the Illinois Traction system. All of the stock la owned by the Illinois Traction Co. Capitalization. Outstanding. Common $3,688,000 Preferred (6% cum.) 730,000 Funded debt 3,443,000 Secured by a first lien on the following collateral: Entire capital stock ($1,438,000) and all outstanding Consol. & Refg. 5s of 1938 ($1,661,000) of the Danville Street Ry. & Lt. Co., which owns gas and electric light plants supplying Danville, 111., and entire street railway system of 16 miles in that city, subject to $628,000 underlying bonds. Gas franchise perpetual, eelctriclty extends 99 years from, date of granting, and street railway to 1928. Population served. 30,000. Entire capital stock ($1,555,000) and all outstanding Consol. & Refg. 5s, 1938 ($1,- 956,000), of the Decatur Ry. & Lt. Co., which owns gas, electric and steam heating plants supplying Decatur, 111., and entire street railway system of 15 miles In that city, subject to $968,000 underlying bonds. Population served, 30,000. Entire capital stock ($836,000) and all out- standing Consol. & Refg. 5s of 1938 ($1,- 211,000) of the Urban & Champaign Ry., Gas & El, Co. , which owns gas plants sup- plying Urbana and Champaign, 111., elec- tric and steam heating plant supplying Champaign, and 1 3 miles of Interurban rail^ way in and between the two cities, subject to $354,000 underlying bonds. Population served. 23,000. Entire capital stock ,$185,- 000) and all outstanding Consol. & Refg. 5s of 1938 ($34,000) of the Urban Light. Heat & Power Co. , which owns the elec- tric and steam heating plants In Urbana, 111., subject 'to ($85,000) underlying bonds. Population served, 9,000. Years ended Dec. 31 : Gross. Net. Interest. 1920 $3,339,598 $666,131 $215,348 1919 2,788,965 999,030 288,820 1918 2,539,194 906,771 283,138 Market. New York — Fred. H. Hatch & Co., Vander- hoef & Robinson, Pynchon & Co., Berdell Bros., G. R. McAllister & Co.. Boston — L. Sherman Adams, Moors & Cabot, Chas. A. Day & Co. Price Range, Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91 3^ '16 96*17 70 Mar. 75 Dec. Low. 65 '20 67 '20 65 Dec. 67 Dec. DANVILLE. CHAMPAIGN & DBCATUK RAILWRY & LIGHT CO. 5-Year 8% Secureorate Puii)*s 1,350,000 Issuance Restrictions — Additional notes Is- suable on pledge of additional Cons. & Ref. Coll. Tr. 5s of 1938 in the ratio of $1,538 of bonds for $1,000 of notes. Purpose of Issue — To reimburse the com- pany for extensions and additions and for the retirement of underlying bonds. Benonunations — Coupon, $1,000, $500 and Trustee — Northern Trust Co., Chicago. Redeemable on 30 days' notice at 102% and mterest Aug. 1, 1921, and decreasing %% each succeeding year until maturity. Convertible (notes of $1,000 denomination) on and after Aug. 1, 1922, into Cons. & Ref. Coll. Tr. 6s on the basis of 100 for notes and 80 for the bonds until Aug. 1, 1923; 8214 from Aug. 1, 1923, to Aug. 1, 1924, and 85 from Aug. 1, 1924, to Aug. 1, 1925. Organization, Etc. — See Cons. & Ref. Coll. Tr. 5s. • Secured of $1,000,000 Cons. & Ref. Coll. Tr. 5s due March 1, 1938. Bamlngs — See Cons. & Ref. Coll. Tr. 5s. Original Marltet — $650,000 offered Sept., 1920, by Emery, Peak & Rockwood, Chicago, at 100 and interest. Market MLlwaulcee — First Wisconsin Co. DANVIL,!^ STREET RAILWAY & MGHT CO. Ret. Ss. Due $6,000 each Jan. 1 to 1934 and balanee Jan. 1, 1925. Dated Jan. 1, 1900. Interest payable Jan. and July 1, at Harris Trust & Savings Bank, Chicago: Harris, Forbes & Co., New York, and N. W. Harris & Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $700,000 Outstanduig (Apr. 1, '21) 628,000 Balance retired. Denomination — Coupon, $1,000. R.^gister- able as to principal. Trustee — Illinois Trust , & Savings Bank, Chicago, 111. Organizations-Incorporated in Illinois In 1899 as a Qonsolidation. Capitalization, Outstanding. Common $1,438,000 Funded debt 2,375,000 Control — Entire stock owned by Danville, Champaign & Decatur Ry. & Light Co., a subsidiary of the Illinois Traction Co. Secured by- a first mortgage on plants sup- plying gas, electricity and steam heat to Danville, 111., and nearby places, and on all of the street railway system (16 miles) In Danville. Population served by electricity, 35,000; served by railways and gas, nearly 30,000. Railway franchises granted 1898 for 30 years, electric lighting franchises extend for 99 years, gas, perpetual. Underlies — Cons. & Ref. Deb. 5s, which are deposited under D., C. & D. Ry. & Lt. Coll. Tr. 6s. Earnings — See Danville, Champaign & De- cateur Ry. & Lt. Conte. & Ref. Coll. Tr. 6s. Qrisinal Market — First offered by N. "W. Harris & Co., at 103 and interest Jan., 1900. Market. Chicago — Harris Trust & Savings Bank, Pynchon & Co. New York — Harris, Forbes & Co., Berdell Bros., Parrish & Co. Boston — ^Harris, Forbes & Co., Inc. Philadelphia — Sam'i K. Phillips. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '11 102 '12 77% Oct. 80 Deo. Low. 70 '20 80 '20 70 Dec. 80 Dec. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstandine $400,000 Denomination — Coupon, $1,000. Begister- able as to principal. Trustee — ^Maryland Trust Co., Baltimore. Redeemable at 107 and interest any inter- est date on 60 days' notice. Organization — Incorporated in Virginia in. 1886 as Danville Street Car Co. Present name adopted in 1911. Capitalization. Outstanding. Common $200,000 Preferred (7% cum.) 200,000 Funded debt 400,000 Secured by a first mortgage on 9.39 miles of street railway track in Danville and Schoolfleld, Va. Population served, 26,000. Franchise expires in 1960. Company is re- quired to pay the city % of 1% of gross re- ceipts on first $40,000 and 1% over that amount. Years ended Dec. 31: Gross. Net. Interest. 1920 $259,767 $60,676 $20,000 1919 221,319 69,898 20,306 1918 156,346 53,928 20,248 1917 139,291 64,172 20,196 1916 132,859 58,829 20,184 1915 131,809 60,637 20,086 Original Market — $400,000 ottered 1912 at 90 and interest by Alex. Brown & Sons and Townsend Scott & Son, Baltimore. Market. Baltimore — Smith, Lockhart & Co., Bar- roil, Corkran & Co. DANVHiXE (Va.) TRACTION & POWER CO. 1st 5s. Due July 1, 1941. Dated July 1, 1911. interest payable Jan. and July 1, at Trustee's office. DANVILLE, URBANA & CHAMPAIGN RAILWAY CO. 1st 5s. Due March 1, 1923. Dated March 1, 1903. Interest payable March and Sept. 1, at any agency of the Bank of Montreal. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $2,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Northern Trust Co., Chicago. Redeemable at 105 and interest on any In- terest date on 8 weeks' notice. Guaranteed as to principal and Interest jointly aiid severally by endorsement by the Danville St. Ey. & Lt. Co. and TJrbana & Champaign Ry., Gas. & Blec. Co. Organization and Control — Incorporated in Illinois in 1903. Controlled through owner- ship of entire capital stock by the Illinois Traction Co. Capitalization. Outstanding. Common $260,000 Preferred (6% cum.) 650,000 Funded debt 2,700,000 Secured by a first mortgage on 70 miles interurban railway track connecting Danville, TJrbana and Champaign and branches. Road is built on private right of way. Underlies — 2nd 6s of 1921 and Gen. 6s of 1930. Years ended Dec. 31: Gross. Net. Interest. 1920 $863,882 $269,384 $137,620 1919 821,308 310,920 144,108 1918 661,698 166,163 144,693 1917 605,278 192,790 164,102 1916 517,060 176,911 160,103 1916 465,086 142,316 149,620 Market. - New York — Babcock, Rushton & Co., Fred. H. Hatch & Co., Vanderhoef & Robinson, Carruthers, Pell & Co., Berdell Bros., Wm. Carnegie Ewen, Gilbert J. Postley. Philadelphia — Bauer, Starr & Co., Hun- toon & Co., Samuel K. Phillips & Co. Price Ban^e. Jan. 1, '08, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 98 '12 100 '08 82% Sept. 86 Nov. Low. 77 '20 80 '20 77 Dec. 80 Dec. .DARBY, MEDIA & CHESTER STREET BT. CO. Ist 4%H. Dae Jnly 1, 1936. Dated Jilly 1, 1906. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company ■without deduction. Tax exempt in Pennsylvania. Authorized $1,600,000 Ontstandin? 991,000 Reserved for Ext 509,000 Denomination — Coupon, $1,000. Hegiater- able as to principal. Trustee — Land Title & Trust Co., Philadel- phia, Pa. Redeemable at 102% and interest any inter- est date on 4 -weeks' notice. Guaranteed principal and interest by en- dorsement by the Philadelphia Rapid Transit Co. Control — Leased for 999 years from 1906 to Philadelphia Rapid Transit Co. Rental $42,- 600 per annum. Secured by a first mortgage on 25 miles of electric railway connecting Philadelphia with Darby, Media and Chester. Population served, exclusive of Philadelphia, over 60,000. Fran- chise perpetual. Market. New York — Lynch & McDermott. Philadelphia — Arthur J. Bender. Price Range. Jan. 1, '09, to Jan. 1, '21 1930 Bid. Ask. Bid. Aak. High 98 '09 99 '10 60 Apr. 70 Mar. Low. 60 '20 60 '20 40 Sept. 60 Aug. DAUPHIN COUNTY GAS COMPANY Cons. 6s. Due Aug. Ip 1935. Dated Aug. 1, 1905. Interest payable Feb. and Aug. 1. at Trustee's office. Tax Status — -2 % Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $750,000 Outstanding (Feb. 10, '21) 557,000 In Treasury 68.000 Reserved for Prior Liens 125,000 Denomination — Coupon, $1,000. Trustee — Colonial Trust Co., Philadelphia, Pa. Redeemable — Bonds assenting to supplement- al mortgage, at 102 ^ and interest; bonds not assenting at 105 and Interest, after Aug. 1, 1915. Organization — Incorporated in Pennsylvania In 1905 as a consolidation of the Steelton Home Gas Co., Middletown Gas Light Co., Lower Allen Illuminating Gas Co. and Dau- phin County Consolidated Gas Co. Property leased in 1907 to the Harrisburg Gas Co. The United Gas Improvement Co. Is Interested in latter company. Under the provisions of the lease the Harrisburg Gas Co. covenants to pay the interest on existing bonded indebted- ness of Dauphin County Gas Co., also to do all acts or things necessary or proper to obtain extensions, renewals or refundlngs of the principal of any such indebtedness falling due during the term of the lease. Capitalization. Outstanding, Common $500,000 Funded debt 557,000 Secured by a first mortgage, sublet to $125,000 prior liens on a part of the prop- erty, on plant supplying gas to Middletown* Steelton and other towns in Dauphin Coun- ty, Pa. Population served, 40,000. Prior Liens-— $ 125.000 bonds of Steelton Home Gas Co., for the retirement of which bonds are reserved under this mortgage. Market. Pliiladelphia — Henry D. Boenning & Co., Blkins, Morris & Co., Huntoon & Co.j Lans- inger & Co., McCown & Co., Reed A. Mor- gan & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '15, to Jan. 1, *21 1920 Bid. Ask. Bid. High 97 '15 101 '16 80 Jan. Low. 80 '20 92 '19 80 Jan. DAVENPORT (lA.) LOCOMOTIVE WORKS lETt 6s. Due April 1, 1943. Dated April 1, 1913* Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Iowa. Authorized $1,000,000 OntBtandin^r (Jan. 1, '21) 338,000 In Treasury 13,000 Retired by S. F 54,000 Reserved for Ext 600,000 Denomination — Coupon, $500 and $1,000. Trustee — Fidelity Trust Co., Baltimore, Md, Redeemable at 105 and Interest on any in- terest date. Sinking Fund — 10% per annum of net earn- ings, with a minimum of 2% of outstanding bonds, from July 1, 1916, to be applied to retirement of bonds. Organization — Incorporated in Iowa, suc- ceeding the business of W. W. Whitehead A Co., begun In 1903. Capitalization. Outstanding. Common $513,50t Preferred 69,50» Funded debt 338,000 Secured by a first mortgage on plant and 46-acre site at Davenport, la., w^here the com- pany is engaged in the manufacture of mod- erate sized locomotives for conmierclal pur- poses. Original Market — Offered in Jan., 1914, by Julius Christensen, Philadelphia, to yield over 6%. Marlcet New York — Carruthers, Pell & Co., E. A. Baker & Son. DAVIBS (WM.) COMPANY, LTD., Ist 6s. Due July 1, 1926. Dated July 1, 1911. Interest payable Jan. and July 1, at Canadian Bank of Commerce, Montreal and branches. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding (Jan. 1, '21) 982.600 Retii-ed by S. P 967,400 Cancelled 60,000 Denomination — Coupon, $100, $600 and $1,000. Reglsterable as to principal or fully registerable. Trustee — National Trust Co., Ltd.. Toronto, Ont. Redeemable as a whole at 105 and Interest after July 1, 1914, on 60 days* notice, or annually by lot for sinking fund. Sinlcing Fund — Began July 1, 1912, an an- nual amount sufficient to redeem entire issue at maturity. ..^'^f^^^^^^'^on—lncoTvor&teA In 1911 under : ^. tf'^*'^^^" Companies Act. Business ea- tabllBhed in 1854. The company does a large packing and provision business and main- tains agencies in Great Britain, Capitalization. Outstanding. Common $3,000,000 Funded debt 982,600 Secured by a first charge on all properties now owned or hereafter acquired and Includ- ing plants In Toronto, Montreal and Harris- ton and on 75 retail stores throughout Can- ada. Original Market— $1 , 250,000 offered July. 1911, at par and Interest by the Dominion Securities Co., Toronto, Montreal and London. Market. Toronto — A. B. Ames & Co., The Dominion Securities Corp'n, Ltd.. A'. J. Pattison, Jr.. & Co., Oxford Securities Corp, Balfour. White & Co. Price Range. Jan. 1, '12, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. Highl02% '12 103 ly^ '12 100 Feb. 102 Feb. Low. 95 '10 98% '18 99 Sept. 100 Dec. DAVIS SEWING MACHINE CO. (THE) 1st 68. Dae $60,000 anaiually Jane 1, 1915, to June 1, 1934, InclusiTe. Dated Jan, 1, 1913. Interest payable June 1 and Dec. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $600,000 Outstandmgr (Apr. 1, '21) 240,000 Balance Retired. Denomination! — Coupon, $500 and $1,000. Trustee — Dayton. Savings and Trust Co., Dayton, O. Redeemable at 102 and interest in the re- verse order of their maturities on 60 days' notice. Organization — Incorporated In Ohio In 1895. The company has offloes in New York, Chi- cago, Boston, San Francisco, London and Paris, and manufactures sewing machines, motor cycles, bicycles and parts. Capitalization. Outstanding. Common $600,000 Preferred (6% cum.) 600,000 Funded debt 240,000 Secured by a first mortgage on plant at Dayton, O., covering 25 acres, with an an- nual capacity of 175,000 sewing machines, 126,000 bicycles, 5,000 motor cycles and a large capacity for screw machinery. Original Market — $600,000 offered In 1913, at par and interest by the Dayton Savings and Trust Co., Dayton, O., and Breed, Elliott & Harrison, of Cincinnati. DAVIS-WATKINS DAIRYMEN'S MFG. CO. l8t Serial ^9. Due $60,000 each June 1, 1920 to 1929, Inclusive. Dated June 1, 1919. Interest payable June and Dec. 1, at Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding: 540,000 Matured and Paid 60,000 Purpose of Issue — To retire bank loans and provide additional working capital. Denomination — Coupon $1,000, reglsterable as to principal. $500 and $100 denominations also in 1925 maturity only. Trustee — Merchants Loan & Trust Company and Leon L. Loehr, Chicago. Redeemable on any interest date at 102 H and Interest upon 30 days' notice. Organization — Incorporated in Delaware In 1917 as a consolidation of the Dairymen's Manufacturing Company of Jersey City, N. J. ; the Dairy Machinery and Construction Company of Derby, Conn, ; the Davis Milk Machinery Company of North Chicago, Illi- nois; the L. A. Watkins Merchandise Com- pany of Denver, Colo. ; and the MInetonna Company of Owatonna, Minn. Company is the largest manufacturer of milk cans in the United States. Capitalization. Outstanding. Common $2,000,000 Preferred (7% cum.) 2,230,973 Funded debt 540,000 Secured by a first mortgage on the entire property of the company (except current as- sets) now owned or hereafter acquired. In- cluding plants located at Jersey City, N. J., Derby, Conn., North Chicago, 111., Owaton- na, Minn., and Denver, Colo. Company covenants that it will at all times maintain Quick assets as defined In the inden- ture equal to one and one-half times entire indebtedness, including this bond issue; also that no dividends shall be paid on the common stock while .any of the bonds are outstand- ing in excess of 50% of the earnings of the company after payment of all operating ex- penses, taxes, maintenance and depreciation. Year ended Aug. 31: Gross. •Net. ■ 1920 $6,752,807 $308,216 1919 6,234,933 238,794 •After all charges. Including Federal taxes. Original Market — Offered June, 1919, by Hmory, Peck and Rockwood and Ames, Emer- Ich & Company, Chicago, at prices to yield from 6.40 to 7% for various maturities. Market. New York — Ames, Emerich & Co. Price Rangre Jan. 1, '19, to Jan. 1, '21 1920 Ask. Ask. High 100% '20 100% Apr. Low. 100 '19 100% Apr. DAVISON CHEMICAL CO. (THE) 15-Year S. F, Deb. 8s. Due Feb. 1, 1936. Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug. 1 at office of Blair & Co., New York, or gafe Deposit & Trust Company of Baltimore. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Penn- sylvania State Tax (4 mills) refunded; Maryland State Tax (4% mills) refunded. Authorized $2,000,000 Outstanding: 2.000,000 Purpose of Issue — To retire floating in- debtedness and to provide additional work- ing capital. Denominations — Coupon, $100, $500 and $1,000; reglsterable as to principal. Trustee — Safe Deposit and Trust Com- pany, Baltimore. Redeemable on any interest date on 30 days' notice at 106 and interest. Sinkingr Fund — Semi-annually, beginning Feb. 1, 1922, an amount sufficient to retire $100,000 bonds annually for the first six years, $135,000 for the next five years and $180,000 annually for the next four years. During the first five years bonds may be purchased in the open market up to 106 and interest, but thereafter they are callable by lot only at 106 and interest. Bonds so acquired are to be cancelled. Organization — Incorporated in Maryland in 1902. Business established In 18 32. Owns and operates plants in Baltimore harbor for the manufacture of sulphuric acid, acid phosphate and other heavy chemicals. Also owns all of the stock of the Davison Sul- 393 phur & Phosphate Company, which oper- ates pyrites mines in Cuba, in addition to owningr phosphate mine property in Florida. Capitalization Outstanding Common 200,000 shs. Funded debt *?4,056,000 ♦Includes guaranteed subsidiary bonds. Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company covenants as follows: The Company may not create any mort- gage or permit any subsidiary to create any additional mortgage on its properties unless these debentures shall share equally and ratably in the lien of such mortgage, except inter-company mortgages and purchase money mortgages on property hereafter ac- quired, and also, except the extension or re- funding of the existing Davison Sulphur & Phosphate Company First Mortgage for any period not in excess of three years. No dividend may be declared or paid on the Company's stock unless, after providing for such dividend, the consolidated net quick assets as defined in the indenture amount to at least 100% of the face amount of these debentures outstanding. Years ended Dec. 31: Net. 1920 •$1,502,430.00 1919 729,703.66 1918 637,317.00 1917 : 846,384.11 •December estimated. Original Maa-ket — $2,000,000, offered Feb., 1921, by Blair & Co., New York, at 981^ and interest. Market New York — Hartsborne & Battelle, Moore, Leonard & Lynch. , Philadelphia-^Graham, Parsons & Co. San EYancisco — Ryone & Co. DAVISON SULPHUR & PHOSPHATE CO. lO-Yr. 1st S. F. Conv. 6.s Due March 1. 1927. Dated March 1, 1917. Interest payable March 1 and Sept. 1, at office of Trustee. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding (Feb. 1, '21) 2,081,000 Retired by S. F 419,000 Denomination — Coupon, $1,000. Reglsterable as to principal, Tmstee — Mercantile Trust & Deposit Co., Baltimore. Redeemable as a whole or for sinking fund at 103% and interest. Sinking Fand — ^Annually, beginning March, 1917, $125,000, and In addition $1 per ton on all ore mined from the Cuban property, based on the Davison Chemical Co. 'a production. It is estimated that annual payment will amount to $275,000. This fund is to be ap- plied to the purchase or redemption of bonds at not over 103% and Interest. Convertible until March 1, 1922, into stock of the Davison Chemical Corporation on the basis of par for the bonds and $60 per share for the stock (voting trust certificates). In case of redemption a reasonable notice will be given. Guaranteed principal, interest and sinking fund by the Davison Chemical Co. The latter company's property is free from liens and practically free from debt, and during the life of these bonds it agrees not to mortgage its property and maintain its current assets, i. e., cash accounts receivable, raw materials and finished products, at an amount at least equal to all of Its debt except its accruing monthly operating accounts, not to exceed at any time $400,000. Control — The entire capital stock Is owned by the Davison Chemical Co., which owns a sulphuric acid plant, a concentrated acid plant and an acid phosphate plant, located at Cur- tis Bay, Md., with a book value as of Dec. 31, 1917, of $6,351, &16. Replacement value is estimated in excess of this amount. The busi- ness of the company has been in successful operation since 1832. Secured by a first mortgage on pyrites ore properties in Cuba and phosphate properties in Florida, valued at over $7,700,000. Original Market — Offered March, 1917, by the Mercantile Trust & Deposit Co., Strother, Brogden & Co., and other Baltimore firms, at 97% and interest. Market. New York — Carruthers, Pell & Co. Baltimore — Mackubin, Goodrich & Co., Smith, Lockhart & Co., J. S. "Wilson, Jr., & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. High 90 '20 97% '19 90 May Low. 90 '20 93 '19 90 May DAWSON RAILWAY & COAL CO. 1st & CoU. Tr. 58. Due July 1, 1951. Dated July 1, 1901. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 2,430.000 Retired by S. F 570.000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Sinking Fund — Beginning Jan. 31, 1912, an annual amount equal to five cents per ton of coal mined, to be applied either to the pur- chase of these bonds at not over 105 and in- terest or to be invested In approved securities. Guaranteed principal and interest by the El Paso & North Ea^ern Co.. formerly the New Mexico Ry. & Coal (5o., by endorsement. Organization — Incorporated in New Jersey in 1901 as a holding company, and owns the capital stock of the Dawson Railway Co. Capitalization. Outstanding. Common $100,000 Funded debt ". 2,430,000 Control — ^All the capital stock of the com* pany is owned by the El Paso & Northeast- ern Co., the entire capital stock of which is owned by the El Paso & Southwestern Co. Secured by a first lien on 132.2 miles of road from Dawson to Tucumcari, N. M., and upon about 35,000 acres of coal fields in Col- fax County, N. M. ; by deposit of all tho stock ($3,000,000) and all the bonds ($3,000,- 000) of the Dawson Ry. Co., and also the stock ($1,000,000) and all the bonds ($1,000,- 000) of the Dawson Fuel Co. Market. New York — Hartsborne & Battelle, Fred. H. Hatch & Co., Vanderhoef & Robinson, Watson, Armstrong & Co. Philadelphia — Samuel K. Phillips & Co. Price Range. Jan. 1, '11, to Jan. 1, *21 1920 Bid. Ask. Bid. High 101 '11 102 '11 93 Feb. Low. 92 '08 90 '08 88 Aug. DAYTON & MICHIGAN RAILROAD CO. Cons. 4^9, extended to Jan. 1, 1931. Dated January 1, 1881. Extended January 1, 1911. Interest being reduced from 5%. In- terest payable January and July 1, at J. P. Morgan & Co., New York. 394 Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding 52,728,000 Denomination^ — Coupon, $1,000. Trustee — Joseph Rawson, Cincinnati. 'Redeemable at 102% and interest on any interest date after January 1, 1917. Guaranteed principal and interest by the Cincinnati, Hamilton & Dayton Ry. Co. (fore- closed) by endorsement. Assumed by the Toledo & Cincinnati R. R. Co. Control — Leased in perpetuity from 1863 to the Cincinnati, Hamilton & Dayton Ry. Co. Rental, interest on bonds, 8% on $1,211,250 preferred stock and S^% on $2,401,950 com- mon stock and maintenance charges. The C, H, & D. Ry. Co. was succeeded through fore- closure in 1917 by the Toledo & Cincinnati R. R. Co., which company acquired the lease- hold and stock interest of the C, H. & D. The T. & C. R. R. ia controlled through own- ership of entire capital stock by the Balti- more & Ohio R. R. Co. and its property oper- ated as a division of the B. & O. system. Secured by a first lien on 141.15 miles of road from Dayton to Toledo Jet., O., by de- posit of the issues of first mortgage bonds. Underlies — B. & O. Toledo-Cincinnati Div. 4 s and 5s of 1959, under which mortgage bonds are reserved to retire this issue, and Toledo & Cincinnati R. R. Adj. & Imp. Bonds, all owned by the B. & O. R. R. Co. liisted on the N^w York and Cincinnati Stock Exchanges. Market. New York— Fred H. Hatch & Co., Wolff & Stanley, Carruthers, Pell & Co. Price Range-^N. Y. S. E. Jan. 1, '17 to Jan. 1, 'Zl 1930 High 96 Jan. 29, '17 81 Jan. 14 Low. 79 Nov. 6, '18 81 Jan. 14 Market. Cleveland — Borton & Borton, Hayden, Mil- ler & Co. Price Range. Jan. 1, '15, to Jan. 1, '31 1920 Bid. Ask. Ask. High 69 1^ '15 73 '15 60 July Low. 47 '16 50 '16 60 July DAYTON BREWERIES, CO. 1st 6s. Due March 1, 1934. Dated March 1, 1904. Interest payable Jan. and July 1, at Dayton Savings & Trust Co. Default — Jan. 1, 1921 interest. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,500,000 Outstanding (Sept. 14, '20) 744,000 Retired by S. E 1,756,000 Denomination — Coupon, $1,000. Trustee — Citizens' Savings & Trust Co., Cleveland, O. Redeemable on any interest date at 107^ and interest. Sinking Eund — $25,000 per annum on Sept. 1, for the purchase or redemption of bonds at not exceeding 107% and interest. Receivership — 'W. A. Keyes has been ap- pointed temporary receiver for the Com- pany. Protective Committee — On account of the above default the following Protective Com- mittee has been formed for the bondhold- ers: Edw. W. Moore, Eugene S. Halle, Cleveland, and Wm. R. Craven, Dayton, The Union Trust Co., Cleveland, will act as depositary. Organization — Incorporated in 1904 in Ohio as a consolidation. Capitalization. Outstanding, Common $1,249,125 Preferred (6% non-cum.) 1,249,125 Funded debt 744,000 Secured by a first mortgage on two brewer- ies in Dayton. Ohio. Earnings not available. Listed on the Cleveland Stock Exchange. DAYTON, COVINGTON & PIQUA TRACTION CO. 1st 5s. Due April 1, 1923. Dated April 1, 1902. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized .~ $500,000 Outstanding 490,000 Resered for Corp. Purposes 60,000 Denomination — Coupon, $1,000. Trustee — Old Colony Trust Co. , Boston, Mass. Organization — Incorporated in Ohio in 1900. Capitalization. Outstanding. Common $600,000 Preferred (5% non-cum.) 550,000 Funded debt 490,000 Secured by a first mortgage on 38 miles of electric railway from Dayton to Piqua, Ohio, Population, Dayton, 120,000; remaining terri- tory, about 20,000. Franchises expire between 1926 and 1928. Underlies — $60,000 2nd 6s of 1919. Years ended June 30: Gross. Net. Interest. 1920 $241,184 $51,056 $29,706 1919 215,691 49,083 31,124 1918 169, &60 40,199 29,925 1917 166,390 49,016 30,324 Original Market-— First offered by H. W. Poor & Co., New York and Boston, at 101 and interest, Feb., 1903. Market. New York— F. H. Hatch & Co., Berdell Bros. , Wolff &. Stanley. Boston — Hotchkin & Co. Price Range. Jan. 1, '12, to Jan. 1, *Z1 1920 Bid. Ask. Bid. Aek. High 93% *12 96 '13 65 Mar. 85 May Low. 30f '20 40f '20 30f Dec. 40f Dec. DAYTON (O.) GAS CO. (THE) Ist 5s. Due March 1, 1930. Dated March 8, 1910. Interest payable March and Sept. 1, at Harris, Forbes & Co., New York and Boston, or Harris Trust & Saving's Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding: (Apr. 1, '20) 1,400,000 Retired by S. F 100,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustees — The Citizens' Savings & Trust Co., Cleveland, Ohio, and Allen B. Forbes, New York. Redeemable at 105 and interest March 1, 193 5, or on any interest date thereafter. Sinking Fund — $20,000 annually, beginning March 1, 1916, for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired are cancelled. Organization — Incorporated in Ohio in 1910 as a consolidation of the Dayton Gas Light & Coke Co. and the Dayton Gas & Fuel Co. Capitalization. Outstanding. Common $800,000 Preferred (5% cum.) 1,772,500 Funded debt 1,400,000 Controlled through stock ownership by the Ohio Cities Gas Co. 395 Secured by a first mort^agre on plants sup- plying artificial and natural gas in Dayton, Ohio. The artificial gas franchise la perpet- ual and the natural gas franchise extends to 1930. Population served, 175,000. The com- pany is now distributing natural gas exclu- sively. Tears ended Dec. 31: Gross. Net. Int., etc. 1919 $512,534 $285,073 J72,461 1918. 606,060 411,151 73,899 1917 eiO.447 387,775 71,600 Original Market — Offered in 1910 by N. W. Harris & Co., New York, Boston and Chicago, at par and interest. New York— Fred H. Hatch & Co., Earle A. Miller & Co., Gilbert J. Postley. Price Range. Jan. 1, '13, to Jan. I, '21 1920 Bid. Ask. Bid. Ask. High 99* '12 101 '12 79 Dec. 85 Nov. Low. 75 '12 85 '20 '75 Nov. 85 Nov. DAYTON UGHTINO COMPANY Ist & R«f, Ss. Due March 1, 1937. Dated March 1, 1907. Interest, payable M^rch and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgrage. Outstanding:— (Mar. 18, '21) $2,432,000. Denomination! — Coupon, $1,000. Reglsterable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 107 V^ and Interest on any interest date. Control — ^Absorbed by the Dayton Power & Light Co. in 1911. Secured by a mortage on the Fourth Street Power House and the conduit system of the city. ^Prior liiens — $265,000 Dayton Electric Co. Ist 5s of 1921. Underlies — Outstanding. Dayton Power & Light Co. 1st & Ref. 5s, 1941 $2,640,000 Dayton Power & Light lat L. & Gen. 7s, 1933 3,000,000 Earnings — See D. P. & L. Ist & Kef. 6a. Original Market — Offered in 1909 by Baker, Ayling & Co., Boston, etc., and Rudolph Kley- bolte & Co., Inc., Cincinnati and New York, %t 95 and interest. Offered, April, 1914, by White & Co., New York. Market. New York — Newton G. Chase, Fred H. Hatch & Co., Martin Berwin & Co., Vander- hoef & Robinson, Earle A. Miller & Co., Gilbert J. Postley, Berdell Bros. Boston — L. Sherman Adams. Philadelphia — Bauer, Starr & Co, Providence — Hornblower & Weeks. Price Range. Jan. 1, '10, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 98% '16 101 '16 80 Mar. 84 Mar. Low. 74 '20 79 '20 74 Sept. 79 Sept. DAYTON POWER & LIGHT CO. (THE) 1st & Ref. 58. Due June 1, 1041. Dated June 1, 1911. Interest payable June and Dec, 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded on bonds Numbers 822- 1669, 1671-2025, 2076-2540. Authorized $20,000,000 Outstandinsr (Mar. 18 "21) 2,540,000 Pledged under First Lien & Olen 7s 4,001,000 Reserved for Prior Liens 2,615,000 Reserved for Ext 10,634,000 Provisions of Issue — Additional bonds issued hereunder must be pledged, under 1st Lien ft Gen. 7 s. Denomination— Coupon, $1,000. Reglsterable as to principal. Trustee — Columbia Trust Co., New York. Redeemable as a whole or for Sinking Fund only on any interest date up to and including Dec. 1, 1936, at 105 and interest, in 1937 at 104, 1938 at 103, 1939 at 102 and 1940 at 101. Sinking Fund — To be used for improvements or to purchase bonds at not exceeding above figures (bonds may be called if not purchas- able). Begins Jan. 1, 1917; from 1917 to 1924, 1%: 1926-32, 1%%; 1933-40, 2% of all bonds outstanding, including underlying bonds Und bonds of companies a majority of whose stock is owned, sinking fund payments on last two to be deducted from amount to be paid, In.. Organization — Incorporated in Ohio in 1911 to take over the electric light and power and steam heating properties in Dayton, O. Capitalization. Outstanding. Common $3,053,000 Preferred (6% cum.) 3,578,300 Funded debt 7,972,000 Secured by a mortgage on 3 power plants, distributing systems, including conduits, sup- plying electric light and power and steam heat- ing in Dayton, O,, and vicinity. Of the prop- erty carried by this mortgage it is a first lien on certain property .which represents an investment of over $7,000,000. Total value of property covered over $16,000,000. Popu- lation served, 275,000. Franchises are per- petual. Prior Liens — Outstanding-. Dayton Lighting Co. 1st & Ref. 5s, The above mortg-age is closed. Bonds are reserved under this rnortgage to retire the above issue. Underlies — 1st Lien & Gen. 7a of 1923. Years ended Dec. 31: Fixed Gross. Net. Charges. 1920 $3,734,487 $958,466 $551,175 1919 2,932,868 1,093,498 660,288 1918 2,430,729 802.080 500,163 1917 1,880,618 624.407 305,978 1916 1,613,874 620,531 235,964 Original Market — $1,250,000 ofCered May, 1916, by C. D. Barney & Co., New York and Philadelphia, and Drexel & Co., at 96% and interest. A block ofeered Feb., 1918, by B. H. Rollins & Sons and Equitable Trust Co,, New York, at 86% and Interest. Market. New York — Fred H. Hatch & Co., Earle A. Miller & Co., W. E. R. Smith & Co., Vander- hoef & Robinson. JJoston — L. Sherman Adams, Moors & Cabot. Pliiladelpiiia — Bauer, Starr & Co., Henry D. Boennlng & Co., Huntoon & Co., McCown & Co., Samuel McCreery & Co. Providence — Hornblower & Weeks. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '16 98 '16 76 Nov. 80 July Low. 72 '20 76 '20 7 2 Dec. 76 Nov. DAYTON POWER & LIGHT CO. 3-Year Ist Lien & Gen. 7s. Due Mar. 1, 1923. Dated Mar, 1, 1920. Interest payable Mar. 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax of 4 mills refunded. Authorized $5,000,000 Outstandings 3,000,000 Reserved for Ext 2,000,000 Provisions of Issue — Additional bonds may be issued as First & Ref, 5a are pledged in the ratio of 133 1-3% or against the deposit with the Trustee of cash equal to the amount of First Lien & Gen. Mortgage bonds to be so issued. Purpose of Issue— The proceeds of the origi- nal issue of $3,000,000 bonds provided 7s, due April 1, 1920, and retirement of ?265,000 Dayton Electric Light Company 1st 5s, due March 1, 1921; and reimbursed the company m part for expenditures made for additions and extensions made to its prop- erty. Penomination — Coupon, $1,000 and $500; $1,000 bonds registerable as to principal. Trustee — Central Union Trust Company, New York. Redeemable as a whole on 30 days' notice at 101 and interest on or prior to Mar. 1, 1921, at 100% and interest thereafter on or prior to March 1, 1922, and at 100% and In- terest thereafter. Organization — See First & Ref. 5s. Secured by a general mortgage on the en- tire property of the company. Additionally secured by pledge of $4,001,000 First & Ref. Bs. due 1941. Additional bonds may be issued under this mortgage upon pledge of additional First & Ref. 5s, in the ratio 133 1-3%. For details of property see First A Ref. 6 s. Prior liiens — Outstanding. First & Ref. 5e, 1941 $2,540,000 Dayton Lighting Co. 1st Ref, 6s, 1937 2,432,000 The above mortgages are closed. Additional bonds issued under the First A. Rof. Mortgage must be pledged hereunder. £:amings — See First & Ref. 5 b. Original Market — $2, 000,000 offered March, 1920, by Harris, Forbes & Co., Eauitable Trust ompany. and E. H. Rollins & Sons, at 98% and interest; $1,000,000 offered Nov. 1920, by Potter Brothers & Co., New York, at 97% and interest. Market. New York— Newton G. Chase, "\V. E. A. Smith & Co., E. A. Miller & Co., Berdell Bros, Boston — Coffin & Burr, Moors & Cabot. lE^OTidence, R. I. — Brown, Lisle & Marshall. Price Range 1920. Bid. Ask. High 93 July 98% Apr. Low 91 Dec. 96 May DAYTON, SPRINGFIELD & URBANA RAIL- WAY 1st 5s. Due Nov. 1, 1928. Dated Nov. 1, 1898. Interest payable May and Nov. 1, at Trustee's office. Tar StatuB — Payment of Federal Income Tax not assumed by company. Authorized $750,000 Oatstandin? 544,000 Held in S. F 206,000 Denomination — Coupon, $1,000. TruBtee — New York Trust Co., New York, Redeemable at 110 and interest. Sinldnig Fund — 5% per annum of gross earnings. Guaranteed as to interest by lease to Ohio Electric Ry. Co. Control — Merged into the Indiana, Columbus & Eastern Traction, whose entire common stock is owned by and the road leased to the Ohio Electric Ry. Co, Rental 5% on+SLOOO,- 000 preferred stock and interest on bonds. Secured by a first mortgage on 41 miles of electric railway connecting Dayton, Springfield and Urbana, Ohio. Population served, 182,000. Built on private right of way outside of cities Underlies — The Indiana, Columbus & East- ern Traction Co., Gen. & Ref. 6s of 1926, under which mortgage provision is made for the retirement of this issue. Original Market — First offered by Adams & Co., Boston, at 102 and interest in 1900. Market. New York — Watson, Armstrong & Co., Fred H. Hatch & Co. Boston — Chad. (A. Day & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '17 105 '17 70 Nov. 90 Low. 50 '20 62 '20 50 Nov. 62 DAYTON, SPRINGFIELD & XCNIA SOUTH- ERN RAILWAY 5s. Due Oct. 1, 1923. Dated Oct. 1, 1908. Interest payable April and Oct 1, at Trustee's office. Tax Status—- Payment of Federal Income Tax not assumed hy company. Authorized $500,000 Outstanding 422,400 Cancelled ... - 77,600 Denomination— -Coupon, $100 and $1,000. Trustee — First Wisconsin Trust Co., Mil- w^aukee. Redeemable upon, six months' notice at 106 and interest. Organization — Incorporated In 1909 as suc- cessor to the Dayton & Xenia Transit Co., sold at foreclosure. Secured by a Urst mortgage on 25 miles of electric railway between Dayton and Xenla. Ohio, and branch from Dayton to Roslyn. In 1917 the Company sold the road from Roslyn to Spring Valley, about 10 miles, and said property was released from the lien of this mortgage by the Trustee on deposit of the proceeds of such sale. As of Aug. 26, 1918, the Trustee advertised for tenders of bonds to exhaust $67,888. Years ended Dec. 31: Gross. Net. Interest. 1919 $267,589 $43,940 $ 1918 221,484 40.154 *1916 183,817 37,285 27,978 *1915 178,884 33.578 28.008 •1914 187,958 20.539 27,182 •Tears ended June 30. Market New York — Newton G. Chase, H. C Spiller & Co., Chas. A. Day & Co. Price Rang:e 1920 — Ask 22 at auction In March. Dne DAYTON UNION RAILWAY Ist 4s. July 1, 1049. Dated July 1, 1899. Interest payable Jan, and July 1, at "Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free In Ohio. Authorized $500,000 Outstandingr (Feb. 17, '21 354,000 Keld in S. F 146.000 Denomination — Coupon, $1,000. Trustee — Farmers* Loan & Trust Co., New York. Redeemable for the sinking fund at 105 and interest. Sinking Fund — ^Annually 1% of bonds out-- Btanding plus interest on bonds acquired by this fund. Fund to be applied to the pur- chase or redemption of these bonds at not- over 105 and interest. Guaranteed as to Interest by agreement of proprietary companies. Organization — Incorporated in Ohio, May, 1891. Capitalization. Outstanding. Common $321,000- Funded debt 354,000 Control — The entire capital stock is owned by the companies mentioned below. Secured by a first mortgage on Union Depot in Dayton, Ohio, used by the Pittsburgh, Cin., Chi. & St. L. (Penn. Co.); Cleve., Cin., Chi. &- St. L. ; Baltimore & Ohio; Dayton & IJnion and Erie railroad companies. Market. New York — Dunham & Co. , Carruthers, Pell & Co., John Nickerson, Jr. Pluladelpiiia — Elkins, Morris & Co., Sam- uel K. Phillips & Co., Isaac Starr, Jr., & Co. Price Range. Jan. 1, '16, to Jail. 1, '21 1920 Bid. Ask. Bid. Ask. High 8514 'IG 88 '17 78 May 79 Dec. Low. 73 '20 79 '20 73 Dec. 79 Dec. 1>E BARDEUEBEN COAJL CO., Inc., 1st 6s. Due $30,000 each May 1 from 1916 to 1935. Dated May 1, 1915. Interest payable May 1 and November 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $600,000 Outstrtiulinff 420,000 Balance Retired. Denomination — Coupon, $500 (1926 to 1935 maturities only) and $1,000. Registerable as to principal only. Trustee — Pennsylvania Company for In- surances un Lives & Granting Annuities, Phil- adelphia. Redeemable at 102^/^ and interest. Sinking Fund — 10c. per 2,000 lb. ton, on all coal mined, to be applied to the retirement of maturing bonds, any excess to be applied to the purchase of bonds of the last ten maturities at not exceeding 102 ^ and inter- est. If not so purchasable bonds of the last maturities outstanding are to be drawn by lot at 102^ and interest. Organization — Incorporated iii Alabama In 1915 as successor to the Maryland Coal & Coke Co, Owns all of the capital stock of the W. G. Coyle & Co. which has an established sales business in New Orleans. Capitalization. Outstanding. Common $600,000 Funded debt 420,000 Secured by a first mortgage on 12,089 acres of coal lands owned in fee and 2,867 acres controlled through lease. These properties are located in the Warrior Coal Field, about 35 miles northwest of Birmingham, Ala. The company's development consists of 2 separate operations all electrically equipped and con- nected by an electric railroad, together with workmen's houses, stores and other equip- ment, Years ended Dec 31: 1919 $1,103,438 $222,497 $88,645 1918 871,069 194,799 58,007 1917 585,512 165,812 73,038 1916 438,559 131,017 75,606 Original Market — Offered in May, 1915. by •Cassatt & Co. and Graham & Co., Philadel- j5>hia. Market. New York — Watson, Armstrong & Co., "-Carruthers, Pell & Co. Philadelphia — Graham, Parsons & Co., McCown & Co. Price Rangre. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '19 101 '20 96 Mar. 101 Mar. Low. 90 '20 100 '19 90 May 101 Mar. DE 1.AVAI. SEPARATOR CO (THE) 10- Year S, P. »% Notes. Due Mar. 1, 1931. Dated March 1, 1921. Interest payable March 1 and Sept. 1 in New York. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authorized $3,000,000 Outstanding: 3,000,000 Purpose ot Issue — To provide additional working capital. Denomination — Coupon, $1,000 and $500; registerable as to principal. Trustee — New York Trust Co., New York, Redeemable as a whole, but not in "part except for sinking fund on any interest date on 30 days' notice at 105 and interest on or before March 1, 1922, and at % of 1% less for each 6 months or part thereof there- after but not less than 100^ and interest. Sinking- Fund — Semi-annually, beginning- Sept. 1, 1922, an amount sufficient to retire $300,000 of these notes per annum, by pur- chase or redemption at not exceeding .the current redemption price, Orgranization — Incorporated in New Jersey in 18S5. This Company is the largest manu- facturer of cream separators in the United States and Canada. It also manufacturers and sells other centrifugal machinery, in- cluding oil purifiers and clarifiers used in the manufacture of chemicals and has per- fected a mechanical cow milking machine. The company owns the entire capital stock of the De Laval Company, Ltd. of Canada and De Laval Dairy Supply Company of the Pacific Coast. Plants are located at Poughkeepsie, N. Y., and Petersburg, On- tario. Capitalization Outstanding Common $2,000,000 Funded Debt 3,000,000 Security — A direct obligation of the Com- pany but not secured by a mortgage. Un- der the provisions of the indenture the Company covenants as follows: The Company will create or permit to be created any mortgage — except purchase money mortgages for properties hereafter acquired, pledge — lien or other encumbrances upon any of its properties, nor upon the properties of its subsidiaries, nor upon the income of all such properties. The Company will not issue any notes or other obligations maturing later than one year from their respective dates, except Employes Investment and Profit Sharing Certificates. The Company and its subsidiaries Tvill at all times maintain quick assets as defined in the indenture equal to 1% times all debt, including the amount of these notes out- standing. Years ended Dec. 31: Net. 1920 *$1,100,000 1919 1,705,075 1918 1.687,219 1917 1,597,939 1916 1,602,113 ♦Partly estimated. Original Market — $3,000,000; offered Feb- ruary, 1921 by Dominick & Dominick, Lib- erty Securities Corporation and White, Weld & Co., New York, at 98% and in- terest. Market New York — Ames, Emerich & Co., Hart- shorne & Eattelle, Vanderhoef & Robinson. Philadelphia — Graham, Parsons Co., Sam- uel McCreery & Co. Chicago — Rutter, Lindsay & Co., Inc. Poughkeepsie, N. Y. — Peter H. Troy. DE LONG HOOK & EYE CO. 1st 68. Due Feb. 1, 1929, Dated Feb. 1, 1919. Interest payable Feb. 1 and Aug. 1 in Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $400,000 Outstanding: (Feb. 1, "21) 326,000 Retired by S. F 74,000 Purpose of Issue — To retire loans incurred In the construction of a new plant and for general corporate purposes. Deunmination — Coupon, $1,000. Registerable as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Redeemable at 102 and interest on any in- terest date on 30 days' notice. Sinking Fund — ^Amounts sufficient to retire by purchase or call, a minimum of $10,000 par value of bonds quarterly. Organization — Incorporated in Pennsylvania In 1907 as successor to a West Virginia cor- poration which was chartered in 1900. Capitalization. Outstanding. Common $1,000,000 Funded debt 326,000 Secured by a first mortgage on all the prop- erty of the company, including a reinforced concrete plant of about 84,930 sq. ft. com- pleted in 1918 and located on 21st Street from Toronto Street to Clearfield Street, Philadel- phia. Under the provisions of the Trust Agreement no dividends can be paid on the capital stock until 50% of the bonds issued have been retired. Valuation of assets as of Jan. 30, 1919. Real estate, buildings, etc $384,840 Machinery, etc 420,996 Raw and finished materials 313,882 Total $1,119,717 Years ended March 31: •Net. 1920 $93,021 1919 def. 1,981 1918.. def. 6,645 1917 225,586 1916 107,375 •After interest. Original Market — $400,000 offered February, 1919, by Frazier & Co., Philadelphia, at 95 and interest. Market. New York — Carruthers, Pell & Co. Philadelphia — Graham, Parsons & Co., McCown & Co., H. D. Boenning & Co. Price Range 1920 — Bid — High, 90 May; Low, 87 Dec. DECATUR GAS & BliECTKIC CO. Ist Ba. Due May 15, 1929. Dated May 16, 1899. Interest payable May and November 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $300,000 Outstanding (Jan. 1 '21 136,000 Retired by S. F 165,000 Denomination! — Coupon, $1,000. Trustee — Merchants' Ijoan & Trust Co., Chi- cago, III. Redeemable at 105 and interest. Sinking Fund — Minimum of $16,000 bonds annually at 105 and interest. Bonds to be retired In numerical order. Assumed by Decatur Ry. & Light Co. Control — Merged into the Decatur Ry. & Light Co., all of whose stock Is owned by the Danville, Champaign & Decatur Ry. Co., a subsidiary of the Illinois Traction Co. Secured by a first mortgage on plant sup- plying gas and one of the plants supplying electricity to Decatur, 111. Population, 40,000. Franchises extend beyond 1938. Underlies — 1st Cons. 5s, Decatur Ry. & Lt. Co. 1st & Cons. 53 of 1933 and Con. & Ref. 6s of 1938, all of which mortgages pro- vide for the retirement of this issue. Original Market — Offered in 1899 by Devitt, Trembel & Co., at 104 and interest. Market. New York — Berdell Bros. Fbiladelphia — Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920, Bid. Ask. Bid. Ask. High 95 '16 80 90 Low. 80 '19 90 '20 . . 90 DECATUR RY. & LIGHT CO. 1st & Cons. .?s. Due Dec. 1, 1933. Dated Deo. 31, 1903. Interest payable June 1 and Dec. 1, at Trustee's office or Merchants' Bank of Canada, Montreal. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding; (Jan. 1, '21) $470,000 Held in S. F 273,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 107^ and interest on 60 days' notice. Sinking Fund — Annually on Dec. 1, 10% of the net earnings of the company for the preceding twelve months. Minimum amount in any event 1% of par value of outstanding bonds for the purchase or redemption of these bonds. Guaranteed as to principal and Interest by endorsement of the Illinois Traction Co. Organization and Control — Incorporated in x903 in Illinois to take over the street rail- way, gas, electric lighting and steam heating properties in Decatur, 111., and vicinity. En- tire capital stock Is owned by the Danville, Champaign & Decatur Ry. Co., a subsidiary of the Illinois Traction Co. Capitalization. Outstanding. Common $1,565,000 Funded debt 2,924,000 Secured by a mortgage on plants supplying gas, electric light and power, and steam heat In Decatur, 111., and vicinity, and on street railway system comprising 15 miles of track. Population, Decatur 40,000. Prior liens — $225,000 bonds of constituent companies. Underlies — Cons. & Ref. 6s of 1938 which are deposited under the Coll. Tr. 6s of the Danville, Champaign & Decatur Ry. & Lt. Co. Original Market — $600,000 offered 1906 at par and Interest by Julius Christiansen & Co., Philadelphia. Market. New York — Dunham & Co., Hartshorne & Battelle, Watson, Armstrong & Co., Berdell Bros. Philadelphia — Bauer, Starr & Co., Samuel K. Phillips & Co., H. D. Boenning & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. High 100 '17 100% '17 92 Mar. Low. 75 '20 95 '15 75 Sept. 399 DEERE & CO. 7'*% Notes. Due May 1st, 1931. Dated Feb. 15, 1921. Interest payable May 1, and Nov. 1 at Central Trust Com- pany of Illinois, Chicago, or Chase Natl Bank, New York. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authorized $10,000,000 Outstanding: 10,000,000 Farpose of Issue — To reduce current lia- bilities. Denominations — Coupon, $1,000 and $500; registerable as to principal. Trustee — Central Trust Company of Illinois, Chicago. Redeemable on any interest date on 60 days' notice, to and Including- May 1, 1922, at 105 and interest, and thereafter at 105 and interest less % of 1 % for each full year or fraction thereof from May 1, 1922. Sinking- Fund — Annually, beginning Feb. 1, 1924, an amount sufficient to retire $500,- 000 principal amount of notes in each year 1924 to 1926 inclusive, and $625,000 prin- cipal amount of notes In each year 1927 to 1920 inclusive. This fund is to be applied to the purchase or redemption of these notes at the current call price. Organization — Incorporated in Illinois in 1911. Business established in 1837. The Company's fourteen plants are located at Moline, 111. ; East Moline, 111. ; Ottumwa, Iowa ; Waterloo, Iowa ; Welland, Ontario ; Fort Smith, Arkansas; Syracuse, New York; Horicon, Wisconsin; St. Louis, Missouri, and Malvern, Arkansas. The Company, to- gether with subsidiaries — all of whose stocks, except directors' qualifying shares, it owns — manufacturers farna plows, har- vesting machinery, corn planters, disc har- rows, hay rakes, hay loaders, farm wagons, corn shellers, grain drills, manure spread- ers and other farm 'machinery. Capitalization Outstanding Common $17,904,400 Preferred (7% cum.) 35,000,000 Funded debt 10,139,500 Security — A direct obligation of the Com- pany but not secured by a mortgage. . The indenture contains the following covenants: So '' long as any of the Notes are out- standing and unpaid, the Company shall not make or permit to be made or exist any mortgage or pledge on any of its real property or plants, or on any of the property of any of its subsidiary companies (except- ing existing mortgages, against the prop- erty of two of the Company's subsidiaries, aggregating $85,000), but this provision shall not prevent future purchase by the company, or any subsidiary company, of property subject to naortgage, or the^ crea- tion of purchase-money mortgages upon property hereafter purchased by the Com- pany or any subsidiary. Current assets of the Company and its subsidiary companies shall, at all times, be maintained unpledged in an amount equal to at least 200% of the aggregate amount of their total liabilities, including the amount of these notes then outstanding, and total borrowings of subsidiary com- panies shall at no time exceed $2,500,000 in the aggregate. Years ended Oct. 31: •Net. 1920 $4,647,718 1919 5,257.177 1918 4,834,987 1917 i 4,932,025 1916 4,117,993 *After interest, taxes, depreciation, etc. Original Market — $10,000,000; offered Feb. 1921 by Central Trust Company of Illinois, Chicago, and Guaranty Company of New York, at 99 and interest. Market. New York — Hartshorne & Battelle. Philadelphia — Samuel McCreery & Co. Chicago — First Trust & Savings Bank, Rutter, Lindsay & Co., Inc. Erie, Pa. — Erie Trust Co. Salt Lake City — Palmer Bond & Mortgage Co. DBFIANCE (O.) GAS & EUX)TRIC CO. Iflt S. F. 5s. Due Sept. 1. 194S. Dated Sept. 1, 1912. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction, Pennsylvania State Tax refunded. Authorized $1,500,000 Outstanding 906,600 Pledged to Secure 7% Notes ... 272,000 Reserved for £xt. 321,400 Denominations — $100, $600 and $1,000. Reg- isterable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any In- terest date. Sinking Fund — -Annually beginning 1927 1% of outstanding bonds. Organization and Control — Incorporated in Ohio in 1909. The entire capital stock is owned by the United Public Utilities Co. (of Delaware). Capitalization. Outstanding. Common $647,100 Funded debt 926.600 Secured by a first mortgage on all the prop- erty of the company, including 102 miles of electric and gas plants in Defiance, C, also supplying Maumee, Perrysburg, Rossford; also serve local plants at Holgate, Swanton, Grand Rapids, Weston, Liberty Center, Okalona, Jewell and Florida, Population served, 25,- 000. Franchises are indeterminate and are reported liberal. Tears ended Dec. 31: Gross. Net. Int., etc 1919 $309,015 $101,295 $54,168 1918 277,659 94.781 45,498 1917 228,939 64.255 36,966 1916 174.678 41.415 24,636 1915 132,682 32.177 22,179 Original Markei^$372,000 offered July. 1916. by Liggett, Hichborn & Co. , Boston and New York. Market. New Tork — Lynch & McDermott, Barle A. Miller, Berdell Bros. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92 '17 94 '17 50 Dec 72 Sept. Low. 49 '20 53 '20 49 Nov. 53 Dec. DSXANO liAND COMPANY 1st 5s. Due pJan. 1. 1932. Dated Dec. 1, 1891. Interest payable Jan. and July -1, at Lehigh Valley Coal Co., Phil- adelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,200,000 Outstanding (Mar. 1, '21) 146,000 Retired by S, F 1,054,000 Denomination — ^Registered, $1,000. Trustee — Glrard Trust Co., Philadelphia. Sinking Fund — Ten cents per ton of coal of sizes above pea, shipped during the pre- ceding year, which amount shall not be less than $30,000 In any one year, to be appleid to the purchase of these bonds at not above par and Interest: if not purchasable, to be invested in other approved securities. Note. — Funds in hands of Trustee are in excess of amount of bonds outstanding. Ap- plication of S. F. discontinued by order of court. Guaranteed principal and Interest by the Lehigh Valley R. R. Co. by endorsement. Control — Merged in 1900 with the Lehigh Valley Coal Co., whose entire capital stock is owned by the Lehigh Valley R. R. Co. Secured by a first mortgage on 5,229 acres of coal lg.nd In Schuylkill Co., Pa., -with mines, improvements, etc. lilBted on the Philadelphia Stock Bxchange. _. ^^ , Market. 2®w York— Hartshorne '& Battelle. FhUadelphia— Barnes & Lofland, Blddle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Huntoon & Co., Reed A. Mor- gan & Co., Samuel K. Phillips & Co., Graham, Parsons & Co. Price Rancre. Jan. 1, '16, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 105 '16 100 '19 99% Mar. 102 Nov. Low. 98 '19 100 '19 9 %^ Mar. 102 Nov. DELAWARE & BOUND BROOK RAILROAD CO. Ist Cons. 3%s. Dne Aug. 1, 1056. Dated Aug. 1, 1905. Interest payable Feb. and Aug. 1, at Mechanics' National Bank, Trenton, N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Oatstandlug. .. .(1,800,000 Denomination — Coupon, $1,000. Register- able as to principal or fully reglsterable. TroBtee — The Penitsylvania Company for Insurances on Lives and Granting Annuities. Philadelphia. Guaranteed as to Interest under terms of lease by the Philadelphia & Reading Ry. Co. Orgai^ation — Incorporated In New Jersey In 1874. Capitalization. Outstanding. Common $1,800,000 Funded debt 1,800,000 Control — Leased for 999 years from 1879 to the Philadelphia & Reading Ry. Co. Ren- tal interest on bonds and 8% on $1,800,000 stock. Secured by a first mortgage on 30.97 miles of road from Bound Brook, N. J., to the Delaware River, and branch to Trenton, N. J., and including 27 miles of second track and 18.97 miles of third track. This road forms an important part of the P. & R. Ry. ;,between Philadelphia and New York. Legal for Savings Banks in Cal., Conn., Me., Mich., Minn., N. J. and Wis. Original Market — OfCered in 1905 by Drexel & Co., Philadelphia. Market. New York — Raymond M. Smith, Car- ruthers, Pell & Co. PhQadelphia — Henry D. Boenning & Co., Brown Bros. & Co., Graham, Parsons & Co., Isaac Starr, Jr., & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. High 93 '09 96 '09 70 Dec. Low. 66 '20 91% '12 66 July DELAWARE & HUDSON CO. 1st Lien Equip. 4%s. Due July 1, 1923. Dated June 1, 1907. Interest payable Jan. and July, at company's office, 32 Nassau St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstandingr (Jan. 1, '21).... 6,029,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal or fully re&ieterable. Trustee — United States Mortgage & Trust Co.. New York. Sinking Fund — Annually, beginning July 1. 1908. the sum of $650,000, to be applied by the Trustee under the direction of the Dela- ware & Hudson Company either to the pur- chase of these bonds for cancellation or to the purchase of additional equipment to be- come subject to this indenture, or to the pur- chase of bonds legal for New York State Life Insurance Companies. Bonds so purchased may be sold and the proceeds applied to the purchase of the bonds of this issue, or for new equipment to come under the lien of this indenture. On Dec. 31, 1920, receipts amount- ed to $8,450,000, disbursements for equip- ment, $4,442,453, bonds retired amounted to $3,971,000; securities and cash In hands of Trustee. $1,105,330. Organization — See 1st & Ref. 4s. Secured by a first lien upon equipment ac- quired under this indenture. Earnings — See Ist & Ref. 4s. Legal for savings banks in N. H., Ohio and R. I. Listed on the New York Stock Exchange. Original Market — Offered in 1907 by Kuhn. Loeb & Co. and the First National Bank, New York, at 95 and interest. Market. New York — Evans, Stillman & Co., Free- man & Co., Hartshorne & Battelle. Philadelphia — Brown Bros. .& Co., Graham, Parsons & Co. Price Range — N. Y. S. E. Jan. 1, '08. to Jan. 1. '21 1920 High 104^ Nov. 6, '08 96% Jan. 16 Low. 93% Feb. 28, "18 94% July 27 401 DELAWARE & HUDSON CO. Ist & Ref. 4s. Due May 1, 1943. Dated May 1. 1908. Interest payable May and Nov. l, at company's office, 32 Nassau St., New York. Tax ■ Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized $50,000,000 Oatstahding 32,204,000 Fledgred to Secure 7s. Due 1930 10,000,000 Reserved for Ext 6,296,000 Reserved for Prior Liens 1,600,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Reg- istered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Farmers' Loan & Trust Co., New York. Redeemable as a whole only at 107% and interest on May 1, 1918, or on any interest date thereafter upon 13 weeks' notice. Sinking Fund — Beginning June 1, 1909, 1% of amount of outstanding bonds is to be paid annually to the Trustee to be applied at the direction of the company, either of the pur- chase and cancellation of these bonds, or to constructions, additions, etc.. which are to be placed under the liens of this mortgage. Ap- proximately $3,636,230 has been paid into the Sinking Fund and expended in this way. Organization — Incorporated ^n New York In 1823. The company owns 341 miles of steam railroad, leases 468 miles and has trackage over 104 miles of road. The steam railroad lines extend from Wilkes-Barre and Scranton, Pa., and Binghamton, N. Y., via Albany to Montreal. Can. It also controls about 230 miles of electric street and interurban railway in and about Albany, Troy and Schenectady. The company also controls extensive anthra- cite coal lands. Capitalization. Outstanding. Common $42,503,000 Funded debt 68,096,000 Secured by a direct mortgage on 341.46 miles of road, 440.22 miles of leaseholds, trackage, equipment, coal lands, etc. . viz : A direct mortgage on 341.46 miles of road, viz: A first lien on 267.67 miles — Miles. Rouses Point Jet, to Lake Station, Whitehall, N. T 112.93 Canada Jet. to New York-Canada Line 12.78 South Jet. to AUsable Porks 18,87 Montcalm Landing to Baldwin 4,77 Ticondero&a Jet. to Tieonderosa 0.92 Salem Jet. to Greenwich 10.20 Moreau Jet. to South Glens Palls 4.77 Watervllet Jet. to Green Island 1.08 Glenville to Coons 9.68 Cherry Valley Jet. to Cherry Valley... 21.04 Ninevah, N. T., to Jefferson Jet 22.24 Carbondale to Green Ridge 15.32 Lookout Jet. to Honesdale Jet..., 27.62 Archbald to Bushwick 4.94 Carbon St. Jet. to Lackawanna Ave., Scraton 0.51 A second lien on 73.79 miles — Covered by the first lien of the follow- ing:: Adirondack Ry. 1st 4^4s 56.68 Schenectady & Duanesburgh 1st 6s.... 17.11 Also secared on 440.24 miles of leasehold, viz: Bluff Point to Lake Placid 79,44 Lake Station, Whitehall, to Albany 79.14 Whitehall. N. T., to Rutland, Vt 23.71 Castleton, Vt., to Ba&le Bridge, N. T. . 52.13 Port Edward to Lake George 14.46 Schenectady to Ballston 14.12 Waterford Jet. to Troy 5.60 Albany to Binghamton 142.59 Green Ridge to Wilkes-Barre 20.07 South Wilkes-Barre to Plymouth Jet.. 2.03 Green Ridge to Vine St., Scranton.... 1.47 Vine St. to Poplar St., Scranton 0.60 Plymouth Jet. to Kingston Breakers... 2.15 Bull Bun Jet. to No. 4 mines 1.25 No, 4 to No. 3 branch connection 1.02 Connection at Delanson 0.44 Further secured on 57.01 miles of trackage rights, viz: Bingh'amton to Owego (7rie R. R.) 22.00 Jefferson Jet. to Carbondale (Jefferson B. R.) 35.01 Prior Liens — $1,500,000 prior liens on mile- age directly covered as follows: Schenectady & Duanesburgh Ist 63, 1924 Adirondack Ry, 1st 4%s, 1942.... Also on 276.78 miles of mileage leased to the following: Albany & Susquehanna Conv. 3%s, 1946 10,000,000 Price Range — N. ¥. S. E. Jan. 1, '08, to Jan. 1, '21 1920 High 103 June 3, '09 81 >4 Oct. 9 Low. 67 July 7, '20 67 July 7 {600,000 1,000,000 6,278,062 1,123,841 5,887,988 850,654 Total ?11,500.000 Years ended Dec. 31. Gross. Net. Int. & Rent. •1920 $46,354,299 $10,431,017 $5,497,855 •1919 7.415,149 10,883,067 tl919 34,749,709 2,078,201 •1918 7,415,149 10,602,781 tl918 34,789,864 3,436,079 •Corporate Income Account. t Federal Income Account — standard return not included. ^Listed on the New Tork Stock Exchange. liegal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J.. N. T., R. I., Vt. and Wis. Original Market— Underwritten in 1908 by Kuhn, Loeb & Co., and the Pirst National Bank, New Tork, and offered at 97.14 and In- terest. -- , . Market. New York — Bigelow & Co., Colgate, Par- ker &, Co.,. Dunham & Co., Arthur B. Prank & Co., Granger & Co., Hodenpyl, Hardy & Co., Kountze Bros., R. W. Pressprich & Co., Prince & Whltely, Redmond & Co., Struthers & Hlscoe, Seaaongood, Haas & Macdonald, Vilas & Hlckey. DELAWARE Si HUDSON CO. 20-Year Conv. Ss. Dne Oct. 1. 1935. Dated Oct. 1, 1915. Interest payable April 1 and Oct. 1, at Company's office. New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorlzed and Outstanding. .$14,451,000 Denomination — Coupon, $500 and $1,000. Registerable fully, or as to principal only. Registered, $600, $1,000, $6,000 and $10,000. C, & R. interchangeable. Redeemable as a whole only (subject to right of conversion after call up to 30 days from date of redemption) at 106% and inter- est, on Oct. 1, 1922, or on any interest date thereafter on 90 days' notice. Convertible between Oct. 1, 1917, and Oct. 1, 1927, into stock of the company at the rate of 160% in bonds for 100% in stock. Dividends on the stock have been paid in every year since 1826, except from 1829 to 1831, 1834 to 1838 and 1877 to 1880. The average rate for the entire period has been 7.3% per annum, since 1882 not less than 6% per annum has been paid, and 9% per annum has been paid since 1907. Proportionate prices are as follows. Stock. 160 165 160 166 "170 175 180 185 190 196 200 Bonds. 100.00 103.33 106.66 110.00 113.33 116.66 120.00 123.33 126.66 130.00 133.33 Stock. 205 210 216 220 225 230 235 240 245 250 Bonds. 136.66 140.00 143.33 146.66 160.00 163.33 156.66 160.00 163.33 166.66 Organization — See 1st & Ref. 4s. Security — A direct obligation of the com- pany, but not secured by a mortgage. Earnings — See 1st & Ref. 4s. X37. Dated Sept. 1, 1913. Interest payable March and Sept. 1, at First National Bank. New York, and at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorised $10,000,000 Outstaudingr (Mar. 1, '21) 1,615,500 Retired by S. JT 223,500 Reserved for Pi-ior Liens 3,985,000 Reserved for Ext. (80%) 4,176,000 Denomination — Coupon, $500 and (1,000. Refiatreable as to principal. Tnrstee — Central Trust Co. of Illinois, Chl- cagro. Redeemable at 106 and interest on 30 dars* notice. Sinkinir Fund — 1 % % per annum of out- standing bonds, begrlnnlng Sept., 1914, for the purchase or redemption of these bonds at not over 105 and Interest. Guaranteed principal, interest and sinkinir fund by the Illinois Traction Co. by endorse- ment. Organization and Control — The company owns the subsidiary properties of the Illinois Traction Co. in Iowa and ia controlled through stock ownership by the Illinois Traction Co. Capitalization. Outstanding. Common $1,000,000 Preferred (6% cum.) 150,000 Preferred (7% Cum.) 150,000 Funded debt ,1.616,500 Secured by a first lien on the property ot the Oskaloosa & Buxton Electric Ry. Co., owning 2% miles of track between Oskaloosa and Beacon, la., and on plants supplying electric light and power to Colfax, Montezuma, New Valley Junction, Prairie City and New Sharon, by deposit of the entire stocks and bonds of companies owning said properties, and a lien on the properties of the Des Moines Electric Co. and the Oskaloosa Traction & Light Co. by deposit of the entire capital stocks (except qualifying shares) of these com- panies and $832,000 Gen, 6s, due 1937 (total outstanding) of the Des Moines Electric Co. and $192>00 Gen. & Ref. 6s of 1937 (total outstanding) of the Oskaloosa Traction & Light Co. Also $16,000 Colfax Electric Lgiht, Co. 1st Mtge. Bonds, $8,000 Montezuma Elec- tric Light. Power & Heating Co. lot Mtge Bonds, $24,000 New Valley Jet. Water ft Light Co. bonds, and $42,000 Oskaloosa ft Buxton Electric Ry. Co. 1st Mtge. Bonds. Plior Liens — $2,660,000 Des Moines Elec- tric Co. 1st 5s of 1938 and $211,000 (closed) Osk. Trac. & Lt. Co. 1st 5b of 1923. Tears ended Dec. 31: Gross. Net. Interest. 1920 $1,897,510 $736,956 $250,622 1919 1,570,501 632,282 235,305 1918 . 1,333,528 631,797 184,«18 1917 1.171515 488,670 160, 1»7 1916 1,001.548 477,381 167,629 Original Market — $1,160,000 offered 1914 by Bodell & Co., Providence, H, I., Boston and Springfield, Mass.. at 100 and interest. DES MOINES & FORT DODOE R. R. CO. 1st 4s. Due Jan. 1, 1935. Dated January 1. 1905. Interest payable Jan. and July 1, at Minneapolis, St. Louis and New Tork. Tax Statn5^2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. . .$3,072,009 Denomination — Coupon, $1,000. Registerabla as to principal or fully reglsterable. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the Minneapolis & St. Louis B. R. Co. by en- dorsement. Assumed by the M. & St. L. R. R. Co. Control — Absorbed in 191B by the Minnea- polis & St. Louis R. R. Co. Secured by a first mortgage on 137.62 miles of road from Ruthven to Des Moines, la., and branch. UnderUes — M. & St. L. 1st & Ref. 4s and Ref. & Ext. 6s. under which mortgage bonds are reserved to retire this issue. Idsted on the New Tork and Amsterdam Stock Exchanges. Original Market — OfCered in 1905 by Red- mond & Co., Hallsnrten & Co. and the Can tral Trust Co., New York- Market. New York — Dunham & Co., Sam'l Gold- schmidt, E. D. Levlnson & Co., Vanderhoef & Robinson, Edwin Wolff, Finlay & Daven- port, Rutter & Co.. P. J. Llsman & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Lid. Ask. Bid. Ask. High 67 '17 72 '16 47 Nov. 49% Nov. Low. 35 '16 43 '20 40 Dec. 43 Dec. DES MOINES CITY RAILWAY CO. Gen. & Ref. 20-Year 6s. Due Jan. 1, 1936. Dated Jan. 1, 1916. Interest payable Jan. 1 and July 1, at Trustee's ofiice or Harris, Forbes & Co., New York and Boston. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $16,000,009 Outstanding: (Apr. 1, '21) 4,821,00fl In TreasuiT 74,009 Reserved for Imp 762,000 Reserved for Ext 9,343.000 Denomination — Coupon, $500 and $1,000. Reglsterable as to -principal. Trustee — Harris Trust & Savings Bank. Chicago. Redeemable at 105 and Interest on any Interest date^. Betterment Fund — ^Annually, beginning Jan. 1, 1919, 20 % of gross earnings to be ex- pended for maintenance, repairs and renewals of the company's property, for the cash cost of extensions and additions for which no bonds may be issued; or for the purchase or retirement of outstanding bonds of the com- pany. Organization— Incorporated in Iowa In 1893 and is a consolidation of all the street rail- way lines fn Des Moines, la. Owing to fran- chise litigation a receiver was appointed April, 1915. The company having obtained a satis- factory extension of its franchise, the re- ceivership and all litigation has been diacon- tinueH. Capitalization. Outstanding. Common $1,055,000 Preferred (7% cum.) 250,000 Funded debt 5,921,000 Receivership — Judge Martin A. Wade in the U. S. Dist. Court at Des Moines, la., upon application of the company, named Homer A. Miller and Emil A. Schmidt to act as joint receivers Dec. 13, 1918. On May 1, 1920, F. C. Chambers succeeded Emil G. Schmidt as joint receiver. Secured by a first mortgage on all the Moines, la. Population served, about 125,- 000. Franchise extends to Jan. 26, 1941. Under the provisions of this franchise the city may purchase the property«of the com.- pany, for which purpose the, valaution of the property was established at $5,000,000, as of Aug. 1, 1915. Underlies — $1,100,000 Deb. 6s. Years ended Dec. 31: Int.. Gross. Net. Rent., etc. Gross. Net. Int., etc. 1920 $2,088,927 $387,851 $391,084 1919 1,856,610 225,055 *386,592 1918 1,709,894 293,619 346,750 1917 1,527,121 462,303 324,683 *Includes depreciation. Original Market — OfCered March, 1916, by Harris Trust & Savings Bank, Chicago, at 97% and interest. A block offered by same firm March, 1918, at 84% and interest. Market. New York — Babcock, Rushton & Co., Fred H. Hatch & Co., Gilbert J. Postley. Piice Ranj^e Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Ask. High 96 '16 97% '16 40 Dec. Low. 80 '18 40 '20 40 Dec. Interest. $170,335 158.924 137,700 Fred DES MOINES ELECTRIC CO. Ist S. F. 5s. Due Nov. 1. 1938. Dated November 2, 1908. Interest payable May and Nov. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding- (Apr. 1, '21) 2,660,000 Ketired by S. F. 198,000 Pledffed to Secure 7% Notes.. 959,000 Reserved for Ext 1,183,000 Denomination — Coupon, $1,000. Regiaer- able as to principal. Trustee — American Trust Co., Boston. Redeemable at 105 and interest Nov. 1, 1914, or on any interest date thereafter upon four weeks' notice. Sinking Fund — 1% annually of outstanding bonds from Nov. 1, 1914, to 1921; 1%% from 1922 to 1930 and 2% from 1931 to 1937, In- clusive, to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be can- celled. Organization — Incorporated in Maine in 1908. Capitalization. Outstanding. Common $1,325,000 Preferred 500,000 Funded debt 4,161,000 Control — Entire capital stock is owned by the Des Moines & Central Iowa Electric Co, and deposited under its 6s of 1937. The lat- ter company is controlled by the Illinois Trac- tion , Co. Secured by a first mortgage on, plant sup- plying electric light and power to Des Moines, la. Population, about 100,000. Franchises perpetual. UnderUes — $832,000 Gen. 6s of 1937, all of which are deposited under Des Moines & Central Iowa Electric S. F. 6a of 1937. Years ended Dec. 31: ^ Gross. Net. 1919 $1,298,190 $564,097 1918 1,103,043 485,151 1917 947,266 423,598 Market. New York — Babcock, Rushton & Co., H. Hatch & Co. Boston — L. Sherman Adams, Blodget & Co. Milwatdcee — First Wisconsin Co. Fliiladelphia — Henry D. Boenning & Co., McCown & Co., Samuel K. Phillips & Co. Providence — Hornblower & Weeks. Price Range, Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 98 '17 99 '16 75 Nov. 90 Feb. Low. 69*20 78 '20 69 July 78 Dec. DES MOINES (lA.) ELECTRIC CO. 7"^% Coll. Conv. Notes. Due May 1, 1925. Dated May 1, 1920. Interest payable May 1 and Dec. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,000,000 Outstanding: 669,000 Unissued 331,000 Issue Restrictions — Additional notes may pany for extensions and additions. Denominations — Coupon, $1,000. $500 and $100; registerable as to principal. New Yorli — Morton Lachenbruch & Co. Trustee — Northern Trust Co., Chicago. Redeemable on 30 days' . notice at 102% and interest to May 1, 1921, and decreasing % % each succeeding year until maturity. Convertible on and after May 1, 1921, into 1st 5s on the following terms: at 88 and interest to May 1, 1923; at 89% and interest from May 1, 1923 to May 1, 1924; at 91 and interest from May 1, 1924 to May 1. 1925. Orgranizatlon — See 1st 5s. Seciu-ed by pledge of $959,000 1st 5s of 1938. Eai'nings — See 1st 5s. Original Market — $369,000; offered March, 1921, by Emery, Peck & Rockwood, at 98% and interest. Market New York — Morton Lachenbruch & Co. Mihvaukee — First Wisconsin Co. DES PLAINES VALI^Y RAILWAY Ist 4%s. Due March 1, 1947. Dated March 1, 1912. Interest payable March 1 and Sept. 1. at C. & N. W. Ry. Co/a office. New "fork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding.. . .$2,500,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000, $5,- 000 and $10,000. C. & R. interchangeable. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Northwestern Ry. Co. Guaranteed principal and interest by Chicago & N. W. Ry. Co. by endorsement. Control — Absorbed by the C. & N. W. Ry. in 1913. Secured by a first mortgage on 20.51 miles of double track from Proviso to Valley, 111., forming an outer belt line to the north- west of Chicago, and constituting an import- ant part of the C. & N. W. Ry, Co.'s ter- minals In Chicago. UnderUes — Chicago & N. W. Ry. 1st & Ref. Mtge. under which bonds are reserved to retire this issue. Legal for savings banks in Cal., Conn., Me., Mich., Minn.. Mo., N. H., N. J., N. T., R. I., Ohio, Ore. and Wis. Listed on the New York Stock Exchange. Original Market — Underwritten In 1912 by Kuhn. Loeb ft Co.. N. T. 414 Market. New York — Constable & Fleming, Ked- moncl & Co., Carruthers, Pell & Co., Finlay & Davenport. Price Ranee — N. Y. S. E. Jan. 1, '15, to Jan 1, '21 1920 Bid. High 101 J4 Oct. 23, '16 80% Apr. Low. 93% Sept. 10, "16 72% May DETROIT & BAY CITY RAILROAD Ist 5s. Duo March 1, 1931. Dated March 10, 1881. Interest payable Coupon bonds, March and Sept. 1, at Union Trust Co.. New York: registered bonds, at Grand Central Station, New York, March. jQne, Sept., and Dec. 1. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding: ...$4,000,000 Denomination — Coupon, $1,000. Kegister- able as to principal or exchangeable for reg- istered bonds between March 1 and May 1, or between September 1 and November 1. Registered, $1,000 and $6,000. Trustee — Union Trust Co., New Tork. Assumed by the Michigan Central R. R. Co. Organization and Control — The Detroit & Bay City R. R. was incorporated in Michigan m 1881. In Sept., 1916, merged with the Michigan Central R. R. Co. Secured by a first mortgage on 170 miles of road from Detroit to Saginaw and Bay City, Mich., and branch. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. T., R. I., Ohio, Ore., Vt. and Wis. Price Range. Jan. 1, '16, to Jan. 1, -21 1020 Bid. Ask. Bid. Ask. High 105 '17 108 '16 85 May 93 May Lo™. 90 '17 92 '20 85 Oct. 92 Mar. Market. Pittsburgh — R. B. Hutchinson & Co. DETROIT & FLINT RAILWAY CO. 1st Cons. 5s. Due August 1, 1921. Dated Aug. 1, 1901. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstandingr (Jan. 1, '21) 1.400.0U0 Cancelled 600.000 Reserved for Prior Liens 1,100,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Equitable Trust Co., New Tork. Redeemable on any interest date at par and interest. Guaranteed as to principal and interest, by the Detroit United Ry. Co. by endorsement. Assumed by the Detroit United Ry. Co. Control — Absorbed by the Detroit United Ry. Co. Secured by first mortgage on 85 miles of street and interurban railway comprising a small part of the street railway system in Detroit with interurban extension to Flint, Mich., and branch from Rochester to Romeo. Further secured by deposit Ist Cons. 4%s of the Detroit United Ry. Co. par for par with the bonds of this issue outstanding. A large part of the road is built on private right- of-way. Franchises elsewhere run generally to 1929. Underlies — Detroit United Ry. 1st Cona. 4%s of 1932, which mortgage provides for the retirement of this issue. Earnings — See Detroit United Ry. Market. New York — Morton Lachenbruch & Co., Berdell Bros., Wolff & Stanley, Merrill, Lynch & Co. Philadelphia — Samuel K. Phillips & Co. Chicago — Paine, Webber & Co. Baltimore — Howard R. Taylor & Co. Detroit — Nicol, Ford & Co., Watling, Ler- chen & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '17 99 '16 93 June 97 Dec. Low. 84 '14 85 '15 90 Sept. 96 Sept. DETROIT & MACKINAC RY. CO. 1st Lien 4s Due June 1, 1995. Dated May 1, 18 96. Interest payable June and Dec. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. .'Authorized .' $1,600,000 Outstanding 1,0S0,000 -Held in Treasury 460,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Organization — Incorporated in Michigan, 18 94, as a reorganization. Capitalization. Outstanding." Common $2,000,000 Pret. (67„ cum.) 950,000 Funded debt ., 2,300,000 Secured by a first mortgage on 319.29 miles of road, viz. : Miles Bay City to Cheboygan, Mich 195.20 Omer to Au Ores, Mich 7.96 Emery Jot. to Rose City, Mich 32.04 Emery Jet. to Prescott, Mich 12.16 Alabaster Jet. to Alabaster, Mich 4.27 Au Sable to Comins, Mich 49.64 Lincoln Jet. to Lincoln, Mich 14.68 Hillman Jet. to Hillman, Mich 23.30 Rogers City Jet. to Rogers City, Mich.. 14. 41 Logging branches 26.66 Underlies — $1,250,000 Mortgage 4s of 1995. Years ended Dec. 31; Gross. Net. Interest. •1920 $1,818,434 $184,075 $92,000 •1919 310,664 279,434 92,000 tl919 1,687,342 def. 76,630 •1918 310,664 264,150 92,000 ■flOlS 1,567,034 def. 22,849 •1917 1,350,450 287,650 92,300 •Corporate account. tFederal account — standard return not in- cluded. Listed on the New York Stock Exchange. Market. New York — Morton Lachenbruch & Co., Chas. W. Place, Pynchon & Co., Carruthers, Pell & Co., F. J. Lisman & Co., E. Wolff. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. High 100 Jan. 11, '06 65 Feb. 78 Feb. Low. SOJan. 30, '15 50% Apr. 60 July DETROIT * MACKINAC BY. CO. Mtge. 4s. Due June 1, 1995. Dated May 1, 1895. Interest payable June and Dec. 1, at J. P. Morgan & Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized (reduced from $2,- 600,000) $1,750,000 Outstanding 1.250.000 Held in Treasury 500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trtistee — Guaranty Trust Co., New York. Kedeemable at par and interest on any in- terest date. Secured by a second mortgage on 379.29 miles of road covered by the First Lien 4s. Prior Liens — $1,060,000 First Lien 4s of 1995. 415 Ehtmines — See 1st L. 4a of 1995. lifited on the New York Stock Exchange. Market. New York — E. & C. Kandolph, Hanson & Hanaon. Detroit — Bonbright & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jaiu 1, *21 1920 Bid. Aak. Hieh 96% Mar. 23, '06 63 Dec. 68 Dec. Low. 74 Nov. 4, '16 45 July 55 July Price Range. Jan. 1, '17, to Jan. 1, '21 1930 Bi DETROIT. YPSItANTI, ANN ARBOR & JACKSON RAILWAY 1st Cons. 58. Due Feb. 1, 1926. ,^?a*ed Feb. 1. 1901. Interest payable Feb. itid Aug:. 1, at Detroit Trust Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstandmg $1,563,000 Owned by Detroit United Ry. . . 46,500 Denomination— Coupon, $500 and $1,000. Registerable as to principal. Trustee — Union Trust Co., Detroit. Assumed by Detroit, Jackson & Chicago Ry. Control — Absorbed by Detroit, Jackson & Chicago Ry. Co., all of whose stock Is owned by Detroit United Ry. Co. Secured by a first mortgage on about 54 miles of track on private right of way from Ann Arbor to Jackson, Mich., and a second mortgage on 54 miles from Detroit to Ann Arbor, with branch. Franchises, which are not perpetual, expire in 1927; 40 miles of road are on private right of way. Population served, exclusive of Detroit, about 76,000. Prior liiens — $330,000 D. T. & A. A. Ry, 1st Cons. 6s of 1924, for the retirement of which bonds are reserved under this issue. Underlies — $ 1.400,000 Detroit, Jackson & Chicago Ry. Co. 1st Cons. 5s of 1937. guar- anteed by the Detroit United Ry. Co. and under which mortgage bonds are reserved to retire this issue. Earnings— See Det. U. Ry. Ist Cons. 4%s. Original Market — First offered by Russell Whitcomb & Co., New York and Baltimore at par and interest In Sept., 1902. $500,000 offered Aug., 1911, by Eversz & Co., Chicago, to net 6%. Market. New York — Carruthers, Pell & CO., G. R. McAllister & Co., John Nickerson Jr., Ber- ' dell Bros. Chicagro — Eversz & Co. Detroit — Nicol, Ford & Co., Watling, Ler- chen & Co. Price Range. Jan. 1, *08, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 95 '17 96 '16 95 - May 100 May Low. 68 '08 70 '08 79% Oct. 85 Dec. DEXTER & PISCATAQUIS RAILROAD CO. 1st 4s. Due July 1, 1939. . Dated July 1, 1889. Interest payable Jan. and July 1, at Trustee's office. _ Tax Status — Payment of Federal Income Tax not asumed by company. Authorized and Outstanding — $175,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Boston Safe Deposit & Trust Co., Boston. Guaranteed principal and interest by the Maine Central R. R. Co. Organization — Incorporated in 1888. Capitalization. Outstanding. Common $122,000 Funded debt 175,000 Control — Leased for 999 years by the Maine Central R. R. Secured by a first mortgage on 16.54 miles of read from Dexter to Foxcroft, Me. Legral for savings banks in Conn., Mass, and N. Y. DIAMOND MATCH CO. (THE) IS-Year S. E. Debenture "^Vzs. Due Nov. 1, 1935." Dated Nov. 1, 1920. Interest payable May 1 and Nov. 1 at Blair & Co., Inc., New York, or Illinois Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $6,000,000 Outstanding: 6,000,006 Purpose ol Issue — To fund floating in- debtedness. Denominations — Coupon $100, $500 a;id $1,000; registerable ($1,000 only) as to prin- cipal. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable on any interest date upon 60 days' notice at 105 and interest from Nov. 1, 1923, to Nov. 1, 1930, inclusive; there- after at 105 and interest less %% for each six months which shall have elapsed after Nov. 1, 1930. Sinking: Fund — $100,000 semi-annually on Jan. 1 and July 1 of each year, commenc- ing with July 1, 1921, for the purchase of these uuncls at not over 100 and interest. If bonds are not so purchaseable within two months after each such payment, the un- expended balance reverts to the company. Bonds acquired are to be cancelled. Organization — Incorporated in Illinois in 188y as successor to a Connecticut corpora- tion. Manufactures and sells "matches, -lum- ber products, chemicals, match-making- ma- chinery, etc. Owns factories at Barberton, O.. Oswego, N. Y. ; Oshkosh, Wis.; Savan- aah, Ga, ; Chico, Cal. ; Springfleldj Mass. ; Spokane, "Wash. ; Athol, Mass. ; Biddef ord, Me.; Southford, Conn.; Stirling City, Cal.. and also owns and operates 28 retail lumber yards located in the Sacramento Valley, aCl., also owns and operates shook and mill work factory in conjunction with its lumber yards; also owns extensive tracts of timber in California, Washington, Idaho, Maine, Massachusetts and Georgia. Capitalization. Outstanding. Common ' $16,965,100 Funded debt 6,000,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company covenants as follows: No mortgage may be placed on the prop- erties of the company, except purchase money mortgages or mortgages on such property at the time of acquisition therebf, unless these debentures are equally and ratably secured therewith. The company may not dispose of any of Us real estate or plants, except timber prop- erties and portable mills, of a value exceed- ing, or the proceeds of the sale of which exceed, $250,000, without (a) purchasing and cancelling a principal amount of Deben- tures, or (b) paying an amount of the Trustee for the redemption of debentures, or (c) expending within one year an amount for other real estate, plants or machinery, equal to such value or proceeds, which- ever shall be "greater, taut there shall be credited upon such obligation all net amounts spent by the company for additions and betterments to real estate and plants, other than timber properties and portable mills, afer November 1, 1920, otherwise than out of the debenture proceeds or pursuant to this obligation. Years ended Dec. 31: Net. 1920 $2,597,301 1919 2,673,515 1918 2,608,627 1917 3,787,960 1916 2,780,120 Oi-iginal Market — $6,000,000 offered Oct., 1920, by Blair & Co., Inc., New York and Chiacgo, and Illinois Trust & Savings Bank, Chicago, at 100 and interest. Market New York — Ames, Emerich & Co., Bab- cock, Rushton & Co., Hartshorne & Battelle, Salomon Bros. & Hutzler, Vanderhoef & Robinson, Mann, Pell & Peake, Bull & Eldredge. Boston — Curtis & Sanger. Louisville, Ky. — Block, Fetter & Co. Philadelphia^ — Chas. Fearon & Co., Mc- Cown & Co. Chicag-o — Blair & Co., Illinois Trust & Savings Bank, Union Trust Co. Fittsburgrh — Moore, Leonard & Lynch, Stout & Co. liOS Angreles — Banks, Huntley & Co., Drake, Riley & Thomas. Salt Lake City — Palmer Bond & Mortgage Co. San Diegr<» — Blyth, Witter & Co. EjTie. Pa. — Chas. Messenkopf & Co. DIERKS LUMBBB & COAL CO. Ist 68. Dae $75,000 each Feb. and Aas. 1, to Feb. 1. 1926. Dated August 1, 1914. Interest payable Feb. and Aug-. 1, at Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding: (Jan. 1. '21) 825,000 Matured and Pmd 575,000 UniBSued 100,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee— Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 101% and interest. Sinking Fund — $3.00 per thousand feet of timber cut from pledged lands. Guaranteed — Principal and interest by en- dorsement of Hans and Herman Dierks of Kansas City, Mo. Organization — Incorporated 1895 in Nebras- ka. Owns and operates yards at sixteen cities and towns in Nebraska, timber mills at De Queen, Ark., and timber lands comprising 130,- GOO acres in Arkansas, of which 108,000 acres are owned in tee. Capitalization. Outstanding. Common $2,710,300 Funded debt 825,000 Secured by direct mortgage on all timber lands of the company and on plant at Dierks, Ark. Original Market — $1,000,000 offered June, 1914, by Clark L. Poole & Co., Chicago, and Geo. H. Burr & Co., New York and Chicago, at 100 and interest. Market. Chicago — Central Bond & Mortgage Co. DISTILLERS SECURITIES CORPORATION Coll. Tr. 25-year Conv. 5a. Due Oct. 1. 1937. Dated September 16, 1902. Interest payable April and Oct. 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstandingr $5,546,845 Purchased and Cancelled 10,158,000 Repurchase Proposal — The company has an- nounced its policy to purchase these bonds In the open market when prices are attractive. Denomination — Coupon, $1,0 00. Registerable as to principal. Trustee — Bankers Trust Co.. New York. Redeemable at 105 and Interest on any In- terest date on four wesks' notice. Conversion privilege expired Oct. 1, 1912. Organization and Control — Incorporated In New Jersey in 1902 and acquired practically all the stock of the Distilling Co. of America, which latter company owns the capital stock of the American Spirits Mfg. Co., Kentucky Distilleries & "Warehouse Co., Standard Dis- tilling & Distributing Co. . Hannls Distilling Co., Henry H. Shufelt & Co., Peoria Malting Co. Also owned $6,001,000 of the $12,000,000 common stock of the United States Industrial Alcohol Co. and guarantees 7% dividend oa $6,000,000 preferred stock of that company. In 1916 sold Its common stoGk holdings of lat- ter company. In 1919 the U. S. Food Prod- ucts Corporation acquired substantially all of the capital stock and a physical, merger la proposed. Secured by deposit of 95% of the $30,776,- 606 outstanding preferred stock and 98% of the $46,994,720 outstanding common stock of the Distilling Co. of America. All additional stock as acquired (U. S. F. P. oCrp.) is t« be deposited hereunder. Years ended Dec. 31: Net. Interest. 1919 $3,354,947 $303,043 1918 •10,514,810 458.222 tl917... 5,497,377 706,944 tl916... 4,119,204 792.110 •After Federal taxes. tYears ended June 30. Listed on the New York Stock fixchange. Market. New York — J. S. Bache & Co. Price Range — ^N. Y. S. E. Jan. 1, '15, to Jan. 1, *21 1920 High 92% June 6, '19 83 Feb 11, '20 Low. 46 Mar. 2, '16 75 May 7, '20 426 DODGE MANUFACTURING CQ. Isl 68. Du« $50,000 Aug. 1. 1916; $75,000 each Aug. 1 from 1917 to 1.919; and $100,000 each Aug. 1, from 1920 to 1925, inclusive. Dated Aug. 1, 1911. Interest payable Feb. 1 and Aug. 1, at Trustee's. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding (Jan. 1, '20) 395,000 Balance Retired. Denomination — Coupon, $1,000. Registerablo as to principal. Trustee — Guardian Savings & Trust Co., Cleveland. Redeemable In whole or in part in reverse numerical order at 105 and interest on 60 days' notice. Organization — Business founded in 1878 and incorporated in Indiana in 1880. Plant located at Mlshawaka, Ind , covers about 20 acres In area and of modern fireproof construction. Company manufactures power transmission machinery and appliances, water softening and purifying apparatus for steam power plants; tanks and structural steel and laminated wat- erproof wood veneer. Company has branch warehouses in New York, Boston, Philadel- phia. Pittsburgh, Cincinnati, Atlanta, Chi- cago, St. Louis, Minneapolis, Providence, R, I., Newark, N. J., Seattle, Wash., and Dallas, Tex. Capitalization. Outstanding. Common $1,000,009 Preferred 1.299.400 Funded debt 395,000 Secured by a first mortgage on all the prop- erty of the company. Years ended Dec. 31: Bond Gross. •Net. Interest. 1920 $8,010,978 $415,625 $132,202 1919 7,490,950 1,001,857 29,445 1918 7,424,767 1,093.439 34,140 1917 6,307,049 946.264 35,397 1916 2.884.314 646,638 51,250 1916 2,128.635 340,350 67,031 •After Federal Taxes. flncludes interest, sundry accounts charged off. etc. Original Market — First offered In 1911 by First National Bank and Guardian Savings & Trust Co., Cleveland, Offered in 1915 by H, D, Bobbins, New York, on a 5% basis. Market. New York — H. D. Robbins & Co., Car- ruthers. Pell & Co. Boston — Pond & Co. Piice Range 1920 — Bid 93, Ask 98. DOEHLSR DIE-CASTING COMPANY Deb. 78 Due SIOO.OOO each May 1 from 1931 to 1930, inel. Dated May 3, 1920. Interest payable May 1 and Nov. 1, at Harris, Forbes & Co., New York and Boston, or Harris Trust & Sav- ings Banlc, Chicago. , Tax Status — 2% Federal Income Tax paid by company without ae-iuctlon. Authorized $1,500,000 Oatstandinir 1.000,000 Reserved for Corporate Purposes *500.000 •May be issued par for par for the retire- ment of r-^al estate mortgages at the com- pany's option or for cash working capital or for 60% of future expenditures on the com- pany's plants provided that net earnings ap- plicable to bond interest charges for each of the preceding two years have been equal to at least four times the interest reQuirements on the debentures outstanding and those pro- posed to be issued, and provided further that the above restrictions regarding assets and liabilities are maintained. Purpose of Issue — To reimburse thg com- pany for capital expenditures already made, and to provide increased working capital. Denomination — Coupon. $1,000: registerable as to principal. Trustee — Brooklyn Trust Company, Brook- lyn, N. Y. Redeemable on any interest date on 30 days* notice at 100 and interest plus a premium of one-half of 1 % for each year or portion of year from date of call to maturity. Organization — Incorporated in New York in 1908. Business ^established in 1906. The company's business consists of the manufac- turing of die castings from tin, lead and aluminum alloys; also ?n the production of fln- lehed castings from brass and bronze alloys by a patented process. T he company has three plants located in Brooklyn, Toledo and Chicago, having an ag- gregate floor space uf over 350,000 square feet. The company's output for the calendar year 1919 amounted to 12,242,536 pounds of die castings, including parts for automobiles, guns, wireless apparatus, speedometers, phon- ographs, check protectors, vacuum cleaners, washing machines, adding machiijes, clocks, lithographing machines, electric organs, play- er pianos, etc. Capitalization, Outstanding, Common $500,000 Preferred 500,000 Funded debt 1,000.000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the trust indenture the com- pany covenants as follows: To maintain at all times total current as- sets as defined in the indenture at an amount equal to at least 125% of total current lia- bilities, including these debentures, and total net assets of not less than 200% of these de- bentures outstanding. That it will not issue further debentures, notes or other evidence of indebtedness (except for borrowings in the usual course of its busi- ness and then only such as shall -nature not less than one year from the data of issue, and- or except in connection with purchase money mortgages), unless adequate provision ia made for the prior or simultaneous pay- ment or redemption of this issue. 427 Years ended Dec. 31: 1919 $6,466,1*93 $664,196 1918 6.903,604 1917 3.385.118 1916 3,331,074 1916 1,853,488 Original Market — $1,000,000 offered April, 1920, by Harris, Forbes & Company, New York, Harris, Forbes & Co., Inc., Boston, and Harris Trust & Savings Bank, Chicago, on a 'J%% basis. DOI.D (JACOB) PACKING CO. 7% Serial Notes. Due $500,000 each Nov. 15 from 1919 to 1932, Incl., and $1,000,000, 1933, Dated Nov. 15, 1918. Interest payable May 15 and Nov. 15 at National City Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding- (Jan. 1, '21) 2,000,000 Matiu'ed and Paid 1,000,000 Purpose of Issue — To reduce present out- . standing bank loans and increase workins capital of the company to take care of In- creased volume of business. Denomination — Coupon, $1,000. Trustee — Farmers Loan & Trust Co., New York. Redeemable on any interest date upon thirty days' notice as a whole or in blocks of not less than $500,000, in which event it must call for redemption notes of one or more of the series last maturing at: 103 for notes with 4 years or more to run. 102^ for notes with , 3 years or more but less than 4 years to run. 102 for notes with 2 years or more but less than 3 years to run. 101 % for notes with 1 year or more but less than 2 years to run. 101 for notes with It'ss than 1 year to run. Organization — Business established in 1865, and incorporated as above August, 1888, In New York. Company owns packing houses in Buffalo, N. Y.. Kansas City and "Wichita, Kansas, and has distributing branches in the United States and Great Britain. Owns entire common stock of the Capitol Refining Com- pany of "Washington, D. C. (Incorporated 1913 in "Virginia), and the entire capital stock of the Dold Packing Co. of Omaha. (Incor- porated in 1920 in Delaware.) Capitalization. Outstanding. Common $2,500,000 Preferred 3,500,000 Funded debt 2,000,000 Security — A direct obligation of the com- pany and its only obligation in the hands of the public, but not a mortgage. The com- pany covenants that: It and its constituent companies will not * mortgage or pledge any fixed assets without providing for priority of payment for these notes, and will not consolidate or merge with any corporation other than a constituent com- pany unless prior thereto it secures these notes by a closed first mortgage and pledge on all its properties, real and personal. It and its cpnstitu'-nt companies will at all times maintain an excess of current assets, over all liabilities other than these notes, equal to at least 200% of the face value of these notes then outstanding, and will main- tain current assets in an aggregate amount equal to at least 140% of the amount of all liabilities direct or contingent, including these notes. In the event that the company sells ad- ditional preferred or common stock, it will apply the entire proceeds of such sale to the purchase or redemption of outstanding notes of the series last maturing. It will not declare or pay in any fiscal year cash dividends in excess of 6 % on the common stock at present outstanding and on any ad- ditional common stock that may be issued for property or cash at par, and in no event will it declare or pay any dividends in any fiscal year except out of the net income Ci. e., the balance remaining after providing for all in- terest charges and maturing instalmont of principal of this note issue of its preceding fiscal year. Original Market — Offered in New Tork, 1918, by the National City Company. New York, etc., and the National City Bank of Chicago at prices from 99 to 100, to yield 7% to Market. New York — National City Co., Bull & Eldredge, Carruthers, Pell & Co., Rauscher & Mackay. Price Rang:e Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '19 102 '19 99 Apr. 101^4 Jan. Low. 92 '20 96 '20 92 Nov. 96 Nov. DOMINION CANNERS. JLTD., 1st S. F. 6s. Due April 1. 1940. Datde April 1, 1910. Interest payable April 1 and Oct. 1, at Bank of Montreal, New Tork, Hamilton, Toronto, Montreal and Lon- don. Eng. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $2,500,000 Outstanding- (Jan. 1, '21) 1,320,000 Keld in S. F 636,000 XJnissued 544,000 Denomination — Coupon, $100, $500, and 111,000. Registerable as to principal. Trustee — Royal Trust Co., Montreal. Redeemable at HO and interest for sinking fund only from April 1, 1913, to 1920, but after that date are callable as a whole or in part at same price. linking Fund — Began April 1, 1913. and annually thereafter 1^% of bonds outstand- ing, plus amount equal to interest on bonds redeemed. If bonds cannot be purchased in the open market at 110 or less, they are to be retired by lot at 110 and interest. Organization — Incorporated under the Cana- dian Companies Act in 1910. The company's output is over 90% of the canned fruits and vegetables in Canada. Capitalization. Outstanding. Common $2,796,300 Preferred (7% cum.) 2,290,600 Funded debt 1,320,000 Secured by a first mortgage on about 60 canning plants and a lithographing factory. Years ended Dec. 31: Net. Interest. 3920 1293,699 $109,425 1919 819,824 99,798 1918. .. 745,324 103,099 1917 800,529 108.264 1916 668,007 111,230 Listed on the Toronto Stock Exchange. Original Market — $700,000 offered 1910. by 0. Meredith & Co., and Dominion Bond Co.. Montreal, at par and interest. Market. Montreal — Mackenzie & Kingman, Balfour, White & Co. Toronto — Manning- Bros. & Co. Price Range. Jan. 1, '17. to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 86 '18 96^*19 89 Dec. 93 Feb. Low. 82 '3 7 87 '17 88 Mar. 91 Aug. DOMINION COAL COMPANY, LTD., 1st S. F. 5s. Due May 1, 1940. Dated May 1, 1905. Interest payable May and Nov. 1, at New England Trust Co., Bos- ton, or Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Principal and interest payable without de- duction for taxes imposed by the Dominion of Canada or by any province or municipality thereof. Authorized Closed mortgage. Outstanding: (Mar. 1, '21) $5,706,000 Retired by S. F..; 1,294,000 Denomination — Coupon, $1,000, and $600. Registerable as to principal. Trustee — The Royal Trust Co., Montreal. Redeemable at 165 and interest, for sinking fund, on May 1 of any year, or as a whole, on 30 days' notice. Sinking Fund — 'The company shall pay to the Trustee each year $460,600. From this amount the Trustee is to pay interest on the outstanding bonds, and place the balance of the amount to the credit of the sinking fund. The Trustee, prior to May 1 of each year, is to draw for redemption at 105 and accrued interest the number of bonds which the sink- ing fund is sufficient to pay. Bonds drawn for the sinking fund are to be cancelled. Organization and Control — Incorporated in Nova Scotia, Canada, in 1893. Coal proper- ties are on Cape Breton Island and Docks at Fydney and Louisburg. Controlled by the Dominion Steel Corporation, ~ Ltd., througn ownership of 97% of the common stock. Capital) zation. Outstanding. Common $15,000,000 Preferred (7 7o cum.) 3,000.000 Funded debt 5,706,000 Secured by a first mortgage on valuable coal properties estimated to contain about 1,400,- 000,000 tons of coal, together with ^8 coUeries (annual capacity, 4,000,000 tons), 120 miles of railroad, 6 steamers and other marine equip- ment: also on dock property. The output of coal far year ending March 31, 1913, totalled 5,053,160 tons. Underlies — $3,Bf*0.000 Inc. 6s. Listed on the Boston. Toronto and Montreal Stock Exchanges. Earnings are not available. Original Market — First offered in 1905 by Lee, Higginson & Co., New Tork, Boston; Bank of Montreal and Canadian Bank of Commerce, Montreal, New York, etc., at 99 and interest. Market. New York — Sam'l Goldschmidt, Fred. H. Hatch & Co., Alfred F. Ingold & Co., Mil- ler & Co., Vanderhoef & Robinson, Watson, Armstrong & Co. Philadelpliia — McCown & Co. Price Range. Jan. 1, *12, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 99% '12 100 '14 86 Dec. 89 Mar. Low. 75 '17 76% '20 75 Sept. 76% Dec. DOMINION COTTON MILLS CO. Currency Debenture 6s. Due July 1, 1932. Dated July 1, 1902. Interest payable Jan. and July 2, at Bank of Montreal. Montreal, and London. Elng-land. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3, .700,000 Outstanding 3.700.000 Denomination- — Coupon, $500 and $1,000. Trustee — Royal Trust Co., Montreal Can- ada. Redeetnable as a whole on any interest date at 110 and interest. Control — Entire stock owned by Dominion Textile Co. (deposi.ted under that ccjnpany's 6s). which leases company's plant. Secured by a first mortgage on mills, plants, water power rights, etc., of company. Underlies — Dominion i extile Co. Serial Coll. Tr. 6s of 1925. and 1st & Ref. 6s of 194&. Bonds are reserved under latter mortgage to retire this issue. Karnings — See Dominion Textile Co. lasted on the Montreal Stock Exchange. Market. Montreal — MeCuaig Bros. & Co., G. Meredith & Co., The National Bond Co., Inc., H. ti. Robinson & Co., Balfour, White & Go. Toronto — Manning Bros. & Go. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. . Bid. Ask. HighlOO '17 96% '20 SOVa Mar. 96% Sept. Low. 90% '20 95 '20 90% Mar. 95 'Mar. DOMINION GAS COMPANY Coll. Tr. 5s. Due July 1, 1952. . Dated July 1, 1912. Interest payable Jan. 1 and July 1 at H. L. Doherty & Co.. New Tork. Tax Status — Payment of Federal Income lax not assumed by company. Authorized $5,000,000 Outstanding 4,820.000 Reserved for Corporate Purposes 180.000 Denomination — Coupon, $1,000, $500, $260 and $100^ registerable as to principal. Trustee — Irving Trust Company, New York. Redeemable upon 3 months' notice on any interest date at 105 and interest. Sinking Fund — Annually beginning Jan. 1, 1919, a sum equal to 2% of all outstanding bonds on Jan. 1 of the previous year, for the purchase or redemption of thes^e bonds at not exceeding 105 and interest. In lieu of cash, bonds secured hereby, with all unmatured cou- pons attached will be equivalent to a cash payment of 105 and accrued interest. Bonds acquired to be kept alive and interest added to fund. Organization and Control — Incorporated in Maine in 1912 as a holding company. The company controls through stock ownership The Beaver Oil ^& Gas Co., Ltd., The Brantford Gas Co. The Dominion Natural Gas Co., Ltd., The Ing'ersoU Gas Light Co., The United Gas Companies, Ltd., The Woodstock Gas Light Co. The above named companies supply prac- tically all of the gas in the south central part of the Province of Ontario, Canada, sup- plying a population of over 200,000. Controlled by the Cities Service Company through . stock ownership. Capitalization. Outstanding. Common $3,000,000 Funded debt 4,820,000 Secured by pledge of the following securl- ites: $162,050 (99.846%) Common Capital Stock and all the Preferred Capital Stock ($75,000) of The Beaver Oil & Gas Co., Ltd. $105,480 (86.58%) Common Capital Stock and $16,200 First Mortgage 5% Gold Bonds, due 1929, of The Brantford Gas Co. $1,249,500 (99.96%) -Common Capital Stock of The Dominion Natural Gas Co., Ltd. $39,900 (99.75%) Common Capital Stock and $30,000 First Mortgage Gold Bonds, due 1926, of The Ingersoll Gas Light Co., Ltd. $275,100 (91.75%) Common Capital Stock of the United Gas Cos., Ltd. $86,020 (99.883%) Common Capital Sotck and $44,000 First Mortgage 6% Gold Bonds, due 1923, of The Woodstock Gas Light Co. All securities or property hereafter ac- quired must likewise be pledged. DOMINION GLASS CO., Ltd., 1st S. F. 6s. Duo Juue 2, 1933. Dated June 2, 1913. Interest payable June 2 and Dec. 2. at Bank of Montreal, Montreal, New York or London. Fixed rate of exchange $4,862-3 per £. Tax Status — Payment of Federal Income 1 ax not assumed by company. Authorized $3,000,000 OutstanUJngr ( Jan. -1, '21) 1,578,300 Retired by S. F 421,700 Reserved tor Ext 1,000,000 Denominations — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Royal Trust Co., Montreal- Redeemable as a whole on any interest date at 110 and interest or in part for sinking fund on any Dec. 2. Sinking Fund — Annually beginning June 2, 1914, 2%% of outstanding bonds for the pur- chase or redemption of bonds at not over 110 and interest. ^ Bonds so acquired to be can- celled. , Organization — Incorporated in Canada in 1913 as a consolidation. Capitalization. Outstanding. Common $4,250,00(> Preferred (7% cum.) 2,600,000 Funded debt 1,578,300 Secured by a first mortgage on all the prop- erty of the company or any securities owned or acquired. Plants are located at Montreal. Quebec, Toronto, Hamilton and Wallaceburg, Ont.. and Red Cliffe, Alberta. Years ended Sept. 30. Net. Interest. S. F. 1920 $757,^88 $120,000 $50,00(» 1919 631,724 120,000 50,000 1918 599,182 105,546 64,454 1917 486,635 109,275 60,725 1916 454,328 112,736 57,264 Original Market — $1,000, 000 offered July, 1913, by Lee, Higginson & Co., at 97% and interest. Market. New Yorlt — Earle A. Miller & Co., Car- ruthers, Pell & Co. Montreal — Mackenzie & Kingman, Balfour, White & Co. Toronto — Manning Bros. & Co. Price Range. Jan. 1, *17, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 96^^ '11 100 '19 84 Oct. 90 Dec. Low. 75 '20 85 '20 75 Mar. 85 Mar. DOMINION IRON & STEEL- CO. Cons. 5s. Due Sept. 1, 1939. Dated Sept. 1, 1909. Interest payable March and Sept. 1, at Bank of Montreal, Mon- treal, or Guaranty Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $20,000,000 Outstandingr (Feb. 1, '21) 7,138,426 Ketired by S. F 776,720 Unissued 12,084,854 Denomination — Coupon, £100, £200, £500 and their dollar equivalents (exchange $4.86 2-3 per £). Registerable as to principals Trustee — National Trust Co., Ltd., Mon- treal. Redeemable at 105 and interest on any In- terest date or annually for sinking fund, com- mencing Oct. 15. 1915. Sinking Fund — Annually 1 % of bonds Is- sued. Control — See 1st 5s. Secured by a mortgage on the company'a-- property mostly located at Sydney, Cape Breton, Can. A large amount of these bondo. are owned by the Dominion Steel Corporatioa and pledged (£734,000) under the latter 6%, Notes. For further details see Is 5s. Prior lilens — $6,074,000 1st 6s of 1929, for the retirement of which bonds are reserved under this mortgage. Underlies — $3,500,000 Income 6s. liisted on the Montreal and Toronto Stock Exchanges. Earnings — See 1st 6s. Original Market — First offered July. 1909, at 93 and interest by the Dominion Securities Corp. , Ltd. , Montreal. Market. New York — Morton Lachenbruch & Co., Miller & Co., Carruthers, Pell & Co. Toronto — Manning Bros. & Co. Montreal — Balfour, White & Co. Price Range. Jan. 1, *\6, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 85% '16 90 '16 77 Jan. 83 Jan. Low. 60 '20 63 '20 60 Aug. 63 Aug. DOMINION IRON & STEEI^ CO., Ltd., Ist 5s. Due July 1, 1929. Dated July 1, 1899. Interest payable Jan. and July 1, at Bank of Montreal, Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $8,000,000 Outstanding (Jan. 1, '21) 6,074,000 Retired by S. F. 1,873,000 Cancelled 63,000 Denomination — Coupon, $1,000. Trustee — National Trust Co., Montreal. Redeemable at 110 and interest on any let day of July. Sinking Fund — Annually commencing July 1. 1902. $50,000, plus in1;erest on bonds re- deemed. Organization — Incorporated in Nova Scotia in 1899. Capitalization. Outstanding. Funded debt 13,212,427 Preferred (7% cum.) 6,000,000 Funded debt 13,212,427 Control — Practically the entire common stock is owned by the Dominion Steel Corp. Secured by a first mortgage on plants lo- cated at Sydney and Cape Breton, N. S., Com- prising four blast furnaces, an open-hearth plant billet mill, blooming mill, rod mill and rail mill, with an annual capacity of 400,000 tons of finished steel. Underlies — Cons. 6s of 1939 and Income 6a. The consolidated mortgage provides for the retirement of this issue. Years ended March 31 (Dominion Steel Corp.). Depn. Net. & S. F. Interest. 1920 $5,532,529 $1,266,856 $1,004,060 1919 8,768,054 1,304.323 1,013,263 1918 11,030.112 1,384,242 1,064,210 1917 12,967,874 1,859,595 1,230.203 1916 7,004.316 1,192.823 1,590,085 Ijisted on the Toronto and Montreal Stock Exchanges. New York — Miller & Co., Lynch & Mc- Dermott, E. & C. Randolph. jMontreal— Nesbitt, Thomson & Co., Ltd. Price Range. ^an. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96% '09 97 '09 75 Mar. 85 May Low. 68 '2^ 70 '20 68 June 70 Dec. aJOMINION POWER & TRANSMISSION CO., I^td., 1st 5s. Dne 954,000 annnally April 1, 1917, through April 1, 1921; $108,000 April 1, 1923, through April 1 1931, and $3,910,000 April 1. 1932. Dated April 1, 1907. Interest payable April 1 and Oct. 1, at Harris Trust & Savings Bank. Chicago, Harris, Forbes & Co.. New York, and Harris, Forbes & Co., Inc., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $25,000,000 Outstanding (Jan. 1, '21) 5,610,000 Matured and Paid 356,000 Kesened for Ext 19.034,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Harris Trust & Savings Bank, Chicago, and National Trust Co., Ltd., To- ronto. Redeemable as a whole at 107 ^^ and inter- est on and after April 1, 1917. Maturities — $1,000 of each $100,000 out- standing bonds are due annually from April 1, 1914, to 1921, inclusive. $2,000, 1922 to 1931. Inclusive, and the remainder on April 1, 1932. Organization — Incorporated in Canada in 1907, and controls through stock ownership all the electric light and power properties in Hamilton, Ont.. St. Catherines and inter- mediate towns and the street railway system in Hamilton and interurbaa lines extending from that city. Capitalization. Outstanding. Common $ 7, 714, 500 Preferred (7% cum.) 3.681,000 Funded debt 8,706.000 Secured by a lien by deposit of stocks and bonds of subsidiary companies on hydro-elec- tric plant of 56,600 h. p., transmission lines and distributing systems supplying Hamilton. Brantford, St. Catherines and other towns with electric light and power; also on street railway system in Hamilton, embracing 33 miles of track and 83 miles of Interurban lines. Prior Liens — $1,840,000 Hamilton, Cata- rract. Power Light & Traction Co. 1st & Ref. 5s of 1943. $766,000 H. El. Lt. & Cat. Pow, 1st 5s of 1929. $360,000 Ham. St. Ry. 1st 4%s of 1928, and $150,000 Ham., Grims- by & Beamsville 1st 5s of 1925. Years ended Dec. 31. Gross, Net. Int., etc. 1920 $3,803,723 $1,031,847 $504,659 1919 3,477,386 1,154,566 466,067 *1918 3.204,645 1,160,177 495,905 1917 2,967,274 1,233,514 507,294 1916 2,693,212 1,233,611 523,262 Original Market — $1,650,000 first offered by Harris, Forbes & Co.. New York, -N, W. Har- ris & Co., Perry, Coffin & Burr, Boston, and Harris Trust & Savings Bank. Chicago. Market. New York — Fred. H. Hatch & Co., Earle A. Miller & Co., G. R. McAllister & Co.. Berdell Bros. Boston — L. Sherman Adams, Coffin & Butr, Moors & Cabot, Arthur Perry & Co. DOMINION TEXTILE CO., LTD., Serial CoU. Tr. 6s. Due March 1, 1925. Dated March 1, 1905. Interest payable March and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company Authorized $3,267,500 Outstanding — "A" $758,500 "B" 1,162,000 "C" 1.000,000 "D" 347,000 430 $3,267,500 Denomination — Coupon, $260, $500 and $1,- 000. Trustee — Royal Trust Co., Montreal. Redeemable at any time, Series "A" at 110 and interest. Series "B" at par and interest. Series "C" and "D" at 105 and interest. Organization— Incorporated in Canada in 1905 to acquire the securities of the compan- ies mentioned below for which these bonds and preferred stock were exchanged. Capitalization, Outstandlnff. Common $5,000,000 Preferred (7% non-cum.) 1,940,600 Funded debt 8,875,000 Seenred, Series "A" by deposit of $3,033,- 00 (entire issue) capital stock of the Do- minion Cotton Mills Co.; Series "B" by de- posit of $1,500,000 (entire) capital stock of the Merchants' Cotton Co.; Series "C" by deposit of $1,000,000 capital stock of the Montmorency Cotton Mills Co., and Series "D" by deposit of $300,000 capital stock of the Colonial Bleachinfr & Printing Co, JPrior Iiieiia — Series "A" $3,700,000 Domin- ion Cotton Mills, Deb. 6s of 1922. UnderUes — $1,600,000 1st & Ref. 6s of 1S49 under which bonds are reserved to retire this issue. Years ended March 31: Interest Gross. Net. & Rent. 1920 $23,436,771 $1,845,376 $605,573 1919 23,666,217 3,434,752 639,022 1918 16.850,279 1,873.371 639,412 1917 13,375.750 1,657,083 863,844 1916 10,438,089 1,555,573 785,200 listed on the Montreal Stock Exchange. Market. Montreal — C. E. Meredith & Co., Burnett & Co., The National Bond Co., Inc., Balfour, White & Co. New York — ^Abraham^ & Co., Carruthers, Pell & Co. Price Rangre Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '20 100 '20 98 Mar. 100 Mar. Low. 80 '20 90 '20 80 June 90 Jan. DOMINION TESSITILK CO., LTD., 1st & Bef. 6s. Due September 1, 1949. Dated Sept. 1, 1919. Interest payable March 1 and September 1. Tax Status — The company does not assume payment of Canadian or United States taxes. Authorized $15,000,000 Outstandins 1,600,000 Reserved for Prior Uens 7,376,000 Reserved for Ext., etc 6,125,000 Provisions of Issue — In addition to the bonds issuable to retire prior liens additional bonds are issuable for additions, betterments, acQuisitlons, and extensions to the amount of 75% of such expenditures, provided the com- pany's net earnings for the preceding fiscal year are at least double the amount of the annual interest charges on the bonds out- standing and those to be issued. Purpose of Issue — $1,500,000 bonds of this issue together with $875,000 in cash paid to the Canadian Cottons. Ltd., for the properties formerly owned by the Mount Royal Spinning Co., Ltd.. and which were leased and operated by this company. Denomination — Coupon, $100. $500 and f 000; registerable as to principal. Trustee — Royal Trust Co.. Montreal. Redeemable as a whole only or in part for sinking fund at 105 and interest upon 3 months' notice. Sinking Fund — ^Annually, beginning Sept. 1, 1925, a sum equal to 1% of the total bonds Issued plus a sum eaual to the annual Inter- est upon such of the bonds Issued hereunder as shall have been purchased or redeemed by this fund. If the trustee cannot purchase In the market or by tender at or under 105 and interest an amount sufficient to exhaust the annual fund before Nov. 1 of each year then bonds are to be called by lot at 105 and in- terest. Bonds acquired are to be cancelled. Secured by a direct mortgage or collateral lien on all property now owned or hereafter acquired. The property covered includes the following mills: Mount Royal Mill, Merchants Mill, Hochelaga Mill, St. Anne's Mill in the city of Montreal; Magog Mill, town of Ma- gog; Colonial Mill, in the city of St. Henri, and Montmorency Mill, in parish of Beau- port. Prior liiens — Outstanding. Dominion Cotton Mills 2d 6s, 1922. $3,700,000 Dominion Textile Coll. Tr. 6s, 1926. 3,267,600 Total $6,967,500 Bonds are reserved under this mortgage for the retirement of the above issues. Earnings — See Serial Coll. Tr. 6s. Original Market — $1,500,000 Issued In Sep- tember, 1919, to the Canadian Cotton, Ltd.. in part payment for the property formerly owned by the Mount Royal Spinning Co., Ltd, DOMINION TRACTION & LIOHUNO CO., liTD. (Toronto) 30-Year Ist 6b. Dae May 1. 1943. Dated May 1, 1913. Interest payable May 1 and Nov. 1 at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstanding 694,000 Retired by 8. F 53,000 Reserved to Retire Windsor Gas Co. 1st 5s 200,000 CanceUed 1.078.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Union Trust Co.. Ltd., Toronto. Redeemable at 106 and interest on any in- terest date on 3 months' notice. Sinldng Fond — Annual payments, beginning May 1. 191*7, for the purchase or redemption of these bonds at not over 105 and interest. Organization — Incorporated In Canada, Jan- uary, 1913. Owns the entire capital stock and $1,000,000 First and Refunding bonds of the Windsor Gas Co., and the entire capital stock and $750,000 first mortgage bonds of the "Wind- sor, Essex & Lake Shore Rapid Ry. Co. Capitalization. Outstanding. Common $500,000 Preferred (6% cum.) 500,000 Funded debt 733,600 Secured by a first lien on securities as fol- lows: $1,000,000 1st & Ref. bonds and $1.- 500,000 capital stock (entire issue) of the Windsor Gas Co., subject to $200,000 1st 5b 1934, which company owns gas plant serving Windsor, Walkerville and Sandwich, Ont. Franchises perpetual: $1,600,000 capital stock and $750,000 first mortgage bonds (entire Is- sues) of the Windsor, Bssex & Lake Shore Rapid Ry, Co., which company owns 38 miles of electric railway connecting Windsor with Bssex, Kings ville, Leamington and other towns on shores of Lake Erie. Famings — ^Not reported. Original Market — ^About $1,000,000 of these bonds were sold In Europe. $100,000 offered 1913 by Kennett, Cowan & Co., Chicago, etc., at 92% and interest. Market. Montreal — The National Bond Co.. Inc. DONNACONA PAPER CO., LTD.. let S. F, 68. Dne Jane 1. 1940. Dated June 1, 1916. Interest payable June 1 and Deceniber 1 at Bank of Montreal, Mon- treal, at First National Bank. Utlca, N. T., or at Company's agency. New York. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $3,000,000 Outstanding: (Jan. 1, '21) 2,209,000 In Treasury 15,500 Reserved for Ext 500,000 Reserved for Corp. Purposes. . 275,600 Purpose of Issue — The proceeds of the $1,- 750,000 offered in August, 1919, provided for the funding of obligations incurred in devel- opment of the property and supplied addi- , tiona/1 workinir capital. Denomination — Coupon, $1,000 and $600. Regristerable as to principal. Trustee — Royal Trust Co., Montreal. Redeemable at 105 and interest on any in- terest date upon three months' notice. Sinking Fund — ^Annually, beginninff June 1, 1921, 1% of outstanding bonds, 1921 to 1925 incl.; 2% 1926 to 1930 incl.; 3%, 1931 to 1935 incl.; 4% 1936 to 1940 incl. This fund is applicable for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired are to be cancelled. Organization — Incorporated in Ontario, Can- ada, in 1912, and is a large manufacturer of newsprint paper, news sulphite "pulp and ground wood pulp. The entire output is ex- ported to the United States. Plant is located at Donnocona, Que. Capitalization, Outstanding. Common $1,500,000 Preferred (7% cum.) 2,000,000 Funded debt 2,209,000 Secured by a first mortgage upon freehold timber areas, water powers, timber leases, all plant and machinery now owned and all its future real and immovable assets. The properites covered include freehold and leasehold timber areas situated a,djacent to Jaques Cartier and St. Lawrence Rivers, Que- bec, aggreirating 555,580 acres and cotaining "about 4,000,000 cords of spruce pulpwood; water powers, hEiving a present development of 7,000'h. p. and an ultimate development of 27,000 h. p.; mills at Donnacona with an an- nual output of 30,000 tons of newsprint; 18,- 000 tons of news sulphite pulp, and 42,000 tons of ground wood pulp. Original Marl^et — $1,750,000 offered August, 1919, by Royal' Securities Corp., Montreal, at 96% and interest. Market TJtica, N, Y. — Mohawk Valley Investment Corp. Montreal — Balfour & White. Toronto — Manning Bros. & Co. ■ Price Rang-e — Ask — High, 97% Mar.; Low, 85 June. DONKER STEEI> CO., Inc. 20-Year First and Purchase Money 5s. Due Dec. 1, 1936. Dated Dec. 15, 1915. Interest payable June 1 and Dec. 1 at Bankers' Trufet Co., Buffalo. Tax . Status — ^Payment of Federal Income Tax not assumed by company. Tax exempt in New York. Authorized $5,000,000 Outstanding: 2,729,000 In Treasury 2,271,000 Denomination — Coupon, $1,000. Register- able as to principal. ' Trustee — Bankers* Trust Co., Buffalo, N, Y. Redeemable at 102% and Interest on any in- terest date on 60 days' notice. Organization — Incorporated in 1915 In New York, and purchased the properties of the New York State Steel Co. from the bondhold- ers 'committee. Owns the entire capital stock ($100,000) of the Donner Mining Co., which opef-ates the Alexandria Mine, located In St. Louis County, Minn., under a long-term lease. Also owns a majority of the stock of the Donner Steamship Co. , which owns the steamship ;' 'Herbert F. Black." Capitalization. Outstanding. Common $4,522,600 1st Pref. (8% cum.) 3,000,000 Pref. "A" (8% cum.) 1,000.000 Pref. "B" (8% cum.) 6,000,000 Funded debt 2.794,070 Secured by a first mortgage on substantially all the property of the company, including 67138 acres of land at Buffalo, N. Y., on which are located two blast furnaces, open- hearthv furnaqes, blooming mill, power plant, etc., together with modern ore docks and fin- ishing mills. The company leases the two blast furnaces and property of the Tonawanda Iron & Steel Co, at Tona-v^anda. N. Y., for one year, with renewal privilege of one or two years and also option to purchase. Years ended Dec. 31. Net. Dep'n. Interest. 1919 $466,850 $429,146 $136,460 1918 2,239,580 987,628 128,871 1917 2,631,706 716.02i7 125,000 1916 1,166.058 350,242 119,127 Market. New York — Morton Lachenbruch & Co., Carriithers, Pell & Co;, Chas. E. Doyle & Co. Philadelpliia — McCown & Co. Pittsburgh — Moore, Leonard & Lynch. Buffalo, N. Y. — O- Brian, Potter & Co., Schoellkopf, Hutton & Co.. Inc. Price Range. Jan. 1, *17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95 '17 95% '17 78 Mar. 88 Feb. Low. 75 '19 80 '20 75 Nov. 80 Nov. DOWNEY SHIPBUILDING CORP. 1st S. F. 7s. Due each July 1 as follows: $300,000 1931, $250,000 1923. $300,000 1923, $250.- 000 1924 to 1926. incl. Dated ^an. 1, 1920. Interest payable Jan- uary 1 and July 1, at Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. The corpora- tion agrees to refund all taxes (other than succession and inheritance) assessed by the States of Pennsylvania, New York, Massachu- setts, and Connecticut, not in excess (except as to New York) of $4.00 per annum per $1,000 of principal. Authorized $1,500,000 Outstanding 1,600,000 Denomination — Coupon, $1,000; reglsterable as to principal. Trustee — Chase National Bank, New York. Redeemable as a whole or in part by lot on any interest date upon 30 days* notice at 105 and interest. Sinking Eland — 25% of the net earnings of the company for each calendar year (after allowing for interest charges, maturing prin- cipal instalment and taxes), which fund la payable annually to the Trustee on or before the 15th day of February for the purchase or redemption of these bonds at not exceeding 105 and interest. Organization — Incorporated in Delaware In 1917. Capitalization. Outstanding. Common (no par) 60, 000 shs. Preferred (7% cum.) $2,200,000 Funded debt 1,500,000 Secured by a first mortgage on all the prop- erty of the company now owned or hereafter acQuired. Property covered consists of over 162 acres of New York City real estate with a frontage of about 1.780 feet of NeV York harbor, on which Is erected a modem steel ship and engine-building plant consisting of four ahipways, forty-three buildings] nearly four miles of railroad sidings. In addition to shipbuilding, the plant has facilities for ship- repairing, and Is well equipped for general steel fabrication work. The Baltimore & Ohio Kailroad runs along one side of the property. In the spring of 1917 the company construc- ted for the United States Shipping Board, ten steel ships of 7,814 tons dead weieht ca- pacity each, equipped wtih 2500 h. p. enffines. The steel shipbuilding capacity of company's plant is about 100,000 dead weight tons, and 50,000 h, p. engines per annum. When working at full capacity the company employs over 4,000 people. Underlies — Outstanding. Second Mortgage Bonds, due June 1, 1923 $718,998 Ihe Second Mtge. Bonds are held by the United States Shipping Board Emergency Fleet Corporation to secure investment in plant extension and improvements. Two jun- ior mortgages of $600,000 each are also held by the Board as security for advance pay- ments on Shipbuilding contracts, to be liqui- dated in settlement for said contracts. Ships under these contracts have been completed and accepted and the claim is in the process of adjustment. Original Market — $1,500,000 offered Febru- ary, 1920, by Blodget & Co.. .New York, arid Boston, at prices ranging from 99% to 98%, and interest. Market. New York — Blod&et & Co., Morton Lachen- bruch & Co. Boston — Blodget & Co. Philadelphia — West & Co. Grand Rapids — Hilliker, Perkins, Everett & Geistert. St, l/onis — ^Mississippi Valley Trust Co. DOYLESTOWN & WUXOW GROVE RAIJ> WAY 1st 4b. Due June 1, 1930. Dated June 1, 1900. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstanding $500,000 Denomination — Coupon, $1,000. Trustee — Land Title & Trust Co., Philadel- phia. Guaranteed as to interest by Philadelphia Rapid Transit Co. Organization — Incorporated in Pennsylvania in 1900. Capitalization. Outstanding. Common $500,000 Funded debt 500,000 Control — AU stock owned by Philadelphia Rapid Transit Co., which leases the road iCor 999 years from July 1, 1902. Secured by a first mortgage on 14 miles of electric railway extending from Doylestown to Willow Grove, Pa. Population served, about 12,500. Franchises are perpetual. Original Market — First offered by Edward B. Smith & Co., Philadelphia. Market. Philadelpliia — Sam'l K. Phillips & Co,, Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 87 '16 40 65 Low. 40 '20 55 '20 40 55 DRIVEK-HARRIS CO. 1st 8s. Due April 1, 1931. Dated April 1, 1921. Interest payable April 1 and Oct. 1 in New York and New- ark. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in New Jersey, Authorized $2,000,000 Outstanding: 1,250,000 Reserved for Corj^. Purposes.. 750,000 Issuance Restrictions — Additional bonds may be issued to the extent of 75% of the actual cost of additions or permanent im- provements to the company's properties, and w^hen net earnings for twelve consecutive nionths within the fifteen months immedi- ately preceeding shall have been not less than twice the annual interest on the out- standing bonds and bonds proposed to be issued. Purpose of Issue — The proceeds of this is- sue will be used for the erection and equip- ment of a new hot rolling mill, and for ad- ditional working capital required by the .steadily increasing business of the company. Denominatious — Coupon, $1,000 and $500; registerable as to principal. Registered $1,000 and $500. C. & R. interchangeable. Trustee — Fidelity Union Trust Co., New- ark. Redeemable on any interest date, on 30 days' notice, at 107 during the years 1921 to 1923 inclusive, at 106 during the years 1924 to 1926 inclusive, at 105 during the years 1927 and 1928, and at 104 during the remain- ing years, plus interest in each case. i^inlcing Fund — Annually, beginning Aug, 1, 1923, an amount equal to 10% of the net earnings (after all deductions) for the pur- chase or redemption of these bonds at not exceeding the current call price. Organization — Incorporated in New Jer- sey in 1899. The company manufactures metal alloys, electrical resistance w^ires and pure metals for electrical, mechanical and chemical uses in standard forms; many of these products are protected by valuable patents. It also manufactures castings of special alloys resistant to high temperatures and to acids; these castings are used ex- tensively for heat-treating in various in- dustries and for chemical purposes. The company is also a producer of brass wire for automobile and motor truck brake linings, and does a large business in electric heater cords, rustless bronze wire for screen cloth and special alloys for precision ma- chines of every kind. Capitalization Outstanding Common $1,000,000 Preferred (7% cum.) 749,500 Funded debt 1,250,000 Secured by a first mortgage on all the fixed assets of the company. The replace- ment value of the properties has been ap- praised at about $2,000,000. The property covered includes plants at Harrison, N, J. The company's plant at Harrison, N, J., is situated on the main line of the Penn- sylvania Railroad, and consists of sixteen buildings of modern construction which are equipped with machinery of latest design. The manufacturing floor space comprises nearly 500,000 square feet arranged for mo^t eflficieht production. Year ended Dec. 31: Gross, *Net. 1920 $5,713,8.96 $300,200 •After depreciation, interest and Federal taxes,, Original Market — $1,250,000; offered April, 1921, by A. B, Leach & Co,, Inc., New York, etc., at 99% and interest. DRY DOCK, BAST BROADWAY & BAT- TERY BAIIiROAD Gen. 6s. Due Deo. 1. 1932. Dated Dec. 1, 1892. Interest payable June and Dec. 1, at Guaranty Trust Co,. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding 950,000 Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., New York. Organization — Incorporated 1863. Receivers appointed Feb. 1, 1908, and discharged Nov., 1917. Capitalization. Outstanding. Common $1,200,000 Funded debt 2,778,200 Control— $1,196,900 of the $1,200,000 stock owned by Third Ave. Ry. Co, Secured by a first mortgagre on 19 miles of gtreet railway in New York City, amons which are the following-: line Debrossea St. Ferry to Grand St, Ferry, line Debrosses St. Ferry to Williamsburs Bridge, line 34th St. Ferry to Kast River, etc. The company has changed Its horse cars to storage battery cars. Underlies — Gen. Ref. Mtge. of 1960. Under reorganiztaion plan of July, 1917, bonds were issued under this latter mortgage in exchange for certificates of indebtedness. Bonds are re- served under Gen. Ref. Mtge. to retire this Issue. Year ended June 30: Gross. NtsL. mt.&Rent. 1920 $63S,452 def. $45,296 $158,369 1919 530,061 36,425 117,911 Market. New York — Finlay & Davenport, Lynch & McDerniott, Tobey & Kirk. McDonnell, Ber- Pell Bros., Wm. Carnegie Ewen. Price Range. Jan. 1, '13, to Jan. 1, 'Zl 10^ Bid. Ask. Bid. Ask. High 100% '13 105 '13 55 Dec. 65 Dec. Low. 50 '19 20f '19 50 Sept. 65 Dec. DBYDBN RUBBER CO. 1st Mtge. 7^^% Serial Gold Bonds; $45,000 due annually from Sept. 1, 19^, to 1929, incluslTe, and $90,000 due Sept. 1, 1930. Dated Sept. 1,. 1920. Interest payable March 1 and Sept. 1, at the Central Trust Company of Illinois. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $450,000 Outstanding: 450,000 Purpose ot Issue — To provide for retire- naent of current indebtedness incurred in the construction of a new two-story concrete building at 5 0, 000 feet floor space ; a new power plant, which is almost finished now; a large amount of additional equipment, and to provide additional working capital for expansion of business. Denominations — Coupon, $1,000, $500, $100. Trust efr^Central Trust Co. of Illinois. Redeemable at the option of the company at 102 and accrued interest to Sept. 1, 1926, and 101 and accrued interest thereafter. Org:anization — Incorporated in Illinois in 1901, and began m.anufacturing Oct., 1909. Secured by a first mortgage upon all of the company's fixed assets, which were ap- ■'praised as of July, 1920, at $939,000. Original Market — Offered in Oct., 1920, by the Central Trust Co. of Illinois, Chicago, at 100 and accrued interest. Market Chicago — Central Trust Co. of Illinois. DU BOIS (Pa.) KLECTBIC & TRACTION CO, CoU. Trust 6s. Due May 1, 1933. Dated May 1, 1902. Interest payable May and Nov. 1, at Hanover Nat'l Bank, New Tor. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $300,000 Outstanding 280,500 Denomination — Coupon, $500. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 105 and Interest. Organization — Incorporated in New Jersey, November 1901. Owns the entire capital fitocks of the Du Bois Blectrlc Co. and the Pu Bois Traction Co. Capitalization, Outstanding. Common $292,500 Funded debt 280,500 Controlled throiigh stock ownership by the Keystone Utilities Co., a subsidiary of the United Service Co. ot Scranton, Fa. Secured by what is in effect a first mortgage through deposit of all the stocks of the Du Bois Slectrlc Co. and Du Bois Traction Co. (both properties unmortgaged) on five miles of street railway in Du Bois, Pa., and plant sup- plying electricity to that city. The franchises are perpetual. Population served. 13,000. The 14 miles owned by the United Traction St. Ry. Co. from Du Bois to Sykesville and Big Run, where connection is made with the Jef- ferson Traction Co., is operated in conjunction with the above property and is controlled by the same interests that control the Du Bois B. & T. Co. Underlies— Keystone Utilities Co. 1st & Cons. 6s of 1941, which is secured by stocks of subsidiaries. Including this company. Tears ended Dec. 31. Gross. Net. Int.retc. 1919 $205,395 $40,446 $9,600 1918 163, eaS 26,373 14,025 1917 149.346 37,705 14,026 Original Market — Offered in 1903 by Fair- man & Co.. Phila., at 102% and interest. Market. New York — ^Theodore L. Bronson & Co. Philadelphia — Samuel K. Phillips &■ Co., Henry D. Boenning & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 75 '17 84 '16 60 75 Low. 55 '20 65 '20 55 65 DU PONT SECURITIES CO. 7s. Due March 1, 1935. I^ted March 1. 1920. Interest payable March 1 and Nov. 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding: 6.000.000 Denomination — Coupon, $1,000. Trustee — ^Bankers'' Trust Co.. New Tork. Redeemable on or before March 1, 1921, at 1 02 ^ and interest an dat % % less on every interest date thereafter. Organization — Incorporated in Delaware tn 1916 as a holding company to take over the stock of the E, I. du Pont de Nemours Pow- der Co., sold by T. Coleman du Pont. Capitalization. Outstanding. Common $7,600,000 Funded debt 6,000,000 Secured by deposit of common stock of £]. I. du Pont de Nemours & Co. (successors to the E. I. du Pont de Nemours Powder Co.) Market. Philadelphia — S. K. Phillips & Co., H. D. Boenning & Co. DUBUQUE ELECTRIC CO. Ist 6b. Dae June 1, 1925. Dated June 1, 1916. Interest payable June 1 and Dec. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax refunded in Pennsylvania. Authorized $6,000,000 Outstanding 2,415,000 Fledged to Secure 8% Notes.. 89,400 Retired by S. F None Reserved for Ext 3,495,600 Provisions of Issue — ^Additional bonds Is- suable for 80% of cost of Improvements, etc., when net earnings are one and one-half times interest charges. Denomination — Coupon, $100. $600 and $1,- 000. Registerable as to principal. Trustee — Central Trust Co.. of Illinois, Chi- cago. Redeemable at 101 and interest at any time on 30 days' notice. 434 Depreciation and Sinking Fund— Annually. bpEinning June 1. 1917, 10% of sross earn- ings for the purchase or redemption of these bonds at not over 101 and interest or to be applied to improvements, etc. Organization — Incorporated in Delaware, June, 1916. and acquired the properties of the Union Electric Co. of Dubuque, la. Capitalization. Outstanding. Common J682.000 Preferred (6% cum.) 800.000 Funded debt 2,477,500 Secured by a first mortgage on all the prop- erties of the company, including 20 miles of street railway track in Dubuque, la., and sub- urbs and plants supplying that city with elec- tric light and power. The company's electric system comprises generating plant of 9,600 k. w. capacity and 220 miles of transmission and distributing lines. The company whole- sales electricity to lead and zinc mines in Northwestern Illinois and Southern Wisconsin and sells electric power to the Eastern Iowa Electric Co. Principa,l franchises expire in 1927, two other franchises in 1937 and 1938, respec- tively. Tears ended Dec. 31. Gross. Net. 1920 $874,976 $212,209 1919 642,643 163.814 1918 682.551 188,372 1917 636,206 206,829 1916 602,459 240,877 Original Market — Offered July, 1916. by Baker, Ayling & Toung. Boston, Chicago, etc.. Elston & Co., Chicago and Philadelphia, and Townsend, Whelen & Co., Philadelphia, at 97 and interest. Market. New York — Babcock, Rushton & Co., Gil- bert J. Postley, Berdell Bros., G. R. Ms- AUister. Boston — Moors & Babot. Philadelphia — Bauer, Starr & Co., Henry D. Boenning- & Co. Chicagro — Elaston & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '17 99 '17 76 Dec. 80 Dec. Low. 63 '20 75 '20 63 May 75 Oct. DULUTH & IRON RANGE RAIIiROAD (The) 1st 5s. Dne. Oct. 1, 1937. Dated October 1, 1887. Interest payable April and Oct. 1, at company's office, 71 Broadway, N. Y. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $25,000 per mile construction and $7,000 equipment. Outstanding $8,161,000 Denomination — Coupon, $1,000. Exhangeable for registered bonds. Registered $1,000 and $6,000. Trustee — Metropolitan Trust Co., New York. Organization and Control — The company was incorporated In Minnesota, in 1874 and controlled through ownership of $6,500,000 (entire outstanding) capital stock by the Fed- eral Steel Company, which company is a sub- sidiary of the United States Steel Corporation. Capitalization. Outstanding. Common $6,500,000 Funded debt 8.151,000 Secured by a first mortgage on 288.09 miles of main line in Minnesota, with 71.08 iriiles of second track, 185.05 miles of yard track and sidings, together with all other property now owned or hereafter acquired, Tiz. : Miles. Duluth to Winton 120.12 Tower Jet, to Tower 1.40 Allen Jet. to Virginia 24.53 Spur to Gilbert 0.48 McKinley to Bveleth 9.05 Waldo to Mile 49 on main line to Win- ton 15.00 Robinson to Burntside Lake 3.16 Mosabe to Dunka River 17.24 North Branch from Ridge 2.53 Fayal to Webster Jet 3.31 Branches ~and Spurs 91.27 Also a first lien on 110 locomotices, 25 passenger cars, 7,019 freight cars and 96 miscellaneous cars; also on ore docks on Lake Superior. Years ended Dec. 31. Gross. Net. Int.&Rent. *1919 $2,355,242 $2,440,732 $540,467 tl919 7,961,606 3.110,929 54,674 •1918 2,355,242 2,245,496 511,117 tl918 8,978,930 3.877,672 60,116 1917 7,371,399 2.498,971 755,862 1916 7,170,865 3,384,381 741,670 1915 5,966,931 2,992.274 723,355 ♦Corporate account. tFederal account — standard return not In- cluded. I^egal for savings banks in Conn., Me., Mich., Minn., N. H., N. J., Ohio, Ore., R. I. and Wis. !Listed on the New York Stock Exchange. Market. New York — ^Ambrose R. Clark & Co., Cof- fin & Co., Constable & Fleming, Sam'l Gold- schmidt, Hartshorne & Battelle, Kountze Bros., Chas. W^. Place. Prince & Whitely, Redmond & Co., Taylor, Smith & Hard, "Vanderhoef & Robinson, Vilas & Hickey. Philadelphia — Isaac Starr, Jr., & Co. Doluth — Philip L. Ray & Co. MinneapoUs — Wm. W^. Eastman Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan 1, '09, to Jan 1, '21 1920 High 116 Jan. 27, '09 91 Nov. 24 Low. 85% '20 85% Dec. 29 DUIjUXH (Mhm.) EDISON ELECTRIC CO. 1st 5s. Due March 1. 1931. Dated March 1, 1906. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,172,00» Held in S. F. 544,00* In Treasury 93,00* Beserred for Ext 191,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co.^ Boston. Redeemable at 105 and interest on any in- terest date as a whole only upon six weeks' notice or for sinking fund upon three weeks* notice. Sinking Fund — Annually on Jan. 1, $25,000 for purchase or i redemption of bonds at not over 105 and interest. Bonds so acauired to be held alive and Interest added. Organization — Incorporated in Minnesota, 1906, succeeding the Duluth General El. Co. Capitalization. Outstanding. Common $500,000 Preferred (6% cum.) 1,160,000 Funded debt 1,809,000 Secured by a first mortgage on plant sup- plying Duluth, Minn., with electric light and power. Purchases power under 10-year con- tract expiring Sept.. 1927, from the Oreai Northern Power Co. Franchises unlimited as to time. Population. 98,917. '^cars ended Dec. 31. Gross. Net. Interest. 1918 $682,551 S188,372 $80,481 1917 642,278 188,607 77,428 191-6 683,470 196,347 72,694 1915 494,561 167,664 68,614 OriEinal Market — $1,000,000 offered March, 1906, at 101 and interest by N. 'W. Harris & Co. and Perry, Coffin & Burr, Boston. Marhet. New York — Pred. H. Hatch & Co., Van- derlioef & Robinson. Boston — L. Sherman Adams, Coffin & Burr, Moors & Cabot, Samuel K. Phillips & Co. Price Ranee, Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '10 102 '09 82 Dec. 85% Dec. Low. 78 '20 82 '20 78 Sept. 82 Nov. DCLUTH, MISSABE & NORTHERN KAIL- WAY CO. 1st 6s. Due Jan. 1, 1922. Dated January 1, 1892. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgagre Oatstanding $1,174,000 Denomination — Coupon, $1,000. Reirister- able as to principal. Trustee — Metropolitan Trust Co., New York. Guaranteed as to interest by the Mountain Iron Co. by endorsement. Ors:anization, etc. — See Gen. 5s. Secured by a Urst mortirage on 63.69 miles of road — Miles, Stoney Brook to Mountain Iron Mines, Minn 48.32 Iron Jet. to Biwabik, Minn 15.37 Underlies — Gen. 5s of 1941, under which lat- ter issue bond£ are reserved for the retire- ment of this issue, and Cons. 6s due 1922 (all held in sinking fund). Leg:al for savings banks in Conn., Me., Mo., N. H., Ohio. Ore., and R. I. Earnings — See Gen. 5s. Market. New York — Vanderhoef & Robinson. Duluth — Philip li. Ray & Co. Minneapolis — Wni. W. Eastman & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. High 106 '17 108 '17 94% Mar. Low. 83 '18 86 '18 90 July DULUTH, MISSABE & NORTHERN RAIL- WAY CO. Gen. Ss. Due Jan. 1, 1941. Dated Jan. 1, 1906. Interest payable Jan. and July 1, at 71 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $30,000 per mile additional sin- gle main track, $50,000 per mile additional double main track and $20,000 per mile addi- tional second, third, etc., main track. Also 75% of cost of equipment. Outstanding $9,667,000 Held in Sinldng Fund 3,231,000 Reserved for Prior Hen 1,174,000 Denomination — Coupon, - $1,000. Register- able as to principal. Trustee — New York Trust Co., New York. Sinking Fund — Began April 1, 1907. An- nually $20 for each bond outstanding, includ- ing those held in sinking fund, for the pur- chase or redemption of bonds at not over 106 and Interest. Bonds so acquired to be held alive and interest added to this fund. OrEanizatlon — Inc. in Minnesota In 1891. Capitalization, Outstanding. Common $4,112,500 Funded debt 11,093,00» Control — Fntire $4,112,600 capital stock controlled by the United .States Steel Corp. Secured by a direct mortgage on 222.53 miles of road owned, 24.96 miles of lease- holds, trackage rights, docks, equipment, etc.. viz: A direct mortgage on 222.53 miles of road, viz: A first lien on 160.60 miles — Miles. Missabe Jet. to Columbia Jet.. Minn. . . . 29.84 Wolf to Hibbling. Minn 17.26 Wolf to "Virginia, Minn 6.30 Alborn to Coleraine, Minn 53.00 Hull Jet. to Hull Rust Yard, Minn 18.1B Main Line branches 34.79 A second lien on 63.69 miles^ Covered by the first lien of the 1st 6s: Stoney Brook to Mountain Iron Mines, Minn 48.3J Iron Jet. to Biwabik, Minn 16.37 Also secured on 24.96 miles of lease- hold interests, viz. : Adolf. Minn., to St. Louis River 12.71 Steelton, iMinn., to Conn, with Duluth Transfer Ry 1,95 St. Louis River to So. Itasca, Wis . 10.2J Prior Liens — $1,174,000 1st 6s of 1922 for the retirement of which bonds are reserved under this mortgage and $2,326,000 Cons. Si (all held in sinking fund). Years ended Dec. 31: Int. & Gross. Net. Rent. , •1919 $5,122,051 $4,523,326 $764,577 tl919 19,994,713 11,486,261 106,122 •1918 5,122,061 4,294,966 823 081 tl918 21,545,271 12,586,609 46,473 1917 15,306,600 6,0-26,067 822,164 1916 14,389,278 8,033,284 609,218 1916 9,909,649 5,711,647 633,056 1914.. 4,999,184 1,483,781 647,789 ♦Corporate account, tFederal account — standard return not in- cluded. Leg-al for savings banks in Me., N. H., Ohio, Ore. and R. I. Listed on the New York Stock Exchange. Original Market — Offered by Redmond & Co., New York, and in June, 1914, by Harris, Winthrop & Co., Kean, Taylor & Co.. -New York and Chicago. Market. New York — B. A. Baker & Son, Ambrose R. Clark & Co., Coffin & Co., Constable & Flemmg, Sam'l Goldschmidt, Hartshorne & Battelle, Chas. W. Place, Prince & Whitely, Redmond & Co., Watson, Armstrong & Co. Duluth — ^Philip L. Ray & Co. Minneapolis — Wm. W. Eastman Co. Pittsbui-gh — R. B. Hutchinson & Co. Price Range — N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 Bid. High 106% June 15, '11 93% Dec. 6 Low, 92y8May24 92% May 24 DULUTH, SOUTH SHORE & ATLANTIC RAILWAY CO. Ist Ss. Due Jan. 1, 1937. Dated April 16. 1887. Interest payable Jan. and July 1, at company's office, 66 Wall St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,000 Outstanding 3,816,000 Exchanged for 1st Cons. 4b 184 000 . Denomination — Coupon, $1,000. Reglsterable as to principal. Registered $1,000. Trustee — Central Trust Co., New York Organization and Control — Incorporated In Michigan in 1887, as a consolidation of aev- eral short lines. Also owns a majority of stock of the Mineral Range R. R. Co. Con- trolled through stock ownership by the Cana- dian Paclflo Ry. Co. Capitalization. Outstanding. Common $12,000,000 Preferred (6% non cum.) 10,000,000 Funded debt 20,431,000 Secured by a direct mortgase on 587.49 miles of road, viz.: A first lien on 476.06 miles — ■ Miles. Sault Ste. Marie to Marquette, Mich., and Nestoria, Mich., to Superior, Mich ; 363.68 Soo Jet. to St. Ignace, Mich 42. 9T Negaunee to Volunteer Mine, Mich 5.00 Humboldt to Republic, Mich 8,76 Bessemer Jet. t,o Bessemer, Mich 2.03 Branches to Mines and Industries 53,62 A second lien on 111.43 miles — Covered by the Marquette, Houghton & Ontonagon R. R, 6s; Marquette to Nestoria, Mich 46.90 Nestoria to Houghton, Mich 48.20 Marquette to "Winthrop Jet., Mich 17.33 Prior Uen — $1,077,000 Marquette, Houghton & Ontonagon R. R. Gen. 6s of 192S. Underlies — 1st Cons. 4s of 1990, all owned by the Canadian Pacific Ry. Co. Tears ended Dec. 31: Int. & Gross. Net. Rent. tl919 $530,059 $496,953 $910,461 11919.... 4,768.601 305,397 134,991 tl918 ' 694,637 623,373 1,040,604 tl918 4.824,187 368,814 101,214 •1917... 4,074,693 890,197 1,069,672 •1916 3.606,792 831,292 971,612 •1915... . 2.938.597 380,109 937,192 tCorporate account. tPederal account — standard return not in- cluded. ♦Tears ended June, 30. I/lsted on the New York Stock Exchange. Market. Ne%v York — Simon Borg &. Co., Sam'l Gold- schmidt, Pouch & Co., Redmond & Co., Vanderhoef & Robinson. Price Range — N. Y. S. S. Jan. 1, '06, to Jan. 1. '21 1920 High 113% Apr. 12, '06 79 Oct. 15 Low. 82 Jan. 18, '18 76% Dec. 30 Due DUIiCTH STREET RAIIiWAT 1st 58. May 1, 1930. Dated May 1, 1900. Interest payable May and Nov. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Oatstandine... .$2,600,000 Denomination — Coupon, $1,000. Reslsterabla as to principal. Trustee — Central Trust Co., New Tork. Organization — See Gen. 6s. Secured by a first mortgage on entire prop- erty. See description D. St. Ry. Gen. 68 of 1930. Underlies — Gen. 5s of 1930. Earnings — See Gen. 6s. Original Market — Offered in 1901 br W. J. Hayes & Sons at 106 and interest. Market. New York — Fred H. Hatch & Co., Rau- scher & Mackay, Berdeli Bros., John Nick- erson, Jr. Duluth — Prilip L,. Ray & Co. Minneapolis — William "W. Eastman & Co., Wells-Dickey Co. St. Paul, Minn. — Gates, White & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '12 102% '09 72 Mar. 78 Mar. Low 66 '20 75 '20 65 Sept. 76 Mar. DULUTH STREET RAILWAY CO. Gen. S. V. 5s. Due May 1, 1930. Dated May 1, 1910. Interest payable May and Nov. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $2,600. 000 Outstandingr (Jan. 1, '21) 1.000,000 Retired by S. F 201,000 In Treasury 240,000 Reserved for Ext 1,069,900 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co., New Tork. Redeemable at 105 and interest on any In- terest date as a whole only on 30 days' no- tice, or in part for sinking fund on 60 days' notice. Sinking Fund — May, 1913, and annually thereafter, not less than 2 % % of outstanding bonds, to be applied to the purchase or re- demption of these bonds at not over 105 and interest. Guaranteed as to principal and interest by the Duluth-Superior Traction Co., by endorse- ment. Organization and Control — Incorporated in Minnesota in 1881. Reorganized in 1900 and the entire $1,800,000 capital stock acquired by the Duluth-Superior Traction Co., a Con- necticut corporation. The latter company has no funded debt. Capitalization. Outstanding. Common $1,800,000 Funded debt 3,500,000 Secured by a mortgage on 104.01 miles of street railway track in Duluth, Minn,, and Superior, Wis., and has trackage rights over bridge between the two cities. Power is pur- chased from the Great Northern Power Co. Population (1910), Duluth, 78,446; Superior, 40,384. Franchises are exclusive and run until 1931. In 1915 the Supreme Court of Minnesota confirmed the franchise of the com- pany in Duluth. In December, 1918, the com- pany gave up its franchise in Superior, and elected to operate in that city under a Wis- consin indeterminate permit. Prior Lien — $2,500,000 1st 5s of 1930. Years ended Dec. 31 (D.-S. Traction): Gross. Net. Int. Etc. 1920 $1,919,579 $249,329 $175,380 1919 1,937,143 280,639 175,871 1918 1,665,910 297,407 178,350 1917 1,621,952 462,409 176,611 1916 1.407,611 440,342 172,341 Original Market — Offered in 1911 by A. E. Ames & Co., Toronto, Canada, at 97 and in- terest. A block offered March, 1917, by The Bankers' Trust & Savings Bank, Minneapolis, at 95^ and interest. Market. New York — Fred. H. Hatch & Co., Vander- hoef & Robinson, Carruthers. Pell & Co., Earle A. Miller & Co., F. J. Lisman, G. R. McAllister & Co., Berdeli Bros. Duluth — Philip L. Ray & Co. Minneapolis — William W. Eastman Co., Wells-Dickey Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask, Bid. Ask. High 96% '15 99% '15 71 Dec. 77 Nov. Low. 44 '20 48 '20 44 Aug. 48 Aug. DUNLOP TIRE & RUBBER GOODS COM- PANY, LTD., 1st S. F. 6s. Due March 1, 1927. Dated March 1, 1912. Interest payable March arid Sept. 1. at Canadian Bank of Commerce, Toronto, Montreal and London, Bng. Tax Status — Payment of Federal Incoma Tax not assumed by company. Authorized $1,000,000 Outstanding: (Jan. 1, '21)...... 338,800 Retli'ed by S. F 261,200 Resetted for Ext 400,000 Denominations — Coupon, $100, $500 and $1,000, registerable as to principal. Also in sterling equivalents. Trustee — National Trust Company, Ltd., Toronto. Redeemable as a whole at 105 and interest on any interest date on six weeks' notice. Sinking Fund — Beginning March 1 , 1913, annual payments sufficient to redeem entire outstanding- by maturity. Bonds to be pur- chased in the open market up to 105 and interest, failing which must be called at 105. Organization — Incorporated March 1, 1S99, In Canada and name subsequently changpd to above. Manufactures rubber mechanical goods, belting, hose, packing, rubber tires, etc. Capitalization. Outstanding. Common $3,600,000 Preferred (7% cum.) 600,000 Funded debt 338,800 Secured — A first lien on certain properties of the company and a floating charge on all other property and assets. Original Market — $500 ,000 offered July, 1912, at 100 and interest. Market. Montreal — The Dominion Securities Coi-^'n, The National Bond Co., Inc., Hew R. Wood & Co. Toronto — H. R. Brereton & Co., The Dom- inion Securities Corp'n. Ltd., A. J. Pattison, Jr. & Co. DUQUESNE LIGHT COMPANY Ist & Coll. Tr. SQ-Year 6s. Due July 1, 1949. Dated July 1, 1919. Interest payable Jan. and July 1, at Trustee's ofRce. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $100,000,000" Outstanding: (Feb. T., '21)... 31,718.500 Issuable upon the acquisition and cancellation of all the securities (physical merg-er) of AUegrlieny Lt. Co., Southern H., Lt. & P. Co. and Monong-ahela Lt. & P. Co 7,352,445 Issuable in eixchangre, par for par, for Pref. stock of •Company 5,941,000 Resei-ved for Ext 54,988,045 Purpose of Issue — $12,000,000 to provide for retirement by call on Jan. 1, 1920, of $12,- 000.000 Duquesne Light Company 3-Tear 6% notes, due July 1, 1921, $11,718,500 to reim- burse company in part for cash expenditures aggregating $14,648,125 to be made in con- nection with the construction of the new Col- fax power plant and for permanent additions and extensions. Denominations — Coupon $500 and $1,000. Registerable as to principal. Registered $1,- 00. C. & R. interchangeable. Trustee — Bankers Trust Company, New York. Redeemable on any interest date at 105 and Interest. Maintenance and Depreciation Fund — Trust Indenture provides that there shall be ex- pended and-or appropriated annually out of earnings for maintenance and depreciation an amount not less than 15% of the gross oper- ating revenues of the system for such year. Organization — Incorporated in Pennsylvania In 1903. Leases until Jan. 1, 1952, the prop- erty of the Allegheny County Light Co., under which lease it also operates for a like period, as sub lessee, the properties of the Southern Heat, Light & Power Co. and of the Monon- gahela Light & Power Co. The company pur- chased as of Dec. 31, 1912, $1,000,000 out- standing bonds and all the capital stock of the Allegheny County Light Co., subject to the delivery to It of these securities from under the liens of the respective indentures secur- ing the First Mortgage and Collateral Trust 5s, due 1949, and the Consolidated and Col- lateral Trust 5s. due 1951, of the Philadelphia Company. The Duquesne Light Co. owns all the capital stocks (excepting directors' shares) of the Southern Heat, Light & Power Co., Beaver County Light Co., Midland Electric Lig-ht & Power Co., Diamond Light & Power Co. and the Pittsburgh -Beaver Light Co.^ which latter company it operates under a temporary lease. The Pennsylvania Light & Power Co., controlled through ownership of practically the entire capital stock, is operated independently. Capitalization. Outstanding. Common $18,226,000 Preferred (7% cum.) 5,941,000 Funded debt 31,718,500 Controlled by the Philadelphia Company through ownership of th& entire common stock. Secured by a first mortgage on all property owned in fee by the Duquesne Light Company and by a first lien on its leasehold interests and on certain bonds and virtually all the stocks of its subsidiaries. Also secured by a first mortgage on the new Colfax Power Plant. the construction of -which with an initial In- stalled capacity of 60, 000 K. "W. is to be partly financed from the proceeds of this is- sue. The property covered by the first mortgage Includes one of the largest and most impor- tant electric power plants In the country (Brunot Island, 120,000 K. W.), the new Col- fax Power Plant (initial installed capacity to be 60.000 K. W.) and extensive transmission and distribution lines. Franchisee, with minor exceptions, are. In the opinion of counsel, unlimited In time or for 999-year periods. Piior Liens — $2,829,500 bonds of leased and subsidiary companies outstanding with public. Additional bonds of leased and sub- sidiary companies are outstanding , to the amount of $1,720,000 face value, of which $550,500 are pledged under the mortgage se- curing this issue, $169,500 are deposited under a subsidiary company mortgage, and $1,000,- 000 are pledged under the respective inden- tures securing the Philadelphia Company's First and Collateral Trust 5s, due 1949, and Consolidated and Collateral Trust 5s, due 1951. The Duquesne Light Company has pur- chased the last mentioned $1,000,000 bonds, subject to their delivery from under the liens of said Philadelphia Company mortgages. All the foregoing $1,720,000 face value bonds are non-interest bearing from the standpoint of the Duquesne Light Company System. Years ended Dec. 31 (consolidated): Gross. Net. tCharges, 1920 $10,812,136 $3,694,534 $1,175,971 1919 11,917,567 4,614,431 1,378,358 tl918 9,842,395 2,812,153 1,176,447 tl917 7.310, 7a4 3,102.507 941,510 tl916 5,368.026 2,919.538 1,400,825 tincluding rentals, depreciation, interest, discount, etc. JTears ended March 31. Listed on New York Stock Exchange. Original Market — Offered July 1919, by Lad- enburg. Thalmann & Co., Harris, Forbes & Co., and Lee, Higginson & Co., New York, ets., at par and interest. Market. New York— Ames, Emerich & Co., Bab- cock, Rushton & Co.. Sam'l Goldschmidt, Hartshorne & Battelle, Fred. H. Hatch & Co., Kiely & Co., Morton Lachenbruch & Co., National City Co., EarJe A. Miller & Co,. Rauscher & Mackay, Vanderhoef & Robmson. Boston — L. Sherman Adams, Coffin & Burr, Curtis & Sanger, Moors & Cabot, Ar- thur Perry & Co. LonisviUe, Ky. — Block, Fetter & Co., Fi- delity & Columbia Trust Co., J. J. B. Hilli- ard & Son. Detroit — Harris, Small & Lawson. Grand Rapids, Mich. — Hilliker, Everett & Geistert. Philadelphia — Arthur J. Bender, Biddle & Henry, Henry D. Boenning & Co., Elkins, Morris & Co., Huntoon & Co., McCown & Co., Samuel McCreery & Co., J. P. Magill & Co., Montgomery & Co., Welsh Bros., Wurts, Dulles & Co. Scranton, Pa. — "Welssenfluh & Co. Clucag-o — First Trust & Savings Bank, Second "Ward Securities Co., Tilden & Til- den. Pittsburgh — Continental Trust Co., Lyon, Singer & Co., Moore, Leonard & Lynch, Stout & Co., Edward A. Owens & Co., The Union Trust Co. of Pittsburgh. Baltimore — Jenkins, "Whedbee & Poe. San Dieffo — Blyth, "Witter & Co. Milwaukee-— First Wisconsin Co. Piice Range 1920 Bid- Ask. High 96% Jan. 100 Jan. Low 83 Sept. 85 Sept. DUaUBSNE TRACTION CO. 1st 5s. Due July 1, 1930. Dated July 1, 1890. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $1,500,000 Outstanding 1,470,000 Denomination — Coupon, $1,000. Trustee — Fidelity Title & Trust Co., Pitts- burg:h. Organization — Incorporated in Pennsylvania In 1890. Capitalization. Outstanding". Common $3,000,000 Funded debt . . : 1,470.000 Control — The Consolidated Traction Co., which owns 62,655 out of 60,000 shares of the stock and leases the property for 950 years from 1896 is one of the subsidiaries of the Philadelphia Company. Receivership — See Pittsburgh Railways Co. Secured by a first lien on the stock of Du- quesne Street Railway Co. owning important street railways in Pittsburgh. Pa., including the line from the center of the city to North Liberty Street via Forbes Street. There is no provision in the mortgage which prohibits the company whose stock is deposited from- directly mortgaging its property. liisted on the Pittsburgh Stock Exchange. Market. New York — Barle A. Miller & Co. Philadelphia — Henry D. Boenning & Co., Chas. Fearon & Co., McCown & Co. Pittsburgh — Moore, Leonard & Lynch, Stout & Co., Edward A. Owens & Co. Price Range. Jan. 1, *09, to Jan. 1, '31 1920 Bid. Ask. Bid. High 106 '09 110 '09 60 Sept. Low. 50 '20 75 '19 DURHAM & NORTHERN RY. CO. Ist 68. Dne Nov. 1, 1938. Dated Nov. 8, 1888. Interest payable May and Nov. 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $100,000 Pledged under S. A. L. Ist 4s 50,000 Denomination — Coupon, $1,000. Principal may be registered. Trustee — The Mercantile Trust & Deposit Cp. of Baltimore. Assumed by the Seaboard Air Line Railway. Control — Absorbed in 19 01 by the Seaboard Air Line Ry. Co. Secured by a first mortgage on 41.40 milea of road from Durham to Henderson, N. C. Underlies — S. A. L. 1st 4a of 1950, and Ref. 4b of 1959, 1st & Cons. 6s of 1945, under which bonds are reserved to retire this issue. and Adjmt. 5s of 1949.' Xiegal for Baltimore Trust Funds^ Market. New York — Abraham & Co. 50 Jan. 439 DURHAM PUBIJC SERVICE CO. Gen. S. F. 8s, Series *'A."^ Due April 1, 1936. Dated April 1, 1921. Interest payable April 1 and Oct. 1 at office of H. L. Doherty & Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. Authorized — ^Unlimited. Outstanding — $ 650,000. Issuance Restrictions — Issuance of addi- tional bonds under the mortgage is re- stricted, subsequent series to be issued only when interest charges on all general and refunding bonds issued under the above in- denture are earned more than twice over. The company may create additional series of maturities, interest rates, interest dates, sinking funds, etc., to meet varying condi- tions of financial markets subject to above restriction. Denominations — Coupon, $100, $500 and $1,000; registerable as to principal. Trustee — West End Trust Company, Phila- delphia. Redeemable on any interest date upon 60 days' notice at 102 and interest. Sinldng Fund — Annually a sum equal to 1% of the total amount of bonds outstand- ing for their purchase or redemption at not to exceed 102 and interest. Organization and Control — Incorporated in North Carolina in 1901 as the Durham Trac- tion Company. Present name adopted in 1921. The entire Common Stock except Directors' shares is owned by the Cities Service Company. Capitalization Outstanding Common $300,000 Preferred (6% cum.) 200,000 Funded debt 1,050,000 Secured by a general mortgage on all the property of the company. The company owns and operates all the street railway lines, does an electric light and power and artificial ice business in the city of Durham. The population served ap- proximates 32, 000. The property of the company consists of a steam generating electric plant of 4400 h. p. and 144 miles of distribution lines, 12 miles of railway track and an ice plant of 100 tons daily capacity. Prior Liens — Outstanding Durham Traction Co. 1st 5s, 1941 . .$400,000 The above mortgage is closed. Years ended Dec. 31: Gross. Net. 1920 $545,274 $147,561 1919 462.718 118,377 Oi'igrinal Market — $500,000 A Ss, o^ered May, 1921, by McCown & Co., Philadelphia, at 98 and interest. DURHAM (N. G.) TRACTION CO. 1b 5s. Due March 1, 1941. Dated March 1. 1901, Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $400,000 Outstanding 400,000 Denomination — Coupon, $ i , . Principal may be registered. Trustee — Maryland Trust Co., Baltimore, Md. Organization — Incorporated in 1901 in North Carolina. Capitalization. Outstanding. Common $300,000 Preferred (6% cum.) 200,000 Funded debt 400,000 Control — Controlled by Cities Service Co. through stock ownership. Secured by first mortgage on street railway and electric plant in Durham, N. C. System includes 11.91 miles of track and a generat- ing- station of 3,300 k. w. capacity. Fran- chise expires in 1951. Population served, -35,000. Market. New York — E. & C. Randolph, Dunham & Co., Carruthers, Pell & Co. Philadelphia — Henry D. Boenning- & Co., Capelle & Co. Price Range. Jan. 1, *1G, to Jan. 1, *21 1920 Bid. Ask. High 95^ '17 Not Low. 90 '10 91 '17 available DUTCHESS COUNTY RAILROAD 1st 4%s. Due June 1, 1940. Dated June 1, 1890. Interest payable June and Dec. 1, at Fidelity Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgaere Outstanding $287,000 Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Guaranteed principal and interest by Cen- tral New England Ry. Co. In consideration for which guaranty, interest was reduced from 6% to 4%%. Control — ^Absorbed by Central New England R. R., practically all of the latter company's stock is owned by the N. Y., N. H. & H, R. R. Co. Secured by a first mortgage at about $24,- 000 per mile on 12 miles of road extending from Poughkeepsie to Hopewell Jet., N, Y. Underlies — Central New England Ry. 43 of 1961. Bonds are reserved under the latter mortgage to retire this issue- lasted on the Philadelphia Stock Exchange. Market. New York — Sam'l Goldschmidt, Fred- H. Hatcli & Co. Price Range. Jan. 1, '09, to Jan. 1, *21 ' 1920 Bid. Ask. Bid. High 105 '09 108 '09 60 Feb. Low. 40 '20 85 as 40 May E EAST BAY WATER CO. Ist S%s. Due Jan. 1, 1946. Dated Jan. 1, 1916. Interest payable Jan. and July 1. at Tmatee'a office. Tax Status — Payment o( Pefleral Income Tax not assumed by company. Authorized $16,000,000 Outstanding 9,876,900 Fledged to secure 6 notes, due 1923 — 1,562,600 Reserred for Ext 3,660,600 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Union Trust Co., San Pranoiaco. Redeemable at 100 and interest prior to Jan. 1, 1921, and at 105 thereafter. Sinking Fund — ^Annually 1% of outstand- ing bonds from Jan. 1, 1921 to 1925, Inclu- sive, and thereafter 1%% annually. Organization — Incorporated in California in 1916 as successors through reorganization to the properties of the People's Water Co. Capitalization. Outstanding. Common $100,000 Preferred "A" (6% cum.) 4,480.800 Preferred "B" (6% non-cum.) 2,987,200 Funded debt 11,126,900 Secured by a first mortgage on all the property of the company. The property cov- ed as of July 1, 1918, comprised 46,000 acres of land, a storage reservoir at San Leandro with a capacity of 6,048,000,000 gallons of "water, 12 distributing reservoirs with a com- bined capacity of 270,000,000 gallons, 18 pumping plants with a total daily capacity of 66.000,000 gallons and 989.7 miles of main with 64,676 meters and 68,805 service connections. The territory served by the company in- cludes the cities of Oakland, Berkeley, Ala- meda, Piedmont, Emeryville, Albany and San Xieandro in Alameda County, and Pinole and Richmond in Contra Costa County, Cali- fornia. The combined population is estima- ted at 340,000. The average daily consump- tion of the territory served is about 21,- 000,000 gallons. The company owns constitutional fran- chises in all the municipalities In which it operates and run in perpetuity. Tears ended Dec, 31: Gross. Net. Interest. 1920 $2,406,145 $1,158,335 $738,985 1919 2,029,145 983,150 535,282 1918 1,792,509 877,413 536,283 1917 1,763,074 826,286 646,471 Original Market— OfCered in exchange for securities of the People's Water Co. Market. New York — Sutro Bros. & Co. I.OS Angreles — The Citizens National Bank, J. J. Doran Co. San Diegro, Cal. — Blyth Witter & Co. San JTrancisco — Sutro & Co. Price Rangre. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 87 '20 93 '20 - 87 Nov. 90 Apr. Low. 81 '20 85% '20 81 Dec. 85^4 Deo. BAST BAY WATEK CO. 5-Year 6% Coll. Tr. Notes. Due Aug. 1, 1923. Dated Aug. 1, 1918. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized $1,260,000 Outstanding 1,250,000 Denomination — $1,000. Trustee — Union Trust Co., San Francisco. Redeemable on any interest date within three years after date at 101, aSnd on any interest date thereafter at 100%. Organization — See 1st 6%s. Secured by deposit of a sufficient amount of First Mortgage 30-Tear 6%% Bonds to make, these notes at all times a legal investment for Savings Banks in Califor- nia. The Company further agrees, how- ever, that at no time shall the amount of bonds deposited be less than $125 face value of bonds for each $100 face value of notes. The bonds deposited as collateral are part of an Issue of which $16,000,000 are authorized and $9,876,900 outstanding as of Jan., 1919. They are secured by a first mortgage on the entire property of the Com- pany and constitute its only mortgage indeb- tedness. For detail of property see 1st 6%s. Earnings — See 1st 6%s. Original Market — $1,250,000 offered Aug., 1918, by The National City Co., New York, etc., Blyth, Witter & Co. and Union Trust Co., San Francisco, at. 98 and interest. Market. New York — Sutro Bros. & Co. I.OS Angreles — The Citizens National Bank, J. J. Doran Co. San Dieg;a, Cal. — Blyth, Witter & Co. Price Range. Jan. 1, '19 .to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '19 105 '19 97 Apr. 99 Apr. Low. 92 '20 93% '20 92 Nov. 93% Nov. EAST CHICAGO & INDIANA HARBOR WATER CO. l8t 6b. Due Oct. 1, 1927. Dated October 16, 1907. Interest payable April and Oct. 1, at Central Trust Co., Chi- cago, First National Bank, New York, and Karket Street National Bank, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,200,000 Outstanding (Jan. 1, '21) 980,000 Betired by S. P 27,000 Reserved for Ext 193,000 Denomination — Coupon, $500. Regiaterable as to principal. Trustees — Central Trust Co. of Illinois, Chicago, and Wm. T. Abbott, Chicago. Redeemable at 106 and interest on any Interest date upon 30 days' notice. Sinking Fund — Beginning Aug. 16, 1917, and annually thereafter 1% of outstanding bonds to be applied to purchase or redemp- tion of these bonds at not exceeding 106 and interest, bonds so acquired to be can- celled. Organization! — Incorporated in Indiana, 1907. Capitalization. Outstanding. Common $600,000 Funded debt 980,000 Secured by a first mortgage on plant sup- plying water to the City of East Chicago, Ind. Population served, 46,000. Operates under an Indeterminate permit from the State of Indiana. Earnings not reported. Original Market — Offered in 1907 at 91 and Interest by The C. H. Gelst Co., Philadel- phia, and the Milwaul^ee Trust Co., Milwau- kee. Offered in 1912 by H. F. Bachman & Co., Philadelphia, at 97 and interest. Market, Philadelphlar— Samuel K. Phillips & Co. Baltimore — William E., HoUaway. Price Bance. Jan. 1 /n, to Jan. 1, '21 19^0 Bid. Ask. Bid. Ask. High 92% '17 95% '17 75 July 77 Dec. Low. 65 '20 73 '20 65 Dec. 73 Dec. Price Banee. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93 '17 95 '17 65 75 Low. 50 '20 60 '20 50 60 EAST JERSEY COAST WATER CO. 1st 4%s. Dne Xovember 1, 1924. Dated November 1, 1899. Interest payable May 1 and November 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey and tax refunded in Penn- sylvania. Authorized Closed mortirase Outstanding $250,000' Denominations — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Columbia Avenue Trust Co., Phila- delphia. Organization and Control — ^Incorporated in New Jersey. All but $14,100 of the capi- tal stock has been acquired by the Mon- mouth County Water Co. The latter company la controlled through stock ownership by American Pipe & Con- struction Co. Secured by a first mortgage on all the property formerly belongingi to the com- pany, Including all the pumping stations and the sole water supply of the Mon- mouth County Water Co. , together with a large part of the distributing systems in Neptune and Ocean townships aad the Bor- oujghs of Neptune and Bradley Beach and also West Asbury Park, N. J. The property covered Includes 40 miles of water mains, two pumping stations, sedimentation basins, filters, 39 acres of land, buildings, meters, connections, etc. Water supply is mainly from artesian wells and from a natural watershed. Replacement value estimated ai $473,378. Underlfesi — Monmouth County Water Co, 1st and Ref. 5s of 1944, which provide for the retirement of this issue. Earnings — Company does not report earn- ings. Original Market — $ 250,000 ofCered July, 1916, by Prazier & Co., Philadelphia, New York and Baltimore at 94 and Interest. Market. Philadelphia — Bioren & Co. EAST JERSEY STREET RAILWAY 1st 5s. Due May 1, 1944. Dated April 22, 1904. Interest payable May and Nov. 1, at Trustee' s office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding ...$500,000 Denomination — Coupon, $1,000. Trustee — Perth Amboy Trust Co., Perth Amboy, N. J. Guaranteed principal and interest by the Public Service Corp. of New Jersey. Control— Absorbed by the Public Service Ry. Co., which is controlled through own- ership of its entire capital stock by the Public Service Corp. of New Jersey. Secured by a first mortgage on all the property formefly belonging to the com- pany. Underlies — Elizabeth & Raritan River 6s of 1954, an eaual amount of which are reserved to retire this Issue. Market. Philadelphia — Chas. Fearon & Co. EAST McKEESPORT STREET RAILWAY 1st 5s. Dne Dec. 1, 1929. Dated Dec. 1, 1899. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding . . .$250,000 Denomination — Coupon, $1,000 with privi- lege of registration. Trutee — Fidelity Title & Trust Co.. Pitts- burgh, Pa. Receivership— :-See Pittsburgh Railways Co., Gen. 5a. Organization — Incorporated in Pennsylvania in June, 1903. Capitalization. Outstanding. Common $250,000 Funded debt 260.000 Control — All of the stock owned by the Pittsburgh Ry. Co. and road leased to Uni- ted Traction Co. of Pittsburgh, and opera- ted by the Pittsburgh Rys. Co. : the latter company is controlled through stock own- ership by the Philadelphia Company. Secured by a first mortgage on 8 miles of street railway In McKeesport, Pa., and vicinity. Market. Pliiladelphia — Barnes & Lofland, Samuel K. PhillipR & Co. Fittsburgrh — Moore, Leonard & Lynch. Price Range. Jan. 1, '16 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '16 SSVz '17 52 65 Low. 45 '20 54 '20 45 54 EAST PENNSYLVANIA GAS & ELECTRIC CO. 1st 5s. Dne June 1. 1942. Dated June 1, 1912. Interest payable June and Dec. 1, at A. B. Leach & Co., New York, and in Philadelphia. Tax Status — 2 % Normal Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $500,000 Outstanding 300,000 Reserved for Ext 200,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., Phila. Redeemable at 105 and interest on any Interest date. Sinking: Fund — 1 % of outstanding bonds annually from 1915 to 191 S and 2% there- after. Organization — Incorporated in Pennsylvania 1912, as a consolidation of a number of small companies. Capitalization. Outstanding. Common $225,000 Preferred (7%) 60,000 Funded debt 300,000 Control — Entire common stock owned by United Service Co. Secured by first mortgage on gas plant and electric light plant supplying Bristol. Pa., and two adjoining towns. Franchises In Bristol are unlimited as to time. Popu- lation served, 10,000. Years ended Dec. 31: Gross. Net. Bond. Int. 1919 $207,166 $59,123 $157000 1918 198,830 67,529 15 000 1917 111,183 40,345 15.000 1916 98,276 37,941 16 000 442 _^., , Market. PhiladelpMa^-S. K. Phillips, Boenninff, Garrison & Co. , . Price Rangre. Jan. 1, '15 to Jan. 1, '31 1920 Bid. Ask. Hierh.90 '15 92 '15 Not Low. 80 *17 83 '16 Available EAST PENNSYI^VANIA RAIUROAD CO. Ist 4s, Due March 1, 1958. Dated March 1, 1888. Interest payable Mar. and Sept. 1, at Reading Terminal, Philadelphia. Tax Status^2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorized and Outstandingr $495,000 Denomination — Coupon, $1,000. Trustee — The Pennsylvania Company for Insurances on Lives and Granting Annui- ties, Philadelphia Guaranteed as to principal and interest by the Philadelphia & Reading R R. Co. by endorsement, which guaranty was assumed by the Philadelphia & Reading Ry, Co. through lease. Orgf^niztaion and Control — Incorporated in Pennsylvania 1857. Leased for 999 years to the Philadelphia & Reading Ry. Co. Rental interest on bonds, taxes and 6% on stock'. Capitalization. Outstanding. Common $2,126,900 Funded debt 495,000 Seciu'ed by a first mortgage on 35.77 miles of road extending from Reading to Allen- town, Pa. Legal for Savings banks in Cal., Conn., Me., Mich., Minn., N. H.. N, J., R. I., and Wis. Market. New York— Taylor, Smith & Hard. Philadelphia — Biddle & Henry, Hunton & Co., Reed A. Morgan & Co., Isaac Starr, Jr., & Co., Parsly Bros. & Co. EAST ST. LOUIS & ENTEKUKBAN WATER CO. 1st and Ref . Seri es "A" 5s and *'B" 6s. Due July 1, 1943. Dated — "A," July 1, 1916 and "B" July 1, 1917, interest payable January and July 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — See "Provisions of Issue" be- low. Outstanding (Jan. 1, '21) — "A" 5s $3,477,000 Reserved to retire Junior Lien Notes 456,500 Pledged to Secure 6 % Notes, "B" 242,000 Provisions of Issue — The Mortgage pro- vides that in addition to the bonds reserved to retire the present outstanding undeposit- ed bonds and Junior Lien Notes additional First Mortgage and Refunding bonds may be i!9sued' thereunder at par for not ex- ceeding 80% of the cash cost of permanent improvements, extensions and additions, pro- vided net earnings are at least 1.6 times the Interest on all bonds outstanding and those proposed to be issued. This requirement as to earnings- applies also to the issuance of First Mortgage and Refunding bonds for the retirement of Junior Lien Notes, and furthermore, no bonds may be Issued for this purpose prior to July 1, 1918. Denominations — Coupon, $1,000, $500 and $100, interchangeable and registerable as to principal. ^ „ ,« ^ -, Trustee — ^The Farmers' Loan & Trust Co., New York. , , . Redeemable at 105 and interest on any Interest date on or before July 1, 1937, or on any interest date thereafter at 100 and Interest. , _ . .^^ ^ a Maintenance and Improvement Fund — An- nually 9% of annual gross earnings of th« company of which at least 4 % shall bo charged to operating expenses. This fund may be expended for additions, etc., against which no bonds of this issue may be issued or for the purchase or redemption of these bonds. Bonds so acquired to be cancelled. Orgamzation — Incorporated In Illinois Aug. 1916. Capitalization. Outstanding. Common $4,750,000 Preferred (7% cum.) 450,300 Funded debt 4,387,400 Controlled by the American Water Works & Electric Co., Inc., through stock owner- ship. Secured — By a direct first mortgage on the water works system in Belleville, 111., and by a mortgage on all other property of the Company. The company supplies water, principally taken from the Mississippi River, to Bast St. Louis, Belleville, Granite City, Madison and Venice, 111. Under the terms of the Mortgage in the event of sale of any of the plants of prop- erty the entire proceeds must be applied to the purchase and redemption of bonds of this issue or to reimburse the Company for an expenditure by it of an equal amount of cash in the construction or acquisition of permanent improvements to the remaining mortgaged property. The East St. Louis franchise, the princi- pal one under which the Company operates, extends to July 6, 1944, as confirmed by the Supreme Court of the State of Illinois. Other franchises extend as follows: Belle- ville, June 4, 1932; Granite City, April, 1947; Venice, April, 1947; and Madison, April, 1947. The East St. Louis and Belleville fran- chises provide that at the end of each ten- year period from the granting.date the cities upon due notice have the option of purchas- ing the respective properties at a fair valua- tion; this valuation to be determined by three appraisers, one to be appointed by the City, one by the Company, and one by the two appraisers so appointed. Prior Liens — $80,000 Granite City. Madison & Venice Water Co. Bonds and $131,500 City Water Co. of East St. Louis & Granite City Bonds. The remaining outstanding bonds of these two issues, $2,235,500 are pledged with the Tiustee of this mortgage. Underlies — $456,500 (closed) Junior Lien 5% Notes, due July 1, 1942 (all owned by the American Water Works & Electric Co.). Bonds of this issue are reserved to retire these notes. Years ended Dec. 31: Gross. Net. Int., etc; 1920 $800,265 $342,269 $262,433 1919 640,953 290,828 265,795 1918 667,442 280,298, 265,997 1917 603,389 296,230 248,715 1916 568,645 315,489 242,280 Original Market-^$1,600,000 offered Janu- ary, 1916, by Halsey, Stuart & Co., Chicago, etc., at 91^ and interest. Market. New York — Edwin Bancker & Co., Otto Billo, Morton ^ackenbruch & Co., Vander- hoef & Robinson. Chicago — Halsey, Stuart & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 89% '17 91% '17 68 Oct. 86 Apr. Low. 63 '20 68 '20 63 Dec. 68 Dec. EAST ST. LOUIS & SUBURBAN CO. CoU. Tr. 59. Due April 1, 1933. Dated May 1, 1962. Interest payable April and Oct. 1, at St. Louis Union Trust Co.. or office of B. W. Clark & Co., Philadel- phia, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstandin?. . .$8,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — St. Louis Union Trust Co. , St. Louis, Mo. Redefflnsible at 105 and interest on four weeks' notice. Assumed by The East St. Louis & Sub- urban Co. (Delaware Corporation). Organization and Control — Incorporated in N. J. in 1901 as a holding- company. Rein- corporated In 1914 in Delaware as The East St. Louis & Suburban Co. See also Conv. 7s of latter company. Secured by deposit with the Trustee of the following securities: $1,799,000 of $1,940,- 000 bonds and $1,805,500 stock of $1,940,- 700 of the Bast St. Louis Ry. Co., $500,- 000 bonds (total Issue) and $499,500 of $500,- 000 stock of the St. Louis & East St. Louis Electric Ry. Co., $3,834,000 of $4,000,000 bonds and $3,824,300 of $3,850,000 stock of the^ast St. Louis & Suburban Ry. Co., $750,000 nfonds (total issue) of the St. Louis & Belleville Electric Ry. Co. and $733,000 of $1,200,000 stock of the St. Louis Light & Power Co. , The East St. Louis Ry. Co. owns the street railway system. In East St. Louis, 111. Principal franchises expire in 1947. The Bast St. Louis & Suburban Ry. Co. operates electric railways in Belleville and the Interurban lines from East St. Louis to Belleville; interurban lines connecting Ed- wardsville, Collinsville, Caseyville, Lebanon and O'Pallon with B. St. Louis. Franchises In Edwardsville. Collinsville and Belleville expire in 1949; Lebanon and O'Pallon in 1922 and Caseyville in 1919. St. Louis & East St. Louis Electric Ry. Co. operates electric railway between St. Louis, Mo., and East St. Louis, 111., via Bads Bridge. The company has exclusive right to operate cars over Bads Bridge until 1952. St. Louis & Belleville Electric Ry. Co, oper- ates an electric railway line between Bast St. Louis & Belleville, handling freight, principally coal. The track Is mostly on private right-of-way. East St. Louis Light & Power Co. does the entire electric light and power business in East St. Louis. Franchise expires in 2007. Underlies — $2,116,000 Conv. 8s due Jan. 1, 1926. Years ended Dec. 31 ('consolidated): Gross. Net. Int., etc. 1920 ^. $4,368,922 $1,046,223 $647,272 1919 r. 3,213,152 673,648 667,523 1918 3,212,058 812.821 638,837 •Exclusive of Alton, Granite & St. L. Trac. and Alton Gas & Electric Co. Listed on the Philadelphia, Louisville, St, Louis and Columbus Stock Exchanges. Original Market— Offered In 1902 by B. W. Clark & Co. , Philadelphia, jBrancis Bros. & Co., St. Louis; and Whltaker & Co., St. Louis. Market. Philadelphia — Bauer, Starr & Co., E. W. Clark & Co. St. Louis — Mark C. Steinberg & Co., Stix & Co. Price Bang«. Jan, 1, '19, to Jan. 1, '21 1920 Bid. Agk. Bid. Ask. High 99?4 '19 100^4 '19 50 Apr. SlJune Low. 42 '20 43 '20 42 Aug. 43 Aug. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Pennsylvania Company for the Insurances on Lives and Granting Annuities, Philadelphia. Redeemable at the following prices, plus interest: 102^^, in 1921; 102, in 1922; 101%, in 1923; 101, in 1924; lOO^A, in 1925. Sinking- Fund — Semi-annually, $50,000 be- g-Innihg Aug. 1, 1921, for the purchase or redemption of these bonds at not over the current call price. Convertible at any time into an eaual amount in par value of 6% cumulative pre- ferred stock and in addition a 33 1-3% bonus of common stock. This preferred stock will take precedence as to both dividends and assets over the 5 % cumulative preferred stock and common stock. Organization — Incorporated in Delaware In 1914 to take over the assets and assume the liabilities of the original East St. Louis & Suburban Co. (New Jersey corporation). The company owns practically all the stocks and bonds of the street railway companies of East St. Louis, 111. , and of interurban lines doing a freight and passenger business ex- tending from Bast St. Louis to Belleville, Caseyville, Collinsville, Edwardsville, Leba- non and 0*Fallon. Also owns the entire capital stock of the Atlon, Granite & St. Louis Traction Co., the entire capital stock of the Alton Gas & Electric Co. and the entire capital stock of the Bast St. Louis Light & Power Co. Owns directly or Indi- rectly and operates 19 miles of electric railway track (leases 4 miles), 2 power sta- tions, 8 sub-stations and 95 miles of trans- mission lines. Capitalization. Outstanding. Common $7,000,000 Preferred (5% cum.) 6,000,000 Funded debt 10,116,000 Security — ^A direct obligation of the com- pany but not secured by a mortgage. The company covenants In the .indenture that it out equally securing these debentures. will not mortgage any of Its property wlth- Eamings — See Coll. Tr. 5s. Original Market — First offered (original 6s) In Jan., 1914, by B. W. Clark & Co.. Phila- delphia, at 95 and interest. Market. Philadelphia — Henry D. Boenning & Co., E. W. Clark & Co., Samuel McCreery & Co. -EAST ST. rOUIS GAS LIGHT CO. Ist 5s. Due Sept. 1, 1922. Dated Sept. 1, 1902. Interest payable March and Sept. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $750,000 Outstanding 398,000 Retired by S. F 129,000 Denomination — Coupon, $1,000. jtcgister- able as to principal. EAST ST. LOUIS & SUBURBAN CO. (THE) Conv. 8s, Due Jan. 1, 192G. Dated Jan. 1, 19 21. Interest payable Jan. and July 1, at E. W. Clark & Co., Phila- delphia, or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding 2,116,000 Unissued 384,000 Trustee — Illinois State Trust Co., East St Louis. 111. Redeemable at 105 and Interest. SinkiDET Fund — 2% annually of outstand- ing: bonds. ' Control— Mer&ed in 1907 Into the St. Clair County Gas & Electric Co. , all of whose stock is owned by American Gas. Co. Secured by first mortgage on coal, gas and water-gas plant supplying the city of East St. Louis. 111. Franchise perpetual. Population, East St. Louis, 1910, 58,000. UnderUeB^-$1^42.000 St. Claire 'Coiinty Gas & Electric Co, 1st Cons. 5s, which pro- vide for retirement of this issue. ^Earnings not reported. Market. St. Louis — Mark C. Steinberg & Co. Price Range. Jan. 1, *17, to Jan. I, '21 1920 Bid. Ask. Bid. Ask. High 99 '17 100 '16 93 Apr. 99% Apr. Low. 88 '20 89^ *17 88 July 99% Apr. EAST ST. LOUIS LIGHT & POWER CO. 1st 5s. Ihie June 1, 1940. Duted June 1, 1910. Interest payable June and Dec. 1, at Trustee's office, Chase Nat'l. Bank, New York, or office of company. East St. Louis, 111. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Unliniited Outstanding: $1,172,000 Proyisions of Issue — Bonds may be issued up to 80% of cost of additions and im- provements when net earnings are equivalent to one and one-half times all charges on outstanding bonds, and those to be issued. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Mercantile Trust Co., St. Louis. Red«eniable at 105 and interest. Guaranteed principal and interest by East St. Louis & Suburban Co. , by endorsement. Organization — Incorporated in Illinois in 1908 as Consumers Lierht. Heat & Power Co., reincorporated as a consolidation in 1910. Capitalization. Outstanding, Common $1,200,000 Fimded debt 1,172,000 Control — All of the stock is owned by the East St. Louis & Suburban Co. Management — B. W. Clark & Co., Phlla. Secured by a first mortgage on plant sup- plying electricity to East St. Louis, 111. Population served, about 6,500. Franchise ex- pires 2007. The East St. Louis and Sub- urban Co. purchases power from the Mis- sissippi River Power Co. Earnings — See The East St. Louis and Su- burban Co. Coll. Tr. 5s. Original Market — First offered by A. G. Edwards & Sons, New York and St. Louis, at 97^ and interest, April, 1911. Market. New York — Lynch & McDermott, Red- mond & Co. St. Louis — Mark C. Steinberg & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '16 99 '17 80 Aug. 85 Aug, Low. 70 '20 80 '20 70 Dec' 80 Dec. EAST SHORE & SUBURBAN RAILWAY CO. 1st 5s. Sue July 1. 1940. Dat»l Feb. 1, 1905. Interest payable Jan. and July 1, at Trustee's office. Default — Interest and sinking fund pay- ments are in default. Deferred Interest — July 1, 1918, coupons paid Apr. 1, '20. Coupon payments have been advanced by 13 banks and subaeauently paid by company pend- ing reorganization. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized $750,000 Outstanding: 653,000 Retired by Sinking Fund 97,009 Denomination — Coupon, $1,000. Trustee — Mercantile Trust Co., San Fran- cisco, Cal. Redeemable on any interest date at 110 and interest. Sinking Fund — 1%% of bonds outstanding, payable annually, which should retire bonds before maturity. Assumed by San Francisco-Oakland Termi- nal Rys. Co. Control — Absorbed in 1912 by the San Pran- cisco-Oakland Terminal Rys. Co., now being reorganized. Secured by a first mortgage on 20 miles of street railway between Oakland and Rich- mond, Cal. Population served, Oakland. 150,- 174; remaining territory, 47,236. Franchises expire between 1953 and 1960. Underlies — $3,600,000 notes. EAST SIDE PACKING COMPANY 1st Ser- ial 6s. Due $17,500 semi-annually each Jan. and July 1, from Jan, 1, 1920 to Jan. 1> 1929, ind. Dated July 1, 1919. Interest payable Jan. and July 1, at Trustee's office, St. Louis. Tax Status — 2% Federal Income Tax paid by company -vtrithout deduction. Authorized $350,000 Outstanding (Mar. 1, '21) 297,500 Matured aiid Paid 52,500 Purpose of Issue — To provide for partial cost of new fireproof cold storage buildings and other additions and betterments to com- pany's plnnt. Denominations — Coupon $ 5 0. Trustee — Mercantile Trust Company, St. Louis. Redeemable on any interest date at 102 and interest upon 3 days' notice. Organization — Incorporated in Illinois 1905. In 1909 absorbed the Meyer Packing Com- pany at East St. Louis. Capitalization. Outstanding. Common $260,000 Preferred (8%) 500,000 Funded debt 297,500 Secured by a first mortgage on all real es- tate, plants and equipment owned by com- pany, including three blocks of land in Bast St. Louis, 111., with packing house and re- frigerating plant adjoining property of the National Stock Yards, Appraised value July 1, 1919. $850,000. Company covenants to main- tain current assets equal to at least 1% times current liabilities and that no dividends will be paid during the life of these bonds in ex- cess of 75% of net earnings, after deduction of amount required for annual payment of principal and interest. Orig:iiial Market — Offered July, 1919, by Mercantile Trust Company, St. Louis, at par and Interest. Market St. Louis — Mercantile Trust Co. Price Kang:e 1920— Bid 93, Ask 95. EAST SIDE TRACTION CO. (Syracuse) 1st 5s. Due June 1, 19S9. Dated June 1, 1899. Interest payable June and Dec. 1, at Trustee's office and First Na- tional Bank, New York. Tax Stains' — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding ....$250,000 Denomination — Coupon, $1,000. Trustee — Citizens' Savings & Trust Co., Cleveland, Ohio. Redeemable on any interest date after June 1. 1924. Assumed by- tlie New Torlc State Rys. Co. Control — Merged August, 1919, into New Torlt State Rys. Co. Secured by a first mortgage on six miles of street railway in Syracuse, New York. Earnings — See N. T. State Rya. Original Marketr— Offered by the Guardian Trust Co., Cleveland Trust Co. and Citizens' Havings & Trust Co. of Cleveland, at 101 and interest, April, 1900. Market. New York — Didriohsen & Co., P. H. Hatch & Co. Pittsburg — Wm. P. Lemley & Co. Price Range 1920— Ask 89. EAST TENNESSEE & WESTERN NO. CARO- LIN.'l RAILROAD 1st 58. Itae Nov. 1, I93S. Dated Aug. 15, 1905. Interest payable May and Nov. 1. at office of Trustee. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $500,000 Denomination — Coupon, $1,000. Trustee — Guarantee Trust & Safe Deposit Co., Phila. Organization and Control — ^Incorporated in Tennessee in 1866; reorganized in 1879. En- tire capital stock owned by Cranberry Iron & Coal Co. Capitali^-zation. 'Outstanding. Common $490,800 Funded debt 600,000 Secured by a first mortgage on 34 miles of road from Johnson City, Tenn., to Cran- berry, N. C. Years ended Dec. 31: Gross. Net. Int.&Rent. 1920 $446,985 $124,397 $35,334 1919 338,693 101,013 34,457 1918 322,171 104,365 28,108 1917 288,404 99,397 30,991 1916 271,162 128,275 34,804 liisted on Philadelphia Stock Exchange. EAST TENNESSEE, VIRGINIA & GEORGIA RAILROAD CO. 1st 5s. Due July 1, 1930. Dated July 1, 1880. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $3,106,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Southern Railway Co. Control — Property purchased at foreclosure sale in 1894 by the Southern Railway. Secured by a first mortgage on 548.76 miles of road, viz. : Miles Bristol to Chattanooga, Tenn 241.56 Cleveland, Tenn., to Selma, Ala 264.30 Morrlstown, Tenn., to Paint Rock, N. C. . 42.90 Cnderlies— Cons. 6s of 1966: Southern Ry. E Tenn. Reorg. 5s of 1938; Southern Ry. Cons, of 1994, and Dev. & Gen. 4s of 1956. Provision for the retirement of this Issue is made in the Southern Ry. Cons. 5 s. Legal for Baltimore Trust Funds. listed on the New York Stock Exchange. Market. New York — Simon Borg: & Co., Constable & Fleming, Samuel Goldschmidt, Hartshorne & Battelle, R. W. Pressprich & Co., Prince & Whitley, Redmond & Co., Eutter & Co., Struthers & Hiscoe, Taylor, Smith & Hard. Philadelphia — Isaac Starr, Jr., & Co. Baltimore — Barroil, Corkran & Co., Brink- man & Co., Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co., Howard R. Tay- lor & Co. . Price Range — N. Y. S. B. Jan. 1. '06, to Jan. 1, '21 1920 High 116 May 24, '06 92% Apr. 5 Low. 89% Dec. 3, '20 89% Dec. 4 EAST TENNESSEE, VIRGINIA & GEORGIA RAILWAY CO. Cons. 1st 5s. Due Nov. 1, 1956. Dated July 5, 1886. Interest payable May and Nov. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstandine $12,770,000 Denomination — Coupon, $1,000. Registered, $1,000. Trustee — Central Union Trust Co., New York. Control — See 1st 5s. Secured by a direct mortgage on 990.12 miles of road, viz. : A first lien on 364.87 miles — Miles Rome to Brunswick, Ga., and branches. 3 6 4. 8 7 A second lien on 625.25 miles — Covered by the first lien of the follow- ing: Alabama Central 1st 6s 76.60 B. T., V. & G. 1st 5s 548.75 Prior Liens — $1,000,000 Alabama Cent. 1st 6s of 1918 (all pledged under Southern Ry., 1st Cons. Mtge), and $3,106,000 Bast Ten- nessee, Virginia & Georgia 1st 6s of 1930. Underlies — Southern Ry. E. Tenn. Reorg. 6s of 1938; Southern Ry. Cons. 5s of 1994, and Dev. & Gen. 4s of 1956. The Cons. 5s provide for the retirement of this issue. Legal for savings banks in Cal., also Bal- timore Trust Funds. Listed on the New York Stock Exchange. Market. New York — Sinion Borg & Co., Samuel Goldschmidt, Hartshorne & Battelle, R. W. Pressprich & Co., Prince & Whitely, Rut- ter & Co., Struthers & 'Hiscoe, Taylor, Smith '& Hard. Philadelphia — Isaac Starr, Jr., & Co., "Wheeler, Elliott & Mann. Pittsbui'grh — A. B. Hxitchinson & Co. Baltimore — BarroU, Corkran' & Co., Jen- kins, "Whedbee & Poe, Mackubin, Goodrich & Co., Howard R. Taylor & Co. Price Range— -N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 119% Mar. 29, '06 91 Apr. 21 Low. 79% July 21, '20 79% July 21 E.4STERN CAR CO., LTD., Ist 6s. Due July 1, 1952. Dated July 1, 1912. Interest payable Jan. 1 and July 1, at Bank of Nova Scotia and Royal Bank of Canada, Halifax, Montreal, Toronto, New York and London, England. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding (Apr. 18, '21) 869,300 Held in S. F 72,100 In Treasury 68,600 Denomination — Coupon, $100, $500 and $1,- 000, or their sterling equlvalenta Regla- 446 terable as to prinoiDal or fully resisterable. C. & H. Interchanseable. Trustee — Eastern Trust Co., Halifax, N. S. Bedeemable at 106 and Interest on and after July 1, 1916. Sinklne Fund — Annually 1% of outstand- ing bonds, beeinnine July 1, 1916, plus in- terest on redeemed bonds. This fund, it is fleured, will retire the entire issue by ma- turity. Guaranteed unconditionally as to princi- pal, interest and sinking: fund by endorse- ment by the Nova Scotia Steel & Coal Co. Oreanlzation and Cond'ol — Incorporated In Canada in 1912. Entire common stock owned by the Nova Scotia Steel & Coal Co., Ltd. Capitalization. Outstanding. Common $800,000 Preferred (6% cum.) 750,000 Funded debt 941,700 Secured by a first mortgage on all the property of the company. The company owns a plant covering 77 acres, for the man- ufacture of railway cars. This plant has a daily output of from 20 to 26 cars. Original Market — $1,000,000 offered June. 1912, at par and interest by A. E. Ames & Co., Toronto. Market. Toronto — H. R. Brereton & Co., A. E. Ames & Co.. A. J. Pattison. Jr., & Co., Oxford Se- curities Corporation, Limited. Montreal — The National Bond Co., H. B. Robinson & Co. Price Range. Jan. 1, '16 to Jan. 1, '81 19S0 Bid. Auk. Bid. Ask. High 92 '16 96 '16 92 Mar. 95 Mar. Low. 88 '19 94 '18 92 Mar. 95 Mar. EASTERN COKE CO. 14-Year let S. F. 5s. Due Feb. 1, 1931. Dated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $7,000,000 Outstanding (Jan. 1, '21) 6,223,000 Retired by S. F 1,777,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee— The Union Trust Co., Pittsburgh. Redeemable on any interest date at 101 and interest on or before Feb. 1, 1918, and thereafter at 102% and interest on three weeks' notice. Sulking Fund — $260,000 semi-annually, be- ginning July 1, 1917, for the purchase or redemption of these bonds as above. Bonds acquired to be cancelled. Guaranteed principal and interest by the Bethlehem Steel Corporation and Bethlehem Steel Co, by endorsement. Organization and Control — Incorporated In Pennsylvania in 1917 and acquired the prop- erty of the Lehigh Coke Co. Entire capital stock owned by the Bethlehem Steel Co. Secured by a first mortgage on the real estate, plant and equipment of the company. The property of the company is located at South Bethlehem, Pa., contiguous to the works of the Bethlehem Steel Co., and com- prises 114 acres of land, having erected thereon 424 thirteen and one-quarter ton Koppers by-product coke ovens and 150 fif- teen ton Didier by-product coke ovens and a benzol plant and other equipment used in the manufacture of coke and the by-products thereof Replacement value estimated March, 1917, at $11,200,000. Earnings — See -Bethlehem Steel Co. Original Market — Offered April, 1917, by the Union Trust Co. and Mellon National Bank, Pittsburgh, at 98Vi and Interest. Market. New Tork — Hartshorne & Battelle. Wat- son, Armstrong & Co. Fittsburgrh — Moore, Leonard & Lynch, The Union Trust Co. of Pittsburgh. Price Range 1920— Ask— High, 9414 Apr.; Low, 90 Oct. EASTEIRN DAKOTA EltECTRIC CO. 1st 68. Due Nov. 1, 1987. Dated Nov. 1, 1917. Interest payable May 1 and Nov. 1 at Bankers Trust Co., New York, and Chicago Trust Co., Chicago. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authorized $1,200,000 Outstanding 450,000 Reserved for Ext 760,000 Denomination — Coupon, $1,000, $500 and $100; registerable as to principal. Trustees — Chicago Trust Co. and Lucius Teter, Chicago. Redeemable at 103 and interest on any interest date upon 60 days' notice. Sinking Fund — ^Annually, beginning March 1, 1920, a sum equal to whichever amount shall be greater of, first, 4% of its gross earnings during the preceding calendar year, or second, 1% of the greatest amount of bonds outstanding during the Sams' period. This fund must be invested in bonds of the Company Bonds so purohaised a:re kept alive and interest added to this fund. Organization — Incorporated In South Dako- ta. Capitalization. Outstanding. Oommon $600,000 Funded debt 450,000 Secured by a first mortgage on plants sup- plying electric light and power to the fol- lowing towns In South Dakota: Estimated Franchise Town. Population. Expires. Watertown 9,260 1929 Yankton 6,000 1926 Years ended Dec. 31: Bond Gross. Net. Interest. 1920 $201,830 $64,921 $27,000 1919 152,361 '67,345 27,000 1918 142,280 62,233 1917 129,499 68,322 Original Market — $460,000 offered Sept., 1919, by the Chicago Trust Co., Chicago, at 97 and interest. Price Range 1930 Ask. High 94% Apr. Low 190 Oct. KASTBRN ILLINOIS rTILITITES COM- PANY 1st 6s. Due Aug. 1, 1936. Dated Aug. 1, 1916. Interest payable Feb. 1 and Aug. If in Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $250,000 Outstanding 203,900 Reserved for Extension. 46,100 Purpose of Issue — The proceeds of these bonds were used to partially ipay for the water utilities; for the construction of the transmission line to Teutopolls and the dis- tribution system in that Village; for the construction of a modern filtration plant in the City of Effingham, and for other necessary improvements and extensions to the Company's facilities. Denominations — Coupon, $1,000, $500 and $100; registerable as to principal. Trustee — Continental and Commercial Trust & Savings Bank, Chicago. Redeemable on 30 days' notice at 103 and interest. ■ Depreciation Fund — Annually beginning August 1919, a sum equal to not less than 3% of the annual gross earnings, to be applied to extensions, additions or acquisi- tions, against which no bonds are issuable, or for the purchase or redemption of this Issue. Organization — Incorporated in Illinois. Capitalization. Outstanding. Common $128,200 Funded Debt 203,900 Secured by a first mortgage on all of the property now owned or hereafter acquired. Th« property covered includes plant sup- plying electricity and water to Effingham, 111., and (also electricity to Teutopolis. Franchises extend beyond the mateurity of the bonds. Original Market — $200,000; offered Sept 191S by Grossman, Lewis & Co., Milwaukee. EASTERN MASSACHUSETTS STREET RAILWAY COMPANY Ref. Serial 6s. Due $50,000 each Jan. 1. 1920 and 1921, and $300,000 each Jan. 1, 1922 to 1929, InclusiTe: 4%b due Jan. 1, 1948; 5s due Jan. 1, 1948: 6s, due Sept. 15, 1927; 68 due April 1, 1925; 6s, due May 1, 1925. Dated January 1 , 1919. Interest payable January and July 1, at Trustee's office, Bos- ton. Interest ProTisions — The interest on the aerial 6s is a charge ahead of the interest on other bonds issued hereunder. Any in- stallment of interest on these bonds,, other than Serial 6s, payable at any time prior to June 30, 1921, may he extended at the option of the company if there is no avail- able income as defined in the plan for the payment thereof. The Interest so extended plus 20% of its amount shall be payable 60 days after the close of the first period ending June 30 or Dec. 31, In which avail- able income as defined in the plan shall have accrued for the payment thereof, but in no event later than Dec. 31, 1925. In the meantime the total sum so payable shall bear interest payable semi-annually at the rate of 6% p. a. Both the said total sum and the said interest thereon shall be pay- able upon presentation of the coupon for the installment of the extended interest. Note — Interest is being paid on Serial 6s, but not on other issues. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — See Provisions of Issue. Outstanding (Serial 6s} $2,400,000 4>^3 14.956,000 53 2,870,409 6s, 1927 971,428 6s, 1925 806,000 8s, 1925 650,000 (Jan. 1, '21) $22,653,837 Acquired and held by Common- wealth — Serial 6s 100,000 FroTisions of Issue— Serial 6s are limited to a total issue of $4,000,000. Additional bonds of other issues may he issued to an amount not exceeding at par value 60% of the cost of future additions and improve- ments, but only when the annual net earn- ings available for the payment of Interest of bonds issued under this mortgage are at least 1% times the interest charges on all bonds outstanding and applied for, and all prior lien Issues. The net earnings pro- vision may by the firms of Lee, Higginaon & Co., Harris, Forbes & Co., Inc., and Wm. A. Read & Co., as now or hereafter constituted, or successors, be waived in re- spect of any issue made before Jan. 1, 1929. Denomination — Coupon, $1,000. Reglstera- ble as to principal. Trustee — Old Colony Trust Company, Bos- ton. Redeemable at 105 and interest on any In- terest date on 60 days' notice. Guaranteed serial 6s only, in effect by the Commonwealth of Massachusetts by the following endorsement on each bond: "We, Homer Loring, Arthur G. Wadlelgh, Fred J. Crowley, Isaac Sprague and Barle P. Charlton, trustees as provided in chapter one hundred eighty-eight of the special acts of nineteen eighteen of the Commonwealth of Massachusetts, do hereby as such trustees and not in our individual capacity, pursuant to the authority conferred upon us by section nine of the said act, agree with the holder of the within bond that if the earnings of Eastern Massachusetts Street Railway Com- pany, otherwise applicable to dividends, are not sufficient to pay the within bond as It matures, we will make up the deficiency out of funds made available for the purpose under the provisions of section ten of the said chapter." Organization — Incorporated in Massachu- setts pursuant to the terms of a special act of the Legislature (Chapter 188, Special Acts of 1918) to acquire substantially all the as- sets of the Bay State Street Railway Com- pany. The Special Act, among other things, fur- ther provides: (1) That the new Company shall be man- aged for ten years by five Trustees to be appointed by the Governor of Massachusetts. The Governor has appointed as such Trus- tees for the first five years: Homer Loring, Chairman, Arthur G. Wadleigh. Fred J. Crowley, Isaac Sprague, Earle P. Charlton. (2) That the Trustees shall have absolute power to fix rates and fares (free from the jurisdiction of the Public Service Commission or any other authority) so as to produce In- come sufficient to pay all costs of opera* tion (including taxes, maintenance and depre- ciation) and a return on the investment suf- ficient to cover all Interest requirements, the stated dividends on the preferred stocks and 6% per annum on the common stock of the new Company. Based upon the Public Service Commis- sion's appraisal of $40,282,340 in its decision of August 31. 1916, plus subsequent addi- tions the property valuation will be about $46,000,000. 6% on which, or $2,760,000, is the approximate amount of the permitted ini- tial annual return on the investment, as against about $1,464,535 initial annual re- quirements for Interest charges of the new Company and for rentals of all leased lines in Massachusetts. •Capitalization. Outstanding. Common '. $7,232,750 1st Pref. (6% cum.) , 854,670 Cum. S. F. (6% cum.) 3,239,000 Pref. *'B" (6% cum.) 2,998,500 Adj. stock (5% cum.) 8,719,000 Funded debt 29,723,837 •Approximate. Secured by a mortgage on substantially all the property of the Company. The Company owns or controls about 900 miles of electric railways In Eastern Mas- sachusetts, Including the city lines in Lynn. Salem, Beverly, Newburyport, Gloucester. 448 Haverhill, Lawrence, Lowell, Quincy, Brock- ton, Taunton. Fall River and many other com- munitlea. Total population served over 1,- 000,000. Prior LienB — Outstanding. Providence & Taunton 6a. 1928 $150,000 Mystic Valley St. Ry. 6s, 1929.. 60,000 Haverhill, Georgetown & Danvera St. Ry. 6b, 1928 36,000 Boston, Milton & Brockton 6s, 1929 100,000 South Shore & Boston 6s, 1929.... 335.000 Lynn & Boston 6s. 1924 3,723,000 Lowell, Lawrence & Haverhill 6a, 1923 543,000 Brockton St. Ry. 5a, 1924 689,000 New Bedford, M. & B. 5s, 1929.. 325,000 Peoples St. Ry. 5a, 1928 64,000 Bay State St. Ry. Equip. 6s 1,046,000 $7,070,000 Year ended Dec. 31: Gross. Net. Int.&Rent. 1920 $13,163,383 $927,610 $1,588,146 Original Alarket — $2,600,000 Serial 6b of- fered in March, 1919, by Lee, Higginson & Company, Boston, New York, and Chicago, at 100 and interest. Market. Boston — Wm. O. Kimball &. Co., Curtis & Sanger, Chas. H. Tenney & Co. Price Banse. Jan. 1, '16, to Jon. 1, '21 1920 Bid. Ask. Bid. Ask. High 101*16 101% '16 80 May 94 Feb. Low. 80 '20 81 '20 80 Oct. 81 Dec. EASTERN MICHIGAN EDISON CO. Ist 5». Due Nov. 1, 1931. Dated Nov. 1, 1906. Interest payable May and Nov. 1, at Detroit Edison Co., 30 Broad Street, New York, or at Security Trust Co., Detroit, Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Michigan. Aathorized Closed mortgage. Outstanding $4,000,000 Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemabie at 1 10 and Interest on any interest date upon 60 days' notice. AsBnmed by The Detroit Edison Co. Guaranteed as to principal and interest by endorsement by The Detroit Edison Co. Control — Incorporated in New York in 1906 and subsequently acquired the properties of the St. Clair Edison Co. and the Wash- tenaw Light and Power Co. All the properties of this company were sold to The Detroit Edison Co. in 1916 and merged with that company in 1916. Secured by a direct first mortgage on 4 hydraulic plants on the Huron River and on transmission and distribution systemi serving 7 5 cities, villages and townehlpa around Detroit. Franchises are either not limited in terms or (with a few excep- tions) extend beyond the life of these bonds. TJndefrlies — Detroit Edison Co. Ist & Ref. Mtge., which provide for the retirement of these bonds. Earnings are Included in the reports of the Detroit Edison Co. Listed on the Detroit Stock Exchange. Original Marketr~$260,000 offered In 1910 by the Security Trust Co., Detroit, at 98% and interest; $600,000 offered in 1912 by same company at par and interest. Market. New York — Morton Lachenbruch & Co. Chicagro — Paine, Webber & Co. Detroit — Joel Stockard & Co. , Wm. A, Ne'er & Co., Nicol Ford & Co., Inc. EASTERN MONTANA UGHT & POWER 00. 1st S. E. 6s. Due July 1, 1932. Dated July 1, 1917. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 OntBtandlng ^ 300,000 Keserved far Ext 700,000 ProTisions of Issue — ^Additional bonds !■• suable for 86% of cash cost of improve- ments, extensions, etc., or additions, when net earnings for preceding twelve months equal at least 1% times Interest charges on bonds outstanding and to be issued. Denominations — Coupon, $100, $600 and $1.- 000. Registerable as to principal. Trustees — Continental & Conunerclal Trust & Savings Bank and Frank H. Jones, Chica- go. Redeemable at 101 and interest on any interest date. Improvement and Sinking Fund — Annually, beginning July 1, 1921, 1% of outstanding bonds to be applied for extensions and addi- tions, against which additional bonds shall not be issued or for the purchase or redemp- tion of these bonds. Organization — Incorporated In Delaware, June, 1917. Capitalization. Outstanding. Common $300,000 Preferred (7% cum.) 126,000 Funded debt 300,000 Secured by a first mortgage on all the property of the company. The company owns electric light, power and steam heating plants in Glendive, Mont. ; electric light and power distributing plant in Sidney, Mont, (power purchased from Jennison Light & Power Co.); electric light and power plant in Beach. N. D. (The latter plant also supplies electric light and power to Sentinel Butte, N. D., over an eight mile high tension transmission line.) Population served, about 11,000. In Mon- tana the company operates under a perpetual right subject to the supervision of the Mon- tana Public Service Commission. Franchises elsewhere are reported as for long terms. Earnings not available. Original Market — $300,000 offered June. 1917, by Taylor, Dodge & Ross, Chicago, at 100 and interest. Market. Chicago — Dodge & Ross, Babcock, Bushton & Co. New York — ^Alfred F. Ingold & Co. Price Rang-e Jan. 1, *19 to Jan. 1, '31 1920 Bid. Ask. Bid. High 87.'19 100 '19 72 July Low. 87 '19 72 '20 72 July EASTERN OREGON LIGHT & POWER CO. iBt Si Ref. 6s. Due Oct. 1, 1929. Dated October 1, 1909. - Interest payable April and Oct. 1, at First Wisconsin Trust Co., Milwaukee, Wis. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,750,000 Outstandinsr 1,236.000 Reserved for Ext 1,515,000 Denomination — Coupon. $1,000 and $600. Registerable as to principal. Trustee — First Trust Co., Milwaukee, Wis. Redeemable at 106 and interest on apy in- terest date on six weeks' notice. Organization — Incorporated in Oregon, 1909, as a consolidation of the Fremont Power Co., the Baker Light & Power Co. and the Grande Ronde Electric Co. Capitalization. Outstanding. Common $1,500,000 Preferred (7% non-cum.) 343,500 Funded debt 1,260,000 Secured by a first mortgage on all prop- erty, rights and franchises, now owned or hereafter acquired. The company owns all o!f the available water power in the vicinity of Baker and La Grande, and furnishes electric light and power to those cities and the neighboring towns of Haines, North Pow- der, Union, Hot Lake, Island City, Telocaset, Rock Creek Cove, Elgin, Imbler, Alical, Bourne and Summerville. The company also owns four water power plants having a present maximum development of 3,440 h. p. and a steam power reserve plant of 600 h. p. at Baker City: also 180 miles of transmission lines. Franchise in Baker City expires July 1932; La Grande, April, 1935; Union, Aug., 1925. and Elgin, April, 1957. Population served, 20,000. Years ended Dec. 31: Gross. Net. Interest 1920 $318,212 $140,041 $98,604 1919 252,077 123,882 76,580 1918 217,522 109,817 77,55x Original Market — Offered in 1909 by The Marshall & Ilsley Bank, Fidelity Trust Co. (now First Trust Co.), and Tweedy, Under- wood & Edgar (now Edgar, Rlcker & Co.), all of Milwaukee, at par and interest. Market. New York — Pynchon & Co. Price Range. Jan. 1, *16 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91% '16 95 '16 81% 95 Low. 74 '20 74^^ '20 74 74% EASTERN PENNSYLVANIA RAILWAYS CO. 1st 6s. I>ue July 1, 1936. Dated July 1, 1906. Interest payable Jan. 1 and July 1 at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $6,000,000 OutstandlniT 4,446,500 In Treasury 826,000 Cancelled 333,500 Reserved to Retire Prior Liens 394,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal or fully register- able. Registered, $1,000 and $10,000. C. & R. interchangeable. Trustee — Central Union Trust Co., New York. Redeemable at 110 and interest on four weeks' notice. Protective Committee — Bondholders were re- quested in Oct., 1919, to deposit their bonds with Jan. 1, 1920 (paid when due) and all subsequent coupons attached with the fol- lowing committee: Edwin G. Merrill, Chair- man; Herbert Coppell, A. A. Jackson, Lewis A. Riley, Thomas Newhall, John Grlbbel and A. Merritt Taylor, with Robert N. Smither, 80 Broadway, New York, Sec- retary, and the Central Trust Co. , New York, Depositary, and Girard Trust Co., Phil- adelphia, Sub-Depositary. Organization — Incorporated In Pennsylvania In 1891 as the Tamaqua & Lansford ,Street Ry. Co. Present name adopted in 1906. The company owns practically the entire cap- ital stock of companies owning the traction and electric lighting properties in Schuylkill County, Pa., and vicinity. Capitalization. Outstanding. Common $4,000,000 Preferred (5% cum.) 946,820 Funded debt 4,880,500 Management — J. G. White Management Corp. Secured by a first lien subject to $394,000 outstanding bond^ on the capital stock of subsidiary companies owning 70 miles of elec- tric railway track connecting PottsviUe with Yorkville, Minersville, Palo Alto, Belmont, Mount Carbon, Port Carbon, Saint Clair» New Philadelphia, Middleport, Schuylkill Ha- ven, Adamsdale, Orwig'sburg, Coal Castle, Glen Carbon, Tumbling Run, Brockton, Tus- carora, Tamaqua, Lansford, Summit Hill, Nesquehonlng and Mauch Chunk, Pa. Also on plants supplying electric lighting to these towns and gas to Tamaqua. Any stocks and bonds of subsidiary companies hereafter ac- quired are to be deposited under this mort- gage. Total population served, over 100,000. Franchises are largely perpetual. Prior Liens — $394,000 bonds of absorbed companies. Years ended Dec. 31: Gross. Net. Int. & Rent. 1920 $1,944,288 $440,123 $273,242 1919 1,644,562 426,044 269,111 1918 1,192,995 278,292 276,305 1917 1 995.183 314,590 269,835 1916 923,831 332,365 240,538 1915 845,277 351,210 229,399 Original Market — First offered by Julius Christensen & Co., Philadelphia. Market. New York — Samuel Goldschmidt, Fred H. Hatch & Co., Vanderhoef & Robinson. Philadelphia — Bauer, Starr & Co., Henry D. Boenning & Co., Charles Fearon & Co., Geo. N. Fleming, O. B. Lansinger & Co., McCown & Co., Samuel McCreery & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95 'OS 99 'OS 42% Oct. 50 Dec. Low. 20 '19 30 '19 30 Nov. 35 July EASTERN RAILWAY CO. OF MINNESOTA Northern Div. 1st 4s. Due April 1, 1948. Dated April 1. 1898. Interest payable April and Oct. .1, at Great Northern ofllce, 32 Nas- sau Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $9,695,000 Owned by Gt. Northern Ry 5.000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully register- able. Registered, $B,000. Trustee — Bankers Trust Co., New York. Redeemable at 105 and interest at any time after April 1, 1928, on three months' notice. Assumed by the Great Northern Ry. Co. Control — Incorporated in 1887 in Minn, and In 1902 was leased to the Great Northern Railway, which merged the company and acquired the property in 1907. Secured by a first mortgage on 284.21 miles of road, viz: Miles. Boylston, Wis., to Fosston, Minn 212.30 Hinckley to Superior, "Wis 69.25 Spur to Quarries at Sandstone, Minn.. 2.61 At Sanders, "Wis o.05 Also secured on terminals and dockage property In Duluth and West Superior. Underlies — Great Northern 1st & Ref. Mtge. , of which provide for the . retirement this issue and Gen. Mtge. liisted on the New York Stock Exchange. Liceal for Savings Banks in Gal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. T., R. I., Vt. ana Wis.; also Baltimore Trust Funds. Original Market — Offered in May, 1909, by Clark, Dodge & Co., Moffat & White (now White, Weld &. Co.), and Lee, Higginson & Co., at 101% and interest. Market. New York — Constable & Fleining, Samuel Goldsohmidt, R. W. Pressprich & Co., Red- mond & Co., Rutter & Co., Taylor, Smith & Hard. Edwin 'Wolff. Price Kange — N. Y. S. K. Jan. 1, '09, to Jan. 1, '21 1920 High 101 Va May 20, '09 82 Sept. 23 Low. 76% Dec. 2, '20 76% Dec. 2 EASTERN SHORE GAS & EI^CTRIC CO. 1st & Coll. Tr. 6s. Due June 1, 1953. Dated June 1, 1915. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Aothorized $1,260,000 Outstanding 759,000 In Treasury 167,000 Reserved for Ext 324,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustee — Philadelphia Trust Co. Redeemable at 105 and interest upon 60 days' notice. Sinking Fund — Beginning June 1, 1920, 1% per annum of outstanding bonds will be ap- plied to purchase of bonds at not exceeding 105 and interest. If not so purchasable, bonds are to be called. All bonds so ac- quired are to be cancelled. Organization — Incorporated in Delaware In 1915 as a consolidation of several companies. Capitalization. Outstanding. Common $373,600 Preferred (7% cum.) 90,000 Funded debt 1,109,000 Management — Day & Zimmerman, Philadel- phia. Secnred by a first mortgage on generating plant at Laurel, Del., and transmission imea to and distribution systems, in Seaford, Bridgeville,' Delmar and Bethel, Del. ; George- town and Milton, Del. ; a first lien on all or the securities of the Cambridge Gas, Elec- tric Light, Heat & Power Co., which owns the plant supplying gas and electricity in Cambridge, Md., and a first lien on all of the securities of the Salisbiiry Light, Heat & Power Co., supplying electricity in Salis- bury, Mr. Idlewild Blec. Light, Heat & Power Co., serving Federalsburg, Preston, Bast New Market and the Peninsular Light & Power Co., serving Denton, Mr. Franchises are reported as perpetual or extending many years beyond the maturity of the bonds. Population served by prop- erties now owned, 35,000. TJnderUes — $750,000 Deb. 8s, due Feb. 1, 1922. Years ended Dec. 31: Gross. Net. Interest. 1920 $506,150 $107,747 $70,456 1919 . 414,959 93,693 67,428 1918" 364,007 83,271 51,659 1917 294,869 68,244 45,681 1916"!!!.. 193,213 51,516 36,416 Original Market — $300,000 offered in July, 1915, by Brown Bros. & Co. and Frazier & Co , Philadelphia, at 98% and interest. Market. Philadelphia — Boenning, Garrison & Co.. Frazier & Co., Sam'l K. Phillips & Co.,. Reilly, Brock & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96% '16 100 '17 70 Nov. 82 Oct.. Low. 70 "20 81% '20 70 Nov. 81% Oct.. EASTERN STATES PUBLIC SERVICE CO. First laen S. F. 5s and Bs. Due Feb. 1, 1942. Dated Feb. 1, 1917. . Interest payable Feb. 1 and Aug. 1, in New York. Tax Status — 2% Federal Income Tax paid! by company without deduction. Pennsylvania. State Tax refunded. Authorized $3,000, OOtt Outstanding 6s $220,000 5s 180,000 400,000 6s are reserved to retire about $15,000 New Jersey Gas & Electric Co. bonds at the rate of $1,100 par value 6s for each $1,000 bond of latter company. Also $1,30 6s are re- served to retire $1,300 5s of the Lambert- ville Public Service Co. Denominations — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — The Logan Trust Co., Philadel- phia. Redeemable — 6s on any interest date at 107 and interest and 6s at 103 and Interest. Improvement and Sinking Fund — Annually from Feb. 1, 1922, to Feb. 1, 1931, inclusive. 1 % of outstanding bonds, thereafter 1 % % . Fund applicable to the purchase or redemp- tion of these bonds or for extensions andl improvements. Organization — Owns practically all the- stocks and bonds of Newton Electric & Gas* Co., New Jersey Gas & Electric Co. (Dover, N. J.) and Lambertville Public Service Co. Capitalization. Outstanding. Common $300, 000' Preferred (7% cum.) 100,000- Funded debt 400,000^ Management — National Utilities Co., New-- York. Secured by deposit of practically all the stocks and bonds of subsidiaries supplying gas to Dover, Wharton and Newton, N. J., and electricity to Lambertville and Newton;. N. J., and New Hope, Pa. Population served' 32,000. Franchises are reported perpetual^ In Dover and Lambertville: in Newton gas franchise expires in 1940 and electric In 1944,- Years ended Dec. 31: Gross. •1919 $131,183 1918 114,448 1917 87,338 1916 86,366 Net. Interest. $34,496 $22,200" 34,877 30,081 22,310 •12 months ended Nov. 30. Original Market — Offered May, 1917, by P. W. Brooks & Co., New York and Philadel-- phia. Market New York — Bodell & Co. Price Range 1920 — Bid 76, ask 85. EASTERN STEAMSHIP CO. 1st S. F. 5s. Due May 1, 1927. Dated May 1, 19 02. Interest payable May and Nov. 1, at First Natl. Bank. Boston. Tax Status — 2% Federal Income Tax paidL by the company without deduction. Authorized $3,000,000 Outstanding 1,132,000 Retired by S. F. and Purchased 1.868.000 451 Denomination — Coupon, $1,000. Register- able as to principal or fully reglsterable. Trnstee — Old Colony Trust Co. , Boston. Bedeemable at 110 and Interest on any in- terest date on 4 weeks' notice in numerical order. Sinking Fond — $170,000 annually Jan. 1, 1914, to Jan. 1, 1924, and $86,000 annually thereafter. Organization and Control — Incorporated in Maine in 1901 as a consolidation. In 1912 the Eastern Steamship Corp. acctuired all the property. The latter company was reorgan- ized in 1915 as the Bastern Steamship Line, Inc. Management — Hayden, Stone & Co. Secared by a first mortgage on 22 steam- Bhips running from Boston to Rockland, Ban- gor, Bar Harbor and a number of other points in Maine and St. John, N. B. Underlies — Eastern Steamship Corp. Income 6s. Years ended Dec. 31 (E. S. S. Corp.): Gross. Net. Int. , etc. 1919 $4,475,153 $506,272 $296,884 1918 3,691,832 376,748 314,465 1917 4,562,396 78,652 376.323 1916 5.141,346 609.578 712.237 Original Market — Offered In 1902 by B. H. Gay & Co., Boston, at 105 and interest. Market. New York — Hartshorne & Battelle. Fred H. Hatch & Co. Soston — Geo. A. Fernald & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid A.sk Bid Ask High lOOVa '13 102i^ '"l2 85 May 90 Oct. Low. 75 '08 85 '08 85 May 90 Oct. EASTERN STEEL CO. (The) Ist S. F. 6s. Due Aug. 1, 1931. Dated Aug. 1, 1906. Interest payable Feb. and Aug. 1, at Columbia Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania, Authorized $3,000,000 , Oiitstajiding 1,859,000 Retired by S. T 840,000 In Treasury 301,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 110 and interest after Aug. 1, 1916, upon six weeks' notice. Sinking Fand — $60,000 annually, beginning Aug. 1, 1909, to be used for the purchase or redemption of these bonds at not exceed- ing 110 and interest. Organization — Incorporated in Pennsylvania as successor to the Eastern Steel Co.. which In turn was successor to the PottsvlUe Iron & Steel Co. Leases the Warwick Iron & Steel Co. for 99 years with privilege of purchase. Rental 7% on $1,500,000 stock. Capitalization. Outstanding. Common $3,743,100 1st Preferred (7% cum.) 1,857,800 2nd Preferred 7% cum.) 157,000 Funded debt 1,859,000 Secured by first mortgage on company's plant at Pottsville, Pa., covering 50 acres and consisting of 6 open-hearth furnaces and structural steel rolling mill with a finished product capacity of 20,000 tons a month. The company owns and leases over 20,000 acres of ore land In Cuba. Years ended Dec. 31: Gross. Net. Bond Int. 1920 $11,628,260 $123,584 $121,375 1919 9,232,796 668,632 97,846 1918 13,819,347 2,072,573 101,067 1917 13,966,159 3,298.264 104,675 Original Market— OfCered In 1911 by Will- iam Morris Imbrle & Co. , New York, at 94 and interest. Market. New York — Hartshorne & Battelle. Fred H. Hatch & Co., J. H. Holmes & Co. Philadelphia — Elkins, Morris & Co., C. Clothier Jones & Co., McCown & Co., Sam- uel K. Phillips & Co. Price Range. Jan. 1, '14, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 93% '16 97 '18 86 July 92 Jan. Low. 70 '14 75 '15 75 Dec. 85 Aug. EASTERN TEXAS EIxEGTRIG CO. let Ss. Due Not. 1, 1942. Dated Aug. 1, 1918. Interest payable May and Nov. 1, at State Street Trust Co., Bos- ton. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — ^Additional bonds may be issued up to 75% of the cost of permanent im- provements, etc. Oatstandingr (Jan. 1, '21) $1,444,500 Retired by S. F 51,000 Reserved for Prior I-ien 200.000 Purpose of Issue — Issued in exchange (Nov. 1 , 1918) for an equal amount of Eastern Texas Electric Co. (of Maine) 1st & Coll. Tr. 5s, due Nov. 1, 1942. Denomination — Coupon, $1,000 and $500. Registerable as to principal and exchange- able. Registered, $5,000 and multiples there- of. Trustee — State Street Trust Co., Boston. Redeemable as a whole or in part for sink- ing fund at 105 and interest on any inter- est date. Sinking Fnnd — 1% of all outstanding bonds, be applied to the purchase or redemption of these bonds at not exceeding 105 and in- terest. Organization — Incorporated in Texas as the Jefferson County Traction Co. Present name adopted in 1918. In July, 1918, purchased and consolidated with the properties of the Beaumont Electric Light & Power Co., Port Arthur Light & Power Co. and Beaumont Traction Co., all of whose stocks had been owned by the Eastern Texas Electric Co. (of Maine). Capitalization. Outstanding. Common $1,400,000 Preferred (6% cum.) 1,400,000 Funded debt 3,144,500 Management — Stone & Webster. Secured by a direct mortgage on all the property of the company including the fol- lowing; Plants doing the entire electric light and power business in Beaum.ont and Port Ar- thur. Entire street railway system in Beaumont, comprising 9.8 miles of track. Interurban railway between Beaumont and Port Arthur comprising 20 miles of track. Population served, railway, 63,900; light and power, 64,200. Important franchises in Beaumont expire in 1961 and 1963 and in Port Arthur in 1943. Interurban line on private right-of- way. Prior Lien — $200,000 Beaumont Traction Co. 1st Bs of 1943. Underlies — $1,500,000 Conv. 7a of 1925. Years ended Dec. 31: Gross. Net. Int. & S.F. 1920 $1,619,242 $617,056 $193,890 1919 . 1,390,350 544,173 *159,512 1918 1,131,753 469,593 163,699 1917 938,074 421,082 137,120 1916 826,314 381,892 107,698 1915 723,091 336,644 105,561 •Interest only. OriETinal Market — Offered in 1912 at 94 and Interest by .Stone & Webster, New York and Boston. Market. New York— Fred H. Hatch & Co., Earle A. Miller & Co., Vanderboef & Robinson. Boston — Moors & Cabot, Stone & "Webster. Price Range. Jan. 1, '17, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. Higii 92 '17 95 '17 72 Dec. 77 Oct. Low. 68 '20 74 "20 68 May 74 Oct. EASTERN TEXAS ELECTRIC CO. 5-Year 7% Conv. Notes. Due May 1, 19^5. Dated May 1, 1920. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Statns — -2 % Federal Income Tax paid by the company without deduction. Authorized $2,000,000 Ontstandin? 1,500,000 Reserved for Corp. Purposes 500,000 Provisions of Issue — Additional notes of this issue or any other bonds, notes or obliga- tions of the company may be issued when earnings applicable to interest charges, for eighteen consecutive months out of the pre- ceding two years, have been equivalent to at least twice the interest on all the company's funded debt, on all the bonds or notes pro- posed to be issued. Purpose of Issue — Proceeds of this issue will be used for the retirement of company's outstanding notes and funded debt, and to furnish additional working: capital. Denominations — Coupon, $1,000, $500 and $100, interchangeable; registerable as to prin- ■ cipal. Trustee — Guaranty Trust Co., New York. Redeemable at any time on 45 days notice at the following rates and accrued interest: Before May 1, 1921, at 103; May 1, 1921, to April 30, 1923, at 102; May 1, 1923, to April 30, 1924, at 101; and thereafter at 100. Convertible, par for par, at any time on or before maturity into fully paid common stock of the company with a cash payment by the noteholder of $ 4 per share and an adjust- ment of accrued interest on the notes and of dividends on the stock at the rate last de- clared within the six months next preced- ing. If called, conversion may be made up to and including redemption date, the note- holder to receive any premium payable on account of redemption. Organization — See 1st 6s. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. Un- der the provisions of the indenture the com- pany covenants not to issue or incur any ob- ligations maturing before these notes. See also "Provisions of Issue.*' Prior IJens— Outstanding. Eastern Texas 1st 5s, 1942 $1,444,500 Beaumont Traction 1st 5s. 1943. . 206,000 1920, by Guaranty Trust Co., New York, and Stone & Webster, Boston, at 96 and interest. Market Boston — Stone & Webster. Cliicaffo — Fidelity Trust & Savings Bank, Halsey, Stuart & Co. Price Range 1920— Bid 92^. Ask 96%. EASTERN tTTILITIES COAL CO. Ist S. F. 68. Due May 1, 1932. Dated May 1, 1917. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid ^by company without deduction. Pennsylvania State Tax refunded. Authorized $450,000 Outstanding: (Jan. 1, '21) 188,000 Retired by S. F. 62,000 Reserved for Ext 200,000 Denomination — Coupon, $1,000. Kesister- able aa to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable at 101 and interest on any in- terest date on 30 days' notice. Sinking: Fund — Semi-annually, beginning Dec. 20, 1920, a sum equal to 25% of gross tons of coal mined, with an annual mini- mum amount of $15,000. This fund is to be applied to this purchase or redemption of these bonds at not over 101 and interest. Gaaraliteed principal, interest and sinking fund by endorsement by the EJastern Power & Light Corporation (foreclosed). Organization and Control— Incorporated in West Virginia in 1917. The entire $500,000 capital stock is owned by the General Gas & Electric Co. Capitalization. Outstanding. Common $500,000 Funded debt 188,000 Secured by a first mortgage on. 1,076 coal acres and 6 3 acres of surface lands, mining equipment, miners' houses, etc., and all prop- erty hereafter acquired. The property is lo- cated at Lost Creek, Harrison County, W. Va. , about 12 miles from Clarksburg, and contains two veins of bituminous coal. Es- timated recoverable coal, 8,316,000 tons. As of May, 1917, production capacity 100,000 tons annually to be increased to 200,000 tons by application of the proceeds of this is- sue. Years ended Dec. 31: • Gross. Net. Int., etc^ 1920 $252,568 $54,927 1919 192,430 24,368 36,774 Original Market — $325,000 ofCered June, 1917, by , Steel, Jones & Co., Philadelphia, at 10 and interest. Market, Philadelphia — Steel, Jones & Co. Total $1,644,500 Earnings — See 1st 53. Original Market — $1,500,000 offered May, 453 EASTERN WISCONSIN ELECTRIC CO. 1st & Ref. 5s. Due Mar. 1, 1947. Dated Mar. 1, 1917. Interest payable Mar.- 1 and Sept. 1, at First Wisconsin Trust Co.,. Milwaukee, or Bankers Trust Co., New York. Tax Statue — 3% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding: (Jan. 1, '21) 1,100,500 Reserved for Prior Liens. ... 2,981,500 Provisions of Issue — No additional bonds is- suable while Gen. 7s are outstanding. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Wisconsin Trust Co., Milwaukee. Redeemable at 105 and interest on Mar. 1, 1922, or any interest date thereafter. Improvement and Sinking Fund — Semi-an- nual payments March 1 and Sept. 1, as fol- lows: 1% annually of outstanding bonds 1922: to 1931, Inc.; 1%% to 1932 to 1941, inc., and J%% 1942 to 1946, inc., for the purchase or redemption of these bonds at not over 105 and interest or for extensions, etc., aeralnst which bonds may not be issued. OreauizatiOD — Incorporated in Feb., 1917, In Wisconsin to take over the properties of the Sheboygan Electric Co., Eastern Wis- consin Railway & Light Co. and Wisconsin Electric Ry. Co. Capitalization. Outstanding. Common J700,000 Preferred (7% cum.) 1,396,500 Funded debt ■ 4,970,000 Management — Kelsey, Brewer & Co., Grand Rapids, Mich. Secured by a mortgage on all the proper- ties of the company. The company owns and operates electric lighting, power and street railway systems in Sheboygan and Fond du Lac, the street railway system in Oshkosh, the gas plant in Pond du Lac, a,nd interurban lines connecting Sheboygan and Elkhart Lake, Fond du Lac, Oshkosh, Oshkosh and Neenah, and Oshkosh and Om- ro. Power is sold in Plymouth, Elkhart Lake and Sheboygan Falls. Population served, 100,000. The ^ property includes gas plant and 42 miles of distributing mains in Fond du Lac, electric generating plants located in Sheboygan, Fond du Lac and Oshkosh, with an aggregate capacity of 6,500 h. p. ; over 100 miles of street and interurban rail- road track, hydro-electric sites on the Wis- consin and Wolf Rivers, with an estimated development of 20,000 h. p. The company contemplates the installation of an additional 6,000 k. w. steam turbine plant and high tension transmission lines connecting the prop- erties. The company operates under an in- determinate permit from the State of Wia- consin. With the exception of a portion of line from Oshkosh to Neenah, interurban lines are located on private right-of-way. Prior Liens — $133,500 Fond du Lac St. Ry 6b of 1924, $1,182,000 E. W, Ry. & Lt. 1st 5s of 1923, ?1, 564, 500 Sheyboygan Electric Itef. & Imp. 5s of 1946 and $101,500 Sheboy- igan Ry. & El. 5s of 1926. Underlies — $1,200,000 Gen. 7s of 1923.. Year ended Jan. 31 (combined): Gross. Net. Interest. 1920 $1,228,418 $463,797 $288,000 Original Market — Offered April, 1917, by Paine, Webber & Co. , Boston, New York and Chicago. Market. Milwaukee — First Wisconsin Co. EASTKBX WISCONSIN EI.ECTRIC CO. S- Year Gen. 7s, Series "A." Due March 1. 1933. Dated March 1, 1920. Interest payable March 1 and Sept. 1, at Continental & Com- mercial Trust &. Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Antliorized $2,500,000 Outstanding 1,200,000 Reserved for Ext 1,300,000 Frovlsions of Issue — Additional notes may be issued at not exceeding 75% of the ac- tual cash cost or fair value of permanent Improvements, betterments or extensions made to the present properties, and then only when net earnings for 1 2 months previous to the 'jippUcation shall have been sufficient to pro- vide interest on all prior funded debt and leave a remainder at least three times the annual interest on this issue, including ad- ditional bonds applied for. Purpose of Issue — To provide for the re- tirement of General Mortgage bonds hereto- fore issued, and to pay ofC floating indebted- ness. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustees — Continental & Commercial Trust & Savings Bank and William P. Kopf, Chi- cago. Redeemable on any interest date upon four weeks' notice at 100 and interest. Organization — See 1st & Ref. 6s. Secured by a General Mortgage upon all the property by the company now owned or which may be hereafter acQuired with the proceeds of this issue. For details of property see First & Ref. 5 s. Prior Uens — Outstanding. First & Ref. 5s, 1947 1,100,500 Divisional Bonds 2,685,500 Under the provisions of this indenture no further bonds may be issued under the above mortgages while bonds of this issue are out- standing. Earnings — See 1st & Ref. 5s. Original Market — $1,200,000 offered March, 1920. by McCoy & Co., Chicago, and Gross- man, Lewis, Frear & Co., Milwaukee, at 98 and interest. Price Rangre 1920— Ask 98-92. EASTERN WISCONSIN RAILWAY & LIGHT CO. 1st 5s. Due Oct. 1, 1923. Dated Oct. 1, 1903. Interest payable April and Oct. 1, at First Wisconsin Trust Co., Milwaukee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding: 1,182,000 Reserved for Prior Uens 133,500 Reserved for Imp 184,500 Denomination — Coupon, $1,000. Trustee — First Trust Co., Milwaukee, Wis. Redeemable on any interest date at 103 and interest on six months' notice. Assumed by the Eastern Wisconsin Elec- tric Co. Control — Incorporated in Wisconsin in 1903 as a consolidation of the Fond du Lac St. Ry. & Lt. Co. and the Fond du Lac & Osh- kosh Blec. Ry. Co. Absorbed in 1917 by the Eastern Wis- consin Electric Co. Management — Kelsey, Brewer & Co., Grand Rapids, Mich. Secured by a first mortgage on 20 miles of interurban railway between Pond du Lac and Oshkosh, Wis., and a second mortgage on 7 miles of street railway in Fond du Lac and on plants supplying that city with gas and electricity. Population served; Fond du Lac, 25,000; Oshkosh, 35,000. Franchises expire in 1947 and 1961. Prior Liens — 133,500 Fond du Lac St Ry. & Lt. 5s of 1924. Underlies — Eastern Wisconsin Electric Co. 1st Ref. 5s of 1947, under which mort- gage bonds are reserved to retire this issue and Gen. 7s of 1923. Earnings — See Eastern Wis. Electric Co 1st & Ref. 5s. Market. Philadelphia — McCown & Co. Milwaulcee — First Wisconsin Co. Price Bange. Jan. 1, "16, to Jan. 1, '21 1920 ^^_ , Bia. A.sk. Bid. Ask. High 95?i -16 98 "16 70 Nov. 90 Dsc. Low. 70 -20 85% '20 70 Nov. 85% Aug. EASTON & AMBOY BAILBOAD CO. let Ext. 6s. Due May 1, 1922. Dated April 13. 1880. Extended May 1, 1920. Interest payable May and Nov. 1, at Philadelphia office, 228 S. 3d Street. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstandine $6,000,000 Denomination — Registered, $1,000 Trustee — The Provident Life & Trust Co., Philadelphia, Pa. Guaranteed principal and interest by Le- high Valley R. R. Co. by endorsement. Control — Merged in 1902 into the Lehigh Valley R. R. Co. o( New Jersey. The entire capital stock of the latter company is owned by the Lehigh Valley R. R. Co. and depos- ited under Its Gen. Cons. Mtg. of 2003. Secured by first mortgage on 69 miles of road extending with branches from Phil- lipsburs, N. J., to Staten Island Sound at Perth Amboy, N. J. Refunding — Lehigh Valley R. R. Co. Gen. Cons. Mtg. of 2003 provide for the retire- ment of this issue, which may be extended two years. Legal for Savings Banks In Cal., Conn., Me., Mich., Minn., N. H., N. J. and R. I. Listed on the Philadelphia Stock Exchange. Market. New York — Raymond M. Smith. Philadelphia — Graham Parsons & Co., Mc- Cown & Co., Isaac Starr, Jr., & Co. Price Range 1920 • Bid. Ask. High 96% Nov. 97% Nov. Low 95% Nov. 96% Nov. EASTON & SOUTH BETHLEHEM TRANSIT CO. Ist Ss. Due July 1, 1936. Dated July 2, 1906. Interest payable Jan. and July 1, at B. B. Smith & Co., Philadel- phia. Tax Status — Federal Income Tax not as- sumed by company. Tax exempt in Penn- sylvania. Authorized $500,000 Outstanding: (Jan. 1, '21) 412,000 Retired by S. P 64,000 Denomination— Coupon, $1,000, with privi- lege of registration of principal. Trnstee — Girard Trust Co., Philadelphia, Pa. Redeemable on any Interest date at 105 and interest. Sinking Fund — $6,000 per annum from June 1, 1908. Guaranteed principal and Interest by Eas- ton Consolidated Elec. Co. by endorsement. Control — ^Absorbed by Easton Transit Co., all of whose stock is owned by the Easton Consol. Electric Co. and deposited under its Coll. Tr. 6s of 1949. The latter company Is controlled through stock ownership by the Lehigh Valley Transit Co. Secured by a first mortgage on 12 miles of electric railway between Easton and South Bethlehem, . Pa. Population served, 60,000. Earnings — See Easton Consolidated Electric Co. Original Market — ^First offered by Edward B. Smith & Co., Philadelphia and New York. Market. Philadelphia — Henry D. Boenning & Co., Samuel K. Phillips & Co. 455 Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '16 76 8« Low. 70 '20 83 '20 70 83 EASTON (Pa.) CONSOLIDATED ELECTRIC CO. Coll. Tr. 58. Due May 1, 1949. Dated May 1, 1899. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $1,300,000 Outstanding 1,192,500 In Treasury 47,500 Reserved for prior Uens 60,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Life Insurance, Annuities & Trust Co., Philadelphia. Organization and Control — Incorporated in New Jersey. All of the stock, except 24 shares. Is owned by the Lehigh Valley Tran- sit Co. Capitalization. Outstanding. Common $1,500,000 Funded debt 1,864,600 Secured by deposft with trustee of the fol- lowing stocks; $2,150,000 (entire issue) Eas- ton Transit Co.; $307,925 of total of $308,- 066, Edison Illuminating Co.; $110,000 (entire Issue) Pennsylvania Motor Co. "rhese com- panies do most of the street railway and part of the electric business in Easton, Pa., and vicinity. Population served, 75,000. Prior Liens'— $200,000 1st 6s of Easton, Palmer & Bethlehem Blec. Co.; $60,000 Penn- sylvania Motor Co. 1st 6s and $412,000 Eas- ton & South Bethlehem Transit 1st 6s. Underlies — $926,000 Lehigh Valley Transit Coll. Tr. 6s, secured by deposit of all of the stock of this company. Earnings — See Lehigh Valley Transit Co. Original Market — Offered March, 1910, at 98 and interest by Edward B. Smith & Co., New York and Philadelphia. Market. Philadelphia, — Huntoon & Co., Barnes & Lofiand, Henry D. Boenning & Co. Price Bange. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102 '10 104% '09 80 Jan. 85 Jan. Low. 68 '20 72 '20 68 Dec. 72 Dec. EATONTON BRANCH RAILROAD CO. 1st 6s. Due June 1, 1926. Dated June 1, 1896. Interest payable June and Dec. 1, at Citizens & 3outhern Bank, Savannah, Ga., or Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $168,000 Denomination — Coupon, $500. Register- able as to principal. Trustee — Savannah Bank & Trust Co., Sa- vannah, Ga. Redeemable at par at any time on four weeks' published notice. Assamed by the Central of Georgia Ry. Co. Control — Merged into the Central of Geor- gia Ry. Co., which Is controlled by 'the Illi- nois Central R. R. Co. through ownership of entire capital stock. Secured by a first mortgage on 21 miles of road from Eatonton to Milledgeville, Ga. Underlies — Cent, of Ga. M. G. & Atl. Div. 6s of 1947, Gen. & Ref. Mtge. bonds of 1962 and Cons. 6s of 1946. Retirement of Issue is provided for under Middle Georgia & At- lantlc Div. 1st Mtge. and Cent, of Ga. Gen. & Refunding Mortgage. Leg-al for Savings Banks in Cal., Mich., Minn., N. H., N. J., Ore.. R. I. and Wis. Market. Jfew York — Abrahams Co. Price Range. Jan. 1, '17 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Low. SO '18 85 '20 80 85 High 99 '17 80 85 EBENSBUBO COAIi GO. Purchase Money 6». Dae $20,000 each April 1 and Oct. 1 from April 1, 1916, to Oct. 1, 1025. Inolasive. Dated Oct. 1, 1915. Interest payable April 1 and Oct. 1. Tax Stains — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized (400,000 Oatstauding (Jan. 1, '21) 196,000 Balance redeemed. Denomination — Coupon, $1,000. Register- able as to principal. Trustee— Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phil- adelphia. • Redeemable at 101 and Interest on and after Oct. 1, 1920. Sinking Fund — Annually on and after Oct. 1, 1916, 3 cents per ton of all coal mined from company's properties in excess of 1 , - 600,000 tons per annum for the purchase or redemption of these bonds at not over 101 and interest. Organization — See 1st 6s. Secured by a purchase money mortgage on about 1,550 acres of town site, farms and Improvements thereon at Colver, Cambria County, Pa.; also secured by a mortgage subject to prior liens on the company's min- eral rights on about 6,243 acres of rich bituminous coal lands in Cambria County, Pa. Further secured by deposit of the cap- ital stock of the Colver Water Co., which supplies water to the town of Colver. Upon the town site and farms are 380 dwelling houses, a hotel and a number of commercial buildings. The rents from these properties, ' independent of the earnings of the coal properties, are reported well in ex- cess of the interest charges on these bonds. Prior liens — $25,000 P. M. 5s and $419,000 1st 6s, due Jan. 1, 1931. Original IVIarket — First ofCered by Brown Bros. & Co. Market. Philadelphia — Elkins, Morris & Co., Brown Bros. & Co. EBENSBURG COAIi CO. 20-Year 1st 6s. Due Jan. 1. 1931. Dated Jan. 2, 1911. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — -2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Outstanding: (Jan. 1, '21) 419,000 Retired by S. F 308,000 Retired by S. F 256.000 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable at 102% and Interest on any interest date. Sinking Fund — Annually 5 centg per ton (2,240 lbs.) on all coal mined and shipped from mortgaged properties with a minimum of $30,000 for calendar year 1914, increas- ing to $40,000 for 1915 and annvially there- after for the purchase or redemiption of these bonds at not over 102% and interest. It ii estimated that this fund will retire this en- tire Issue before maturity, at which time about one-half of the coal will remain un- mined. Organization — Incorporated In Pennsylvania. Secured by a mortgage on mineral rights on about 6.243 acres of bituminous coal lands and coal mines in Cambria County, Fa. , to- gether with surface lands and rights and min- ing eaulpment. Mr. E. V. d'Invilliers has es- timated that there is at least one seam of commercial coal underlying this property, with an average thickness of about three feet, eight inches, of which 85 % Is recover- able, and that at this figure there are 31,- 355,000 tons of recoverable coal in thl s ore seam. In addition to which he has stated that two-thirds of the area contains an up- per seam which should yield at least 12,000,- 000 tons, giving a total yield of upward of 43,000,000 tons of recoverable coal. Since this estimate was made 4,304,791 gross tons of coal have been mined and shipped from the properties up to Dec. 31, 1917. Prior Lfien — $25,000 purchase money mort- gage 6 s (redeemable) on about 343 acres. Original Market — First offered by Brown Bros. & Co. Market. New York — Hartshorne & Battelle, Wat- son, Armstrong & Co, Philadelphia — Brown Bros. & Co., McCown & Co. Price Range. Jan. 1, '17 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '17 103 '19 95 May 103 May Low. 90 '17 1021*. '19 90 Dec. 103 May 456 ECONOMY LIGHT & POWER CO. (Jollet, ni.) 1st S. F. 6s. Due Dec. 1, 1956. , Dated December 1, 1906. Interest payable June and Dec. 1, at Redmond & Co., New York, or Central Trust Co., of Illinois. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding (Jan. 1, *21) $1,364,000 Retired by S. F 97.000 Fledged Under P. S. of No. Hi. Ist & Bef. Mtge 428,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Sinking Fond — Conomencing December 1, 1916, and annually 1% of outstanding bonds, to purchase these bonds at not over 110 and interest, or if not so obtainable to be In- vested in securities legal for Investment for New York State Savings Bank. Bonds can- not be called. Control — ^Absorbed by the Public Service Co. of Northern Illinois, which has assumed these bonds. Secured by a first mortgage on all prop- erty, rights and franchises of the Economy Light & Power Co., wliich formerly did the entire electric lighting of Joliet, Lament, Rockdale, Plainfield and New Lenox, 111., and owned a transmlssison line to Chicago. The property Included a hydro-electric plant at Joliet, 111., and on two other hydro-eleetrie plants on the Des Plalnes River. Franchise in Joliet is perpetual, in Rockdale and La- ment expire in 1947 and In Plainfield and New Lenox, 1956. Underlies — The Public Service Co. of North- ern Illinois 1st Ref. 6b of 1956, a suffi- cient amount of which bonds has been re- served to retire this Issue. Barniosrs — See Public S. Co. N. 111. Ortginal Market — Offered in 1909 at 98 and Interest by Redmond & Co., and In 1910 by N. W. Halsey & Co., New York, etc. Market. New York — Hartshorne & Battelle, Fred H. Hatch & Co., Earle A. Miller & Co., Red- mond & Co., Vanderhoef & Robinson. Chicag-o — Halsey, Stuart & Co. Price Ranee. Jan. 1, '16 to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 100 '16 102 '16 88 Jan. 95 Dec. Low. 70 '20 83 '20 70 Aug:. 83 Aug. JEDDY PAPER COMPANY 10- Year 1st S. T. 7y2S. Due May 1, 1931. Dated May 1, 1921. Interest payable May 1 ab.d Nov. 1 at Continental and Commer- cial National Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in Michigan. Authorized $1,250,000 Outstanding 1,250,000 , Purpose of Issue — To retire all bank loans and other loans leaving the company en- tirely free of debt. Denominations — Coupon, $1,000, $500 and $100; registerable as' to principal. Ti'ustee — Union Trust Co., Detroit. Redeemable on or before May 1, 1926, at 105 and interest and at % % less each suc- ceeding- year thereafter until maturity. Sinking: Fund — Annually beginning with the calendar year 1923, an amount equal to 25% of net earnings, after interest charges and Federal taxes have been paid, with an annual minimum amount of $75,000. This fund is to be applied to the purchase or redemption of these bonds at not exceeding the current call price. Organization — Incorporated in Michigan in 1906. The com.pany is engaged exclusively in the manufacture of card board, box board and clay coated boards. The company con- verts the major portion of its products into corrugated and solid fibre shipping con- tainers and all types of folding paper car- tons. Capitalization. Outstanding. ■Common $7,000,000 Preferred 1,750,000 Funded debt 1,250,000 Secured by a first mortgage on all the properties of the company now owned or hereafter acquired. The properties covered include plants located at Three Rivers and White Pigeon, Mich., with a total capacity of 100,000 tons per year of paper products. Under the provisions of the indenture the comipany covenants not to pay any further dividends on the Common stock until one- half of this bond issue has been retired. Original Market— $1,250,000, offered May, 1921, by Taylor, Bwart & Co., Chicago, Watling, Lerchen & Co., Detroit, and Fen- ton, Davis & Boyle, Grand Rapids, at 98% and interest. lE3)ISON ELECTRIC APPI-IANCE CO. 3-Year let 7s. Due Apr. 1, 1923. Dated Apr. 1, 1920. Interest payable Apr. 1 and Oct. 1, at First Trust & Savings Bank, Chicago. ^ .. Tax Status — 2% Federal Income Tax paid ty company without deduction. Authorised $1,500,000 Outstandins 1,000,000 Reserved for Ext 500,000 Parpose of Issue — The proceeds of the origi- nal issue of $1,000,000 will be used in part to pay temporary loans incurred in the construc- tion of additional manufacturing facilities, and to provide further plant and inventory exten Blona required to complete business now on hand. Denomination — Coupon $500 and $1,009; reg- isterable as to principal. Trusteeii — ^Flrst Trust & Savings Bank, Chi- cago, and Melvin A. Traylor. Redeemable at 101 and interest on any In- terest date upon 60 days' notice. Organization and Control — ^Incorporated In Illinois. The company is a large manufacturer of 1 ouaehold electrically heated appliances. Fifty-one per cent, of the common shares are owned by the General Electric Company which has agreed to retain its investment at least to this extent during the life of these bondi. The General Electric Company also owns 66% of the outstanding preferred stock. Secured by a first mortgage on all of the property of the company, consisting of land, buildings and equipment now owned or here- after acquired. The plants of the company are located at Chicago, 111., and Ontario, Can. The physical assets of the company consisting of real estate, plants, equipment, etc., have a replacement value of over $2,000,000. Under the terms of the trust deed the com- pany shall maintain at all times during the life of these bonds total quick assets of at least 1 2-3 times its current liabilities, ex- cluding the bonds now issued, and in no event shall the net quick assets be less than 16 6 2-3% of the bonds outstanding. Year ended Dec. 31: *Net. 1919 $373,459 ♦After allowing for Federal Taxes, but be- fore inteiest. Original Market — $ 1,000,000 offered July, 1920, by First Trust & Savings Bank and Na- tional City Bank, Chicago, at 98 and interest. Price Range, 1920 — Bid, 96; Ask. 98. IMarket Chicago — First Trust & Savings Bank. Milwaulcee — Investors Finance Corp. EDISON EI*ECTRIC CO. (Lancaster, Pa.) 1st Ref. 5s. Due Feb. 1. 1943. Dated Feb. 1, 1913. Interest payable Feb. and Aug. 1 at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $5,000,090 Outstanding (Jan. 1, '21) 1,862,500 Reserved for Prior I^ens 415,800 Reserved for Ext 2,721,700 Denomination — Coupon. $100 and $1,000. Registerable as to principal. Trustee — Lancaster Trust Co., Lancaster, Pa. Redeemable as a whole at 105 and Interest on any interest date on six weeks' notice. Organization — Incorporated In Penn. In 1911 as a consolidation of a number of light and power companies of Lancaster County. Capitalization. Outstanding. Common $1,982;500 Funded debt 2,278.300 Control — Entire stock owned by Lancaster County Ry. & Light Co., all of whose stock la owned by United Gas & Electric Corp. Secured by mortgage upon the entire prop- erty of company which does the entire elec- tric light and power business in the city and county of Lancaster, Fa. , with the excep- tion of a few small villages served by local plants. Franchise reported as perpetual. Pop- ulation served, 148,892, Prior Lien's — $290,800 Electric Illuminating Co. 1st 5s of 1925 and $125,000 Columbia Electric Lt., Ht. & Pow. 1st 5s of 1935. 457 Net. Int., etc. $522,534 *$102,145 456.452 126,837 333,728 108,037 298,272 93,621 TearB ended Dec. 31 : Gross. 1920 n,203,602 1919 977,467 1917 729,624 1916 597,477 •Bond Interest only. Original Market — Offered 1913 by Meaare. Bertron, Griscom Co., New Tork and Phila., and Montgomery, Clothier & Tyler, Phlla., at 99 and Interest. Market. New Tork — Earle A. Miller & Co. Philacleiphia — Henery D. Boenning & Co., Huntoon & Co., Samuel McCreery & Co., J. P. Magill & Co.. Samuel 'K. Phillips & Co., Wurts, Dulles & Co., Parsly Bros. & Co. Lancaster, Fa. — McClaln & Co. Price Range. Jan. 1. '17 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '17 102^ '17 90 Nov. 92 Mar. Low. 76 '20 85 '20 76 Dec. 85 Aug. EDISON ELECTRIC CO. ae Ane. 1, 1922. Dated Aug. 1, 1918. Interest payable Feb. 1 and Aug. 1 at Old Colony Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,000,000 Outstanding: 3,000.000 Purpose of Issue — To increase the capacity of the company's generating and distribution systems Denomination — Coupon, $1,000. Organization — See 5 % notes due Feb. 1 1922. Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of this indenture no additional mortgage can be placed on the company's properties without retiring or equally securing these notes. The company's mortgage debt comprises $1,250,000 5% bonds and $1,815,000 real estate mortgages. Earnings — See 5% Notes due Feb. 1, 1922. Original Market — $3,000,000 offered July, 1918, by Old Colony Trust Co.. Lee Higginson & Co., F. S. Moseley & Co., Kidder, Peabody & Co. and Parkinson & Burr at 99% and in- terest. Market. Boston — L. Sherman Adams, Curtis & Sang-er, Moors & Cabot. Price Range. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102% '19 103 '19 100 Jan. 101% Jan Low. 97% '20 98% '20 97% July 98% Dec, EDISON ELECTRIC ILLUMINATING CO. OF BOSTON (THE) Coupon 6% Notes. Doe Feb. 1. 1922. Dated July 1, 1919. Interest payable Feb. and Aug. 1, at Trustee's, office. Tax BtatDS — Payment of Federal Income Tax not assumed by company. Authorized $6,000,000 Outstanding 6,000,000 Purpose of Issue — To retire $3,000,000 6% Coupon Notes, maturing Dec. 1, 1919, and to provide funds for the extension of the com- pany's distributing system. Denomination — Coupon, $1,000. Trustee — Old Colony Trust Company, Bos- ton. Organization — See 7 % Notes due Feb. 1. 1922. Security — A direct obligation of the com- pany, but not secured by mortgage. Company covenants that no additional mortgage will be placed upon its property unless this note issue Is retired or equally secured under such new mortgage. Earnings — See 7% Notes due Feb. 1. 1922. Original Market — Offered June, 1919, at 99% and interest to yield about 6.20% b7 Old Colony Company, Lee, Higginson & Com- pany, F. S. Moseley & Company, Kidder, Pea- body & Company and Parkinson & Burr, all of Boston. Market. Boston — L. Sherman Adams, Curtis & Sanger, Moors r& Cabot. Price Rang-e. Jan. 1, '19 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '20 100% '19 98 Mar. 100 Mar. Low. 94% '20 96 '20 94% May 96 May EDISON ELECTRIC ILLUMINATING CO. OF BROCKTON, MASS. Ist 6s. Dw D«e» 1, 1930. Dated Dec. 1, 1900. Interest payable June and Dec, 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $200,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Boston Safe Deposit & Trust Co. Redeemable on any Interest date at 110 and interest. Organization — Incorporated In 1884 in Mas- sachusetts and has absorbed several electric lighting properties. Capitalization. Outstanding. Common $2,066,400 Funded debt 200,000 Management — Stone & Webster Management Association. Secured by a mortgage on plants supplying electricity to Brockton, Bridgewater, Stough- ton, Mass., and vicinity. Population served, about 103,700. Company has four power sta- tions. Franchises are perpetual. Years ended Dec. 31. Gross, Net. Int.&S.P. 1920 $1,302,700 $399,431 *$3S,476 1919 1,096,981 376,968 79,098 1918 831.538 254.423 79,132 1917 729,448 276,629 42,184 1916 635,597 235,126 17,100 ♦Interest only. Original Market — First offered by Perry^ Coffin & Burr, Boston, Mass. Market. Boston — Coffin & Burr, Stone & "Webster. Price Rangre, 1920 — Bid, 83; Ask, 87. 459 EDISON ELECTRIC ILLtTMINATING CO. OF BROOKLYN, N. Y. 1st Cons. 48. Due Jan. 1, 1939. Dated Oct. 1, 1898. Interest payable Jan. and July 1, at Guaranty '-rust Co., New Tork, Tax Status — 2% Federal Income Tax paid' by company without deduction. Authorized Closed mortgage Outstanding $4,275,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co.. New Tork. Assumed — By Broohlyn Edison Co., Inc. Control — In 1898 control of the company was acquired by the Kings County Electric Lt. & Power Co. In Jan., 1919, the Kings County E. L. & P. Co. changed Its name to the Brooklyn Edison Co. , Inc. , and merged the Edison Electric Iluminating Co. of Brook- lyn. Secured by a first mortgage on the enitre property of the company which supplies the Borough of Brooklyn in New York City with, electricity. Franchises are perpetual. Underlies — Outstanding:. Kings County El. Lt. & P. 1st 5s, 1937 $2,500,000 Kings County Bl. Lt. & P. P. M. 6s. 1997 5,176,000 Kiners County El. Lt. & P. Conv. Deb. 63, 1922 346,000 Kings County El. Lt. & P. Conv. Deb. 6s, 1925 1,299,000 Brooklyn Edison Co. Gen. "A" 5s, 1949 6,500,000 Brooklyn Edison Co. Gen. mtge, bonds 10,000,000 Bonds are reserved under the Brooklyn Edison Co. Gen. Mtge, to retire this issue. Earnings — See Brooklyn Edison Co., Inc., "Gen. 6s. liisted on the New York Stock Exchange. Market. New York — Theodore L. Bronson & Co., Finlay & Davenport, Hodenpyl, Hardy & Co., Alfred F. Ingold & Co., Vanderhoef & Robin- son. Price Range — N. \. S. E. Jan. 1, '06 to Jan. 1, "Zl 1920 Bid. Ask. Bid. lli^h 9:^1/2 Mar. 13 '06 77 Feb. 14 Low. 73 Sept. 10. '18 73 Dec. 29 EDISON ELECTRIC ILLUMINATING CO. OF CUMBERLAND (Md.), 1st 5s. Due AprU 1, 1934. Dated April 1, 1914. Interest payable April 1 and October 1 at Citizens Bank, Cumber- land, Md., or State Street Trust Co. .Boston. Tax Status — Payment of Federal Income Tax not assured by Company. Authorized $1,000,000 Outstanding 500,000 Denominati'tn — Coupon, $500. Registerable Reserved for Ext 500,000 as to principal. Trustee — Safe Deposit and Trust Co., Bal- timore. Redeemable on any interest date at 102 and Interest. Sinking Fund — Beginning April 1, 1916, and annually thereafter an amount equal to 1% of outstanding bonds for their purchase at not exceeding 102 and interest. If not so pur- chasable to be drawn at that price. Bonds so acquired to be cancelled. Org-anization — Incorporated in Maryland in 1S84. Secured by a direct first mortgage on plant supplying electric light and power to Cumber- land, Md., and vicinity, serving a population of about 36,000. Company sells power to local street railway. Franchises are reported sat- isfactory. Original Market — First offered December, 1915, by Jackson & Curtis, New York and Boston, at 95 and interest. EDISON ELECTRIC ILLUMINATING CO, OF NEW YORK 1st Cons. 58. Due July 1, 1995. Dated May 1, 1896. Interest payable Jan. and July l-'at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,500,000 Outstanding 2,188,000 Provisional Issue — The total amount of this and previous issues shall not exceed the amount of capital stock outstanding. Denominations-Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Assumed by the New York Edison Co. Control — The New York Edison Co. ab- ■orbed this company in 1901. The entire $69,44S.400 capital stock of the latter com- pany is owned by the Consolidated Gas Co. Secured by first mortgage on fourteen power stations located in the Borough of Manhattan, New York City, and by pledge of all the bonds and stock of the Manhattan Electric Light Co. and the Harlem Lighting Co, Fran- chises are reported as perpetual. Underlies — New York Gas & Electric Lt. & Pow. 1st 5s of 1^48 and Purchase Money 43 of 1949. Years ended Dec. 31 CN. Y. E. Co.). Gross. Net. Int., etc. 1920 $33,806,849 $8,494,043 $2,223,212 1919 28,793,272 9,104,192 1,858.056 1918 25,329,203 6,643,763 1,460,018 1917 25,329,203 6,643,763 1,460,018 1917 25,688,008 8,063,963 1,430,578 1916 25,581,154 5,559,902 1,482,485 Listed on the New York Stock Exchange. Market. New York — Theodore L. Bronson & Co., Finlay & Davenport, Redmond & Co., W. E. R. Smith & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, *21 1920 Bid. Ask. Bid. High 118 Apr. 2, '06 89 Apr. 1 Low. 85 Nov.22, '20 85 Nov. 22 460 EDISON ELECTRIC ILLUMINATING CO. OF PATERSON, (N. J.) Is Ss. Due July 1. 1925. Dated June 20, 1896.^ Interest payable Jan. and July 1, at Trustee's, office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $600,000 Outstanding 585,000 Unissued 15,000 Denomination — Coupon, $1,000. Trustee — Paterson Safe Deposit & Trust Co., Paterson, N. J. Guaranteed as to interest by lease to Pub- lic Service Electric Go. and by Paterson & Passaic Gas & Elec. Co. Control — Absorbed by Paterson & Passaic Gas & Elec. Co. and leased for 900 years from June 1, 1903, to Public Service Electric Co., a subsidiary of the Public Service Corp, of New Jersey. Secured by a first mortgage on plant sup- plying electricity to Paterson, N. J. Underlies — Paterson & Passaic Gas & Elec. Co. Cons. 5s, which provide for the retirement of this issue. Price Range. Jan. 1, '16 to Jan. 1, '21 1920 Bid. Ask. Bid. Aak. High 101^ '16 . . 90 Low. 80 '20 87 '20 SO 87 Market. New York — N. E. R. Smith & Co.. Edwin Bancker & Co. ' EDMONTON. DUNVEGAN & BRITISH CO- LUMBIA RAILWAY CO. 1st 48. Due Oct. 23, 1944. Dated Aug. 11. 1916. Interest payable Feb, 22 and Aug. 22 in gold in New York or any branch of the Union Bank in Canada or Eng- land, without deduction or abatement. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $2,420,000 Denomination — Coupon, $1,000. Guaranteed principal and interest by the Province of Alberta, Canada. Secured by a first mortgage on 120 miles of road. The mileage covered comprises an extension of 60 miles to the British Columbia boundary from the 3 50 miles of completed road running in a northwesterly direction from Edmonton, Alta., and a 60-miIe south- erly branch Irom Edmonton into the Grand Prairie District of Alberta. Original Market — Offered Sept. , 1916, by Breed, Elliott & Harrison. Cincinnati, In- dianapolis and Chicago at 84.56 and interest. Market. New York — Alfred F. Ingold & Co., Lynch & McDermott. Cincinnati — Provident Savings Bank & Trust Co. Montreal — Hew R. "Wood, The National Bond Co. Price Range. Jan. 1, *19, to Jan. 1, *31 1930 Bid. Ask. Bid. Ask. High 82 '19 85 '19 77 Mar. 85 Mar. Low. 50 *20 70 '20 60 July 70 Sept. ELDBB STEEL STEAMSHIP CO.. INC., Ist 7s. Due $315,000 each Jan. 1 from 1931 to 1930, inclusive. Dated Jan. 15, 1920. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authoi'ized $2,150,000 Outstanding 2,150,000 Purpose of Issue — To provide part payment for purchase of two oil-burning steamships, Deerfield and West Catanace. Denomination — Coupon, $1,000; registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable as a whole or in part at any time on 30 days' notice at a premium of 1% for each year or portion thereof of unmiatured life. Organization — Incorporated in Delaware in 1920 as successor to the Eldorado Steamship Company which had conducted a general mari- time and steamship business with headquar- ters at the port of New York. The steamship Deerfield has been chartered by Vestey Broth- ers interests of London for the purpose of car- rying refrigerated meats. Capitalization. Outstanding. Common (no par) 50,000 sha. Funded debt $3,650,000 Secured by a first mortgage on two modern oil-burning steamships, the Deerfield and West Catanace. of an aggregate dead weight ton- nage of 18,178 tons. The appraised value of the Deerfield/ is $2,479,875 and of the West Catanace $1,901,925. an aggregate valuation for both vessels of $4,381,800. Under the provisions of the trust agreement the company covenants as follows: That no dividends will be declared or paid while any bonds of this issue in excess of $1,750,000 are outstanding; and that no divi- dends will be declared or paid while bonds in excess of $1,500,000 are outstanding unless an amount in cash equal to the face value of all outstanding bonds in excess of that amount is deposited with the Trustee for the purpose of bond redemption. The company will not vol- untarily create or suffer to be created, any lien or charge having precedence over or parity with these bonds and that it will promptly pay or secure all lawful claims or demands, however arising, which, if unpaid, might by law have precedence over or parity with the bonds as a lien or a charge upon the vessels. That it will maintain the mortgaged vessels and equipment in good repair and first class seaworthy condition, in accordance with the highest classification and rating for steam- ships in the American Bureau of Shipping. Lloyds or sinnilar classification bureau. That it w^ill keeep stamships covered with insurance with responsible underwriters for an amount equal to not less than 125% of the par value of bonds outstanding, such insur- ance to be carried by the highest class Amer- ican and British companies against all marine perils, including fire and collision, and also- insured in the London Steamship Owners- Mutual Association, Ltd., in both the pro- tecting and indemnity classes. The necessary war risk insurance where required has alsO' been arranged. Underlies — $1,500,000 7% Serial Notes due 1920 to 1922. Listed on the Boston Stock Exchange. Earnins:s — See 8% Notes. Original Market — $2,150,000 offered Aprllr 1920, by Halsey, Stuart & Co., New York and Chicago, and "William R. Compton & Co., St. Louis and New York, at prices ranging from 99.64 to 93.32 and interest, according to maturity. Market Salt I..ake City — Palmer Bond & Mortgage Co. ELDER STEEL STEAMSHIP CO., INC. 7% Notes. Due $500,000 each Oct. 1. from 1920 to 1933, inclusive. Dated Jan. 15, 1920. Interest payable Oct. 1 and April 1, at Guaranty Trust Company, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax (4 mills) refunded. Offering of Baker, Ayling & Young is, by agreement, tax refund in Massachusetts. Authorized $1,500,000 Outstanding- (May 4, '21) 1,000,000 Matured and Paid 500,000 Purpose of Issue — The proceeds of this Is- sue were used in part payment for the pur- chase of two oil-burning steel steamships, Deerfield and "West Catanace, and to provide additional working capital aggregating about $400,000. The appraised value of the Deer- field is $2,479,875. and of the West Catana^tt- is $1,901,925, an aggregate valuation for both vessels of $4,481,800. Denomination — Coupon, $1,000 and $100;- registerable as to principal. Trustee — Guaranty Trust Company, New York. Redeemable at any time upon 30 days' no* tice at 100 and interest. In the event of the redemption of less than the entire series, se- lection will be made by lot from the notes next maturing. Organization — See 1st 7s. Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of this indenture the company covenants that no dividend shall be paid on the capital stock while any notes of this issue are outstanding. Prior Lien — Outstanding. First 7s. due 1921-30 $2,150.000- Eaming'S — See 8 % Notes. Original Market — $1,500,000 offered Mar.,. 1920, by Baker. Ayling & Young, Boston and Philadelphia, at 100, 98.60. 97.75 and interest for respective maturities. ELDER STEEL STEAMSHIP COMPANY, INC. 8% Secui-ed Notes. Due Oct. 1, 1929. Dated Apr. 1, 1921. Interest payable Apr. 1 and Oct. 1 at New York Trust Company, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania and Massachusetts taxes refunded. Authorized $1,000,000 Outstanding: 1.000,000 Purpose of Issue — The proceeds from the- sale of this issue are to be used to refund; an issue of 7% notes of like amount. Denominations — Coupon, $1,000, $500 and $100. Tiiistee — New York Trust Co., New York. Redeemable at any time upon 30 days' notice at 100 and interest. Sinking Fund — The company has agreed with the original purchasers of these notes that it will annually — out of net earnings — set aside sums ($125,000 annually) sufficient to retire this issue by maturity. Oi'g'anization — See 1st 7s. Secured by a second lien on steamships "Deerfield" and "West Catanace." Prior Ziiens — Outstanding. 1st 7s, 1922 to 1930 $1,935,000 Year ended. l>ec. 31: Gross. Net. Interest. . 1920 $2,760,115 $1,191,124 $218,745 Original Market — $1,000,000, offered May, 1921, by Baker, Ayling & Young, Boston and Philadelphia, at 98 and interest. ELDORADO REFINING CO. B-Year 7% Notes. Due Jan. 15, 1924. Dated Jan. 15, 1919. Interest payable Jan- uary and July 15 at Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $1,500,000 Outstanding,^ (Jan. 1, '21) 744,000 Retired by S, F 256.000 Reserved for Ext ■ 500,000 Denomination — Coupon, $1,000, registerable S.B to principal. Trustee — Northern Trust Company. Chicago. Redeemable at 105 and interest on any in- terest date on sixty days' notice. Sinliinff Fund — Annually $100,000, plus a sum equal to 50% of the net earnings for preceding calendar year after deduction of fixed charges and preferred stock dividend. Also a further amount eaual to dividends ex- ceeding 6% paid on the Common Stock in any ~ year. Company may deliver bonds to sinking fund instead of cash. Company covenants that dividends shall not be paid on either pre- , ferred or common stock unless payments have been made to sinking fund at the rate of $200,000 per year for all prior years. Organization — Incorporated in Delaware. Owns an oil refinery at Eldorado, Kans. , having capacity of about 6,000 bbls. per day. Capitalization. Outstanding. Common $2,000,000 Preferred (8%) 500,000 Funded debt 744,000 Security — A direct obligation of the com- pany but not secured by mortgage. Company covenants not to mortgage or pledge any of Its property so long as any of these notes are outstanding, purchase money mortgages and car trust liens excepted. Original Market — Offered February. 1919, by Imbrie & Company, New York, Chicago, etc., at 99 and interest. Market. New York — Curtis & Sanger. Philadelphia — Paul & Co. Price Rangre 1930 — Bid 90, Ask 95. ELECTRIC AND PEOPLES TRACTION 4% Stock Tr. Ctfs. Due at the option of the Union Traction Co. on or after Oct. 1, 1946. Dated Oct. 1. 1895. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $29,735,940 Outstanding 29,730,114 Denomination — Registered $100, $200, $300, $500 and $1,000. Trustee — Pennsylvania Co., for Insurances on Lives and Grantins' Annuities, Philadel- phia. Redeemable at par and interest on any in- terest date after Oct. 1, 1945. Guaranteed as to principal and interest by the Union Traction Co. of Philadelphia. Control — ^All of the stock of the Flectrlc Traction Co. and Peoples Traction Co. is owned by the Union Traction Co., which leases the properties for 998 years. The Union Trac- tion Co. is leased for 999 years to the Phila- delphia Rapid Transit Co. Secured by deposit of practically the entire capital stock of the Blectric Traction Co. ($8,750,000) and ' the Peoples* Traction Co. ($6,000,000). These companies control some 212.20 miles of street railway in Philadelphia. Listed on Philadelphia Stock Exchange. Market. Philadelphia — Arthur J. Bender, Brown Bros. & Co., Huntoon & Co., McCown & Co., J. P. Magill & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 86 '16 861^ '16 53 June 55 June Low. 52 '20 55 '20 52 Nov. 55 June ELECTRICAL DEVELOPMENT CO. OF ON- TARIO 1st 6s. Due March 1, 1933. Dated March 1, 1903. Interest payable Mar. and Sept. 1, at Canadian Bank of Com- merce, Toronto, New York and London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstanding: (Jan. 1, '21).... 3,684,000 Retired by S. F 651,000 Pledged Under Toronto Power Co. Cons. Deb. Stock 5,014,000 Denomination — Coupon, $500 and £102 148 lOd. with privileges of registration of princi- pal. Trustee — National Trust Co., Ltd., Toron- to. Can. Sinking Fund — $1.00 for each electrical H. P. sold and paid for during preceding calen- dar year, to be applied to purchase bonds at not exceeding 110 and Interest. Began March, 1911. Organization and Control — -Incorporated In Canada in 1903. Practically all of the stock Is owned by the Toronto Power Co., which is controlled by Toronto Ry. Co. "" The Toronto Power Co. leases the property and the inter- est on these bonds has first call on net earn- ings. Captalization. Outstanding. Common $3,006,100 Preferred (6% cum.) 2.993.900 Funded debt 9,349,000 Secured by first mortgage on hydro-electric plant at Niagara Falls, Ontario, with trans- mission lines to Toronto. Franchise, which Is renewable, expires in 2013. Underlies — £251,812 Deb. stock and £2,- 786,079 Cons. Guar. Deb. stock of the To- ronto Power Co., which are secured in part by deposit of about four-fifths of the stock of this company and over 50% of these 1 iincis. Earnings — See Toronto Power Co. Listed on the Toronto Stock Exchange. Original Market — First offered by Geo. A. Stimson & Co., Toronto, Van., at prices rang- ing from 92% to par with 50% stock bonus, Dec, 1904. Market. New York — Sam'l Goldschmidt, Miller & Co., Earle A. Miller & Co., Vanderhoef & Robinson. Boston — L. Sherman Adams, Blodeet & Co., Moors & Cabot. 462 Providence, R. I. — Brown, Lisle & Mar- shall, Hornblower & Weeks. Frice Range. Jan. 1. '16, to Jan, 1, '21 1920 Bid. Ask. Bid. Ask. High 91 '16 951^ '17 86 Jan. 93 May Low. 74 '19 79 '19 76 June 79 June ELECTRICAL SECURITIES CORP. CoU. Tr. 5s "9th" Series. Due Feb. 1, 1940. Dated Feb. 1, 1910. Interest payable Feb. and Aug, 1, at Trustee's oflEice. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding: (Jan. 1, '21) 280,000 Balance retired. Denomination — Coupon, $1,000. Trustee' — Guaranty Trust Co., New York. Redeemable on any interest date at 103 and interest upon 21 clays' notice. Sinking Fund — See "14th^' Series. Control — See "14th" Series. Secured by deposit of mortgage bonds, ag- gregating $375,000, of various electric rail- way, light and power companies, as follows: $125,000 Choctaw Railway & Lighting Co. 5b; $125,000 Consolidated Power & Light Co. of S. D. 5s: $125,000 Northern Idaho & 'Mon- tana Power Co. 6s. Earnings — See "14th" Series. Original Market — First offered by Jackson & Curtis, New York and Boston, at par, April, 1911. Market New York — Fred. H. Hatch & Co. Boston — Jackson & Curtis. Frice Ban^e 1920 — Ask 77%. ELECTRICAL SECURITIES CORF. Col. Tr. 5s "10th" Series. Due Feb. 1, 1941. Dated Feb. 1, 1911. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding: (Jan. 1, '31) 427,000 Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date at 103 and interest upon 21 days' notice. Sinking Fund — See "14th" Series. Control — See "14th'* Series. Secured by pledge of first mortgage bonds of other companies to the aggregate par value of $544,500. < EarningB — See "14th" Series. Original Market — First offered by Jackson & Curtis at par and Interest Dec, 1911. Market Hoston — Jackson & Curtis. ELECTRICAL SECURITIES CORPORATION Coll. Trust 5s "11th" Series. Due Feb. 1, 1942. Dated Feb. 1, 1912. Interest payable Feb. and Aug. 1 , at Guaranty Trust Co. , New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding: (Jan. 1, '21) 460,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Redeemable at 103 and interest on any in- terest date upon 21 days' notice. Sii]Jnng Fund — Corporation is obliged to purchase or redeem bonds as follows; $10,000 annually Feb.. 1917 to 1921, inc., $15,000 an- nually, 1922 to 1926, inc.; $20,000 annually, 1927 to 1931, inc.; $25,000, 1932 to 1942, Inc., retiring $476,000 bonds before maturtly. Control — See "14th" Series. Secured by deposit of first mortgage bonds of various electric, railway, light and power companies, aggregating $625,000. EamingB — See "14th" Series. Original Market — Offered Aug., 1912, by Jackson & Curtis. New York and Boston, at 100 and interest. Market Boston — Jackson & Curtis. Price Rangre 1930— Ask 77%. ELECTRICAL SECURITIES CORPORATION Coll. Trust 6b. "12th" Series. Due Feb. 1, 1943. Dated Feb. 1, 1913. Interest payable Feb. and Aug. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding: (Jan. 1, '21) 402,000 Balance Retired. Trustee — Guaranty Tru&t Co.. New York. Redeemable at 103 and Interest on any in- terest date upon 21 days* notice. Sinking Fund — $10,000 annually Feb., 191S to 1922; $16,000. 1923 to 1927; $20,000. 1928 ot 1932; $25,000, 1933 to 1943. Control — See "14th" Series. Secured by deposit of first mortgage bonds of various electric railway, light and power companies, aggregating $525,000. Earnings — See "14th" Series. Original Market — Offered in April, 1913, by Jackson & Curtis, New York and Boston, at 100 and interest. ^Market Boston — Jackson & Curtis. ELECTRICAL SECURITIES CORFORA'nON Coll. Trust 6s. "13th" Series. Due Feb. 1, 1943. Dated Feb. 1, 1913. Interest payable Feb. and Aug. 1, at Guar. Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding: (Jan. 1, '21) 470,000 Balance Retired. Trustee — Guaranty Trust Co., New York. Redeemable at 103 and interest on any in- terest date upon 21 days'" notipe. Sinking, Fund — $10,000 . annually Feb., 1918 to 1922; $16,000, 1923 to 1^27; $20,000, 1928 to 1932; $25,000. 1933 to 1943. Control — See "14th" Series. Secured by deposit of first mortgage bonds of various electric railway, light and power companies, aggregating. $626,000. Earnings—- See "14th" Series. Original Market — Offered in April, 1913, by Jackson & Curtis, New York and Boston, at 100 and Interest. Market Boston — Jackson & Curtis. ELECTRICAL SECURITIES CORPORATION CoU. Tr. S. F. 5s, "14th" Series. Dne Feb. 1, 1946. Dated Feb.^ 1, 1916. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding: (Jan. 1, *21) 996.000 Balance Retii'ed. Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York, Redeemable at 103 and interest on any in- terest date on 21 days' notice. Sinking Fund — $20,000 annually on Feb. 1, from 1921 to 1925, inc.; $30,000, 1926 to 1930; $40,000, 1931 to 1935, and $50,000. 1936 to 1940, inc., for the purchase or redemption of these bonds at not ezceedlns: 103 and In- terest. This fund will retire $960,000 bonda before maturity. Oreanization — Incorporated In New Tork, 1904. The company purchases bonds princi- pally of electric railway, electric light and electric power companies, and pledges such bonds as collateral for its own issues. Capitalization. Outstanding. Common $2,500,000 Preferred (B% cum.) 1.000,000 Funded debt 4,138,000 Secured by pledge of the following col- 126 iBt Mtge. 6% S. F. Gold Bonds of Appalachian Pr. Co. of Rich- mond, Virginia, due 1941 $126,000 260 1st Mtge. 6% S. F. Gold Bonds of the Colo. Pr. Co. of Deny., Colo., due 1953 260,000 260 1st Mtge. B% S. F. Bonds Bonds of Cons. Pr. & Lgt. Co. of Deadwood, S. D., due 1929 116,000 260 1st Mtge. 6% S. F. Gold Bonds of Ft. Wayne & Northw. Ry. Co. of Kendallville, Ind., due 1943... 260,000 100 1st Mtge. 6% S. F. Gold Bonds of Mesaba Ry. Co. of Virginia, Minn., due 1932 100,000 200 1st Mtge. 6% S. F. Gold Bonds of Miss. River Pr. Co. of Keokuk, la., due 1961 200,000 75 1st Mtge. 6% Gold Bonds of Wash., Bait. & Annap, Elec. R. R. Co. of Bait., Md., due 1941 76.000 136 1st Mtge. 6% Gold Bonds of Yadkin River Pr. Co. of Raleigh, N. C, due 1941 136.000 $1,260,000 The aggregate par value of the bonds pledged represents a margin of 26% over and above the par value of the corporation's out- standing bonds. If by reason of default in any of the pledged securities the principal of the undefaulted bonds at the time held by the trustee becomes less than 125% of the principal of the collateral trust bonds then outstanding, the corporation is required to substitute for the bonds in default other mort- gage bonds of electric light, electric railway, or electric power companies satisfactory to the trustee, so that at all times the aggre- srate principal sum of undefaulted and inter- est-paying pledged securities held by the trus- tee shall equal at least 126% of the principal of collateral trust bonds outstanding. Years ended Dec. 31. •Net. Interest. 1920 $514,867 $206,370 1919 I 654,088 208.553 1918 603,146 210,786 1917 497.640 213,068 1916 492.807 214,670 1916 456,836 188,047 •Not including profit from sale of securities. Original Market — Offered Feb., 1916, by Jackson & Curtis, Bankers' Trust Co. and Kissel, Kinnicutt & Co., at 99 and interest. Market Boston — Jackson & Curtis. ELGIN, AURORA & SOUTHERN TRACTION CO. Ext. 1st Cons. S. F. Be. Dae Sept. 1, 19)J1. Dated June 1, 1901. Extended June 1, 1916, to June 1. 1919, and again extended In April, 1919, in each instance at same rate of Inter- est, 5%. Interest payable June and Dec. 1, at 'New Tork or Chicago. Default — Deo. 1, 1918, and subsequent In- terest. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $2,000,000 Outstanding 1,546,000 Held in Sinldng Fund 464.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Sinldng Fund — $17,000 annually for first fiva years from date of issue, and $26,000 there- after. Assumed by the Aurora, Elgin & Chicago R. R. Co. Control — Absorbed by the Aurora, Elgin A Chicago R. R. Co. Secured by a first mortgage on the street railways in the cities of Elgin and Aurora. 111., and on an interurban railway connecting the towns of CarpentervUle, Dundee, Elgin, South Elgin, Geneva, St. Charles, Batavia, Montgomery, Aurora, Oswego, Torkville and Bristol, making a total of 72 miles of track. Underlies — Aurora. Elgin & Chicago R. R, 1st & Ref. 5s of 1946, which mortgage pro- vides for the retirement of this issue. Earnings — See A. E. & C. R. R. Listed on the Cleveland Stock Exchange. Original Market — Offered in 1901 by W. E. Hutton & Co., New Tork, at 101 and interest. Market. Fhiladelphia — S. K. Phillips & Co. ELGIN, JOLIBT & EASTERN RAILWAY CO. 1st 5s. Due May 1 1941. Dated May 1, 1891. interest payable May and Nov. 1, at 71 Broadway, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. . .$10,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Central Union Trust Co., New Tork. and Augustus L. Mason, Indianapolis, Ind. Organization and Control — Incorporated In 1888 in Illinois and Indiana. The entire cap- ital stock is owned by the U. S. Steel Corp. Captalization. Outstanding. Common $10,000,000 Funded debt 10,000.000 Secured by a first mortgage on 194.89 miles of road, viz: Miles. Waukegan, 111., to Porter, Ind 129.96 Normantown to Aurora 111 9.63 Walker to So. Wilmington, 111 32.74 Rockdale Jet. to Rockdale. Ill 6.64 Griffith to C. L,. S. & E Connections, Ind 7.04 Shearson to Whiting, Ind. . ; 3.64 Cavanaugh to Hammond, Ind 6.3i Years ended Dec. 31. Net. Deductions. •1919 $4,679,636 $4,117,630 •1918 6,268.906 4,226,632 1917 6,033,577 4,607,836 •Federal and corporate accounts combined, but not including standard return — $3,080,421 in 1918. Legal tor Savings Banks In Conn., Me., Mich., Minn,, Mo., N, H., N. J., R. I. and Wis. Listed on New Tork Stock Exchange. Market. New York — Simon Borg & Co., Sam'l Goldschmidt, Kountzc Bros., Chas W Place, Prince & Whitely, Redmond & Co., Viias & Hickey. Pittsburerh — R. B, Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 119% Feb. 21, '06 92 Oct. 6 Low. 84 May 26, '20 84 May 26 ELIZABBTH & TRENTON RAILROAD Ut 5s. Due April 1, 1962. Dated April 1. 1912. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,200,000 Outstandins 990,000 Reserved for Ext 210,000 Denomination — Coupon, $1,000. Register- able as to principal only. Trustee — Logan Trust Co., Philadelphia. Assumed by the Public Service R. R. Co. under terms of lease, which is guaranteed by Public Service Ry. Co. and Public Service Corporation of New Jersey. Organization and Control — Incorporated in New Jersey in 1910. Leased for 999 years to the Public Service R. R. at a rental equivalent to interest, taxes, orgranizatlon expenses, divi- dends of 5% on the preferred stock ($300,000 outstanding) and dividends increasing 1 % an- nually to 4% in 1917 and thereafter on com- mon stock ($900,000). All of the stock of the Public Service R. R. Co. is owned by the Public Service Corporation of New Jersey. Capitalization. Outstanding. Common $811,350 Preferred (5% cum.) 300,000 Funded debt 990,000 Secured by a first mortgage on 26 miles of road from Trenton to Milltown Jet., N. J., lo- cated on private right-of-way. This road is the only one connecting the railway lines of the Corporation in Northern New Jersey with those in Southern New Jersey. Franchises are perpetual. Original Market — $200,000 offered Nov., 1912, by Conant. Young & Co., Boston, at 98 and interest. Market. New York — W. E. R.' Smith & Co. Price Range. Jan. 1, *15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93 '15 95 '15 70 Jan. 70 June Low. 50 '20 70 '19 50 Dec. 70 Apr. Market. New York— W. E. R. Smith & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '14 100 '09 70 Mar. 75 Feb. Low. 50 '30 65 '20 50 Dec. 65 Aug. ELIZABETH, PI/AINFIEtD & CENTRAL JERSEY RAILWAY CO. 1st 5s. Due Dec. 1, 1950. Dated December 1, 1900. Interest payable June and December 1, at Fidelity Trust Co., Newark, N. J. Tax Status — ^Payment of Federal Income Tax not assumed by company. Tax exempt In New Jersey. , Authorized $2,500,000 Outstanding 2,400,000 Reserved for Prior Lien 100,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Union Trust Co., New- ark, N. J. Control — Absorbed by the United Street Ry. Co. of Central Jersey which was merged In 1907 into the Public Service Ry. Co., the en- tire capital stock of which is owned by the Public Service Corp. of New Jersey. Secured by mortgage on 59 miles of trolley tracks in Elizabeth, Plainfleld and North Plianfield and vicinity. Franchises reported as perpetual. Prior Liens — $100,000 Plainfleld St. Ry. Co. 5s of 1922, which this mortgage provides to retire. Original Market — Offered $1,400,000 in 1901 by Redmond, Kerr & Co. (now Redmond & Co.). New Tork, and the Fidelity Trust Co., Newark, at 102^ and interest. ELIZABETH RIVER RAILROAD 1st 48. Due Oct. 1, 1935. Dated October 1, 1905. Interest payable April and Oct. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized '..$200,000 Outstanding: (Jan. 1, '21) 152,500 Retired by S. E 47,600 Denomination — Coupon, $ 5 00 and $1,000. Registerable as to principal. Trustee — Girard Trust Co., Phila. Redeemable after July 1, 1915, at 105 and interest. Sinking Fund of at least $5,000 per annum to purchase or redeem these bonds at not exceeding 105 and interest. Assumed by the Norfolk & Portsmouth Belt Line R. R. Control — Consolidated in 1910 into the Nor- folk & Portsmouth Belt Line R. R. Co., whose stock is owned jointly by the Norfolk & West. , N. T. , Phila. & Norfolk, Norfolk Southern, Seaboard Air Line, Atl. Coast Line, Southern Ry., Ches. & Ohio Ry. Cos., and Virginia Ry. Co. Secured by a first mortgage on five miles of terminal railroad in South Norfolk, Va. , and all other property of company, includ- ing equipment, etc. Underlies — $250,000 N. & P. B. L. 5s. Market. New York— Dunham & Co. Pliiladelplila:: — H. Boenning & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. HJg:h 94% '15 95% '15 71 Apr. Low. 70 '20 85^4 '19 70 Nov. ELK HORN COAL CORPORATION 10-Year S. E. Mortgage Conv. 6% Notes. Dae Dec. 1, 1925. Dated Dec. 1. 1915. Interest payable June 1 and Dec. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Maryland State tax refunded. Authorized $9,600,000 Outstanding (Jan. 1, '21) 6,435,000 Retired by S. E 131,000 Cancelled 2,934,000 Denomination — Coupon, $1,000. Register- aable as to principal. Trustee — Guaranty Trust Co., New Tork. Redeemable on any interest date on 30 days' notice at 105 and interest. Sinking Fund — Annually an amount eaual to two cents per ton of all coal mined from April 1, 1916, to April 1, 1919, inclusive, and three cents per ton thereafter for the purchase and retirement of these notes at not exceeding 105 and interest. Convertible into common stock of the com- pany par for par. Organization — Incorporated in West Vir- ginia November 18, 1915, as a consolidation of the Elk Horn Mining Corporation (an operating company), Elk Horn Fuel Co. and Mineral Fuel Co. Also owns $787,900 of $2,757,600 capital stock of the Beaver Creek Consolidated Coal Co. Also owns 3,055.64 465 shares of common, stock an^ 3,065.64 shares of preferred stock of the Kentucky River Corp.; $1,976,547 capital stock of the Con- solidation Coal Co, The company owns about 204,000 acres, of which 32,000 acres are owned In fee and the balance surface or mineral rights not subject to royalty lo* cated in the Counties of Pike, Floyd, Knott, Magoffin, Johnson and Lelcher an Kentucky, and in the Counties of Upshur and Ran- dolph, West Va. The company operates 22 mines with a combined capacity estimated at 3,000,000 tons. Three of these are oper- ated under lease. Capitalization. Outstanding. Common $12,000,000 Preferred (6% non-cum.) 6,600.000 Funded debt 6,852,000 Secured by a direct general mortgage on all the property and by pledge on all the securi- ties above described. Additional securities acquired must be deposited hereunder. Prior liens — $417,000 Mineral Fuel Co. 5s of 1943 (closed). Gross. Net. Int.&S.F. 1920 $2,829,542 $484,313 $419,726 1919 2,829,542 484,313 419,726 1918 4,951,921 1,712,650 360,703 1917 4,497,121 2,245,789 414,631 1916 2,457,453 1,108,320 468,712 Xisted on the New York Stock Exchange. Original Market — $4,000,000 ofEered Novem- ber, 1915, at 97'/^ and interest by the Fidelity Trust Co., and Mercantile Trust & Deposit Co., Baltimore; $710,000 offered February, 1919, by above firms and Robert Garrett & Sons and Hambleton & Co., Baltimore. Market. New York — Hambleton & Co., Watson, Armstrong' & Co. Baltimore — Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co. Price Range. Jan. 1, '17, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 100^ '17 101% '17 92 Oct. 96 Feb. Low. 84 '20 90 '20 84 Aug. 90 Dec. ELKHORN PINEY COAL MINING CO. lat 6s. Dae $166,600 each Feb. 1 from 1919 to 1930, inclusive. Dated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1, New York and Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding: (Feb. 1, '21) 1,498,500 Matured and Paid 499,500 Reserved for Ext 1,002,000 Provisions of Issue — Prior to Feb. 1, 1918, $600,000 issuable for 60% at par of the cost of additional coal lands or coal leases, and thereafter for 60% at par of the cost of ad- ditions and betterments when net earnings for the preceding 12 months have been equal to 120% of the amount required during the succeeding 12 months for payment of interest and maturing principal of all bonds outstand- ing and then to be issued. Reserved bonds when issued will mature annually up to and including Feb. 1, 1930, interest not exceeding 6% per annum. Organization and Control — Incorporated in West Virginia in 1913. Trustee — First Trust & Savings Co., Cleve- land. Redeemable as a whole or by serial maturi- ties (latest maturities first) at 103 and interest on any interest date. Onaranteed principal and Interest by the Milwaukee Coke & Gas Co. by endorsement. Organization — Incorporated In West Virginia In 1913. Of $1,800,000 outstanding capital stock paid for at par in cash, 75% is owned by the Mil- waukee Coke & Gas Co. and 25% by the Steel & Tube Co. of America. Capitalization. Outstanding. Common $1,800,000 Funded debt 2,156,500 Secured by a first mortgage on the entire property of the company, representing a cash investment of about $6,000,000 and compria- Ing 2,750 acres of coal lands owned in fee and the mineral rights in about 1,680 ■ additional acres, all located in Raleigh County, W, Va,; on a leasehold interest for 25 years from 1913 with right of renewal for a further 25 years in about 4,825 acres of coal land in one tract, located in Floyd and Pike Counties, Ky., to- gether with equipment. Properties owned in fee are estimated to contain over 64,900,000 tons, and leased properties 80,000,000 tons, or an aggregate of 145,000,000 tons of high- grade bituminous coal, most of which is adapted for use in by-product coke production. Further secured by deposit with the trustee of 15-year contracts from 1917 with the Mil- waukee Coke & Gas Co. for 75% of com- pany's entire output and with the Steel & Tube Co. of America for remaining 25%, with the following minimum annual ton- nage and profits to the company over cost of production and available for payment of principal and interest. If the minimum pro- duction is not realized in any year, these companies agree to make the necessary pay- ments, against future production, to assure the minimum profit named under the con- tracts. Minimum Profit Total Annual Per Minimum Year Tonnage. Ton. Annual Profit. 1917 400,000 $1.00 $400,000 1918 1,000,000 .35 350,000 1919-1931.. 1,600,000 .35 560,000 Year ended Dec. 31 i Net. Interest. 1920 $966,145 $306,805 Original Market — $l,6t)0,000 ofEered March, 1917, by Wm. A. Read & Co., at 100 and interest. Market. New York — Watson, Armstrong & Co. Milwaukee — Edgar, Aicker & Co. Price Rangre Jan. 1, *19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '20 100 '19 85 May 100 Feb. Low. 84^ '20 100 '20 84% Mar. 100 Feb. EliLWOOD SHORT I.INE RAHJ&OAD Ist 5s Due Jap. 1, 1922. Dated Jan. 1, 1892. Interest payable Jan. and July 1, at office of Bait. & Ohio R. R., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. ... .$300,000. Denomination — Coupon, $1, 000. Trnstee — Guaranty Trust Co., New York. Guaranteed principal and interest by en- dorsement by the Pittsburgh & Western Ry. Co. Control — Merged with the Pittsburgh & Western R. R. Co., all of whose stock Is owned by the Bait. & Ohio R. R. Co. Secured by first mortgage on 3.20 miles of road from North Sewickley to Rock Point, Pa., on the line of the Pittsburgh & Western R. R. Refunding — The Bait. & Ohio. P., L. E. & W. Va. Ref. 4% Mortgage and Ref. & Gen, Mtge. provide for the retirement of this is- sue. Market. New York — Sam'l Goldschmidt. 4G6 EI/AURA & WrLMAMSPORT BALLROAD CO. 1st 4s. Due Jan. 1, 1B50. Dated May 11, i860. Extended, Jan. 1, 1880, and Jan. 1, 1910, with interest reduced from 7%. Interest payable Jan. and July 1, at Broad Street Station, Philadelphia. Tax Stains — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,000,000 Outstanding 963,000 Denomination — Registered, $1, 000. Trustee— W. D. Neilson. Guaranteed as to principal and interest by the Northern Central Ry. Co. under terms of lease. Liease assigned to Penna. K. R. Co., July 29, 1914. Organization and Control — Incorporated in Pennsylvania in 1860 as successor company through reorganization. Property leased for 999 years from May 1, 1863, to the Northern Central Railway Com- pany, which is controlled by the Pennsylvania Railroad Co. through ownership of a majority of capital stock. Capitalization. Outstanding. Common $600,000 Preferred 500,000 Funded debt 1,633,000 Secured by a first mortgage on 73.49 miles of road extending from Williamsport, Pa., to Blmira, N. Y. Legal for savings banks in Cal., Conn.. Me., Mich., Minn., N; H., N. J., R. I. and Wis. Listed on the Philadelphia Stock Exchange. Market. New York — Raymond M. Smith. Philadelphia — Barnes & Lofland, Biddle & Henry, Henry D. Boenning & Co.. Chas. Fearou & Co., Harper & Turner, Huntoun & Co., Samuel K. Phillips & Co., Isaac Starr Jr. & Co., Parsly Bros. & Oo. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102 '10 102% '10 80 Mar. 85 Mar. Low. 70 '20 80 '20 70 Dec. 80 May ELMIRA & WILLIAMSPORT RAILROAD CO. Income 6s. -Due Oct. 1. %862. Dated May 1, 1863. Interest payable April and Oct. 1, at Broad Street Station, Phila- Interest at the rate of 5 ?& is beinp: paid regularly. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $670,000 Denomination — Coupon, $500. Trustee — None. Guaranteed as to interest by the Pennsyl- vania R. R. Co. Organization-^See 1st 4s. Secured by a first lien on the lease of the Elmira & Williamsport R. R. Co. to the Northern Central Ry. Co. for 999 years from 1863 under the terms of which the lessee agreed to pay the interest on these bonds. Listed on the Philadelphia Stock Exchange. Market. NeAV York — Chas. W. Place, Raymond M. Smith. Philadelphia^ — Barnes & Lofiand, Henry D. Boenning & Co., Chas. Fearon & Co., Hun- toon & Co.. Samuel K. Phillips & Co., Isaac Starr Jr. & Co., Parsly Bros. & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 112 '12 113 '14 89 Mar. 92 Mar. Low 70 '20 80 '20 70 May 80 Sept. ELMIAA water, light & RAILROAD CO. 1st Cons. 6g. Due Sept. 1, 1066. Dated Sept. 1, 1906. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York, Authorized $6,000,000 Outstanding- (Jan. 1, '21) 4,677,000 In Treasury 34,000 Reserved for Bxt 389,000 Denomination — Coupon, $1,000. Registerable as to principal. ^ Trustee — New York Trust Co., New York. Organization — Incorporated in New York In 1900 as a consolidation of all the street rail- way, electric, water and gas properties In Elmira, N. Y. The water works property was sold to the City of Elmira in 1916 for $1,600,000. In 1916 acauired the property of the Elmira & Seneca Lake Traction Co, and merged the Elmira Transmission Corp. Controlled through stock ownership by the United Gas & Electric Co., a subsidiary of the United Gas & Electric Corporation. Capitalization. Outstanding. Common $1,000,000 1st Pret. (7% cum.) 1,400,000 2nd Pref. (5% cum.) 1,200,000 Funded debt 4,577,000 Secured by a first mortgage on 47 miles of electric railway track in and around Elmira, N. Y., and plants supplying natural gas and electricity to Elmira and outlying territory. Population served, gas, 50,000: electricity, 77.087: railways, 70,000. Franchises are either perpetual or for 72 years from 1917, with the exception of a few short extensions having 26 years to run. Years ended Dec. 31: Gross. Net. Int.ARent. 1920 $1,766,718 $501,649 •$208,594 1919 1,567.616 500,366 248,157 1918 1,399,669 467,961 247,060 1917 1,261,302 489,867 234,692 1916 1,199,873 612,166 234,224 ♦Bond interest only. Original Market — Offered in 1911 by Bert- ron, Griscom & Co., New York and Philadel- phia, at 103 and interest. Market. New York — Newton G. Chase, Fred H. Hatch & Co., Earle A. Miller & Co., Van- derhoef & Robinson. Boston — Moors & Cabot. Philadelphia — Huntoon & Co., McCown & Co., Arthur J. Bender. Providence, R. I. — Hornblower & Weeks. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98% '16 99 '16 81 Jan. 82 Oct. Low. 60 '20 66 '20 6P July 65 July EL PASO & ROCK ISLAND RAILWAY CO. 1st 6s. Due Jan. 1, 1951. Dated Jan. 1. 1901. Interest payable Jan. and July 1, at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $2,500,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Company, New York. Guaranteed principal and interest by en- dorsement by the Bl Paso & Northeastern Company (formerly the New Mexico Ry. & Coal Co.). Organization and Control — Incorporated Ih New Mexico In 1900. 467 Entire capital stock is owned by Kl'Paao & Northeastern Company, all of whose stock Is owned by the El Paso & Southwestern Co. Property leased to the latter company. Rental $174,500 per annum. A 999-year traffic agreement with the C, R. I. & P. Ry. Co. gives this company through connections to California. Capitalization. Outstanding. Common ?2, 500,000 Funded debt 2,500,000 Secured by a first mortgage on 127.51 miles of road extending from Carrizoza to Santa Rosa. New^ Mexico, and forming a connection between the Chicago, Rock Island & Pacific Railway and the El Paso & Northeastern Rail- way. Original Market — Offered In 1905 by Kinni- cutt & Potter (now Kissel, Kinnicutt & Co.,) and Potter Brothers & Co., New York. Market. New York — Sam'l Goldschm,idt, Roosevelt & Son, Watson, Armstrong: & Co. Price Range. Jan. 1, '09, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 103 '09 107 '10 75 Feb. 83% Feb. Low. 70 '20 76 '20 70 Sept. 76 Sept. EX PASO (Tex.) ELECTRIC CO. let CoU. Tr. 5s. Dae Jan. 1, 1933. Dated January 1, 1902, Interest payable Jan. and July 1, at Trustee's office, Boston. Tax Status — 2 % Federal Income Tax paid by company without deduction. Anthorized and Outstanding. ... $1,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — State Street Trust Co., Boston. Organization — The company was organized In New Jersey in 1901, and owns the securi- ties of the El Paso Electric Ry. Co., the El Paso & Juarez Traction Co., and the Rio Grande Valley Traction Co. Capitalization. Outstanding. Common $2,914,100 Preferred (6% non cum.l, 783,700 Funded debt 1,800,000 Management — Stone & Webster, Boston. Secured by deposit of substantially all the securities of controlled companies which do the entire electric railway, electric lighting and power business in El Paso, Tex., and Juarez. Mexico, and operate an electric railway be- tween El Paso and Tsleta. Railway prop- erty includes 50.5 miles of equivalent single track. Franchises in El Paso extend to 1951 and 1952, in Juarez to 1988. Interurban lines almost entirely on private right of way. Pop- ulation served: railway and electricity, 102,- 200; Juarez, Mexico, 11,000. Underlies — 7% notes, due 1925. Tears ended Dec. 31 (Combined): Gross. Net. Interest. 1920 $1,931,629 $604,459 $113,482 1919 1,574.676 452,413 91,367 1918 1,257,633 387,322 81,082 1917 1,283.525 481,674 67,008 1916 1.110,718 452,164 69.128 1915 981,889 460.829 50,368 Original Market — Offered In 1902 by Jack- son & Curtis, Boston and New York, at 97 and Interest. Offered In 1913 by Perry, Cof- fin & Burr, Boston and New York. Market. New York — Fred H. Hatch & Co., Earle A. Miller & Co., Vanderhoef & Robinson. Boston — Coffin & Burr, Stone & Webster. Price Range. Jan. 1, *16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98% '16 100 '16 82 Jan, 87 Jan. Low. 69 '20 76 '20 69 Sept. 76 Sept EL PASO ELECTRIC CO. 0-¥ear 11% NotM. Series "A." Due July 1, 1925. Dated July 1, 1920. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $3,000,000 Outstanding 800,000 Reserved for Ext 2,200,000 Provisions of Issue-^See under "Security." Purpose of Issue — To pay off indebtedness incurred for new construction, and to retire $300,000 6% notes, due Aug. 1, 1920. Denominations — Coupon, $1,000, $600 and $100 interchangeable; registerable as to prin- cipal. Trustee — Guaranty Trust Co., New York. Redeemable at any time on 45 days* notice at the following prices and accrued interest: 103 before July 1, 1921; 102 July 1, 1921, to June 30, 1923; 101 July 1, 1923, to June 30. 1924, and 100 thereafter to maturity. Organization — See 1st CoU. Tr. 6s of 1932. Secured by pledge of all the bonds, notes and stocks of subsidiary companies now owned or hereafter acquired, which have an aggregate value of $6,000,000, subject to the lien of the 1st Coll. Tr. 6s. The trust deed includes the following pro- visions: Except for bank loans, maturing not later than one year, the company will neither Is- sue the remaining $2,200,000. authorized notes of this issue or any other bonds, notes or obligations unless, for eighteen consecutive months out of the preceding two years, earn- ings applicable to interest charges have been equivalent to at least two and one-half times the interest on all the company's funded debt, including the securities proposed to be issued and equipment obligations of subsid- iary companies, nor issue or incur any ob- ligations maturing before these notes. No subsidiary company shall issue any se- curities, except equipment obligations, unless they are pledged forthwith under the above Collateral Trust Issue, and subject thereto, held as further security for these notes. None of the remaining $2,200,000 author- ized notes shall be issued in an amount ex- ceeding the face or par value of additional securities of subsidiary companies which shall have been issued at not exceeding the actual cost of additions, improvements and better- ments, and which shall be pledged under the above mentioned Collateral Trust Issue and, subject thereto, held as further security for these notes. Prior liiens — Outstanding. 1st Coll. Tr. 5s, due 1932 $1,000,000 Earnings — See 1st Coll. Tr. 6s of 1932. Original Market — $800,000 offered in June. 1920, by Guaranty Trust Co. and Stone & Webster. Inc.. New York. etc.. at 96 and interest. Market Boston — Stone & Webster. Price Itangre 1920 „. , Bid. Ask. High 92 Sept. 96 Oct. Low 92 Oct. 95 Dec. EL PASO UNION PASSENGER DEPOT 1st 5s. Due Dec. 31, 1931. Dated Dec. 31, 1904. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $240*000 Outstanding: (Jan. 1, '21) 168 000 Ketired by S. E 72,000 468 Denomination — Coupon, $1,000. Regristerable ae to principal. Trustee — Equitable Trust Co., New York. Redeemable at par and interest on and after Jan. 1, 1916. Sinking Fund — $12,000 of the bonds are to be retired annually by lot at par and interest beginning Jan. 1, 1916. Gaaranteed principal and Interest by pro- prietary companies. Organization and Control — Incorporated in Texas in 1903. Leased in perpetuity to the following roads, each of which owns one-sixth of the stock: El P. & N. E. ; El P. & S. W.; Gal., Har. & S. A. (South Pac); Rio Grande & EI, P. (Atchison); Tex. & Pac. and Mex. Cent. Capitalization. Outstanding. Common $88,800 Funded debt 168,000 Secured by first mortgage on Union Passen- ger Depot and five miles of yard tracks in El Paso, Tex. Population. 80,000. Original Market — First offered by Eversz & Co., Chicago, Sept., 1905. Market. New York — Joseph Bird Ford. Cliicago — Eversz & Go. I^'ice Rang'e Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask, Bid. High 85 '19 92 '19 80 May Low. 80 '20 92 '19 80 May 1920, by Stephens & Co., San Diego, San Francisco and Los Angeles, at 100 and inter- est. Maiicet San Dieg:o, Cal. — Stephens & Co. EL SOLXO LAND CO. 1st 69. Due $35,000 each Mar. 1, from 1929 to 1931, inclusive. Dated March 1, 1920. Interest payable March 1 and Sept. 1, at Anglo-California Trust Co., San Francisco. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in California. ' Authorized $350,000 Outstanding 360,000 Purpose of Issue — To retire all other obliga- tions and supply funds to complete the mod- ern irrigation system, costing In excess of $125,000. The terms of the mortgage provide that before March 1, 1922, the additional sum of $50,000 be invested in permanent iniprove- ments to the property. Denomination — Coupon, $1,000. Trustee — Anglo-Callfornia Trust Co., San Francisco. Redeemable at 102 and Interest. Organization — Incorporated In California. Capitalization. Outstanding. Common $350,000 Funded debt 350,000 Secured by a first mortgage on 3,783 acres of high grade Irrigated agricultural land in Stanislaus County owned In fee. As of April, 1920, 3,441 acres were under irrigation. The San Joaquin River supplies abundant water at all times. The right to divert the water is protected by permit of the California State Water Commission, in addition to riparian rights inherent to the land. The property has been appraised at $691,681, an average of $182 per acre. The property has a three mile frontage on the San Joaquin River and ex- tends back two miles. The main line of the Southern Pacific Com- pany's West Side Railroad runs for one mile along the west boundary, affording adequate transportation facilities. During 1920 the chief crops will be barley, rice, celery, cab- bage, cauliflower, alfalfa and various garden truck. Original Market — $350,000 offered April, 469 EMPIRE DISTRICT ELECTRIC CO, (THE) 1st S. r, 68. Due Nov. 1. 1949. Dated November 1, 1909. Interest payable May and NoV. 1, at Trustee's oflfice. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding- (Jan. 1, '21) 3,069,000 Held in S. F 260,000 Fiedg:ed Under 1st Lien & Gen. 8s 1,800,000 Reserved for Ext 871,000 Reserved to Retire Certain Underlying Bonds 123,000 Reserved for Imp. (85%) 2,347,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Central Union Trust Company, New York, and Conqueror Tr. Co., JopUn, Mo. Redeemable at 105 and interest on any in- terest date on four weeks' notice. Sinking Fund — ^Annually 1% of outstanding bonds, beginning Oct. 1, 1915, for the pur- chase or redemption of these bonds at not ex- ceeding 105 and interest, or for the purchase of certain underlying bonds. In lieu of cash payments bonds of this issue, with all unma- tured coupons attached, will be equivalent to a cash payment of 105 and accrued interest. Instead of retiring bonds company may ap- propriate an amount equal to 2 % of outstand- ing bonds for improvements of the property; or part in cash and part in property in the above proportion. Bonds acquired are kept alive and interest added to fund. Organization and Control — -Incorporated In Kansas in 1909, as a consolidation of the Con- solidated Light, Power & Ice Co. (which had acquired the Missouri Ice & Cold Storage Co. and Southwest Missouri Light Co.), Joplin Light, Power & Water Co., and Galena Light, Heat & Power Co. Subsequently acquired the following properties: Columbus Electric Co., Weir City Light & Water Co., Spring River Power Co., Neosha Electric Light Co., and Empire Electric Power, & Supply Co. Also owns the entire capital stocks, except di- rectors' shares, of the Webb City & Carter- ville Gas Co., Carthage Gas Co. and the Empire District Electric Co. of Oklahoma. Controlled through stock ownership by the Cities Service Co. Capitalization: Outstanding. Common $3,000,000 Preferred (6% cum.) 1,003,900 •Funded debt 4,715,500 •Includes subsidiaries. Management — The Doherty Organization. Secured by a mortgage on all the property of the company now owned or hereafter ac- quired, and covers by first mortgage approxi- mately three-fourths of the company's com- bined property and by a general mortgage on the remainder. Further secured by deposit of $120,000 (entire issue) first mortgage bonds of the Empire District Elec. Co. of Okla., and also by deposit of the stocks, except di- rectors' shares, of Webb City & Cartervllle Gas Co., Carthage Gas Co., and Empire Dis- trict Electric Co. of Okla. The property covered includes 5 generating stations of a total capacity of 46,600 k. w., together with electric transmission and dis- tributing lines, and gas and ^ater mains. The communities served include the follow- ing; Electric Franchise Expires. Unlimited Jan., 1926 June, 1926 ' Unlimited Oct., 1925 Dec, 1924 Apr., 1930 Aue., 1931 July, 1932 Apr.. 1«30 Aug., 1937 Mar., 1937 Sept., 1932 Mar., 1924 Population. tJoplin, Mo 40,000 •■Webb City, Mo 17,300 •Cartervllle, Mo 6,600 •Carthage, Mo 12,600 Qalena, Kan 10,000 Empire City, Kan Oronogo, Mo 2,700 tWeir City, Kan 2, 300 Scammon, Kan 2,300 Columbus, Kan 6,000 Mineral, Kan Baxter Springs, Kan.... 4,200 •Neosho, Mo 4, 300 Carl Junction, Mo Other Districts 43,000 Total 149,100 •The company also supplies these communi- ties with natural gas. tThe company also supplies these communi- ties with water. Natural Gas franchises of the company ex- pire; Webb City, Mo., May, 1926; Cartervllle, Mo., June, 1926; Carthage, Mo., Nov., 1922: Neosho, Mo., July, 1927. Water franchises of the company expire: Joplin, Mo., June, 1924; Weir City, Kan., Dec, 1934. In addition to the above franchises the com- pany holds grants from , Jasper and Newton Counties, Mo., and Cherokee County, Kansas, for the transmission and sale of electrical en- ergy for power purposes. Prior liiens — Subject to $1,132,500 prior liens as follows: Southwest Missouri Lgt. Co. 6s of 1921 J39,000 Southwest Missouri Lgt. Co. 5s of 1926 58,000 Missouri Ice & Cold Storage Co. 5s of 1923 26,000 Spring River Power Co. 5s of 1930. . .695,000 Empire Electric Power & Supply Co. 5s of 1921.. 4,600 Webb City & Cartervllle Gas Co. 1st serial 6s 35,000 Webb City & Cartervllle Gas Co Gen. L. 63, 1940 146,008 Carthage Gas Co. 1st Cs, 1926 35,000 Carthage Gas Co. Gas L. 6s, 1940.... 76,000 Empire District Electric Co. of Okla. 1st 5s, 1949 120,000 Underlies — 1st Lien & Gen. Mtge. of 194J. Years ended Dec. 31. Net. Interest. $700,718 $222,065 487,221 236,665 420,873 238,233 Listed on London Stock Exchange. Original Market — Offered in 1912 by Parr's Bank, Ltd., London, at 92%, and by Henry L. Doherty & Co., New York, $600,000 offered June, 1917, by Arthur Perry ft Co., Boston, at 92% and interest. Market. New York — Henry L. Doherty & Co., Fred H. Hatch & Co., Barle A. Miller & Co., Vanderhoef & Robinson. Boston — Moors & Cabot, Arthur Perry & Co., Pond & Co. Fhlladelpliia — Bauer, Starr & Co., Samuel McCreery & Co. Providence, R. I. — Sartorlus & Co. Price Range. Jan. 1, '17, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 90 '17 95 '17 67 Dec. 75 Oct. Low. 58 '20 . 60 '20 58 June 60 Mar. 1920 .. .. $2,696,520 1919 .. 2,131,163 1918 .. 1,785,358 £MPIR£ DISTRICT ELEXJTRIC CO. (THE) 1st lien & Gen. 8s. Due Nov. 1, 1949. Dated Nov. 1, 1920. Interest payable May 1 and Nov. 1 in New York. Tax Status — 2% Federal Income Tax paid by the Company without deduction: ' Penn- sylvania State Tax refunded. Authorized — See "Issuance Restrictions." Outstanding (Jan. 1. '21) $600,000 Issuance Restrictions — First Lien and General Mortgage Bonds in excess of $1,800,- 000, principal amount, may be issued only when secured by deposit of an equal prin- cipal amount of First Mortgage 5% Bonds, but no such bonds in excess of $1,725,000, principal amount may be issued unless the net earnings of the Company, as defined in the mortgage, for twelve consecutive calen- dar months ending not more than ninety days prior to the request for certification ohall have been at least twice the total an- nual interest requirements on all prior lien londs outstanding with the public, and on U.11 First Lien and General Mortgage Bonds, inciuamg those to be issued. Subject to compliance with the foregoing. First Lien au'i General Mortgage Bonds may be issued in series bearing such rate or rates of in- terest and maturing at such time or times as the Board of Directors may determine. While bonds other than the First Lien and General Mortgage Bonds may be issued under the mortgage in accordance with re- strictions set forth therein, they shall not be designated as First Lien and General Mortgage Bonds and shall have no share in the security afforded by First Mortgage 5% Bonds, which are deposited specifically and exclusively to secure payment of principal and interest on First Lien and General Mortgage Bonds. Purpose of Issue — To reimburse the treas- ury of the Company for expenditures for improvements and extensions to the Com- pany's properties, including additions to the Riverton power station. Denominations — Coupon $1,000, $500 and $100; interchangeable and reglsterable as to principal. Registered $1,000 and multiples thereof. Trustee — Equitable Trust Co., New York. Redeemable on any interest date upon 60 days' notice at the principal amount there- of, plus accrued interest, together w^ith a premium of 10%, if redeemed on or before Nov. 1, 1925; of 7%% if redeemed on or before Nov. 1, 1935; of 5% if redeemed on or before Nov. 1, 1945; and if redeemed thereafter, of 1% for each complete year intervening between the date of redemption and Nov. 1, 1949. Sinking and Improvement Fund — The Company covenants that it will on Novem- ber 1st of each year beginning 1921 retire 1 % % of the aggregate amount of First Lien and General Mortgage Bonds and prior lien bonds outstanding with the public on the preceding first day of October. If in any year the Company retires bonds in excess of the necessary amount, such excess will be credited to future requirements. The covenant to retire bonds may be satisfied in whole or in part by investment in the elec- tric light and power properties of the Com- pany or of The Empire District Electric Company of Oklahoma of an amount equal to twice the principal amount of the bonds to be retired. Organization, etc. — See 1st S. F. 5s. Secured by a general mortgage on all the property of the company. Additionally secured by pledge of $1,800,000 1st 5s of 1949 and by pledge of all the outstanding first mortgage bonds and all the capital stock (except qualifying shares) of the Em- pire District Electric Co. of Oklahoma. For details of property see 1st S. F. Bs. . F^*"U^^'*s — Outstanding. 1st S. F. 5s of 1949 $3,069,000 Divisional Mtge. Bonds (closed)... 1,012,500 Caiiuners — See 1st S. F. 5s. Origiiial Market — $1,725,000 offered Jan., 1921, by Halsey Stuart & Co., New York, etc., and Arthur Perry & Co., Boston, etc., at 98 ^A and interest. Market Boston — Arthur Perry & Co. Chicago — Halsey, Stuart & Co. Cleveland — The Prichard-Casler Co. Price Ran^e. Jan. X, '16, to Jan. 1, '21 1930 Bid. Ask Bid. Ask, High 99 '16 100 '16 70 Sept. 82% Jan. Low. 65 '20 69 '20 65 Dec. 69 Dec. EMPIRE GAS & ELECTRIC CO. and EM- PIRE COKE CO. Joint Ist & JCef. 5s. Due March 1, 1941. Dated March 1, 1911. Interest payable payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized $5,000,000 Outstanding- 2,209,000 Reserved for Ext 1.825.000 Reserved for Prior liens 966,000 Denomination — Coupon, $1, 000, Hegrister- able as to principal. Trustee — The Pennsylvania Company for In- surances on Lives and Granting Annuities, Philadelphia, Pa. Redeemable at 102 and Interest on any In- terest date on and after March 1, 1914. Improvement Fund — An amount equal to 2 % of outstandinr bonds must be set aside an- nually for improvements and betterments. Organization and Control — Incorporated In New York in 1911 as a consolidation of the companies supplying electric light and power in Auburn, Phelp, Palmyra, Newark. Lyons, Clyde, "Weedsport, Geneva, Seneca Falls, Wa- terloo, N. Y. ; gas in Auburn. Seneca Falls, Waterloo, Geneva, Phelp. Palmyra, Newark and Lyons, and steam heating in Auburn. Controlled through stock ownership by the Empire Coke Co. Capitalization. ' Outstanding. Common $1,756,000 Preferred (6% cum.) 350.000 Preferred (7%% Cum.) 140,000 Funded debt 4,956,000 Secured by mortgage executed severally by the Empire Gas & Electric Co. and the Em- pire Coke Co. and a direct first mortgage on all the properties formerly owned by the Au- burn, Light, Heat & Power Co. and the Au- burn Subway & Electric Co.; a first collateral lien on all the property of the Geneva Gas Improvement Co., and a direct mortgage sub- ject to .prior liens on the properties formerly owned by the Interu rban Gas Co. , Seiieca Palls & Waterloo Gas Light Co. and Auburn Gas Co. and the Central New York Gas & Electric Co. Franchises are perpetual except In Seneca Falls, where it extends to 1950. Prior Liens — $432,000 Interurban Gas Co. and Empire Coke Co. Joint 1st 5s of 1923, $168,000 Auburn Gas Co. 1st S. F. 5s of 1927; $276,000 Cons. Bs of 1930, and $52,000 Sen- eca Falls & Waterloo Gas Light Co. 1st 6s of 1930, for the retirement of which bonds of this issue are reserved; and also Central New York Gas & Electric Co. 1st 5s of 1941. Years ended Dec. 31 (consolidated). Gross. Net. Interest. 1920 $2,814,717 $332,413 $286,402 1919 2.486,870 398,575 273,914 1918 2.675,313 451,611 255,951 Original Market — Offered in 1911 by Francis R. Welsh of Philadelphia at 97% and Interest. Market. New York — Fred H. Hatch & Co., Van- derhoef & Robinson. Philaclelphia — Bauer, Starr & Co., Hun- toon & Co. EMPIRE GAS & FUEL CO. Ist & Coll. Tr. S. E. 68. Due May 1, 1926. Dated May 1. 1916. Interest payable May 1 and Nov. 1, at Trustee's oflfice. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $14,000,000 Outstandingr (Jan. 1, '21) 8,797,500 Retired by S. F 5,202,500 Denomination — Coupon, $1,000 and $600. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable in whole or in part by lot, upon 4 weeks* published notice, on any interest date until May 1, 1920, at 102 and accrued inter- est; thereafter to May 1, 1923, at 103 and accrued interest, and thereafter at 104 and accrued Interest. Sinking Fund — ^A sum . must be set aside sufficient to retire following minimum amounts of bonds by purchase at a price not to exceed the then effective redemption figure, or call at that price, upon the dates specified: Com- mencing November 1, 1916, with the amount of $350,000 payments to be made semi-an- nually. May 1 and November 1, the amount to be increased $50,000 up to and in- cluding May 1, 1921, all subsequent payments to be $850,000 until November 1, 1925. Bonds in Sinking Fund are cancelled. Improvement Fund — ^At least 60% of net earnings, after interest and sinking fund pay- ments, as defined in Trust Indenture, must be used In extensions, improvements or better- ments to the property of the Company, or its subsidiaries ; or if not so used, must be paid over into Sinking Fund and applied to retirement of additional bonds. Guaranteed principal, interest and sinking fund by the Cities Service Co. by endorsement. Organization and Control — See Conv. 6% Notes. Secured by a first lien either directly or by deposit hereunder of substantially all the se- curities of subsidiary companies now owned or acquired. None of the subsidiaries have any mortgage debt and no mortgage debt shall be created unless the entire issue of bonds created thereby is pledged under this mortgage as additional security. For details of property see Conv. 6 % notes. Underlies — 1st & Ref. & Col. Tr. S. F. 6s of 1939, all of which are pledged to secure Conv. 8% notes. Bonds are reserved under the above mortgage to retire this issue. Earnings — See Conv. 6% Notes. Original Market — Offered April, 1916, by Montgomery, Clothier & Tyler, J. & W. Sel- man & Co. , Kissel, Kinnicutt & Co. and White, Weld & Co. at par and interest. Market. New York — Henry L. Doherty & Co., Dun- ham & Co., Sam'l Goldschmidt, Hartshome & Battelle, Morton Lachenbruch & Co., Mar- tin, Berwin & Co., Earle A. Miller & Co., R. A. Soich & Co., Vanderhoef & Robinson. Boston — Moors & Cabot. Philadelphia — Bauer, Starr & Co., Henry D. Boenning & Co., Elkins, Morris & Co., William W. Fogarty, C. Clothier, Jones & Co., Lloyd & Palmer, McCown & Co., Samuel McCreery & Co., Montgomery & Co., Samuel K. Phillips & Co. l/ouisville, Ky. — Fidelity and Columbia Trust Co. 471 Price Range. v Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 99% '17 100% '17 97 Mar. 99 Sept. Low. 90 '17 9iy2'17 91 May 92% Dec. EMPIBS: GAS & FUEL CO. Bond Secnred S. F. Conv. 6% Notes. Dne June 16, 1924. Dated June 16, 1919. Interest on coupon notes payable Jan. 1 and July 1, and regis- tered payable monthly at office of Henry L. Doherty & Co.. New York. Tax Status — 2 % Federal Income Tax raid by the Company without deduction, l^^iinayl- vania State Tax refunded. Authorized $25,(>00,0y0 Outstanding: (Jan. 1, '21) 19,087.000 Retired by S. F 3,071,800 Converted 2,841,200 Denomination — Coupon, $1, 000 ; registerable as to principal. Registered $100, $500, $1,000 and $5,000 and any multiple thereof. Trustee — Bankers' Trust Co., N. T. Redeemable at any time on 30 days' notice at such a premium as would make the yield basis 5% to June 16, 1924. but not exceed- ing 102 and interest. This would make the call price 102 and interest until April 28, 1922; 101.43 and interest on December 15, 1922; 100.96 and interest on June 15, 1923; 100.49 and interest on December 15, 1923. Sinking Fund — Monthly beginning Oct. 1, 19«19, an amount sufficient to retire 1 % of notes outstanding two calendar months pre- vious thereto. This fund is to be applied to the purchase or redemption of these notes at not exceeding the call prices. Notes so ac- quired are to be cancelled. Convertible at any time par for par. Into 8 % non -voting cumulative preferred stock of the Company. Privilege expires 60 days prior to date of maturity, and in the event of a call of notes for redemption, three weeks after date of the first publication of notice of call. Organization and Control — Incorp. Sept. IS, 1912, under the laws of the State of Dela- ware, as the Western Gas & Fuel Company, existence perpetual. Licensed to operate in Kansas. Name changed, on October 3, 1912, to Empire Gas & Fuel Company. On April 26, 1916, company increased capital stock from $7,500,000 to $12,500,000, and acquired the property of the Continental Oil & Gas Com- pany. On June 12, 1919. the Empire Gas & Fuel Company (Del. ) was formed by consolidation of the old company of same name and Southwestern Industries Company. Effective July 1, 1919, the property of the Empire Gas St Fuel Company. Inc., of Oklahoma, was ab- florbed and controlling interest acquired in the following companies: Empire Gas & Fuel Co. (Me.), Empire Gas & Pipeline Co. , Empire Gasoline Co., Empire Petroleum Co., and Em- pire Refining Co. Empire Gas and Fuel Company owns leaseholds on 22,000 acres of fully demon- strated and partly developed oil lands in the Eldorado and Augusta fields in Butler County Kansas, where it has in operation over 1,700 producing- oil wells. The com- pany has acreage in the Elbing- pool, the Teeter pool and the Beaumont pool, and other producing- districts in Kansas; in the Garber field, the Osage Reservation, In Col- ton and Stephens Counties and in other areas of demonstrated value in Oklahoma, and large acreage in Texas, Louisiana and other oil producing states. With subsidiaries, leaseholds for oil and gas are controlled on in excess of 3,000,000 acres in various Mid- Continent fields. Through subsidiaries, a natural gas system of more than 1,300 miles of trunk lm«a covering portions of Okla- homa, Kansas and Southwestern Missouri is operated, these natural gas subsidiaries transporting and marketing an average of 100,000,000 cubic feet of gas daily. In 1920 Empire Gas and Fuel Company and sub- sidiaries produced more than 13,600,000 bar- rels of high-grade refinable crude oil. Empire Refining Company owns, directly or through subsidiaries, refineries in Okla- homa City, Ponca City, Gushing and Okmul- gee, Oklahoma, Independence, Kansas, and Gainesville, Texas, with an aggregate ca- pacity of 31,250 barrels of crude oil daily. With, or through subsidiaries, it owns oil storage tanks of a combined capacity in ex- cess of 5,000,000 barrels; 607 miles of field gathering pipelines and 325 miles of trunk pipelines running from the Eldorado and Augusta fields of Butler County, Kansas, and other fields which reach the large trunk pipelines running to ports on the Gulf of Mexico and the Atlantic Seaboard; operates 2,133 railroad tank cars. Empire Gas and Fuel Company (Texas) owns leaseholds on nearly 2,000,000 acres, covering both oil and gas rights, in the State of Texas, located in promising territory com- prising in part some 250,000 acres in the principal oil producing sections of the state, including leases in Eastland, Stephens, Shackleford, Comanche and Palo Pinto Counties. Empire Petroleum Company is engaged in purchasing and selling crude and refined oils at wholesale and carries and finances these products by pledging them on acceptances and advances. Empire Gasoline Company operates a num- ber of plants for the extraction of gasoline from natural gas and from casinghead gas, producing about 13,000 gallons of gasoline daily. Empire Gas and Pipeline Company is a part of the transportation system of the natural gas properties. Controlled through stock ownership by the CItleEi Service Co. Capitalization. Outstanding. Common $62,500,000 Preferred (6% cum.) 17,841,200 Funded debt 27,884,500 Security — ^A direct obligation of the Empire Gas & Fuel Co. (the Issuing company) and also of the Empire Refining Co. , Empire Gas & Fuel Co. (Texas), Empire Gasoline Co., Em- pire Petroleum Co. and Empire Gas & Pipeline Co., which companies Joined in the execution of the Note Indenture and also the mortgage securing the Bonds pledged hereunder as col- lateral consisting of $60,000,000 Empire Gaa & Fuel Co. First and Refunding Mortg^e and Collateral Trust Sinking Fund 6 % Bonds dated June 16, 1919, and maturing June 16, 1939. The bonds pledged as collateral are part of an issue of $150,000,000 of which $18,774,- 000 is reserved for retirement of the under- lying divisional bonds; $30,000,000 may be issued for proper corporate purposes; and the remaining bonds may become out- standing during the life of these notes at the rate only of $50 in Bonds for each $100 additional expenditure for capital account. The Mortgage securing these Bonds pro- vides that the company must either use B0% of the gross receipts from the sale of crude oil for the redemption of bonds, or expend for capital account in the various properties 76% of such receipts. The company may anticipate either of these requirements and may also deposit either cash, ■ or bonds of the author- ized issue at par in the satisfaction of such sinking fund requirements. The mortgage In- cludes an amortization provision which in any event will retire all of the bonds at maturity. Under the provisions of the Note Indenture the company may withdraw collateral to the 472 extent of $1,600 principal amount ot Bonds for each 11,000 principal amount of all Notes refleemed until the ratio of Bonds collateral to Notes outstanding will be three to one, which ratio of collateral will thereafter be maintained. Prior laens — Outstanding. Empire G. & F. 1st & Coll. Tr. 6s, — '■^^^ $8,797,600 Empire Refining 1st & Coll. Tr., 1^2'' 5,934,500 „v, ^ $14,732,000 The above mortgages are closed. Original Market — $26,000,000 offered Au- gust, 1919. by Henry L. Doherty & Co.. New Tork, etc., at 97% and interest. Market. winr'J T Yoi'k— Babcock, Rushton & Co., §f^*7v, Doherty & Co., Sam'l Goldschmidt, Hartshorne & Battelle, Morton Lachenbruch & Co., Martin, Berwin & Co Earle A Miller & Co.. R. A. Sach & Co.? Vanderhoti & xtODinson. Boston — Moors & Cabot, LouisviUe, Ky.—Block, Fetter & Co., Geo. T. Wood & Son. Grand Rapids, Mich.— Corrigan Co. ±^ttsbui-gh — Continental Trust Co.. Moore Leonard & Lynch. Baltimore — WiUiam E. Holloway Rock Island, 111.— Litten & Roberts. Omaha. Neb. — Stern Bros. & Co. Price Rangre 1920 ^, ^ Bid. Ask. ^^Sii 89 Jan. 97 Jan. Low 80 Dec. S3 Aug. EMPIRE GAS & FUEL COMPANY, Bond Secured S. F. Conv. 8% Notes. I>ue Jan. 15, 1924. Dated October 1, 1920. Interest on coupon notes April 1 and October 1; and registered payable monthly at office of Henry L Doherty & Co., New Tork. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Penn- sylvania State Tax (4 mills) refunded. Authorized $15,000,000 Outstandmg: 5,000,000 Unissued 10,000,000 Benommations — Coupon, $1,000; register- able as to principal; registered $100, $500 $1,000, $5,000 or multiples. Trustee — Bankers Trust Company, New York. Redeemable at any time on 30 day;^' no- tice at such premium as would make the , yield basis 7% to June 15, 1924, but not exceeding 103 and interest. Sinking Fund — Monthly beginning April 1, 1921, an amount sufficient to retire 1% of the principal amount of notes outstanding two calendar months previous thereto. This fund is to be applied to the purchase or redemption of these .notes at not exceeding the current call price. Convertible par for par into 8% Cumu- lative Preferred stock of the company. Privilege expires 60 days prior to the date of maturity and in the event of the calling of notes for redemption three weeks after date of the publication of notice of call. Orgranizatlon and Control — See Conv. 6% notes. Secuiity — This indenture is executed jointly by the Empire Gas & Fuel Co., Em- pire Refining- Co., Empire Gas & Fuel Co. of Texas, Empire Gasoline Co., Empire Petrole- um Co. and Empire Gas & Pipeline Co., and secured by a pledge of the Empire Gas & Fuel Co. 1st and Ref. Mtge. and Coll. Tr. S. F. 6s, due June 15, 1939, equal in prin- cii>al amount to twice the principal amount of these notes outstanding. All companies 473 joining in the note indenture, also join in the execution of the mortgage securing these bonds. The collateral issue is secured by a first collateral or trust mortgage upon the entire properties of these companies, subject to $14,732,000 divisional underlying bonds (closed issues), equipment trust serial notes aggregating $331,871, and pledges of crude and refined oil. Original Market— $5,000,000, offered Feb- ruary, 1921, by Henry L, Doherty & Co., New Tork, and Sutro & Company, San Fran- cisco, at 95 and interest. Market New York — Henry L. Doherty & Co. Rock Island, 111. — Litten & Roberts. EMPIRE OIL PURCHASING CO. 7% Par- ticii>ating: Notes. Due Sept. 1, 1923. Dated March 1, 1921. Interest payable Sept, 1 and aMrch 1, at H. L. Doherty & Co., New York. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authorized $10,000,000 Outstanding 10,000,000 . . Purpose of Issue — Proceeds of this issue w^ill be used for purchasing or contiacting to purchase crude oil or refined products for immediate or future delivery. Denominations — Coupons, $1,000, $500 and $100. Trustee — Bankers' Trust Co., New Tork. Redeemable at any time on 30 days' no- tice at 100 and interest. Guaranteed principal and interest by en- dorsement by the Empire Gas & Fuel Co. Pai-ticipating Privilege — After providing for the usual expenses in connection with the operations of the Company, including taxes and interest, all net profits resulting from, operations conducted by Empire Oil Purchasing Company will be divided in the ratio of 33 1-3% to the holders of these notes, and 66 2-3% to the Company. If called for redemption note holders will receive certificates of participation repre- senting their porportionate share of any time thereafter, as determined by the Com- pany, but in any event by Sept. 1, 1923. Oi'ganization and Control — Incorporated in Delaware in 1921 for the purchase, handling, selling and dealing in crude oil and products of crude oil. The entire capital stock ex- cept qualifying shares, is owned by the Cities Service Co. Common. Outstanding. Common 10,000 shs. Funded debt $10,000,000 Security — A direct obligation of the Com- pany but not secured by a mortgage. Original Market — $10,000,000 offered Feb- ruary, 1921, by Henry L. Doherty & Co., New York, at 100 and interest. EMPIRE PASSENGER RAELWAY Ist 3%8. Due March 1, 193D. Dated March 1, 1900. Interest payable March 1 and Sept. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Penn. Authorized and Outstandings $200,000 Denomination — Coupon, $1,000. Trustee — Land Title & Trust Co.. Philadel- phia. Orfiranization and Control — Incorporated In Pennsylvanid. in 1869. Leased to Union Traction Co. for 999 years. This company is leased to Philadelphia Rapid Transit Co. The entire capital stock Is owned by the Philadelphia Traction Co. Capitalization. Outstanding. Common $600,000 Funded debt 200,000 Secured by a first mortgage on 10 milea of street railway forming an important part of the atreet railway system in Philadelphia, Pa. EMPIRE REFINING CO. 1st Mtge. & CoU. Trast S. F. Ga. Due Feb. 1, 192'7. Bated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $10,000,000 Outstandingr (Jan. 1, '21) 5,934,500 Retired by S. F 4,065,500 Denomiuation — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable as a whole or in part by lot, or for sinking fund, upon 4 weeks' notice on any interest date at 104 and interest until and including Feb. 1, 1921; 106 and interest there- after until and including Feb. 1, 1924, and 108 and interest thereafter. Sinkine Fund — ^Semi-annually, beginning Aug. 1, 1917, amounts sufficient to retire an- nually 10% of the largest amount of bonds at any time certified and issued less the amount of any bonds which may be retired through the release of property mortgaged, for the pur- chase or redemption of these bonds at not over redemption prices (see above). Bonds ac- quired to be cancelled. Improvement Funds — At least 60% of net earnings, after interest and sinking fund payments must be used for improvements, etc., to the property of the Company, or its sub- sidiaries, or in acquisition of new properties; or, if not so applied, to be paid into sinking fund for the retirement of additional bonds. Guaranteed principal, interest and sinking fund by the Empire Gas & Fuel Co. of Dela- ware by endorsement. The guarantor com- pany controls practically all oil and natural gas producing properties of the Cities Service Co. Organization and Control — Incorporated in Delaware in January, 1917, and acquired the following Oklahoma properites: American Re- fining Co., Okmulgee; Ponca Refining Co., Ponca City, Gushing Refining Co. , Peerless Refining Co., Gushing, and the Oklahoma Re- fining Co., Oklahoma City. The Empire Refining Company stores, trans- ports, refines and markets petroleum and its products. It owns directly five refineries in Oklahoma which are located as follows: one in Oklahoma City, one at Ponca City, two at Gushing, and one at Okmulgee. In addition, the Company owns capital stock, except di- rectors' shares, of the following companies: Empire Refineries, Inc., which operates under lease the refineries in Oklahoma; Standard Asphalt & Refining Company of Independence, Kansas, which owns the capital stock of the Standard Emarex Company; Producers Refin- ing Company of Gainesville, Texas; and Em- pire Pipeline Company operating a pipe line In Kansas, Oklahoma and Texas. The seven refineries, located in the states of Kansas, Oklahoma and Texas, have a total capacity of 31,260 barrels of oil daily. The entire capital stock Is owned by the Empire Gas Fuel Co. Capitalization. OutstandimT. Common $10,000,000 Funded debt 5,934,500 Secured by first mortgage on all property of Company owned or hereafter acquired, and through deposit of stocks of subsidiaries, a first lien on all property of every description owned or hereafter acquired by Company and Its subsidiaries. None of the companies whose stocks are pledged under the mortgage has any mortgage Indebtedness outstanding and the indenture provides that none of them shall create any mortgage on their property unless the entire issue of bonds secured by such mortgage is pledged with the Trustee as additional security. All but not any part of the stock of the Empire Pipeline Co. or the Producers Refin- ing Co. may be released upon the substitution of property of a value of at least one-third greater than the value of the stock released. Indenture also provides that the stock of the Empire Pipeline Co. may be released by the retirement and cancellation of not less than $1,760,000 par value of bonds of this issue: and that the stocks of the Producers Refining Co. may be released by retirement and cancel- lation of not less than $1,500,000 par value of bonds of this issue. Underlies- — Empire Gas & Fuel Co. 1st & Ref. and Coll. Tr. 6s of 1939 $50,000,000 being pledged *to secure Empire Gas & Fuel Co. Conv. 6% notes due June 15, 1929. Earnings — See Empire Gas & Fuel Co. Conv. 6% Notes. Original Market — $7,000,000 offered Jan., 1917, by Montgomery, Clothier & Tyler, Phil- adelphia; Kissel, Kinnicutt & Co., Henry L. Doherty & Co., New York; Robert Glendinnlns & Co., Philadelphia, and Kinsley & Adams, Worcester, Mass. at 100 and interest. Market. New York — Henry L. Doherty & Co., Dun- ham & Co., Hartshorne & Battelle, Morton Lachenbruch & Co., Vanderhoef & Robinson. Boston — Moora &. Cabot. Fhiladelphiai — Bauer, Starr & Co., Henry D. Boenning & Co., Elkins, Morris & Co., Lloyd & Palmer, McCown & Co., Samuel McCreery & Co., Montgomery & Co., Samuel K. Phillips & Co. Pitt&burgrh — Stout & Co. Price Range. Jan. 1, *18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '18 100 '18 87 Mar. 92% Jan. Low. 75 '20 80 '20 75 Aug. 80 Aug. EQUITABI;E coke company 6% Notes. Oue $300»000 each June 1 and Dec. 1, from June 1, 1920. to Dec. 1, 1921. in- clusive. Dated Dec. 1, 1919. Interest payable June 1 and Dec. 1 at Union Trust Company, Pitts- burgh. Tax Status^Payment of Federal Income Tax not assumed by company. Authorized $1,200,000 Outstanding: (Jan. 1, '21) 600,000 Matured and Paid 600,00p Denomination — Coupon $6,000 and $10,000. Tmstee — Union Trust Copmany, Pittsburgh. Redeemable on any interest date at 101 and interest upon 30 days' notice. Guaranteed principal and interest by the Philadelphia Company by endorsement. Organization and Control — Incorporated in Pennsylvania In 1916. The company owns In fee 3,000 acres of thick vein unmined Free- port coal ; more than 3 50 acres of surface lands; 114 frame buildings of substantial con- struction and lighted by electricity; and the Gheswick and Harmar Railroad, consisting of nearly six miles of line. Company's prop- erties are located in Springdale and Ghes- wick Boroughs, Allegheny County, Pennsyl- vania, in what is known as the Bessemer Field, Freeport Vein. The mining operation is modern and equipped with steel tipple, with a capacity of 2,000 tons per day, power plant, store rooms, oil house and electric motors and up to date electric haulage system throughout. Controlled through stock ownership by the Philadelphia Company. 474 Capitalization. Outatandiii^. Common , $500,000 Funded debt 600,000 Security — A direct obligation of the com- pany but not secured by a mortg'aire. There are no liens against the property of the com- pany. Under the trust agreement the com- pany covenants that while any of these notes are outstanding It will not confesB any judg- ment, make any mortgage, deed of trust or create or permit to exist any secured Indebted- ness upon or against any of its property, and It Is further provided that the debts of the company (including contingent liabilities) In- cluding any matured notes of this issue shall not exceed at any time $250,000. Year ended Bee. 31. Gross. Net. IntereBt. 1919 $875,856 $260,194 $129,915 Original Marlcet — $1,200,000 ofCered Decem- ber, 1919, by Union Trust Company of Pitts- burgh. MarKet Pittsburgh — ^The Union Trust Co. Market. New York — Simon Borg & Co. Price Range. Jan. 1, '10. to Jan. 1, '31 1930 OP EQUITABI.E GAS & EliECXRIC CO. UTICA 1st 5s. Due April 1, 1943. Dated April 1, 1902. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstauding. .. .$1,000,000 Denomiiiation — Coupon, $1,000. Trustee — Central Trust Co., New York. Assumed by Utica Gas & Elec. Co, Control — Absorbed by UtIca Gas & Elec. Co. Secured by a first mortgage on plants for- merly belonging to Equitable Gas & Elec. Co. and second mortgage on remaining plants sup- plying gas and electricity to Utica, N. T., and vicinity. Population served by company, 130,000. Franchises are perpetual. Prior Lien — $770,000 The Utica Electric Light & Power Co. 1st 5s of 1950 as to part of the property covered by this mortgage. Underlies — Utica Gas & Elec. Co. Ref. & Exfn 5s of 1957. Earnings — See Utica Gas & Elec. Co. Market. New York — Fred H. Hatch & Co. Boston — Coffin & Burr. Utica, N. Y. — Mohawk Valley Investment Corp, Price Range. Jan. 1, '09, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 103 '12 105 '09 90 Feb. 95 Mar. Low. 70 '20 95 '19 70 July 95 Mar. EQUITABLE GAS LIGHT CO. (Memphis) let 58. Due May 1,' 1929. Dated April 12, 1899. Interest payable May and Nov. 1, at Trustee's office. Deferred Interest — May 1 and Nov. 1, 1920, interest was paid 45 days after it was due with interest. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .. .$1,250,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by Memphis Consolidated Gas & Electric Co. Control — Absorbed by Memphis Consolidated Gas & Electric Co. Secured by a first mortgage on plants of former Eauitable Gas Light Co.. which supply practically all of the gas to Memphis, Tenn., and vicinity. Population served, 165,000. Underlies — Memphis Consolidated Gas & Elec. Co. Cons. 5s of 1943, which provide for the retirement of this issue. Bid. High 102 '10 Low. 55 '20 Ask. 103 '10 73 '20 Bid. Ask. 68 Nov. 73 Dec. 55 June 73 Dec. EQUITABLE GAS LIGHT CO. OF NEW YORK Cons, (now First) 5s. Due March 1. 1932. Dated March 1 , 1892. Interest payable March and Sept. 1, at Central Union Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized Closed mortgage Outstanding $3,500,000 Denomination — Coupon^ $1,000. Register- able as to principal. Registered, $1,000. Trustee — Central Union Trust Co., New York. Assumed by the New Amsterdam! Gels Co. Control — Merged In 1898 Into the New Am- sterdam Gas Co., almost 99% the entire cap- ital stock of which company is owned by the Consolidated Gas Co. of New York. Secured by a first mortgage on gas holders on about 14 acres in New York City, being three blocks between First Ave. and East River, 39th and 42d Sts., 32 lots between 58th and 69th Sts. and 10th and 11th Aves., and four lots at the southeast corner of 59th St. and 11th Ave.; also about 135 miles of mains. Underlies — New Amsterdam Gas Co. 1st Cons. 5s of 1948, which provide for the retire- ment of this issue. Listed on the New York Stock Exchange. Market. New York — Theodore L. Bronson & Co., Finlay & Davenport, Fred H. Hatch & Co., W. E. R. Smith & Co., Tobey & Kirk. Price Range — N. Y. S. E. Jan. 1, '07, to Jan. 1, '21 1920 Bid. Ask. High 106% May 9. '11 73 Aug. 94 Dec. Low. 92 Dec. 13, '07 73 Aug. 80 Sept. 475 EQUITABLE ILLUMINATING GAS LIGHT CO. OF PHILADELPHIA 1st 5s. Due Jan. 1, 1928. Dated February 1, 1898. Interest payable Jan. and July 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $7,500,000 Outstanding: (Jan. 1, '21) 2.694,000 Held in S, F. 4,806,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — New York Trust Co., New York. Redeemable at 105 and interest for sinking fund only. Sinking Fund— $124,000 annually, together with accumulated interest, to be applied to purchase or redemption of these bonds at not exceeding 105 and interest. Bonds acquired are kept alive and interest added to fund. Organization and Control — Incorporated in Pennsylvania in 18 98 and acquired lease of the gas plants supplying Philadelphia from the City of Philadelphia. The United Gas Im- provement Co. owns a majority of the com- mon stock. Capitalization. Outstanding, Common $3,125,000 Prefered (6% cum.) 3,125.000 Funded debt 7,500,000 Secured by a lease on gas plant owned by the city supplying all gas In Philadelphia, serving a population of over 2,000,000. Lease expires In 1928 and property reverts to city. Xiisted on the Unlisted Department of the Philadelphia Stock Exchange. Original Market — Offered in 1898 by J. & W. Seligman & Co., New York, and First Na- tional Bank, Philadelpha, at IOZV2 and inter- est. Market. New York — Sam'l Goldschmidt, Harts- liorne & Battelle, Watson, Armstrong: & Co. Philadelphia — Barnes & Lofland, Biddle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Elkins, Morris & Co., Graham Parsons & Co., Samuel McCreery & Co., Ma- g-ill & Co., Reed A. Morgan & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '08, to Jan. 1, *Z1 19S0 Bid. Ask. Bid. Ask. High 107% '08 110 '08 99% Oct. 101% Oct. Low. 96 '20 99 '20 96 Oct. 99 Nov. ERIE & JERSEY RAILROAD Ist 6b. Due July 1, 1955. Dated July 1, 1905. Interest payable Jan- uary 1 and July 1, at 50 Church St., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. ' Authorized $7,400,000 Outstanding 7,298,000 Retired by S. F 102.000 Denomination — Coupon, $1,000. Heslster- able as to principal or fully registerable. Registered, $1,000, $5,000 and $10,000. C, & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable on any Interest date at 110% and interest prior to July 1. 1920. and at 115% and interest thereafter. Sinking Fund — $26,000 per annum plus 6% on bonds redeemed, beginning April 1. 1916, to be applied to the purchase of bonds, after advertisement for tenders, at not exceeding 110% and interest prior to July 1. 1920. and 115% and interest thereafter. If not obtain- able at those prices bonds before July 1 are to be called by lot. Bonds acquired to be cancelled. Assumed by the Erie R. R. Control — Incorporated in New Tork in 1905. Absorbed by the Erie R. R. Co. in 1915. Secured by a first mortgage on 38.60 miles of double track road from Graham to High- land Mills, N. Y. This road forms a part of the low grade through freight line between Chicago and New York. The road includM a tunnel about one mile long and costly bridges and is built without grade crossings. ■Underlies — Erie R. R. Cons, and Gen. Lien 4s of 1996 and Conv. 4s of 1953. liisetd on the New York Stock Exchange. Original Market — Offered in Feb.. 1915. by Drexel & Co., Philadelphia, and the Guaranty Trust Co., New York; 111. Tr. & Sav. Bank and Kean. Taylor & Co., Chicago, at 104% and interest. Market. New York — Constable & Fleming, Sam'l Goldschmidt, Redmond & Co., "W. E. R. Smith & Co., Vanderhoef & Robinson, "Vilas & Hickey. Pliiladelphia — Biddle & Henry, "Wheeler, Elliot & Mann, Parsly Bros. & Co., Henry D. Boenning & Co., Elkins, Morris & Co., McCown & Co. Price Range — N. Y. S. E. Jan. 1, '17, to Jan. 1, 'Zl 1920 High 109 Mar. 2, '17 90 Feb. 20 Low. 78% Aug. 17, *20 78% Aug. 17 ERIE & PITTSBURGH RAILROAD CO. Gen. 3^s. Due July 1, 1940. Dated July 1. 1890. Interest payable Jan. and July 1, by Pennsylvania R. R. Co., Agent, 86 Cedar St., New York. Tax Status — 2%, Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $4,500,000 Outstanding (Jan. 1, '21) 3,755,000 Retired by S. F 745,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co.^ New York. Sinking Fund — Annually July 1. 1% of bonds outstanding, for purchase of bonds at not exceeding par. If not so purchasable, the fund for that year shall lapse. Guaranteed as to principal and interest by the Pennsylvania R. R. Co. by endorsement and as to sinking fund payments under the terms of the lease. Organization and Control — Incorporated In Pennsylvania In 1858. This road was leased for 999 years from 1870 to the Penn. R. R. at a rental to cover expenses, interest on bonds and 7% on stock. Lease transferred to Pennsylvania Company and in 1917 reassigned to the P. R. R. Co. Capitalization. Outstanding, Capital 7% $2,000,000 Special 17% 1,723.800 Funded debt 4.402,570 Secured by a first mortgage on 82.97 miles of -road from New Castle to Gtrard Junction, Pa., with branch to Erie docks. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn'., Mo., N. J., N. Y., R. 1. and Wis.; also for Baltimore Trust Funds. Listed on the New York Stock Exchange, Market. New York — Hartshorne & Battelle, Chas. W. Place, R. "W. Pressprich & Co., Redmond & Co., Taylor, Smith & Hard, Watson, Arm- strong & Co. Philadelphia — Barnes & Lofland, Henry D. Boenning & Co., Parsly Bros. & Co., Reed A. Morgan & Co., Biddle & Henry, Brown Bros. & Co., Wm. W. Fogarty, Graham, Parsons & Co., Harper & Turner. Price Range — ^N. Y. S. E. Jh^n. 1, *06, to Jan. 1, '21 1920 Series "B." High 96% Jan. 2, '06 75 Apr. 1 Low. 68 Mar. 26, 6^ Mar. 26 High 90% July 25, '12 ' 70% Apr. 1 Low. 65 Dec. 31, '20 65 Dec. 31 ERIE ELECTRIC MOTOR CO. 1st Ref. 6fl. Due April 1, 1941. Dated April 1, 1901. Interest payable April and Oct. 1. at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,250,000 Outstanding 1,012.000 Held in S. F 238.000 Denomination — Coupon or registered bonds, $1,000. Trustee — New York Trust Co.. New York. Sinking Fund — April 1, 1906. to 1916, 1% of bonds outstanding; April 1. 1916, to matur- ity 1 % % per annum to be invested in bonds of this issue If they can be purchased on a 3%% basis, or In approved securities. Bonds of this issue acauired are held alive and interest added to fund. Oi^anizatlon and Control — Incorporated In Pennsylvania in 1888. All of the stock Is owned by the Buffalo A Lake Erie Trac. Co., which leased Erie Elec. Motor Co. for 999 years. The B. & L. B, Trac. Co. has been in receiver's hands since July 7, 1915. Capitalization. Outstanding. Common $1,250,000 ^ Funded debt 1,250,000 4*76 Secared by mortgage, subject to prior liens, on tile entire street railway system in the City of Erie, including 30 miles of track, and by pledge of all the stock of the Brie City Passenger Ry. and Erie. Reed Park & Lake- side Street Ry. Franchises perpetual. Popu- lation of Brie, 100,000. Original Market— Thompson, Crawford & Tenney, Chicago, Boston and New Tork, April, 1901. Market. New York — Hartshorne & Battelle. Fred H. Hatch & Co. Philadelpliia — Henry D. Boenning & Co., McCown & Co. Price Range. Jan. 1, '00, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 104 '09 106% '09 76 Jan. 72 Dec. Low. 65 '20 72 "20 65 Nov. 72 Dec. ERIi: LIGHTING CO. 1st S. F. 58. Dne April 1, 1967. Bated April 1, 1917. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $6,000,000 Outstanding 2,>46,000 Retired by S. V 56,000 In Treasury 94,000 Reserved for Ext 2,869,000 Provisions of Issue — $260,000 issuable for 85% of cost of additions, etc., and the bal- ance for 85% when net earnings are equal to at least 1% times interest on bonds outstand- ing and to be issued. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Redeemable at 105 and interest on any in- terest date on four weeks' notice. Sinking Fund — Annually, beginning Deo. 31, 1918, 1% of outstanding bonds for their pur- chase or redemption at not over 105 and in- terest. Organization — Incorporated in Pennsylvania in 1911 as a consolidation of electric proper- ties. Capitalization. Outstanding. Common W, 660,000 Preferred (7% cum.) 1.000.000 Funded debt 2,946,000 Secured by a first mortgage on the entire property of the company, including a new generating station which will have an initial capacity of 6,000 k. w. and an ultimate ca- pacity of 16,000 k. w. ; the present generating station with a capacity of 8,600 k. w. ; a com- plete distributing system: about 46% miles of high tension transmission lines, substations and all other equipment. Further secured by deposit of the entire outstanding capital stock and all of the bonds of the Home Heating Co. of Erie and the entire outstanding capital stock of the Brie Electric Contracting Co. The company supplies electric light and power in Erie, Pa., in the Borough of Northeast and intervening territory. Also supplies a large number of industrial plants, and also local lighting companies in Corry, and Union City, Pa. Franchises are reported perpetual. Tears ending l>ec. 31. Gross. Net. Int.&Rent. 1919 $906,676 $300,612 $203,676 1918 970,684 320,642 194,636 1917 603,317 86,899 67,729 1916 365.872 217,111 64,186 Original Market — $1,660,000 offered March, 1917, by Brown Bros. & Co., Philadelphia, New Tork and Boston, and Robt. Glendinning & Co., Philadelphia, at 98 and interest. Market. New York — Barle A. Miller & Co., Van- derhoef & Robinson. Piiiladelphia.^ — Henry D. Boenning & Co., Brown Bros. & Co., Elkins, Morris & Co., Huntoon & Co., C. Clothier, Jones & Co., Mc- Cown & Co., Samuel McCreery & Co. Price Range. Jan. 1, '17, to Jan. 1, 'Zl 1980 Bid. Ask. Bid. Ask. High 96 '17 98 '17 75 Feb. 80 Feb. Low. 70 '20 73 '20 70 Dec. 73 Dec. FRIE RAILROAD COMPANY Incorporated in New Tork in 1896 as suc- cessor to the New Tork, Lake Brie & Western R. R. Co., which was sold at foreclosure. The company owns in fee, or controls through en- tire stock ownership, 1,673.40 miles of road: controls through majority stock ownership 160.31 miles; leases 277 miles and has track- age rights on 147 miles. Total mileage oper- ated, 2,266, of which 1,226 is double tracked. The Brie R. R. Co. owns a majority of the capital stock of the New Tork, Susquehanna & Western Ry. Co., which owns and operates 240 miles of road from Jersey City to Wilkes- barre. Pa. Capitalization. Outstanding. Common $112,481,900 1st Pref. (4% non-oum.) 47.904,400 2d Pref. (4% non-oum.) 16,000,000 Funded debt 285,754,400 Years ended Dec. 31: Gross. Net. Int. & Rent. •1919.... $16,841,263 $20,411,261 $16,289,156 •1918 15,729,068 21,046,619 14,826,249 tl918 98,895,284 168,123 2,414,776 1917 79,776,368 18,280,653 17,740,546 1916 74,311,262 22,382,830 17,237,086 1915 66,436,720 23,230,187 15,830,214 •Corporate account. tFederal account — standard return not in- cluded. FBIF BAILBOAD CO. Buffalo & Southwest- ern Div. Second Fxt. 5s. Due July 1, 1928. Dated November 19, 1896. Extended July 1, 1908, with interest reduced from 6% to 5%. Re-extended July 1, 1918, with interest at 5 % . Interest payable Jan. and July 1, at company's office, 60 Church St., New Tork, . Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Oustandlng. .. .$1,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee- — Guaranty Trust Co.. New Tork. Redeemable at 105 and interest on any In- terest date on 30 days' notice. Assumed by the Erie R. R. Co. Control — The Buffalo & Southwestern R. R. Co. was merged into the Erie B. B. Co, in 1896. Secured by second mortgage on 66.36 miles extending from Buffalo Creek R. R. Junction, Buffalo, to Jamestown, N. T. Prior Lien — $1,600,000 Ist Ext. 6s of 1928. Underlies — Erie R. R. Cons. 4s of 1996; P.. L. & G. L. 4s of 1996; Gen. Conv. 4s and 6s of 1963, and the Ref. & Imp. Mtg. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. High 100% '16 lOOVl '16 89 Mar. Low. 65 '20 99% '18 65 Aug. ERIE RAILROAD CO. Ist Cons. Prior Lien 4s. Dne Jan. 1. 1996. Dated December 10. 1895. Interest payable Jan. and July 1, at company's office, 50 Church St., N. T., and at London. •3.99 •11.38 •2.45 •1.61 Miles. 12.64 38.60 32.60 Tax StatQB — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstandlng. . .(35,000,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Reg- istered, $500, $1,000, and multiples. Trustee — Farmers' Loan & Trust Co., New Tork. Voting Power — Bach $1,000 bond Is entitled to 10 votes. Secured by a direct or collateral lien on 1,645.49 miles of road (about 938 miles double- tracked), 69.16 miles of leaseholds; lands, buildings, equipment, etc., viz. : A first lien on 180.89 miles — Miles. East Buffalo to Suspension Bridge, N. T. 24.01 International Junction to International Bridge, N. T 4.60 Tonowanda to Lockport, N. Y 12.37 Buffalo via Avan to Painted Post, N. T.140.01 A first collateral lien on 81.09 miles — New Tork to Greenwood Lake Jet. to Newark, N. J Newark to Patterson, N. J Garfield to Passaic, N. J ConesuB Lake Jet. to Lakeville, N. Y. State Line Jet., N. Y., to Penn. State Line tO.Bl Tioga Jet., Pa., to Penn.-N. Y. State Line ^12. 23 Carrolton, N. Y., to Gillesville, Pa t26.17 Bradford to Nusbaum, Pa tB.24 Arnot Jet. to Hoytville, Pa 'ILBe •Entire issues of outstanding securities. tEntire issues of bonds and a majority of stock. A second lien on 83.84 miles — Covered by the first lien of the follow- ing: Newburgh & New York 1st I]xtds. 5s. . Erie & Jersey 1st 6s Genessee River R. R. 1st 6s A second collateral lien on 706.64 miles — Covered by the first lien of the follow- ing: New York, Penn. & Ohio 4%s 422.96 Chicago & Erie 1st 5s 249.57 Tioga R. R. 1st Extd. 6s 34.11 A third lien on 12?. 62 miles — Covered by the first lien of the follow- ing: Buff. & S. W. 1st Extd. 5s 66.36 Brie Ry. Buff. Branch 1st Extd. 4s 61.16 A fourth Hen on 18.T3 miles — Covered by the first lien of the N. Y. Erie 4th Extd. 6s 18.73 A seventh lien on 406.78 miles — Covered by the first lien of the N. Y. & Erie 1st Bxtd. 4s, 1947 446.78 Also secured on 69.15 miles of lease — holds, viz. : Jersey City (Bridge Creek). N. J., to SufEern, N. Y J8.68 Avon to Rochester, N. Y 18.40 Goshen to Montgomery, N. T 10.43 Goshen to Pine Island, N. Y 11.64 Further secured by deposit of the following- Jefferson R. R. stk $2,096,460 $2,095,450 Bergeri County R. R. stk 200,000 Middletown & Crawford R. B. stk Middletown & Crawford B. B. 1st 4%s Long Dock Co. stk N. Y.. Lake Erie & Wn. Docks & Imp. Co. stk. N. Y.. Lake Erie & Wn. Docks & Imp. Co. 1st , Bs, 1943 Buffalo Creek B. B. stk. Pavonia Ferry stk Hillside Coal & Iron Co. stk 120,650 57,200 800,000 604,000 604,000 125,000 100,000 200,000 122,200 67,000 800,000 604,000 4,000,000 250,000 100,000 Northw. Mining & Ex- change Co. stk 600,000 500,000 Blossburg Coal Co. stk. 1,000.000 1,000,000 N. Y.. Lake Brie & Wn. Coal & R. R. 1st 6s. 1922 1.900,000 3,000,000 Prior Liens — Subject to $69,783,900 prior liens as follows: Buffalo & Southwestern 1st 6s, 1928 $1,600,000 Brie R. B. Buffalo & S. W. Div. 2d 6s, 1928 1.000,000 New York & Erie 2d 5s, 1919 2,149,000 New York & Brie 4th 5s, 1920 2,926,000 Brie Ry. Cons, 7s, 1920 16,891,000 New York, Lake Erie & Western Funded Cou. 7s. 1920 3,699,500 New York & Brie 3d 4%s, 1923... 4,617,000 New York & Erie 5th 4s, 1928 709,600 Newburgh & New York 1st 5s. 1929 250.000 Brie Ry. Buffalo Branch 43, 1931.. 182,400 New York, Penna. & Ohio 4^s, 1935 8,000.000 Tioga B. R. 1st Extd. 5s, 1936 227,600 New York & Brie 1st 4s, 1947 2,482,000 Brie & Jersey 1st 6s, 1955 7,262,000 Genes6.ee River R. R. 1st 6s, 1957. 5,888,000 Chicago & Erie 1st 53, 1983 12,000,000 Underlies — Cons. Gen. Lien 4s of 1996, Con- vertible 4s of .19 53 and Bef. & Imp. Mtg. liisted on the New York and London Stock Exchanges. Market. New Yorlt — Simon Borgr & Co., Arthur E. Frank & Co.. Granger & Co., Herzfeld & Stern. R. W. Pressprich & Co., Prince & Whitely. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 102 Jan. 2. '06 60 Oct. 8 Low. 47 '20 47 May 21 1,000,000 1,000,000 ERIE RAII.ROAD CO. Cong. Gen. lAen 4s. Due Jan. 1, 1996. Dated December 10, 189 6. Interest payable Jan. and July 1. at company's office, 60 Church St., N. Y. Interest was payable at rate of 3% for first two years. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $140,000,000 Outstanding 36,885,000 Deposited as Collateral 19,217,000 In Treasury 2,000 Reserved for Prior Ijiens and Ext 84,896,000 Denomination — Coupon, $1,000. Registerable as to principal, or fully registerable. Regis- tered $500, $1,000 and multiples. Trustee — Farmers' Loan & Trust Co.. New York. Voting Power — Bach $1,000 bond Is entitled to 10 votes. Secured by the same mortgage as the Cons. P. L. 4a of 1996 (see above) and cover the same property, but junior in lien thereto. Prior Ijens — $104,783,900 (closed mort- gages) prior liens as follows; Buffalo & Southwestern R. B. 1st 6s, 1928 $1,600,000 Erie B. R. BuflT. & S. W. Div. 2d 5s. 1928 1,000.000 New Tork & Erie 2d 5s, 1919 2,149.000 New York & Erie 4th 6s. 1920.... 2,926.000 Erie Ry. Cons. 7s, 1920 16,891,000 New Tork, Lake Erie & Western . Funded, Coup. 7s, 1920 3,699,600 New York & Erie 3d 4%s, 1923. . . . 4.617 000 New York & Erie 6th 4s, 1928 709,600 Newburgh & New York 1st 5s, 1928 260.000 Brie Ry. Buffalo Branch 4s. 1931. . 182,400 New York, Penn. & Ohio 4%s. 1936 8,000.000 Tioga R. R. 1st Extd. 5s, 1936 227,500 New York & Brie 1st 4s, 1947 2,482,000 Erie & Jersey 1st 6s, 1955 7,262 000 Genesee River R. R. 1st 6s, 1957 5,888,'000 Chicago & Brie 1st 6a, 1983 12,000.000 Erie R. R. Cons. P. L,. 4s. 1996... 36.000.000 The following are outstanding bonds of com- panies whose entire stocks are pledged or whose properties are leased and for the re- tirement of which bonds are reserved under this mortgage: Chicago &. Atlantic Ry. Term. Ist 6s. 1928 $300,000 Jefferson R. R. 1st 6s. 1919 2,800.000 Sharon Ry. 1st 4^4s, 1919 164,000 Bergen County R. R. 1st 63. 1921.. 200,000 New York, Lake Brie & Wn. Coal & R. R. 1st 6s. 1922 1.100,000 Montgomery & Brie 1st 6s, 1926.. 130.000 Jefferson R. R. Honesdale Branch 1st 4%s. 1927 204,000 Montgomery & Brie 2d 6s, 1927 40,600 Goshen & Deokertown Ist 6s, 1928 186. BOO Goshen & Deckertown 2d 6s. 1929 QO.OOO Jefferson R. R. Honesdale Branch 2d 6s, 1929 96,000 Long Dock Co. Cons. 6s, 1936 7.600,000 New Castle & Shenango Valley R. R. 1st Extd. 4%a. 1937 260.000 Cleveland & Mahoning Valley Ry. Cons. 6s. 1938 2,936,000 N. T., L. B. & Wn. Docks & Impt. Co. 1st 5s, 1943 3,396,000 Total $19,363,000 Underlies — Brie R. R. Gen. Conv. 4s of 1963 and Ref . , & Imp. Mtg. Xfisted on the New Tork and London Stock Exchanges. Market. New York — Simon Borg & Co., Herzfeld & Stern, R. "W. Pressprich & Co., Prince & Whitely. Price Range — N. If. S. B. Jan. 1, '06, to Jan. 1, '21 1920 , High 93% Jan. 16, '06 60 Oct. 8 Low. 30 Dec. 30, '19 38 July 2 £RIE RAILROAD CO. Pennsylvania Coll. Tr. 4s. Due Feb. 1, 19S1. Dated February 1. 1901. Interest payable Feb. and Aug. 1. at company's office. 60 Church St.. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized $36,000,000 Outstanding 22,068,000 Held in S. F 11.932.000 Reserved for Ext 2.000,000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered. $1,000 and multiples. C. & R. inter- changeable. Trustee — Bankers' Trust Co.. New Tork. Sinking Fund Trustee — J. P. Morgan & Co. Redeemable for sinking fund at lOB and interest. Sinldng Fund — Annual payments of lOc. per ton of coal sold from mines of Pennsylvania Coal Co.. for the purchase or redemption of these bonds at not exceeding 105 and interest, bonds thus acquired to be held alive in the sinking fund and interest added to said fund. Secured by a first lien on the following de- posited stocks: $4,910,000 of $6,000,000 capi- tal stock of the Pennsylvania Coal Co.: $1,- 500.000 (entire issue) capital stock of the Erie & Wyoming Valley R. R., and $260,000 (entire issue) capital stock of the Delaware Valley & Kingston R. R. Co.; $6,630,000 preferred and $6,630,000 common stock of the New Tork, Susauehanna & Western R. R., being 61% of the total outstanding capital stock of same. The Delaware Valley & Kingston R. R. Co. owns no property; the Erie & Wyoming Valley R. R. owns 64 miles of road from Hawley Co. to Scranton. Pa., and branches, free from mortgage debt, which road affords the Brie R. R its entrance into Scranton; the Pennsyl vania Coal Co. owns 16 miles of road from Lackawaxen on the main line of the Brie R. R. to Hawley, also forming a part of the line to Scranton, free from debt, and the New Tork, Susquehanna & Western R. R. Co. owns 140 miles of road from Jersey City via Patterson to Wilkes-Barre, Pa., subject to bonded debt of $12,600,000. Underlies — Gen. Conv. 4s. 6s of 1963, and Ref. & Imp. Mtg., which are a second and third lien respectively on securities pledged above. Bonds are reserved under the latter mortgage to retire this issue. Listed on the New Tork Stock Exchange. Market. New York — Percy H. Bradshaw, Arthur E. Frank cS; Co., Sam'l Goldschmidt, Hartshorne & Battelle, Prince & Whitely, "W^atson, Arm- strong & Co. Fliiladelphia — Huntoon & Co. Price Range — N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 High 98 Jan, 29, 'OG 79% Jan. 29 Low. 67% Sept. 18, '20 67% Sept. 18 ERIE RAILROAD CO. S-Year Secured 6% Notes. Due April 1, 1922. Dated April 1. 1919. Interest payable April and Oct. 1st at company's ofllce. New Tork. Tax Status — Federal Income Tax not as- sumed by company. Authorixed $15,000,000 Outstanding 16,000,000 Purpose of Issue — To re-finance a like amount of 2-Year 5% notes, due April 1, 1919. Denominations — Coupon $1,000. $6,000 and $10,000. Registered as to principal. Trustee — Bankers Trust Company. New Tork. Redeemable at 101 and interest on any in- terest date upon sixty days' notice. Secured by pledge of the following: Erie R. R. 1st Cons. Gen. Lien 4s.. $18. 217, 000 Erie R. R. Gen. Conv. 4s. Series D 8,372,000 Erie R. R. Ref. & Imp. 6s. Series B 6,400,000 Columbus & Erie R. R. 1st 6s 600.000 Collateral may be withdrawn on substitu- tion of cash in the following percentages of face value: Brie R. R. Cons. Gen. Lien 4s 60% Brie R. R. Gen. Conv. 4s, Series D .. 60% Brie R. R. Ref. & Imp. 6s. Series B. . . . 85% Columbus & Brie R. R. lat 6s 96% Such cash to be applied to the redemption of these notes by call. Original Market — Offered March, 1919. to holders of 2-Tear 5 % • Notes, due April 1 , 1919, by J. P. Morgan & Co.. New Tork. at 98. Price Rangre Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96% '20 98% '20 96% Mar. 98% Mar. Low. 76 '20 94 '19 93% Mar. 94% Oct. BRIE RAILROAD CO. Gen. Conv. 4s. Series "A," "B" and "D." Due April 1, 195S. Dated Series "A," April 1. 1903; Series "B." Oct. 1, 1906; Series "D," Oct. 1, 1916. Interest payable April and Oct. 1, at 60 Church St., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $60,000,000 Outstanding (Jan. 1, '21) — Series "A" 10,000,000 Series "B" 11,016,000 Series "D" 19,628,000 $40,643,000 Fledged 9.357,000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $500, $1,000 and multiples. C. & R. Interchangeable. Trastee — Guaranty Trust Co., New York. Convertible — Series "D" bonds are conver- tible into the common stock of the company at any time ^etween April 1, 1918, and Oct. 1, 1927, at $50 per share. Convertible privi- leges for Series "A" and "B" have expired. Secured by direct mortgage or collateral lien on the property covered by prior liens men- tioned below. Also a first lien on the entire $6,000 capital stock (no bonds) of the Pen- horn Creek R, R. Co., which owns 3.76 miles of four track through Bergen Hill, just west of Jersey City and which, together with the original tunnel, affords the company six main tracks to the waterfront at tidewater. For details as to mileage see Penna. Coll. Tr. 4s and 1st Cons. P. L, 4s. Pi-ioi' Liens — $181,163,900 prior liens as fol- lows: Erie R. R. Penn. Coll. Tr. 4s, 1951. $22,068,000 Erie R. R. Cons. Gen. .Lien 4S, 1996 54,102,000 Erie R. R. Cons. P. L 35.000,000 Prior Liens thereto 69,993,900 Underlies — Ref. & Imp. Mtge. under which bonds are reserved to retire this Issue. lilstcd on the New York and London ("A") Stock Exchanges. Original Market — Underwritten, Series "A" bonds by J. P. Morgan & Co., N. Y., in 1903, and offered for subscription to the stockhold- ers at 87% and interest. Series "B" bonds underwritten by J. P. Morgan & Co., N. T., in 1905. and offered for subscription to stock- holders at par and interest. Series ''D" bonds underwritten ■ by J. P. Morgan & Co., N. Y., in 1916, and offered for subscription to stockholders at 8 5 and interest. Market — See Series "AA." Price Range — N. Y. S. E. Jan. : I, '01, to Jan. 1, '21 1920 Series "A." High 109 '/s Jan. 20, '08 47 Oct. S Low. 30yg May 17, '20 Series "B." 30% May 17 High 87 Feb. 8, '07 46% Oct. 13 Low. 30 Feb. 10, '20 Series "D." 30 Feb. 10 High 88% Oct. 5, '16 54 Sept. ?.o Low. 34 May 27, '20 34 May 27 ERIE RAILROAD CO. 4^% Eauip. Tr. Ctfs. Series "R." Due $108,000 each Feb. and Aug. 1, tn Aug. 1. 192S, inclusive. Dated Aug. 1, 1912. Interest payable Feb. and Aug. 1, at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,160,000 Outstanding: (May 1, '21) 224,000 Balance Retired. Denomination — Coupon, $1,000. TruHtee — Commercial Trust Co., Philadel- phia. Guaranteed principal and interest by Erie R. R. Co. Secured by an equipment agreement on 25 open vestibule suburban coaches, 11 combined passenger and baggage cars, 500 coke racks, 300 automobile cars and 5 Mikado type locomotives, costing about $2,632,870, for which thf company paid $472,870 in cash. Legral for saving's banks in Ohio. Original Market — Offered in 1912 on a 4.70% basis, by Drexel & Co., Philadelphia. Market — See Series "AA." ERIE RAILROAD CO. Equip. 4%b. Series "S." Due $100,000 each June and Dec. 1, td Dec. 1. 1933, inclusive. Dated Dec. 'l, 1912. Interest payable June and Dec. 1. at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding (Jan. 1, '21) 500,000 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed principal and Interest by the Erie R. R. Co. Secured by an equipment lease coverlns 36 locomotives and 1,500 box cars, costing $2,- 611,219, of which the company paid $511,219, or 20%. In cash. Legral for savings banks in Ohio. Original Market — Offered in 1912 by Drexel & Co., Philadelphia. Market — See Series "AA." ERIE RAILROAD CO. Equip. 5e, Series "T." Due $66,000 each June 15 and Deo. 15, to June 15, 1933. inclusive. Dated June 14, "l913. Interest payable June and Dec. 15, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,320,000 Outstanjdingr (Jan. 1, '21) 330,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Guaranteed principal and interest by the Erie R. R. Co. Secured by an equipment lease on 1,500 box cars, costing $1,613,950, of which the com- pany paid $293,950 or 18% in cash. Legral for savings banks in Ohio. Original Market — $1,320,000 offered In 1913 by Brown Bros. & Co., Drexel & Co., Harris, Forbes & Co. and White, Weld & Co., at a price to yield 5.50%. Market — See Series "AA." ERDQ RAILROAD CO. Equip. 5s, Series "U." Doe $117,000 each Jan. 1 and $118,000 each July 1 to July 1, 1923, inclusive. Dated July 2, 1913. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,350,000 Outstanding: (Feb. 1, '21) 588,000 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New Tork. Guaranteed principal and Interest by the Erie R. R. Co. Secured by an equipment trust agreement covering 1.500 forty-ton steel frame box cars, 500 fifty-ton steel hopper cars and 500. fifty- t/4s. Series "CC." Due semi-annually *313,000 each June and Dec. 1, from June 1, 1916, to June 1 1918, and $214,000 from Dec. 1. 1918, to Dec. 1, 1935, inclusive. Dated Dec. 1, 1915. Interest payable Dec. 1 and June 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized ^*'2".000 Outstanding: (June 15, '21) 1,917,000 Balance Retired. Denomination — Coupon, $1, 000. Kegisterable as to principal. Trustee — Commercial Trust Co., Phila- delphia. Guaranteed principal and interest by the Erie R. R. Co. Secured by an equipment trust agreement on 1,000 gondola cars, 1,000 hopper cars, 16 Bteel coaches, 2 steel combined passenger and; baggage cars, 1 steel baggage car, 6& locomo- tives costing $5,080,183, of which $805,182,. or 16%, the company paid in cash. Legal for savings banks in Ohio. Original Market— Offered Jan. 1, 1916. by- Drexel & Co., Philadelphia. Market — See Series *'AA." ERIE RAILROAD Equip. Tr. 4y28. Series^ "DD." Due $63,000 each Dec. 1, and $62,000 each June 1, from Dec. 1. 1916,. to June 1, 1926, inclusive. Dated June 1, 1916. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authoiized $1,260,000 Outstanding: (Jan. 1, '21) 687,000 Balance Retired. Denomination — Coupon, $1,000. Registerable- as to principal. Trustee — Commercial Trust Co., Phila- delphia. Guaranteed principal and interest by the Erie R. R. Co. Secured by an equipment trust agreement on 1,000 self-clearing hopper cars and threp "2- 10-2 type" locomotive, costing $1,532,58^ of which $282, 58 5, or 18 % , was paid by the company in cash. Legral for savings banks in Ohio. Original Market — Offered June, 1916, by Drexel & Co., Philadelphia. Market — See Series "AA." ERIE RAILROAD Equip, tr. 4^4%. Series "E.E." Due $184,000 each Oct. 1, and April 1, from Oct. 1, 1917, to April 1,. 1937, inclusive. Dated March - 3 1, 1917. Interest payable- April 1, and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,680,000 Oatstandingr (Apr. 15, '21) 2,208,000' Balance Retired. Denomination — Coupon, $1,000. Registerable- as to principal. Trustee — Commercial Trust Co., Phlla^ delphia. Guaranteed principal and interest by Brie R. R. Co. Secured by an equipment agreement trust on 15 Santa Fe type freight locomotives, 10 Paci- fic type passenger locomotives, 2,000 steel under-frame 40-ton box cars, 2 gasoline shift- ing locomotives, 2 steel lining cars, costing- $4,464,531, of which $784,531 was paid by the- company in cash. I^egal for savings banks in Ohio. Original Market — $3,680,000 offered Aprils 1917, by Drexel & Co., Philadelphia. Market — See Series "AA." ERIE RK. CO. Eqoip. Tr. 6b. Series "FF."" Due $330,000 each May 1 and Not. 1 from May 1, 1921 to Nov. 1, 1928, incl., and $230,000 May 1, 1920 and May 1, 1930. Dated April 30, 1920. Interest payabi* May 1 and Nov. 1 at United States Mort- gage and Trust Co., New York. Tax StatuH — Payment of Federal Income- T'ax not assumed by Company. 481 Authorized $4,600,000 OatBtonding: 3,680,000 Matnred and Paid 230,000 Held by Standaa-d Steel Car Co. '69 0,000 •Payable May 1, 1929 and May 1, 1930 and subordinate in lien to the trust cer- tificates of earlier maturity. Denomination — Coupon, $1,000; register- able as to principal. Trustee — United States Mortgage and Trust Co., New York. Secured by an equipment trust agreement on 1,000 box cars, 1,000 all-steel gondola cars, 42 all-steel passenger cars and 6 all- steel combination passenger and baggage cars, costing about $6,827,000, of which the company paid $1,227,000 in cash. liCgral for savings banks in Ohio. Orietnal Market — $3,680,000, offered April 1921, by Drexel & Co., Philadelphia, and White, Weld & Co., New York and Boston, at prices ranging from 99.90 to 92.81 and interest, according to maturity. Marlcet. — See series "AA". I/lsted on the New York and London Stock Exchanges. Market. New York — Simon Borg & Co., Redmond & Co., Tobey & Kirk. Price Range»-N. Y. S. B. Jan. 1, '06, to Jan. 1, 'ai 1980 Bid. Ask. High 134H Feb. 19, '06. 97 Aug. 99 Aug. Low. 95^4 Dec. 26, '19 95 Jan. 97 June BBLE RAILWAY COMPANY Cons. Ext. 7s. Due Sept. 1, 1930. Dated September 1, 1870. Extended Sept. 1, 1920 at the same rate of interest. In- terest payable March and Sept 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized Closed mortgage Outstanding $16,891,000 Denomination — Coupon, $1,000 and £200. Registerable as to principal. Redeemable on any interest date upon 30 ■days' notice at 110 and interest. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Erie R. R. Co. Control — Incorporated in New York in 1861, as successor to the N. Y. & B. R. R. Co. In 1878 property acquired by the N. Y., L. E. & W. R. R. through foreclosure. The latter was reorganized in 1895 as the present Erie R. R. Co. Secured by a direct mortgage on 5ii6.67 miles (404.18 double track); 47. OS miles ot leaseholds, etc., viz.: Miles. A seeond lien on 61.16 miles — (Covered by the first lien of the Brie Ry. Buffalo Branch 4s.) Hornell to Attica, N. Y 61.16 A tliird lien on 18.73 miles — (Covered by the first lien of the N. T. & B. 4th Extn. 6s.) Greycourt to Nswburgh, N. Y 18.73 A sixth lien on 446.78 miles — (Covered by the first lien of the N. T. & IB. 1st Extn. 43.) Piermont to Dunkirk, N. Y 446.78 Also secured upon 47.08 miles of leasehold interests, viz. : Jersey City (Buffalo Creek), N. J. to Suffern, N. Y 28.68 Avon to Rochester, N. Y 18.40 Prior Licne — $13,065,900 prior liens as fol- lows; New York & Erie 2nd Extd. 63 1919.$2,149,000 "New York & Erie 4th Extd. 6s 1920. 2,920,000 New York & Erie 3rd Extd. 4%s 1923 4,617,000 New York & Brie 6th Extd. 4s 1928 809,600 Erie Ry. -Buffalo Branch let Bxtd. 4s 1931 182,400 New York & Brie let Bxtd. 43 1947. 2,482,000 rnderlics — Brio R. R. Cons. P. L,. & O. L. 4s of 1996 Gen. Conv. 4s of 1963 and Ref. & Imp. Mt&. Bonds are reserved under the Gen. Lien Mortgage of 1996 to retire this issue. Leeal for savings banks in Cal. 482 ERIE RAILWAY CO. Buffalo Branch 1st Ext. 48. Due July 1, 1931. Dated July 1, 1861. Extended July 1, 1891, and interest reduced from 7%. Interest pay- able Jan. and July 1, at 50 Church St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding $182,400 Denomination — Coupon, $1,000 and £200. Registerable as to principals Trustees — Charles .«!teele and J. C. Bancroft Davis. Assumed by the Erie R. R. Co. Secured by a first mortgage on 61.16 miles of road fr.ini Hornell to Att;ca, N. Y. Underlies — Cons. 7s of 1920; Cons. P. L. and G. L. 43 of 1996, Gen. Conv. 4s of 1953. and the Ref. & Imp. Mtg. Bonds are rtistrved under General Lien Mortgage of 1996 to retire this issue. ESCANABA (MICH.) TRACTION CO. 1st « Ref. 5s. Due $10,000 Jan. 1, l»%l-33, balance Jan. 1, 1931. Dated Aug. 12, 1909. Interest payable Jan. and July 1, at First Trust Bank, Milwaukee. Wis. Tax Status — 2% Federal Income Tax paid by company without dedi'ction. Authorized $000,000 Outstanding (Jan. 1, '21) 519,000 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Michigan Trust Co., Grand Rapids, Mich. Redeemable on any Intertst date at 103 and interest. Control — Incorporated in Michigan In 1909 as a consolidation of the Escanaba Electric St. Ry. Co. and the Bscanaba Power Co. Merged In 1920 Into the Escanaba Power & Traction Co. Secured by a first mortgage on all the prop- erty of the company, including three hydro- electric plants on the Escanaba River, with a cimbined capacity of 7,700 h. p., near Bsca- naba, Mich.; plants supplying electricity to Bscanaba, Gladstone and Wells, Mich., five miles of street railway track in Bscanaba and 13 miles of interurban railway extending to Gladstone with branch to Groos, Mich. Fran- chises in Bscanaba and Gladstone expire In If 33; balance of road on private right of way. Population served; Bscanaba, 16,000; Glad- atone, 4,500. irnderlles — $600,000 Escanaba Power ft Traction Co. Gen. & Ref. 6s. Earnings — See Bscanaba Power & Traction Co. 7% Notes. Original Market — Offered In 1911 by Tweedy, Underwood & Edgar (now Edgar, RIcker ft Co.), Milwaukee. $116,000 offered by Edgar Ricker & Co., Jan., 1914. Market. Milwaulcee — Edgar, RIcker & Co. Price Range 19ao — Ask 84%. E5CANABA (AUch.) FOW£R & TRACTION Co. Secured Codt. t% Notes. Due S50,- .000 each May 1, from X^%% to 1935, incl. Dated May 1. 1920. Interest payable May 1 and Nov. 1, at Michigan Trust Co., Grand Rapids, Mich. Tax Status — 2% Federal Income Tax paid by the company without deduction. Aathorized $200,000 Oatstandlnsr 200.000 Denomination — $1,000 (maturities 1922, 1923, 1924), $500 (maturity 1925). Trustee — Michigan Trust Co., Grand Kaplds, Mich. Convertible at 100 and interest into Gen. & Kef. 5s, at 85 and interest. Organization — Incorporated in Michigan In 1920, as successor to the Escanaba Traction Co. Capitalization. Outstanding. Common $200,000 Pref. (6% cum.) 600.000 Funded debt 919.000 Secured by pledge of $400,000 (total Issue $600,000) Gen. & Kef. 5s. The collateral issue is secured by a gen- eral mortgage on all of the property of the company. The Company furnishes electric power for the lighting of Escanaba and Gladstone, and also furnishes power to various industrial plants, owning three hydro- electric power plants on the Escanaba Kiver developing about 7,500 horsepower. The Company also operates the street railway system of about five miles In the City of Escanaba with an interurban line of eleven miles to Gladstone, a total operated mileage of about sixteen miles. Prior Liien — 'Outstanding. Escanaba Trac. Co. 1st 5s, due ann. to 1933 *$529,000 •Closed mortgage. Years ended Dec. 31: Gross. Net. Interest. •1920 $202,623 $96,997 t$50,500 tl£18 172,769 80,782 36,589 tl917 159.032 75.539 38,097 tl916 147,141 82,023 38,557 •For year ended April 31. tincludes interest on this issue. tEscanaba Traction Co. Origial Market — $200,000 offered July, 1920, by Edgar, Kicker & Co., Milwaukee, on an 8% basis. Price Bangre 1930-^Ask 98%, 96^. Capitalization. Outstanding. Common $325,500 Funded debt 250,000 Security— A direct obligation of the com- pany but not secured by a mortgage. It is provided in the trust agreement that the com- pany must maintain at all times 126% net quick asset. No mortgage or lien can be created while this issue is outstanding and no obligation of any kind may be placed prior to these notes. Balance sheet and statement of earnings must be deposited at regular inter- vals with the Trustee. The company is required to carry fire in- surance at least equal to the face amount of outstanding notes. Year ended Dec. 31: *N?t. 1919 $99,712 ♦After depreciation, repairs, etc., but be- fore Federal taxes. original Market — $250,000 offered May, 1920, by King, Hoagland & Co., Chicago, at prices ranging from 99V^ to 95% and interest according to maturity. ESTES (E, B.) & SONS 7% Notes. Due $35,000 each Apr. 1, from 1921 to 1926. incl.. and $40,000 Apr. 1. 1927. Dated Apr. 1, 1920. Interest payable Apr. 1 and Oct. 1, at Union Trust Company, Chi- cago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $250,000 Outstanding 250.000 Denomination — Coupon, $1,000 and $500. Registered $1,000 and $500. Trustee — Union Trust Company, Chicago. Redeemable as a whole or in part on 30 days' notice at 101 and interest. Sinking Fund — 25% of net earnings, after deducting principal and interest, will be used to retire notes of this issue. Guaranteed principal and interest by en- dorsement by Webster C. Estes. Organization — Incorporated in Maine. Busi- ness established in 1847. The company manu- factures small wooden boxes, wooden han- dles and other wooden articles. Manufactur- ing plants are located at Hancock, Mass., Gorham N. H., and Farmington, Me. EVANSVII>tE & OHIO VAIXEY RAILWAY CO. 30-Year 1st 6s. Due Jan. 1, 1949. Dated. Jan. 1, 1919. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $209,000 Outstanding: (Jan. 1, *21) 65,000 Purpose of Issue — The bonds are to be sold to provide ?unds to rehabilitate the property and interest. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable during first ten years at 103, during the second ten years at 102, during third ten years at 101 and interest. Sinking Fund — Beginning 1929, $2,500 an- nually for ten years, thereafter $5,000 per annum. Organization — See 1st & Ref. 5s. Secured by a direct first mortgage on all the property now owned or hereafter acquired. For details see 1st. & Ref. Ss. The property covered by this mortgage does not include the property formerly owned by the Bvansville. Henderson & Owensboro Ry. Co. Earnings — See 1st & Ref. 5s. Underlies — 1st & Ref. 53 of 1941 and Gen. Income 5s of 1949. Price Rangre 1920 Ask. High 95 Jan. Low 70 June EVANSVILI-E & OHIO VALLEY RAILWAY CO. 30-Year 1st & Ref. 58. Due Jan. 1, 1949. Dated Jan. 1, 1919. Interest payable Jan. and July 1, at Trustee's office, Bvansville. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,200,000 Outstanding: (Jan. 1, '21) 747,200 Reserved to Retire Preferred Stock 452,800 Provisions of Issue — Additional bonds may be issued for 80% of actual cost of improve- ments, betterments, or additional property, provided net earnings for preceding twelve months are sufficient to cover Interest on all bonds outstanding and to be issued. Trustee — ^American Trust & Savings Bank. Bvansville, Ind. Sinking Fund — Same as for Ist 30-Tear 6s if none of those bonds are issued. If they are issued sinking fund applies only to the First Mortgage bonds. 483 Oreanizatlon — Incorporated in Indiana De- cember, 1918, and on February 20, 1919, ac- quired the properties of the Bvansville Rail- ways Co. , througrh foreclosure ; also acqiflred the capital stocks of the Henderson Traction Co. and the Owensboro City R, R. Co. Capitalization Outstanding Common $300,000 Preferred (6% non cum.) 200,000 Funded debt 1.586.100 Secured by a mortgagre on all the property of the company now owned or hereafter ac- quired and including 56 miles of electric rail- way track owned in fee, 7.22 miles, leased; 7.46 miles, trackage rights ; total mileage operated including 4.32 miles of sidings, 75 miles of equivalent single track. Mileage owned — Miles Newburgh to Grandview, Ind 31.00 Grandview to Richland, Ind 4.00 Evansville to Mt. Veronn. Ind 20.00 Street railways in Evansille and else- where 1.00 56.00 Mileage leased — •Evansville to Henderson 7.22 Total mileage operated ...63.22 ♦Leased for 22 years from 1911 from the Illinois Central R. R. Co. The company has trackage rights into EvansTille. Ind. Franchises in municipalities expire in 1955 and 1957 and interurban lines are largely on private right of way or operate under per- petual rights. Prior Liens — $200,000 (authorized) 1st 6s of 1949. Underlies — Gen. Income 5s of 1949. fears ended Dec. 31: Gross. Net. 1920 $462;798 $128,599 1919 407,685 118,534 1918 330,743 67,955 1917 291,212 80,378 Original Marlcet — $750,000 issued, in ex- change, on the basis of 50 % for principal amount and 50% for defaulted interest of the following Issues: $296,000 Bvansville Termi- nal Ry. 1st 6s; $350,000 Evansville & Mt. Vernon Electric Ry. Ist 5s and $684,000 Evansville & Eastern Electric Ry. 1st 5s. See also Gen. Income . 5s. Pi*ice Rang'e 1920 Bid. Ask. High 58 Jan. 68 Jan. Low 58 Jan. 51 Nov. EVANSVILLE & OHIO VALLEY RAILWAY CO. 30-Year Gen. Income Bonds, Dne Jan. I, 1949. Dated Jan. 1, 1919. Interest payable Jan. 1 and July 1, when earned, and not to ex- ceed 5 % non-cumulative. Interest Provision — Net earnings after In- terest on First Mortgage Bonds, First and Re- funding Bonds and Five-Year Notes sold and outstanding to the amount of $62,800 shall be applied one-half to the payment of Interest on the General Income Bonds and the remaining one-half to the payment of interest and prin- cipal of the Bills Payable secured by Five- Tear Collateral Notes. The adjustment Is to be made semi-annually and the fund ap- plicable to interest is to be deposited with the Trustee and distributed by it, as the Board of Directors of the Company, direct, but in any event Interest shall be paid when the amount so deposited is equivalent to 1% of the par value of the outstanding General Income Bonds, Tax Status — 2% Federal Income Tax paid by company without deduction. AnthoHzed $750,000 Outstanding: (Jan. 1, '21) 746,800 Denomination — Registered $100, $500 and $1,000. Trustee — Mercantile-Commercial Bank, Evansville, Ind. Organization — See 1st & Ref. 5s. Secured by the same property as the let and Ref. 5s, being subject to the lien of that mortgage and other liens prior thereto. Earnings — See 1st & Ref. 5s. Original Market — $743,400 issued in ex- change on the basis of 60% for principal amount and 50% for defaulted interest for the following securities: $295,000 Evansville Terminal Ry. 1st 5s; $350,000 Evansville & Mt. Vernon Electric Ry. 1st 5s, and $684,000 Evansville & Eastern Electric Ry. 1st 6s. See also 1st & Ref. 6s. EVANSVILLE & OHIO VALLEY RAILWAY Co, 10-Year Coll. Tr. 6% Notes. Due Dec. 1, 1938. Dated Dec. 1, 1918. Interest payable June at Dec. 1, at Trustee's office, Evansville. Tax Status — 2% Federal Income Tax paid by company without deduction, Autliorlzed $300,000 Outstanding: 52,900 In Treasury 97,100 Trustee — Mercantile-Commercial Bank, Evansville, Ind. Redeemable at any time at par. Organization — See 1st & Ref. Bs. Secured by pledge of $288,000 Mtge. fis (subject to $203,600 preferred stock) and $103,- 000 common stock of Henderson Traction Co. and $73,750 common stock of Owensboro City Railroad Co. Original Market — $52,900 issued to holders of an equal amount of old 5-Tear Notes. EVANSVILLE & PRINCETON TRACTION CO. 1st S. F. 58. Due April 1, 1923. Dated April 1, 1903. Interest payable April and Oct. 1, at Citizens' Savings & Trust Co., Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding: (Apr. 11, '21) 270,000 Retired 80,000 Denomination — Coupon," $1,000. Register- able as to principal and fully registered. Trustee — Citizens' Savings & Trust Co, and L. W. Prior, Cleveland, Ohio. Redeemable for the sinking fund in numeri- cal order and as a whole at 105 and interest. Sinking Ftmd — $10,000 bonds to be retired annually, in numerical order, at 105 and in- terest. Assumed by Public Utilities Co. Control — Merged in 1906 with Evansville & Southern Indiana Traction Co., whose prop- erty was acquired in 1912 by Public Utilities Co. of Evansville. The name of the latter company was changed to Southern Indiana Gas & Electric Co. in 1921, all of whose stock Is owned by the Union Ry., Gas & Elec. Co., all of whose stock is owned by Commonwealth Power Ry. & Lt. Co. Secured by a first mortgage on about 32 miles of electric railway between Evansville and Princeton, Ind. Franchise runs to 1961. Underlies — Public Utilities Co. 1st & Ref. 6s of 1929, Southern Indiana Gas & Electric Co. 1st Lien & Ref. Mtge., under which bonds are reserved to retire this issue. Eanitng:s — See Southern Indiana Gas & Electric Co. 1st Lien & Ref. T^^s. Market. Boston — C. E. Denlson & Oo. Philadelplua — E. R. Barnard, Samuel K. Phillips & Co. Price Range. Jan. 1, '14, to Jan. 1, '81 1920 Bid. Ask. Bid. High 971^ '16 102 '14 90 Nov. Low. 85 '20 92 '18 85 Nov. Price Range. Jan. 1, '16 to Jan. 1, 'al 1920 Bid. Aslc. Bid. Ask. High 40f'19 92 '16 41f Sept. 60 Low. 25f'19 35f'19 28f Jfi.n. 48 Jan. EVANSVILLE & TERBE HAUTE RAIL- ROAD CO. Mt. Vernon Branch 1st 6s. Reorganization Status— Under the reorgan- ization plan of the Chicago & Eastern Illi- nois E. R. Co. each U.OOO bond of this is- sue will receive }1,000 (new) Gen. 5s and $395 (new) preferred stock of the new com- pany. Dne April 1, 1923. Dated April 1. 1883. Interest payable April and Oct. 1, at Bankers' Trust Co.. New York. Default — April 1, 1916. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $376,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Eastern Illinois R. R. Co. at consolidation, which company is In the hands of receivers. Protective Committee — See 1st Consol. 6s above. Secured by a first mortgage on 24. T9 miles of road from Cyiithiana to Mt. Vernon, Ind. Underlies — Evansville & Terre Haute 1st Gen. 6s of 1942, which provide for the retire- ment of this issue, and the Ref. 6s of 1941. Listed on the New York Stock Exchange. Marln southeasterly direction from Farmersbur^. Ind. Underlies — Evansville & Terre Haute 1st Gen. 5s of 1942, which provide for the retire- ment of this issue, and the Ref. 6s of 1941. lAsted on the New York Stock Exchange. Market. New Yorlt — Wm. C. Orton & Co. EVANSVILLE & TERRE HAUTE BAn> ROAD Co. 1st Gen. 68. Due April 1. 1942. Reorganization Status — Under the reor- ganization plan of the Chicago & Eastern R. R. each $1,000 bond of this issue will receive $1,162 in (new) Gen. 5s, $100 In (111.) preferred stock of the new company and $163 in cash. Dated April 1, 1892. Interest payable April and Oct. 1, at Bankers' Trust Co., New York. Default — April 1, 1915. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,000,000 OatBtanding 3,176,000 Denomination — Coupon, $1,000. Register- able as to principal. , Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Eastern Illinois R. R. Co. at consolidation. This company is now in the hands of receivers. Control — Incorporated in 1877, succeeding the Evansville & Crawfordsville R. R. Co. and in 1911 was merged with the Chicago & East- ern Illinois R. R. Co. Receivers appointed In 1913. Protective Committee — See 1st Consol. 6s above. Foreclosure — Proceedings have been insti- tuted by Trustee under this mortgage. Secured by a second mortgage on 200 miles of road from Evansville to Rockville, Ind., with branches and on the extension from Cynthlana to Mt. Vernon, Ind., subject to prior liens at the rate of $20,000 per mile, aa follows : Prior Liens — $3,826,000, as follows: $3,000,- 000 1st Cons. 6s of 1921; $376,000 E. & T. H. Mt. V. Br. 6s of 1923, and $460,000 E. & T. H. Sullivan Co. Coal Br. 53 of 1930. Undei-lies — $1,284,000 Evansville & Terre Haute Ref. 5s of 1941. Listed on the New York Stock Exchange. New York — Sam'l Goidschmidt, Wm. C. Orton & Co., Pouch & Co., Vanderhoef & Robinson. Price Range — N. Y. S. B. Jan. 1, 06, to Jan. 1, '21 1820 High 108% Apr. 17, '06 67 Sept. 26 -Low. 63 May 26, '16 67 Sept. 26 EVANSVILLE & TERRE HAUTE RAIL- ROAD CO. Ref. 6s. Due July 1, 1941. Reorganization Status — Under the reor- ganization plan of the Chicago & Eastern Illinois H. R. Co. each $1,000 bond of this issue will receive $1,000 in (new) preferred ' stock of the new company. Dated July 1, 1911. Interest payable Jan. and July 1 at Trustee's office. Default — July 1, 1916. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $1,284,000 Outstanding 1,278,160 Porpose of Issue — These bonds were Issued for the purpose of retiring the Preferred Stock of the company and are exchangeable therefor par for par. Denomination — Coupon, $50 and $1,000. Registerable as to principal. Twenty $50 bonds are exchangeable for $1,000 bond. Trustee — New York Trust Co., New York. Redeemable as a whole at par and interest on 60 days' notice. AsBumed by the Chicag-o & Eastern Illinois R. R. Co., now in hands of receivers. Protective Committee — See 1st Consol. 6s of 1921. Secured by a third mortirare on 200 miles of road from EvansviUe to Rockville, Ind., with branches and on the extension from Cynthiana to Mt. Vernon, Ind., subject to prior liens at the rate of $30,000 per mile. Prior liiens — $7,000,000 prior lien including let Gen. 5s and prior liens thereto. Market. New Yoric — Sam'l Goldschmidt, Wm. C. Orton & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 2 8f' 17 50 f '15 27f Nov. 33fNov. Low. 1 Of 15 30a4f'15 15f Feb. 21fJan. EVANSVIXLE GAS & EliBCTRIC LIGHT Co. 1st & Ref. (Now 1st) 5s. Due June 1, 1932. Dated June 1, 1902. Interest payable June and Dec, 1, at Trustee's office, and at First National Bank. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortsase. Outstanding: (Apr. 11, '21) $1,160,000 Ketired by S. F 90,000 Denomlnatioii — Coupon, $1,000. Register- able as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on any interest date at 105 and interest upon 60 days' notice. Sinking Fund — $10,000 bonds are to be re- deemed annually at 105 and interest from June 1, 1913 to 1922, and $15,000 from 1923 to maturity. Bonds are to be drawn. Control — Incorporated in Indiana in 1883 and in 1906 and merged in 1912 with the Public Utilities co. The name of the latter company was changed to Southern Indiana Gas & Electric Co. in 1921. The entire stock of the latter company is owned by Union Ry., Gas & Elec. Co. In May, 1913, all the Pfd. and Common Stocks of the latter com- pany were acquired by Commonwealth Power, Ry. & Light Co., in exchange for its own stock. Secured by a first mortgage on plants sup- plying gas and electricity in EvansviUe, Ind. Population served. 100,000. Franchise for gas perpetual. Underlies — Public Utilities Co. 1st & Ref. 6s of 1929, and Southern Indiana Gas & Electric Co. 1st Lien & Ref. Mtge., under w^hich bonds are reserved to retire this is- sue. Eamingrs — See Southern Indiana Gas & Electric Co. 1st Lien & Ref. 7%s. Original Market — First offered by Mason, Lewis & Co., Devitt, Tremble & Co., Farson, Leach & Co. , (now Farson, Son & Co. , and A. B. Leach & Co.), New York and Chicago, at 101 and interest. 1902. Market. New York — Bahcock, Rushton & Co., Hartshorne & Battelle. Philadelphia — E. R. Barnard, Bauer, Starr & Co., Samuel McCreery & Co. Price Range. Jan. 1, *06, to Jan. 1, 'HI 1920 Bid. Ask. Bid. Ask. High 100 '10 100 '06 72% Oct. 80 May Low. 70 '20 73 '20 70 Nov. 73 June Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $2,500,000 Outstanding: 1.500,000 Reserved for Ext 1,000,000 Purpose of Issue — To meet the cash re- quirements of the reorganization. Denomination — Coupon, $1,000, $500 and $100; registerable as to principal. Regis- tered $1,000 and $5,000 C. & R. ($1,000) in- terchangeable. Trustees — Farmers Loan & Trust Co., New York, ' and Samuel D. Miller, Indianapolis. Redeemable as a whole, or in part by lot, on May 1, 1923, or any interest date there- after, upon 60 days' notice, at 102 and in- terest Organization and Control — Incorporated in Indiana in 1920 as successor through fore- closure to the EvansviUe & Indianapolis E. E. Co. In 1921 the Cleveland, Cincinnati, Chicago & St. Louis Ry. Co. acquired the entire capital stock of the company. Capitalization Outstanding Common }4,290,000 Funded debt 1,500,000 Secured by a first mortgage on 135 miles of main line railroad from Terre Haute to Straight Line Get., near EvansviUe, Ind., also 32 miles of second track, together with Terminal at Terre Haute and all other prop- erty now owned or hereafter acquired. Original Market — $1,000,000 offered July, 1920, to subscribing depositors under reor- ganization plan, and $500,000 by Raymond M. Smith, New Tork, United States Trust Co., Terre Haute, Ind., and Merchants Na- tional Bank, Middletown, N. Y. Market New York — Wm. C. Orton & Co., Ray- mond M. Smith, KVANSVILI.B. ENDIANAPOIJS & lEBXB HAUTE RAILWAY CO. 1st 7s. Due May 1, 1950. Dated May 1, 1920. Interest payable May and Nov. 1 at Farmers Loan & Trust Co., New York. EVANSVILLE, SIJBUBBAN & NEWBUBGH EAILWAY 1st 5s. Due Jan. 1, 1934. Dated Jan. 1, 1904. Interest payable Jan. and July 1, at EvansviUe Trust & Savings Co., EvansviUe, Ind., and Chase Nat'l Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $600,000 Outstanding (Jan. 1, '21) 472,500 Retired 27,600 Denomination — Coupon, $500 and $1,000. Reeisterable as to principal. Trustee — Mercantile [Trust & Savings Co., EvansviUe, Ind. Redeemable for the Sinking Fund at 105 and interest, and as a whole after Jan. 1, 1920, at 105 and interest. Sinldne Fund — $2,500 bonds to be retired annually at 105 and interest. Began 1910. Organization — Incorporated in Indiana in 1888 and road opened for operation in 1889. Capitalization Outstanding Common $307,400 Funded debt 472,500 Secured by a first mortgage on 10.33 miles of main track from EvansviUe to Newburgh and a 14.34 mile branch to Boonville, Ind. Passenser traffic handled by electricity, freight by steam. Population served, Evans- viUe, 86,000; remaining territory, 16,000. Road built on private right of way. Years ended Dec. 31: Gross. Net. Bond Int. 1920 $374,024 $54,980 $23,688 1919 222,127 43,805 23,750 1918 238,525 56,248 25,490 1917 192,463 65,266 24,062 Market New York — Fred. H. Hatch & Co. 48S Price Range Jan. 1, '19, to Jan. 1, '«1 1920 Bla. Ask. Bla. Ask. High 65 '19 73 "19 .. 72 Low. 60 '20 72 '20 60 72 EVERETT RAILWAY & EI^CTRIC CO. Ist 5s. Due April 1, 1921. Dated April 1, 1901. Interest payable April and Oct. 1. at oflice of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized Closed mortgraEe. Ontstanding $825,000 Unissned 176,000 Denomination — Coupon, $1,000. Trnstee — Bankers' Trust Co., New York. Assumed by Puset Sound International Rail- way & Power Co. Control — Merged in 190B into the Everett Ry., Light & Water Co., controlling the elec- tric railway system, electric lightine business and water supply of Everett and the adjoin- ing town of Lowell, and owns a seven-mile interurban line to- Snohomish. Leased to Puget Sound International Ry. & Power Co., all of whose stock is owned by a subsidiary of Puget Sound Power & Light Co. Management — Stone & "Webster. Secured by a first mortgage on practically all of the street railways in Everett, Wash., comprising 16 miles of track, and on plant supplying electricity to that city. Population served by railways, 30,000; by lighting plant, 28,000. Railway franchises expire in 1944 and 1950, lighting in 1950. Underlies — Everett Ry., Light & Water Co. 1st Cons. Bs, which provide for retirement of this issue and Cona. 6s of 1941. Market. New York — Hodenpyl, Hardy & Co., Alfred F. Ingold & Co., F. H. Hatch & Co. Boston — C. E. Denison & Co. Philadelphia — Bauer, Starr & Co., B. R. Barnard, Boenning, Garrison & Co., Ed. V. Kane & Co. Pi-ice Rangre 1920 — Ask 75. New and Dec. 1, at Wm. P. Bonbright & Co., York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding' (Jan. 1, '21) 372,000 Retired by S. F 6,600 Reserved for Bxt 121,000 Denomination — Coupon, $600 and $1,000. Trustees — New York Trust Co., New York, and St. Louis Union Trust Co., St. Louis. Redeemable on any Interest date at 103 and interest. Improvement and Sinking Fund — ^Annually on Aug. 1, from 1913 to 1916, 2% of out- standing bonds; 1917 to 1921, 3%: 1922 to 1931, 4%. This fund may be used tor the reconstruction and replacement of Its per- manent properties or for the purchase or redemption of these bonds at not exceeding 103 and interest. Oreanizationi — Incorporated in 1912 in Mis- souri to take over the water, gas, electric and steam heating properties operating in Ex- celsior Springs, Mo. Capitalization. Outstanding. Common $300,000 Preferred 200,000 Funded debt 372,000 Secured by a first mortgage on all the property of the company. Population served, 9,000. Franchises: water expires in Oct., 1926; gas and electricity in March, 1932, and steam heating in March, 1942. Years ended Dec. 31: 1920. 1919. 1918. 1917. 1916. 1916. Gross. Net. Int. & Dep. $230,985 $80,856 $36,168 170,331 66,640 37,37» 141,437 61,734 37,304 134,410 60,868 41,271 124,306 63,471 36,902 108,710 66,065 27,189- EXCELSIOR SPRINGS (THE) (MO.) WATER, GAS Si ELECTRIC CO. 1st 6s. Due June 1, 1932. Dated June 1, 1912. Interest payable June Original Market — $280,000 offered in 191$ by "Wm. P. Bonbrlght & Co., New York. Market. New York — Lynch & McDermott. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask- High 88 '16 100 '17 Not Low. 80 '10 90 '19 avdiiable 487 ¥ I'AIRMONT & CLARKSBURG TRACTION CO. 1st 5s. Due Oct. 1. 1938. Dated October 1, 1903. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Ificome Tax not assumed by company. Authorized and Outstanding $2,500,000 Denom illation — Coupon, $1,000. Register- able as to principal or fully registerable. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Assumed by the Monongahela Valley Trac- tion Co. Control — Merged into the Monongahela Val- ley Traction Co. in 1912. Secured by a first mortgage on street rail- ways in Fairmont and Clarksburg, W. Va. ; interurban line 25 miles long between these •cities, and several branch lines, a total of 56 miles of track, also on plant and distribu- tion system supplying electricity in Fairmont, Population served, 60,000. Franchises in iFairmont are perpetual. Elsewhere shortest franchises extend to 19 52. Interurban lines «,re on private right-of-way. Underlies — Monongahela Valley Tract. 1st Ref. 5s of 1942 and Gen. 7s of 1923. Bonds are re.served under 1st & Ref. mortgage to retire this issue. Earnings' — See Monongahela Valley Trac- tion Co. liisted on Philadelphia, Boston and Balti- more Stock Exchanges. Original Market — OfEered in 1908 by Chand- ler Bros. & Co., Philadelphia, and Midden- dorf, Williams & Co., Baltimore, at 93 and Interest. Market, New Yorlc — Hamilton & Co. Baltimoro — Jenkins, Whedbee ■ ^ Poe, Mackubin, Goodrich & Co., Howard R. Tay- lor & Co. Price Range. -Jan. 1, '13, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 101 '32 102 '14 80 Mar. 89 Jan. TiOW. 74 '20 76 '20 74 Dec. 76 Dec. FAIRMONT COAIi CO. 1st S. F. 5s. Due July 1, 1931. Dated July 1, 1901. Interest payable Jan. and July 1, at Trustee's office and Girard Trust Co., Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $6,000,000 'Outstanding: (Jan. 1, *31) .... 4,500,000 Retired by S. F 1,311,000 Deposited under Con. Coal 1st & Ref, Mtge 189,000 Denomination — Coupon, $1,000. Register- able as to principal. Trus.tee — United States Mortgage & Trust Co., New York. Redeemable at 110 and interest for sinking ■fund only. Sinking Fund — Two cents per ton of all coal mined. One-half of proceeds of this fund may be used for acquisition of additional coal-bearing lands. Assumed by the Consolidation Coal Co. Control — Merged in 1911 with the Consoli- dation Coal Co. Secured by a first mortgage on 3 6,000 acres of coal land and 3,300 acres of surface land, owned in fee, and on perpetual leasehold in- terest on 23,000 acres of coal land, located in and around Fairmont, W. Va. Underlies — Consolidation Coal Co. 1st & Ref. 5s of 1950. Bonds are reserved under the 1st & Ref. mortgage to retire this issue. Farninera — See Consolidation Coal Co. Original Market — Offered in 1902 by Har- very Fisk & Sons, New York, ,at 98 and in- terest. Market. New York — Dunham & Co., Samuel Gold- schmidt, Hartshorne & Battelle, Fred H. Hatch & Co., Vanderhoef & Robinson, Wat- son, Armstrong & Co. Philadelphia — Barnes & Lofland, Bauer, Starr & Co., Henry D. Boenning: & Co., McCown & Co. Baltimore—TVilliam E. HoUoway, John D. Howard & Co., Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co., Smith, Lockhart & Co., Howard R. Taylor & Co. Price Range. Jan. 1, *16, to Jan. 1, '31 1930 Bid. -Ask. Bid. Ask. High 28 '16 101 '16 85 Jan. 88 Jan. Low. 77^^ '20 81 '20 77^/^ Aug". 81 Dec. FAIRMOtlNT PARK TRANSPORTATION CO. 1st S. F. 48-5S. Due April 1, 1937. Dated April 1, 1912. Interest payable April 1 and Oct. 1, at Trustee's office. Oct. 1, 1915, coupons were paid by E. W. Clark & Co. Reduction of Interest — Interest reduced to 4% for 5 years commencing with -April 1, 1916 — 5% to be resumed thereafter. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized $750,000 Outstanding: 708,000 Held in S. F 42.000 Trustee — Girard Trust Co., Philadelphia. Redeemable at 105 and interest on 60 days' notice. Sinking Fund — $13,0 annually on and after Oct. 1, 1918, plus interest on bonds retired. Organization — Incorporated in New Jersey in 1894. In Sept., 1916, the Fairmount Park Transit Co. was incorporated in Delaware and purchased the property of this company. The property had previously been foreclos- ed and purchased for $58,0 00, subject to the mortgage, by the reorganization commit- tee. Capitalization. Outstanding. Common $400,000 Pref. (7% cum.) 79,636 Funded debt 708,000 Secured by a first mortgage on all the prop- erty of the company, including 8% miles of railway in Fairmount Park, Phila., and Wood- side Park, an amusement park of 26 acres. This line is the only transportation line op- erating in the park. Franchise from Park Commissioners expires In 1939. Years ended Dec. 31: Gross. Net. Interest. 1920 $209,515 $62,687 $32,328 1919 176,585 53,496 29,345 1918 128,980 27,011 41,410 1917 107,516 23,660 41,847 Original Market — Offered in 1912, at 96 and Interest by B. W. Clark & Co., Philadelphia. Market, Philadelphia— Henry D. Boenning & Co. Price Range. Jan. 1, *14, to Jan. 1, '21 1920 Bid. Ask. High 90 '14 96 '14 Not Low. 30f '16 50f '15 available FARGO - Si SOUTHERN RAILWAY CO. 1st 68. Due Jan. 1, 1924. Dated Oct. 10. 1883. Interest payable Jan. and .July 1, at office of C, M. & St. P., 42 Broadway, New Tork. Tax StatDS — ^Payment of Federal Income Tax not assumed by company. Anthorlzed Closed mortgage Ontstandine $1,248,000 In Insurance Reserve 2,000 Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., New Tork. Assumed by the Chicago, Milwaukee & St. Paul Ky. Co. Control — Absorbed by Chicago, Milwaukee & St. Paul Ry. Co. Secured by a first mortgage on 116.97 miles of road from Fargo, N. D., to Ortonville, Minn. Underlies — Chicago, Milwaukee & St. Paul Gen. and Gen. & Kef. Mortgages, under both of which Bonds are reserved to retire this issue. IjOgstl for Savings Banks in Conn., Mass., Ni T., and Vt. Listed on the New Tork Stock Exchange. Market. New York — Redmond & Co. ' Price Range — N. Y. S. B. Jan. 1. '11, to Jan. 1, '21 1920 Bid. Ask. High 117% Aug. 15, '11 98% May lOOii May Low. 104% Sept. 13, '17 90 Aug. 98% Aug. FAYETTE & McMINNVILLE BRANCHES Ist 6s, 1917. See Nashville, Chattanooga & St. Louis Railroad. FAYKTTF, HOME TELEPHONE COM- PANY 20-Year 1st 7s, Series "A". Due Feb. 1, 1941. Dated Feb. 1, 1920. Interest payable Feb. 1 and Aug. 1, at Security Trust Co., Lexing- ton, Ky., or National City Bank, New Torlc Tax Status — Payment of Federal Income Tax not assumed by the Company. Antliorized $1,000,000 Outstanding 300,000 Issuance Restrictions — Additional bonds of other series may be issued for not more than 65% of the cash cost of additional property acquired provided the company's outstand- ing bonded debt shall not exceed the then outstanding fully paid capital stock and surplus; and provided further that the net earnings, after deduction of depreciation and taxes, available for interest charges, during the preceding calendar year shall not be less than twice the annual interest charges on the company's bonded debt then out- standing including interest on the bonds proposed to be issued. Purpose of Issue — To provide funds to pay 1st 5s due April 1, 1920, and for other cor- porate uses. Denominations — Coupon, $1,000, $500 and $100; registerable as to principal. Regis- tered $1,000. C. & R. interchangeable. ( Trustee — Security Trust Co., Lexington. Kedeemablo as a whole only on any in- terest date from Feb. 1, 1926, to Feb. 1, 1936, at 110 and interest, and after Feb, 1, 1936, at 105 and interest. Organization — Incorporated in "West Vir- ginia in 1902. The Cumberland Telephone and Telc?:raph Company owns about 30% of the entire capital stock. Capitalization. Outstanding. Common $500,000 Preferred (6% Cum.) 300,000 Funded Debt 300,000 Secured by a first mortgage on all the property of the company now owned or hereafter acquired. Property covered in- culdes exchanges at Lexington, in Fayette County, and Versailles and Midway in Wood- ford County, and county lines both m Fay- ette and Woodford Counties, Kentucky. Franchises expire in 1928. The company operates without competition and has physi- cal connection with all Bell and Independent telephone companies operating throughout the United States and Canada. Yeai's ended Dec. 31. _ Gross. Net. Int.&Rcnt. 1920 $339,874 $75,716 $14,538 1919 306,843 74,929 13,245 1918 266,885 68,939 11,369' 1917 231,243 62,084 10,664 Original Market— $300,000; offered March.. 1921, by J. J. B. Hilliard & Son, Louisville,. Ky., and Security Trust Co., Lexington, Ky.,. at 97 1/^ and interest. FICDERAL COAL COMPANY 5-Year S. F- 6s. Due Dec. 1, 1924. Dated Deo. 1, 1919. Interest payable June- 1 and Dec. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid: by the company without deduction. Authorized $850,000 Outstanding 850,000 Denominations — Coupon, $1,000 and $500; registerable as to principal. Tmstee — People's Savings & Trust Co., Pittsburgh. Redeemable -. at any time upon 30 days notice at 102 and interest. Sinldner Fund — All payments aocruine from the sale of timber, all oil and gas royalties, and % of all coal revenues are- to be paid to the Trustee tor the purpose of paying interest on these bonds and to- be further applied to their purchase or re- demption at not exceeding 102 and interest. Organization — Incorporated in West Vir- ginia in 1918. Capitalization. Outstandmg. Common $3,000,000- Funded Debt 850,000- Secnred by a first mortgage on 30,000- acres of coal, timber, . oil and gas land situ- ated in Boone County, W. Virginia, prac- tically all of which is owned by the com- pany in fee. Coal lands are estimated to contain 600,000,000 tons of merchantable coal; 7,000 acres of this coal (land is now- under lease, the minimum price approxi- mating $6.00 per acre per year. The land Iff further estimated to contain over 130,000,- 000 feet of hardwood timber. This timber has been . sold under contract to the Roclc Castle Lumber Company at $5.00 per M feet cut, with a minimum annual payment of $50,000. Oil and gas rights are under lease to the Ohio Cities Gas Company and tho- Carter Oil Company at a minimum rental! of $1.00 per acre per year. Oriffinal Market— $850,000, offered Novem- ber, 1919, by Holmes, Bulkley & Wardrop,. Pittsburgh, and McClure, Smith &'Co., San- bury, Pa., at 95% and interest. Market Charleston, W. Va.— Robert L. Ruddell. Scranton, Pa.— J. H. Brooks & Co., W^ela- senfluh & Co. Sunbury, Pa. — McClure, Smith & Co. FEDERAL FURNACE CO. 1st 5s Series' "A." Due SH3,000 each Nov. 1 from 1916 to 1920, inclnslve; $34,000 from 1921 to 1986, inclusive. Dated Nov. 1, 1906. Interest payable May and Nov. 1, at Central Nat'l Bank Sav. & Trust Co., Glevelanf!. Tax Statu.s — 2% Federal Income Tax paid' by company without deduction. Authorized $600,000 Outstanding (Jan. 1, '21) 204,000 Balance redeemed. Denomination — Coupon, $1,000. Trustee — Superior Savings & Trust Co.,. Cleveland, Ohio. Redeemable at 105 and interest. Assumed by the By-Products Coke Corpo- ration. Control — Incorporated In Illinois in 1905. Merged in 1915 with the By-Products Coke <3orDoratlon, Secured by a first mortgrage on ali the prop- erty of the company, including 23 acres with a 1,500-foot frontage on the Calumet River in South Chicago, 111., and blast fur- naces. llnclerlies — $158,000 1st Series "B" 5s. Due to 1927 and $608,000 1st & Ref. 6s. Due to 1935. Bamings — See By-Producta Coke Corpo- ration. FEDERAL FURNACE CO. 1st 5s, Series "B." Due $22,000 each Aug. 1 from 1916 to 1923, inclusive: and $23,000 from 1924 to 1927, inclusive. Dated Aug. 1, 1906. Interest payable Feb. anrl Aug. 1, at Central Nat'l Bank, Sav. & Trust Co., Cleveland. Tax Status — 2 % Federal Income Tax paid ^y company without deduction. Authorized $400,000 Outstandin^cr (Jan. 1, '21) 158,000 Balance redeemed. Denomination — Coupon, 1,000. Trustee — Superior Savings and Trust Co., Cleveland. Redeemable at 105 and interest. Control — Security — See Series "A." E*rior Lien — 1st 5a, Series ' 'A. ' ' Due to ■ 1926. Underlies — $608,000 1st & Ref. 6s. Due to 1935. Market. New York— F. H. Hatch & Co. , FEDERAL FURNACE CO. 1st & Ref. 6s. Due $150,000 each June 1 from 1931 to 1934, inclusive; and $8,000 June 1, 1935. Dated June 1. 1915. Interest payable June and Dec. 1, at Trustee's ofHce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized '. . .$1,500,000 Outstanding 608,000 Unissued 892,000 Denomination — Coupon, $1,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Control — Security — See Series "A." Prior Liens — 1st 5s, Series ' 'A. ' ' Due to 1926, and lat 5s, Series "B." Due to 1927. Market. 'Sew York — Watson, Armstrong & Co. ■ Syracuse — The Syracuse Trust Co. FEDERAL LIGHT & TRACTION CO. 1st Lien S. F. 6s. Due March 1, 1942. Dated March 1, 1912. Interest payable March and Sept. 1, at Nat'l Prov. & Union Bank, I--td., London, Eng., and Trustee's office. Tax Status — 'Payment of Federal Income Tax not assumed by company. Pennsylvania State Tax refunded. Authorized $50,000,000 Outstamling: (Jan. 1, '21) 4,010,000 Retired by S. F 605,500 In Treasu.'y 395,000 Reserved for Conversion of $1,- 500,000 Deb. 6s 626,500 Reserved for Ext 43,091,333 Denomination — Coupon, $500 and $1,000. Reglsterable as to principal only. Regis- tered, $1,000 and multiples. Trustee — Columbia Trust Co. of New York. RedeemOrble as a whole at 102 and inter- est, on any interest date upon 12 weeks' iwtice. Sinking Fund — 1 ^ % of bonds outstanding annually to March 1, 1923; 2% of bonds out- standing March 1, 1923, to March 1, 1933; 2%% of bonds outstanding March 1, 1933, ■to maturity for the purchase and cancella- tion of bonds of this issue if obtainable at or below 102 and interest. If bonds cannot be purchased at this price the sinking fund moneys .shall be invested in new property which shall become directly subject to the lien of the mortgage. Three years prior to the expiration of the franchise of any sub- sidiary company whose franchise expires prior to the maturity of these bonds, a sum equal to the physical replacement value of the prop- erty shall be paid to the sinking fund, to be used in the same manner as regular an- nual payments. Organization — Incorporated in New York in 1910. In addition to the companies enumer- ated below, this company also controls the Central Arkansas Ry. & Lt. Corp. operating all of the public utilities in Hot Springs, Ark. Capitalization. Outstanding. Common $4,750,000 Preferred (6% cum.) 2,500.000 Funded debt 6,950,000 Secured by a first lien on all of the first mortgage bonds and practically all of the stocks of the following companies : Albu- querque Gas & Electric Co., supplying gas and electricity in Albuquerque, N. M. Pop- ulation served, 22,000. Electricity franchise expires in 1927, gas in 1929. Gray's Har- bor Ry . & Lt, Co. , supplying electricity in Aberdeen, Hoquiam and Cosmopolls, Wash., and operating 10.5 miles of electric railway in and between those towns. Franchises ex- pire in 1953 and 1959. Population served, 30,300. Hobart Electric Co., supplying elec- tricity in Hobart. Okla. Population, 3,800. Las Vegas Light & Power Co., supplying electric light and owning entire capital stock of Las "Vegas Transit Co. , which owns the street railways in Las Vegas. N. M. Popu- lation served, 7,000. Rawlins Electric Lt. & Fuel Co., supplying electricity in Rawlins, Wyo. Population, 3,000. Sheridan County Electric Co., supplying electricity to Sher- idan, Wyo., and coal mines in vicinity. Pop- ulation served, 15,200. Trinidad Elee. Trans, Ry. & Gas Co., supplying gas and electricity in Trinidad. Col. , and operating 1 9 miles of street and interurban electric railway. Pop- ulation served, 38,000. Principal electric franchise perpetual, street railway expires in 1953 and gas in 1930. Tucson Gas, El. Lt. & Pr. Co., supplying gas and electricity in Tucson, Ariz. Tucson Rapid Transit Co., owning 4 miles of street railway in Tuc- son, Ariz. Population served, 17,000. Fran- chise expires in 1930. Further secured by a lien on $1,100,000 common stock of the Springfield Ry. & Lt Co., owing all of the stocks of companies supplying gas, electricity and heat In Springfield, Mo., and operating 23 miles of street railway. Pop- ulation served, 45,000. Gas franchise ex- pires in 1929, steam heating 1936, street railway in 1944, and electricity franchise is perpetual. Underlies — $2,940,000 debentures. Years ended Dec. 31: Gross. Net. •Charges. 1^)20 $4,606,421 $1,408,378 $817,350 1919 3,897,518 1,235,780 812,379 1918 3,497,231 1,05 2.309 787,301 1917 2,867,310 856,846 717 744 1916 2,502,142 864,249 705,055 1915 2,352,015 806,299 697,232 •Interest and subsidiary dividends. 4S0 Original Market — Offered in 1912 and 1913 by "White, Weld & Co,, New Yorlc, etc., at 93% and interest. Market. New York— Samuel Goldschmidt, Fred H. Hatch & Co., Morton Lachenbruch & Co., Martin. Berwin & Co.. Vanderhoef & Robin- son, White, Weld & Co. Boston — Moors & Cabot, Bauer, Starr & Co. Philadelphia— Henry D. Eoenning & Co., Huntoon & Co. Price Range. Jan. 1, '12, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 92^! '12 931^ '12 70 Jan. 72^^ Jan. Low. 60 '20 65 'SO 60 Dec. 65 Dec. FEDERAI. MGHT & TRACTION CO. 10- year 6% Deb. Dne March 1, 1933. Dated March 1, 1912. Interest payable March 1 and Sept. 1, at Columbia Trust Co., New York. Tax Statas — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $l,600.00d Denomination — Coupon, $1, 00 0. Register- able as to principal. Trustee — Brooklyn Trust Co., Brooklyn. Redeemable as a whole at par and inter- est on any interest date on six weeks' notice. Convertible into lat 5s of 1942, at $1,000 face value of debentures for $1,111.11 face value of 1st 5s provided net earnings for previous year of controlled companies ex- ceed 2 % times total interest charges on 1st 5s issued. The company, however, reserves the right to purchase at 101 and interest any debentures presented for conversion. Org-anization — See 1st 5s of 1942. Secured by a lien on the property de- scribed under the 1st 5s of 1942. Prior Liens — $1,975,500 Springfield Ry. & Light Co. 1st 5s of 1926 and $4,010,000 Fed- eral Light & Traction Co. 1st 5a of 1942. Underlies — 10-year Notes of 1923. A suf- ficient amount of which have been reserved to retire these debentures. learnings — See 1st 5s of 1942. Original Market — Offered Jan., 1913, at 98 and interest by White, Weld & Co., New York, Boston and Chicago. Market. Now York — Vanderhoef & Robinson. Philadelphia — Bauer, Starr & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91 '17 97 '15 78 Oct. 85 Oct. Low. 90 '17 72 '18 74% Mar. 80 Apr. FEDEBAL UGHT & TRACTION CO. 10- Year 6% & 7% Notes. Dae Dec. 1, 1923. Dated Dec. 1, 1913. Interest payable June and Dec. 1. at Trustee's office, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstanding: (Jan. 1, '21): 6s $716,000 7s 725,000 1,440,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal or fully register- able. Registered $ 1 and $ 5 and ex- changeable. Trustee — Columbia Trust Co., New York. Redeemable at 106 and Interest to and in- cluding June 1, 1921, and thereafter at par and interest on any interest date on SO days' notice. Common Stock Optional Warrants — The 7 % notes carry option warrants registerable and transferable and giving owner privilege of purchasing an eaual amount of common stock at par prior to Dec. 1, 1923, or these notes may be exchanged for such stock at par provided they were issued two years prior to date of surrender. All notes so exchanged to be cancelled. Organization — See 1st Lien S. F. Ba. Security — A direct obligation of the com- pany, but not secured by mortgage or col- lateral. Prior Liens — $4,010,000 1st Lien 5s of 1942 and $1,500,000 Deb. of 1922. Earnings — See 1st 5s of 1942. Original Market — $725,000 7a offered 1914 by Colgate, Parker & Co., New York, and Bodell & Co., Providence, etc., at par and in- terest. Market. New York — Alfred F. Ingold & Co., Van- derhoef & Robinson. Price Range Jan. 1, '19, to Jan. 1, '21 1920 6 % Notes. Bid. Ask. Bid. Ask. High 78 '19 83 '19 77 May 80 May Low. 75 '20 80 '20 77 May 80 May 7% Notes. High 82 '19 86 '19 78 Nov. 84 Nov. Low. 6S'20 80 '20 68 July 80 Sept. 491 FEDERAL STREET & PLEASANT VALLEY PASSENGER RAILWAY CO. Cons. 5s. Due May 1, 1942. Dated May 1, 1892. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $1,250,000 Outstanding 1,073,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Title & Trust Co., Pitts- burgh, Pa. Organization and Control — Incorporated In Pennsylvania in 1868. Leased to the United Traction Co. of Pittsburgh, which owns $750,- 000 of the $1,400,000 stock, for 950 years at annual rental of interest, taxes and 5 % on the stock. All of the common stock and $2,949,950 of the preferred stock of the Unit- ed Traction Co. are owned by the Pittsburgh Rys. Co., a subsidiary of the Philadelphia Co. and Its properties are operated under an agreement by the Pittsburgh Rys. Co. Capitalization. Outstanding. Common $1,400,000 Funded debt 1,250,000 Protective Committee — See United Traction Co. of Pittsburgh. Receivership — See Pittsburgh Rys. Co. Gen. 5a. Secured by a sec6nd mortgage on street railways on Federal St. , from North Ave. to Perrysville Ave. to Hast St., on Arch St., from North Ave. to Jarvella St. to Monterey St. and on Columbus St, from New Brighton Road to California Ave. to Superior Ave.* formerly owned by the Observatory Hill Pas- senger Ry. Co. ; on Canal St. from Anderson St. to Sandusky St. to North Ave. to Fed- eral St., on North Ave. from Sandusky St. to Bast St. to former city line, now boun- dary between 25th and 26th Wards, at Bl- mira St. and on Madison Ave. from Bast St. to North Ave., formerly the property of the Peoples' Park Passenger Ry. Co. ; both of which companies were merged Into the Federal St, & Pleasant Valley Pass. Ry. Co., these properties being subject to $92,000 Gen. 5s of that company: a second mortgage on line from Liberty Ave. to Anderson Ave. over bridge to Canal St. to Union Ave. to Ohio St. to Federal St. to North Ave. to Monterey St. to Jarvella St. to New BrlBh- ton Road to Columbus St. to Taggart St. to Perrysvllle Ave., and on Strauss St. from Taegart St. to Irwin Ave., which was the property of the Federal St. & Pleasant Val- ley Passenger Ry., prior to its consolida- tion with other roads, and which is subject to $92,000 Gen. 5s of 1919; on California Ave. from Superior Ave. to the City Line, formerly the property of the Allegheny St. Ry., and subject to $27,000 of Its Ist Es of 1920; on California Ave. in Bellevue to Lin- coln Ave. to California Ave. In Avalon for- merly the property of the Allegheny & Belle- vue St. Ry. Co., and subject to $18,000 of Its 1st Bs of 1920; on North Ave. from Bast St. to Madison Ave. to Peralta St. to Troy Hill Road to Gardner St., formerly the prop- erty of the Perry St. Ry. Co., and subject to $3,000 of its let 6s, 1920, and on Troy Hill Road to Lawry St. to City Line, for- merly the property of the Troy Hill St. Ry. Co. and subject to $37,000 of its 1st 5s of 1920. Also secured on trackage rights on Seventh Ave., from Smithfleld St. to Grant St., Sixth Ave. from Smithfleld St. to Lib- erty Ave., and on Sanduslcy St. from Lib- erty Ave. to Duquesne Way. The total length of track is about 34 miles, practi- cally all located in the North Side (formerly Allegheny) of Pittsburgh. All franchises are perpetual. A large number of the earlier franchises under which the above lines were built give the city the right- to acauire the property at any time, and may impose taxes on cars, and on gross and net earnings. liisted on the Pittsburgh Stock Exchange. Market. New York — Barle A. Miller & Co. Philadelphia — Henry D. Boenning & Co., Hunton & Co. Pittsburgrh— Moore, Leonard & Lynch, Stout & Co., Edward A. Owens & Co. Price Range. Jan. 1, '0«, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 107% '08 llO'Og 66 Nov. 70 Nov. Low. 50f '20 62 '20 50f ,Tan. 62 Feb. FEDERAI, SUGAR REFINING CO. B-Yt. 6% Notes. Dae Nov. 1, 1924. Dated Nov. 1, 1919. Interest payable May 1 and Nov. 1, at Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $3,000,000 Outstanding 3,000,000 Purpose of Issue^ — To provide for the pay- ment of $2,000,000 5% notes, maturing Jan. 1, 1920, and to increase' the company's work- ing capital. BenominatMn — Coupon, $1,000. Register- able as to principal. Trustee — Bankers Trust Co., New York. Redeemable as a whole or in part for sink- ing fund at 101 and interest on any interest date upon 60 days' notice. Sinking Fund — Annually beginning Jan. 1, 1922, an amount In cash sufficient to retire on the next interest date at 101 and Inter- est $334,000 principal amount of these notes. Fund is to be applied to the purchase or re- demption of these notes at not exceeding 101 and interest. Organization — Incorporated in New York in 1907 and took over the business of the Fed- eral Sugar Refining Co. of New Jersey and the Federal Sugar Refining Co. of Yonkers. The compfiny is engaged in refining of su- gars and owns and operates one of the larg- est single sugar refineries in the world. Com- pany's plant is valued at over $12,000,000, and is located at Yonkers. The property of the company at Yonkers also includes warehouses with a storage capacity of 12,000 tons of sugar. The refinery has a daily ca- pacity of 10,000 barrels. Capitalization. Outstanding. Common $6,980,900 Preferred (6% cum.) 3,019,100 Funded debt 3.000,000 Security — A direct obligation of the com- pany, but not secured by mortgage. This issue constitutes the only funded indebted- ness of the company. The trust agreement under which these notes are issued contains the following provisions: Neither the company nor any subsidiary will mortgage or pledge any of its real or plant property now owned or hereafter ac- quired. (This covenant shall not prevent the acquisition of real property, subject to pur- chase money mortgages or other liens not exceeding 75% of the fair value thereof.) Neither the company nor any subsidiary will issue any further notes or other evi- dences of indebtedness (except customary bor- rowings in the ordinary course of its busi- ness) unless provision is made for the sim- ultaneous payment or redemption of this issue. The company and Its subsidiaries will at all times maintain quick assets, as defined in the Trust Agreement, to an amount at least equal to their current liabilities, including the principal and accrued interest of notes of this issue then outstanding. Years ended May 31: Net. Interest. 1919 $1,654,291 $328,001 1918 2,172,946 226,427 1917 3,227,464 363,629 Original Market — $3,000,000 offered Nov., 1919, by Bankers Trust Co., American Ex- change National Bank, New York, and A. B. Leach & Co., New York, Chicago, Boston, etc., at 97% and Interest. - Market. New Yorlt — Salomon Eros. & Hutzler, Farr & Co. Boston — Curtis & Sanger. Price Rangre 1920. Bid. Ask. High ■ 97% Feb. 98 Feb. Low 89 Dec. 93 Dec. FEDERAL TANK LINE Equip. Tr. 6b. Due $63,000 each Mar. IS, $62,000 each Jtu« 15, $63,000 each Sept. 15, and $62,000 each Dec. 15, from Mar. 15, 1B20, f» Dec. 15, 1924, inclusive. Dated Dec, 16. 1919. Interest payable Mar. 16, June 16, Sept. 16 and Dec. IB at Union Trust Co., Pittsburgh. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in Pennsylvania. Authorized $1,260,000 Outstanding 1,250,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Union Trust Co., Pittsburgh. Redeemable at 101% and interest on four weeks' notice. Guaranteed principal and Interest by the Federal Tank Line. Organization — The Federal Tank Line was Incorporated in Pennsylvania, Nov., 1919. and' its principal office is in the city of Pitts- burgh. The company was created for the purpose of acquiring 746 tank cars, praoti- cally al! 6f which were constructed for and purchased hy the United States Government In the yeara of 1918 and 1919. The company leases these cars. Capitalization. Outstanding. Common $750,000 Funded debt 1,250,000 Secured by an equipment trust agreement on 746 tank cars of M. C. B, A. construc- tion. The capacity of these cars is as fol- lows: Cars Capacity 20 3500 gallons 266 8000 gallons 245 10000 gallons 204 roOO gallons 11 6000 gallons Original Market — $1,250,000 offered Jan., 1920, by Union Trust Co., Pittsburgh, at prices ranging from 100 to 99.25, according to ma- turity. Origrinal Market — $500,000 offered Jan., 1921, by Girvin & Miller, San Francisco. FEDERAT. TEI^EGEAPH COMPAi^Y Ut 8s. Due $100,000 each Nov. 1 from 1923 to 1937, inclusive. Dated Nov. 1, 1920. Interest payable May 1 and Nov. 1, at Anglo-California Trust Co., San Francisco. Tax Status — 2% Federal Income Tax paid by the Company without deduction, TeCX exempt in California. * Authorized $500,000 Oatstandingr 500,000 Purpose of Issue — To provide funds for the construction of four new wireless sta- tions to be located at San rFancisco, Port- land, Los Angeles and San Diego. Denomination — Coupon $1,000. Trustee — Ang-lp-California Trust Co., San Francisco. Redeemable upon any interest date upon 60 days' notice at 102 and interest. Sinking: Fund — Equal monthly payments between Dec. 1, 1920 and Dec. 1, 1921, ag- gregating $20,000; between Dec. 1, 1921 and Dec. 1, 1922, aggregating $30,000; between Dec. 3, 1922 and Dec. 1, 1923, aggregating $50,000, and thereafter in monthly install- ments of one-twelfth of the next maturity. This fund may be used in the purchase of notes of the— next serial maturity outstand- ing on the open market at a price not to exceed 102 and interest. OrgraniKation — Incorporated in California In 1911 for the purpose of building and operating vpireless radio stations. In 1917 the United States Government, as a war necessity took over and operated the com- pany's stations on a rental basis and later purchased them. The Company is' construct- ing four new wireless stations' located at San Francisco, Portland, Los Angeles, and San Diego. The Federal Arc Radio Trans- mitters are to be built and installed by the company. The Company manufactures these arc transmitters in sizes of from 2 kilowatt to 1,000 kilowatt, inclusive. Capitalization. Outstanding. Common $2,491,775 Funded debt 500,000 Secured by a first mortgage on all the property of the Company now owned or hereafter acquired including manufacturing plant at Palo Alto, California. For details of property see "Organization," Years ended Deo. 31: Net. 1919 186,005 •1920 $176,050 *10 months only. Bond Interest. 40,000 $33,333 FISHER BODY CORPORATION 6% Xotes. Due $1,000,000 each Aug. 1, from 1921 to 1935, Inclusive. Dated Aug. 1, 1919. Interest payable Feb. 1 and Aug. 1, at Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $5,000,000 Outstanding 5.000,000 Purpose of Issue — To refund current indebt- edness, and to provide additional working capital. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers Trust Co. , New York. Redeemable as a whole, or in series (in which latter case the series first maturing must be first redeemed); on any interest date upon 6 days' notice, at the following prices with accrued interest; 102%, 4 years or more to run; 102, 3 years or more, but less than 4 years to run; 101^^, 2 years or more, but less than 3 years to run; 101, 1 year or more, but less than 2 years to run ; 100%, leas than 1 year to run. Organization and Control — Incorporated in New York in Aug., 1916, as a consolidation of The Fisher Body Co., Fisher Closed Body Co. and the Fisher Body Co. of Canada, Ltd. Owns 25 plants, located at Detroit, Mich., and Walkerville, Ontario. The cor- poration manufactures automobile bodies. In 1920 acquired the entire common stock of the National Plate Glass Co, Stock control was acquired in 1919 by General Motors Corporation. Capitalization. Outstanding. Common (no par) $6,000;000 Preferred (7% cum.) 4,213,500 ♦Preferred (8% cum.) 900,000 Funded debt 19,829,000 *Of National Plate Glass Co. not owned. tincludes subsidiaries. Security — A direct obligation of the com- pany, but not secured by a mortgage. These notes constitute the only funded debt of the company under the terms of the Trust Inden- ture the company covenants as follows: Neither the corporation nor its subsidiaries will mortgage or pledge any property now owned or hereafter acquired. (This - cove- nant shall not prevent the acquisition of property subject to purchase money mort- gages or other liens not exceeding 7 6 % of the fair value thereof, nor the pledge of United States Government obligations.) The corporation and Its subsidiaries will at all times maintain quick assets, as defined in the Trust Indenture, equal to at least one and one-half (1%) times all obligations, di- rect or contingent, except notes of this is- sue then having more than four years to run, purchase money mortgages maturing later than one year and notes secured by United States Government obligations. The corporation will not declare or pay any dividend upon its Common Stock which would reduce quick assets, as defined in the Trust Indenture, to an amount less than one and three-quarters (1%) ' times the principal amount of these notes then outstanding and of all other obligations, direct or contin- gent, except purchase money mortgages ma- turing later than one year and notes se- cured by United States Government obliga- tions. Yeai" ended April 30: Net. •Deduction 1920 ?6, 747,867 $990,387 •Includes interest, subsidiary dividends and $250,000 to cover loss on Canadian Ex- change and fluctuations in market value of Original Market — $6,000,000 offered Aug., 1919, by Bankers Trust Co., Guaranty Trust Co., Liberty Securities Corporation and Hall- garten & Co., all of New York, on a 6%% basis for 1921 maturity and 6%% basis for other maturities. Market. New York — Ames, Bmerich & Co. Pittsburgh — The Union Trust Co. of Pitts- burgh. Co. I'rice Range 1980 Due 1921 Bid. Ask. High 96 May 98 May Low 94% July 97% July Due 1922 High 88 Nov. 98 Nov. Low 96 Nov. Due 1923 High 93 May 87 May Low 86 Oct. 94 Oct. Due 1924 High 95% July 97% Dec. Low 93 Oct Due 1925 High 89 May 93MOct. Low 91% Dec. FITCHBUKG RAILROAD CO. aO-Year Bonds (Debentures), Interest payable semi-annually from date of bonds, at company's otRce, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding — $14,294,000 as follows: Dated. Outstanding. Interest Rate. Ootqber 1, 1901 1,776,000 3%% May 1, 1905 3,660,000 4% April 1, 1907 2,000,000 4% May 1, 1908 2,400,000 *y^% Jan. 1, 1912 1,200,000 4%% Jan. r, 1913 400,000 4%% Jan. 1, 1914 1,872,000 6% Feb. 1, 1887 •5,000,000 4% •Due Feb. 1, 1937. Held by Commonwealth of Mass. Denominations — All issues coupon, $1,000. Registerable as to principal. Bonds due 1920, 1926, 1927, 1928 and 1932. Registered $6,000, $10,000 and $60,000. Coupon bonds exchange- able for registered bonds. Assumed by the Boston & Maine Railroad. Contr«l — Incorporated in Massachusetts in 1842 and leased for 99 years from 1900 to the Boston & Maine R. R. Co. In Dec, 1919, merged with other companies Into the Bos- ton & Maine R. R. Secored eaually with other issues under the new Boston & Maine Railroad Mortgage on all the property , covered by that mortgage. See description of latter mortgage for de- tails. Refunding — Bonds are reserved under the new Boston & Maine R. R. Mtge. to retire these bonds. liCgal for Savings banks In Mass. Market. New York — ^Alfred F. Ingold & Co. Boston — Curtis & Sanger. Chicago — A. de Silva & Son, . R. L. Day & Co., Harris Trust & Savings Bank. Price Range. Jan. 1, '16, to Jan. 1, '81 1920 Bid. Ask. Bid. 3%s, 1921. High 93 '19 95% '16 93 Mar. 96 Sept. Low. 88 '16 93% '16 92 Feb. 96 Sept. 4s, High 93 '16 93% Low. 82 ■20 88 4e, High 91% '16 92% Low. 76% •20 84% 4%s High 96^<. 'IB 96% Low. 77% ■20 88% 4%s High 94% 'IS 96 Low, 69 '20 94% 5 s, High 100 '16 101% Low. 71% ^20 90 1925. ■16 87 Jan. 88 July 16 82 Apr. 88 Aug. 1927. '16 83 Feb. 84% July 20 76% Aug. 84% Aug. , 1928. ■16 85 Jan '17 77% Apr 1933. '16 S0% Jan 16 69 May 1934. '16 84 Jan 17 71% May FITCHBUBG KATLBOAD CO. 30-Year (De- benture) 4s. Interest payable semi-annually from date of bonds, at company's office, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Dated. Outstanding. March 1, 1897 $2,750,000 January 1, 1898 1,450,000 Denominations — Ail issues coupon, 1,000, registerable as to principal. Bonds due 1920 and 1928. registered, $6,000, $10,000 and $60,- 000. Coupon bonds exchangeable for reg- istered bonds. Assumed by Boston & Maine Railroad. Control — See 20-Tear Bonds. Security — See 20-Tear Bonds. Refunding — ^See 20-Tear Bonds. Legal for Savings Banks in Mass. Listed on .the Boston Stock Exchange. Market. See 20-Tear Debs. Price Range. Jon. 1, '16, to Jan. 1, 'SI 1920 Due 1927. Bid. Ask. Bid. Ask. High 92 '16 93 '16 84% Jan. 84% July Low. 76% '20 84% '20 76% Aug. 84% Aug. Due 1928. High 91 '16 92% '16 81% Feb. S3 Aug. Low. 76% '20 82% '20 76 Aug. 82% July Ask. FLANNEKY BOLT CO. (Tlie 15-Year Ist S. F. 8s. Dne May 1, 1936. Dated May 1, 1921. - Interest payable May 1 and Nov. 1, at Fidelity Title & Trust Co., Pittsburgh, or New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by tile company without deduction. Penn- sylvania -state tax refunded. Authorized $750,000 Outstanding 750,000 Purpose of Issue — To fund an ■ indebted- ness of $750,000 incurred in acquiring the property and assets of the Flannery Bolt Company, a Pennsylvania corporation. Denominations — Coupon, $1,000 and $500; registerable as to principal. Trustees — Fidelity Title & Trust Co., Pittsburgh, and New York Trust Co., New York. Redeemable on any interest date upon 60 days' notice at 105 and interest. Sinking Fund — An annual minimum pay- ment of $60,000 plus 20% of net earnings available for dividends on the stock, to bo applied to the purchase or redemption of these bonds at not exceeding 105 and in- terest. Organization — Incorporated in Delaware in 1921. Acquired the business and assets of the Flannery Bolt Company, a Pennsyl- vania corporation. Business established In 1904. The company manufactures Flexible Staybolts which are extensively used in loco- motives. The company also manufactures locknuts, drilled bolts and tools for the ap- plication of Flexible Staybolts. Capitalization. Outstanding. Oommon (no par) 10,000 shs. Funded debt $750,000 Secured by a first mortgage on all the property of the company. Additionally se- cured by pledge of all patents now owned o rhereafter acquired. The company cov- enants in the mortgage to maintain current quick assets of 133% of all current liabili- ties, including this issue of bonds. The property covered by the direct lien of this mortgage mcludes plant located in Collier Township, Allegheny County, Pa, , three- quarters of a mile from Bridgeville and about twelve miles from Pittsburgh. As of Nov. 1, 1920, the plant and equip- ment were appraised at $1,246,883. Original Market— $750,000; offered April, -1921, by J. H. Holmes & Co., Pittsburgh, and Redm ond & Co., New York, etc., at 100 and interest. FI.EISCHMANN COMPANY (THE). 10-Year 8% Notes. Due Hec. 1, 1930. Dated Dec. 1, 1920. Interest payable June 1 and Dec. 1 at Trustee's office or Garfield Nat'l Bank, New' York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $4,000,000 Outstanding 4,000,000 Purpose of li^sue — To reimburse the com- pany for capital expenditures already made and to provide increased working capital necessary in the expansion of the company's, business. Denominations — Coupon $1,000 and $500; registerable as to principal. Trustee — First National Bank, Cincinnati. Redeemable on any interest date at 105 and interest through Dec. 1, 1921, and at a premium becoming % % less during each year thereafter until maturity. Sinking Fund — Annually, on or before Dec. 1, an amount sufficient to retire $200,000 face value of Notes, by purchase or redemp- tion at not over the current call price. It is estimated that this fund will retire 45% of this issue prior to maturity. Organization — Incorporated in Ohio in 1905 as successor to the firm of Fleismann & -Co. The Fleischmann Company and its predecessor copartnerships have been suc- cessfully engaged for over fifty years in the manufacture and distribution of com- pressed yeast for commercial purposes. The Company with its subsidiaries is in addi- tion engaged in the manufacture and dis- tribution of malt extract, (and as by-prod- ucts of yeast) , of vinegar, industrial alcohol, denatured alcohol, and dried grains for cattle feeding purposes. The sale and distribution of compressed yeast, the Coraipany's principal product, is made to approximately 35,000 commercial bakeries, hotels and public institutions, and to approximately 175,000 grocers through whom the yeast is resold for domestic use. The Company's distribution of compressed yeast Is conducted through the medium of over nine hundred established agencies throughout the United States, Canada, Cuba, Mexico and Porto Rico. Capitalization. Outstanding. Common $3,0T(0,000 Preferred (6% cum.) 3,000,000 Funded debt 4,000,000 Security — A direct obligation of the com- pany, but not secured by a mortgage. Under the provisions of the Indenture the company covenants as follows: Neither the company nor any of its sub- sidiaries shall mortgage its properties or create any additional funded or other debt maturing more than twelve months after date, except purchase money mortgages. The company shall maintain at all times net assets equal to not less than 250% of the amount of these notes outstanding and cur- rent assets equal to not less than 125 %, of all liabilities including these notes. Years ended Dec. 31: Gross. Net, ♦1920 $16,343,670 $1,558,249 1919 31,951,786 2,421,357 1918 32,191,378 3,393,331 1917 27,520,606 2,765,939 1916 25,762,057 2,075,293 *6 months ended June 30. tApplicable to interest and Federal taxes:. Original Marliet — $4,000,000 offered Dec. 1920, by W. E, Hutton & Co., New York and: Cincinnati and Harris, Forbes & Co., New- York, Harris, Forbes & Co., Inc., 'Boston, and: Harris Trust & Savings Bank, Chicago, at 100 and interest. Market New York — Hartshorne & Battelle. Chicago — Curtis & Sanger. FLINT GAS CO. Ist 58. Due Nov. 1, 1924, Dated Nov. 1, 1904.. Interest payable May and Nov. 1, at Trustee's oflBce. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $493,500 Retired 6,600 Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — ^Michigan Trust Co., Grand Haplds.- Redeemable at 105 and interest. Control — ^Absorbed in 1914 by MIchigan< Light Co., which is controlled by the Con- sumers Power Co., a subsidiary of the Com- monwealth Power, Ry. & Lt. Co. Secured by a first mortgage on plant sup- plying gas to Flint, Mich, Population served, 75,000. Franchise expires in 1930. Underlies — Mich. Lt. Co, 1st & Ref. 5s or 1946 which provide for retirement of this-. issue. Refunding — Bonds are reserved under Con- sumers Power Co. Gen. & Ref. Mtge. to re- tire this issue. Earnings — See Consumers Power Co. Gen^ & Ref. 7 s. Market. New York — Hodenpyl, Hardy & Co. Philadelphia — B. R. Barnard. Price Range. Jan. 1, 'IS, to Jan. 1, '21 1920 Bid. Ask. Bid. Aslci- High 99 '16 100 '17 90 Nov. 95 Man, Low. 78 '20 90 '19 78 July 95 Nov. FLORIDA CENTRAL & PENINSULAR RAIL- ROAD CO. iBt Ext. 6s. Due July I, 1938. Dated July 12, 1888. Extended July, 1S18, with interest increased from 5 % to 6 %. Interest payable Jan. 1 and July 1 at Com- pany's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .. .$3,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New- York. Assumed by the Seaboard Air Line Rail- way Co. Control — Merged into the Seaboard Air Lins'- Railway Co. Secured by a first mortgage on 674.18 mllev- of road, viz: Miles. Fernandina to Cedar Keyes, Fla 166,70 Jacksonville to River Jet., Pla 209.08 Yulee to Jacksonville, Fla 25. 80' Wado to Plant City, Fla 132.94 Drifton to Monticello, Fla 4.88 Tallahassee to St. Marks, Pla 20.8&- 95 ■Wildwood to Tavares. Fla 22.00 Sumterville Jet. to Sumterville, Fla.. 2.23 Silver Springs Jet. to Silver Springs, Fla 1.90 Underlies — Florida Central & Peninsular R. R. 1st Ext. 5s of 1930, 1st Cons. 5a of 1943, and Seaboard Air Line Ry. 1st 4s of 1950, Hef. 4s of 1959, Adjust. 53 of 1949, 1st and Cons. 6s of 1945. Bonds are reserved under the S. A. L. 1st and Cons. Mtge. to retire this issue. £aming:s — See Seaboard Air Line Ry. Co. I^egal for Baltimore ' Trust Funds. Usted on the New York and Amsterdam Stock Exchanges. Market. New York — Samuel Goldschmidt, R. W. PresspricU & Co., Rollins, Kalbfieisch & Co. Pliiladelphia — Biddle & Henry. Baltimore — Barrel! Corkran & Co., Mac- kubiri, Goodrich & Co., Smith, Lockhart & Co., Howard R. Taylor & Co. Price Range— N. Y. S. E. (Old 6s). Jan. 1, '06, to Jan. 1, '31 1920 High 109% Apr. 26, '06 98 Oct. 15 Low. 90 Nov. 5, '20 90 Nov. 5 FLORIDA CENTRAL Si PENINSULAR RAIL- ROAD CO. 1st Ext. & Land Grant 58. Due Jan. 1, 1930. Dated Jan. 2. 1890'. Interest payable Jan. and July 1, at office of Blair Co., 24 Broad Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed Mortgage. Outstanding (May 6, '21) 344,000 Retired by S. 1? 124,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — iletropolitan Trust Co., New York. Sinking Fund — The proceeds from sales of land are applicable to the purchase of these bonds at their market price. Bonds purchased to be cancelled. Assumed by the Seaboard Air Line Rail- way Co. Control — Merged into Seaboard Air Line Railway Co. ■ Sedured by a direct mortgage on 669.58 miles of road, viz. : A first lien on 95.40 miles — Miles. Plant City to Tampa, Fla 22.60 Archer to Early Bird, Fla 28.75 Tavares to Orlando, Fla 32.00 Turkey Creek to Durant, Fla 4.33 Branches 7. 82 A second lien on 574,18 miles — ■ Covered by 1st Ext. 6s of 1923. Fui-ther secured by a first mortgage on all land remaining unsold from the grant ot 67,000 acres received for constructing the extension to Tampa, and 123,000 acres to which the company is entitled on account of the building of the branch to Orlando of which grant only 5000 .acres have been re- ceived. Prior Lien — $3,000,000 Fla. Cent. Pen. 1st :Bxt. OS of 1923. Underlies — Florida Central & Peninsular R. :R. 1st Cons. 5s, of 1943 and Seaboard Air :Line Ry. 1st 4s of 1950, Ref. 4s of 1969. Adjust. 5s 'of 1949 and 1st and Cons. 6s of 1945. Bonds are reserved under the S. A. L. 1st and Cons, to retire this issue. Earnings — See Seaboard Air Line Ry. Co. Legal for Baltimore Trust Funds. Listed on the New York and Amsterdam Stock Exchanges. Market. New York — Samuel Goldschmidt, Chas. W. Place, R. W. Pressprlch & Co., Raymond M. Smith, Taylor, Smith & Hard, Vanderhoet & Robinson. Baltimore — Barroll, Corkran & Co., Brink- man & Co., Jenkins, Whedbee & Foe, How- ard R. Taylor & Co. Price Range — N. Y. S. E. Jan. 1, '13, to (Jan. 1, '21 1920 Bid. Ask. High 104 May 2, '12 86 Oct. 104 Feb. Low. 101 Dec. 28, '15 83% Deo. 85 Dec. FLORIDA CENTRAL & PENINSULAR RAIL- ROAD CO. 1st Cons. 58. Due Jan. 1, 1943. Dated Jan. 2, 1893. Interest payable Jan. and July 1, at ofBce of Blair & Co., 24 Broad Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed Mortgage. Outstanding $4,372,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Assumed by the ■ Seaboard Air Line Rail- way Co. Control — Seaboard Air Line Ry. Co. Secured by a direct mortgage on 811.14 miles of road, viz. : A first Hen on 141.56 miles — Miles Savannah, Ga.. to Yulee, Fla 113.36 Orlando to Lake Charm, Fla 16.35 Summerfleld to Lake Weir, Fla 7.66 Amelia Beach Branch 2*25 Quincy Owl Mills Spur I'gs A second lien on 95.40 miles — Covered by the first lien of the 1st Ext. 5s, 1930 96 40 A third Uen on 574.18 miles — Covered by the first lien of the 1st Ext. 6s, 1923 674 18 Prior Liens — $3,000,000 1st Ext. "os of 1923 and $346,000 1st Ext. & L. G. 6s of 1930. Underlies — Seaboard Air Line Ry. Co 1st 4s. Refg. 4s. Adjustment 6s and 1st & Cons. 6s of 1945. Bonds are reserved under the 1st and Cons. Mtge. to retire this issue. liarmngs— See Seaboard Air Line Ry. Co Legal for Baltimore Trust Funds. Listed on the New York, Baltimore and Amsterdam Stock Exchanges. Market. New York— K. A. Baker & Son, Samuel Goldschmidt, Hodenpyl, Hardy & Co., R W 1 .J^aWimore— Barroll, Corkran & Co., Jen- kins, Whedbee & Poe, Howard R. Taylor & Price Range— N. Y. S. E. Jan. 1, '12, to Jan. 1, '12 ' iqon High 107 May 20, '12 86 Dec 9 Low. 78 0ct. 14, '20 78 Oct 14 FLORIDA BAST COAST RAILWAY CO. 1st 4%s. Due June 1, 1959. ,rS^*A^ •''^"^ ^' i^"'- Interest payable June and Dec. 1, at Trustee, New York Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. . .$12 000 000 Denomination— Coupon, $1,000. Regist'erable as to principal or fully registerable. Regis- tered, $1,000, $5,000 and $10 000 CR interchangeable. » , «. v.,. a. Trustee--Bankers' Trust Co., New York , „"'^*"'^?*'""--Inoorporated in Florida in 1892 as the Florida Coast & Gulf Ry Co Present name adopted in lS95. Funded debt ...:.::::::: 3?'ooo'oo2 of^r^^vlz''-^ *"' mortgage on 616.82 nillea 496 Miles. Jacksonville to Key West, Fla 522.17 Mayport to South Jacksonville, Fla 24.13 Titusville to Enterprise, Fla 35.25 New Smyrna to Orange City Jet., Fla.. 27.42 Branches 7.85 Note — In addition to the above mileage the company owns 139.26 miles from New Smyr- na to Okeechohee not covered. ,, Also secured by pledge of the following 'se- curities, viz.: $12,500 of $25,000 stock of the Atlantic & Bast Coast Terminal Ry. Co., which owns a freight terminal at Jackson- ville, and $49,800 of $200,000 stock of the Jacksonville Terminal Co., which owns the passenger terminal at Jacksonville. From Florida City to Key West, 125 miles, the road is built on a concrete viaduct, ex- tending over the open ocean from one to another of the Florida Keys. The line reaches within 90 miles of Havana, Cuba, and car ferries are operated between Key West and Havana. The actual cost of the entire prop- erty has been in excess of $35,000,000. Underlies — $25,000,000 Gen. Inc. 5s of 1959. Years ended Dec. 31: Gross. Net. *Int.&Rent. tl919 $2,477,752 $2,327,467 $1,923,309 tl919 10,121,222 1,611,694 tl918 2,338,590 2.154,298 1,851,822 tl918 8,841,222 1,945,941 251,340 1917 8,140,167 3,144,879 1,955,519 t Federal account. tFederal account — standard return not In- cluded. ♦Includes interest in Gen. Income 5s. lasted on the New York Stock Exchange. Original Market — Underwritten In 1909, by J. P. Morgan & Co: , the First National Bank and the National City Bank, New York, and offered at 102 ^A and interest. Also of- fered in 1911, by Lee, Higginson & Co., Bos- ton, at 95^ and interest. Market. New York — Finlay & Davenport, Arthur B. Frank & Co., R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Season- good, Haas & Macdonald, "Vilas & Hick'ey. Fhiladelphia — Brown Bros. & Co., Chas. Fearon & Co. Baltimore — Jenkins, Whedbee & Poe. PHce Eange— N. Y. S. B. Jan. 1, '11, to Jan. 1, '21 1920 High 98 1/^ Nov. 6, '11 80 Jan. 8 Low. 73% Bee. 24, '20 73l^ Dec. 24 FLORIDA EAST COAST RAILWAY CO. Eauip. Tr. 5s. Series "A" Due 50,000 each May 1 to May 1, 1923, inclnsive. Dated April 27, 1914. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $400,000 Outstanding (June 1,, '21) 50,000 Balance Retired. Denomination — Coupon, $1,0,00. Register- able as to principal. Trustee— United States Mortgage & Trust Co., New York. Guaranteed principal and interest by the Florida East Coast Ry. Co. by endorsement. Secured by an equipment trust agreement on 500 box cars. Legral for saving-s banks in Ohio. Market. New Yorlc — Evans, Stillman & Co., Free- man & Co. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $1,Q00,000 Outstanding (Jan. 1, '21) 700,000 Balance retired. Denomination — Coupon $1,000; registerable as to principal. Trustee — United States Mortgage & Trust Co., New York. Guaranteed principal and interest by the Florida East Coast Railway Co, by endorse- ment. Secured by an equipment trust agreement on 10 Pacific type passenger locomotives; 2 six-wheel switching locomotives; 5 steel coaches, 3 steel compartment coaches ; 3 steel baggage cars; 3 steel express cars, 160 4 0-ton fiat cars ; 175 ventilated fruit cars, costing $1,347,252, of which the com- pany pays in cash $347,253. Legral for savings banks in Ohio. Market — See Series A. FLORIDA SOUTHERN RAILROAD CO. 1st 4s. Due January 1, 1945. Dated January 1, 1895. Interest payable Jan. and July 1, at United States Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized '. Closed Mortgage. Outstanding $2,418,000 Fledgred under A. C. L. Cons... 1,823.000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — American Trust Co., Botson, Mass. Assumed by the Atlantic Coast Line R. R. Co. Control — Absorbed by the Atlantic Coast Line, R. R. Co. Secured by a first mortgage on 243.72 miles of road, viz. : Miles Palatka to BrooksviUe, Fla 145.33 Bartow to Punta Gorda, Fla 739.18 Mlcanopy Jet. to Tacoma, Fla 8. .8 Leesburg Jet. to Leesburg, Fla 1.33 Proctor to Citra, Fla 6.04 Rochelle to Gainesville, Fla 9.36 Underlies — ^Atlantic Coast Line Cons. 4s of 1952, Gen. Unified, 4%s. Bonds are re- served under the General Unified Mortgage to retire this issue. Legal for savings banks in Cal., Conn., Mich.. Minn., N. H., N. J., R. L, Ore. and Wis., also Baltimore Trust funds. Listed on the Richmond Stock Exchange. Market. New York — Simon Borg & Co., Raym,ond M. Smith, Taylor, Smith & Hard. Baltimore — BarroU, Corkran & Co., Brink- man & Co. , John D. Howard & Go. , Jen- kins, Whedbee & Poe, Mackubin, Goodrich & Co., Howard R. Taylor & Co. Price Range. Jan. 1, *09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 9Byi '09 95% '09 75 Mar. 80 Jan. Low. 62 '20 72 '18 62 Dec. 72 Dec. FLORIDA EAST COAST RAILWAY CO. Equip. Tr. 68,. Series "B." Due $100,- 000 each Oct. 1, from 1919 to 1927, incl. Dated Oct. 1, 1917. Interest payable Apr. 1 and Oct. 1, at Trustee's ofhce. 497 FLORIDA WEST SHORE RAILWAY CO. 1st 5s. Due Jan. 1, 1934. Dated Jan. 1, 1904. Interest payable Jan. and July 1, at office of Blair & Co., 24 Broad Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed Mortgage. Outstanding $755,000 Denomination — Coupon, $1, 000. Register- able as to principal. Trustee — The Continental Trust Co. of Baltimore. Redeemalile at 105 and interest on any in- terest date. Assumed by the Seaboard Air Line Ry. Co. Guaranteed principal and interest by the Seaboard Air Line Railway by endorsement. Control — Merged into the Seaboard Air Line Railway in 1909 and the latter company was succeeded in 1915 by the Seaboard Air Line Railway Co. Secured by a first mortgage on 66.03 miles of road, viz. : Miles Durant to Sarasota, Fla 53.34 Sarasota to Fruitville, Fla 3.65 Terra Ceia Jet. to Terra Ceia, Fla.. 4.47 Ellenton, Fla. to Atlantic Refining Co.. 1.65 Palmetto Jet. to Palmetto, Fla 1.50 Manatee to Bradentown, Fla 1.31 Underlies — Seaboard Air Line Refunding 4s of 1959. Adjmt. 5s of 1949 and 1st & Cons. 6s of 1945. 1st & Cons, mortgage bonds are reserved to retire this issue. New York— Chas. W. Place. Baltimore — Barroll Corkran & Co. Price Range. Jan. 1, '13, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 981^ '12 100^^ '12 72 Jan. 80 Feb. Low. 65 '20 71 '20 65 Nov. 71 July FOT.LANSBEK BROTHERS COMPANY 20- Year 1st S. F. 7s. Due March 1, 1941. Dated March 1, 19 21. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in Pennsylvania. Authorized $4,000,000 Outstanding: 4,000,0.00 Purpose of Issue — The proceeds of these bonds .together with additional $1,000,000 realized from the proposed sale of $1,000,000, par value of com,nion stock, will be used to retire an issue of $1,500,000 7% cumulative preferred stock, to complete the manufac- turing plant at Toronto, Ohio, and provide additional working capital. Denomination — Coupon, $1,000; register- able as to principal. Trustee — First National Bank, Pittsburgh. Redeemable on any interest date upon 60 days' notice at 103 and interest. Sinkingr Fund — Annual payment as fol- lows: $200,000 from March 1, 1921, to March 1, 1925, both inclusive; $300,000 March 1, 1936, to March 1, 1939, both inclusive, and $400,000 March 1, 1940. This fund is to be applied to the purchase or redemption of these bonds at not over 103 and interest. The company reserves the right to purchase bonds in the open market and deliver such bonds to the Trustee in lieu of cash pay- ments. Bonds acquired by this fund ace to be cancelled. Orgranization — Incorporated in Pennsyl- vania in 1894. The company's products con- sist of black sheet steel, blue and polished sheet steel, galvanized sheet steel, tin plate, roofing plate and electrical sheet steel. Capitalization. Outstanding. Common $7,500,000 Funded Debt 4,045,000 Secured by a first mortgage on plants at Follansbee, W. Va., and Toronto, Ohio, and a second mortgage on the warehouse and office building at Pittsburgh. Additionally secured by pledge of 93.6% of the $250,000 capital stock of the Sheet Metal Specialty Company located at Follansbee, W. Va., and engaged in the manufacture of stove pipe, elbows, ' portable steel ovens, furnace pipe and other sheet metal goods. I»rior liens — Outstanding Purchase money mortgage $45,000 Year ended Dec. 31: Net. 1920 $1,563,030 Original Market— $4,000,000, offered Feb- ruary, 1921, by the First National Bank, Pittsburgh, and J. H. Holmes & Co., Pitts- burgh and New York, at 95^,4 and interest. FLOWER VALVE MANUFACTURING COM- PANY 1st Serial 7s. Due $45,000 each Jan. 1, 1920 to 1929, inclusive. Dated Jan. 1, 1919. Interest payable Jan. and July 1, at Trustee's oiHce, Detroit. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Michigan. Authorized ...$500,000 Outstanding (Apr. 1. '20) 405,000 Matured and Paid 45,000 Purpose of Issue— To refund $120,000 1st 6s and provide additional working capital. Denominations — Coupon $100, $500 and $1,- 000. Registerable as to principal. Trustee — Union Trust Company, Detroit. Redeemable on any interest date at 102% and interest upon sixty days' notice. Sinking Fund — Annually 60% of net earn- ings after payment of taxes, depreciation and maintenance charges, and bond interest and annual maturities, such sum to be ap- plied to redemption of outstanding bonds by call. Company may surrender to Trustee for cancellation bonds of this issue at par in place of cash. Organization — Incorporated in Michigan. Business established in 1805. Manufactures water works supplies, valves, hydrants, etc. Capitalization. Outstanding. Common $235,000 Preferred 290,000 Funded debt 405,000 Secured by a first mortgage on entire property of company now owned or here- after acquired, including six acres of land in Detroit owned in fee simple, with plants and equipment. Appraised value, Sept. 15, 1918 — $805,185. Company covenants that no dividend shall be paid on the common stock during the life of these bonds unless net quick assets after payment of such dividends are equal to at least 150% of bonds out- standing. Years ended Dec. 31: Net. 1918 $184,809 1917 100,924 Original Market — Offered in Dec, 1918, by Kay & Company, Inc., Detroit, at prices to yield from 7% to 7.32% for various maturi- ties. Market. Detroit — Kay & Co., Inc. FONDA, JOHNSTOWN & GI>0VERSVIIJ:4E RAILROAD Cons. Ext. 6s. Due March 29, 1922. Dated April 1, 1881. Extended April 1, 1921, at same rate of interest. Interest payable April and Oct. 1, at New York Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed Mortgage. Outstanding $200,000 Denomination — Coupon, $100, $500 and Jl - 000. Trustee — New York Trust Co., New York. Organization — See 1st Cons. Gen. Ref. 4% a. Secured by a first mortgage on 26 miles of road from Fonda to Northville, N. Y. Company operates 8 6 miles of road. Thli line is operated by steam, the remaining mileage by electricity. Underllies — $6,450,000 bonds. 498 Earnings— See 1st Cons. Gen. Kel. 4V4s. iMgal for Savings Banks in N. T. New York — Britton, Rollins & Co., H. T. Carey & Co.. F. J. Usman & Co. Fittsbargh — R. B. Hutchinson & Co. FONDA, JOHNSTOWN & GliOVEBSVUJLE KAELROAD 1st Cons. Ref. 4%s. Due July 1, 1947. Dated July 1, 1897. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed MortgaBe. Outstandine $600,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — New York Trust Co., N. T. Organization — See 1st Cons. Gen. Ref. 4%s. Secured by a second mortgage on 26 miles of railroad. (See Cons. 6s above.) Prior Liens — $200,000 63. Underlies — 6,960,000 43 and 4%s. Earnings — See 1st Cons. Gen. Ref. ihke. l,eg:al for savingrs banks in N. Y. Market. New York — Wolff & Stanley, Carruthers, Pell & Co., W. C. RauBcher. Price Range. Jan. 1, '11, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 97 '11 100 '12 60 Feb. 75 Feb. Low. 56 '20 75 '19 55 Deo. 76 Mar. FONDA, JOHNSTOWN & GIX)TBKSVIIXJE BAIL.ROAD Gen. Ref. 4s. Due July 1, 1950. Dated July 1, 1900. Interest payable Jan. and July 1. at Tru.stee's office. Tax Status — 2% Federal Income Tax paid by company without - deduction. Authorized — Closed mortgage. Outstanding $800,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — New York Trust Co., New York. Organization — See 1st Cons. Gen. Ref. 4^s. Secured by a third mortgage on 25 miles of road. (See Cons. 6s above.) Prior Liens — $700,000 6e and 4'Aa. Underlies — $5,150,000 1st Cons. Gen. 414b. Earnings — See 1st Cons. Gen. Ref. 4l4s. Legal for savings banks in N. Y. Original Market — First offered by Rhoades & Richmond, N. Y., July, 1900. Market. New York— WoUt & Stanley, W. C. Raes- cher. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid, Ask. Bid. Ask. High 95 '08 100 '08 60 Feb. 60 Feb. Low. 40 '20 65 '20 40 Apr. 65 Apr. FONDA, JOHNSTOWN & GLOVBRSVILLB RAILROAD CO. 1st Cons. Gen. Ref. 4V28. Due Not. 1, 195%. Dated November 1, 19 02. Mortgage dated Januarj' 1, 1903. Interest payable May and Nov. 1, at New York Trust Co., New I'ork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,000,000 Outstanding 5.150.000 Reserved for Prior Liens 1,860,000 Denomination — Coupon, 1,000. Registerable as to principal. Registered $1,000. Trustee — New York Trust Co., New York. Redeemable at 120 • and Interest on any interest date on 15 days' notice. Organization — Incorporated in New York in 1867 and in 1903 was consolidated with the Cayadutta Electric R. R. Co. and Ihe Am- sterdam Street R. R. ''o. Operates the Johnstown, Gloversviile & Kinssboro Horse R. B. Co. (Electric) under lease for 999 years from 1894 and Gloversviile & Broadalbain B. R. for 999 years from 1895. Owns entire $105,000 common stock of (he Coal C). of Ful- ton County. Capitalization. Outstanding. Common $2,500,000 Preferred (6% cum.) 500,000 Funded debt 7,000,000 Secured by a first mortgage on 40 miles of electric railway from Schenectady to Glov- ersviile, N. Y., and on local street railway lines in Amsterdam, N. Y. : a second mort- gage on 13 miles of electric railway from Fonda to Gloversviile, and a fourth mortsaTe on 25 miles of ateam railroad from Fonda to Northville, N. Y. Pl'ior Liens — 200,000 Cons. 6s of 1922, $500,000 1st Cons. Ref. 4%s of 1947, $800,- 000 Gen. Ref. 4s of 1950, and $350,00 Caya- dutta Electric R. R. 1st 6s of 1922. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $1,431,562 $503,903 $302,327 1919 1,261,661 428,336 372,660 1918 1,123,137 408,637 393,701 1917 1,064,318 445,466 392,852 Legal for Savings Banks in N. Y. and Me. Original Market — Offered in 1911, by Laden- burg, Thalmann & Co., New York, and A. B. Leach & Co., New York, Chicago and Boston, at SlVt. and interest, in 1903 by E. C. Jones & Co., and in 1904 by Law- rence Barnum & Co., New York. Market. New York — Sam'l Goldschmidt, Harts- horne & Battelle, Fred. H. Hatch & Co.. Rauscher & Mackay. Philadelphia — Bauer, Starr & J3o. Price Range. ^ Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '12 9H4 '11 47 Feb. 50 Jan. Low. 41 '20 44 '20 41 July 44 July F0NT.4iNA POWER CO. 1st 68. Due each Feb. 1 in amounts from $5,000, 1922, to $50,000, 1947. Dated February 1, 1917. Interest payable August 1 and February 1, at office of Trus- tee or Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized $350,000 Outstanding 350,000 Denomination] — Coupon, $1,000. Registerable as to principal. Trustee — Los Angeles Trust & Savings Bank, Los Angeles. Redeemable at 104 and Interest on any Interest date. Organization and Control — -Incorporated in California in 1916 to construct and operate hydro-electric works at the mouth of Lytle Creek in San Bernadino County, near the citrus growing communities of Fontana and Rialto, to furnish power for irrigation and to sell electric current. The Southern California Edison Co. has leased the power plant for a term expiring July 1, 1947. Under terms of lease the latter company is to operate continuously at its maximum output:, pay all operating and maintenance costs. The Fontana Power Co. to pay taxes and renewals. The entire out- put is purchased by lessee at a fixed rate. Lessee is required to distribute electricity over its own lines to customers of the Fon- tana Power Co. at a fixed rate, utlliziner sur- plus energy for Its own purposes. Secured by a first mortgage on all the property now owned or hereafter acquired. Power rights have been adjudicated. The company operates under the certificate of con- venierce and necessisty of the Railroad Com- mission of California, The plant of modern concrete-steel construction was completed Jan., 1918. Original Market — Offered Feb. , 1917, by Torrance, Marshall & Co. , Los Angeles. Market. liOS Angeles — Torrance, Marshall & Co. San Francisco — ^Torrance, Marshall & Co. New York — Spencer Trask & Co. FONTANA UNION WATER CO. 30-Year 1st S. F. 6s. I>ae July 1, 1942. Dated July 1, 1912. Interest payable Jan. 1 and July 1, at Los Angeles Trust & Sav- ings Bank, Los Angeles or Bankers Trust Co., New York. Tax Statusi — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized $900,000 Outstamding 413,000 Held in S. F 32,000 Reserved for Ext 455,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Los Angeles Trust & Savings Bank, Los Angeles. Redeemable at 105 and interest on July 1, 1917, or any aubseauent interest period. Sinking Fund — Annually on July 1, from 1913 to 1917, 1% of maximum amount of outstanding bonds during the preceding year 1918 to 1922, 1%%; 1923 to 1932, 2%; 1933 to 1942, 4%. This fund is to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds so ac- quired are to b© kept alive and interest added ' to this fund. Organization — ^Incorporated in California in 1912 as a mutual water company. Capitalization. Outstanding-. Common $1,000,000 Funded debt 372,000 Secured by a first mortgage on the water supply and distributing system on about 10,- 000 acres of the Fontana citrus properties located in and around Fontana and Rialto in San Bernardino County. The water rights of Lytle Creek have been adjudicated as to 4,- 000 inches of water of which this company owns 2,902 inches. This company's title is also guaranteed by the Consolidated Abstract & Title Guaranty Co. of San Benardino. The company owns 1,879 acres of land bordering on the stream bed; a large underground res- ervoir of sand and gravel from which water is drawn during the summer months by the Grapeland Tunnel, which has been extended to bedrock at the Miller Narrows; an additional reservoir site in Myer's Canyon; an 818-foot well, having a concrete caisson eight feet in diameter and 147 feet deep at the junction of Cajon Creek; distributing system comprises 13,200 feet of main cement canal, 31,980 feet of rock rubble ditch and 28,880 feet of reinforced concrete pipe and lateral distribu- ting system of 324,150 feet of concrete pipe. Farnings — Company does not report earn- ings. Original Market — Offered Oct., 1916, by Tor- rance, Marshall & Co., Los Angeles. Market. liOB Angeles — Torrance, Marshall & Co. San Francisco — Torrance, Marshall & Co. FORD ROOFING PRODUCTS CO. Ist 6s. Dae $50,000 each Jan. 1, from 1931 to 1930, ind. Dated Jan. 1, 1920. Interest payable Jan. 1 and July 1, at Boatmen's Bank, St. Louis. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authorized $500,000 Outstanding: ^^i'JSS Held in S. F 16.000 Purpose of Issue — To provide funds for ad- ditions and for additional working capital. Denomination — Coupon $1,000. Trustees — Mercantile Trust Company and B. J. Costigan, St. Louis. Redeemable at 102 and Interest upon 30 days' notice. Organization — Incorporated In Illinois In 1898, as the Ford Manufacturing Co. ; in 1919 changed the name to present title. Business established in 1865. The company Is engaged in the manufacture and sale of prepared roofing and building papers, asphalt and coal tar products, asphalt shingles, etc. Capitalization. Outstandng. Common $1,000,000 Funded debt 484,000 Secured by a first mortgage on all the as- sets of the company now owned or here- after acquired, including three buildings lo- cated as follows : Clinton, la., Vandalia, 111., and York, Pa. Original Market — $500,000 ofCered February, 1920, by Whitaker & Co., St. Louis, on a 7% basis. FORE RIVER SHIPBUILDING CORP. Ist 5s. Due $40,000 each July 1, 1915 to 1918, 19S1, 19S4. 1927, 1930 and 1933 and $39,000 each July 1, 1919, 1920, 1932, 1933, 1925, 1926. 1928, 1929, 1931. and 1932. Dated July 1, 1913. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — ?% Federal Income Tax paid by company without deduction. Tax exempt in Massachusetts. Authorized $750,000 Outstanding (Jan. 1, '21) 491,000 Balance Retired. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Old Colony Trust Co. , Boston. Redeemable on any Interest date at 103 and interest. Guaranteed principal and Interest by the Bethlehem Steel Corporation by endorsement. Control — Incorporated in Massachusetts. All of the stock is owned by the Bethlehem Steel" Corporation. The property Is leased to and operated by the Bethlehem Shipbuilding Corp. Secured by a first mortgage on extensive shipbuilding plant located on 74 acres of land at Quincy, Mass. Original Market — OfCered In Jan., 1914, by A. B. Leach & Co., New York, etc., and Adams & Co., Boston, at prices ranging from 99.29 to 94.06 to yield 5%%. Market. New York — Graham, Parsons & Co. Boston — L. Sherman Adams. Price Range. Jan. 1, *16, to Jam, 1, *31 1920 Bid. Aslt. Bid. Ask. High 100 '16 103 '16 Not Low. 991/2 '16 86 '19 available FORT DODGE, DES MOINES & SOUTHERN RAILROAD iBt 5s. Dae $50,000 each December 1 from 1916 to 19»7, Inclnsive, and $4,600,000, 1938. Dated December 1. 1913. Interest payable June 1 and December 1, at Bankers Trust Co., New York. Tax Status — Payment ct Federal Income Tax not assumed by company. Authorized Unlimited. Outstanding: (Jan. 1, '21) {5,450,000 Matured and Paid 260,000 ProTisions of Issue — Additional bonds may be issued up to 80% o( the replacement value or cash cost of additions, etc. Denomination — Coupon, $100, $600 and $1,- 000. Eesisterable as to principal only. Cou- pon bonds of $1,000 are exchangeable for reg- istered bonds. Registered $1,000 and multi- pies; C. & R. interchangeable. Trustee — Old Colony Trust Co., Boston. Redeemable on any interest date at 105 and Interest. Organization — Incorporated in Maine, Nov., 1913. Capitalization. Outstanding Common $2,600,000 Preferred (7% cum.) 1,363,100 Funded debt 5,450,000 Secui-ed by a first mortgage on 152.02 miles of standard gauge electrified railroad, extend- ing from Des Moines to Fort Dodge, la., and branches. The company does a large freight business, and its equipment, on which these bonds are also secured includes 11 electric locomotives, 32 passenger cars, 2,406 freight cars and 18 miscellaneous cars. Further secured on plants supplying elec- tricity in seven cities and towns, where franchises expire between 1934 and 1939. Over 99% of the road is built on private right-of-way. Years ended Dec. 31; Gross. -Net. Int.&Rent. •1920 $2,329,473 $1,007,131 $403,678 •1919 487,191 291,674 tl919 1,278,643 det.26D,660 ' 1,090 •1918 478,770 351,799 tl918 1,443,272 97,358 12 1917 1,649,656 696,053 291,683 1916 1,498.731. 725,682 283,792 •Corporate account. tFederal account — standard return not in- cluded. Original Marliet — $5,500,000 offered in Oc- tober, 1916, by N. W. Halsey & Co., New Fork, Philadelphia, Chicago, etc., at prices to yield from 4.50% to 5.50%. A block of- fered Jan., 1918, by the National City Co. at 88 and interest. Market, New York — Barle A. Miller & Co., "Vander- hoef & Robinson. Boston — L. Sherman Adams. Fliiladelphia — Bauer, Starr & Co. Oliica^o — Halsey, Stuart & Co. Price Range, Jan. 1, '16, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 95 '15 96 '16 60 Dec. 76 May Low. 55 '20 65 '20 55 July 66 Dec. FORT PITT TRACTION CO. 58. Due Dec. 2, 1935. Dated Dec. 2, 3 895. Interest payable June and Dec. 2, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized and Outstanding. . .$1,000,000 Denomination' — Coupon, $1,000. Register- able as to principal. Trustee — Pittsburgh Trust Co., Pittsburgh, Pa. Organization and Control — Incorporated In Pennsylvania in 1896 and leases ihe Al- legheny Traction Co., Citizens' Traction Co., Ft. Pitt Street Passenger Ey., Gross St. Ry., Highland Park Passenger Ry. and the Negiey St. Ry. All of these leases are for 96U years. All of the stock of the Ft. Pitf Traction Co. is owned by the Consolidated Traction Co., and practically all of the stock, of that company is owned by the Philadelphia Co. Lines are operated by the Pittsburg* Railways Co. Capitalization. Outstanding. Common $3,000,00t Funded debt 1,000,00* Receivership — See Pittsburgh Ryfl. Co. Gea 5s. Secured by a first lien on all of the stocks of the Fort Pitt Street Passenger Ry. Co., Highland Park Passenger Ry. Co., Gross St. Ry. Co., and Negiey St. Ry. Co. These companies own street railways in Pittsburgh, Pa., as follows: On Liberty Ave. from 23d St. to Main St., and on N. Negiey Ave. from Center Ave. to Bryant St. to Highland Ave., owned by the Ft. Pitt Street Passenger Ry. Co. on Main St. from Midvale Ave. to Center Ave., owned by the Gross St. Ry. Co., and on Center Ave. from Negiey Ave., to S. Highland Ave., owned by the Negiey St. Ry. Co. Further secured by a first lien on the leases of the above roads, and of the Citizens' Co. There is no provision In the mortgage preventing the various companies from directly mortgaging their properties. liisted on the Pittsburgh Stock Exchange. Market. Fliiladelphia — Barnes & Lofland, Henry D. Boenning & Co., Huntoon & Co., Samuel K. Phillips & Co. Pittsburgli — Moore, Leonard & Lynch. Price Range. Jan. 1, '10, to Jan. 1, '81 1920 Bid. Ask. Bid. High 105 '10 108 '10 53% Nov. Low. 48 '19 90 '19 60f June 601 PORT SMITH (Ark.) L,IGHT & TRACTION CO. 1st 5s. Due March 1, 1936. Dated Ma.rch 1, 1911. Interest payable March and Sept. 1 at Trustee's office, or Chase Nat'l Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstandmgr (Jan. 1, '21) 3,002,600 Betired by S. P 362,600 Reserved for Ext 2,635,000 Denomination — Coupon, $500, $1,000. Reg- isterable as to principal. Trustee — Illinois Trust & Savings Bank, Chi- cago, 111. Redeemable at 105 and interest on any interest date upon 30 days' notice. Sinking Fund — Beginning July 1, 1914, of one per cent, in 1914, and 1915, one and one- half per cent, from 1916 to 1918, inclusive, two per cent, from 1919 to 1923, inclusive, and such ratable amounts from 1924 to 1935, Inclusive, that at the date of the last sinking fund payment, July 1, 1935, the aggregate payments to the sinking fund will have amounted to forty per cent, of the entire amount of bonds certified up to that date. Payments to be applied annually to the pur- chase of bonds at not exceeding 105 and in- terest, and if not so purchasable bonds shall be drawn. All bonds acquired shall be can- celled. Organization and Control — 'Incorporated In Arkansas in 1903. The Standard Gas & Elec. trio Co. owns $949,900 of $950,000 of the common and $881,400 of $1,410,000 preferred stocks. Capitalization. Outstanding. Common $960,000 Preferred (7% cum.) 1,410,000 Funded debt 3,802,500 Management — Byllesby Equipment & Managing Corp., Chicago. Secured by a first mortgage on plants sup- plying gas and electricity in Fort Smith and Van Buren, Ark., and on 31 miles of street railway track on 12 miles of streets in those cities, comprising the entire system of local street railways. Population served, about 40,000. Natural gas is now purchased and distributed. The Company operates under an Indeterminate permit from the State of Kan- sas. Underlies — $800,000 2d 5s of 1921. Years ended Dec. 31: Gross. Net. Interest. 1920 $1,070,391 $300,793 $227,039 1919 850,365 280,387 222,553 1918 693,981 230,930 206,296 1917 508,669 154,266 181,912 1916 486,705 154,180 167.788 1915 454,664 122,896 161,479 1914 492,397 170,967 164.180 listed on the New York Stopk Elichange. Origrinal Market — Offered in 1911 by Lee, Higginson & Co., Boston and New York, at 94^ and interest. Market. New York — H. M. Byllesby & Co., Harts- horne & Battelle. Boston — H. M. Byllesby & Co. Price Range — N. Y. S. E. Jan. 1, *13, to Jan. 1, '21 1920 High 95 Mar. 14, '12 68 Jan, 9 Low. 68 Jan. 9, '20 68 Jan. 9 FOKT STREET (Detroit) UNION DEPOT CO. (THE) let 4%B. Due Jan. 1, 1941. Dated Jan. 1, 1891. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding ...$1,000,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Orgasjzation and Control — Incorporated in Michigan in 1889. 51% of the capital stock Is owned by the Pere Marquette Ry. Co. and the property leased for 990 years to the Canadian Pacific Ry. Co., Pere Marquette Ry. Co., and Wabash Ry. Co., rental being a sum equal to 5 % on the total cost of the property and current expenses. Capitalizatlo.n. Outstanding. Common $1,000,000 Funded debt 1,000,000 Secured by a first mortgage on Union Sta- tion in Detroit, Mich. Underlies — $329,000 6% notes of 1918. Listed on the New York Stock flxchange. Market. New York — Joseph Bird Ford, Sam'l Gold- schmidt, Hartshorne & Battelle, Fred. H. Hatch & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95 '09 100 '08 65 Dec. 70 Apr. Low. 60 '20 68 '20 60 July 68 July Dated July 1, 1905. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $400,000 Denomination — Coupon, $1,000. Trustee — Guarantee Trust & Safe Deposit Co. , Philadelphia. Guaranteed principal and interest by the Fort "Wayne & Wabash Valley Traction Co., and assumed by Fort "Wayne & Northern Indiana Traction Co.. successor company. The latter company was foreclosed in Dec, 1919. Control — Absorbed by Fort "Wayne & North- ern Indiana Traction Co., which company was succeeded thru foreclosure in May, 1920, by the Indiana Service Corporation. Secured by a first mortgage on 25 miles of electric railway between Fort "Wayne and Bluffton, Ind. Population served, 75,000. Underlies — Indiana Service Corp. 1st & Ref. Mtge. Market. Philadelphia — Samuel K. Phillips & Co., Arthur J. Bender. Pi-ice Raiigre Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92% '11 100 '10 50 65 Low. 35 '20 55 '20 35 55 FORT WAYNE, BLUFFTON & MARION TRACTION CO. 1st 6s. Due July 1, 1935. Reorgranization Status — These bonds are ex- changeable par for par for Indiana Service Corp. 1st Pref. 5s. The property was sold under foreclosure subject to this mortgage. FORT WAYNE, VAN WERX & MMA TRAC- ^ TION CO. 1st Guar. 58. Due July 1, 1930. Dated April 1, 1905. Interest payable Jan. and July 1, at Trustee's office. Defaults— Jan. 1 , 1920, interest. Protective Committee — 'The following com- mittee requests deposit of bonds: J. C. Neff, Chairman. George K. Johnson, George deB. Greene, Ihomas J. "Walsh, A. C. Robinson, with T, H. Atherton, Secy.,, and Fidelity Trust Co.. Philadelphia, and Peoples Savings and Trust Co., of Pittsburgh, Depositaries. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,470,000 Reserved for Ext 530,000 Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., Philadelphia. Guaranteed as to interest by the Ohio Ellec. trie Ry. Co. under terms of lease. Organization and Cowtrol — Incorporated In Ohio and Indiana in 105. All of the com- mon stock is owned by the Ohio Electric Ry. Co. On March 1, 1906, property was leased until expiration of franchises and renewals thereof to the Lima Toledo Traction Co., which company guaranteed interest on these bonds. This lease was assigned to the Ohio Electric Ry. Co. in 1907. On Dec. 11, 1916, a new lease was entered into between this company and the Ohio Electric Ry. Co. can- celling the previous lease. This lease pro- vides rental payments as follows: (1) interest on mortgage indebtedness; (2) 500 per annum for organization expenses; (3) $12,500 to be set aside annually, if earned, for additions and betterments. Such earnings shall be ar- rived at on the following basis: Gross revenue less operating expenses as classified by the Interstate Commerce Commission, bond inter- est and $500 per annum for organization ex- penses. Capitalization. Outstanding. Common $500,000 Preferred (6% non-cum.) 600,000 Funded debt 1,470,000 Secured by a first mortgage on 60 miles of interurban railway between Fort Wayne, Ind., and Lima, Ohio. The entire line Is on 502 private right-of-way, except in towns where franchises are for 25 or 50 years. Years ended Doc. 31: ,„„„ (Rental) Int.,etc. }9?0 $528 $18 1919 74,000 74.417 . Original Market — Offered in 1905 by E. H. Rollins & Sons, Boston, etc., at par and Interest, Market. New York — Earle A. Miller & Co. Philadelphia — Arthur J. Bender, Samuel K. Phillips & Co. Price Bange. Jan. 1, *09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Hi&h 93 '09 93 '09 31f Apr. 35fDec. Low. 20f'20 30f'20 20f Dec. SOfNov. FORT WILLIAM PAPER COMPANY, LTD. 1st 8s. Due each Aug-. 1, as follows: $40,000 1923; $80,000 each 1923 and 1924: $100,000 each 1935, 1926, 1937 and 1928; $120,000 each 1939 and 1930: $160,000 1931. Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug:. 1 at First National Bank, Chi- cago, and American Exchange National Bank, New York. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authorized $5,000,000 Outstanding' 1,000,000 Reserved toi* Coi-p. Purposes.. 4,000,000 Issuance Restrictions — Additional bonds may be issued for additional fixed assets, Including timber lands, at a rate not to ex- ceed 50 % of the actual cash cost thereof and at a rate not to exceed 50% of the value thereof upon the approval of Pea- body, Houghteling & Co. Purpose of Issue — To provide funds for the completion of a 120-ton ground-wood pulp nTLill and to furnish additional working capital. Denominations — Coupon, $1,000 and $500; registerable as to principal, Tnistee — Montreal Trust Company, Mon- treal. Redeemable in the reverse of numerical order at par and interest, with a premium of % of 1% for each year or fraction there- of of the unexpired term of bonds so re- deemed. Org:anization — Incorporated in Canada on Aug. 20, 1920. Capitalization Outstanding Common $4,000,000 Preferred 1.100,000 Funded debt 1,000,000 Secured by a first mortgage on all the property now owned or hereafter acquired. The properties covered include 200 acres owned in fee simple, with full riparian rights on the harbor of Fort William, On- tario, and groundw^ood pulp mill w^ith an an- nual capacity of 36,000 tons, together with timber and power rights, and its rights under a certain agreement with the City of Fort William. Property is valued at $3,- 140,000. Original Market — $1,000,000, offered Feb., 1921, by Peabody, Houghteling & Co., Chi- cago, at 100 and interest. FORT WORTH & DENVER CITY RAILWAY CO. 1st 6s. Due Dec. 1, 1931. Dated December 29, 1881. Interest payable June and Dec. 1, at 26 Liberty St. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized per mile $18,000 Outstanding $8,176,000 Provisions of Issue — By the terms of the Colorado & Southern Ref. & Ext. Mtge., ad- ditional bonds. If Issued, must be deposited thereunder. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — ^Bankers* Trust Co., New York. Organization and Control — ^Incorporated In Texas in 1873. AH of the stock is owned by the Colorado & Southern Ry. Co., which is controlled through stock ownership by the Chicago, Burlington & Quincy R. R. Co. This latter company is controlled through stock ownership by the Northern Pacific R. R. and Great Northern Ry. companies. Capitalization. Outstanding. Common •$9,375,000 Funded debt 8,736.000 •$2,539,992 stamped. Secured by a first mortgage on 454.14 miles of road from Port Worth, Texas, to Sixela, on the New Mexico-Texas State Line. This road gives the Chicago, Burlington & Quincy R. R. and the Great Northern Pacific R. R. and Colorado & Southern Ry. companies access to the Gulf of Mexico. Refunding — The Colorado & Southern Ref. & Ext. Mtge. provides for the retirement of this issue. Years ended Dec. 31: Gross. Net. Int. &Rent. 11919 $1,891,386 $2,020,138 $703,945 •1918 1,091,386 1,924.366 768,786 tl918 7.950.342 1,829.444 719,651 1917 6,546,863 2,489,741 705,578 1916 6,052,37^ 2,429,169 t675.952 • Corporate account. t Corporate and Federal account combined — standard return not included. t Includes dividends. Legal for-savings banks in Mo., Ore. and Tex. Listed on the New York Stock Exchange. Market. New York — Ambrose R. Clark & Co., Sam'l Goldschmldt, Redmond & Co. Price Range — N. Y. S. E. Jan. 1, '09, to Jan. 1, '31 1920 High 117% Feb. 1, '09 98 Jan. 8 Low. 91^4 June 10, '20 91% June 10 FORT WORTH & DENVER CITY RAILWAY CO. Ikiuip. Tr. 4^8. Series C. Due $56,- 000 each May and Nov. 1 to May 1, 1935, inclusive. Dated May 1, 1915. Interest payable Nov. 1 and May 1, at First National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $1,120,000 Outstanding: (Jan. 1, '21) 560,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable as a whole on May 1, 1920, or on any Interest date thereafter at 102% and interest on 90 days' notice. Secured by an equipment agreement on 10 Mikado locomotives, 1,200 box cars, 300 stock cars, 200 steel gondola cars, costing $1,407,819, of which the company paid $312,- 570 In cash. Legal for savings, banks in Ohio. Market. New York — Evans, Stillman & Co., Free- man & Co. FORT WORTH & DENVER TERMINAL RAILWAY 1st 6s. Due Dec. 1, 193T. Dated Dec. 1, 1907. Interest payable June and Dec. 1, at Colorado & Southern office, 26 Liberty St., New York. 603 Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,600,000 Outstanding •728,000 Reserved for Bxt 1,772,000 •428,000 owned by the P. W. & D. C. Ry. Denomination — Coupon, $1,000. Regiater- able aa to principal. Trustee — Bankers' Trust Co., New York. Redleemable at 105 and interest on any Interest date on three months' notice. Guaranteed as to interest under terms of 49-year lease from 1907 to the Port Worth & Denver City Ry. Co. Organization and Control — Incorporated in Texas In 1890. All of the stock owned by the Port Worth & Denver City Ry., which la controlled through stock ownership by the Colorado & Southern Ry., which latter company is like- wise controlled by the Chicago, , Burlington & Quincy R R. Co. Capitalization. Outstanding. Common $15,000 Funded debt 728.000 Secured by a first mortgage on terminals and real estate in Port Worth, Texas, and vicinity. Market. New York — Joseph Bird Ford. Frice Range. Jan. 1, *I6, to Jan. 1, '31 1920 Bid. Ask. High 106 '16 90 May Low. 105 '17 90 May Market. New York — Newborg- & Co. Price Range — ^N. Y. S. E, Jan. 1, '06, to Jan. 1, '21 1920 High 91 Feb. 28, '06 Q^Mi Dec. 30 Low. 5i3 May 15, '15 51% Aug. 4 FORT WORTH & RIO GRANDE RAILWAY CO. 1st 4s. Ihie July 1, 1938. Dated July 1, 1888. Interest payable Jan. 1 and July 1 at Central Union Trust Co. , New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized (per mile) $20,000 Outstanding (Jan. 1, '21) 1,191,000 Pledsred under St. L.-S. F. Ry. P. L. Mtge 3,276,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Exchange Basis — Under the reorganization plan of the St. L. — S. P. R. R. Co. holders of each $1,000 bond of this issue were offered $1,000 in Prior Lien A4s of the St. L.- S. P. Ry. Co., the new company. Bonda may still be exchanged on this basis, without penalty. Organization and Control — Incorporated in Texas in 1885. Its entire capital stock is owned by the St. Louls-San Francisco Ry. Co. and deposited under its Prior Lien Mort- gage. Capitalization. Outstanding. Common $2,928,300 Funded debt 4,467,000 Secured by a mortgage on all the property of the company now owned or hereafter acquired, and a first mortgage on 223.44 miles of road, viz. : Miles Fort Worth to Brady, Tex 193.39 Belt Line to Fort Worth, Tex 2.49 Whiteland to Menard, Tex 27.56 Underlies — The entire stock of this com- pany is pledged as collateral under St. L.- S. P. Ry. Co, Prior Lien Mortgage, Refunding — Bonds are reserved under the St. L.-S. P. Ry. Co. Prior Lien Mortgage to refund, purchase or acquire these bonds. Listed on the New Tork Stock Exchange. FORT WORTH POWER & LIGHT CO. l»fc 5s. Dae Augl. 1, 1931. Dated August 1, 1911. Interest payable Feb. and Aug. 1, at Trustee's office, or Chase Nat'l Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding 3, 490, 000 Reserved for Ext 6,510,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — The Citizens' Savings & Trust Co., Cleveland. Redeemable at 105 and interest on any in- terest date. Improvement and Sinking Fund — Beginning 1914 and annually thereafter, 1 % of out- standing bonds from 1914 to 1916, 1%% from 1917 to 1919 and 2% from 1920 to 1930, to be applied to permanent extensions and im- provements, for which these bonds are is- suable, or to the purchase or redemption of these bonds at not over 105 and interest. Organization and Control — Incorporated In Texas. Practically the entire common stock is owned by the Southwestern Power & Light Co. , which is a subsidiary of Ameri- can Light & Power Co., which Is controlled by interests identified with the General Elec- tric Co. Capitalization, Outstanding Common $3,036,000 Preferred (7% cum.) 1,498,100 Funded debt 3,490.000 Secured by a first mortgage on plant and distribution system supplying electricity In Pt. Worth, Texas. Population served, 90,000. Franchise extends to 1935. Years ended Dec. 31: Gross. Net. Intereat. 1919 $1,398,321 $648,954 $158,048 1918 1,305.160 593,885 143,254 1917 1,015,938 552,003 121,163 1916 846,482 499,370 116,941 1915 841,295 493,190 114,487 Original Market — Offered in 1911 by Harris, Forbes & Co., of New York at 97 and Inter- est. Market. New York — Hartshorne & Battelle, Fred. H. Hatch & Co., Hibernia Securities Co., Inc., Barle A. Miller & Co., Vandcrhoef & Robinson. Boston — L. Sherman Adams, Coffin & Burr, Moors & Cabot. Arthur Perry & Co. Chicago — Merrill, Lynch & Co. Milwaukee. Wis. — F. A. Bartlett Co., Ed- gar, Ricker & Co. Frice Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '16 100 '16 86 Jan. 91 1^ Jan. Low. 78 '20 82 '20 78 £)ec. 82 Dec. FORT WORTH STOCKYARDS Ist 5s. Due March 1, 1922. Dated March 1, 1902. Interest payable Mar. 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,200,000 Outstanding 927,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. 5('4 Trustee — New York Trust Co., New York. Orssuiization — Incorporated in West Virginia in 1903. Capitalization. ^ Outstanding. Common $2,750,000 Funded debt • 942.000 Secured by a first mortgage on extensive stockyards at Fort Worth, Texas. Original Market — $65,000 offered June, 1915, by Stanwood, Taylor & Co., Chicago, at 98 and interest. Market. Chicago — First Trust & Savings Bank. Price Rang:e 1920 — Ask 91. FRANSFORD, TACONY & HOLMKSBITBG STRKET RAILWAY CO. 1st 58. Due July 1, 1940. Dated July 1. 1910. Interest payable Jan. and July 1, at Trustee's ofllce. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $500,000 Outstanding: 400,000 Reserved for Ext 100,000 Denomination — Coupon, $ 5 and $1,000. Registerable as to principal. Trustee — Tacony Trust Co., Tacony, Phila. Organization^ — Incorporated in Pennsylvania in 1910, as successor company under fore- closure of the Holmesburg, Tacony & Frank- ford Electric Ey. Co. Capitalization. Outstanding, Common $500,000 Funded debt 400,000 Secured by a first mortgage on all the property, franchises owned or acquired, in- cluding about 1 7 miles of track, including double track and sidings, from Frankford to City Line, Philadelphia. This forms part of an electric railway route from Philadel- phia to Trenton and New York. Years ended Dec,- 31: Gross. Net. Int., etc. 1919 $174,040 def.$5,762 $31,982 1918 158,977 21,536 20,000 1917 159.720 25,315 21,282 1916 152,819 43,375 22,070 1915 147.506 42,736 24,598 1914 139.5 80 36,227 22,739 Listed on the Philadelphia Stock Exchange. Original Market — ^A block offered in Feb. , 1914, by "Woelpper, Crawford & Co., Phila- delphia, at 98 and interest. Market. Philadelphia — Samuel McCreery & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '12, to Jan 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '12 99 '13 55 Jan. 65 Jan. Low. 50 '20 60 '19 50 Sept. 60 Dec. FRASER COMPANIES. LIMITED, 1st 6s. Due $200,000 each April 1, 1920, to 1929, inclusive. Dated April 1, 1919. Principal and interest (April 1 and Oct. 1.) payable at Royal Bank of Canada, Montreal and Toronto, In Canadian gold coin; at Agency of Royal Bank of Can- ada. New York, in U. S. gold coin, at par of exchange; at Royal Bank of Canada, Lon- don, England, in English gold coin at $4.96 2-3 to the £1 sterling. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding: (Mar. 1, '21) $2,250,000 Matui-ed and Paid 200,000 Denominations — $500 and $1,000, register- able AS to principal. Trustee — Montreal Trust Company, Mon- treal. Organdzation — Incorporated in Canada In 1917 as successor to Donald Fraser & Sons, Ltd., F. & M. Lumber Co., Ltd., Fraser Lum- ber Co., Ltd., and Fraser, Ltd. The original business was founded in 1877. The company manufactures spruce lumber and cedar shin- gles. Capitalization. Outstanding Common $10,000,000 Funded debt 4,250,000 Secured by a first mortgage upon freehold and leasehold lands, water powers, on tim- ber licenses and leases, and all buildings, plant and machinery now owned or hereafter ac- quired. Further secured by a floating charge upon all the other assets present and future, including undertakings, good-will, franchises, concessions and rights. The property covered includes the following: 210 square miles freehold timber lands most- ly in eastern Quebec and New Brunswick, and lease of 1,822 square miles timber lands and in addition leasehold cutting rights on 900 square miles of privately owned lands ; 2 pulp mills at Edmonston and Chatham, N. B., with capacity of 72,000 tons per an- num; water power on Madawaska River at Edmonston; 12 saw mills in Quebec and New Brunswick. Underlies — $2,000,000 Gen. 8s of 1941, un- der which mortgage bonds are reserved to retire this issue. Year ended Dec. 31: Net 1919 $745,264 1918 740,374 1917 706,355 1916 432,003 1915 393,321 1914 410,268 Original Market — Offered in April, 1919, by Royal Securities Corp., Montreal and Toronto, at prices to yield 6% for 1920 and 1921 ma- turities, and 6.40% for other maturities. New York — Alfred F. Jngold & Co. FKASJEK COMPANIES, LTD. Gen. 8s, Series "A". Due March 1, 1941. Dated March 1, 1921. Interest payable March 1 and Sept. 1 at Royal Bank of Can- ada, Montreal, Toronto, St. John and Hali- fax. Tax Status — Payment of Federal Income Tax not assumed tay company. Authorized $10,000,000 Outstanding: 2,000,000 Reserved for Prior Liens 2,250,000 Issuance Kesti-ictions — Additional bonds may only be issued by the company to the extent of 6 (J 2-3% of capital expenditures made on the properties of Fraser Companies, Limited, and then only when the net earn- ings of the company, after making provi- sions for prior interest, maintenance, de- preciation and other charges for the pre- ceding fiscal year amount to not less than three times annual interest charges on all general mortgage bonds then outstanding and proposed to be issued. Furi>ose of Issue — $2,000,000 Series "A" is- sued to fund in part capital expenditures amounting to $6,500,000 made during the preceding five years. Denominations — Coupon, $1,000 and $500; registerable as to principal. Trustee — Montreal Trust Co., Montreal. Redeemable — (Series "A") on any interest date at the following prices of accrued in- terest: at 110 to March 1, 1924; at 107 thereafter to March 1, 1926; at 106 there- after to March 1, 1928; at 105 thereafter to March 1, 1930; at 104 thereafter to March 1, 1932; at 103 thereafter to March 1, 1934; at 102 thereafter to March 1, 1936; at 101 thereafter to March 1, 1938; thereafter at par. Sinkingr Fund — Annually beginning Feb. 1, 1923, a sum equal to 3% of all Series "A" bonds outstanding, plus interest charges on bonds required by this fund. This fund is to be applied to the purchase or redemp- tion of these bonds at not exceeding the current call price. Bonds so acquired are kept alive and interest added to fund. Orgranization — See 1st 6s. Secured by a direct mortgage and charge on all the properties, plants, timber limits, water power, etc., of the company now owned or hereafter acquired and on all bonds, debentures or shares now owned 'or hereafter acquired by it and by a floating charge on all other assets now owned or hereafter acquired. For details of proper- ties see 1st 6 s. Prior Lien— Outstanding 1st 5s due 1920-29 $2,250,000 Bonds are reserved under this mortgage to retire the above issue. Slaiiiings — See 1st 6s. Origrinal Market — $2,000,000 offered March, 1921, by the United Financial Corporation, Ltd., and Royal Securities Company, Mont- real, at 99 and interest. FBIIEFORT (HI.) GAS CO. 1st 5s. Due Sept. 1. 1933. Dated September 1, 1912. Interest payable March and September 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State taxes refunded. Authorized $1,000,000 „0ut8tandiiiB 562,000 Reserved for Ext 438,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago, 111. Redeemable as a whole only at 105 and Interest on Sept. 1, 1922, or on any interest date thereafter upon four weeks' notice. Organization — ilncorporated in Illinois in 1912 as successor to Freeport Gas Light & Coke Co. Capitalization. Outstanding Common $300,000 Preferred (6% cum.) 200,000 Funded debt 562,000 0.3eirated by the C. H. Geist Co. Secured by a first mortgage on plant sup- plying gas to Freeport, 111. Population served, 20,000. Frnchise expires in 1939. Siarnings — Company does not report earn- ings. Original Market — Offered in 1912 by the C. H. Geist Co. , Philadelphia, at 96 and in- terest. Market. Philadelphia — Henry D. Boenning & Co., McCown & Co., Beed A. Morgan & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '15, to Jan. 1, '81 1920 Bid. Ask. Bid. High 88^ '15 96 '15 48 Nov. Low. 45 '20 75 '18 45 Nov. FREEPORT RAILWAY, LIGHT & POWER CO. Ist 68. Due $5,000 annually May 1, to 1931, and Balance, 1922. Dated May 1, 1903. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $350,000 Outstanding (Jan. 1, '21) 276,000 Matured and Paid 74,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable by lot after May 1, 1913, at 105 and Interest. Sinking Fund — $2,000 per annum for first ten years, $5,000 per annum thereafter. Assumed by Freeport Railway & Light Co. Control — Absorbed by Freeport Railway & Light Co., which was merged in 1916 Into the Illinois Northern Utilities Co., a subsidiary of the Middle West Utilities Co. Secured by first mortgage on nine miles of street railway in Freeport, 111., and plant supplying electricity to that city. Population served, 20,000. Franchises expire March 1, 1923. Underlies — $140,000 Freeport Railway & Light 1st & Cons. 5s and Illinois Northern Utilities Co. 1st & Ref. 5s of 1957, under which bonds are reserved to retire this is- sue. Market. New York— F. H. Hatch & Co. Boston — ■Hotchkin & Co. Price Range. Jan. 1, '18, to Jan. 1, '31 1920 Bid. Ask. High 95 '20 95 July Low. 90 '18 90 May 506 FREEPORT RAILWAY & LIGHT CO. 1st & Cons. 5s. Due Nov. 1, 1935. Dated Nov. 1, 1910. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding (Jan. 1, '21) 140,000 Reserved for prior liens 350,000 Denomination — Coupon, $190, $500 and $1,- 000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable after 1915 at 102% and Inter- est. Sinking Fund — Annually, beginning July 1, 1915, 1% of outstanding bonds from 1915 to 1919 and 2 % thereafter, payable in cash. Fund applicable upon order of the company for renewals, improvements, etc., or for the purchase or redemption of these bond at not over 1C2 and interest. Bonds acquired are cancelled. Control — 'Merged in 1916 with other com- panies into the Illinois Northern Utilities Co., which is a subsidiary of the Middle West Utilities Co. Secured by a second mortgage on the prop- erty described under F. Ry. Light & P. 1st 6s. Prior Liens — $276,000 Freeport Railway. Light & Power 5s. Underlies— Illinois Northern Utilities Co. 1st & Ref. 5s of 1957 under which mortgage bonds are reserved to retire this issue. Market. New York — E. & C. Randolph. Boston— Blodget & Co., H. C. SplUer & Co. Price Range. Jan. 1, *16, to Jan. 1, *2l 1920 Bid. Ask. Bid High 75 '16 84 '16 50 Dec. Low. 50-20 78 '17 50 Dec. FREEPORT WATER CO. 1st 5s. Due each July 1 as follows: SIO.OOO, 1918 to 1937 and $15,000 from 1928 to 1932, inclusive! Dated July 1, 1912. Interest payable Jan 1 and July 1, at Harris, Forbes & Co. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized i $500,000 Ontstanding- (Jan. 1, '21) 298,000 Matured and Paid 55,000 Dononunation — Coupon, $500 and $1,000. Resisterable as to principal. Trustee — Harris Trust & Savings Bank, Chi- cagro. Redeemable at 102 and Interest on any In- terest date. Orgranization — Incorporated In Illinois In 1882. Capitalization. Outstanding. Common $250,000 Funded debt 298,000 Secured by a first mortgaire on plant sup- plying water in Freeport, 111. Population served, 20,000. Franchise expires in 1942. Years ended Dec. 31: Gross. Net. Interest. 1919 $85,753 $29,970 $17,915 1918 30.929 18,250 1917 68,836 32,154 18,621 1916 66,267 33,835 18,375 Market. New York — S. L. Snowden. H. C. Spiller & Co. Chicag-o — Harris Trust & Savings Bank. Boston — H. C. Spiller & Co. FREMONT, EI.KHORN & MISSOURI VAt- JJEY RAILROAD CO. Cons, (now first) 6s. Due Oct. 1, 1933. Dated Oct. 1, 1883. Interest payable Apr. and Oct. 1, at C. & N. W. Ry. office, 111 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $7,725,000 Pledged under C. & N. W. Ry. Ry. Extn. 4s 10,675,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — DeWitt C. Blair and David P. Kimball. Assumed by the C. & N. W. Ry. Co. Guaranteed principal and interest by the C. & N. W. Ry. Co. by endorsement. Control — Absorbed by the Chicago & North- western Ry. Co. Secured by a first mortgage on 1,171.55 miles of road, viz : Miles. Fremont to Neb, via Norfolk Jet. to Nebraska-Wyoming State Line 468.00 Dakota Jet., Neb., to Deadwood, S. D. 144.88 Branches to Belle Fourche, S. D 21.19 Branches to Crown Hill and Lead, - S. D 20.76 Branches to Hot Springs, S. D 14.12 Fremont to Hastings, Neb 127.26 Linwood to State Line near Superior, Neb 124.14 Platte River Jet. to Lincoln, Neb. . . 45.11 Scribner to Oakdale, Neb 113.-91 Norfolk Jet. to Verdigre, Neb 54.04 Arlington to Elkhorn Jet. (Omaha) and So. Omaha, Neb 38.14 Underlies — C. & N. W. Ry. Extension 4s of 1926, the deposited bonds of this issue forming the principal security for that issue of bonds; also C. & N. W. Ry. 1st & Ref. Mtge., under which bonds are reserved to retire this issue. Tiegal for Savings Banks In Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt. and "Wis. Listed on the New York and Boston Stock Exchanges. Market. New York — Hartshorne & Battelle, E. D. Livinson & Co., Chas W. Place, R. "W. Press- prich & Co., Redmond & Co., Raymond M. Smith, Struthers & Hiscoe. Price Range — N. Y. S. E. Jan. 1, '11, to Jan. 1, *21 1920 High 128V6 July 11, '11 101^4 Dec. 2 Low. 101 Jan. 14, '18 101% Dec. 2 607 FRESNO CANAL & LAND CORP. 10-Year 1st 5s. Due Feb. 1, 1927. Dated Feb. 1, 1917. Interest payable Aug. 1 and Feb. 1, at First Federal Trust Co., San Francisco; Los Angeles Trust & Sav- ings Bank, Los Angeles, and Illinois Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized $1,000,000 Outstanding- 562,500 Retired by S. F 37,500 Provisions of Issue — No further indebted- ness in the form of a bond issue or deben- ture, nor can bonds be drawn down from the remaining authorized issue of bonds, un- less the earnings of the company for the year prior to the issuance of additional bonds shall be in excess of one and three-fourths times the Interest charges on all bonds then outstanding and those proposed to be issued. Additional bonds thus issued shall not be in excess of 6 % of the physical valuation of the company' s property, as may be de- termined by the Railroad Commission of Cal- ifornia. Denomination — Coupon, $500 and $1,000. Trustee — First Federal Trust Co. , San Francisco. Redeemable at 102 and Interest on any interest date". Sinking Fund — Annually 2% of outstand- ing bonds, with a minimum of $12,000 per annum for the first five years and for the following five years 3 1-3%, with a minimum of $20,000 per annum. It la estimated that this fund will retire In excess of all bonds outstanding prior to maturity. Organization — Incorporated in California as successors to the Fresno Canal & Irrigation Co., organized in 1870. Capitalization. Outstanding. Common $1,000,000 Funded debt 562,000 Secured by a first mortgage on 336 miles of main canals, together with real estate, distributing systems, rights of way, divert- ing dams, weirs, headgates and other Irri- gation works, valued at $1,458,900. The territory served Is In excess of 200,000 acres of land surrounding and adjacent to Fresno, Cal., which land is dependent upon this sys- tem for irrigation water. The company's water rights consist of first filings on 1,460 second feet of the waters of Kings River. Water rates, $0.62% per acre per annum. Original Market — $600,000 ofCered February, 1917, by Blankenhorn-Hunter Co., Los An- geles, at 96 and Interest. Market. Los Angreles — Blankenhorn-Hunter-Dulin Co. Price Rangre Jan. 1, *19, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 85 '20 83 '19 85 Dec. 90 Dec. Low. 75 '20 87% '20 75 Aug. 87% Aug. m. C.) FBICK COKX: CO. Pittsburgh-Mon- ongaliela First lien Purchase Money 6s. Due $600,000 annually. July 1, 1915, to July 1, 1944, inclusive. Dated July 1, 1911. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in the State of Pennsylvania. Authorized $18,000,000 Outstandingf (May 1, *21) 14,128.000 Matured and Paid 3,872,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — The Union Trust Co. , of Pitts- burgh, Pittsburgh, Pa. Sinking Fund — Certain amounts from coal mined if in excess of amounts required for maturities. Guaranteed principal and interest, uncon- ditionally; by the United States Steel Cor- poration by endorsement. Control — 'United States Steeel Corporation, through ownership of entire capital stock. , Secured by a first mortgage on 16,000 acres of coal land and 1,400 acres of surface land in Fayette, Greene and Washington Coun- ties, Pa. , including coking plant, workmen' s houses and other equipment. Original Market — Offered in 1911 by the Union Trust Co, of Pittsburgh, Pittsburgh, Pa., on a 4.70% basis. Market. New York — J. H. Holmes & Co., WatsoA, Armstrong & Co. Pittsbui-ffh — Lyon, Singer & Co., The Union Trust Co. of Pittsburgh, W. B. Bal- lard, Edward A. Owens & Co. Price Range. Jan. 1, *n, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102 '17 102 '19 93 May 98% Jan. Low. 86 '20 97 '20 86 Dec. 97 May FRISCO CONSTRUCTION CO. 5% Equip. Notes, Series "B." Due $113,000 each March 15, and $112,000 each Sept, 15, to Sept. 15, 1922, inclusive. Dated Sept. 16, 1912. Interest payable Mar. and Sept. 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,250,000 Outstanding: (Jan. 1, '21) 450,000 Balance retired. Denominaton — Coupon, $1,000. Trustee — New York Trust Co., New Tork. Guaranteed as to principal and interest by the St. Louis & San Francisco R. R. Co. by endorsement. The latter company has been foreclosed. Controlled through stock ownership by the St. Louis-San Francisco Ry. Co. Secured under and by an equipment trust agreement, 46 locomotives, 500 steel-frame box cars, 300 steel-frame automobile cars, 500 steel-frame stock dump cars, 250 steel tank care, 10 steel baggage cars and 2 100- ton steam derrick cars, costing $2,716,440, of which $466,440 was paid in cash. Original Market^OfCered in 112 by Spey«r & Co., New York, at 99 and interest. Market. New York — Evans, Stillman & Co., Free- man & Co. Authorized $1,100,000 Outstanding 1.100,000 Purpose of Issue — Proceeds of this issue are to be applied to additions to plant and also to retire floating indebtedness. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Secured by a first mortgage on the land, buildings, equipment and trade-marks of the company. Years ended Dec. 31: Net. *1919 $207,925 1918 151,925 1917 68,385 1916 92,871 1915 63.697 •Nine months. Original Market — $400,000 offered Decem- ber, 1919, by L. G. Beaubien & Co., Mont- real, at 100 and interest, with a bonus of 10 % in common stock. Price Rangre 1920 — Ask 75. FRONTENAC BREWERIES, LTD., 32-Yr. Ist 6s. Due Dec. 1, 1951. Dated Dec. 1, 1919. Interest payable June 1 and Dec. 1, at Bank of Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. FRUITVALE MUTUAL AVATER CO. (Sdn Jacirto, Cal.) 1st 7s. Due each Sept. 1, as follows: $5,000, 1922; $7,000, 1923 to 1926, incL; $10,000, 1927 to 1930, incl.; $12,000, 1931; $15,000, 1932 to 1936, incl., aiid $20,000, 1937 to 1941, incl. Dated Sept. 1, 1920. Interest payable March 1 and Sept. 1, at Crocker National Bank, San Francisco, or Los Angeles Trust & Savings Bank, Los Angeles. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in California. Authorized $260,000 Outstanding 260,000 Denomination — Coupon, Jl.OOO and $500. Tmstee — Los Angeles Trust & Savings Bank, Los Angeles. Kedeemable on any interest date at 10^ and interest. Organization — Incorporated in California as a mutual water company and is the suc- cessor to a public utility company, which has served the territory with water for nearly 15 years. Its stockholders own about 3,000 acres in the San Jacinto-Hemet Valley of Riverside County, Cal. Capitalization Outstanding Common $300,000 Funded debt 260,000 Secured by a first mortgage on all the com.pany'3 properties valued at $1,032,983. The present water supply is derived from the surface and underflow of the San Jacinto River, from a large cinenega at the upper end of the valley, and from wells and pumping plants on the delta of the river. The water rights are old and well estab- lished. The water is distributed over 3,000 acres of land by means of cement- lined canals, together with cement, vitrified clay and steel pipes. The main supply of gravity water is supplemented by pumped water from wells, ni.aking a total of 608 inches continuous flow, this being the average amount which the company can supply. Approximately one-third of the acreage Is set out in orchards, one- third sown in al- falfa and the balance used for raising corn, vegetables, grapes, berries, cotton and pea- nuts. Original Market — $260,000 offered Nov., 1920, by William R. Staats Co., Los Angeles, etc., at prices ranging from 99.54 to 97.32 and interest according to maturities, to yield about 7.25%. 508 rUIXER-XEHIGH CO. Ist S. F. 6s. Due April 1, 1938. Dated April l, 1918. Interest payable April 1 and Oct. 1, In Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $600,000 Outstanding: (Jan. 1, '21) 555.000 Retired by S. F 45.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — ^Northern Trust Co., Philadelphia. Redeemable at 102% and interest on any Interest date on 30 days' notice. ImproTement and Sinking; Fund — Annually, beginning April 1, 1919, not less than $20,500 for the purchase or redemption of these bonds at not over 102% and interest. The mort- gage also provides that all net earnings in excess of $48,000 per annum shall be applied for the extension or betterment of the plants and property of the company, or may be applied for the redemption of additional bonds. Organization — Incorporated in Pennsylvania In 1918 and acquired the properties and as- sets of the Lehigh Car Wheel & Axle "Works (business established in 1867) and of the Lehigh Foundry Co. (business established in 1898). The Lehigh Car "Wheel & Axle "Works, In addition to car wheels and other chilled castings, manufactured a general line of pul- verizing machinery, having the trade name ' 'The Fuller-Lehigh Pulverizer. ' ' The Le- high Foundry Co, specialized in castings for the sugar, chemical and explosives trades and also manufactured the "Lehigh Stok- er. ' ' The corporate title for the new com- pany was selected because a large part of tbe product of the Lehigh Car Wheel & Axle Works has carried the name "Puller-Le- hlgh'* for many years. Capitalization. Outstanding. Common $600,000 Funded debt 555,000 Secured by a first mortgage on all the prop- erty of the company. The property covered comprises the two plants of the constitu- ent companies, which are adjacent and lo- cated at FuUerton, Pa. As of March, 1918, the replacement value of plants and equip- ment was estimated at $1,200,000, and net quick assets reported in excess of $600,000. Original Market — $600,000 offered April, 1918, by Frazler. & Co. and Cassatt & Co., Philadelphia, at 92 and interest. Market. Philadelphia — Boenning, Garrison &, Co. Price Range. Jan. 1, 'IS, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 90 '19 92 '18 Not Low. 88 '19 89 '18 available FULTON LIGHT, HEAT & POWER CO. 1st 5s. Due April 1, 1932. Dated April 1, 190.2. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Tork. Authorized $500,000 Outstandingr 216,000 Held in S. P 28,000 Reserved for Ext 244,600 Denomination — Coupon, $1,000. Xrastee — New Tork Trust Co., New York- Sinking Fund — $3,000 per annum from April 1, 1912. Organization — Incorporated in New Tork in 1902 as successor to the Fulton Electric Light & Power Co. Capitalization. Outstanding. Common $150,000 Preferred (6% non-cum.) 150,000 Funded debt 216,000 Secured by a first mortgage on plant sup- plying electricity to Fulton, N. T. Popula- tion, 13,500. In 1911 the company was awarded judgment, amounting, with inter- est, to $387,806, against State of New York on account of damage done the plant through construction of a barge canal, which deprived the company of part of its water power. Years ended Dec. 31: Gross. Net. Interest. 1920 $162,922 $28,012 $12,231 1919 154,131 29,416 12,368 1918 136,045 34,127 12,149 3917 91,230 22,245 11,017 1916 82,179 28,274 10,419 Market. New Yorli — A. H. Bickmore & Co., Wat- son, Armstrong & Co., Fred. tl. Hatch & Co. Price Range. Jan. 1, *17, to Jan, 1, '21 1930 Bid. Ask. Bid. Ask. High 95 '17 102 '17 64 80 Low. 7-8 '17 102 '17 FULTON MARKET COLD STORAGE COM- PANY 1st Leasehold Guar. 7s. Due $50,- 000 Sept. 1, 1922; $75,000 each Sept. 1, 1923 and 1924, and $100,000 each Sept. 1, from 1925 to 1929, incl., and $500,000 Sept. 1, 1930. Dated Mar. 1, 1920. Interest payable Mar. 1 and Sept. 1, at Central Trust Co. of Illi- nois, Chicago. Tax Status — 2 % Federal Income Tax paid by the 'company without deduction. Authorized $1,700,000 Outstanding 1,200,000 Reserved for Ext 500,000 Denominations — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Central Trust. Co. of Illinois, Chi. Redeemable at 103 and Interest to Sept. 1, 1926, and at 101 and interest thereafter. Guaranteed principal and interest by five of the largest stockholders of the company, whose combined net worth, in accordance with their filed statements, aggregate $4,- 353,086, viz: Joseph Byfield, Eugene V. By- field, Ernest L. Byfield, Owen D. G-ilman and Isadore Cohen. Orgranization — Incorporated in Illinois July, 1919, and in September, 1919, began the construction of a cold storage warehouse in Chicago. Capitalization. Outstanding. Common (no par) , 10,600 shs. Preferred (8% cum.) $1,200,000 Funded debt 1,200,000 Secured by a first mortgage on the com- pany's property, comprising a valuable lease- hold estate and ten-story and basement, cais- son foundation, reinforced concrete fireproof cold, storage warehouse of the most modern type, dimensions, 125x300 feet; storage ca- pacity, 3,800,000 cubic feet. The company's site comprises the entire square block be- tween Fulton, Morgan and Carpenter Streets and the Chicago, Milwaukee & St. Paul freight yards. It has a frontage of 250 feet on Fulton Street and a depth of 300 feet on Morgan and Carpenter Streets. Cash cost of building and equipment alone in excess of $2,000,000. Original Market — $1,200,000 offered April, 1920, by Central Trust Co. of Illinois, Pow- ell, Garard & Co. and Taylor, Bwart & Co., Chicago, on a 7% basis. Market Chicagro — Central Trust Co. of Illinois, Powell, Garard & Co., Taylor, Ewart & Co. 6 GATEXA-SIGNAl, OIL CO. Conv. Deb. 78. and Bayway, N. J., and may be used In the Due AprU 1, 1930. transportation >ot the Company's products Dated April 1, 1920. Interest payable abroad. April 1 and Oct. 1 in New Tork.. The properties owned by the Galena corn- Tax Status — Payment of Federal Income panies include compoundmg plants at Tax not assumed by the company. Tax ex- Franklin, Penn. ; Bayway, N. J. ; Whiting, empt In Pennsylvania. Ind., and Toronto, Can. Authorized $6,000,000 The Company owns or maintains storage Outstanding 6 000 000 and distributing warehouses at convenient Purpose of Issue— To pay existing current Points throughout the United States, Europe, Indebtedness and to Increase the company's Canada and Central and South America. working capital. Capitalization Outstanding. Denominations—Coupon, $100 and $1,000; 5?™'?,°" ■;;;„■ ; * 9 Snn'nnn registerable as to principal. Old Pref. (8% cum.) a'S^'Mn Trustee-Bankers Trust Co., New Tork. New Pref. (8 % cum. ) e'ooo'ooo Redeemable on any interest date during ^H?*''''.^^'=^\ ' V.' " 'r ■^,-.- ■■,;:;■ ^i An;, ° 1920 and 110 and interest; and at a pre- Security— A direct obligation of the Com- Si'tTmlS^ftf ^ '''' ^"-^^ —ding year P-^^.'^^^.l^r/o^rtLf in^entS^tge^Company 1 mf f surt^utrtol'l' ofTlirmfxi^'um °°ThT Company"°^n not create any mort- amount ot'bond's''at any 'tae°'issued'"forTh"e? S-f e .°r permit -"J/"bsldiary to create any ?u"r7e''nT^ca?l''/rfc"eT^"°" "' ""* ^'^^^^'^'"^ ?h"e"s'rSl'be'^t°u^Jfs"^lh^U 'Ilia'/e°''iru'iriynii1 Convertible'^at any time par for par Into ratably In the lien of such mortgage; but common stock -r v v ^j^^^ shall not apply to inter-company or Organization— Incorporated in Pennsyl- purchase, money mortgapsOT pledges of vania 'in 1901 as a consolidation of the personal property to secure temporary loans Galena Oil Co. and the Signal Oil Co. The m the usual course of business, and shall company, directly through constituent com- not restrict the acgmsition of additional panies, manufactures a complete line of lu- property subject to lien or mortgage bricating and signal oils and greases for „ The consolidated net quick assets as de- steam and electric railway services, and for fined in the Indenture, sha 1 be maintained autoombiles and stationary plants. 'n an amount at least eaual to 125% of the The company in 1918 acquired extensive principal amount of these Debenture Bonds oil-fields and refinery properties in Texas, 'hen outstanding. . ,„ . ,.,„. ... resulting in the organization of the Galena- 9 months ended bept. 30 (consolidated) . Signal Oil Company of Texas, the entire co m-o c5q capital stock of which is owned by this ^''i" .■.■■,■ ii' ■,■• I' •; ;*.-■„%„ „ j ».t company Origmal Market — $4,450,000 offered Nov- These properties Include about forty wells J,™'?'^''' .^'^"'^ f J,, ■'^'4'' • '?' *-'°t' ■''"^•' ^^^ In the Humble (Texas) oil field, producing York, etc., at 93% and interest, a Napthene base oil, from which lubricating ,_ „ , ,^ Market oils of unusual excellence are obtained. I«ew York--Hartshorne & Battelle, L. L. At Houston, Texas, accesible to its re- Wmkelman & Co., Carruthers Pell & Co., finery on the Houston Ship Channel, the ''^- Hall Keyes. company owns a large tank farm, consisting „,**?.*®?"rVV^t^^„ ,?anger. _ of 48 steel storage tanks, with a gross ca- Fluladelphia- Cadbury, Ellis & Haines, pacity of over 2,500,000 barrels. William W. Fogarty. The main pipe line owned by the Galena Chicago— Blair & Co. , „ , , Pipe Line Company of Texas consists of Pittsburglj- Moore, Leonard & Lynch, about 24 miles of 6-inch pipe, with right of Stout & Co. „., ,:^ „ „ , ... „ way, and necesasry gathering lines. It con- louisville, Ky.— Fidelity & Columbia Trust nects the producing properties with the tank Co. ,rt„« farm, the refinery, the Norsworthy terminal. Price Range, 1920 and the Houston Ship Channel. The entire Bid. Ask. capital stock of the Galena Pipe Line Com- High 93% Nov. 94 Nov. pany is owned by the Galena-Signal Oil Low 93 Dec. 93% Nov. Company of Texas. At Norsworthy, Texas, on the Houston GAL,BSBURG RAILWAY & LIGHT CO. 1st Ship Channel, for the purpose of facilitating co,,^ 6eg. ])„e July 1, 1934. its domestic and foreign trade, the company Dated July 1, 1904. Interest payable Jan. owns. In addition to the improved terminal ^jjg j^j ^ ^^ Portland Trust Co., Me. facilities at the refinery, 80 acres of term!- ^ Status— 2% Federal Income Tax paid nal property, with dock tanks, pump house j^ comuanv without deduction st^ime'^rs'^™'"'- ^<=<=^='='^>^ '° ocean-going "'^Xo^'zed .....■■... .$1,600,000 At Bayway, N. J., terminal (New York Outstanding 781,000 Harbor), the company has recently made Pledged under Cons. & Ret. extensive improvements to Its plant, con- Mtge 369.000 sisting of dredging the waterfront to a depth Denomination — Coupon, $1,000. of 25 feet, constructing a new bulkhead and Trustee — Fidelity Trust Co., Portland, Me. additional steel storage tanks of large ca- Redeemable on any interest date at 105 and paclty. interest. The Galena refinery Is located on a tract Assumed by the G. Ry., Ltg. & P. Co. of approximately 660 acres of land, situated Organization — Incorporated in Maine, May, on the Houston Ship Channel, about ten jg^^ ^^ ^ consolidation of the Galesburg miles from the City of Houston. -The re- Electric Motor & Power Co. and the Gales- flnery Is classed as one of the most niodern ^ ^ ^ Electric Light Co. Merged, Sept.. and best «in'PP/« '^^ t^%fU"3"(,?,'J ^'!'*?f' 1913, with the Galesburg By., Ltg. & P. Co. n'''J,'",f»«nSrft?nB-??( crude oil daily Ihe entire stbok owned by Western Rys. & *'a 4-?00-t^on tan^'stelmshi; wasl'ompleted Light. Co., which in turn Is controlled by the In January 19 21 for the Galena Navigation Illinois Traction Co. Company. This steamship operates between Secured by first mortgage on 18 miles of the Company's terminal at Houston, Texas, i-loctrlc railway in Galesburg, 111., and vicin- 510 Ity, and on plants supplying: gas and electricity in the same territory. Population served, 25,000. Railway and electric franchises ex- pire in 1920; gas in 1940, Underlies — G. Ry., Lte. & P. Co, Cons, & Ref. 5s of 1934, whioll provide to retire this issue. Earnings — See Western Rys, & Lt, Co, Market. New Yorlc — Hartshorne & Battelle, Berdell Bros. & Co., Gilbert .T. Postley, John Nicker- son Jr., Merrill Lynch & Co. Price Range. Jan. 1, '16 to Jan. 1, '21 1920 Bid. Ask. Ask. High 86 '16 98% '16 85 Mar. Low. 78 '19 85 '20 85 Mar. GALESBTJRG RAILWAY, LIGHTING & POWER CO. Cons. & Ref, Ss. Dne Oct, 1, 1934. Dated April 1, 1916. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthnrizcd $5,000,000 Outstanding (Jan. 1, '21) 1,117,000 Retired by S. P 143,000 Reserved for Ext .^ 2,969,000 Reserved for Prior Liens 781.000 Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Old Colony Trust Co,, Boston, Redeemable at 105 and interest. Guaranteed principal and interest by the Western Railways & Light Co. Organization and Control — Incorporated in Illinois in 1913 as successor to the Galesburg Railways & Light Co. and acquired the prop- erties of the Galesburg' Gas & Electric Light Co., Knoxville Electric Light & Power Co,, Abingdon Light & Power Co, and Galesburg Electric & Motor Power Co, The entire capital stock is owned by the Western Railways & Light Co,, a subsidiary of the Illinois Trac- tion Co, Capitalization, Outstanding. Common - $3,474,300 Preferred (6% cum.) 464,000 Funded debt 1,898,000 Secured by a mortgage on all the property of the company, including plants supplying gas and electricity in Galesburg and vicinity and 19.75 miles of electric railway in and around Galesburg, III, Further secured by pledge of $369,000 1st Cons. 5s of 1934, Population served, 25,000, Railway and felectric fran- chises expire in 1920; gas In 1940, Prior Mens — $781,000 G. Ry, & Lt, 1st Cons. 5s of 1934, Bonds are reserved under this mortgage to retire both Issues, Earnings — See Western Rys, & Lt, Co, Market, New York— -Hartshorne & Battelle, Chicago — National City Bank of Chicago, Boston — Merrill, Oldham & Co, Price Range, Jan, 1, '17 to Jan, 1, '21 1920 Bid. Ask. Ask. High 75 '19 93% '17 78 July Low. 75 '19 78 '20 78 July GALVESTON ELECTRIC CO. Ist 5b. Due May 1, 1940. Dated May 1, 1905, Interest payable May and Nov 1, at Trustee's office, or Blair & Co., N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,600,000 OntstandJng: (.Jan. 1, '21) 1,245,000 Retired by S. F, 229,000 Reserved for Ext 1,026,000 Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Old Colony Trust Co,, Boston, Redeemable at 110 and interest as a whole (or in part for sinking fund), on any interest date on 30 days' notice. Sinldng Fund — On and after July 1, 1911, 1 % 7o annually of bonds certified payable July 1st. Organization and Control — Incorporated In Texas, May 1, 1905, as successor to the Gal- veston City R, R, Co, The entire capital stock was acquired In Sept,, 1907, by the Galveston- Houston Electric Co, Capitalization, Outstanding, Common $1,000,000 Preferred (6% non-cum.) 500,000 Funded debt 1,245,000 Management — Stone & Webster, Boston, Secured by first mortgage on the entire elec- tric railway and a portion of the electric lighting and power plants In Galvestoiv Length of track, 37,8 miles. Franchise ex- pires 1950, Underlies — Gen, 73 of 1922, all deposited to secure Galveston-Houston Electric Co, 3-Tear 7% Notes due 1922, Years ended Dec, 31 (G,-H. El. Co.): Gross. 1920 $3,808,953 1919 .3,095,151 1918 2,691,332 1917 2,088,122 1916 1,944,840 Original Marlcet — Offered in 1905 by William Salomon & Co,, New York, and Jackson & Curtis, Boston, at 97% and interest. Market, New York — Hartshorne & Battelle, Fred H. Hatch & Co., Stone & Webster. Watson, Armstrong & Co., Gilbert J. Postley, G. R. McAllister & Co., Carruthers, Pell & Co., Barle A. Miller & Co., Pynchon & Co., Ber- dell Bros. & Co. Boston — L. Sherman Adams, Stone & Webster. Baltimore — ^Villiam E. Holloway, Jenkins, Whedbee & Poe. Price Range. Jan, 1, '10, to Jan, 1, '21 1920 Bid. Ask. ■ Bid. Ask. High 96 '12 98 '10 74 Aug. 78 Aug. Low. 58 '20 60 '20 58 Nov. 60 Nov. Net. Int,&S,F, ,126,505 $422,056 819,016 414,722 841,082 472,636 703,260 460,880 708,732 43«,993 GAIiVESTON, HARKISBTTKG & SAN ANTO- NIO RAILWAY CO. — ^Mexican & PaclBo S:xt. iBt 5s. Due May 1, 1931. Dated May 1, 1881. Interest payable May and Nov. 1, at Southern Pacific Co. offlce. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized (per mile) $20,000 Outstanding: 12,394,000 Pledged under Cent. Pac. 3^:3 1,024,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Thomas T. Buckley and Isaac E." Gates. 81nking' Fund — Begrinning' 1886 and annually thereafter, the company agrees to set aside one per cent, of bonds issued and outstanding to be applied to the redemption of these bonds until they are fully paid. Orsranization and Control — Incorporated in Texas In 1950 as Buffalo, Bayou, Brazos & Colorado Ry. Co. Present name adopted in 1870. Southern Pacific Co. owns a majority of the capital stock. Capitalization. Outstanding. Common $27,084,400 Funded debt 32,265,000 Secured by a first mortgage on' 659.35 miles of roaa, viz.: Miles. San Antonio to East Bank of the Rio Grande River at Bl Paso, Tex 624.61 SpofCord to Eagle Pass. Underlies— G., H. & Extn. 2a 63 of 1931. 'Vears ended Dec. 31: Gross. tl919 $3,230,645 tl919 21,957,496 tl918 3,230,644 tl918 .... 21,273,847 •1916 12,831,389 • 1915 11,212,141 •1914 11,972,339 t Corporate account, JFederal account — standard return not in- cluded. •Years ended June 30. I/isted on the New York Stock Exchange. Original Market — Offered in 1911 by Esta- brook & Co., New York and Boston, at 108 'A and interest. Market. New Yorit — Simon Borg & Co., Constable & Fleming, Charles W. Place, R. W, Press- Raymond M. Smith, Carruthers, Pynchon & Co., Earle A. Miller 34.64 S. A. Ry.- -M. & P. Int. & Net. Rent. $3,642,413 $3,137,988 4,939,634 907,081, 3,513,510 3,343,079 6,247,391 388,167 3,723,492 4,136,336 2,338,608 3,863,439 1,817,212 3,003,816 prich & Co., Pell & Co., & Co. Baltimore -Jenkins, Whedbee & Poe. Price Range — N. Y. S. B. Jan. 1, '09, to Jan. 1, 'HI 1930 Bid. Ask. High 112 Apr. 12, '09 92% Jan. 101 Jan. I^ow. 100 Oct. 3, '17 77% Dec. 85% July GAIVESTON, HARRISBURG & SAN AN- TONIO RAlIiWAX CO. Mexican & Pacific Bxt. 2nd 5s. Due July 1. 1931. Dated July 1, 1881. Interest payable July 1 and Jan. 1, at company's office, 165 Broad- way, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized (per mile) $10,000 Outstanding 2,539,000 CanceUed 4,170,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Frank Ptorrs and William P. Hill- abuse. Guaranteed as to principal and interest by the Southern Pacific Co. by endorsement. Sinldng Fund — Annually 1% of outstanding bonds beginning Jan. 1, 1916. Control — Southern Pacific Co. (See 1st 6s above.) . Secured by a second mortgage on the 659.25 miles covered by the 1st 5s, which see above. Prior Uens — $13,418,000 Gal., Har. & S. A.-M. & P. Extn. 1st 5s of 1931. Eamiiigs — See 1st 53. Listed on the New York Stock Exchange. Market. New Yorlt — Sam'l Goldschmidt, E D. Lev- inson & Co., Prince & Whitely, Vilas & Hickey, Carruthers & Pell Co., Pynchon & Co. Price Range — N. Y. S. B. Jan. 1, '15, to Jan. 1, '21 1920 High 100% Oct. 19, '15 85 Oct. 29 Low. 85 Oct. 29, '20 87 Mar. 2 GAL,VBSTON - HOUSTON & HENDERSON RAIIiROAD 1st 6s. Due April 1, 1933. Dated April 1. 1913. Interest payable April and October 1, at Trustees. Tax Status — Payment of Federal Income Tax not assumed by company. Antliorized $6,000,000 Outstanding 2,122.000 Reserved for Ext 2,878,000 Denomination — Coupon and registered, $1.- 000. C. & R. interchangeable. Trustee — Columbia Trust Co., New York. Redeemable as a whole at 106 and mterest on any interest date. Organization and , Control — Originally char- tered in 1848, reorganized in 1871 and again in 1882 under the same name. Capital stock $1,000,000, owned one-halt by the Missouri, Kansas & Texas Ry. Co. and one- half by the Estate of Jay Gould. The M., K. & T. Ry. Co. and International & Great Northern have trackage rights for which they pay $130,100 per annum. Capitalization. Outstanding. Common $1,000,000 Funded debt 2,122,000 Secured by a first mortgage on 50 miles of road including 2.67 miles trackage rights from Houston to Galveston, and on extensive ter- minals in both cities, including company's rights in the Galveston Causeway. Years ended Dec. 31. Gross. Net. Deductions. »192!) $210,209 $172,079 $150,465 •1919 148,679 121,657 117,086 tl919 298,479 14,693 41,000 •1918 127,366 133,067 121,943 tl918 361,265 194,160 64,750 "Corporate accuunt. tFederal account — standard return not in- cluded. Usted on the New York Stock Exchange. Market. New Yorii — Ambrose R. Clark & Co., Fin- lay & Davenport, Sam'l Goldschmidt, R. W. Pressprich & Co., Rutter & Co., Season- good, Haas & Macdonald, White, Weld & Co., Carruthers, Pell & Co., F. J. Lisman & Co. Price Range — N. Y. S. K. Jan. 1, '16, to Jan. 1, '21 1920 High 86% June 15, '16 65 Nov. 80 Mar. Low. 76 Dec. 9, '19 60 June 70 June GALVESTON-HOUSTON ELECTRIC COM- PANY 3-Year 7% Secured Notes. Dae Mar. 1, 1922. Dated March 1, 1919. Interest payable March and September 1, at Trustee's office, Boston, and at Lee, Higginson & Company. New York and Chicago. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 1,500,000 Reserved for Bxt 1,500,000 Purpose of Issue — To provide for the Com- pany's financial requirements through 1919, and also for retirement of the Company's en- tire floating debt, amounting to $1,265,000, in- curred for necessary additions and improve- ments to plant. Denominations — $500 and $1,000. Register- able as to principal. Trustee — Commonwealth Trust Company, Boston. Redeemable as a whole, at any time on 30 days' notice, at 102 and accrued interest prior to March 1, 1920; at 101 and interest on March 1. 1920. and prior to March 1, 1921; and at 100% and interest on March 1, 1921. and thereafter. Organization — Incorporated in Maine. 1907. Company owns entire capital stock of the Gal- veston Electric Company, the Houston Electric Company and the Galveston-Houston Electric Railway Company, all Texas corporations, -which companies do the entire electric railway and a portion of the electric lighting and power business in Galveston, Texas, the elec- tric railway business in Houston. Texas, and operate an interurban electric railway between 512 the cities of Galveaton and Haujston, a dis- tance of BO miles. Capitalization. Outstandine. Common $3,988,000 Preferred (6% cum.) 3.000.000 Funded debt •7,152,000 •Subsidiaries included. Management — Stone & Webster. Secured by deposit with the Trustee of $1.- 800,000 aggrregate amount of General Mort- gage 7% Bonds of the three operating com- panies (entire amount outstanding); any ad- dittonal General Mortgage Bonds, if Issued, must be pledged under the Indenture securing these Notes. The General Mortgage Bonds will be dated March 1, 1919, mature March 1, 1922, and will be secured by mortgages upon the entire properties of the operatins: com- panies, now owned or hereafter aCQUired lex- cept thfi Galveston Causeway). The franchises in Galveston and Houston ex- tend to 1950 and 1935, respectively, and are satisfactory in terms. Ihe Interurban line between Galveston and Houston Is chiefly on private right-of-way. Prior I/iens — Outstandine, Gal. Elec. 1st 5s, 1940 $1,245,000 G.-H. JEIeo. Ky. 1st 58, 1940 2,779,000 Houston Elec. Ist 5s, 1925 1,628,000 $5,652,000 No additional bonds may be issued under the above mortgage while these notes are out- standing. Years ended Dec. 31: Gross. Net. loit.&S.F. 1920 $3,808,953 $1,126,505 $422,056 1919 3,Q95,151 -819,016 414,722 1918 2,691,332 841,082 47"2,6S5 1917 2,088,122 703,250 450,880 1916 1,944,840 708,732 438,993 Original Market — Offered in March, 1919, by Lee. Higginson ^ Company. Boston. Chicago and New York, at 98% and interest. Market. New York — Edwin Bancker & Co., Sam'l Goldschmidt, Stone & Webster, Gilbert J. Postley, Earle A. Miller & Co., F. D. Hatch & Co., Berdell Bros. Boston — Stone & Webster. Galveston, Texas — C. P. Mann & Co. Price Kange Jan. 1, '19, to Jan. 1, 'SI 1920 Bid. Ask. Bid. Ask. High 98 '19 99% '19 94 Oct. 97 Oct. Low. 88 '20 93 '20 88 Dec. 93 Dec. GAIiVESTON-HOUSTON EliECTBIC RAIL- WAY CO. 1st S. F. 58. Dae Oct. 1, 1954. Dated October 1, 1909. Interest payable April and Oct. 1, at Trustee's ofBce. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $6,000,000 Outstanding (Jan. 1, '21) 2,779,000 In Treasury 26,000 Retired by S. F 195,000 Reserved for Ext 2,000,000 Denomination — Coupon, $500 and $1,000. Beglsterable as to principal. Registered. $6,- 000, $1,000 or multiples of $1,000. C. & R. Interchangeable. Trustee — Old Colony Trust Co., Boston. Redeemable as a whole, or in part for Sink- ing Fund at 10 5 and Interest on any Interest date. ^ , Sinking Fund — ^Annually, Feb. 1, to and In- cluding 1944, 1% of outstanding bonds and thereafter 1%% for the purchase or redemp- tion of these bonds at not exceeding 105 and Interest. Bonds redeemed to be cancelled. Guaranteed principal. Interest and sinking fund by Galveston-Houston Electric Co. by en- doreenient. , Organization and Control — Incorporated In Texas, April, 1907. Controlled by the Gal- veston-Houston Electric Co., a Maine corpora- tion incorporated May, 1907, which holds all - the stock of the Galveston Electric Co. , Hou- ston Electric Co. and the Galveston -Houston Electric Ry. Co. Capitalization. Outstanding. Common $1,650,000 Funded debt 2,779,000 Management — Stone & Webster, Boston. Secured by a first mortgage on 50 miles of interurban electric railway with private right of way between Galveston and Houston, Texas. Underlies — Gen. 7s of 1922, all deposited to secure Galveston-Houston Electric Co. 3-Tear 7% Notes due 1922. Earnings — See Galveston-Houston Electric Co. 7% Notes. Original Market — Offered In 1910 by Lee. Higginson & Co., Boston and New York, at 95 and interest. Market. New YoKk — Dunham & Co., Sam'l Gold- schmidt, Hartshorne & Batteile, Fred H. Hatch & Co., Vanderhoef & -Robinson, Stone & Webster, Gilbert J. Postley, Earle A. Miller & Co., Fred D. Hatch & Co., Ber- dell Bros. Boston — L. Sherman Adams, Moors & Cabot, Stone & Webster. Philadelphia — Samuel McCreery & Co. Galveston, Texas — C. P. Mann & Co. Price Range. Jan. 1, '14, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95 '14 98 '14 65 Deo. 70 May Low. 59 '20 64 '20 59 Sept. 63 Aug. GALVESTON TERMINAL RAILWAY 1st 6g. Due March 1, 1938. Dated March 1, 1908. Interest payable March and September 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5. 000^000 Outstanding 1,106.000 Denomination — Coupon, $1,000. Beglster- able as to principal. Trustee— Bankers' Trust Co., New York. Redeemable as a whole at 105 and interest on any interest date. Guaranteed Jointly by the Chicago, Rock Island & Paciflo Railway COj and the Colorado & Southern Railway Co. Organization and Control — Incorporated In Texas _in 1905. Controlled by the Trinity & Brazos Valley, the Colorado & Southern and the Chicago, Rock Island & Pacific Ry. Com- panies. Capitalization. Outstanding. Common $25,000 Funded debt 1,106,000 Secured by first mortgage lien on all com- pany's property including large freight depot, warehouse, about 14 blocks along Galveston's water front and about 24 miles of main line and sidings. Market. New York — Simon Borg & Co., Finlay & Davenport, Joseph Bird Ford, Fred H. Hatch & Co., Wolff & Stanley, Carruthers, Pell & Co. Pittsburgh — R. E. Hutchinson & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 96 '16 100 '16 80 Dec. 90% Dec. Low. 66 '17 75 '17 70 Sept. 90% Dec. GAS & ELECTRIC CO. OF BERGEN COUNTY Cons. 5s. Due June 1. 1949. Dated June 1, 1899. Interest payable June and Dec. 1, at Fidelity Union Trust Co., Newark, N. J. .Tax Status — Payment of Federal Income Tax, not asumed by comDany. Tax exempt In Ijeyr Jersey. Authorized Jl.BOO.OOO Outstandine 1,443,00U . . Denomination^Coupon, $1,000. Regristerable as to principal.' Tnistee — Fidelity Union Trust Co., Newark, N. J. Organization and Control — See 5s 1954. Secured by a mortirare on gas plants at Hackensack, Rutherford and Bnglewood and electric plant at. Hackensack, N. J., subject to $57,000 prior liens. Underlies — Gen. 5s of 1954. which mort- grage provides for the retirement of this issue. Listed' on the New York Stock Exchange, „ Original Market — $2QO.O0O offered at 103% aii'd interest in 1911, by W. B. K. Smith & Co.. New York, and the Fidelity Trust Co.. Wjewark, N* J. Market. New 'Vork — Sam'l Goldsohmidt, W. E. R. Snjith & Co. -■ , '' Jei'sesc' City, N. J. — Outwater & Wells, . - Price Range. Jan. 1, '16, to Jan. 1, '21 1920 -, .. . Bid. . Ask. Bid. Ask. High 102 '16 103% '17 75 Aug. 76 Sept. 3>w. 70 '20. 7,6 '26 70 Dec. 76 Sept. GAS & EI/ECTBIC CO. OF BERGEN COUNTY Geli. Ss. Due Nov. I, 1954. Dated J^ovember 1^ 1904, Interest payable May. ^nii Nov. 1, at "Fidelity Union Trust Co., Newark, N.^'J. . '.Tax_ Stdtii^Tr-2'% Federal Income Tax paid by company' without, deduction. Tax exempt in New Jersey. ■ ' ■ 'i ,• f';','. ' ■ ' ' AuthbrizVa ...-.;.. .--. . . ,.$6,900,000 -Outstan^iHgr>.i . . .,, . .-j . . .-, 1,616,000 Fledged under p. S. "Corp. Oen. ■ 1 Mtge/....".. 1,655.000 Reserved for Ext .. , isi.oou Reserved- for Prior Liens ... 1.538.00U Denomination — Coupon. $1,000. -trustee — Fidelity ' Union Trust Co., New- ark, N. J. ' ■ ' ' Organization and Control — Incorporated in New Jersey,^ ISCay 31, 18^9, as a consolidation of several sntali feas and electric light com- panies, leased from January 1, 1905, to the Publip, Service Corporation of New Jersey lor 999 'years. In October, 1909, lease of gas properties was assigned to the Public Service Gas Co. and ih, July, 1910, the electric prop- eirties were assigned to the Public Service Gas Co.. In July, 1910; 'the electric properties were assigned to the Public Service Electric Co. Capitalization. Outstanding. Common $2,000,000 Funded debt 4,771.000 Secured by a mortgage on gas plants at Hackensack. Rutherford and Bnglewood, and an electric plant at Hackensack. Prior liien — 11,600,000 bonds including $1.- 443,000 Cons. 5s of 1949. which this issue provides to retire. Market. New York — W. B. K. Smith & Co. Philadelphia — Graham Parsons & Co., H. D. Boenning & Co, Jersey City, N. J. — Outwater & Wells. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '16 101 '14 80 Jan. 99% Feb. Low. 65 '20 70'20 65 Dec. 70 Oct. GAS & ELECTRIC SECURITIES CO. Coll. Tr. , 6«. Due each Aug. 1 and Eeb. 1 From Feb. 1, 1920, to Aug. 1, 1925, inclusive. Dated Aug. 1, 1919. Interest payable (coupon notes) Feb. 1 and Aug. 1, at H. L. Doherty & Co., New York. Interest on fully registered notes payable on the first of -each rrionth. Tax Status — 2% Fderal Income Tax paid by the company without deduction. Authorized , : v ■ ' ' ' • •S3.00"-''"" Outstanding (Jan, 1, '21) S?J'299 Matm-ed and Paid 246,000 Provisions of Issue — Issued in Series to consist of notes in the aggregate principal amount not exceeding $250,000 as any out- standing series is paid or retired, company- may issue subsequent series bearing such date, maturing at such dates respectively (provided no series shall bear a maturity date less than six months after the maturity of the- series then outstanding last to mature, and no two series shall mature at intervals of less than six months, bearing interest at such rate, and having such security as is stipulated at time of issaunce of each respective series. . ,.'■., " Denomination — Coupon,. $1,JOOO; registerabla as to principal.- Registered $100, $600 and Jl.OOd; „ .,_.,- . Trustee-rBankers' Trust Company, New york. ^ ,. , » Redeemable as a whole or in part by lot upon 30 days' notice on the first day of any month prior ot maturity, at a premium of % of 1% for each year or fraction thereof be- tween the redemption date and the ' date of maturity of the note. Organization and Control — ^Incorporated in 1919 in Delaware as an underwriting company to finance and deal In the -properties and se- curities of public utility corporations. Princi- pal holdings of the company are stock of Cities Service Company and subsidiaries. ■ Conducted in conjunction with H. L. Doherty & Co. '■ Capitalization. Outstanding. Comlnon $1,101,666 Pref. (7% cum.) 1.000.000 Funded debt 994,000 Secured by pledge of the following securi- ties: Bonds. Denver Gas & Electric Gen. &s. 1949 $150,0011 Empire District Eleo. Co. 1st S. F. 6s. 1949 175, 00» St. Joseph Ry., Lt.. Ht. & Power Co. 1st & Ref. 30- Year S. F. 5s, 1946 26,00» City Lt. & Traction Co. 1st S. F. 5s, 1952 175,00» Consolidated Cities Lt.. Pwr. & Trac. Co. 1st Lien 6s, 1962 250, 00* Meridian Lt. & Ry. Co. Gen. Lien S. F. 5s. 1945 126,00» Hattiesburg Traction Co. Gen. Lien S. F. 5s. 1952 50.009 Ozark Power & Water Co. 1st S. F. 5s, 1952 225,000 The Brantford Gas Co. 1st 25-Year 5s, 1929 39,099 Carthage Gas Co. Gen. Lien 6s, 1940 20,009 The Summit County Power Co. 1st S. P. 6s, 1927 125,00* The Western Light & Power Co. 1st 19-Year 5s, 1925 129,999 Stocks. Empire Gas & Fuel Co. 8 % Cum. Pref. Stk 1,000,009 Cities Service Co. 6% cum. Pref. Stk 2,531,799 The Indenture provides that any portion of the above named securities may be deposited from time to time, until the full authorized amount of $3,009,999 of Notes is Issued, pro- vided, that the total valuation (as defined in Note Indenture) of the securities pledged shall 614 be not less than one and one-third times the aggregate principal amount of all notes of all series then outstandine and those to be re- quested. Collateral pledged may be released by de- posit of cash ih an amount equal to 81%, or by deposit of notes of this issue equal to 75%, of the valuation of the collateral requested to be released; or by deposit of stocks, bonds and or other securities of a subsidiary of Cities Service Co. of a value equal to the value of the securities then requested to be released subject, however, to certain restrictions as set forth in Note Indenture. Year ended Dec. 31. Net. Interest. 1920 $923,104 $62,649 1919 702,036 120,000 Market. New York — Henry L. Doherty & Co., Berdell Bros. l*ilce Kangre Bid. Ask.' High 80 Of't. 97 Jan, Low., 80 Oct. 89 July GAS LIGHT CO. OF AUGUSTA. GA.. 1st 5b. I>ue April 1 as follows: $15,000 1919- 1922; $20,000, 1923-1931 and $25,000 1932- 1936 Inc. Dated April 2, 1906. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding: (Jan. 1. '21) 692,000 Matured and Cancelled 90,000 Penomination — Coupon, $1,000; Register- able as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable on any interest date at 105 and interest. Organization — Incorporated in Georgia, Jan- uary 21. 1852. Controlled by the Southern Gas & Electric Corporation through ownership of entire cap- ital stock. Capitalization. Outstanding. Common $300,000 Preferred 35.000 Funded debt 692,000 Secured by a first mortgage on plant sup- plying gas to Augusta, Ga., and vicinity. Pop- ulation served, 60,000. Franchise perpetual. Original Market — First offered by Devitt, Tremble & Co., Chicago, at 98% and Interest, April, 1906. Market. New York — Hanson & Hanson. GAS SECURITIES CO. 8% Notes. Due Oct. 1, 1922. Dated Oct. 1, 1920. Interest payable April 1 and Oct. 1, at office of company, New York, by the company -without deduction. Tax Status — 2% Federal Income Tax paid Authorized $5,000,000 Outstanding: (Jan. 1, '21) 1,537,000 Purpose of Issue — To refund $5,000,000 1% notes due Nov. 1, 1920. In Treasury 3,463,000 Denominations — Coupon, $1,000; regis- tered of any denomination. Trustee — Bankers Trust Co., New York. Redeemable on 30 days' notice at 102 and interest prior to Oct. 1, 1921; thereafter and prior to April 1, 1922, at 101 and interest, and thereafter until maturity at 100% and interest Organization and Control — Incorporated in New York in 1906 to acquire securities and properties of natural and artificial gas, elec- tric light and power, and kindred corpora- tion's. Conducted in conjunction with H. L. Doherty & Co. Capitalization. Outstanding. Common $365,000 Preferred 487,800 Funded debt 1,537,000 Secured by pledge of shares of common stock of the Cities Service ■ Co. on the basis of 6 2-3 shares of said stock for each $1,000 note. The indenture provides that upon the can- cellation and surrenderlof any of these notes to the trustee, collateral may be withdrawn at the rate of 62-3 shares of stock for each $1,000 note surrendered and cancelled. Year ended Dec. 31: Gross. Net. Interest. 1920 $917,428 $838,613 $306,224 Original Marltet — $5,000,000 offered Oct., 1920, by Henry L. Doherty & Co., New York, at 9 8. and interest. Market New York — Henry L*. Doherty & ,Oo., Ber- dell Bros., Alfred F. Ingold. Baltimore — William' E. HoUoWay. GENERAL AMERICAN TANK CAR CORP. (of W. Va.). Equipment Trust 5s, Series 1. Dae $150,000 November 1, 1917; SMO,- 000 November 1, 1918; $180,000 Novem- ber 1, 1919; $200,000 November' 1, 1920; $240,000 November 1, 1921, and $260,- 000 November 1, 1922. Dated . November 1, 1916. Dividends pay- able May 1 and November 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,200,000 Outstanding (Jan. 1, '21) 500,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Philadelphia Trust Co.. Philadel- phia. Redeemable at 101^/^ on any dividend date. Guaranteed principal and dividends by the General American Tank Car Corporation of West Viririnla. Organization — Incorporated in New York, July, 1916, and acquired all the capital stock of the General Tank Car Corporation of West Virginia, incorporated in 1902; the latter com- pany is engaged in the manufacture and rental of railroad tank cars. Plants located at Warren, O., Calumet, Ind., and Sand Springs, Okla. Combined dally capacity, twenty-five cars. Capitalization. Outstandinsr. Common (no par) 270,000 shs. 1st Pref. (7% cum.) $4,038,000 2d Pref. (7% cum.) 1,000.000 Funded debt 13,796,500 Secured by an equipment trust agreement of 1,000 steel tank cars, costing $1,800,000 of which $600,000 was paid in cash. Years ended Dec. 31: •Net. 1920 $2,941,328 1919 3,558,885 •After interest. Original Market — Offered December, 1916. by Drexel & Co., Philadelphia. Market. New York — Freeman & Co. Philadelphia — Biddle & Henry, Huntoon &■ Co. GENERAIi AMERICAN TANK CAR CORP. (of \V. Va.) Equip. Tr. 6s, Series 7. Due $98,000 each April 1. from 1921 to 1926, inclusive. Dated April 1, 1919. Interest payable April 1 and Oct. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company witohut deduction. Aulhomed $490,000 Outstandini? 490,000 Denominaliun — Coupon. $1,000. Reff iater- able as to principal. Trustee — Philadelphia Trust Co.. Philadel- phia. Redeemable at 101 and interest on any In- terest date. Guaranteed principal and interest by the General American Tank Car Corporation of West Virginia. Orgranization — See "Series 1.'* Secured by an equipment agrreement on 350 steel tank cars, costing: about $637,000. Origrinal Market — S4&0.000 offered April, 1919. by C. D. Barney & Co.. New York and Philadelphia, on a 6.20% basis. Market. Philadelphia — Biddle & Henry, Brown Bros. & Co., Graham Parsons & Co., Hun- toon & Co. GENERAL AMERICAN TANK CAR COR- PORATION y company without deduction. Tax exempt in New York State. Authorized $60,000,000 Outstanding 10.000.000 Reserved for Ext 50,000,000 Denomination — Coupon, $1,000 and $500. Registerable as to principal and interest. Registered, $10,000,$5,000 and $1,000. C. & R. interchangeable. Trustee^ — ^Bankers' Trust Co., New York. Redeemable at 107% and interest on any in- terest date upon six weeks' notice. Organization — See Deb. 3%s. Security — ^A direct obligation of the com- pany, but not secured by mortgage. The com- pany covenants that with the exception of purchase money mortgages and of pledges as security for temporary loans or as indemnity, it will not at any -ime mortgage or pledge any of its property or franchises, without thereby eaually and ratably securing the principal and the interest on these bonds. ThQ company has no mortgage debt. Eamongs — See Deb. 3^s of 1942. Lised on the New York and Boston Stock Exchanges. Original Market — Offered in 1912 by J. P. Morgan & Co., New York, and Lee, Higgin- son & Co., Boston,' at 99% and interest; $2,500,000 placed privately April, 1921, by J. P. Morg-an & Co. at 86 and interest. Markei. New York — Sam'l Goldschmidt, Struthers & Hiscoe, Carruthers Pell & Co., Callaw^ay Fish'& Co., Vanderhoef & Robinson, Jenks & Groynne & Co., Finlay & Davenport, Price Ranee — N. Y. S. E. Jan. 1, '16 to Jan. 1, '31 1920 High 108% Nov. 11, '16 97 Jan. 30 Low. -81 June 18, '20 81 June 18 GENEBAIi ElECTRIC CO. 30-Year Deb. 68. Due Feb. 1, 1940. Dated Feb. 1, 1920. Interest payable Feb, 1 and Aug. 1, at Bankers Trust Co., New York, or Old Colony Trust Co., Boston. Tax Status — Payment of Federal Incotne Tax not assumed by the company.- Authorized $15,000, OOo Outstanding : 15,000,000 Purpose of Issue — To pay $15,000,000 notes maturing July ], 19,20., Denomination— Coupon, $100, $500 and $1,- 000: registered $1,000. $5,000 and $10,000:; coupon and registered interchangeable. Redeemable on any interest date at 105 and interest. Organization — See 40-Year Deb. 3%s. Security — ^A direct obligation of the com- pany but not secured by a mortgage. Under the trust agreement the company covenants that it will not . at any time mortgage or pledge any of its property or franchises (eX- . cept purchase money mortgages and . pledgee for temporary loans .and . indemnity in the usual course of its business), .without .thereby expressly securing the, .principal .and. interest of this issue of debentures equally and ratably with any and all obligations and Indebtedness secured by such mortgage or pledge. Listed on the New York and Boston StocK Exchanges. Original Market — $15,000,000 offered Feb- ruary, 1920, by a syndicate headed by J. P. Morgan & Co. and Lee, Higginson & Co., at 94 M and interest. Market. New York — Araes, Emerich & Co., Stru- thers & Hiscoe, Carruthers Pell & Co., Mann, Pell & Peaks. Chicag:o — Illinois Trust & Savings Bank. Louisville, Ky. — Fidelity & Columbia Trust Co., J. J. B. Hllliard & Son, Buffalo — Glenny, Monro & Moll. Erie, Pa. — Charles Messinkopf & Co. Price Rangre 1930 — N. Y. S. E. High 100% Oct. 25 Low 95% May 2!0 GENERAL GAS & ELECTRIC CO. (The) Ist Lien Conv. 5b. Due July 1, 1933. Dated July 1, 1912. Interest payable Jan> and July 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding: ; 1,077,000 Denomination — Coupon, $1,000. Register- able as to principal or fully reelsterable. Registered, $1,000 or multiples of $1,000. C. & R. interchangeable. Trustee — Equitable Trust Co.. New York. Redeemable at 105 and Interest on anv m- terest date on 30 days' notice. Convertible at par. at the option of the holder, at any time on or after July 1, 1915, -. into 7 % cumulative preferred stock. Sinking Fund — The mortgages of the North- western Ohio Ry. & Power Co. and The "West- ern Vermont Power & Light Co. provide for a sinking fund beginning July 1, 1917, of 1% of the bonds outstanding for five years, 1%% for the next five years and 2 % thereafter. The funds so received will be used for the re- tirement of The General Gas & Electric Co. bonds. Organization — The General Gas & Electric Co, was incorporated in Maine in 1912 as a holding company. The following companies are the controlled: Metropolitan Edison Co., Read- ing Transit & Light Co., Vermont Hydro-Elec- tric Corporation, New Jersey Power & Light Co., Sandusky Gas & Electric Co., Binghajn- ton Light, Heat & Power Co., Northwestern Ohio Railway & Power Co., Port Clinton Elec- tric Light & Power Co. , Rutland Railway, Light & Power Co., Pittsford Power Co.; Sayre Electric Co. 619 Capitalization. Outatandins. Common $4,500,000 Pre(. (7% cum.) 2,600,000 Conv. Pref. (6%) 2,600,000 Funded debt 6,411,776 Marasement — The W. S. Barstow Manage- ment Association, Inc., New Yoi'fe. Secared by a deposit of the foUowlnir securi- ties: $1,293,000 First 6s Of Northwestern Ohio Ky. & Power Co., $40'0,000 First Bs of Western Vermont Power & Light Co., and $1,679,100 common stock of Rutland Ry. Light & Power Co. Prior I/ien — $1,960,000 Rutland Ry., Lt. & Power Ist 5b of 1946. Years ended Deo. 31. Net. Int., etc. 1920 $511,680 $287,511 1919 400,386 244,611 1918 213,946 188,030 1S17 2<64,761 173,648 1916 341,346 180.318 Orieinal Market — Offered in 1912, at 94 and Interest by the Equitable Trust Co. and Red- mond & Co., New York. Market. New York — Babcock, Rushton & Co., Sam'l Gol'dsohmidt, Fred H. Hatch & Co., Red- mond & Co., Carruthers Pell & Co., Chas. B. Doyle & Co. Philadelphia — ■ Earcley, Moore & Co., Bauer, Starr & Co. Price Ranee. Jan. 1, '15 to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 82 '16 86 '15 73 Feb. 76 Feb. Low. 37% '18 48 '19 50 Oct. 61 Aug. OENEBAI, GAS St ELECTRIC CO. (The) 10- Year 5s. Due Jan. 1. 1925. Dated Jan. 1, 1915. Interest payable Jan. 1 and July 1 at Trustee's office. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized $1,411,000 Outstanding 450,000 Balance Redeemed. Denominations — Coupon, $500 and $1,000. Repisterable as to principal. Trustee — Guaranty Trust Co.. New York. Redeemable at 100 and Interest on any in- terest date upon 40 days' notice. Organization — See 1st Conv. 5s Secured by pledge of the following securi- ites: Pledged. Issued. Blnghamton L., H. & P. Co. com $600,000 $600,000 New Jersey P. & L. Co. pref 161.000 161.000 Sayre Electric pref 100.000 100,000 Sayre Electric com 150,000 160,000 Penn. Utilities pref 729,100 738.600 Penn. Utilities Notes 184.600 Total face value pledged $1,824,600 Hamings — See 1st Conv. 5s. Market. New York — Babcock, Rushton & Co., Ber- dell Bros., G. R. McAllister & Co., Hanson & Hanson. Philadelphia — Paul & Co., Samuel K. Phil- lips & Co., H. n. Boennin?: & Co. Price Range. Jan. 1, '17 to Jan. 1, '81 19S0 Bid. Ask. Bid. Ask. High 86 '17 88 '17 73 Mar. 87HJan. Low. 35 '18 50 '18 65 Nor. 70 Sept. GENERAL GAS & ELECTRIC CO. 10-Year Secured 6s. Due Sept. 1, 1939. Dated Sept. 1, 1919, Interest payable March and Sept, 1 at New York Trust Co. Tai Statns — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax of 4 mills refunded. Anthorized $4,250,000 Outstanding 4,250,0O« Purpose of Issue — To provide for the ao- auisltion of some of the securities including the common stock of the Metropolitan Edison Co., for Ilauidating floating debt, and for other corporate purposes. Denomination — CouDon, $1,000, $5«0, $250, and $100; registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at 100 and interest on any in- terest date upon three weeks' notice. SlnldnS Fnnd^ — Annually beginning Sept. 1, 1920. a sum equal to 1% of bonds outstand- ing to be applied to their purchase and re- demption at not exceeding 100 and interest. Organization — See 1st Lien Conv. 5s. Secured by pledge of the following stocks: $S, 000,000 Metropolitan Edison Co.. Common Stock (entire issue). $2,900,000 Reading Transit & Light Co., Cum. Pref. Stock. Class B. $650,000 Vermont Hydro-Electric Corp. Common Stock (entire issue). $500,000 Sandusky Gas & Electric Co., Com- mon Stock (entire issue). $345,700 The New Jersey Power & Light Co. Common Stock (entire isstle). •$500,000 Blnghamton Light, Heat & Power Co. Common Stock (entire issue). •150,000 Sayre- Electric Co., Common Stock (entire issue). ^ •$100,000 Sayre Electric Co. Preferred Stock (entire issue). •Subject to prior pledge under the General Gas & Electric 53 of 1926. Earnings- — See 1st Lien Conv. 5s. Original Market — $4,250,000, offered Janu- ary, 1920, by Bonbright & Co., New York. Marlcet New York — Babcock, Rushton & Co., Hart- shorne & Battelle, Bonbright & Co., G. R: McAllister & Co.., Carrufhers Pell & Co., Hanson & Hanson, Berdeii Bros. Boston — Moors & Cabx)t. Philadelpliia — Arthur .T. Bender. Price Range 1920 Bid. Ask. High 96 July 97% July Low 60 Dec. 72 Jun« GENERAL NECESSITIES CORP. 1st 6s. Due quarterly from 1917 to 1931. in- clusive. Dated July 1, 1916. Interest payable Jan. 1, April 1, July 1, and Oct. 1, at Trustee's office at Security Trust Co., Detroit, Mich. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Michigan. Authorized $2,000,000 Outstanding 859,000 Retired 141,000 Pledged to Secure 6% Notes. . . . 300,000 Reserved for Ext 700,000 Denomination — Coupon, $1,000, $600 and $100. Trustee — The Guardian Savings & Trust Co., Cleveland, and Security Trust Co., Detroit. Redeemable at 102 and interest. Organization — Incorporated in Michigan In 1916 as a consolidation of a number of com- panies. Capitalization. Outstanding. Common $1,459,740 Pref. (7% cum.) 154,990 Funded debt 1.099,000 Secured by a first mortgage on all the prop^ erty of the company. The property covered in- cludes real estate in Detroit, Highland Park, Waterford, Pairhaven. Otter Lake and Clyde, Mich.; ice factories and storage houses and refrigerating machinery in Detroit; natural ice plants outside the eity; and complete moaern equipment necessary for the manufacture and delivery of ice, coal, distilled water and other products. As of Aug. 1, ;1916, the fixed aaaeia of the company were appraised at 52,141,089, and expenditures of about $400,000 for audi- tions, etc.. were beins made. The company supplies about 60% of all the ice ccnsumed In Detroit and suburbs, and carries on an exien- Bive business in coal, distilled water, eve. Original Market — $1,000,000 offered by Tll- lotson & Wolcott Co., Cleveland, New Tork and Cincinnati, at 100 and interest. Market. Cleveland — Tillotson & Wolcott Co. GENERAI. NECESSITIES CORP. Coll. Tr. 6% Notes. Due $50,000 each ^lay 1, 1931, 1932. 1933, and $90,000 May 1. 1934. Dated May 1. 1919. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $240,000 Ohtstanding 240.000 Purpose of Issue — To retire an Issue of notes maturing May 1, 1919, and P9.y various bank loans. penominations — Coupon, $500 and SI. 000. The $500 notes mature in 1924. Trustee — Guardian Savings & Trust Co., Cleveland. Redeemable at 101 and interest. Oiranlzation — See 1st 6s. Security — A direct obligation of the Com- pany and secured by a pledge pf $300,000 face value 1st 6 s. Qriciual Market — Offered Iii April, 1919, by Tillptson & Wolcptt Compajiy, Cleveland, at price to yield 7%. GENERAL PETROLEUM COKW 10-Ye»r 7 S. %. Notes. Due Feb. 15, 1931. i Dated Feb. 15, 1921. Interest payable Feb. 15 and Ayg. 15, at San Prancisco and New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. , All1:liorized $10,000,000 Outstanding: 7,500.000 Reserved for Corp. Pui^oses — ?2, 500,000. Purpose of Issue — The proceeds of this Issue will be used to retire all outstanding- bonded indebtedness and to provide addi- tional w^orking capital. Denominations — Coupon, $1,000 and $500. Trustee — Bank of California, National As- sociation, San Francisco. Redeemablo at 105 and interest on 60 days' notice. Sinkinsf l<'und — Annually beginning Feb. 15, 1922, an amount equal to 5% of the issyed notes, with a minimum of $375,000, to be applied to the purchase or redemp- tion of these notes at not exceeding 105 and interest. Notes so acquired to be cancelled. Org-anization — Incorporated in California in 1916 and acquired the properties and business of the General Petroleum Co. and all the stock excepting qualifying shares of the General Pipe Line Co. of California. The company is engaged in producing, transport- ing and refining crude oil, and in the whole sale marketing of fuel oil and petroleum products. As of February, 1921, the com- pany's properties in California included over 15,000 acres; 250 miles of main pipe lines with complete tankage and pumping facili- ties, connecting the fields with the refinery at Vernon. Also owns terminal stations with complete wharf and loading equipments at Sen Pedro, Calif. ; Seattle, Wash., and Tampico, Mexico. The company's daily pro- ductioii in California is about 14,500 parrels from 485 wells. The pompany hplds leases in "Wyoming on about 1500 acres upon which two wells have been completed and are now producing 500 barrels per day. Its Mexican properties are being operated by a subsidiary, the Continental Mexican Petroleum Co. Capitalization Outstanding Common $23,036,000 Preferred (7% Cum.) 3,212,200 Funded debt 7,500.000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company covenants are as follows: So long as any of the notes are outstand- ing the company will neither mortgage any of its real or personal property nor create any obligation which would be on a parity with, or prior to this issue, except bills and accounts payable arising from the ordinary course of its business. The company will at all times maintain quick assets to an amount to at least 150% of the outstanding notes. Years ended June 30: Net. Depr. etc. Interest. *1920 $7,172,657 $3,269,357 $105,687 1920 6,658,672 3,631,585 214,082 1919 6,846,748 3,466,592 282,432 1918 7,330,989 2,129,706 341,273 1917 4,372485 1,173.648 314,870 •Six months ended Dec. 31. Original Market— $7,000,000, offered Feb- ruary, 1921, by Blyth, Witter & Co., Girvin & Miller, Cyrus Pierce & Co., Sutro & Co., San Francisco, at 99% and interest. GENERAL PHONOORAPH CORP. 1st 7s. Due $300,000 each Oct. 1. 1930, to 1934, inclusive. Bated Oct. 1, 1919. Interest payable Apr. '^I and Oct. 1, at Harriman National Bank, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. The company also agrees to pay any State Income Tax net to excfied 2%. Authorized .$1,500,000 Outstanding (Jan. 1, '21) 1.200,000 Balance Retired Purpose of Issue — The proceeds of this issue to be applied to pay all mortgage indebtedness of the Otto Heineman Phonograph Supply Company. Inc., to complete the construction of a new factory and to provide additional work- ing capital. Denomination — Coupon, $1,000; registerable as to principal. Trustee — Harriman National Bank. New York. Redeemable at 105 and interest upon not less than 30 days' notice. In the event that part of this issue is called for redemption the notes last maturing shall be first redeemed. Organization — Organized to acquire the en* tire business and assets of the Otto Heine- man Phonograph Supply Co., Inc., which in- cludes all of the stock (except qualifying shares), of A. F. Meisselback. Manufacturing Company and of the International Insulating Corp. and approximately 98^^ of the outstand- ing capital stock of the Garford Manufactur- ing Company. The constituent companies manu- facture phonograph motors, tone arms, sound boxes and needlps for independent American manufacturers of phonographs. Capitalization. Outstanding. Common mo par) 85,500 shs. Funded debt 1,200,006 Secured by a first mortgage on all real es- tate, plants, machinery and equipment now owned or hereafter acquired by the company and by pledge of the capital stock of all sub- Biaiary companies. The trust aereement con- tains the following provisions: No diviaends shall be paid on the common stock of the com- pany unless net quick assets shall amount to at least 100% of the face of the notes then outstanding; the company will keep its build- ing, machinery and fixtures adequately in- sured, will preserve its property in thorough repair and will make all needful and proper replacements: while notes are outstanding none of the capital assets of the company shall be transferred except for adequate considera- tion, and shall thereafter be applied either to the acquisition of other capital assets to be substituted under the mortgage or applied to the purchase or redemption of these notes. The plants of the company and its subsid- iaries are located at Elyria, Ohio, Newark, N. J., Putnam, Conn., and Springfield, Mass. Years ended Dec. 31 (combined). Gross. Net. •1919.. $3,075,322.12 $616,591.48 1918.. 2,659,428.16 226,044.35 1917.. 1,938,664.21 206,418.37 1916.. 1,257,877.06 229,944.70 •Seven months. Urlginal Market — $1,600,000 offered October, 1919, by Merrill, Lynch & Co., Harrlman & Co., Keley, - Drayton & Co., New York, etc., and Sanford P. Harris. & Co., Chicago, at prices ranging from 100 to 99 and interest, ac- cording to maturity. Price Range 1920 Bid. Ask. High 97 Sept. 100 Sept. Low 94 May GENERAL RAILWAY SIGNAL CO. 1st 6s. Due July 1. 1927. Dated July 1, 1917. Interest payable Jan. and July 1, at Bankers' Trust Co., New York. Tax Status — 2 % • Federal Income Tax paid by company without deduction. Tax exempt in New York. Anthorlzed , . . . .$1,000,000 Outstanding- (Feb. 9, '21) 950,000 Redeemed 50,000 Denomination — Coupon, $1,000. TrnsteCT — Rochester 'Trust & Safe Deposit Co., Rochester, N. Y. Redeemable on six months' notice at par. Organization — Incorporated in New York June 13, 1904. Acquired business of Pneu- matic Signal Co.. Rochester. N. Y.. and Tay- lor Signal Co., Rochester, N. Y. Capitalization. Outstanding. Common $3,000,000 Preferred (6% cum.) 2,000,000 Funded debt 950,000 Secured by a first mortgage on plant cover- ing about 25 acres at Rochester, N. Y., where company is engaged in manufacture of block signal systems, interlocking devices and rail- road safety appliances. Years ended Dec. 31: Net. Dep'n, etc. Interest. 1920 $748,358 $96,182 $75,177 1'919 668,438 96,241 9,454 1918 816,948 169,607 39,296 1917 1,006,904 246,928 28,200 1916 364,960 78,776 28,200 Market. Buffalo — Schoelikopf, Hutton- & Co., Inc. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 GENERAL REFRACTORIES COMPANY 1st 6s. Dae SaS.OOO semlrannnaUT each Oct. l? and April 1 from Oct. 1, 1916, to April 1, 1936, inclusive. ,„,ii Dated April 1. 1915- Interest payable April 1 and Oct 1 at Trustee's office. Tax Status— 2% Federal Income Tax paid by company without deduction. Pennsylvama State Tax refunded. .ji.ooO.OOO ^u'tsSlfng (Jan.- i] ■ai)-.-.'. . • .' •776.000 KmlSation-ciupon. $1,000. Registerable "'li?.ster^Commerclal Trust Co.. Philadel- "'^Redcemable as a whole or In part at 102% and Interest on any interest date o" 3" d^-ys notice. If redeemed in part they shall be tna last maturity or maturities outstanding. Improvement Fnnd— In addition to the usual charges for maintenance, repairs, etc., the company covenants to set aside or expend $40 000 per annum for renewals, betterments, replacements, etc., before dividends are de- clared or paid. -rw, , ■•T4 Organization — Incorporated in T7esl Vir- ginia In 1911. Capitaltzation. Outstanding. Common *2,500,00» Funded debt ^. 777,50t "Secured by a first mortgage on all the prop- erty of the company. Including 7,000 acre» of ooai. clay and ganlster lands, and plants located at Mt. Unioij, .Claysburg, Sandy Kidge, West Decatur, and Karthaua In Pennsylvania, and Olive Hill and Hitchins, Kentucky. Com- bined capacity of plants 120,000.000 fire bricks per annum. Total value of property mortgaged in excess of $3,600,000 as of Dec. 31, 1916. The company covenants to main- tain net quick assets of not less than $300.- 000 so long as $600,000 or more bonds are outstanding, and thereafter to the amount of fifty per cent, of bonds outstanding. Years ended Dec. 31: Net. Interest. 1920 $881,513 $118,363 1919 731,073 62,438 1918 2,273,323 87,391 1917 2,285,475 103,760 1916 870,764 103,135 Original Market — $1,000,000 offered April. 1916, by Cassatt & Co., Philadelphia, at 100 and interest. Market. New York — Chas. E. Doyle & Co., Morton Lachenbruch & Co. Philadelphia — Henry D. Boenning & Co., Graham, Par.sons & Co., MoCown & Co. Bid. Ask. High 100 '16 101% '15 Low. 92 '18 85 '20 Ask. 87 May 85 May GENESEE & WYOMING RAILROAD 1st 58. Due April 1. 1929. Dated April 1. 1899. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment or Federal Income Tax not assumed by company. Tax exempt in New York. Authorized $500,000 Outstanding (Feb. 23, '21) 486,000 In Treasury 14,000 Denomination — Coupon. $1,000. Trustee — Columbia Trust Co., New York. Organization- — Chartered in New York March 22. 1899, as successor to the Genessee & Wyo- ming Valley Ry. Co. (1891). Capitalization- Outstanding. Common $600,000 Funded debt 486,00* Secured by a first mortgage on 20 miles of railroad from Retsof to Pittsburgh and Lehigh Jet., N, Y., with branches. 522 Years ended Dec. 31: Gross. Net. Int., etc. 1920 $505,367 $272,603 $173,891 1919 469,054 272,092 169,851 1918 428,079 251,419 142,673 1917 328.612 176,545 114,659 Lesral for savings banks in Conn, and N. Y. Market. New York — Hartshorne & Battelle, Fred H. Hatch & Co.. Wolff & Stanley, Car- ruthers. Pell & Co. Price Ra-nee. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 89 '17 91 '17 75 Dec. 80 May Low. 70 '19 751,^ '17 70 May 78 May GENESBE RITER RAILROAD Ist 6s. Dae July 1, 1957. Dated July 1. 1907. Interest payable Jan. 1 and July 1, at Erie R. R. Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. Authorized $6,000,000 Outstanding: (Aug. 1, '20) 5,888,000 Retired by S. F..." 112,000 DenQmination— rCoupon, $1,000. Re&isterable as to' principal only. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable on any ' interest date prior to July 1, 1920, at 110 andjnterest, and here- after at 115 and interest. Sinking Fund — $20,000 per annum, payable April 1, to be applied to the purchase of bonds at not exceeding 110 and interest prior to July 1, 1920, and 115 and Interest thereafter. If not BO purchasable, bonds shall be called by lot. Assumed by the Erie R. R. Co. Control — Incorporated in New York In 1906. The company was merged with the Brie R. R. ' fiecnf ed by a first mortgage on 32.66 miles of road from Cuba Jet. to Hunts, N. Y. This line lengthens the through route of the Brie R. R. from east to west by about seven milfts, but owing to the lower grade, the company re- ports that it is not necessary, as on the old route, to use helper engines for its heavy freight trains and that the time taken -by such trains in running from Hornell to Cuba Jet. is reduced nearly two hours. Because of this practically all through freight passes over this line. Underlies — Brie R. R. Cons. P. L. & G. L. 4s of 1996 and Gen. Conv. 4s of 1953. Listed on the New York Stock Exchange. Original Market — Offered in March, 1915, by the National City Bank and Guaranty Trust Co., New York, Drexel & Co., Philadelphia, and 111. Trust & Savings Bank and Kean, Taylor & Co., Chicago, at 103% and Interest. Market. New York — Ambrose R. Clark & Co., Con- stable & Fleming, Vanderhoef & Robinson, Vilas & Hickey, Carruthers, Pell & Co., Wolff & Stanley, Rutter & Co. Pliiladelpliia — Biddle & Henry, Parsly Bros. & Co. Price Range — N. Y. S. E. Jan. 1, '17, to Jan. 1, '21 1920 High 1081^ Mar. 2, '17 86 Nov. 11 Low. 79 June 28, '20 79 June 28 GEORGETOWN & LEXINGTON TRACTION CO. 1st 5s. Due Nov. 16, 1921. Dated Nov. 15. 1901. Interest payable May and Nov. 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction, Anihorized $250,000 Outstanding: (July 1. '20) 196,000 Denomination — Coupon and registered, $100, $500 and $1,000. Trustee — Cincinnati Trust Co., Cincmnatl, Ohio. Guaranteed as to principal and interest by the KentucKy Securities Corp. Assumed by Kentucky Traction & Terminal Co. Control — Absorbed by Kentucky Tract. & Termipal Co., all of whose stock is owned by Kentucky Securities Corp. Secured by first mortgage on 12 miles of electric railway, between Georgetown and Lex- ington. Population served, 45,000. Underlies — Kentucky Traction & Terminal Co. 1st & Ref. 5s of 1951 under which mort- gage bonds are reserved to retire this issue. Earnings — See Kentucky Traction & Ter- minal Co. Original Market — First offered by Dunlap. Morgan & Co., Louisville, Ky., at par and interest Feb., 1903. Market. New York — Carruthers, Pell & Co., CRaa E. Doyle & Co., Berdell Bros. Fluladelphia — Lloyd & Palmer! GEORGIA & ALABAMA RAILWAY Cons, (now -Ist) 5s. Due Oct. 1. 1945. Dated Oct. 1. 1895. Interest payable Jan. and .Tuly 1. at 24 Broad Street, New York. Tax Sfatns — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding $6,085,000 Denomination — Coupon, $1,000. Registerabla as to principal. Trustee — 'ihe Baltimore Trust Co., Balti- more. Assumed by the Seaboard Air Line Railway Co. Control — Organized July '26, 1895, as suc- cessor to Savannah, Americus & Montgomery Ry. Co. In 1901 merged into the Seaboard Air Line Ry. In 1915 the latter company was merged into the Seaboard Air Line Ry. Co. Secured by a first mortgage on 398.78 miles of road, viz. : Lyons, Ga., to Montgomery, Ala 262.99 Meldrim to Savannah, Ga 16.99 Columbus to Albany, Ga 88.00 Abbeville to Ocilla, Ga ■ 30.80 Also secured upon the perpetual lease of 57.65 miles — Central of Georgia, Ry. — Meldrim to , Lyons, Ga 57.65 Underlies — Seaboard Air Line 1st 4s, due 1950, Refunding 4s, due 1959, Adjusment; 5s, due :^949, and 1st & Cons. 63 due 1945, which provide for the retirement of these bonds. Legal for Baltimore Trust Funas. Listed on the New York, Baltimore and Richmond Stock Exchanges. Market. New York^-Constable & Fleming, Sam'l Goldschmidt, Rutter & Co.. Struthers & His- coe, Taylor, Smith & Hard, Carruthers, Pell & Co., Vilas & Hickey, "Wolff & Stanley. Philadelphia — Isaac Starr Jr. «& Co. Battiniore — Barrall, Corkran & Co. , Jen- kins, Whedbee «& Poe, Mackubin, Goodrich & Co., Smith. Lockhart& Co., Howard R. Taylor & Co. Price Range— N. Y. S. B. Jan. 1, *06, to Jan. 1, '31 1920 High 111^^ Mar. 7. '06 84^^ Sept. 20 Low. 82% Oct. 14, '20 82% Oct. 14 GEORGIA & AIABAMA TERMINAL CO. 1st 58. Due Dec. 1, 1948. Dated Dec. 1, 1898. Interest payable June and Dec. 1. at office of Blair & Co.. 24 Broad Street, New York. 523 Tax Status — 2% Federal Income Tax pfiid by company without deduction. Anthorized and Outstanding. . .$1,000,000 Denomination — Coupon, $1,000. Re^ster- able as to principal. Trustee — Richmond Trust & Safe Deposit Co. . Richmond, Va. Redeemable at 110 and interest on any In- terest date upon 90 days* notice. Assumed by the Seaboard Air Line Ry. Co. Guaranteed principal and Interest by the Georgia & Alabama Ry. Co., which was merged into the S. A. L. Ry. In 1901. Organization and Contral — Incorporated In Georgia, Nov.. 1898. Entire capital stock owned by Seaboard Air Line Ry. and pledged under its First Mtg. 4s of 1950. Capitalization. Outstanding. Common $300,000 Funded debt 1,000,000 Secured by a first mortgage on 2 miles of main line on Hutchinson's Island, opposite Savannah, connecting with the Georgia & Alabama Ry.; and on about 1,200 acres on said island, including more than three miles of waterfront, with wharves, piers, ware- houses, etc. Underlies — S. A. L. 1st 4s of 1950; Ref. 4s of 1959: AdJ. 5s of 1949 and lat Cons. 6s of 1945, which latter provides for the retire- ment ot this issue. Original Market — Ofeered in 1904 by E. H. Rollins & Sons, Boston and New York, etc., at 109^ anc! Interest. Market. New Yorfc — Joseph Bird Ford, Sam'l Gold- Schmidt, Carruthers, Pell & Co. Philadelphia — Isaac Starr Jr. & Co. Baltimore — BarroU, Corkran & Co., Brink- man & Co., Howard R. Taylor & Co. Price Range. Jan. 1, '11, to Jan. 1, '31 1980 Bid. Ask. Bid. Ask. High 105% '11 106 '13 83 Jan. 87 Jan. Low. 70 .'20 79 '20 70 Dec. 79 Dec. OEOROIA & FLORIDA BAILWAT Ist 68. Dae Nov. 1, 1956. Dated Nov. 1, 1906. Interest payable May and Nov. 1, st Columbia Trust Co., New Tork, and Baltimore Trust Co., Baltimore. Funding — Coupons from Nov., 1913. to May, 1916, funded into 5% Notes, due on or be- fore Nov. 1. 1918, and to be returned in event of default or receivership. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $12,000,000 Outstanding 5.595,000 Held in Treasury 630,000 Denomination — Coupon, $ 5 and $1,000. Registerable as to principal. Trustee — Richiimnd Trust Co., Richmond. Receivership — Placed in the hands of re- ceivers March, lOl.'"'. Present receivers W. R. Sullivan and H. R. Warfield of New York. and John L. Williams of Richmond, Va. Protective Committee — F. Q. Brown, Eppa Hunton, Jr., H. C. Huffer, Jr., Dudley Olcott, E. B. Lewis, R. Lancaster "Williams and I^angbourne "Williams with W R. Sullivan, 31 Pine St., New York City, Secretary. Foreclosure — On Feb. 2, 1920, the property was sold at auction to satisfy claims of hold- ers of receivers' certificates. Sale was subse- quently revoked by the court. Organization — Incorporated in Georgia, July. 1906, as a consolidation of several short lines. Receiver appointed for the company in April, 1915. In March, 1917, the Court authorized the Issuance of Receivers' Certifi- cates. $250,000, of which to acaulre $298,000 of $400,000 common stock and $296,000 of $350,000 preferred stock of the Augusta Southern R. R., running 83 miles from Au- gusta to Tenniville. Ga. Secured by a mortgage on 318.50 mllea of road, viz. : A second mortgage on 265.50 miles — Miles. Keyesville, Ga., to Madison, Fla 214.30 Douglas to Dickey's Farm, Ga 17.10 Nashville to Kingwood, Ga 31.90 Sparks to Adel. Ga 2,20 A third mortgage on 53 miles — (Covered by the Millen & Southwestern 1st 5s) Millen to Vidalla, Ga 53 Prior Liens — $1,600,000 8% Receivers' Ctfs. and $212,000 Millen & Southwestern 1st 6s, due 1955. . Underiies — $2,000,000 Gen. 6s, due 1932. Years ended Uec. 31: Gross. Net. Int.&Rent *1919 $92,667 $102,071 $696,257 tl919 998,346 def. 409,738 9,067 ♦Corporate account. tFederal account — standard return not in- cluderl. Original Market — Offered in 1907. by Mld- dendorf, Williams & Co., Baltimore, and John L. 'Williams & Co., Richmond, "Va. OfCered 1912, by Robert Daniel & Co., Philadelphia, at 86 and Interest. Market, New York — Sam'l Goldsclimidt, "Vander- hoef & Robinson, Carruthers, Pell & Co., Wolff & Stanley, Finlay & Davenport. Baltimore — No-man J. Polack. Price Range. Or»n. 1, '15. to Jan. 1, '31 1920 Birl. Ask. Bid. Ask. High 28f '15 50f '15 7f Aug. 15f Aug. Low. 4f'20 5f'20 4f Dec. 5f Dec. GEORGIA & FLORIDA RAILWAY CO. Gen. 6s. Due Feb. 1, 1932. Dated February 1. 1912. Interest payable Feb. and Aug. 1, at Columbia Trust Co., New York. Prior to Feb. 1, 1922, interest is payable in cash, or 5% interest bearing scrip, which scrip ip convertible into bonds in amounts of S.^00 o^ multinles. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized and Outstanding. ... $2,000,000 Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trnstee— Fidelity Trust Co., Baltimore. Md. Redeemable as a whole at par and interest, including scrip obligations and interest, on any interest date on 60 days* notice. Receivership — See 1st 5s. Secured by a mortgage on the property cov- ered by the 1st 5s and subject to the liens of that mortgage. Prior Liens — $1,600,000 S% Receivers Ctfs.; $212,000 Millen & Southwestern 1st 5s, and $5,595,000 1st 5s, due 1956. Earnings — See 1st 5s, due 1956. Original Market — Offered in 1912, by Mid- dendorf, Williams & Co., Baltimore. Market. New York — Austin Thompson & Co., Fin- lay & Davenport, Carruthers, Pell & Co., Jenks, Groynne & Co. GEORGIA & FT.ORIDA TERMINAL CO. 1st 6s. Due July 1, 1930. Dated July 1. 1910. Interest payable Janu- ary and July 1. at Trustee's office. , Tax Status — 2% Federal Income Tax paid by company without deduction. Aulhorizpf] $200,000 Ontstandinc 175.000 Denomlnatiftn — OouDon, $1,000. Trustee — Fidelity Trust Co.. Baltimore. Redeemable at 103 and interest on any in- teresT. date on 30 aays' notice. Otuarantcert as tu principal and Interest by Gforsria & Florida Ry. Co. by endorsement on each bond. urbanization and Control — Chartered in rjporffia June 27. 1910. Controlled by Georgia & Florida Ry. Co., which owns entire stock and leases the property at a fixed rental of $12,000 per year. In April. 1915. the Georgia & Florida Ry. was placed in the hands of a receiver. See G. & F. 1st 5s. Sfcurt'd Dy first mortgage tien on property owned in Augusta and Valdosta. Ga., land and freight and commercial warehouses fur- nishing terminals for the Georgia & Florida Ry. Co. -Market New York— Joseph Bird Ford, Clark Dodge & Co., Finlay & Davenport. Ihice Ransre 1920 Bid. Ask. Higrh 70 Mar. 89J^ Jan. Low 70 Mar. S9 % Jan. GEORGIA, CAROLINA & NORTHERN RAILr- WAY CO. 1st 5s. l>ae July 1. 1929. Dated 3Iay 24, 1889. Interest payable Jan. and July 1. at office of Blair & Co.. 24 Rroad Street, New York, and at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Anthnrized and Outstanding:. ... $5, 360.000 Dennmination — Coupon, j 1,000. Registerable as to principal. Trustee — The Mercantile Trust & Deposit Co.. of -Baltimore. Assumed by Seaboard Air Line Railway Co. Control — Incorporatea in Georgia. North Carolina and South Carolina, 1886-87. Con- solidated with the Seaboard Air Lino Ry.. Nov., 1901. The latter company was merged with the Seaboard Air Lme Ry. Co. in 1915. Secured by firsi mortgage on 266.10 miles of road from Monroe, N. C, to Belt Junction, near Atlanta, Ga., with a branch to Inman Park, Ga. Underlies — Seaboard Air Line 1st 4s. due 1950, Refunding 4s. due 1959. Adjustment 5s, due 1949, and 1st & Cons. 63 of 1945. which latter mortgage provides for the retirement of this issue. I^egal for Baltimore Trust Funds. I^isted on the New York, Baltimore and Richmond Stock Exchanges. Original Market — First offered by Brown Bros. & Co., J. Kennedy Todd & Co., New Tork, and Alex. Brown & Sons, Baltimore. Market. New York — Simon Borg & Co., Constable & FlenrJng, Charles W. Place, Redmond & Co., Rutter & Co., Raymond M. Smith, Struthers & Hiscoe, Taylor, Smith & Hard, Edwin Wolff, Carruthers, Pell & Co., Finlay & Davenport. Philadelphia — Isaac Starr Jr. & Co. i^ltimore, Md. — BarroU, Corkran & Co., Jenkins, Whedbee & Poe, Mackubin, Good- rich & Co., Smith, Lockhart & Co., Howard R. Taylor & Co. Price Range — N. Y. S. E. Jan. 1, *09, to Jan. 1, '21 1!>20 High 106 Feb. 25, '09 89 Oct. 22 Low. 81 July 30. '20 81 July 30 GEORGIA-CAROriNA POWER CO. Ist 5s. Due July 1, .1952. Dated July 1, 1912. Interest payable Jan- uary and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized 55.000.000 Outstanding (Jan. 1, '21) 2,723,000 Held In S. F 94,000 Reserved for Ext 2,183,000 Denomination — Coupon. 51,000 and $500. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable as a whole or in part, for sink- ing fund at 105 and Interest. Sinking Fund — Semi-annually, April 1 and Oct. 1, as follows: From 1918 to 1942, a sum equal to ^ of 1% of outstanding bonds, including bonds held m sinking fund, and thereafter 1^%, payabl" in cash or in these bonds taken at par. Fund is applicable to the purchase or reaemption of bonds at not over 10 5 and interest. Bonds so acquired to be kept alive and interest added to this fund. Guaranteed principal, interest and sinking fund by the Augusta-Aiken Ry. & Electrical Corporation. Organization and Control — Incornorated un- der South Carolina laws. Controlled by Au- gusta-Aiken Ry. & Electrical Corp. through ownership of entire capital stock and oper- ated by the latter company. Capitalization. Outstanding. Common $500. 00ft Preferred (7% cum) 750.00ft Funded debt : 2,723,00ft Secured by first lien on hydro electric plant of 14,000 h. p. and system on Savannah River. Franchise for distributing lifrht, heat and power in Augusta, Ga., runs until 1959. Earnings — ^See Augusta-Aiken Ry. & Elec- trical Corp. Original Market — Offered in 1912, by the British and General Debenture Trust Co.. Ltd., London, at 90 and interest with stock bonus. Market. New York — Sam' I Goldschmidt, Redmond & Co., Carruthers, Pell & Co., Rauscher & Mackay, Berdell Bros. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 65 '18 92-19 87 Mar. 89^^ Mar. Low. 50 '17 60 '17 Y4 July GEORGIA ELECTRIC MGHT CO. 1st 5s. Due July 1, 1930. Dated July 2. 1900. Interest payable Jan. and July 1. at Old Colony Trust Co., Boston. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Ontstandini; 51. 350.000 Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on any in- terest date. Control — Incorporated Aug. 22, 1891. Merged into the Georgia Ry. & Electric Co. in Janu- ary. 1902. The property of the latter com- pany Is leased to the Georgia Ry. & Power Co. Secured by a first mortMrage on the entire property of the former Georgia Electric Light Co. . which controlled a large part of the electric lighting business of Atlanta, Ga.. and owned power plants and distributing systems. Underlies — Georgia Ry, & Electric Co. Ist Cons. 5s of 1932. and Ref. & Imp. Ss of 1949, which provide for the retirement of thla issue. ' Earnings — See Georgia Ry. & Power Co. Original Market — Offered in 1901, by Lee* Higginson & Co.. and Curtis & Sanger, Bos- ton and New York, at 98 % and Interest. Market. New York — Fred H. Hatch & Co.. Berdell Bros., Curtis & Sang-er. Boston — Curtis & Sanger. 525 Philadelphia — McCown & Co.; Samuel K. Phillips & Co. Baltimore — Jenkins, Whedbee & Poe. Providence K. I. — Hornblower & Weeks._ Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101^ '11 102^ '12 85 Jan. 90 Feb. Low. 70 '20 74 '20 70 Dec. 74 Dec. Berdeli Bros., Robert E. Horton & Co., Car- ruthers, Pell & Co. Philadelphia — Bauer, Starr & Co., Mc- Cown & Co. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '12 93 '12 65 Jan. 76 Sept. Low. 50 '20 56 '20 50 Dec. 56 Dec. GEORGIA I.IGHT, POWER & RAILWAYS Ist Lien a. F. 5s. Due Sept. 1, 1941. Dated September 1, 1911. Interest payable March and September 1, at A. B. Leach & Co.. New York, or Bank of Scotland, London. Tax Status — 2% Federal Income Tax paid by company without deduciion. Authorized $6,500,000 Outstanuing (Jan. 1, '21) 3,444,000 In Treasury 128,000 Retired by S. F 345,000 Reserved for Ext 2,583,000 Denomination — Coupon; $1,000, Registerable as to principal. Registered, $1,000. $5,0 00 and multiples. C. & R. interchangeable. Trustee — ihe New York Trust Co., New York. Redeemable at 105 and interest on any interest date on 30 days' notice. Sinking Fund — ? 50,000 annually 1916 to 1920. $75,000 annually 1921 to 1925, and $100,000 annually 1926 to 1940, for the pur- chase or redemption of these bonds at not over 105 and interest. Organization — A voluntary Association formed under Massachusetts laws in Septem- ber, 1911, to acquire securities of public utility concerns in the State of Georgia. Through its subsidiaries operates the entire electric railway and gas business in Macon and electric business in Macon, Mqnticello. Forsyth, Barnesville, Griffin, Bibb and Hamp- ton, Ga. , and sells a large amount of elec- tricity in Atlanta. Also operates hydro-elec- tric plant near Jackson, 24,000 h. p. and 145 miles of transmission lines. Capitalization. Outstanding. Ccmmon $-7.660,000 Preferred (6% non-cum.) 500,000 ♦Funded debt 3,747,700 ♦Includes $3,786,700 of subsidiaries. Secured by a first lien on $887,700 common stock of the Macon Railway & Light Com- pany; $474,500 common stock and $13,800 pre- ferred stock of the Macon Gas Company; $3.- 660,000 common stock of the Central Georgia Power Company; $288,800 (entire issue) capi- tal stock and $354,000 (entire issue) First Mortgage Bonds of the Central Georgia Trans- mission Co. ; and further secured by pledge of $2,003,194 of 6% notes of above subsidiaries, representing amounts advanced on certified statements fur construction purposes. Prior Liens — $959,000 1st Cons. 5s of 1953 and $300,000 preterred stock of the Macon Ry. & Lt. Co.; $42,000 Macon E31ectric Light & Ry. 1st 5s of 1929. and $2,746,200 Central Georgia Power Co. 5a of 1938. Years ended Dec. SI (consolidated): Gross. *Net. Interest. I920' $1,689,764 $436,501 $249,743 1919 .... 1,452,674 397,165 235,146 1918 1,226,130 224,075 236,720 •After subsidiaries' dividends. lasted on the London, Pittsburgh and Chi- cago Stock Exchanges. Original Market — Offered m Dec, 1911. by A. B. Leach & Co., New York, at 92% and Interest. Market. New York — Hartahorne & Battelle, Fred H Hatch & Co., Earle A. Miller & Co., Vanderhoef & Robinson, G. R. McAllister. GEORGIA MIDLAND RAILWAY CO. Ist 38. Due April 1. 1946. Dated April 1. 1896. Interest payable Anrll and Oct. 1, at J, P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding:. . .$1,650,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Organization and Control — Chartered in May, 1884, as the Georgia Midland & Guif R. R. Co. Controlled by Southern Ry. Co. through ownership of entire capital stock, and leased to that company from July 1. 1896, to Oct. 2, 1995, at an annual rental of $49,500 and $2,500 for terminal property In Columbus. Capitalization, Outstanding. Common $1,000,000 Funded debt 1,650,000 Secured by a first mortgage on 97.88 miles of road from Columbus to McDonough, Ga. Refunding — An equal amount of Southern Ry. Dev. & Gen. 4s is reserved to retire this issue. Listed on the New York Stock Exchange. Market. New York — Sam'l Goldsehmidt, Redmond & Co., Tobey & Kirk. "Wolff & Stanley, Vilas & Hickeys Carruthers, Pell & Co., Pynchon & Co. Philadelphia — Isaac Starr Jr. & Co. Baltimore — Barroll, Corkran & Co., John D. Howard & Co., Jenkins, ^Vhedbee & Poe. Price Range — N. Y. S. E. Jan. 1, *08, to Jan. 1, '21 1920 High 82 Nov. 6, '08 53 Nov. 24 Low. 46% Sept. 3 46^^ dept. 3 GBOKGIA PACIFIC RAILWAY CO. 1st 6s. Due Jan. 1, 1923. Dated Blay 6, 1882. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — Payment of Federal Income Tax not 'assumed by company. Authorized Closed mortgage Outstanding- $5,655,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by Southern Ry. Co. Control — Incorporated in Alabama and Mis- sissippi in 1882 and in 1894 was sold under foreclosure to the Southern Ry. Co. Secured by a first mortgage on 551.25 miles of road: Miles Atlanta to Austell, Ga 18.19 Austell. Ga., to Greenville, Miss 440.45 Itta Bena to Webb, Miss 34.60 Stoneville to Percy, Miss 23.20 Woodlawn to Bessemer, Ala 20.50 North Birmingham to Coalburg, Ala.. 6.40 And Branches , 0.71 Undearlies — Southern Railway Isi: Cons. 53, ue 1994, which provide for the retirement of this issue Dev. & Gen. Mtge. Leg-al for Baltiniore Trust Funds. 526 " lilsted on the New York, Baltimore and Richmond Stock Exchanges. Market. New York — Simon Borg & Co., Sam'l Gold- achmidt. Prince & Whitely, Redmond & Co., Carruthers, Pell & Co., "Wolff & Stanley, Vilas & Hickey, Finlay & Davenport. B^timm'e — Barroll, Corkran & Co., Jenkins, Whedbee & Poe, Mackubin, Good- rich & Co. Price Banee— N. Y. S. E. Jan. 1, '06, to Jan. 1, 'SI 19S0 High 123 Jan. 17, '06 100- Jan. 12 Low. 96 Dec. 31, *20 -96 Dec. 3-1 GEORGIA RAILROAD & BANKING CO. Deh. 68. Due Jan. 1, 1932. Dated January 1, 1882. Interest payable Jan. and July 1. at Chase NationsLl BanK, New York, an dat company's office. Amrusta. Ga. Tax Status — Payment of Federal income Tax not assumed by company. Ontstandin? $300,000 Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. Security, etc., see Deb. 4s of 1947. Market. New York — Fred H. Hatch & Co., Pynchon & Co., Carruthers, Pell & Co., Vilas & Hickey. Price Ranee. Jan. 1, '08, to Jan. 1, '21 1930 Bid, Ask. Bid. Ask. High 114 '09 110 '12 98 May 99% Mar. Low. 95 '20 98y2'20 95 Nov. 98^aMy GHORGIA RAILROAD & BANKING CO. Deb. 58. Dae Jan. 1. 1922. Dated January 1, 1886. Interest payable Jan. and July 1, at Chase National Bank, New York, and at company's office, Augusta, Ga. Tax Status — Payment of Federal Income Tax not assumed by company. Oatstandinc $200,000 Denomination^IIoupon, $1,000. Register- able as to principal. Registered, $1,000. For description of Security, etc., see Deb. 4a of 1947. Market. Baltimore — Jenkins, Whedbee & Poe. New York— F. J. Lisman & Co., Abraham & Co., Carruthers, Pell & Co.,' "Wolfe & Stanley, Fred H. Hatch & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. High lOS '10 95 June Low. 92 '20 100 '17 92 Sept. GEORGIA RAILROAD & BANKING CO. Ref. Deb. 5s. Due Jan. 1, 1922. Dated July 1, 1897. Interest payable Jan. and July 1. at Chase National Bank, New York, and at company's office, Augusta, Ga. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding $1,000,000 Denomination — Coupon, $1,000. Register- able as to principal. For description of Security, etc., see Deb. 4s of 1947. GEORGIA RAILROAD & BANKING CO. Ref. Deb. 4s. Due Jan. 1, 1947. Dated January 1, 1907. Interest payable Jan. and July 1, at American Exchange Nat'l Bank, New York, or Company's office, Augusta, Ga. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstandincr. .. .$1,000,000 Denominationi — Coupon, $1,000. Registerable as to principal. Organization and Control — Incorporated in Georgia, December 21, 1831. Present name adopted December, 1835. Its railroad property is leased to the Louisville & Nash- ville R. R. Co. and Atlantic Coast Line Co. for 99 years from 1881 at an annual rental of $600,000. The ' banking department is conducted by the Georgia R. R. Bank, Tvhich owns $594,900 of the $60D,000 stock of the company. Capitalization. Outstanding. Common $4,200,000 Funded debt 2,500,000 Security — A direct obligation of the com^ pany but not secured by a mortgage. The company covenants that It will not mortgage the property without equally securing these debenture isdues. The company owns in fee 303 miles of road, including line from Au- gusta to Atlanta, Ga., 171 miles, and branches to Wash ington and Athens, 5 8 miles, and from Macon to Camak, Ga., 74 miles. Market. New York — Joseph Walker & Sons, Car- ruthers. Pell & Co., WolfE & Stanley, Pyn- chon & Co., Joseph Gilman. Price Range. Jan. 1, '09, to Jan. 1, '21 ' 1930 Bid. Ask. Bid. Ask. High 95 '09 97 '10 70 Mar. 75 Sept. Low. 65 '19 75 '19 68 May 75 Sept. GEORGIA RAILWAY & ELECTRIC CO. 1st Cons. 58. Due Jan. 1, 1932. Dated April 1, 1902. Interest payable Jan. and July 1, at Old Colony Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Autborized Closed mortgage Outstandinsr (Jan. 1, '21) $5,610,000 Uetii'ed by S. F 390,000 Denomination — Coupon, $1,000. Registerable as TO principal. Trustee — Old Colony Trust Co., Boston, Mass. Redeemable at 110 and interest on any in- terest date on four weeks* notice. Sinking Fund — $10,000 annually from 1907 to 1911, $25,000 annually from 1912 to 1916, and $50,000 annually thereafter, for the pur- chase of these bonds at not over 110 and in- terest. Guaranteed interest and sinking fund under terms of lease by the Georgia Railway & Power Co. Organization and Control — Incorporated in Georgia, January 28, 1902. as a consolidation of various street railways and electric and gas lighting properties. Leased January 1, 1912. to the Georgia Ry. & Power Co, for 999 years. Rental fixed charges 5% on. $2,- 400,000 preferred stock and S% on $8,514,600 common stock. Capitalization. Outstanding. Common $8,514,600 Preferred (6% non-cum.J 2,400,000 Funded debt 9,010,000 Secured by a first mortgage on about 73 miles of street railway track, a power house, Steam heating plant and a part of the elec- tric lighting system in Atlanta, Ga., and except $225,000 underlying bonds, a second mortgage on the balance of the property sub- ject to prior liens. Additionally secured by deposit of $600,000 preferred and $1,014,625 common stock (entire capital stock) of the Atlanta Gas Light Co. (outstanding $919,000 bonds). Franchises are In large part per- petual, others for 50 years from Aug., 1899. Prior liens — $1,350,000 Georgia Blectrlc 627 Uglit Co. 1st 5s of 1930, $1,825,000 Atlanta Consolidated Street Ey. 1st Cons. 5a of 1939. UnderlieH^ — ^Ref. & Imp. 58 of 1949. which provide for the retirement of this issue and also the prior liens. Eamings — See Georgia By. & Power Co. liceal fof Baltimore Trust Funds. Orisrinal Market — Offered in 1902, by H. "W. Poor & Co.. New York, and Curtis & Sanger, Boston, at 98 and interest; offered in 1911 by Blodget & Co., and Spencer Trask & Co., New York, at 102^ and interest. Market. New York — Hartshorne & Battelle, Fred H. Hatch & Co., Hodenpyl, Hardy & Co., Earle A. Miller & Co., Vanderhoef & Rob- inson, Berdell Bros. Boston — Curtis & Sanger. Philadelphia — Bauer Starr & Co., Henry I>. Boenning & Co., Elkins, Morris & Co., Huntoon & Co., C. Clothier, Jones & Co., McCown & Co., Samuel K. Pliillips & Co. Baltimore — Jenkins, Whedbee & Foe. Price Range. Jam. 1, *12, to Jan. 1, »31 19»0 Bid. Ask Bid. Ask. High 1021^ '12 10-3% '12 86 Jan. 89 Jan. Low. 76 '20 80 '20 76 Aug. 80 Aug. GEORGIA RAILWAY & EI^ECTRIC CO. Ref. Si Imp. 58. Doe Jan. 1, 1949. Dated January 1, 1909. Interest payable Jan. and July. 1, at Boston. Tax Status^ — 2% Federal Income Tax paid by comuany without d€difctidh. Authorized 520,000,000 Ontstandjng (Jan. 1, '21).... 5,396,000 Bettred by S. F .^gs.OOO Reserved for Prtor Ltens 11,230,000 Keserved for Ext 2,981,000 Denomination — Coupon, $1,000. Regristerable as to principal. Trustee — American Trust Co., Boston. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sfnkinir Fund — 1 % of biitstandinir bonds on October 1 each year, for the purchase or redemption of tiiese bonds at not over 106 and interest. Guaranteed as to interest and sinking fund under terms Of lease by the Georgia Railway & Pbwer Co. Orsranization — ^See 1st Cons. 5s. Secured by a direct mortgage on the entire Ijroperty of the company. Including about 212.^73 miles of street railway in and around Atlanta, Ga.. and on plants supplying that city and surrounding territory with electricity and steam heat. Also secured fay a first collateral lien on $100,000 (entire Issue) capi- tal stock of the Atlanta Northern Ry. Co. : and a second collateral lien on the securities pledged under the 1st Cons. 5s. Prior Liens — $6,610,000 1st Cons. 5s and prior liens thereto. Earnings— See Ga. Ry. & Power Co. Legal for Baltimore Trust Funds. Original Market — Offered in 1909, by Spen- cer Trask & Co., Blodget, Merritt & Co. (now Blodget & Co.) and Curtis & Sanger, New York, at 96 and interest, and $519,000 of- fered in 1911, by Chas. C. Harrison, Jr., & Co., Philadelphia, at 99 and interest. $250,000 offered Oct., 191,2, by same firm at same pTice. Market. New York — Hartshorne & Battelle, Van- derhoet & Robinson, Carrtuhers, Pell & Co., Curtis & Sanger. Boston — Curtis & SaHger. Philadelphia — Bauer, Starr & Co., Henry D. Boenning & Co., Elkins, Morris & Co., Charles Fearon & Ce>-( MoCowtt & CO., Samuel McCreery & Co., Samuel K. Phillips & fclo. Price Range. Jan. 1, '16, to Jan. 1, 'Zl ^ 1920 Bid. Ask. Bjd. Ask. High 99% '16 99% '16 fO Nb*- H^^r Low. 66 '20 70 '20 66 Oct. 70 Oct. GEORGIA RAILWAY & POWER CO. Ist ft Re*. 5s. Due April 1, 1954. Dated Apfil 1. 1914. Interest payable April 1 and Oct. 1, at Trustee's office or Morgan, Grenfeld & Co., London, Bng. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $30,000,000 Outstanding (J. WAY CO. 1st 5b. Due July 1. 1945. Dated July 1, 189'5. Interest payable Jan. and July 1, at Trustee's office, and First National Banlt, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $4,000,000 Outstanding 4.000,000 Denomination — Coupon. $1. 000. Regiaterabie as to principal. Trustee — Mercantile Trust & Deposit Co.. Baltimore. Organization and Control — Successor through reorganization in May, 1895, to Ga. So. & Fla. R. R. Co. Chartered in 1885. Controlled by Southern Ry. Co. through stock ownership. Capitalization. < Outstanding. common $2,000,000 1st Pref, (5% non-cum.) 684,000 2d Pref. (57o non-cum.) 1,084,000 Funded debt 6,352.000 Seoored by a mortgage on 391.61 miles of road, viz. A first mortgage on 285 mllen — Miles. Macon, Ga, ,to Palatka. Fla 285.00 A second mortgage on 101.61 miles — Valdosta, Ga., to Grand Crossing near Jacksonville, Fla 101.63 Prior Lien — $2,000,000 1st Cons. 4s (see be- low). Underlies — $2,000,000 lat Cons. 4s (on road from Macon to Palatka), all of which are ownfed by the StfUtherri Ry. and deposited un- der its Dev. ft Gehi Mortgage 4s. Years ended Dec. 31: Gross. Net. Int. & Rent. *1919 $511,457 $524,703 $353,618 tl919 4,374,501 63,054 ♦1918 511.457 522,128 349,568 tl918 3,694,801 272,913 47,913 1917 2,983,428 746,929 388.589 1916 2,669,809 755,794 360,202 ♦Corporate account. tFederal account — standard return not in- cluded. Legal for Baltimore Trust Funds. Listed on the Baltimore and Richmond Stock Exchanges. Market. New York — Simon Borg & Co., Sam'l Gold- schttiidt, Taylor, Smith & Herd, Wolff & Stanley, Carruthers Pell & Co., E. A. Baker & Son. Philadelphia — Isaac Starr Jr. & Co. Baltimore — Barroll Cockran & Co. , Jen- kins, Whedbee & Poe, Mackubin, Goodrich & Co. Price Range. Jan. 1, 'OJ), to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 109 '10 112 '09 87 Dec. 90 Jan. Low. 76 '20 S5 '20 76 Oct. 85 Mar. GEORGIA SOUTHERN & FLORIDA RAIL- WAY CO. Equip. 4^/^S. Series "D.*' Due $31,000 each Feb. i and SZZMO each Aug. 1 to Aug:. 1, 1917, inclusivcS there- after $21,000 on each interest date to Aug. 1, 19S3. inclusive. Dated August 1, 1912, Interest payable Feb and Aug 1, at Bankers Trust Co., NeW iTork. Tax Statuses % Federal Income Ta3£ paid by company without deduction. Authorized $425,000 Outsfandin? (Jan. 1, '21) 105,000 Balance Retired. Denomination — Coupon. $1,000. Secured by first lien on 6 Consolidated type locomotives, 4 switching locomotives, 6 steel frame passenger coaches, 2 all steel combina- tion mail and baggage cars, 4 all-steel bag- gage express cars, 60 steel flat cars and 208 steel underframe ventilated box cars, costing $504,160 of which $79,150 was paid In cash by the railway dompanies. Legal for savings banks in Ohio. Original Marflet — Offered 1912, by Porter. Choate & Prentice, New York. Market. New York — Stillman & Co., Freeman & Co., Wolff & Stanley. GEORGIA SOUTHERN & FLORIDA RAIL- WAY CO. Xkiuip. 4^8, Series **B." Due $32,000 each May 15 and $33,000 each Nov. 15, from May 15. 1916, to Nov. 16. 19;35, inclusive. Dated Nov, 15, 1916. Interest payable May 16 and Nov. 15, at Trustee's Office. Tax Status — Payment of Feedral Income Tax not assumed by the company. Authorized $450,000 Outstanding (June 1, '20) 248.000 Balance Retired. Denomination — Coupon, $1,000. Trustee— Old Dominion Trust Co., Rich- mond, Va. Control — A majority of the stock is owned by the Southern Ry. Co. The company owns 3 91 % miles of road from Macon, Ga. . to Palatka, Fla., . and from Valdosta, Ga., to jackaonvllle, Fla. Secured by an equipment agreement on two 1 0-wheel passenger engines and tenders ; two steel passenger baggage cars; 130 40-ton dou- ble drop bottom gondola coal cars; 375 30-ton steel underframe ventilated box cars costing $536,000, of which the company paid $85,000 in cash. Original Market — Offered January, 1916, at prices ranging from a 3.50% to 4.62^?^% basis by John D. Howard & Co., Mercantile Trust & Deposit Co. and Strother, Brogden & Co., Baltimore. Market. New York — Freeman & Co. 1st GERA MILLS (Fassaic. N. J.) d-Year S. Fi, €s. Due February 1, 1924. Dated February 1, 1919. Interest payable February 1 and Aueusi 1 at Chaae National B^nlt,, New York. , Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorized $1,000,000 Outstanding 1,000,000 Purpose of Issue — To finance a portion of the purchase price of the property in con- nection with its acquisition by the present cor- poration. Denomination — Coupon. $1,000, $500 and $100. Trastc© — Central Trust Co., of Illinois, Chi- cagro. Redeemable at 101 and interest on any in- terest date up to February 1, 1921, and at 100% and interest thereafter. Sinkius I<\ind — ^Annually, bearinnin? Febru- ary 1, 1920, $50,000 for the purchase or re- demption of these bonds. Bonds so acquired are to be cancelled. Organization — Incorporated in January, 1919, in New Jersey to take over a business established, under the same name in 1900. The acquisition of the business by the present corporation is occasioned by the sale of a controlling interest of the stock of the pre- decessor corporation under former alien enemy ownership by the U. S. Alien Property Custo- dian, the change in ownership did not involve a change in the active management. The com- pany manufactures high-grade woolen textiles. About 80% of the output is made up of wor- sted and woolen dress goods, and the remain- der of the output is largely serges for men's wear. The entire output of the mills has always been sold under a selling arrangement with C, Balmsen & Co. Capitalization. Outstanding. Common $2,000,000 Prefered (8% cum.) 1,000,000 Funded debt :.. 1,000,000 Secured by first mortgage upon all present and future acquired plants and fixed assets of the company. The plant comprises 14% acres of land owned in fee at Passaic, New Jersey, upon which are located 6 3 buildings with a fioor space of 453,769 square feet,, fully equipped with the most modern and efficient machinery for the manufacture of woolen tex- tiles. An appraisal of the fixed assets, upon which the bonds are a first mortgage , was made in September, 1918, by Ford. Bacon & Davis, engineers; such appraisal showing a re- production value based upon 1914 prices of $2,081,723: and based upon 1918 prices, of $2,- 857,896, after allowance for depreciation of $599,194. Since the appraisal (and as of March 3, '19), fixed assets have been increased by improvements costing approxirtiately $50,- 000. The equipment includes 1,146 looms. 850 Haitersley and 296 Crompton and Knowlea looms, with a daily capacity of 30,000 yards of worsted products. The company's dye de-i partment has a capacity of 30.000 yards per day. Approximately 150,000 pounds of yarns are used weekly in the manufacture of the company's products. About l.BOO employes are required for operation at capacitv. The provisions of the .Trust Agreement In- clude the following covenant by the company, VIZ. : To maintain at all times a surplus of cur- rent assets above current liabilities of at least $500,000. To maintain adequate insur- ance upon Its plants, the policies being deposi- ted with the Trustee, the proceeds in case of loss to be used for replacements or addi- tions to fixed assets or purchase or redemp- tion of outstanding bonds. Years ended Dec. 31: Gross. Net. Bond int. 1318 $9,-/88.914 $958,190 •$60,000 *0n this issue. Original Market — $1,000,000 offered March. 3 919, by the Central Trust Co. of Illinois. Chicago, and Powell, Garard & Co., Chicago. New York, Philadelphia and Dallas, at 97% and interest. Market. New York — Hartshorne & Battelle, Van- derhoef & Robinson, Carruthers Pell & Co. Fliiladelpliia — McCown & Co. Cliicag:o — Powell, Garard & Co. Price Itang'c Jan. 1, *19, to Jan. 1, '21 1920 . Bid. Ask. Bid. Ask. High 95 '20 100 '20 95 Feb. 98 Oct Low. 89 '20. ,92 '20 89 May 92'May 530 GXrrXYSBURG & HARRISBURG RAILWAY CO. (THE) Cons, (now 1st) 6s. Dae Oct. 1, 1926. Dated October 1, 1891. Interest payable April and Oct. 1, at Reading Terminal, Phil- adelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $565,000 Outstanding *566,000 *$275,000 owned by the Reading Co. Denomination — Coupon, $ 1, 00 0. Register- able as to principal. Tmstee — Guarantee Trust & Safe Deposit Co.. Philadelphia, Pa. Guaranty — The endorsed guaranty of the Philadelphia & Reading R. R. Co., has not been assumed by the P. & R. Ry. Co. Organization and Control — Incorporated in Pennsylvania Aug., 1890. Controlled by Read- ing Co. through ownership of practically the entire capital stock ($574,150) of which $535,- 000 is deposited under its General Mortgage. Capitalization. Outstanding^ Common $600,000 Funded debt 565.000 Secured by a first mortgage on 41.60 miles of road, including line from Carlisle to Gettys- burg-. Pa., with branch to Round Top 34.14 miles and from Pine Grove Furnace to Hun- ter's Run. Pa.. 7.46 miles. Years ended Dec. 31: *1920 . . •1919 .. *1918 .. tl918 .. 1917 .. 1916 .. •Corporate account. tPederal account— standard return not In- cluded. tTen months' operations. liisted on the PhiladelDhia Stock Exchange. « , Market. Sfyy fork— Carruthers Pell & Co. Plnladelphii^-Biddle & Henry, Henry D Boenmng & Co., Charles Fearon & Co.. Hun- toon & Co., Reed A. Morgan & Co. Price Ranse. Jan. I, '11^ to Jan. 1, »2l 1920 Bid. Ask. Bid. Ask High, 105,'12 .106 '11 92Jan. 95 l«ow. 85 '20 |, 94,16 j20 , S5 Aug, Gross. Net. Int.&Rent. t$416,046 $86,230 $32,798 40,298 30,709 32,-886 47,542 47,542 33,113 394,770 99,861 15,186 354,041 100,671 62,535 267,890 77,107 50,488 Jan. 94% Mar. GUiA VALLEY. GLOBE & NORTHERN RAILWAY CO. 1st 6s. Due Nov. 1, 1924. Bated Nov. 1. 1894. Interest payable May and Nov. 1, at Southern Pacific office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstandingr $1,492,000 Retired by S. F 22,0T)0 Denomination — Coupon, $1,000. Register- able as -to principal, or fully registerable. Trustee — Metropolitan Trust Co., New York. Sinking Fund — Annually 1% of net receipts before paying dividends to be applied to the re- demption of these bonds, loaned out at interest upon good securities, or to be otherwise in- vested under order and direction of the Board of Directors of the Company. Guaranteed principal and .interest by the Southern Pacific Co. by endorsement. Assumed by the Arizona Eastern R. R. Co. Control^Merged in 1910 with several other roads inxo the Arizona Eastern R. R. Co.. which company is a consolidation of the lines In Arizona controlled by the Southern Pacific Co. Its entire stock is owned by the latter company. Secured by a first mortgage on 130.16 miles of road, viz.: Miles Bowie to Globe, Ariz 125.27 Amster Jet. to Amster, Ariz 4.88 Underlies — Arizona Eastern R. R. Co. 1st & Ref. 5s of 1950, which mortgage provides for ^he retirement of this issue. Lethal for Cal., Mich., Minn., "Wis., N. H., N. J., Ore and R. I. Listed on the New York Stock Exchange. Original Market — Offered In 1899, by, P. J, Ltlsman & Co., New York, at 103% and in- terest. Market. NevF York — Constable & Fleming:, Taylor, Smith & Hardy, Carruthers Pell & Co., Wm. Carnegie Eiven, Hartshorne & Battelle, Pynchon & Co. Philudelplua — Henry D, Boenning & Co., William W. Fogarty. Fittsburgrh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, *06, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 108 14 July 12, '06 -04 Jan. 102 Jan. Low. 95 Nov. 14, '18 80 May 89 June GILBERT (FRANK) PAPER COMPANY 1st Serial 7b. Dae $20,000 each Mar. 1. 1921 to 1925. and $40,000 each Mar. 1, 1926 to 1930, inclusive. Dated March 1. 1919. Interest payable Mar. and Sent. 1. in Troy and New York. Tax Status — Company assumes payment or refund of Federal Income Tax up to 4%. Ex- empt from New York State Property Tax. Re- fund made of New York State Income Tax, Masaacnusetts Income Tax and Connecticut Personal Property Tax. Authorized $300,000 Outstanding 300.000 Purpose of Issue — To retire the floating in- debtedness carried in local banks, contracted principally to provide a portion of funds re- quired for the erection of a new paper mill In G oboes. Denominations — Coupon $500 and $1,000, registerable as to principal. Trustee^Security Trust Company, Troy. Redeemable as a whole or in part at 105 and interest on 30 days' notice. Organization — Incorporated in New York 1899, taking over business of Frank Gilbert, Manufactures pulp and paper. Production about fifty tons per day. Capitalization. Outstanding. Common $160,000 Preferred (7% cum.) 193,260 Funded debt 300,000 Secured by first mortgage on real estate, plant equipment and water power of the com- pany in Waterford, N. Y., and the pulp mill, real estate and new paper mill and equip- ment in Cohoes, N. Y. Mortgage covers all property now owned and hereafter acquired. Appraised value July 1, 1919, $1,227,976. Years ended June 30: Net. 1919 $91,379 Original Market — Offered August, 1919. by P. W. Brooks & Company, New York, Bos- ton and Philadelphia, at from 101 to 99 for various maturities. GILBERT PAPER CO. 1st 6^s. Due $20,000 ea«li Dec. 1 and June 1 from Dec. 1, 1921, to Dec, 1, 1924, incL, $25,000 from June 1, 1925, to Dec. 1, 1926, incl., $30,000 from June 1, 1927, to Dec. 1, 1928, incl., and $40,000 June 1, 1929. Dated June 1, 1920. Interest payable June 1 and Dec. 1, at First Wisconsin Trust Co., Milw^aukee. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $500,000 Outstanding 400,000 Reserved for Corp. Purposes..., 100,000 Purposes of Issue — The entire proceeds of this issue wil Ibe used in building and equipping additions to present plant which will double its capacity. Denominations — Coupon, $1,000 and $500. Trustee — First Wisconsin Trust Co., Mil- waukee. Redeemable upon 60 day's notice at 105 and interest on or about June 1., 1921, the call price diminishing Ys of 1% for each year thereafter. Orgranization — Incorporated in Wisconsin in 1887 for the purpose of manufacturing book paper. The company is engaged in manufacturing bond and ledger papers. Capitalization. Outstanding. Common $600,000 Funded debt 400,000 Secured by a first mortgage on all the property of -the company now owned or hereafter acquired. The company owns ap- proximately eight acres of land. The plant now consists of 20 buildings on the Fox Kiver In the heart of the paper manufactur- ing district. The new buildings will be two stories in height of reinforced concrete con- struction. The present plant has a daily capacity of 36,000 lbs. Upon completion of the new adidtions the daily capacity will be In excess'of 70,000 lbs. Original Market — $400,000 offered July, 1920, by First Wisconsin Company, Mil- waukee, at 100 and interest. Market Milwaukee — First Wisconsin Co. GIRARD POINT STORAGE CO. 1st 3%s. I>ae April 1, 1940. Dated April 1, 1890. Interest payable April and Oct. 1, at Treasurer's office, Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In Pennsylvania. Authorized Closed (mortgage Outstanding (Jan. 1, '21) $1,838,009 Retired by S. F 556,009 Denomination — Registered, $1,000. Trustee— Fidelity Trust Co., Philadelphia. Sinking Fund — $20,000 per annum, to be ap- plied to purchase and cancellation of these bonds at not over par. If not purchasable at 531 this price, the fund for that year reverts to th6 Company. Guai'anteed principal and interest by the Pennsylvania R. R. Co. by endorsement. Control — Incorporated in Pennsylvania in February 21, 1881. Property of the company was sold in 1917 to the Pennsylvania R. H. Co. Secured by a first mortSa&e on about 75 acres of land at Girard Point, Pa., and on about 30 acres at Point Breeze and on grain elevators erected thereon, liisted on the Philadelphia Stock Exchange. Market. New York — Hartshorne & Battelle. Philadelphia — Barnes & Lofland, Henry D. Boenning & Co., Graham, Parsons & Co., C. Clothier Jones & Co., McCown & Co,, Samuel K. Phillips, Isaac Starr Jr. & Co. Price Range. Jan, 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '09 92 '09 75 Mar. 80 Mar. L.ovr. G5 '20 73 '19 65 June 75 June GJ.KNDORA CONSOLIDATED MUTUAL IK- KIGATING CO. 1st 6s. Due eSiies "C" 1922 to 1940. Dated April 1, 1921. Interest payable April 1 and Oct. 1 at Union Bank and Trust Co., Los Ang:eles, Cal. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in California. Authorized $500,000 Oatiitanding: 500,000 Purpose of Issue — Proceeds of these bonds applied to paying off the remaining bonded indebtedness of the predecessor companies aggregating a total of $73,000, to reimburse the company for extensions and betterments already made; to provide for additional bet- terments and for the acquisition of addi- tional water and water rights. Denomuiatioiis — ^Coupon, $1,000; register- able as to principal. Tnistee — ^Unio'n Bank and Trust Co., Los Angeles, Cal. Kedeemable on any interest date at 101 and interest. Org-anization — Incorporated in March, 1920, in aCIifornla, aiS a mutual water com- {jany and is a consolidation of two similar concerns which had been in operation for twelve and twenty-one years i-espectively. Secured by a First Mortgage on all the propeity now owned by the company or hereafter acquired. The company owns 679 inches Of de- veloped water and 763 acres of water bear- ing lands situated in the San Gabriel and San Dimas Washes and in the watersheds of the Big and Little Dalton Canyons. The water developed by 16 wells elec- trically pumped is conserved in 7 reinforced concrete or cemented reservoirs having a total storage capacity of 3,700,000 gallons. The distributing system consists of over 50 miles of pipe lines constructed hciefly of steel, cast iron and cement, of which 5 miles of * 20 inch riveted steel wrapped asphalt coated p'ipe have just been installed. The company serves 122 acres of citrus groves owned by the 240 stockholders. Original Market — $500,000, offered Feb., 1921, by Williani R. gtaats Company, Los Angeles, on a 7% basis. Marltet Los Ang:eles — The Citizens National Bank, Torrance Marshall & Co., Frank & Lewis. Company, Providence, R. I.; Hanover Na- tional 01 New York; First National. iioSLCfti. t)ax hiatus — 2 % Federal Income Ta:X pttid by the company without deduction. Authorized $1,500. ftOO Outstanuing- (Feb. 8y '21) 1,400,000 iMatui-e4i and Paid 100/000 Purpose of Issue — The proceeds of this is- sue of bonds and $500,000 of Preferred atock vto be sold at once at par for cash) will be used to pay ofE floating indebtedness, and to provide additional working capital. Trustee — Rhode Island Hosptal Trust Com- pany, Providence. ftedeemabl^ in whole or in series at 102 and interest on 30 days' notice on any interest uate. If called in series the whole of the earliest maturity or maturities must be retired nrst. Convertible — Th^ $500,000 bonds due Juty 1, 1930. afe convertible into 7 % cumulative stock, paf for Jiar, from Jan. 1, l92l, to Dec. 3, 1929. Orgranization — Incorporated in 1884 and re- incorporated in December, 1919. Business es- tablished in 1864. .Lhe Company manufactures tw6 kinds of dress goods; all Worsted and cot-, ton and worsted. It also weaves cotton and Silk fabrics and spins worsted yarns. Capitalization. Outstanding. Common $950,000 Pref. (7% cum.) 1,250,000 Funded debt 1,400,000 Secured by a first mortgage on all the real, estate, machinery and equipment of the com- pany. The property covered includes a plant located in the center of the business district of Pawtucket. R. 1. They cover about 4% acres of land and have a floor space of about 350.000 square .feet. The mill is equippred with 439 Crompton & Knowles dress goods looms, 8,784 worsted spinning spindles, 2,020 twisting spindles, and combs, cards, .drawing sets, etc., to balance. The machinery is elec- trically driven from its own generators. The company has a prior right in the Pawtucket River at the lower dam, to 600 H. P. of water power and an additional 1.850 H. P, is generated by steam. The mill, has a capacity, on the basis of a normal week, of 3.000,000 yards of cloth, and 1,500.000 pounds of yarn per annum. Undfr the provisions of the trust agreement the company covenants to maintain at all times during the life of these bonds net quick assets of not less than 125% of the face value of bonds outstanding. Original Market — $1,500,000 offered Decem- ber, 1919. by Bodell & Company. Providence. New York, Boston, at prices yielding from QMi% to 7 % according to niaturity. Market Portland, Me. — Beyer & Small. Netv York — P. W. Brooks & Co. GOFF (D.) & SONS. INC.. Ist 7b. Due S50.- 000 each Jidy 1 and Jan. 1, from Jnly 1. 1930, to Jan. 1, 1931, incl., and $500,000 July 1. 1930. Daited Jan. 1, 1920. Interest payable Jan. 1 and July 1 at Rhode Island Hospital Trust GOODRICH CO. (B. F.) 5-YeaT 7% Conv. Notes. Due AprU 1, 1925. Dated April 1, 1920. Interest payable April 1 and Oct. 1, at Bankers Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $30,000,0^0 Outstanding 30.000,000 Purpose of Issue — To redtice current liabili- ties and provide additional working capital. Denomination — Coupon, $1,000, $500 and $100; reglsterable as to principal. Trustee — Bankers Trust Co., New York. Redeemable upon hot less than 60 days* or more than 76 days' notice at 103 and interest on or befote Aprtl 1. Ifl23: at 103 and interest after April 1. 1923, afid- on Or befbre April 1 1924, at 101 and interest after April l, 1924* 532 stock Purchase Warrants — The notes carry ines Ba^k and Merch^nt^ Loan & Trust Co., detachable warrants entltlingr the holder to Chicago, and Parsly Bros. & Co., Philadel- tmrchase common stock at J80 per share at Phia, at 98% and interest. the rate of 12% shares of stock for each $1,000 Market. par value of notes. These warrants may be New York — T. Hall Key^s Co., Salomon exercised on three days' notice at any time to Bros. & Hutzler, Seasongoodj Haas & Mac- and including March 81, 1922. Scrip certifl- donald, McDonnell & Co., Bull & Bldredge, cates will be issued to cover fractional parts ^?£H; K^l'^ ^ Peake. of shares. Pmladelplua — William W, Fogarty, Mc- Convertible at any time on or after April 1, S"?"" * °°- ^^^'^ ^- Morgan & Co., Saul 1922, until April 1, 1925, or earlier redemp- >i?: ' , „ tion, at par into common qtnrk at SRO tipr „ l-lMCago — John Burnham & Co., Curtis & Share, buf onlf °f ™"cZpanief b? the°w"ar- ^Sfs^^'^^usT'g^SavTnlJs taS^'SSon^'^ii^st'^'i- rants originally attached to such notes or by MttsbSgh-Contfnentt" 'T™Lt Co The other warrants aggregating the same number UnimT^st Co. ofPHtsburgh ' of shares. Scrip certificates will be issued to toolsville, Ky. — Bloch Fitter & Co cover fractional Darts of shares. Fidelity & Columbia Trust Co. The trust indenture provides that the price Omaha, Neb. — Stem Bros. & Co. of $80 per share may In no way be increased, Erie, Pa. — Charles, Messerikopf & Co. but shall be reduced if additional common Salt Lake City — Palmer Bond & Mortgage stock is issued under certain circumstances for Co. less than $80 per share. Price Range 1920 Organization — Incorporated in New York In - Bid. Ask. 1912 and acquired the business and property High 97% Apr. 98% Apr. of the B. F. Goodrich Company, an Ohio cor- Low 80% Dec. 81%Dec. poration, and also of the Diamond Rubber Company. Business established as a co-part- GOOnRinH TRA"V<«IX ro let £^l^y is a large manufacturer of sterling sil- verware. Capitalization. Outstanding. Common $3,000,000 Pref. (7% Cum.) 3,000,000 Funded debt 1,260,000 Secured by a first lien on all real estate, machinery and equipment of the Company, In- cluding the large plant in Providence. R. 1., and the leaseholds in New York City. The Company covenants to maintain at all times during the life, of 'these bonds net quick as- sets equal, to at least 1509& of these bonds outstanding:. The Company agrees to keep all its property covered by Insurance, and further agrees that cash dividends on the common stock siiall not exceed $450,000 in any one year durins- the life of these bonds. Original Market — $3,000,000 offered March, 1918. by Bodell & Co., B. H. Rollins & Sons and Lee, Higginson & Co., at 100 and interest. Market. New Torlc — I.ee Higginson & Co., Horn- blower & Weeks. Providence, R. I. — Brown, Lisle & Mar- shall, Bodell & Co. Price Bange. Jan. 1, '18 to .Tan. 1, '21 1920 Bid. Ask. Bid. High 100 '18 102 'IS 100 July Low 99% '20 99% July GOSHEN Sc .DECKERTOWN RAIlvBOAD CO. 1st Ext. 6s. Due July 1, 1928. Dated Jan. 1, 1868. Extended July 1. 1888. Interest payable Jan. and July 1, at 50 Church St., New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $186,500 Denomination — Coupon, $1,000 and $500. Trustees — Ambrose S. Murray, Robert H. Berdell and John Steward. Organization and Control — Incorporated in New York in 1867. Leased in perpetuity to the Erie R. B. Co. at a rental of $19,035 per annum. Captalization. Outstanding. Common $96,100 Funded debt 246,600 Secured by a first mortgage on the 11.64 miles of road from Goshen to Pine Island, N.- Y. Underlies — G. & D. B. B. 2d Bxtd. «a of 1929. Refunding — Erie R. R. Cons. Gen. Lien 4s of 1996 provide for the retirement of this is- sue. Legal for savings banks in Conn. Market. New York— J. S. Farlee & Co., Chas. W. Place, Carruthers Pell & Co. GOUVEBNEUB & OSWBGATCHIE BAILr- ROAD CO. 1st Ss. Due June 1, 194^. Dated June 1, 1892. Interest payable Juno and Dec. 1; at Grand Central Terminal, New York. Tax Status — Payment of Federal Inconie Tax not assumed by company* Authorized and Outstanding. . . 1 .$300,000. ^Denomination — Coupon, $1,000. '■' Trustee — Central Union Trust'- Co., New York. ■ ' ■ . , , Assumed by the New York Centiial R. R. Co. Guaranteed principal and interest by the New York Central & Hudson R. R. Co. (now N. Y. Cent. R. R.) by endorsement. * Control — Incorporated in New York in 1892. Merged into the N. Y. C. •& H. R. B.. Co. in 1913. The latter company was merged into the New York Central R. R. Co. in December. 1914. Secured by a first mortgage on 13.01 miles of road from Gouverneur to Edwards, N. Y. Underlies— N. Y. C. & H. R. R. R. Mtge. Si^s of 1997; Cons. 4s of 1998, Lake Shore Collaterals. Michigan Central Collaterals, and Debentures secured by Cons. 4s: and the Ref. & Imp. Mtge. of 2013. The latter mortgage provides to retire this issue. ' ' Legal for savings banks in Cal.. Conn.. Me.. Mass., Mich., Minn.. Mo., N. H.. N. J.. N. Y.. R. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Charles W; Place, Redmond & Co.. Sharretta & Ford. Pittsbnrgrh — E. B. •Hutchinson & Co. Price Bance. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 108 '17 109 '16 82 Aug. 88 Aug. Low. 79 '20 88 '20 79 Oct. 88 Aug. GRACE STEAMSHIP CO. Marine Equipment 1st 6s. Due $667,000 each Dec. 1, from 1920 to 1929, incl. and $666,000 eacll Dec. 1, from 1930 to' 1934, inclusive. Dated Dec. 1, 1919. Interest payable June 1 and Dec. 1 at W. R. Grace & Co., New York or San Francisco. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Ontstanding; (Jan. 1, '21) 9,017,000 l^alstne^ rptjrecl. Purpose Qf I^sae — The prooeeds of this is- sue will be used to retire the existing First Mortgage Bonds of the Grace Steamship Com- pany now outstanding in the amount of $1,- 19 8, 00 and to acquire passenger, cargo and oil carrying vessels of an aggregate total dead weight tonnage of about 33,000 tons at a cost of approximately $7,000,000, and for the purchase of additional marine property as fa- vorable opportunities may arise. Denomination- — Coupon, $1,000 (1929 ma- turity only. $100 and $600); reglsterable as to principal. Trustee — National City Bank, New York. Redeemable upon any interest date at 102^ and interest upon 30 days' notice. If called in part bonds of outstanding series last ma- turing shall be called first. Organization and Control — Incorporated In 1916 in Delaware and is the owner of a fleet of ocean-going steamships, chartered by W. R Grace & Corhpany. All of its capital stock with the exception of directors' shares is owned by "W. R. Grace & Company. Capitalization. Outstanding. Common $5,000,000 Funded debt 9,017,000 Secured by a first mortgage on thirteen ves- sels of the present fleet, all of modern con- struction and having deadweight tonnage of 70,035 tons, and upon additional property ac- quired from the proceeds of this isgue. includ- ing vessels about to be purchased at ' a cost of approximately $7,000,000, an^ having a deadweight of about 33,000 tons. Additionally secured by pledge with the Trustee of a char- ter party or parties entered into by W. R. Grace & Co., covering the operation of the vessels for the life of these bonds and provid- ing for the payment by W. R. Grace & Co. of a minimum charter hire sufficient to meet serial maturities, interest and other fixed charges, annual depreciation at the rate of 5% on the cost of all vessels now or here- after under the lien of the mortgage, and such further amounts as may be required to dis- cbarge any liens or claims which if unpaid might result in liens against the vessels. W. R. Grace & Co. will also agree to pay an- nually, as additional charter hire an amount equal to ^n&half of their net earnings from the operation of the chartered vessels. Grace Steamship Company will covenant to use such additional charter hire only in the acquisition of additional property, or in the purchase or redemption of bonds of this issue. Insurance of an adequate and proper character will be carried in an amount equal to not less than 125% of the principal amount of the out- standing bonds. W. R. Grace & Company will agree not to dispose of their present holdlnsH of the Grace Steamship Company stock with- out making prior provision for the purchase or redemption of these bonds and also to ac- quire amounts of any additional stock which may be issued sufficient to maintain at all Hmea in their ownership at least a majority of the, stock in the Grace Steamship Company, having voting power. While any of theap, bonds are outstanding no dividends will hp paid upon the stock of the Grace Steamship Company in excess of 6% per annum. lin- ger the provisions of the mortgage the Grace Steamship Company may sell free of the lien of the mortgage any vessel covered thereby, provided, as a condition to such release that Grace Steamshio Company either substitutes other tonnage (free of prior liens) of equal value, or deposits with the Trustee the pro- ceeds of such sale to be applied to the pur- chase of such other tonnage (free of prior Hens) as the Grace Steamship Company may contract for within six months, or otherwise to be applied toward the purchase or redemp- tion of bonds of this issue,' Original Market — $10,000,000 offered No- vember. 1919, by the National City Company, Kissell, Kinnicutt & Co., and W. R. Grace ^ Co.'s Bank, New York, at prices to yield from 6% to 6%%, according to maturity. Market. New York— "Wm. M. Clarke, Evans, Still- man & Co., Carruthers, Pell & Co., Didrlch- sen Bros. GRAMM-BEKNSTKIN MOTOR TRrCK CO. 7% Notes. Due $50,000 each Jan. 1 and July 1 from Jan. 1, 1931. to July 1, 1936, Inclusive. Dated Jan. 1, 1920. Interest payable Jan. 1 and July 1, at First Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $600,000 Outstanding (Feb. 1, '12) 550.000 Balance retired. Purpose of l^sne — To provide for extension of manufacturing facilities, and to furnish a^J-' 'ditional working capital. Denomination — Coupon, $1,000 and {500; reglsterable as to principal. Trustee — ^First Trust & Savings ?ank, Chi- cago. Redeemable at 101 and interest up to and including January 1, 1924, and 102% and in- terest thereafter on 60 days' notice prior to any maturity date. Organization — ^Incorporated in Obto in 1912. company's plant is located at Lima, Ohio, and Is equipped to manufacture 4,000 heavyrduty motor trucks per annum. Capitalization. Outstanding. Common (par $10) $1,000,000 Pref. (7% cum.) 500.000 Funded debt 600.000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under tilt^ provisions of the trust agreenient tt^e com- pany covenants as follows: Not to create any mortgage or lien of any nature whatever upon the company's present properties during the life of thig note Issue except during pyrphase money iportgages npi in excess of 60% of the fair value of «iddi- tional properties; To maintain net quick assets of not less than 175% and net tangible assets of 325% of the outstanding amount of this note issue; Not to deolare to pay any dividends on its cojnmon stock; Not to enter into any consolidation or merger agreement without first providing for the oayment of these notes; Not to issue, guarantee or endorse any other bonds, long term notes or similar securities. Original Market — $600,000 offered February, 1920, by Hyney. Emerson & Co., Chicago, nt par and Interest for the first two maturities. and 99% and interest for remaining matur- ities. Market. Chicago — Hyney, Emerson & Co. 536 GRANBY CONSOI-IDATED MINING, 8MBLT- ING & POWER CO., I.TD., ConvertlMc Ist 68. Series "A" and Series "A" stamped. Dae May 1, 1938. Dated May 1, 1913. Interest payable May and November 1. at Title Guarantee & Trurt Co., New York. ■^ Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized 96,000,000 Outstanding (Jan. 1. '21) 1,503,400 Betired by purchase or other- „"wise 2,846,600 Keservecl for Ext 650,000 denomination— Coupon, $1,000, $500 and $100. Begriaterable as to principal. Trustee — Columbia Truat Co., New York. Redeemable as a whole on any interest date after May 1. 1923. at 105 and intereat upon 90 days* notice. Convertible until May 1, 1923, into com- pany's stock at par. SinkinsT Fund — ^Annually before May lat, be- ginning 1914, 4% of all bonds previously is- sued to be retired by purchase or redemption at not over 110. By supplementary mortgage an additional sinking fund Is provided for stamped bonds, viz: 10% of net earnings or 12^ cents per unit of copper per ton of cop- per ore mined, wliichever amount is the larger. Organization — See Conv. Deb. 8s. Secured by first lien on all the company's real properties arn^ improvements thereon (ex- cept town lots in Orand Forks, B. C, and water-power site in State of "Washington). Mortgage covers property formerly of Hidden Creek Copper Co.. in British Columbia. Tears ended June 30. Gross. Net. Interest. 1919 $6,561,099 def.$18.858 $120,884 1918 11,644,311 4.124,819 131,325 1917 12.686.733 5.776.879 211,532 1916 11.370.500 4.107.620 213.821 listed on the New York Stock and Boston Stock Exchanges. Original Market — Underwritten by Speyer & Co.. Nfew York. Jan., 1913, and offered to stockholders at par and interest; $2,000,000 (Series "A" stamped) offered June, 1915, by White, Weld & Co., New York. Market New Yorli — Oarruthers, Pell & Co., Mor- ton, Lachenbruch & Co. Price Range — N. Y. S. E. Jan. 1, '16, to Jan. 1, '21 1920 High 117 Nov. 20, 16 95^ May 4 Low. 90 Jan. 26, '20 90 Jan. 26 Stamped. High 115 Nov. 20, '16 95 Apr. 26 TjOW. 91 Jan. 17, '18 94 Apr. 20 GRANBY CONSOLIDATED MINING, SMELT- ING & POWER CO., LTD. (The) 5-Year Conv. Deb. 8b. Due May 1, 1925. Dated May 1, 1920. Interest payable May 1 and Nov. 1 at Title Guarantee & Trust Co., New York. Tax Status — Payment of Federal Income Tax not asumed by the company. Authorized $2,500,000 Outstanding 2,500,000 Purpose of Issue — To provide funds for liqui- dating in part the indebtedness incurred for plant extensions and additional property for which there has been expended during the three years ended April 1, 1920, $7,000,000. Dnominations — Coupon. $100 and $1,000; registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable upon 90 days' notice between May 1. 1921, and May, 1, 1923, at 110 and Interest .and thereafter at 105 and interest. The right of conversion expires on the date of redemption. Convertible into common stock at $55 per share. Organization — Incorporated in British Co- lumbia in 1901 as a consolidation. The com- pany is engaged in mining and smelting cop- per ore and owns copper ore reserves of about 22,484,073 tons. Also smaller plants with necessary auxiliary apparatus, having a ca- pacity of 3,000,000 pounds of copper per month. Capitalization. Outstanding. Common $15,000,420 Funderl debt 4,003,400 Security — A direct obligatioh of the com- pany but not secured by a mortgage. The indenture provides that no additional bonds snail be issued without equally securing tuis issue. Prior liien — Outstanding. Conv. 6s, 1928 $1,503,400 Earnings — See Conv. 6s of 1928. Listed on the New York Stock Exchange. Original Market — $2, 5 0, offered April, 1920. by Hayden, Stone & Co. Boston, Nrw ^ork, etc.. at 100 and interest. Market New York — Samuel Goldschmidt, White, Weld & Co., Oarruthers, Pell & Co. l*rice Rangre 1920 Bid. Ask. High 93 Oct. 100 Apr. L.0W 85 Dec. GRAND RAPIDS & INDIANA RAILROAD CO. 1st 4%s and 3^s. Due July 1. 1941. Dated Oct. 1. 1869. Extended the 3%s Oct. 1. 1899, and the 4'^s July 1, 1891. Interest payable Jan. and July 1, at Winslow, Lanier & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,375,000 Outstanding — 4»^s $4,455,000 3%s 918,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Wm. H. Barnes, Philadelphia. Guaranty — Under the extension agreement of March 1, 1891, the Pennsylvania R. R. Co. agreed. In case of default, to purchase the 4 ^ s coupons and the bonds at maturity at par upon 60 days' notice, such bonds and coupons to continue in full force and remain a debt secured by such mortgage. Organization and Control — Organized under laws of Michigan and Indiana in 1854. Reor- ganized in 1896 as G. R. & Ind. Ry. Co. Owns practically the entire stock and income bonds of the Traverse City R. R. and Muskegon, Grand Rapids & Indiana R. R. Co., and a one-third interest in the Mackinac Transpor- tation Co. Controlled through stock ownership by the Pennsylvania R. R. Co. Capitalization. Outstanding, Common $5,791,700 Funded debt 10,373,000 Leawe of Road — As of Dec. 31, 1920, the Pennsylvania R, R. Co. offered to lease the road for a term of 999 years upon the gen- eral ba.sis of paying rental sufficient to cover fixed charges, which would include the interest on the 2nd Mtge. 4s and a dividend of 4% upon the stock. Secured by first mortgage on 332.04 miles of road from Fort Wayne, Ind,, to Baj^ew, Mich. Underlies — G. R. & I. Ry. 2d Mortgage 4a of 1936. Years ended Dec. 31. Gross. Net. Int., etc. *1919 $9 29,385 $1,014,801 $696,437 tl919 8,238,636 595,919 140,826 *1918 929,385 957,295 656,825 tl918 7,207.727 465,515 211.090 1917 6.491.358 1,152,575 899,093 ♦Corporate account. t Federal account — standard return not In- cluded. 537 I*sal for savings banks in Cal., Me., Mich.. Mmn., Mo., N. H., N. J. and B. I. Usted, 4%s, on the New Tork and Lon- aon fcjtock Exchanges. Market. New York— Simon Borg & Co., Samuel Goldschmidt, Pre.ssprich & Co., , Redmond & Co., Strutliera & Hiseoe, Taylor, Smith & Hard, Vanderhoef & Robinson, Vilas & Hickey, Oarruthers, Pell & Co., Fred H •Hatch & Co. . Philadelphia— Biddle & Henry, Henry D Boenning & Co., Parsly Bros. & Co., Gra- ham, Parsons & Co., McCown & Co., Isaac Starr, Jr., & Co.. Wheeler, Elliott & Mann. Griuid Kapids, Mich.— Corrigan Co. Pittsburgh— R. B. Hutchinson & Co. Price Range — N. Y. S. E. dan. 1, '06, to Jan. 1, '21 1920 High 108% Feb. 6, '06 ' 80% Mar 10 I.o-Bli 76% Apr. 19, '20 76% Apr. 19 GRAND RAPIDS & INDIANA RAILWAY CO. 2a 4s. Dae Oct. 1, 1936. Dated Aug. 1, 1896. Interest payable April and Oct. 1, at Pennsylvania R. R. office, Neew York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized .-. $6,000,000 Outstanding *5,000,000 •$4,376,000 owned by Pennsylvania Co. Denomination — Coupon, $1,000. Register- able as to principal. Tmstee — Commonwealth Title, Insurance & Trust Co., Philadelphia. Guaranteed — ($1,038,000 bonds) as to princi- pal and interest by the Pennsylvania Company by endorsement. Orgailization and Control — See 1st 4%s and 3%s: '■ ' Secured by a direct mortgage on 393.99 miles of road, viz: • A flrst lien on 61.95 miles — Miles. Bay View to Mackina.w City, Mich 34.49 Hai-bor Springs Branch, Mich 6.79 Missaukee to Mlchelson, Mich 31.67 A second lien on 332.04 miles — Covered by the flrst lion of the Grand Rapids & Ind. R. R. Co. 1st 4%s and S'/Ss 332.04 Prior I/iens — $6,373,000 1st 4%s and 3%s of 1941. Market New York — Oarruthers, Pell & Co., Flnlay & Davenport, Ohas. E. Doyle & Co., Pynchon & Co. Philadelphia — Biddle & Henry, Henry D Boenning & Co., McCown & Co., Samuel McCreery & Co.. Isaac Starr, Jr., & Co. Pittsburffh — Moore Leonard & Lynch, R. B. Hutchinson & Co. Price Range 1920 Bid. Ask. High 60 Dec. 65 Dec. Low 60 Dec. 63% Dee. GKAND RAPIDS BRASS CO. 8% Notes. Due $12,500 ca«h July 1 and Jan. 1, from July 1, 1921, to Jan. 1, 1931. Dated Jan. 1, 1921. Interest payable Jan. 1 and July 1 at Union Trust Co., Cleveland. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authorized $250,000 Gutstandins 260,000 Purpose of Issue — To reduce current lia- bilities and for additional working capital. Denominations — Coupon $1,500 and $500. Trustee — Union Trust Co., Cleveland. Redeemable on any interest date at 102 and interest. Sinking Fund — Monthly adva,nce payments eanall to one-sIx;th of the next maturity in- terest and principal. Organization — Incorporated In Michigan in 1888. Business established in 1882. Manu- factures brass and steel hardware for re- frigerator, kitchfen cabinet and office desk nianufacturers. Plant is located at rGand Rapids, Mich. Capitalization. Outstanding. Common $563,780 Preferred 182,950 Funded debt 250,000 Security — A direct obligation of the Com- pany but not secured by a mortgage. The Indenture contains the following, pro- visions: No obligations running longer than one year may be Issued. No mortgage, nor other prior liens may be placed upon the assets of the Company. The Company may not sell nor pledge its accounts receivable. Current assets must be maintained at all times eQual to at least twice current lia- bilities. Dividends may not be paid upon the com- mon stock of the Company If it should en- danger a ratio of quick assets over quick liabilities of two to one. Insurance upon the property, assigned to the Trustee, must be carried for the full amount of the Insurable value of the prop- erty. A complete audit of the Company's books,* made by a certified accountant, satisfactory to Stanley & Bissell, must be made and finished to said firm within 60 days after the end of each calendar year. In addi- tion the Company must furnish said firm each month, v/Ith the preceding month's balance sheet. Original .Market — $250,000 offered Jan., 1921, by Stanley & Bissell, Cleveland, at 100 and interest. 638 GRAND RAPIDS GAS UGHT 1st Ss. Due Aug. 1. 1939. Dated Feb. 1, 1915. Interest payable Feb. 1 and Aug. 1, at Trustee's office or Emer- son, McMIllIn &■ Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Indiana and Michigan. Authorized $7,500,000 Outstanding 1,575.000 Reserved for Ext 6,926,000 Denomination — Coupon, $100, $600 and $1,- 00 0. Registerable as to principal only. Trustee — Michigan Trust Co., Grand Rapids, Mich. Redeemable on any Interest date at 105 and interest. Organization and Control. — Incorporated in Michigan In 1896. All of the stock Is owned by the American Light & Traction Co. Capitalization. Outstanding. Common $2,400,000 Funded debt 1,575,000 Secured by a first mortgage on plant sup- plying gas to Grand Rapids, Mich. Population served, 125.000. Franchise expires in 1920. Earnings — Not available. Original Market — $750,000 offered in Dec.. 1914, by Howe, Snow, Corrigan & Bertles and Michigan Trust Co., Grand Rapids, Mich., at par and Interest. Market. NeAV York — Babcock, Rushton & Co., Mor- ton Lachenbruch & Co., Berdell Bros, Grand Rapids, Mich. — Corrigan Co., Hllli- ker, Perkins, Everett & Gelstert. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 P.Id. Ask. Bid. Ask High 102% '16 103% '16 89 Apr. 95 Apr Low. 80 '20 84 '20 80 Nov. 84 Nov GRAND RAPIDS, GRAND HATSN & MUS- KEGON RAIIiWAT 1st 5b. Dae July 1. 1926. Dated July 1, 1901, Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $1,500,000 Outstanding fMay 1, '21) 1,498,000 Pledgred under V. I.. & Rys. 1st & Ref. 5s 3,000 Denomination — Coupon, $1,000. Register- able aa to principal. Trustee — Guaranty Trust Co.. New York. Oriranlzation and Control — Incorporated in Michifcan, in 1899. .and does a passenger, freight, express and mail business. In Jan., 1912, the entire capital stock of the company was acquired by the United Light & Bys. Co. Capitalization. Outstanding. Common $1,200,000 Funded debt 1,498,000 Secured by a first mortgage on 48 miles of electric third-rail track, extending from Grand Rapids to Muskegon, with a branch to Spring Lake and Grand Haven, all in Michigan. The road is built on private right of way, except in towns where franchises expire in 1929. Connects at Grand Haven with the Goodrich and Crosby lines of steamers for Chicago and Jk[11 waukee * iCefnndiiie — The United Lieht & Rys. lat & Ref. -5b of 1932 provide for ttie retirement of this isaue. Earnings — See United Lt. & Kys. Co. Orieinal Marliet — Offered in 1901 by the Se- curity Investment Co., Pittsburgh, Pa., at 102% and interest. $500,000 offered in March, 1916, by E. H. Rollins & Sons, Boston. New York, Philadelphia, etc., at 94 and interest. Market. New York — Babcock, Rushton & Co., Fred H. Hatch & Co. Philadelphia — Samuel McCreery & Co. Grand Rapids, Mich. — Corrigan Co. Flice Ran^e. Jal. 1, '16, to Jan. 1, 'Zl 1920 Bid. Ask. Ask. High 96 '17 97% '16 86 Jan. Low. 82 '19 62 '20 C2 Dec. GRAND RAPIDS, HOIXAND & LAKE MICH- IGAN RAII,WAY 1st Ext. 7s. Due Aug. 1, 1334. Dated Aug. 1, 1900. Extended Aug. 1, 1920, with interest increased from 5%. In- terest payable Feb. and Aug. 1, at Cont'l & Com'l Tr. & Savings Bank, Chicago, or Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,600,000 Outstanding (Jan. 1, '21) . 1,475,000 Held In S. F None In Treasury 26.000 Denomination — Coupon, $600 and $1,000. ReEisterable as to principal. Trustee — Continental & Commercial Trust & Savings Bank. Chicago, Assumed by the Grand Rapids, Holland & Chicago Ry. Co. Control — In December, 1901, purchased the lines and franchises of the Holland & LaKe Michigan Ry. and the Saugatuck, Douglas & Lake Shore Ry. In 1904 reorganized as iho Grand Rapids, Holland & Chicago Ry. Co. and above bonds assumed. Leased for 6 years from Jan. 1, 1916. to the Michigan R. R. Co., a subsidiary of the Michigan Railway Co., which company is controlled through ■ owner- ship of practically the entire capital slork by the Commonwealth Power. Ry. & Light Co. Secured by a first mortgage on 76 miles of electric railway track from Grand Rapids via Holland to Macatawa and Saugatuck. all fn Michigan. Franchises In Holland and towns exnire in 1927 and 1930, balance of the road built on private right of way. Connects at Holland with steamers for Chicago. Orisinal Market — Offered in 1903 by War- ren. Andrews & Co.. at par and interest. Market. •New York — F. H, Hatch & Co., HodenpyL Hardy & Co. PhUadelohia — Sam'l K. Phillips & Co., E. R. Barnard. GRAND RAPIDS-MCSKEGON POWER CO. 1st S. E. 5a. Due March 1, 1931. Dated March 1, 1906. Interest payable Mar. and Sept. 1. at First Trust & Savings Bank, Chicago, and First National Bank, New Yorlc. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding fjan. 1, '21) $511,000 Retired by S. E 405,000 Pledged Under Cons. Power Co. 1st & Ref. 5s 1,299,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Sinking Fund — Annually 2% on outstanding bonds. Bonds to be purchased at a price not exceeding a 4% basis, or otherwise to be in- vested in other first mortgage bonds. Assumed by the Consumers' Power Co. Control — Incorporated in Michigan In 1904. Absorbed in 1915 by Consumers' Power Co., a subsidiary of the Commonwealth Power, Ry. & Lt. Co. Secured by a first mortgage on hydro-elec- tric plant of 16.000 h. p. on the Muskegon River -60 miles from Grand Rapids. Underlies — The Consumers' Power Co. 1st Ref. 6s of 1936: Gen. & Ref. 7s of 1930, which provide for the retirement of this issue and , Debenture 7s. Eamines — See Consumers' Power Co.. Gen. & Ref. 7s. Original Market — Offered in 1906 by Periy. Coffin & Burr, Boston: Harris, Forbes & Co., New York, at 99 and interest. Market. New York — Hodenpyl, Hardy & Co., Earle A. Miller & Co., Fred H. Hatch & Co., Ber- dell Bros. Boston — Coffin & Burr. Grand Bapids, Mich. — Corrigan Co. Price Ranee. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '17 102 '15 87 Apr. 90 Apr. Low. 80 '20 84 '20 80 Aug. 84 Aug. GRAND RAPIDS RAILWAY COMPANY 1st 5-Year fis. Due June 1 1924. Dated June 1, 1919. Interest payable June and Dec. 1, at Michigan Trust Co., Grand Rapids, or Hodenpyl, Hardy & Co., Inc., New York, Tax Status — ^Payment of Federal Income Tax not assumed by company. Tax exempt in Michigan. Authorized $4,600,000 Outstanding 2.600,000 Reserved for Corporate Purposes 1,200,000 Reserved for Ext. (76%) 800.000 Purpose of Issue — To provide In part for the payment of maturity of $3,700,000 1st 6s, due June 1. 1919. Denomination — Coupon, $600 and $1,000: registerable as to principal. Trustees — Michigan Trust Company. Grand Rapids, and Bankers' Trust Company, New York. Redeemable as a whole at 101 and interest on four weeks' notice. 639 Organization and Control —Incorporated in Michigan in 1900. Entire $2,000,000 common and $500,000 of the $2,000,000 preferred stock are owned by the Commonwealth Power, Rail- way & Light Company. Capitalization. Outstanding. ■ Common $2,000,000 Pref. (5% cum.) 2,000.000 Funded debt 3,700,000 Management — Hodenpyl, Hardy & Company, New York, and E. W. Clark & Company, Phil- adelphia. Secured by a first mortg-age on entire prop- erty of the company, including 67.96 miles single track equivalent street railway in Grand Rapids. Mich. Population served, 150,000. Franchises extend to April 24, 1921. Underlies — $1,200,000 Gen. & Ref. 6s of 1924, all of which are pledged aa part secur- ity for Commohwealth Pow. Ry. & Lt. Co. 6% Notes. Years ended Dec. 31. Gross. Net. Int.. etc. 1920 $1,804,293 $337,929 $334,999 1919 1,572,142 3S6.086 289,813 1918 1,278,348 257,861 233,087 1917 1,303,860 393.684 218,415 1916 1,297,586 469,561 186.919 Urieinal Market — Offered May, 1919, by Harris, Forbes & Company, New Tork and Boston, and Harris Trust & Savings Bank. Chicago. Market. New York — Hodenpyl, Hardy & Co., Gil- bert J. Postley, Earle A. Miller & Co. Price Range Jan. 1, '19, to Jan. 1, '31 1930 Rid. A. entire waters of the Madeleine River and 30 , 000 acres of perpetual limits located in Quebec. The timber qn the property is valued at $9,700,800 on a pre-war basis. "Water powers on the property are capable of an ulti- mate development of 27,000 h. p. The com- pany is to construct a wharf and breakwater on Madeleine Bay; a six-mile railroad, a ground-wood pulp mill with an annual capacity of 20,000 tons, a saw mill with an annual capacity of 5,000,000 feet; also dams, pen- stocks, etc. Earnings — Company does not report earn- Ines. Original Market — $600,000 offered Sept., 1917. by Beyer & Small. Portland, Me. Market. Portland — Beyer & Small. New York — H. N. Whitney & Sons. GREAT FAIiliS (Mont.) GAS CO. 1st S. F. «s. Due May 1. 1936. Dated May 1, 1916. Interest payable May 1 and Nov. 1, at Central Trust Co. of Illinois, Chicago. Tax Statue — 2% Federal Income Tax not assumea by company. Authorized $750,000 Outstanding 261,500 Reserved for Ext 488,500 Denominations — Coupon, $500 and $1,000. Reglsterable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 103 and Interest on any in- terest date. Sinking Fund — Annually, beginning Sept. 1, 1920, 3% of gross earmngs for the purchase or redemption of these bonds at not over 103 and interest. Organization — Incorporated in Montana in 1909. Capitalization. Outstandmg. Common $350,000 Preferred (7% cum.) 150.000 Funded debt 261.600 Secured by a first mortgage on all the prop- erty of the company. The company owns a gas plant supplying Great Falls, Mont. Popu- lation served, about 33.000. Franchise expires 1941. Years ended Dec. 31: Gross. Net. 1919 $108,483 $42,405 1918 86,211 24,137 Original Market — $200,000 offered July. 1916. by Sweet. Causey. Foster & Co.. Denver, at 101 and interest. Market Chicago — Powell, Garard & Co. GREAT FALLS POWER CO. (Mont.) 1st S. JF. OS. Due May 1, 1940. Dated May 1. 1911. Interest payable May and Nov. 1. at Trustee's oflSce. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding (Jan. 1, '21) 3,938,.000 Pledged under M«ntana Power Ist and Ref , 5s 5,782','000 Held in S. F 1,062,000 Reserved for Ext 4,218.000 Provisions of Issue — Additional bonds if is- suea must be pledged under Montana Power Co. Ist & Ref. 5s. Penomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Bankers' Trust Co., New York. Redeemable at 107^ and interest on any interest date on six w^eeks' notice. Sinking Fund — ^Annually, beginning in 1912. 1% of all bonds certified, for the purchase or redemption of bonds at not over 107 '^ and Interest. Bonds so acquired to "be kept aUve and interest added to sinking fund. Organization and Control — Incorporated in' Montana m 1910^ Entire capital stock (except directors' shares) owned by Montana Power Co. and (except one-half of the common stock, which is pledged under the Butte Electric & Power Co. 1st S. F. '5s) pledged under its First and Refunding Mortgage, dated July, 1913. Capitalization. Outstanding. Common $10,000,000 Preferred (6% cum.) 771,000 Punde-d debt 10, 782.000 Secured by first lien on property, including hydro-electric . plants and practically all the land, all water rights and all available power sites on both sides of the Missouri River from a point just below the city of Great Falls, Montana, for eight miles down the river. The remaining authorized bonds will be issued for additions, etc.. and will be pledged under the First and Refunding Mortgage of the Montana Power Co. Years ended Dec. 31: Gross. Net. Interest. 1920 $3,657,416 $2,048,950 $512,192 1919 - 2,892,590 1,907,241 522,181 1918 3,676,961 2,220,799 527,404 1917 3,197,132 2.146,614 510,777 1916 3,048,990 2,337,774 428,600 Listed on the New York Stock Exchange. Original Market— $6,000,000 offered in 1911 and 1912 by the Guaranty Trust Co., New York, at 96^ and interest. Market. New York — Dunham & Co., Samuel Gold- schmidt, Hartshorne & Battelle, Hodenpyl, Hardy & Co., Earle A. Miller & Co., Vander- hoef & Robinson, Carruthers, Pell & Co., Gilbert J. Postley. Boston — Moors & Cabot. Pluladelphia — Elkins, Morris & Co. Providence, R. I. — Hornblower & Weeks. 1 Price Ranee— X. Y. S, E. Jan. 1, '17, to Jan. 1, *2l 1920 High 102% Jan. 30, '17 ff9 Mar. 22' Low. 82 Dec. 31, '20 82 Dec. 31 GREAT XAKES COAL MINING CO. (THE) (Columbus, O.) 1st 6s. Due SIOO.OOO March 1, from 1918 to 1928 incluHive, and $150,000 March 1. 1929. Dated March 1, 1917. Interest payable March and Sept. 1, at Trustee' a office. Tax Status— 2% Federal Income Tax paid by company without deduction. Autliorized $1,250,000 Outstanding 950,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — First Trust & Savings Co., Cleve- land. Redeemable at 102 and interest on any in- terest date In reverse order of their Issue. Guaranty — A contract has been entered Into between the Oreat Lakes Coal Mining Com- pany and The C. Relss Coal Company and The Milwaukee Western P^el Company, by the terms of which the two latter named compa- nies have agreed- to puTbhase the entire out- put of The Great Lakes Coal Mining Com- pany for a. period of twelve years, beginning March 1, 1917; and one of the provisions of that contract is that The C. Reiss Coal Com- pany and The Milwaukee Western Fuel Com- pany have agreed to pay direct to the First Trust and Savings Company, Trustee, each month, beginning April 25, 1917, $15,000 per month for the first five years and $16,000 ad- ditional on February 25, 1918, and $12,000 per month for the balance of the term, which payments are more than su£Qcient to meet the maturing interest and principal, and are to be made even though the seller, for any rea- son wiiatever, haB been unable to make any deliveries to the purchaser. Orgiinization and Control — ^Incorporated in Ohio. All the $1,250,000 capital stock Is owned by interests Identified with The C. Relss Coal Co., of Sheboygan, Wis., and The Mil- waukee Western Fuel Co., of Milwaukee. Wis. Capitalization. Outstanding. Common , $1,250,000 Funded debt 1.050.000 Secured by a first mortgage on 5,000 acres of coal owned in fee. togethf-r with buildinga. equipment, surface land and mining rights pertaining to mined-over acres (the orieJnal acreage being 6,600 acres, of which 1,600 acres have been mined). Two mines have been operated for about 15 years. The property is located in Harrison and JefEerson Counties. Ohio. The property is estimated to contain a mmimum of 25.000.000 of recoverable coal. Capacity, 4,000 tons per day. The coal is known to the trade as Pittsburgh or No. 8. Original Market — OfCered May, 1917, by First National Bank and Borton & Borton, Cleveland. GBBAT LAKES POWER CO. (THE), LTD. (Sault Ste. Marie, Ont.) Ist 6s. Due an- nually May 1 as follows: $50,000, 1919; $55,000, 1920; $60,000. 1921; $65,000, 1933; S70;000, 1923: .$75,000. 1924; SBO,- 000, 1925; $85,000. 1926; $90,000, 1927; $100,000, 1928. 1929, 1930; $110,000 1931 and 1932; $120,000, 1933; $130.000,' 1934; $140,000 1935; $130,000. 1936; $80,000, 1937, and $75,000, 1938. Dated May 1 1916. Interest payable May and Nov. 1, In Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding: (Jan. 1, *21) 2,585,000 Matured and Paid 105,000 Denominations — Coupon, $500 and $1,000. Reglsterable as to principal. Registered, $1,000 or any multiple. Coupon ($1,000) in- terchangeable with registered. Trustees — State Street Trust Co., Boston, and Frederick Stone, Sault Ste. Marie, Ont. Redeemable as a whole on any interest date before May 1, 1935, on a 6% basis and there- after on a 4%% basis. Organization — Incorporated In Ontario, Mar., 1916, and acquired and owns In fee the water power properties at Sault Ste, Marie, Ont., formerly owned by the Algonia Steel Corpora- tion, Ltd. Also owns the $160,000 capital stock of the International Transit Co. Capitalization. Outstanding. Common $2,000,000 Preferred (7% cum.) 600,000 Funded debt 2,585.000 Management — Middle West Utilities Co. Secured by a first mortgage on all property of the company, consisting of an intake canal, power house and tail race, together with com- pensating works, situated on the St. Mary's River. The company sells 11,000 water h. p. under a 99-year_contract to the Lake Superior Paper Co. and 3,000 h. p. is generated and Hold in the form of electrical energy to the Algoma Steel Corp.. the city of Sault Ste. Marie, Ont., and local industrial plants and street railway system. Furiher secured by deposit of the entire capital stock of the Inter- national Transit Co., which company owns the local street railway system and ferry service to Sault Ste. Marie. Michigan. The latter company has outstanding $92,500 1st Ss, due serially to 1925. Years ended Dec. 31: Bond Gross. Net. Interest. 1920 $461,820 $385,211 $139,945 1919 397,856 334,237 134,062 1918 334,517 317,078 103,071 1917 198,501 133,892 60,436 Original Market — Offered May 1, 1916, by Estabrook & Co., Boston and New York, at par and interest. Market. New York — Estabrook & Co., Berdell Bros. Boston — Estabrook & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. High 99 '17 101 '17 98% Dec. Low. 94 '18 95 '20 95 Jan. GREAT NORTHERN LUMBER CO. Is 6s. One S50.000 Dec. 15, 1919. and $25,000 each June 15 and Dec. 16, from June 15, 1920, to Dec. 16. 1926.^ inclusive. Dated Dec. 15, 1916. Interest payable June 15 and Dec. 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $350,000 Outstanding (Feb. 1, '21) 250,000 Balance Retired. Denomination — Coupon, $1,000, except Dec. 15, 1922. maturity, which is $600 and $100. Reglsterable as to principal. Trustees — Continental & Commercial Trxist & Savings Bank and Calvin Fentress, Chicago. Redeemable at 101 and Interest on any In- terest date on 30 days' notice. Sinking Fund — The mortgage provides that 28.000,000 feet of pine may be released from its lien without payment. Per all other re- leases (pine timber only) $2 per thousand feet, log scale. This fund Is to retire pirlnclpal only. Organization — Incorporated In Delaware, Dec, 1916. Acquired the properties of the Lamb DaVIs Lumber Co., Leavenworth, Wash. iCapl-talteat^onv i< ■ ■■■ , ' OuWtandiHk. C9pinion , ...J460,000r Prj^f'eirrea 400,000 Fuhaed debt ... 732,000 . , Secured by a first mortgage on- all the prop- ertied, pi the company. ,TaIuatioii Dec., 1916. Majiyfacturing plant $250,000.00' Timber (fee land's arid timber only) i8l,66J.OO,0 (t. of pine at $1.50.. 422,941.60 .96,83^,0.00 ft. of fir at $0,25 23,959.110 Ra^ilj-pad ■ and equipment 265,12'6.00 . ' To^'ai, ....... . $962,026.60 'tTiliIerlies — $450,000 notes owned by stock- holders. "OriBinial Market — Offered .Tan.. 1917, by Lyon, Gary & Co., now Baker, Fentress & Co., Chicago, 111., and Portland, Oregon, Chicago, at 100 and interest. Market. Chicago — Baker, Fentress & Co, GREAT NORTHERN I'APER CO. 1st 58. Dae JiUy 1, 1927. Daii'd July 1, 1902. Interest payable Jan. and July 1, at the Chase National Bank, New rprk. ..Tax, Status — 2%. .Federal Income Tax paid by company without deduction. Authorized .* , $3,000,000 OutBtandlDg 966,000 Held in S. F 2,044,000 Denomination — rCoupon, , $1,000. ,; Ti^s'ie^^^Columbia Trust Cq.j New York, ; jinking Fond — $2.60 per 1,000 feet of lum- ber cut. to purchase bonds at not exceeding i05 and interest. :. ; ,: lOreanizataion — Incorporated in Maine In 1899. M ' Capitalization. Outstanding.^ Common $8,000,000 Funded debt 3,431,000 ' 'Secured by a first mortgage on paper mills at 'Millinocket and Madison, Me., with a daily acres of ' timber lands. Underlies — 2nd 6a of 1930. Orisv^al Market — Offered in 1902 by H. W. Poor &' Co. , New York and Boston, at par and interest. Market. New York — Hartshorne & Battelle, Fred H. Hatch & Co., Watson, Armstrong & Co., H. I. Nicholas & Co. Boston — L. Sherman Adams. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. High 100 '12 110 '09 88 Nov. Low. 78 '20 102 '12 78 Nov. GREAT NORTHERN PAPER CO. 2d 6s. Due Jan; 1, 1930. Dated Jan. 1, 1910. Interest payable Jan. and July 1, at company's office. New York. Tax Stains — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 2,475.000 Retired by S. F 526,000 Denomination — Coupon, $1,000. Registered, tl.OOO and multiples. Tmstee^United States Trust Co., New York. Redeemable at 106 and interest. Organization — See 1st 5a. Secured by a first mortgage on paper mill at Eiaat MiUinocket, Me., and second mortgage on property deacribed under 1st 6s (see above). Prior Liens — $966,000 1st 6s. Market New York — Hartshorne & Battelle. GREAT NORTHERN POWER CO. (Doluth) 1st 5s. Due Feb. 1, 1935. Dated February 1, 1906. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstandiner (Jan. 1, '21) 7,847,000 Held In S. F 753,000 Held in Trea-stiry 612,000 Keserved lor Kxt 788,000 Denomination — Coupon, $1,000. Resisterable as to principal. Trustee — Columbia Trust Co., New York. Redeemable as a whole at 110 and interest on any interest date. Sinldng Fund — A cumulative sinking fund beginning in 1912 provides lor the purchase of bonds in open market at not exceeding .105 and interest. If bonds cannot be purchased at such price the fund shall be applied to the ■ purchase of bonds legal for savings banks in New 'York. It is estimated that this fund.: will, retire 50 per cent, of present outstanding' bonds before maturity. Organization and Control — Incorporated in 1903 in Minnesota. Owns the entire ($26,000) capital stock of the Northern Power Co. of Wisconsin. The $11,000,000 capital stock out- standing la all owned by the Northwestern Power Go. Company has been in full opera- tion since 1910. ' Capitalization. Outstanding. Common $8,000,000 Preferred (6% cum.) 3,000,000 Funded debt 7,847,000- Secured by a first mortgage on a hydro- electric plant of 80,000 hi p. at Tbomaon, Minn., and ' on substations and transmisalon lines to Duluth, Minn., Superior, Wis., and to the Mesaba .Iron Range in Minnesota. The company has contracts with electric compa- nies supplying these cities which provide for interest charges on these bonds. Population served, over 136,000. Years ended Dec. 31: Gross. Net. 'Chargea. 1920 $2,076,728 $1,577,154 $1,000,184 1,919 ,1,529,775 1,029,349 621,482 1918 1,290,279 807,914 593,581 1917 1,168,619 711,121 528,329 1916 , ,905,881 698,488 , 477,027 *Inciudes Interest, taxes, depreciation, etc. Original Market — Offered in 1911 by Kissel. Kinnioutt & Co., New York; $1,469,000 offered Nov., 1916, by Coffin & Burr and Tucker. Anthony & Co.. Boston, at 91 and interest. Market. . New Yoric — E. A. Baker & Son, Fred' H. Hatch & Co., Earle A. Miller & Co., Tucker, Anthony & Co., Vanderhoef & Robinson, Berdell Bros,, John Nickerson, Jr., Car- ruthers. Pell & Co. Boston — L. Sherman Adams, Coffin -& Burr, Moors ■& Cabot, Tucker, Anthony & PliUadelpliia — Arthur J. Bender, Huntoon & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96% '16 97% '16 79 Dec. 89 Nov. Low. 72 '20 80 '20 72 July 80 Aug. GREAT NORTHERN RAILWAY COMPANY. Incorporated in Minnesota in 1856 as the Minneapolis & St. Cloud R. R. Co. and name changed to present title in 1889. The company owns 7,131.13 miles of road, of which 316 miles are double tracked, extending from Min- neapolis, St. Paul and Duluth, Minn., to Spo- kane and Seattle, Wash., .and; Portland. Ore-- gon, with branches to Sioux City, la.; Tank- ton S. D, ; Billings, Helena and Butte, Mont, and numerous other branches, and controls through ownership of the entire capital stocks of companies owning the road, 708 miles, of which B86 miles are in Canada, and including lines connecting with other lines of the Great Northern Ry. Co. at the International Boun- dary and entering Winnipeg, Nelson, Van-* couver and other important towns in Canada and British Columbia. The total mileage op^ erated is 8,256 miles. The company owns, equally with the Northern Pacific Railway Co., $107,613,600 of the $110,839,100 stock of the Chicago, Burlington & Quincy R. K. Co.. which operates 9.369 miles of road and furnishes an important eastern outlet for both roads, and the entire $40,000,000 capital stock and $73,710,000 1st mortgage bonds of the Spokane, Portland & Seattle Ry, Co., which owns several steam and electric rail- ways in Oregon and Washington. The Great Northern Ry. Co. formerly con- trolled, through the Lake Superior Company, some 65,000 acres of land in the Mesaba Range in Minnesota. Some 25.000 acres of this land was iron ore land. All of the land was placed in trust for the railroad in 1906. ana $150,000,000 of "ore certificates," repre- senting the ownership of this land, were issued to Great Northern Ry, Co. stockholders. Capitalization. Outstanding, Preferred .-$249,478,250 Funded debt 310,567,409 Years ended Dec. 31: Int. & Gross. Net. Rent. •1919 $28,686,973 $31,199,192 $29,098,726 •1918.... 28.686.973 27,990,305 7,927,035 tl918.... 100.661,067 15,466,051 1,910,277 1917.... 88.698,735 31,044,767 7,916,70a tl916.... 81,262,478 35,061,822 7,461,20V tl915 67,162,858 28,015,114 7,396.841 •Corporate account. tFederal account — standard return not In- cluded. +Years ended June 30. GKEAT NORTHERN RAILWAY CO. 1st and Ref. 4%s. Series A. Due July 1, 1961. Dated May'l, 1911. Interest payable Jan. 1 and July 1, at cojnpany's office, 33 Nassau Street, New Tork. Tax Status — 2 % Federal Income 'J ax' paid by company without deduction. Authorized $600,000,000 Outstanding 35.668.000 Pledged to Secure 6% Notes. . 25.000.000 Held in Treasury 17.711.000 Held in Pension Fund 500.000 Reserved for Refunding 332,062.000 Reserved tor Ext 100.000.000 Reserved for Acquisitions (Stocks and Bonds) 89,059,000 Denomination — Coupon, $1,000. Registerable as to principal. Registered $1,000 and author- ized multiples, C. & R. interchangeable. ■ Trustee — Bankers' Trust Co., New Tork. Redeemable as a whole only at any time on or subsequent Jan. 1, 1941, at 105 and interest upon 90 days' notice. Sinking Fund — The company has set aside and Is carrying on its books $28,808,219.93 to cover depreciation and replacement of Its equipment. The railway company has cove- nanted to mark distinctly that portion cov- ered by first lien so that it may be readily distinguished from that upon which it Is a general lien: to keep in repair and renew the same from time to time, so that the equity conveyed shall not be Impaired. Secured by direct or collateral lien on 7,755,91 miles of main line track. Including 7,480.32 miles of first track and 875.59 miles of other main line track.' Also a lien of equipment, trackage rights, leaseholds, terminals, etc., viz.: A first lien on 4,113.74 miles first track and 43.71 miles other main line track — Miles. Coon Creek to Brook Park, Minn 66,61 Saunders to Allouez, Wis. 6,20 Brookston to Ellis, Minn 46.51 Kelly Lake to Chisholm. Minn 7.25 Kelly Lake to Gunn, Minn 31.34 Virginia to Chisholm. Minn 16.98 Park Rapids to Cass Lake, Minn 49.04 Thief Riv. Falls to Warroad, Minn 84.24 Watertown to Huron, S. D 69.61 Fargo to Surrey. N. D 226.92 Aneta to Devils Lake, N. D ' 57,72 Armington to G. N. Jet., Mont 194.53 Shelby Jet. to Great Falls, Mont 97.31 Rexford to Int'l Bdy-Gateway. Mont. . . 8.68 Northport, Wash, to Int'l Bdy-Paterson.. 7.49 Marcus, Wash., to Int'l Bdy-Laurier. . . 27.66 Int'l Bdy-Danville to Int'l Bdy-Ferry... 25.13 Int'l Bdy-Molson to Int'l Bdy-Chopaka. . 48.46 Seattle. Wash., to Int'l Bdy-Bliine 122.70 Anacortes to Rockport, Wash 57.31 Tr. at Sioux City, la , 1.28. Monroe to Tolt, Wash 12 Bonners Ferry to Int'l Bdy-Port Hill. Idaho 25.95 Power to Bynum, Mont 42.97 Mississippi to nibbing, Minn 34'.18 Emmert to Chisholm, Minn 3.69 Kelly Lake to JTermoy, Minn 23,29 Kelly Lake to Flanders, Minn 9.69 Sundry Mine Spurs on Messabe Range. . 17.07 EUendale to Forbes, N. D 13.36 Walhalla, N. D., to Int'l Bdy-Haskett Man 5.34 Lakota to Sarles, N. D 73.13 St. Johns to Inf'l Bdy-St. Johns, N. D. . 3.77 Tork to Dunseith, N. D 42.27 Bottineau to Antler. N. D 41.89 Towner to Maxbass. N. D 46.10 Granville to Sherwood, N, D -. 61.82 Berthold to Crosby, N, D 89,16 Stanley to Wildrose. N. D 50.75 Bainville to Plenty wood, Mont 53.19 Virden, Mont., to Int'l Bdy-Sweet Grass 36.54 Kalispell to Marion, Mont 25.57 Kalispell to Somers. Mont 10.45 Fidelity Lumber Spur at Albany Falls, Idaho 1.99 Curlew to Republic, Wash 21.28 Republic to Eureka Gulch, Wash 5.97 Croville to Pateros. Wash 78.10 Columbia River to Mansfield, Wash 60.58 A first collateral lien on 584.81 miles first track (and 7.12 miles other main line ^rack) by pledge of entire issues of capital stock (except qualifying shares) of proprietary com- panies, viz.: Miles. Par. Minneapolis Western Ry. Co. 1.69 $749,500 Man. Great Northern Ry. Co. 91.77 2.053,500 The Brandon, Saskat, & Hud- son's Bay Ry, Co 69.45 2,136.000 Crow's Nest Sou. Ry. Co 74.18 4,269,800 The Nelson & Ft, Sheppard Ry. Co 55.42 2.836,800 Red Mountain Ky. Co 9.59 402,000 Vancouver, Victoria & East. Ry. & Nay. Co 276.78 23.465,000 Braildon, Devils Lake & Sou, Ry. Co 13.05 650.000 647 Totals 591.93 $36,563,200 A second Uen on 4.112.92 miles first track (and Iff 1.1 4 miles of other main line track)— Covered by the first lien of the follow- ing: St. Paul, Minn., and Man. — Pac. Ext. 1st 43 432. BJ Eastern Ry. of Minn. -^Northern Div. 1st 43 284.21 Wlllmar & Sioux Palla 1st Bs 804.0» Spokane Falls & Northern 1st 6s 130.04 St. Paul, Minn., & Man. Cons. 6s, 4^s and 4s 2,542.16 St. Paul. Minn,, & Man. — Mont. Ext. 1st 43 419.86 A third lien on 668.85 miles first tracic (and 53.62 miles of other main line track) — Covered by the first lien of the follow- ing: Minneapolis Union Ry. 1st 5a and 6a. , 2.47 Montana Central 1st 5s and 6s 249.98 St. Paul, Minn., & Man. — Mont. Ext. 1st 4s 416.40 Also a lien on equipment at the time' of the mortgage costing $69,073,180 and is a first lien on equipment costing $46,^00,068 (see "Sinlc- Ing Fund.") Also a lien on 188.53 miles of trackage rights, including terminals, viz. : Nor. Pao. — Seattle to Vancouver, Wash 172.63 Nor, Pac. — Seattle to Vancouver, Seattle Rys. — Vancouver, Wash., to and in Portland, Ore 9.90 Also secured by pledge of the following se- curities: Stocks. Deposited. Issued. •St. Paul Union Depot Co. {103,600 {932,400 •Minnesota Transfer Ry. . 7,000 70,000 Lake Superior Terminal & Transfer Ry. . . . ^ 167,800 MacDonald, Vilas & Hickey, F. J. Lisman, Edwin J., Wolff. Price Range — N. TC. S. E. Jan. 1, '17, to .Jan. 1, 'HI 1920 High 101% Jan. 4, '17 85% Jan. 3 Low. 70 May 19, '20 70 May 19 496,000 Total {278,400 (1,497,400 •Subject to lien of St. P., M. & M. Cons. Mtge. Bonds. St. Paul. M. & M. — Mont. Ext. lat 43. . .{11,602,000 {21,687,000 St. Paul, M. & M. — Pac. Ext. lat 4s 707,394 29,090,909 Spokane Falls & North- ern 1st 6s 2,583,000' 2,812,000 Willmar & Sioux Falls 1st 63 21,000 3.664,000 Total {14,813,394 $67,436,909 Prior Liens — Subject to $107,525,515 prior liens as follows: Eastern Ry. of Minnesota — North- ern Div. 1st 4s, 1948 {9,696,000 Mlnneapolia Union Ry. 1st 6s and 6s, 1922 2,800,000 Mont. Central 1st 6s and 63, 1937.. 10,000,000 St. Paul, Minn.. & Man. Cons. 63, 4%s and 4s, 1933 42,608,000 St. Paul, Minn,, & Man. — Mont. Ext. 1st 43. 1937 10,186,000 St. Paul, Minn., & Man.— Pac. Ext. 1st 4s, 1940 28,383,615 Spokane Falls & Northern 1st 6s, 1939 229,000 Willmar & Sioux Falls 1st 53, 1938 3,626,000 All closed mortgages. Bonds are reserved under this mortgage to retire the prior liens. Underlies— Gen 7s of 1936. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., N. H.. N. T., N. J., R. I.. Vt., Ore. and Wis.: also for Baltimore Trust Funds. Listed on the New York Stock Exchange. Original Market — Underwritten, $20,000,000, in 1911, by First National Bank, National City Bank and J. P. Morgan & Co., New York, and offered at 102 and interest; $1,300,000 offered June, 1919, by First National Bank and Clark, Dodge &'Co., New York at 86^ and interest. iVfarket. New York — Colgate, Parker & Co., Ar- thur E. Frank & Co., Samuel Goldschmidt, Grang:er & CJo., Kountze Bros., Newborn & Co., Prince & Whitely, Redmond & Co., Struthers & Hiscoe, Seasongood, Haas & GREAT NORTHERN RAILWAIf CO. OF CAN- ADA Cons. 4s. Due Oct. 1, 1934. Dated April 1, 1905. Interest payable April 1 and Oct. 1, at Canadian Bank of Com- merce, New York and Toronto, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized {4,962.000 (And $20,000, per mile.) Outstanding 3.605.000 Exchanged for Canadian North- em Quebec Ry. Co. 4% Pe*^ petual Debenture Stock 1.^719,760 Denomination — Coupon, {100, {600 and $i,- 000. Trustee — Central Union Tr. Co., New York. Redeemable at par and interest any interest date prior to April 1, 1915. Guaranteed as to principal and interest by endorsement by the Canadian Northern Ry. Co. Control — Absorbed by the Canadian North- ern Quebec Ry. Co. The latter company was controiied by the Canadian Northern Ry. Co, through ownership of a majority of stock. The latter company's property and assets were acquired in 1919 by the Canadian National Rys., whose entire stock is owned by the Canadian Government. Secured by a first mortgage on 208 miles of road from Hawkesbury, Ont., to Riviere-a- Pierre, Quebec: Montford to Huberdeau and branches. This line forms part of what will eventually be a line from the Atlantic Ocean to the Pacific Ocean, of which a large part ia already completed. Underlies — {6,200,000 Can. Nor. Queb. Per- petual Deb. Stock. Listed on the Toronto Stock Exchange. Market, New York — Edwin Wolff, F. J. Llaman, Pynchon & Co., Finlay & Davenport. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 86 '16 ,SS '16 63 Mar. 67 Mar. Low. 45 '18 67 '16 56 May 60 Aug. GREAT SOUTH BAY WATER CO. 1st & Bet. OS. Due Nov. 1. 1938. Dated Nov. 1, 1908. Interest payable May and Nov. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $400,000 Outstanding 386,000 Reserved for Prior Liens 14,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Peoples' Trust Co., Brooklyn, N. T. Organization — Incorporated in New York in 1889 and absorbed the Suffolk County Water Co. Capitalization. Outstanding. Common . $200,000 Preferred (7% cum.) 250,000 Funded debt 400,000 Secured by practically a first mortgage on plants supplying water to Bay Shore and Patchogue, Long Island, N. Y., and vicinity. Population served, 26,00 0. Has contract with village of Patchogue, running to 1928, and Bay Shore to 1921. Prior Lien — {14,000 bonds, due 1929. MS Tears ended Dec. 31: Gross. 1919 $103,537 1918 89.511 1917 87.811 1916 , 80,726 1915 78.206 1914 73,254 New York — Samuel Goldschmidt, A. C. Spiller & Co., Berdell Bros. Price Rangre. Jan. 1, '17, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High. 81 '17 91 '19 65 71 Low. 50 '20 57 '20 50 57 GREAT WESTERN MIIXING COMPANY Ist 6b. Due $30,000 each July 1, from 1934 to 1933, incluBive. Dated July 1, i919. Interest payable Jan. and July 1, at Title Insurance & Trust Com- pany, Los Angeles. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $500,000 Ontstanding 200,000 Reserred for Corporate Fnrposes 300,000 Trustee — Title Insurance & Trust Company, Los Anireles, Cal. Redeemable after July 1, 1924. at 101% and interest. Orsranization — Incorporated In California. Capitalization. Outstanding:. Common $200,000 Funded debt 200,000 Secured by a first mortgage on all the property of the company. The property cov- ered includes a modern flour mill and also complete feed mills located at Los Angeles. Years ended Dec. 3x. Bond Gross. Net. Interest. 1918 $171,141 $39,030 $12,000 1917 193,191 58.263 1916 149,555 56,664 Original Market-^$ 200.000 offered October, 1919, by A. E. Lewis & Company. Los Angeles, at prices ranging from 99.49 to 96.60, accord- ing to the maturity. GREAT WESTERN POWER CO. Ist S. F. 6s. Due July 1, 1946. Dated July 1, 1906. Interest payable Jan. and July 1, at New York, Boston, San Fran- cisco or London. Tax StatUB — 2% Federal Income Tax paid by company without deduction. Authorized $25,000,000 Outstanding (Jan. 1. '21) 20,519,000 Fledged under Cal. Elec. Gen. Co. 1st S. r. 5s 637.000 Pleagred under 1st and Ref. 6s 2,714,000 Retired by S. P 1,130,000 Denomination — Coupon. $1,000. Registerable as to principal. Registered, $1,000. Trustees — ^Bankers' Trust Co., New York. Redeemable at 106 and Interest on any in- terest date. Sinking Fund — 1% annually of outstandinK bonds, commencing July 1. 1916, for the pur- cbase or redemption of these bonds at not over 106 and interest. Bonds so acquired to be cancelled. Control — ■ Incorporated In California In 1906. In 1919 the Great western Power Co. of California acquired the properties of the company, the City Electric Co. and the Con- solidated Electric Co. The Great "Western Power Co. of California is controlled through stock ownership by the Western Power Corp. Secured by a mortgage on all the property of the company now owned or acquired. Also secured by deposit of the entire $5,000,000 common stock of the California Electric Gen- erating Co. and $350,350 Consolidated Elec- ric Gen. 5a of 1955. The property covered by the direct lien of this mortgage includes the following: Big Meadow Reservoir located in Plumas County in Northern Central California covering about 20,000 acres and with a storage capacity of about 300.000 acre feet; additional acreage in Butte Valley adjacent to Bie Meadows: hydro-electric plant of 87.000 h. p. at Big Ben Station on the Feather River; two 3-phase circuits operating at 100,000 volta extending on steel towers with concrete foun- dations from Big Bend- plant 154 miles to Oakland: sub .■stations at Sacramento, Oak- land. Napa, Santa Rosa, Petaluma and other points: 1,600 miles of underground and over- head circuits serving customers; 3 submarine cables, each 4 miles in length, operated at 11,000 volts, extending under San Francisco Bay between Oakland and Kan Francisco; also lands and water rights necessary to make an ultimate development of 500,000 additional h. p. Prior Lien's — $966,000 1st 5s of 1948 and $2,500,000 6% preferred stock of the Cali- fornia Electric Generating Co.; $4,145,000 1st 5s of 1937 of City Electric Co. of San Fran- cisco. Underlies — G. "W. P. Co. of Cal. Conv. Deb. 6a of 1925, 1st & Ref. Mtge., under which mortgage bonds are reserved to retire this issue, and Gen. Conv, 8s of 1930. Earnings — See 1st & Kef. 6s. Listed on San Francisco Bond & Stock Ex- change. Original Market — Offered in 1909. by E. H. Rollins & Sons, Boston, etc., at 96 and in- terest. Market. New York — Samuel Goldschmidt, Hart- shorne & Battelle, Fred H. Hatch & Co.. Hodenpyl, Hardy & Co., Morton Lachenbruch & Co., Eaxle A. Miller & Co., A. W. H. Munford, A. B. Murray & Co., Rauscher & Mackay, Sutro Bros. & Co., Vanderhoef & Robinson, Oarruthers, Pell & Co. Boston — L. Sherman Adams, Moors & Cabot, E. A. Watson & Co. FliUadelphia — Bauer, Starr & Co., Henry D. Boenning & Co., McCown & Co., Samuel McCreery & Co., Paul & Co. Ivos Ang-eles — The Citizens National Bank, Torrance, Marshall & Co. San FranCisco^Ryone & Co., Sutro & Co. Price Range. Jan. 1, '10, to Jan. 1. '21 1920 Bid. Ask. Bid. Ask. High 93 '10 96 '10 84% Jan. 86 Feb. Low. 70% '17 71% '18 71 May 73 May GREAT WESTERN POWER CO. OF CALI- FORNIA Conv. Deb. 6s, Due Nov. 1, 1935. Dated Nov. 1, 1915. Interest payable May 1 and Nov. 1, in Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding: 4,440,900 Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal only. Trustee — Equitable Trust Co., New York. Redeemable at any time at 101 and Interest on four w^eeks' notice. Convertible at par from Nov. 1, 1917, to Oct. 31, 1920, both inclusive, into 7% cumu- lative preferred stock of the company at $95 a share and accrued dividends with adjust- ment as to interest and dividends. Organization, etc. — See 1st & Ref. 6s. Security — These debentures are a direct obligation of the Great Western Power Co. of California, but are not secured by a mortgage. Prior liens — Outstanding. G. W. P. 1st 5s, 1946 $21,166,000 City Electric 1st 6s, 1937 :. 1,642,000 ■ Oonsol. Electric Gen. 63; 19B5.... 1,602,200 Central Oakland L. & P. 6s, 1939 64,000 Consumers K & P. Gen. 6s, 1933 77,000 G. W. P. of Cal. 1st & Ret. A 6s, „1949 6,000,000 G. W. P. of Cal. Gen. 8s, 1930.... 5,000,000 G. W. P. of Oal. Gen. 8s, 1936 2,500,000 Earnings — See 1st & Ref. 6s. Original Market — Offered to stockholders of Western Power Co., pro rata at 96% and In- . terest in November, 1915. Subscription un- derwritten by E. H. Rollins & Sons, Boston, New York, Chicago, etc., and William P. Bonbright & Co., New York, and $4,500,000 offered by these firms Dec, 1915, at same price. Market. New York— Fred H. Hatch & Co., Martin, Berwin cS: Co., Earle A. Miller & Co., A. W. N. Munford, Sutro Bros. & Co., "Vanderhoef & Robinson, Carruthers, Pell & Co. Boston — L. Sherman Adams, Moors & Cabot. Philadelphia— Bauer, Starr & Co., Henry D. Boenning & Co., Samuel McCreery & Co., Paul & Co. I.OS Angreles — Banks, Huntley & Co., The Citizens National Bank, Torrance Marshall & Co. San Francisco — Ryone & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 99Vi '17 100 'le 90 Jan. 93 Jan. Low. 78 '17 80 '18 84 May 86 May GREAT WESTERN POWER COMPANY OF CAMFOKNIA 1st & Ref. S. F. Series "A" 6s and "B" 7s. Due March 1, 1949. Bated March 1, 1919. Interest payable March and Sept 1, at Trustee's office. Ta.x Status — 2% Federal Income Tax paid by company without deduction. Authorized "A" 6s $6,000,000 "B" 7s 7,500,000 $13,500,000 Outstanding (Jan. 1, '31 "A'^ 6s 6,000,000 Pledged under Gen Mtge 7,600,000 Purpose of Issue — To finance in part the construction of new hydro-electric generating plant of an initial capacity of 53,000 h. p. and a new 100.000 volt steel tower trans- mission line from said plant to Velona, Cal., which is distributing center for the San Francisco bay district. Denomination — Coupon $1,000, $500, and $100. Reglsterable as to principal. Trustee — Bankers* Trust Co., New Tork. Redeemable on the 1st of any month upon 60 days' notice at the following prices: 103 and interest to Feb. 28, 1939. 102 and inter- est thereafter to Feb. 2S, 1948, and 100 and interest thereafter. Sinking Fund — Beginning 1923 annual pay- ments on Jan. 1 of an amount in cash equal to 1 V& % par value of all bonds outstanding under this mortgage. Of this sum not less than 1 /3 to be applied to the acauisition of bonds by purchase or by call: bonds so . acquired to be kept alive and interest added to the fund. Remainder of sinking fund pay- ments to be expended for improvements, ex- tensions, betterments or acquisitions which shall not be made the basis for the cer- tification of additional bonds. Organization and Control — Incorporated in California in 1915 for the purpose of unifying the Great Western Power System and has acquired in fee the properties of the Great Western Power Co., City Electric Co. and the Consolidated Electric Co. The Western Power , Corporation (New York corporation) owns all o*f the common stock of this com- pany. Capitalization. Outstandlne. Common $27,500,000 Preferred (7% cum.) 3,865,684 Funded debt 41,481,800 Secured by mortgage covering entire prop- erty of the company now owned or hereafter to be acquired, and is secured by a first mortgage on the new hydro-electric generating station known as "Caribou Station" now un- der construction and which will have an ini- tial capacity of 63,000 h. p. and an ultimate capacity of 160.000 h. p.: also secured by a general mortgage on all properties, rights and franchises formerly owned by Great Western Power Company, City Electric Com- pany, Consolidated Electric Company, and on the common stock of the California Electric Generating Company and of the Western Ca- nal Company. Additionally secured by pledge of the " fol- lowing securities; Bonds G. W. P. Co. 1st 5s •3,451,000 City Electric Co. 1st 6s 2,661,000 Consol. Electric. Gen. 6s t350,360 Stock — California Electric Generating Co. com t$5, 000,000 *637,000 are subject to the prior lien of Cal. Elec. Generating Co. Gen. 5s. tSubiect to prior lien G. W. P. Co. 1st Mtge. See detailed description of these properties under 1st 5s, due July 1, 1946. Prior Liens — Subject to $27,766,200 prior liens: G. W. Power Company Ist^ 5s 1946 $21,166,000 City Electric Company 1st 5s 1937 1,542,000 Consolidated Electric Co. Gen. 6s. 1965 and underlying Bonds.... 1,602,200 Years ended Dec. 31 (W. P. Co. System): Gross. Net. *Chargcs; 1920 $5,865,703 $3,280,414 $2,098,969 1919 5,172,878 2,714,252 1,817,840 1918 4,644.407 2,653,161 1,806,428 1917 4,008,553 2,490,855 1,828,158 1916 3,743,346 2,513,257 1,834,969 1915 3,038,204 2,290,967 1,522,265 ♦Includes interest on funded debt and $160,000 Cal. El. Gen. Co. preferred divi- dends. Underlies : Outstanding. Gen. Conv. Ss, 1930 $6,000,000 Gen. Oonv. 8s, 1936 2,500,000 Deb. 6s, 1925 4,177,600 $11,677,600 Original Market — $3,000,000 May, 1919, by E. H. Rollins & Sons. Bonbright & Company, and Lee, HIgginson & Company, New Tork, etc.. at 95 and interest. $2,000,000 offered Oct., 1919. by same firms at 96 and interest. Market. New York — Fred H. Hatch & Co., Morton Lachenbruch & Co., Martin, Berwin & Co., Carle A. Miller & Co., A. W. H. Munford, Rauscher & Mackay, Sutro Bros. & Co., Vanderhoef & Robinson. Boston — L. Sherman Adams, Moors & Cabot, B. A. Watson & Co. Philadelphia — Henry D. Boenning & Co., McCown & Co. Los -ingeles — The Citizens National Bank, J. J. Doran Co., -Stephens & Co., Torrance Marshall & Co. San Francisco — Ryone & Co., Stephens & -r , ,, Price Rangre .Jan. 1, *19, to Jan. 1^ '21 1920 m 1, nS*,*^- -^s^- ^^^- Ask.- ?^^ 95 '^ '19 9S '19 92 Jan. 96 Jan. Low. 82 '20 84 '20 82 May 84 Aug. ' ^^^^f^^'^S'TERHf POWER CO. OF CAM- Dated Aug. i, 192O. Interest payable Feb. 1 and Aup. 1 at Equitable Trust Co., New York Continental and Commercial Trust & Savings Bank, Chicago, and Anglo- Cahfornia Trust Co., San Francisco. - Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt m California. Authorized $5,000,000 Outstanding 5,000,000 Purpose of Issue — To provide funds to complete new plant and transmission line. Denomination — Coupon, $100, $500 and $1,000; registerable as to principal. Trustees — Equitable Trust Co., New York, and Anglo-California Trust Co. (Co.- Trustee), San Francisco. Redeemable at 105 and interest. Sinking: Fund— Annually beginning Aug. , 1 , 1922, a, sum of money to be used in re- tiring bonds by lot at 105 and accrued in- terest, which sum shall be sufficient, when paid annually during the remaining life of the bonds, including the year 1930, to retire the entire issue at a premium of 5%. This sum will amount to $583,333 plus accrued interest on August 1, 1922. Convertible — When called as a whole, which may be done only after completion of the pledge of 7% bond collateral, or by lot, the holders of this issue will have the option of either being paid in cash at 105 and interest, or accepting pledges 7% bonds at par, accrued interest and a cash premi- um of 5%. When Series B. 1st & Ref. 7s equal in par value to the total amount of General Mortgage Convertible 8% bonds shall have been pledged with the Trustee, the holders of the latter may at any time convert their bonds at 102^ an^ interest Into pledged 7% bonds at par and accrued -'Interest, the company paying the premium of 21^ % in cash. Organization — See 1st & Ref. S. F. 6s. Secured by mortgage covering entire prop- . erty of company. Additionally secured by pledge of $5,000,000 1st & Ref. 7s, Series "B," due 1949. For further details see 1st & Ref. S. F. 6s. Prior T^ens — Outstanding 1st 5s (closed) of 1946 $20,546,000 1st & Ret 6s "A" 1949 6,000,000 Divisional 5s 3,299,200 Vnderlies — Debenture 6s of 1925. Earnings — 1st & Ref. S. F. 6s. Original Market — $3,500,000 offered Sept. 1, 1920, by E. H. Rollins & Sons, New York, Boston, ' San Francisco, etc., and Cyrus Pierce & Co., Girvin & Miller, and William R. Staats Co. of San Francisco and Los Angeles, and Boyle Bros, of San Francisco at 100 and interest. $1,500,000 2s offered Dec, 1920, by E. H. Rollins & Sons. Cyrus Peirce & Co., and Bonbright & Co., Inc., at 100 and interest. Market New York — Hartshorne & Battelle, Sutro Bros. & Co., Carruthers, Fell & Co. Boston — Moors & Cabot. Phlladelptiia — McCown & Co. Ivos Angeles — Bayly Bros., Blankenhorn, Hunter, Dulin Co., The Citizens National 'Bank, J. J. Doran Co., Drake, Riley & Thomas, Stephens & Co. , Torrance Mar- shall & Co. San Francisco — Ryone & Co., Stephens & .Co. Salt Lake City — Palmer Bond & Mortgage Co; GREAT WESTERN POWER CO. OF CALI- FORNIA 15-Year Gen. Lien Conv. 8s. Duo Feb. 1, 1936. Dated Fob. 1, 1921, Interest payable Feb. 1 and Aug. 1 at Equitable Trust Co.. New York, Continental & Commercial Trust & Savings Bank, Chicago, and Anglo-Cali- fornia Trust Co., San Francisco. . Tax Status — 2% Federal income tax paid by the company without deduction. Tax ex- empt in California. Authorized $5,000*000 Outstanding 2,500,000 Reserved for Corp. Purposes — $2, 500,000. Issuance Restrictions — Additional bonds may be issued in aeries but no 1st and Ref. 7s may In the future be pledged as security for such additional series until the required amount shall have first been pladged under all bonds previously issued hereunder. Purpose of Issue— ^To providie funds to complete the Caribou plant and new trans- mission Lines to San Francisco Bay. The total cost of this constructioh is estimated at $15,475,3-20. Denominations^ Coup on, $100, $500_ and $1,000; registerable as to principal. Trustees — Equitable Trust Co., New York, and Anglo-California .Trust Co., San Fran- cisco. Redeemable as a whole or in part by lot on any interest date at 105 and interest.. Convertible — If these S% bonds are called as a whole or in part, which may only be done after completion of the pledge of Series *'B" 7s, the holders will have the option jof being paid 105 in cash, plus accrued inter^t, or accepting pledged Series "B" 7% bonds at par, plus accrued interest and a premium at 5% in cash. If not called, these bonds, at the option of the holders will be convert- ible on Feb. 1, 1935, into Series "B" 7s, bond for bond. The indenture also provides that if thege 8% bonds are called in whole or in paH after the completion of the pledge of 7% bonds, such pledged bonds may be with- drawn from the trustee to the extent thd,t 8% bonds shall have been paid in cash. ' Organization — See 1st & Ref. 6s. ' Secured by a general mortgage on all the property of the company and to be secured by pledge of an equal amount of 1st an^ Ref. 7s, Series "B" when issued. For details of property see 1st and Ref. 6s. Prior Liens — Outstanding. Gen. Conv. 8s, 1930 $5,000,000 1st & Ref. 68 "A" 1949 6,000,000 Gt. Western, Pr. Co. 1st 5s, 1946 20,519,0a0 Divisional 5s 3,285,200 $34,804,200 Underlies — Debenture 6s of 1925. Earnings — See 1st & Ref. 6s. Original Market— $2,500,000, offered March, 1921, by E. H. Rollins & Sons, Cyrus Pierce & Co., Bonbright & Co., Inc., at 100 and in- terest. GREELEY-HUDSON SECURITIES CORP. 6% Secured Sinking Fund Notes. Due May 1, 1931. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1 at Tru.stee's office. Tax Statuses % Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 789,900 Held in S. F 1,210,000 Denominations — Coupon $100 and multiples. Reg-isterable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable as a whole or in part for sink- ings fund at 105 and interest on any interest date on '30 days' notxce. J ■ . Sinking Fund — Semi-annual payments, viz.: Dates. Amounts. Feb. 1, 1918 $40,000 A.UB. 1, 1918 40,000 Feb. 1, 1919 40,000 Aug. 1, 1919 40,000 Feb. 1, 1920 46,000 Aug. 1. 1920 46,000 Feb. 1. 1921 60,000 Aug. 1, 1921 50,000 Feb. 1, 1922 65,000 Aug. 1, 1922 66,000 Feb. 1, 1923 65,000 Aug. 1, 1923 66,000 Feb. 1, 1924 70,000 Aug. 1. 1924 70,000 Feb. 1, 1926 76,000 Aue. 1, 1926 76,000 Feb. 1, 1926 80,000 Aug. 1, 1926 80,000 Feb. 1, 1927 86,000 Aug. 1, 1927 86,000 Feb. 1, 1928 • 96,000 Aug. 1, 1928 95,000 Aug. 1, 1929 100,000 jLug. 1, 1929 100,000 Feb. 1, 1930 100,000 Aug. 1, 1930 100,000 Feb. 1, 1931 100,000 May 1, 1931 100,000 The company may deliver to the trustee these notes in lieu of cash. Fund Is to be applied to the purchase or redemption of these notes at not over 105 and interest. Notes so acquired to be held alive and interest added. Note — The Company estimates that these notes will be paid off by Feb., 1923. Organization and Control — Incorporated in May, 1917, under a readjustment plan where- by all the $2,000,000 capital stock of this company and $2,000,000 notes (this issue) was transferred to the Hudson Companies for the stocks and bonds of the Greely Square Realty Co., mentioned below. The property owned by the latter company was sold to Gimbel Bros., Nov. 3, 1919, and both the G-H Securities Co. and Greely Square Realty Co. are in process of liquidation. Secured by pledge of the following securi- ties: $3,627,000 ($4,260,000 issued) 1st Ref. 6s, due Oct. 1, 1930, together with the en- tire $1,000,000 common stock and $1,000,000 preferred stock of the Greeley Square Realty Co., which company owns a plot of land on the westerly side of Broadway, formerly Sixth Avenue), New York City, bounded by 32d and 33d Streets, having a frontage of 197 ft. 6 in, on Broadway, with a depth of 40 ft. on both 32d and 33d Streets im- proved by a building (department store) cover- ing the property which is rented by Gimbel Bros, under a lease for 21 years, from Aug. 1, 1910, at annual net rental increasing from $606,000 for the first three years to $655,000 for the last three years, and continuing the l>rivilege for four renewals: also a subordi- nate interest in $260,000 ($6,600,000 held by the Mutual Life Insurance Co.) 1st Mtge. R. E. due 1924. The latter mortgage is a prior lien on the property above described. Under the provisions of the mortgage the time of payment of any or all the bonds or Interest in bonds included in above collateral may be extended by the company provided such bonds are not in default. Prior Liens — Of the above collateral the following is subject to prior pledges: $2,460,- 000 1st Ref. 6s, $1,000,000 preferred and $1.- 000,000 common stocks of the Greeley Square Realty Co. pledged with the Guaranty Trust Co. to secure $1,600,000 notes of the Hud- son Companies, payable Aug. 1, 1918. Original Market — Holders of the Hudson Companie?' $16,000,000 preferred stock and the right to subscribe to these notes at par and interest with a 60% bonus in stock. Tr. GBKELOCK COMPANY S-Yr. 7% Coll, Conv. Notes. Due Jan. I, 1925. Dated Jan. 1, 1920. Interest payable Jan. and July 1 at the offices of Lee, Higginson & Co., Boston, New York and Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Anthorized $6,000,000 Outstanding 4,992,000 Converted 8,000 Purpose of Issue — To fund floating indeb- tedness to complete payment of shares of various subsidiaries recently subscribed for. Denomination — Coupon $1,000: registerabla as to principal. Trustee — National Shawmut Bank, Boston, Redeemable on any interest date on 60 days' notice at the following prices, plus accrued interest: 103 during 1920, 102 dur- ing 1921. 101% during 1922, 101 during 1923 and 101 during 1924. Convertible at any time after May 1, 1920, and for 30 days after notice of call, on the basis of 5 shares (aggregating $500 par val- ue) of The Greelock Company's new 7% Cu- mulative Non-Voting Preferred Stock and 4 shares (aggregating $400 par value) of its Common stock (now paying 8% dividends) for each $1,000 of Notes. Organization — Incorporated in Massachu- setts in 1916. It is a holding company own- ing stocks of the following companies: Outstanding Owned by Co. Pacific Mills $20,000,000 $3,664,900 Lancaster Mills, Com- mon 2,500,000 1,348,000 International Cotton Mills, Com 4,760.900 3,062,900 Winnsboro Mills, Com- mon 2,000,000 1.000,000 The Lawten Mills, Com. 2,000,000 522,500 Roxbury Carpet Co 500,000 260,00.0 $31,760,900 $9,848,400 Capitalization. Outstanding. Common $6,003,200 Preferred (7% cum.) 4,000 Funded debt 4,992,000 Secured by pledge of the following stocks: Par Value Div.Rate. 12% 10 Interest. $489,251 Pacific Mills $2,600,000 Lancaster Mills, Com.... 1,00,000 International Cotton Mills, Com 2,600,000 Winnsboro Mills, Com. .. 1,000,000 Yeai* ended Dec. 31: Net. 1920 $1,309,556 Original Market — $5,000,000 ottered January 1920, by Lee, Higginson & Co., Boston, New York, Chicago, etc., at 99 and interest. Market. New York — Earle A. Miller & Co., Curtis & Sanger, .Samuel Goldschmidt. Boston — Moors & Cabot, Curtis & Sanger, Tucker Anthony & Co. Price Range 1920 „, ^ Bid. Ask. H'gh 92 Sept. 99 Jan. Low 92 Sept 93 Deo. 662 GREEN BAY & WESTERN RAII,ROAD CO. Income Deb. "A" and "B." Dated Feb. 1, 1896. Interest payable when earned, at company's office, 40 "Wall Street, New York. Class "A" are entitled to 2%% if earned, then 2%% for $2,500,000 common stock, then Ratably up to 5%; 5% was paid March 21, fSfl. for year ended Dec. 31, 1920, when this amount is paid class "B" are entitled to all surplus earnings. Class "B" have received Va % in 1908, % i^ in 1909, % % in 1910. %% in 1911-1912, 1%% in 1913 and Z% In 1914. %% in X915 and % % in 1916, 1%. 1917; H%, 1918, 1919 and 1920. Tax Status — Payment of Federal Income Tax not assumed by company. Ontstandine — "A" $600,000 "B" 7.000,000 DenomiQation — Coupon, $1,000. Regristerable as to principal. Beeistrar — Farmers* Loan & Trust Co., New York. Organization — The company owns 222 miles ol road, including line from Green Bay to Marshland. Wis.. 209 miles and branches. Capitalization. Outstanding:. Common $2,500,000 Debentures 7,600,000 Security — ^A direct obligation of the com- pany, but are not secured by mortgage. There are no fixed charges on the property except taxes. Property can be mortgaged only with the consent of 75% of the stock. Years ended Dec. 31: Gross. Net. •Dividends. tl920 $1,087,019 $218,462 $163,750 tl919 204,878 173,758 163.750 tl918 204,878 208,556 163,750 1917 838,537 242,140 163,750 1916 850,071 290,973 225,000 1915 780,423 288,933 198,750 ♦Includes 5% each on Deb. "A" bonds and on capital stock, Vs % each 1917 to 1920 Incl.; 1% 1916, and %% 1915 on Deb. B. tCorju)rate account. Listed on the New York Stock Exchange. Market. New York — Samuel Goldschmidt, Hanson & Hanson, Joseph Oilman, Sharretts & Ford. Price Kange — N. Y. S. E. Jan. 1, *06, to Jan. 1, '21 1920 "A" High 92^^^ Jan. 22, '06 73 Oct. 18 Low. 51 Feb. 18, '19 55 Mar. 29 "B" High 23 Va Jan. 19, '06 13 Sept. 30 Low. 534 Oct. 30, '07 7 May 5 GREEN BAY GAS & ELECTRIC CO. Ist & Ref. 5s. Dae May 1. 1935. Dated May 1. 1905. Interest payable May and Nov. 1 , at Trustee' s office. Tax Statas — 2% Federal Income Tax paid by company without deduction. Authorized : $750,000 Outstanding: (Jan. 1, *21) 437,000 Retired by S. F r. 85,000 Fledged nnder Wis. Public Serv. Co. 1st & Ref. 5s 228,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — First Wisconsin Trust Co., Mil- waukee,' Wis. Redeemable on any interest date, up to Nov. 1, 1924, at 104 and interest; thereafter at par and interest. Sinking Fund — ^Annual amount on May 1 sufficient to call in and pay $5,000 bonds from 1910 to 1914; $8,000, 1915 to 1919; $10,000 1920 to 1924: $15,000, 1925 to 1929 and $22.- 000 thereafter. Company may deposit either cash or bonds. If cash is deposited it is to be applied to the purchase or redemption of bonds at not over 105 and interest prior to May 1, 1925, and at not over 100 and In- terest on May 1, 1925, or thereafter. Bonds acquired are to be cancelled. Assomed by the Wisconsin Public Service Co. Control — ^Absorbed by the Wisconsin Pub. Service Co., which is controlled by Wisconsin Securities Co. Secured by a mortgage on plants supplying gas and electricity to Green Bay, Wis., and vicinity, serving population of 60,000, Elec- tric franchise Is perpetual; gas franchise ex- pires in 1945. The property of the Wiscon- sm Public Service Co. includes a hydro-elec- tric plant and a 65-mile transmission line. Underlies — $2,438,000 W. P. S. Ba, 1942. Earnings — See Wis. Public Service Co. Original Market — Offered In 1905 by Mac- Donald, McCoy & Co., Chicago, at 101 and interest. Market. New York — Hanson & Hanson. Philadelphia — Samuel K. Phillips & Co. Chicag-o — Hill, Joiner & Co. Milwaukee — Edgar, Ricker & Co. Price Range. Jan, 1, '16, to Jan. 1, '31 Bid. Ask. High 98% '16 100*16 Low. 70 '20 80 '20 1920 Bid. Ask. 70 82 70 80 Dec. GREEN BAY WATER CO. 1st 6s. Due annually from iSept. 1, 1921, to 1940- Entire Issued Called at 102 1^ at First Wisconsin Trust Co., Milwaukee, on March 1, 1921. 553 GREEN STAR STEAMSHIP CORP. 5-Yr. Ist Marine Equip. 7s. Due $450,000 each April 15 and Oct. 15 from April 15, 1920, to Oct. 15, 1924, inclusive. Dated October 15, 1919. Interest payable April 15 and October 15 at Equitable Trust Company. New York. Tax Statas — 2% Federal Income Tax paid by the Company without deduction. The Company also agrees to pay any existing State taxes that may be levied upon the bonds held in the states of New York, Penn- sylvania and Ohio. Authorized $4,600,000 Outstanding (May 6, '21) 3,600,000 Balanne retired. Purpose of Issue — To finance the purchase of the vessels covered by the lien of this mortgage and for other corporate purposes. Denomination — Coupon, $1,000; reglsterable as to principal. Trustee — Equitable Trust Company, New York. Redeemable on any interest date at 105 and interest upon 60 days' notice. Redemption Fund — The Company will de- posit with the Trustee every two months as long as any of the bonds of this issue are outstanding 1/3 of the sum necessary to meet the next maturing series and accrued Interests on the entire issue outstanding. Organization — -Incorporated in Delaware In 1919 and acauired the vessels formerly owned by the Nafra Company, Inc. Capitalization. Outstanding. Common $10,000,000 Funded debt 8,000,000 Secured by a first mortgage on five steel steamships of an aggregate dead weight of 46,950 tons and actual freight carrying ca- pacity of over 40,000 tons, and an appraised valuation of $9,280,500. Bach of these ves- sels is classed as 100 Al Lloyds. Under the provisions of the indenture the company is required to fully insure the vessels against damage by fire, destruction by the elements, perils of the sea, collision, and general losses arising from marine risks or disaster. Includ- ing war risk and protection and Indemnity insurance against liability for injury to per- sons. The vessels Covered by this mortgage are described as 'follows: S. S. "Eurana" — Steel screw steamer. Dead- weight tonnage 9.495 tons. Gross registered tonnage 6,915 tons. Length, 410 ft.. Beam 56.2 ft.. Depth. 30.6 ft. Built in January, 1916, by the Union Iron Works, of San Francisco. S. S. "Santa Cecilia" — Steel screw steamer. Deadweight tdnnage, . 9,'330. Gross registered tonnage, 3,462. Length,, 420.2 ft. Beam, 63.9 ft. Depth, 34.2 ft. Built by "William Cramp & Sons' Ship and Engine Bldg. Co., Philadel- phia, Pa., in Npvember, 1913. S. S. "Chinch;i", — Steel screw steamer. Deadweight tonnage 9,640 tons. Gross reg- istered tonnage 6,395 tons. Length, 418 ft. Beam, 62.3 ft. Depth, 26.8 ft. Built in 1912 by J. L. Thompson & Sons, Ltd., of Sunder- land. S. S. "Tidewater" — Steel screw steamer. , Deadweight tonnage 9,650 tons. Gross reg- istered tonnage 6,266 tons. Length, '395.1 ft Beam, 66.2 ft. Depth, 30.5 ft. Built in 1917 by New York Shipbuilding Corporation of Camden, N. J. ^ S. S. "Plymouth" — Steel screw steamer. Deadweight tonnage, 8,740 tons. Gross reg- istered tonnage, 5,266 tons. Length, 395.1 ft. Beam, 55.2 ft. Depth, 30.5 ft. Built in 1915 by New York Shipbuilding Corporation, of Camden, N. T. Original Market — $4,600,000 offered Oc- tober, 1919, by the Equitable Trust Com- pany, New York, at prices ranging from 100 to 98 and interest, according to the ma- tuHty. Market. New York — Freeman & Co., Equitable Trust Co.' Philadelphia — Pkul & Co. GREEN STAR STEAIMSHIP CORP. 1st Ma- rine Eaulp. S. F. Us. Due Dec. 1, 1924. Dated Dec. 1, 1919. ' Interest payable June 1 and Dec. 1, , at Equitable Trust Company, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. The com- pany agrees to refund State taxes in the states of New York, Pennsylvania, Ohio, and , Maryland, not to exceed present tax in these states. Anthorized. $3,500,000 Outstandingr (May 6, "21) 2,777,000 Balance retired Denomination — Coupon $1,000: registerable as to ■ principal. ■ Trustee — Equitable Trust Company, New York. , Redeemable at 103% and interest on any Interest date on 60 days' notice. Redemption Fund — The company will de- posit with the Trustee every three months as long as any of the bonds of this issue are outstanding the sum of $175,000, which amount is sufficient to retire this entire issue at maturity. This fund is applicable ot the purchase or redemption of these bonds at not exceeding 103% and interest. , Organization — See 5-year 7s. Secured by first mortgage on four new and modern steel screw steamers. These steamers will have an actual freight carrying capacity of over 30,000 tons, and have been appraised at $7,400,000., They are to be completed and delivered to the company for operation during December, 1919, and January, 1920. Pending the delivery of the "^-essels the proceeds of the sale of these bonds are to remain on de- posit with the trustee and released to the company in proportionate amounts as the ves- sels are delivered and, brought under the lien 564 of the mortgage, , Und«r tl*e provisions ■ of the trust agreement the vessels are to be fully insured against damage by fire, destruction by the elements, perils of the sea, collision and general losses '.v-ising from marine risks or disaser, including war risk and pro;ect:cn and indemnity insurance against liability for injury to persons. Original Market — $3,600,000 offered Novem- ber, 1919, by the Equitable Trust Company, New York, at 99% and interest. ' Market.- Kew York— Chas: E.' Doyle & Co., Car- ruthers. Pell & Co., Rauscher & Mackay, Equitable Trust Co. Philadelphia— Paul & Co. Baltimore — Jenkins, Whedbee & Poe. San Francisco — Girvin & Miller. Salt Lake City — Palmer Bond & Mortgage Co. Price Kang-e 1920 Ask. High 99% Jan." Low •■ . 90% Dec.- GREENBRIEB RAILWAY CO. 1st 4s. Due Nov. 1, 1940. Dated November 1. 1900. Interest payable May and Nov. 1. at J. P. Morgan & Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 1,722,000 Retired by S. F 278.000 Unissued 1.000,000 • Denomination. — Coupon, $1,000. Register- able as to principal. Trustee — Equitable Trust Co.. New York. Sinking Fund — One per cent, of bonds out-' standing to be applied annually beginning Nov. 1, 1905, to the purchase of these bonds at not exceeding 105 and interest: If not so purchasable, to be invested in approved securi- ties. Assumed by the Chesapeake & Ohio Ky. Co. Control — Merged with C. & O. Ry. Co. in 1903. Secured by a first mortgage on 100.80 miles of road from "Whitcomb to "Winterburn, W. Va. Underlies — C. & O. Gen. Fund & Impt. 5a of 1929; Conv. 4%s of 1930, and First Lien. & Impt. 5s, all of which are deposited under Conv. 6s of 1946. Listed on the New York Stock Exchange.- Market. New Yprk — Samuel Goldschmidt, Hart-, shorne & Rattelle, Sharretts & Ford. Philadelphia — Graham Parsons & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. High 99% Feb. 2, '06 66 Dec. 71 Feb. Low. 85 Sept. 14, '08 GO July 70 Apr. GREENVILLE CAROLINA POWER CO. 1st 5s. Due May 1. 1935. Dated May 1, 1905. Interest payable May I and Nov. 1, at Trustee's otlice. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $300,000 Outstanding 264,000 Held In S. F 46,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co.. Boston. Redeemable at 106 and interest. Sinking Fund — Annually, beginning May 1, 1910, 1% (in cash) of the entire amount of bonds certlfled. Fund to be applied to the purchase of these bonds at not over 105 and. interest; If bonds are not so purchasable fund shall oe invested in securities legal lor Massachusetts savings banks. Control — January 1, 1917, tiie- property of this company was conveyed m fee to the Southern Public Utilitips Co. Secured by a first mortgage on a hydro- electric plant on the Saluda River, near Greenville. S- Car. The company supplies electricity m Greenville, S. Car., and vicin- ity, serving- a population of 10,000. It also supplies power under a 30 -year contract to the Greenville Traction Co. Underlies — Southern Public Utilities Co., 1st & Kef. 5s of 1943. Earnings — aee Southern Public Utilities Co. Market. New York— Fred H. Hatch & Co., H. C. Spiller & Co., Berdell Bros. Price Range. Jan. 1, '17, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 90 '17 80 90 Low. 80 '19 86 '19 GREENWICH & JOHNSONVILtE RAILWAY CO. 1st 48. Due Jan. 1, 1924. Dated January 1 , 1904. Interest payable Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Outstanding: 500,000 DienominatiOn — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Organization and Control — Incorporated in New York, in 1866 as Union Village and Johnsonville Ry. Co. Present name adopted in 1874. All of the capital stock is owned by the Delaware & Hudson Co. Capitalization. Outstanding. Common $225,000 Funded debt 500,000 Secured by a first mortgage on 21.15 miles of road from Schuylerville to Johnsonville,- N. Y. Eeg'al for saving.s banks in N. Y. Market. New York — "Wolff & Stanley, Sam'l Gold- Schmidt, Abraham & Co. , Carruthers, Pell & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96% '16 99 'IB 80 Jan. 90 Mar. Low. 70 '17 85 '17 75 Dec. 85 Jan. GREENWICH TRAMWAY CO. 1st 5s. Due , July 1. 1931. Dated July 1, 1901. Interest payable Jan. and July 1. at New York Trust Co., New York. Tax Status — Payment of Federal , Income Tax not assumed by company. Authorized $400,000 Outstanding 320,000 Denomination — Coupon, $1,000. Trustee — Treasurer of State of Connecticut. Assumed by the New York, New Haven & Hartford R. R. Co. Control — Absorbed by the Consolidated' Ry. Co. and subsequently taken over by the Con- necticut Co. The capital stock of this latter company is owned by the N. Y., N. H. & H. Ry. Co., but is to be sold. Secured by a first mortgage on 9 miles of electric railway from Bast Portchester to Sound Beach, Conn. Underlies — Connecticut Ry. Co. Debentures. Kefuiiding" — Bonds are reserved under the N. Y, N. H. & H. R. R. 1st & Hef. Mtge. Earnings — See Connecticut Ry. Co. Original Market — Offered in 1902 by E. H. Gay-& Co., Boston, at 111%. Market. New York — Lynch & McDermott, Foster & Adanris. New Haven, Conn. — H. C. Warren & Co., Inc. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Aslt. High 106 '12 105 '08 60 Dec. 70 Aug. Low. 59 '20 70 '19 59 Aug, 70 Aug. GUANAJUATO POWER & ELECTRIC CO, (THE) 1st 6s. Due Oct. 1, 1932. Dated Oct. 1, 1902. Interest payable April and Oct. 1, at Trustee's office or Bonbright & Co., London. Deferred Interest — Oct. 1, 1919, and April 1, 1920, interest with interest at G% was paidi on Jan. 1, 1921. Tax Status — 2 % Federal ' Income Tax paid by co^ipany without deduction. Authorized $1,500,000 Outstanding: .- 1,380,000 Retired by S. E .- 120,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — United States Mortgage & Trust Co., New York. Redeemable at 105 and interest when drawn by lot. Sinking Fond — 1% annually of bonds is- sued from 1907 to 1916, 2% from 1917 to 1926 and 4% from 1927 to 1931. Payments to be applied to the purchase or redemption of these bonds at not over 105 and in- terest. Organization — Incorporated in Colorado in 1902. Owns the entire capital stock of the ' Michoachan Power Co. and guarantees its bonds ($2,000,000); also owns the entire com- mon stock of the Central Mexico Light & Power Co. The first mentioned company owns power properties and is operated by , the G. P. & E. Co. The latter company owns and operates distribution system, in a number of cities and towns. ' Capitalization. Outstanding. Common ; $3,500,000 Preferred (7% cum.) 1^500.000 Funded debt 1,380,000 Secured by a first mortgage . on hydro-elec- tric plant of 7,000 H. P., and on transmis- sion lines and distributing systems extend- ing from Octolan on the West to Guanajuato, Leon and Celaya on the east, 160 miles and, from Guanajuato to San Luis Potosi, 88 miles located in the state of Michoachan and state of Guanajuato. The company supplies power- to the mining districts as well as to opera- ting companies in municipalities in the ter- ritory served. Years ended Dec. 31 (consolidated): Gross, Net. Interest. 1919 $1,131,290 $401,158 $339,777 1918 1,089.096 381.171 339,421 1917 843,295 227,260 335,095 Original Market — First offered by B. H. Rollins & Sons, ' Boston. New York, etc., and "Wm. P. Bonbright & Co., New York. Market. New York — Hartshorne & Battelle, Van- derhoef & Robinson, F. J. Lisnian & Co., Berdell Bros. Boston — Pond & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '09 101'09 55 Dec. 6S Dec. Low. 25f '18 5i '16 52 July 58July OUILFORD-CHBSTEB WATEB CO. Gong. 6s. Due Jan. 1» 1939. Dated Jan. 1, 1909. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax ex- empt in Connecticut. - Authorized $500,000 Outstanding 337,000 Held in Treasury 23,000 Reserved for Prior Liens 140,000 Denomination — Coupon, $500. Registerable as to principal. Trustee — Union & New Haven Trust Co., New Haven, Conn. Organization — Incorporated in Connecticut in 1908 as a consolidation of the Guil- ford Water Co. and the Chester Water Co. Capitalization. Outstanding Common $300,000 Funded debt '. 468,000 Secured by a mortgrag-e on plants supplying water to Guilford, Madison, Clinton, West- brook, Old Saybrook, Essex, Deep River, and Chester, Conn. Population served, 20,000. Franchises perpetual. Prior Liens — $ 59,000 Guilford Water Co. 5s and $79,000 Chester Water Co. 5s, for the retirement of which provision is made In the mortgage. Years ended Dec. 31 Gross. Net. Interest. 1920 $5R.928 $40,240 $24,208 1919 53,023 35,041 24,528 1918 47,926 34.005 24,224 1917 43,180 31,564 23,855 Market. New York — Pynchon & Co. ]Ve^v Haven, Conn. — H. C. W^arren & Co., Inc. «ULF & SHIP ISLAND RAILROAD CO. 1st Ref. & Terminal 5s. Due Feb. . 1, 1953. Dated Feb. 1, 1902. Interest payable Jan. and July 1, at Bankers Trust Co., New Tork. Tax Status — 2% Federal Income Tax- paid by company without deduction. Authorized $5,000,000 Outstanding 3,781,000 Held in S. F 1,203.000 Reserved for Prior Lien 16,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000, $5.- 000 and $10,000. 'C. & R. interchangeable. Trustee — New Tork Trust Co., New York. Sinking Fund — 1 % of outstanding bonds annually for the purchase of bonds at not more than 110 and interest; bonds purchased to be cancelled, but interest continued there- on and is added to sinking fund. Organization — Incorporated in Mississippi in Capitalization. Oustandin^. Common $7,000,000 Funded debt .__ 6,300,000 Secured by practically a first mortgage on 307.56 miles of road from Gulfport to Jack- son, Mias., and branches, and extensive ter- minals in Gulfport, which are reported to have costed in excess of $2,000,000. Prior Liens — $16,000 1st 5s of 1926. Underlies — Debenture 6s, due to 1924. Years ended Dec. 31: Gross. Net. Int.&Rent. ♦ 1919 $595,883 $545,103 $237,512 +1919 2,496, 260def. 54,653 5,712 *1918 595,883 563,346 219,368 +1918 2,548,059 403,303 16,006 1917 2,328,741 672,905 210,562 1916 1,986,157 690,455 244,610 •Corporate account. tFederal account — standard return not In- cluded. Listed on the New York Stock Exchange. Original Market — Offered by Fisk & Robin- son, New York, in 1902, at 104% and in- terest. I^^rket New York — Hartshorne & Battelle, Wat- son, Armstrong & Co., Sharretts & Ford, Millet Roe & Hagen. Price E»Dge— N. T. S. E. Jan. 1, -06, to Jan. 1, 'HI 1980 High 105 ?i June 6, '06 68 Dec. 8 Low. 58% Feb. 27, '20 68% Feb. 27 GUI.F OIL CORPORATION Serial 6% Notes. Dne $6,000,000 ea«b Jnly 1, 1921, 1922 and 1923. Dated July a, 1919. Interest payable Jan. and July 1, at office of Trustee or at Guar- anty Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $18,000,000 Outstanding 18.000,000 Denomination — Coupon $1,000. Trustee — Union Trust Co. of Plttsbureh. Organization — See 12-Tear Deb. 7s. Security — A direct obligation of the Com- pany but not secured by mortgage. Com- pany covenants that so long as any of the notes are outstanding it will not create any- secured indebtedness upon any of its prop- erties (except present unmatured lien on steamship "Gulfoil," $100,000; also that current liquid assets of corporation and sub- sidiaries shall at all times be equal to ag- gregate amount of their indebtedness includ- ing these notes Tears ended Dec. 31 (combined) : Gross. Net. Int.&Tax. 1919 $97,431,516 $15,996,076 $4,535,223 1918 85,904,306 19,447,928 6,865,331 1917 70,499,403 17,762,386 6,111,640 1916 51,056,131 18,767,133 863,72J Original Market — Offered June 1919, by the Union Trust Co. and Mellon National Bank of Pittsburgh, and the Guaranty Trust Co. and Bankers Trust Co., New York, at prices to yield 6% for all niaturities. Market. New York — Salomon Bros. & Hutzler. Fhiladelpliia — Parsly Bros. & Co. Pittsburgh — W. E. Ballard, Lyon Singer & Co., Moore, Leonard & Lynch, Stout & Co., Edward A. Owens & Co., The Union Trust Co. of Pittsburgh. Price Range 1920 1921 Bid. Ask. High 98 Dec. 99% Oct. Low 94 Sept. 96% Sept. 1922 High 96 Oct 99% Jan. Low 94% Sept. 95 Dec. 1923 High 9 5 '/a Nov. 99% Jan. Low 9.1 Aug. 95 Sept. 556 GULF on. COKPORATION 12-Year S. T. Debenture 7s. Due Feb. 1, 1933. Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug. 1 at Union Trust Co., Pittsburgh, or Bankers Trust Co., New' Tork. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Penn- sylvania State Tax refunded. Authorized $35,000,000 Outstanding 35,000,000 Purpose of Issue — The proceeds of these Bonds will be used in part to provide funds for the retirement of $12,000,000 of the Company's $18,000,000 Serial 6% Notes, of which $6,000,000 mature respectively July 1, 1921, and July 1, 1922 and to retire current indebtedness heretofore incurred for Its, capital expenditures. Denomination — Coupon, $1,000. Trustee — Union Trust Co., Pittsburgh. Redeemable as a whole only (and in part for sinking fund only) on any interest date upon 4 weeks notice at 103% and interest on or before Feb. 1, 1927, and at 102% and interest thereafter. Sinlcing Fund — Annually, beginning Deo. 1, 1923, $2,000,000; to be used to purchase bonds upon tender during each December at not exceeding 103% to December, 31, 1926, and thereafter at not exceeding 102% to December 31. 1932. To the extent that this Fund is not exhausted by tenders, bonds shall be called by lot for payment on the succeeding February 1 at 103% and interest to and including February 1, 1927, and at IO2V3 and interest on each succeeding February 1, except February 1, 1933 (ma- turity). Organization — Incorporated February, 1907, in New Jersey, to acquire securities of the J. M. Gufty Petroleum Co., now Gulf Pro- duction Co. and the Gulf Refining Co. Con- trols through stock ownership Gulf Refining Co., Gulf Pipe Line (Texas), 'Gulf Pipe Line Co. (Oklahoma), Gulf Refining Co. (Louisi- ana, Gulf Production Co. and Gypsy Oil Co. Owns and operates producing -wells with its own connecting pipe lines in Texas, Okla- homa, Louisiana, Kansas, and in Mexico. Principal refineries at Port Arthur and Fort Worth. Texas, have daily capacity of 70,000 gallons Crude Oil. Also owns and operates distributing stations at all principal Atlan- tic seaport cities and inland points, tank steamers, etc. Capitalization. Outstanding. Common $36,093,100 Funded debt 41,100,000 Security — A direct obligation of the Com- pany but not secured by a mortgage. Under the provisions of the indenture the Company covenants as follows: That so long as any of the Bonds are outstanding and unpaid, the Gulf Oil Cor- poration 'will not create or permit to exist any secured indebtedness upon or against its properties, including the properties of subsidiary companies (excepting the remain- ing unmatured debt on the Steamship "Gulfoil" amounting to $100,000, and ex- cepting purchase-money obligations on here- after acquired property) ; also that the quick assets of the Company and its sub- sidiaries shall at all times be at least equal to the aggregate amount of their indebt- edness, including the amount of these Bonds then outstanding. Eamincs — See 6% Notes. Original Market— $36,000,000 offered Feb., 1921, by Union Trust Co. and Mellon Na- tional Bank, Pittsburgh, and Guaranty- Com- pany, Bankers Trust Co., and National City Company, New York, at 98 and interest. Market New York — Blyth, Witter & Co., Hart- shorne & Battelle, Salomon Bros. & Hutzer, Bull & Eldredge, Oarruthers, Pell & Co., McDonnell & Co. Fhiladelphia — Blddle & Henry, Brown Brown Bros. & Co., Samuel McCreery & Co., Parsly Bros. & Co. Olucaso — Fidelity Trust & Savings Bank, Halsey, Stuart & Co. Pittsburgh — W. B. Ballard, Lyon Singer * Smi Diego, Cal.— Blyth, Witter & Co. Denver, Colo. — Bankers Trust Co. Salt Lake City — Palmer Bond & Mortgage Co. GUIiT TBRMINAIi CO. (Mobile) Ist 4s. Duo Jan. 1, 1957. Dated Jan. 1, 1907. Interest payable Jan. 1 and July 1 at Bank of America, New York and Brooklyn. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $700,000 Ontstandinpr 600,000 Denomination — Coupon and registered, $1,- 000 C. & R. Interchangeable. Coupon regis- terable as to- principal. Trustee — Bank of Americp., Brooklyn, N. Y. Guaranteed jointly and severally by en- dorsement as to principal and interest by Southern Ry. and Mobile & Ohio R. R, Orgranlzation and Control — Incorporated in Alabama in 1905. All of the stock is owned by the gurantor companies, and the property is leased to. them. Capitalization. Outstanding. Common $46,000 Funded debt 600,000 Secured by a first mortgage on passenger terminals covering over six acres and ex- tending through seven city blocks in Mo- bile, Ala. Years ended Dec. ,31: Net. Interest 1920 $25,840 $24,00» 1919 25,840 24,000 Original Market — Offered in 1907 by Pot- ter, Choate & Prentice arid Spencer Trask & Co., New York, at 94 and interest. Market. New York — Finlay & Davenport, Joseph Bird Ford. Philadelphia — Isaac Starr, Jr., & Co. Price Range. Jan. 1, '10, to Jan. 1, -SI 1920 Bid. -Ask. Bid. Ask. High 89 '10 91 '10 60 Deo. 63 May Low. 53 '20 63 '20 63 Dec. 63 May GUrFPORT & MISSISSIPPI COAST TRAC- TION CO. 1st 6s. Due Sept. 30, 1936. Dated Sept. 30, 1905. Interest payable April and Oct. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 1,000,000 Denomination — Coupon $1,000. Trustee — Hibernia Bank & Trust Co., New Orleans, La. . .Redeemable at 105 and interest on Oct. 1 in any year. Organization — Incorporated in Mississippi In 1905 and purchased the property of the Biloxi Electric Ry. Co. and the Gulfport Development Co. Capitalization. Outstanding. Common $1,949,300 Funded debt ,. 1,985,340 Secured by a first mortgage on 24 miles of electric railway from Pass Christian through Gulfport to Biloxi, Miss., and a second mortgage on six miles of street rail- way in Biloxi. Population served, 26,000. Prior Uens — $149,400 Biloxi El. Ry. St Power 6s of 1924. Underlies — $692,000 2nd 6s of 1932. Years ended Dec. 31: Gross. Net. Interest 1919 $385,536 $60,079 $79,366 1918 316,480 59,085 77,686 Listed on tke Cincinnati Stock Exchange.. Market. New York— A. B. Morley & Co. 557 H HAISIRSHAW ELECTRIC CABUB CO. 15- Year S. F. Conv. Deb. 7s, Series "A." Due March 1, 1935. Daterl March 1, 1920. Interest payable March 1 and Sept-.l, at Trustee's office. Tax Status— Payment of . Federal Income Tax not assumed, by company. Authorized . $3,000,000 Outstanding: 2,000,000 Reserved for Ext 1,000,000 Provisions of Issue — Additional bonds may be iSsued in series at any rate or rates of interest and with any maturities, and with different conversion rights, not more favor- able, however, than .the conversion rights of the present issue, to - the extent of not over 80 % of the cost of new property, or im- provements or extensions. Purpose of Isgue-r— T,o, . retire, $17.7,000 par value of bonds of the Habirshaw Electric Ca- ble Company, Inc., and to provide additional working: capital. Denomination — Coupon $500 and $1,000; reg- isterable as to principal. Trustee — Guaranty Trust Company, New Tork. Redeemable upon 30 days notice at 110 and interest to Feb. 1, 1925; thereafter to Feb. 1, 1930, at 107% and interest: there- after to February 1. 1935, at 105 and inter- est. The right to convert will run for 30 days after notice of call for redemption. Convertible into common stock at the rate of $100 face value of debentures for four shares of stock to March 1, 1925; three shares from Mar. 1, 1925, to Mar. 1, 1930, and two shares from Mar. 1, 1930, to matur- ity. Sinking Fund — Annually beginning on or before March 1, 1921, 3 % of the largest amount of debentures at any time issued whether or not the same are outstanding. This fund is applicable to the purchase or re- . demption of these debentures at not exceed- ing the current redemption price, debentures BO acquired to be cancelled. In addition to the fixed sinking fund there will be an ad- ditional sinking fund of 10 % of the net earnings remaining in each year after payment of all charges, to be applied in conjunction with the above mentioned fund. In case of default in the pas'ment of the fixed sinking' fund charge by reason of the same not having been earned the principal of the bonds shall not become due, but all payments to the sinking fund shall be made good before any dividends are paid.. Organization — Incorporated in Delaware in 1920 for the purpose of acquiring shares of the capital stock both preferred and common of the following corporations; Habirshaw Elec- tric Cable Co., Inc., a New York corpora- tion, The Electric Cable Co.. a Connecticut corporation, and The Bare Wire Company, Inc., ft New Tork corporation. The products of the company and its sub- sidiaries will include power and light ca- bles . and wires and submarine cables and telephone wires. The plant of the Habirshaw Electric Cable Co. , Inc. , is located between the New York Central tracks and the Hudson River between Glenwood and Yonkera, New York, and has a floor space of 157,000 square feet. The company also leases a plant in the city of Tonkers with a floor space of 34,000 square feet. The plant of the Elec- tric Cable Company Is located at Bridge- port, Conn., with a total floor space of 104,- 000 square feet. The plant of the Bare "Wire Company is located on the Putnam Branch of the New York Central Railroad in Nep- perhan, a suburb of Yonkers, and has a total floor space of 21,000 square feet. Capitalization " Outstanding Common (no par) 135,00fl shs. Preferred (8% cum.) $i;340,700 Funded Debt 2,000,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the trust agreement the company covenants as follows: Not to place any mortgage or other lien upon the property of the company or its constituent qompanies during the life of these debentures without ratably securing this issue, but property may be acquired subject to mort- gage or purchase money mortgages. To maintain at all times net quick assets of 115% of the amount of all debentures, and if at any time such net quick assets shall be permitted to fall below that amount no further dividends shall be declared or paid upon either the preferred or common stock until such net quick assets have again been brought up to said percentage. Years ended Dec. 31 (combined) : Gross. Net. *1920 $6,064,790 $522,080 1919 7,413,652 430,194 1918 6,714,610 356,080 1917 5,235,513 443,916 1916 3,597,786 179,583 *6 months ended June 30 only. Original Market — $2,000,000 offered March, 1920, by Potter Bros. & Co., New York, at 98 and interest. Market. New York — Carruthers, Pell & Co., Gil- bert J. Postley, Chas. E. Doyle & Co., Van- derhoef & Robinson.. Philadelphia — Graham, Parsons & Co., McGown & Co. Price Rangre 1920 Bid. Ask. High 95 May 98 Mar. Low 84 Aug. 90 Dec. HACKENSACK WATER CO. 1st 4s. Due July 1, X952. Dated July 1, 1902. Interest payable Jan. and July 1, at New Tork Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding: 4,750,000 Held in Treasury 1,250,000 Denomination — Coupon, $1,000. Registered, $1,000. Trustee — Hudson Trust Co., Hoboken. Redeemable at 105 and interest on or after July 1, 1912, upon six months* notice. Organization — Incorporated in New Jersey in 1869. In 1902 reorganized and present title adopted. Capitalization. Outstanding. Common $5,1^5,000 Preferred (7% cum.) 2,026,000 Preferred (6% cum.) 100,000 Funded debt 4.750,000 Secured by a first mortgage on all property; now owned or hereafter acquired. _The com- pany owns about 570 miles of mains and sup- plies water to 47 communities in Hudson and Bergen counties. New Jersey, Population served, 300,000. 55.8 Listed on the New York Stock Exchange. Years ended Dec, 31: - - Bond GroBS. Net. Interest. 1919 . $1,566,663 $546,062 $190,000 1918. 1,478.543 663,331 190.000 1917 1,426,012 802.038 190,000 1916 1,212,841 730,656 190.480 market. New York— Fred H.- Hatch & Co., Earle A. Miller & Co., "W. E. R. Smith & Co., Van.- derhoef & Robinson, Berdell Bros. Philadelphia — McCown & Co. Newark, N. J.— P. m. Chadbourne & Co. Jersey City, N. J.— Cutwater & Wells. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 85 ■!? 71 Mar. 76 Mar. Low. 63 '20 69 '20 63 Dec. 69 July HABFIELD-PENFIEI,!) STEBt CO. (THE) CoU. Tr. 8s. Due $250,000 each Sept. 1, 1933 and 1933, and $500,000 Sept. 1, 1924. Dated Sept. 1, 1920. Interest payable March 1 and Sept. 1, at Central Trust Co. of Illinois, Chicago. Tar Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1.,000,000 Outstanding: (Feb. 24, '21) 963,000 Balance retired. Purpose of Issue — By reason of the de- preciation in sterling exchange at the time Hadfields, Ltd., acquired its interest in this company, deferred payment was arranged, the English company giving in lieu of cash its 2%, SVo and 4^^ years interest bearing notes. The payment of the above notes has been anticipated through this bond issue, and the proceeds are to be applied as fol- lows: To retire an underlying bond issue of $300,000, together with two. small mortgages upon recently acquired property, so that the properties of the company will- be free of all encumbrances; to reduce bills and ac- counts payable; to Increase working capital. Denominations — Coupon $1,000, $500 and $100. Trustee — Central Trust Co. of Illinois, Chicago. Redeemable at any time at 101 and in- terest. Sinking: Fund — A special fund is provided of the various sums which will be due from time to time from the American to the English company for royalties, compensation for services, etc., all of which sums are to be paid directly to the trustee and used for the retirement of these bonds. ^ OrgranJzation — Incorporated in Ohio in 1906 as the American Clay Machine Co., a consolidation of two long established com- panies. Present name adopted In 1920. The company manufactures clay and ce- ment working machinery, Diesel engines, gasoline locomotives, . marine equipment, general ahd special machinery inclulding crane and brick handling apparatus, gray iron and steel castings and projectiles: Plants are located at Bucyrus and Willough- by, Ohio. During the war the company became as- sociated with Hadfields, Ltd., steel manu- facturers in England and large manufac- turers of armor piercing projectiles. The latter company has acquired a 40 % stock interest In this company, giving in return to the American company practically an exclusive license to use its patents and processes in the United States. Capitalization. Outstanding. Common 100.000 shs. Preferred (7% cum.) $20,000,000 Funded debt 1,000,000 Secured by pledge .of $1,166,700 5% se- rial notes, . payable fn New York, 'Issued by Hadfields, Ltd., Sheffield, England. The deposited notes represent the purchase price of a minority interest in this company. De- ferred payment having been arranged by reason of existing conditions in the foreign exchange market. (For description of col- lateral company see "Organization.") d?he trust indenture obligates the company (a) until the liquidation of ■ its claim against the United States Government, to maintain net current ■ assets (for this pur- pose -the' aitiount. of the Government claim being Included In current assets) equal to not les9 than 200% of the par value of out- standing bonds and tliereafter of not less than 150% of such 'par value; (b) to create no mortgage lien against any of its fixed assets; (c) to issue no obligation maturing more than one year from the, date thereof except with the express consent- of the trustee. Provision is made for regular reports to the trustee. Including an annual audit by- accountants approved by the trustee. Year ended Dec. 31: Gross. Net. *1920 $1,290,683 $412,965 1919 2,879,706 412,237 *6 months ended June 30. Original Market — $1,000 offered December, 1920, by Central Trust Co. of Illinois, Chi- cago, at 100 and interest. Market. ducagro — Central Trust Co. of Illinois. 559 HAGKRSTOWN & FREDERICK (Electric) RAILWAY 1st & Ref. 6s. Due April I, 1944. Dated April 1, 1914. Interest payable April 1 and Oct. 1, at Trustee's office in Balti- more. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylania State Tax refunded. Authorized $10,000,000 Outstanding: (Apr. 4, '21) 2,946,500 Retired by S. F None Reserved for Prior Hens.... 815,000 Reserved for Ext 6,238,500 Denomination — Coupon, $100, $500 and $1,- OOO. Reglsterable as to principal. Trustee — Fidelity Trust Co., Baltimore*, Md. Redeemable at 105 and Interest on any in- terest date. Sinking Fund — Semi-annual payments from Oct. 1, 1919. to Oct. 1, 1926, a sum equal to 1% of these and prior bonds outstandlns; April 1, 1927, to Oct. 1, 1934, 2% and there- after 3% per annum. Fund applicable to the purchase or redemption of these bonds at not over 106 and interest. Depreciation and Maintenance Fund— A sum equivalent to at least 12%% of monthly gross earnings received from all sources, and payable monthly to the Trustee. Organization — Incorporated in Maryland in 1913 as a consolidation. In 1916 acquired a large majority of the capital stock of the Potomac Light & Power Co. In 1917 ac- quired control of the Chambersburg, Green- castle & Waynesboro Street Ry. Co. and Way- nesboro Electric Co. ^In May, 1919, interest allied with the H. & P. Ry. Co. purchased the entire Capital stock of the Northern Virginia Power Com- pany. Property Is operated by The H. & F. Ry. Co. Oct. 5, 1920, purchased the entire capital stock of the Shenandoah Co. Trans- mission lines connect all of the properties. Capitalization. Outstanding. Corhmon $1,512,950 Preferred (6% cum.) 1,056.800 Funded debt 4,420.400 Alanagemfint — Sanderson & Porter, N. T. Secured by a first mortgage on street, rait ways in Frederick, Md., and vicinity, incluA- ing 33 miles of road, and the plants formerly of the Frederick & Hagerstown Power Co. and a mortgraee on 55 miles of railway in Hagers- town and vicinity, including part of the in- terurban line between Frederick and Hagers- town, and on plants supplying electricity to towns in the territory served by the railway lines and plant supplying gas to Frederick, Md. The railway lines extend from Frederick to Hagerstown with brancheB to Thurmont, Boonsboro and Jefferson, Md., and Shady Grove, Pa. Population served, 6S,000. Fran- chises are either perpetual or extend at least 15 years beyond maturity of bonds. Prior Liens — Subject to $815,000 prior liens, viz. :. $120,000 Hagerstown & Myersville Ry. 1st 5s of 1924; $110,000 Hagerstown & Boons- boro Ry. 1st 6s of 1922; $200,000 Hagerstown & Northern R. R. 1st 6s of 1927; $179,000 Frederick Gas & Electric Co. 1st 6s of 1929; $126,000 Frederick & Middletown Ry. 1st 6b of 1935; $30,000 Monocacy Valley R. R. 1st 6s of 1925: $60,000 Frostburg 111. & Mfg. 1st 5s of 1929. All closed mortgages. Bonds of this issue are reserved to retire all of the above issues. Years ended Dec. 31: Gross. Net. Int., etc- 1920 $1,118,764 $421,646 $269,267 1919 911,483 369,893 218,048 1918 685,195 233,194 171,772 1917 582,862 235,188 146,418 Original Market — $800,000 offered by the Fidelity Trust Co., of Baltimore, Md., at 98% and interest in May, 1914; $1,600,000 of- fered April 1921, by Fidelity Trust Co., Bal- timore at 83% and interest. Market. Baltimore — Jenkins, Whedbee & Poe, B. Warren Corkran & Co., Hamilton & Co. Price Bange 1920 Bid: Ask. High 87 89 Low 85 87 HAGERSTOWN MGHT & HEAT CO OF WASHINGTON COUNTY 1st 58. Doe Aag. 1, 1962. Bated Aug. 1, 1912. Interest payable Feb. and Aug. 1 at Electric Bond & Share Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 291,000 In Treasury 34,000 Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Redeemable at 103 and Interest on 30 days' notice. Organization and Control — Incorporated In Maryland in 1891. All of the stock Is owned by Pennsylvania Power & Light Co. Capitalization. Outstanding. Common $200,000 Funded debt 291,000 Secured by a first mortgage on plant sup- plying gas to Hagerstown, Md. Population served, 22,000. Franchises are reported as unlimited as to time. Market. FhilAdelpMa — ^Boenning, Garrison & Co. HAI/E & KIIyBDBN CORPORATION Ist S. V. 6s. Due June 1, 1930. Dated June 1, 1919. Interest payable June and Dec. 1, at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax Iree In Pennsylvania. Authorized $2,000,000 Outstanding 1,600,000 9eld in S. F 40,000 In Treasury 100,000 Reserved for Ext., etc 360,000 Provisions of Issue — ^Additional bonds may be issued at 75% of cost of additional prop- erty, betterments, extensions, or permanent improvements when eaminffs applicable to bond interest are not less than three times Interest on bonds outstanding and to be Is- sued. Purpose of Issue — To retire floating Indebt- edness and furnish additional working capi- tal nec^sary to handle a largely increased business. Denomination — Coupon, $1,000, registerable as to principal. Trustee — Fidelity Trust Company, Philadel- phia. Redeemable as a whole or in part or for sinking fund at 102^ and interest. Sinldng Fund — $40,000 per annum to bs paid to the Trustee in cash or bonds at par in equal semi-annual instalments. Bonds to be called by lot unless purchaseable in the open market a.t not to exceed call price. Bonds 60 acauired or called to be kept alive and interest added to the fund. If bonds in ad- dition to the original issue of $1,500,000 are issued, payments to this fund are to be in- creased accordingly. Organization — Incorporated in Delaware, Feb. 18, 1918; succeeded to a business which had been carried on for over 70 years. Manu- factures automobile bodies and pressed metal automobile parts and units, car seats for steam and electric railways and other pressed metal products. Capitalization. Outstanding. Common $1,760,000 Preferred (7% cum.) 2,882,26t Funded debt 2,260,000 Secured by a first mortgage on the corpora- tion's plant at 18th street and Lehigh Ave- nue, Philadelphia. Plant covers about four acres and comprises five modern buildings of fireproof and slow-burning metal construction. Appraised value Dec. 31, 1918, $2,246,819. Further secured by pledge of 10.000 shares (entire issue) capital stock of the Central Realty Corporation, Philadelphia, par value $50.00 each. This company owns the build- ing at 6th and Filbert Street,s Philadelphia. Indenture -provides that corporation shall not pay dividends on capital stock that will reduce its net quick assets below 100% of bonds at any time outstanding, exclusive of bonds in the sinking fund, and that total physical assets shall be at all times at least 160% of same. Prior Ijen — ^Pledged stock Is subject to $400,000 mortgage on building at 6th and Fil- bert Street, Philadelphia. Tears ended Dec. 31: Gross. Net. Int. etc. 1918 $4,476,652 $801,607 $236,763 191' 4,235,582 667,145 128,638 1916 3,130,811 384,912 81182 1916 1,938,076 def. 66,915 80,97» Later earnings not available. Original Market — Offered May, 1919, by Frazier & Company and Montgomery & Com- pany, Philadelphia, at 96 and interest. Market. New York — Hartshorne & Battelle, Mont- gomery & Co. Baltimore — William E. HoUway. • Philadelidila — Henry D. Boenning & c*.. McCown & Co., Samuel McCreery & Co. Vrice Rangre Jan. 1, '19, to Jan. 1, 'Zl 1980 Bid. Ask. Bid. Ask. High 92 '19 96 '19 72 Oct. 92 Feb. Low 66 '20 65 Deo. HAIX LUJIBBK CO (TUB THOMAS) 1st 88. Dae $40,000 each April 1 and Oct. 1, from April 1, 1983, to April 1, 1987, inclusiTe, and $60,000 Oct. 1, 1987. Dated Oct. i, 1920. Interest payable April 1 and Oct. 1, at Peabody, Houghteling & Co., Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized {500,000 Outstanding 500,000 Denominations — Coupon, $1,000 and $500; registerable as to principal. Trustee — Augustus S. Peabody, Chicago. Redeemable in reverse of numerical order on any interest date at 102% and interest. Sinlcing S"nnd — On or before the 16th of each month there shall be deposited with Peabody. Houghteling & Co., Chicago, a sinlcing fund equivalent to $8 per thousand feet on timber cut and 5c per ton on coal mined either through the company's own operations or on a royalty basis. There also shall be deposited one-half of the net proceeds from any oil or gas taken from the property. Secured by a first mortgage on all prop- erty now owned or hereafter acquired. The property covered includes a sawmill at New River, Tenn. : 29,000 acres of land owned in fee, located in Scott and Morgan Counties, Tennessee, containing 150,000,000 feet of hardwood timber ; a large amount of 'bitumi- nous coal, and a railroad now under con- struction. Property valued at $1,742,469. Years ended Dec. 31: Net. 1919 $302,728 1918 148,053 1917 62,432 Original Marlcet — $500,000 offered Oct., 1920, by Peabody, Houghteling & Co., Chi- cago, at 100 and interest. HAMBURG RAILWAY COMPANY Ist 4b. Due Nov. 1, 1986. Dated Nov. 1, 1906. Interest payable May and Nov. 1, at Trustee's office. New York. Interest is regularly paid on these bonds. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized $750,000 Ontstandlne 745,000 In Treasury 6,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bank of Buffalo, Buffalo, N. Y. Control — ^Absorbed by the Buffalo & Lake Erie Traction Co., now in hands of receiver. Secured by a first mortgage on 12 miles of road, 17 miles of track, from Buffalo City line to Hamburg, and including street rail- way system in the last named towned. Underlies — Buffalo & Lake Brie Traction Co. 1st & Ref. 6s of 1936, a sufficient amount of which bonds have been reserved to retire this issue. Original Market — Offered by Bertron, Grls- com & Jenks (now Bertron, Oriscom & Co.), New York, at 85 and interest. Market. New York — Wolff & Stanley, Berdell Bros., Hanson &, Hanson. Price Ranee. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Ask. High 84 '11 86 '12 72 July Low. 60 '16 72 '20 72 July HAMILTON (Oni.) CATARACT POWER, UGHT, & TRACTION CO. 1st & Ref. 58. Due April 1, 1943. Dated April 1, 1903. Interest payable April 1 and Oct. 1, at Canadian Banls of Com- merce, Hamilton, Ont., and New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstanding (Jan. 1, '21) 1,840,000 Retired by S. F 229,000 Reserved for Prior Liens 1,545,000 Reserved for Ext 1,386,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — National Trust Co., Toronto, Can. Redeemable at 110 and interest on and after April 1, 1923. Sinking Fnnd is to be Invested to retire underlying bonds on not less than a 4% basis, otherwise for purchase of bonds of this is- sue. Organization and Control — Incorporated in Ontario in 1903. Practically all of the stock is owned by the Dominion Power & Trans- mission Co. Capitalization. Outstanding. Common $1,700,000 Preferred 2,909,600 Funded debt 2,946,000 Secured by a mortgage on 116 miles of street railway in and around Hamilton, Ont., and on distribution system supplying elec- tricity to the same territory. Power Is ob- tained from the Dominion Power & Trans- mission Co. Population served, 200,000. Prior Liens — $1,169,000 prior liens, viz.: $360,000 Hamilton Street Ky. 1st 4%s of 1928 and $809,000 H. E. Lt. & Cat. Power 1st 5s of 1929. Closed mortgages. Refunding — Bonds are reserved under the Dom. Pow. & Trans. Co.'s mortgage to retire this issue. ■■ Years ended Dec. 31: Gross. Net. Interest, 1920 $2,779,927 $590,490 $254,652 1919 2,564,104 736,247 239,114 1918 2,362,766 680,421 239,664 1917 2,267,121 790,632 237,298 1916 2,136,027 890,619 269,294 1916 1,856,919 812,250 261.297 Original Market — $300,000 offered in June, 1903, by Harris, Forbes & Co., New York, etc., at par and interest. Market. New York — Fred H. Hatch & Co., Earle A. Miller & Co., Berdell Bros., G. R. Mc- Allister. Boston — Coffin & Burr, Moors & Cabot. Price Range. Jan. 1, '16 to Jan. 1, '81 1980 Bid. Ask. Bid. Ask. High 97 '16 98 '16 73 Oct. 79 Oct. Low. 52 '20 57 '20 52 Mar. 57 Mar. 661 HAMILTON (Ont.) ELECTRIC LIGHT & CATARACT POWER CO. 1st 6s. Due October 1, 1989. Dated October 1, 1899. Interest payable April and October 1, at Canadian Bank of Commerce, Hamilton, and in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding (Jan 1, '21) 766,000 Retired by S. F 237,000 Held in H. C. P., L. & T. Co. S. V 97.000 Denomination— Coupon, $1,000. Trustee — National Trust Co., Ltd., Toronto. Control — ^Absorbed by the Hamilton Cata- ract, Power, Light & Traction Co., all of whose stock Is' owned by the Dominion Power & .Transmission Co. Secured by a first mortgagre on plant dis- tributing- electricity in Hamilton, Ont., and vicinity. Underlies — ^H. C. Pr., I*t. & Tr. Co. 1st & Ref g 5s. Bonds are reserved under that mortgage to retire this issue. Earnings— See H. C, P., L. & T. 1st & Ref. 5s. Market. New York — Fred H. Hatch .& Co., Barle A. Miller & Co., Eerdell Bros. ' Boston — t. Shferriian , Adams, Coffin & Burr, Moors & Cabot. Price Range. Jan. 1, *16, to Jan. 1, *21 1920 Btd. Ask. Bid. Ask. High 97 '16 100 'IG 85 Mar. 90 Mar- Low. 79 '20 S2 '20 79 July 82 June HAMMOND SXEEIi COMPANY, INC., 10- Year Conv, S. F. 6% Notes. Due Aug, 1, 1939. Dated Aug. 1, 1919. Interest payable Feb. 1 and Aug. 1, at City Bank Trust Co., Syra- cuse. Tax Status^ — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding: 600,000 Purpose of Issue — To retire $200,000 1st 6s: to build and equip a new rolling mill, in- stall an additional electric furnace and in- crease* the electric and steam power equip- ment; and to provide additional working cap- ital. Denomination — Coupon, $1,000, $500 and $100; $1,000 notes are registerable as to prin- cipal. Trustee — City Bank Trust Co., Syracuse, N. T. Redeemable at any time on 30 days* notice on and after February 1, 1922, at 105 and interest. Sinking Fund — ^Annually, beginning Feb. 1, 1922, $30,000 for the purchase or redemption of these notes at not over 105 and interest. Bonds so acquired to be cancelled. Convertible at any time, par for par, into 7% cumulative preferred stock. If called for redemption, privilege extends to 10 days prior to redemption date. Organization — Incorporated in New Tork In 1912 as the Hammond Steel & Forging Co., Inc., and acquired the property of the Solvay Stsel & Forging Co., organized In 1911. Present name adopted December, 1916. Man- ufactures high-grade hammered tool and alloy steels made by the crucible and electric process. Company's plant is located at Solvay, a suburb of Syracuse, N. T. Capitalization. Outstanding. Common $638,500 Funded debt 600,000 .Security— A direct obligation of the com- pany but riot Secured by, a mortglage. These notes constitute the only funded debt of the company. , Under the provisions of the Trust Agreenient the company covenants not to mort- gage or pledge any bf its assets, while these notes are ontBtandingr, unless prior to or contemporaneously therewith all of the notes then outstanding shall be paid and cancelled; also that net quick assets as defined in the Trust Agreement, shall at all times be main- tained ,to an 'aggregate amount equal to at Ie^9t ^he an^ount of these i^otes outsta^ndingv 882 Net. 1918 .■. $181,748 1917 116,445 1916 129,008 1915 ■ ...- 45,031 Later earnings not 'avaailable. Original Market — $600,000 offered AuruBt. 1919, by City Bank Trust Co., The Syracuse Trust Co. and W. "W. Seymour & Go., Syra- cuse, N. T., at 97 and interest. : Price Rang:e, 1920— Ask 94. HAKDIN-WYANDOT tIGHTING CO. 1st 6a. Due October 1, 1930. Dated October 1, 1910. Interest payable April and October 1, at Trustee's office. Tax Status — 4% Federal Income Tax paid and Connecticut state taxes refunded. Pay- ment of Massachusetts Income Tax assumed by company. Auttiorizecl Closed Mortgage Outstanding: (Feb. 1, '21) $481,000 Retired by S. P 19,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Citizen/i:' Savings & Trust Co., Cleveland, Ohio. Redeemable on April 1, 1915, or any in- terest date thereafter at 105 and interest. Sinking Fund — 1% per annum of outstand- ing bonds, from Jan- 1, 1916. Trustee may redeem any bonds -which may be offered to it at not exceeding 105 and in- terest. If on any Aug. 1 there shall remain in the sinking fund as much as $3,000. Trus- tee shall draw bonds by lot for payment on Oct. 1, at 105 and interest. Bonds acquired are to be cancelled. Organization and Control — Incorporated in Ohio in 1910 as a consolidation. Controlled throu&h stock ownership by the Middle West Gas & Electric Co. Capitalization. Outstanding. Common ." $350,000 Pref. 7% !cum.) 218,000 Funded debt 481,000 Secured by a first mortgage on plants sup- plying electricity in Kenton, Dunkirk, Forest and Upper Sandusky, Kirby, Patterson, Mt. Victory and immediate territory, all in Ohio. Population served, 20,000. Years ended Dec. 31. Gross. Net. Int., etc, 1920 $221,858 $57,548 $26,518 1919 176,436 54,580 25,865 1918 144,103 46,822 23,739 1917 125,990 44.349 29,478 Market. New Yorlf — P. W. Brooks & Co., Berdell Bros. Price Kange 1920— Bid, 75; Ask, 85. HARIiFIGH BROOKWOOD COAL CO. Ist S. F. 6s. Due July 1, 1938, Dated July 1, 1911. Interest payable Jan- uary 1, and July, at Trustee's office, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $1,500,000 Outstiindinff (Jan. 1, '21) 603,000. .' Retii-ecl by S. F ■ 397,000 " Reserved for Corp. Purposes.. 500,000 Denomination-^Coupon, $1,000. Register- able as to principal. ' Trustee — Girard Trust Co., Philadelphia. Redeemable on July 1, 1915, or any interest date thereafter at 105 and interest, or for the sinking fund at 102% and interest. Sinking Fund— ^Twenty cents per ton of coal mined and shipped, with a minimum suffi- cient to pay interest and retire r all bonds at maturity. ;, First payment' fpr retirement of bonds to be made May 24, 1915, and to be at least $50,000. Guarantee — Madeira Hill & Co. (Inc.), Philadelphia, guarantee any deficiency in pay- ments to sinking: fund as above. Organization — Incorporated in Pennsylvania in 1911j Capitalization. Outstanding. Common $500, ono Funded debt 708,000 Secured by a first mortgage on leasehold estate and property in fee operated by the company in the anthracite coal district of Pennsylvania. Approximately 11,000,000 tons of coal are available. Original Market — Offered in 1914 by Brown Bros. & Co., Philadelphia, at par and interest. Market. New York — '^^''atson, Armstrong & Co., Carruthers Pell & Co., Moore Leonard »& Lynch. FliiladelpMa — Henry D. Boenning- & Co., Brown Bros. & Co., Samuel K. Phillips & Co., Graham Parsons & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102^^ '19 103 '17 96 1^ Apr. 100 May Low. 95 '17 98 '20 95 May 98 Oct. Price Range. Jan. 1, '18, to Jan. 1, '21 1920 ; Bid. Ask. - .Bid. Ask.. High 98 '16 100 '19 99 Aug. 100 Apr. Low. 94 "IS 96 '20 94 Dec. 96 Dec. HARRIS ABATTOIR CO., Ltd., Ist S. F. 6s. Due February 1, 1928. Dated February 1, 1913. Interest payable February 1 and August 1, at Canadian Bank of Commerce, Toronto, Montreal and London. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized $1,750,000 Outstanding: (Jan. 18, '21) 831,500 Retired by S. F 448,300 In Treasury 470,200 Denomination — Coupon and Registered $100, $500 and $1,000 and Sterling equivalents. C. & R. intercliangeable. Trustee — National Trust Co., Ltd., Toronto. Redeemable as a whole at 105 and interest on February 1, 1916, or any interest date thereafter, or for the Sinking Fund. Sinking Fund — Annual payments sufficient to retire entire issue at maturity. These funds are to be applied to the purchase of bonds at not exceeding 105 and interest, and if bonds are not purchasable they shall be called. Organization — Incorporated in Ontario in 1901 as successor to an established business. Capitalization. Outstanding. Common $2,000,000 Funded debt 831,500 Secured by a first mortgage on new abat- toir, located in the Union Stock Yards of Toronto, on old abattoir now used as a public cold storaere warehouse, on 4,040 shares of stock of the Union Stock Yards of Toronto and all other property of the company. The company operates distributing branches in Toronto, Sault Ste. Marie, Sudbury, "Wind- sor, Lbndony and Ottawa, Ont., Montreal and Quebec, Que., St. John, N. B., and Sydney, and Halifax, Nova Scotia, and Charlotte- town, P. E. I. Original Market — Offered in March, 1913, by The Dominion Securities Corp., Ltd., Mon- treal, at par and interest. Market. Torontd — A. J. Pattison, Jr. & Co., A. Par- doe & Co., Dominion Securities Corp., Ltd., H.' R. Bre'reton & Co. JVioritreal-^Hew R. Wood Co., National Bond Co. HARRISBURG (Pa.) GAS CO. Ist 5s. Due Feb. 1, 1928. Dated Feb. 2, 1903, Interest payable Feb. 1 and Aug. 1. at, Harrisburg Trust Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania; Authorized $1,750,000 Outstanding (Jan. 1, '21) 1,583,000 Reserved for Ext 167,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Harrisburg Trust Co., Harrisburg, Pa. Organization — Incorporated in Pennsylvania in 1903 as a consolidation of two gas prop- erties. Also leases the Dauphin Gas Co. sup- plying Steelton and vicinity. United Gas Im- provement Co. is interested in this company. Capitalization. Outstanding. Common , $1,000,000 Funded debt 1,583,000 Secured by a first mortgage on plant sup- plying gas to Harrisburg, Pa., and vicjnity. Population served, 118,900. Earnings — Company does not report earn- ings. Original Market — Offered In 1912, by Ervin & Co., Philadelphia, at 103 and interest. Market. New York — Carruthers Pell & Co., Moore Leonard^ & Lynch, Berdell Bros. Philadelphia — Barnes & Lofland, Bauer, Starr & Co., - Biddle & Henry, Henry D. Boenning & Co., Graham, Parsons & Co., Huntoon & Co., McCown & Co., Samuel Mc- Creery & Co., Reed A. Morgan & Co., Samuel K. Phillips & Co., Parsly Bros. & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102% '16 104 '16 87 Oct. 90 Nov. Low. 83 '20 88 '20 83 July 88 Apr, HARRISBURG (Pa.) MGHT & POWER CO. 1st & Ref. 5s. Due Aug. 1, 1953. Dated Aug. 1, 1912. Interest payable Feb. 1 and Aug. 1, at Trustee's offlca. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $10,000,000 Ontstandin? (Jan. 1, '21) 2,782,000 Reserved for Prior Liens.... 1,000,000 Reserved for Ext, 6,218.000 Denomination— Coupon, $100 and $1,000, RegiHterable as to principal. Trustee — Fidelity Trust Co.. Philadelphia. Redeemable at 105 and interest on eight weeks' notice. Organization and Control — ^Incorporated In Pennsylvania in 1912. All of the common stock is owned by the United Gas & Electric Corp. Capitalization. Outstanding. Common n.826,500 Pref. (6% cum.) 1,250.000 Funded debt 3,782,000 Secured by a mortgage on plants supplying electricity without competition to Harrisburg, Paxtang, Rutherford Heights, Penbrook, Progress, Llnglestown, Riverside, Lucknow, Fort Hunter atid Dauphin, Pa., and a por- tion of Steelton, Pa., also steam-heating plant in Harrisburg. Population served, 107,445. Franchises a^re. perpetual. Prior Lien — $1,000,000 Harrisburg, Light, ,563 .--..- Heat & Power Co. Ist 6s of 1924. (Closed mortgage.) Years ended Deo. 31. Gross. Net. Interest. 1920 $1,333,034 $489,857 •$186,928 1918 1,136,949 461,525 186,006 1918 993,904 372,117 169,036 1917 898,920 459,926 167,293 1916 796,488 447,886 165,000 •Bond and Note interest only. Original Market — Offered in 1912, at 96 and interest, by Berton, Griscom & . Co., New York and Ftiiladelphia. A block offered Dec, 1917, by the same firm at 93^ and Interest. Market. New York— Fred H. Hatch & Co., Berdell Bros., Earle A. Miller & Co., Gilbert J. Postley. Fhiladelphia — E. R. Barnard, Bauer, Starr & Co., Parsly Bros. & Co., Henry D. Boen- ning & ^Co., Graham, Parsons & Co., Hun- toon & Co., McCown & Co., Samuel Mc- Creery & Co., J. P. Magill & Co., Wurts, Dulles & Co. Piice Range. Jan. 1, '17, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 101 '17 101% '17 86 Jan. 91 Mar. Low. 73 '20 75% '20 73 Sept. 75% Dec. HARRISBURG (Pa.) UGHT & POWER CO. 6-Year 6% Notes. Dae December 1» 1923. Dated Dec, 2, 1918. Interest payable June 1 and Dec. 1, at Commonwealth Trust Co., Harrisburg, Pa. Tax Status— 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Aatborized $215,000 Outstanding (Jan. 1, '21) 173,600 Redeemed 41,500 Purpose of Issue — To retire floating indebt- edness. Denomination — Coupon, $1,000 and $600. Registerable as to principal. Trustee — Commonwealth Trust Co., Harris- burg, Pa. Redeemable at 100 and interest on 30 days* notice. Organization — See 1st & Ref. 5s. Security — ^A direct obligation of the company but not secured by a mortgage. Under the provisions of this indenture no new mortgage or lien (other than purchase money obliga- tions) may be created without equally securing these notes. Earnings — See 1st & Ref. 6s. Original Market — $216,000 offered Decem- ber, 1918, by Bonbright & Co., Inc., New York, etc., at 97% and interest. Market. New York — Bonbright & Co., Carruthers Pell. & iCo. Philadelphia — Henry D. Boenning & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97% '19 97% '20 88 Deo. 97% Feb. Low. 88 '20 88 Dec HARRISBURG UGHT & POWER CO. 1st 6b. Due July 1, 1924. Dated July 1, 1899. Interest payable Jan. and July 1, at Commonwealth Trust Co., Harrisburg, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding $1,000,000 Denomination— Coupon, $1,000. Trustee — Commonwealth Trust Co., Harris- burg, Pa. Control — Merged In 1912 into Harrisburg Light &' Power Co. Secured by a lirst mortgage on plant sup- plying electricity to Harrisburg, Pa. Popu- lation served, about 107,445. Franchise per- petual. Underlies — H. Lt. A Ft. Ist & Ref. 6a of 1952. Earnings — See 1st & Ref. 6s. Listed — ^Philadelphia Stock Exchange. Market. New York — Bauer, Starr & Co., Moora Leonard & Lynch. Philadelphia — Bauer, Starr & Co., Hun- toon & Co., Samuel McCreery & Co., J. P. Magill & Co., Reed A. Morgan & Co., Sam- uel K. Phillips & Co., Wurts, Dulles & Co., Parsly Bros. & Co., Graham Parsons & Co. Price Range. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101% '10 103 '16 88 90 Low. 83 '20 85 '20 83 85 HARRISBURG. PORTSMOUTH, MT. JOY A LANCASTER R. R. CO. 1st 4s. Due July 1, 1943. Dated July 1, 1863, and extended In 1881 and 1913. Interest payable Jan. 1 and July 1 at Broad Street Station. Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt fn Pennsylvania. Authorized and Outstanding $700,000 Denomination — Registered, $600 and $1,000. Trustee — Girard Trust Co., Philadelphia. Assumed by Pennsylvania R. R. Co. Dec. 31, 1917. Control — 'Incorporated in Pennsylvania In 1832. Property conveyed to the Pennsylvania R. R. Co. m 1916. Secured by a first mortgage on 52.67 miles of road between Harrisburg and Dlllerville and Mlddletown and Columbia, Pa. From Harrisburg to Dillerville the road forms part of the main line of the Pennsylvania R. R. Underlies — Penn. R. . R. Co. Cons. Mtg. and Gen. Mtg. Bonds are reserved under the Gen. Mtg. to retire this issue. Legal for savings banks in Cal., Me., Mass., Mich., Minn., Mo., N. H., N. J., Ore., R. I. Vt. and Wis. ; also for Baltimore Trust Funds. Original Market — Offered in Feb., 1914, by E. B. Smith & Co., and Brown Bros. & Co.. both of Philadelphia and New York, at 99% and Interest. Market. New York — Carruthers Pell & Co., Moore Leonard & Lynch. Fhiladelphia — Henry D. Boenning & Co., Brown Bros. & Co., Harper & Turner, Hun- toon & Co., Isaac Starr Jr. & Co. Pittsburg — R. B. Hutchinson & Co. Price Range. Jan. 1, 'IC, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96% "16 102 '16 80 May 90 May Low. 78 '16 89 '19 80 May 90 May HARRISON BROS. & CO. 1st 6s. Doe May 1, 1924. Dated April 12, 1899. Interest payable May and Nov. 1, at Fidelity Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Anthorized , $1,300,000 Outstanding (Mar. 1, '21) 202,000 •Retired by S. F 1.098,000 •Includes bonds purchased and cancelled. Denomination — Coupon, $1,000. Trustee— Fidelity Trust Co., Philadelphia. Slnldngr Fond — $25,000 annually from net earnings after payment of Interest and 7% on preferred stock. Assumed by the E. I. du Pont de Nemours & Co. Control — Incorporated in Pennsylvania in 1898 as successor to Harrison Bros. & Co., manufacturers of white lead, varnishes, paints, colors and chemicals. On March 20, 1917, the entire property was sold to E. I. du Pont de Nemours & Co. Secnred by a first mortgraee on plants In Philadelphia. liisted on the Philadelphia Stock Exchange. Ori^nal Market — Offered In 1899 by Lee, HlEfrinson & Co., Boston, Fidelity Ins., S. D. & Trust Co.. Philadelphia, Dick Bros. & Co., Philadelphia and New York, Bean & Shibley. Providence, R. I. Market. New York— Carruthers Pell & Co. Fhlladelphia — Bauer, Starr- &)Co., Biddle & Henry. Geo. N. Fleming:, Samuel K. Phil- lips & Co., Morley, "Wood & Co. Price Ranee. Jan. 1, *16, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 100 -19 100% '17 100 102 liOW. 90 '20 95 '20 90 95 HART COAI. CO. 1st S. t\ 8s. »ue $35,000 each July 1, from 1921 to 1930, inclusive. Dated July 1, 1920. Interest payable Jan. 1 and July 1, at Continental & Gomra.ercial Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income -Tax paid by the company without deduction. Authorized $500,000 Outstanding 250,000 Reserved for Corp. Purposes... 250,000 Denomination — Coupon, $1,000, $500, and $.100; reg-isterable as to principal. , Trustee — Continental & Comemrcial Trust A Saying-s Bank, Chicago. Redeemable in reverse order of maturity at 1021,^ and interest on any interest date upon 60 days' notice. Sinking* JESind — 8 cents per ton of coal mined, to be deposited monthly with the Trustee to retire these bonds as they mature. Organization — Incorporated in Delaw^are Sn 1920. Capitalization. Outstanding. Common $500,000 Preferred 26 2.500 Funded debt 400,000 Secured by a first mortgage on all the property of the company now owned or hereafter acquired. The company owns three electrically equipped mines located about 4 miles east of , Mortons Gap, Hopkins County, Ky., with a capacity of 3,000 tons per day. Also owns in fee and under lease 1,913 acres of coal lands, estinnated to contain 9,500,000 tons of steam and domestic coal, together with 4 miles of railroad, etc. Original. Market— $250,000 offered July. 1921, by Dodge & Ross, Chicago, at 100 and Interest. HARTFORD & NEW YORK TRANSPORTA- TION CO. 1st 4%s. Due May 1, 1034. Dated May 1, 1904, Interest payable May and Nov., at State Bank, Hartford, Conn. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Ontstandinfr $200,000 Denomination — Coupon, $1,000. Orgranization and Control — Incorporated In Connecticut In 1877. Controlled by New York, New Haven & Hartford R. R. Co. through New England Navigation Co. As of May 1. 1921, this company was be- ing merged into the N. Y., N. H. & H. R. R. Co. Capitalization. Outstanding. Common $2,000,000 Funded debt 200,000 Secured by a first mortgage on six steam- boats, seven towboats. 31 barges and ter- minals in various towns between New York and Hartford, Conn. Original Market — Offered in 1904 by Fran- cis R. Cooley & Co., Hartford^ at 103^ and Interest. Market. Hartford, Conn. — Richter & Co. HARTFORD & SPRINGFIELD STREET RAILWAY Ist 58. Due July 1, 1931. Dated July 1, 1901. Interest payable Jan. and July 1. at American Trust Co., Boston, Mass. Default — July 1, 1918. interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $600,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Treasurer of State of Connecti- cut. Redeemable on any Interest date at 106 and interest. Organization — Incorporated in Connecticut In 1895 as the Enfield & Longmeadow Elec- tric Ry. Co. and present name adopted in 1901. The company has acquired the proper- ties of the East "Windsor Street Ry. Co., Sommers & Enfield Electric Ry. Co., Windsor Locks Traction Co. and the Rockville Broad Brook & East Windsor Street Ry. Co. Capitalization. Outstanding. Common $600,000 Pref. (6% non-cum.) 285.000 Funded debt 961,000 Receivership — On Sept. 30. 1918, Harrison B. Freeman was appointed receiver by Judge W. S. Case in the Superior Court, Hartford, Conn, Secured by a mortgage on about 44.95 miles of electric railway from Mass.-Conn. State Line to East Windsor Hill, 13 miles and from Thompsonville to Somers, 8.5 miles ; from Suffield to a connection with the Hartford St. Ry., 9.7 miles, and from Warehouse Point to Rockville, 14.45 miles, all in Connecticut. The company has track- age rights into Hartford, Conn., and Spring- field, Mass. Population served, over 15,000. Franchises are perpetual. Prior Liens — $ 161,000 Windsor Locks Ist 5s of 1934 and $200,000 Rockville Broad Brook & East Windsor Street Ry. 1st 6b of 1926. Tears ended Deo. 31. Gross. Net. Interest. 1920 $359,564 def.$9,256 $48,660 1919 257,214 def. 3,270 48,658 1918 229,199 836 49,197 1917 244,057 42,046 48,649 Original Market — Offered in 1902 by Fran- cis R. Cooley, Hartford, Phelps & Co., Boston, at 108^ and interest. Market. New York — McConnell & Co., Inc. Boston — Pond & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Ask. High 99 'OS 103 '08 30 Low. 70 '17 77 '18 HARTFORD CITY GAS MGHT CO. 1st 4s. I)ne July 1, 1935. Dated — July 1, 1905. Interest payable Jan. 1 and July 1, at Hartford-Connecticut Trust Co., Hartford, Conn. Tax Statue — Payment of Federal Income Tax not assumed by company. . Authorized .$1,000,000' Outstandins 750,000 Denominations-Coupon, . $1,000. . Register* able as to .principal. Trostee — Connecticut Trust & Safe Deposit Co., Hartford, Conn. > Organization — Incorporated in Connecticut In 1848. Steele* is owned locally. Capitalization. Outstandlnir. Common $1,750,000 Pref. (8% cum.) 750,000 Funded debt 750,000 Secured by a first mortgage on all of the property of company, which under perpetual franchises distributes gas, without competi- tion, in the City of Hartford, "West and -East Hartford, ■ "Wethersfield and to the Northern Connecticut Light, Heat & Power Co., which- In turn supplies "Windsor, "Windsor Locks, Thompsonville and Enfield, all of Connecti- cut — serving a population of 151,000. VearR ended Dec. 31. Gross. Net. Int., etc. 1920 $1,343,239 •$266,873 ' 1919 1,083,725' 309,417 63,136 1918 1,015,677 207,692 52,877 1917 792,677 226,884 41,676 *After interest, depreciation, taxes, etc. Original Marleet — $260,000 offered Aug., 1914,' by Merrill, Oldham & Co., Boston, at 95 ^ and interest. Marltet. New "yorlc — Berdell Bros., Hornblower &' "Weeks. Hartford, Conn. — Richter & Co. Price Range. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High S7 '19 92 '19 70 Nov. 86 Mar. Low. 70 '20 76 '20 70- Nov. 76 Nov. HAKTFORD ELECTKIC LIGHT CO. 10- Year 7% Notes. Due Sept. 1, 1930. Dated — Sept.,1, 1920. Interest payable Mar. 1 and Sept. 1 at Trustee's office. . Tax Status — 2% Federal Income Tax paid by company without deduction. , Authorized $5,000,000 . . Outstanding 5,000,000 Purpose of Issue — To provide additional ■storking capital and 'to provide for exten- sions to plant and equipment. .Denominations — Coupon, $1,000 and $500; r6ffisterable as to principal. Trustee — Security Trust Co., Hartford, Conn. Aedeeinahle on 30 days' notice at 102^ and interest to Sept. 1, 1925, thereafter at 102 and interest to Sept. 1, 1926; 101% and interest to Sept. 1, 1927; 101 and interest to Sept. 1, .1928; and 100% and interest there- after to maturity. , Orgranization — Incorporated in Connecticut in 1881. Company supplies electric light and power in Hartford and a large section of Central and Northewestern Connecticut. Owns the entire ($1,000,000) common stock of tlie Connecticut Power Co., which com- pany does the entire electric light and power business in New London, Middletown and Thomastown, Conn., and furnishes wholesale power to manufacturing and pub- lic utility companies in various other Con- necticut towns. Franchises are without time' limit. Capitalization. Outstanding. Common $10,000,000 Funded debt 5,300,000 Security — A direct obligation of the com- pany but not secured by a mortgage. No mort.gage or liens (other than purchase money obligations on future acquired prop- erty or pledges to secure temporary loans) may be placed upon any of its properties without equally securing these Notes. Years ended Dec. 31: ' , „ „,_, Gross. Net. Int. & Div.' 1920 .... $3,037,600 $1,079,800 SI^'SOJ- 1919 .... 2,466,400. 993,100 601.400 1Q1S 2 194 200 808,400 473,200 1917 :■;: T.lUToo 715500 484400 Gross. Net. Int. & Div. Original Market— Offered $5,000,000 itt Sept., 1920, by Lee, Higginson & Co., and Estabrook & Co., Boston New Tork and Chicago, and Richter & Co., Hartford, at 95.68 and interest. Market New York — Hartshornc & Battelle. Boston — Moors & Cabot. Hartford, Conn.— Richter & Co. New Haven, Conn. — Blwell & Manross, H. C. Warren & Co., Inc., "Winslow Day & Stoddard, Inc. „ „, , Providence, K. I. — Hornblower & ^Veeks. Price Kange 1920 Bid. Ask. Hieh 98 Oct. 100 Oct. Low 95 Sept. 95.68 Sept., HARTFORD STREET RAILWAY CO. 1st 48. Due Sept. 1, 1930. Dated September 1, 1900. Interest payable March and Sept. 1. at' First National Bank, Boston, and Connecticut Trust and Safe De- posit Co., Hartford. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $2,600,000 Deoomination — Coupon, $1,000. Reglster- aLie as to principal. Trustee — Treasurer of the State of Con- necticut. Assomcd by the New Tork, New Haven & Hartford R. R. Co. Control — Absorbed by the N. T., N. H. H H. R. R. Co. and property sold in 19110 to the Connecticut Co., whose entire $40,000,000" stock, formerly owned by the N. T., N. H. & h: E. R. Co., has been transferred to a board of five trustees and is to be sold by them, prior to July 1, 1919, if possible, in accordance with the agreement with the De- partment of Justice. Secured by a first mortgage on 76 miles of street railway, including the lines in Hartford, Conn., and between Hartford, "Wethersfield,* Newington, "West Hartford, Bloomfield, "Wind- sor, Bast Hartford and South "Windsor,- Conn. Population served, 110,000. Underlies — Series 'M" Deb. 4s of 1930. Refunding — Bonds are reserved under the N. Y., N. H. & H. R. R. 1st Ref. Mtge. Earnings — See Connecticut Co. Listed on the New Tork Stock Exchange. Market. Hartford, Conn. — Richter & Co. New Haven, Conn. — H. C .Warren & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '16 101% '16 90 Jan. 95 June,- LOW. 75 '20 771/1 '20 75 Dec. 77Vi Feb. HARTJE PAPER MANCEACTtTRING COMr PANY 1st Serial 6s. Due S2S,000 May 1, 1920; 830,000 May 1, 1921: $35,000' May 1, 1922: $40,000 May 1, 1923, and $45,000 eiach May 1, 1924, to 1929, iii- clusive. Dated May 1, 1919. Interest payable May and Nov. 1, at P. W. Brooks & Co., New Tork. Tax Status — 2% Federal Income Tax paid by the company without" deduction. Massa- chusetts Income Tax refunded. Pennsylvania, property tax refunded. Anthorized ... J .-. $400,000 Outstanding: (May 6, '21) 318,500 Ketired by S. F 81.500 Purpose of Issue — To retire floating indebt- edness and provide additional working capital. Denominations — Coupon, $500 and $1,000, registerable as to principal. Also $100 bonds in 1924 and 1929 maturities only. Trustee — Equitable Trust Company of New York. Redeemable as a whole or In part upon 60 days' notice at 102 up to and including May 1, 1923. thereafter at 105. Organization — Incorporated Dec. 27, 1900, In West Va. Owns and operates plant at Steubenville. Ohio, for manufacture of pulp and wrapping paper. Company does both a manufacturing and jobbing business. Capitalization. Outstanding. Common $1,000,000 Funded debt 318.500 Secured by a first mortgage on real estate, plant and equipment at Steubenville, Ohio, appraised June, 1918, at $1,063,318 (replace- ment value) and $727,545 (sound value). Company covenants that it will at all times during the life of this mortgage" maintain gross quick assets equal to at least 160%. and net quick assets of 75 % of bonds out- standing. Net quick assets March 3 1919, $574,607. Years ended Dec. 31. Bond Gross. Net. Interest. 1918 $2,082,587 $114,272 $24,000 1917 1.803,400 101,953 Original Market — Offered May, 1919, by P. W. Brboks & Co., Inc., New York, Boston and Philadelphia, at prices froiji 99.30 to 94.61' for various maturities. Market. New York — P. "W. Brooks & Co. HARWOOD ELECTRIC CO. 1st S. F. 58. Dae July 1, 1939, Dated July 1, 1909. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt In the State of Pennsylvania. Anthorized Closed mortgage Outstanding (Jan. 1, '21) $738,200 .Held, in S. F.. .., ... 54,800 Denomination — Coupon, $100, $600 and $1,- 000. Registerable as to principal. Trustee — ^Girard Trust Co., Philadelphia. Redeemable at 107% and interest on July 1, 1914, ' or on any interest date thereafter on 60 days' notice. Sinking Fund — ^Annually on July 1 to 1918 1% of outstanding bonds, 1919 to 1928, 1%% and 1929 to maturity, 2%. Proceeds to be applied to purchase of bonds at not exceeding 107% and interest. If not purchasable bonds are to be called. Bonds so acquired are to be kept alive, and Interest added to sinking fund. Assumed by Pennsylvania Light & Power Co. • Control — Merg-ed in 1912 into the Harwood Electric Co. The latter company, with sever- al others, was consolidated into the Penn- sylvania Power & Light Co- in 1920. Secured by a first mortgage on plants sup- plying electricity in Hazelton, Pa., and vicin- ity, supplying 27 townships, in all but one of which its franchises are perpetual. These bonds are further secured by a first lien on the stocks of a coal company, a general store, and tw^o water com.panies. Underlies — The Harwood Electric Co. 1st & Ref. Mtge. and Pennsylvania Power & Light Co. 1st & Ref. Mtge." Bonds are re- served under the latter mortgage to retire this issue. • „ Sarnings — See Pennsylvania Power & Light Co. 1st & Ref. 7s. Earnings — Included in Lehigh Power Se- curities Corp. reports. Original Market—Offered in 1910 by Red- mond & Co., New York., and "Warner. Tucker & Co., Boston, at 99 and interest. Market. New York — Hartshorne & Battelle, Fred H. Hatch & Co.. Morton Lachenbruch & Co., Vanderhoef & Robinson, Berdell Bros. Fluladelphia — Bauer, Starr & Co., Henry D. Boenning & Co., Charles Fearon & Co., Huntoon & Co., C. Clothier Jones & Co., Lloyd & Palmer, McCown & Co., Samuel Mc- Creery & Co., J. P. 'Magill & Co., Reed A.i Morgan & Co., Samuel K. Phillips & Co.,, Parsly Bros. & Co. Price Range. .Jan. li '16, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 103 '16 105 '16 92 Feb. 95 Jan. Low. 78 '20 83 '20 78 Dec. 83 Dec^. HARWOOD ELECTRIC CO. (THE) 1st & Ref. S. F. Gs. Due March ly 1943. Dated March 1, 1912. Intereiat payable March and Sept. 1, at Trustee's office, Phil- adelphia. Tax Status — 2% Federal Income Tax paid by company without deduction* Tax exempt in Pennsylvania. Authorized Closed Mortgage Outstandingr (Jan. 1, '21) $2,094,000 Retired by S. F 253,000 Pledg-ed under, Pennsylvania P. & L. 1st & Ref. Mtge 40,000 Denomination — Coupon, $1,000. Register- abel as to principal. Trustee — Girard Trust Co. , Philadelphia. .Redeemable at 107 ^^ and interest on any interest date on two weeks' notice. Sinking Fund — Beginning March 1, 191€, and annually thereafter, an amount such that if equal sums were paid annually, 50% of the bonds would be retired by maturity. These payments to be applied to the purchase of bonds at not exceeding 107% and interest. Bonds acquired are to be cancelled. Assumed by the Pennsylvania Power" & Light Co. Organization and Control — Incorporated in Pennsylvania in 1912, and took over the property of the Harwood Electric Co., Inc. In 1920 consolidated with other companies into the JPennsylvania Power & Light Co. Secured by a second mortgage on the prop- erty described under the 1st 5s above, ther secured by a first lien on a large ma- jority of the stocks of subsidiary lighting and steam-heating companies. Pi-ior Lien — $793,000 1st 5s of 1930. Earnings — See Pennsylvania Power & Light Co. 1st & Ref. 7b. Listed on the Philadelphia Stock Exchange. Original Market — Offered in 1912 by Henry & West, Philadelphia, at 100 and interest. Market, New York — Berdell Eros., G. R. McAllister &. Co. Pliilmlelphia — Bauer, Starr & Co., Henry D. Boenning & Co., Elkins, Morris & Co., Huntoon & Co., Lloyd & Palmer, McCown & Co., Samuel McCreery &Co., J. P. Magill &Co., Reed A. Morgan & Co., Paul & Co.,. Samuel K. Phillips & Co., Parsly Bros. & Co. Price Range. Jan, 1, '16. to Jan. 1. '21 1920 Bid. Ask. Bid. Ask. High 103 ys '3 7 104 '16 94 Feb. 98 Feb. Low. : 83 '20 85 '20 S3 July 85 Sept. HAXTIESBITBG TRACTION CO. Ist 6s. Doe Jan. 1, 1028. Dated March 14, 1908, Interest payable /an. and July 1, at Guaranty Trust Co., New York: lax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $300,000 Outstandinir (Jan. 1, '21) 238,000 Retired by S. F 62,000 Denomination — Coupon, $1,000; reerlster> able as to principal. Registered $1,000. Trnstee — Guaranty Trust Co., New York. Sinking Fond — Annually, begrlnnlng January 1, 1909. $5,000 for the retirement of bonds by purchase in open market at a price to yield not lees than 5% if bonds were held till maturity; or If not so purchaseable, other securities desicrnated by Company and ap- proved by Trustee must be acauired. Bonds of this issue acquired are cancelled. Organization and Control — Incorporated In Mississippi in June, 1905, as the Hattiesburg Traction, Light & Fuel Co. Name changed in November, 1906, to Hattlesburg Traction Co. On Sept. 2, 1907, purchased property of the Hattiesburg Gas Co. and Hattlesburg Lt. & Power Co. All ot the stock owned by Meridian Lt. & Ry. Co., a subsidiary of the Cities Service Co. Capitalization. Outstanding. Common $600,000 Funded debt 565,000 Management — The Doherty Organization. Secured by first mortgage on 8.67 miles of street railway at Hattlesburg, Miss,, and on gas and electric plants In that city. Popu- lation served, about 19,000. Electric and street railway franchises expire in 1931; gas franchise in 1930. Underlies — Gen. Lien 6s of 1952 under which bonds are reserved to retire this Issue. Earnings — Company does not report earn- ings. Original Market — Offered In 1908 by G. "W. Walker & Co., New York, at par and Inter- est. Market. New Yoric — Henry L. Doherty & Co., Dun- ham & Co., Hartshorne & Battelle, Berdell Bros., G. R. McAllister & Co. Price Range. Jan. 1, >16. to Jan. 1, '21 1920 . Bid. Ask. Bid. Ask. High 94*16 100 '17 83 88 Low. 80 '20 83 '19 80 85 HATTIESBURG TRACTION CO. Gen. I^len 6b. Dne July 1, 1952. Dated July 1, 1912. Interest payable Jan- uary 1 and July 1, at First National Bank, Mobile, Ala., or at office or agency of Com- pany, New York. Tax StatHB — 2% Federal Income Tax paid by company without deduction. Authorized $2, 600,000 Outstandinsr (Jan. 1, '21) 312,000 Held by Trustee 449,000 Held in S. F 15,000 Reserved for Prior Oen 238,000 Reserved for Kxt 1,486,000 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — First National Bank, Mobile, Ala. Redeemable in whole or In part by lot, upon four weeks' published notice on any interest date at 105 and interest. Sinking Fund — ^Annually, beginning July 1, 1916, a sum equal to 1% of bonds outstand- ing, as of preceding August 1st, must be set aside yearly, for purchase or redemption of bonds at not more than 105 and Interest; or for purchase of underlying bonds at not more than 105 and Interest. In lieu of cash pay- ments, bdnds of this Issue, with all unma- tured coupons attached, will he equivalent to a cash payment of 105 and interest; or com- mencing July 1, 1915, sinking tund may be satisfied by Investing in property or construc- tion, a sum per annum equal to 1% of all bonds outstanding on previous July Ist, or part in cash and part In property. Honda ac- quired to be kept alive In Sinking Fund. Organization, etc. — See 1st 6s. Secured by a second mortgage on the prop- erty described under the 1st 6s, which see above. Prior lien — $238,000 1st 6s of 1928. Earnings not available. Market. New York— Henry L. Doherty & Co., Car- ruthera Pell & Co., G. R. McAllister & Co., Berdell Bros. Price Rangre 1920 — Bid, 65; Ask, 70. HAVANA ELECTRIC RAILWAY CO. Cons, (now Ist) 5s. Dne Feb. 1, 1952. Dated May 10, 1902. Interest payable Feb. 1 and Aug. 1, at company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $10,000,000 Outstandingr (May 7, '21) 8,072,570 Retired by S. F 1.350,000 Held in Treasury 567,541 Retired by Sale of Land 9,000 Reserved for Corp. Purposes . . 889 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 105 and Interest on any In- terest date on six months* notice. Sinking Fund — Beginning Jan. 1. 1906, and annually thereafter, 148,000 for the first J7,- 500,000 issued, with a proportionate Increase for any new bonds issued, plus an amount equal to the Interest on bonds retired^ Bonds redeemed are to be cancelled. Control- — Incorporated In New Jersey In 1899 and in June, 1913, merged Into Havana Electric Ry., Light & Power Co., a New Jer- sey corporation. Secured by a first mortgage on the street railways system In and around Havana, Cuba, comprising about 86 miles of track. Popula- tion served, 300,000. Franchise expires in 1958 and permits of freight traffic over part of the lines. Underlies — Havana El. Ry. Lt. & Fr. Co. Gen. 6s of 1964. Earnings — See Havana Electric Ry., Lt. & Power Co. listed on the New York, Montreal, London, Amsterdam and Havana Stock Exchanges. Original Market — Offered in June, 1902, at 98 and interest by Edward Sweet & Co., New York, Hanson Bros., Montreal, and Glyn, Mills, Currle & Co., Ltd., London, Eng. Market. New York — Hartshorne & Battelle, Lynch & McDermott, Rauscher & Mackay, Red- mond & Co., Vanderhoef & Robinson, F. J. Llsman & Co., Berdell Broa Philadelpliia — Bauer, Starr & Co. Price Range — ^N. Y. S. E. High 99% Oct. 2, '11 851^ Feb. 24 Low. 6414 June 26. *07 64^^ Dec. 27 568 HAVANA ELECTRIC RAILWAY, LIGHT A POWER CO. Gen. Ss, SerieB "A." Due Sept. 1, 1954. Dated Sept. 1, 1914. Interest payable March 1 and Sept. 1, at Trustee's office. New York. lax Status — Payment of Federal Income Tax not assumed by company. Authorized $25,000,000 Oatstanding: (May 7, '21) 6,845,000 Held In S. F 91,000 Reserved for Prior Liens 10,450,000 Reserved for Ext 6,019,000 In Treasury 2,543,000 Deposited with Gov. of Cuba. . 62,000 Denomination — Coupon, $1,000. ReKisterable as to principal. Registered, $1,000, $6,000 and multiples. C. & R. Interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 106 and Interest at any time on 30 days* notice. Sinking Fund — Annually, beginning June 1, 1920, m.% of outstanding bonds for the pur- chase or redemption of these bonds at not over 106 and interest. In lieu of cash the Company may make payments in whole or part by delivering to the Trustee these bonds at 105. Bonds so acquired to be kept alive and interest added. Organization — Incorporated In New Jersey In 1912 and acauired the properties and fran- chises of the Havana Electric Railway Co. and the Compania de Gas y Electricidad de la Habana (Havana Gas & Electric Co.). Also owns the entire capital stock of the Insular Railway Co. Capitalization. Outstanding. Common $14,948,346 Preferred (6% cum.) 20,978,477 Funded debt 18,481,691 Secured by a mortgage on all property now owned or hereafter acquired. The property covered Includes plants supplying gas and electricity in Havana, Cuba, and on street railway system comprising 86 miles, single track equivalent. Street railway franchises expire In 1968; one electric franchise expires 2001 and the other is perpetual: gas fran- chise is perpetual. Prior Xiens — $8,164,670 Havana Eleetrlo Ry. Cons. 5s of 1962; $3,997,904 60-year Mtge. enoininati6n — Coupon, $1,000, $500 and $100: regjsterable as to principal. Trustee — National City Bank, New York. Redeemable on any interest date upon 30 days' notice at a premium of 5 % if re- deemed on or before June 1, 1924, and de- creasing by 1 % for each year thereafter. ■ " Sinking Fund — The corporation will pay to the Trustee $125,000 quarter+ly,' beginninte- Sept; 1, 1920, and in addition within 90 days of' the close of each fiscal year a sum equal" to the amount, if any, by which 25% of its annual net income after taxes shall exceed the' minimum payment of $500,000. This additional payment for the year ending Dec. 31, 1920, wil be .ratably proportioned. Organization — Incorporated in Delaware in 1920, to acquire all the stock of the Hershey Chocolate Company (of Pennsylvania), Her- shey Corp., Hershey Transit Co., Hershey Chocolate Co. of New York, Inc., F. E. Childs Co., Inc., Lebanon ^ Creamery Co., Hershey Condensing Co., Hershey Water Co.,* Hershey Electric Co., Hershey Department' Store, Hershey Cuban Ry., Compania Agraria Cubana, Compania Central San Juan Bantista and Rosario Sugar Co. The principal prod- ucts are the Hershey brands of milk choco- late, almond bars and breakfast cocoa. Capitalization Outstanding Common $500,000 Preferred ■ 1,635,700 Funded debt 9,624,800 Secured by a first lien on the real estate, plant and fixed assets of the Hershey Choco- late Company — the operating company — ■ through the deposit with the Trustee of the entire First Mortgage Bond issue and the entire capital- stock (except directors' shares) of that company. The First Mortgage Bonds pledged will also be secured by deposit of all the stock (except directors' shares) of all constituent companies. Upon the completion of the present financ- ing neither the Corporation nor any of its constituent companies will have any other outstanding funded obligations. In the Trust Indenture under which the Bonds are issued the Corporation covenant? among other things that; The Corporation will not mortgage or pledge any of its properties ' or assets, nor will it suffer or permit any constituent company to incur or create any further indebtedness, ex- cept for the acquisition of additional railroad equipment, or in the ordinary course of bus- iness, and maturing not later than one year from their date, unless the evidence of such indebtedness is pledged as additional security. 'The Corporation will not declare or pay any cash dividends on' its' cpnimon stock ex>-' cept out of surplus profits representing earn-' ings subsequent to June 1, 1920. Years ended Dec. 31: (consolidated) Gross. Net. 1919 $58,013,280 $6,850,913 1918 35,061.664 6,205,359 1917: . 26,698,079 3.958,544 1916 19.876,415- 2,260,941 1915 10,331,951 1,778,498 Original Market — $10,000,000 offered June, 1920, by The National City Co.. Guaranty Trust Co., of New York; Cassatt & Co., Gra- ham, Parsons & Co., and "West & Co., of Philadelphia, and The Union Trust Company of Wtsburgh, ■ at 'ffT^;^ and interest, •; ;" • Market New York-^'galomon ' JBro's. ' & Hutzler, Mann, Pell & tealt, National City Co., Car- ruthers, Pell & Co., Bull & Eldredge, H. H. Galinger & Co., . Rauscher & M;ackay, Guar- anty Company.' Fliiladelphia — Henry , D. Boenning & Co., Cad-bury, Ellis &■ Haines, Elkins, Morris & Co., Graham, Parsons & Co., McCown & Co., Samuel McCreery & Co., Paul & Co., Moore, laCOnard & Lynch, ParslyBros. & Co. Pittsburgrli — ^The Union Trust Co. of Pitts-: burgh, Brie, Pa. — Erie Trust Co,,- Charles, Mes-> senkopf & Co. . , , Lnot assumed by company. Authorized $4,500,000 Outstanding 4,100.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — United States Mortgage & Trust Co.. New York. Redeemable on any interest date at 110 and Interest. Control — ^Absorbed by New York & Hoboken Perry Co., which is controlled by Delaware, Lackawanna & "Western R. R. Co. Secured by first lien on all of the property of the former Hoboken Perry Co., includinsr leases of Christopher and Barclay Sts., fer- ries and all wharfage at 142 to 147 West St., New York, and property in Hoboken. Underlies — New York & Hoboken Ferry Gen. 5s of 1946. Market. New York — Hartshorne & Battele, Fred H. Hatch & Co., W. E. R. Smith & Co., Van- derhoef & Robinson, Finlay & Davenport. Jersey City, N. J.— Cutwater & Wells. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 High 107 '11 110 '11 76 Sept. 87 Feb. Low. 75 '19 79 '20 75 Dec. 79 Dec. HOBOKBN LAND & IldPROVBIIISNT 00. let 5s. Due Nov. 1, 1930. Dated Nov. 1, 1910. Interest payable May and Nov. 1, at First National Bank,. Ho- boken, N. J., or American Exchange National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized 52,000,000 Outstanding 908,500 Reserved for Ext 1.091,500 Denomination — Coupon, $500 and $1,000. Registej-able as to principal. Trustee — Hudson Trust Co., Hoboken, Redeemable at 106 and interest. Organization — Incorporated in New Jersey in 1838. Capitalization. Outstanding. Common $1,473,900 Funded debt 908,500 Secured by a first mortgage on valuable wharf property and apartment houses In Hoboken, N, J. "Wharves are used by Hol- land-American and other important steam- ship lines. Also owns valuable manufac- turing sites on which are built important plants. Total assessed valuation, as of Dec. 31, '17, $6,529,700. Original Market — Issued in exchange for maturing bonds, on a basis of par for this Issue and 102 for maturing issue. Market. New Yorlt — "W. E. R. Smith & Co. Jersey City, N. J. — Cutwater & Wells. Price Range. Jan. 1, '11 to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 105 '11 105% '11 99 100 Low. 90 '19 96 '20 90 96 HOCKING COAL CO. (IOWA) Ist S. F. Guar.- 6b. Due July 1, 1932. Dated July 1, 1912. Interest payable Jan. and July 1, at M. & St. Louis R. R. office, 25 Broad Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding: (Feb. 1, '21) 136,000 Held in S. F 80,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Empire Trust Co., New York. Redeemable at lOB and interest as a whole or for Sinking Fund. Sinking Fund — Semi-annually 2% cents per ton of coal mined and removed during past six months. If bonds are issued in excess of $300,000 five cents per ton of coal re- ' moved, minimum amount paid Into sinking fund each year must be sufficient to redeem $10,000 par value of bonds, as long as any of the original $200,000 bonds are outstand- ing, and this amount Is to be increased proportionately with Increase of outstanding bonds. Guaranteed as to principal, interest and sinking fund by the Minneapolis & St. Louis R. R. Co. Control — ^AU of the stock is owned by the Minneapolis & St. Louis R, R, Co. Secured by a first mortgage on 4,500 acrea of coal land, mine developments, dwellinga, etc., in Monroe County, la. Original Market — $200,000 offered in 1913, at par and interest by C. E. Mitchell & Co., New York. Market. New York — Watson, Armstrong & Co. Philadelphia — Lloyd & Palmer, McCown & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '18. to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99% 'IS 99% '18 76 July 90 Mar. Low. 70 '19' SlVz'lS 75 Mar. 90 Mar. HOCKING VALLEY PRODUCTS CO. 1st 69, Due Jan. 1. 1961. Dated Jan. 1, 1911. Interest payable Jan. and July 1, at Bankers' Trust Co. , New York. Interest Payments — Bondholders in June, 1915, agreed to waive one-half (2%%) of interest, beginning Jan. 1, 1915, for a period not exceeding five years. Under a readjust- ment plan eflective April 4, 1919, all deferred interest ($90,800) has been paid off, and regu- lar interest payments resumed. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding (Jan. 27, '21) 898,900 Ketired'by S. F 937,400 ♦Held by Trustee 163,700 ♦Held subject to orders of the company. Denomination — Coupon, $100, $500 and $1,- 000. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and interest. Sinlung Fund — 1% cents per ton of coal mined, 10 cents per barrel of oil, and 25 cents per 1,000 bricks, plus a sum eaual to any dividends paid above 6 % . Modified Sinking Fund — See ' 'Payment of Deferred Interest." Organization — Incorporated in West Virginia in 1911 as successor through foreclosure of the Columbus & Hocking Coal & Iron Co. and the Columbus & Hocking Clay Brick Manufacturing Co. During the receivership of predecessor companies in 1911 the right to drill for oil on the Company's property was leased to The Chartiers Oil Co. of Pitts- burgh. Under the terms of the lease the lessee was to pay a cash bonus of $185,000 and one-eighth of all oil recovered. The Company's coal properties are mostly opera- ted under lease by about 30 coal companies at an average royalty of about 12 cents a ton and the right In many cases to sell the coal upon a commission of 10% of the selling price. Capitalization. Outstanding. Common $1,378,665 Funded debt 898,900 Secured by a mortgage on all the property of the Company. The property covered com- prises about 12.000 acres of land scattered through four counties in Ohio, viz. : Athens, Hocking, Perry and Vinton and contains coal, clay and oil and other minerals. In 1917 the property was estimiated to contain some 10,000,000 tons of coal. The property cov- ered also includes a great number of miners' houses and brick plant with dally capacity of 577 60,000 bricks. See "Organization" for details on operations. Years ended Dec. 31 Gross. Net. Int.&S.P. 1920 $1,463,610 $186,531 $72,242 1919 486,910 105,369 76,908 1918 774,619 128,984 *SQ,6Z0 1917 889,769 154,888 77,885 1916 483,617 78.007 73,275 •Includes depreciation. Market. New York — Hartsliorne & Battelle, Fred H. Hatch & Co., Tobey & Kirk, Vanderhoef & Robinson, Watson, Armstrong & Co., Fin- lay & Davenport, National City Co., Edwin Wolff. Philadelphia — Barclay, Moore & Co. Price Range. Jan. 1, '15, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 67 '18 65 '19 56 June 61 Aug. Low. 19 '15 23 '15 , 45 Dec. 65 eDc. BOGKING VALLEY RAILWAY CO. 1st Cons. 4%8. Dne Jair 1, 1999. Dated July 1, 1899. Interest payable Jan. and July 1, at Company's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $20,000,000 Outstanding 16,022,000 Retired by Sinking Fund 136,000 Reserved tor Prior Liens 3,842,000 Denomination — Coupon, $1,000. Register- able as to .principal. Registered, $1,000, $6,- 000 and $10,000. Coupon bonds are exchange- _able for fully registered bonds. Trustee — Central Union Trust Co., New York. Redeemable at not exceeding 105 and In- terest for sinking fund. Sinking Pund — Annually an amount equal to two cents a ton on all coal mined on the property of the Buckeye Coal & Ry. Co., a Joint maker of the mortgage securing these bonds, for the purchase of bonds at not more than 105 and interest. Bonds so pur- chased to be cancelled. If bonds are not purchasable, money shall revert to Coal Co. Organization and Control — Incorporated in Ohio in 1899. A substantial majority of this stock is owned by the Chesapeake & Ohio Ry. Co. Capitalization. Outstanding. Common $11,000,000 Funded debt 26,844,000 Secured by a direct mortgage on 321.20 miles of road, viz. A first lien on 88.80 miles — Miles. Oldtown to Pomeroy, 80.60 Rockwell to Wallbridge, 2.60 Hocklhg to Poston, 6.60 A second lien on 232.40 miles — (Covered by the Columbus & Hocking Valley 4s) Columbus to Athens, O., and Branches. 115. 40 (Covered by the Columbus & Toledo 4s) Columbus to Wallbridge, 117.00 Also secured by deposit of the following; Wellston to Jackson Belt Ry. 1st 6s. .$300,000 Wellston & Jackson Belt Ry. stock. . 265,000 Boston Coal Dock & Wharf Co 200,000 Prior Liens — Subject to $3,842,000 prior Hens, viz: : Columbus & Hocking Valley 4s, 1948. $1,401,000 Columbus & Toledo R.R. 4s, 1956.. 2,441,000 Bonds are reserved under this mortgage to retire prior liens. Underlies — $9,783,000 Gen. 6s of 1949 ($9,- 600,000 pledged to secure 6% Notes due 1924). Bonds are reserved under this mortgage to retire this issue and prior liens. S78 Years ended Dec. 31 Gross. Net. Int.&Rent. • 1919 $2,637,167 $2,656,478 $1,611,372 tl919 11,654,517 1,689,510 91,253 • 1918 2,637,167 1,462,357 1,462,357 +1918 13,155,861 2,837,312 245,287 1917 10,696,434 3,141,108 1,207,195 1916 8,200,420 2,588,415 1,212,288 •Corporate account. tFederal account — standard return not In- cluded. Leg^l for savings banks in Cal., Conn., Mich., Minn., Mo., N. J. and Wis.; also Baltimore Trust Funds. Listed on the New York Stock Exchange. rnderwritten by J. P. Morgan & Co., New York, in 1899. Market. New York — Constable & Fleming, Flnlay & Davenport, Prince & Whitely, Redmond & Co., Roosevelt & Son, Struthers & Hiscoe, Vilas & Hickey, Watson, Armstrong & Co., Carruthers, Pell & Co., Vanderhoef & Rob- inson, Jenks, Gwynne & Co. Baltimore — Jenkins, ^'^'liedbee & Poe, Mackubin, Goodricli & Co. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 110 Apr. 2, '06 77% Nov. 3 Low. 69% June 16, '20 59 94 June 16 HOCKING VALLEY RAILWAY CO. 5-Year 6% Notes. Due March 1, 1924. Dated March 1, 1919. Interest payable March 1 and Sept. 1 at company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $7,600,000 Outstanding 7,600,000 Purpose of Issue — To provide funds to pay the $5,000,000 6% notes maturing March 1, 1919; for additions and betterments during Federal control, and for other corporate pur- Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bauitable Trust Co., New York. Redeemable as a whole on 60 days' notice at 101 and interest on any interest date after March 1, 1921. Organization — See 1st Cons. 4%s. Secured by pledge of $9,600,000 (total is- sued, $9,783,000) General 6s, Series A, duo Jan. 1, 1949 (new issue). Provisions of General Mortgage — The total amount of bonds to be outstanding at any .one time is to be limited to an amount which, including prior lien bonds, shall not exceed • three times the then outstanding capital stock of the company and is to be further limited to $50,000,000. In addition to the $9,783,000 now issuable. Bonds may be issued hereafter at par for refunding purposes, and for addi- tions, betterments and other capital expendi- tures as defined in the mortgage: also issu- iible to the extent of 80% of the cost of eauipment. The General Mortgage provides for a sinking fund of 6% per annum for 20 years in each case upon the amounts of bonds issued for equipment. Earnings — See 1st Cons. 414 s. Prior Liens— The General 63, which ara pledged are subject to $19,864,000 prior liens, viz : Tj T7- T^ . ^ „ ., Outstanding. H. V. Ry. 1st Cons. 4Hs 1999 $16,022,000 Columbus & H. V. 4s, 1948 1 40I 000 Columbus & Toledo 43, 1556 2,44l'o00 Provision is made in the General MortgaBe to retire the above issues. ■ Original Market — $7,500,000 offered Febru- ary, 1919, by Kuhn, Loeb & Co., and the National City Co., at 98% and interest. Market. New York— Salomon Bros. & Hutzler, Bull & Eldredge, Pynchon & Co., Mann, Pell & Peake. Sharretts & Ford, T. Hall Keyes. rouisville, Ky.— Fidelity & Trust Co., George T. Wood & Son. Milwaukee — Investors Finance Corp. Price Range. Jan. 1, '19, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 97% '19 98% '19 92% Feb. 95 Feb. Low. 86 '20 91 '20 86 July 91 July HOCKING VAI^LEY RAILWAY CO. EauiP. Tr. 5s. Due $100,000 each AoeoBt 1st to 1923. Dated August 1, 1913. Interest payable Feb. 1 and Aug. 1, at company's office, 71 Broadway, N. T., or The Commercial Trust Co., Phila. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding (Jan. 1. '21) 300.000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Commercial Trust Co., Philadel- phia. Redeemable at par and Interest on any in- terest date on 60 days' published notice. Secured by an equipment trust agreement on eight locomotives and 1,000 steel coal cars, costing $1,246,078, of which $246,078 was paid in cash. Earnings — See 1st Cons. 4%s. Ijegal for savings banks in Ohio. Original Market — $1,000,000 offered in July, 1913, by Kissel, Kinnicutt & Co., New York, and Elkins, Morris & Co., Philadelphia, to yield 5^A%. Market. New York — Evans, Stillman &f Co., Free- man & Co. Fhiladelphia^ — Biddle '& Henry. HOCKING VALLEY RAILWAY CO. Equip. Tr. 4^s. Due $80,000 each February 1st to 1924. Dated February 2, 1914. Interest payable Aug. 1 and Feb. 1, at Company's office, 71 Broadway, N. T., or The Commercial Trust Co., Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $800, 000 OutstandinfiT (Mar. 1, '21) 320,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Commercial Trust Co. , Philadel- phia. Redeemable at 101 and Interest on any in- terest date on 60 days' published notice. Secured by an equipment trust agreement on 1,000 steel coal cars, costing $924,983, of which $124,983 was paid in cash. Earnings — See 1st Cons. 4%s. Legral for savings banks in Ohio. Market See Equip. Tr. 5s. HOLDEN EVANS STEAMSHIP CO. Ist Marine 7s. Due each Jan. 1 and July 1 as follows: $70,000, Jan. 1, 1931; $65,000. July 1, 1921; $70,000, Jan. 1, 1922: $45,000, July 1, 1922; $40,000 Jan. 1 1923; $45 000 Jufy 1, 1923; $40,000 Jan 1, 1924; $45,000 July 1, 1924; $40,- 000, Jan. 1, 1925. Dated Jan. 1. 1920. Interest payable Jan. and July 1 at Guardian Savings & Trust Company. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax of four mills refunded. Authorized $460,000 Outstanding (Dec. 31, '21) 460,000 Denomination — Coupon, $1,000 and $500 ($500 denomination maturing from July 1, 1922. to Jan. 1, 1925, incl.) Trustee — Guardian Savings &. Trust Com- pany, and Lewis B. Poote, Cleveland. Redeemable at 102 and interest. Guaranteed principal and interest by the Empire Transportation and Oil Corporation, Organization and Control — Incorporated in Delaware April 12, 1917, and is a subsidiary of the Empire Transportation and Oil Corp.» which company in turn is affiliated with Cit- ies Service Company's interests. Secured by a first lien on the "Holden- Evans," a vessel which was built in 1917 by the Baltimore Dry Dock & Ship Building Com- pany. This vessel is a modern oil tanker of 5,040 d. w.. tons capacity; 306 ft. long; 46 ft. beam, and has a depth of 28 ft.; equipped with two Bolinder four-cylinder, oil driven engines, of 500 h. p. each, and possesses 100 A-1 Lloyd's classification. Capacity, 32,- 000 barrels of Mexican crude oU; speed, eight knots per hour. This vessel has been valued at $925,000 or at the rate of $183 a ton. These bonds are issued at the rate of $91 per ton. Under the provisions of the trust agreement the company covenants to maintain insurance against all marine risks in an amount not less than 125% of the outstanding bonds. Original Market — $460,000 offered Feb., 1930, by Tillotson & "Wolcott Company, Cleveland, at prices to yield from 7 % ta T\^% according to maturity. HOLLIDAYSBURG, BEDFORD & CUMBEIU LAND RAILROAD 1st 4s. Due Joly U 1951. Dated April 1, 1911. Interest payable Jan- uary 1 and July 1 at Broad Street Station,. Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized Closed mortgage Outstanding $1,073,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Commercial Trust Co., Philadel- phia. Assumed by the Pennsylvania R. R. Co, Dec. 31, 1915, Control — Incorporated in Pennsylvania in 1911, as a consolidation of two subsidiaries of the Pennsylvania R. R. Co. Merged into the latter company in 1914. Secured by a first mortgage on 71.71 miles of road. Brooks Creek to Pennsylvania-Mary- land state line and branches. Underlies — Penna. R. R. Co. Gen. Mtge., under which bonds are reserved to retire this Issue. Legal for savings banks in Cal., Conn., Me.,, Mass., Minn., Mo., N. H., N. J., N. T., R. I., Vt. and "Wis. ; and also Baltimore Trust Funds. Listed on the Philadelphia Stock Exchange. Market. New York — Canuthers, Pell & Co. Philadelphia — Henry D. Boenninfi: & Co., Graham, Parsons & Co., Harper & Turner, McCown & Co., Reed A. Morgan & Co.» Isaac Starr Jr. & Co., Parsly Bros. & Co. Pittsbiu'gh — R. B. Hutchinson & Co. 579 Price Range. Jan. 1, '16, to Jan. 1, 'Stl 1980 Bid. Ask. Bid. Ask. High 96 '16 98 '16 80 May 85 July Low. 76 '20 SO '20 75 Dec. 80 Dec. {aoLYOKE & wjb;stfiei.d railroad ut 4148. Dne AdtU 1, 19S1. Dated April 1, 1911. Interest payable April and Oct. 1, at Trustee's ofSce. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorlzed $200,000 Outstanding 200,000 Denomination — Coupon, $1,000. Trustee — SpringUeld Safe Deposit & Trust Co., Springfield, Mass. Organization and Control — Incorporated In Massachusetts in 1870. Leased in perpetuity to New York, New Haven & Hartford R. K. Co., for $46,000 per year and taxes. Capitalization. Outstanding. Common $260,000 Funded debt 200,000 Secured by a Urst mortgage on 10 miles of railroad between Holyoke, Mass. : population (1910), 67,730, and Westfleld, Mass.; popula- tion (1910), 16,044. Legal for savings banks in Conn, and Mass. Original Market — Offered in 1911 by Harris, Forbes & Co., New York, N. W. Harris & Co., Boston, Harris Trust & Savings Banks, Chicago, at 105 and interest. Market. JVew Yorit — Morton Laclienbruch & Co. Price Range. Jan. 1, '16, to Jan. 1, 'gl 1920 Bid. High 96% '16 Not available Low. 78 '17 ROLYOKE STREET RAILWAY 20-Year 5% Debentures. Dne $85,000 Oct. 1, 1980, and $865,000 April 1, 1983. Interest payable April 1 and October 1, at Holyoke National Bank, Holyoke, Mass. Tax Status — Payment of Federal Income Tax not assumed by company. ■ Outstanding (Nov. 1, '21) $265,000 Matured and Paid 85,000 Denomination — Coupon $100, $500 and $1,000. Organization — Incorporated in Mass. in 1884. Capitalization. Outstanding. Common $1,342,000 Funded debt 1,200,000 Secured eaually with $850,000 1st 6s of 1935 and $85,000 1st 6s of 1935 (in treasury) on 58 miles of road, including street railways in Holyoke, and Interurban lines be- tween that city and Chicopee, South Hadley and other towns in the vicinity. Population served, about 120,000. Franchises are per- petual. Years ended Dec. 31. Gross. Net. Int. & Rent. 1920 $1,090,604 $154,100 $08,618 .1919 918,884 161,084 74,166 1918 702,169 120,628 tll7.765 1917 717,638 169,720 tll9,001 ..1916 623,766 194,626 tl07,B20 •Year ended June 30. tTaxes, rentals and interest. Market, Boston — Merrill, Oldham & Co. HOLYOKE STREET RAILWAY lot Bs. Due April 1, 1935. Dated April 1, 1916. Interest payable April 1 and October 1, at Trustee's office, First Nat'l Bank, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Aatliorized $2,600,000 Outstanding 860,000 Denomination — Coupon, $1,000. Beglater- able as to principal. Tmstee — Springfield Safe Deposit & Trust Co., Springfield, Mass. Redeemable on April 1, 1920, or thereafter, at 107 and interest. Organization, Security and Earnings — See 6% Debs. Original Market — Offered by Lee, Higglnson & Co., Boston, New York, etc., at 106 and interest. Market. Boston — Lee, Higglnson & Co. New York — Lee, Higglnson & Co. Chicago — Lee, HIgginson & Co. HOME LONG DISTANCE TELEPHONE CO. 1st 5s. Due Jan. 8, 1938. , Dated March 15, 1912. Interest payable Jan. 2 and July 2 at Anglo California Trust Co., San Francisco and National City Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,080,000 Outstanding (May 1, '21) 6,706,000 Held in S, E 374,000 Denomination — Coupon and registered, $1,- 000. Principal of coupon bonds may be regis- tered. Trustee — ^Anglo-California Trust Co., San Francisco. Redeemable as a whole at 106 and interest on any interest date. Sinldng Fund — ^Annually, beginning Dec. 31, 1916, the following amounts are to-be applied to the purchase of bonds at not exceeding 106 and interest: 1916-18. $60,000; 1919, $76,000; 1920 and 1921, $100,000; 1922 and 1923, $126,000, and 1924 to 1931, $160,000. Bonds so acquired are to be held alive and Interest added to sinking fund. Assumed by " the Pacific Telephone & Tele- graph Co. Guaranteed principal and interest by the Pacific Telephone & Telegraph Co. Control — ^Absorbed by the Pacific Tel. & Tel. Co., which is controlled through ownership of a majority of the stock by the American Tele- phone & Telegraph Co. Secured by a first mortgage on plants for- merly constituting the independent telephone system in San Francisco, Berkeley and Oak- land, which were purchased by the Pacific T. & T. Co. in 1912. Earnings — See Pac. Tel. & Tel. Co. Original Market — Offered in 1914 by Har- ris, Forbes & Co,, New York and Boston, and Harris Trust & Savings Bank, Chicago. Market. New York — Joseph Oilman, T. L. Mac-* Donald, Sutro Bros. & Co., McDonnell & Co. Price Range 1920 Bid. Ask. High 76 Nov. 80 Dec. Low 70 Deo. 78 Nov. HOME TBI;EPH0NE & TELEGRAPH CO. (Los Angeles) Ist 68. Dne Jan. 1, 1933. Dated Dec. 31, 1902. Interest payable Jan. and July 1, at National Bank of California, Los Angeles, and National City Bank, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. 580 Authorized $2,600,000 ..Outstanding- 1,204,000 Retired by S. F 620,000 Exclianged for Southern Calif. Tel Co. 5s '. 676,000 Denomination — Coupon, 1,000. Reslster- able as to principal. Trustee — Title Insurance & Trust Co., Lob Ansreles, Cal. Sinking Fund — 2% per annum of outstand- ing: bonds to redeem bonds at a price not ex- ceeding 105 and interest. Control — Incorporated in California in 1902 as successor to the Home Telephone Co. Merged In 1917 Into the Southern California Telephone Co., a subsidiary of the Pacific Telephone & Telegraph Co. Secured by a' first mortgage on property of the company, which supplies independent tele- phone service in and around Los Angeles. Population served, 400,000. Number of sta- tions, 62,000. Franchise expires in 1952. Underlies — 1st & Ref. 6s of 1945, and South- ern California Telephone Co. 1st & Ref. 6s of 1947, Bonds are reserved under the latter mortgage to retire this issue. Farnings — See Southern California Tele- phone Co. 1st & Ref. 5s. Ijegal for savings banks in Cal. Original Market— Offered by the Merchants' Trust Co., Loa Angeles, Cal., at 96 in July 1906. Market. New York — ^Joseph Gilman, Hartshorne & Battelle. T. L. MacDonald. Sutro Bros. & Co., McDonnell & Co. Los Angreles — The Citizens National Bank, Torrance, Marshall & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. Hi&h 97 '17 98 '18 88 Jan. 92 Low. 78 '13 81 '08 78 Dec. 80 Dec. HOMF TELEPHONE & TELEGRAPH CO . 9 Angreles — C ohn, McCab e & Co. , Wm. R. Staats & Co. Authorized $2,328,000 OutstancUngr (Jan. 1, '21) 2,010,000 Retired by S. T. 1,000 Denomioation — Coupon, $1,000. Register- able as to principal. Registered, $1,000. C. & H. interchangeable. Triistee^-The Bank of Anaerica, New Tork. Redeemable at 106 and interest. Sinkinsr Fund — Annually 1% of operating revenue, beginning 1918, for the purchase and redemption of these bonds at not over 105 and Interest. Bonds so acquired to be cancelled. Organization — Incorporated in Vermont In 1914 as a consolidation. Capitalization. Outstanding. Common $500,000 Funded debt 2,038,500 Secured by a mortgage on the property of the company, including 8 hydro-electric and 3 steam plants with total capacity of 13,000 h. p., and undeveloped water rights. Company has municipal lighting contracts in Brandon, Bethel^ Bristol and other towns in Vermont. Also contracts power to industries. Franchlsea are perpetual. Prior Liiens — $26,500 divisional bonds. Earnings — Company does not report earn- ings. Original' Market — Offered in April, 1916, by F. M. Dyer & Co., New Tork, at 92% and interest. Market. New York — J. A. Clark & Co., Hanson & Hanson, T. L. McDonald & Co., Berdell Bros.. John Nickersori Jr. Price Rangre 1930 Bid. Ask. High 82 Jan. -87% Jan. Low 65 Oct. 75 Oct. HORTONIA POWER CO. 1st 5s. Due Feb, 1* 1945. Drated Feb. 1, 1915. Interest payable Feb. and Aug. 1, at Bank of America, New Tork and Brooklyn. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Vermont. HOTCHKISS REDWOOD COMPANY OF CAIJFORNIA 'Ist 69. Due $55,000 each July 1 from 1934 to 1933 inclusive. Dated July 1, 1919. Interest payable Jan- uary 1 and July 1 at Union Trust Co., San Francisco. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in California, Antborized $550,000 Outstanding 550,000 Denomination — Coupon, $1,000. Trustee — Union Trust Co., S^n Francisco. Redeemable at 101% and interest. Redemption Fund — Timber may be cut and removed upon semi-annual payment to the Trustee of $1.50 per thousand feet on the basis of cruiser's estimates on file with Blyth, Witter & Co., San Francisco. Guaranteed as to interest by W. J. Hotch- kiss, San Francisco. Organization — Incorporated in California. Secured by a first mortgage on 19,050 acres of timber land in Del Norte County, Califor- nia, which cruised 1.136,592.000 feet of red- wood timber, exclusive of fir, hemlock and spruce. The property covered has been ap- praised at over $3,250,000, the timber is in one compact body, available for cutting by use of Del Norte & Southern Railroad and wharf- age rights at Crescent City under a traffic agreement between the Railroad Company and this Company. Legal for savings banks In Cal. Original Market — S 550,000 offered S eptem- ber, 1919, by Blyth, Witter & Co., San Fran- cisco, etc. , at prices ranging from 98 to 95.75 and interest, according to maturities. Market. San Diego, Cal. — Blyth, Witter & Co. 683 HOTELS STATLER COMPANY, INC., Serial (is. Dne as follows: $150,000 Jan. 1, 1921; $125,000 Jan. i; 1922; $148,000 Jan. 1, 1923; $130,500 Jan. 1, 1924; $117,500 Jan. 1, 1925; $118,500 Jan. 1, 1926; $130,- 600 Jan. 1, 1927; $143,600 Jan. 1, 1928; $1,122,000 Jan. 1, 1929. Dated Jan. 15, 1918. Interest payable Jan- uary and July 1, at any office of S. W. Straus ft Co., Inc. Tax Status — 4% Federal Income Tax paid by company without deduction. Anthorlzed $3,000,000 Outstandtngr (Mar. 1. "21) 2,036,500 Balance retired. Denomination — Coupon, $100, $600 $1,000 and $6,000. Keeristerable as to principal. Trastee — S. J. T. Straus, vice-president of S. W. Straus & Co., New York and ChicaEO. Redeemable at 102 and interest on any in- terest date. Sinking Fnnd — ^Monthly deposits of one- twelfth of amount of principal and interest coming due each year. Guaranteed principal and interest by en- dorsement by E. M. Statler, who is president of company. Organization — Incorporated in New York in 1914. Company has constructed, edulpped and operates the Statler Hotels in Buffalo, Cleveland, Detroit and St. Louis and operates the Hotel Pennsylvania in New York City, erected by the Pennsylvania Railroad Com- pany. Capitalization. Outstanding. Common (no par) 36,000 shs. Preferred $3 800,000 Funded debt , 2,035,500 Secnred — A direct obligation of the Hotels Statler Company, Inc., and secured by a first mortgage on the following: Hotel Statler, Buffalo — Land, building and eQuipment. Hotel Statler, Cleveland — Equipment. Hotel Statler Annex, Cleveland — Leasehold, building and equipment. Also secured by mortgage (subject to prior Hens) on equity in the leaseholds, buildings and equipment of Hotel Statler, Cleveland: Hotel Statler and Annex, Detroit, and Hotel Statler, St. Louis. Estimated value of aboire is $6,600,000. Further secured by deposit with the Trustee of $2,000,000 (entire) preferred stock and 29,000 shares (total issue $40,000) common stock of New York Hotel Statler Company, Inc., which is the operating company of Hotel Pennsylvania, New York City. Company covenants to maintain cash sur- plus of $1,760,000, and that after 1919 no dividends will be paid on either preferred or common stock until it has redeemed $26,000 of the bonds of the last maturity at 102 and Interest. Original Market — Offered by S. W. Straus ft Co., Inc., Chicago, New York, etc., June, 1918, at par and interest. HOtlGHTON COUNTY BI/BCTRIO LIGHT CO. l8t 6s. Dne July 1, 1927. Dated July 1, 1902. Interest payable Jan. and July 1, at Boston Safe Deposit & Trust Co., Boston. Tax Status— ;2% Federal Income Tax paid by company without deduction. Antliorlzed $1,000,000 Outstanding: (Jan. 1, '21) 639,000 Pledged to Secm-e 7% Notes 361,000 Trustee — Bosotn Safe Deposit & Trust Co. Redeemable as a whole on any interest date at 107% and interest. Improvement Fimd — An improvement fund of $7,500 per a;nnum is provided. Organization — Incorporated In Michigan In 1902 and took over the property of the Penin- sula Electric Light & Power Co. Capitalization. 0"*^*^„^?'??,; Common ^HZTn Preferred l^lHi Funded debt 889,000 Management — Stone & Webster, Boston. Secured by a first mortgage on plant supply- ing electricity In Houghton and Keweenaw Counties, Michigan. These counties contain the most important copper mines in the Lake regions. Franchise perpetual, except In cities of Houghton and Hancock, where they expire in 1930. Population served, 73,400. Years ended Dec. 31. Gross. Net. Int., etc. 1920 $572,156 $130,788 $55,440 1919 463,162 139,071 45,753 1918 423,703 141,676 49,696 1917 420,663 178.316 43,001 1916 .. 390,402 194,666 40,640 1916 338,913 168,843 41,393 1914 311,668 160,017 41,460 Original Market — Offered in 1902 by H. W. Poor & Co., New York, at par. Market. New York — Stone & Webster, Berdell Bros. Boston — Stone & Webster. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 . Bid. Ask. Bid. Ask. High 98 '10 100 '10 76 Oct. 86 Dec. Low. 76 '20 80 '20 76 Oct. 80 Oct. HOUGHTON COUNTY TRACTION CO. Ist Cons. S. T. 58. Due Jan. 1, 1937. Dated October 1, 1908. Interest payable Jan. and July 1, at Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorlzed $1,600,000 Outstanding (Jan. 1, '21) 693,000 Held in Tei-asury 24,500 Retired by S. F 116,500 Purchase and Held 110,000 Kesened for Ext 666,000 Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 106 and interest any time as a whole or for sinking fund. Sinking Fnnd — 1 % % annually of outstand- ing bonds, payable March 1, for purchase or redemption of these bonds at not over 105 and interest. Bonds acquired to be cancelled. Organization — Incorporated in Michigan in 1908. Under the management and control of Stone & Webster. Capitalization. Outstanding. Common $760,000 Preferred 207,200 Funded debt 693,000 Secured by a first mortgage on 32.15 miles of equivalent single track including street and interurban railways in and connecting Houghton, Hancock, Red Jacket, Wolverine and Mohawk, Mich. Interurban lines are largely on private right-of-way. Franchises expire in 1929, 1930, 1932. 1933 and 1938. Years ended Dec. 31. Gross. Net. Int. ft S. F. 1920 $320,421 $62,160 $51,434 " 1919 297,161 69,037 48,032 1918 320,067 104,579 60,270 1917 343,134 126,682 61,300 1916 326.393 139,939 (3, 91* Original Market — Offered In 1909 by Stone & Webster, Boston, at 95 and Interest. 584 Market. New York — Stone & Webster. Boston — Stone & Webster. Price Bangre. Jan. 1, '12, to Jan. 1, '21 Bid. Ask. Bid. Ask. High 941^ '13 98 '12 76 Oct. 80 Oct. Low. 70 '19 65 '20 65 Dec. 1920 HOUSATONIC RAILKOAD Cons. Ss. Due Nov. 1. 1937. Dated Nov. 1, 1887. Interest payable May and Nov. 1, at Farmers' Loan & Trust Co., New York. Tax Stains — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding: $2,839,000 Denomination— Coupon, $1,000. Regiater- able as to principal. Trustee — Treasurer of State of Connecticut. Assumed by N. Y., N. H. & H. R. R. Co. Control— Absorbed by N. Y.. N. H. & H. R. R. Co. Secured by a first mortgage on 87.37 miles of railroad from Bridgeport, Conn., to Hasia- chusetts State Line, with branch to Danbury. This line forms part of the route between New York and the Berkshire Hills region of Massa- chusetts. Underlies — N. Y., N. H. & H. R. R. 1st & Ref. Mtg-e. Bonds are reserved under that mortgage to retire this issue. liisted on the New York and Boston Stock Exchanges. Market. New York— Fred H. Hatch & Co., Charles W. Place, Taylor, Smith & Hard. Price Eang^-N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. High 125 Feb. 6, '06 80 Jan. 90 May Low. 104 Feb. 9, '15 76 Mar. 82% Feb. HOUSTON & TEXAS CENTRAL BADi^BOAD CO. 1st S. F. 5s. Due July 1, 1937. Dated April 1, 1890. Interest payable Jan, and July 1, at Southern Pacific office, 165 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $8,634,000 Outstanding 1.389,000 Betlred by S. T 6,711.000 Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Trustee — Central Union Trust Co., New York. Redeemable for sinking fund at 110 and Interest. Sinking Fund — The net proceeds from the sale of lands subsequent to Sept. 8, 1888, to be applied to the purchase and cancellation of these bonds at not exceeding 110 and interest. If bonds are not purchasable they are to be called. Lands all sold June 30. 1915. Guaranteed as to interest by the Southern Pacific Co. by endorsement. Organization and Control — Incorporated In Texas in 1889. Practically the entire capital stock Is owned by the Southern Pacific Co. The H. & T. C. R. R. Co. owns a total of 856 mile& of road. Capitalization. Outstanding. Common $10,000,000 Funded debt . 12,117,000 Secored by a first mortgage on 462.98 miles of road, viz.: Miles. Houston to Dennison, Tex 337.98 Hempstead to Austin, Tex 115.00 Years ended Dec. 31. Gross. Net. Int. & Rent. •1919..... $1,717,606 $1,122,676 $815,830 •1918 1,717,606 1,811,841 840,221 tl918 8,969,196 2,824,734 327,412 1917 8,223.425 3,061,783 934,037 •Corporate account. tFederal account — standard return not In- cluded. Legal for savings banks In Tex. listed on the New York Stock Exchange. Market. New York — Hartshorne & BatteUe, Charles W. Place, R. W. Pressprich & Co., Redmond & Co., Vilas & Rickey, Wolfe & Stanley, Pynchon & Co., Carruthers, Pell & Co. Baltimore — Brinkman & Co. Philadelphia — Isaac Starr Jr. & Co. Pittsbui'ffh — R. B. Hutchinson & Co. Price Range — 'S, Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 112^^ Dec. 24, '06 93% Oct. 18 Low. 84 Dec. 17, '20 84 Dec. 17 HOUSTON & TEXAS CENTRAIi RAILROAD CO. Waco & Northwestern Div. 1st 6s. Due May 1, 1930. Dated May 1, 1900, Interest payable May and Nov, 1, at Southern Pacific office, 166 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized (per mile) $25,000 Outstanding 1,105,000 Denominatiun — Coupon, $1, 000. Register- able as to principal. Trustee — Central Union Trust Co. , New York. Organization and Control — See 1st 5i above. Secured by a first mortgage on 55.30 miles of road from Bremond to Ross, Tex. This line affords the Southern Pacific System its only entrance into Waco, Tex, Earnings — See 1st 5s. Listed on the New York Stock Exchange. Market. New York — Raymond M. Smith, Car- ruthers, Pell & Co., F. J. Lisman & Co., John Nickerson Jr. Price Range — ^N. Y, S. E. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. High 11914 Mar. 11, '10 90 Jan. 93 June Low. 94 Mar. 28, '19 80 Sept. 91 Jan. HOUSTON BELT & TERMINAL RAILWAY CO. 1st S. F. 5s. Due July 1, 1937. Dated July 1, 1907. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $5,000,000 Outstanding: (Jan. 1, '21) 4,452,000 Retired by S. E. 548,000 Denominstiou — Coupon, $1,000. R c?gist er- able as to principal. Trustee — Central Union Trust Co., New York. Redeemable as a whole on July 1, 1917, or any interest date thereafter at 105 and in- terest. Sinking Fund — Annually, on June 1, 1% of bonds issued to be applied to the purchase of bonds at not exceeding IJJS and interest. Guaranteed proportionately under lease for 99 years, as to interest and annual amount of sinking fund, by the proprietary compa- nies. Organization and Control — IncorpotfLted In Texas in 1905. The $26,000 capital stock is owned equally by the Beaumont, Sour Lake "Western Ry. Co., Trinity & Brazos Valley 685 (Col. Sou. 7, St. I4OUI3, Brownsville & Mex- ico and the Gulf, Colorado & Santa Pe (A. T. S. Fe) companies, and under an agreement executed In 1907 they agree to pay under pro rata wheelage basis operating expenses, and on a one-fourth basis interest on bonds and sinkins fund. The H. B. & T. Ry. Co. leases all the property in Houston owned by the G. C. & S. Pe Ry. Go. for 99 years from July 1. 1907. Capitalization. Outstanding. Common $25,000 Funded debt 4,452,000 Secured by a first mortgage on 20 miles of belt line railway in and around Houston, Tex., which furnishes terminal facilities for the proprietary companies. IJsted on the New York Stock Exchange. Original Marlcet — Offered in 1909 at 101 and Interest by Wm. Salomon & Co., New York, and G. H. Walker & Co., St. Louis, Mo. $2,000,000 offered by same firms in 1911 at 101 and interest. Market. New York — Finlay & Davenport, Joseph Bird Ford, Hartshorne & Battelle, Vander- hoef & Robinson, Vilas & Hiokey, Car- ruthers. Pell & Co., Fred H. Hatch & Co. Philadelplua — Harper & Turner, Isaac Starr Jr. & Co. St. Louis — Stix & Co., G. H. Walker & Co. Price Ranee — ^N. Y. S. E. Jan. 1, '11, to Jan. 1, '21 1920 High 101% Feb. 6, '11 83 Oct. 30 Low. 78 Mar. 16, '20 78 Mar. 16 Co., Wolff & Stanley, Pynchon & Co., Gil- bert J. Postley. Baltimore — Brinkman & Co. FliUadelpliia — Isaac Starr Jr. & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. HOUSTON, EAST & WEST TEXAS RAI]> WAY CO. 1st 58. Due May 1, 193S. Dated May 1, 1893. Interest payable May and Nov. 1, at Southern Pacific Office, 165 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorlzed Closed mortgage Outstanding ; Stamped $2,536,000 Unstamped .... 464,000 $3,000,000 Denomination — Coupon, $1,000. Register- able as to principal or fully reeisterable. Trustee — Central Union Trust Co., New York. Redeemable — Stamped bonds are redeemable at 105 and Interest on any interest date upon six months' notice. Guarantee — The $2,536,000 Stamped Bonds are guaranteed principal and interest by the Southern Pacific Co. by endorsement. Organisation and Control — Incorporated in Texas in 1897. A majority of the stock is owned by the Southern Pacific Co. Capitalization. Outstanding. Common $1,920,000 Funded debt 3,000,000 Secured by a first mortgage on 190.94 miles of road from Houston, Tex., to Logansport, La. This line forms the largest portion of the only line operated by the Southern Paci- flo System into Shreveport. La., the second largest city in that state. Tears ended Dec. 31: Gross. Net. Int. & Kent. •1919 $375,566 $242,648 $216,792 •1918 375,666 396,697 215,698 tl918 2,063,730 562,923 80,882 1917 1,862,980 646,142 218,602 •Corporate account. tFederal account — standard return not In- cluded. Listed on the New York Stock Exchange. Market. New York — Wm. M. Clarke. B. W. Press- prich & Co., Prince & "Whiteiy. Redmond & Co., Raymond M. Smith, Carruthers, Pell & Jan. 1, '06, to Jan. 1, '31 Unstamped. High 105% May 25, '09 Low. 74% Deo. 14, "20 Stamped. High 105% Jan. 20, '06 Low. 100 Oct. 17. '16 1920 85% Tan. 7 74ya Dec. 14 686 HOUSTON ELECTRIC CO. 1st S. F. 5s. Due Aug. 1, 1925. Dated Aug. 1, 1900. Interest payable Feb. and Aug. 1, at Trustee's ofHce, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding (Jan. 1, '21) $1,628,000 Held in S. F 872,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — International Trust Co.. Boston. Redeemable as a whole at 107% and inter- est on any interest date. Sinking Fund — 1 % % annually of outstand- ing bonds, payable each August 1, to be applied to the purchase of these bonds at not over 107% and interest. If bonds are not purchasable, funds are to be invested in ap- proved first mortgage bonds. Organization and Control — Incorporated in Texas in 1901. Air capital stock is owned by the Galveston- Houston Electric Co. Capitalization. Outstanding. Common $2,000,000 Preferred (6% non-cum.) 1,000,000 Funded debt 1,628,000 Management — Stone & Webster, Boston. Secured by a first mortgage on the entire street railway system in Houston, Texas, embracing 61 miles of track. Population served, 100,000. Franchise expires in 1935. Underlies — Gen. Mtge. Bonds, due March 1, 1922, all of which are deposited to secure Galveston-Houston Electric 7% Notes. Years ended Dec. 31 (G.-H. Elec. Co.): Gross. Net. Int. & S. P. 1920 $3,808,953 $1,126,505 $422,066 1919 3,095,151 819,016 414,722 1918 2,691,332 841,082 472,635 1917 2,088,122 703,260 450,880 1916 1,944,840 708,732 438,993 1915 1,936,228 729,771 433.309 Listed on the Boston and Louisville Stock Exchanges. Original Market — OfCered in 1902 by Lee, Higginson & Co., Boston, at 97% and In- terest. Market. New York — Dunham & Co., Hartshorne & Battelle, Fred H. Hatch & Co., Vanderhoef & Robinson. Stone & Webster, Wolff & Stanley, Gilbert J. Postley. Boston — L. Sherman Adams, Stone &. Webster. Baltimore — Howard R. Taylor & Co. Price Range. Jan. 1, '14, to Jan. 1, '21 1920 Bid. Aslc. Bid. Ask. High 99 '16 100 '14 86% Aug. 90 Oct. Low. 79 '20 82 '20 79 July 82 July HOUSTON GAS & FXIEL CO. Ret. & Imp. 58. Due Sept. 1, 1932. Dated Sept. 1, 1912. Interest payable Mar. and Sept. 1, at Fidelity Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $6,000,000 Outstanding (Jan. 1, '21) 770,000 Denomination — Coupon. $1,000. Reeister- able aa to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable on any interest date at 105 and interest. Organization and Control — Incorporated in Texas in 1912. The entire common capital stock is owned by the United Gas & Eleo trie Corp. Capitalization. Outstanding Common $1,600,000 Preferred (7% cum.) 560,000 Funded debt 1,670,000 Secured by a second mortgage on plant Bupplymg gas in Houston, Texas. Popula- 1940 ^^"^^' 126,914. Franchise expires in Prior lien — $900,000 Houston Gas Co 1st Ext. 7s of 1923. Note — As of March 1, 1920, the assent of holders of these bonds was asked lor the »x- tension of the prior lien bonds for three years with Interest increased to 7%. Under the provisions of this mortgage the approval of 76% of the holders of - outstanding bonds Is required for such extension. Years ended Dec. SI: Gross. Net. Int., Rent. etc. 1920 $959,362 $260,066 •897,847 1939 780,240 173,750 85,985 1918 671,682 167,065 82,832 1917 582,666 230,184 82,264 1916 628,203 217,991 80,656 1915 491,483 196,819 68,941 *Bond interest only. Market. New York — P. H. Hatch & Co., Barle A. Miller & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 911/2 '16 95 '16 64 Aug. 66 June Low. 66 '20 66 June HOUSTON GAS CO. 1st Ext. 7s. Due March 1, 1923. Dated Mar. 1, 1905. Extended March 1, 1920, with interest increased from 5%. In- terest payable Mar. and Sept. 1, at Harris, Forbes & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $1,000,000 Outstandlngr (Mar. 1, '21) 900,000 Cancelled 61,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers Trust Co., New York. Redueuiable at any time at 101 on or be- fore March 1, 1921, at 100% on or before %%March 1, 1921, at 100% on or before March 1, 1922, and 100 >,4 on on or before Sept. 1, 1922: plus interest in each acse. Control — ^Absorbed by Houston Gas & Fuel Co., controlled by United Gas & Electric Corp. Secured by a first mortgage on property described under Houston G. & F. Ref . & Imp. 6s, Underlies — Houston G. & F. Ref. & Imp. 63 of 1932. Earnings — See Houston Gas & Fuel Co. Ref. & Imp. 5s. Market. New York — E. H. Rollins & Sons, E. & C. Randolps. Earle A. Miller & Co. Boston — E. H. Rollins & Sons. Chicago — Harris Trust & Savings Bank, E. k. Rollins & Sons. San Francisco — E. H. Rollins & Sons. HOUSTON (Tex.) HOME TEI/EPHONE CO. 1st 5s. Due March 1. 1935. Dated Mar. 1, 1910. Interest payable Mar. 1 and Sept. 1, at Bankers Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $1,000,000 Outstanding: (Jan. 1, 21) 938,900 Retired, by S. F 61,100 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee— Bankers Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Sinking: Fund — Annually a sum equal to not less than 1% nor more than 4% of the outstanding bonds to be set aside out of net earnings for the purchase or redemption of these bonds at not over 105 and in- terest Guaranteed principal and Interest by the Southwestern Bell Telephone Co. by en- dorsement. Control — Merged into the Southwestern Bell Telephone Co. Secured by a first mortgage on all the prop- erty, formerly owned by the company, and additions thereto. Original Market — $500,000 offered Jan., 1917, by Hornblower & Weeks. Boston, New York, etc., at 100 and interest. Market. New York — Joseph Tilman, T. L. Mac- Donald. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '17 100 '17 75 95 Low. 65 '20 75 '20 65 76 HOUSTON LIGHTING & POWER CO. 1st S. F. 5s, Due AprU 1, 1931. Dated April 1, 1911. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income' Tax paid by company without deduction. Authorized $6,000,000 Outstandlns 1,903,000 In Treasury or Pledged 544,000 Retired by S. F 94,000 Reserved for Ext 2,463,000 Denomination — ^Coupon, $1,000. Register- able as to principal. Trustee — "Whitney-Central Trust & Savings Bank, New Orleans. Redeemable at 105 and interest on any in- terest date. Sinking Fund — 1% of outstanding bonds. beginning July 1, 3 915, and annually there- after, to be applied to the purchase or r&- deniption of these bonds at not over 105 and interest. Organization and Control — Incorporated In Texas in 1906. All of the stock is owned by the American Cities Co. Capitalization. Outstanding.. Common $2,000,000 Pund'=a debt l,903,00(li Secured by a first mortgage on plant sup^ plying electricity in Houston, Texas. Popu- lation served, 165,000. Franchise unlimited in time. Yea.rs ended Dec. 31: Gross. Net. Int.. etc, 1919 $1,301,612 $302,148 $124,301 1918 1,024,806 347,684 103,816 1917 878,803 402,til7 142,600 1916 788,769 358,706 136,467 1915 720,999 287,834 97,166 Listed on the New Orleans Stock Exchange, Original Market — Offered in 1911 by Hay- den, Stone & Co., Boston and New York, at 87 98}A and interest. A block offered Dec, 1918, t>y Halsey, Stuart & Co. at 95 and interest. Market. . New York — J. S. Bache & Co., Lynch & McDermott, Berdell Bros., Gilbert J. Post- .ley, Lynch & McDermott. Boston — Paine, Webber & Co. Chicagro — Halsey, Stewart & Co. Price Ranee. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Higrh 100 '16 101 '17 82 Jan. 88 Jan. Low. 77 '20 82 '20 77 Dec. 82 Dec. HOWE RUBBER CORPORATION 8% Notes. Due $10,000 each Dec. 1 and June 1 from Dec. 1, 1920, to June 1, 1935. 'Oated March 1. lt'20. Interest payable June 1 and Dec. 1. at Citizens Savings & Trust Co., Cleveland. Tax Status — 4% Federal Income Tax paid *y the conpany, Pennsylvania State Tax re- funded. Anthorized $400,000 Outstanding 400,000 Purpose of Issue — To reduce current liabil- ities and provide additional working capital. Denomination — Coupon, $1,000 $500 and JIOO. Trustee — Citizens' Savings & Trust Co., •Cleveland. Redeemable on any interest date at 102 and interest. Sinking Fund — The company is required to ■deposit monthly, in advance, with the Trus- tee, an amount equal to one-sixth of the next maturing interest and principal. Organization — Incorporated in Delaware in Sept.. 1919, as successor to the Howe Rub- ber Co., incorporated in 1905. The company's plant is located in New Brunswick, N, J., and contains 76,000 square feet of floor space. Daily plant capacity 1,000 tubes and 250 tires. Security — A direct obligation of the com- pany, but not secured by a mortgage. Un- ■der the provisions of the indenture the com- jjany covenants as follows : Not to issue obligations running longer than one year. Not to sell or pledge its accounts receiv- able without the consent of Stanley & Bis- flell. Not place any mortgage on any of Its prop- erty. To maintain current assets of an amount «qual to at least twice current liabilities. To restrict dividends to $7.00 per share, ex- cept that additional dividends may be paid, provided the payment of such additional div- idends will not reduce current assets below «,n amount equal to 40 % of the current liabilities. To carry insurance on the buildings and contents at all times for the full insurable value. Fire insurance policies equal In amount to the total outstanding notes of this issue, must be assigned to the Trustee for the benefit of the noteholders. Use and Occupancy Insurance for an amount of at least $300,000 covering protec- ■tion up to $1,000 per day must be carried. The company must furnish Stanley & Bis- jiell each month with the preceding month's trial balance. It must furnish Stanley & Bissell within sixty (60) days after December 31 of eacJi year the report of a certified public account- ant, covering the twelve months' period end- ing" December 31. This report must reflect the financial condition of the Howe Rubber ■Corporation at that time, and, also, show Its earnings both before and after Federal taxes for the twelve months period ending Decem- ber 31. Years ended Dec. 31: Gross. "Net. 1919 $2,250,000 $135,000 1918 1,516,823 82,302 1917 929.440 46,328 1916 492,543 58,157 ♦After Federal taxes. Original Market — $ 400,000 offered March, 1920, by Stanley & Bissell, Cleveland, at 100 and interest. Market. Cleveland — Stanley & Bissell. 688 HUDSON & MANHATTAN RAILROAD CO. 1st 43^8. Due Feb. 1, 1957. Dated Feb. 1. 1907. Interest payable Feb. 1 and Aug. 1, at Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized Closed mortgage Outstanding $944,000 Pleflged under 1st Lien & Ref. 5s 66,204,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000 and multiples. £200 and multiples and 500 francs and multiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Convertible at par into common stock of the company at $110 a share on any inter- est date, or when stock in addition to the total authorized amount is issued, conversion may be made at a reduced rate for such stock, but in no event to exceed $110 per share. Organization — See 1st Lien & Ref. 5s. Secured by a first mortgage on all the ter- minal property, real estate, rights and fran- chises, and on that section of the tunnel prop- erty extending from Cortlandt, Dey and Ful- ton Sts., Manhattan, to the Erie R. R. Sta- tion at Jersey City; a second mortgage on the section of the tunnel from 33rd St., New York, via Sixth Ave. and Christopher St. to the Erie R. R. Station, Jersey City, N. J. Prior Lien — $ 5,000,000 New York & Jer- sey R. R. 1st 5s of 1932. Underlies — 1st Lien & Ref. 5s of 1957 and Adjustment' Income 5s of 1957. Earnings — See 1st Lien & Ref. 5s. Market. New York — Hartsborne & Batfelle, Wolff & Stanley. , Price Rang-e 1920 Bid. Ask. High 61 Sept. 62 Dec. Low 54% July 65 July HUDSON & MANHATTAN RAILROAD CO. Ist Lien & Ref. 5s, Series **A." Due Feb. 1, 1957. Dated Feb. 1, 1913. Interest payable Feb. 1 and Aug, 1, at Chase National Bank, New York. Payable at company's London agency at the fixed rate of 4.86% to the £. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized $65,000,000 Outstanding 37,521,233 Reserved for Prior Liens, etc. 8,903,900 Reserved for Additions, etc.... 18,574,867 Denomination — Coupon, $100. $500 and $1,000. Registerable as to principal. Regis- tered, $500 and multiples thereof. C. & R. interchangeable in denominations of $600 and $1,000. Tmstee — Central Union Trust Co. , New York. Redeemable at 105 and interest on any in- terest date on 90 days' notice. Oreanization and Control — Incorporated in 1906. In 1913 a financial reorganization was effected, by which fixed charges were mate- rially reduced. The company was under Fed- eral control from Jan., 1918, to March 1, 1920. Controlled through ownership of a majority of capital stock by the Hudson com- panies. Capitalization. Outstanding. Common $39,994,890 Preferred (5% non-cum.) 5,242,151 Funded debt 87,950.234 Secured by a first mortgage on the tun- nels from 15th Street, in Jersey City, to the Pennsylvania Station in Jersey City and un- der the Hudson River to the Hudson Terminal Building at Cortlandt, Dey and Pulton Sts., and second mortgage on l^he tunnel from 15th Pt. . Jersey City, to the Hoboken Terminals, and under the Hudson River to Christopher St. and to 33rd St.. New York. From the Pennsylvania Station in Jersey City to Park Place, Newark, the company operates over the Pennsylvania R. R. A second lien also on the Hudson Termi- nal Buildings, 3 and 50 Church St., New York City. Further secured by pledge of $66,204,000 of $67,148,000 1st 4»^a of 1957. Prior Liens — $5,000,000 (closed mortgage) New York & New Jersey R. R. 1st 5s and $902,000 real estate mortgages and $944,000 1st 4 % s, which did not assent to the plan of reorganization. Underlies — $33,102,000 Adj. Inc. 5s of 1957. Tears ended Dec. 31: Gross. Net. tinterest. •1919 $3,003,363 $2,832,097 $2,168,535 1917 4,427,006 2,854,381 2,167,534 1916 4.084,848 2,877,537 2.15^.402 1915 3,725,989 2,775,130 2,137,998 •Corporate Income account. tDoes not include interest on Income Bonds. Listed on the New York Stock Exchange. Original Market — $33,102,000 were issued In part exchange for old bonds, in accord- ance with a plan of reorganization, $500 of these bonds and $ 60 adjustment bonds be- ing Issued for each $1,000 old 4*/i% bond. Market. New York — Wolff & Stanley, A. B. Leach & Co., John Muir & Co. Price Range— N. Y. S. E. Jan. 1, '14, to Jan. 1, '21 1920 High 91Vi Jan. 29, *14 ' 63% Oct. 18. Low. 4778 Lee. 11, '17 5ZV& Aug. 19. HUDSON & MANHATTAN RAILROAD Adj. Inc. 58. Dae Feb. 1, 1957. Dated Feb. 1, 1913. Interest payable if earned April 1 and October 1, at office of company or agency in New York. Interest on these bonds was paid at the rate of 2% In 1913. 1914, 1915 and 1916. Payment of 2% interest involves $662,040 per annum. Interest Provision — Interest to Jan. 1, 1920, Is non-cumulative, thereafter cumulative. Interest Payment — 2% semi-annual inter- est payable April 1, 1921, for 6 months end- ing Dec. 31, 1920, 3% cumulative interest remains unpaid as to interest was paid for the 6 months ended June 30, 1920, and the bonds became cumulative after Jan. 1, 1920. This is the first interest payment since Oct. 1, 1916, when 2% p. a. was paid. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New York. Authorized $33,574,000- . Oatstanding 33,102,000 Reserved for Exchange of Hud- son & Manhattan 4^s 472,000 Denominations — Coupon, $600 and $1,000... Registerable as to principal. Registered^ $500 and multiples thereof. C. & R. inter- changeable. Trustee — Guaranty Trust Co., New York.. Redeemable on any interest date at par^ and if called after Jan, 1, 1920. cumulativft Interest. Organization — See 1st Lien & Ref. 5s. Secured by a mortgage, junior to that of" the let & Ref. 5s, on the property described, under that mortgage. Prior Liens — Outstanding. Real Estate Mortgages $902,000 H. & M. Ist 414s, 1957 944,00a H. & M, 1st L. & Ref. 5s, 1957.. 37,521,23a N. Y. & N. J. R. R. 1st 5fl 1932.. 5,000,000> Total $44, 367.23a Earnings — See 1st L. & Ref. 5s. Listed on the New York Stock Exchange. Original Market — Issued in exchange for 1st 4%s. Market. Pittsburgh — Continental Trust Co. Price Range— N. Y. S. E. Jan. 1, '14, to Jan. 1, '21 " 1920 High 39 Feb. 6, '14 25 3i Oct. 5. Low. 11 Dec. 13, '17 13 Feb. 13. HUDSON COUNTY GAS CO. Ist 5s. Dacr Nov. 1, 1949. Dated Nov. 1, 1899. Interest payable May and Nov. 1, at Equitable Tr. Co., New- York, or New Jersey Title, Guarantee & Tr. Co., Jersey City, N. J. Tax Status — Payment of Federal Income- Tax not assumed by company. Tax exempt in New Jersey, Authorized and Outstanding. .$10,600,000 Denomination — Coupon, $100, $500 an£ $1,000. Registerable as to principal. Trustee — The New Jersey Title Guarantee? & Trust Co., Jersey City, N. J. Guaranteed as to interest under term of lease by the Public Service Gas Co. Organization and Control — Incorporated in. New Jersey In 1899. Leased to the Public: Service Gas Co., all of whose stock is owned! by the Public Service Corporation of N. J,,. for 900 years at a rental equivalent to in- terest on bonded debt and 8 % on capital! stock, of which $10,500,000 Is now outstand- ing. Secured by a first mortgage on plants sup-, plying gas to Jersey City, Hoboken, Bayonne- and other municipalities in Hudson County^ N. J. Population served, 650,000. Fran- chises perpetual. Listed on the New York and Philadelphia Stock Exchanges. Original Market — Offered In 1899 by Ed- ward C. Jones & Co., New York, at 105 and interest. Market. Philadelphia — Henry D. Boenning & Co.,^ Samuel K. Phillips & Co. • Jersey City, N. J". — Outwater & Wells. Price Range — N. Y. S. E. Jan. 1. '06, to Jan. 1, '21 1920 Bid. Asfc High 108% Apr. 24, '06 80 Jan. 84 Jan.. Low. 90 May 12, '19 70 Dec. 75 Nov. HUDSON NAVIGATION CO. S. F. Os. Dufr Feb. 1, 1938. Dated Feb. 1, 1908. Interest payable Feb^ 1 and Aug. 1 at National Commercial Banlc & Trust Co., Albany, N. Y. Tax Status — ^Payment of Federal Income Tax not assumed by company. Tax exempt In New Tork, Authorized $4,000,00i0 Outstandiiiff 2,400, OlpO Held in S. F 100,000 Denomination — Coupon, $1,000. Register- able as to principal. Tmstee — Union Trust Co., Albany, N, T. Redeemable at 106 and interest any inter- est date for sinking fund at par and inter- est on any Feb. 1. Sinking Fand — ^Annually, on or before Jan. B, $50,000 plus interest on bonds in sinking fund. The company may deposit casli or bonds of this issue at par to satisfy this fund. The interest on bonds in fund may be used by the company for the purchase of bonds in the open market at not over 105 and interest, or at private sale at not over par and interest, or for the purchase of ves- sels or other improvements. Any cash pay- ments to the fund shall be applied to the redemption of $50,000 bonds at their face value. Interest on bonds in fund may also be so used. Receivei'ship — In an equity suit instituted -for Charles H. Nolte, a creditor, for $12,463, Federal Judge Knox on Feb. 16, 1921, ap- pointed Ex-Senator James A. Emerson of "Warrensburg,- N. T., Pres. of Co., and Mid- dleton S. Borland of New York, receivers for company. The action was a friendly one. Liabilities are said to amount to $4,250,000 and the assets to more than $7,500,000. Organization — Incorporated in New Jersey in 1902 and absorbed the New Jersey Steam- boat Co. and acauired control of the Citizens Steamboat Co. of Troy and in 1908 absorbed the Murray Line. Capitalization. Outstanding. Common $6,000,000 Preferred (6% non-cum.) 2,000,000 Fnuded debt ; 3,979,450 Secured by a mortgage subject to prior liens on all the real estate of the company, which includes Pier 32 and buildings^ North River, New York City, terminals in Albany and Troy and six steamboats, also tugs and barges. Prior liien — $1,392,900 N. J. Steamboat Co. 1st 6s of 1921. Market. New York — Fred H. Hatch & Co., J. K. Rice, Jr., & Co., Tobey & Kirk, Vanderbilt & Robinson, Carruthers, Pell & Co., Wolff & Stanley. Baltimore — "William E. HoUoway. Price Range. Jan. 1, '12, to Jan. 1, *21 1930 Bid. Ask. Bid. Ask. High 95*12 100 '12 52 Jan. 57 Jan. - Low. 37 '20 40 '20 37 Oct. 40 Sept. HUDSON RITER GAS & ELECTRIC CO. 1st 5s. Due May 1, 1939. Dated May 1, 1899. Interest payable May and Nov. 1, at Guaranty Truat Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $250,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Control — Absorbed by Westchester Lighting Co., which is controlled through ownership of its entire capital stock by the Consolidated Gas Co. of New York. Secured by a first mortgage on plants for- merly belonging to Hudson River Gas & El. Co., supplying gas and electricity to Tarry- town, Irvington, Ardsley, Hastings and vi- cinity, all in New York and located on the Hudson River, north of Yonkers. Underlies — $18, 510,000 N, Y. Westchester Ltg. Co. and Westchester Ltg. Co. bonds, which are guaranteed as to principal and In- terest by the Consolidated Gas Co. of New York. Earnings — See Westchester Lighting Co. 1st 6s. Original Market — Offered in 1899 by Wil- son & Stephens, N. T., at 103% and interest. Market. New York — Theodore L. Bronson & Co., Dunham & Co., Finlay & Davenport, Fred H. Hatch & Co., Berdell Bros. Piice Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. ■ Ask. Bid. Ask. High 100 '08 102 '16 70 Aug. 80 Sept. Low. 70 '20 77 '20 70 Sept. 77 Aug. 690 HUDSON RIVER TRACTION CO. 1st 6s. Due March 1, 1950. Dated Mar. 1, 1900. Interest payable Mar. and Sept. 1. at U. S. Mortgage & Trust Co., New York., Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding •631,000 Uninsured 369,000 *$6.V,000 owned by the N. J. & H." R. Ry.- & Ferry Co. Deuomination — Coupon, $1,0'00. Register- able as to principal. Trustee — U. S, Mortgage & Trust Co., New York. Redeemable on any interest date at 110 and interest. . Guaranteed as to interest by 999-year lease to Public Service Ry. Co. Control — ^Absorbed in 1910 by N, J, & H. R. Ry. & Ferry Co., which is leased to the Publijj Service Ry. Co. for 999 years. Lat- ter company is controlled by Public Service Corp. of N. J. Secured by a first mortgage on 17 miles of electric railway from Hackensack to Has- brouck Heights and Arlington, N. J., and to Lodi, N, J. Most of the road is on private right-of-way; franchises elsewhere perpetual. Population served, 30,000. Underlies — N. J. & H. R. Ry. & Ferry 1st 4s. Market. New York — W. E. R. Smith & Co., Rans- cher & Mackay, Berdell Bros. Price Range. Jan. 1, '16, to Jan. 1, *21 1920 Bid. Ask. Ask. High 98 '17 100 '16 70 July. Low. 70 '20 70 July. HUDSON VALLEY RAILWAY CO. Cons. 58. Due July 1, 1951. Dated July 1, 1901. Interest payable Jan. 1 and July 1, at Manufacturers' National Bank, Troy, N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,000 Outstanding 2,222.000 Reserved for Prior Liens 482,000 Pledffed to Secure Notes 1,290,000 In Treasury g qOO Denomination — Covipon, $1,000. Register- able as to principal. Ti-ustee — Bankers Trust Co., New York. Redeemable at 110 and interest any Inter- est date on three weeks' notice. Organization and Control — Incorporated In New York in 1901. A majority of the stock '" owned by the United Traction Co. of Al- bany. All of the stock of this latter com pany is owned by the Delaware & Hudson Co. Capitalization. Outstanding. Common $2,970,700 Funded debt 5,678,000 Secured by a morteaee on practically all of the road owned by the company. This Includes 121.6 miles of first track and about 17.5 miles of second track. From Troy to Warrensburg, New York, including two lines between Mechanicville and Glens Falls, 82 miles, the road is on private right-of-way; franchises elsewhere are perpetual. Popula- tion served, Troy, 80,000; remaining terri- tory, 130,000. Prior Liens — $100,000 1st 6s (past due), $50,000 2d 6s (past due), and $82,000 3d 6s, due 1921, of the Glens Falls. Sandy Hill' & Ft. Edward Ry. Co.; and $47,500 1st 6s (past due) and $202,500 2d 6s (past due) of the Stillwater & Mechanicville St. Ry. Co. Bonds are reserved under this mortgage to retire the above issue. Underlies — $474,000 Deb. Income 6s of 1951 and $2,500,000 Deb. Income 2s of 1951. Years ended Dec. 31: Gross. Net. Int. & Tax. 1920 $1,498,109 $209,095 $450,521 1919 1,124,593 196,936 432,822 1918 1.126,064 240,595 358,959 1917 1,025,715 328.497 341,737 1916 888.346 328,757 340,446 Original Market — ^First offered in May, 1906, by E. Clarence Jones & Co., New York. Market. New York — F. H. Hatch & Co., J. S. Bache & Co. H1IBBKEU(-X0IxEn)0 BRSWBBIES CO. 1st 6s. Due July 1, 1930. Dated April 1, 1905. Interest payable Jan. and July 1, at Ohio Sav. Bank & Trust Co., Toledo. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,000,000 : Outstandiner 1.362,000 Retired by S. F 1,133,000 Gaiucelled 61,000 Denomination — Coupon, 1,000. Registerable as to principal. Trustee — Ohio Sav. Bank & Trust Co., To- ledo, Ohio. Redeemable on any interest date at 107^ and interest. Sinking Fund — $25,000 per annum to pur- chase, bonds. Bonds BO acquired are kept alive and interest added to sinking fund. Organization— Incorporated in Ohio in 1905 as a consolidation. Capitalization. Outstanding. Common $1,278,000 Preferred (6% cum.) 1.278,000 Funded debt .^ ;.... 1,400,000. Secured by a first mortgage on several breweries in Toledo, Ohio. This company also leases and operates numerous saloons in To-' iedo. liisted — Cleveland, Cincinnati and Columbus Stock Exchanges. Market. Toledo — Sicor, Bell & Beckwith. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 73% '12 7^% '12 40 Jan. SOApr. Low. "30 '17 35 '18 35 Dec. 45 June Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $25,000,000 Outstandiner 25,000,000 Purpose of Issue — To reduce current in- debtedness and to provide adidtional work- ing capital for the purpose of purchasing current production of oil from, customers' * various fields. Denominations — Coupon, $1,000 and $600. Trustee — Guaranty Trust Co., New York. Redeemable as a whole only on any in- terest date on 60 days' notice at 100% and interest. Organization and Control — Incorporated in Texas in 1917, as successor to the Humble Oil Co. organized in 1911. The company through the property which it directly owns and operates and the pipe line facilities which' it operates through a subsidiary, covers all phases of the oil business includ- ing production, transportation, refining and distribution of petroleum and its products. The company's production is secured from, its properties in Texas and Oklahoma and as of March 1, 1912, this was running at the rate of dO.OOObarrels a day. The company's principal refinery is at Baytown, Texas. A majority of the capital stock is owned by the Standard Oil Company of New Jersey. Capitalization Outstanding Common $25,000,000 Funded debt 25,000,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company covenants that, except as to pur- chase money mortgages and pledges for temporary loans or indemnity in the usual course of business, thei company will not hereafter mortgage nor pledge any of its property without securing the principal and interest of these notes equally and ratably with any other indebtedness secured by such mortgage or pledge. Year ended Dec. 31: Gross. Net. 1920 $18,864,141 $8,473,459 Original Market — $25,000,000 offered March, 1921,- by J. P. Morgan & Co.. at 99 and interest. HUMBLIS Olli AND REFINING CO. 2- Year 7% Notes. Due March 15, 1923. Dated March 15, 1921. Interest payable March 15 and Sept. 15 at Trustee's office. HUNTINGDON & BROAD TOP MOUNTAIN RAILROAD & COAI. CO. 1st Etx'd 7s. Dae March 30, 1925. Dated Aug. 18, 1854. Extended in 1970, in 1890; also Sept. 30, 1927 with interest in- creased from 4% and extended in 1870 and again in 1890. Interest payable April and Oct. 1,. a,t company's office, Philadelphia. Tax Status — 2 % Federal Income , Tax paid by company without deduction. Tax exempt in Pennsylvania," Authorized $500,000 Outstanding 416,000 Trustee — Girard Trust Co., Philadelphia. Denomination — Coupon, ^500. Stock Ownership^Over 9i of the stock Is deposited with five Trustees under an agree- ment for the sale of at least a majority on or before April 1, 1918, at not less than $50 per share for the preferred and $25 per share for the common. Depositary, Drexel & Co., Philadelphia, Orranization — Incorporated, in Pennsylvania In 1852. Capitalization. Outstanding. Common $1,371,760 Preferred (7% non-cum.) 2.000,000 Funded debt 2,280,500 Secured by a first mortgage on about 44 miles of road from Mt. Dallas, Pa., to Hunt- ingdon, Pa., with 28 miles of bra,nches. Underlies— 2d ^xt'd 4s of 1924 and Cons. 5a of 1925. S»l' Years ended Dec. 31: Gross. Net. Interest. •1920 $624,983 $331,643 $137,508 •1919 201,694 199,635 131,756 •1918 201,694 218,337 111,693 tl918 966,085 23.286 27,183 1917 842,238 273,146 147. B31 •Corporate account. tFederal account. Listed on the Philadelphia Stock Exchansre. Market. Philadelphia — Henry D. Boenning & Co., Morley, Wood & Co. HUNTINGDON & BROAD TOP MOUNTAIN RAILROAD & COAX. CO. 2d Elt'd 48. Due Feb. 1, 1925. Dated Jan. 30, 1867, as 7s. Extended In 1875 and again in 1896, with the interest re- duced. Interest payable Feb. 1 and Aug. 1, at Company's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Anthoiized $500,000 Outstanding 367,500 Denomination — Coupon, $500. Trustee — Glrard Trust Co., Philadelphia. Organization^See 1st Ext'd 4s. Secured by a second mortgage on the prop- erty covered by the 1st 4s of 1920, Prior Lien— $416,000 1st Bxt'd 7s of 1925. Underlies — Cons. 5s of 1926. Earnings — 1st 4s, 1920. Listed on the Philadelphia Stock Exchange. Market. Philadelpliia — Barnes & Lofland, Henry D. Boennin^ & Co., Charles Fearon & Co., Geo. N. Fleming , Harper & Turner, Huntoon & Co., McCown & Co. Price Range. Jan. 1, '0!), to Jan. 1, '21 1921 Bid. Ask. Bid. Ask. High 95 '09 97 '09 70 Mar. 80 Mar. Low. 40 '16 60 '16 50 May 60 May HUNTINGDON & BROAD TOP MOUNTAIN RAILROAD & COAL CO. 3rd Cons. Ext'd Ss. Due March 31. 1925. Dated March 1, 1865, and extended in 1896. Interest payable April and Oct. 1 at Com- pany's office, Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $1,600,000 Outstanding 1.497,000 Denomination — Coupon, $1,000. Begister- able as to principal. Trustee — Girard Trust Co., Philadelphia. Organization — See 1st Ext'd. 4s. Secured by a third mortgage on property described under let 4s above. Prior Liens— $410,000 1st Bxt'd 7s of 1925. and $367,500 2d ext'd 4s of 1925. Earnings — See 1st 4s, 1920. Listed on the Philadelphia Stock Exchange. Market. New York — Moore, Leonard & Lynch, Ber- dell Bros., Bauer, Starr & Co. Philadelphia — Barnes & Lofland, Henry D. Boenning & Co,, Harper ■& Turner, Huntoon & Go. Price Range. Jan. 1, '08, to Jan. 1, '21 1921 Bid. Ask. Bid. Ask. High 101 1^ '08 103 '09 58 Mar. 62 Mar. Low. 35 '20 42% '20 35 May 421A July HUNTINGDON VALLEY LIGHT & POWER CO. let Bb. Due June 1. 1947. Dated June 1, 1909. Interest payable June and Dec. 1, at Philadelphia Tr., S. D. & Ins. Co., Philadelphia, Pa. toa Interest payable June and Deo. 1, at Phil- adelphia Tr., S. D. & Ins. Co., Philadelphia, Pa- Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgair© Outstanding; ^^^^'JJ? Held In S. F l".""" Denomination — Coupon, $600 and $1,000. Trustee — Philadelphia Trust, Safe Deposit Sc Ins. Co., Philadelphia, Pa. Redeemable at 102% and interest. Sinking Fund — ^Annually on or before March 31 as follows from 1915 to 1924, $2,- 060 and thereafter $3,076, plus interest on bonds held in sinking fund. Fund to be applied to -the purchase or redemption of these bonds at not over 102% and interest. Assumed by the Philadelphia Suburban Gas & Electric Co. Control — Absorbed by Philadelphia Subur- ban G. & E. Co., which is cntrolled by Ameri- can Gas Co., through ownership of all stock. Secured by a first mortgage on plants sup- plying Cheltenham, Abington, Springfield and Moreland townships. Pa. This territory is ad- jacent to Philadelphia. Franchises perpetual. Underlies — Philadelphia Suburban G. & E. 1st & Ref. 6s of 1960. Bonds are reserved under that mortgage to retire this issue. Earnings — See Philadelphia Suburban Gas & Electric Co. Market. New York — Hartshorne & Battelle. Pliiladelphia — Henry D. Boenning & Co., Huntoon & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 High Low. Bid. 100 '17 78 '20 Ask. 93 '20 Bid. Ask. 85 Nov. 93 Nov. 78 Dec. 93 Nov. HUNTINGTON CO. 1st 6s. Dated July 1, & BIG SANDY RAILROAD Due July 1, 1922. 1892. Interest payable Jan. 2 Wall St., and July 1, at Company's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $303,000 Deposited under P. L. E. & W. Va. System Ref. Mtge 97.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — -Provident Life & Trust Co., Phila- delphia. Guaranteed principal and interest by the Ohio River R. R. Co. by endorsement. Assumed by the Baltimore & Ohio R. R. Co. Control — Incorporated in West Virginia. Absorbed by the B. & O. R. R. Co. Secured by a first mortgage on 10.91 miles of road from the west bank of the Wyan- dotte River, near Huntington, to Kenova, W. Va. UnderUes — B. & O., P., L. E. & W. Va. Ref. 4s and B. & O. Ref. & Gen. mtge of 1995. Bonds are reserved under both mort- gages to retire this Issue. Legal for savings banks in Mass., N. T., and Vt. ; and also Baltimore Trust Funds. Market. Baltimore — 'WilUam -B. Holloway, Towns- end, Scott & Co. Price Range. Jan. 1, 'le, to Jan. 1, '21 1920 Bid. Ask. Ask. High 104 '16 108% '16 95 Jan. Low. 73 '18 78 'IS 90 Aug. HUNTINGTON DEVELOPMENT & GAS CO. SO-Tear Ist S. F. 6b. Dne June 1, 1036. I>ated June 1, 1916. Interest payable June and Dec. 1, at E. W. Clark & Co., Philadel- phia. T**! Status — 2% Federal Income Tax paid by "feompany without deduction. Pennsylvania State tax refunded. Authorized $20,000,000 Outstanding: (Jan. 1, '21) 3,139,500 Retired by S. r 323,500 In Treasury 66.000 Reserved for Ext 16,471,000 Provisions of Issue — ^Additional bonds are issuable for 80% of cash cost of additional lands, improvements and extensions, when net earning-B are one and three-quarters times the interest on all bonds outstandinar under this mortgage, including those to be Issued. Denominatlong — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable at 102 ^ and interest on any interest date, on 60 days' notice. Sinking Fund — The mortgage provides for semi-annual payments March 1 and Sept. 1, from gas, oil and coal produced, mined and sold as follows : one-half cent for each one thusand feet of natural gas, ten cents a barrel for oil, and three cents a ton for coal; and in addition, 10 % of all royalties received for coal, oil or gas produced by the lessees of the company, and, all moneys re- ceived from the sale of any land or interests in land covered by the mortgage, and 50 % of all moneys received from the sales of timber and stumpage, with the provision that the minimum sinking fund payments shall be equivalent to at least 2% of the bonds out- standing in each of the years 1917 to 1921, inclusive ; 3 % in each of the years 1922 to 1926, inclusive; 4% in each of the years 1927 to 1931, inclusive, and 5% in each of the years 1932 to 1936, inclusive, and should any bonds in excess of the present issue of $3,- 000,000 be hereafter issued, 5% of any such additional bonds outstanding in each year to maturity. These minimum sinking fund pay- ments should retire 50% of the bonds before maturity. Bonds are to be purchased or redeemed at not exceeding 102% and interest and cancelled. Organization — Incorporated In Delaware in May, 1916, to mine and sell coal, produce and sell natural gas and petroleum oils and transport gas and oil by pipe lines and has acquired the properties of several com- panies. Capitalization. Outstanding. Common $4,000,000 Preferred (6% cum.) 1,500,000 Funded debt 3,139,500 Management — ^E. W. Clark & Co., Phila- delphia. Secured by a first mortgage on coal, oil and natural gas and timber lands in Lin- coln, Wayne, Cabell, Putnam, Logan and Min- go counties. West "Virginia, and aggregating 330,000 acres, chiefly without franchise re- striction, and~ a complete system for prduc- ing and conveying natural gas and distribu- ting in Huntington and Kenova, W. Va., and Ashland, -Ky., and intervening territory. The lands are owned about one-half in fee simple and one-half in mineral fee with full mining rights. The property covered also includes oil and gas leases on about 6,000 acres. Of the 330,000 acres, 189,500 acres have been leased for oil and gas purposes to other com- panies on a royalty basis and 223 wells have been drilled by the lesees, of which 184 pro- duce gas and 39 oil. The Columbia Gas & Electric Co., one of the lessees, transports gas from the Company's lands to Cincinnati. The coal and other minerals and timber are not included in these leases. On the remain- ing acreage which has not been leased the Company owns 187 wells of which 162 produce gas and 25 oil. In addition the company has the exclusive output from 70 gas wells, drilled by other companies on land not owned by this company. A gasoline extraction plant was put into operation in 1917. This plant has a capacity of 40,000,000 cubic feet of gas per day. The company's system includes a pumping and compressor station with a capacity of 40,000,000 cubic feet of natural gas per day. Distributing system and field lines comprise 175 miles of pipe line, includ- ing 12 inch trunk line 65 miles long. Fran- chise in Huntington expires in 1962; Ashland, 1933; Kenova, 1963; Catlettsburg, 1933, and Ceredo, 1963. Years ended Dec. 31: Gross. Net. Interest 1920 $1.49R,S75 $586,459 $194,613 1919 1,033,092 428,587 198,128 1918 992,238 285,226 193,152 1917 644,289 282,913 190,816 Original Market — Offered May, 1916, by E. W. Clark & Co., Philadelphia. Market. New York — Vanderhoef & Koblnaon, Ber- dell Bros. Phila^lelphia — Barclay, Moore & Co.» Bauer, Starr & Co., Arthur J. Bender, Henry D. Boenning & Co.,'E. W. Clark & Co.» Geo. N. Fleming, Huntoon & Co., Lloyd & Palmer, MoCown & Co., Paul & Co. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. -Ask. Bid. Ask. High 90 '19 93 '19 83 Jan. 87 July Low. 78 '20 82 '1.7 78 Dec. 82% Nov. HUNTINGTON LAND & IMPROVEMENT CO. Coll. Trust 6s. Due $600,000 Dec. 1, 1923, $1,000,000 each Dec. 1, from 19ZZ to 1937. Dated December 1, 1913. Interest payable June 1 and December 1, at Security Trust & Savings Bank, Los Angeles or United States Mortgage & Trust Co., New York. Tax Status — Payment of Federal Incoma Tax not assumed by company. Authorized $14,000,000 Outstanding: (Jan. 1, '21).... 6,500,000 Redeemed 5,439,000 Unissued 2,061,000 Denomination — Coupon, $1,000 In all ma- turities, $500 in 1921 to 1926 and $100 in 1918 to 1927. Begisterable as to princi- pal. Trustee — Security Trust & Savings Bank» Los Angeles. Redeemable — Bonds due 1914 to 1917 are callable at 101 and interest. For other ma- turities the premium increase % % for each year to 103%% in 1927. Guaranteed as to principal and interest by H. E, Huntington, by endorsement. Secured by a first mortgage on $9,200,000 bonds of the Los Angeles Ry. Corp. and City Ry. of Los Angeles, which own 408 miles of street railway in Los Angeles; $1,138,000 bonds of the Pacific El. Ry. and absorbed companies, which cover 986 miles of Interur- ban railway in and around Los Angeles, Cal. i $2,905,000 bonds of the Newport News Ship- building and Dry Dock Co. and $ 274, 00& bonds of the Chesapeake Dry Dock & Construc- tion Co.; and on $20,000,000 stock (entire is- sues) of the Los Angeles Hy. Corp. and $5,- 000,000 stock (entire issue) of the City Ry. of Los Angeles. These bonds are also a sec- 693 ond Hen on $4,000,000 bonds of the Los Anse- lea By, Corp. lat and Bet'e. 5s and $1,- 600,000 the Paoiflo Electric Ry. Co. Ref'B 5b. Provision is made for the substitution of some of the above collateral at the option of the company. The Huntington Land & Im- provement Company owns property, in addi- tion to the securities pledged under this is- sue, valued at more than $10,000,000, all of which ia unencumbered land located in Los Angeled, Gal., and vicinity. Legal for savings banks m Cal. Original Market — Oflered by E. H. Rollins & Sons, Bdston, New York, etc., in 1914 at par for 1914 maturity. 99% for 1916, 99% for 1916, 99% for 1917 and 99 for all other maturities. $939,000 offered by E. H. Rol- lins & Sons, Boston, etc., and Torrance, Marshall & Co., Los Angeles, at 98% for 1916 maturity, 98 for 1916 maturity, and 96% for 1918 maturity. Market. New York — Sutro Bros. & Co., McDonnell & Co., John Nickerson, Jr., Gilbert J. Post- ley, Carruthers, Pell & Co., Earle A. Mffler & Co. LiOS Angreles — Blankenhorn-Hunter-Dulin Co., The Citizens National Bank, J. J. Doran & Co., Stephens & Co., Torrance Mar- shall & Co. San Francisco — Stephens & Co. Price Range. Jan. 1, '16, to Jan 1, '21 1980 Bid. Ask. Bid. Ask. High lOlJ/f '16 103 '16 98 Feb. 100 Mar. I/OW. 91^ '20 98 '20 91 Sept. 98 Sept. HUNTINGTON WATER CO. 1st 5s. Dne Nov. 1, 19 10. Dated Nov. 1, 1900. Interest payable May and Nov. 1, at Farmers* Loan & Trust Co.. N. T. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Outstanding 600,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co, Redeemable at par. Control — Consolidated in May, 1917, with the Guyandotte "Water Works Co. into the Huntington Water Corp. All stock owned by American Water Works & Electric Co. Secured by a first morigaee on plant sup- plying water to Huutiiistoa, W. Va. Popula- tion served, 51,000. Also a'mortgage on 6% acres of land owned by the company. Underlies— $313,600 1st & Ref. 6s of 1947. which provide for the retirament of this is- sue. Years ended Dec. 31: Gross. Net. Int. .etc. 1920.. ■ $165,214 $68,410 $46,879 1919 162,693 81,916 43,366 1918 146,100 70,862 42,009 1917 143,079 76,080 38,699 1916 137,098 79,979 37,066 Market. New Yorlc— Otto Blllo. Boston — H. C. Splller & Co. Price Bancp. Jan. 1, '16, to Jan. 1, '.31 19^0 Bid. Ask. Bid. High 86 '16 88 '16 81 Jan. Low. 65 '20 87% '17 65 Oct. HURLEY MACHINE CO. Ist «s. Dne $25,000 each Jane 1 from 1918 to 193?, inclasive. Dated June 1, 1917. Interest payable June 1 and Dec. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid, by company without deduction. 594 Anthorizea *?*?'??! Outstaniling (Jan. 1, '21) ^'I'SSS Matured and Paid ^I'^iia Denomination — Coupon, $600 and $l,ouo. Registerable as to principal. , l^mstee — First Trust & Savings Bank, Chi- cago. , , , Redeemable In reverse of numerical order on any interest date at 102 and interest. Organization — Established in 106. The com- pany manufactures three household specialties, viz.: Thor Electric Washing Machine, Thor Electric Vacuum Cleaner and Thor Electric Ironing Machine. Capitalization. Outstanding. Common $1,119,900 Preferred (7% cum.) 600,000 Funded debt 175,000 Secured by a first mortgage on all the prop- erty now owned or hereafter acquired, and In- cluding plant at 223 Street and 64th Avenue, Chicago. The mortgage provides that during the life of these bonds net Quick assets shall be maintained at not less than the amount of the outstanding bonds, and in no event at less than $260,000. Years ended Dec. 31: Gross. Net. Int., etc. 1S19 $5,864,072 $1,007,737 $156,477 1918 2,823,708 393,441 76,099 1917 1,682,977 277,642 31,338 Original Market — $250,000 offered Aug., 1917, by Peabody. Houghteling & Co., Chi- cago, at 100 and interest except first three maturities which were offered on a 6%, 5%% and 6 % % basis respectively. Market. Chicago — Peabody, Houghteling & Co. Pi-icc Range 1930 — Ask, 97. HURON (S. D.) LIGHT & POWER CO. Ist 6s. Due May 1, 1932. Dated May 31, 1912. Interest payable May and Nov. 1, at Trustee's office and National Park Bank, New York. . Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $300,000 Outstanding 287,000 Reserved for ext 13,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Minneapolis Trust Co., Minneapo- lis. Sinking Fund — Annually, beginning May 1, 1916, a sum equal to 105% of 1% of bonds outstanding from 1916 to 1919; 1%% from 1920 to 1924; 2% from 1925 to 1929 and 2%% thereafter, payable in cash or in these bonds at par. The company shall purchase these bonds at par. The company shall pur- chase these bonds in the open market at not exceeding 106 and Interest within one month of the deposit of payment, and shall deliver bonds to the Trustee, who shall pay com- pany the amount expended in acquiring the bonds. If bonds are not so purchasable the company shall In like manner buy and deliver bonds that are a legal investment for savings banks in New York State, which the Trustee shall sell at the direction of the company and apply the proceeds to this fund. Bonds acquired are cancelled. Organization — Incorporated In South Dakota In 1907. Capitalization. Outstanding common jgQ qqq Preferred (7% cum.) .'.'.'..'.'.'.'.".' .'loo'floo Funded debt 287 000 Secured by a first mortgage on piants sup- plymg gaa Bitl electricity to Huron, s. D . Population. 1910. 6.791:. Franchise expires. 1939. Years ended Dec. 31: Net Interest 1918 $42,026 tl6.290 1917 41.286 16.880 1916 39.977 13,680 1916 39,481 12.900 Later earnings not available. Market. Minneapolis — William W. Eastman Co. HUTCHINSON & SOUTHERN RAHWAX CO. 1st 5s. Dae Jan. 1, 1938. Dated January 1, 1898. Interest payable Jan. and July 1, at Company's offioe, 6 Nas- sau Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized (per mile) 56,000 Outstanding 192,000 Owned by A. T. & S. F. Ky. 1 627.000 Denomination — Coupon, $1,000. Principal may be registered. Trustee — Old Colony Trust Co., Boston. Redeemable on any interest day at 105 and interest. Control — Absorbed by the Atchison, Topeka & Santa Fe Ry. Co. Secured by a first mortgage on 141.36 miles of road from Hutchinson, Kans., to Ponca City, Okla. Underlies — ^A. T. & S. F. Gen. 43, and Adjmt. 4s of 1996. L,egal for savings banks in Cal., Conn., Mass., Me., Mich., Minn.. Mo., N, H., N. J., R. I., Vt. and Wis.; and also Baltimore Trust Funds. Market. New York — Fred H. Hatch & Co., Charles W. Place, Prince & Whitely, Raynold M. Smith, Taylor, Smith & Hard, Carruthers, Pell & Co. Price Range. Jan. 1, '09, to Jan. 1, 'gl 1920 Bid. Ask. Bid. High 104 -12 107 '09 90 Dec. Low. 85 '19 931^ '15 85 Aug. HUTCHINSON (Kan.) WATER, LIGHT & POWER 1st 4s. Due Jan. 1, 1928. Dated Jan. 14, 1898. Interest payable Jan. and July 1, at Fidelity Insurance. Trust & Safe Deposit Co., Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $260,000 Outstanding 212,500 Redeemable at par and Interest u£}on 60 days' notice. Control — Absorbed by United Water, Gas & Electric Co., which is controlled through stock ownership by the Cities Service Co. Manage- ment of Tho Doherty Organization. Secured by a first mortgage on principal part of -plant supplying electric and water service in Hutchinson, Kan., and vicinity. Underlies — United Water. Gas & Ulectrlc 1st & Ref. es of 1941, under which bonds are reserved to retire this Issue. Earnings — See United Water, Gas & Elec- tric Co. Original Market — Issued In exchange for securities of old company reorganized without foreclosure. Market. New Torlc — G. ^V. "Walker & Co. Boston — Pond Co., H. C. Spiller & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 8] '17 90 '17 73 Apr. 79 Mar. Low. 67 '20 79 '20 67 Sept. 79 Mar HYDRAULIC POWER CO. OF NIAGARA FALLS iBt & Ref. 6s. Dae July 1, 1860. Dated July 1, 1910. Interest payable Jan. and July 1, at Trustees' Office or Chase National Bank, New Tork. Tax Statns — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Antliorized $3,600,000 Outstanding 3,600,000 Denomination — Coupon, $1,000. Register- able as to principal or fully reglsterable. Tustee — The Marine Trust Co., Buffalo. Redeemable at 110 and Interest on any in- terest date after July 1, 1920, on six months' notice. Assumed by The Niagara Falls Power Co. Control — See Ref. & Imp. 6 s. Secured by a first mortgage on the main hydraulic plant at Niagara Falls, formerly owned by the company. Also a first lien on $1,160,000 Cliff Electrical Distributing Co. 1st 53 ol 1940. Underlies — Ref. & Imp. 5 s of 1951 and The Niagara Falls Power Co., 1st & Cons. Mtge. (of 1919) both of which provide for the re- tirement of this issue. Earning:s — See Niagara Falls Power Co. Original Market — Offered in 1910, at par and interest by Spencer Trask & Co.. New York, and $400,000 offered in 1912 by Kean, Taylor & Co., New York, at 102% and Interest. Market. New York — Hodenpyl, Hardy & Co., Mar- tin, Berwin & Co., Barle A. Miller & Co.. Vanderhoef & Robinson, Carruthers, Pell & Co., Gilbert J. Postley, Pynchon & Go. Ber- dell Bros. Boston — Moors & Cabot, Arthur Perry & Co. Buffalo — Citizens Coraimercial Trust Co., Evers. Reber & Co., Qlenny, Mooro & Moll, N. A. MacDonald & Co., O'Brlan, Potter & Co.. Schoellkopf. Hutton & Co.. Inc. Milwaukee — Edgar. Bicker & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102% '16 103% '17 92% Jan. 94 Jan. Low. 77 '20 81 '20 77 June 81 June HYDRAULIC POWER CO. OF NIAGARA FALLS Ref. and Imp. 5s. Due October 1, 1951. Dated October 1, 1916. Interest payable April and October 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized $10,000,000 Outstanding 6.600,000 Reserved to Retire Prior Liens. . 3,500.000 Denomination — Coupon. $500 and $1,000. Reglsterable as to principal and fully register- able. Trustee — The Marine Trust Co., Buffalo. Redeemable at 105 and interest on any in- terest date after October 1, 1921, on two months' notice. Assumed by The Niagara Falls Power Co. Control — Incorporated in New York in 1910. The company's water rights were granted by legislative acts of the State of New York. In October, 1918. this Company, the Niagara Falls Power Co. and Cliff Electrical Dis- tributing Co. were consolidated into The Niagara Falls Power Co., a new corporation. Secured by a mortgage on the power canal, power plants, buildings, penstocks, turbines, equipment, real estate and other specified property, formerly belonging to the company : nlso a second lien on $1,150,000 (entire out- 696 standing:) of total authorized $1,600,000 Cliff Electrical Distributing Co. 1st 6s and remain- ing: bonds are to be acquired and deposited when Issued. Prior Lien — $3,500,000 (closed) 1st and re- funding: Bs, due July 1, 1950, for the retire- ment of which bonds are reserved under this morteag:e. Underlies — The Niagara ^alls Power Co. 1st & Cons. Mtge. (of 1919) under which bonds are reserved to retire this Issue. Earnings — See the Niagara Palls Power Co. Original Market — $3,000,000 offered Nov., 1916, by Spencer Trask & Co. , New York, etc., at 99% and Interest. $2,000,000 offered by the same firm December, 1918, on a 5.40% basis. $1,500,000 offered June, 1918, by Bon- bright & Co., New York, etc., and Merrill, Oldham & Co., Boston, at 89 and Interest. Market. New York — Newton G. Chase, Martin Beri- vin & Co., Earle A. Miller & Co., Renscher & Mackay, Vanderhoef & Robinson, Boston — Li. Sheinian Adams, Arthur Perry & Co. Buffalo — Citizens Commercial Trust Co., Evers, Reber & Co., N. A. MacDonald & Co., O'Brian, Potter & Co., Schoelkopf, Hutton & Co., Inc. Milwaukee — Edgar, Ricker & Co. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 99 '17 100 '17 87 Jan. 89 Jan. Low. 76*20 80*20 76 July 80 July Tears ended Dee. 31; Net. Dep.'n, etc. t$527,628 $94,712 *333,289 79,905 HYDRAULIC-PRESS BRICK CO. 1st 59. Due each' Aug. 1, as follows: 1930, $63.- 000; 1931, $55,000: 1933, $58,000; 1933, »60,500; 1934, $63,500: 1925. $67,000; 1936. $70,500; 1927, $74,000; 1938, $77,500; 1939, $81,500; 1930, $36,500; 1931, $89,500; 1932, $349,500. Dated Aug. 1, 1912. Interest payable Feb. and Aug. 1, at Trustee' s office, St. Louis, Mo. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding: (May 9, '21) 905,500 Balance Retired. Denomination — Coupon, $600. Trustee — Mercantile Trust Co., St. Louia, Mo. Redeemable at 102 and interest Aug. 1 . 1913. on any interest date thereafter on 30 days' notice. Organization — Incorporated in Missouri in 1890 and in 1907 absorbed 14 companies. Capitalization. Outstanding. Common $4,288,100 Pref. (6% cum.) 6,464.500 Funded debt 905,500 Secured by a first mortgage on all property located In the City of St. Louis and St. Loula County, which Includes eight plants. It also owns plants In New York City, Baltimore, Washington, Philadelphia, Cleveland, Indian- apolis, Kansas City, Omaha, Minneapolis and Chicago. 1920 1919 *After interest. tAfter all Federal taxes. Original Market — $1,000,000 offered in 1913 by Mercantile Trust Co.. St. Louis, Mo., at par and interest. Market. St. Louts — Mercantile Trust Co., Wm. R. Compton Co.; Whitaker & Co. HYDRAULIC STEEL CO. 10-Year S. F. 8% Notes. Due Nov. 1, 1930. Dated Nov. 1, 1920. Interest payable May 1 and Nov, 1 at Banlters Trust Co., New York. Tax Status — 2% Federal income tax paid by the company without deduction. Penn- sylvania state tax refunded. Authorized $4,000,000 OutstandinsT 3,500.000 Reserved for Corp. Purposes. . . 500,000 Pui-pose of Issue — To reduce bank loans. Denominations — Coupon, $1,000, $500 and $100; interchangeable and registerable as to principal. Trustee — The Guardian Saving's & Trust Co., Cleveland. Redeemable upon 30 days' notice at 107% and interest. >Siiilcin8: Fund — Semi-annually, beginning on or about May 1, 1921, a sum equal to 2%% per annum of the highest amount of notes at any time autstanding to be applied to the purchase of redemption of these notes at not over 1071/^ and interest. Organization — Incorporated in Ohio in 1919 to take over the properties of The Hydraulic Pressed Steel Co. and its sub- sidiaries. The Cleveland Welding & Man- ufacturing Co., The Canton Sheet Steel Co,, and The Hydraulic Steelcraft Co. The company owns and operates four plants, three located in Cleveland and one in Canton, C, and manufactures a wide range of steel products, including ingots, sheets, galvanized sheets, patented steel oil barrels, standard steel buildings, electric welded and hydraulically pressed articles. It further specializes in the manufacture and leasing of steel forms for concrete con- struction. Capitalization. Outstanding. Common (no par) 241,230 shs. Preferred (7% cum.) $6,000,000 Funded debt 3,500,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Un- der the provisions of the indenture the company covenants as follow^s: Not to create any mortgage, lien or fixed charge having priority over these notes, except purchase money mortgages. To maintain at all times net current as- sets in an amount equal to at least teh full amount of notes outstanding. Origrinal Market — $3,500,000 offered Nov., 1920, by Montgomery & Co., Philadelphia, etc.. Field, Richards & Co., Cincinnati, etc., and The Herrick Co., Cleveland, at 99% and interest. !Market. New York — Hartshorne & Battelle, Salo- mon Bros. & Hutzler. Buffalo — N. A. Maconald & Co. Cleveland — The Prichard-Casler Co., Stan- ley & Bissell. Chicago — Child & I^evering. I IDAHO POWER CO. SO-Year 1st 58. Due Jan. 1, 1947. Dated Jan. 2. 1917. Interest payable Jan. 1 and July 1. at New York. Tax Stains — Payment of Federal Income Tax not assumed by company. Anthorized $100,000,000 Outstanding: (Jan. 1, '21).... 6,000,000 Pledged under 1st t. L, & Gen. Mtgre 3,000,000 Reserved for Ext 91,000.000 ProTifiions of Issue— Additional bonds are Issuable when net earnings for 12 consecu- tive months within 14 preceding months have been equal to at least twice interest charges on bonds outstanding and to be is- sued for 80% of the cost of extensions Denomtnatlon — Coupon, $1. 000. Register- able as to principal, or exchangeable for fully registered bonds. Troflteefi — Bankers Trust Co. and F. I. Kent, New York. Redeemable at 105 and interest on any in- terest date on or after Jan. 1, 1922. SinkiusT and Improvement Fund — ^Annually %% of outstanding bonds Jan. 1, 1921, to 1926 inclusive; 1% 1927 to 1932; 1%% 1933 to 1946 inclusive. This fund may be used for additions or permanent improvements which might otherwise have been a basis for the issuance cf bonds ; or for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be can- celled. Organization and Control — Incorporated in Mpine May 6, 191B, and owns and operates thn properties formerly owneO by the Idaho- Oregon Light & Power Co., Idaho Railway, Light & Power Co., Idaho Power & Light Cc, Southern Idaho "Water Power Co., Great Shoshone & Twin Falls Water Power Co. and the Electric Investment Co. Also owr.a all the capital stocks, except qualifj'ing shares of the Boise Valley Traction Co. and, Nevada Power Co. The Boise Railroad Co., which was a part of the old Idaho Raifway, Light & Power Co., was not merged, but is inde- pendently owned and operated. All of the common stock, except directors' ■hares, is owned by the Power Securities Corp., successor through reorganization to the National Securities Corporation. The Power Securities Corp. is controlled by the Electric Bond & Share Co. Capitalization. Outstanding, Common $15,000,000 Preferred (7% cum.) 1,310.000 Punded debt 9,000,000 Secured by a first mortgage on all the prop- erty of the company. The property of the company includes 5 hydro-electric develop- ments at various points on the Snake River, in southeastern Idaho and eastern Oregon, of which four are interconnected by transmis- sion lines and two hydro -electric plants on the Malad end Payette Rivers Ctribuataries of the Snake River) with a combined gen- erating capacity of 39,540 k. w. The com- pany also leases two other hydro-electric plants — one the property of the Boise Irri- gation Project which was inst.alied by the Federal J^eclamation Service in connection with the Arrow Rock Dam. The leased plants have a combined capacity of 2,775 k. w. The company's transmission lines aggregate 1,139 miles. The company without competition serves with electric light and power the Snake River plains, extending across south- ern Idaho and eastern Oergon and embracing: • B97 a population estimated at 150,000. The ter- ritory served includes the cities of Boise, Pocatelio and Twin P'alls and practically e^ en other important community In soutuern Idaho. The company owns municipal franchises entitling it to operate in twenty-nine muni- cipalltits in the States of Idaho and Oregon. Of these, in the opinion of counsel, three (Including a Boise franchise) are without time limit. The franchises under which the compaiiy ns operating in seven of these mu- ricipalitiea expire at various dates prior to January 1, 1947, but all the remainder of its franchises are for^ terms extending beyond that d&te. The company's franchises in gen- eral are satisfactory from a business stand- point and are free from burdensome restric- tions. Underlies — 1st Lien & Gen. Mtge. Years ended Dec. 31: Gross. Net. Interest. 1919 $1,816,949 $947,464 $461,256 19'S 1,500.999 746,237 445,965 1917 1.308.416 658.638 408,245 Original Market — $4,i5CO.OOO offered March, 1917, by Harris, B'orbes & Co., New York, Hauls, Forbes it Co., Inc., Boston: Harris Trust & Savings Bank. Chicago; Coftin & Burr, Boston and New York, and Ames. Em erich & Co., Chicago, at 33^/^ and interest. $1,000,000 oft'ered June, 1919, by the same firms at 89 and Interest. Market. New York — Ames, Bmerich & Co., Bab- cock, Rushton & Co., E. A. Baker & Son, Fred H. Hatch & Co., Hodenpyl, Hardy & Co., Earle A. Miller & Co., Rauscher & Mackay, Carruthers, Pell & Co., Gilbert J. Postley. Boston — L. Sherman Adams, Coffin & Burr, Moors & Cabot. Philadelphia — Bauer, Starr & Co. Milwaukee — Ames, Emmerich & Co., F, A. Bartlett & Co. Price Range. Jan. 1, '17, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 91 '17 931/^ '17 83 Jan. 85% Jan. Low. 70 '20 71% '20 70 Aug. 71% July IDAHO FOWSR CO. 1st lien and Gen. Series **A" 8s and **B" 7s. Due Series "A" July 1, 1930, and Series "B" Jan. 1, 1947. Dated — Series A July 1, 1920, Series B Jan. 1, 1921. Interest payable Jan. 1 Tax not assumed by company. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Unlimited. Outstanding (Jan. 1, '21) — A 8s $2,000,000 B 7s 1,000,000 $3,000,000 Provisions of Issue — The mortgage securing t>iese bonds provides that additional bonds may be issued thereunder upon the pledge with the Trustee of an equal principal amount of the company's First Mtge. 5% bonds, pro- vided, however, that the net earnings of the company for the preceding 1 2 months shall have been equal to at least one and three- quarter times the annual interest charges on all First Mtge. bonds In the bands of the pub- lic and all First Lien & Gen. Mtge. bonds out- standing, including those proposed to be is- sued. The mortgage also provides that First Lien & Gen. Mtge, bonds may be Issued thereunder in different series, the "Ss due 1930" being the present series, provided- however, that no aerlea may be Issued maturlng^ earlier than any then exltslns series. Additional First Mtge. bonds may be Issued only under the conservative restrictions outlined in the inden- ture securing them. Denomination — Coupon, $1,000: resisterable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable on any Interest date on and after July 1, 1923, in blocks of not less than $600,000 at a premium of % of 1% for each year or unexpired portion thereof to maturity. Organization — See Ist 5s of 1947. Secured by a general mortgage on all the property of the company; additionally secured by pledge of an equal amount of company's Ist 6s, due 1947. See also "Provisions of Issue." Prior Iiiens — $6,000,000 1st 6s, due Jan. 1, 1947, Earnings — See 1st Bs of 1947. Origrinal Market — $2, 000, (TOO A 8s offered in June, 1920, by Harris, Forbes & Co., New- York; Harris, Porbes & Co., Inc., Boston; and Harris Trust & Saving-s Bank, Chicago, at, 100 and interest; $1,000,000 B 7s offered Feb. 1921 by the same firms at 94.30 and ■ interest. Market New York — Earle A. Miller & Co., Berdell Bros., Pynction & Co. Boston — L. Sherman Adams, Coffin & Burr, Moors & Cabot. Pi-ice Kange 1920. Bid. Ask. High 98 June 100 June Low 96 Dec. 98 Aug. ILLINOIS CENTRAL KAILKOAD CO. Incorporated in Illinois in 1851. The com- pany owns 2,270 miles of road from Chicago to Cairo and from Centralia to Bast Dnbjque, all in Illinois, which lines, opened in 1856, constituted the" original Illinois Central R. R. ; from Chicago via Freeport to Madison and Dc'dgevillR, Wis.; Pekin, III., to BvansviUe, Ind.; Oilman to Bast St. Louis, 111.; Effing- ham, III., to Indianapolis, Ind.; and numer- ous other branches, including the entire sys- tem north of the Ohio River and east of the Mississippi River. The company also owns all or practically the entire issues of stock of numerous conrpanif^s owning 2,2S0 mile.s of road, some of which is leased to the Illinois Central R. R. Co. These lines extend from Bast Dubuque, 111., to Council Bluffs, Iowa; Sioux City and Cedar Rapids, la. ; yioux Falls, S, D., and Albert Lea, Minn., at which latter point connection is made for Minneapo- lis and St. Paul; from E. Cairo, Ky.. to New Orleans, La. ; Louisville to Fulton, Ky. ; Ev- ansvillR, Ind., to Hopkinsville, Ky. ; Fulton, Ky. : via Jackson, Tenn. , to C renada. Miss. ; Jackson, Tenn., to Birmingham, Ala. , and numerous branches. The company has track- age rights over 200 miles of road, in all a total of 4,770 miles of road operated. The Mississippi Valley Company, which is controlled by the Illinois Central R. R. Co. . owns a majority of the stock of the Yazoo & Mississippi Valley R. R. Co.. which com- pany owns 1,280 miles of road from Mem- phis, Tenn,, parallel to the Mississippi River to New Orleans, La. , and branches entering all of the important cities of Mississippi. The Illinois Central R, R. Co. owns 99% of the stock of the Central of Georgia Ry. Co., op- erating 1,925 miles of road, of which 1,475 are owned, 477 are leased, and the balance la trackage, extending from Savannah via Macon to Atlanta, Ga. ; Chattanooga, Tenn. ; Birmingham, and Montgomery, Ala. . and nu- mflrous other important cities in Georgia and Alabama. The Union Pacific Co. owns $22,- 371,600 and its subsidiary, the Railroad Se- curities Co., $9,200,000 of the capital stock. Capitalization. ^"*^'^^i??^]?f; common ^^"^?1^5S? Funded debt 224.925,585 Yeartj ended Dec. 31: Gross. Net. Int. & Rent. *1920 $22,829,773 $25,741,967 $12,170,845 •1919.... 16,282,373 24,183,511 12,014,592 *1918 . 16,282.373 22.035,193 11,078,491 tl918.. . 107,320 261 15,444,733 1,701,352 1917 87,144.786 26,522,931 11,331.605 •Corporate account. TFederal account — not including standard return. Market New York — Simon Borg & Co. Fhiladelpliia — Arthur J. Bender, BiAdle & Henry, Brown & Co., Blkins, Morris & Co. St. Louis — Francis Bros. & Co. Louisville, Ky. — Fidelity & Columbia Trust Co. ILLINOIS (CENTRAL RAILROAD CO. Ist Mortgage Bonds. Tax Status — 2% Federal Income , Tax paid by company without deduction, only for 3%a due Die. 1, 1950. and 3%s duo April 1, 1951, Outfit andins: — $ 12,:) 99, 000 (closed mortgage) as follows: Dated. Due. Outsdg. Rate Pay. •Apr. 1. 1875 Apr. 1. 1951 $2.500t 4% A&O •Feb. 16, 187'J Dec. 1. 1950 l,000t 3%% J&D Jan. 1, 1886 Jan. 1. 1951 1.500t 4% J&J Jan. 1, 1886 Jan. 1, 1951 2.499t 3%% J&J ♦Aug.31. 1895 Mar. 1. 1951 2.500t 3% M&S Mar.30, 1903 Apr. 1, 1951 3,000t 2%% A&O •Sterling bonds, t Three ciphers omitted. Interest on "dollar" bonds payable at com- pany's office, New York, on "sterling" bonds in London. DcHominaticn — Coupon, $1,000 and £200. Bonds of all issues except those of 1875 and 1876 are registerable as to principal only, or fully registerable. Triistee — tJniteC States Trust Co. . New Yoik. Secured by a first mortgage on 705.50 miles of roa-l from Chicago to Cairo, 111., and from E. Dubutjue to Centralia, 111., of which 363 miles are double tracked. The line from Chi- cago to Cairo constitutes a part of the main line frcm Ghicagf, to New Orleans Underlies— Coll. Tr. 3^% of 1950 and Ref. 4s of 1955. Bonds are reserved under the latter mortgage to retire these issues. Legal for Savings Banks in Cal.. Conn., Me., Mfss., Mich., Minn.. Mo., N. H., N. J,. N. T.. R. I., vt. and Wis. Listed— Issues of 1886 1895 and 1903 on New York Stock Exchange. Issues of t875, 1886 W-^%s cnly) and 1896 on London StocK Exchange. Market. New YOT'k— Simon Borg & Co., Harts- horne & Battelle, Hodenpyl, Hardy & Co.. R. W. Pressprich & Co.. Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Vilas & Hickey, Joseph Walker & Sons. Pluladelpliia — Biddle & Henry. Price Range — X. Y. S. E. Jan. 1, '06, to Jan. 1, *21 iQi^i Tx- , .. 1st 4a 1951. Hi&h 10914 Sep. 4 '06 SSVs Apr 10 Low. 79% Apr. 22 '20 79^ Apr! 22 TT- .. H. 1st 3i^s 1951. High 1011^ May 4 '06 72 Mar. 5 Low. 69 Dec. 5 '19 G3% Aug, 18 „. , „^ Sterling 3s 1951. High 80 July 15 -09 No sales Low. 80 July 15 '09 Ext. 1st 3^s 1951. High 10014 Jan. 19 '06 73 Dee 21 73 Va Nov. 10 '19 62% June 29 Low. ILLINOIS CENTKAl RAILBOAD CO. Sterl- ing Tr. 3Vzs. Due July 1. 1960. Tlatpil July 1. lfS6. Interest payable Jan. and July 1, at office of Baring Bros., Lon- don, or co?npa.ny's office. New York. Tax Statns — Payment of Federal Income Tax not assumed by company. Anthnrized Closed morteaee Oatstandins $5,266,000 Denamiliation — Coupon £200. Begisterable as to principal. Trnstee — United States Trust Co., New Torli. Sccnred by a second direct mortgage on 1»269.74 miles of road, viz: (Covered by the Illinois Cent. Ist-Mtse.) Chicago via Mattoon to Cairo, 111 364.73 Central Jet. to Bast Dubuque, III 340.77 (Covered by tiie Chicago, St. L. & N. O. Cons. 3%3 and Bs.) East Cairo, Ky., to New Orleans, La. 646.08 Aberdeen Jet. to Ko3c:usko, Mias 18.16 Also secured by pledge of $5,266,000 C, St. L. & N. O. Cons. 6s of 1951. I'rlor I,iens — Subject to $25,728,000 prior liens as follows: Chicago, St. Louis & New Orleans Cons. 3%s and 6s, 1961 (the re- mainder of this issue is pledged hereunder) $12,728,000 Illinois Central 1st 43, S%s and 3s, 1960 and 1951 13,000,000 The prior liens are closed mortgages. Underlies — Ref. 4s of 1956 (aa to 706.50 miles) and 111. Cent.-C. N. & St. L. Joint 1st & Ref. 5s, 1963 (as to 664.24 milea). Bonds are reserved under these mortgages to retire this is.sue. Legral for Savings Bankain Cal., Conn., Me., Mass., Mich., N. H., N. S., Ohio Ore. and Vt. Iilsted or. the London Stock Exchange. Market. New York — Simon Borg & Co., Dunham & Co., R. W. Pressprich & Co., Prince & Whitcly, Redmond & Co., Remick, Hodges & Co., Vilaa & Hickey. Philadelphia — Biddle & Henry. Price Range. Jan. 1, '17, to Jan. 1, 'SI 1930 Bid. Aak. Bid. Ask. High 84 '17 90 '18 67 July 71 July Low. 52 '20 56 '20 62 Aug. 56 July Chicago to Preeport, 111 112.1« Freeport, 111., to Madison, Wia 61. 7T Red Oak, 111., to Dodgeville, "Wia 67.36 These lines include the main line extend- ing westw.ard from Chicago, and numerous important branches. The interest on the bonds dor-osited hereunder, which amounts to $817,- 500, ia figured in the income of the Illinois Central R. B. Co. Underlies — Purchased Lines 3%s of 1952 and Ref. 4s of 1966. Bonds are reserved under the latter mortgage to retire some of the issues deposited hereunder. Legral for Savings Banks in Me., Mass., Mich., N. H., and B. I. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Dunham & Co., Samuel Goldschmidt Granger & Co., R. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Remick, Hodges & Co., Struthers & Hiscoe, Seasongood, Haas & Macdonald, Taylor, Smith & Hard, Vilaa & Hickey, Edwin WolfE, "Wolft & Stanley Pynchon. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1980 High 107% Feb. 26 '06 74ys Oct. 18 Low. 62 May 20 '20 62 May 20 ILLINOIS CENTRAL KAIXROAD CO. Coll. Tr. 46. Due April 1, 1952. Dated March 31. 1888. Intereat payable April and Oct. 1, at company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Ontstandlng. ..$15,000,000 Denomination — Coupon, $1,000 and $600. Regifjterable as to principal only, or fully reglsterable. Trustee — United States Trust Co., Nr-v? York. Secured by a first lien through the deposit of seven entire first mortgage 5% bonds Is- sued of a par value of $16,350,000 on 86S.5C miles of road as follows: Miles. Aberdeen to Kosciusko. Mias 87.90 Parsons to Jackson, Miss 115. 4J Tchula Jet. to Durant. Miss 24.96 Champaign to Havana, 111 99.67 White Heath to Decatur, 111 30.84 Leroy, 111., to West Lebanon, Ind.,.. 74.69 Cedar Rapids to Manchester, la 41.83 Onawa, la., to Sioux Falls, S. D 166.99 599 ILLINOIS CENTRAL RAILROAD CO. Cairo Bridge 4s. Due Dee. 1, 1950. Dated June 1, 1R92. Interest payable June and Dec. 1, at company's offlCiS, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $3,000,000 Dunomiiiation — Coupon, $1,000. Register- able as to principal only, or fully register- able. Trustee — United States Trust Co., New York, Seup Aug, 1^ 1951. Dated Feb. 1, 1895, Interest payable Feb. and Aug. 1, at company's office, New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstanding 6,425,000 In Treasury 25,000 Pledged as Part Security for 5^s of 1934 4,650,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully register- able. Trustee — United States Trust Co., New Tork. Sinking Fund — The Trustee held aa a sink- ing fund for this issue Dec. 31, 1919, $1,- 907,829. Secured by a first mortgage on 217.91 miles of road from Dubuque to Iowa Falls, la., and Cedar Falla, la., to Minnesota State Line at Lyle. This road forma part of the line af- fording the Illinois Central R. R. Co. its entrances Into Omaha, Minneapolis and Sioux Falls. ^ , ^ Legal for savinga banks In Cal., Conn., Me., Maas., Mich., Minn., Mo., N. H., N. J., R. I. and Wia. Listed on the New Tork Stock Exchange. Market. New Yorli — Simon Borg & Co., Ambrose R. Clark & Co., Constable & Fleming. Granger & Co., Charles W. Place, R. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Remick, Hodges & Co., Roose- velt & Son, Struthers & Hiscoe, Vilas & Hickev Price Rangre — N. t. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. High lOY-'M, Jan. 26, '06 73% Feb. 75 Feb. Low. 75 Oct. 28, '18 65% July 68% Apr. ILLINOIS CENTRAL RAILROAD CO. St. Loaia Division & Terminal 1st 3s & 3^8. Due Jtdy 1, 1951. Dated July 1, 1897. Interest payable Jan. and July 1, at company's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Antiiorized — 38 $5,000,000 3%s 10,000.000 J16, 000,000 Outstanding — 3s $4,998,000 3%a 8,377,000 13,375,000 Reserved for Prior Liens I,t47,000 Exchanged for lU, Cent. Bef. 4s and Cancelled 78,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal, or fully regis- terable. Trustee — United States Trust Co., New Tork. Secured by a direct mortgage on 22S.77 miles of road, viz. : A first lien on 173.39 miles — Miles East St. Louis to Eldorado, 111 120.00 Marion to Brookport, 111 63.29 A second Hen on 27.65 miles — (Covered by the Carbondale & Shaw- neetown R. R, 4s) Carbondale to Marion, IllI 10.72 (Covered by the Belleville & Carondelet R.R. 6s) Belleville to Carondelet, 111 16. 8» A third Uen on 22.93 miles — (Covered by the St. Louis Southern R. R. 1st 4s and Income 5s) Pickneyville to Murphysboro, 111 32.93 Prior Liens — Subject to $1,266,000 prior liens as follows: Belleville & Carondelet 6s, 1923 $470,000 St. Louis Southern R. R. 1st 4s, 1931 638,000 St. Louis Southern Income 5s, 1931.. 6,000 Carbondale & Shawneetown 43, 1932.. 241.000 All closed mortgages. Underlies — Ref. 4s of 1965. Bonds are re- served under that mortgage to retire this Issue. Legal for savings banks in Cal., Conn.. Mass., Me., Mich., Minn., N. H., N. J., N. T., R. I., Vt. and Wis Listed on the New Tork Stock Exchange. Market. NevF York — S. Bache & Co., Simon Borg & Co., Ambrose R. Clark & Co., Dunham & Co., Joseph Bird Ford, Arthur B. Franke & Co., Samuel Goldschmidt, Charles W. Place, R. "W. Pressprich & Co., Prince & 'Whitely, Redmond & Co., Remick, Hodges & Co., Roosevelt & Son, Struthers & Hiscoe, Taylor, Smith & Hard, Vanderhoet & Robinson, Vilas & Hickey, Joseph Walker & Sons, Edwin Wolff. Fhiladelplila — Biddle & Henry. Price Banffe— N. Y. S. E. Jan. 1, '06, to Jan. 1, *21 1920 3s High 821^ Feb. 7. '06 58% Sept. 24 Low. 53 Jan. 22, '20 53 Jan. 22 S%S High 93% June 23, '06 ' 69 Dec. 30 Low. 61% Feb. 28, '20 61% Feb. 28 ILLINOIS CENTRAL RAILROAD CO. Lonis- viUe Division and Terminai 1st 3%s. Due Jnly 1, 1953. Dated Sept. 15. 1897. Interest payable Jan. and July 1, at company's office, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized $26,000,000 Ontstandine 23,888.000 Denomination — Coupon, $500 and $1,000. Registerable as to principal, or fully reeis- terable. Trustee — United States Trust Co., New York. Secured ■ under joint mortgaire executed by C. St. L. & N. O. R. R. and the III. Cent. R. R. by a first mortgage on 580.64 miles of which 120 miles are double tracked, viz.: Miles Memphis, Tenn., to Cecelia, Ky 343.42 In Louisville, Ky. (Preston St. to 14th St. and Main St. to Ohio River) 1.85 Cecelia to HodgenvUle, Ky 17.08 Horse Branch to Oweneboro, Ky 41.70 Evansville, Ind., to Princeton, Ky. . . . 88.57 Blackford to Dixon, Ky 18.02 Morganfield to Uniontown, Ky 6.50 East Cairo to Paducah, Ky 33.73 Gracey to Hopkinaville, Ky 10.00 Dyersburg to Tygertail, Tenn 15.22 Stevens Jet. to Menglewood, Tenn.... 3.75 Paducah incline 80 Also secured on the leasehold interest, viz. : — Princeton to Gracey, Ky 20.71 The line from Cecelia to Louisville, Ky., (46 miles), is subject to bonds of the Louis- ville & Nashville R. R. Co., maturing in 1930. This branch has been purchased by the Illinois Central R. R. Co., but the Hen of this mortgage has not as yet been extended to it. $1,112,000 bonds were reserved for this purpose. Underlies — III. Cent.-C. St. L. & N. O. Joint mtge. of 1863, under which bonds are reserved to retire this issue. Legal for savings banks in Cal., Conn,, Me., Mass., Mich., Minn., Mo., N. H., N. J., R. I. and Wis. Listed on the New Tork Stock Exchange. Market. New York — Simon Borg & Co., Dunham & Co., Joseph Bird Ford, Samuel Gold- schmidt, Charles 'W. Place, Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Roosevelt & Son, Raymond M. Smtih, Struthers & Hiscoe, Taylor. Smith & Hard, VanderhoGf & Robinson, Vilas & Hickey. Philadelphia — Biddle & Henry. Price Range — ^N. Y. S. E. Jan. 1, *0e, to Jan. 1, *21 19?0 High 93^ Nov. 17, '06 69 Jan. 7 Low. 60% Sept. 22, '20 60% Sept. 22 ILLINOIS CENTRAL RAILROAD CO. Springfield Division Isi 3%8. Due Jan. 1, 1951. Dated Jan. 1, 1898. Interest payable Jan. and July 1, at company's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000, 000 Outstanding 2,000,000 Denomination — Coupon, $1,000. Register- able as to principal, or fully registerable. Trustee — United States Trust Co., New Tork. Secured by a first mortgage, executed Jointly by the Illinois Central R. R. Co. and the Chicago & Springfield R. R. Co. on 111.30 miles of road from Gllman to Springfield, 111. Underlies — Ref. 4s of 1955. Bonds are re- served under that mortgage to retire this Issue. Legal for savings banks In Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. T.. R. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — Simon Bo'-g & Co., Ambrose R. Clark & Co., Dunham & Co.. R. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Remick, Hodges & Co., Van- derhoef & Robinson, Vilas & Hickey Price Range — ^N. Y. S. E. Jan. 1, '13, to Jan. 1, '21 1920 High 80% Nov. 20, '16 66% Dec. 72i^Mar. Low. 78 Nov. 5, '13 63 Oct. 69%May ILLINOIS CENTRAL RAILROAD CO. Litch- field Division 1st Ss. Due Jan. 1, 1061. Dated Oct. 1, 1900. Interest payable Jan. and July 1, at company's office, New Tork. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $4,000,000 Outstanding . . : 3.235,000 Denomination — Coupon, $1,000. Register- able as to principal, or fully registerable. Registered, $1,000 and multiples. Trustee — Farmers' Loan & Trust Co., New Tork. Secured by a first mortgage on 96.90 miles of road from East St. Louis to Springfield, 111., and a lien on trackage rights over the road of the Terminal Ry. Association of St. Louis. Underlies — 1st Lien Equip. 4s of 1923, all owned by the 111. Cent. R. R. Co. Legal for savings banks In Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I. and Wis. Listed on the New Tork Stock Exchange. Market. New York — Bigelow & Co., Simon Borg & Co., Ambrose R. Clark & Co., Dunham & Co., R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Roosevelt & Son, Vanderhoef & Robinson, Vilas & Hickey. Price Range— N. Y. S. E. Jan. 1, *09, to Jan. 1, '21 1930 High 79% June 2, '09 60 Nov. 1 Low. 54 Aug. 21, '20 54 Aug. 21 601 ILLINOIS CEN,TRAL RAILROAD CO. Omaha Division Ist 3s. Due Aug. 1, 1961. Dated Jiily 20, 1900. Interest payable Feb. and Aug. 1, at company's office, New Tork. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding. .. .$5,000,000 Denomination — Coupbn, $1,000. Register- able as to principal, or fully registerable. Registered, $1,000 and multiples. Trustee — United States Trust Co., New Tork. Sinldng Fund — On June 30, 1916, the Trus- tee held $210,869 as a sinking fund for this Issue. Secured by a first mortgagCi executed by the Dubuque & Sioux City R. R. Co., on 133.06 miles of road from Tara to Council Bluffs. la. These bonds are a direct obligation of the Illinois Central R. R. Co. Legal for savings banks in Conn., Cal., Me.. Mass., Mich., Mo., Minn., N. H., N. J., R. I. and Wis. liisted on the New York Stock Exchange. Original Market — $1,000,000 ofCered in Dec, 1904, by N. W. Harris & Co., New York, Boston and Chicago. Market. New York — Simon Borg & Co., Arthur E. Franke & Co., Samuel Goidsohmidt, Harts- horne & Battelle, R. W. Pressprich & Co., Prince & Whitely, Redmond & Co,, Rcmick, Hodges & Co., Vilas & Hickey. Price Range — N. Y. S. B. Jan. 1, '09, to Jan. 1, 'gl 1920 High 79 Apr. 14, '09 611^ Oct. 25 Low. 62 Apr. 9, '20 52 Apr. 9 ILLINOIS CENTRAL, R. K. CO. KANKAKEi: & SOUTHWESTERN RAILROAD Ist 6s. Due Aug. 1, 1921. Dated Aug. 1, 1881. Interest payable Feb. and Aug. 1, at office of Illinois Central R. R. Co., New York. Tax StatDS — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding , $968,000 Denomination — Registered, $1,000. Tmstees — L. V. F. Randolph and Stuy- veeant Fish. Secured by a first mortgage, executed jointly by the Kankakee & Southwestern Railroad Co. and the Illinois Central R. R. Co. on 1.30.48 miles of road; viz; Miles. Otto to Normal Jot., Ill 79.16 Buckingham to Tracey. Ill 9.51 Saxony to Minonk, 111 41.82 Underlies — Illinois Central Purchase Lines 3Hs, due 1962. and Refunding 4s, due 1966, sulRcient of which are reserved to retire this issue Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt. and Wis Market. New York — Simon Borg & Co., Dunham & Co., Remick, Hodges & Co., Vilas & Hickey. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 110V4 '09 111 '09 97 Mar. 98 Mar. Low. 90 '16 97 '18 92 Aug. 98 Mar. ILLINOIS CENTRAL RAILROAD CO. Pur- chased Lines 1st 3V^s. Due July 1, 1962. Dated June 30, 1904. Interest payable Jan. and July 1, at company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding 12,000,000 Exchanged tor III. Cent. Ref, 48 and Cancelled 2,662,000 Reserved tor Prior Liens 6,338,000 Denomination — Coupon, $1,000. Register- able as to principal, or fully registerable. Registered, $1,000 and multiples. Trustee — United States Trust Co., New York. Secured by a direct mortgage on 741.04 miles of road, viz: A first lien on 379.27 miles — Miles. Johnston City to Thebes, 111 73.01 Murphysboro to Texas Jet., Ill 1.00 McClure to East Cape Girardeau, 111. . 4.04 Wilson Jet. to Mrush Jet., Ill 2.67 Pekin, 111., to Evansville, Ind 227,60 New Harmony to Stewartsville, Ind.... 6.33 Reevesville to Goloonda, 111 17.22 Mounds to Olive Branch, 111 10.67 Mounds to Mounds City, 111 3.20 Groves to Sand Ridge, 111 17. 26 Christopher to Herrin, III I'-'J South Addison to Addison, 111 ^-ij Parkway to Forest Park, 111 ^■'■' A second lien on 361.77 miles — Covered by the Kankakee & Southwest- ern 1st 6s :,' ' ■• yi,' ' ' Covered by the Chicago, Madison & Nor. Hi gg 231. Z» Prior Lien^SuWect to $6,338,000 prior liens as follows: Kankakee & Southwestern 1st 6s, 1921 :■ »68,00« Chicago, Madison & Northern 1st ^^ ^^^ ^^^ •DeposiVedunder Coil. Tr. 43 of 1962. Underlies— Ret. 4s of 1965. Bonds are re served under that mortgage to retire this is- sue. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., N. Y., R. I.. Vt. and Wis. Listed on the New York Stock Exchange. Original Market — $4,000,000 ottered in 1904 by Speyer & Co., and Kuhn, Loeb & Co., New York. Market. New York — J. S. Bache & Co., Simon Borg & Co,, Dunham & Co., Hodenpyl, Hardy & Co., R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Vanderhoef & Robinson, Vilas & Hickey, Joseph W^alker Sc Sons. Price Range— N. Y. S. B. Jan. 1, '10, to Jan. 1, '21 1920 High 87 Mar. 23, '10 69 Nov. 26 Low. 62% July 27, '20 62% July 27 ILLINOIS CENTRAL RAILROAD CO. Ret. 4s. Due Nov. 1, 1955. Dated Nov. 1, 1908. Interest payable May and Nov. 1, at company's oiRce, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $120,000,000 Outstanding 40,740,000 Reserved for Prior Liens 69.026,000 Reserved for Ext 20,234,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully registerable. Registered, $1,000 and $10,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable as a whole at 107% and in- terest on any interest date beginning Nov. 1, 1918. Secured by a direct mortgage on 2,165.29 miles of road, viz: A first lien on 176.94 miles — Miles. Indianapolis, Ind., to Effingham, 111.. 176.94 A second Uen on 870.60 miles — (Covered by the 111. Cent.-Sprlngfleld Div. 3%s.) Gilman via Laurette to Springfield, 111. 111.30 (Covered by the 111. Cent.-St. Louis Div. & Term. 3s and 3%s.) East St. Louis to Eldorado, 111 120.00 Marion to Brookport, III 63.29 (Covered by the 111. Cent. Purchase Lines 3%s.) Johnson City to Thebes, 111 73.01 Murphysboro to Texas Jet., Ill 1.00 Wilson Jet. to Brush Jet.. Ill 2.67 McClure to B. Cape Girardeau, 111 4.04 Pekin, 111., to Evansville, Ind 227.69 Reevesville to Golconda, 111 17.22 Mounds to Mounds City, III 3.20 Mounds to Olive Branch, 111 10.67 New Harmony to Stewartsville, Ind. . . . 6.33 Groves to Sand Ridge, 111 17.26 Christopher to Herrin, 111 12.09 South Addison to Addison, 111 2.12 Parkway to Forest Park, 111 2.17 602 (Covered by the Chicago, Havana & Western lat 6s, all of which are de- poalted under the 111. Cent. Coll. 4s, 1952.) Champaign to Havana, III 99.67 White Heath to Decatur, 111 80.84 (Covered by the Rantoul B. R. 6a, all ot which are deposited under the III. Cent. Coll. 4s, 1962.) Leroy, 111., to West Lebanon, Ind 74.69 (Covered by the 111. Cent.-Calro Bridge 4s.) Illinois Approach to Bridge Across Ohio River at Cairo 1.64 A third Uen on 1,0B4.8S miles — (Covered by the first lien of the follow- ing): Illinois Central Ist 4s, 3^4s and 38, 1960 and 1961 706.60 Carbondale & Shawneetown 43 10.72 Belleville & Carondelet 6a 16.83 Chicago, Madison & Northern es 231,29 111. Cent. Kankakee S. W. 6s 130.48 A fonrth lien on 22.93 miles — Covered by the first lien of the St. Louis Southern 4s 22.93 Prior lilena — Subject to $68,734,000 prior Hens as follows: Illinois Cent. Kankakee & S. W. 6a, 1921 $968,000 Belleville & Carondelet 6s, 1923... 470,000 Chlcaeo, Havana & Western 6s, 1926 2,600,000 St. Louis, Southern 4s, 1931 638,000 St. Louis, Southern Income 6s, 1931 6,000 Carbondale & Shawneetown 4s, 1932 241,000 Illinois Cent. Sterling Tr. 3%s, 1960 6,266,000 Illinois Cent. Cairo Bridge 4a, 1960 3,000,000 Illinoia Cent. 1st 4b, 3%s and 3s, 1960 and 1961 13,000,000 Illinois Cent. Springfield Div. 3%a, 1961 2,000,000 Illinois Cent. St. Louis Div, & Term. 3s and 3^s, 1961 •13,376,000 Illinois Cent. Purchase Lines 3%s, 1962 •12,000,000 Chicago, Madison & Northern 1st 6s, 19B2 4,370,000 Rantoul R. R. 6s, 1962 1,000,000 •About $7,000,000 (total) additional bonds may be issued under these mortgages. All other mortgages are closed. liCgal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., N. H., N, J., N. T., R. I.. Vt. and Wis. Ijlsted on the New York and London Stock Exchanges. Orletnal Market — $20,000,000 offered in 1908 by Kuhn, Loeb & Co., New York, and $10,000,000 offered In 1911 at 96K and In- terest. Market, New York — Bigelow & Co., Simon Borg & Co., Colgate, Parker & Co., Dunham & Co., Arthur E. Franke & Co., Samuel Gold- schmidt, Granger & Co., Hodenpyl, Hardy & Co., National City Co., Newborg & Co., B. W. Pressprich & Co,, Prince & Whitely, Remick, Hodges & Co., Struthera & Hiscoe, Seasongood, Haas & Macdonald, Vilas & Hickey. Price Range — ^N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 1920 High 100% May 10, '09 78% Oct. 4 Low. '65 May 21, '20 65 May 21 ILLINOIS CENTBAIi RAILROAD CO. AND CHICAGO, ST. LOUIS & NEW OBIXIANS RAILROAD CO. Joint 1st Ret. 6s, Series "A" and "B." Due December 1, 1963. Dated December 1, 1913. Interest payable June 1 and December 1. Interest on Dollar Bonds payable at company's office, New York, and on Sterling Bonds at Baring Bros. & Co., London. Ta.v Status — ^Payment of Federal Income Tax not assumed by company. Authorized $120,000,000 Outstanding — Series "A" 29.215,600 Series "B" £156,900 Pledged under SVas of 1934... 17,350,000 Reserved for Prior Liens 50,132,000 Reserved for Ext 22,518,000 Denomination — Series "A/' Coupon $500 and $1,000. Registerable as to principal or fully registered. Registered bonds exchangeable for coupon bonds. Series "B" — Coupon £100 and £200. Note. — ^Sterling bonds are exchangeable for Dollar Bonds at the fixed rate of $4.85 per £. Trustefr^The Farmers' Loan & Trust Co., New York. v Redeemable — Bach series redeemable as a whole on any interest date a,fter December 1, 1918, at 110 and interest. Secured by a mortgage executed jointly and severally by the Illinois Central R. R. Co., Chicago, St. Louis & New Orleans R. R. Co. and the Canton. Aberdeen & Nashville B. R. Co. and secured by a direct lien on 1,462.59 miles of road, viz, : A first lien on 129.69 miles — Miles. Wheatoroft to Providence, Ky 9.37 Profmoor to Perry, Tenn 3.06 Lakeview, Miss,, to West Jet 5,76 West Jot. to Aulon, Tenn 8.76 Leewood to Woodstock, Tenn 7.36 Ruslor, Miss,, to Haleyville, Ala 80.16 Bast Thomas Jet. to North Birmingham, Ala 3.00 Winfleld to Brilliant, Ala '. 7.84 Moftatt to Troy, Tenn 4.41 A second lien on 768.66 miles — (Covered by the C, St. L. & N. O.- Cairo Bridge 5s, all of which are de- posited under the 111. Cent.-Calro Bridge 5s) Bridge across Ohio River at Cairo and Kentucky approach 2. 27 (Covered by the 111. Cent. -Louisville Div. & Term. 3%s) Memphis, Tenn., to Cecelia, Ky 343.42 In Louisville, Ky. (Preston St. to 14th St, & Main St. to Ohio River) 1.86 Cjcelia to Hodgenville, Ky 17.08 Horse Branch to Owensboro, Ky 41.70 Bvansville, Ind., to Princeton, Ky 88.67 Blackford to Dixon, Ky 18.02 Morganfield to Uniontown, Ky 6.50 Bast Cairo to Paduoah, Ky 33.73 Gracey to Hopkinsville, Ky 10.00 Dyersburg to Tygertail, Tenn 15.70 Stevens Jet .to Mengelwood, Tenn 3,76 (Covered by the C, St. L. & N. O. Memphis Div, 4s) Memphis, Tenn., to Jet., near Grenada, Miss 98,18 (Covered by the Canton, Aberdeen & Nashville 5s, all of which are de- posited under the 111. Cent. Collateral 4s. 1952) Kosciusko to Aberdeen, Miss 87.89 A third lien on 564.24 miles — (Covered by the first lien of the C, St. L, & N, O. Cons. 3%s and 6s) East Cairo. Ky,, to New Orleans, La... 546. 08 Aberdeen Jet. to Kosciusko, Miss 18,16 603 Also a second lien on 20.71 miles of leasehold Interest, viz, ; (Covered by the 111. Cent. -Louisville Div. & Term. 3%s) Princeton to Gracey, Ky 20.71 Also secured on 140.13 miles of track- asre rights and on valuable terminals In several cities. Prior Liens — Subject to $50,132,000 prior liena as follows: C, St. L. & N. O. Cairo Bridge Ss fall of which are deposited under the 111. Cent. -Cairo Bridge 5s, 1950) $3,000,000 C, St. L. & N. O. Memphis Div. 4s, 1961 3,500,000 C, St. L. & N. O. Cons. 63 and 3%s, 1951 »17,994,000 Canton, Aberdeen & Nashville Bs, 1952 (all of which are deposited under the 111. Cent. Coll. 43, 1952) 1,760,000 111. Qent. Louisville Div. & Term. 3%s. 1963 23,888,000 III. Cent. Sterling Trus. & 3%s, 1950 5,266,000 •$6,266,000 pledged under 111. Cent. Sterling Tr. 5s. The above prior Hen mortgages are all closed. ll«gal for savings banks in Cal., Me., Mich., Minn., N. H., N. J. and E. I. Usted on the New York Stock Exchange and Series "B" on London Stock Exchange. Original Market — Offered by Kuhn, Loeb & Co.. New York, In 1914, at par and Interest. Market, ■ New York — Simon Bors & Co., Percy H. Bradshaw, Dunham & Co., Samuel Gold- schmidt, Hodenpyl, Hardy & Co., R. W. Pressprioh & Co., Prince & Whitely, Red- mond & Co., Remick, Hodges & Co., Roose- velt & Son, Rutter & Co., Struthers & Hiscoe , Seasongood, H^as & Macdonald, Taylor, Smith & Hardy, Vanderhoet & Rob- inson, Vilas & Hickey. Price Range— N. Y. S. E. Jan. 1, '14, to Jan. 1. '31 1920 High 103% Nov. IS, '15 84% Nov. 6 Low. 70% June 10, '20 70% June 10 ILLINOIS CENTRAL RAILROAD CO. 15- Year Secured 5V49. Duo Jan. 1, 1934. Dated January 1, 1919. Interest payable January 1 and July 1, at Company's office, New York. Tax Status — 2% Federal Income Tax naid by company without deduction. Authorized $16,000,000 Outstanding 16,000.000 Purpose of Issue — To discharge obligations incurred on account of expenditures for addi- tions and betterments to its railroads, termi- nals, equipment and other facilities. DenominatiOin — Coupon, $1,000. Reglsterable as to principal and exchangeable for fully registered bonds which latter will be re-ex- changeable for coupon bonds. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at 101 and Interest on any In- terest date on or after January 1, 1924, upon 60 days' notice. Secured by pledges of the following bonds: Illinois Central R. R. and Chicago. St. Louis & New Orleans R. R. Co. Joint 1st Ref. 6s, Series A due 1963 $17,360,000 Illinois Central R. R. Co. West- ern Lines 1st 4s due Aug. I, 1961 4.550,000 Total face value $21,900,000 Legal for Savings Banks in Me., Mich., N. H. and R. I. Listed on the New York Stock Exchange. Original Market — $16,000,000 offered Fr-bru- ary, 1919, by Kuhn, Loeb & Co., New York, at 97% and interest. Market. New York — Simon Borg & Co., Dunham & Co., Samuel Goldschmidt, Remick, Hodges & Co., Vanderhoef & Robinson, "Vilas & Hickey. Philadelphia — Charles Fearon & Co. Louisville, Ky. — Fidelity & Columbia Trust Go. Prioe Bangle — N. ¥. S. B. Jan. 1, '19, to Jan, 1, '21 1930 High 97% June 2G, '19 93% Jan. 3 Low. 83 Apr. 30, '20 83 Apr 30 ILLINOIS CENTRAL RAILROAD CO. Eauip. 4%s, Series "A." Due $400,000 each Feb. and Aug. 1st to Feb. 1, 1933. in- clusive. Dated February 1.^ 1913. Interest payable Feb. and Aug. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $8,000,000 Outstanding- (May 1, '21) 1,600,000 Balance Redeemed. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Commercial Trust Co., Philadel- phia, Pa. Redeemable at 102% and interest on any interest date on 90 days' notice. Secured by an equipment trust agreement on 135 locomotives, 53 passenger cars, 52 bag- gage and mail cars, 5,000 gondola cars, 500 flat cars and 30 cabooses, costing $9,413,080 of which $1,413,080 was paid in cash. Leg:al for Savings Banks in N. H., Ohio and R. I. Original Market — Offered in 1913, by Kuhn, Loeb & Co., New York. Market. New York — Bigelow & Co.. Simon Borg & Co., Evans, Stillman & Co., Freeman Co., J. H. Holmes & Co.. Remick, Hodges & Co., Vilas & Hickey. Philadelphia — Biddle & Henry, Graham, Parsons & Co. ILLINOIS CENTRAL RAILROAD Equip. 58, Series "B". Due 8175,000 each February 1 and August 1 to August 1, 1933. Dated August 1, 1913. Interest payable February 1 and August 1, at company's office. New York, or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,500,000 OutstancUnji: (May 1, '21) 875,000 Balance Redeemed. Denomination — Coupon and registered. $1,- 000. Coupon bonds reglsterable as to princi- pal only. Trustee — Union Trust Co., Pittsburgh, Pa. Secured by an equipment trust agreement on 30 passenger, baggage, mail and dining cars. 600 fruit cars. 1,000 gondola oars. 600 stock cars, 800 furniture cars and 500 re- frlBterator cars, costing $4,375,000, of which $850,000 was Paid In cash. Legal for Savings Banks in N. H., Ohio and R. I. Market. See Equip. 4%s, Series "A." ILLINOIS CENTRAL RAILROAD CO. 4%% Equips., Series "C." Due $99,000 each April and October 1 to April 1, 1935. Dated April 1, 1915. Interest payable April 1 and October 1. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,980,000 Outstanding: (May 1, '21) 792,000 Balance redeemed. Denomination — Coupon, $1,000. Regieterable as to principal only. Trustee — Commercial Trust Co., Philadel- phia. Redeemable on April 1, 1920, or any inter- est date thereafter at 102% and interest. Secured by an equipment trust agreement on 50 Mikado locomotives, 25 switching- loco- motives, and 1,000 steel underframe refrig- erator cars. Legral for Savings Banks in N. H., Ohio and R. I. Market. See Equip. 4i-^s, Series "A." ILLINOIS CENTRAL RAILROAD CO. Eaulp, Tr. 4^s, Series "D.'* Due $95,000 semi- amiually July 1 and Jan. 1, from July 1, 1916 t» Jan. 1, 1926, inclusive. Dated Jan. 1, 1916. Interest payable Jan. 1 and July, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,900,000 Outstanding (May 1, '21) 950,000 Balance Retired. Denomination — Coupon; $1,000. Registerable as to principal. Trustee — .Commercial Trust Co., Philadel- phia. Secured by an equipment trust agreement on 60 locomotives and 1,000 refrigerator care, costing $2,409,000, of which 20% was paid in casb by the company. Legal for Savings Banks in N. H., Ohio and R. I. Original Market — Offered Feb. 1, 1916; by Graham & Co., Philadelphia. Market. See Equip, 4%s, Series "A." ILLINOIS CENTRAL RAILROAD CO. Equip. Tr. 5s, Series "E." Due $375,000 each May 1 and Nov. 1 to Nov. 1, 1937. Dated Nov. 1, 1917. Interest payable May 1 and Nov. 1 in New York and Philadelphia. Tax * Status — ^Payment of Federal Income Tax not assumed by company. Authorized $5,500,000 Oatstanding: (May 15, '21) 3,575,000 Balance Retired. Denomination — :Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable as a wholp at 102^ and inter- est on Nov. 1, 1922, or any interest date thereafter upon 90 days' notice. Guaranteed principal and interest by the Illinois Central R. R. Co. by endorsement. Secured by an equipment agreement on 20 switching locomotives, 500 auto -furniture steel underframe cars, BOO steel underframe refrig- erator cars, 1,000 steel underframe gondola cars, 10 chair cars, 50 passenger coaches, 8 composite coaches, 8 passenger and baggage cars, 10 postal storage cars, 5 baggage and mail cars, and 25 baggage cars, all standard equipment, costing approximately $7,500,000, of which the company paid $2,000,000 in cash. Legral for Savings Banks in N. H., Ohio and R. I. Original Market — A block offered May, 1918. by The National City Co. , New York, at prices to yield 5%%. Market. See Equip, i'^/^s, Series "A." ILLINOIS CENTRAL TRACTION CO. 1st 5s. Due Dec. 1, 1933. Dated December 1, 1903. Interest payable June and Dec. 1, at Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstandins: (Jan. 1, '21) 1,217,000 Held in S. F 252,000 Reserved for Ext 531,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 107% and interest on any Interest date on 60 days' notice. Sinking Fund — ^A sinking fund of 10% of net earnine;3 with a minimum of 1% of bonds outstanding became operative Dec. 1, 1908. Fund is applicable for the purchase or re- demption of these bonds at not over 107% and interest. Bonds acquired are held alive and interest added to fund. Guaranteed principal and interest, uncondi- tionally, by the Illinois Traction Co. Organization and Control — Incorporated in Illinois in 1903. All of the stock is owned by the Illinois Traction Co. Capitalization. Outstanding, Common $1,100,000 Preferred (6% cum.) 245,000 Funded debt 2,469,000 Secured by a first mortgage on 40 miles of Interurhan road between Decatur and Spring- tield, 111. Population served, 100,000. Road is built on private right-of-way. Th^s road connects the lines of the Illinois Traction Company's system east of Decatur with those into St. Louis. Current is sold to local com- panies supplying three towns with a popula- tion of 4,000. Underlies — $1,000,000 Gen. 5s and 6s. Years ended Dec. 31: Gross. Net. Interest. 1920 $540,923 $84,953 $111,153 1919 442,525 58.685 120,476 1918 357,801 26.476 132,552 1917 368,665 86,541 126,528 1916 369,730 136,500 124,353 Original Market — Offered in 1906 by Julius Christiansen & Co., Philadelphia. Market. New York — Dunham & Co., Hartshorne & Battelle, Fred H. Hatch & Co. Philadelphia — Huntoon & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, *08, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 96 '13 100 '08 68 Dec. 79 Aug. Low. 60 '20 65 '20 60 N.v. 65 Nov. ILLINOIS GAS CO. Ist 6s. Due $10,000 each July 1, 1919 and 1930; $13,000 1931; .S13,000 1933; $15,000 1933 and 1934; $30,000 1935 to 1938, incl.; $33,000 1939; $33,000 1930 and $35,000 1931 to 1936, incl. Dated Oct. 1, 1916. Interest payable Jan. 1 and July 1, at Guaranty Trust Co., New York, or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $350,000 Outstanding: (Jan. 1, '21) 330,000 Matured and Paid 20,000 Denominations — Coupon, $1,000, $500 and $100. Registerable as to principal and in- Trustee — Guardian Trust & Savings :^ank, Toledo. Redeemable at 105 and interest on any In- terest date on sixty days' notice in inverse numerical order. Sinking Fund — The company la required to deposit, on or before the 10th of each month with the trustee, out of current receipts, prior to, the payment of any other items, an amount equivalent to 1-12 each of interest and an- nual installment requirements. OrgaJiization — Incorporated in Illinois in 1916 as a consolidation. Capitalization. Outstanding. Common 1300,000 Funded debt 330,000 Secured by first mortgage on all property of company now owned or hereafter acquired. The company supplies artificial gas to Law- renceville, Brdigeport, Summer 9,nd Olney, 111., all of which are joined in one system by six and eight-inch mains which extend from Ol- ney, 111., to Vincennes, Ind. The company purchases artificial gas from the Central States Gas Co, of Vincennes under contract extending beyond the maturity of these bonds. Population in territory served about 25,000. Franchises extend from five to fifteen years beyond the last maturity of these bonds. S^mings — Company does not report earn- ings. Original Market — $350,000 offered Decem- ber, 1916, by Sidney Spitzer & Co., Toledo, etc., on a 6% basis for average maturities. LEXINOIS NORTHERN UTILITIES CO. 1st & Ret. 68. Due AprU 1, 1957. Dated April 1, 1912. Interest payable April and Oct, 1, at Chicago, 111. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Unlimited. Outstandings (Jan. 1, '21) $5,047,000 Kesei-ved for Prior Liens 952,800 Defnominatioiii — Coupon, $1,000. Kegisterable as to principal. Trustee — Illinois Trust & Savings Bank, Chicago. Bedeiemable at 105 and interest on any in- terest date upon 60 days' notice. Depreciation Fund — Annually, beginning Dec. 31, 1917, 2% of outstanding bonds. This amount to be in addition to expenditures properly chargeable to repairs and renewals, but no expenditures credited to this account shall be used as a basis for the issue of ad- ditional bonds. Organization and Control — -Incorporated in Illinois in 1912 and is a subsidiary of the Middle "West Utilities Company. Successor company of the same name incorporated in Illinois July 31, 1916, and absorbed the Tri- County Light & Power Co. and Freejport Ry. & Light Co. Capitalization. Outstanding. Common $4,635,000 Funded debt 5,993,800 2d Pref. (6% cum.) 250,000 Secured by a first mortgage on gas plants located in Belvidere, Dixon, Morrison and Mendota, Illinois; a second mortgage on gas plants located in De Kalb and Sterling, III., and a first mortgage on electric plants, sup- plying sixty-six cities and towns, including those above-mentioned. Also a mortgage on the properties of companies consolidated July 31, 1916 (see above). These plants supply gas to communities located in northwestern Illinois. Population served by gas, 46,000; by electricity. 107,400. Further secured by the deposit of entire capital stock and first mort- gage bonds, $300,000 and $432,000 respectively, of the Sterling, Dixon & Eastern Bl. Ry. Co., ownmg 5.66 miles of street railway In Ster- ling and Dixon, 111., and Interurban line 12.85 miles long between those cities. Some fran- chises are perpetual, and others without time limit. No franchises expire prior to 1921, and none In larger towns prior to 1930 except franchises In Freeport which expire March 1, 1923. Prior Liens— $249,500 Sterling Gas & Elec- tric 1st 6s of 1927; $199,500 De Kalb County Gas 1st 5s of 1927; $3,000 Amboy Lighting: & Power 5s; $276,000 Freeport Ry., Lt. & Power Co. 1st 5s, due annually, $140,000 Freeport Ry. & Lt. 1st Cons. 5s of 1935; $40,000 Pecatonica River Power 1st 6s, and $40,000 Tri-County Lt. & Power 1st & Ref. 6s of 1952. Years ended Dec. 31: Gross. Net. Int. & Rent *1920 $1,875,895 $567,970 $375,067 *1919 1,875,895 583,773 390,870 ♦Includes earnings of Sterling, Dixon & Eastern Electric Ry. Original Market — Offered in 1912, by N. W. Halsey &' Co., and Russell, Brewster & Co., New Tork, etc., at 9b and interest. Market. New York — Merrill Lynch & Co.,' Earle A. Miller & Co., Berdell Bros. Chicago — Halsey, Stuart & Co. Price Range, Jan. 1, *13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95 '12 96 '12 65 Jan. 70 Nov. Low. 54 '20 56 '20 54 Feb. 56 July 606 ILLINOIS STEEL COMPANY Deb. 4i/^s. Due AprU 1, 1940. Dated April 1, 1910. Interest payable April and Oct. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $30,000,000 Outstanding 18,500,000 Reserved for Ext 1,558,000 Reserved to Retire 5% Notes Held by the U. S. Steel Corp., Maturing 1916-1919 4,239,000 In Treasury U. S. Steel Corp. . 5.703,000 Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000, $10,000, $50,0 00, $100,000, $1,000,000. C. & R. interchangeable. Trustee — New Tork Trust Co., New York. Redeemable at 105 and interest on any in- terest date upon two months' notice. Guaranteed principal and interest, uncondi- tionally, by the United States Steel Corpora- tion by endorsement. Control — All of the stock is owned by the United States Steel Corporation. Security — ^A direct obligation of the com- pany but not a mortgage. The company has no mortgage or floating debt, and covenants that it will not place any mortgage on its property without equally securing these de- bentures. The iron and steel plants of the Illinois Steel Co. are located at South Chicago and Joliet, 111., and Milwaukee, Wis., and extensive blast furnaces, coke plants, bloom- ing and rolling mills, rail mills, plate mills and other plants. The company also owns extensive cement plants, operated by another company, and all of the stock of the Chicago, Lake Shore & Eastern Ry. Co., which owns 487 miles of track connecting the various prop- erties of the Illinois Steel Co.. and equipped with 182 locomotives and 9,454 freight cars. The company also operates under lease the Gary plants of the Indiana Steel Company. Listed on the New York Stock Exchange. Earnings included in those of U. S. Steel Corp. Original Market — Offered in 1911 by J P Morgan & Co., Lee, Higgilnson & Co. and KJssel. Kinnicutt & Co.. New York, at 95% ^?S *"*^^^^* ^"*^ ^^ 1912 by the same firms at 92% and interest. Market. New York— Coffin & Co., Samuel Gold- schmidt. vJWl^J^ Pittsburg:!! — Moore, Leonard & Lynch, Stout & Co. St. Louis — Francis Bros. & Co. Cincinnati — Dudley V. Sutphin. Price Range— N, Y. S. E. Jan. 1, '16, to Jan. 1, '21 . 1920 High 94ysNov. 8, '16 84 Jan. 2 Low. 721^ May 24. '20 72% May 24 ILLINOIS VALLEY RAILWAY CO. 1st S. F. 6s. Dae Sept. 1, 1935. Dated Sept. 1, 1905. Interest payable Mar. and Sept. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Uutstanding: (Jan. 1, '21) $967,500 Held in S. P • 532,500 Cancelled 600,000 Denomination — Coupon, $500 and $1,000. Trustees — ^Portland Trust Co. and Theo. Gould, Portland, Me. Redeemable at 105 and interest on any in- terest date. SinkinB Fund — An amount equal to 1%% annually of outstanding bonds, to be applied to the purchase or redemption of these bonds at not over 106 and interest. Bonds so ac- Quired to be kept alive and interest added to sinking fund. Assumed by the Chicago, Ottawa & Peoria Ry. Co. Guaranteed principal and interest by the Western Rys. & Light Co. by endBrsement. Control — Absorbed by the Chicago, Ottawa & Peoria Ry. Co., which is controlled through ownership of all the capital stock by the Illi- nois Traction Co. Secured by a first mortgage on 61 miles of interurban electric railway between Princeton ana Seneca, 111. Population served, 61,000. Built on private right-of-way except in towns where franchise runs to 1961. Underlies — C. O. & P. Ry. 1st Cons. & Ref. 5s of 1937, under which bonds are reserved to retire this issue. Earnings — See Western Rys. & Light Co. Legal for R. I. Market. New York — Dunham & Co., Hartshorne & Battelle, Lynch & McDermott, Berdell Bros., G. R. McAllister & Co. Philadelpbia — Henry D. Boenning & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '16 100 '16 80 Jan. 90 Jan. Low. 65 '20 70 '20 66 Nov. 70 Nov. IMPERIAL BRASS MANUFACTURING CO. (THE) 1st 7s. . Due annnaUy $25,000 from April 1, 1922, to April 1, 1929, incl., and $220,000 April 1, 1930. Dated April 1, 1920. Interest payable April 1 and Oct. 1 at Central Trust Co. of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $400,000 Outstanding: ; 400,000 Purpose of Issue — To retire existing mort- gages against the company's property ag- gregating $116,000, for the purchase of ad- ditional machinery' and equipment and to provide additional working capital. Denominations — $100, $500 and $1,000. Trustee — Central Trust Go. of Illinois, Chicago. Redeemable at 103 and Interest to April 1, 1926, and 101 and Interest thereafter. Orgranization — Business established In 1905. Company manufactures brass and bronze products, suitable for hardware, plumbing, household, automobile and tractor trade. Secured by a first mortgage on the com- pany's real estate, 255 feet on Racine Ave. by 125 feet on Harrison St., Chicago, owned 607 in fee, three heavy mill construction, briclc factory buildings (floor space 156,000 square feet, erected thereon and upon machinery and plant equipment permanent manufac- turing plant. The property covered is valued as follows: Real estate $99,219 Buildings, including elevators, heating, lighting and sprinkler systems 458,024 Plant equipment 453,147 Patents 76,000 Total $1,065,390 The trust Indenture obligates the com- pany to maintain adequate insurance for the protection of the bondholders, and to -main- tain net current assets at all times equiva- lent to 75% of the par value of all bonds at the time outstanding. Original Market — $40,000 offered Aug., 1920, by Central Trust Co. of Illinois, Chi- cago, at prices ranging from 99% to 98*4 according to maturities. Marltet Cliicago — Central Trust Co. of Illinois. INDEPENDENT BREWING CO. OF PITTS- BURGH 1st 68. Duo July 1, 1955. Dated Feb. 9, 1905. Interest payable Jan. and July 1, at Colonial Trust Co., Pittsburgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $4,500,000 Outstanding 3,422,000 Retired by S. F 674,000 Owned by Company 504,000 Denomination — Coupon, $1,000. Sinking Fund — Began Deo. 1, 1911. Pay- ments are applied to the purchase of bonds at not exceeding 105 and interest. Organization — Incorporated in Pennsylvania in 1905. Capitalization. Outstanding. Common $4,500,000 Preferred (7% cum.) 4,500,000 Funded debt 3,422,000 Secured by a mortgage on 16 breweries lo- cated in the vicinity of Pittsburgh, Pa. An- nual capacity, 1,000,000 barrels of beer. Listed on the Pittsburgh Stock Exchange. Years ended Sept. 30: Gross. Net. Bond Int. 1920 $1,511,748 def.«$931,726 $270,000 1919 4,912,067 596,518 270,000 1918 6,623,316 759,211 247,500- 1917 5,212,603 653,880 270,000 1916 4,733,858 883,808 270,000- ♦Before depreciation. Market. New York — Morton Lachenbruch & Co. Pittsburgli — Lyon, Singer & Co., Moore,. Leonard & Lynch. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91% '11 96 '08 54 Feb. 55 Jan. Low. 32 '18 36 '18 38 Dec. 50 Aug. INDIAHOMA REFINING CO. 10-Year S. F. 8% Notes. Due April 1, 1931. Dated April 1, 1921. Interest payable April 1 and Oct. 1 at Bank of America, New York. Purpose of Issne — To provide funds to pur- chase crude oil and producing properties. Denominations — Coupon, $1,000, $500 and' $100. Trustee — Bank of America, New York. Redeemable on any interest date upon 30 days' notice at 101 and interest. Sluicing Fund — $100,000 semi-annually to- be applied to the purchase or redemption of these notes at not exceeding 101 and Interest. In addition to this amount the company agrees that In the event of the- sale at any time of any of its properties in an amount or amounts in excess of $100,000, that 50% of the net cash proceeds therefrom shall either be invested, in physical property within 6 months, or turned over to the trustee for the purchase and retirement of these notes. Oreranization — Incorporated in Oklahoma in 1912. The company's properties include the following-: Two refineries, one located at Okmulgee, Okla., and one at East St. Louis, 111., having- a daily capacity of about 15,000 barrels; 157 miles of pipe lines; steel storage capacity for about 1,500,000 barrels; loading racks; 924 steel tank cars; oil and gas leases in Oklahoma. Texas, Kansas and Louisiana. Capitalization Outstanding Common $5,000,000 - Funded debt 2,000,000 -Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company covenants as follows: To suspend dividend payments in the event of its quick assets at any time during the life of the notes decline to less than an amount equal to its current obligation, in- cluding these notes. Not to place any mortgage on any of Its real or- personal property during the life of these notes, except purchase money mort- gages, on any additional properties acquired. Years ended Dec. 31: Gross. *Net. 1920 $14,596,967 $3,512,005 1919 4,704,545 982,879 , 1918 5,25S;986 586,946 1917 4,479,625 849.289 *After taxes but before deducting depreci- ation. Original Market — $2,000,000; offered March, 1921, by Poe & Davies, Babcock, Rushton & Co., Stix & Co., Simons, Day & Co., G. H. Walker & Co., Rollins Kalb- fleisch & Co., at S8% and intetest. INDIANA & MICHIGAN BIJQCTRIC GO. 1st 5s. Due Aug. 1, 1957. Da^ted August 1, 1907. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,000,000 Outstanding 6,959,000 Reserved for Ext 1,041,000 Denomination! — Coupon, $1,000. Registerable as to principal. Trusteie — New York Trust Co., New York. Redleemable at 108 and interest on Aug. 1, 1922, or any interest date thereafter. Organization — Incorporated May 11. 1907, in Indiana, and took over the property of the St. Joseph and Elkhart Power Company, the Elkhart Electric Company, the South Bend Electric Company and the Berrien Springs Power and Electric Company. ControUs the following companies through stock ownership: South Bend Power Co. and the Bristol Power Co. Capitalization. Outstanding. Common $3,401,300 Preferred (7% cum.) 692,000 Funded debt 5,959,000 Secured by a first mortgage on all the prop- erties of the company. The company sup- plies electricity to municipalities, factories, street railways and other lighting companies in Coustatme, Ligonier, South Bend, Elk- hart, Mishawaka, Rolling Prairie. Osceola, St. Joseph, Benton Harbor, Ban Claire, Ber- rien Springs, Buchanan, Niles, Gallon, Three Oaks and New BufCalo In Michigan. Generates its electricity by water power of St. Joseph River at four points, developing 18,000 k. w., operates an auxiliary steam plant at South Bend, having 20,000 k. w. in steam turbines. Has about 130 miles of trans- mission lines, for the most part built on priv- ate right-of-way. Papulation served, 250,000. The company operates under indeterminate permits in accordance with the Shively-Spencer Utility Commission Act of Indiana in South Bend, Elkhart and Mishawaka. In the other towns where the company operates it has long time franchises. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $2,128,637 $704,248 $461,688 1919 1,719,589 732.548 307,553 1918 1,445,072 622,308 301,585 1917 1,317,048 687,134 292,046 *1916 1,062,255 632,781 262,896 *1916 940,030 555,715 264,020 Original Market — OfCered in 1912. by H. L. Crawford & Co., New York, at 99 and inter- est. Market. New York— Fred H. Hatch & Co.. Gilbert J. Postley, Carruthers, Pell & Co., Vandci*- hoef & Robin.son, Eerdell Bros. Providence, K. I. — Hornblower & Weeks. Milwaulcee — P. A. Bartlett & Co. Price Range, Jan. 1, '10. to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98^ '16 100 '16 78 Mar. 85 Jan. Low. 68 '20 71 '20 68 June 71 June INDIANA, BliOOMINGTON & WSSTSRN RAILWAY CO. 1st Preference 4s. Dae April 1, 1940. Dated April 15, 1879. Extended Jan. 1, 1900, interest being reduced from 7 % . In- terest payable April and Oct. 1, at Grand Central Terminal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding 959.500 Retired by S. F 40,500 Denomination — Coupon, $100, $500 aud $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Sinking Fund — $15,000 per annum as a sink- ing fund for the purchase of these bonds at not exceeding 105, or at such additional price as the company shall direct, but in the ab- sence of such instructions the Trustee shall invest said funds in first class securities. Assumed by the Peoria & Eastern Ry. Co. Guaran/teed as to interest by the C, C, C. & St. L. Ry. Co. under terms of lease. Control — Absorbed by the Peoria & Eastern Ry. Co. The Cleveland, Cincinnati, Chicago & St. Louis Ry. Co. owns 50,001 ot 99.950 shares of the capital stock of the latter com- pany and leases the property to April 1, 1940. Secured by a first mortgage on 201.37 miles ofN road from Indianapolis, Ind., to Pekin. 111. Underlies — Ohio, Ind. & Wn, 5s of 1938. P. & E. Cons. 4s of 1940. and P. & E. Income 4s of 1990. Bonds are reserved under the P & E. Cons. Mortgage to retire this Issue. Legal for savings banks In Me. Listed on the New Yprk Stock Exchange. Market. New York — Sam'l Goldschmldt. Harts* home & Battelle, Chas. "W. Place, Raymond M. Smith, Carruthers, Pell & Co. Price Rangre — N. Y. S. E. Jan. 1, '16, to Jan. 1. '31 1930 Bid. Ask. High 86 '16 91 '16 74 Nov. 24 Low. 59% '17 77 '17 74 Nov. 24 INDIANA COKF & GAS CO. 30-Year 1st S. F. 6s. Due April 1, 1946. Dated April, 1916. Interest payable April 1 and October 1, in New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding (May 10, '21) 598,000 Held in S. F , 65,000 Pledged to Secure 7% Notes.. 325,000 Retired by S. F 12,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Guaranty Trust Co. New York, and Henry W. Moore. Redeemable at 102% and interest on any Interest date on 30 days' notice. Sinking Fund — Annually, beginning: July 1, 1918, 2% of bonds issued for their purchase or redemption at not over 102% and interest. The company may deposit (at purchase price) bonds purchased in lieu of cash. Bonds so accLuired are to be kept alive and interest added to fund. Organization — Incorporated in Indiana In 1915. Owns the entire capital stock, of the Monon Coal Co. and "Vigo Mining Co. The company manufactures and sells gas, coke, tar, benzol, toluol, ammonia and allied prod- ucts. Plant located at Terre Haute, Ind. Capitalization. Outstanding. 1st Pref (7% cum.) 936,500 2nd Pref. (6% non-cum.) 19,500 2nd Pref. (6% non-cum.) 500,000 Funded debt 598,000 Secured by a first mortgage on the by- products coke plant at Terre Haute, Ind. ; on 30 years contract for sale of gas to the Giti- ZQTiB' Gas A Fuel Co. of Terre Haute from which the company expects to realize $70,0fr0 annually, and on lease (expiring in 1937) of the properties of the Monon Coal Co., operat- ing 6 mines in Indiana. Company' s coal products plants consists of sixty by-product ovens of a maximum capacity of 410,000 tons of coal per annum, together with all neces- sary equipment and by-products apparatus. Vears ended Dec. 31: Gross. Net. Interest. 1918 $4,455,154 $382,361 $79,395 1917 3,760,509 506.925 57,963 I^ter earnings not available. Original Market — Offered November, 1916. by The Fletcher American National Bank and Breed, Elliott & Harrison, Indianapolis, at 100 and interest. Market. New York — Hartshorne & Battelle. Orginal Market~$300,000 offered May, 1920, by Fletcher American National Bank* Indian- apolis, at 9S^/k and interest. IN1>IANA COKE AND GAS CO. 3-Year 7% Coll. Notes. Due April 15, 1933. Dated Apr. 15, 1920. Interest payable Apr. 15 and Oct. 15, at Fletcher American Na- tional Bank, Indianapolis. Tax Status — 2% Federal Income Tax paid by the company without deduction Authorized $300.00tf Outstanding 300,000 - Purpose of Issue — To purchase fifty railroad' cars which are to operate 'between the -coiti-^ Jiany's' Indiana mines and - its ' Tferr© Haute^ lilant; to purchase a Pocahontals niine'in W^^' Virginla, and to increase present working" c^i>i- tal. ■ "'■'''./ ^i" Denomination — Coupon, $i;0O0r 'regist^rablfr' asto principal. .s— '^i -.. Trustee — Fletcher American National ^Bank, Indianapolis. ' %'^' ^r..^ i ■■-'Otrganization — See' 1st.'' ffs.-^f' ■~' '^ -"■ "■ -' Secured by pledge of the followlngr bonds: ' -. ruYt f'?^- <":\ ^t- r';-" "Out-' ■T- -■ Pledged. Indiana Coke & Gas Co. ■' ■'" ■ 1st 6s, 1946 5325,000 *:Vlgo Mining Co-'lst 6s.'. ISSjDQO ♦Principal and interest guiftanteed by Indiana Coke and Gas Go. • ' -I^rnings — See. 1st 6s. standing, $961iOOO ■450,000 the INDIANA, COLUMBUS & EASTERN TRAC- TION CO. Gen. & Ret, 5s. Due May 1, 1926. Dated May 1, 1906. Interest payable May and Nov. 1, at Trustee's office. Default — Nov. 1, 1919 and subsequent inter- est. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $10,000,000 Outstanding 6,650,000 Deposited with Trustee 250,000 Reserved for Prior Liens 1,250,000 Reserved for Ext 1,850,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — The Pennsylvania Company for In- surances on Lives & Granting Annuities, Phil- adelphia. Redeeouable as a whole at 105 and interest on any interest date after May 1, 1911. Guaranteed as to interest under terms of lease by the Ohio Electric By. Co. , Receivership — J. H. McClure was ap- pointed receiver in March, 1921. Organization and Control — Incbrporated in Ohio in 1906, and has absorbed a number of interurban properties. All of the common stock is owned by the Ohio Electric Ry. Co.,' which leases the property at a rental equiva- lent to interest, taxes and 5% on the $1,000,- 000 preferred stock. Captalization. Outstanding. Common $3,025,000 Preferred (5%) 1,000,000 Funded debt 7,900,00,0 Secured by a mortgage on 27 7. 15 miles of track from Dayton to Union fcity, Ohio, Ur- bana to Defiance, Ohio, Columbus to Orient, Ohio, from Dayton to Columbus, Ohio, and Springfield to tJrbana, Ohio. The population served by the lines directly coyered by this mortgage is 465,000. Practically all of the road, outside of cities, is on private right-of- way. Prior Lien« — $750,000 Dayton, Springfield. & Urbana Ry. 1st 5s of 1928 and $500,000 Co- lumbus, London & Springfield Ry. 1st 5s of 1920. Bonds are reserved under this mort- gage, to retire both issues. listed on the Philadelphia Stock Exchange.. Yiear ended Dec. 31: Income. . Bond Other ; (Lease.) Interest. Deductiong. 1920. $62,173 $50,000 $12,145 1919 396,895 382,500 14,677 1918." 397.642 382,500 15,185 Original Market— Offered in 1906 by Drexel & Co,-, Philadelphia, and E. H. Rollins & Sonsrj Boston, at 97 and interest, tii'T • -r. .■ ' Market.' .-,,'-,_-- New " York — ■' Samuel Goldschmfdt,'- vHarts- horne & Battelle^. Sharretts->& Ford', Berdelt Bros., G. rR. McAllister. - . .- ^Jiiladel^iia — Barnes & Lotiand, Bauer Starr &- Cb'.,^ McCown - & .Co., :Samuel K. Phillips r& P/o. ■ Price Range. Jan.,1^ '0?, to Jan. 1, '31 , 19^0. . . ", / Bid. Askr., . Bid. Ask. Hig-lj 921^ '12' 96 '08 27%f.Tan. 35f Jan. Lo-w^.- l^f '20 18f '20 ■ 14f DeC- ISf Dec. 609 INDIANA COUNTY (FA.) ST. RAILWAYS 1st 59. Due 1938. Dated -1908. Interest payable Jan. 1 and July -1 at Farmers' Bank, Indiana, Pa. Tax Status — 2% Federal Incoine Tax paid by company without deduction. Authorized . ..- $1,000,000 Outstanding 765,600 In Xroasnry 34, 600 Denomination — Coupon $600 and $1,000, Trustee — Commercial Trust Co., Philadel- phia, Organization — Incorporated in Pennsylvania as a consolidation of the Indiana, Clymer & Creek Side Street Ry, Co., the Indiana County Rys. Co. and the Indiana, Punxsutaw- ney & Sagamore Street Ry. Co. Capitalization. Outstanding. Common $972,600 Funded debt 766,600 Secured by a Urst mortgage on 36 miles of electric railway in Indiana, Clymer, Creek- side, Homer City, Josephine, Blairsville, Pa., and connecting these towns. Population served 26,000. Years ended Dec. 31: Gross. Net. Interest. 1917 $162,726 $39,618 $39,430 1916 133,120 64,866 39,966 Later earnings not available. Market. Pittsburgh — Wm. P. Lemley & Co. INDIANA GAS LIGHT CO. 1st 6s. Due Nov. 1, 1932. Dated Nov. 22, 1912. Interest payable May and Nov. 1, at Trustee's oiflce. Tax Status — 2% Federal Income Tax paid by company -without deduction. Authorized $1,000,000 Outstanding 366,100 Cancelled 31,900 Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Central Trust Co., of Illinois, Chi- cago. Redeemable On any interest date at 102 and Interest. Organization — Incorporated in Indiana in 1912 as a consolidation. Capitalization. Outstanding. Common $1,000,000 Funded debt 366,100 Secured by a first mortgage on plants sup- plying Tipton. Cicer, Atlanta, and Nobles- ville, Ind., with gas. Population. 1910, No- blesville, 5,073; Tipton, 4,075. The company operates under an indeterminate permit. Years ended Dec. 31: Net Interest •1917 $21,408 $19,400 1916 27,966 17,640 1916 30,446 13,683 1914 26,027 12,000 1913 24,006 11,075 •Nov.. SO. Later earnings not available. Original Market — Offered by Elston & Co.. Chicago, at 90 and interest, Aug., 1915. Market. New York — Dunham & Co., Earle A. Mil- ler & Co. Price Range. Jan. 1, '16, to Jam. 1, '21 1920 Bid: Ask. Bid. Ask. High 83 '10 90 '16 Not Low. 80 '17 85 '17 available INDIANA HARBOR St EAST CHICAGO EliECTRIC CO. l8t 68. Due Oct. 1, 1927. Dated Oct. 1, 1907. Interest payable April 1 and Oct. 1, at Central Trust Co. of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding (Jan. 1, '21) 123,600 Retired by S. F 5,000 CanceUed 371,500 Denomination — Coupon, $600. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 105 and interest on any in- terest date. Sinking Fond — Annually beginning Aug. 15, 1917, 1% of outstanding bonds for the pur- chase or redemption of these bonds at not exceeding 105 and interest. ' Assumed by Northern Indiana Gas & Ellectrlc Co. Control — ^Absorbed by the Northern Indiana Gas & Electric Co., in which the United Gas Improvement Co. is interested. Secured by a first mortgage on an electric lighting plant serving East Chicago and In- diana Harbor, Indiana. Population, 25,000. Underlies — Nor. Ind. G. & B. Co. 1st Hef. 6s of 1929 and Gen. 6s of 1926. Original Market — $100,000 offered in March, 1908, by C. H. Geist & Co., Philadelphia, and Kennett, Cowan & jCo., Chicago. Market. Philadelphia — Henry D. Boenning & Co., Reed A. Morgan & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Bid. High 97% '17 75 June Low. 75 '20 75 June INDIANA HARBOR BELT RAILROAD CO. Gen. 4s. Due July 1, 196'?. Dated Nov. 1, 1907. Interest payable Jan. and July 1. at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $25,000,000 Outstanding 4s 1,725,000 2s-4s _ 2,600,000 $4,226,000 The "2s-4s" bore 2% for first five years: 3% to Nov. 1, 1917, and 4% thereafter, and are all owned by the Chicago Junction & Union Stock Yards Co. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Registered, $1,000, $5,000 and multiples of $6,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest jointly and severally by the Lake Shore & Michigon Southern Ry. Co. and the Michigan Central R. R. Co. The Chicago & Northwestern Ry. Co. and the Chicago. Milwaukee & St. Paul Ry. Co. agree to protect these guarantors to the extent of 20% each of their guar- antee. Organization and Control — Incorporated in Indiana as the East Chicago Belt R. R. Pres- ent income adopted June, 1907. Of the capital stock 30% is owned by th» New York Central R. R. and the Michigan Central R. R. each, and 20% is owned by each of the Chicago & Northwestern Ry. and the Chicago, Milwaukee & St. Paul Ry. Capitalization. Outstanding. Common $6,000,000 Funded debt 7,121.000 Secured by a direct mortgage on 46.47 miles of road, viz. : A first lien on 20.89 miles — Miles Argo to Union Stock Yards, Chicago, _ I" 10.62 Grasselll, Ind., to Illinois State Line 6.62 Wolf Lake to Shedd-Field, Ind 2.14 Franklin Park to Mannheim, Ind 1.04 Grasselll to Cudahy, Ind 1.67 A second Hen on 24.58 miles — Covered by the first lien of the Chi- cago, Hammond & Western Ist 69. Franklin Park to McCook, 111 10.52 Blue Island, 111., to Whiting, Ind 14.6 The company oDerates some 170 miles of terminal track in the vicinity of Chicago. These lines connect virtually all the railroads entering Chicago. Prior Men— $2,500,000 Chi., Hammond & West 6s of 1927. Legal for savings banks in Cal., Me., Mich., Minn., N. H., N. J., Ore. and R. I. Ijisted on the Boston Stock Exchange. Years ended Dec. SI: Gross. Net. Int.&Rent. •1919 $296,045 $669,375 $569,376 tl919 6,562,912 aef.363,811 664,181 •1918 296,054 364,023 416,102 tlSlS 5,591,235 def.768,541 833,354 1917 5,121,878 990,325 2,020,106 1916 4,653,960 1,518,378 1,368,233 1915 3,458,062 1,227,018 1,296,099 1914 3,329,172 934,186 1,282,076 1913 3,303,809 817,373 1,049,994 ♦Corporate account. tFederal account — standard return not in- cluded. Market. New York — Hartshorne & Battelle, Oar- ruthers. Pell & Co. Philadelphia — Samuel K. Phillips & Co., Isaac Starr, Jr., & Co. Pittsburgh — R. B. Hutchinson & Co. Price Bange. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. High 82% '16 Not Low. 68 '18 75'IS available INDIANA, ILI.INOIS & IOWA RAII/BOAD CO. 1st 4s. Dne July 1, 1950. Dated July 1, 1900. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized Closed mortgage Outstanding $4,850,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Illinois Trust & Savings Bank, Chicago, and Jas. D. Oliver. Assumed by the New York Central R. R. Co. Control — Merged in 1906 into the Chicago, Indiana & Southern R. E. Co. The latter company was merged Into the New York Central R. R. Co. in 1914. Secured by a first mortgage on 202.91 miles of road, viz. Miles South Bend, Ind., to SeatonvIUe Jet., Ill 191.69 Michigan Central Connection at So. Bend. Ind 1.93 Kankakee to Bradley, 111 1.3B Reddlck to Cardiff, 111 3.49 DePue Jet. to DePue, 111 1.27 Ladd to Churchill, 111 2.79 Ladd Jet. to New York Central Jet., 111. 0.49 Also a first lien on 1.97 miles of track- age rights over the line of the Chicago & Northwestern Ry. Co., viz.; SeatonvIUe Jet. to Ladd, 111 1.97 Underlies — Chicago, Ind. & Southern 4s, 1956, and N. Y. C. R. R. Ref. & Imp. mort- gage which provides to retire this issue. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I.. Vt and Wis. Listed on the New York and Boston Stock Exchanges. Original Market — $4,600,000 offered in Jan., 1901, by Redmond & Co. and Lee, HigginsoB & Co., of New York at 97% and interest. Market. New York — Constable & Fleming, R. W* Pressprich & Co., Prince & Whltely, Red- mond & Co., Remick, Hodges & Co., Struthers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey. PhiladelpliJa — Blddle & Henry, Henry D. Boenning & Co., Elkins, Morris & Co., Har- per & Turner, Reed A. Morgan & Co., Sam- uel K. Phillips & Co., Isaac Starr, Jr., & Co., Welsh Bros., Wheeler, Elliott & Mann. Parsly Bros. & Co. Pittsburgh — R. B. Hutchinson & Co.. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 100 Jan. 17, '06 74% Nov. Sf Low. 68% Sept. 16, '20 68% Sept. 15 INDIANA LIGHTING CO. 1st 4s. Due Aug- 1, 1968. Dated Aug. 1, 1908. Interest payable Peb^ and Aug. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax pald^ by company without deduction. Authorized $5,000,000 Outstanding (Jan. 1, '21) 3,077,000 Retired by S. F 74,000 Denomination — Coupon, $1,000. Register*^ able as to principal. Trustee — Central Union Trust Co., New- York. Redeemable as a whole at 102 and interest on and after Feb. 1, 1914, or for Sinkins Fund on any interest date on four weeka^ notice. Sinking Fluid — Beginning Aug. 1, 1909, 2% of net earnings per annum for purchase or redemption of bonds at not to exceed 102: and interest. Bonds acquired are to be can-- celled. Assumed by the Northern Indiana Gas & Electric Co. Control — Incorporated in Indiana in lOOff^ The property of this company was acquired during 1916 by the Northern Indiana Gas & Electric Co. of Hammond, Ind. Secured by a first mortgage on plants sup- plying gas to Fort Wayne, Decatur, BIufftOD, Lafayette, Logansport, Peru, Wabash, Franlc- ford, Cr^wfordsville, Ind. and other townSi, and on plant distributing electricity in Fafayette, Ind. Underlies — Northern Indiana Gas & Elec- tric Co. Gen 6s of 1926, under which bonds are reserved to retire this issue. Original Market — Offered in 1908 by Wood & Havemeyer and Lamarche & Coady, New York. Market. New York — Sam'l Goldschmidt, Fred. H. Hatch & Co., Lynch & McDermott, Earle A. Miller & Co. Boston — L. Sherman Adams. Philadelphia — Bauer, Starr & Co., Cha& Fearon & Co., McCown & Co., Reed A. Mor- gan & Co., Samuel K. Phillips & Co. Providence, R. I. — Hornblower & Weeks- Price Range. Jan. 1, 'IS, to Jan. 1, '21 1920 Bid. Ask. Bid. Aste. High 801/2 '17 83 '16 50 Jan. 59 Oct. Low. 47 '20 62 '20 47 Aug. 52 Ausf- INDIANA NATURAL GAS Si OIL CO. (THE)- Ref. Guar. 5s. Due May 1, 1936. Dated May 1, 1906. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paidi by company without deduction. Authorized and Outstanding. .. .$6,000,000/ Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the Peoples' Gas Light & Coke Co., by endorse- ment. Organization and Control — Incorporated in Indiana in 1889. Controlled thru stock ownership by the Peoples' Gas Light & Coke Co. of Chicago. Capitalization. Outstanding. Comnr.on $2,000,000 Funded debt 6,000,000 Secured by a first mortgage on leasehold Interest in about 12,000 acres of gas and oil lands In Indiana, and on three pipe lines each about 100 miles long from these gas wells to the mains of the Peoples' Gas Light & Coke Co., in the outskirts of Chicago. Refunding — Bonds are reserved under the Peoples' Gas Light & Coke Co. Gen, & Ref. IVItge. to retire this issue. Listed on the New York and Chicago Stock Exchanges. Earnings — See Peoples' Gas Light & Coke Co. Original Market — $1,000,000 offered in 1909, by Hartshorne, Bogert & Battelle, New York and Wollenberger & Co., Chicago, at 95 and Interest. Offered in 1916 by E. C. Bene- dict & Co., New York, at 92% and inter- est. Market. ■ New York — Babcock, Rushton & Co., Hartshorne & Battelle, E. A. B&.ker & Son. Price Range — N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. -High 94%May26, *09 53 Feb. .. Low. 86 Oct. 6, '16 49 50 INDIANA NORTHERN TRACTION CO. 1st , 5s. Due Oct. 1, 1933. Dated Oct. 1, 1903. Interest payable Apr. and 'Oct. 1, Trenton Tr. & S. D. Co., Tren- ton, N. J. . Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $500,000 Denomination — Coupon, $100, $500 and $1,- 000. Trustee — Trenton Trust & Safe Deposit Co., Trenton, N. J. Redeemable at 105 and interest. " Assumed by the Union Traction Co. of In- diana. Guaranteed -principal and Interest by Indi- ttna ^Union Traction Co. vfContrdl — Absorbed by Irid. Union Tract. Co., which company was merged into the Union Traction Co. . of - :Iridiana in 1912. j:Sccured by ,a .first mortgage on 20 miles OA neleda-ifi) railway between Wabash and Marion, Ind. Population served, 38,000. Earnings — See "Utiion' Traction Co. of Indi- ^al'' "' ' '\ ""--■■■ •■ 'liUted oh' 'the- Philadelphia Stock Exchange. ^./' \ \ "'; Market. !l!^ew York— fjyhch &' McDermott. I*hiladelpliia — AftHur J: Bender. Fric6 Range. Jah. 1, '09, to Jan. 1, '21 1920 ' ' ' Bid. Ask. Bid. Ask. Hl&h 94 '08 96 '09 28f Oct. 39f July Low. 22 '19 30 '19 25f Dec. 35f Dec. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding (Jan. 1, '21) $2,079,000 Retu-ed by S. F 92,000 Denomination — Coupon, $1,000, $500 and $100. Reglsterable as to principal. Trustees — Continental & Commercial Trust & Savings Bank, Chicago, and Frank H. Jones. Redeemable at 103 and Interest on any In- terest date on 30 days' notice. Sinking Fund — Annually beginning Sept, 1, 1920, contains sums ranging from 2 % to 3% of the total amount of bonds outstanding for the purchase or redemption at not over 103 and interest. It is estimated that this fund will retire 36% of the bonds before maturity. Control — Incorporated m Indiana in 1916 as a consolidation. In Dec. 1919 the prop- erty of this company was acquired by the Indiana Power Co. Management — Utilities Development Corpor- ation, Chicago. Secured by a first mortgage on plants supplying electric light and power to Worth- irgton, Bloomfield, Elmira, Odon Bicknell, Vin- cennes, Petersburg and Dugger, Ind., and water to Worthington and Bloomfield. Power plant is located at Edwardsport. The com- pany serves a territory some 40 miles south of Worthington and is about thirty-five milea in width, with a population of about 70,000 people. The company owns a coal mine ad- jacent to its plant. The company operates under an indeterminate permit, granted by the Indiana Public Service Commisssion. Underlies — Indiana Power Co. 1st & Ref. 63 of 1944, under which bonds are reserved to retire this issue. framing's — See Indiana Power Co. 1st & Ref. 6s. Original Market — $200,000 ofeered Nov., 1916 by Marshall & Co., Inc., Boston, and King, Hoagland & Co., Chicago, at 100 and interest; $950,000 offered May, 1919, by the same firm at 96 and interest. Market. New York — Hartshorne & Battelle. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93 '18 100 '17 75 Sept. 97 Jan. Low. 75 '20 ,80 '20 75 Sept. 80 Sept: INDIANA POWER & WATER CO. 1st S. F. .6s. Due Sept. 1, 1936. Dated Sept. 1, 1916. Interest payable Mar. 1. -and Sept. 1, at Continental & Commercial Trust & Savings Bank, Chicago, «.nd Ameri- ■can Trust Co., Boston. INDIANA POWBK CO. 1st & Ref. S. F. 6s. Due Nov. 1,. 1944. Dated Nov. 1, 4919. Interest payable Nov. 1 and May 1 at Continental & Commercial Trust & Savings Bank. Chicago, or First National Bank, New .York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $10,000,00 Outstanding: (Jan. 1, '21).... 1,250,000 Reserved for Prior Liens.... 2,079,000 Reserved for Ext 6,671,000 Denomination — Coupon, - $1,000. $500 and $100; reglsterable as to principal. . Trustees-^ Continental and Commercial Trust & Savings Bank, and ■Willlajii P. Kopf. Chicago. Redeemable on any Interest -date upon 30 days' notice at 105 and interest. Sinking Fund — Annually beginning March 1. 1925, an amount equal to 2%% of the total amount of bonds then .outstanding, which have been so outstanding for at least one year then last past for their purchase or redemption at not over 104 and interest. Bonds acdulred to be cancelled. Organization — Incorporated in Indiana In 1919 and acquired the property of the Indi- ana Power & Water Company. Capitalization. Outstanding. Common $650,000 Preferred 612,500 Funded debt 3,329,000 Management — Utilities Development Cor- poration. Chicaeo. Secured by a mortgage on the property of the company now owned or hereafter acquired. The property covered includes plant supplying electric light and power in Vincennea, Blck- nell, "Worthington, Bloomfield, Elnora, Odon. Dugger. Petersburg, and several other smaller communities, all of which are now supplied from its central station at Edwardsport, In- diana : also waterworks supplying Worthing- ton and Bloomfield. The Company wholesales current to the Wabash Valley Electric Com- pany, the Central Illinois Public Service Company, the Martinsville Gas & Electric Co., the Spencer Ligl^t, Power, Heat & Water Co. and the Gasport Electric Co., for all their requirements. The company has 33,000 volt transmission lines totalling over 250 miles in length, radiating from its power plant at Edwardsport and supplying a total population including its wholesale business, of approximately 150,000 people. The company operates its own coal mine four miles from its power plant, which assures it cheap fuel. The company has contracts with the Southern Indiana Power Company, supplying the Bedford stone district, the cities of Bed- ford, Williams, Clear Creek and Bloomington, also with several large manufacturing indus- tries including brick factories and steel mills. The company operates under an indeterminate permit. Prior Liens — $2,079,000 Indiana Power & Water Co, 1st S. P. 6s of 1936, for the re- tirement of which bonds are reserved under this mortgage. Years ended Dec. 31: Gross. Net. Interest. 1920 $718,649 $345,003 $176,249 1919 557,366 244,030 1918 437,969 219,833 102,623 1917 391,233 173.3 57 77,490 Original Market — $300,000 offered February, 1919, by Madison Bond Co., Madison, Wis, Market New York — Dunham & Co. INDIANA RAILWAY CO. 1st 58. Due Jan. 1, 1930. Dated Jan. 1, 1901. Interest payable Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid Ay company without deduction. Authorized $1,000,000 Outstanding- (Feb. 1, '21) 756,000 Held in S. F 244,000 Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Sinking Fund — $10,000 per annum, beginning Jan. 1, 1905, for the purchase of these bonds at not over 107% and interest. Bonds ac- quired to be kept alive and interest added to fund. Assumed by the Chicago South Bend & Northern Indiana By. Co. Control — Absorbed by Chicago, South Bend & Northern Indiana Ky. Co. Receivership — See Chicago, South Bend & Northern Indiana Ry. Co. 1st 5s. Secured by a first mortgage on 50 miles of electric railway, forming part of the Chicago, South Bend & Nor. Indiana Ry., which company owns 117 miles of track in South Bend. Mishawaka, Elkhart, Goshen, La Porte and Michigan City, Indiana. Franchise In Elkhart expires In 1957, and elsewhera are perpetual. Population served, 125,000. Underlies — C, S. B. & N. I. Ry. Co, Bs of 1937. Earnings — See Chi., S. B. & N. I. Ry Market. New York — Hartshorne & Battelle. Boston — Coffin & Burr. Philadelphia — Samuel K. Phillips & lo. Price Range. Jan. 1, '17, to Jan, 1, '21 1930 Bid. Ask. Bid. Ask. High 99% '17 81 Feb. 85 Nov. Low. 70 '20 85 '20 70 Dec, 85 Dec. INDIANA RAILWAYS & LIGHT CO. 1st A Ref. S. F, 5s. Due Jan. 1, 1943. Dated Dec. 10, 1912, Interest payable Jan* and July 1, at Spencer Traak & Co., Nevr York. Tax Status — 2% Federal Income Tax pai* by company without deduction. Authorized $6,000,000 Outstandingr (Jan. 1, '21) 1.254.000 Retired by S. F None In Treasury 76.00& Reserved for Prior Lien 650,000 Reserved for Ext 3.020,000 Denomination — Coupon, $ 5 and $1,000, Registerable as to principal. Trustee — Union Trust Co., Indianapolis. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking Fund — Annually beginning Jan. 1, 1917, 1% of outstanding bonds to be applied to purchase of bonds at not exceeding 105 and interest. If not purchasable bonds may be drawn. The company has the option of retiring bonds or setting aside lVi% of bonds outstanding for betterments and additions,. Bonds acquired are cancelled. Organization — Incorporated in Indiana in ] 91 2 as a consolidation. Capitalization, Outstanding. Common '. $2,000,000 Preferred (6% cum.) 492,800 Funded debt 1,876,000- Secured by a first mortgage on 24 miles- of interurban railway between Kokomo and Frankfort an delectric lighting system in West Middleton, RussiavUle, Forest, New Lon- don, Michigantown, Kirklin, Burlington, Hil- lisburg, Kempton, Amboy, Scircleville and Converse, all in Indiana, and on plant sup- plying steam heat in Kokomo, and a second- mortgage on nine miles of street railway In? Kokomo and 28 miles of interurban rail- way, between Kokomo and Marion, and! plants supplying electricity in Kokomo, Sway zee and Greentown. Ind. Population^ served, Kokomo 30,000, remaining territory 50,000. Interurban lines are on private- right-of-way. The company operates under indeterminate permits of the Public Service Commission of Indiana. Prior Lien — $fi22,000 Kokomo, Mariom A Western Trac. 5s of 1933. Years ended Dec. SI: Gross. 1920 $1,106,554 $ 1919 879,647 1938 673,946 1917 611,315 1916 544,468 1915 403,099 Original Market — First 1913, by Shapker, Waller & Co., Chicago, andj Spencer Trask & Co., New York, Boston, Chi- cago, etc. Market. New Y^ork — Dunham & Co. Milwaukee — IMgar, Ricker & Co. Net. Bond Int- 205,826 $94,175: 259,021 94,89S 223,179 95,200 261,923 93,647 284,418 90,200 231,029 91,500- offered in Jan., Price Ranee. JTan. 1, '17, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 98 '17 lOlVa '17 75 Jan. 83 Mar. Low. 60 '20 75. '20 60 June 75 Jan. INDIANA STEBIi COMPANY 1st 69. Dne May 1, 19B3. Dated May 1, 1912. Interest payable May and Nov. 1, at U. S. Steel Corp., 71 Broad- 'Way, New York. Tax Status — 2% Federal Income Tax paid iljy company without deduction. Authorized $40,000,000 Outstanding' (Jan. 1, '21) 16,981,000 Held in S. F 1,064,000 Keserred for Ext 21,965,000 Denomination — Coupon, $1,000. Hegister- ;able as to principal. Regristered, $1,000, $6,- ■000, $10,000 and $100,000. C. & R. inter- - changeable. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and interest Nov. 1, 1916, or on any interest date thereafter, upon -aix weeks' notice. Sinking Fund — 1% of all bonds outstanding .annually on May 1 from 1916 to 1922 and 1%% thereafter to be applied to the purchase .or redemption of bonds at not exceeding 105 and interest. Bonds acquired by the sinking ■fund will continue to draw interest which shall be added to the annual payments on the sinking fund. Guaranteed principal and interest uncondi- tionally by the United States Steel Corpora- tion by endorsement. Organization and Control — Incorporated in Indiana in 1906. Entire $20,000,000 stock is owned by the United States Steel Corp. The ■plant of the Indiana Steel Co. is leased to the Illinois Steel Co., which is also controlled Iby the U. S. Steel Corp. Capitalization. Outstanding, Common $50,000,000 Funded debt 16,981,000 Secured by a first mortgage on the Gary a>lant of the Indiana Steel Co., located at iGary, Indiana. The plant covers 1,160 acres lOf ground, with extensive furnaces, coke lovens, mills and power plant. Earnings included in those of U. S. Steel Corp. liisted on the New York Stock Exchange. Original Market — Offered in 1912 by J. P. Morgan & Co., First National Bank and Na- tional City Bank, New York, at 101% and interest. Market. JJew Yorlv — Babcock, Rushton & Co., Cof- fin & Co., Dunham & Co., J. H. Holmes & Co.. Watson, Armstrong & Go. iPhiiadelpliia — Biddle & Henry. Price Range— N. Y. S. B. arnn. 1, '16, to Jan. 1, '31 1930 High 106 Oct. 19, '16 93% Jan. 7 IjOW. 83% June 4, '20 83% June 4 Trustee — Fletcher American National Bank, Indianapolis. , . ^ * „„„ Redeemable at 102 and Interest on any interest date on 30 days' notice. Organization— Incorporated m Indiana. Business established 1898. The company has been manufacturing motor trucks since 1910, and is the manufacturer of the Indiana Motor Truck. Plant is located at Marion, Ind. The company has over 460 Indiana Service sta- tions in the principal cities of the country. Capitalization. °"*^',B?f?fo Common 'c J^'Snn Preferred '22'S2S Debenture stock Jn'nno • Funded debt ■ • • .600,000 Secnrity-^A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of this indenture the company covenants as follows; No mortgage shall be placed upon any properties of the company d.uring the life of these notes other than pur- chase money mortgages on properties here- after acciuired, representing not over 70% of the cost of fair value thereof. Total net assets shall at all times be maintained to at least 2% times, and net quick asets to at least 2 times, the amount of outstanding notes of this issue. Years ended Dec. 31: Net. 1920 $158,889 1919 261,310 1918 162,371 1917 175,284 1916 130,319 Original Market — $500,000 offered Mar. 1920, by Fletcher American Company, Indianapolis, at prices ranging from 99 to 90.80 and Inter- est according to maturity. INDIANA TRUCK CORP. 6% Notes. Due 550,000 each Mar. 1, from 1921 to 1930, incl. Dated March 1, 1920. Interest payable Mar. I and Sept. 1, at Fletcher Amer- ican National Bank, Indianapolis. Tax StatU8^2% Federal Income Tax paid toy the company without deduction, Antliorized $600,000 Ontstanding 600,000 Purpose of Issue — To fund current indeb- tedness and provide additional working capi- tal. Denomination— Coupon, $1,000, $600-, regis- «erable as to principal. INDIANA UNION TRACTION CO. 1st 5b. Dne July 1, 1933. Dated July 1, 1903. Interest payable April- and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized Closed mortgage. Outstanding (Jan. 1, '21) $1,126,000 Held In S. F $494,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 106 and interest on any in- terest date upon four weeks' notice. Sinking Fund — Beginning July 1, 1904, an annual amount equal to 1 % % of outstandlnsr bonds on July 1st of each year, including bonds held in sinking fund, for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be kept alive and interest added to this fund. Assumed by the Union Traction Co. of In- diana. Control — Incorporated in Indiana in 1903 and absorbed the Muncie & Union City Trac- tion Co. and Indiana Northern Traction Co. Absorbed by Union Traction Co. of Indiana in 1912. Secured by a mortgage on 62 miles of in- terurban railway, viz. ; Miles Anderson to Middletown 9.00 Muncie to Union City 33.00 Wabash to Marion ^0.00 These lines form part of the system of the Union Traction Co. of Indiana, owning 272 miles of interurban lines and 44% miles of city lines, and leasing 13,6% miles of Interurban lines. Prior Liens- -$926,000 Muncie & Union City 614 Traction 6s of 1936, and $600,000 Indiana Northern Traction 5s of 1933. Earnings — See Union Traction Co. of In- diana. Market. New York — Hartshorne & Battelle, Lynch & McDermott. Philadelphia — Arthur J. Bender, Henry D. Boenning & Co., Huntoon & Co., McCown & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '12, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 83 '12 85 '13 25f Dec. 40f Deo. Low. 20 '19 27 '20 21f Mar. 27f Mar. Years ended Dee. 31: Gross. Net. tCharges. 1920 J766,652 $176,519 $193,231 1919 677,074 246,219 184,576 1918 532,143 146,356 tl83,199 1917 496,284 137,017 150,000 •1916 440,946 124,505 149,953 •June 30. tinterest and subsidiary divi- dends. :tlncludes taxes. Interest and $16,000 6% certificates of Indebtedness due two years after the close of the war. Issued Oct. 1, 1918, In payment of $15,000 dividends due on Indi- ana & Southeastern Traction Co. preferred stock, and $60,000 6% certificates due Jan. 1, 1921, Issued In payment of Jan. 1, 1919, In- terest. INDIANAPOLIS & CINCINNATI TRACTION CO. 1st 5s. Due July 1, 1940. Dated July 1, 1910. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Interest Payments in Scrip — Jan. 1, 1919, and July 1, 1919, interest was paid in (i% certificates of indebtedness due Jan. 1, 1921. These certificates hold the same security as the coupons, for whicli they were exchanged. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — A. $1,300,000 B 200,000 C 3,350.000 $4,850,000 Outstanding — A $1,300,000 B 100,000 $1,400,000 Reserved for corporate pur- poses 200,000 Reserved for Ext 3,260,000 Provisions of Issue — ^AU bonds are eaual with respect to pa3Tnent of principal, but if available funds are not sufficient to pay all Interest Class "A" bonds shall receive pay- ment in full, before any payment is made in Classes "B" and 'C,*' which are on a parity. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Redeemable on any Interest date at 106 and Interest, Organization — - Incorporated in Indiana In 1910 as successor to a company of same name which was foreclosed. In 1911 acquired the properties of the Indiana & South Eastern Traction Co., formerly operated under lease. The dividends on the $600,000 5% preferred stock of the latter company was made a charere against one-half of the gross re- ceipts of the property acquired. Capitalization. Outstanding. Common $2,000,000 Preferred (5% cum.) 1,000,000 Funded debt 3,166,000 Secured by a first mortgage on 58 miles of road from Indianapolis to Connersville. Company also owns 49 miles of road from Indianapolis to Greensburg, all In Indiana. Extension from Rushville to Harrison, C, Is proposed. Connection -would be made there for Cincinnati. Most of the line is on private right-of-way. County franchises are perpet- ual. City franchises for 50 years, oldest being dated 1904, except Indianapolis, where fran- chise and trackage contract expire in 1934. Population served by road covered by this mortgage, exclusive of Indianapolis, 10,000. S16 INDIANAPOLIS & LOUISTILLE RAILWAY CO. 1st 4s. Due Jan. 1, 1956. Dated January 1, 1906. Interest payable Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $1,172,000 Pledged under C. I. & L. 1st & Gen. Mtge 478,000 De-nomination — Coupon, $1,000. Register- able as to principal. Trustees — Guaranty Trust Co., New York, and Edw. W. F. Miller. Assumed by the Chicago, Indianapolis & Louisville Ry. Co. Control — Incorporated In Indiana In 1899. Deo. 31, 1916, the property of this company was conveyed to the C, I. & L. Ry. Co. Secured by a first mortgage on 61.17 miles of road, viz. : Miles Wallace Jet. to Shirley Hill, Ind 64.70 Vlcksburg to Cass, Ind 6.00 Midland to Lattas Creek, Ind 4.47 Underlies — C, 1. & L. Ry. Ref. Mtge. of 1947 and 1st & Gen. 68 of 1966. Under the latter mortgage bonds are reserved to retire this issue. Earnings— See Chi., Ind. & L. Ry. 1st & Gen. 5s. Listed on the New York Stock Exchange. Original Market — $1,600,000 offered in 1906 at 96% and interest by American Trust & Savings Bank, Chicago: E. H. Rollins & Sons and F. S. Moseley & Co., Boston. In 1909 American Trust & Savings Bank and B. H. Eollins & Sons offered $500,000. Market. New York — F. J. Llsman & Co., Abraham & Co. Priee Range — N. Y. S. E. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. High 97 June 2, '10 68 Apr. 71 Mar. Low. 55 Dec. 15, 16 60 Dec. 66 Dec. INDIANAPOLIS & LOUISVILLE TRACTION RAILWAY 1st 08. Due April 1, 1942. Dated April 1, 1912. Interest payable April and Oct. 1, at Colonial Trust Co., Pittsburgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,600,000 Outstanding 846,300 Retired by S. F 3,500 Reserved for Ext. 600.000 Denomination — Coupon, $100, $600 and $1,- 000. Registerable as to principal. Trustee — Colonial Trust Co., Pittsburgh. Redeemable on any Interest date at 106 and Interest. Sinking Fund — Semi-annually, beginning Oct. 30, 1917, 1% of the gross receipts during the next preceding six months derived from passenger, freight and express traffic in Oct., 1917, and April, 1918: 1%%, Oct., 1918 and April 1919; 2% Oct. 1, 1919, and Apr., 1920; 2%% thereafter. Fund applicable for the purchase and redemption of these bonds at not over 105 and Interest. Bonds acaulred are cancelled. Assumed by the Interstate Public Service Co. of Indiana. Organization and Control — Incorporated in 1912 in Indiana as successor to the Ind. & L, Traction Co., foreclosed. In 1919 the Interstate Public Service Co., a subsidiary of the Middle West Utilities Co., acquired the stock of this company. Capitalization. Outstanding. Common $596,200 Preferred (6% cum.) 600,000 Funded debt 846,300 Secured by a first mortgage on 41 miles of electric railway from Sellerabure to Seymour, Ind., forming part of a through route over which cars are run between Louisville, Ky., and Indianapolis, Ind. Population served, 15.000. Franchises In cities and towns ex- pire in 1955; elsewhere road is built on private right-of-way. Tears ended Dec. 31: Bond Gross. Net. Interest. 1920 $286,444 $88,529 1919 248,850 66,804 52,728 1918 235,546 98,432 42,490 1917 185,964 85,651 42,490 1916 148,411 56,538 42,490 Original Market — Issued in exchange for bonds of old company, which was sold at foreclosure m 1912. Market. New York — Hotchkln & Co., H. N. Whitney & Sons. Boston — Hotchkin & Co. Price Range, Jan. 1, '17, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 59 '17 68 '17 55 July 65 July Low. 53*19 67 '19 54 Dec. 65 July INDIANAPOLIS & MARTINSVIIXE RAPID TRANSIT CO. Ist 5.s Dae Jan. 1, 1932. Dated Jan. 1, 1902. Interest payable Jan, and July 1, at Security Trust Co., Indianap- olis. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized and Outstanding . . . .$750,000 Denomination — Coupon and registered. $1,- 000. Coupon bonds registerable as to prin- cipal. Trustees — Union Trust Co. and Security Trust Co., Indianapolis. Redeemable at 105 and interest. Gaarantced as to interest by Terre Haute, Indianapolis & Bast .Trac. Co. by terms of lease. Organization and Control — Incorporated in Indiana in 1901. All of the stock is owned by thfi Terre Haute, Ind. & Bast. Trac. Co. , which leases the property for 999 years from 1907 at a rental equivalent to interest on bonds and $500 per year organization ex- penses. Capitalization. Outstanding. Common $750,000 Funded debt 750,000 Secured by a first mortgage on 27 miles of electric railway between Indianapolis and Martinsville, Ind. Population served, exclu- sive of Indianapolis, 10,000. Years ended Dec. 31 : Bond Gross. Net. Interest. 1920 $278,187 $80,712 $37,500 1919 236,559 69,806 37^500 1918 192,615 51,865 37,500 1917 172,903 34,510 37,500 Market. Boston — C. E. Denison & Co. Price Range. Jan. 1, '12, to Jan. 1, *21 1920 Bia. Ask. Bid. Ask. High 92 '16 97 '12 60 Apr. 62 Dec. Low. 58 '20 62 '20 58 May 62 Dec. INDIANAPOLIS & NORTHWESTERN TRAC- TION CO. Ist 5s. Due March 1, 1923. Dated March 2, 1903. Interest payable March and Sept. 1, at Columbia Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Anthorized $3,000,000 Outstanding 2,470,000 Reserved for Imp 530,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Columbia Trust Co., ^w York. Redeemable on any interest date at 110 and interest. Guaranteed as to interest by Terre ^aute, Ind. & East, under terms of a 999-year lease. Organization and Control — Incorporated in Indiana in Feb., 1902, a^i the Indianapolis, Le- banon & Frankfort Traction Co. Present name adopted Dec, 1902. All of the common stock is owned by Terre Haute, ' Ind. & East. Trac. Co., which leases the property for 999 years from 1907 at an annual rental equivalent of interest on bonds and 5% on preferred stock and $400 per year organization expenses. Capitalization. Outstanding. Common $2,550,000 Preferred (6% cum.) 450,000 Funded debt 2,470,000 Secured by a first mortgage on 84 miles of high-speed electric railway between Indianap- olis and Lafayette, Ind., with branch to Craw- fordsville. Built on private right-of-way out- side of cities. City franchises expire between 1938 and 1957. Franchises permit company to carry freight, express and mail. Popula- tion served, exclusive of Indianapolis, 57,000. Years ended Dec. 31 Gross. Net, Interest. 1920 $675,558 $109,774 $123,500 1919 639.563 140,159 128.500 1918 516,947 99,181 123,500 1917 462,274 119,143 123,500 Market. New York — Fred H. Hatch & Co. Philadelphia — Bauer, Starr & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94 '12 97 '11 55 Jan. 65 Jan. Low. 39 '20 46 '20 39 Dec. 4 6 Dec. INDIANAPOLIS & SOUTHEASTERN TRAC- TION CO. 1st 5s. Due July 1, 1935. Dated July 1, 1905. Interest payable Jan. and July 1, at Farmers' Loan & Trust Co., New York. Interest Payment in Scrip — Jan. 1, 1919, and July 1, 1919, interest was paid in 6% certificates of indebtedness due Jan. 1, 1921, issued by the Indianapolis & Cincinnati Traction Co. These certificates hold the same security under this mortgage as the coupons for which they were exchanged. Tax Status — 2% Federal Income Tax paid oy company without deduction. Anthorizcd $1,000,000 Uatstanding 586,000 Reserved for Prior Liens 414,000 Denomination — Coupon, 51,000. Trustee — Farmers' Loan & Trust Co., New Redeemable on any interest date at 105 and Interest. Control— In 1911 the property of this com- pany was acquired by Indianapolis & Cin- cinnati Trao. Co., which company operates JL„'?nlf^.i-'*'*'"°"^l- The dividends on the »600,000 6% preferred stock of the Ind. & ?• ,?■ 'J^'^ot'on Co. are a charge against one- nair of the gross receipts of the property formerly owned by the company. Note— On Oct. 1. 1918, $16,000 unpaid pre- ferred dividends were paid in 6% certiflcates of Indebtedness due two years after the close of the war. Secured by first mortgage on 23 miles of electric railway from Shelbyville to Greens- burg and second mortgage on 26 miles from Indianapolis to Shelbyville. Extension to Har- rison, Ohio, where connection will be made for Cincinnati, is proposed. Franchises in cities expire in 1955, except Indianapolis, where trackage contract expires in 1934. Outside of cities most of the line is on private right- of-way. Population served, exclusive of In- dianapolis, 20,000. Prior tien — $414,000 Ind., Shelbyville & S. B. 1st 5s of 1932. Equity — These bonds are prior in lien to $600,000 6% preferred stock which was made a charge on one-half of the gross receipts of the property formerly belonging to this company. Earnings — See Indianapolis & Cincinnati 1st 5b. Price Range. Jan. 1, 14, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 83 '12 88 '14 45 Sept. 48 Jan. Low. 38 '19 44 '20 40 Apr. 44 Apr. INDIANAPOLIS, COLUMBUS & SOUTHERN TRACTION CO. 1st 69. Dne Feb. 1, 192S. Dated Feb. 2, 1903. Interest payable Feb. and Aug. 1, at Commercial Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 932,000 Reserved for Ext 68,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed as to interest under terms of lease by the Interstate Public Service Co. Organization and Control — Incorporated in Indiana in 1895 as Indianapolis, Greenwood & Franklin R. R. Name changed to present title In 1903. Leased for 999 years to Interstate Public Service Co., a subsidiary of the Middle West Utilities Co., at a rental equivalent to taxes and interest and 5% on $1,840,000 stock. Capitalization. Outstanding. Common $1,840,000 Funded debt 932,000 Secured by a first mortgage on 58 miles of electric railway from Indianapolis to Seymour. Ind. Road is built mostly on private right-of- way. Franchises in cities expire between 1949 and 1952. Enters Indianapolis over tracks of Indianapolis T. & T. Co. Through cars be- tween Indianapolis and Louisville, Ky., are operated over this line in connection with other companies. Population served (1910), Indianapolis, 233,660; remaining territory, 38,- 000. Original Market — Offered by Chandler Bros. & Co., Philadelphia, at 102% and interest in March, 1903. Market. Philadelphia — H. R. Barnard. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101% '12 103 '12 88 Jan. 92 Dec. Low. 75 '20 85 '20 75 Mar. 85 Mar. INDIANAPOLIS, CRAWFORDSVILLE & DANVILLE ELEC. RT. 1st 5s. Due May 1, 1952. Dated May 1, 1912. Interest payable May and Nov. 1, at Girard Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding: (Jan. 1, '21) 904,000 Held in S. E 96,000 Reserved for Ext 1,500,000 Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Redeemable as a whole on any interest date at 102% and interest. Sinking Fund — $9,000 per annum, plus amount sufficient to retire by maturity two- thirds of any additional bonds issued above the original issue of $1,000,000. Bonds ac- quired by sinking fund to be held alive and interest added to sinking fund payments. Guaranteed principal and interest by Terre Haute, Indianapolis & East, Trac. Co. Organization and Control — Incorporated in Indiana in 1912. Leased for 999 years from May 1, 1912, to Terre Haute, Indianapolis & Bast, Trac. Co. at an annual rental of taxes, interest on bonds, 5% on preferred stock and dividends on the common stock in- creasing to 2% per annum in 1918 and there- after and $500 per year organization ex- penses. Capitalization. Outstanding. Common $400,000 Preferred (6%) 200,000 Funded debt 904,000 Secured by a first mortgage on 45 miles of electric railway between Indianapolis and Crawfordsville, Ind., built on private right- of-way. Franchises in cities run for 60 years. Population, exclusive of Indianapolis, 23,000. Years ended Dec. 31; Gross. Net. Int.&S.F. 1920 $477,587 $62,605 $59,000 1919 426,881 79,903 69,000 1918 313,938 76,054 62,172 1917 269,932 65,028 61,853 Market. Philadelphia — Henry D. Boenning & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '16 93 '16 75 Sept. 85 Sept. Low. 80 '18 60 '20 60 Nov. INDIANAPOLIS GAS CO. 1st 5^ Due Oct. 1, 1962. Dated Ott. 1, 1902. Interest payable April 1 and Oct. 1, at Equitable Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $7,500,000 Outstanding 5,351,000 Reserved for Ext 2,149,000 Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Equitable Trust Co., New York. Guaranteed by the Citizens Gas Co. under terms of lease, which provides for interest and refunding of these bonds at maturity. Org^uiization — ^Incorporated in Indiana In 1890. Leased for 99 years from October, 1913, to the Citizens Gas Co. of Indianapolis at a rental equivalent to interest on bonds and 6% per annum on $2,000,000 stock. If price of gas is reduced to 50 cents per 1,000 cubic feet, 6%% per annum shall be paid, and if to 45 cents per 1,000 cubic feet, 6%% per annum shall be paid. Capitalization. Outstanding. Common $2,000,000 Funded debt 5,351,000 Secured by a first mortgage on plant supply- ing artificial gas in Indianapolis, Ind. Popu- lation served, 275.000. Franchise is perpet- ual. Earnings — See Citizens Gas Co. 1st 5s of 1942. Listed on the Indianapolis Stock Exchange. Market. New York — Babcock, Rushton & Co., Sam'l Goldschmidt, Fred H. Hatch & Co. Boston — L. Sherman Adams, Blodget & Co. Providence, R. I. — Hornblower & Weeks, Sartorius & Co. Price Range. Jan. 1, '08, to Jan. 1, *Z1 1920 Bid. Ask. Bid. Ask. High 98*08 101^ '13 80 Jan. 85 Jan. Low. 70 '12 73 '20 71 June 73 Dec. INDIANAPOLIS LIGHT & HEAT CO. Cons. 5s. Due April 1, 1940. Dated April 1, 1905. Interest payable April 1 and October 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstanding: (Jan. 1, '21) 3,782,000 Reserved for Prior Liens 206,000 Resen-ed for Ext 428,000 Denomination — Coupon, $1,000. Registerable as to- principal. Trustee — ^American Trust Co., Boston, Mass., and Arthur V. Brown, Indianapolis. Redeemable at 102 and interest on and after April 1, 1925. Organization! — Incorporated in Indiana In 1904 as a consolidation of the Ind. Lt. & Pr. Co. and Marion County Hot Water Heating Co. Capitalization. Outstanding. Common $2,267,700 Funded debt 3,988,000 Secured by a mortgage on plants supplying flteam heat and electricity in Indianapolis. The company has competition in both elec- tricity and heating. The company surrendered its franchises June 30, 1917, and now operates under an- indeterminate permit from the Pub- lic Service Commission of Indiana. Prior Liens — $206,000 Indianapolis Light & Pr. 1st 6s of 1922. Years ended Dec. 31: Gross. Net. Interest. 1920 $3,251,967 $844,741 $222,607 1919 2,411,254 798,635 226,667 1918 1,925,074 668,205 225,314 1917 1,612,313 573,890 211,788 1916 1,367,724 519,380 190,579 1915 1,261,519 459,062 181,997 Original Market — Fletcher Amer. National Bank, Otto F. Haueisen & Co. Market. New York — Babcock, Rushton & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 97% '17 99% '15 81 Jan. 86 Jan. Low. 75 '20 80 '20 75 Aug. 80 Mar. INDIANAPOfLIS LIGHT & POWER CO. iBt 6s. Due July 1, 1033. Dated June 1, 1892. Interest payable Jan- uary 1 and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $400,000 Outstanding (Jan. 1, '21) 206,000 Retii-ed by S. F 194,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^American Trust Co., Boston, Mass. Redeemable for the sinking fund at 102 and interest prior to July 1, 1916, and par and interest thereafter. Sinking Fund — $10,000 per annum to be ap- plied to the redemption of bonds. Assumed by the Indianapolis Light & Heat Co. Control — Absorbed by the Indianapolis Light & Heat Co. Secured by a first mortgage on , portion of Iplant supplying electricity in Indianapolis, Ind., and suburbs. For further details see Ind. L. & H. 5s of 1940. Underlies — Ind. L. & H. Cons. 5s of 1940. Earnings — See Indianapjolis Lt. & Ht. Co. Cons. 5 s. Market. New York — Dunham & Co., Hartshorne & Battelle. Price Range. Jan. 1, '16, to Jan. 1, '31 1931 Bid. Ask. Ask. High 981^ '17 101 '17 50 Oct. Low. 94 '19 99 '16 50 Oct. 618 INDIANAPOLIS, NEWCASTLE & EASTERN TRACTION CO. 1st 6s. Due June 1, 1922. Dated June 1, 1912. Interest payable June and Dec. 1, at Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized $1,500,000 Outstanding 1,200,000 Reserved for Ext 300,000 Denomination — Coupon, $1,000. Registerable as to principal- Trustee — Fidelity Trust Co., Philadelphia. Redeemable as a whole at 101% and interest on any interest date upon eight weeks' notice. Guaranteed as to interest by the Union Traction Co. of Indiana under terms of lease. Organization and Control — The company was incorporated in Indiana in 1912 as successor to the Indianapolis, New Castle & Toledo By. (foreclosed). Its property was leased for 999 years from Oct. 25, 1912, to the Union Trac- tion Co. of Indiana at a rental equivalent to interest on bonds, dividends at 5% on $500,- 000 preferred stock and dividends of 1% on the $500,000 common stock, gradually increas- ing to 4% after 1920. In 1914 this lease was amended so. that dividends in excess of $1,050 on common stock are payable only if the net income for year ended June 30, beginning June 30. 1917, of the U. T. Co. of Ind., after taxes, interest and all rentals except these dividends, amount to more than $180,900, which excess, up U> $10,420, shall be applied to payment of these dividends, excepting that in any year in which a dividend of $50,00D shall have been declared on the 1st preferred stock of the U. T. Co. of Ind., then the addi- tional $10,420 shall be paid, notwithstanding the fact that the net earnings as above do not exceed $180,900, but total dividends paid under this lease shall In no event exceed $36,470, Capitalization. Outstanding. Common $500,000 Preferred (5% cum.) 500,000 Funded debt 1,200,000 Secured by a first mortgage, 68^ miles high- speed interurban electric railway from Indian- apohs to Newcastle and Muncie,- Ind. Under contract with the Indianapolis Traction & Ter- minal Co., extending to 1933, the company operates its interurhan cars in the streets of Indianapolis, entering the Indianapolis Inter- urban terminal. The road is constructed en- tirely on private right-of-way, except within city limits. The shortest franchise extends to April 7, 1933, fourteen years beyond the ma- urity of these bonds. Earnings— See Union Traction Co. of Ind. Original Market — $800,000 offered in June, 1912, by B. H. Rollins & Sons, New York, etc., at 101 and interest. Market. Philadelphia — Arthur J. Bender. Price Range. Jan. 1, '16, to Jan. I, '21 1920 Bid. Ask. Ask. High 921^ '16 98 '17 40 Sept. Low. 90 '16 97 '16 40 Sept. INDIANAPOMS NORTHERN TRACTION CO, 19 5s. Ihie July 1, 1932. Dated July 1, 1902. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstandine. .. .$5,000,000 Benomination — Coupon, $1,000. Register- ablo as to principal. Trustee — ^Equitable Trust Co., New York. Assumed by the Union Traction Co. of In- diana. Guaranteed principal and interest by the Union Traction Co. of Indiana by endorse- ment. Control — Absorbed by Union Traction Co. of Indiana. Secured by a first mortgage on 104 miles of first track and about 10 miles of other track extending from Indianapolis through Broad, Ripple, Noblesville and Tipton to Kokomo, and from Kokomo to Logansport and Peru, and from Tipton to Blwood. Earnings — See Union Traction Co. of In- diana. Original Market — $4,500,000 offered in 1904 at 96 and interest by Ervin & Co., and Chand- ler Bros. & Co., Philadelphia. Market. New York — Pred H. Hatch & Co. Philadelphia — Arthur J. Bender, Henry D. Boenning & Co., Geo. N. Pleming, McCown & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '09, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 92 '09 SSVa '09 45 Sept. 48 Jan. Low. 35% '20 40 '20 35% Aug. 40 Aug. INDIANAPOtlS, SHEIiBYVILLE & SOUTH- EASTERN TRACTION CO. 1st 5b. Due Jan. 1, 1932. Dated Jan. 1, 1902. Interest payable Jan. and July 1, at Continental & Commercial Trust & Savings Bank, Chicago, Interest Payment in Serin — Jan. 1, '19, In- terest was paid in 6 % certificates of indebted- ness due Jan. 1. 1921, issued by the Indian- apolis & Cincinnati Traction Co. These certifi- cates hold the same security under this mort- gage as the coupons for which they were ex- changed. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Oatstandingr (Jan. 1, '21) 414,000 Retired by S. F 86,000 Denomination — Coupon, $1,000. Trustee — Continental & Commercal Trust & Savings Bank, Chicago, 111. Redeemable as a whole at 110 and interest, or for the sinking fund at 105 and interest. Sinking Fund — $10,000 per annum from Jan. 1, 1908, to redeem bonds at 105 and Intereat In numerical order. Ck>ntrol — Absorbed by the Indianapolis * South Eastern Traction Co., whose property was acquired in 1911 by the Indianapolis A Cincinnati Trac. Co. Secured by a first mortgage on 26 miles of electric railway between Indianapolis and Shelbyville, Ind. This line extends to Greens- burg and an extension to Harrison, Ohio, is contemplated. Built on private right-of-way except in cities. Franchises in cities do not expire before 1954 except in Indianapolis^. where trackage contract expires in 19S4. Pop- ulation served, 1910, Indianapolis, 233,ff50'; re- maining territory, 12,000. ■CTnderlies — $586,000 Ind. & So. East. 5s of 1935. Earnings — See Indianapolis & Cincinnati Traction Co. Original Market — Offered by Denlson, Prior & Co., Cleveland and Boston, at 102 and in«- terest in Feb., 1903. Market. New York — Fred H. Hatch & Co. Price Range. Jan. 1, '13, to Jan. 1, *)J1 1920 Bid. Ask. Bid. Ask. High 95 '14 101 '13 80 Nov. 95 July Low. 63 '19 81 '19 C4 Feb. 85 Apr. INDIANAPOMS STREET RAILWAY CO. Gen. 4s. Due Jan. 1, 1933. Dated May 3, 1899. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — Payment of Peneral Income Tax not assumed by company. Authorized $7,00(T,000 Outstanding: (Jan. 1, '21 4,987,000 Retired by S. F 1,013,000 Cancelled 1,000.000 Denomination — Coupon, $1,000. Registerablo- as to principal. Trsstee — Guarantee Trust & Safe Deposit Co , Philadelphia. Sinking Fund — The original provisions ot the mortgage provided for annual payments of amounts sufficient to redeem the greater part of this issue at maturity. Bonds acquired were kept alive and interest added at fund. As of June 3, 1919 (consolidation date> $1,- 013,000 were held in fund and interest addedb thereto. Under terms of consolidation (see- under "Control") the operation of this sink- ing fund was suspended until Jan. 1. 1923;: payment of interest on bonds in funof discon- tinued; bonds held in fund cancelled; and' bonds acQuired hereafter are to be cancelled. Assumed by the Indianapolis Street Railway Co. (new company). Control — Incorporated in Indiana in 1899, In Dec, 1902, the property of the company was leased to the Indianapolis Traction & Terminal Co. for 31 yaers at a rental equivalent to taxes, interest and 6% on stock. Consolidated June 3, 1919, with the Indianapolis Traction & Terminal Co. under the name of Indianapolis Street" Ry. Co, The entire common stock: ($1,000,000) of the latter company is owned by the Terre Haute, Indianapolis & ElELsterre- Traction Co. Secured by a first naortgage on a portion of^ the street railway lines in Indianapolis, Ind.» and a second mortgage on the remainder- total length of track,^ 156.73 miles. Fran- chise provides for an annual rayment to the city of $30,000 to 1925 and $50,000 there- after. The franchises gives to the city the right to purchase the property of the company during 1932 at a price which- shall not include any valuation for the franchise. Prior liien — $4,000,000 Citizens St .Ry. Co. 53, 1933. Years ended Dec. 31 (Consolidated): Gross. Net. tCharges. 1920 $5,367,936 $790,597 $928.6^1 1919 4,738,941 1,078,937 856,461 •1918 3,573,499 1,156,092 1,498.940 *1917 3,654.634 1,442.621 1,467,838 •1916 3,638,908 1,573,779 1,451,228 •1915 3,362,392 r,429,429 1,426,230 •1914 3,378,757 1,383,080 1,409,591 ♦Income statements. of old Indianapolis Trac tlon Terminal Co. tincludes rentals, interest and sinking- funds. Sinking fund operations suspended June 3, "19. For details see "Sinking Fund." Usted on the Philadelphia Stock Exchange. Market. New York — Babcock, Rushton »& Co., Sam'l •Goldschmidt, Hartshorne & Battelle. Philadelpliia — Arthur J. Bender, Henry D. Boenning & Co., Huntoon & Co., Samuel K. "Phillips & Co. Price Range. Jan. 1, '09, to Jan. 1, 21 19?0 Bid. Ask. Bid. Ask. High 86% '09 87^^ '09 61 Jan. 68 Jan. Low. 52 '20 60 '20 52 June 60 June INDIANAPOLIS TRACTION & TERMINAL CO. 1st S. F. 5s. Due Jan. 1, 1933. Dated Jan. 1, 1903. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company wthout deduction. Authorized $5,000,000 Outstanding- (Jan. 1, '21) 3,8.33,000 Retired by S. P 1,167,000 Denomination — Coupon, $1,000. Register- able as to principal. \ Trustee — Guarantees Trust & Safe Deposit Co., Philadelphia. Redeemable at 102.% and interest on any in- terest date. Sinking Fund — Annually beglnnng Jan, 1 , 1904, 1 1-5% of outstanding bonds for the pur- chase or redemption of these bonds at not to exceed 102 1^ and interest. Under the terms of consolidation the opera- tion of this fund is suspended until Jan. 1, 1923, and bcfnds acquired by this fund in the future will not be kept alive. Assumed by the Indianapolis Street Ry. Co. (new company). Control — Incorporated in Indana in 1902 and leased the property of the old Indianapolis Street Ry. Co. Consolidated with Indianapolis Street Ry. Co. June 3. 1919, under the name of Indianapolis Street Ry. Co. All of the com- mon stock ($1,000,000) of latter company is owned by the Terre Haute, Indianapolis & Eastern Trac. Co., except directors' shares. Secured by a first lien on a nine-story ter- minal station and ofRce building in Indian- apolis, costing about $1,000,000; on about 24 miles of single track in Indianapolis, and also a first lien on the 31-year lease of the Indian- apolis Street Ry. Co. Earnings — See Indianapolis Street Ry. Co. Gen. 4s, Market. New York— Babcock, RuRhton & Co.. Joseph Bird Ford, Hartshorne & Battelle. Philadelphia — Arthur J. Bender, Henry D. Boenning & Co., Geo. N. Fleming, Huntoon & Co., McCown & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 99 V2 '12 101 '09 691/2 Nov. 72i^ Nov. Low. 55f. '19 65f. '19 62 Apr. 67 July INDIANAPOLIS UNION RAILWAY 1st 4V2S. Due May 1, 1926. Dated May 1, 1886. Interest payable ■ May and Nov. 1, at Fidelity Trust Co., Philadel- pbia. Tax Status — 2% Federal Income Tax paid by company. „„„ „„„ Authorized '^■»S2'SSS Outstanding (Jan. 1, '21) Z??'??? Retired by S. F • • • 294,000 Denomination — Coupon, $1,000, Trustee — Fidelity Trust Co., Philadelphia. Sinldng Fund — 1% per annum of outstand- ing bonds and 4 ',4 % of bonds that have been retired to be applied to the purchase of bonds at not exceeding par and interest. Guarantee — The junior bonds are guaranteed jointly and severally as to principal and in- terest by the P., C. & St. L. Ry. Co., the Vandalia R. R. Co. and the C, C, C. & St. L. Ry. Control — ^Incorporated in Indiana in 1850. The company's property is used by the be- low-mentioned roads, which pay a fixed rental to cover interest, taxes, etc., as well as an additional rental on train and mileage basis. The P. C, C. & St. L. and C, C, C. & St. L. companies own tlie property, havin? invested In It as of Deo. 31, 1920, $1,088,646. Secured by a iirst mortgage on terminal railway property, including the Union Station in Indianapolis used by all of the- railroads entermg that city, as follows: Chi., Ind. & Louisv. ; Gin., Ind. & West'n. ; C, C, C. & St. & St. L. ; Lake B. & West.: P., C C. & St. Tj. R. R. and 111. Cent. The company also leases 14 miles of road belonging to the Belt R. R. & Stockyards Co. of Indianapolis, which constitutes a belt line connecting all of the railroads entering Indianapolis. Underlies — Gen. & Ref. Mtge. of 1965 under whj^h bonds are reserved to retire this issue. Market. New York — Babcock, Rushton & Co., Joseph Bird Ford, Hartshorne & Battelle, Chas. W. Place. FMladelphia — Isaac Starr. Jr. & Co. Price Range, Jan. 1, '05, to Jan. 1, '21 19.80 High Low. Bid. 100 '15 75 '20 Ask. 83 '18 Bid. 84 Jan. 75 Nov. RAILWAY Gen. & 'B" 6s and "C" 6s. INDIANAPOLIS UNION Ref. Series "A" 5s, Due Jan. 1, 1965. Dated "A'* 5s January 1. 1915: "B" 6s Jan. 1, 1919: "C" 6s Jan. 1, 1920. Interest payable Januai-y 1 and July 1, at Farmers' Loan & Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding 4,000.000 Pledged to Secure 6% Notes — "B" 63 $2,000,000 "C" 6s 3,000,000 5,000.000 Reserved for Prior Liens 706,000 Reserved for ext 294,000 Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustees — Farmers' Loan & Trust Co., New York, and Union Trust Co., Indianapolis, Ind. Redeemable as a whole or in series fifteen years from date, or on any interest date there- after, at 103 and interest. Sinking Fund — Beginning in 1926, 1% per annum of outstanding bonds, to be applied to retirement of these bonds. Guaranteed as to principal and interest jontly and severally by the Pittsburgh, Cin- cinnati. Chicago & St. Louis Ry. Co. and the Vandalia R. R. Co. of the Pennsylvania Sys- tem, and the Cleveland. Cincinnati, Chicago & St. Louis Ry. Co. of the New York Central System. Control — See 1st 4%s of 1926. Secured by a second mortgage on the prop- city described under the first 4%s above. Prior Lien— $706,000 1st i%e for the re- tirement of which bonds of this issue are reserved. listed on the New Torlt Stock Exchange. OrigLial Market — Offered in April, 1915, by William A.. Read & Co., New York, Boston, Phijadelpha ,etc. ; Harris, Forbes & Co., New Tork. and The Union Trust Co., Pittsburgh, at 99 '^ and interest. Market. New York — Babcock, Rushton & Co., Fin- lay & Jjavenport. Philadelphia — Biddle & Henry, Isaac Starr Jr. & Co. ]l,ouis%'iIle, Ky. — Fidelity & Columbia Trust Co., J. J. B. Hllliard & Son. Price Range, Jan. 1, '16, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 103% 'IS 104% '16 S5 Jan. 88 July Low. 71 '20 80 '20 71 Aug. SO Pec. INDIANAPOLIS UNION BY. CO. S-Year 6% Secured Notes. Due February 1, 1923, Dated Feb. 1, 1920. Interest payable Feb. and Aug. 1, at Union Trust Co., Pittsburgh. Tax Status — 2% Federal Income Tax paid by the company without deduction. Anthorized $4,250,000 Oatstandlng 4,000.000 In Treasury 260,000 Denomination — Coupon, $1,000. Trustee — Union Trust Company, Pittsburgh. Redeemable in whole or in part by lot at 101 and interest on 30 days' notice. Control — See 1st 4%s. Secured by pledge of $5,000,000 Gen. & Bet. 6s, due Jan. 1, 1965. Original Market — $4,000,000 offered January, 1920, by Harris, Forbes & Co., and William A. Read & Co., New York, and Union Trust Company, Pittsburgh. Market, New York — Babcock, Rushton & Co. Philadelphia — Reed A. Morgan & Co., Isaac Starr, Jr. & Co., Parsly Bros. & Co. Pittsburgh — The Union Trust Co. of Pitts- burgh. Louisville, Ky. — Fidelity & Columbia Tru.st Co., J. J. B. Hilliard & Son. Price Range 1930 Bid. Ask. High 96 Jan. 98 Jan. Low 90 Dec. 94 Nov. INDIANAPOLIS WATER CO. 1st & Bef. 4%s. Due Jan. 1, 1940. Dated January 1, 1910. Interest payable Jan. and July 1, at Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized $10,000,000 Outstanding 3,701,000 Reserved for Prior Liens 2,369,000 Reserved for Refunding Ex- penses 160,000 Reserved for Ext 3,780,000 Denomination — Coupon, $1,000. Registerable as to prinipal. Trustees — Bankers' Trust Co., New- York, and Albert Baker, Indianapolis. Redeemable at 104 and interest on any in- ■ terest date. Depreciation Fund — Three-quarters of 1% annually of outstanding bonds. No expendi- tures may be made from the fund except for replacements and renewals of the property and then only with the consent and authority of the Trustee. Oraniza.tion — ^See Gen. 5s of 1926. Secured by a second mortage on property dPscribed under Gen. 6s of 1926. Additionally secured by pledge of $469,000 Gen. 6s of 1926. ^ ,„„, Prior Liens — $2,369,000 General 6s of 1926, for the retirement of which bonds of this issue ha*v6 been reserved. Original Market^Oftered in 1911 by White,. Weld & Co., New York, etc., and Indiana Na- tional Bank, Indianapolis, Ind. Market. New York— Fred H. Hatch & Co. Pluladelphia — Brown Bros. & Co., Grahamv Parsons & Co. Price Range. Jan. 1, '11, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 92 '13 95 '18 77 Aug. S^ jan_ Low. 65 '18 70'1S 68 Mar. 71 Oct. INDIANAPOLIS WATER CO. Gen. Ss. Du» July 1, 1926. Dated July 1, 1896. Interest payable Jan. and July 1, at New York Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding (May 1, '21) $2,359,000 Retired by S. F 72,000 Deposited under 1st Ref. Mtge. . 469,000 Denomination — Coupon, $1,000. Trustees — New York Trust Co., New York,. and Albert Baker, Indianapolis. Redeemable at par and interest on any in- terest date on three months' notice. • Sinking Fund — ^$10,000 to be applied an- nually, commencing Jan. 1, 1912, to purchase these bonds at not over par. Organization and Control — Incorporated in- Indiana in 1881. Charter expires in 1958. Practically the entire capital stock is owned by The Indianapolis Water Works Securities Co, Captalization. Outstanding. Common $5,000,000' 1st Preferred 507,500- Funded debt 6,080,000- Secured by a first mortgage on plant sup- plying filtered water in Indianapolis, Ind. Population served, 300,000. Franchise has no- time limit, but has provision for purchase by- city. Underlies — ^Indianapolis Water Co. 1st ft Ref. 41^3 of 1940. Bonds are reserved under' the" la.tter mortgage to retire this issue. Market. New York — Fred H. Hatch & Co. Price Range. Jan. 1, '11, to Jail. 1, '31 1920 Bid Ask. Bid. Ask. High 101 '11 103 '11 93 Jan. 96 Jan. Low. 86 '20 87% '20 85 Aug. 87% Sept. INDIANAPOLIS WATER WORKS SECURI- TIES CO. Coll. Tr. 6s. Due Jan. 1, 1948. Dated January 1, 1913. Interest payabl* April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid,' by company without deducton. Pennsylvani'fc State tax refunded. Authorized $2,600,0()O Outstanding (Feb. 23, '21) 2,414,000 Held in S. F 86,000 Denomination — Coupon, $1,000. Registerablo- as to principal. Trustee — Pennsylvania Co. for Insurances. on Tjives and Granting Annuities, Philadelphia. ■ Redeemable on and after April 1, 1916, at", 102 '^ and interest on any interest date. Sinking Fund — Annual amounts, plus inter-- ept on bonds acquired, beginning March 1,. 1916, as follows: $10,250, 1916, $12,000,. 1917. each March 1 until March 1, 1929, in-- clusivp, $2,000 added to the amount paid tho- precedins March 1, and $36,000 each Marchi ,1 thereafter. Fund applicable to the pur- chase or redemption of these bonds at not over 102 ^ and interest. Bonds so acquired are held alive and interest added to this fund. Or£:anization — The Indanapolis "Water Works Securities Co. was incorporated in Delaware in 1912, and owns the entire capital stock of the Indianapolis Water Co. Capitalization. Outstanding, Ccmmon $2,000,000 Preferred (7% cum.) 1,500,000 IFunded debt 2,414,000 Secured by a deposit with the Trustee of »4,999,300 out of $5,000,000 capital stock of Ehe Indianapolis Water Co. Por description of property, see Ind. W. Co. 1st & Ref. 5s. Prior liiens — $2,369,000 Gen, 5s of 1926 and J3, 701,000 1st & Ref. 4^s of 1940 of the In- dianapolis Water Co. Orisinal Market — $2,500,000 offered Jan., 3 913. by Drexel & Co. and Brown Bros. & Co., Philadelphia, at 100 and interest. Market. Philadelphia — Arthur J. Bender, Henry D. Boenning & Co., Brown Bros. & Co., Gra- liam. Parsons & Co., Huntoon & Co., Samuel JK, Phillips & Co. Price Range. Jan. 1, *1G, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask Hi&h 101 '17 101% '16 80 Nov. ^3 Dec. IjOW. 80 *20 83 '20 80 Nov. S3 Dec. INDUSTRIAL TERMINAL CORP. (Detroit, Mich.) 1st S. F. 6s. Dne Feb. 15. 1933. Datefl Feb. 15, 1918. Interest payable Feb, 15 and Aupr. 15, at Security Trust Com- pany, Detroit. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in Michigan. Authorized $600,000 Outstanding 536,000 Retired by S. F 64,000 Denomination — Coupon, $1,000, $500 and $100. Trustee — Security Trust Company, Detroit. Redeemable on any interest date at 101 and tnterest. Sinking Fund — The trust deed provides that a, sinking fund of not less than $40,000 per annum shall be deposited with the Trustee on or before the first day of January, 1919. and each year thereafter, and also that the interest on the total amount of bonds, or $36,- <»00 per year, be also deposited with the Trus- tee and the surplus, after paying the bond Interest, together with the sinking fund, shall be applied by the Trustee to the purchase of bonds in the open market or by calling bonds at 101 and interest. All bonds so purchased shall be cancelled. Organization and Control — Incorporated in Michigan February, 1918, to take over a plant partially completed by the Saxon Motor Car Corp. The entire stock of the company is owned by the Scripps-Booth Corporaation. Capitalization. Outstanding. Common $800,000 Fimded debt 536.000 Secured by a first mortgage on forty acres of land located in Detroit, six miles from the City Hall, on the Detroit Terminal Railway (Belt Line) with improvements consisting of a modern building of concrete and steel con- struction. The land and buildings are valued at more than $1,200,000. Original Market — $600,000 offered February, 1918, by Port Dearborn Trust & Savings Bank, Chicago, at 96% and interest. Market. New York— Joseph Bird Ford. INGP^RSOIX-RAND COMPANY Isfc 5s. Dae Dec. SI, 1935. Dated January 1, 1906. Interest payable Jan. and July 1, at office of the company, 11 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 1,000,000 Retired 1,000,000 Reserved for Add 1.000,000 Denomination — Coupon, $1,000. Registerable as to principal. C. & R. interchangeable. Registered, $100, $500, reconvertible" into cou- pon bonds of $3,000. • Trustees — New York Trust Co., New York, and Joseph P. Grace. Redeemable at 105 and interest on any in- terest date. Organization — Incorporated in New Jersey in 1905 as a consolidation. Capitalization. Outstanding. Common $10,900,035 • Preferred (6% cum.) 2,525,500 Funded debt 1,000,000 Secured by a first mortgage on- plants lo- cated at Phillipsburg, N. J., covering 200 acres of ground, and Baston, Pa., covering 22 acres of ground. These plants comprise 3 4 build- ings, fully equipped for the manufacture of air compressors, rock drills and other min- ing equipment. Further secured by the deposit of the entire capital stock, $100,000, of the Rand Drill Co., owning plant covering 8 acres at Painted Post, N. Y., and of the Imperial Engine Co., $20,000, owning plant covering 8 acres at Painted Post, N. Y., both of which plants are free from mortgage debt. Years ended Dec. 31: Net. Dep'n. Bond Int. 1920 $5,841,191 $1,184,200 $50,000 1919 8,116,551 1,156,726 50,000 1918 10,800,765 983,167 50.000 1917 9,674,182 858,582 50.000 1916 7.925,156 619,539 50,000 listed on the New York and London Stock Exchanges. Market. New York— Fred H. Hatch & Co. Price Range. Jan. 1, '08, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 103^ '16 105 '16 95 Jan. 100 Jan. Low. 80 '18 90 '08 80 Mar. 95 Sept. 622 INIiAND STEEL CO. 1st Serial 6s. Due $150,000 April 1st each year to 1928, in- clusive. Dated April 1, 1908. Interest payable April and Oct. 1, at Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding: (May 1, '21) 1,050,000 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — First Trust & Savings Bank. Chi- cago. Assumed by the Inland Steel Co. (Delaware corporation). „ Organization — See Ext. & Ref. 6s. Secured by a first mortgage on iron and steeel plants located at Indiana Harbor, Ind., and Chicago Heigthts, 111., and a first lien on leases to three producing ore mines in the Mesaba and Cuyuna Ra,nges in Minnesota. Underlie? — Ext. & Ref. 6s of 1942. Bonds are reserved under that mortgage to retire this issue. Earnings — See Ext. & Ref. 6s. . Original Market — $3,000,000 offered in Nov.» 1908, by Eversz & Co., Chicago. Market, New York — Ames, Emerich & Co. Cbicagro — Eversz & Co., First Trust & Sav- ings Bank. Pittsburgh^Edward A. Owens & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 5^% '16 5% '16 98 Mar. 101 Mar. Low. 6% '19 5%% '17 INLAND STEEL COMPANY Extension & Bef. 6s, Series "A." Due July 1, 1942. Dated July 1, 1912. Interest payable Jan. and July 1, at New York or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorizecl $10,000,000 Outstanding (Jan. 1, '21) 4,091,000 Retired by S. F 909,000 Reserved for Prior Liens 1,050,000 Reserved for ext 3,950,000 Denomination — Coupon, $1,000. Regiaterable as to principal. Registered, $5,000 and $1,- 000. C. & R. interchangeable. Trustees — First Trust & Savings Bank and Bmile K. Boisot, Chicago. Redeemable at 103 and interest July 1, 1915, or on any interest date thereafter upon 60 days' notice. Sinking Fund — On the first $2,500,000 bonds issued (Series "A") an annual sinking fund of 4% of outstanding bonds commences July 1, 1928- On bonds issued in excess of the first $2,500,000 the annual sinking fund of 4% out- standing bonds becomes operative at once. Amounts so received to be applied to tbe purchase or redemption of these bonds at not exceeding 103 and interest. In addition to the above the company agrees to pay the Trustee $150,000 annually, commencing July 1, 1913, and ending with 1928, either in cash, iij the 1st Refunding 6s (prior lien) or in bonds of this issue. Bonds so acquired shall be can- celled and cash received shall be applied to the purchase or redemption of these bonds at not exceeding 103 and interest. Assumed by the Inland Steel Co. (Delaware corporation). Organization — Incorporated in Illinois In 1903. Reincorporated in Delaware in 1917. Capitalization. Outstanding. Common $25,175,175 Funded debt 5,111,000 Secured by a second mortgage on all prop- erty described under 1st 6s above. The mort- gage provides that the net quick assets of the company shall always be at least 50% of the amount of outstanding bonds of this issue, and shall never be less than $2,500,000 during the life of these bonds. Prior Liens — $1,200,000 1st Serial 6s, pay- able $150,000 annually, April 1, to 1928. Tears ended Dec. 31: •Net. Dep'n. Interest. 1920 $6,066,560 $1,634,389 $325,110 1919 . . 6,830,146 1,424,052 340.931 1918' . . 7,473,512 1,953,713 353,250 1917 12.740,783 1,769,166 436,549 1916! 11,365,477 539,241 375,450 •After Federal taxes. Original Market — $1,600,000 offered In July, 1912, by the First National Bank, Chicago, and Potter, Choate & Prentice, New Tork, at par and interest; also $1,000,000 offered in December, 1912, by the First National Bank, Chicago, at 102 and Interest. $1,000,000 of- fered in February, 1915. by the First Trust & Savings Bank, Chicago, at 101 and interest. Market. Chicago — First Trust & Savings Bank, First Natonal Bank, Pynchon & Co., Ames, Emerich & Co., Curtis & Sanger. New York — Morton Laohenbruch & Co., Pyn- chon & Co. Boston — Hornblower & Weeks. Price Range. Jan. 1, '16, to Jan, 1, *21 1930 Bid. Ask. Bid. Ask. High 104% '17 105 '16 100 Jan. 102 Jan. Low. 91 '20 96^ '20 91 Oct. 96% June INSTITUTION FOB ENCOURAGEMENT OF IRRIGATION WORKS AND DEVELOP- MENT OF AGRICULTURE, S. A. 35- Tear S. F. Guar. 4%s. Due Nov. 1, 1943. Dated November 1, 1908. Interest payable May and Nov. 1, at Speyer & Co., New Tork, and at Mexico City, London, etc. Default — iMay 1, 1914, and subsequent inter- est in default. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. . .$25,000,000 Denomination — Coupon. $100, $500 and $1,- 000. These bonds are payable in foreign countries at the following equivalents: $1,000 bonds at £205-15-2; Marks, 4,200; Francs, 5,180; Guilders, 2,480. $500 bonds at £102-17- 7; Marks, 2,100; Francs, 2,590; Guilders, 1,- 240, $100 bonds at £20-11-6; Marks, 420: Francs, 518; Guilders, 248. Trustee — The New Tork Trust Co. , New Tork. Redeemable as a whole only at 101 and in- terest any interest date after Nov. 1, 1918, on three months' notice, or, any part for sinking fund at 100 and interest on two weeks' notice. Sinking Fund — After Nov. 1, 1918, a cumula- tive sinking fund of not less than 1V6% an- nually of total amount of bonds issued, the bonds to be drawn for redemption at par and Interest, bonds so drawn to be kept alive for benefit of sinking fund and interest accruing thereon to be added to sinking fund. Guaranteed principal, interest and sinkng fund by the Mexican Government by enedorse- ment on each bond. Organization — Incorporated in Mexico in 1908. Capitalization. Outstanding. Common , $5,000,000 Funded debt 25,000,000 Security — The institution was organized to make loans for -the encouragement of irriga- ton and agricultural works and stock raising, and. In exceptional cases, mining. Loans are to be secured by mortgage and pledge of prop- erty, or guaranteed by companies authorized by the Mexican Government to finance enter- prises falling within the sphere of this con- cession. Loans shall not exceed 60% of the value of the property, lasted on the New Tork Stock Exchange. Original Market — Underwrtten in 1908 by Speyer & Co., New York; Speyer Bros., Lon- don; Lazard Speyer-Ellissen, Frankfort-on- Main; Deutsche Bank, Berlin, and Teixelra de Mattos Bros., Amsterdam. Market. New York — Speyer & Co. Price Range — N. Y. S. E. Jan. 1, '10, tb Jan. 1, '21 1930 High 97% Mar. 9, '10 31 Nov. 26 Low. 30 Nov. 22, '20 30 Nov. 22 623 INTKBBOROUGH-METROPOLITAN CO. Coll. Tr. 4%s. Due April 1, 1956. Dated April 1. 1906. Interest payable April and Oct. 1, at Company's office. New York. Default — April 1, '19 and subsequent Inter- est. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $70,000,000 Outstanding: (Jan. 1, '21) 64,252,000 Held in S. F 3,543,000 Reaerred to Acquire I. B. T. Stock 2,175,000 Denomination' — Coupon, $1,000. Registerable aa to principal or fully registerable. Regis- tered. $1,000, $5,000, $10,000. C. & R. inter- changeable. Trustee — Empire Trust Co., New York. Sinking Fund — On June 2, 1910, a resolution was passed by the directors of the company, appropriating $300,000 annually out ,of any surplus income in the hands of the company after the payment of interest and taxes upon Its obligations for the acquisition of its 4^% collateral trust bonds. These bonds are to be acquired in the open market at not exceeding par and interest, and are to be held alive by the Trustees and interest thereon added to the fund. It is estimated that the fund will amount to over $40,000,000 at maturity. Control — Incorporated in New Tork in 190 6 as a holding company and acquired practically all the capital stock of the Interborough Rapid Transit Co., the Metropolitan Street Ry. Co. and the Metropolitan Securities Co. The In- terborough Rapid Transit Co. controls the Sfubway and elevated lines, through lease with the city and Manhattan Elevated Company, and the Metropolitan interests own the surface lines. In June, 1915, this company was suc- ceeded by the Interborough Consolidated Corpo- ration. Capitalization (I. C. Corp.). Outstanding. Common (no par) 932,626 shs. Preferred (6% non-cum.) $45,740,500 Funded debt 64,282,000 Protective Committee — Grayson M. P. Mur- phy, Chairman; S. McHugh, C. A. Peabody, C. S. Sargent, Sr., J. A. Stillman, F. Strauss ■with J. A. Griswold, Secy., and Guaranty Trust Co., N. Y.. depository. Reveivership — J. R. Shefield appointed re- ceiver of Interborough Consolidated Corp. Mar. 21. '19. Secured by a first lien on $33,912,800 out of $35,000,000 stock of the Interborough Rapid Transit Co. at the rate of $100 in stock for each $200 in bonds. The company covenants that until all theae bonds are paid, the Inter- borough Rapid Transit Co. will not increase its capital stock unless all such additional stock be deposited with the Trustees. Usted on the New Tork Stock Exchange. Market. New York — Newborg & Co., Rollins, Kalb- fleisch & Co. Price Range— N. Y. S. E. Jan. 1, *06, to Jan. 1, '31 1931 High 90^4 May 11, '06 24% Oct. 21 Low. 11 July 31, '20 11 July 31 Ctfs. of Deposit. High 41% June 9, '19 23i^ Oct. 21 Low. 10 Aug. 19, '20 10 Aug. 19 INIFERBOROUGH RAPID TRANSIT CO. 1st & Ref. 5s. Dae January 1. 1966. Dated January 1, 1913. Interest payable January 1 and July 1, at office of Treasurer of Company. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In New Tork. Authorized • $300,000,000 Oatstanding: (Jan. 1, '21) 154,770,000 Pledged under 7% Conv. Notes of 1931 61,249,000 Held in S. F 6,153,000 Reserved for Ext 77,828,000 Denomination — Coiipon, $1,000. Register- able as to principal. Registered, $1,000, $5,000, $10,000 and multiples thereof. O. & R. Interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date as a whole or in amounts of not less than $500, 000 or in any amounts for the sinking fund, at 110 and interest. Sinking Fund — On July 1, 1918, and semi- annually thereafter, an amount equal to % of 1% of bonds issued, payable in cash or bonds, to be applied, if cash, to the purchase. of these bonds at not exceeding 110 and interest. If not purchaseable bonds shall be called. And all bonds so acquired are to be kept alive and interest added to sinking fund. This fund will retire $156,000,000 of these bonds before maturity, and provision is made for the retirement through increase of sinking fund payments of additional bonds which may be issued. Organization and Control — Incdrporated In New York in 1902. $33,912,800 of the $35,- 000,000 capital stock owned by the Interbor- ough Consolidated Corporation and deposit- ed under Interborough-Metropolitan Co. Coll. Tr. 4%s of 1956. Capitalization. , Outstanding. Common $35,000,000 Funded debt 193,476.000 Receivership — See Interborough-Metropol- itan Co. Coll. Tr. 41/3.3. Pi'otective Committee — J. P. Morgan, chairman; Frederic W. Allen, George F. Baker, Jr., Allen Forbes, G. Herman Kinni- cutt, H. C. McEldonney, John J. Mitchell, Dwight W. Morrow, P. H. Shipman and James A. Stillman, with William Swing, Secretary, 23 ."Wall St., New York. Secured by a first lien on leasehold in- terest of the company in the Broadway and Lenox Ave. subways and the Brooklyn sub- way, which leases extend, with renewals, be- yond 1979 and 1960, respectively, and in the 999-year lease of the Manhattan Elevated Ry., which operates all of the elevated rail- road in the boroughs of Manhattan and the Bronx. These lines include 26 miles of sub- way (85 miles of track) and 38 miles of ele- vated road (US miles of track). Further secured by a first lien on contracts with the city providing for the operation of 147 miles additional of subway track and 21 miles of elevated track. ^ Further secured by a first lien on all power houses and equipment used in connection with the operation of the sub- way, but subject to the lien of the city to assure performance of the terms of the lease. Elamings — Under the contract with the city the company is entitled to receive a sum estimated at $14,700,000, after which the city will receive 8.76% of the money (about $66,000,000) which it will invest in the sub- ways. Above this the city and company will share equally in earnings. fears ended June 30 (con.<=iolidated) : (jrross. Net. * Charges. 1920 $51,478,411 $17,768,160 $20,003,995 1919 43,207,210 14,447,029 18.25-(,a6» 1918 40,497,728 18,219,408 13.556,649 1917 39,806,146 20,970,545 12,085,187 1916 35.891.528 20,122.587 11,409,260 ♦Includes interest, sinking fund and rentals, viz., interest on Manhattan Ry. Co. stock. Listed on the New York and London Stock Exchanges. Market. New York — Hodenpyl, Hardy & Co., Kissel, lOnnicutt & Co. Cincinnati — Fifth-Third National Bank. Baltimore — Robt. Garret & Sons. Chicago — Northern Trust Co., Paine, Web- ber & Co., Harris Trust & Savings Bank. Central Trust Co. of Illinois, Pynchon & Co! Portland, Me. — Fidelity Trust Co. Los Angeles — Blankenhorn-Hunter-Dulin Co. Minneapolis — Minnesota Loan & Trust Co Price Kangre— N. Y. S. B. Jan. 1, '15, to Jan. 1, '81 1930 High 991^ Dec. 31, '15 58 M'lr. 13 Low. 41% Aug. 13, '20 41% Aug. 13 INTBRBOKOTJGH KAPID TRANSIT CO. 3- Ifeai- 8ecm-ed Convertible 7% Notes. Due Sept. 1, 1921. „I>atea Sept. 1, 1918. Interest payable March 1 and Sept. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $39,416,000 Outstanding: (Jan. 1, '21) 38,706,000 Pui-pose of Issue — The proceeds are to be applied to the purchase of rolling stock and electrical equipment. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable at 103 and interest if prior to Sept. 1, 1919; at 102 if thereafter and prior to Sept. 1, 1920; and at 101 if thereafter and prior to maturity. Convertible into Interborough Rapid Tran- sit Co. 1st & Ref. 5s at 87% with adjust- ment of interest at any time prior to ma- turity, provided notice of any election to convert after Aug. 1, 1921, be given on or prior to that date. Organization — See 1st & Ref. 6 s. Secured by pledge of $61,249,000 Inter- borough Rapid Transit Co. 1st & Ref. 6s, due Jan. 1, 1966, equivalent to pledge of the bonds at a price of 64. Earnings — See 1st & Ref. 5s. Original Market — $33,400,000 offered Sept., 1918, by a syndicate headed by J. P. Morgan & Co., First National Bank, National City Co., Harris, Forbes & Co., Lee, Higginson & Co., Kissel, Kinnicutt & Co., and Halsey, Stuart & Co., at 98% and interest. Market. New Yorlc — T. Hall Keyes & Co., Salomon Bros. & Hutzler, Seasongood, Haas & Mac- donald. Boston — Curtis & Sanger. Price Rangre. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96% '18 100 '18 711/2 Nov. 75 Apr. Low. 62 '20 64 '20 62 Sept. 64 Sept. INTBRMOTJNTAIN RAILWAY, LIGHT « POWBR CO. (Colorado-Wyomingr-Ne- braska System) 1st 66. Due Aug:. 1, 1942. Dated August 1, 1912. Interest payable February 1 and August 1. at Guaranty Trust Co., New York, and at 'Trustee's. Tax Status- — 2% Federal Income Tax paid by company "without deduction. Authorized $2,000,000 Outstanding 1,050,000 Retired by S. F 43,600 Reserved for Prior Lien 66,000 Reserved for Bxt 861,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustee — Colorado Title & Trust Co., Colo- rado Springs, Col. Redeemable at 105 and interest on any in- terest date from August 1, 1917, to August 1, 1932, and at 102% thereafter. Sinking: Fund — $3,000 bonds shall be pur- chased and cancelled annually to 1917, and from 1917 to 1921, 2% annually of outstand- ing bonds, 1922 tf> 1926,- 3%; 1927 to 1931, 4%; 1932 to 1936, 6%, and thereafter to maturity 6^o. ^ ^ . „ , ^ , Orgranization — Incorporated in Colorado in 1912. Capitalization. Outstandins. Common $1,000,000 Preferred (7% cum.) 482,400 Funded debt 2,137,000 Secured by a mortgage on plants supplying electricity in Laramie, Wyo. , Lamar and Lai Animas Co., and Chadron, Holdredge, Scotta Bluff, Gering, and Crawford, Neb., and steam heat in Lamar, Chadron, Laramie, Scotls Bluff and Crawford and ice in Las Animas, Chadron and Holdredge. Note — Additional property owned by this company is covered by lien of the First and Prior Lien MoreagB which see for detail. Prior Liens — $66,000 (closed mortgage) La- ■armie Lt. & Pr. and Laramie El. Co. bonds. JGarnings — See 1st & P. L. 6s. Original Market — Offered in January, 1916, by Liggett, Hichborn & Co., New York, Bos- ton, and Augusta, Me., at par and interest. Market. New York — ^Chas. A. Day & Co. Price Range. Jan. 1, '16, to ,Jan. 1, '21 1920 Bid. Ask. Ask High 99 '16 102 '16 65 Dec. Low. 60 '20 90 '19 026 INTERMOUNTAIN RAILWAY, LIGHT & POWBR COMPANY (Missouri-Texas Syu- teoi) 1st and Prior Lien 6s. Due Jan. 1, 1937. Dated Jan. 1, 1917. Interest payable Jan, 1 and July 1, at Equitable Trust Co., New York, and Colorado Title & Trust Co., Colo- rado Springs. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 642,000 In Treasury 39,600 Pledged to Secure Bank Loans... 125,000 Reserved for Corporate Pur- poses 27,000 Provisions of Issue — ^Additional bonds may be issued only when net earnings for twelve consecutive months within the period of four- teen months next preceding the time of pro- posed issue is equal to twice the interest charges on all outstanding bonds, Including those to be issued. Purpose of Issue — To acquire property cov- ered by the lien of this mortgage. Denominations — Coupon, $100, $500 and $1,000. Registerable as to principal. Trusteee — Colorado Title & Trust Company and "William I. Howbert, Colorado Springs, Col. Redeemable — ^From 1921 to 1926, inclusive, at 103, from 1927 to 1931 at 102, thereafter at 101. Sinking Fund — Beginning Jan. 1, 1921, to 1925 inclusive 1% annually, on bonds out- standing, from 1926 to 1930 inclusive, 2%, and from 1931 to maturity 3%. Organization — See 1st 63. Secured by a mortgage on plants supplying electric light and power in Tarkio, Mount City, Stanberry, Mo., Auburn, Neb., and Sour Lake, Texas, and also on ice plant at La Junta, Col. Note — Additional property owned by the company is covered by the lien of 1st 6s of 1942, which see for detail. Prior Lien — $60,000 (Closed Mortgage) 6% bonds on the Tarkio, Mo., property, to retire which bonds of this issue are reserved. Years ended Dec. 31 (consolidated); Gross. Net. Interest. 1919 $794,644 $208,169 $127,719 1918 622,891 130,808 116,590 1917 688,299 181,906 104,160 1916 248.799 103,514 44,709 1916 164,662 62,274 29,773 Original Market — Offered Jan., 1919, by Dodge & Ross, Chicago, at 97 and interest. Market. New York — Morton Lachenbruch & Co., Chas. A. Day & Co. Pi'ice Gangre Jan. 1, '18, to Jan. 1, 'gl -19%<) Bid. Ask. Ask. High 91 '19 97 '19 65 Low 94% '19 65 Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. High 120 Jan. 17, '06 88% Deo. 94 Nov. Low. gOJan. 24, '18 84 Apr. 87 Apr. INTESINATIONAL & GREAT NORTHERN RACLROAJD CO. Ist Ex. 7s. Dae Not. 1, 1922. Dated November 1, 1879. Extended Nov. 1, 1919, with interest increased from 6% to 7%. Interest payable May and Nov. 1, at Trustee's office. Payment of Interest — Interest is being paid by order of court. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding $11,290,500 Denomination — Coupon, $500 and $1,000. Reglsterable as to principal. Trustee — Equitable Trust Co., New Tork. Redeemable as a whole only at any time up- on 30 days' notice at the following prices and accrued interest: 101% on or before Nov. 1. 1920; 100% after Nov. 1, 1920, and on or before Nov. 1, 1921; 1001/^ after Nov. 1, 1921, and prior to May 1, 1922. Coiurol — Absorbed by the International & Great Northern Ry. Co. - This company is now in the hands of a receiver. In the pre- vious receivership, which was dissolved in 1911, these bonds were not disturbed. Secured by a first mortgage on 1,106 miles of road, viz: Miles Longview ct. to Houston 232.0 Overton to Henderson 16.0 Troup to Mineola 44.4 Phelps to Huntsville 7.0 Magnolia Park Terminal 10.2 Houston to East Columbia. 50.0 Palistine to Taylor 144.8 Taylor to Laredo 267. 8 Ground Rock to ■ Georgetown 9.7 Spring to Fort Worth T. & P. Connection.271.8 Navasoda to Madisoriville 44.7 Calvert Jet. to Calvert 6.3 "Waco Jet. to Bast Waco, Cotton Belt Connection 1.7 Colorado Bridge to Austin Spur 0.6 The company has trackage rights from Houston to Galveston. This is the only through line entering Laredo from the North. At Laredo, which is more than 400 miles nearer Mexico City than El Paso, connection is made with the National Bys. of Mexico. In 1910 the Texas Railroad Commission valued the entire property at $30,366,047. Underlies — International & Great Northern Ry. Co.'s $1,400,000 6% Receivers Certificates due Nov. 1, 1922, sold to the Director-Gen- eral of Railroads and also 1st & Ref. 5s of 1941. Bonds are reserved under the Ist & Ref'g Mtge. to retire this issue. The latter issue has been in default since Aug. 1, 1914. Tears ended Dec. 31: Gross. Net. tint., etc. 1920 $16,953,755 def$603,878 $1,776,192 •1919 1,394,946 1,403,313 1,742,737 tl919 14,410,300 def.748,102 666,684 • 1918 1,394,946 1,398,363 1,763,198 tl918 13,476,888 2.176,481 797,836 1917 12,688,224 4,636,181 2,939,042 1916 10,766,946 3,206,067 2,642,027 tincludes unpaid interest. •Corporate account. tFederal account, not Including standard return. Usted on the New Tork Stock Exchange. Market. New Tork — Sam'l Goldschmidt, Prince & Whitely, Roosevelt & Son, INTBRNATIONAl & GREAT NORTHERN RAILWAY CO. 1st Kef. 5s. Due Aug. 1, 1941. Dated August 1, 1911. Interest payable February and August 1, at Trustee's office. Default — Aug. 1, 1914, and subsequent cou- pons. (See R. R. 1st 6s.) Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $50,000,000 Outstanding 2,708,000 Deposited as Collateral for Notes 12,150,000 Denomination — Coupon, $500 and $1,000, Reglsterable as to principal. Trustee — Central Union Trust Co., New York. Redeemable on any interest date at 110 and Interest. Receivership — Receivers appointed Aug. 11, 1914. Foreclosure — Foreclosure sale has been post- poned from time to time. Organization — Incorporated in Texas in 1911 as successors through foreclosure of the In- ternational & Great Northern R. R. Co. Capitalization. Outstanding. Common $1,422,000 Preferred (5% non-cum.) 3,400,000 Funded debt 26,348,600 Secured by a third mortgage on 1,106 miles of road described under 1st Ext. 7s. Prior Liens — $11,290,600 1st Ext. 7s of 1922 and $198,000 Colorado Bridge 7s and also $1,400,000 6% Receivers Certificates due Nov. 1, 1922, sold to the Director General of Rail- roads. Earnings — See 1st Ext. 7s. Market. Philadelphia — Cassatt & Co. INTERNATIONAL & GREAT NORTHERN RAILWAT CO. 3-Tear 6% Notes. Due Aug. 1, 1911. . Dated August 1, 1911. Interest payable Feb. and Aug. 1, at New York. Default — Both principal and subsequent in- terest, Aug. 1, 1914. Tax Status — Information not available. Authorized and Outstanding. ..$11,000,000 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co., New Tork. Redeemable at 101 and interest at any time on 30 days' notice. Status of Company — See 1st Ref. 6s. Protective Committee — ^Alexander Hemphill, Franklin Q. Brown, WiUard V. King, Alvln W. Krech, Edwin G. Merrill. Frederick Strauss, Benjamin Strong, Jr., S. H. Voor- hees and R. Lancaster Williams. Secretary, Wm. C. Cox, 140 Broadway, New York. De- positary, Guaranty Trust Co., New Tork. Secured by pledge of $13,760,000 I. & Gt. N. Ry. Co.'s 1st & Ref. 5s, which bonds form a direct lien on the entire property of the com- pany, subject to underlying liens of the Inter- national & Great Northern R. R. Earnings — See 1st Ext. 7s. Original Market — Offered in 1911 by Red- mond & Co., and J. W. Sellgman & Co. New Tork, and Middendorf, Williams & Co., 'Balti- more, at 99% and Interest. ^_ ,, Market! New York— Sam'l Goldschmidt. _ , Price Range. Jan. 1, '13, to Jan. 1, *2l 1920 TT. ,. ^'*^- -^sk. Bid. Ask. Hl&h 98 3^-13 99^ '13 38i^fDec. 42f May Low. 30f '20 33f '20 30 f July 33f July INTERNATIONAL & GREAT NORTHERN RAUiROAD Eanipment Tr. 58. Due $50,- t)00 each Feb. 1 and Aug. 1 to Ang. 1, Dated August 1, 1913. Interest payable February 1 and August 1, at Blair & Co., New York. Maturities and interest being paid by order of court. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstandingr (Feb. 1, '21) 350.000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Equitable Trust Co., New York. Status of Company — See 1st Ref. 5s. Secured by an equipment trust agreement on 13 locomotives, 200 steel underframe box cars, 200 steel underframe ventilated box cars, 400 steel underframe stock cars and 200 steel coal cars, costing $1,245,580, of which $245,- 580 was paid in cash. Market. New York — Freeman & Co. INTERNATIONAL AGRICULTURAL CORP- ORATION 1st & Coll. Tr. 20-Year S. F. 5s, Due May 1, 1932. Dated May 1, 1912. Interest payable May and Nov. 1, at Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax refunded in Pennsylvania. Anthorized $30,000,000 Outstanding: (May 1, '21) 9,042,900 Retired by S. F 3,957,100 Reserved for Ext 17,000,000 Denomination — 'Coupon, $100, $500 and $1,000. $500 and $1,000 registerable as to principal. Registered, $1,000, $5,000, $25,000 and $50,000. C. & R. $1,000 bonds Inter- changeable. Trustees — 'Bankers Trust Co., New York, and Frank N. B. Close. Redeemable at 103 and interest on any In- terest date. Sinking Fund — Annually, beginning May 1, 1914, 2^2 % of the total par value of all bonds issued, and in addition if in the calen- dar year preceding the date of payment to the sinking fund there Is mined in the aggre- gate from lands owned by the Corporation or any of its subsidiaries in excess of 1,000,000 tons of phosphate rock the Corporation shall flpay into the sinking fund at least 20 cents a ton on such excess tonnage. The sinking fund is to be applied to the purchase or re- demption of these bonds at not over 103 and interest. Bonds so redeelmqd to be cancelled. Organization — Incorporated In New York In 1909. Capitalization. Outstanding. Common $7,260,600 Preferred (7% cum.) 13,055,500 Funded debt 9,042,900 Secured by a first mortgage on all property owned or hereafter acquired, including entire capital stocks of each subsidiary company. The properties of the Corporation and its Bubsidiaries include fertilizer* plants at the following points: Buffalo, N. Y. : Houlton, Me. ; Cincinnati, • O. ; Tifton, Ga. ; St. Steph- ens, N. B. ; Florence. Ala. ; Montgomery, Ala. : Bast Point, Ga. ; Americus, Ga. ; Columbia, Tenn. ; Augusta, Ga, ; Spartanburg, S. C. Di- rectly, or through subsidiaries, the Corpora- tion owns or leases extensive phosphate rock properties. Years ended June 30: Gross. *Net. Interest, 1920 $5,735,652 $3,-284.712 $491,569 1919 4.734,553 2,845.014 611,097 1918 4,504,583 2.726,678 633,237 1917 2,851.408 1.975,173 556,629 1916 2.793,898 2,107.778 581.906 ♦Before depreciation. Listed on the New York Stock Exchange. Original Market — $9,000,000 offered in June. 1912, by White, "Weld & Co., New York, at 95 and interest. Market. New York — Sam'l Goldschmidt, Hart- shorne & Battelle, E. D. Levinson & Co. Price Range — N. Y. S. E. Jan. 1, '17, to Jan. 1, '21 1920 High 85% July 16. '19 84% Jan. 7 Low. 66% Dec. 12, '17 71% Dec. 24 617 INTERNATIONAL COTTON MILLS 10-Yr. S. F. 78. Due Dec. 1, 1929. Dated Dec. 1. 1919. Interest payable June 1 and Dec. 1, at ofRces of Lee, Higginson & Company, Boston, New York and Chicago, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000', 000 Oatstandingr (May 1, '21) 4,744,500 Retired by S. F 255,500 Purpose of Issue — To retire $3,000,000 2- year notes, maturing Feb. 1, 1920, and to provide additional working capital. Denomination — Coupon $1,000, $500; regis- terable as to principal. Trustee — Old Colony Trust Company, Bos- ton Redeemable at any time on 30 days' notice at 103 and interest during the first six years; 102 during the next two years and 101 there- after. Sinking Fund — ^Annually, beginning Dec. 1, 1920, an amount sufficient to retire $250,000 of these bonds, for the purchase and redemp- tion of these bonds at not over the call price. This sinking fund may be increased at the company's option. Organization — Incorporated in Massachu- setts in 1913 and acquired substantially all the properties and securities formerly owned by the International Cotton Mills Corp, of New York. Owns in fee plants at Manches- ter, N. H. (107,496 spindles); La Grange, Ga. (9.984 spindles): Hogansville, Ga. (11,232 spindles). Owns entire $1,212,100 stock (no bonds) of Bay State Cotton Corp.; $521,300 of $600,000 stock of Imperial Cotton Co., Hamilton, Ont. ; $470,000 of $600,000 stock (funded debt $282,000) of Cosmos Cotton Co., Ltd., Yarmouth, N. S. Also owns $2,000,000 of $4,511,900 common stock of Mt. Vernon- Woodberry Mills, Inc., Baltimore; all the cap- ital stock ($100,000) of Boston Yarn Co., sell- ing agent for Bay State Cotton Corp. ; all the common stock ($175,000) and $189,700 of $817,800 preferred stock of the L. Spencer Turner Co., of New York. The latter com- pany has outstanding $302,000 debentures gtiaranteed by International Cotton Mills. Capitalization. Outstanding. Common $4,758,656 Preferred (7% cum.) 5.000,000 Funded debt 4,744,500 Security — A direct obligation of the com- pany, but not secured by mortgage. Under the provisions of the trust agreement, com- pany covenants as follows: That neither the International Cotton Mills for the Bay State Cotton Corp. will mortgage or pledge any of the properties or securities which they now own and also that neither of them will issue, guarantee or endorse any bonds, debentures, lonE time notes or similar securities (except tor the acduisition of additional property). without making adequate provisions at the same time for the payment or retirement of these notes. Neither the International Cot- con Mills nor the Bay State Cotton Mills hae any mortgaged debt. Yeais ended De«. 31 (combined): Total Sales. Net. Interest. 1920 $30,116,000 $3,736,282 $366,838 1919 27,996,866 3,262,216 239,167 1918 28,649,516 4,349,958 262,206 1917 20,091,089 3,691,779 240,000 Original Market — $6,000,000 offered Novem- ber. 1919, by Lee, Higginson & Company, Boston, New York, Chicago, etc., at 100 and interest. Market. Boston — Curtis & Sanger, Moors & Cabot. Price llangre 1920 Bid. Aslt. High 96 Mar, 100 Feb. Low 90 June 94 July Years ended Dec. 31: *Net. Dep'n. Interest. tl919 $24,696,881 $6,226,664 $2,309,232 1918 17,634,704 3,706,322 2,336,308 1917 18,838.888 4,304,606 2,362.840 ♦After subsidiaries' charges. tEstimated. Original Market — Issued in exchange for 57% of the International Navigation Co. 1st 5s and International Mercantile Marine Mort- gage and Collateral 4%s and a cash adjust- ment for Che remainder of principal and for accrued and unpaid interest. Market. New York — Arthur E. Frank & Co. Price Range — N. Y. S. E. Jan. 1, '19, to Jan. 1, '31 1930 High 106% May 21, '19 9514 Jan. 6 Low. 75 Dec. 14, '20 75 Deo. 14 INTBBNATIONAI, MBBCANTItE MAKINE CO. Ifit and Coll. Tr. 6s. Due Oct. 1, 1941. Dated October 1, 1916. Interest payable April 1, and October 1, at company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $50,000,000 Outstanding (Jan. 1, '21) 37,806,000 Retired by S. F 1,694,000 In Treasury 500,000 Reserved for Ext 10.000,000 Denomination — Coupon, $1,000 and $600. Registerable as to principal. Registered, $10,- 000, $5,000 and $1,000 and multiples. C. ($1,000) &. R. interchangeable. Trustee — New York Trust Co., New York. Redeemable at 110 and interest on any in- terest date on four weeks' notice. Sinking Fond — Annually, beginning October 1, 1917, 1% of bonds issued, from net in- come, for their purchase or redemption at not over 110 and interest. Depreciation Fund is provided for in the mortgage. Organization' — Incorporated in New Jersey In 1893 as International Navigation Co. and present name adopted In 1902. On April 3, 1915. company placed in hands of Receiver. Reorganizaton was accomplished in 1916 by readjustment of capitalization. Owns all or a large majority of the capital stock of the . following companies: International Navigation Co. . Ltd. : Tbe So- ciete Annoyme de Navigation Belge-Ameri- oalne (Red Star Line); Atlantic llransport Co., Ltd.; Atlantic Transport Co. of West Virginia; Oceanic team Navigation Co., Ltd. (White Star Line); British & North Atlantic Steam Navigation Co. (Dominion Line), and Frederick Leyland & Co., Ltd. (Leyland Line). Capitalization. Outstanding. Cojnmon $49,872,000 Preferred (6% cum.) 51.725,500 Funded debt 37,806,000 Secured by a first mortgage on all its prop- erty now owner or hereafter acquired by the proceeds of these bonds, and including the following ships: "New York," "Philadel- phia," "St. Louis," "St. Paul," "Finland" and "Kroonland:" also secured hy deposit of the owned capital stock and securities of companies mentioned under "drganlzatlon. " listed oh the New York Stock Bxcliangc.^ 62S INTERNATIONAL MILMNG CO. 1st 6b. Due July 1, 1930. Dated July 1, 1910. Interest payable Jan. and July 1, at Bank of Montreal, Toronto, Montreal, New York and London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding: (Jan. 1, '21) 010,000 Ketil-ed by S. F 209,600 Unissued 081,000 Denomination — Coupon $500 and $1,000 and Sterling equivalent. Registerable as to prin- cipal. Trustee — National Trust Co., Ltd., To- ronto, and Minnesota Loan & Trust Co., Min- neapolis, Minn. Redeemable on July 1, 1915, or any inter- est date thereafter at 106 and interest. Sinking Fund — Sum sufficient to retire 3% of bonds outstanding annually for first 10 years : 4 % for next five years and ■ 5 % for last five years. Capitalization. Outstanding Common $2,100,000 Preferred (7% cum.) 1,106,100 Funded debt 610,000 Org^anization — Incorporated in Minnesota in 1910,, as a consolidation. Secured by a first mortgage on three flour mills located in New Prague and vicinity In Minnesota, one at Davenport, Ta., and one at Calgary, Alberta, and on one mill located in Moose Jaw, Sask., Can. Years ended Aug, 31: Net. Interest. M20 $613,454 $37,561 1919 647,025 38,892 j918 517,163 40,004 1917 613,662 41,244 1916 661,915 42,616 OMglnal Market — Offered by A. E. Ames & Co., Toronto, at par and interest April, 1911. Market. New York — A. E. Ames & Co. Toronto — A. E. Ames & Co. Montreal — A. E. Ames & Co., Hew R. Wood Co. Price Range 1920 — Bid 75, Ask 82. INTERNATIONAL PAPER COMPANY 1st & Bef. 5«. Series "A" and "B." Due Jan. 1, 1947. Dated Jan. 1, 1917. Interest payable July 1 and Jan. 1, at Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding (Jan. 1, '21) A.. 6,266,000 BetH-ea by S. F 419 000 Reserved for Ext. "A" $818,000 "B" 8,373,000 9,191.000 in Treasury ("B") i,127,000 Denomination— Coupon $1,000. Kegisterable as to principal. / Trnstee — Bankers Trust Co., New York. Redeemable at 102% and interest on any Interest date on 15 days' notice. Sinking Fundi— Semi-annually Nov. 1, and May 1, beginning Nov. 1, 1917, a sum equal to % of 1% of all bonds, issued for the pur- chase' or redemption of these bonds at not over 102% and interest. Bonds so acquired to be cancelled. Convertible— Series A bonds convertible par for par into 6% cumulative preferred stock (par $100) from July 1, 1919, to and Including July 1, 1922. Organization — Incorporated in New York in 189S. Owns a majority of the capital stock of the Continental Paper Bag Go, Capitalization. Outstanding. Common $19,850,264 Preferred (6% cum.) 24,825,308 Funded debt 6,314,000 Secured by a mortgage on all property now owned or hereafter acquired. The property covered by the lien of this mortgage includes manufacturing plants, water powers, water rights, railroads, equipment, timber lands, etc. , owned in fee and leased, located New York, Vermont, New Hampshire, Massachu- setts, Maine; a collateral lien on all the capi- tal stock, except directors' shares, of the following companies: Piercefield Paper Co., Olcott Palls Co., St. Maurice Lumber Co., Champlain Realty Co., Umbagog Paper Co. , American Realty Co. , Ram Island Power Co., Winniplseogtee Lake Cotton & Woolen Manufacturing Co. ; also 2,392 of 6,500 shaJres of common stock of the Champion-International Co. The property covered by the direct or col- lateral lien of this mortgage Includes mills with a daily capacity of 1.800 tons of paper; also 3,800,000 acres of timber land (owned in fee 1,300,000 acres, leased 2,500,000 acres) located in the United States and Canada. Net. Dep'n Int., etc. 1920 $21,239,064 $1,82'3.300 $579,402 1919 7,170,594 1,840,749 340,351 1918 8,194,884 1,556,786 385,521 Listed (Ser. "A") on the New York Stock Exchange. Original Market — Under financial plan which became operative May, 1917, $7,500,000 Series A bonds were offered in exchange pro rata to the holders of the following Issues who also received a 1%% cash bonus, viz. : 1st Cons. 6s; Cons, 5s; Hudson River Pulp & Paper Co. 6s and Rumford Falls Sulphite 6 s. Market. New York — Sam' I Goldschmidt, Hart- shorne & Battelle, Fred H. Hatch & Co. Price Range — N. Y, S. E. Jan. 1, '19, to Jan. 1, '31 1930 High 90 June 19, '19 86 Va Jan. 19 Low. 81 Mar. 15, '20 81 Mar. 15 Denominailon — Coupon, $1,000; registerable as to principal. Trustee — Columbia Trust Co., New York, Redeemable on any interest date at 105 and interest. Guaranteed principal and interest by the International Products Company of Maryland. The latter company is engaged in the busi- ness of cattle raising and fattening, meat packing and the manufacture of Quebracho tannin extract, and has outstanding $4,197,- 600 in 7% preferred stock and 131,733 shares of common stock of no par value. There is also outstanding a total amount of $1,181,000 First Mortgage 7% bonds due December, 1927, all of which bonds are owned by the Aimeri- can International Corporation. It owns about 3,375 square miles of rich, well watered cattle grazing lands and Quebracho forests in the Paraguay River basin and approximately 60,000 head of cattle, 35 miles of railroad, a modern packing plant, a new tannin ex- tract plant, saw mill, machine and repair shops, electric light and power plant, tele- phone lines, water supply system, wharves, docks, and other structures and improve- ments. Secured by a first lien on two new steel steamships, of the oil-burning type, now under construction at the New Jersey shipyards of the Ferguson Steel & Iron Corporation. The ships will cost not less ihan $1,020,000, and in addition to being fitted for general carry- ing purposes, have two insulated compart- ments to care for shipments of refrigerated beef. The ships are of steel construction, and are being built to Lloyds highest class for vessels of their classification. Title to these ships will be vested in the Trustee for the benefit of the bondholders until all of the bonds have been paid. Bach ship is of nineteen hundred and fifty (1950) tons displacement when loaded. Length is 245 feet; breadth, 40 feet; depth, 18 feet 7 inches. Two of the holds in each ship are to be insulated throughout, and each equip- ped with a twelve-ton ammonia, steam driv- en, refrigerating machine and other neces- sary equiplment for refrigeration purposes. These ships will operate principally to carry refrigerated beef on the Paraguay river. Original Market — $636,000 offered Feb., 1920, by Freeman & Co., New York, at 100 and interest. Market New York — Freeman & Co. INTERNATIONAL PRODUCTS STEAMSHIP CO. Marine Equip. Tr. 7b. Due $53,000 each Jan.. 1 and July 1 from Jan. 1, 1931, to July 1, 1936, incl. Dated Jan. 1, 1920. Interest payable Jan. 1 and July 1 at Columbia Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $636,000 Outstanding 636,000 INTERNATIONAL RAILWAY CO. Ref. A Imp. 5s. Due Nov. 1, 1963. Dated November 1, 1912. Interest payable May and Nov. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New York. Authorized $60,000,000 Outstanding- (Jan. 1, '21) 16,748,200 Held in S. F 1,198,800 Resei'ved for Prior Liens.... 10,133.500 Reserved for Ext 31,866,500 Denoimination — Coupon, $1,000 and $100. Registered, $1,000 and multiples thereof. Trustee — Bankers' Trust Co., New York. Redeemable at 110 and interest on any in- terest date. Sinking Fund — Commencing with the year 1912 annually, such sums of money as in the aggregate (with interest thereon compounded) will be sufficient by the first day of July, 1949, to provide funds for the payment of existing mortgage bonds of the International Railway Company and Its subsidiary com- panies, amounting in the aggregate to $12,- 651.500 par value, and for the payment of such of the new 5% mortgage bonds of the Railway Company as shall have been issued to pay the said existing mortgage bonds of the Railway Company and of its said sub- sidiary companies. Protective Committee — C. W. Beall, Chair- man; F. E. Frothlng^am, A. Perry, R. B. Toung, with Raymond Spellman, Secy., 61 Broadway, N. T., and Bankers' Trust Co., N. Y., depository. Orgranization — Incorporated in New York In 19U2. Reorg:anization without foreclosure was effected in 1920. Capitalization. Outstanding. Common $16,707,500 Funded debt 27,372,782 Secured by a mortgage on 394 miles of track, including 222 miles in Buffalo, and 162 miles of interurban lines between that city. North Tonawanda, Niagara Palls, Lockport and Depew, and local street railway lines in those cities. Population served, Buffalo, 450,- OOO, remaining territory, 100,000. Four-fifths of the mileage in Buffalo is operated under perpetual franchises, and of the remaining milea^ all except 47 miles is operated under franchises which are either perpetual or ex- tend for more than 25 years, Prior I/iens— Subject to $11,177,600 bond;;, as follows: Buffalo, Bellevue & Lancaster Ry. Co. 1st Bs, 1927 215,000 Niagara Falls Suspension Bridge Co. and Clifton Suspension Bridge Co. 1st 6s, 1928 300,000 Lewiston Connecting Bridge Co. and Queenston Heights Bridge Co. 1st 5s, 1928 125,000 Buffalo Railway Co. 1st Cons. Es, 1931 5,000,000 Crosstown Street Railway Co. 1st 6s, 1932 2,974,000 Buffalo Sc Niagara Palls Elec. Ry. Co; 1st 6s, 1936 750,000 Buffalo & Lockport Ry. Co. 1st 5s, 1938 600,000 Buffalo Traction Co. 1st 5s, 1948... '673,000 Niagara Palls & Suspension Bridge Ry. Co. 1st 4s, 1923 '. . . 518,000 Niagara Palls, Whirlpool & North- ern Ry. Co. 1st 4s, 1923 22,500 Tonawanda Electric R. R. Co. 1st 6s, 1927 40,000 Tonawanda Street R. R. Co. 1st 6s 60,000 •Bonds of this issue have, been reserved for the retirement of these bonds. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $11,273,596 $1,657,207 $1,667,207 1919 9,356,332 1,384,699 1,670,181 1918 7,461,204 919,310 1,726.019 1917 8,202,481 2,553,223 1,421,060 •Includes interest, rentals and sinking funds. Original Market — Offered in 1912, at 97% and interest by Bertron, Griscoffn & Co., New York, and Perry, Coffin & Burr, Boston. $600,000 offered in February, 1916, by Harris, Forbes & Co., New York, Harris Trust & Savings Bank, Chicago, and N. W. Harris & Co., and Perry, Coffin & Burr, Bos- ton, at 92S and interest, $«00,000 offered by Harris, Forbes & Co., Sept., 1916, at 95 and Interest. Market. New york — Hartshorns & Battelle, Prod H. Hatch & Co., Earle A. Miller & Co., Rauscher & Mackay, Tobey & Kirk. Boston — Coffin & Burr, Moors & Cabot. LoulSTille, Ky. — Fidelity & Columbia Trust Co., J. J. Hilliard & Son. BnfTalo, N. Y. — Citizens Commercial Trust Co., Evers, Reber & Co., O'Brian, Potter & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 19Z0 Bid. Ask. Bid. Ask. High 95 '16 lOli^ '16 58 Aug. 64 May Low. 44% '20 60 '20 44% Dec. 60 Dec. INTERNATIONAI, SAI,T CO. 1st and ConB. CoU Tr. 5s. Due Oct. 1, 1951. Dated 'Oct. 1, 1901. Interest payable April 1 and Oct. 1, at Empire Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New Jersey. Authorized $12,000,000 Outstandlngr (Jan. 1, '21) 4,103,400 Ketired by S. F 2,572,000 Ketii-ed from Sale of Lands. . 2.420,000 Reserved for Corporate Pur- poses 2,90^100 Denomination — Coupon, $600 and $1,000. Registerable as to principal. Tmstee — United States Mortgage & Trust Co., New York, Redeemable at 105 and interest upon six months' notice. Sinking Fund — ^Annually an amount suffi- cient to retire 1-60 of total bonds issued. Organization — Incorporated in New Jersey in 1901. Owns the entire $2,601,000 cap- ital stock, and $2,009,000 out of $2,500,000 bonds of the Retsof Mining Co., which has extensive salt mines in Livingston County, N. Y., and owns the entire ($400,000) capital stock of the Avery Rock Salt Mining Co., owning properties at Avery Islands, La. Also owns the entire ($750,000) capital stock of the International Salt Co., of N. Y., which owns - evaporated salt plants at "Watkins, Ludlow- ville, and Ithaca, N. Y., the latter company owns $1,175,000 out of $1,500,000 common stock of the Detroit Rock Salt Co., which has large mineral rights in "Wayne County, Michigan. Capitalization, Outstanding. Common $6,077,130 Funded debt 4,103,400 Secured by pledge of -the entire capital stocks of the Retsof Mining Co. and the Inter- national Salt Co. of N. Y. Prior Liens — $2,500,000 Retsof Mining Go. la 5s of 1925. Years ended Feb. 88: Gross. Net. Interest. tl920 $1,138,600 $1,095,075 $202,283 •1919 719,605 170,508 1919 651,451 203,790 1918 1,052,914 210,645 1917 715,390 215,980 tYear ended Dee. 31. •10 months ending Dec. 31, Market, New York — Dunham & Co., Hartshorne & Battelle. Fred H. Hatch & Co., J. K. Rice Jr. & Co., Tobey & Kirk, Vanderhoet & Robinson. Philadelphia — Samuel K. Phillips & Co. Scranton, Pa. — J. H. Brooks & Co., Charles E. Robertson, W. D. Runyon, W. F. Stetter & Co., Weissenfluh & Co. Price Range. Jan. 1, '09, to Jan. 1, '»1 1920 Bid. Ask. Bid. Ask. High 80 '16 82 "16 71% Nov. 72% Jan. Low. 35 '09 45 '10 67 June 69% Aug. INTERNATIONAL SILVER CO. 1st 6s. Due Dec. 1, 1948. Dated November 22, 1898. Interest payable June and Dec. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Antborlzed $4,500,000 Outstanding (Jan. 1, '21) 2,812,000 Retired by S. F 1,213,000 Reserved for Ext 476,000 Denomination — Coupon, $1,000. Keglaterable as to principal. Trustee — New York Trust Co., New York. Bedeemable at 110 and interest for sinking fund upon 10 days' notice. Sinking Fund — Annually, beginning Dec. 1, 1901, $60,000 for the purchase or redemption of these bonds at not exceeding 110 and In- terest. Bonds BO redeemed to be cancelled. Organization — Incorporated in New Jersey in 1898 as a combination of the leading manu- facturers of silver and silver-plate ware in the United States and Canada. Capitalization. Outstanding. Common $686,362 Preferred (7% cum.) 6,028,688 Funded debt 4,679,000 Secured by a first mortgage on the numerous plants of the company and all of its other property. The plants are located as follows: Meriden, Conn., four plants: Wallingford, Conn., three plants; Waterbury, Conn., one plant; Bridgeport, Conn., Derby, Conn., Nor- wich Conn. Underlies — $1,867,000 Deb. 6s. Years ended Dec. 31: Bond Net. Dep'n. Interest. 1920 »$1,335,539 1919 •1,462,808 1918 353,714 $307,298 $290,506 1917 1,287,120 300,540 293,278 1916 1,290,464 282,856 296,629 1915 766,214 278,279 300,918 ♦After depreciation interest and taxes. Original Market — Offered in 1898 at 100 and Interest. Market. New Yorlc — Hartshorne & Battelle, Fred H. Hatch & Co., J. K. Rice Jr. & Co., Van- derhoef & Robinson. New Haven, Conn. — H. C. Warren & Co., Inc., "Winslow, Day & Stoddard. Price Range. Jan.- 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 111 '12 122% '10 92 Apr. 96 Jan. Low. 84 '20 86 '20 84 Aug. 86 Nov. INTERNATIONAIi SIIiVER CO. Deb. 68. Due Jan. 1, 1933. Dated Jan. 1, 1903. Interest payable Jan. and July 1, at American Exchange National Bank, New York. Tax Status — 2 % Federal Income Tax pal6 by company without deduction. Authorized $2,000,000 Outstanding 1,867,000 Retired 133,000 Denomination — Coupon, $1,000. Redeemable at par and interest. Organization — See 1st 6s. Security — ^A direct obligation of the com- pany but not secured by a mortgage. Plior Liens — $2,812,000 1st 6s of 1948. learnings — See 1st 6s. New York — Fred H. Hatch & Co., J. K. Rice Jr. & Co., Vanderhoef & Robinson. New Haven, Conn. — H. C. Warren & Co., Inc., Winslow,.Day & Stoddard. Price Range Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '16 102 '16 82 Oct. 86 Oct. Low 77 '20 81 '20 77 Sept. 81 Deo. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,0'O0.000 Oatstandingr 1,293,000 Betired by S. V 50,500 Denomination — Coupon, $500 and $1,000, Registerable as to principal. Trustee — Sauitable Trust Co., New York. Redeemable as a whole at 102 and interest on any interest date. Sinking Fund — 1% of the bonds are to be retired annually from March 1, 1917, to 1920, 1%% 1921 to 1926, 2% 1926 to 1929 and 3% thereafter to maturity. Organization — Incorporated in Virginia in 1913 and controls, through ownership of their entire capital stock issues, the Trenton, Mo., Gas & Electric Co., Corry City, Pa.; Electric Light Co. , Ballinger, Tex. ; Electric Light & Power Co., Consumers Ice & Fuel Co., Laredo, Tex.: Hoisington, Kans., Elec- tric & Ice Co. ; Great Bend, Kan., Water & Electric Co. : Laredo, Tex., Water Co, : Peo- ples Gas & Electric Co., Chilllcothe, Mo.; San Angelo. Tex., Water, Light & Power Co. and Union City, Pa., Electric Light Co. Capitalization. Outstanding. Common $1,000,000 Preferred (7% cum.) 1,077,100 Funded debt 1,694,600 Secured by a first lien on the stocks of the above companies. These companies serve a population of about 110,000 and have a bond- ed debt of about $852,110. Franchises are unlimited or run from 1934 to 1957. Years ended Dec. 31 (colmbined); Gross. Net. Interest. 1919 $724,446 $204,986 1918 646,150 201,223 1917 655,649 261,816 122,688 1916 649,497 261,822 114,749 .1916 529,660 216,160 102,063 Original Market — Offered by A. E. Fitkin & Co., April, 1913, $2,000,000. Market. New York — Barle A. Miller & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95 '16 100 '16 80 Jan. 871/2 Jan. Low 62% Dec. ....... 62V4 Dec. INTERSTATE ELECTRIC CORP, Ist I/ien Coll. Tr. S. T. 6b. Due March 1, 1933. Dated March 1, 1913. Interest payable March and September. 1, at Equitable Trust Co., New York, and First Trust & Savings Bank, Chicago. INTERSTATE IRON Si STEEL CO. 1st Serial S. F. 6s. Due each Dec. 1 as follows: $125,000, 1917 to 1930, in- clusive, and $750,000, 1931. Dated Dec. 1, 1916. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,000 Ontstandingr (Jan. 1, '21) 1,787,800 Retired by S. F 110,200 Matured and Paid 500,000 Purchased and Held in Treas- ury 102,000 Provisions of Issue — ^Additional bonds issu- able for 60% of coat of improvements, etc., when net earnings for preceeding twelve months are at least three times interest charges and total assets are equal to not less than twice and net quick assets not less than 50% of the par value of outstand- ing bonds and those to be issued. Additional bonds are to mature not earlier than 1932. Denomination — Coupon, $5,000, $1,000, $600 and $100. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 106 from 1917 to 1921; 104, 1922 to 1927; 103, 1928 to 1930, except that last maturity is callable throughout at 105. Sinking Fund — Whenever in any year 16% of net earnings exceeds $125,000 (annual ma- turity), such excess amount is to be used to purchase or redeem the $750,000 bonds ma- turing in 1931 at not over 105 and interest, On retirement of this maturity this fund ceases. It is further provided that an amount equal to any cash dividends in excess of 7% shall be applied as above. Organization — Incorporated in Illinois in 1905. The plant at Bast Chicago, Ind., has an annual capacity of 150,000 tons, of mer- chant bar iron and steel. In 1916 acquired plants in Chicago for the production of open hearth steel, ingots and billets, wire rods, wire and wire products, wire nails, rivets, tacks, etc., with total capacity of 60,000 tons per annum. Capitalization. Outstanding. Common $4,000,000 Preferred (7% cum.) 2,060,200 Funded debt 1,787,800 Secured by a first mortgage on all fixed property of the company now owned or here- after acquired. The mortgage provides that net quick adsets be maintained at 50 % of bonds outstanding, but in no event less than $1,000,000, and that no cash dividends shall be paid on common stock which will reduce net quick assets below $1,500,000. Years ended Dec. 31: Net. Dep'n Interest. 1920 $1,567,610 $414,784 $150,415 1919 *464,898 Original Market — $2,500,000 offered Jan., 1917, by Counselman & Co., Shapker, Waller & Co., A. G. Becker & Co., Chicago. Market. Chicag-o — Shapker & Co. Price Range. Jan. 1, *16, to Jan. 1, '21 Bid. Ask. High 95 '16 Low 42 'IS 1920 Ask. 85 Feb, 80 July INTERSTATE PUBLIC SERVICE CORP. First lien Coll. Tr. 5s. Dae July 1, 1945. Dated July 1, 1915. Interest payable Jan. 1 and July 1, at Trustee's ofRce, or Bankers Trust Co., New York. Tax Status — 2% Federal Incom^ Tax paid by company without deduction. Authorized $2,500,000 Outstanding: (Jan. 1, '21) 800,000 Retired by S. F None Keserved for Ext 1,700,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Union Trust Co., Rochester, N. T. Redeemable as a whole only at 105 and Interest after July 1, 1925. Sinking Fund — Annually beginning April 1. 1920, a sum equal to 2 % of outstanding bonds for their purchase or redemption at not exceeding 105 and interest. Organization — Incorporated in 1914 in Del- aware as a holding company. Capitalization. Outstanding. Common : $750,000 Preferred (7% cum.) 400,000 Funded debt 800,000 Secured by deposit of the entire capital stock and bonds of the Ridgway (Pa.) Elec- tric Light Co. ; Johnsonburg (Pa. ) Electric Light & Power Co.: St. Marys (Pa.) Electric Light Co. and Kane (Pa.) Electric Light & Power Co. Generating stations are located In Ridgway and Kane. Pa. Total length of transmission lines, 33 miles. Population served, 45,000. All franchises are unlimited as to time except the Kane franchise, which expires in 1931. Original Market — Offered 1915 by Baker, Ayling & Co., Boston, at 93i^ and interest. Market. Boston — Baker, Ayling & Young. Philadelphia — Baker, Ayling & Young. Reading — Geo. S, Hummel. INTERSTATE RAILROAD CO. Equip. Tr. 5s. Series "B." Due $75,000 each AprU 1, from 1918 to 1937, indusiTe. Dated April 1, 1917. Interest payable Oct. 1 and April 1. , ^ Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $750,000 Outstanding (Jan. 1, '21) 525,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Philadelphia Trust Co., Philadel- phia. Redeemable at 101 and interest on any in- terest date. Guaranteed principal and interest by the Virginia Coal & Iron Co. Organization and Control — Incorporated in Virginia. Operates about 55 miles of track in southwestern part of Virginia. The Com- pany's lines have direct connection with the Southern Ry. , Louisville & Nashville R. R. and Norfolk & Western Ry. The company has no funded debt other than equipment trust certificates. The Virginia Coal & Iron Co. owns 99% of the capital stock. Secured by an equipment agreement on 500 steel hopper cars, costing $930,000, of which 20%. $180,000, was paid in cash by the com- pany. Capitalization. Outstanding. Common $3,974,100 Funded debt 525.000 Years ended Dec. 31: Gross. Net. Int. & Rent. 1920 $1,192,159 $387,006 $74,050 1919 736.285 338,819 167,511 1918 525,678 238.790 148,658 1917 413,806 206,737 100,369 1916 308,422 170,330 66,353 Original Market-^Offered March, 1917, by Brown Bros. & Co., a-t 100% and interest for 1918 and 1919 maturities and 100 and in- terest for remaining maturities. Market. Pliiladelphia — Brown Bros. & Co., Reed A. Morgan & Co. INTERSTATE RABLWAYS CO. Coil. Tr. 4fl. Due Feb. 1, 1943. Dated Feb. 1, 1903. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized |!10,781,25O Outstanding 10.776,600 Reserved to exchange United Power and Transportation Co. stock. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — 'Real Estate Title, Insurance & Trust Co. , Philadelphia, Pa. Redeetmable at 105 and Interest on any in- terest date on 30 days' notice. Organization — Incorporated in New Jersey, 1902, to purchase, acquire, develop and con- struct street railway, electric light and pow- er, water and gas companies. Capitalization. Outstanding. Common $2,291,200 Prefered (6% cum.) " 1.000,000 Funded debt 10,776,600 Secured by deposit with the Trustee of 143,- 688 shares ($25 par), out of 143,750 shares of the capital stock of the United Power & Transportation Co. at the rate of $75 In bonds for each $25 share of stock. That company owns practically the entire capital stock of 17 street railway and allied com- paniea. These properties have been consolida- ted into four groups and each group is leased to an operating company for periods ranging from 800 to 999 years from 1910, as follows: Wilkes-Barre & Wyoming Valley Traction CO.. leased to the Wilkes-Barre Ry. Co. owns and operates 100 miles of street railway in and around Wilkes-Barre, Pa.; Trenton Street Ky. Co. leased to the Trenton & Mercer County Trac. Corp., owns 72 miles of track tn and around Trenton. N. J.; Wilmington r V^^^^!^ Traction Co., and Delaware Coun- ty & Philadelphia El. Ry., leased to the Wil- mington & Philadelphia Traction Co., own \nd operate 110 miles of road in Cheater, Fa., and Wilmington, Del,, and line from Philadelphia to Wilmington; and the Schuyl- kill VaUey Trac. Co. and Lebanon Valley Street Ry. Co., leased to the Reading Tran- sit & Light Co., own and operate 80 miles of track in and around Lebanon. Norristown. Conshohocken and the Northwestern part of Philadelphia. The total mileage controlled by subsidiaries of the United Pr. & Trans. Co. is more than 360 miles of track. Against income from leased property the U. P. & Trans. Co. has charges of about $279,000 per annum. Years ended Jan. 31: •Net Interest 1921 $318,982 $306,620 1920 324,155 306,620 1918 502.677 431,064 1917 58 3,334 431,064 1916 560.929 431,064 1915 564.497 431,064 1914 541,463 431.064 •After expenses and taxes, tisled on the Philadelphia Stock Exchange. Market. Philadelphia — Arthur J. Bender, Brown Bros. & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ai5k. Bid. Ask. High 64 '12 64y3'12 30% Jan. 32 Apr. Low. 26 '20 30 '19 26 Sept. 30 Mar. INVINCIBLE OIL CORP. Conv. S. F. 8s. Dae March 1, 1931. Dated March 1, 1921. Interest payable quarterly Marnh 1, June 1, Sept. 1 and Dec. 1, at Chase National Bank, New York, or Flr.st National Bank, Boston. Tax Status — 2% Federal income tax paid by the company without deduction. .Penn- sylvania State Tax refunded. Authorized $6,000,000 Outstandingr 3,000,000 In Treasury *3. 0-00,000 *These bonds or the proceeds thereof, if sold, shall be devoted to the retirement of $2,914,096 purchase money notes due serially to 1924, to the extent that the same may be necessary. Purpose of Issue — To provide additional working- capital. Denominations — Coupdn, $1,000, $500 and $100;- registerable as to principal. Trustee — Chase National Bank, New York. Redeemable at any time on 30 dayia' notice at 110 and interest. Sinking' Fund — Quarterly payments begin- ning Sept. 1, 1921, of a sum sufficient to retire bonds in the rate of 1-10 of the total authorized issue each year. This fund to the extent that it applies to bonds held in treasury may be satisfied by the presenta- tion of treasury bonds to the trustee but with respect to bonds outstanding- it shall be paid to the trustee in cash to be applied to tho purchase or redemption of these bonds at not over 110 and interest. It is further provided that if in any year cash dividends on the coinmon stock ex ceed sinking fund payments, such paymenta shall be Increased in that year to equal such dividend disbursem,ents. Convertible at any time before mat uri ty Into capital stock at $30 per share during the first 12 months from the date of this issue but increasing- at the rate of $1.00 per share for each 12 nnonths' period thereafter up to $39 per share. If bonds are called for redemption conversion privilege extends to redemption date. Org-anizatlon — Incorporated in Virginia in 1919. Controls through subsidiary com- panies, in fee or by lease, about 135,000 acres of oil properties in Louisiana, Texas, Oklahoma, Arkansas and other state ; re- fineries located at Fort Worth, Texas, and Shreveport, La,, with an aggregate capacity of about 10,000 barrels a day; steel tank storage capacity of about 1,000,000 barrels, including a tidewater export station at New Orleans;. 81 Itank cars, and about 250 m.iles of pipe lines. The corporation produced through its sub- sidiaries in 1920 about 3,000,000 barrels of crude oil. As of March, 1921, production was at the rate of over 5,600 barrels of crude oil per day. Minority interests in the sub^diary com- pariies represent les sthan 5% of the book va.lue of the properties and less than 10% of the combined net earning-s of 1920. Owns 91 2-3% of the capital stock of the Louisi- ana Oil Refining Corporation, the primary production company. Capitalization — Outstanding Common $21,056,815 Funded debt 6,875,780 Secured by a pledge of 86% of the 912-3% (total owned) of the capital stock of tne Louisiana Oil Corporation, the primary pro- duction company. This collateral is subject in part to purchase money notes. Under the provisions of the indenture the company covenants that it will not mortgage any of its property or permit its subsidiaries to create any indebtedness except in the ordinary course of business, with the excep- tion of purchase money mortgages, tank car equipment obligations or oil acceptances. Prior Liens — Outstanding Purchase money notes. 1921-24 $3,064,000 Year ended Dec 31: *Net 1920 $7,592142 ♦Before depreciation, etc. Origrinal Market — $3,000,000; offered March. 1921, by Naphen & Co., New York, at 95 and interest. 633 IOWA CENTRAIi RAILWAY CO. 1st 5s. Due June 1, 1938. Dated Aug. 1, 1888. Interest payable June 1 and Dec. 1, at M. & St. L. R. R. Co. office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding ..$7,650,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers' Trust Co., New York. Assumed by the Minneapolis & St. Louis R. R. Co. Control — ^Absorbed by the Minneapolis & St. Louis R. R. Co. Secured by a first mortgage on 501.6 miles of road, viz. : Miles. Albia to Northwood, la 189.50 Oskaloosa, la., to MississsippI River... 96.30 Kelthsburg to Iowa Jet., Ill 88.20 Hampton to Belmond, la 22.35 Minerva Jet. to Story City, la 34.70 Newburg to State Center. la 26.58 G. M. Jet. to Montezuma. la 13.61 New Sharon to Newton, la 28.27 Lynnville Jet. to Lynnville, la 2.45 Underlies — 1st & Ret. 4s and M. & St. L. R. R. Ref. & Ex. 5s. Bonds are reserved under the M. & St. L. Refg. & Exten. Mort- gage to retire this issue. Ijisted on the' New York Sock Exchange. Market. New York — Sam'l Goldschmlat, R." W. Pressprich & Co., Raymond M. Smith, Tay- ler. Smith & Hard. Philadelphia — Barclay & Moore & Co., Harper & Turner. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 116 Feb. 6, '20 75 Oct. 16 Low. 68% Sept. 10, '20 6SM, Sept. 10 IOWA CBNTEAt RA1I,WAY CO. 1st & Eef. 4s. Dne March 1, 1951. Dated March 1, 1901. Interest payable March 1 and Sept. 1 at office M. & St. L. R. R. Co., New York. Tax Status — -2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $7,166,000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Central Union Trust Co., New York. Assumed by the Minneapolis & St. Louis R. R. Co. Control — See 1st Bs of 1938. Secured by a direct mortgage on 539.86 miles of road, viz.: A fii-st lien on 37.90 miles — - Miles Bridge over the Mississippi River, Keithsburg, 111. Elliott. la 1.38 Belmond to Algona, la 36.60 A second lien on 501.96 miles — (Covered by the first lien of the Iowa Central 1st 5s.) Prior liiens — $7,660,000 1st 6s of 1938. tJnderlies — ^M. &. St. L. R. R. Ref. & Ext. 5. Bonds are reserved under the M. & St. L. Rfg. & Ext. Mortage to retire this issue, sue. Ijisted on the New York Stock Exchange. Orieinal Market — $2,000,000 first offered Oct. 1901, at 92% and interest by Redmond, Kerr & Co. (now Redmond & Co.), New York. Market. New Yoric — J. S. Bache & Co., Hartshorno & Battelle. Price Range — ^N. Y. S. E. J»n. 1, '13, to Jan. 1, '21 1930 High 38 .Ian. 12, '13 48% Oct. 7 Low. 35 Dec. 17, '19 35% July 20 lOTTA CITY GAS Si ELECTRIC CO. Ist 6s. Due annually each May 1, as follows: $6,000, 1916 to 1930, incl.; $8,000, 1921 to 1926, in«l.; $9,000, 1926 and 1927, and $162,500 in 1928. Dated May 1, 1909. Interest payable May and Nov. 1, at Chicago Savings Bank & Trust Co., Chicago, 111., or at Empire Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsyl- vania stale tax refunded. Authorized $400,000 Outstanding (Jan. 1, '21) 220,500 Matured and Paid 57,000 Reserved for Ext 122,600 Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustees — Chicago Savings Bank & Trust Co., Chicago, and Leverett Thompson. Redeemable at 106 and interest after May 1, 1919. Control — Absorbed by the Iowa City Light & Power Co., which is controlled by the Tri City Railway & Light Co. Capitalization (I. C. L. & P.) Outstanding. Common $600,000 Funded debt 620,500 Secured by a first mortgage on plants sup- plying gas and electricity in Iowa City, la., supplying population of 12,000. Franchises expire in 1934. Electricity is generated by a hydro-eleotric plant and steam auxiliary. Underlies — $400,000 Iowa City Light & Power Co. Ref. 6s. (all owned by the Tri- City Ry. & Lt. Co.). Bonds are reserved under that mortgage to retire this issue. Original Market — $260,000 offered in June, 1909, at prices ranging from 100% to 102% and interest by the Chicago Savings Bank & Trust Co., Chicago. Market. Chicago — Chicago Trust Co. IOWA ELECTRIC CO. 1st 6s. Due July 1, 1934. Dated July 1, 1914. Interest payable Jan- uary 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthortzed Unlimited Outstanding $1,341,000 Retired by S. F None In Treasury 137,900 Denomination — Coupon, $100, $500 and $1.- 000. Registerable as to principal only. Trustee — Chicago Title & Trust Co.. Chi- cago. Redeemable at 103 and Interest on any in- terest date prior to July 1. 1919, at 102 and interest thereafter up to July 1, 1924, at 101 and interest up to July 1, 1929 and at par and interest thereafter. Sinking Fund — Annually on March 1, a sum ■ in cash equal to 1 % of the outstanding bonds from 1918 to 1923; 2% from 1924 to 1928 and 3 % thereafter, to be applied either to the retirement of bonds, or for additions and bet- terments. Organization — Incorporated in Iowa in 1914. Capitalization. Outstanding. Common $214,175 Preferred (7% cum.) 239.200 Funded debt 1.341,000 Secured by a first mortgage on hydro-electric plant's at Anamosa, Manchester, and Oxford Jet., la.: steam generating plants at Man- chester, Marengo, Maauoketa, Fairfield, Gu- thrie Center, and De "Witt, la. : on transmis- sion lines and distribution systems supplying electricity in Anamosa, Oxford Jet., Marengo and 40 other towns; also on gas plant at Fairfield, la. Population served. 40.000. Franchises expire between 1938 and 1940. ex- cept an unimportant one, which expires in 1929. Company has a twenty-year contract with the Iowa Ry. & Light Co. for the inter- change of power. Years ended Dec. 31: Gross. Net. Int., etc. 1919 $440,230 $141,562 $126,647 1918 3e6,99a 133.074 97,183 1917.... 306,883 103.303 88,677 Original Market — $100,000 offered in June, 191B, by Lawrence Mills & Co., Chicago, at 99 and interest; a block offered March, 1917, by the same firm at 102 and interest. Market. New York — Ames, Emerich & Co. SOlwaukee — Ames, Emerich & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Aslc. High 81% '19 101 '16 91% Sept. Low. 91% '20 91% Sept. IOWA GAS & BIBCTBIC CO. 1st 6b. Due $225,000 in various amounts, each July 1. from 1918 to 1938, JncluBive, and re- mainder July 1, 1934. Dated July 1, 1916. Interest payable Jan. 1 and July 1, at Chicago Trust Co., Chicago, Tax Status — 1% Federal Income Tax paid or Bankers Trust Co., New York, by the company without deduction. Authorized $800,000 Outstandingr (Jan. 1, '21) 537,800 Matured and l>aid H.OOO Keser\ed for Ext 258,200 Denomination — Coupon, $1,000, $600 and $100; reglstcrable as to principa.l Trustee — Chicago Trust Co.. Chicago. Bedeemable at 106 and interest on any Interest date on not less than 60 days and not more than 90 days. If redeemed in part, bonds are to be selected in the in- verse order of maturity, except that if re- demption be made at one time of a part only of the bonds of concurrent maturity, the selection is to be made by lot. Sinking Fund — Annually, on March , 1, an amount equal to 1% of the largest prin- cipal amount of bonds in excess of $226,000 outstanding at any time during the previous calendar year. This fund is applicable to the purchase of these bonds at not exceeding 104 and interest, or for their redemption at 105 and interest. Bonds so acquird are to be held alive and interest added to this fund. Organization — Incorporated in Iowa in 1905. Capitalization. Outstanding. Common 5282,700 Preferred (6% cum.) 197,900 Funded debt 537,800 Secured by a first mortgage on all the property of the company. The property covered includes plants sup- plying gas and electricity in Washington, gas in Mount Pleasant, and electricity in 15 ad- jacent towns, all in Iowa, by means of 220 miles of transmission lines. Population served: Gas, 9,500; electricity, 14,600. Franchi.'^e.s except in one of the smaller towns, all run beyond the maturity of the bonds, the fran- chise in Mount Pleasant expires October, 1934 and In Washington, July, 1936. Years ended June 30: Gross. Net. 1920 $220,710 $85,696 •1919 149,710 68,094 1918 107,577 41,738 1917 89,631 39,272 *"i"ear ended Dec. 31. Original Market — $226,000 offered Au- gust, 1916, by Chicago Savings Bank & Trust Co., Chicago, at 100 and interest: a block offered July, 1919, by same firm at 97 and interest. IOWA, MINNESOTA & NORTHWESTERN RAILWAY CO. 1st S%8. Due Jan. 1, 1935. Dated Jan. 1, 1900. Interest payable Jan. and July 1, at Chi. & N. W. Ry. oSice, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $3,900,000 Denomination — Coupon, $1,000. Fully reg- Isterable. Registered, $1,000, $5,000 and $10,- 000. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Northwestern Ry. Co. Guaranteed principal and interest by the Chicago & Northwestern Ry. Co. by endorse- ment. Control — ^Absorbed by the Chicago & North- western Ry. Co. in 1900. Secured by a first mortgage on 194.16 miles of road from Belle Plalne, la., to Fox Lake, Minn. Underlies — Chicago & Northwestern Ry. 1st & Ref. Mtge of 2037, under which bonds are reserved to retire this Issue. Legal for savings banks In Cal., Conn., Me., Mass.. Mich., Minn.. Mo., N. H., N. J., N. Y., H. I., Vt. and Wis. Market. New York — Sam'l Goldschmidt, Remiok, Hodges & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 89 '17 90H'17 76% Jan. 77 H Sept. Low. 65 '17 71 '20 (16 May 71 Juno IOWA RAILWAY & LIGHT CO. 1st & Ref. Ss. Due Sept. 1, 1932. Dated Aug. 30, 1912. Interest payable March and Sept. 1, at Harris, Forbes & Co., New York, or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding: (Jan. 1, '21) 6s $5,299,000 *7s 400,000 „ ,. , 6,699,000 Retired by S. F None Pledged to Secure 6% Notes. . 950,000 Reserved for Prior Liens 188,000 Reserved lor B-vt 3,163,000 ■•AcUUtional 2% coupons attached. Denomination — Coupon, $500 and $1,000, Registerable as to principal. Trustee — Harris Trust & Savings Bank, Chicago, 111. Redeemable on any interest date upon 30 days' notice at the following: prices and in- terest: 5s, 103; 7s, 110% to and including March 1, 1923, 108 thereafter to and includ- ing March 1, 1928, 107 thereafter to and including- March 1, 1929, 106 thereafter to and including March 1, 1930, 106 thereafter to and including March 1, 1931, and 104 thereafter to and including March 1, 1932. Sinking Fund — Annually March 1, 1916 to 1921, 1%; 1922 to 1926, 2%. and 1927 to 1931, 3%; of outstanding bonds, to be set aside as a special trust fund, for the redemption of these bonds, or to pay for permanent extensions, etc., for which no bonds may be Issued. Organization — Incorporated in Iowa in 1903, name changed to present title in 1912. Capitalization. Outstanding. Common $1,700,000 Preferred (7% cum.) 4,037,454 Funded debt 6,618,600 Secured by a first mortgage on plants supplying gas and electricity in Marshalltown, la. (population, 16,000): electricity and steam heat in Boone, Marion and Perry, la. (popula- tion, 22,000): electricity in Tama and To- ledo, la. (population, 4.500), and street rail- ways in Marshalltown and Boone (population 26,000). Further secured by a second mortgage on plants supplying electricity and steam heat in Cedar Rapids, la. (population 47,000): lo- cal street railways and interurban railway, 46 miles long, on private right of way, to Iowa City, la., and from Cedar Rapids to Mt. Vernon. Franchises in Cedar Rapids ex- pire in 1926, in Iowa City are perpetual, in Marion expire in 1934. Total population served 135.000. Prior Lien — $188,000 (closed) Cedar Rapids & Iowa City Ry. & Lt. Co. 63 of 1923. Bonda are reserved to retire this issue. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $2,998,580 $842,799 $404,265 1919 2,375,691 632,029 379,592 1918 2,121,986 682.371 318,651 1917 1,806,721 601,065 358.018 1916 1,590,834 647,005 292,797 1915 1.382,908 665,820 258,246 Orig-inal Market — $1,687,000 5s offered in Sept., 1912, by Harris, Forbes & Co., New York, N. W. Harris & Co., Inc., Boston, and the Harris Trust & Savings Bank, Chicago, at 97 and interest; $400,000 7s offer-^d March, 1921, by same firms at 94 and interest. Market. New York — Pred H. Hatch & Co. Chicag-o — Merrili, Lynch & Co. Milwaukee — F. A. Bartlett & Co. Price Range. Jan. 1, *16, to Jan. 1, *21 1930 Bid. Ask. Bid. Ask. High 9S% '16 99 '16 84 Jan. 87 Jan. Low. 70 '20 74 '20 70 Dec. 74 Aug. IOWA RIVER LIGHT & POWER CO. 1st S. F. 6s. Due $10,000 each May 1 from 1931 to 1935, inclusive, and $150,000 May 1, 1936. Dated May 1, 1916. Interest payable May 1 and Nov. 1, at Trustee's oflace. Tax Statns — 2% Federal Income Tax paid by company without deduction. Aathorized $350,000 Outstanding (Feb. 15, '21) 270,000 Reserved for Ext 80,000 Provisions of Issue — Additional bonds issu- able for 80% of cost of improveemtns, etc. Denomination — Coupon, $1,000. Register- » able as to principal. Trustee — Minneapolis Trust Co. , Minneap- olis. Redeemable at 105 and interest on any interest date. Improvement and Sinking Fund — $3,000 per annum for the first ten years and $5,000 for the next ten years. Fund may be used for additions and extensions at 80% of cost or for the retirement of bonds of this is- sue. Organization and Control — Incorporated In Iowa in 1912 as a consolidation controlled through stock ownership by the Tri-State Utilities Co. of Minneapolis. Capitalization. Outstanding. Common $50,000 Preferred (7% cum.) 50,000 Funded debt 270,000 Secured by a first mortgage on electric light and power properties at Eldora, Union, Radcliffe, Hubbard. New Providence, Lawn Hill, Whitten, Conrad, Beaman and Liscomb, la., together with transmission lines con- necting these towns, and dams and flowage rights at Eldora and Steamboat Rock, la. Population served, 10,000. Franchises re- ported liberal. Earnings — Not available. Years ended Dec. 31: Gross. Net. Interest. 1920 $99,928 $36,783 $16,498 Original Market — $200,000 offered June, 1916, by the Minneapolis Trust Co., Minneap- olis, at ]00 and interest. Market. Minneapolis — Minneapolis Trust Co. IOWA SOUTHERN UTILITIES CO. 1st S. F. - 6s. Due October 1, 1933. Dated October 1, 1916. Interest payable April and October 1 in New York or Chi- cago. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstandinff (Jan. 1, '20) 1,198,200 Reserved for Ext 1.301,800 Provisions of Issue — ^Additional bonds issu- able for 80% of cost when net earnings are twice interest charges on bonds out- standing and to be issued. Property acquired must be subject to the first lien of this mortgage. Denominations — Coupon, $100, $500 and $1,000 (Interchangeable). Registerable as to principal. Trustee — Central Tf-ust Co. of Illinois, Chi- cago. Redeemable at 105 and interest on any in- terest date on sixty days' notice. Improvement and Sinking Fund — Annual- ly, beginning March 1, 1919, 10% of net earn- ings for previous year, but not less than 1 \^ % of the average amoimt of bonds outstanding during such year, to be used for permanent improvements for which bonds are issuable or for the purchase and redemption of these bonds at not over 10 5. Bonds so acquired to be cancelled. Organization — Incorporated in Maine in 1905 as the Centerville Light & Traction Co- Present name adopted in 1916. In 1916 ac- quired the property of the Centerville, Albia & Southern Railway Co. Capitalization. Outstanding. Common $580,000 Preferred (7% cum.) 379,200 Funded debt 1.476,700 Secured by a first mortgage on property now owned or hereafter acquired. The com- pany owns plant supplying electricity to Cen- terville. la.; 240 miles of modern high-tension transmission lines extending to Centerville, Blakesburg, Moravia, Albia, Mystic, Brazil, Streepy, Cincinnati, Exline Allerton, Moulton. Rathbun, Leon Decatur City, Garden Grove, LeRoy, Humeston, Derby, Van Wert, Weldon, Mt. Ayr, Diagonal. Clearfield, Lenox, Block- ton, Benton, Maloy, Shannon City, and Red- ding, which communities are either served directly or through local companies; steam heating plant in Centerville and Leon; a steel railway line in Centerville and an electric railway connecting Centerville with Albia and Mystic. Population served about 56,000. Franchises run considerably beyond maturity of these bonds. "With exception of lines with- in towns, electric railway is on private right- of-way. Underlies — $330,000 Debentures. Years ended Dec. 31: Gross. Net. Interest. 1920 $670,167 $175,660 $88,377 1919 529,938 143,817 85,213 1918 450,979 124,953 81,591 1917 374,950 109,120 61,747 Original Market — Offered December, 1916. by Central Trust Co., and Chicago Trust Co. Chicago, at 101 and interest. Market. Chicago — Chicago Trust Co.. Central Trust Co. of Illinois. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Ask. Ask. High 100-17 97 V. Mar. Low. 90 '20 90 Oct. 636 IRON STEAMBOAT CO. OF NEW JERSEY Gen. 4s. Due July 1, 1933. Dated Nov. 20, 1902. Interest payable Jan. and July 1 , at First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstandiugr $600,000 Denomination — Coupon, $500. Trustee — People's Trust Co., Brooklyn. Redeemable at par and interest. SlnldnEr Fund — At the end of each sea- son the directors of the con-ipany shall de- termine if any of the earnings are available for sinking- fund. Any amount thus appro- priated to be first applied to retirement of prior liena. Organization — Incorporated in New Jersey in 1902, as successor to the Iron Steamboat Co. foreclosed: Capitalization. Outstanding. Common $400,000 Funded debt 512,400 Secured by a second mortgage on seven steamboats running between New York City and Coney Island. Prior Liens — $12,400 1st 5s of 1932. Years ended Bee. 31: 1920 $725,448 $190,413 $210,020 •1919 47 8,279 128,952 21,737 •1918 346,948 70,166 21,915 •\ears ended Sept. 30. Price Range. Jan, 1, *16, to Jan. 1, '21 1920 Eld. Ask. Bid. Ask. High 35 '19 40 '19 35 Jan. ^5 Aug. Low. 20 '16 25 '16 25 Apr. 40 Jan. IRONWOOD & BESSEMER RAILWAY & LIGHT CO. 1st S. E. 5s. Due Feb. 1, 1936. Dated February 1, 1911. Interest payable Feb. and Aug. 1, at American Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,600,000 Outstanding 1,549,000 Retired by S. E 98,000 Pledged to Secure 7% Notes... 393,000 In Treasury 25,000 Reserved for Ext 435,000 Denomination — Coupon, $1,0 00. Register- able as to principal. Trustees — ^American Trust Co., Boston, and Chas. H. Bowen. Redeemable at 104 and interest Feb. 1, 1916, or any interest date thereafter upon 60 days' notice. Sinking Fund — Annuflly on or before Feb- ruary 1 of each year, beginning- 'l9i6,- 1% of outstanding bonds, for the .purchase or redemption^ of bonds at not exceeding 104 and interest. AH bonds so purchased shall be cancelled. Organization — Incorporated in Wisconsin In 1911 as a consolidation of Gogebic Electric Co., Gogebic St. Ry. Co., Twin City General Elec. Co. and Ironwood Water Works Co. Also owns 1,168 of 2,000 shares of stoo^ of the Ashland Light, Power & Street Ry. Co. Capitalization. Outstanding. Common $500,000 Preferred (7% cum.) 400,000 Funded debt 2,269,000 Management — L, B. Meyers & Co., Chica- go. Secured by a first mortgage on 8 miles of Street Railway in Ironwood, Mich., Hur- ley and Gile, Wisconsin. Local street rail- way in Bessemer; 7 miles of interurban street railway between Ironwood and Bessemer; jsteam generating plants at Ironwood and Bes- semer; hydro-electric generating plant at Sax- on Falls; hydro-electric generating plant at Mellen, Wisconsin; high-tension transmission lines of 93 miles: telephone systems connect- ing all plants and stations: 2 undeveloped pow- ers at Brownstone Falls and Superior Palls, capable of generating about 12,000 h. p.; about 6,000 acres of farming and timber lands: water works system serving Ironwood. Michi- gan, Hurley, Wisconsin, with water for do- mestic purposes and fire protection. Also se- cured by a first lien on $116,800 of the $200,- 000 stock of the Ashland Light, Power & Street Railway Company, owning seven miles of street railway in Ashland, Wisconsin, with steam generating plant, hydro-electric plant at White River, supplying electricity to that city, and a gas plant and supply system, subject to $508,000 bonds. Franchises in Ironwood and Bessemer expire in 1941 and in Wiscon- sin are indeterminate. Population served, 40,- 000. Prior Liens — $720,000 Ashland Light, Power & Street Ry. 1st 5s of 1939. Years ended Dec. SI: Bond Gross. Net. Interest. 1919 $533,529 $250,945 $81,889 1918 479,337 207,733 80,560 1917 372,475 128.491 80.223 1916 290,197 261,297 75.610 1915 268,362 156,975 67,584 Original Market — Offered in 1911, by Bur- gess, Lang & Co., Boston and New York, at 93 H and Interest and by the same firm at 95 in 1913. $247,000 offered Dec, 1918, by Halsey, Stuart & Co., Chicago, to yield 6.25%, Market. New York — Hartshorne & Battelle. Boston — L, Sherman Adams. Chlcag-o — Halsey, Stuart & Co. Price Ranee. Jan. 1, '15, to Jan. J, 'Zl 1920 Bid. Ask. Bid. Ask. High 92 '15 95 '15 78 Jan. 82 Jan. Low. 68 '19 75y2 '19 75 Dec. 80 Dec. IRONWOOD & BESSEMER RAILWAY & LIGHT COMPANY 3- Year Coll. 7% Notes. Due April 1, 1932. Dated April 1, 1919. Interest payable April and Oct. 1. Tax .Status — 2% Federal Income Tax paid by company without deduction. Authorized — Additional notes, may be issued upon • pledg,e , ,of ■ first mortgage bonds in the ratio' of '$133 1-3 par, value of bonds pledged for each $10.0 par .value of notes to be ia- sjled.r ""-^ .'•■'■: .■ Outstanding .; w..,,.. ;...;..... .$294,000 Purpose of Issue — ^To reimburse company for expenditures made in the construction of the Superior Falls Water Power plant. Denomination — Coupon $100, $500 and $1,- 000. Registerable as to principal. , Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable as a whole or in part on any interest date at 100 and interest on 30 days' notice. Organization — See 1st S. F. 6s, due Feb. 1, 1936. Security — ^A direct obligation of the com- pany and secured by pledge with the Trus- tee of $392,000 Ist S. F. 5s, due Feb. 1, 1936, being in the ratio of $133 1-3 par value of bonds for each $100 par value of notes. Earnings — See 1st S. P. 5s. Original Market — Offered May, 1919, by Halsey, Stuart & Company, New York, etc. Market. New York — Morton Lachenbruch & Co. Chlcagro — HaLsey, Stuart & Co. Price Range 1920 — Bid, 90; Ask, 95 Dec. IROQUOIS IRON GO. Ist Serial 5s. Due $1SS>000 annually Dec. 1, to 1938, and $134,000 Dec. 1, 1929. Dated Dec. 1, 1909. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding: (Jan. 1, '21) 1,148,000 Matui-ed and Paid 1,152,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Registered, $1,- 000, $5,000 and $10,000. C. & R. inter- changeable. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable at 105 and interest on any in- terest date. Assumed by The Steel & Tube Co. of Am- erica. Control — Incorporated in Illinois in April, 1899. Merged in 1918 into the Steel Tube Co. of America. Secured by a first mortgage on two iron and steel plants on the Calumet River in South Chicago, III., one covering 20 acres at 95th St. & Calumet River, and the other covering 115 acres, at 94th St. & Lake Mich- igan. And further secured by a first lien on the capital stocks of companies owning valuable ore properties. Underlies — Iroquois Iron Co. Ref. Mtge Steel & Tube Co. Gen. 7s of 1943, all of which are pledged to secure 7% Conv. notes, due July 1. 1921. Original Market — Offered in 1910, by Lee, Higginson & Co. , Boston, and Illinois Trust & Savings Bank, Chicago, at prices to yield B%%. Market. Philadeli^hia — Brown Bros. & Co. Price Range. Jan. 1, *18 to Jan. 1, '21 1930 Bid. Ask. . Ask. High 96 *18 86 Dec. Low. 841^ '18 86 '20 86 Dec. ISLAND REFINING CORPORATION 10-Year 7% and Participating Notes. Due April 15, 1929. Dated April 15. 1919. Interest payable April and Oct. 16, at New York. Tax Status — Information not available. Authorized $6,000,000 Outstanding: 5,500,000 Denomination — Coupon, $100, $500 and $1,- 000 reglsterable as to principal. Trustee — Metropolitan Trust Co., New York. Redeemable as a whole or in part on any interest date on thirty days' notice at 120 and interest. Sinldng Fund— Annually 10% of the net earnings after taxes, depreciation and bond Interest, to be applied to the purchase of bonf^s at not exceeding 120 and interest. If bonds cannot be purchased they must be called. Participating Dividends — Company cove- nants that on or before March 1 of each year it will pay to the Trustee a sum equal to 20^ of the net earnings (after deduct- ing sinking fund requirements) for the pre- vious calendar year, which amounts will be distributed to holders of these bonds in pro rata payment on * April 15, in addition to the stated semi-annual interest payment. Organization and Control — Incorporated In Virginia. Entire capital stock owned by Island Oil & Transport Corp, The Island Re- fining Corporation owns a 5,000 barrel Top- ping plant at Palo Blanco and a 5,000 barrel refinery near New Orleans, La. Through the Massachusetts Oil Refining Company, the majority of stock of w^hich is owned by the Island Oil & Transport Corporation owns a 5,000 barrel refinery near Boston, Mass. All of these plants vrill be completed during the present year. Capitalization. Outstanding. Common $10,000,000 Funded debt .: 4,500,000 Security — ^A direct obligation of the Com- pany, and secured by a 1st direct mortgage on the plant in the United States. Also by pledge of all the stock and note obligations of the Mexican operating company being In effect a first lien on that property and equip- ment, and two-thirds of the stock of the Cuban operating company together with all its note obligations at 92% and Interest. Original Market — Offered April, 1919, by A. B. Leach & Company, Inc., New York, at 92^ and Interest. Market. New York — Morton Lachenbruch & Co., Earle A. Miller & Co., A. B. Leach & Co., Inc. Price Rang:e Jan. 1, '19, to Jan. 1, '21 1»20 Bid. Ask. Bid. Ask. High 93% '19 981^ '20 84 Oct. 91% Sept. Low. 78 '20 80 '20 78 Dec. S» Mar. 638 JACKSON & BATTLE CRHEK TRACTION CO: Ist 5s. Due Jan. 1. 1933. Dated Jan. 1, 1903. Interest payable Jan, and July 1, at Columbia Trust Co. , New York, or at Cleveland. Tax Status — '2 70 Federal Income Tax paid by company without deduction. Authorized and Outstanding. . .$1,200,000 Denomination — Coupon, Jl.OOO. Regiater- able aa to principal. Trustee — Citizens' Savings & Trust ,Co., Cleveland, O. * Redeemable at 103 and interest on any in- terest date. Control — Absorbed hy Michigan United Rya. Co, , which Is leased for 999 years to the Michigan Railway Co. The Michigan United Railways Co, system comprise 260 miles of street and interurban railways. The entire capital stock of the Michigan Railway Co. is owned by the Commonwealth Power Railway & Light Co. Secured by a first mortgage on 46 miles of electric railway between Jackson and Battle Creek, Mich. Road is operated by third rail. Underlies — Michigan United Rys. 1st & Ref . 5s of 1936, a sufficient amount of which has been reserved to retire this issue. Eamingrs — See Michigan United Kys. 1st & Ref. 5 s. Market. New Yorlc — Hodenpyl, Hardy & Co Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask, High 98% '17 100 '17 85 Jan. 88 Oct. Low. 77 '20 82 '19 77 Mar. 85 Dec. JACKSON CONSOLIDATED TRACTION CO. 1st 6s. Dae May 1, 1934. Dated May 1, 1904. Interest payable May and Nov. 1, at Columbia Trust Co. , New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $790,000 Denomination — Coupon, $100, $500 and $1,- 000. Trustee — Empire Trust Co., New York. Redeemable on any interest date at 105 and interest. Control — See Jackson & Battle Creek 53 above. Secured by a first mortgage on street rail- ways in Jackson, Mich., with lines to subur- ban towns, total mileage, 30. Franchises in Jackson expire in 1960, but city has right to purchase property at an appraised value In 1930 or at any five-year period thereafter. Population served, 35,000. Underlies — ^Michigan United Rys. 1st & Ref. 5s of 1936, under which mortgage bonds are reserved to retire this issue. Eamingrs — See Michigan United Rys. 1st & Ref. 5 s. Original Market — Offered by W. N. Coler & Co., New York, at par, Oct., 1904. Market. New Yorli — Joseph Gilman, Hodenpyl, Hardy & Co. Price Range. Jan. 1, *09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '09 100 '14 55 Dec. 70 Dec. Low 45 '20 55 '20 45 Nov. 55 Nov. JACKSON FURNITURE CO. 7% Notes. Due $30,000 each Apr. 1 from 1921 to 1930, incl. Dated Apr. 1, 1920. Interest payable Apr. 1 and Oct. 1 at Central National Bank, Oakland, Cal. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $300,000 Outstanding 300,000 Trustee — 'Central National Bank, Oakland, Cal. Organization! — Incorporated in California. Business established in 1907. Company con- ducts a general retail furniture business in the city of Oakland, Cal. The company's re- tail store occupies three stories and base- ment, with a floor space of 90,000 square feet, located in the center of the shopping district in Oakland, Cal. Capitalization. Outstanding. Common $600,000 Funded debt 300,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the trust agreement the company covenants as follows : To maintain net duick assets of at least 250% of the par value of notes outstand- ing. Not to mortgage any of its properties while any of these notes are outstanding. Its right being reserved to assume possible purchase money mortgages on property hereafter ac- quired. Years ended Dec. 31: Gross. Net. 1919 $1,377,110 $270,550 ' Original Market — $300,000 offered May» 1920, by Stephens & Co., San Diego, etc, at prices rangSng from 99.88 to 97.38 and interest, according to maturity. JACKSON, liANSING & SAGINAW RAHi- ROAD 1st 3V2S. Due Sept. 1, 1951. Dated September 1, 1901. Interest payable Mar. and Sept. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,001 Outstanding 1,699,000 Retired by Purchase by Ii7g€ par for par for Jackson Light & Traction Co. 1st 5s. Denominations — Coupon $1,000, $500 and $100. Trustee — Chicago Trust Co., Chicago. Itedeemable at 102 and interest on any in- terest date upon 30 days' notice. Sinlting: Fund — Annually, beginning July 1, 1924, an amount equal to 4V2% of outdtand- Ing bonds to be applied at the option of the company, (a) to the purchas-3 or redemption of these bonds at not over 102 and interest; or (b) the Trustee shall pay over to the Company sums equal to expenditures made by the Company during the preceding 18 months for construction or maintenance purposes. Organization and Control — Incorporated in Mississippi in March, 1920, to acquire under fioreclosure the property of the Jackson Light & Traction Co. Controlled through stock ownership by the American Public Utilities Co. Capitalization Outstanding Common $600,000 Funded debt 1,055,000 Secured by. a first mortgage on all the property now owned or hereafter acquired. The property covered includes the street railway system in Jackson, Miss., comprising 14 miles of track and also plants supplyin;?' that city with gas and electiicity. Original Marlcet — See "Purpose of Issue" above. Market . New York — P. W. Brooks & Co. .Price Range 1930— Bid. 75 July; 70 Dec. JACKSON MOTORS CORP. 3-Year 1st Conv. 7s. Due July 1, 1932. Dated July 1, 1919. Interest payable Jan, 2' I and I July 1; :at International Trust Com- pany, Boston. ' • ■' - •■'• -.Tax Status^— ^2% Federal . iBcomp Tax paid by .the company without deduction. ,- Free of a;ll ! State income taxes,, .^eductatle at -the source. ,-■ '^ ■*" ■ ■ii ; Authorized ,'. . .V .■.■..:.'. ...^l.OO-O.OOO Outstanding ,i;oo'0,,000, , Purpose of I^sue — Tb jji;ovi(3e a(3ditlonal working capital. ' ^ , , DeriomihatloiiLJ-Coupon. $S(Jtf' _ah^, $1,000; reWlstferable '&s to prihftlpal. " '' , ,'' , Trustee — Intei;nationg,l ' Trust Company, Bostdri;"''""'" -''-':"■' "'■■;" '"Bea©ema(ble £tt' iffS a^d lA.tepeat upon sixty days 'notice. Sinkinsr Fund — Thle' trust agreement pro- vides, fpiTi tl^e.i retirei?ient of these .bonds to the extent of 20% of net earnings after, payment , of interest chargBS-. , i ' ' Convertible after Nov. 15, 1919, and be- fore Jan. 10, 1922, par for par into 8% 1st Pref. Cum. Participating stock. In addi- tion to the regular 8% dividends, the pre- ferred stock will receive participating divi- dends equal per share to 33 1-3% of the divi- dends declared per sihare on the common stock. The preferred stock is preferred both as to assets and dividends. Upon the re- tirement of this bond issue, 20 % of all yearly net profits, after providing for the payment of all cumulative dividends on pre- ferred stock, shall he paid into a preferred stock sinking fund for use in redeeming pre- ferred stock by lot. Preferred stock Is re- deemable at 120 and dividends upon 60 days' notice. The company covenants to pay all State income taxes on its preferred stock through ts refunding provisions. The hold- ers of preferred stock have equal voting power with the holders of common stock. Organiizatioii*— ^Incorporated in Delaware April, 1919, as a consolidation of the Jackson Automobile Company, the United Pour-Wheel Drive Truck Corp., and the Lamson Truck & Tractor Company. Capitalization. Outstanding. Common $3,000,000 Preferred (8% cum.) 1,000,000 Funded debt 1,000,000 Secured by a first mortgage upon all the property of the company both real and per- sonal now held or hereafter acquired. Prop- erty covered includes a manufacturing plant at Jackson, Mich., covering 235,000 square feet of floor space. The company manufac- tures high grade motor trucks and pleasure cars, also automobile bodies. Under the pro- visions of the trust agreement the company covenants to maintain at all times net quick assets of at least 100% of all its outstanding bonds. Original Market — $1,000,000 offered by Plimpton & Plimpton, Boston, July, 1919, at 98 and interest. JACKSONVILLE ELE3CTRIC CO. 1st 5s. Due Ma^ 1, 1937. Dated July 14, 1902. Interest payable May and Nov. 1, at American Trust Co. , Boston, Mass. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $1,245,000 Denomination' — Coupon, $1,000. Register- able as to principal. Trustee — ^American Trust Co., Boston. Redeemable as a whole on any interest date at' 1*5' and interest. -Iniprovc^ent Fund — 1% per annum of out- standing bonds to be used for extensions and improvements - or to purchase bonds. ■; Assumed by the Jacksonville Traction Co. Management — Stone & Webster, Boston, Control — Absorbed by the Jacksonville Trac- tion 'Co., now in hands of a Receiver. Secured by a first montgage on 47 miles of street railway and part of the power plant in Jacksonville, Fla. Population served, 60,- 000. Franchise expires in 1932. Underlies — Jacksonville Traction Co. 1st Cons. 5s of 1931, which provide for the re- tirement of this Issue. Earnings — See Jacksonville Traction Co. 1st Cons. 5s. Original Market — OfCered by John Dearborn at 97% July, 1905. ' ■. Market. New Yorlc— Fred H. Hatch & Co; ' Boston — Stone & "Webster. 6S0: Price Banee. Jan. 1, 'IS, to Jan. 1, 21 I9S0 Bid. Ask. Bid. Ask. High 99 '12 101 '14 60 Sept. 88 May Low. 40 '20 56 '20 40 Deo. 55 Dec. JACKSONTTLLE (Fla.) GAS CO. 1st S. F. PS. Due June 1, 1948. Dated June 1, 1912. Interest payable June and Dec. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized J6, 000, 000 Ontstandine 2,280,000 Retired by S. F 16,000 Reserved to Retire Deb. 6b 600,000 Reserved for Ext 3,105,000 Denomination — Coupon, 11,000. Register- able as to principal. Trustee— Central Trust Co. of Illinois, Chi- cago. Redeemable at 106 and Interest on any in- terest date on three weeks' notice. Stnklns Fund — ^Annually on Oct. 1, from 1917. to 1921, $6,000; 1922 to 1926, S10,000; 1917, to 1921, $5,000; 1922 to 1926, $10,000; and 1937 to 1942, $40,000, for the purchase or redemption of these bonds at not over 105 and interest. Bonds so redeemed to be can- celled. Payment may be made in cash or In bonds of this issue at par and interest. Organization — Incorporated in Florida in 1874. Capitalization. Outstanding. Common $1,600,000 Preferred (7% cum.) 260,000 Funded debt 3,485,000 Secured by a first mortgage on plant sup- plying gas to Jacksonville, Fla. Population served about 60,000. Franchise is perpetual. Underlies — Deb. 63 of 1922. ITears ended Dee. 31: Bond Gross. Net. Interest. 1919 $509,480 $193,415 $112,624 1918 476,077 231,261 166,791 1917. 379,141 204,294 166,000 1916 327,591 176,070 160,404 Origbial Market — $1,300,000 offered in June, 1912, by H. T. Holtz & Co., Chicago, at 95 and interest. Market. New York — Fred H. Hatch & Co. Philadelphia — Bauer, Starr & Co., Henry D. Boenning & Co., Huntoon & Co. Chicago — H. T. Holtz & Co. Baltimore — Jenkins, Whedbee & Poe. Price Ranee. Jan. 1, '12, to Jan. 1, 'SI 1920 Bid. Ask. Bid. Ask. High 95 '16 97% '12 68 Oct. 79 Fob. Low. 68 '20 62 '20 68 Nov. 62 Nov. JACKSONTUXE (Fla.) GAS CO. 10-Tear Deb. 6s. Dne June 1, 1922. Dated June 1, 1912. Interest payable quarterly, March, June, Sept. and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,200,000 Ontstandine 1,200,000 Denomination — Coupon, $1,000. Keglster- able as to principal. . Tmstee — Central Trust Co. of Illlnoia, Chi- cago. Redeemable at 101 and interest on anv In- terest date on three weeks* notice. Organization — See 1st 6b. Security — ^A direct obligation of the Com- pany, but not secured by a mortgage. Prior Liens — $1,880,000 1st 6s of 1942. No more bonds can be Issued except for an amount not exceeding 807o of cost of addi- tional property, etc., until these debenture notes are paid, $600,000 1st 6a are reserved to retire these debentures at the rate of $100,000 per year beginning Jan. 1, 1914. Earnings — See 1st 6s. Original Market— $460,000 offered In 1912 by H. T. Holtz & Co., Chicago, at par and Interest. Market. Philadelphia — Arthur J, Bender, McOown & Co. Price Range. Jan. 1, '16, to Jan. 1, 21 1920 Bid. Ask. Bid. Aslc High 93% '16 97 '18 85 88 Low. 76 '18 90 '18 SO 86 JACKSONVILLE (lU.) RAILWAY « LIGHT CO. 1st Cons. 5s. Dne Jan. 1, 1931. Dated Jan. 1, 1906. Interest payable Jan. 1 and July 1, at Merchants' Bank of Can- ada. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Ontstanding (Jan. 1, '21) 756,000 Retired by S. F :... None Reserved to Retire Prior Liens 100,000 Reserved for Ext 144,000 Denomination — Coupon, $1,(^00. Register- able as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 106 and interest on any In- terest date. SinMng Fand — ^Annually, on Jan. 1, 2% of outstanding bonds. Fund to be used to purchase these bonds or for extensions or bet- terments. Guaranteed as to prinipal and interest by endorsement by the Illinois Traction Co. Organization and Control — Incorporated In Maine, Dec., 1905, as a consolidation of the Jacksonville Ky. Co. and Jacksonville Gas Light & Coke Co. The entire capital stock is owned by the Illinois Traction Co. Capitalization. Outstanding. Common $100,000 Preferred (6% cum.) 123.000 Funded debt 856,000 Secured by a first mortgage on seven miles of street railway in Jacksonville, 111., and a second mortgage on plants supplying that city with gas and electricity. Population served (1910), 15,326. Franchises are perpetual. Prior Liens — $110,000 Jacksonville Gaa Light & Coke Co. 1st 6s of 1931. Provision Is made in this mortgage for their retiremert. Original Market — First offered by Baker, Ayling & Co., Boston and Philadelphia. Market. New York — WolfC & Stanley. St. Louis — Bowman, Cost & Co, Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Ask. High Low. 87 '16 94 '16 70 '20 80 July 70 Dee. iBt 641 JACKSONVILLB (Fla.) TEBMINAL CO. 58. Dne Jnly 1, 1939. Dated July 1, 1894. Interest payable Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $600,000 Outstanding 400,000 Retired 100,000 Denomination — Coupon, $1,000. . Registerr able as to principal. Trustee — ^Metropolitan Trust C!o., New York. Guaranteed as to principal and interest by the Atlantic (3oast Line R. R. Co., Seaboard Air Line Ry. Co. and Florida East Coast Ry, Co. by endorsement. Oreanization and Control — Incorporated in Florida in 1894. Of the $375,200 capital stock outstanding the Atlantic Coast Line R. R. Co., the Seaboard Air Line Ry. Co. and the Florida East Coast Ry. Co. own one- fourth each and the Southern Ry. Co. and the Georgia Southern & Florida Ry. Co. own one-eighth each, and the property is operated under an agreement whereby the operating expenses are paid by the proprietary com- panies in proportion to the cars handled. Captalization. Outstanding. Common^ $375,200 Funded' debt 2,500,000 Secured by a first mortgage on union pas- senger depot and terminal property in Jack- sonville, Fla., and including 34 miles of ter- minal track and equipment. Underlies — ^Ist & Gen. 5s of 1967, a suffi- cient amount of which are reserved to retire this issue. Market. New York — Simon Bore Co., Joseph Bird Ford, Charles W. Place. Fittsbiirgr — R. B. Hutchinson & Co. Kaltiinorc — Brinkman & Co. Price Range. Jan. 1, *16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 105 '16 107 '16 ' 85 Mar. 90 Mar. Low. 75 '20 90 '20 7S Sept. 90 May JACKSONVITJOE (Tla.) TEBMrNAL CO. . 1st Gen. 6s. I>ne July 1^ 1967. Bated July 1, 1917. Interest payable July 1 and Jan.. 1 in New York. ■ Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,500,000 Outstanding 2,100,000 Reserved for Prior JAens 500,000 Reserved for Ext 900,000 Purpose of Issue — To purchase additional real estate and for constructing a new pas- senger station. Denomination — Coupon, $1,000. Register- able as, to principal. Trustee — United States Trust Company, New York. Guaranteed principal "and interest jointly and severally by Atlantic Coast Line R. R., Florida Bast Coast Ry., Seaboard Air Line Ry, and gouthern Railway. OrgaJiization and Control — See 1st 5s. Secured by a mortgage on three tracts of land in the city of Jacksonville, Fla., con- taining 151 acres, excepting therefrom 30-ft. rights of way belonging to Atlantic Coast together with equipment and franchises. Prior Uen — Outstanding. 1st 5s, 1939 $400,000 Bonds are reserved under this issue for the retirement of the above issue. Original Market — $1 00,000 offered Decem- ber, 1919, by the Citizens' and outhern Bank, Augusta, Ga., at 84.34 and interest. Market. - New York — Joseph Bird Ford. Pittsburg: — R. B. Hutchinson & Co. JACKSONVIIiLE (Fla.) TRACTION CO. Ist Cons. S. F. 5s. IHie March 1, 1931. - Dated March 1, 1911. Interest payable March and Sept. 1, at Trustee's office, Bos- ton- Tax Status — 2% Federal Income Tax paid by company without deduction. Anthonzed $5,000,000 Ontstandingr (Jan. 1, '21) 869,000 Retired by S. F 50,000 Reserved for Prior JAens 1,245,000 In Treasury 169,000 Reserved for Ext 2,667,000 Denomination — Coupon, $ 5 and $1,000. Rpsristerable as to principal . Trustee — State Street Trust Co., Boston. Redeemable at 105 and interest on any in- terest date as a whole only, or In part for sinking fund. Sinking. Fund — 1% annually of bonds cer- tified, commencing March 1, 1917, for the purchase or redemption of these bonds at not over 105 and Interest. ReceiTership — On Oct. 30. 1919. E. J. Trias was appointed receiver by the Federal court. Organization — The Company was incorpo- rated in Massachusetts in 1911 as a consoli- dation of the street railway properties of Jacksonville, Fla. Capitalization. Outstanding, Common $1,000,000 Preferred (6% cum.) 500,000 Funded debt 2,879,500 Management — Stone & Webster. Secured by a first mortgage on new power station and 4 miles of railway track extend- ing to Ortego and a second mortgage on all the other property of the company including 56 miles of street railway track in Jackson- ville, Fla. Population served, 75,300. Fran- chise expires in 1932. Prior liien — $1,245,000 Jacksonville Electric, Co. Is't 5s of 1927, for the retirement of which bonds of this issue are reserved. Underlies — $750,000 6% notes due 1919. Yeaxs ended Dec. 31: Gross. Net. Int. & S. F. •1919 $1,025,601 $152,265 $177,139 1918 945,569 235,902 199,067 1917 698,123 228,411 188,895 1916 627,194 203,487 183,907 *12 months ended June 30. Original Market— Offered in 1911, by Stone & Webster, Boston, and Estabrook & Co., Boston, etc., at 96% and Interest, Market. Boston — Stone & Webster. Price Range. Jan. 1, *12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Hig-h 95% '32 9T^A '12 52 Oct. 65 Jan. Low. 40 '20 55 '20 40 Dec. 55 Dec. JACKSONVII,I«E (Fla.) TRACTION CO. 2- Year 6% Notes. Due Mar. 1, 1919. Dated March 1, 1917. Interest payable Mar. 1 and Sept. 1, at office of Trustee. Default— These notes were not paid or re- financed at maturity. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 750,000 The proceeds have been used to retire issue maturing March 1, 1917. Denomination — Coupon, $500 and $1,000. Reglsterable as to principal. Registered $500 and $1,000. C. & R. Interchangeable. Trustee — State Street Trust Co., Boston. Redeemable as a whole at 100 and interest. Protective Committee — -Allan Forbes, Sted- man Butterick, O. G. Wood and Edwin S. Webster, all of Boston. State Street Trust Co.. Boston, depository. Security — A direct obligation of the com- pany, but not secured by mortgage xjt col- lateral. Original Market — Offered March, 1917, by Stone & Webster, Boston, etc., at 98 and interest. 642 JAMAICA & BROOKIiXN BAIUBOAD CO. 1st 5s. Due Jan. 1. 1930 Dated Sept. 4, 1889. Interest payable Jan. and July 1, at Brooklyn Trust Co., Brooklyn. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $240,000 Benomination — Coupon, $1,000. Trustee— Central Trust Co.. New York. Control — Absorbed by Brooklyn, Queens County & Suburban R. R., which is controlled by Brooklyn Rapid Transit Co. through own- ership of entire capital stock. ReceiverslUp — See Brooklyn Rapid Transit Co. Secured by first mortgage on 13 miles of street railway between Brooklyn and Jamaica, N. Y. Underlies — Brooklyn, Queens Co. & Sub- urban R. R. Co. 6s. Earnings — See Brooklyn, Queens Co. & Sub- urban R. R. Co. 5s, Original Market — Offered by Brooklyn Tru.st Co. at 99 in April, 1891. Market. New York— Theodore L. Brons & Co., Fin- lay & Davenport, Fred H. Hatch & Co. Price Range. Jan. 1, *ie, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '16 56 July Low. 30f. '20 50f. '20 30f. Sept. 50f. Sept. Price Range. Jan. 1, *17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96% 'n 98 '17 64 July SO Dec Low. 64 '20 75 '20 64 July 75 Dec. JAMAICA WATER SUPPLY CO. 1st Cons. 5s. Due July 1, 1946. Dated July 1, 1916. Interest payable Jan. 1 and July 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York and Pennsylvania tax refunded. Aathorized $2,500,000 Outstanding 1,267,900 Retired by S. F 55,700 Reserved for Ext 1,080,400 Reserved for Prior Liens 96,000 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Equitable Trust Co.. New York. Redeemable at 105 and interest. Sinking Fund — Annually, beginning Jan. 1, 1918, 2% of bonds issued for their purchase or redemption at not over 105 and interest. Organization — Incorporated in New York In 1887. Capitalization. Outstanding. Common $300,000 Funded debt 1,463,000 Secured by a mortgage on all the property of the company. The company serves a popu- lation of about 65,000 without competition. Including a portion of the Fourth Ward of the Borough of Queens of New York City, Hempstead, North Hempstead and adjacent territory. The company derives its water sup- ply from, wells, from which water is distrib- uted through 172 miles of mains. Franchises are perpetual. Prior Liens — $70,000 Cons. 53 of 1928 and $26,000 1st Unified 5s of 1954, both closed mortgages. Years ended July 31: Gross. Net. Interest. 1919 $274,906 $118,032 1918 257.704 105,678 68,033 1917 254,616 130,565 70,000 •1916 223,838 118,558 67,600 ♦1915 208,776 98,371 ♦Tears ended April 30. Original Market — Offered Jan. , 1917, by Montgomery & Tyler, Philadelphia, etc. , at 97^ and interest. Market. New York — Theodore L. Brons & Co., Hartshorne & Battelle. Philadelphia — McCown & Co., Samuel K. Phillips & Co. Baltimore — "William E. Holloway. JAMESTOWN, FRANKLIN & CLEARFIELD RAILROAD CO. Ist 4s. Due June I. 1959. Dated June 1, 1909. Interest payable June and December 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized Closed mortgage. Outstanding $11,000,000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Reg- istered, $1,000 and multiples. C. & R. inter- changeable. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by Lake Shore & Mich. So. Ry. Co. (now merged into the New York Central R. R. Co.) by enddrse- ment. Assumed by the New York Central R. B. Co. Control — Merged into the New York Central R. R. Co. Secured by a first mortgage on 132.05 miles of road, viz. : Miles. O.-Pa. State Line to Rose Sliding, Pa. .103.56 Franklin to Oil City, Pa 7.78 Polk Jet. to Belmar, Pa 10.71 Also secured on 54 miles of trackage rights from Brookville via Falls Creek to Clearfield. Pa, This line affords a western outlet for cnal from the lines controlled by the New York Central R. R. Co. Underlies— N. Y. Cent. & H. R. R. R. Ref. & Imp. of 2013, which provide to retire this Issue. Legal for savings banks in Cal., Conn,, Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., Ohio, Ore., R. I., Vt. and Wis. lasted on the New York and Philadelphia Stock Exchanges. Original Market — $11,000,000 offered In 1910. by J. P. Morgan & Co., First National Bank. National City Bank, New York, and Drexel & Co.. Philadelphia, at 95 and inter- est. Market. New York — E. A. Baker & Son, Arthur E. Frank & Co., Sam'l Goldschmidt, R. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Remick, Hodg-es & Co., Ray- raiond M. Smith, Struthers & Hiscoe, Vilas & Hickey. Pittsburgrh — R. E. Hutchinson & Co. Philadelphia — Bauer, Starr & Co., Biddle & Henry, Henry D. Boenning- & Co., Brown Bros. & Co., Daniel & Co., Elkins, Morris & Co., William W. Fogarty, Graham, Parsons & Co., Harper & Turner, McGown & Co., Samuel McCreery & Co.. J. P. Magill & Co., Reed A. Morgan & Co., Isaac Starr & Co., Parsly Bros. & Co., Wheeler, Elliott & Mann. Price Range — N. Y. S. E. Jan. 1, *11, to Jan. 1, '21 1920 High 95% May 11, '11 78 .Tan. 12 Low. 74 Dec. 10, '20 74 Dec. 10 643 JA3IEST0WN ated April 1, 1912. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $5,000,000 Outstanding: (Feb. 1, '21) 2,916.000 Ketired by S. F 2,084,000 Denomination — Coupon, $1, 000. Registerabie as to principal. Trustee — The Union Trust Co. of Pitts- burgh, Pittsburgh, Pa. Redeemable at 105 and Interest on any date. Sinking Fund — April 1, 1914, $150,000 semi- annually on April 1 and Oct. 1, and addi- tional payments at the rate of $1,200 an acre for all coal mined in excess of 220 acres per annum, for purchase or redemption of bonds at not exceeding 105 and Interest. Bonds so acquired to be cancelled. Special Resen'e Fund — In addition to the sinking fund there is deposited with the Trustee $595,000, w^hich fund is cumulative until payment of all the bonds of this Issue. Orgranization — See George's Creek-Farm- ington 1st 5s. Secured by a first mortgage on 5.400 acres of unmined coal, 2,000 acres of surface lands, 1,40 coke ovens, six mining plants, equip- ment, miners* houses, etc., located in Greena- burg Basin, Westmoreland County, Pa. Original Market — $5,000,000 offered in 1912, by The Union Trust Co. of PIttsburgli, Pitts- burgh, Pa., at 100 and Interest. Market, New York — Dunham & Co., Hartahorne & Battelle, Redmond & Co., Watson, Arm- strong & Co., Graham, Parsons & Co. Fhiladelpliia — Graham, Parsons & Co., Mc- Cown & Co. Pittsbiu'fiTli — W. E. Ballard, Lyon, Singer & Co., Moore, Leonard & Lynch, Edward G. Owens & Co.. The Union Trust Co. of Pitts- burgh. 1920 _ Price Range. Jan. 1, '17, to Jan. 1, '81 Bid. Ask. Bid. Ask. High 103% '17 105-17 97% Jan, 98% Jan. Low. 90 '20 97 '20 90 97 JAjMISON COAIi AND COKE COMPANY Serial 6% Notes. Due $50,000 March 1, 1920, and on the first of each alter- nate month thereafter until May 1, 1923. Datea March 1. 1919. Interest payable March and Sept., also on the several matu- rity dates of notes at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding: (Feb. 1, '21) 700,000 Balance retired. Denomination — Coupon, $5,000. Trustee— Union Trust Company, Pittsburgh. Orgranization — See George's Creek-Farm- in&ton 1st 5s. Security — ^A direct obllgration of the com- pany and a direct lien on two leaseholds, 1,600 acres in Westmoreland and Fayette County, Pennsylvania, together with all im- provements thereon. Oriffinal Market — Offered March, 1919, by the Union Trust Company of Pittsburgh and Moore, Leonard & Lynch, Pittsburgh and New York, from 99% to 100 and interest for various maturities. Market. Pittsburgrh — The Union Trust Co. of Pitts- burgh. JANNEY & BURROUGH 1st S. F. 69. Due Nov. 1, 1936. Dated Nov. 1, 1916. Interest payable Nov. 1 and May 1. ' Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $450,000 Outstanding 406,000 Retired by S. F 44,000 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Northern Trust Co., Philadelphia. Redeemable at 105 and interest on any in- terest date on four weeks' notice. Sinking Fund — ^Annually an amount suffi- cient to purchase and cancel $22,000 bonds at not over 105 and interest. It Is estimated that this fund will retire entire issue by maturity. Organization — Incorporated in Pennsylvania In 1916, and acquired the business of Thomas Janney & Co., Tanners, and Janney & Bur- rough, Commission Merchants. The business company's entire output Is sold to jobbers for use In the shoe repair business. Capitalization. Outstanding. Common $500,000 lat Pref. (7% cum.) 500,000 2d Pref, (8% cum.) 500,000 Funded debt ._^. 406,000 Secured by a first mortgage on all the prop- erty of the company. The property covered consists of the Wissinomlng Tannery prop- erty, comprising about 15 acres, including about 12 acres of available land for build- ings, with frontage on the Delaware River, located at Bridesburg, Pennsylvania. The plant on this land is of modem construction, and covers about four acres of land and has about five acres of fioor space with a tan- ning capacity of 400 heavy hides per day. In addition to this, the property includes an of- fice building, a hide storage warehouse, fin- ishing department, machine shop, a modem power house, and dwelling and garage of sup- erintendent on the premises. Additional prop- erty covered by the mortgage includes the five-story warehouse, cutting rooms and office at 315 North Third St., Philadelphia. The cost of the property covered is re- ported in excess of $885,000. The property ia constantly covered by fire insurance in excess of $1,000,000, also by use and occupancy in- surance in the amount of $330,000 and tor- nado insurance in the amount of $350,000. The purpose of this issue is to retire real estate mortgages and bank loans. Years ended Dec. 31: Net. 1918 $76,156 1917 113,408 1916 70,014 1915 145,157 Original Market — $450,000 offered by Fraz- ier & Co., Philadelphia, Baltimore and New York, at 100 and interest. Market. Philadelphia — Brown Bros. & Co., Lloyd & Palmer. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95 '17 86 May 92 May Low. 80 *20 85 '20 80 Sept. 85 Sept. JEFFERSON & CLEARFIBLD COAL & IRON CO. 2nd 5s. Due June 1, 1926. Dated June 15, 1896. Interest payable June and Dec. 1, at A. Iselin & Co., 36 Wall St.. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding: (Jan. 1, '21) 175,000 Held in S. F 174,000 Denomination — Coupon, $1,000. Registerable as to principal. ' Trustee — United States Mortgage & Trust Co . New Tork. Sinking Fund — Beginning Feb. 15, 1897, three cents for each ton of coal mined, but payments to be not less than $50,000 per an- num, to be applied to the purchase or redemp- tion of these bonds at not exceeding 105 and Interest. Bonds so acquired to be held alive and interest added to this fund. Note — The 1st 5s referred to above were called for payment at the Guaranty Trust Co.. New Tork, June 1, 1918. Organization and Control — Incorporated in Pennsylvania in 1896. The entire $1,500,000 common stock and $300,000 of the $1,500,000 preferred stock are owned by the Rochester & Pittsburgh Coal & Iron Co. and the com- mon stock is deposited under that company's 4^.9 of 1932. The latter company is con- trolled through ownership of entire capital stock by the Mahoning Investment Co., which is likewise controlled by the Buffalo, Roches- ter & Pittsburgh Ry. Co. Capitalization. Outstanding. Common $1,500,000 Preferred (5% non-cum.) 1,500,000 Funded debt 1,848,000 Secured by a first^ mortgage on about 4,400 acres of coal lands in Jefferson County; Pa.; also 3,400 acres of ooal, and coal rights In over 2,600 acres, together with mining plants, etc., and further secured by $192,500 of $200,- 000 capital stock and all the bonds of the Reynoldsvllle and Pall' Creek R. R. Co. Years ended Dec. 31: Gross. Net. Interest. 1920 $7,209,429 $806,429 $107,775 1919 3,805,789 600,063 110,950 1918 8,218,513 2,441.173 114,558 1917 6,765.161 1,868,525 tl,078,780 1916 3,089,401 553,908 323,279 •1915 2,161,503 313,912 247,328 *Year ended June 30. *lnclude.s redemption of 1st 5s. I/isted on the New York Stock Elxchange. Market. ■ New York — Dunham & Co., Hartshorne & Battelle, Watson, Armstrong & Co. Pliiladelpliia — Elkins, Morris & Co., Pars- ly Bros. & Go. Price Rasee — N. Y. S. E. Jan. 1, '06, to Jaa. 1, '21 1920 Bid. High 95 June 6, '17 96 Jan. Low. 90 Dec. 29, '14 74 Nov. Original M^irket — Offered in 1906, at 98 and interest, by the Mercantile Trust Co., St. Louis, Mo. Market. St. Louis — Mercantile ■ Trust Co. JTBFFERSON & CLEARFIEUi COAL & lEON CO. Indiana County 1st & Bef, 5s. Due July 1, 1950. I>ated July 1, 1910. Interest payable Jan. and July 1, at A. Iselin & Co., 36 Wall St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized $2,500,000 Outstanding (Jan. 1, '21) 1,673,000 Retired by S. P 127,000 I'urchased and Held In Treasury 100,000 Reserved for Add 600.000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- terest date after six weeks' notice and for sinking fund not over par and interest on each Jan. 1, beginning Jan. 1, 1920. Sinking Fund — Four cents per ton of coal mined from the property covered by this mortgage Annual payment to be not less than 3 % of the amount of bonds issued. Bonds are to be purchased or redeemed at not exceeding par and interest, beginning Jan. 1, 1920, and bonds so acquired are to be can- celled. Organization and Control — See 2d 6s. Secured by a first mortgage on about 16,000 acres of coal lands, coal and surface rights, together ■ with mining plants and eauipment, coke ovens, and all improvements, located in Indiana County, Pa. Market. New Yoi'k — Fred H. 'Hatch & Co., Watson, Aritistrong & Co. Pliiladelphia — Parsly Bros. & Co. Piice Bangre Jan. 1, *11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '12 79 Apr. 84 Apr. Low. 74 '20 79 '20 74 Aug. 79 Dec. JEFFEIRSON CITY (Mo.) OGHT, HEAT & POVt^R CO. 1st 5s. Due May 1, 1925. Dated May 1, 1905. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $200,000 Outstandingr 200,000 Denomination — 'Coupon, $500. Trustee — Mercantile Trust Co., St. Louis, Mo. Redeemable at 105 and interest on any in- terest date on 30 days' notice. Organization and Control — -Incorporated In 1887 in Missouri. In Nov., 1913, acquired the majority of capital stock of - the Jefferson Bridge & Transit Co. The entire capital stock is owned by the "Western Ry. & Light Co., a subsidiary of the Illinois Traction Co. Capitalization. Outstanding. Common $200,000 Preferred (6% cum.) 195,000 Funded debt 389,000 Secured by a first mortgage on plants sup- plying gas and electricity to JefCerson City, Mo. Population served, 12,000. Franchise ex- pires Nov. 1, 1925. Earnings — See Western Ry. & Lt. Co. JEFFERSON FORGE PRODUCTS CO. (THE) 1st 6s. Due each Feb. 2d as follows: S10a,000, 1922; $125,000, 1923 and 1924; $175,000, 1925 and 1926. Dated Feb. 2, 1920. Interest payable Feb. 2 and Aug. 2, at Union Trust Co., Detroit. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $700,000 Outstanding (Feb. 2, '20) 700,000 Denomination — Coupon, $500 and $1,000. Trustee — Union Trust Company, Detroit. Guaranteed jointly and severally as to prin- cipal and interest by Russell A. Alger and Frederick M. Alger. Under this guaranty the guarantors bind their respective estates through the execution of an instrument lodged with and enforceable by the Trustee for the benefit of all the bondholders. Organization — Incorporated , in Michigan in 1906 as the Anderson Forge & Machine Com- pany. Present name adopted Feb., 1920. The company manufactures drop forgings for the automobile trades and specializes - in The production of four and six throw crank- shafts, connecting rods and cam shafts. It also makes large quantities of differential bevel gears, transmission gears, universal spiders, etc. Capitalization. Outstanding. Common $341,250 Pref. (7% cum.) 641,250 Funded debt 700,000 Secured by a first mortgage on all the prop- erty of the company both real and personal. The property covered includes a modern plant and 7 % acres of land located on the Detroit Terminal Railroad at Jefferson Avenue and Connors Road, Detroit. The land has been appraised at $350,000. The replacement value of the property is given as $1,536,488, exclu- sive of land. Original Market — $700,000 offered Feb., 1920, by Union Trust Company, Detroit, Mich., on a 6%% basis. JEFFERSON RAILROAD CO. 1st Ext. d%s. Duo AdtU 1, 1929. Dated Jan. 1, 1889. Extended Jan. 1, 1909. Re-extended April 1. 1919. interest be- ing increased from 5 % to 5 % % . Interest payable April and Oct. 1, at Erie R. iR. ofl^ce, 50 Church St., N. T. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstandingr. .$2,800,000 Denomination — Coupon, $1,000. Trustee— Fidelity Trust Co., Philadelphia, Pa. Redeemable at 105 and interest on any In- terest date. Guaranteed principal and Interest by the New York, Lake Erie & Western R. R. Co., which guarantee was assumed by the Erie R. R. Co. Organization and Control — Incorporated in Pennsylvania in 1864. Leased to the Erie R. R. Co. at an annual rental of $154,940, equivalent to interest on bonds. The entire capital stock is owned by the Erie R. R. Co. and deposited under its Prior and Gen. Lien mortgage. Capitalization. Outstanding. Common $2,096,050 Funded debt 3,100,000 Secured by a first mortgage on 36.63 mllea (35.80 double track) of road from Carbon- dale to a connection with the Erie R. R. near Lanesboro, Pa, Refnndmsr— Erie R. K. General Lien bonds ^rereserved to retire this issue. Ungmal Market — Holders of 1st Es due April 1, 1919, assenting to the above exten- sion received a {20 cash bonus. Bonds not ^tended by previous holders were sold by prexel & Co., and a syndicate at 93 and interest. Market. New Tork — Sam'l Goldschmidt. Raymond M. Sn-ath. Pluladelphia — Henry D. Boenning & Co., Daniel & Co., Elkins Morris & Co., Graham, Parsons & Co., Harper & Turner, McCown & Co., Isaac Starr Jr. & Co., Parsly Bros. & Co. I*iice Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Low. 88% '20 94 '20 88% June 94 Deo. High 100 -19 101 -19 97 May 100 May JEFFEKSON KAILKOAD CO. Honesdale Branch 1st Ext. 4%s. Due Jnly 1, 1927. Dated July 1, 1867. Extended July 1, 1887, Interest being reduced from 7%. Interest payable Jan. and July 1, at Fidelity Trust Co., Philadelphia, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized Closed mortgage. Outstanding $204,000 Denomination — Coupon, $100, S250, 4500 and $1,000. Trustees — John Torrey, Z. H. Russel and Coe P. Young. Organization and Control— See 1st Ext. 5Hs. Secured by a first mortgage on 8.18 miles of road from West Hawley to Honesdale,Pa. Underlies — Jefferson R. R., Honesdale Br. 2nd 6s of 1929. Refunding — Erie R. R. General Lien bonds are reserved to retire this issue. Market. Fhiladelpllia — Isaac Starr Jr. & Co. JEFFERSON RAILROAD CO. Honesdale Branch 2nd 6% Certificates. Due Jan. 1, 1929. Dated January 1, 1869. Extended January 1, 1889, interest being reduced from 7%. Interest payable Jan. and July 1, at Fidelity Trust Co., Philadelphia, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $96,000 ' Denomination — Coupon, $1,000, $500, $250 and $100. Trustee — Fidelity Trust Co., Philadelphia. Organization and Control — See 1st Ext. 5%s. Guaranteed by the New York, Lake Erie & Western R. R. Co. as to principal and Interest which was assumed by the Erie R. R. Co. Secured by deposit with Trustee of the Jefferson R. R., Honesdale Br. 2d Mtge. 6s, which cover by second lien 8.18 miles from Hawley to Honesdale, Pa- Prior Lien — $204,000 Jefferson R. R., Honesdale Br. 1st Bxtd. 4%s of 1927. Refunding — Erie R. R. General Lien bonds are reserved to retire this issue. Market Philadelphia — Isaac Starr Jr. & Co. JBBTBRSON TRACTION CO. 1st 6s. Due Jan. 2, 1925. Dated Jan. 2, 1905. Interest payable Jan. and July 1, at First National Bank, Way- land, N. Y.- Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $500,000 Outstanding 441,000 Unissued 59,000 Denomination — Coupon, $1,000. Register- able as to prlncipaL Trustee — W. W. Clark, Wayland, N. Y. Organization — Incorporated In Pennsyl- vania in 1902 as a consolidation of the Jef- ferson Street Ry. and the Punxsutawney Passenger Street Ry. Also controls and operates the Mahoning Valley ' Street Ry., comprising 'about seven miles of track. Capitalization. Outstanding. Common $441,000 Funded debt 441,000 Secured by a ilrst mortgage on 29 miles of electric railway in Jefferson, Pa., and ex- tending to Punxsutawney and ReynoldsviUe, Pa. Population served, about 25,000. Years ended Dec. 31; Bona Gross. Net. Interest. 1920 $200,419 $47,135 $26,460 1919 168,336 38,642 26,460 1918 146,051 34,858 26,460 1917 128,757 40,670 26,460 1916 40.670 26,460 1915 39,024 26,46tf 1914 40,489 26,460 JBNKINTOWN & CHELTENHAM GAS CO. 1st Ref. Ss. Due Oct. 1, 1933. Dated Oct. 1, 1903. Interest payable April and Oct. 1, at Real Estate Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized Closed mortgage. Ontstandin^r (Jan. 1, '21) $373,000 Denomination — Coupon, $1,000. Trustee — Real Estate Trust Co., Philadel- phia. Control — Absorbed by the Philadelphia Suburban Gas & El. Co., which Is controlled by American Gas. Co., through ownership of entire capital stock. Secured by a first mortgage on plant sup- plying gas to populous suburban district of Philadelphia, Pa. Franchises are perpetual and exclusive. Underlies — Philadelphia Sub. Gas & El. 1st & Ref. 5s of 1960 under which bonds are reserved to retire this Issue. Earnings — See Philadelphia Sub. Gas & El. Co. Market. New York — Graham, Parsons & Co. Philadelphia — Henry D. Boenning & Co., Huntoon & Co. Price Ranee. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 9978 '16 101 '15 81 86 Low. 80 '20 92 '19 80 647 JEKGBNS (Andrew) COMPANY 1% Serial Notes. Due $225,000 November 16, 1921, 9<22S,O0O November 15, 1922, and $200,000 November IS, 1923. Dated November 15, 1918. Interest payable May and November 15 at Trustee's office, Cincinnati or at the office of the Company, Cincinnati, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $650,000 Outstanding 650,000 Purpose of Issue — To reduce bank loans and otlier current liabilities and to provide for a large increase in volume of business and the increased price of raw materials. Denomination — Coupon, $500 and $1,000, regiisterable as to principal. Trustee — Central Trust Co. of Cincinnati, Ohio. Redeemable on any interest date before maturity upon 30 days' notice as a whole, or in part, as follows: 1919 1920 1921 1922 1923 . Series A (1921).... 101% 101 100% Series B (1922).... 102 101% 101 100% Series C (1923).... 102% 102 101% 101 100% Oreanization — Organized in 1882. In 1897 absorbed Dastman & Bros. Company of Phila- delpliia and in 1901 purchased trade marlca, manufacturing rights and selling rights of the Woodbury Toilet Preparations. Manufactures complete line of toilet soaps and other toilet preparations; also a large amount of glycer- ine. Company owns two plants at Cincinnati and one at Perth, Ont, Capitalization. Outstanding. Conunon $800,000 Preferred (6%) 460,000 Funded debt 660,000 Security — ^A direct obligation of the Com- pany, but not secured by a mortgage. The Company covenants that during the life of these notes it will not mortgage or pledge any of its plants or equipment. It will not issue any bonds or debentures during the life of these notes. It will maintain at all times net current assets equal to at least 1 % times the amount of notes outstanding. Original Market — Offered in November, 1918, by Channer & Sawyer, Cincinnati, at prices to yield about 7%%. 3Iarket Cincinnati — Beazell & Chatfield. JEBSEf CITY & BEKGEN BAXLROAD Ist 4%s. Due Jan. 1, 1923. Dated Jan. 1. 1873. Bxtended from Jan. 1, 1903, and interest reduced from 7% to 4%%. Interest payable Jan. and July 1. at First National Bank, Jersey City, and Bank- ers' Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding 268,000 Unissued 742,000 Denominalton — Coupon, $1,000. Registerable as to principal. Trustee — Edmund Smith. Gaaranteed as to principal and Interest by lease of Consolidated Trac. Co. to Public Service Ry. Organization and Control — ^Incorporated in New Jersey in 1859. The entire $1,000,000 capital stock Is owned by the Consolidated Traction Co. and deposited under Its 1st 5s of 1933. The property of the latter company is leased for 999 years to the Public Service By., a subsidiary of the Public Service Corp. of N. J. Rental, interest on bonds and en amount equivalent to 4% on the $15,000,000 Consolidated Traction Co. capital stock. Capitalization. Outstanding. Common $1,000,000 Funded debt 258,000 Secured by a first mortgage on 41 miles of electric railway track, Including line from Jersey City to Bergen Point, N. J. Market New York — Hepburn & Co., Alfred F. In- Gold & Co. Newark, N. J.— J. S. Rippel & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 97 'IC .... .. ■■ Low. 80 '19 90 -19 90 95 JERSEY CITY, HOBOKEN & PATERSON STREET RAILWAY 1st 4s. Due Nov. 1, 1949. Dated November 1. 1899. Interest payable May and Nov. 1, at Trustee's ofBce. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New Jersey. Authorized '^'''"""'SSS Oatstandlne 12,663,000 Deposited under Public Service .... Corp. Gen. 6b l'^?5'S?J Unissued . ; 5,939,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New Jersey Title Guarantee ft Trust Co., Jersey City, N. J. Control— Merged in 1907 into the Public Service Ry. Co., the railway operating com- pany of the Public Service Corp. of N. J. Secured by a mortgage on about 146 miles of electric railway track, including about 70 miles of street railway lines In Hoboken, N. J., and surrounding towns and about 40 miles street railway lines In and around Paterson, N. J., also on line connecting these cities and various extensions and branches. Prior Liens — $300,000 Paterson Ry. 2d Gen. 6s, due Oct. 1, 1944, and $1,250,000 Cons, (now 1st) 6s of 1931; $100,000 Weehawken Ext 5s of 1945; $2,998,000 North Hudson County Cons, (now 1st) 6s of 1928, and $1,- 291,000 Impt. 5s of 1924. Provision Is made under tl^is mortgage to retire or refund all of these Issues. Market. New Yorlt— W. E. R. Smith & Co. Philadelphia — Barnes & Lofland, Arthur J. Bender, Henry D. Boenning & Co., MoCown & Co., Samuel McCreery & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 82% '12 83 '12 48% Jan. 51 Jan. Low. 38 '20 45 '20 38 July 45 Dec JESSUP 3s MOORE PAPER COMPANY Ist S. F 6s. Due Aug. 1, 19S9. Dated Aug. 1, 19U. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $600,000 Outstanding 600,000 Denominations — Coupon, $1,000; reeiat.er- able as to principal. Trustee — Girard Trust Company, Philadei* phi a. Redeemable at 105 and interest (except lor Sinking Fund) on any interest date. Sinking Fund — Annually beginning 1924, $25,000, to be applied to the purchase or re- demption of these bonds at not over 100 and interest. Organization — Incorporated in Massachu- setts In July. 1914, as a consolidation of the Jessup & Moore Paper Company of Delaware, e.stabllshed in 1845. Also acquired the prop- erty and assets of the Kenmore Pulp & Paper Company of New Jersey. The Henrico Lum- ber Company, which is controlled by the same Interests, owns large tracts of pine pulp wood- landls In the South and Is under contract to hold these lands exclusively for this company as pulp wood reserve. The Company's mill in Wilmington receives all their pulp wood by barges of the Southern Transportation Com- pany, which is owned and controlled by the same interests which control this Company. Capitalization. Outstanding. Common $1,250,000 Ist Pref. (7% cum.) 1,000,000 2d Pref. (7% cum.) 585,000 Secured by mortgage on the following prop- erties: 648 Kama of Mill, Location, Product: Dally Capacity. Delaware — Wilmington, Del., Bleached soda pulp 65 tone Radnor — Elkton, Md., Bleached soda pulp 50 tons Kenmore — Providence, Md., Book papers 40 tons Augustine — Wilmington Del., Book papers 30 tons Rockland^ — ^Wilmington, Del., Book papers 30 tons Prior Lien — $500,000 Kenmore Pulp & Paper Co. 1st S. F. 6s, 1937. Original Market — $600,000 offered Septem- ber, 1919, by William A. Read & Co., New Tork, etc., 98 and interest. _, . Market. PhUadelphia— Arthur J. Bender, Henry D. Boenning & Co. Price "Range „. Bid. Ask. High 85 Nov. 98 Feb. Low 80 8-9% JEWEL TEA COMPANY, INC., Serial 6% Notes, Due $500,000 May 1 and Nov. 1, 1920: $750,000 May 1 and Nov. 1, 1921, and $1,000,000 May 1, 1922, Dated May 1, 1919. Interest payable May and Nov. 1, at New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,500,000 Outstanding: (May 10, '21) 1,750,000 Balance retired. Purpose of Issue — To retire floating Indebt- edness and provide additional funds to cover a period of abnormally high price of gt-een cofEee. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Company. New Tork, Redeemable as a. whole or as to any one maturity (but not less than all the notes of any one maturity) upon any interest date at 101 upon 30 days* notice. Organization — Incorporated 1904 as Jewel Tea Company and in 1916 as Jewel Tea Co.. Inc. Company is engaged in the business of selling coffee, tea and certain like articles dtrect to consumer from, wagons covering 20,- 000 diffc^rent routes and doing business In »it£ the principal citifes of the United States. Main- tains over 530 branches from which these wagons operate. Capitalization. Outstanding. Common $12,000,000 Preferred (7% cum.) 3,640,000 Funded debt 1,750,000 Security — A direct obligation of the com- pany, but not secured by mortgage. The com- pany covenants that no mortgage shall be created upon any part of the real or personal property of the company or any of its "feub- aidiaries except purchase money mortgages on property hereafter acquired. Company fur- ther covenants that it will at all times main- tain its cash and quick assets in amount equal to 150% of all liabilities and indebted- ness (including notes outstanding), and that it will not declare any dividends on its common stock unless cash ana quick assets are equal to at least twice the sum of all liabilities and Indebtedness, and unless the payment of such dividends does not reduce the cash and quick assets below said amount. Tears ended Dec. 31: Net Net Sales. Profits. 1919 $16,538,635 loss $1,847,203 1918 15,598.496 695,738 1917 16,847,604 1,558.351 Original Market — Offered May, 1919, by Goldman, Sachs & Co., and Lehman Brothers, New Tork, at prices to yield from 6%% to 6 % % for various maturities. JOHNSONBURG BAHiROAD CO. let 6s. Due March 1, 1929. Dated Jan. 16. 1889. Interest payable Mar. and Sept. 1, at Trustee's office. Tax Status — -2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. ^ Authorized $200,000 ' Outstanding •200.000 *$I5 0,000 owned by Pennsylvania R. R. Co. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Guarantee Trust & Safe Deposit Co.. Philadelphia. Organization and Conitrol — Incorporated In Pennsylvania in 1887. Controlled by the Pennsylvania R, R. Co. through ownership of $150,000 capital stock. Operated by the Pennsylvania R. R. Co. as agent. Rental, net earnings. Capitalization. Outstanding. Common $200,000 Funded debt 200.000 Secured by a first mortgage on the 19.62 miles of road from Johnsonburg to Clermont, Pa. JOHNSTOWN (Pa.) PASSENGER BAIIiWAT Gen. Cons, (now 1st} 4s. Due Dec. 1. 1929. Dated Dec. 1, 1899. Interest payable June and Dec. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania, Authorized Closed mortgage ,. Outstanding $399,000 Denomination — Coupon, 1,000, Register- able as to principal. Tmstee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any In- terest date on six weeks' notice. Assumed by the Johnstown Traction Co. Control — Merged January, 1914, into the Johnstown Traction Co. Secured by a first mortgage on 39 miles of electric railway track, embracing the entire street railway system of Johnstown. Pa., and vicinity, and an 11 -mile extension to Windber. Pa. Population (1910). Johnstown, 55.482; Windber. 8.013. Franchises are reported as perpetual. Underlies — Ref. 4s of 1931 and Johnstown Traction Co. 1st & Ref. 5s of 1943. The latter mortgage provides for the retirement of this Issue. Earnings — See Johnstown Traction Co, Market, Philadelphia — E. R. Barnard, Huntoon & Co., Samuel IC Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. High. 8 9 1^ '16 Not Low. 71 '18 73 '18 Available JOHNSTOWN (Pa.) PASSENGER RAILWAY CO. Ref. 4s. Due Dec, I. 1931. Dated December 1, 1901. Interest payable June and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In the State of Pennsylvania, Authorized Closed mortgage Outstanding $1,601,000 Denomination — Coupon, $1,000. Keglster- able as to principal. Trustee — Johnstown Trust Co., Johnstown, Pa. Redeemable as a whole at 105 and Interest on any Interest date on six weeks' notice. Assumed by the Johnstown Traction Co. Control— Gen. Cons. 4s of 1929. - Secured by a second mortgage on the prop- erty covered by the first lien of the Gen. Cons. 4a of 1929. Prior X4en— ^$399,000 Cons. 4s of 1929. Underlies — Johnstown Traction Co. lat & Ref, 6s of 1943, which mortsagre provides for the retirement of this issue. Barnings — See Johnstown Traction Co. Original Market — -Offered In 1909 by Spen- cer Trask & Co., New York, and George B. Atles & Co., Philadelphia, at 86% and inter- est. Market. Philadelphia — B. R. Barnard, Huntoon & Co., McCown & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '13, to Jan. 1, *31 1920 Bid. Ask. Bid. Ask. High 87 '12 8!) '16 65 Jan. 75 Dec. Low. 65 '20 62 '19 65 Dec. 70 Jan. JOHNSTOWN STEAMSHIP CO. (THE) 1st 5s. Due $130,000 annually Dec. 1 from 1918 to Dec. 1. 1937. inclusive. , Dated June 1, 1916. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,300,000 Outstanding: (Jan. 1, '21) 910,000 Balance Retired. , Denomination— 7C0UP on, $1,000. Trustee — Girard Trust Co.. Philadelphia. Redeemable, at 102 and interest on any in- terest date on 30 days' notice. Organization and Control — Incorporated in Ohio, Jan. 7, 1916. The Cambria Steel Co. ow^ns the entire capital stock of the com- pany. Capitalization. Outstanding. _ Common $1,300,000 Funded debt 910,000 Secured by a first mortgage on 6 steel steamships operating on the Great Lakes. The company covenants to maintain insur- ance on ships for an amount at least 2 5 % In excess of the par value of bonds out- standing. The Cambria Steel Co. has entered Into a contract with The Johnstown Steam- ship Co. whereby the former company agrees to furnish ore for capacity transportation for 12 consecutive seasons at the rate of 45 cents per ton from the head of Lake Superior, free to vessels. Original Market — Offered June, 1916, by Drexel & Co., Philadelphia. Market. Philadelphia— Samuel K. Phillips & Co. JOHNSTOWN TRACTION CO. 1st & Ref. 5s. Due July 1, 1943. Dated Dec. 31. 1913. Interest payable Jan. and July 1, at Trustee's office. Tax Status — -Payment of Federal Income Tax not assumed by company. Tax exempt In Pennsylvania. Authotlzed $6,000,000 Outstamlinff (Jan. 1, '21) 1,934,500 Held in S. F 66.500 Reserved for Ext 1,000.000 Reserved for Prior liiens 2,000,000 Denomination — Coupon, $500 and $1,000. Keglsterable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable on any Interest date at 102 and Interest. Sinking Fund — Beginning Oct. 1, 1917. to Oct. 1, 1942, Inclusive. An annual amount eaual to 1% of outstanding bonds for the purchase or redemption of these bonds at not over 102 and interest. Bonds so ac- quired to be held alive and interest added to this fund. Organization — Incorporateql in Pennsyl- vania, Feb. , 1910, to lease the Johnstown Passenger By. In Jan., 1914, absorbed the latter company. Capitalization, Outstanding. Common $875,000 Preferred (7% cum.) 1,000,000 Funded debt 3.934,000 Secured by a third mortgage on about 39 miles of electric railway track in and around Johnstown, Pa., embracing the street railway system of Johnstown and an 11 -mile exten- sion to Windber, Pa. Franchises perpetual. Population served, over 100.000. Prior IJen — $399,000 Gen. Cons, (now 1st) 4s of 1929. and $1,601,000 Ref. 4s of 1931, of the Johnstown Passenger Ry. For the re- tirement of which provision is made in this mortgage. Tears ended Dec. 31: Gross. Net. Interest, 1920 $1,221,300 $283,791 $189,349 1919 961,463 170,264 185,645 1918 789,164 27,254 187.024 1917 802.287 303,657 180,971 1916 772 ,219 360,424 180.000 Original Market — Offered in 1913 by New- burger, Henderson & Loeb and Geo. S. Fox & Sons, Philadelphia, at 95 and Interest. Market. New York — Gilbert J. Postley. Philadelphia — Samuel K. Phillips & Co., Newburger, Henderson & Loeb, Boenning & Co. Price Range. Jan. 1, '15, to Jan. 1, '31 1930 Bid. Ask. - md. Ask. High 92 '15 95 '15 50 60 Low. 60 '18 66 '20 45 55 JOLIET RAILROAD Gen. Ext'd. 5s. Due AprU 30, 1923. Dated May 1, 1898. Extended April 30, 1918. Interest payable May and Nov. 1, at Fidelity Trust Co.. Portland. Me. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $400,000 Denomination — Coupon. $1,000. Register-, able as to principal. Trustee — Fidelity Trust Co, Portland. Me, Control — Merged In 1901 into the Chicago & Joliet Electric Ry. Co., which is controlled by the American Rys. Co. thorugh ownership of its entire $2,300,000 capital stock and $1.- 600,000 (entire outstanding) Gen. 5s of 1931. Power Is purchased from the Economy Light & Power Co. of Chicago. The C. & J. E. Ry. Co. owns $1,000,000 of the $1,100,000 capital stock and $1,000,000 (entire issue) of bonds of the Chicago & Desplaines Valley Electric Ry. Co. (deposited under its Gen. 6s of 1931), owning 41 miles of track from a connection with the C. & J. E, Ry. Co. at the Will County Line to City of Chicago Line on Archer Ave. The C. & J, E. Ry. Co. owns about 44 miles of track, including the street railway system of Joliet and line extending from that city to the "Will County Line and runs through trains from Joliet to Chicago. Franchises are for 50 years. Secured by a first mortgage on the prop- erty formerly belonging to the Joliet R. R. Co. Underlies — $1,600,000 C. & J. E. Ry. Co. Gen. 5a of 1931. Orierinal Market — Offered by Portland Trust Co., Portland, Me., at par and interest, July, 1898. Market. Portland, Me. — Fidelity Trust Co. Price Kange 1920 — Bid, 60. JONES & I.AUGHON STEEL CO, 1st 30- Year S. E. 5s. Due May 1, 1939. Dated May 1, 1909. Interest payable May and Nov. 1, at Trustee' s office, and First National Bank, New Tork. Tax Statns — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorized $30,000,000 Outstandingr (Feb. 1, *21) 19,60-1,000 Retired by S. F 5,396.000 Reserved for Ext 5,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — First Trust & Savings Bank and Emile K. Bolsott Chicago. Redeemable at 105 and interest on any in- terest date after May 1, 1914. Sinking Fund — Annually one-fifteenth of the amount of bonds outstanding (payable in cash or bonds, which are to be taken at their par value), for the payment of interest on the outstanding bonds and to the retirement of principal. Organization — Incorporated In Pennsyl- vania in 1902, succeeding the partnership Jones & Laughlins, Ltd. The company con- trols through stock ownership the Blair Lime- stone Co.. Eastern R. B. Co.. Interstate Iron Co., Jones & Laughlin Ore Co., Leetonia Mining Co., Monongahela Connecting R. R. Co. Vesta Coal Co.. Aliquippa & Southern R. R. Co., Interstate S. S. Co., Harbor Land Co., Woodlawn & Southern Street, Ry. Co., "Wood- lawn "Water Co. and Woodlawn Land Co. Its business was founded in 1863. Capitalization, Outstanding. Common $30,000,000 Funded debt 19,604,000 Secured by a first mortgage on extensive steel plants located largely in Pittsburgh and the new plant at Woodlawn, Pa., 22 miles from Pittsburgh, and addiionally secured by the deposit of practically all outstanding stocks of the subsidiary companies mentioned above. Under the provisions of the mortgage the company is required to keep net quick as- sets of at least $8,000,000 as long as an equal amount of bonds remain outstanding. Original Market — First ofCered in 1909 by Blair & Co., New Tork, and First Trust & Savings Bank. Chicago. $10,000,000 offered by the same firms at 102^/4 and interest. June. 1911. Market. Neiw York — Batacock, Rushton & Co., Dun- ham & Co., Hartshorne & Battelle, J. H. Holmes & Co., Redmond & Co., Tobey & Kirk. Philadelphia — Barnes & Lofiand, Bidclle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Elkins, Morris & Co., Graham, Parsons & Co., McCown & Co. Chicagro — First Trust & Savings Bank. Pittsbiirffh — W. E. Ballard, Lyon, Singer & Co., Moore, Leonard & Lynch. Stout & Co., Edward A. Owens & Co., The Union Trust Co. of Pittsburgh. Price Range. Jan. 1. '16, to Jan. 1, '31 10^0 Bid. Ask. Bid. Ask. High 105 '16 106 '16 96^A Jan. 98 Jan. Low. 85 '20 871/^ '20 85 Oct. 87% June JOPIilN & PITTSBURGH RAILWAY Ist 5s. Due March 1, 1030. Dated March 1, 1910. Interest payable March and Sept. 1, at Trustee's office. Tax Statns — 2% Federal Income Tax paid by company without deduction. Anthorized $5,000,000 Outstanding 1.750.000 Reserved for Ext 3,250,000 Denomination — Coupon, $ 50 and $1,000. Registerable as to principal. Trustees — Harris Trust & Savings Bank, Chicago, and St. Louis Union Trust Co., St. Louis. Redeem able at 103 and interest on any interest date on 20 days' notice. Organization — The company was incorpor- ated in Missouri in 1907 as a consolidation of the Pittsburgh Ry. & Light Co. and the Joplin & Pittsburgh Street Ry. Co. In 1910 absorbed the Pittsburgh & Kansas Ciy Ry., which company had previously absorbed the Girard Coal Belt Electric Ry. Capitalization. Outstanding. Common $3,300,000 Preferred (6% cum.) None Funded debt 2,800.000 Secured by a first mortgage on about 10 5 miles of electric railway track, of which 96 miles are main track and including six miles of street railway in Joplin. Mo., and all the street railway lines in Pittsburgh, Kan., and 25 miles of interurban railway connecting these cities, also lines connecting Pittsburgh with Frontenac, Dunkirk, Radley, Franklin Anna. Croweburg, Mulberry and Gi- rard, Kan., and Cherokee, Mineral, Weir City, Scammon and Columbus, Mo. Population served, about 150,000. Franchise in Pitts- burgh expires in 1939, in Joplin in 1957. in Girard in 1957, in Weir City in 1955 and in Columbus is unlimited. Outside of municipali- ties road Is built on private right-of-way. Years ended Dec. 31: Bond Gross. Net. Interest. 1920 $882,486 $229,425 $158,375 1919 806,825 199,332 150,5'00 1918 672,366 140,970 150,500 ♦Tears ended June 30. Original Market — Offered in 1910 by N. W. Harris & Co. and E. H. Rollins & Sons, New York, Boston, etc., at 97 and interest. Market. New Yorlc— Fred H. Hatch & Co. Price Range. Jan. 1, *12, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 95V2 '12 98 '12 86 Feb. 89 Mar. Low. 70 '19 55 '20 55 Dec*. JOPLIN (Mo.) GAS CO. Ist es. Due June 1, 1930. Dated June 1, 1900. Interest payable June and Dec. 1. at Union Trust Co., Detroit, Mich. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstandin g $300,000 Denomination— Coupon, $1,000. Trustee — Union Trust Co., Detroit. Organization and Control — Incorporated in Missouri in 1900 aa successor to Joplin Illum- inating Co. Its entire capital stock, $300,- 000, is owned by the National Gas, Electric Light & Power Co. and deposited under its Coll. Tr. 5a. Capitalization. Outstanding'. Common $300,000 Funded debt 300,000 Secured by a first mortgage on plant sup- plying natural gas to Joplin, Mo. Gas pur- 651 chased from Kansas Natural Gas Co. Fran- chise perpetual. Population, 1910, 32,073. Market. Philadelphia — Bioren & Co. Price Bangre. Jan. 1, '16, to Jan. 1, 'Zl 1920 Bid. Ask. High 88'16 92'16 ^fot available. Low. 75 '18 82 '17 Price KanEe. Jan. 1, '17, to Jan. 1, '81 Bid. Ask. High 75 '17 76% '17 Low. 66 '18 63 '20 1920 Bid. 63 Oct. 63 Oct. JOPLIN rrNION DEPOT CO. 1st 4%s. Dae May 1, 1940. Dated May 2, 1910. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized (750,000 Outstanding 650,000 Unissued 100,000 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — ^Philadelphia Trust, Safe Deposit & Insurance Co., Philadelphia. Redeemable at lOS and Interest on and after May 1, 1916. Guaranteed as to Interest and principal Jointly and severally by the A., T. & S. Fe Ey. Co., Kan. C. So. By. Co., Mo. & N. Ark. R. R. Co. and M., K., T. Ry. Co. Organization and Control — Incorporated in Missouri in 1908. Controlled by guarantors through ownership of entire outstanding capital stock ($40,000). Capitalization. Outstanding. Common $40,000 Funded debt 660,000 Secured by a first mortgage on Union freight and passenger station on 26 acres at Joplin, Mo. Market. New York — Simon Borg & Co., Fiulay & Davenport, Joseph Bird Ford. Piiiladelphla — William W. Fo&arty, Mc- Cown & Co., Isaac Starr Jr. & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101% '10 102y2 '11 70 Jan. 85 Apr. Low. 70 '20 72% '20 70 Aug. 72% Sept. JOPLIN WATER WORKS CO. 10-Year 6b. Due April 2, 1940. Dated April 1, 1900. Interest payable April and Oct. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $800,000 Outstanding 460,000 Reserved for Prior Lien 360,000 Denomination — Coupon, $1,000. Trustee — Equitable Trust Co., New York. Redeemable at par on any interest date. Organization and Control — Incorporated In Missouri in 1893 for 50 years. All of the capital stock is owned by the American "Water Works & Electric Co. Capitalization. Outstanding. Common $800,000 Funded debt 1,062,300 Secured by a first mortgage on plant sup- plying water to Joplin, Mo. Population served, 30,000. Prior Lien — $350,000 6s of 1924. Underlies — $262,300 6s of 1948. Years ended Dec. 31; Gross. Net. Int., etc. 1920 $144,028 $44,576 $64,241 1919 130,019 49,509 63,254 1918 132,530 55,033 62,644 1917 130,310 69,416 61,809 1916....'.. 130,016 68,699 59,837 Market. New Yoi'k — Otto Blllo, Fred H. Hatch & Co. JOPLIN WATER WORKS CO. 68. Due Oct. 1. 1948. Dated Oct. 1, 1908. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,260,000 Outstanding 262,300 Reserved for Prior Idens 800,000 Reserved for Ext 197,700 Denomination — Coupon, $1,00, $50t and $1,- 000. Trustee — 'Equitable Trust Co., New York. Redeemable at 100 and Interest at any time. Organization and Control — See 40-year 5s. Secured by a mortgage on plant supplying water to Joplin, .Mo., and suburbs. Popula- tion served, 30,000. Prior Liens — $350,000 6s of 1924 and $450,- 000 6s of 1940, both of which this Issue pro- vides to retire. Earnings — See 40-year 5s. New York — Fred I-I. Hatch & Co. Boston — Pond & Co. JOSLIN-SCHMIDT COMPANY 1st Serial 7s. Due $35,000 each June 1, 1920 to 1928, and $185,000 June 1, 1929. Dated June 1, 1919. Interest payable June and December 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstandiniir (Jan. 1, '21) 465,000 Matured and Paid 35,000 Reserved for Ext 600,000 Provisions of Issne — ^Additional bonds issu- able for 75% of cost of permanent additions and 'improvements provided earnings for 12 consecutive months out of the previous 14 cal- endar months have been twice interest charges on alli bonds outstanding and proposed to be issued. Purpose of Issue — To liquidate bank loans and provide additional working capital made necessary a large increase in the company's business. Denominations — Coupon, $500 and $1,000. Reglsterable as to principal. Trustee — Equitable Trust Company of New York. Redeemable as a whole or In series upon 60 days' notice on any interest date at 101 and interest. Organization — Incorporated in 1907. Manu- factures commercial fertilizer, animal and stoclc foods, glues, tallows, oils, glycerine, etc. Capitalization. Outstanding. Common $299,100 Preferred (7% cum.) 499,600 Funded debt 466,000 Secured by a direct first mortgage on en- tire property of the company, including three factories on three plots of ground aggregat- ing 28 acres situated in the stock yard dis- trict at Cincinnati, at Ivorydale Junction, and at Lockland (Reading), all in Hamilton Coun- ty, Ohio, Bight and one-half acres of above are under lease, the balance owned in fee. Appraised value May, 1919, $1,000,000. Com- pany covenants to maintain behind Its bonds at all times, at their fair market value to the company as a going concern, a minimum of 2507o in Net Tangible Assets, of which 100% shall be Net Quick Assets, Years ended Oct. 31: Gross. Net. Int., etc. 1920 $2,481,621 $258,133 $75,143 Original Market — Offered June, 1919, by Im- brie & Co., New York, etc., at par and Inter- est. Market. Chicago — Port Dearborn Trust & Savings Bank. Price Ransre 1920— Ask 100— 97 J/^. JUNIOR OKPHEUM SAN FRANCISCO 1st 7s. Due $50,000 each Jan. 1 from 1923 to 1935 inclusive, and £350,000 Jan. 1, 1936. Dated Oct. 1, 1920. Interest payable July 1 and Jan. 1 at Mercantile Trust Co., San Francisco, or Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in California. Authorized $1,000,000 Outstanding: 1,000,000 Purpose of Issue — To provide funds to construct a building-. Denomioations — Coupon $100 and $500 1936 maturity only, and $1,000 all maturi- ties; registerable as to principal. Trustee — Mercantile Trust Co., San Fran- cisco Redeemable on any interest date at 105 and interest. Guaranteed principal and Interest by the Orpheum Theatre & Realty Co. by endorse- ment. Orgranization and Control — Incorporated In California Sept. 1, 1920, to construct a thea- ter and seven-story and loft or office build- ing. The company will operate the theater and rent the balance of the building. All of the stock of this company is owned by the Orpheum Circuit, Inc., which also owns substantially all of the stock of the Or- pheum Theater & Realty Co. Secui'cd by a first mortgage on a lot hav- ing a frontage of 110 feet on Golden Gate Avenue and 114 feet 6 inches on Taylor Street, containing in all 24,571 square feet on which a theater and seven-story store and loft or office building is to be erected; additionally secured by a lien on 99.-year lease on a lot having 82 feet 6 inches front- age on Golden Gate Avenue and 23 feet on Taylor Street. Original Market — $1,000,000 offered Oct., 1920, by Girvin & Miller, Mercantile Trust Co. and E. H. Rollins & Sons, San Fran- cisco, at 100 and Interest. Marie et IjOS Angreles — J. J. Doran Co., Stevens^ Page & Sterling. San Francisco — Girvin & Miller, Ryone & Co. K KAHN TAILORING CO. 6% Notes. Due $100,000 each Dec. 15, from 1921 to 19^4, inc. Dated November 15, 1919. Interest pa,yable June and Dec. 15, at Continental & Com- mercial National Bank, Chicago, and Meyer- Kiaer, Indianapolis. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $400,000 Outstanding 400,000 Purpose of Issue — To reduce floatinir indebt- edness. Denomination — Coupon, $1,000 and $500. Redeemable as a whole or in lots of not leas than $50,000 (notes being: callable in the reverse order of maturity) at 101 and interest to Dec. 15, 1922, and 100^/^ and interest thereafter. Organization — Incorporated in Indiana. Business established in 1886. Company is a large manufacturer of custom-made cloth- ing. Security — A direct cblig'ation of the com- pany, but not secured by mortgage. ' Years ended Dec. 31: Gross. Net. •1919 $3,750. 0*00 $200,000 1918 3,326,000 113,863 1917 2.340.000 169,855 1916 1,931,000 97,951 •Estimated. Later earnings not available. Original Marlcet — $400,000 offered January, 1920, by A. G. Becker & Co., New York and Chicago, at prices ranging from 99 to 96 % and interest, according to maturities. WaLAMAZOO & WHITE PIGEON RAII/- ROAD CO. 1st 58. Due Jan. 1, 1940. Dated January 1, 1890. Interest payable Jan. and July 1, at Grand Central Termi- nal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $400,000 Denomination — Coupon, $1,000. Registered, $1,000 ana $5,000. Trustee — Central Union Trust Co. . New York. Assumed by the New York Central R. R. Co. Guaranteed principal and Interest by en- dorsement by the Lake Shore & Michigan Southern Ry. Co., which company was merged into the New York Central R. R. Co. Control — Absorbed by the New York Cen- tral R. R. Co. Secured by first mortgage on 36.54 miles of road from White Pigeon to Kalamazoo, Mich. Underlies — L. S. & M. S. R. R. 1st 3%s of 1997 and Debentures of 1928 and 1931; N. Y. C. R. R. Ref. & Imp. 4i^s and Deben- ture 6s and all unexchanged N. T. C, Lake Shore Coll. Tr. bonds. Liegal for Savings Banks in Cal., Conn., Me., Mass., Mich., Minn.. Mo., N. H., N. J., N. Y.. Ohio, Ore., R. I., Vt. and Wie. Market. New York — Chas. W. Place, Remick, Hodges & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 117^ '09 115% '12 93 Mar. 98% May Low. 85 '20 98ii^ '20 85 Nov. 98% May 664 KALAMAZOO, ALLEGAN & GRAND BAP- IDS RAILROAD CO. 1st 5s. Due July 1, 1938. Dated July 2, 1888. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $840,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co. . New York. Guaranteed principal and interest under terms of lease by the New York Central R. R. Co. Organization and Control — -Incorporated in 1868 and road opened for operation in 1869, in which year it was leased to the Lake Shore & Michigan Southern for 999 years at an annual rental equal to interest on bonds and 6% on the $610,000 stock. The latter company has been merged with the N. Y. C. R. R. Co. Capitalization. Outstanding. Common $610,000 Funded debt 840.000 Secured by first mortgage on 58.45 miles of road from Kalamazoo to Grand Rapids, Mich, Legal for Savings Banks in Cal,, Me., Mass.. Mich., Minn., Mo., N. H., N. J.. R. I. and Wis. Listed on the New York Stock Elxchange. Market. New York — Sam'l Goldschmidt, Chas. "W. Place, Redmond & Co., Remick. Hodges & Go. Grand Rapids, Mich. — Corrigan Co. Price Range. Jan. 1, ?08, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask, High 113 '10 85 Jan. 95 May Low. 77 '20 85 '20 77 Aug. 85 Aug. KAMINISTIQUIA POWER CO., LTD., 1st 6s. Due Jan. 1, 1937. Dated Jan. 2, 1907. Interest payable Jan. 1 and July 1, at company's office or at the Royal Trust Co., Montreal, and Bank of Mon- treal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding: (Jan. 1. '21) 1,800,771 Ketired by S. F 79,000 In Ti-easui-y ^ 20,229 Denomination — Coupon. $600 and $1,000. Registerable as to principal. Trustee — Royal Trust Co.. Montreal. Redeemable at 105 and interest on any in- terest date on 90 days' notice. Sinking Fund — 1% annually, beginning Jan. 1, 1917, of outstanding bonds, to be applied to purchase or redemption of these bonds at not exceeding ] 05 and interest. Organization — Incorporated In 1906 under the Companies Act of Canada for the pur- pose of generating and supplying light, Jieat and power, and owns extensive water power rights on the Kaministiauia River. Ontario, granted in perpetuity by government. Capitalization. Outstanding. Common . $2,200,000 Funded debt 1,800 771 Secured by first mortgage on power house, sub-station, transmission lines and other property of company supplying Fort William and Port Arthur. Ont. Population served. 40,000. Franchise perpetual. Listed on London Stock Exchange. Tears ended Oct. 31: Gross. Net. Int. & Tax. 1920 ^449, 273 $302,695 $96,063 1919 442,387 319,578 96,125 1918 424,870 318,710 96,126 1917 380,388 290,676 96.126 1916 368,801 318,423 96,125 1916 341,315 306,560 96,126 1914 319,519 269,613 88,281 Listed on the London Stock Exchanire. Original Market — Offered, 1911, by Royal Securities Corp., Montreal. Market. New York — Aldred & Co., Ltd., Alfred F. Ingold & Co. Price Ranee. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Aslc. Bid. Ask. High 86 '18 95 '15 82 Mar. 88 Mar. Low. 67 '20 71 '20 67 Dec. 71 Dec. Market. New York — Samuel Goldschmidt, HJ. D. Levinson & Co., Vanderhoef & Koblnson. "Vilas & Hiolcey. Philadelphia — Isaac Starr, Jr., & Co. Price Ranee — N. Y. Si E. Jan. 1, '06, to Jan. 1, '21 1920 High 99% Jan. 22, '06 ..73 Apr. 6 Low. 62% July 1, '20 62% July 1 BLANAWHA & MICHIGAN RAILWAY CO. 1st 4s. Dne April 1, 1990. Dated June 3, 1890. Interest payable April ■ and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized (per mile) $15,000 OatstandiDE 2,469,000 DenomiDation — Coupon, $1,000. Register- able as to principal. Trustee— ^Central Union Trust Co., New York. Guaranteed principal and interest by en- dorsement by the Toledo & Ohio Central Railway Co. Organization and Control — Incorporated in 189 in Ohio and West Virginia, succeed- ing the Kanawha & Ohio Ry. Co. Formerly controlled jointly by the Chesapeake & Ohio Railway Co. and the Lake Shore & Michi- gan Southern Ry., which owned 90% of the capital stock in equal proportions. In 1914 the U. S. District Court held that the con- trol exercised by the C. & O. Ry. Co. was illegal and ordered that company to sell its holdings, which it has since disposed of to the Toledo & Ohio Central Ry. Co., which company is controlled through stock owner- ship by the New York Central R. R. Co. Capitalization. Outstanding. Common {9,000,000 Funded debt 5.809,000 Secured by a first mortgage on 167.10 miles of road, viz: Miles. Corning to Hobson, 66.80 Point Pleasant to Gauley Bridge, W. Va 94.70 Smithers to Martin, W. Va 4.40 Olouster to Carrington, 11.20 Also a first lien, through deposit of the entire Jl, 000, 000 First Mortgage Bonds and $998,000 of the $1,000,000 stock of the Mt. Pleasant Bridge Co. on a two-mile bridge across the Ohio River, UnderUes — 2d 6s of 1927. Years ended Dec. 31: Gross. Net. Int. & Rent. • 1919 $1,379,661 $1,458,471 $630,290 tl919 4,324,757 263,198 168,265 ♦ 1918 1,296,141 1,346,769 402,099 tl91g 6,896,134 1,810,182 111,902 1917 3,606,991 1,484,480 326,703 1916 3,514,037 1,532,909 336,643 1916 3,139,104 1,164,426 349,349 •Corporate account. tFederal account — standard return not in- cluded. Leffal for Savings Banks in Cal., Me.. Mich., Minn., Mo., N. H., N. J., Ohio, Ore. and Wis. ' Usted on the New York Stock Exchange. 655 KANAWHA & MICHIGAN RAILWAY CO. 2nd 6s. Due July 1, 1927. Dated July 1, 1907. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding ..$2,500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York; Redeemable ~at par and interest on any Interest day upon three months* notice. Organization and Control — See 1st 4s, due 1990. Secured by second mortgage on 167.10 miles of road, and all other property tiovered ' by the lien of the 1st 4s which see for detail. Prior Liens — $2,469,000 1st 4s of 1990. Earnings — See 1st 4s above. Legal for Savings Banks in N. H. and K. I. Listed on the New York Stock Exchange. Original Market — Offered in 1909 by White. Weld & Co., New York and Chicago; Lee, Higginson & Co., New York, Boston and Chicago, at 96% and interest. Market. New York — Samuel Goldschmidt, Fred H. Hatch & Co., Cutler & Co., Vanderhoef A Robinson, Vilas & Hickey. Fliiladelpliia — Isaac Starr, Jr., & Co. Price Range — ^N. Y. S. B. Jan. 1, '12, to Jan. 1, '21 1920 High 99% July 17, '12 85 Sept 25 Low. 80 Aug. 14, '20 80 Aug. 14 KANAWHA & MICHIGAN RAILWAY CO. Equip. Tr. 4V^s. Due $60,000 each, Jan. and July Ist, to July 1, 1922. Dated July 1, 1912. Interest payable Jan. and July 1, at New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $1,200,000 Outstanduigr (Apr. 1,' 21) 180,000 Balance retired. Denomienation — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Redeemable at par and interest on any in- terest date on 30 days' notice. Organization and Control — See 1st 48. Secured by first lien on 1,000 fifty-ton steel drop bottom coal cars, 100 Hart converti- ble steel undertrame coal and ballast ears, 3 steel underframe passenger cars, 10 con- solidation freight locomotives and 2 heavy switching locomotives, costing $1,833,400, of which $133,400 was paid in cash by the railway company. Legral for Savings Banks in Ohio. Earnings — See 1st 4s above. Original Market — Offered In 1912 by White. Weld & Co., New York, at 100 and Interest for maturities from 1915 to' 1922, Inclusive. Market. New York — Evans, Stlllman & Co., Free- man & Co. Price Rangre 1920 Bid. Ask. High 6.50% Jan. 6.00% Jan. Low 8.25%, Aug. 7.25% Atlg. KANAWHA & MICHIGAN KAILWAY CO. Eaiiip. Inist Wzs. Due $60,000 each Jan. 1 and July 1, to July 1, 1924. Dated J^uly 1, 1914. Interest payable Jan. 1 and July 1. Tax Status — Payment of Federal Income Tax hot assumed by company. Authorized $1,200,000 Outstanding: (Apr. 1, '21) 420,000 Balance retired. Trustee — Central Union Trust Co., N. T. Bedeemable on any interest date at par and interest. Orsranization — See l,st 4s. Secured by an equipment trust agreement on seven consolidation locomotives, 5 steel passenger coaches, 2 steel baggage and mall ears and 1,160 drop-bottom steel gondola cars, costing $1,336,000, of which $135,000 was paid in cash. The company operates 170 miles of road, from a connection with the Toledo & Ohio Central By., in Southern Ohio, to Charleston and other points in West Virginia, serving the coal fields of those states. ' Legral for Savings Banics in Ohio. XIarningB — See 1st 4s. Original Market — Offered Aug., 1914, by White, Weld & Co., New York, ■ at 100 and interest. ,. . Market. ,5ee Elquip. . Tr. 4%a above. Price Rangre 1920 Bid. Ask. High 6.50% Jan. 6.00% Jan. L6w; 8.25% Aug. 7.25% Aug. KANAWHA & WEST VIRGINIA RAILBOAD CO. iBt 6s. Due July 1, 1955. Dated July 1, 1905. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding 1,477,000 Beseii-ed for Ext 3,623,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Scranton Trust Co.. Scranton, Pa. Bedeemable at 105 and interest on sixty days' notice. Assumed by the Kanawha & Michigan By. Co. Guaranteed as to principal and interest, the first $1,000,000 by endorsement by the Blue Creek Coal & Land Co.' Organization and Control — Chartered in 1905 in West "Virginia, succeeding the Im- boden & Odell R. R. Entire line finished and opened for operation in 1907. The Kan- awha & Michigan Ry. Co.. owns the entire capital stock. The latter company is con- trolled through stock ownership by the To- ledo & Ohio Central Ky. Co., a subsidiary of the New York Central R. R. Co. Capitalization. Outstanding. Common $1,360,600 Funded debt 1,477,000 Secured by first mortgage on 37.4 miles of road, from Charleston to Blakeley, W. Va., 33.4 miles, and from Belva to Swiss. W. Va., on the Gauley River, 4 miles. Years ended Deo. 31: Gross. Net. Int. & Rent. • 1919 $46,260 $56,412 $91,212 +1919 166,676 aef.161,681 7,144 • 1918 45,260 51,647 87,646 +1918 164,336 def. 9,523 4,371 1917 140,182 59,348 77,905 1916 164,586 56,104 80,470 •Corporate account. tFederal account — standard return not included. Original Market — First offered in 1907 at par and interest by Brooks & Co., Scran- ton, Pa. Market. Scranton, Pa. — J. H. Brooks & Co., Charles E. Robertson, Weissenfluii & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 . 1920 Bid. Ask. Bid. Ask. High 85 '16 90 "16 83 Jan. Low. 60 '20 76 '19 55 July 65 656 KANAWHA BRIDGE & TERMINAL CO. let 59. Due AprU 1, 1948. Dated Apr. 1, 1908. Interest payable Apr. and Oct. ' 1, at Fidelity Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding 404,000 Retired by S. F , 36.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable on and after April 1, 1916, at 105 and interest. Sinking Fund — $3,000 per year from 1913 to 1917, $6,000 to 1927, $7,600 to 1937 and $10,000 thereafter. Control — Incorporated in 1907 in West Vir- ginia. Entire stock owned by the Chesa- peake & Ohio Railway Co. ' Secured by first mortgage on a bridge 4,800 feet long across the Kanawha River at Charleston, W. Va., and on certain terminal properties. This bridge connects the lines of the Ches. & Ohio and the Kanawha & Michigan, and is also used for steel railway and general traffic. Original Market — Offered by Montgomery, Clothier & Tyler, Philadelphia. Market. New York — Charles W. Place. Philadelplila^Samuel K. Phillips & Co. Pittsbui-gh — R. B. Hutchinson & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 80 '19 92 '16 74 Got. 75 May Low. 65 '20 75 '20 65 May 75 May KANAWHA VALLEY TRACTION CO. 1st 68. Due Jan. 1, 1946. Dated Jan. 1, 1906. Interest payable Jan, and July 1, at Fidelity Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,000,000 Pledged to Secure C. I. R, R. Notes 600,000 Reserved for Ext 400,000 Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Philadelphia. Assumed by the Charleston Interurban R. B. Co. Organization and Control — Incorporated in 1905 in West Virginia, and Jan. 1, 1910, prop- erty was leased to the Charleston Interurban B. R. for 99 years; rental $20,000 per annum. The entire $500,000 stock is owned by the Ohio Valley Electric Co., a subsidiary of the American Rys. Co. Capitalization. Outstanding, Common $600,000 Funded debt 1,600,000 Secured by first mortgage on 14 miles of electric railway track in Charleston, W. Va. Population, 23,000. Franchise extends to 1966. Earnings — See Charleston Interurban R. R. 6% notes. Market. New York— Charles A. Day & Co. Cliarleston, M". Va. — Robert L. Ruddell. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 85 '17 9014 '16 60 70 Low. 75 '17 80 '17 60 70 KANES FALLS EXECTKIC CO. 1st 5s. Dne June 27, 1955. Dated June 27, 1906. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Oatstandine 161.000 Keserred for prior lien 28,000 Reserved for Ext 321,000 Denomination — Coupon, $1, 000,i Register- able as to principal. Trustee — Columbia Trust Co., New Tork. Redeemable at the option of the company at 105 and Interest on any interest date on 60 days' notice and at the option of the holder at par and interets on or after Aug. 1, 1923, on six months' notice. Organization — Incorporated in New York in 1898. Secured by a first mortgage on a hydro- electric plant located near Fort Ann, Wash- ington County, N. T., with an ultimate ca- pacity of 3,000,000 k. w. h. per annum; on undeveloped water power at West Fort Ann on 13 miles of transmission lines to Glen Falls, N. Y. The company is extending its transmission lines to the slate quarries in the locality of its plant. Also sells power to the Granville Electric & Gas Co. under a contract with a minimum annual payment of $8,760. It is also selling power to th Adirondack Electric Power Corp. under a long term contract. Tears ended Dec. SI: Gross. Net. Int., etc. 1919 $48,662 $22,097 $16,670 191S 45,289 21,810 13,207 Original Market — Ottered in 1913 by Ashley & Co., New York and Boston at 92% and Interest. Market. New York— F. H. Hatch & Co. Boston — ^J. S. Orler & Co. KANKAKEE (111.) GAS & ELECTRIC CO. 1st & Ret. S. F. 5a. Due Sept. 1, 1930. Dated Sept. 1, 1910. Interest payable Mar. 1 and Sept. 1, at office of P. W. Brooks & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstandingr (Jan. 1, '21) 209,400 Betired by S. F 82,600 Fledged Under Pub. Serv. Co. of No. lU. 1st & Ret. 5a of 1956 408,000 Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Bankers* Trust Co., New York. Redeemable at 107 K and interest on and after Sept. 1, 1913, for the sinking fund, on three weeks' notice. Sinking Fund — 1 % % of outstanding bonds beginning 1913 and annually for seven years thereafter, and 2% annually thereafter to the maturity of the bonds. Control — Incorporated in Illinois In 1910 as a consolidation of the Kankakee Electric Light Co. and Citizens' Gas Co. In 1911 company was merged into the Public Service Co. of Northern Illinois. Secured by a mortgage upon entire prop- erty formerly owned . by company, ' Including plants supplying gas without competition to Kankakee, 111., and' three adjacent towns. Population served, 26,000. Franchises extend beyond the life of these bonds. Prior Liens — $125,600 Citizens' Gas Co. 1st 5s, due 1932. Underlies — Public Service Co. of No. Illi- nois 1st & Ret. 5s, due 1966, which provide for the retirement of this issue and its prior lien. Earnings See P. S. Co. of Northern, III. Original Market — Ottered Sept., 1910, by P. W. Brooks & Co., New York and Boston, at 95 and Interest. Market. New Yoric — Dunham & Co., Lynch & Mc- Dermott. Pliiladelphla — Henry D. Boenning & Co., Samuel K. Phillips & Co, Price Range. Jan. 1, '12, to Jan. 1, '21 1320 Bid. Ask. Bid. Ask. High 98 '12 99 '12 90 Jan. 98 Jan. Low. 75 '18 83% '20 75Sept. 8ii%May IJaNSAS & MISSOURI RAILROAD CO. 1st 5s. Due Aug. 1, 1922. Dated August 1, 1882. Interest payable February and August 1, at Old Colony Trust Co., Botson. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $390,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — ?New England Trust Co., Boston. Control — Merged into the Kansas City, Fort Scott & Memphis Ry. Co., which is leased until 2000 to the St. Louis-San Francisco By, Co. (reorganized company), which owns tJle entire capital stock. Secured by a first mortgage on 26.18 miles of road from Coalvale to Wier City Jot.. Kan. Underlies — ^Kansas City, Fort Scott & Mem- phis R. R. Cons. 6s, due 1928, and Re- funding 4s, due 1936, which provides for the retirement of this issue. Market. New York — ^Abraham & Co. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '12 100 '11 90 96% Low. 85 '08 80 '20 80 Apr. ■ KANSAS CITY & MEMPHIS RAILWAY & BRIDGE CO. l8t 5s. Due Oct. 1, 1929. Dated Oct. 1, 1889. Interest payable April and Oct. 1, at Old Colony Trust Co., Boston, and Bankers' Trust Co., New Yorh:. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding (Jan. 1, '21) 2,342,000 Held in S. F 658,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co., Boston. Sinking Fund — $10,000 per annum to be ap- plied to purchase or redemption of these bonds at not exceeding 110 and interest, all bonds thus acquired to be held alive in the Sinking Fund. Bonds held in this fund may be sold to the extent that their proceeds are necessary for extraordinary repairs or renewals to the bridge. Guaranteed principal and interest by en- dorsement by the Kansas City, Fort Scott & Memphis R. R. Co. Orsranization and Control — Incorporated in Arkansas in 1887. Entire capital stock of this company ia owned by the Kansas City, F. S. & M. Ry. and deposited under its Refunding: mort- ea.ee. The latter road is leased to the St. Louis-San Francisco Ry. Co., which owns its entire capital stock. Capitalization. Outstanding. Common 93,000,000 Funded debt 2,342,000 Secured by a first morteasre on bridee 2.86 miles in length across the Mississippi River at Memphis, Tenn. Ijisted on the New York and Boston Stock Exchang:es. Market. New York — Finlay & Davenport, Harts- horne & Battelle, Charles W. Place, Eemick, Hodges & Co., Raymond M. Smith, Van- derhoef & Robinson, Watson, Armstrong & Co. Price Range — ^N. Y. S. E. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103% July 31, '12 87% Jan. 10 Low. 81% Dec. 6, '20 81% Dec. 6 KANSAS CITY & PAGIXIC RAILROAD CO. 1st 4s. Dae August 1, 1990. Dated August 1. 1890. Interest payable Feb. and Aug. 1, at company's office, 61 Broadway, New York. Payment of Interest — Interest is being paid about six months after it is due. Authorized and Outstanding $2,500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Franklin Trust Co., New York. Guaranteed as to interest by endorsement by the Missouri, Kansas & Texas Ry. Co., which later assumed the issue. Assumed by Missouri, Kansas & Texas Ry. Co. Control — Incorporated in Kansas in 1886 and in 1899 was absorbed by the Missouri Kansas & Texas Ry. Co. Receiver was appointed for M. , K. & T. Ry., Sept., 1915. Protective Committee — Edward C. Delafield, Chairman: L. 'E. Zacker, L, M. Childs, T. C. Temple, S. S. Furman with Edw. S. Blagden, Secretary, and Franklin Trust Co., New York Depository. Secured by first mortgage on 128 mile* of road from South Coffey ville, Okla., to Paola, Kan^ 6 locomotives, 3 coaches, 3 mail cars and 63 freight cars. Underlies, — M., K. & T. Gen. 4%s of 1936. and notes secured by Cons. 6s. due 1940, which provide for the retirement of this is- sue. Listed on the New York Stock Exchange. Market New Yorlc — Simon Borg & Co., Samuel Goldschmidt, "William C. Orton & Co., Van- derhoef & Robinson. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 96^4 Apr. 16, '06 55 Oct. 4 Low. 50 Oct. 10, '18 51 Dec. 30 KANSAS CITY, CLAY COUNTY & ST. JOS- EPH RAILWAY CO. Ist Ss. Due Sep- tember 1. 1941. Dated September 1, 1911, Interest payable Mar. 1 and Sept. 1, at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding (Jan. 1, '21) 3,079,000 Retired by S. F 56,000 Reserved for Extensions 6.866,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Equitable Trust Co.. New York, and J. F. Downing, Kansas City. Redeemable on any Interest date at 105 and interest. Sinking Fund — ^Annually, beginning Sept. 1, 1917, 1^% of all bonds certified, including bonds purchased through this fund. Fund to be applied at the option of the company (1) for additional property (not inoludlnff securi- ties of other corporations) acquired by the company, provided the acquisition has not been made the basis for the issuance of bonds; (2) or for the purchase or redemption of these bonds at not over 105 and interest. Bonds acquired are to be cancelled. Note — Since 1917 sinking funds have been applied for extensions, etc. Organization — Incorporated in Missouri in 1911. In 1915' receivers were appointed pending the settlement of a $1,600,000 Judgment ob- tained by the Interstate Ry. Co. Receivers were discharged Nov., 1916. Judgment was settled Nov. 14, 1917. Capitalization. Outstanding. Common $4,000,0000 Funded debt 3.079,000 Secured by a first mortgage on 73 miles of high speed, modern interurban railway from Kansas City to St. Joseph and Excelsior Springs, Mo. Road is built on private right- of-way and cars enter Kansas City and St. Joseph over tracks of local lines. Popula- tion served, 425,000. Years ended Dec. SI: Gross. Net. , Interest.' 1920. $1,151,593 $421,046 $149,766 1919. 1,035,768 457,896 149,698 1918. 843,529 320,176 3 58,014 1918.. 843,629 320,176 168,014 1917.. 799,378 427,814 168,466 1916.. 716.267 362.362 164,082 1915. . C42,835 289,214 153,647 Original Market— Offered in March, 1914, by E. H. Rollins & Sons, Boston, New Tork, etc., Harris, Forbes & Co., New York, and Ferry, Coffin & Burr, Boston, at 94^ and interest. Market. New Tforlc — Babcock, Bushton & Co., Fred H. Hatch & Go. Boston — Lt. Sherman Adams, Moors & Cabot. Price Banere. Jan. 1, '16, to Jan. 1, '%1 Bid. Ask. High 80 '17 90 '18 Low. 52 '20 71 '17 1939 Bid. Ask.- 70 76 52 65 658 KANSAS CITT, CIJNTON & SFRINGFIEU) BAILWAT CO. 1st Ss. Dne Oct. 1, 1925. Dated Oct. 1, 1885. Interest payable April 1 and Oct. 1, at Old Colony Trust Co., Bos- ton. Tax Status — 2% Federal Income Tax paid by 'company without deduction. Authorized $20,000 per mile. Outstanding $3,274,000 Denomination — Coupon, $1,000. Resister- able as to principal. Trustee — New England Trust Co., Boston. Guaranteed as to principal and interest by endorsement by the Kansas City, Ft. Seott * Gulf R. K. Co. The latter company was con- solidated with others Into the Kansas City, Ft. Scott & Memphis R. K. Co., which latter company assumed this guaranty. The suar- anty was not assumed by the Kansas City, Ft. & Memphis Ry. Co., . successor company. Orsanization — Incorporated in 1886 in Missouri and Kansas as a consolidation of the Railroad Co. of the same name and the Pleasant Hill & De Soto R. R. Co. Capitalization. Outstanding. Common $1,776,400^ Funded debt 3.274,000 Secured by a first mortgage on 16S.63 miles of road, viz. ; Miles. Raymore Jet. to Ash Grove, Mo 129.16 Pleasant Hill, Mo., to Olathe, Kan... 33.47 Note. — 8.41 miles from Raymore Jet. to Pleasant Hill, Mo., not operated, years ended Deo. 31; Gross. Net. Int.&Rent. tl918 $409,767 def,$20,868 1917 366,009 20,621 $215,066 1916 345,779 20,363 190,660 tFederal account — standard return not in- cluded. Legal for savings banks In Me. liiHted on the Boston Stock Exchange. Original Market — First offered by Lee, Hig- ginson & Co,, Boston, New York, etc. Market. New York — Samuel Goldschmidt, Pred H. Hatch & Co. Philadelpllia — Charles Fearon & Co. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '12 99 '12 66 Jan. 80 Nov. Low. 40 '15 59 '15 65 Jan. 6714 Jan. KANSAS CITY, EXCELSIOR SPRINGS & NORTHERN RAILWAY CO., 1st 4s. Due Jan. 1, 1928. Dated Jan. 1, 1901. Interest payable Jan. and July 1, at Wabash Ry. Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $100,000 Denomination — Coupon, $500, Register- able as to principal. Trustee — Mississippi Valley Trust Co., St. Louis, Mo. Guaranteed principal and interest by the Wabash B. R. Co. (foreclosed) the guaranty has not been assumed by the Wabash Ry. Co., new company. Control — Incorporated in Missouri in 1897 and property purchased by the Wabash Rail- road Co. in 1901, which company was suc- ceeded in Oct,, 1916, by the Wabash By, Co. by foreclosure. Secured by a first mortgage on 9.10 miles of road from Excelsior Springs Junction to Excelsior Springs, Mo. Market. New York— Carruthers, Pell & Co., F. H. Hatch & Co, KANSAS CITY, FT, SCOTT & MEMPHIS RAILWAY CO. Ref. 4s. Due Oct. 1, 1936. Dated October 1, 1901. Interest payable April and October 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $60,000,000 Ontstaadlne 25,941,000 Reserved for Prior Liens 26,324,270 Reserved for Ext 7,734,730 Denominatton — Coupon, $1,000. Begister- able as to prlnlpal. Registered, $1,000, $6,- 000 and $10,000. C. & R. interchangeable. Trustee — Bankers' Trust Co., New York. Guaranteed principal and interest by en- dorsement by the St. Louis & San Trandsco E. R. Co. (foreclosed). This guaranty has not been assumed by the St. Louis-San Francisco By. Co. Organization and Control — Incorporated In 1901 in Kansas, succeeding the Kansas City, Ft. Scott & Memphis R. R. Co., which was formed in 1888. as a consolidation of the Kansas City, Fort Scott & Springfield and the Kansas City, Springfield & Memphis R, R. Companies. Entire capital stock is owned by the St. Louis-San Francisco By. Co., to which company the propei'ty is leased until the year 2000. Capitalization. Outstanding. Common $16,660,000 Preferred 15,000,000 Funded debt 41,673,000 Seenred by a direct mortgage on 960.62 miles of road, viz: A first lien on 124.32 miles — Miles. BonnerviUe to Algoa, Ark 35.75 Deokerville to Luxora, Ark 36.30 Miami to Afton, Okla 13. 09 Bvandale to Turrell, Ark 16.60 Tyronza Branch, Ark 13. 63 Marion to Hulbert, Ark 5.49 Coal Spur at New Home Jot., Mo 3.56 A second lien on 770.83 miles — Covered by the following: Kansas City, Ft. Scott & Memphis Cons. 6s 688.88 Current River R. R. 1st 6s 81.96 A third lien on 26.18 miles — Covered by the first lien of the Kansas & Missouri 1st 5s 26.18 Further secured by deposit of the following securities: Deposited. Issued. ICansas City, Mem. & Birm. Stock $6,974,800 $5,976,000 Kansas City, Mem. & Birm., Inc., 5s 399,500 6,322,780 Kansas City & Mem. Ry. & Bridge Co. Stock 2,999,600 3,000,000 Tyronza Cent. B. B. Stock 228,000 228,000 BonnerviUe & S. W. B. R. Stock 716,000 716,000 Prior Liens — Subject to $16,732,000 prior liens as follows: Current River B. R. 1st 6s, 1927.. $1,606,000 Kansas City, Ft. Scott & Mem- phis Cons. 6s, 1928 13,736,000 Kansas & Missouri B. R. 1st 6s 1922 390,000 liisted on the New York and Boston Stock Exchanges. Original Market — $2,688,000 offered in 1910, by Wm. Salomon & Co., New York. Market. New Yorlc — Babcock, Rushton & Co., Simon Borg & Co., Coffin & Co., Samuel Goldschmidt, Herzfeid & Stern, Biountze Bros., R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Cutter & Co., Struthers & Hiscoe, Schuman & Seiigrmann, Seasongood, Haas & Macdonald, Vanderhoef & Robinson, Vilas & Hickey. Price Range NYSE Jan. 1, '06, to Jan. 1, '21 1930 High 87% Mar. 2, '06 70 Jan. 8 Low. 56% May 26, '20 56% May 25 KANSAS CITY, TV. SCOTT & MEMPHIS RAILROAD CO Cons, 6s. Due May 1, 1928. Dated May 1, 1888. Interest payable May and Nov. 1, at Old Colony Trust Co., Boston, and at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Ontstandlne tl8,7«,00* Denomination — Coupon, $1,000. Kegister- able as to principal. Trustee — New Sngrland Trust Co., Boston. Organization and Control — See K. C, F. S. & M. Ry. Ref. 4s. Secnred by a direct mort^affe on 715.06 miles of road, viz: A iirst lien on 688.88 miles — Miles. Kansas City, Mo., to Baxter, Kan.... 159;92 Edward, Kan., to SprinsHeld, Mo 100.01 Springfield, Mo., to West Memphis, Tenn 282.93 Linton, Kan., to Rich Hill, Mo 20.78 Baxter, Kan., to Joplin & Webb City, Mo ■. 21.90 Greenfield to Aurora, Mo 37,67 Baxter, Kan., to Miami, Okia 13.07 Weir to Maclcie, Kan 3.40 Cherryvale to Weir, Kan 49.20 A second lien on 26.18 miles — Covered by the first lien of the Kansas & Missouri R. B. 1st 5b: Coaivale to Weir Jot.. Kan 26.18 Prior lien — $390,000 Kansas & Missouri 1st 6s of 1922. UnderUes— K. C, Ft. S. & M. Ry. Ref. 43 of 1936, which provide for the retirement of this issue. listed on the New York and Boston Stock Exchanges. Market. New York — Babcock, Rushtoii & Co., Simon Borg & Co., Constable & Fleming, Samuel Goldschmidt, Kountze Bros., R. W. Pressprich & Co., Raymond M. Smith. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, >21 1920 High 121 June 20, '06 100 Jan. 14 Low. 92% July 19, '20 92% July 19 Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 951^ '17 96 '17 90 Feb. 92 Feb. Low. SO '08 80 '08 85 June 89 Aug. BCANSAS CITY HOIVIE TELEPHONE CO. (The) 1st 6s. Dne Jan. 2, 1923. Dated January 2, 1903. Interest payable Jan. and July 2, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. . .$3,000,000 Denomination — Coupon, $100. $600 and $1,- 000. Registerable as to principal. Trustee — Mississippi Valley Trust Co., St. Louis, Mo. Organization and Control — Incorporated in Missouri in 19Q1 (Independent). Owns the entire stock of the Kansas City Long Dis- tance Telephone Co. As of April, 1921, this company was being merged into the South- western Bell Telephone Co., under the title Kansas City Telephone Co. Secured by first mortgage on entire prop- erty of company, operating locally in Kansas City, Mo., Kansas City, Kan., and Inde- pendence, Mo., including 7 exchanges with 93,000 miles of wires and 40,215 telephones In operation. Population served, 350,000. Franchise in Kansas City, Mo., extends to 1932, and In Kansas City, Kan., to 1>22. Years ended Dec. 31: Bond Gross, Net. Interest. 1918 $1,998,339 $491,227 $213,200 1917 1,912,965 681,416 214,700 1916 1,777,807 646,276 216,098 Later earnings not available. listed on the St. Louis Stock Exchange. Original Market — Offered in 1904, at 94 and interest by the Mississippi Valley Trust Co., St. Louis, and H. P. Wright Inv. Co., Kansas City. Market. New York — Joseph Geiman, T. L. Mac- Donald. „ „ St. louls, Mo. — Mark C. Steinberg & Co., Stix & Co. KANSAS CITY, KAW VAllEY & WEST- ERN (ELECTRIC) RAILWAY CO. 1st 6s.' Dne Aug. 1, 1924, Dated Aug. 1. 1914. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,600,000 Outstanding (Jan. 1, '21) 918,000 Reserved for Ext 1,582,000 Denomination — Coupon, $1,000. $500 and $100. Registerable as to principal. Trustee^First Trust & Savings Bank, Chi- cago. Redeemable at 101 and interest on any in- terest date in 60 days' notice. Organization — Incorporated in Kansas in 1909. Capitalization. Outstanding. Common $682,600 Funded debt 1,446,000 Secured by a first mortgage on 42.3 miles of electric railway from the Western line of Kansas City, Kan., to Lawrence, Kan. Road is projected from Lawrence to Topeka, Kan.. 26 miles. Road connects with street and steam railways in Kansas City. Underlies — $528,600 Gen. 6s of 1924. Years ended Dec. 31: Bond Gross. Net. Interest. 1920 $466,943. $118,717 $85,895 1919 327,266 106,098 76,050 1918 244,476 76,113 76,060 •1918 232,109 71,217 76,060 Original Market — Offered by Otis & Co., Cleveland, April, 1916, at 101 and interest. Market. Cleveland — Otis & Co. Boston — C. E. Denison & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 "17 101 '16 96 Jan. 98 Jan. Low. 87 '19 90 '19 .. 94 Deo. KANSAS CITY IIGHT &. POWER CO. 1st 6s and 6s. Due July 1, 1914. Dated July 1, 1915. Interest payable Jan. 1 and July 1, at Chicago, New York and Kansas City, Mo. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Unlimited Outstandinir $3,060,000 Pledged under K. C. P. & 1. Co. 1st & Kef. Mtge. 6s 4,617,000 Provisions of Issue — Additional bonds is- sued under this mortgage are to be pledged under K. C. P. & L. 1st & Ref. Mtge. Denomination — Coupon, $100, $600 and $1,- 000. Registerable as to principal. ReftU- tered, $1,000, $6,000, $10,000 and multiples of $10,000. C. & R. Interchangeable. Trustee — Continental & Commercial Trust & Savings Bank, Chicago, and Edward F. Swinney. Redeemable at 103 and interest on any In- terest date upon 60 days' notice. Control — Incorporated in MIsBouri Jan. 3. 1916, to take over the various lighting and heating properties of the Kansas City Railway & Light Co. under the reorganization plan. On Sept. 30, 1919. all the properties of this company were taken over by the Kansas City Power & Light Co. Secured by a first mortgage on all the 660 property of the company. Further secured by flepoait of the entire outstandlns capital Btock of the foUowine companies. The Elec- trical Wire Subway Co., Standard Electric WBht Co., Consolidated Blectrlc Llcht & Power Co., Edison Electric Light & Power Co.. Kansas City Heating Co., and the Elec- tric Truck Co. of Kansas City. Pranchiaea are perpetual. Underlies— 2cl Cs of 1944 and K. C. P. & L. Oo. 1st & Ref. Mtge. Bonds are re- served under the latter mortgage to retire this issue. Earnings — See Kansas City Power & Light Co. 1st & Ee£. Mtge. Market. New York — Babcock Rushton & Co., J. S. Baohe & Co., Samuel Goldschmidt, Pred H. Hatch & Co., Earle A. Miller & Co., Van- derhoef & Robinson. Philadelphia — Bauer, Starr & Co. Chicago— Merrill, Lynch & Co. Price Range. Jan. 1, '16, to Jan. 1, 'gl 1900 Bid. Ask. Bid. Ask. High 99% '16 ■ 100 '16 80 Jan. 84 Jan. Low. 67 '20 6914 '20 67 Dec. 691iDeo. KANSAS CITY LIGHT & POWER CO. 2nd 6s. Due July 7, 1944. Dated July 1, 191B. Interest payable Jan. 1 and July 1, at New York or Kansas City, Mo. Tax Status — Payment of Pederal Income Tax not assumed by company. Authorized $1,917,300 Outstanding' (Jan. 1, '21) 1,669,700 Held in S. F 247,600 DenominationB — Coupon, $100, $500 and $1,- 000. Heglsterable as to principal. Reeia- tered, $1,000, $6,000, $10,000 and multiples of $10,000. C. & K. interchangeable. Trustees — Central Union Trust Co., New Tork, and John F. Downing. Redeemable at 100 and interest on any in- terest date on 60 days' notice. Sinking Fund — Commencing Jan. 1, 1916, $38,436 per annum on net earnings of the Company otherwise available for dividends shall be paid semi-annually and applied to the purchase or redemption of these bonds at not over 100 and interest. Bonds ac- Quired to be kept alive and interest added to fund. Control — See 1st 5s. Secured by a second mortgage on all the property. Por detail see 1st 5s. Prior Liens — Outstanding 1st 5s, 1944 $3,060,000 1st 6s, 1944 4,617,000 $7,677,000 Underlies — K. C. P. & L. Co. 1st & Ret. Mtge, under which bonds are reserved to retire this issue. Earnings — See K. C. P. & L. Co. 1st & Ref. Mtge. Market. New York — Babcock, Rushton & Co.', Samuel Goldschmidt, Hartshorne & Battelle, Fred H. Hatch & Co., Barle A. Miller & Co. Philadelphia — Bauer, Starr & Co. Chicago — Merrill, Lynch & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97% '16 99 '16 SO Jan. S5 Mar. Low. 70 '20 76 '20 70 Dec. 75 Dec. Co., St. Louis, or Trustees* Office, Kansas City. Tax Status — Payment of Pederal Income Tax not assumed by company. Authorized ^,. .$l,B0O,OO» Outstanding 1,376,500 Held in S. F 60.000 Reserved for Ext 73,600 Denomination — Coupon, $1,000 and $500, Reglsterable as to principal or fully register- able. Trustee — Commerce Trust Co., Kansas City, Mo. Redeemable at 105 and Interest on any In- terest date upon three weeks' notice. Sinking Fund — %% of outstanding bonds payable semi-annually to 1916, and %% semi-annually thereafter, to be applied to purchase or redemption of these bonds at not exceeding 105 and interest. Bonds thus ao- auired are to be held alive or fund may be invested in securities approved by the trustee and company. Guaranteed principal and Interest by the Kansas City Home Telephone Co. by endorse- ment. Control — Incorporated in 1903 as the West- ern Independent Telephone Co., and changed to present title In 1906. Entire stock owned by Kansas City Home Telephone Co. The latter company is being merged Into the Kan- sas City Telephone Co. Secured by first mortgage on entire prop- erty ot Company owning 10 exchanges In Richmond, Excelsior Springs and Norborne, Mo., and Independence, Overland Park and Lenexa, Kan., together with 1,800 miles of toll lines- and 7,000 telephones. Earnings — See Kansas City Home Tele- phone Co. Listed on the St. Louis Stock Exchange. Original Market — Offered in June, 1906, at 97 and interest by the H. P. Wright Inv. Co., Kansas City. Market. New York — Joseph Oilman, T. L. Mac- Donald. St. Louis, Mo. — Mark C. Steinberg & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 192C Bid. Ask. Bid. Ask. High 92 '17 93 '17 84% Mar. 90 Dec. Low. 80 '19 83 '19 80 June 84 Deo. BANSAS CITY LONG DISTANCE TELE- PHONE CO. 1st 5s. Due Jan. 1. 1925. Dated January IS, ISOfi. Interest payable Jan. and July 1, at St. Louis Union Trust KANSAS CITY, MEMPHIS & BIRMINGHAM RAILROAD CO. Gen. 4s. Due March 1, 1934. Dated March 1, 1894. Interest payable March and Sept. 1, at Old Colony Trust Co., Boston, and at Bankers' Trust Co., New York. Tax Status— 2% Pederal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $3,323,390 Denomination — Coupon, $500 and $1,000. Reglsterable as to principal. Trustee — Old Colony Trust Co., Boston. Organization and Control — Incorporated In Tennessee. Mississippi and Alabama in 1SS7 and reorganized without foreclosure in 1896. Its entire capital stock is owned by the Kan- sas City, Fort Scott & Memphis Ry. and de- posited under its Refunding Mortgage. Lat- ter company is leased to the St. Louis-San Francisco Ry. Co. until 2000. Capitalization. Outstanding, Common $6,976,000 Funded debt 9,077,170 Secured by a first mortgage on 286.66 miles of road from Memphis, Tenn., to Birmingrham, Ala. Underlies — Income 6s. due 1934. Retiive- ment of Issue provided for under Kansas City, Fort Scott & Memphis Refunding Mort- gagre. liisted on the Boston Stock Bxchange. Market. New York — Samuel Goldschmidt, Pred-H. Hatch & Co., Charles W. Place, Raymond M. Smith. Boston — Tj. Sherman Adams. Price Range. Jan. 1, '09, to Jan. 1, *Z1 1920 Bid. Ask. Bid. Ask. Hi&h 93^ '10 95 '09 70 Jan. 76 Dee. Low. 60 '20 61 1/^ '20 60 May 61% May KANSAS CITY, MKMPHIS & BIRMINGHAM RAILROAD CO. Income 5s. Due March 1, 1934. Dated March 1, 1894. Interest payable March and Sept. 1. at Old Colony Trust Co., Boston. Payment of Interest (unstamped) — On and after May 20, 1918, coupons bearing serial numbers 21, 22 and 23 matured Sept. 1, 1915. 1916 and 1917, respectively, at Old Colony Trust Co., Boston. Interest was originally non-cumulative, but In 1902 the Kansas City, Fort Scott & Mem- phis Ry. offered to pay interest at a fixed rate of 5% on bonds presented to be stamped, giving the company the privilege of redeeming same at 95 and interest. Tax Status — 2% Federal Income Tax paid by company without deduction, for unstamped bonds only. The company does not assume the Federal Income Tax on stamped bonds. Authorized Closed mortgage Outstanding $5,923,280 Pledged Under K. C, Ft. S. & M. Kef. 4s 399,500 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable — ^Redemption provision (stamped bonds) expired in 1912. Guaranteed — The stamped bonds ($6,029,- 000) are guaranteed as to interest by the Kansas City, Fort Scott & Memphis Ry. Co. Organization — See General 4s. Secured by a second mortgage on 285.66 miles of road from Memphis, Tenn. , to Bir- mingham, Ala. Prior riens — $3,323,390 K. C, M. & B. Gen. 4s of 1934, which cover the same mile- age. Refunding — Retirement of this Issue pro- vided for under Kansas City, Fort Scott & Memphis Refunding Mortgage. liisted on the Boston Stock Exchange. Market. New York — Samuel Goldschmidt, Fred H. Hatch & Co., Charles "W. Place, Vanderhoef & Robinson. Price Range. Jan. 1, '10, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. Hi&h 9114 '10 92% '10 69 Oct. 73 Oct. Low. 55 '18 65 '17 60 July 68 Dec. KANSAS CITY, MISSOURI, GAS CO. 1st 5s. Due April 1, 1923. Repurchase of Bonds — "We are informed that the Kansas City Gas Co. will purchase the above bonds and Invites offers. Dated April 1, 1897. Interest payable April 1 and Oct, 1, at Trustee's office, or May and Nov. 1, in London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstanding 2,927.^)00 Held in S, F 2.034.000 Reserved for Ext 39,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Sinking Fond — J7 5,000 per annum for ten years from Jan. 1, 1898, and thereafter $25,- 000 per annum, to be applied to purchase of these bonds at not exceeding 105 and interest, or at a higher figure if approved by the com- ^ pany. Bonds so acquired are to be held alive and interest added to fund. If not so pur- chasable, the fund is to be invested in other securities approved by the Trustee and the company. Assumed by the Kansas City Gas. Co. Control — Incorporated in Missouri in 1897 as a consolidation of the Kansas City Gas . Co. and the Missouri Gas Co. On March 13, 1920, the property of this company was con- veyed to the Kansas City Gas Co. Secured by first mortgage upon entire property of company, controlling all the gas lighting business in Kansas City, Mo. , and comprising over 500 miles of mains. Popu- lation served 317.000. Usted on the New York Stock Exchange. Original Market — Offered In 1898 at 101 and Interest by J. & "W. Sellgman & Co., New York, and First National Bank, Philadelphia. Market. New York — Hartshorne & Battelle. Pliiladelphia — Henry D. Boenning & Co. Price Range — ^N. Y. S. E. Jan. 1, '08, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 100 May 25, '08 91% Jan. 94:^ Jan. Low. 88 Dec. 27, '16 81 May 84 May KANSAS CITY POWER AND riGHT CO. 1st & Kef. Series A 8s and B 6s. Due — Series A Dec. 1, 19^0, and Series B Dec. 1, 1945. Dated Dec. 1, 1920. Interest payable June 1 and Dec. 1, at Trustee's oflice, or Chase National Bank, New York. Authorized Unlimited Outstandingr — A 8s $10,000,000 Resei'ved for Prior Liens, B 6s. 4,977,300 Issuance Restrictions — Additional bonds may be issued in series and (if not Series A or B) bearing such rates of interest, and maturing at such times, as the Board of Directors at the time of issuance may de- termine (not before Dec. 1, 1940, however, so long as these Series A bonds are out- standing), but, except for refunding pur- poses, only for 80% of the actual cash cost or fair market value, whichever is less, of permanent improvements, additions or bet- terments, and then only provided that net earnings as defined in the Trust Deed for twelve consecutive months within the fifteen months last past have been at least twice, or for each of the three consecutive twelve- month periods last preceding have been at least 1,% times the annual interest require- ments on all underlying bonds outstanding in the hands of the public and on all First and Refunding Mortgage Bonds outstanding, including those proposed to be issued. Purpose of Issue — $10,000,000 A Ss issued to retire $8,000,000 First Mortgage and Col- lateral Trust Notes due January 1, 1921 (issued mainly in connection with the con- struction of the new Northeast Power Plant), and for other corporate purposes. Denominations — Coupon $1,000, $50u and $100; interchangeable and registerablo as to principal. Registered $1,000, $5,000, $10,000 and $25,000, C. & R. interchangeable. Tnistees — Continental & Commercial Trust & Savings Bank, and John F. Donning, Chicago. 662 ^of? *®^^*®~Series A on any tnterest ? ino? ^** *^^ys' notice on or before Dec. i'^/ • ^*^107% and interest: thereafter ?;?+i,.m Oi:^before Dec. 1, 1930, at 105 and mteiest; thereafter and on or before 'Dec. i. ladB, at 102% and interest, and there- after until maturity at 101 and interest: Series B at 103 and interest. «„V^"*.^^"P® ^"^ Depreciation Fund— An- 7r7 1^ 1^72% Of gross earnings. To extent that such amount is not expended in any year ror maintenance, erenewals or replace- ments of the Company's property, the Com- pany may receive credit therefrom for per- manent improvements, additions or better- ments, none of which shall be used as a basis for the issuance of bonds except upon reimbursing the fund to an amount in cash equal to the fair market value, at the time of the issuance of such bonds, of the per- manent improvements, additions or better- ments, or their actual cash cost, whichever is less. Moneys in the fund may be used at any time for maintenance, renewals or replacements or may be invested in or used for the retirement of First and Refunding Mortgage Bonds. Improvement Fimd— Annually beginning April 1, 1927. 1% of the amount of First and Refunding Mortgage Bonds outstanding at the end of the preceding year. This fund may be used for permanent improv^ments, additions or betterments to the property (against which no bonds may be issued) or may be used .for the purchase and retire- ment of outstanding First and Refunding Mortgage Bonds. Organization and Control — Incorporated in Missouri in 1919, and has acquired the properties formerly owned by the Kansas City Light & Power Co. and The Standard, Electric Light Co. owns the .entire capital stock of The Standard Electric Light Co., Kansas City Electrical AVire Subway Co., Edison Electric Light Co., Kansas City Heating Co., The Electric Truck Co. of Kansas City, Missouri, Kansas City Trans- mission Co., Kansas City Light & Power* Co., Kansas City Electric Railway Co., Kansas City Electric Light Co. and the Southw^est Cities Investment Co. The entire common stock of the company is owned by Kansas City Power Securities Corporation. Capitalization. Outstanding. Common $5,000,000 Preferred (8% cum.) 4.000,000 Funded debt 14,729,700 Secured by a direct first mortgage on Northeast power plant, substations located in Kansas City Mo., on all property located in Kansas, and on all transmission lines and property of the ocmpany located in Missouri, and a third mortgage on the re- maining property of the company. Additionally secured by pledge of ?4,- 617,000 Kansas City Light & Power Co. 1st 6s of 1944. Under the provisions of this mortgage additional bonds issued under that mortgage are to be pledged hereunder. The physical property owned by the com- pany includes two electric generating sta- tions with an aggregate installed normal capacity of 83,250 k. w., and 16 substations with transformer capacity of 73,894 k. w. The company has 126 miles of high tension transmission lines, 140 miles of underground cable and 860 miles of low tension distribut- ing lines. Of the installed capacity 60.000 k. w. is located at the Northeast Pow^er Plant which was begun in the fall cf 1917 and reecntly completed. This plant is one of the most modern and efficient steam, generating stations in the country ana is so designed that its present installed capacity may be increased to an ultimate capacity of 240,000 k. w. The company controls the electnc light and power business in _^Kansas City, Mis- souri It also serves the' adjacent teirltory, 663 including practically all of Jackson County, Missouri, and Johnson County, Kansas, and a portion of Kansas City, and other terri- tory in Wyandotte County. The steam heating plant at Kansas City, Missouri, is also owned and operated by the company. The total population served is approximately 450,000. The ocmpany's electric light and power franchises in Missouri are perpetual and in Kansas unliinited as to time with minor ex- ceptions; steam heating franchises in Mis- souri expire in 1935. Pi-ior Liens — Outstanding. Kansas City Lt. & Pow. 1st 5s, 1944 *$3.060,000 Kansas City Lt. & Pow. 2nd 6s, 1944 **1, 669,700 Total $4,729,700 *$4,617,00 1st 6s are pledged under this mortgage. Additional bonds issued are to be pledged hereunder. **Closed mortgage. Bonds are reserved under this mortgage to retire above issues. Years ended Dec. 31: Gross. Net. *Deductions. 1920 $6,071,014 $2,141,939 $1,580,410 1919 4,749,419 906.308 896,679 *Inter,est, sinking funds, amortization, de- preciation, etc. Original Market — $10,000,000 A 8s offered Dec, 1920, by Continental &- Commercial Trust & Savings Bank, Guaranty Comtpany of New York, and Halsey, Stuart & Co,, at 100 and interest. KANSAS CITY RAILWAYS CO. (THE) 1st 6s and 6b. Due July 7> 1944. Bated July 1, 1915. Interest payable Jan. and July 1, in New York, Trustees' office, Chicago, or Company's Office, Kansas City, Mo. Befault — Jan. 1. 1920. interest. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $27,333,000 Outstanding — 5s 15,917.400 In Treasury 55,000 Fledged to Secure 6% Notes, due Dec. 1, 1919 — 6s 1,219,600 Pledged to Secure 7% Notes, due May 15. 1931— 6a •10.141.000 *$2, 065,000 are regularly issued 6s and the remainder were issued as 5s, but on which the company agrees to pay an additional 1%. Additional bonds may be issued for exten- sions, etc., chargeable to capital value, in the ratio to $1,000 par value of bonds for each $1,100 expenditure. Denominations — Coupon, $1,000, $500 and $100. Registerable as to principal and inter- changeable. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Continental & Commercial Trust & Savings Bank. Chicago, and Edward F. Swinney. Redeemable at 103 and Interest on any In- terest date on 60 days' notice. Protective Committee — Because of the fail- ure of the company to pay Nov. 15. 1919, interest on the 7% Collateral Notes, and the prospect of not being able to meet other obligations on this funded debt coming due in December and January, deposits of the First Mortgage Bonds, Second Mortgage Bonds, 3-Year Collateral Notes and 2-Year Collateral Notes are requested by the follow- ing committee: Arthur Reynolds, H, L. Stuart, Alfred L. Alken, John E. Blunt, Jr., J. F. Downing, Frederick R. Bcker, Geo, K. Johnson. B. V. R. Thayer and Melvln T, Traylor, with Harry Benner, 209 La Salle St.. Chlcag:o, Secretary, Pepositaries — First Mort&a&e Bonds — First Trust & Savlngrs Bank, Chicago ; Chase Na- tional Bank, New York; Pennsylvania Co. for Insurance on Lives and Granting Annui- ties, Philadelphia; Old Colony Trust Co., Bos- ton, and First National Bank, Kansas City, Mo. Receivership — Fred W. Flenaing and Francis M. "Wilson were appointed Oct. 26, 1920. Orgranization — Incorporated In Missouri in 1914 and in accordance with a plan of re- org-anization of the Kansas City Ry. & Lt. Co., on Feb. 16, 1916, took over the proper- ties of the Metropolitan Street Ry. Co., Kan- sas City Elevated Ry. Co. and Kansas City & Westport Belt Ry. Co. Capitalization. Outstanding. Common $15,917,400 Funded debt 28,860.660 Secured by a first mortgage on 300 miles of street railway track, including the street railway systems of Kansas City, Mo,, Kan- sas City, Kan., and suburban extensions; two power houses with a combined capacity of 60,000 K. "W.. together with nine substations and 675 motor cars and trailers. In 1914 and 19 15 the property was largely recon- structed. Population served in excess of 400,- 000. Franchise Provisions — In Kansas City, Mo., the company operates under an exclusive franchise granted July 7, 1914, and expiring July 7, 1944. A Board of Control, consisting of two mem- bers, one representing the company and one the city, has general supervision over con- struction and operation. Of the eleven mem- bers of the Board of Directors the city selects five. After operating expenses, maintenance and taxes, the company receives 6 % of the capital value of the company and the surplus Is credited to the city but used by the com- pany, until the sum of $6,300,000 has been expended for extensions and additions. After this sum has been expended the city is to be credited on the books of the company with two- thirds of the surplus income and the company with one-third. The city proportion shall be used to reduce capital value, or for extensions, etc., or to reduce fares (but not so as to reduce the company's share of in- come) or it may be used for any public pur- pose approved by vote of the people. All payments made by the city In reduction of capital value must be applied to the retire- ment of First Mortgage Bonds. The capital value of the porperty In MIs- spurl is fixed at $25,648,807, plus capital charges since May 31, 1913. The city may acduire the property at any time, subject to a lien securing the unpaid balance of the capital value of the property and any mortgage securing same, or by paying off the entire capital value. If the city acquires the prop- erty all mortgages shall be closed. At the . expiration of franchise the city or a licensee of the city may take over the property upon payment of the capital value. Pending pur- chase or other arrangement the city may re- quire this company to continue operation, and if no purchase or other arrangement is made the city shall take over the property, subject to the impaid portion of capital value and apply all surplus income to the payment thereof. Underlies — 2nd Series "A" 6s. and Series "B" 55, due July 7, 1944. This second mort- gage is closed and provides a sinking fund of $105,820 per annum, estimated to retire entire Issue at or before maturity. Years ended June 30: Bond. Gross. * Net Interest. 1920 $9,037,176 $391,833 $1,863,822 1919 6,649,996 def.505,317 1,709,547 1918. 7,000,977 1,148,234 1,497,156 Original Market — $10,160,200 of these bonds were Issued to retire securities of predecessor companies; $4,000,000 offered June, 1916, by N. W. Halsey & Co., New York, etc., and Francis Bro. & Co., St. Louis, at 93 and In- terest, Market. New York — Babcock, Rushton & Co., J. S. Bache & Co., Samuel Goldschmidt, Fred H. Hatch & Co. Boston — Moors & Cabot. FhilOidelpliia — Bauer, Starr & Co. Cliicag-o — Halsey, Stuart & Co., Merrill, Lynch & Co. Kansas City, Mo, — W. C. Sylvester In- vestment Co. Price Rangre Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. 5s High 97% '17 981^ *17 35 Jan. 40 Mar. Low. 23 '20 27 '20 23 Sept. 27 Aug, KANSAS CITY RAILWAYS 23 Series "A" 6s and "B" 5s. Dne July 7, 1944. Dated July 1, 1916, Interest payable Jan. 1 and July 1 at New York or Kansas City, Mo. Default — Jan. 1. 1920, interest. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — A 6s $4,302,000 B 6s 1,011,000 $5,313,000 Outstanding — A 6s $3,924,000 B &s 1,000,000 Jan. 1, '20 $4,924,000 Held in S. F. — ^A 6s 336,400 Cancelled — A 6s 11,000 B Bs 11.000 $22,000 Denomination — Coupon, $100, $500 and $1,- 000. Hegisterable as to principal. Registered $1,000, $5,000 and $10,000 and multiples of $10,000. C. & R. Interchangeable. Trustees — New York Trust Co., New York, and John F. Downing. Redeemable at 103 and interest on any in- terest date on 60 days' notice. Sinking Fund — Semi-annually. $52,910, be- ginning June 30, 1916, for the purchase or redemption of these bonds at not over 103 and Interest. Bonds so acquired to be kept alive and interest added to this fund. Protective Committee — See 1st 5s and 6s. Depositaries — Merchants* Loan & Trust Co.. Chicago; New York Trust Co., New York; National Shawmut Bank, Boston, and Com- merce Trust Co., Kansas City, Mo. Organization — See 1st 6s, Secured by a second mortgage on all the property of the company. For detail see 1st 5s. Prior iiien — 1st Es and 6s of 1944. Barnings — See 1st 5s and 6s. Market. New York — Samuel Goldschmidt, Harts- home & Battelle, Fred H. Hatch & Co., Vanderhoef & Robinson. Bostonj — Moors & Cabot. I'liiladelplila — Bauer, Starr & Co. Chicago — Merrill, Lynch & Co. Kansas City, Mo. — W. C. Sylvester Invest- ment Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1980 Series "A." Bid. Ask. Bid. Ask. High 97 '16 97% '20 30f Mar. 32tJune Low. Sf'20 12f '20 SfDec. 12f Deo. Hl&h 92% '16 96% '20 IBf Jan. 25f Jan Low. 8f '20 lO^if '20 5£ Dec. 10 ^4 f Bee. KANSAS CITY RAILWAYS CO. (The) 2-Year , 6% Collateral Notes, Series "A." Due ' Dec. 1, 1919. Dated Dec. 1, 1917. Interest payable June 1 and Dec. 1, in New York, Chlcagro or Kan- sas City. Default — Principal and Dec. 1, 1919, In- terest. I Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorlzed Unlimited Outstanding $1,000,000 Denomination — Coupon, $1,000, $500 and $100. Re^isterable as to principal. Trustee — Continental & Commercial Trust & Saving's Bank, Chicagro. Redeemable at any time on 30 days' notice at 100% and interest before June 1, 1919, and at 100 and Interest on and after that date. Organization — See 1st 5s and 6s. Protective Committee — See 1st 5s and 6s. Depositaries — 3-Tear Collateral Notes and 2-Year Collateral Notes — Continental & Com- mercial Trust & Savings Bank, Chicago; Chase National Bank, New York; Pennsylvania Co. for Insurance on Lives & Granting- Annuities, Philadelphia; Old Colony Trust Co., Boston, and New England National Bank, Kansas City. Mo. Secured by pledge at 82 of $1,219,600 First Mortgage 6s, due July 7, 1944. Additional notes may be issued upon pledge of said bonds In the same ratio, or at the option of the Company upon pledge of First Mortgage 5s In equivalent ratio, I. e., at 70. Earnings — See 1st 6s and 6s. Original Market — $1,000,000 offered Dec, 1917, by Halsey, Stuart & Co., Chicago, New York, etc.; Mark C. Steinberg & Co., St, Louis, and Bobt. Garrett & Sons, Baltimore, at 97% and interest. Market. New York — Halsey, Stuart & Co., Merrill, Lynch & Co., Bauer, Starr & Co., National City Co. Cliicago — Halsey, Stuart & Co., Illinois Trust & Savings Bank, Northern Trust Co., First Trust & Savings Bank. KANSAS CITY RAILWAYS CO. (The) 3- Year 7% Collateral Notes, Series A, Due May 15, 1921. Dated May 15, 1918. Interest payable May 15, and Nov. 15, in New York or Chicago. Default — Principal and Nov. 15, 1919, in- terest. , ^ „ _ Tax Status — 2% Federal Income Tax paid by company without deduction. Tax refunded In Pennsylvania. Authorized See "Secured." Outstanding $7,750, 000 Purpose of Issue — The proceeds from the Bale of the present issue of $7,750,000 of these notes will be used to retire the $6,- 259.000 of Three-Tear 5% % Secured Gold Notes, due July 1, 1918, and to partially re- imburse the company for expenditures made or to be made for improvementa, betterments and extensions to Its property. Denomination — Coupon. $1,000, $500 and $100 (Interchangeable), Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at any time upon 30 days* no- tice at 100% and Interest if redeemed prior to Nov. 16, 1920, and at 100 and interest on and after that date. Protective Committee — See 1st 5s and 68. Depositaries — See 6% Coll. Notes. Organization — See 1st 5s and 6s. Secured by pledge with the Trustee of $10,- 141,000 par value of the Company's First Mortgage Gold Bonds due July 7, 1944. Of the pledged bonds $8,076,000 par value were originally Issued under the Mortgage as 6% bonds, but in respect thereto the Company has covenanted to pay an additional 1% per annum thereon or a total of 6% per annum, and the remaining $2,065,000 par value of bonds are regularly issued 6% bonds of the Company. The 5% bonds with the covenant of the Company to pay an additional 1% Interest thereon, are pledged at 75% and the regularly Issued 6% bonds are pledged at 82%. Addi- tional Notes may be Issued under the Inden- ture only upon pledge of the Company's First Mortgage 6% Bonds in these ratios, or at the option of the Company, upon pledge of its First Mortgage 5% bonds at 70%. The capital value of the property In Mis- souri as of April 30, 1918, was $29,870,028.35, The estimated capital value of the entire property, including that portion in Kansas. about 16% of the total, as of April 30. 1918, was $35,362,434.81, an amount over $10,- 500,000, or approximately 43%, in excess of the outstanding First Mortgage bonds and notes secured thereby. iEaniings — See 1st 5s and 6s. Original Market — $7,750,000 offered June, 1918, by Halsey, Stuart & Co., Union Trust Co., Continental & Commercial Trust & Sav- ings Bank, Chicago, New England National Bank, Kansas City, and Stifel, Nlcolaus In- vestment Co., St. Louis, at 98 and interest. Market. New York— Fred H. Hatch & Co . Van- derhoef & Robinson. Chicago— Merrill, Lynch & Co. Price Range. Jan. 1, as, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95 'IS 98 '18 45f '20 65 '20 Low. 25f '20 35f '20 25f '20 35f '20 KANSAS CITY SOUTHERN RAILWAY €0. 1st 3s. Due April 1, 1950. Dated April 2, 1900. Interest payable April and Oct. 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. . .$30,000,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Registered, $1,000 and multiples. Trustee — Bankers' Trust Co., New York, and Selwyn C. Edgar, St. Louis. Organization — Incorporated In Missouri In 1900, succeeding the Kansas City, Pittsburgh & Gulf R. R., sold under foreclosure. Capitalization, Outstanding. Common $30,000,000 Preferred (4% non-cum.) 21.000.000 Funded debt 48.496.000 Secured by a direct or collateral lien, on '823.03 miles of road, viz. : A first lien on 387.86 miles — Miles. Kansas City to Belt Jet., Mo 11.99 Grand View, Mo., to Mena, Ark 369.43 Spiro, Okla., to Ft. Smith, Ark 16.44 A. first collateral lien on 435.16 miles — Throusrh pledg^e of all the bonds and the entire capital stock (except directors* shares) of the Texarkana & Ft. Smith Ry.: Mena, Ark., to Ark.-Texas State Line and Texas-La. State Line to Fort Ar- thur, Tex 182.90 Jansen, Ark., to Bonanza Mine.. 2.83 Ark.-Tex. State Line to Lake Charles, La., and La.-Tex. State Line 245.40 West Lake to Lockport, La 4.03 Also secured by pledge of the entire stock (no outstanding bonds) of the Kansas City, Shreveport & Gulf Terminal Co., owning' a union depot and terminal at Shreveport, La.. and of the entire stock and bonds of the Port Arthur Canal & Dock Co., owning: a grain elevator, docks, warehouses, etc., at Port Arthur, Texas. Underlies — Ref. & Imp. 5s, due 1950., Tears ended Bee. 31: Gross. Net. Int. & Kent. •1919 3.496,385 3,764,226 2,741,579 tl919 16,531.528 4.171,567 549,167 •1918 $3,496,385 $3,603,967 $2,311,187 11918 16,607.011 2,983,963 785,394 1917 13.647.487 4.795,259 2,171,116 1916 10,076,169 3, 580^015 2,204,252 1915 10,076,169 3,580,015 2,204.252 •Corporate account. tFederal account — standard return not in- cluded. Ijegal for savings banks in Cal., Me., Mo., and R. I. Listed on the New York and London Stock Exchanges. Market. New York — B. A. Baker & Son, Barstow & Co.. Simon Borg- & Co., Ambrose R. Clark & Co., Constable & Fleming, Arthur E. Frank & Co., Samuel Goldsohm.idt, Granger & Co., Herzfeld & Stern, E. D. Leviilson & Co., National City Co.. New- borg & Co.. R. W. Pressprich & Co., Prince & Whitely, Roosevelt & Son, Struthers & Hiscoe, Seasongood, Haas & Macdonald, Vilas & Hickey, Edwin Wolff. Fhiladelp]iixi< — Arthur J. Bender, Samuel McCreery & Co. St. Louis, Mo. — Francis Bro. & Co. Price Kange — N. Y. S. E. Jan. 1, *06, to Jan. 1, '21 1930 High 7514 Jan. 5, '06 59 Jan. 5 Low. 49% May 19, 20 49% May 19 KANSAS CITY SOUTHERN RAILWAY CO. Ref. & Imp. 58. Due April 1, 1950. Dated July 1, 1909. Interest payable Jan. and July 1, at New York Trust Co., New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $21,000,000 Outstanding 18,000,000 Reserved for Ext 3,000,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Registered, $1,000 and $6, 000., Trustees — New York Trust Co., New York, and Edward F. Swinney. Redeemable as a whole only at 105 and in- terest on any interest date on 60 days* notice. Oi^anization — See 1st 3s. Secured by a direct or collateral lien on all the property covered by the 1st ' 3b and sub- ject to that mortgage. Also secured by deposit with the Trustee of the entire $30,000 stock (no bonds outstanding) of the Maywood & Sugar Creek Ry. Co., owning 1.5 miles of road, 80,600 capital stock of the Hot Springs, Ouachita & Mena Ry. and the entire $650,000 capital stock ($650,000 bonds outstanding) of the Arkansas "Western Ry. owning 32 mllea of road. Prior Liens— $30,000,000 First 3s, due 1950. Earnings — See 1st 3s. Listed on the New York and London Stock Exchanges. Original Market — $10 ,000,000 offered In 1909, to the stockholders for subscriptions at par. $5,000,000 also offered in 1911, by Ladenburg, Thalman & Co. and the National City Bank, New York, at 101 and interest. A block offered Feb., 1918, by the National City Co. at 76% and interest. Market. New Yorlc — E. A. Baker & Son, Samuel Goldschmidt, Granger & Co., Herzfeld & Stern, R. W. Pressprich & Co., Prmce & "Whitely, Roosevelt & Son, Seasongood, Haas & Macdonald, Vilas Hickey, Edwin "VVolff. Fhiladelpliia — Daniel & Co. Price Range — ^N. Y. S. E. Jan. 1, '09, to Jan. 7, '21 1930 High 103 Dec. 28, '09 78 Oct. 8 Low. 63^4 Apr. 22, '20 63^4 Apr. 22 KANSAS CITY SOUTHERN RAILWAY CO, Equip. 5s, Series **D." Due $62^000 each June and Dec. 15th to Dec. 15, 1934. inclusive. Dated December 15. 1912. Interest payable June and Dec. 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,488,000 Oiitstanding_ (Jan. 1, '21) 490,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Secured by first lien on 15 consolidation type locomotives, 1.000 steel underframe gondola cars, 100 ateel underframe furniture and auto- mobile cars, 200 steel underframe flat cars, 4 switching locomotives and 1 Shay locomo- tive, costing $1,758,993, of which $270,993 was paid in cash by the railway company. Legral for Savings Banks in N. H. Ohio and R. I. Earnings — See Ist 3s. Original Market — Offered in Dec, 1912, at 10(1 and interest by Blair & Co., New York. Market. New York — Evans, Stillman man & Co. Co., Free- ICANSAS CITY STRUCTURAL STEEL CO. 8% Notes. Due $100,000 semi-annually from July 1, 1931, to July 1, 1933. Dated July 1, 1920 Interest payable Jan. 1 and July 1 at Commerce Trust Co., Kansas City, Mo. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authorized $500,000 Outstanding: 261,000 Held in Treasury 239,000 Pm*pose of Issue — To retire current in- debtedness and provide additional working capital. Denomination — Coupon, $500 and $1,000. Trustee — Commerce Trust Co., Kansas City, Mo. Redeemable as a whole or a series at 100 and interest, plus a premium of 1 % for each six months of unexpired time. Organization — Incorporated in Missouri in 1907. The Company manufactures struc- tural steel for buildings, oil refinery equip- ment including tanks, and allied products. The Company's principal source of business is structural steel for the mining industry. Plant is located in Kansas City, Elans., and comprises 26 acres of ground, two miles of privately owned switch track, seven and one-half acres of buildings, all fully equipped. Capitalization. Outstanding. Common $750,000 Preferred 750,000 Funded debt 452,500 Security — A direct obligation of the Com- pany, but not secured by a mortgage. The Trust Agreement provides that while any of these notes are outstanding the Company will at all times maintain quick assets equal to at least 150 per cent, of its current liabil- ities. The Company further agrees that during the life of these notes no mortgage or bonded indebtedness will be placed upon the properties of the Company w^ithout equally security these notes. Years ended. l>ec. 31: *Net. Int. & Taxes. 1920 $306,178 $90,802 1919 162,508. 1918 119,879 1917 236,835 1916 478,465 *After depreciation and Federal taxes. Oiiginal Market — $500,000 offered August, 1920, by Strandberg, McGreevy & Co., Kan- sas City, Mo., at 100 and interest. KANSAS CITY TERMINAIi RAILWAY CO. 1st 48. Dae Jan. 1, 1960. Dated January 3, 1910. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York; Lee, Higginson & Co., Boston, and Illi- nois Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $50,000,000 Oatstandine 33,092,000 Deposited as Collateral for Notes due 1921 and 1923... 16,908,000 Denomination — Coupon, $1,000. Registerable as, to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable Urustees — Illinois Trust & Savings Bank, Chicago, and Charles G. Hutcheson, Kansas City, Mo. Redeemable as a whole on Jan. 1, 1930, or on any interest date thereafter at 105 and interest. Guaranteed as to principal and interest by the proprietary companies. In case of default by one or more of the proprietary companies, the deficiency must be made up ratably by the other companies. Organization and Control — Incorporated in 1906 in Missouri and acduired the properties of the Kansas City Belt Ry. and Union Depot Co. of Kansas City in 1910. The Company built a new Union Passenger Station and has constructed and extended freight and pas- senger terminals in and about Kansas City in the interests of the following 12 railroad companies, each of which owns 1-12 of the $2,200,000 capital stock, fully paid in cash at par: The Atch., Topeka & Santa Fe Ry. Co., The Chic. & Alton R. R. Co., Chic, Bur- lington & Quincy R. R. Co., Chic, Milwaukee & St. Paul Ry. Co., The Chic, Rock Island & Pacific Ry. Co., Missouri, Kansas & Texas Ry. Co., Missouri Pacific R. R. Co., St. Louis-San Francisco Ry. Co., Union Pacific R. R. Co., the "Wabash Ry. Co., Chic. Great Western R. R. Co. and The Kansas City Southern Ry. Co. Capitalization. Outstanding. Common $2,200,000 Funded debt 63,465,762 Secured by a first mortgage upon the entire, property of the company, Including a union passenger station located between Main and Wyandotte Streets and 21st and 24th Sts., and covering 51 "acres, about 151 miles of main and industrial railroad tracks, 6 local freight stations, sw^itching yards, roundhouses, etc. Franchise extends for a term of 200 years. Years ended Dec. 31: Gross. Net. Int. & Rent. *1920 $1,598,415 $2,831,490 $2,535,226 *1919 2,115,679 2,251,309 2.240,843 tl919 1,388,293 2,478,774 120,704 ♦1918 2,040,445 2,145,937 2,139,626 tl918 1.247,830 2,295,376 25,046 •Corporate account. tFederal account — standard return not in- cluded. Listed on the New York and London Stock Exchanges. Original Market — $20,000,000 offered in 1910 by J. P. Morgan & Co. , Lee, HIgginson & Co., New York, and the Illinois Trust & Sav- ings Bank, Chicago, at 97 and interest, and $10,000,000 in Jan., 1913, by the same firms at 95 and interest. $3,000,000 additional of- fered in April, 1914, by the same firms at 93^?^ and interest. $1,500,000 offered by Lee, Higglnson & Co. , Guaranty Trust Co. and Wm. A. Read & Co., In April, 1918, at 88^ and interest. $1,000,000 offered July, 1917, by Tilney, Ladd & Co.. New York, at 82% and Interest, $2,000,000 offered Jan., 1918, by Lee, Higglnson & Co. and Tilney, Ladd & Co., at 75 % and interest. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Dunham & Co., Finlay & Davenport, Joseph Bird Ford, Arthur E. Frank & Co., Granger & Co., Herzfeld & Stern, R. W. Pressprich & Co., Prince & Whitely, Struthers & Hiscoe, Salomon Bros. & Hutzler, Seasongood, Haas & Macaonald, Vanderhoef & Robinson. "Vilas & Hickey. Boston — L. Sherman Adams. Philadelphia — William W. Fogarty. Louisville, Ky. — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Pric*3 Range — N. Y. S. E. Jan. 1, '11, to Jan. 1, '21 1920 High 99y2 Aug. 17, '11 76% Jan.5 Low. 62% July 7, '20 62% July 7 KANSAS CITY TEStMINAL RAILWAY CO, 5-Year 4%% Secured Notes. Due July 1, 1921. Dated July 1, 1916. Interest payable Jan. 1 and July 1, at National Bank of Cem- merce,' New York, and at Central Trust Co. of 111.. Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding 2,500,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Central Trust Co. of Illinois, Chi- cago, and Charles G. Hutcheson. Redeemable as a whole only at 101 and in- terest on any interest date on 30 days' notice. Organization and Control — See 1st 4s. Secured by pledge of $3,125,000 1st 4s, due Jan, 1. 1960. Original Market — $2,500,000 offered June, 1916, by Kean. Taylor & Co., New York and Chicago, at 100 and interest. Market. Louisville, Ky. — Fidelity & Columbia Trust Co. Price Range. Jan. 1, 'n, to Jan. 1, 'SI 1930 Bid. Ask. Bid. Ask. High 100% '17 100% "17 96 Nov. 9. Nov. Low. 92 '20 93Vi '18 92 May 96% Mar. KANSAS CITY TERSUNAL. RAILWAY CO. 5-year 6% Secured Notes. Due Nov. 15» 1933. Dated Nov. 15, 1918. Interest payable May and Nov. 15, at First National Bank, New York, and Continental & Commercial Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $9,850,000 Outstanding 9.850,000 Purpose of Issue — Proceeds of this issue were used to retire maturing note Issues ag- gregating $9,825,000. Denominations — Coupon, $1,000, registerable as to principal. Registered $1,000, $5,000 and $10,000 C. & R. interchangeable. Tl-ustees — Continentil & Commercial Trust & Savings Bank, Chicago, and Charles G. Hutchison, Kansas City, Mo. Redeemable as a whole or in amounts of not less than $1,000,090 face value, at any time at 101 and interest on thirty days' notice. Organization — See 1st 4s due 1960. Secured by deposit with the trustee of $13,- 783,000 1st 4s due 1960, these bonds thus being pledged at approximately 71 ^z^. Original Marliet — Offered November, 1918, at 99% by Halsey Stuart Co., Chicago and New York, and Continental & Commercial Trust & Savings Bank, Chicago. Market. New Yoi-k — T.' Hall Keyes & Co., Vander- hoef & Robinson. Boston — Curtis & Sanger. Philadelpliia — Lloyd & Palmer, Samuel McCreery & Co., Paul & Co. Cliicago— Curtis & Sanger, First Trust & Savings Bank, Halsey, Stuart & Co. Louisville, Ky. — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Price Range. Jan. 1, '19, to Jan. 1, '81 1920 Sid.. ^sk, Sicl, A-Sk High 100% '19 101%''19 98% Jan. 99^ Feb. Low. 87 '20 88 '20 87 Sept. 88 Sep. KANSAS EI;ECTRIC utilities CO. (THE) 1st S F. 5s. Due Oct. 1, 1925. Dated Oct. 1, 1915. Interest payable Oct. 1 and April 1, at Trustee's offtce and First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized $1,750,000 Outstanding: 1,111,400 Held in S. F 60,700 Reserved for Ext 330,400 Held in Treasury 20,500 Pledsred as Collateral 227,000 Denominations — Coupon, ?1.000, $500 and $100. Registerable as to principal. Trustee — Continental & Commercial Trust & Saving-s Bank, Chicago, and Frank H. Jones. Redeemable at 102^ and interest on any interest date on 60 days* notice. Sinking Fund — Annually, Jan. 1, 1% of out- standing bonds from 1917 to 1920. inc.; 2% from 1921 to 1925, for the purchase or re- demption of these bonds at not exceeding 102^ and interest. Bonds so acquired to be held alive and Interest added. Betterment Fund — The company agrees to deposit with the Trustee annually amounts equal to the following percentages of the largest amount of bonds outstanding for the preceding 12 months: Jan. 1, 1917, and Jan. 1, 1918, one-half of 1%; Jan. 1, 1919, 1%; Jan. 1, 1920 to 1925, inclusive, and on Oct. 1, 1925, 2%. This fund may be withdrawn to reimburse the company for extensions, etc.. or for the purchase or redemption of these bonds. Organization — Incorporated in Kansas, Sept.. 1915, to acquire the property of the Law- rence Ry. & Light Co., the Emporia Ry. & Light Co. and the Parsons Ry. & Light Co. Owns the entire capital stock ,of the Miami (O.) Valley Electric Co., Union City (Ind.) Electric Co. and the United Lighting Co. of Albion, Fa. Capitalization. Outstanding. Common $400,000 Funded debt 1,111,400 Secured by a first mortgage on entire prop- erty of the company. Including 10 mllea of street railway and the electric light and power system In Lawrence, Kan. (power pur- chased under long term contract from com- pany owning hydro-electric plant); five miles of street railway and electric light and power system in Emporia, Kan. , and leases (with option to purchase) the Emporia municipal electric plant (this latter plant also supplies Hartford, Kan., with electricity by a trans- mission line about 10 miles long); power plant and electric light and power system in Par- sons, Kan. Population: Lawrence, 24,000; Emporia, 16,000, and Parsons, 15,000. Total population served. In excess of 65.000. Fran- chise in Lawrence expires in 1929, in Em- poria, 1931, and Parsons, 1938. Valuation of property estimated in excess of $1,700,000, Feb., 1916, exclusive of securities owned. Years ended Dec. 31: Gross. Net. Bond Int. 1920 $500,343 $156,028 $56,320 1919 407,001 120,963 56,730 1918 347,798 77,365 57,198 1917 348,083 120,097 56,970 19.16 337,178 141.750 57.500 1915 297,598 124,145 Original Market — Offered by Kean, Taylor & Co.. New Tork, Chicago, Cleveland.__ etc., Counselman & Co., Chicago, and Hov/e, 'Snow, Corrlgan & Bertles, Grand Rapids, Mich, i at 94% and interest, in February, 1916. Market. Chicago — Kean, Taylor & Co. New York — B. & C. Randolph. St. Louis — Francis Bro. & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93% '16 96% '17 62 Nov. 70 Oct, Low. 58 '20 65 '20 58 Dec. 65 July KANSAS GAS & ELIECTBIC CO. 1st 5s. Due March 1, 192;^. Dated March 1, 1910. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding: (May 12, '21) 5,868,000 Reserved for Ext 132,000 Retired by S, F None. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New Tork. Redeemable as a whole or in part for the sinking fund at 105 and interest up to Dec. 31, 1917; 104 and Interest in 1918; 103 and interest in 1919; 102 and interest In 1920, and 101 and interest in 1921 on 4 weeks* notice. Sinking Fund and Improvement Fund — 1% of outstanding bonds annually March 1. 1913- 1915; 2% from 1916-1918: 3% from 1919- 1920. This fund Is to be expended for better- ments, improvements, etc., and any balance may be applied to the redemption of these bonds. Organization and Control — Incorporated in 1909 in. West Virginia and has acquired' the properties of the United Gas Co., Edison Light & Power Co., Gas & Electrical Appliance Co. of "Wichita, Kan., Independence Electric Co., Electric Light & Power Co. of Newton, Kan., Cherokee Light & Power Co. and Cherryvale Electric Light & Power Co. It owns all the stocks, bonds and notes of the Home Light, Heat & Power Co. of Pittsburgh and Fronte- nac, Kan., and leases the property. In July, 1915, acquired the property of the Arkansas Gas & Electric Light Co. Entire stock owned by the American Power & Light Co., which is controlled by the Electric Bond & Share Co., a subsidiary of the General Electric Co. Capitalization. Outstanding. Common $3,000,000 Preferred (7% cum.) 2,343,600 Funded debt 5,868,000 Secured by first mortgage upon plants sup- plying electricity and natural gas in "Wichita and Pittsburgh, Kan., and electricity in Inde- pendence, Newton, Arkansas City, Cherryvale, Eldorado and 14 other cities and towns in Kansas. The pompany owns steam electric generating plants at "Wichita, Pittsburgh,/ In- dependence, Newton and Cherryvale. Property includes 208 miles of gas mains, 292 miles high voltage transmission lines, 529 miles overhead distributing lines. Generating ca- pacity of electric plants, 18,000 k. w. Popu- lation served, ITS, 000. The electric franchise In "Wichita extends to 1937; the gas franchises in "Wichita and Pittsburgh and the electric franchises in Pittsburgh, Frantenac and Cher- ryvale extend to 1925; the franchises in In- dependence and Eldorado extend to 1926 ; those in Sedgwick and "Valley Center extend to 1931; the franchise In Newton extends to 1927; those in Cherokee and Halstead to 1932; the franchise in Arkansas City extends to 1927. No other franchise expires prior to 1935. Underlies — $132,000 Debenture 6s of 1923. Years ended Dec. 31: Gross. Net. Interest. 1919 $2,667,516 $785,001 $478,411 1918 2,123,556 709.434 401.800 1917 1,767,642 487,360 275,321 1916 1,597,882 598,785 218,012 1915 1,355,991 525,660 194,229 1914 1,163,349 467,035 187,343 Original IVIarket — Offered in May, 1911, at 97 and interest by "Wm. A. Read & Co., Bos- ton, New York and Chicago, and Whicher, Toung & Conant, Boston, and H. P. "Wright Invest. Co., Kansas City. $475,000 offered Aug., 1918, by "Wm. A. Read & Co., New York, etc., at 93 and interest. Market. New York — Babcock, Rushton & Co., Fred H. Hatch & Co., Karle A. Miller & Co. Boston — L. Sherman Adams, Moors & Cabot. Philadelpliia — Bauer, Starr & Co. Price Range. Jan. 1. '16, to Jan. 1, '21 1920 Bid. Ask.. Bid. Ask. High 99 '16 100 3,^ '16 91 Nov. 97 Feb. Low. 86 '20 90 '20 86 June 90 Dec. Authorized $4,000,00t Outstanding 1,700,250 Retired by S. F 2,299,750 Denomination— <:oupon, $1,000; reduced to $750 per bond. Trustee^Delaware- Trust Co., Wilmington, Del. Redeemable on any interest date at 100 and Interest. Sinking Fund — $400,000 bonds are to be re- tired annually. Organization — Incorporated in Delaware and Kansas in 1904 and acquired the properties of the New York Oil & Gas Co., Independence Gas Co. and the Barnsdall & O'Neill property In the Kansas gas fields, and leases or con- trols a number of other properties In that State. Company went into hands receivers of the Federal Court in Oct., 1912. In February, 1913, the District Court of Mont- gomery County, Kansas, appointed receivers w^ho demanded and received possession of the property from the Federal Court. On June 1, 1917, property was returned to the Federal Court which turned property over to stockholders Jan. 1, 1921. Capitalization. Outstanding. Common $6,000,000 Funded debt 1,948,250 Secnred by a" second mortgage on all the property of the company. The company owns pipe lines reaching Kansas City, Topeka, Atchison and other important cities In east- ern Kansas, and Kansas City, Joplin and othpr towns in "Western Missouri. Is a wholesale distributor, selling gas to local companies which serve a population of about 750,000. ^ ^ ^ ^, Prior liens— Outstanding. 1st Gs, due May 1, 1916 $48,000 Years ended Dec. 31: Gross. Net. Int., etc. 1920 $4,032,603 $403,719 $256,115 1919 3,004,997 def. 457,016 137,331 Original Market — Offered to stockholders pro-rata at 75 and interest In April. 1906, Market. Pittsbursh — "R. B. Hutchinson & Co.. R. W. Evans & Co. Dne KANSAS NATTJRAIi GAS CO. 2d 68. Jan. It 1918. Dated Jan. 1, 1906. Interest payable Jan. 1 and July 1. at company's office, Independ- ence, Kansas. Default — As of Jan. 1, 1921, principal has not been paid or extended. Tax Status — 2% Federal Income Tax paid by the company without deduction. KSSNi: (N. H.) GAS & EI^ECTKIC CO. 1st 59. Due Feb. 1, 1935. Dated Feb. 1, 1905. Interest payable Feb. 1 and Aug. 1, at National Shawmut Bank, Boston, and Cheshire National Bank, Keene, N. H. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $200,000 Otitstanding: (Jan. 1, '21) 180,000 Retired by S. F 20,000 Denomination — Coupon, $500 and $1,000. Kegisterable as to principal. Trustee — Geo. A. Litchfield, Keene, N. H. Redeemable at 103 and Interest on any in- terest date. Sinking Fund — Beginning Aug., 1910, to re- tire $2,000 bonds annually, to be purchased or redeemed at not exceeding 103 and interest. Organization — Incorporated In 1860 in New Hampshire and in 1907 absorbed the Citizens Electric Co. In 1914 the Ashuelot Gas & Elec- tric Co. acquired the properties of the Peter- boro Electric, Heat & Power Co. and the Dub- llne Electric Co. These plants are leased to the Keene Gas & El. Co., together with the other plants of the A. G. & H. Co., which supply electricity In the vicinity of Keene. Secnred by mortgage on plants, owned and leased, supplying all the gas, electric light and power to Keene, N. H., and surrounding towns. Population served, 30,000. Fr-aa,- chises perpetual. Prior Jjifenri-$200,000 Ashuelot G. & E. 5s. Tears ended Dec. 31: Int. & Net. Kent. 1920 $69,475 $45,845 1919 71,651 45,338 1918 65,802 44,742 1917 67,624 40,771 Original Market — Offered in 1909 at 100 and interest by Baker, Ayling & Co., Boston and Philadelpliia. Market. New York— F. H. Hatch & Co. Philadelphia — Sam'l K. Phillips & Co. KEITH RAILWAY EQUIPMENT CO. Equip. Tr. 7s. I)uc each Oct. 1, as follows: $1.50,000, 1933 to 1986, inclusive;; $200,- 000, 1987 to 1989, inclusiTe, and $300,000, 1930. Dated Oct. 1, 1920. Interest payable April 1 and Oct. 1, at Union Trust Co., Chicago, or Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,500,000 Outstandingr 1,500,000 Denominations — Coupon $500 and $1,000. Trustee — Union Trust Co., Chicago. Redeemable on 30 days* notice, on any in- terest date at 102^>^ and interest, Orgranization — Incorporated in Illinois in March, 1917. as successor to the Keith Car Co., established in 1911. The company man- ufactures, sells and leases tank cars to ship- pers of liquid products. As of March 1, 1920, the company owned and had in service 440 cars. Plant located at Hammond, Ind., at which standard all-steel tank cars are pro- duced at the rate of two cars per day. Capitalization Outstanding Common $600,000 Preferred (10% cum.) 300,000 Funded debt 1,500,000 Secured by an equipment trust agreement on 700 all-steel tank cars of 8,000 and 10,000 gallons capacity of an estimated value of $2,100,000. Oriffinal Market— $1,500,000 offered Oct, 1920, by P. W. Chapman & Co., of Chicago and New York, at prices ranging from 97^ to 961-2 and interest, according to nfiaturity. Market New York — Freeman & Co. Ohicagro — P. W. Chapman & Co. KEIiliOGG TOASTED CORN FLAKE CO. 3- Yp. 6% Notes. Due Nov. 1, 1922. Dated Nov. 1, 1919. Interest payable May 1 and Nov. 1, at National Bank of the Repub- lic, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $600,000 Outstanding 500,000 Purpose of Issue — To finance the construc- tion and operation of an addition to the pres- ent plant. Denominations — Coupon $1,000 and $500: reglsterable aa to principal. Trustee — Harris Trust & Savings Bank, Chicago. Redeemable as a whole or in part In multi- ples of $100,000 on 30 days' notice on any Interest date at 102 and Interest. Organization — Incorporated In Michigan In 1906 and controls through stock ownership the W. K. Kellogg Cereal Co. The Company's plant is located at Battle Creek, Mich., and contains nearly 15 acres of floor space. Ten thousand bushels of white Southern corn are used dally In the manufacture of Kellogg' s Toasted Corn Flakes. The dally capacity is 18,000 cases of thirty-six packages each. The shipping capacity is thirty oars per day. Among the best known products of the com- pany are Kelloglg's Toasted Corn Flakes, Kel- logg' s Krumbles, Kellogg' s Drinket and Kel- logg' s Krumbled Bran. Security — A direct obligation of the com- pany but not secured by mortgage. This is- sue constitutes the only funded indebteaness of the company. No liens or incumbrances on any of the company's assets of whatever nature or kind prior to the Indebtedness cre- ated by these notes will be made or suffered to be made by the company. Net quick assets are reported to be equal to four times this note issue. ' Original Market — $500,000- offered Novem- ber, 1919, by the National Bank of the Repub^ lie, Chicago, at 99^ and interest. liENKEBEC LIGHT & HEAT CO. Cons. 1st 4%s. Due Aug. 1, 1925. Dated June, 1905. Interest payable Feb. and Augi. 1, at Union Sa.fe Deposit & Trust Co,. Portland, Me. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstandinsf $244,500 Held in S. F 51,000 Trustee — 'Union Safe Deposit & Trust Co., Portland, Me. Sinking Fund — 2% of gross earnings per annum. Assumed by Central Maine Power Co. Control — Absorbed by Central Maine Power Co. Secured by a first mortgage on plant sup- plying Kennebec, Me., with electricity. Underlies — Central Maine Power Co. 1st 6 s of 1939, which mortgage provides for the re- tirement of this isse. Earnings — ^See Central Maine Power Co. Market. Boston — Coffin & Burr, Inc. Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High.. 91 '20 94% '18 91 Mar. 93 Mar. Low. 91 '20 92% '16 91 Mar. 93 Mar. KENNBCOTT COPPER CORP. 10-Year Se- cured 7s. Duo Feb. 1, 1930. Dated Feb.. 1, 1920. Interest payable Feb. 1 and Aug 1, in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $15,000,000 Outstanding 15,000,000 Purpose of Issue — To retire $12,000,000 notes maturing March 1, 1920, and to provide additional working capital. Denomination — Coupon $1,000, $5,000 and $100; registered $1,000, $5,000 and $10,000; coupon and registered bonds and the several denominations of each are interchangeable. Trustee — Bankers' Trust Company, New York. Redeemable at 100 and interest plus a prem- ium of 1% for each year or portion of year from date of redemption to maturity. Organization — Incorporated in New York in 1915 and acquired all the properties and as- sets of the Kennecott Mines Company; also acquired the entire capital stock of the Beat- son Copper Company, which latter company was subsequently dissolved. The corporation owns 59 patented lode mining claims, and 14 patented placer mining claims located at Ken- necott and Latouche, Alaska. The corpora- tion also owns the entire outstanding capi- tal stock and bonds of the Copper River & Northwestern Railway Company, which was constructed at a cost of about $28,478,000 and 23,864 shares (over B07o) of the stock of Alaska Steamship Company. Also owns 99% of the capital stock of the Braden Copper Mines Company. This latter company's prop- erties are located In Chile, and are estimated to contain 173,500,000 tons of proven ore averaeing 2.45% copper, and 90,000,000 tons of - probable .ore averaging 88% copper. Also owns 38% capital stock of the Utah Copper Company and 50% of the capital stock .of the Nevada Consolidated Company. Capitalization Outstanding Common ; 2,787,081 shs. Funded debt $15,000,000 Secured by 500,000 shares of the capital stock of ;the Utah Copper Company, being equivalent to pledee ot the stock at a price of $30 per share. The Utah Copper Company has no funded debt or preferred stock. On November 30, 1919, -its net working capital amounted to $28,093,000, includine $18,021,000 cash and marketable securities mostly Lib- erty Bonds. Since 1910 the company has dis- tributed not less than $3 per share per annum and for the last four years not less than $6 per share per annum. As of January, 1920, the annual dividend rate was $6 per share. Under the provisions of this indenture the corporation covenants that at all times it will have pledged under this indenture a propor- tion of the total outstanding capital stock of the Utah Copper Company not less than the proportion of such stock pledged upon the ex- ecution of the indenture, and also that it will hot sell or mortgage any of its owned or leased mining properties. The latter company has no funded indebtedness. Tears ended Dec. 31: Gross. Net. Interest. 1920 $8,437,190 $5,384,394 $1,059,167 1919 5,603,910 3,387,997 653,333 1918 15,080,927 13,074,235 373,142 1917 16,026,105 17,853,792 734,316 Original Market — $15,000,000 offered Janu- ary, 1920, by J. P. Morgan & Co., First Na- tional Bank, Guaranty Trust Co., The Na- tional City Co., Bankers' Trust Co., 'Winiam A. Kead & Co., White, Weld & Co., Kissel, Kinnicutt & Co. and Hayden, Stone & Co., all of New York, and Illinois Trust & Sav- ings Bank, First Trust and Savings Bank, and Central Trust Company of Illinois, Chi- cago, at 9 9 H and Interest. Market. New York — T. Hall Keyes & Co., Salomon Bros. & Hutzler, Seasongood, Haas & Mac- donald. Boston — Curtis & Sanger. Fhiladelplila — Biddle & Henry, Samuel McCreery & Co. CWcaso — Curtis & Sanger, Illinois Trust & Savings B.any shall be required to make such excess payments on amount of coal mined in excess of 3.500,000 tons. Organization — Incorporated in 1902 in Penn- sylvania as a consolidation of seven companies which had been in operation from 15 to 30 years. Capitalization. Outstanding. Common $2,464,000 Funded debt 1.753,000 Secured by first mortgage on 10,743 acres of coal lands in Westmoreland County, Pa., and Marion County, W. Va., estimated to contain 115,143,000 tons, and to have a net recovery of 91,374,000 tons. Original Market — Ofeered in 1911 by E. B. Smith & Co.. Philadelphia and New York, at prices to yield 5.85%, Market New York — Watson, Armstrong & Co. Philadelphia — Bauer, Starr & Co., Henry D. Boenning- & Co., 'Elkins, Morris & Co., Huntoon & Co., J. P. Magill & Co. Pitt&burg:li — Moore, Leonard & Lynch. KEYSTONE STEEL & WIRE COMPANY 3- Year 7% Secured Convertible Notes. Due Nov. 1, 1921. Dated Nov. 1, 1918. Interest payable May and Nov. 1. in Cleveland and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. ' Authorized $2,250,000 Outstanding 2,250,000 .' Denomination — Coupon, $500 and $1,000. registerable as to principal. ., Trustee— First Trust & Savings Company, Cleveland, Ohio. JEledeemable as a whole or in part at any :tlme on 60 days' notice as follows : Up to Nov. 1, 1919, at 102 and interest; thereafter to Nov. 1, 1920, at 101 and interest; there- after to maturity at 100^/^ and interest. Converiibie at any time par for par into the company's first mortgage 7% Bonds. On palled bonds conversion privilege extends up to 10 das'S prior to redemption date. Organization — Incorporated in Illinois in 1907 as a consolidation of the Keystone Fence Co. and the Atlas Wire Co. Business estab- lished in 1892. Company's plant Is located near Peoria. III. Capitalization. Outstanding. Common $3,372,900 Preferred (7% cum.) 1,526,700 Funded debt 2,500,000 Secured by pledge with the Trustee of $3,- 000,000 of its first mortgage 7% S. F, Bonds. due Nov. 1. 1938. The First Mortgage 7% Bonds are secured by direct first mortgage lien on the entire physical property of the Company now owned and hereafter acquired. The property cov- ered by the mortgage securing the 7% Bonds is stated to be valued at $6,000,000. Addi- tional bonds, beyond the $3,000,000 pledged, can be issued only at par for 65% of the cash cost of additions and improvements coming under the lien of the mortgage. Original Market — offered November, 1918, by Wm. A. Read & Co., of New York, Phil- adelphia, Chicago, etc., at 98%, to net about 7^%. Market. New York — Alfred F. Ingold & Co. Detroit— Joel Stockard & Co. Price Range. Jan. 1, '19, to Jan. 1, *21 1930 Bid. Ask. Bid. Ask. High 991^ '19 101 '19 91 Nov. 100% Dec. Low. 91 '20 96 '20 ' 91 Nov. 9fi May 676 KEYSTONE TEI.EPHONE CO. OF PHILA- DELPHIA 1st 5s. Due July 1, 1935. Dated July 1, 1905. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $10,000,000 Outstanding: 6,725,000 Reserved for Add 3,275,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchange- able. Trustee — Columbia Trust Co., New York. Redeemable as a whole at 108 and interest on any interest date. Organization and Control — Incorporated in Pennsylvania in 1902 and operates under per- petual charters from the State, the city of Philadelphia and 38 boroughs and townships in Delaware, Montgomery and Bucks Coun- ties. In addition to its local business in Phil- adelphia the company connects with all points in central and eastern Pennsylvania, central New Jersey and portions of the States of Maryland, West Virginia and Delaware. Controlled through ownership of its entire stock by the,, Keystone Telephone Co. of New Jersey. Capitalization. Outstanding. Common $2,500,000 Funded debt 8,575,000 Secured by a lien upon entire property and franchises of company, owning 24 exchanges and 330 miles of underground conduits in Philadelphia, together with telephone service systems in Camden, Gloucester. Woodbury and Wildwobd, N. J., and lines reaching At- lantic City. In February, 1915, the company leased a portion of the unused space in its conduits to the Philadelphia Electric Co. for 21 years. The rental to be paid is four cents per an- num per duct foot used by the Electric Co. The minimum rental to be paid Increases to $100,000 per annum after seven years. At the expiration of the lease the Electric Co. has the rigrht to purchase the space occupied or to renew the lease for 15 years with a minimum rental of $125,000 per annum. Prior lAen — $260,000 Eastern Telephone & Telegraph Co. 1st 5s of 1922. Years ended Bee. 31: Gross. Net. Interest, 1920 $1,758,231 $718,766 $436,998 1919 1,656,450 560,552 363,695 1918 1,605,721 664,043 344,484 1917 1,639,299 747,449 335,271 Listed on New York and Philadelphia Stock Exchanges. Orietnal Market — $4,000,000 offered In July, 1905, by Fisk & Robinson. New York. $300,- 000 offered by Harper & Turner, Philadel- phia, Oct., 1915. Market. New York — Joseph Oilman, T. L. Mac- Donald. Philadelphia — Barnes & Loflan'd, Bauer Starr & Co., Elkins, Morris & Co., William W. Fogarty, McCown & Co., Samuel Mc- Creery & Co., Paul & Co. Price Range — N. Y. S. E. Jan. 1, '07 ,to Jan. 1, '21 1930 Bid. Ask. High 98 Aug. 23, '07 75 Feb. 82 Mar. Low. 82 Jan. 11, '12 65 July 67 July KEYSTONE TELEPHONE CO. OF PHILA- DELPHIA 10-Yr. Equip, and First Mtge, Coll. Tr. S, F, 6s. Dae Nov. 1, 1939. Dated Nov. 1, 1919. Interest payable May 1 and Nov. 1, at Fidelity Trust Co.. Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Free of Penn- sylvania State Tax. Authorized ; . .$1,600,000 Outstanding- 1,600,000 Purpose of Issue — To provide funds to in- stall a complete modern automatic telephone system. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable as a whole only at 101 and in- terest on 30 days' notice. Sinking Fund — Beginning Nov. 1, 1922, an- nual amounts sufllcient to retire bonds at par value as follows: 1922 and 1923 $100,000 annually 1924 to 1926, incl 150,000 annually 1927 and 1928 200,000 annually Organization^ — See 1st 5s. Secured by deposit with the Trustee of $966,000 Equip. Tr. Certificates and $1,500.- 000 1st 5s of 1935. The Equip. Tr. Certifi- cates are secured by a first and direct lien on the new automatic switchboard -equipment, the title to which is to remain vested in the Trustee as long as any of these bonds are outstanding. Under this agreement the com- pany contracts to pay $100,000 a year rental beginning in 1922 to the Trustee. Earnings — See 1st 5s. Original Market — $ 1, 100,000 offered Oct. . 1919, by Harper & Turner and Reilly, Brock & Co., Philadelphia, at 97 and interest. Market New York — T. L. MarDonald. Pilce Rangre 1920 Bid. Ask. High 85 June 97 June Low 85 Dec. 90 Oct. KEYSTONE UTILITIES CO. 1st & Cons. 5s. Due Nov. 1, 1941. Dated Nov. 1, 1916. Interest payable Feb. and Aug. 1, at Scranton Trust Co. Tax Status — Payment of Federal Income Tax not assumed by company. 677 Authorized $7,500,000 Outstandingr (Jan. 1, '21) 1,225,000 In Treasury 187,500 Reserved for Prior Liens 1,080,000 Reserved for Ext 5,007,500 Provisions of Issue — ^Additional bonds issi*^ able 87%% of expenditures when net earn- ings are one and one-half times interest charges on bonds outstanding and to be is- sued. Also issuable to retire prior liens. Denomination — Coupon. $200, $500 anA $1,000. Registerable as to principal. Trustee — Scranton Trust Co., Scranton, Pa.. Redeemable at 102% and Interest on or be- fore Nov. 1, 1931, and at 105 and interest thereafter. , Organization — Incorporated Nov., 1916-, il* ^ » » Delaware as a holding company. The company serves . electric light, power and part street railway service to Hanover, McSherrytown, Gettysburg, New Oxford, Mid- way, Brushtown, Bonneauville, Littlesto^n^ Conewago, Bittinger and Berlin Junction, lo- cated in York and Adams Counties, Penn- sylvania. Also serves electric light, power and part street railway service to BuBois. Sykesville, Big Run and Palls Creek, in Clearfield County, Pennsylvania, also supplies electric light and power in Susquehanna County, Pennsylvania, to Montrose, Susque- hanna. New Milford, Hallstead, Oakland; Lanesboro and Great Bend. The service la the above communities is furnished by the- six following companies: Hanover Light, Heat & Power Company, Hanover & McSherrystown Street Railway Company, Gettysburg Electric Company, Du- Bois Electric Company. DuBois Traction Com- pany, Susquehanna County Light & Power Company. Operated by the United Service Co., ot Scranton. Capitalization. Outstanding, Common $150,000- Funded debt 1, 225,000 Secured by collateral liens through deposits' of the capital stocks, contracts and other securities of the underlying companies. They are also secured by a lien on other property of the company, including improvements to- be made shortly, funds for which have been reserved out of the proceeds of the sale of part of this issue. Sufficient bonds are re- served for the retirement of certain underly- ing liens which, in amount, are less than the- present issue. The system includes four modern and well' equipped electric generating stations to which) substantial additions will be made shortly.. Also a hydro-electric system at Susquehanna, Pennsylvania, with a capacity of about 600 h. p. The entire installation of the various plants aggregates about 6,500 h. p.. with about 75 miles of high-tension transmission, lines, a large number of sub stations and an. extensive system of local distributing lines* Additions to the above will be made dUring- the coming year. Also includes about 20' miles of trackage, together with street rail- way equipment, car barns, repair shops, etc. The gross earnings of the traction lines are- less than 20% of the total gross of the com- pany. The total population served is estimat- ed to be about 70,000. Additional properties- will be acquired from time to time. Franchises are reported as unlimited as to- time in most cases. Prior Liens — The collateral companies have the following bonds outstanding: $ 4 00, 000- Hanover & McSherrystown Street Railway Ist 5s, due June 1, 1928; $280,600 DuBols Elec- tric & Traction Co. Collateral Trust 5s, due- May 1, 1932; $400,000 Susquehanna County Light & Power Co. 1st 6s, due 1943. Tfears ended Dec. 31 (combined) : Gross. Net. Int.&Taxes 1920 $645,938 $205,940 $178,180 1919 501,173 175,674 155,804 Orlsfnal Market — Offered Dec, 1916, by Brooks & Co., Scranton, Pa., at 91^ and in- terest with bonus 50% common stock. Market Scranton, Pa. — Weissenfluh & Co. KINGS COUNTY ELECTRIC LIGHT & POWER €0. 1st 58. Dae Oct. 1, 1937. Dated Oct. 1, 1897. Interest payable April and Oct. 1, at Trustee's ofRce. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstandin?. . .$2,500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Equitable Trust Co., New York. Control — Incorporated in New York In 1890 and in 1898, through an issue of Purchase Money 6% Bonds, acquired the entire $5,- -000,000 stock of the Edison Electric Illumin- ating' Co. of Brooklyn, controlling the pro- ■duction, and distribution of electric light and power by the Edison System in that borough. On January 10, 1919, this company's name w^as chang-Gd to Brooklyn Edison Co. , Inc. , which latter company merged into itself the Edison Electric Illuminating Co. of Brook- lyn on Jan. 27. 1919. Secured by a mortgage on the entire prop- erty formerly owned toy the Kings County Electric Light & Power Co., which includes a large central power station at the foot of ■Gold Street, Brooklyn, but not including the property formerly owned by the Edison Elec- tric Illuminating Co. Prior Lien — Outstanding. Edison Elec. Ilium. 1st Cons. 4s, 1939 $4,275,000 Underlies — Kings County Electric Light & Power Purchase Money 6s, due 1997; and Conv. Deb. 6s of 1922 and 1925, and Brook- lyn Edison Co., Inc., Gen. Mtge. ElaiTiingrs — See Brooklyn Edison Co. Gen. Mtge. Xisted on the New York Stock Exchange. Market. New York — Theodore L. Bronson & Co., T'inlay & Davenport, Sani'l Goldschmidt, L. ^. Norton & Co., Vanderhoef & Robinson. Boston — E. A. Watson & Go. Price Range— N. Y. S. E. Jan. 1, '11, tso Jan. 1, *31 1920 High 106 May 26, '11 841/2 June 18 X.OW. 80% Aug. 26, '20 80% Aug 26 KINGS COUNTY ELECTRIC LIGHT & POWER CO. Conv. Deb. 6s. Due March 1, 1932. Dated Mar. 1, 1910. Interest payable Mar. and Sept. 1 , at Bank of America. Man- hattan and Brooklyn. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $5,000,000 Issued ' 4,000,000 Outstanding: (Jan. 1, '21) 346,000 Converted 3,654,000 Denomination — Coupon, $1,000 and $100. Registerable as to principal. Convertible into stock of the company at par, on and after March 1. 1913. Control— See 1st 5s, due 1937. Security — A direct obligation of the com- pany but not secured by mortgage. Prior IJens — $4,275,000 Edison Blec. Ilium. 1st 4s of 1939, $2,500^000 Kings County Elec. Xit. & P. 1st 5s, due 1937, $5,176,000 and Purchase Money 6s. due 1997; $5,500,000 :Brooklyn Edison Co., Inc., Gen. 5s of 1949, and $10,000,000 Brooklyn Edison Cn. Gen. Mtge. bonds. Siamuisrs — See Brooklyn Edison Co., Inc., Gen. 5s of 1949. Listed on the New York Stock Exchange, Market. New York — Theodore L. Bronson & Co., Chas. W. Place. Price Ranee — N, Y. S. E. Jan. 1, *10, to Jan. I, '21 1930 Bid. Ask. High 124 Oct. 29, '12 91 99 Low. 113^ Apr. 1, '14 89 96 678 KIMBERLY-Cl^KK CO. 10-Year W2% S. F. Notes. Due AprU 1, 1931. Dated Apr. 1, 1921.. Interest payable April 1 and Oct." 1 at First Trust & Savings Bank, Chicago, or First Trust Co., Appleton, "Wis. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $3,500,000 Outstanding 3,500,000 Purpose of Issue — To provide in part for additions and improvements to present plant facilities requiring an expenditure of about $1,7500,000 and for the reduction of current liabilities. Denominations — Coupon, $1,000, $500 and $100; interchangeable, and registerable as to principal. Redeemable at 100 and interest, plus a premium of 5% if redeemed on or before Oct. 1, 1923, and % of 1% less than 5% for each year or part thereof subsequent to Oct. 1, 1923, and on Jan. 1, 1931, at 101 and accrued interest. Sinking Fund — Annually, beginning Apr. 1, 1923, an amount sufficient to retire $175,000 face amount of notes. Org-anizatlon — Incorporated in Wisconsin. Business established in 1872. Company's business consists principally of pulp and paper manufacturing. Plants are located at Ncnnah, Appleton, Kimberly and Niagara, Wisconsin and have a daily capacity of 320 tons sulphite and nnechanically ground wood pulp, 22 tons bleach, 295 tons paper and 12 tons caustic soda. Plants of subsidiaries are located at Niagara Falls, N. T., and Ontario, Canada, now in operation and in course of construction, will increase its daily capacity to 470 tons pulp and 445 tons paper. Company and its, subsidiaries own 16,500 developed h. p. water power, and control un- der lease for a long period on favorable terms, 6,500 h. p. water power, without ref- erence to their Canadian w^ater powers. The company owns timber lands, sufficient to meet requirements for more than twenty- fivte years, on the basis of present produc- tion. Paper products consist chiefly of book papers suitable for use in magazines, cata- logues and Rotogravure sections of Sunday editions of Metropolitan papers, and are sold principally under contract to leading publishing companies. Capitalization Outstanding Common $4,997,800 Funded debt 5,091.000 Secured by a pledge of the capital stock of the following subsidiariy companies: William Bonlfas Lumber Company, which owns a large acreage of timbered lands In Northern Michigan. North Star Timber Company, which owns a large acreage of timbered lands In Minne- sota. Kimberly-Clark Company, Inc., which owns a large pulp and paper mill at Niag- ara Falls, New York. Spruce Falls Company, Ltd., owning tim- ber leases covering a large area and water power leases in Ontario, Canada, and which is constructing a large sulphite pulp mill. Cellucotton Products Company, manufac- turing sanitary suppliea Neenah-Menasha Water Power Company. In the event of the sale of the stock of a subsidiary en bloc the proceeds shall be paid to the Trustee to be applied in the reduction or the Indebtedness incurred by this issue. Under the provisions of the indenture the company covenants as follows: While any of these notes are outstanding- and unpaid, no mortgages shall be placed upon the property of its subsidiaries, the stock of which is pledged, unless the bonds secured by the mortgage of a subsidiary are pledged as security for the payment of these notes, except that the company and Its subsidiaries may assume purchase money mortgages for the acquisition of additional property, which shall not exceed 60% of the purchase price of such property. Quick assets are to be maintained in an amount equal to at least 1^ times all direct issue, excepting only the First Mortgage Bonds. Net quick assets are to be main- tained at an amount not less than the principal amount of these notes outstanding. Prior IJens — Outstanding First Mortgage Bonds (closed) 1927 $1,591,000 Original Market — $3,500,000; offered April 1921 by First Trust & Savings Bank and Peabody, Houghteling & Co., Chicago and First Wisconsin Company of Milwaukee, at 97% and interest. KINGS COUNTY ELECTRIC LIGHT & POWER CO, Purchase Money 6s. Due Oct. 1. 1997. Dated Oct. 1, 1898. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $5,176,000 Oatstanding 5,176,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Control — See Isf 5s, due 1937. Secured by a mortgage on entire property of Brooklyn Edison Co., Inc. Prior Lien^— Outstanding, Edison Elec. Ilium. Co. 1st 4s, . 1939 $4,275,000 Kings County Electric Lt. & P. 1st 5s 1937 2,500,000 Underlies — Conv. Deb. 6s, due 1922 and 1925; and Brooklyn Edison Co., Inc., Gen. Mtge. Earnings — See Brooklyn Edison Co., Inc., Gen. Mtge. Listed on the New York Stock Exchange. Market. New York— Theodore L, Bronson & Co., Flnlar & Davenport, L. A. Norton & Co., Chas. W. Place, Prince & Whitely, Vander- hoef & Robinson. Price Range — N, Y. S. E. Jan. 1, '06, to Jan. 1, *21 1920 High 122 Feb. 6, '06 92 Deo. 6 Low. 85 Apr. 23, '20 85 Apr. 23 KINGS COUNTY ELECTRIC LIGHT & POWER CO. Conv. Deb. 6s. Due March 1, 1935, Dated March 1, 1913. Interest payable March and Sept. 1, at office of Trustee. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $5,000,000 Issued 6.000,000 Outstanding (Jan. 1, '21) 1,20-9,000 Converted 3,^01,000 Denomination — Coupon, $1,000 and $100. Reglsterable as to principal. Trustee — Bank of America, Brooklyn. Convertible at par into stock of the com- pany on and after March 1, 1916. Control — See 1st 5s, due 1937. Security — ^A direct obligation of the com- pany but not secured by mortgage. Prior Liens — Outstanding. Edison Blec. Illumln. Ist 4s 1939.. $4,276,000 Kings County Electric L, & P. Co. 1st 5s, 1937 2.500,000 Kings County Electric L. & P. Co. Conv. Deb. 6s, 1922 346.000 Brooklyn Edison Co., Inc., Gen. 6s, 1949 6.500,000 Brooklyn Edjson Gen. Mtge. bonds 10,000,000 $22,621,000 Earnings — See Brooklyn Edison Co., Inc., Gen. 63 of 1949. Listed on the New York Stock Exchange. Market. New York — Theodore L. Bronson & Co., L. A. Norton & Co., Chas. W. Place. Price Range^ — N, Y. S. E. Jan. 1, '16, to Jan. 1, '21 1930 High 128 Feb. 3, '16 92 Dec. 4 Low. 89% Sept. 7, '20 89% Sept. 7 679 KINGS COUNTY ELEVATED RAILROAD CO. 1st 4s. Due Aug. 1, 1949. Dated July 25, 1899. Interest payable Feb, and Aug. 1, at Trustee's office. Tax Stains — Payment of Federal Income Tax not assumed by company, ^ Authorized and Outstanding. .. .$7,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by en- dorsement by the Brooklyn Heights R. R. Co., to which the Brooklyn Union Elevated was leased in 1901. This lease was subse- quently terminated but the guaranty remains in efeect, but in 1919 the Brooklyn Height! R. R. Co. discontinued endorsing, unstamped bonds. Assumed by the New York Consolidated Railroad Co. Control — Incorporated in New York in July, 1899, as successor to the Kings County Ele- vated Ry., sold under foreclosure proceedings. In 1900 was merged with the Brooklyn Union Elevated R. R., which company with the Sea Beach Ry. and the Canarsie R. ^. were con- solidated in Dec, 1912, into the New York Consolidated Railroad, which latter company is controlled through ownership of nearly all preferred and common stock by the Brook- lyn Rapid Transit Co. Receivership — See Brooklyn Rapid Transit Co. Secured by first mortgage on 28.5 miles of elevated railroad from Pulton Ferry to Grand Avenue, Brooklyn, and 20 miles of electric road and private right-of-way from Fulton Street to Brighton Beach. Underlies — Brooklyn Union Elevated 1st 5s, due 1950, and $18,000,000 Brooklyn Rapid Transit Co. 6% Receivers* Ctfa., due Aug. 1, 1921. Listed on the New York Stock Exchange. Market. New York — Theodore L. Bronson & Co., Pinlay & Davenport, Vanderhoef & Robin- son. Price Range — N. Y, Jan. 1, '06, to Jan. 1, '21 High 95 Jan. 26, '06 49 Dec. 26, '19 Stamped. 96% Jan. 10, '06 50^4 July 31, '20 Low. S. E. 1920 60 Mar. 26 50 Feb. 5 High Low. 56 Oct. 4 5014 July 31 KINGS COUNTY GAS & ILLUMINATING CO. 1st 5s. Due Oct. 1» 1940. Dated Oct. 1, 1890. Interest payable Apr, and Oct, 1, at Peoples Trust Co., Brooklsna, N. Y. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstandiue. $750,000 Denomination— Coupon, $1,000. Trustee — Peoples' Trust Co., Brooklyn. Control — Merged In 1904 Into the Kings County Lighting Co. Secured by first mortgage on plant supply- ing gas in what was formerly the 30th Ward of Brooklyn. Population served, about 250,- 000. Company owns water gas plant at 55th St., Brooklyn, and 191 miles of mains. Underlies — Kings County Lighting Co. 1st & Ref. 5s, which provide for the retirement of this issue. Earnings — See Kings County Lighting Co. Market. New York — Theodore L. Bronson & Co., Finlay & Davenport, Fred H' Hatch & Co. Price Range. Jan. 1, '12, to Jan. 1, *21 1930 Bid. Ask. Bid. Ask. High 98% '17 100 "12 65 Oct. 70 Sept. Low. 60 '20 70 '20 60 Sept. 70 Sept. KINGS COUNTY LIGHTING CO. (Brooklyn, N. Y.) 1st Ref. 6s. Due July 1. 1954. Dated July 1, 1904. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Bonds num- bered 1604 and upward, tax exempt In New York. Anthorized $5,000,000 Reserved for Ext l,15a,000 In Treasui*y 670,000 Reserved for Prior Lien 750,000 Denomination — Coupon, $1, 000. Kegiater- able as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 105 and interest on any In- terest date on and after Jan. 1, 1940. Organization — Incorporated in 1904 in New York and absorb'ed the Kings Co. Gas & Il- luminating Co. in that year. Capitalization. Outstanding. Common $2,000,000 Funded debt 3,848,000 Secured by mortgage upon entire property of company,* including gas works at First Avenue and 54th Streets and storage plants together with the real estate owned in con- nection therewith and 191 miles of mains. The total system supplies gas to 30th Ward of Brooklyn and part of the 31st. Popula- tion served, 250,000. Franchises perpetual. Prior Liens — $750,000 Kings County Gas & Illuminating Co. 1st 5Si due 1940, to retire which a like amount of this issue has been reserved. Years ended Dec. 31: Gross. Net. Int. & Rent. •1920 $1,599,803 def.$20,420 $158,900 1919 1,228,284 148.677 158,900 •$1.50 per 1,000 cu. ft. rate put in effect Oct. 23, 1920. Original Market — $1,000,000 pffered in May. 1909, by N. W. Harris & Co., New York, etc., at 101 and interest. Market. New York — Theodore L. Bronson & Co., Finlay & Davenport, Fred H. Hatch & Co., Vaiiderhoef & Robinson. Price Range. Jan. 1, '16, to Jan. 1, *21 192^i Bid. Ask. Bid. Ask. High 90 '16 92 '16 35f Jan. 42 July Low. 34 '20 36 '20 34 Oct. 36 June KINGSPORT (Tenn.) UTILITIES, INC., 30- Year 1st 6s. Series A. Due April 1, 1937. Dated April 2, 1917. Interest payable April 1 and October 1, at New York. Tax Status — Payment of Federal Income Tax not assumed by company. Pennsylvania State Tax refunded. Authorized $1,600,000 Outstandingr 494,000 Held in S. F 6.000 Reserved for Ext 1.000.000 Purpose of Issue — To retire floating debt and for other corporate purposes. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — New York Trust Co., New York. Redeemable as a whole or In part on any Interest date, on four weeks' notice, at 105 and interest. Sinking Fund — Annual amounts equal to the following percentage of bonds at any time outstanding: August 1, 1920, to August 1, 1922, inclusive, 1%: August 1, 1923, to August^ 1, 1925, Inclusive, 1.2%; August 1, 1926, to August 1, 1928, inclusive, 1.4%; August 1, 1929, to August 1, 1931, inclusive. 1.6%; Au- gust 1, 1932, to August 1, 1934, inclusive, 1.8%; August 1, 1935, until maturities, 2%. This fund Is applicable to the purchase or redenitption of these bonds at not over lOS and interest. Maintenance and Depreciation Fund — By the terms of the mortgage, the company Is required to set up a fund at the end of each year equal to 12% of the gross operating income for the previous year. Maintenance and depreciation to be charged from this fund and any surplus to be credited to deprecia- tion reserve, or may be used to purchase ad- ditional property against which no bonds can be issued, or to purchase and cancel the com- pany's bonds at not to exceed 105. Organization — Incorporated in Virginia. Capitalization. Outstanding. Common $500,000 Preferred (6% cum.) 500,000 Funded debt 744,000 Secured by a first lien on all the property of the company, including plants supplying electric light and power and water in Kings- port, Tenn. The company's power plant has a capacity of 11, 500 k. w., developing 15,- 300 h. p. The company's water supply system con- sists of a water shed, reservoir and filtration plant located about six miles from Kingspoft on Bays Mountain in Sullivan County, Ten- nessee. Water is carried by gravity to the city limit line under a 2 0-pound pressure, where It is reduced to 125 pounds, and is dis- tributed through 20 miles of mains. The company has a 99 -year franchise to maintain and operate electric light, power, water and gas systems. Years ended Dec. 31: Gross. Net. Int. & Tax. 1920 $292,521 $52,643 $51,234 ^1919 337,169 94,625 47,605 191S 337,169 94,625 47,605 ♦1917 246,091 84,889 22,967 *Nine months only. Later earning:s not available. Original Market^ — $ 500,000 offered in July. 191'8, by Geo. H. Taylor & Co., Chicago, and West & Co., Philadelphia. Market. New York — Morton Lachenbruch * Co. Price Range. Jan. 1, *18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 86 '19 941^-18 75 Sept. 85 Sept. Low. 821^ '19 85 '19 ^ KINGSTON (N. Y.) GAS & ELBC. CO. 1st 59. Dne May 1, 1952. Dated May 1, 1902. Interest payable May and Nov. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathoiized and Outstandlne $700,000 Uenomlnati'in — Coupon, Jl.OOO. Reelster- able as to principal. Trustee — Metropolitan Trust Co., New York. Redeemable at 107 and interest on any in- terest date. Guaranteed principal and interest by the American Gas Co. Organization and Control — Incorporated in 1902 in New York as successor to Kingston Electric Co.. which was a consolidation of the Kingston Electric LiBht, Heat & Power Co. and the Rondout & Kingston Gas Co. In 1919 the United Hudson Electric Corp. ao- auired the entire capital stock from the Am- erican Gas Co. Capitalization. Outstanding. Common $700,000 Funded debt 700,000 Secured by first mortgage on coal, gas and «Iectric light plants supplying Kingston, N. T., and adjacent territory. Population served. 28,000. Years ended Dec. 31: Gross. Net. Int., etc. 1919 $366,638 $68,113 $36,413 1918 333,331 46.886 69,262 1917 297,024 88,084 62.079 1916 261,026 84,'i33 69,464 19]f. £44,1/01 85,970 69,793 Market. New York — Pred H. Hatch & Co. Philadelphia — Barnes & Lofland, Henry D. Eoenning & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid, Ask. Bid. Ask. High 96 '15 97% '16 70 Mar. 85 Aug. Low. 65 '20 82% '19 65 Nov. 85 Aug. KINIX)CH LONG DISTANCE TBUEPHONE CO. or MO. let 5s. Due Jan. 1, 1929. Dated Jan. 2, 1904. Interest payable Jan. and July 1, at Mississippi Valley Trust Co., St. Louis. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized' $5,000,000 Outstanding 2,549,000 Beserred for Depreciation (In Treas.) 1,439,000 Reserred for Ext 1,002,000 Denomination-— Coupon, $1,000. Registerable as to principal. Trustees — ^Continental & Commercial Trust A Savings Bank, Chicago, and G. W. Gal- breath, St. Louis. Organization and Control — Incorporated in Missouri, Illinois, Indiana and Kansas in 1900 and has acquired all the property of the Kin- loch Telephone Co. and the Suburban Tele- phone Co. of St. Louis, Mo. As of April, 1920, this company, the Kansas City Home Telephone Co. and the Southwestern Bell Telephone properties in Kansas City were being merged into the Southwestern Bell Telephone Co. of Missouri. Secured by mortgage on entire property of company, including six exchanges in St. Louis and East St. Louis and others in a number of adjacent cities and towns, together with toll lines reaching nearly all the principal cities and towns in Kansas, Missouri, Illinois, Indi- ana, Kentucky, western Ohio and eastern Nebraska. Further secured by pledge of en- tire stock of Kinloch Telephone Co. Popula- tion served, 3,500,000. Franchises expire from 1920 to 1925. As of Deo. 31, 1920, the com- pany had 27 exchanges, 40,423 exchange sta- tions and 150,566 miles of wire, inciudinff 47,539 miles of underground wire. Prior liens — $2,000,000 Kinloch Telephone Co. 1st 6s due 1928. Years ended Dec. 31: Int. & Gross. Net. Rent. 1920 $2,009,341 $604,503 $310,584 1919 1,745,834 683,218 286,856 1918 1,658,440 602,732 287,131 1917 1,648,903 614,973 287,216 1916 1,576,628 699,047 287,277 1915 1,634,415 664,940 287,691 1914 1,564,819 688,293 287,943 Listed on the St. Louis Stock Exchange.' Original Market — Offered In 1906, by the Mississippi Valley Trust Co., St. Louis, Mo., at 96% and interest. Market. New York — Joseph Gilman, T. L. Mac- Donald. St. I.ouis, Mo. — Missippi Valley Trust Co., Mark C. Steinberg & Co., Stix & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. .Ask. Bid. Ask. High 94 '16 95 '16 88 Dec. 80 Dec. ' Low. 75 '20 80 '20 75 June 80 June KINLOCH TELEPHONE CO. Ist 69. Ihie Aug. 1, 1928. Dated Aug. 1, 1898. Interest payable Feb. and AuiJ. 1, at Mississippi Valley Trust Co., St. Louis, Mo. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .. .$2,000,000 Denomination — Coupon, $1,000. IDrustee — ^Mississippi Valley Trust Co., .St, Louis, Mo. Control — ^Property acquired by the Kinloch Long Distance Telephone Co. (See 1st 5s of that company.) Secured by first mortgage on entire prop- erty of company, including one main and five branch exchanges in St. Louis and East St. Louis. Underlies — Kinloch Long Distance Telephone 1st 5s of 1929. lEaminigs — See K. L. D. Tel. 1st 6s. listed on the St. Louis Stock Exchange. Market. New York — Joseph Gilman, T. L. Mac- Donald. St. Louis, Mo. — Mississippi Valley Trust Co., Mark C. Steinberg & Co., Stix & Co. Price Range.' Jan. 1, '16, to Jan. 1, '21 • 1920 Bid. Ask. Bid. Ask. Highl06ii'16 107 '16 92% Apr. 94% Feb. Low. 85 '20 90 '20 85 June 9f Dec. KNICKERBOCKER ICE CO. (Chicago, lU.) 1st 30-Year 58. Due July 1, 1011. Dated July 1, 1911. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding' (Jan. 2, '21) 3,321,000 Held in S. T 715,000 Held in Treasury 464,000 Reserved for Ext 1,500,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Central Union Trust Co., New York, and Charles G. Dawes, Chicago. Redeemable at 10 6 and interest on any in- terest date upon 60 days- notice. Sinking Fund — Beginning July 1. 1912, $60,- 000 annually to be applied to purchase or re- demption of these bonds at not exceeding 105 and interest, all bonds thus acquired to be held alive in the Sinking: Fund. It is flsured that over one-half ol entire Issue will be re- tired before maturity. Control — Incorporated in Illinois and bas purchased about 40 Chicago Ice companies. In 1913 was consolidated with the City Fuel Company into the Consumers Company. Secured by Urst mortgage upon entire prop- erty of company which owns and operates 10 artificial ice plants with a capacity of 372,000 tons and natural ice plants in Wisconsin, Illinois and Indiana, having a capacity Of 1,250,000 tons. Company has 31 distrib- uting depots In Chicago and furnishes ice to Bl^in, Aurora, Kookford, Pullman and Evans- ton, 111., Hammond, Valparaiso and East Chi- cago, Ind. Underlies — Consumers Company First & General Lien Serial Deb. 6s. Years ended Dec. 31 (Consumers Co.): Gross. Net. Int., Etc. 1920 16,851,510 $700,283 1919 5,582,877 1,027,908 286,686 19l8 6,077,869 1,097,436 293,670 1917 4,608,941 1,041,232 278,436 1916 3,897,944 717,300 304,463 *After interest. Original Market — Offered in June, 1911, by Charles D. Barney & Co., New York and Phil- adelphia, Lehman Bros., New Yorlt, and Gold- man, Sachs & Co., New Tork, Chicago and Boston, at 93% and interest. $760,000 offered Dec, 1916, by Guaranty Trtlst Co., New Tork, Ames, Emerich & Co., Chicago, at 91% and Interest. Market. New York — Ames, Emerich & Co , Bab- cock, Rushton & Co., Dunham & Co. Hart- shorne & Battelle. Fliiladelpliia — Arthur J. Bender, McCown & Co., Samuel McCreery & Co. Chicaero — Merrill, Lynch & Co. Price Range. Jan. 1, '11, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 93^4 '11 94 '11 77 Jan. 78 Jan. Low. 64 '20 68 '20 64 Aug. 68 Aug. KNIGHT (B. & R.) INC. 10- Year 1st S. r. 79. Due Sept. 1, 1930. Dated Sept. 1, 1920. Interest payable March and 'September 1, at Chase National Bank, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Rhode Island. Authorized $10,000,000 Outstanding: 7,500,000 Kesei'ved for Corp. pui-poses. . 2,500,000 Issuance Restrictions — The remaining bonds, bearing interest at a rate to be de- termined, may only be issued for not ex- ceeding in par value 60% of the cost or fair value, whichever Is less, of fixed assets ac(juired in fee, free of encumbrance, pro- vided net assets are not less than 200%, net quick assets not less than 50%, and aver- age net profits before Federal taxes, for the preceding three years not less than three times the annual interest requirements of all bonds outstanding, Including those pro- posed to be issued and those previou='ly re- tired by the sinking fund. Denomination — Coupon, $109, ?500 and $1,000; reglsterable as to principal. Trustee — Chase National Bank, New Tork. Kedcemable on any interest date on thirty days' notice at the following prices p.nd ac- crued interest: 106 to Sept. 2, 1921; 104% to Sept. 2, 1922; 104 to Sept. 2, 1923 to Sept. 2, 1924; 103 to Sept. 2, 1926 to Sept. 2, 1926; 102 to Sept. 2, 1927 to Sept. 2, 1928; and 101 thereafter. Sinkintr Fund — From Dec. 1, 1923, payable semi-annually, an amount equal to 3% per annum of maximum amount of bonds at any 103% 102% 101% time Issued, bonds plus an amount equal to the Interest which would have been payable on all bonds previously retired by the sink- ing fund. Organization and Conirol — Incorporated in Massachusetts in September, 1920, as suc- cessor to B. B. & R. Knight, Inc., a Rhode Island corporation. Business established in 1848. The company's products are: Combed yarns, print cloths, wide sheetingb and twills, both gray and bleached. Company has 17 mills located throughout Rhode Island and in Massachusetts with 633,457 spindles and 13,310 looms. The entire common stock was acquired by the Consolidated Textile Corporation in 1920. Capitalization. Outstanding. Common (no par value) 100,000 shs. Preferred (8% cum.) $2,600,000 Funded debt 7,500,000 Secured by a first , mortgage on all real estate, plants, machinery and equipment owned or hereafter acquired by company. Baminsrs — See Consolidated Textile Corp. Conv. 7s, Original Market — $7,600,000 offered in Sept., 1920, by Harris, Forbes & Co., New Tork and Boston, Harris Trust & Savings Bank, Chicago, E. H. Rollins & Sons, Spencer Trask & Co., Bond & Goodwin, Parkinson & Burr & Naphen & Co., at 94 and Interest. Market New York — Hartshorne & Battelle. Philadelphia — Parsly Bros. & Co. Chicago — George H. Burr & Co. Worcester, Mass. — Merchants Securities Corp. Salt Lake City — Palmer Bond & Mo;.-tgage Co. KNIGHT MGHT & SODA FdtJNTAIN COM- PANY Ist Serial 6s. Due each Aug. Ist, as follows: 1921 S10i,O0O, 1922 S12,600, 1923 $15,000, 1924 $16,000, 1925 $17,000, 1926 $18,000, 1927 $19,000, 1928 $20,000, 1929 $20,000, 1930 $20,000, 1931 $132,600. Dated July 1, 1919. Interest payable at Peabody, Houghteling & Co., Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $300,000 Outstanding 300,000 Purpose of Issue — To finance construction of new plant. Denominations — Coupon $500 and $1,000. Reglsterable as to principal. Trustee — Augustus S. Peabody, Chicago. Redeemable on Feb. 1, 1920 or any interest date thereafter in reverse of numerical order at 102 and interest. Guaranteed principal and interest by en- dorsement by J. S. Knight. President of the company. Organization — Incorporated in Illinois in 1907. Manufactures gasoline lighting systems, soda fountains, etc. Secured by a direct mortgage upon all the property of the company including plot 300 X 360 ft. at Kildare and Schubert Ave- nues, Chicago, with buildings, equipment, etc. Appraised value $380,000. Original Market — Offered in July, 1919, by Peabody, Houghteling & Co., Chicago. 632 KNOX HAT COBIPANY Mtge. 7s. Due each Jan. 1, as follows: $50,000, 1921 and 1022; $60,000, 1923 and 1924; $76,000, 1925 and 1926; $80,000, 1927; $100,000, 1928, 1929 and 1930. Dated Jan. 1, 1920. Interest payable Jan. and July 1, at Central Trust Company of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. n^tiS^l^ $1,000,000 Oatstandinfi: 750 000 Keserved for Corporate Pur- oi***®®® 250.000 <«^S^**^® **' Issue— To retire debt Incurred in tne purchase of the Dunlap Company and to provide additional working capital. Denomination—Coupon $100, $500 and *1;000: registerable as to principal. Trustee— Central Trust Co. of Illinois. Chi- cago. Redeemable at 101 and Interest on any in- terest date. Orranizatlon — Incorporated in New York m 1914, as successor to the Knox Hat Manu- g-cturlne Co., and the B. M. Knox Retail Hat Company. Business established in 1838. In August. 1919, acquired the property and assets of the Dunlap Company. The com- pany manufactures and distributes through 3,500 agencies Knox and Dunlap hats. Capitalization. Outstaudlnr. Common (no par) 20,000 shs. 1st Pref. (non-cum.) , 1,000,000 2d Pref. (non-cum.) 1.250.000 Funded debt TSO^OOO Secured by mortgage upon all of the fixed assets of the company, valued at $1,347,137. Under the provisions of the trust indenture the company covenants to maintain net cur- rent assets of an amount equivalent to the par value of outstanding bonds. Prior Liens — $56,000 bonds. 11 months ended Nov. 30: Original Market — $750,000 offered Jan.. 1920, by Central Trust Company of Illinois, Chicago, at 100 and interest. Market Chicago — H. T. Holtz & Co.. PoweU, Gar- ard & Co., Federal Securities Corp. New York — Chas. B. Doyle & Co. KNOX I.UMBER CO. 1st S. F. 7s Due $50,000 Nov. 15, 1931; $30,000 each May 15 and Nov. 15, 1923; $35,000 each May 15 and Nov. 15, 1933; $45,000 each May 15 and Nov. 15, 1934; $50,000 each IVlay 15 and Nov. 15 from May 15, 1935 to Nov. 15, 1937; $55,000 May 15 1928; $50,000 Nov. 15, 1938 and $35,000 May 15, 1939. Dated Nov. 15, 1920. Interest payable Nov. 15 and May 15 at Coi^itinental & Com- mercial Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authorized $800,000 Outstanding- 700,000 Reserved tor Coi-p. purposes.... 100,000 Pui-pose of Issue — To provide add'tional working capital. Denominations — Coupon $1,000 and $500; registerable as to principal. Tnistee — CJontinental & Comercial Trust & Savings Bank, Chicago. Redeemable on any interest date at 101 and interest. Sinking Fiuid — $4.50 per thousand feet of timber cut, based upon an estimated etump- age list filed with the Trustee. The sums thus paid constitute a fund to retire only principal of this issue. Organization — The Knox Lumber Co. is a partnership composed of Hiram Knox and L. M. Knox, and has operated in Eastern Texas for about 20 years. Seciuity — A direct obligation of Hiram Knox and L. M. Knox, partners, and eecured by a first mortgage as follows: About 22,960 acres of timber and timber lands in Sabine and San Augustine counties, Texas, "which the Company estimates carry 235,774,000 ft. Pine and 51,522,000 ft. Hard- wood, an average of over 12,500 ft. per acre. 17,300 acres are free lands carrying, according to the company's estimates, 201,- 528,000 ft. Pine and 43,136,000 ft. Hardwood. The remaining 5,6 60 acres is timber only with 9 to 15 years for removal, and in most instances with the right of further exten- sion of time for removal. Counsel has ap- proved, as merchantable, all the titles ex- cept 92% acres of fee lands and 166 acres of timber — about 1% of the acreage. About 311 acres owned in fee, constitut- ing the mill and townsite, at HemphilU Texas, on the Lufkin, Hemphill & Gulf Railway (a separate corporation controlled by the same interests), connectinsr withi the Santa Fe at' Bronson, 12 miles from Hemphill. Upon said site is a complete- modern double band mill, completed in 1917,. with a capacity of 100,000 to 125,000 ft. per- 10 hr. day. The mill is built on a. con- crete foundation, with a frame of galvanizedi iron sheeting, and all conveyors of steeli construction. Also a well equipped planinc mill; dry kilns; ample storage sheds; loff pond capable of holdin g3,000,000 ft.; a. large lumber yard; brick boiler hout^e; ma- chine shop ; water works; electric light plant; general office building; commissary; hotel; restaurant, theatre, and 224 niodera houses for employes. Six miles of main line woods railroad; * locomotives, 40 log cars; one Clyde 4-line- rehaul skidder; 2 steam loaders, and other woods equipment sufficient to log the mill. The company states that it owns a, largo- amount of property in addition to that specifically mortgaged to secure the pay- ment of these bonds. Among such other properties is 117,000,000 ft. of timber iui Sabine and San Augustine counties, Texas; 445,000,000 ft. of timber (mostly Pine) in Hidalgo, Kleberg, Milam and Polk counties,, Texas; several thousand acres of valuably cut-over lands, the stocks of othei com- panies, etc. Years ended Dec. 31; Net. •1920 $555,573 1919 397,083 1918 360,426 1917 302,278 *11 months to Nov. 30. Oiiginal Marlset — $700,000 offered Jan.,. 1921, by Baker, Fentress & Co., Chicago, at prices to yield from 8% to 7.75% according: to maturity. 683 KNOXVILL£> & OHIO BAILROAD CO. I*fc 6s. Due July 1, 1925. Dated July 1, 1885. Interest payable Jaiu and July 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid; by company without deduction. Authorized and Outstanding. . .$2,000,000' Denoinination — Coupon, $1,000. Register- able as to principal or fully registerable.- Trustee — Central Union Trust Co., Ne^w York. Control — Incorporated in Tennessee and la 1903 was merged into the Southern Railway Company. Secured by a first mortgage on 65. ZO mlle» of road from Knoxville to Jellico, Tenn. Underlies — ^Knoxville & Ohio 1st Cons. 4*- due 1953 ($500,000 of which are pledged un- der the Southern Ry. Consolidated Mortgage- and $500,000 under the Dev. & General Mort- gage) ; Southern Railway 1st Cons. 5s due 1994, which provide for the retirement of this Issue, and Development & General 4s- due 1956. liegral for Baltimore Trust Funds. Listed on the New York Stock Bxcha-nge^ Market. New York — Chas. W. Place, Prince & Whitely, Redmond & Co., Raymond M^ Smith. Philadelphia — Charles Fearon & Co. Baltimore — Barroll, Corkran & Co., Brink- man & Co., John D. Howard & Co., Macku— bin, Goodrich & Co. Price Bancre— N. Y. S. E. ■Jan. 1, '06, to Jan. 1, '21 1930 High 122^ Jan. 4, '06 97% Apr. 10 liOW. 96 Feb. 19, '20 96 Feb. 19 KNOXVII.I.E (Tenn.) GAS CO. 1st 68. Due Oct. 1, 1933. I>ated Oct. 1, 1903. Interest payable April ^nd Oct. 1, at A. B. Leach & Co., New York and Chicag-o. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstandingr (Jan. 1, '21) 460,000 Retired by S. F 40,000 "^Issuable in Exchangre for Pref. Stoclc 100,000 * When net earning-s for the fiscal year preceding-, in excess of operating expenses and taxes, are not less than $40,000. Denomination — Coupon, $1,000. Trustee — United States Mortgage & Trust ■Co., New York. Redeemable at 103 and Interest upon 60 days' notice. Sinldngr Fimd — In lieu of a sinking fund, ^5,000 of bonds must be retired, by call at 103, on Oct. 1 of each year up to and Includ- ing Oct. 1, 1922; and $10,000 thereafter up to and including Oct. 1, 1932. Organization and Control — Incorporated In Tennessee in 1903 as successor to the Knox- ville Gas Light Co. Controlled through ownership of over S6% •of Its capital stock by the Cities Service Co. which is deposited under Consolidated Cities Light, Power & Traction Co., First Lien 5% mortgage. Capitalization. Outstanding. Common $300,000 Preferred (6% cum.) 100,000 Funded debt 460,000 Management — The Doherty Organization. Secured by first mortgagre on plant supply- ing arlificial gas in Knoxville, Tenn , Oak- ■WQOci, Park City and other suburban territory now within corporate limits of the city of Knoxville. Population served, 50,000. Fran- chise expires 1953. Xjarnings — Not available. . Original Market — Offered in 1903 by Farson, I^aeh & Co., at 101 and interest. Market. ' "New York — Henry L. Doherty & Co. Price Ranee. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93 '16 96 '18 60 Nov. 76 Jan. Low. 50 '20 70 '20 50 Nov. 60 Nov. KNOXVII.IJE (Tenn.) RAILWAY & LIGHT CO. Ref. & Bxt. 69. Due June 1. 1946. Dated June 1, 1911. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid fcy company without deduction. Pennsylvania tax refunded. Authorized $10,000,000 Outstanding (Jan. 1, '21) 3,306.000 Held in S. F 81,000 Pledged to secure banic loans 341,000 Reserved for Prior Lien 806,000 Kesen-ed for Ext 5,466,000 Denomination — Coupon, $1,000 and $500. Repristerable as to principal.' Trustee — Guaranty Trust Co., New York. Redeemable as a whole at 105 and interest ■on any interest date on 60 days' notice. Sinkiiiff Fund — Beginning Oct. 1. 1915, 1% annually of outstanding bonds to be applied to purchase of these bonds at a price lo yield not Ipss than 41^%, all bonds so acquired to be held alive in the Sinking Fund. OrBanjzation and Control — Incorporated in TennesFee in 1905 as a consolidation. Controlled throug'h ownership of entire capi- tal stock by the American Cities Co. Capitaliaation. Outstanding. Common $2,050,000 Funded debt 4,104,00^ Secured by mortgage upon entire street rail- way system In Knoxville, Tenn., comprising 55 miles of track and on plants doing the entire municipal and commercial lighting business in that city and vicinity. The company purchases power under long- term contract with the Tennessee Power Co. Franchise on 1% miles of railway expires in 1946 ; all others perpetual. Prior Liens — $806,000 Knoxville Traction Co. for the retirement of which bonds of this issue have been reserved. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $1,685,268 $588,303 $368,657 1919 1,396,099 516,011 419.6n 1918 1,223,304 462,710 446,575 1917 1,087,072 432,684 284.292 1916 997,684 431,254 258,929 Listed on the New Orleans and liOuisvIUe Stock Exchanges. Original Market — Offered in Jan., 1912, by Isidore Newman & Son, New Orleans, and United States Trust Co., Louisville, K!y., at 92% and Interest. $1,556,000 offered Dec, 1916, by Bertron, Griscom & Co. and Reilly, Brock & Co., New York and Philadelphia, at 92% and interest. Market. New York — J. S. Bache & Co., Sam'l Goldschhiidt, Hartshorne & Battelle, Hiber- nla Securities Co., Inc., Lynch & Mc- Dermott. Pliiladelpliia — Bauer, Starr & Co., Samuel McCreery & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '12, to Jan. 1, *31 19S0 Bid. Ask. Bid. Ask. High 921^ '12 95 '14 63 Jan. 70 Jan. Low. 54 '20 58 '20 54 Dec. 58 Dec. KNOXVILLE (Tenn.) TRACTION CO. 1st 6s. Due April 1, 1938. Dated April 1, 1898. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Inco'Jie Tax paid by company without deduction. Pennsylvania tax refunded. Authorized $850,000 Outstanding 798,000 Cancelled 52,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Baltimore Ti-ust Co., Baltimore. Assumed by Knoxville Ry. & Light Co. Control — Incorporated in Tennessee In 1898 as a consolidation of all the street railways in i Knoxville, and In 1905 was merged into the Knoxville Railway & Light Co., the entire capital stock of which Is owned by the Amer- ican Cities Co. Secured by first mortgage on 46 miles of track In Knoxville, Tenn. , and on electric light property of company through supple- mental mortgages dated Dec, 1900, and Sept.. 1905. Underlies — K. Ry. & Lt. Ref. & Bxt. Ss due 1946 which provides to retire these boitds. Earnings — See Knoxville Ry. & Lt. Co. Ref. & Ext. 5a Listed on the New Orleans Stock Exchange. New York — J. S. Baclie & Co., Hibernia Securities Co., Inc. Baltimore — Jenkins, Whedbee & Poe, Howard R. Taylor & Co. Price Range. Jan. 1, »13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 1061^ '12 109 '12 84 Feb. 99 Jan. Low. 75 '20 83 '20 75 Dec. 83 Dec. 684 KOKOMO. MARION & WESTERN TRACTION CO. l8t 5s. Due July 1, 1933. Bated July 1, 1903. Interest payable Jan. and July 1, at Security Trust Co. Indianap- olis, Ind. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding: (Feb. 7. '21) $622,000 In Treasury 28,000 DeiiomiDation — Coupon, $500 and $1,000. Trustee — Security Trust Co., Indianapolis. Redeemable at 106 and interest on any In- terest date on 60 days' notice. Control— j-Incorpor ate d In 1902 under the laws of Indiana and was merged in 1912 into the Indiana Railways & Light Co., which does the entire electric lighting, commercial power and steam heating business of Kokomo, Ind.. furnishes electric current to several nearby towns and operates an interurban railway sys- tem of 62 miles from Frankfort to Marlon, Ind. Secured by first mortgage on 9 miles of city street railway and power station in Kokomo, electric lighting plants at Kokomo, Swayzee and Greentown, and 28 miles of in- terurban railway between Kokomo and Marion. Underlies — $1,254,000 Indiana Railways & Light. First & Ref. Bs due 1943 which pro- vide for the retirement of this issue. Earnings — See Indiana Rys. & Lt. Co. Listed on the Indianapolis Stock Exchange. Original Market — Offered in 1903 by A. "W. Thompson and Newton Todd, Indianapolis, at 95 and interest with 30% bonus of common stock. Market. New York — F. H. Hatch & Co., E. & C. Randolph, Spencer, Trask & Co. Indianapolis — Fletcher American Co. Price Range. Jan. 1, '08, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 9914 '17 100 '16 83V2 Feb. 87 June Low. 76 '08 79 '08 79 Dec. 81 Aug. KOPPERS Eauip. Tr. 7s. Doe $203,000 each Jane 15, from 1931 to 1930, incl. Dated June 15, 1920. Dividends payable June 15 and Dec. IB, at Union Trust Com- pany, Pittsburgh. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Anthorized $2,020,000 Oatstanding 2,020,000 Denomination — Coupon, $1,000. Trnstee — Union Trust Company, Pittsburgh. Guaranteed principal and dividends by en- dorsement by The Koppers Company. Pitts- burgh By-product Coke Company, and Sea- board By-Product Coke Company. Secured by an ■3quipment trust agreement on 1,000 new steel hopper cars of M. C. B. A. type, comprising 100 70-ton cars and 900 50- ton cars, the total cost being $2,695,000, against which these certificates were issued providing an equity of about 25%, which was paid in cash. Original Market — $2,020,000 offered in June, 1920, by Union Trust Company, Pitts- burgh, on a 76% basis. Market Pittsburgrh — Moore, Leonard & Lynch, Ed- ward A. Owens & Co., The Union Trust Co. of Pittsburgh. &RASBURO ENGINEERING & MANUEAC- TURING CORP. 1st 6s. Dae $10,000 each April and Oct. 1, from Oct. 1, 1920 to Oct. 1. 1938 and $155,000 April 1. 1929. Dated April 1, 1919. Interest payable April and Oct. 1, "at any office of S. "W. Straus & Company. Tax Status — 2% Federal Income Tax paid by company without deduction. AnthoHzed $325,000 Oatstanding 325.000 Denominations — Coupon $500 and $1,000 itB all maturities, and $100 bonds in 1929 ma- turity only. Redeemable — On any interest date at 102' and interest in reverse numerical order. Trustee — Mr. S. J. T. Straus, Vice-Pres. of S. W. Straus & Company. Sinking Fund — Monthly deposits in depo»* itory designated by the Trustee, of one-twelfth of the amount of the principal and interest, which will come due during the then current year. Organization — Incorporated in Delaware in 1918. Capitalization. Outstanding. Common $B91,00fr 1st Pref 150,000 2d Pref 226.700 3d Pref 300,000 Funded debt 325,00(^ Security — A direct obligation of the com- pany and secured by closed First Mortgage on the Krasberg Building in Bast Ohio Street^ Chicago. Estimated value of property, $500,- 000. Original Market — Offered March, 1919, by S. "V^. Straus & Company, Chicago, New York, etc. KRESGE CO. (S. S.) 7% Notes. Due eaofc Jan. 1. as follows: .S500,000 each 19^3,. 1923 and 1924; $750,000 each 1925 and 1926. Dated July 1. 1920. Interest payable Jan. 1 and July 1, at Equitable Trust Co., New- York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Oatstanding 3.000,000 Purpose of lE«ne — To provide funds for ad- ditional merchandising facilities. Denomination — Coupon, $1,000 and $600; registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable on any Interest date on 3t days' notice at 103 and interest. Detachable Warrants — These notes upon 1b^ suance will carry detachable warrants whlchi will entitle the holder thereof to purchase within the maturities of the respective series, common stock of the company in the ratio of" two-thirds of one share for each $100 princi- pal amount of notes at $150 per share. Pay- ment for stock under the terms of this war- rant may be made either in notes of this la- sue at their par value without allowance for accrued interest, or in cash, in which event the purchaser shall pay in addition an amount equal to the accrued dividend on the shares- purchased at the then established rate from the last dividend payment date to . the date of purchase. Organization — Incorporated in Michigan In^ 1916. Business established in 1897. The- company operates a chain of five and ten- cent stores. 685 Capitalization. Outstanding. Tears ended Dec. 31: Common tlO.OOO.OOO Gross. Net. Pref. (7% cum.) 2,000,000 1920 $51,245,311 $3,678,506 Funded debt 3,682,000 1919 42,668,061 3,605,201 Security— A direct oWlsation o( the com- "JJ !S''2''5H ?'?5S-J'S pany, but not secured by a mortBaee. Under J?" ;2'S22'2?5 o,,;"?!! the provisions ot the indenture the company "16 5S'^?S'?:„ ?'H,,fa covenants not to create any mortgage upon '■'"■'' i\i,ai6,am i.^^h.^lv or against any of its properties, except pur- Original Market — $3,000,000 offered July, chase money obligations against properties 1920, by Merrill, Lynch & Co. and George H. ^whlch may hereafter be acquired; also to Burr & Co. at 100 and interest for notes with maintain current assets at least eaual to common stock warrants attached, and on an 160% of the amount of notes of this Issue 8% basis for notes without common stock outstanding. warrants. LA BELLB IRON WORKS let & Ref. 5s. Doe Dec. 1, 1940. . Dated Dec. 1, 1915. Interest payable June 1 and Dec. 1, at Lee, Hig-ginaon & Co., New York, Boston, Chicago and Philadelphia, and at office of Trustee, Philadelphia. Tax Status — Company pays 1% of the 2% Federal Income Tax, without deduction; and deducts thR other 1% from interest payments. Pennsylvania tax refunded. Aatharized $7,500,000 Outstanding: (Jan. 1, '21) 2,421,000 Retired by S. F 1,000,000 In Treasury 79,000 Reserved for Ext 4,000,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Pennsylvania Co. lor Insurance on Lives and Granting- Annuities, Philadelphia. Redeemable as a whole or in part on any interest date at 105 and interest. Sinking Fund — Annually an amount suffi- cient to retire $100,000 of these bonds on Dec. 1 of each of the years 1916 to 1919 inclusive and on December, 1920 to 1939, in elusive, annual amounts aufflcient to retire each year such ratable proportion of outstanding bonds as will insure the retirement of at least 66 2-3% of total bonds issued, for the purchase and cancellation of these bonds at not exceeding 105 and interest. Merger — As of Jun* 15, 1920. this company together with the Wheeling Steel & Iron Co. and Whitaker-Glessner Co., were being merged Into a new company, viz : "Wheeling Steel Corporation. Organization — Incorporated in "West Virginia In 1875, succeeding to a partnership founded in 1852. The company manufactures pig iron, Bteel slabs, billets, sheets, plates, tubes and other finished steel products. Its principal plants are in SteubenviUe, O. Capitalization. Outstanding. Control — The Wheeling Steel Corp. was in- corporated in June, 1920, and acquired the Le Belle Iron W^orks along with several other steel and iron companies. Secured by a first mortgage on substaAtially all the property of the company comprising the main plants at SteubenviUe, O., occupying 126 acres of land and including 2 blast fur- naces, 11 basic open hearth furnaces, 15 blooming billet, plate sheet and Jobbing mills, 1 tube mill, 1 brass and iron foundry, 2 ■team plants, 2 water works, 1 electric power plant, 1 coal mine, oil wells, laboratories, office buildings, etc.; 590 acres of land in West Virginia opposite the SteubenviUe plant on which the company has 94 Koppers by-product coke ovens in operation; 2 plate mills, nail and tack factories at Wheelmg, W. Va. ; iron ore properties in Minnesota with ore sufficient to supply company's re- QUirements for 30 years, also coal proper- ties in West Virginia, Pennsylvania and Ohio. These bonds will also be secured by mortgage on all properties and securities acquired by the proceeds of bonds of this issue. Tears ended Dec. 31: ^ ^ 4. Net. Dep'n, etc. Interest. •1920. . . . t$16.539,452 $3,172,365 5512,127 1919 3 852,789 1,267,215 123,108 1918'" 9,479,129 1,636,499 126,951 1917 14'l98,404 1,261,190 145.654 •Combined earning Wheeling Steel Corp. and subsidiaries. „ „ ^ ^ ^ tAftter Income & Profi.ts taxes. Original Market — Offered January, 1916. by Lee Hlgglnson & Co., Boston, New York, etc., at 98% and Interest. Market. New York — Hartshorne & Battelle Ked- mond & Co. Philadelphia — William W. Fogarty, Sam- uel K. Phillips & Co. Pittsburgh — Lyon, Singer & Co., Moore, Leonard & Lynch, Stout & Co., Edward A. Owens & Co., The Union Trust Co. of Pitts- burgh. Wheeling — Howard Hazlett & Son. Price Range. Jan. 1, '17, to Jan. 1, 'Zl 1930 Bid. Ask. Bid. Ask. High 101 '17 102 '17 95 Feb. 96% Feb. Low. 82% '20 85 '17 82% Nov. 85 Dec. LA CROSSE PLOW CO. 1st 8s. Due (26,000 each Aug. 1 and Feb. 1, from Aug. 1, 1931, to Feb. 1, 1931, incl. Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug. 1 at Union Trust Co., Cleveland. Tax Status — 2% Federal Income Tax pai-d by the company direct and 2% refunded. Authorized $500,000 Outstanding 500,000 PuiTpose of Issue — To reduce current lia- bility and provide additional working capi- tal. Denominations — Coupon, $1,000, $500 and $100. Trustee — Union Trust Co. and W. M. Bald- win, Cleveland. Redeemable on any interest date in the inverse order of maturities at 102 and in- terest. Sinldng Fund — ^The company is required to deposit monthly in advance with the Union Trust Co., Trustee, 1-6 of the next interest payment and maturing principal. Organizartion — Incorporated ift Wisconsin in 1893. Business establisifed in 1865. The company specializes in the manufacture of tractor farm implements. These consist of power lift moldboard plows, power lift grub breakers, pow^er lift disk plow, power lift drills and disk harrows. Capitalization. Outstanding. Capital stock $736,300 Funded debt 500,000 Secured by first mortgage upon the land, buildings and equipment of the company situated in La Crosse, Wis. This property has an appraised valuation of $1,164,627. Under the provisions of the indenture the company covenants as follows: Within sixty days after the end of each fiscal period in each year, so long as any. of the bonds of this issue remain outstand- ing, the company must make and file with the Trustee and with Stanley & Bissell, a, report of a Certified Public Acountant, show- ing its general financial condition, and also its earnings and expenditures for the pre- ceding fiscal period. The company must furnish Stanley & Bis- sell bi-monthly, so long as any of the bonds of this issue are outstanding, its trial bal- ance for that period. The company is required to keep its prop- erty insured for an amount equal to ' the outstanding bonds of this issue, which in- surance policies are to be assigned to and held by the Trust Company for the benefit of the bond holders. The company is required to maintain cur- rent assets equal to at least twice current liabilities. It is prohibited from paying divi- dends if such payment will reduce this ratio. Original Market — $500,000, offered Febru- ary", 1921, by Stanley & Bissell, Cleveland. at 100 and Interest. 687 liA PORTE & MICHIGAN CITY TRACTION CO. 1st 5s. Dae J0I7 1. 1930. Dated July 1, 1905. Interest payable Jan. and July 1. at First Trust & Savings Bank. Chloa&o, 111. Tax Statns — 2% Federal Income Tax paid by company witbout deduction. Authorized $350,000 Outstanding (Jan. 1, '21) 312,500 Retired by S. F 37,500 Denomination — Coupon, $ 5 0. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable — Bonds are subject to call. Sinking Fund — 1 % of bonds outstanding annually from 1910 to 1914 and 2% annually thereafter. Control— Absorbed by Chicago, South Bend & Nor. Ind. Ry. Co. Secured by a first mortgage on 15 miles of electric railway from La Porte to Michigan City, Ind., and on street railways in the lat- ter city. Population served, 31,000. Franchise In Michigan City is perpetual. Underlies — Chi., S. B. and Nor, Ind. 1st 5s of 1937. Earnings — See Chi., S. B. & Nor. Ind. Ry. Market. New Yoric — Pouch & Co. Philadelphia — Samuel K. Phillips & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. High 94 '17 Not Low. 81 '15 90 *15 available lA PORTE OIL & REFINING CORP. 5-Y6ar let Lien & Coll. Tr. Conv. 79. Due Oct. 1. 1924. Dated Oct. 1, 1919. Interest payable April 1 and Oct. 1, at Guaranty Trust Co., New York. , Tax Status — 2% Federal Income Tax paid by the com.pany without deduction. Penn- sylvania State tax refunded. Aniliorized $1,500,000 Outstanding: (near 1, '21) 500,000 Unissued 1,000,000 Purpose of Issue — Part of the proceeds of the sale of this issue will be used to increase the capacity of the refinery to 1,200 barrels daily, and also to finance further drilling operation. Denomination — Coupon, $1,000, $500 and $100; registerable as to principal. Trustee — Guaranty Trust Company, New York. Redeemable at 110 and interest on any in- terest date on 60 days' notice. Improvement and Sinking Fund — ^Annually a fund equal to 60% of the net earnings of the company remaining after payment of fixed pharges and operating expenses, maintenance, Improvement and development' expenses and taxes for purchase or redemption of these notes at not exceeding 110 and interest or for the acauisitlon of additional properties, or for extensions and betterments against which no additional securities shall be Issued. Convertible Into common stock at any time on the basis of $100 face value of notes for ten shares of stock (par $10). Orgranizatlon and Control — Incorporated in Maryland in September, 1919, and has ac- quired the entire capital stock of the La Porte Oil and Refining Company and over 82% of the Goose Creek Oil Corporation. The Century Oil Co. owns $2,827,970 of the capital stock. ^'^ ^ ., Capitalization. Outstanding. Common ^MU'tii Funded debt 1.000,000 Secured by a first Hen on all of the assets of the company including capital stock of sub sldlarlea. Under the provisions of the In- denture neither this company nor any of iti subsidiaries whose securities are pledged here- under may mortgage or otherwise pledge or Incumber properties now "owned or hereafter acquired and In the event of any subsidiary company whose stock is pledged hereunder mortgaging Its property, such mortgage bonds must be pledged hereunder as additional secur- ity. The La Porte Oil & Refining Company owns a lubricating oil refinery with a capacity of 1,000 barrels a day, located at Morgan's Point, Texas. Also owns an oil lease cov- ering 32 acres in the heart of the Goose Creek field. This company's pipe line ex- tends into San Jacinto Bay, enabling It to unload crude oil from barges direct to the refinery storage. The Goose Greek Oil Corporation owns a lease covering 19.44 acres adjoining the 32 acres of the La Forte Oil & Refining Company. Three additional wells have been drilled on this lease and as of March 1, 1921. were pumping 450 barrels a day. The company owns and operates 40 steel cars of 8,000 gal- lons capacity each and also has leased 10 steel tank cars of 8,000 gallons capacity each. Original Marlcet — $1,000,000 offered Febru- ary 1, 1920, by A. E. Fitkin & Co. and B. D. "Warren & Co.. New York, at 97% and interest. Market New York — G. B. de^ Chadenedes & Co., Tobey & Kirk. Pi-ice Ransre 1920, Bid. Ask. High 65 Oct. 85 Dec. Low 65 Sep. 688 LA SALLE STEEL CO. 10- Year S. F. 8fl. Dne Dec. 1, 1930. Dated Dec 1, 1920. Interest payable June 1 and Dec. 1 at Fort Dearborn Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Penn- sylvania State Tax refunded. Authorized $500,000 Outstanding* 500,000 Purpose of Issue — The proceeds will be en- tirely applied to the cost of construction of the Company's new plant at Hanamond, Ind. Denominations — Coupon, $1,000 and J500; registerable as to principal. Trustee — Fort Dearborn Trust & Saving! Bank, Chicago. Redeemable on any interest date upon 30 days' notice at 100 and interest plus a pre- mium of % of 1% for each full year, or fraction thereof remaining between the date of redemption arid the date of maturity. Sinking Fund — Semi-annual payments be- ginning Oct. 15, 1922, which will aggregate an amount sufficient to retire this entire issue at or before maturity, to be applied to the purchase or redemption of these bonds at not over the current call price. Bonds required are to be cancelled. Organization — Incorporated in Illinois In 1912. Manufactures cold-drawn steel pro- ducts. Capitalization Outstanding Common $100,000 Preferred 1,000 Funded debt 500,000 Secured by a first mortgage on ■ all the properties of the Company now owned or hereafter acquired, with the exception of certain real estate and buildings located at Cicero, 111. The Cicero properties ap- praised at a value of $117,849, will be sold and the proceeds applied to current assets, or to the acquisition of additional fixed assets subject to the lien of this mortgage. The property covered includes a plant at Hammond, Ind., now being constructed, valued at $973,040. Under the provisions of th.e indenture the company is required ' to maintain at all times net current assets etLual to 100% of all outstanding bonds of this issue. Origrinal Market — $500,000 offered Jan., 1921, by Tilden & Tilden. Inc., Fort Dear- born Trust & Savings Bank, and Hyney, EUnerson & Co., Chicago, at 100 and interest. I.ACKAWANNA & WYOMING VAM.EY RAPII> TRANSIT CO. Coll. Tr. 5s. Dae Auff. 1. 1951. Dated Aug. 1, 1901. Interest payable Aug. and Feb. 1, at Guaranty Trust Co., New York. Tax i^tatns — 2% Federal Income Tax paid by company without deduction. Anthorized Closed mortgage Outstanding- $828,000 Retired by S. F 60,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Redeemable (stamped bonds) at 10 5 and in- terest on 30 days' notice. Sinking Fund (stamped bonds) — Annually, beginning May 1, 1918, a sum sufficient to retire $15,000 bonds at not over 105 and in- terest. Control — The assets of this company were acquired under foreclosure sale In 1913 by the Scranton & Wilkes-Barre Traction Corp. The properties are directly owned and operated by the Lackawanna & Wyoming Valley R. R. Co. The latter company is controlled through Btock ownership by the S. & W. B. T. Corp. Secured by a first lien on 23 miles of double- tracked third-rail electric railway by deposit of $1,850,000 capital stock and 5,000,000 Is^ 6s of 1951 of the Lackawanna & Wyoming Valley R. R. Co. The road la built on private right of way and extends from Scranton to Wilkes-Barre, Pa. Underlies — Scranton & Wilkes-Barre Trac- tion Corp. Ref. 5a of 1951 under which mort- gage bonds are reserved to retire this Issue, and Scranton & Wilkes-Barre Traction Corp. Coll. Tr. 6s of 1934. Earnings — See Scranton & Wilkes-Barre Traction 1st Ref, 5s. Market. New York — Hartshorns & Battelle, Fred PL Hatch & Co. Scranton — J. H. Brooks & Co., Chas. E. Robertson, W. F. Stetter & Co., Welsseufluh & Co. Price Range. Jan. 1, 'IZ, to Jan. 1. '21 1920 Bid. Ask. Bid. Ask. High 101 '16 102 '16 S6 Jan. 92 Jan. Low. SO '12 82% '12 80 Dec. 83 Dec. LACKAWANNA IRON & STEEL CO. Ist Ss. Due Feb. 1, 1928. Dated Feb. 1, 1896. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Tax exempt In Pennsylvania. Authorized Closed mortgage Outstanding (Jan. 1, '21) $1,768,000 Cancelled 25,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Bethlehem Steel Co. Control — In Feb., 1917, the properties cov- ered by this mortgage were acquired by the Bethlehem Steel Co. from the Lackawanna Steel Co. Secured by a first mortgage on 430 acres of land located at Lebanon. Pa., containing two furnaces in North Lebanon, Islip, and 11 acres of iron ore land in Lebanon County, Pa. Also a first lien on 15% of the capital stock olj the Cornwall Ore Banks Co. Market. New York — Finlay & Davenport, Freeman & Co., Sam'l Goldschmidt, Fred H. Hatch & Co., Watson, Armstrong & Co. Buffalo — Citizens Commercial Trust Co. Price Range. Jan. 1, 'in, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94 '17 96% '19 92 Feb. 93 Feb. Low. 82*20 86 '20 82 Aug. 86 Aug. LACKAWANNA STEEL COMPANY 1st 20- Year (Oonv.) 5s. Due April 1, 1933. Dated April 1, 1903. Interest payable April and Oct. 1, at Company's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized Closed mortgage Outstanding fjan. 1, '21) $10,862,000 Purchased and Cancelled 4.138,0.00 Denomination — Coupon, $1,000. Kegister- able as to principal. Trustee — Farmers' Loan & TruBt Co., New York. Convertible into common stock at par any time not later than April 1, 1915. Organization- — See 1st Cons. 5s. Secured by a first mortgage on the plant located at Lackawanna, N. T., manufacturing steel rails, structural steel, etc., with a ca- pacity of about 1,369,000 tons of Bessemer and Open Hearth Steel products; also secured by a first collateral Hen on $8,350,800 par value of stocks of total outstanding isBues <^ $11,119,800 of 13 companies owning ore prop- erties in Mich., Minn., Wis. and New York, and coal lands and rights In Pa. Underlies — 1st Cons. 5s of 1950. A auffl- clent amount of which are reserved to retire this issue. EamiDgB — See Ist Cons. 5b. !Ll8ted on the New York Stock EJxcbange. Original Market — OfCered in 1903, by Speyer & Co., and Kean, Van Cortlandt & Co., New York. MaiiEet. New York — J. H. Holmes & Co. Buffalo — Glenny, Monro & Moll. Price Range — N. Y. S. B. Jan. 1, '06, to Jan. 1, '01 19S0 High 1081^ Jan. 30, '06 97% Feb. 6 Low. 89% Sept. 17, '20 89% Sept. 17 LACKAWANNA STEEL COMPANY Ist Cons. (Conv.) 5s. Due March 1, 1950. Dated March 1, 1910. Interest payable March and Sept. 1, at Trustee's office, and at London, Frankfort-on-Main and Amster- dam. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New York. Authorized $35,000,000 Outstanding (Jan. 1, '21) 6,891,000 Purchased and Cancelled 3,011,600 Converted 97,500 Reserved for Prior Lien 15,000,000 Reserved for Additions, Im- proTeraents, etc 10,000,000 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Union Trust Co. of New York. Redeemable at 105 and interest, on and after March 1, 1915, on 60 days' notice. Convertible — Series "A" are convertible at par into the common stock of the company, at any time prior to March, 1922. Sinking Fund — Upon the retirement of the Ellsworth Collieries 1st S. F. 6s of 1927 the company covenants to pay a sum equal to 10 689 cents for each ton of coal mined from the property of the Ellsworth Collieries Co, an- nually » with a minimum payment of $10l),O00 per annum for the redemption of these Cons. 6s at 105 and Interest by lot. Organization — Incorporated in New Tork in 1902. Plants are located near Buffalo, Capitalization, Outstanding. Common $36,108,600 Preferred (7 % cum.) None Funded debt 21,643,000 Secured by a first mortgage on the Pekin limestone lands near Buffalo, N. T,, compris- ing about 1,096 acres: a second mortgage on the manufacturing plant and the property of ^he company at Lackawanna, N. T., subject to the first lien of the 1st Mtge. 6s of 1923; a first collateral lien on $999,500 out of $1,- 000,000 capital stock of The Ellsworth Col- lieries Co.. owning coal mines and collieries in "Washington County, Pa., upon which there is outstanding about $4,258,000 bonds; $99,000 out of $100,000 capital stock of the Lake Erie Co. (of N. J.), which controls, through stock ownership, high-grade Bessemer ore mines in the Lake Superior District; $50,050 out of $300,000 capital stock of the Vernon Mining Co., controlling, through lease, iron ore prop- erty in Michigan free from debt; $250,000 out of $600,000 capital stock of the Negaunee Mine, which controls iron ore mines in Mar- Quette County, Mich., free from debt; and a second lien on the securities deposited under the 1st mortgage. Prior lAens — $10,862,000 1st 6a of 1923, for retirement of which bonds of this issue have been reserved. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $70,587,306 $8,246,916 $1,122,219 1919 34,967,802 1,427,399 1,060,537 1918 83,438,135 20,395,513 1,097,159 1917 77,446,241 27,632,255 1,476,736 1916 63,970,836 13,968,281 1,748,511 liisted on the New York Stock Exchange. Original Marltet — $10,000,000 offered in Feb., 1910, to the shareholders at 86 and all unsubscribed bonds were underwritten by Speyer & Co.. New Tork. niarlcet. New York — Freeman & Co., Kean, Taylor & Co,, McKinley & Morris, John Mulr & Co. BnfTalo — O'Brian, Potter & Co., John T. Price Range— N. Y. S. E. Jan. 1, '15, to Jan. 1, '81 1920 High 109 Nov. 16, '16 99"^ Jan. 6 Low. 65 Jan. 13, '15 71% Dec. 28 liACUEDE GAS UGHT CO. Ret. & Ext. Ss. Due April 1, 1934. Dated April 1, 1904. Interest payable April and Oct. 1, at Bankers' Trust Co., New York, and St. Louis Union Bank, St. Louis. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding 10,000,000 Pledged under lat CoU. & Ret. 7s 10,000,000 Denomination — Coupon, $1,000. Kegister- able as to principal. Trustees — Bankers' Trust Co., New York, and the Mississippi Valley Trust Co., St. Loula. Organization — See 1st Coll & Ref. 7s. Secured by a first mortgage on all the prop erty of the company now owned or hereafter acquired. The property covered includes plants doing the entire gas business of St. Louis, Mo., an electric light plant supplying electricity In a part of the city and on by- product coke oven plant. Franchise Is per- petual. Underlies — 1st Coll. & Bef. JTs of 1929. Note. — As $10,000,000 Ref. & Ext. 6s are deposited under the 1st Coll. & Ref. 7s, both Issues are equally secured on the property of the company. Years ended Dec. 31: Gross. Net. Interest. 1920 $6,533,607 $1,942,366 $1,680,339 1919 5,531,710 1,875,097 1,608,373 1918 4,946,411 1,854,498 1,244,381 1917 4,800,264 2,247,714 1,204,633 1916 4,509,424 2,486,695 1,162,500 listed on the New Tork and St. Louis Stock Exchanges. Original Market — First offered in 1904 by N. W. Harris & Co., New York. Boston and Chicago, at 101 and interest, and $700,000 in 1911 at 101% and interest by Harris, Forbes & Co., New Tork, and N. W. Harris & Co., Boston, and Harris Trust & Savings Bank, Chicago. Market. New York — Babcock, Rushton & Co., Earle A. Miller & Co., John Nickerson, Jr. St. l/oujs — Wm. A. Busoh & Co. Philadelpliia — Bauer, Starr & Co. Providence — Hornblower & Weeks. St. Lk>u1s — Mark C. Steinberg & Co., G. H. Walker & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 104% Jan. 20, '06 82% Jan. 27 Low. 68 Dec. 28, '20 68 Dec. 28 690 liACUBiDS! OAS UOHT CO. (THE) K^Year First Mortgage Collateral and Refunding 7s, Series "A." Due January 1, 1929. Dated January 1, 1919. Interest payable Feb. 1 and Aug. 1, in St. Louis or New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — See "Provisions pf Issue." Outstanding (Jan. 1, '20) $16,000,000 Reserved for Refunding Ref. & Ext. 6s. Due 1934 10,000,000 Reserved for Corporate Pur- poses 2,000,000 Provisions of Issue — Bonds may be issued in series under this mortgage bearing such rate or rates of interest, maturing at such time or times and having such redemption and conversion privileges as the Board of Directors may determine from time to time as the bonds are issued. The amount of bonds which may be issued under the mortgage is not limited except that the total amount of bonds outstanding shall not in any event ex- ceed the amount permitted by law, or the principal amount of the authorized capital stock of the company as fixed from time to time in accordance with law. Purpose of Issue — $6,000,000 issued to re- tire a like amount of Debenture 5s due Feb. 1, 1919; $11,000,000 Issued to provide funds to retire $10,000,000 Ist 6s due May 1, 1919, and for general corporate purposes. Denomination — Coupon (interchangeable de- nominations) $1,000, $600 and $100. Register- able as to principal or exchangeable for fully registered bonds. Registered $1,000 or any multiple thereof. C. and R. interchangeable. Trustee — St. Louis Union Trust Co., St. Louis. Redeemable at any time upon 30 days' no- tice at 102 and interest if redeemed prior to January 1, 1922. and at 101 and interest If redeemed on and after that date. Convertible — The Series "A" bonds under the provisions of the mortgage are convertible at the option of the holder Into either (a) the common capital stock of the company, par for par, accrued interest and accrued divi- dends, if any, to be adjusted, or (b) into a like amount face value of Series "B" thirty- year 5 % bonds of the company issued under the same mortgage, the Series "A" bonds for the purpose of such exchange to be computed at par and interest and the Series "B" bonds at a 5 '^ % income basis, as set forth in the following table, sny difference due on the conversion to be paid by the company In cash. CONVERSION TABLE If presented for conversion on or between the following dates: Nov. 1, 1919, and April 30, 1920 92.79% May 1, 1920, and Oct. 31, 1920 92.86% Nov. 1, 1920, and April 30, 1921 92.90% May 1, 1921, and Oct. 31, 1921 92.95% Nov. 1, 1921, and April 30, 1922 93.01% May 1, 1922, and Oct. 31, 1922 93.07% Nov. 1, 1922, and April 30, 1923 93.13% May 1, 1923, and Oct. 31, 1923 93.19% Nov. 1, 1923, and April 30, 1924 93.25% May 1, 1924, and Oct. 31, 1924 93.32% Nov. 1, 1924, and April 30, 1925 93.38% May 1, 1926, and Oct. 31, 1925 93.46% Nov. 1, 1925, and April 30, 1926 93.52% May 1, 1926, and Oct. 31, 1926 93.59% Nov. 1, 1926, and April 30, 1927 93.66% May 1, 1927, and Oct. 31, 1927 93.747o Nov. 1, 1927, and April 30, 1928 93.82%, May 1, 1928, and Oct> 31, 1928 93.90% Nov. 1, 1928, and Dec. 15, 1928 93.98% Conversion into either stock or bonds may be made on May 1, 1919, or at any time thereafter until 16 days prior, to the maturity of the Series "A" bonds, except in event of redemption or purchase of the Series "A" bonds the conversion privilege must be exer- cised at le>st 15 days prior to the date fixed in the call for such redemption or purchase. Organization — Organized under an act of the Legislature of Missouri in 1857 and has under said charter a perpetual right to vend gas within the limits of the City of St. Louis. Capitalization Outstanding Common $10,700,000 Preferred (5% cum.) 2,600,000 Funded debt 26,000,000 8ecnred by a direct mortgage on all the property of the company and by pledge of the JIO.000,000 Kef. & Ext. 5s of 1934 which were issuable to retire the 1st 6s due May 1, 1919. The property covered includes plant doing all the gas business in the City of St. Louis, Mo. The company also sells electricity, approxi- mately 10% of ita gross receipts being derived from the sale of electric current. Population served about 860,000. Gas franchise is per- petual. Prior Xiens — Outstanding. Kef. & Ext. 6s due April 1. 1934. .{10,000,000 Note — ^As J10,000,00 Kef. & Ext. 6s are deposited under this mortgage both issues are equally secured on the property of the com- pany, £amlngB — See Kef. & Ext. 6b. Iiisted — ^Application will be made to list these bonds on the New York Stock Exchange. Original Market — $5,000,000 Series "A" 7s, offered January, 1919, by Spencer Trask & Co., and Halsey, Stuart & Co., New York, Chicago, etc., at 100 and interest. $11,000,- 000 offered in March, 1921. by Halsey, Stuart t Co., Chicago, New York, etc. Market. New York — Babcock, Eushton & Co., J. S. Bache & Co., T. Hall Keyes & Co., Earle A, Miller & Co., John Nickerson, Jr., Salo- mon Bros. & Hutzler. Boston — L. Sherman Adams, Curtis & Sanger. Detroit — Joel Stockard & Go. St. touis— Wm. A. Busoh & Co. Fhiladelphia — Henry D. Boenning & Co.. Lloyd & Palmer, Paul & Co., Parsly Bros. & Co. Cliicaeo — Halsey, Stuart & Co. St. Lronis — Mississippi Valley Trust Co., Mark C. Steinberg & Co., Stix & Co., G. H. Walker & Co. Price Kangre Jan. 1, '19, to Jan. 1, 'ai 19S0 Bid Ask. Bid. Ask. High 100% '19 lOOys '19 97 Feb. 99HJan. Low. 83 '20 86 '20 83 Deo. 86 Dec. tACONlA (N. H.) GAS & EI-ECTKIC CO. l9t Ss. Dne March 1, 1910. Dated Marcb 1, 1910. Interest payable March and Sept. 1, at American Trust Co., Boston, Mass. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized $750,000 Outstanding 316,000 Retired by S. F 34,000 Reserved for Ext 4i)0,000 Denomination — Coupon, $500. Trustee — American Trust Co., Boston. Redeemable on any interest date at 105 and interest. Sinking Fond — ^Annually, beginning March 1, 1916, 2% of outstanding bonds. Organization — Incorporated in New Hamp- shire in 1910 as a consolidation. Capitalization. Outstanding. Common $200,000 Preferred (6%) 230,000 Funded debt 316,000 Secured by a first mortgage on plants sup- plying gas and electricity to Laconia, Lake- port and Weirs, N, H,. Franchises are per- petual. Population served, 12,000, which in- creases considerably in the summer, as the territory served by the company porrant resort region. Years ended Dec. 31; Gross. 1919 $148,190 1918 132,194 1917 127,831 Market, Boston — Eonbright & Co., Baker, Ayling & Young. New York — Bonbright & Co. , Chicago — Bonbright & Co. Price Rang:e 19Z0 — Bid 70; Ask 75. Net. $23,966 40,797 53,518 an im- Interest. $24,816 24,032 21,642 liAFAYETTF STRFFT BY. 1st Ext. 6%8. Due Jnne 1, 1923. Dated June 1. 1893. Extended In 1913 with interest reduced from 6 % . Interest payable June 1 and December 1, at oflace of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $226,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Real Estate Trust Co., Philadel- phia. Control — Absorbed by the Ft. Wayne & Nor. Ind. Trac. Co. The latter company was succeeded through foreclosure in May. 1920, by the Indiana Service Corp, Secured by a first mortgage on 17 miles of street railway in Lafayette, Ind. Population served, 21,000. Market. Philadelpiiia — McCown & Co., Samuel K- Phillips & Co. t Price Bance. Jan. 1, '15, to Jan, 1, '«! 1980 Bid. Ask.' Bid. Ask. High 99% '16 101 '15 Not Low. 40 '19 72'19 Available. IiAKB ERIE & WESTERN RAILROAD CO. let 5s. Due Jan. 1, 1937. Dated February 21, 1887. Interest payable Jan. and July 1* at Chase National Bank. New York, Tax Statas — 2% Federal Income Tax paid by company without deduction. Authorized .Closed mortgage Outstanding $7,250,000 Denomination — Coupon, $1,000. Fully reg- ister able. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated in 1887 in Illinois, as successor to the L. E. & W, Railway Co., sold at foreclosure. $5,930,- 000 of the $11,840,000 6% non-cumulative preferred stock and $5,940,000 of the $ 1 1 , - 840,000 common stock are owned by the New York Central R. R. Co. In addition to the mileage owned as shown below, the company leases and operates 162 miles of road from Akron to Delphos, Ohio. Capitalization. Outstanding. Common $11,840,00 Preferred (6% non-cum.) 11.840,000 Funded debt 11,535.000 Secured by a first mortgage on 710.02 miles of road, viz: Miles. Sandusky, Ohio, to Peoria, 111 412.77 Indianapolis to Michigan, Ind 158.62 Fort Wayne to Connersville, Ind 104.59 St. Mary's to Minister, Ohio.. 10.00 New Caatle to Rushville. Ind 24.04 Underlies — $3,625,000 2nd 5s of 1941. Years ended Dec. 31: Gross. Net. Int. & Rent. •1919 $1,548,542 $1,689,918 $977,967 11919 9,784,826 364,0,41 193,394 *1918 1,548,542 1,609,423 873,509 tl918 9,343,905 889,560 252,644 1917 8,122,895 1,990,458 1,256,865 1916 7,404,184 2,537,398 1,017,431 •Corporate account. tFederal account — standard return not In- cluded. Legral for Baltimore Trust Funds. Twisted on the New York Stock Exchange. Market. New York — Ambrose R. Clark & Co., Sam'l Goldschmidt, Granger & Co., Charles W. Place, Roosevelt & Son, Rutter & Co., Ray- mond M. Smith, Taylor, Smith & Hard. Philadelphia — Barnes & L-ofland. Baltimore — Jenkins, Whedbee & Poe. Price Range— N. Y. S. B. Jan. 1, '06, to Jan. . 1, '21 1920 High 119 Feb. 9, '06 84 Oct. 19 Low. 72 June 23, '20 72 June 23 Philadelpbia^-A. B. Leach & Co. Chicago — A. B. Leach & Co. Price Range— N. Y. S. E. Jan, 1, '06, to Jan. 1, '21 1920 Ask. High 113% Jan. 11, '06 68 Oct. 7 Low. 67 Oct. 2, '20 67 Oct. 2 LAKE ERIE & WESTERN RAILROAD CO. 2nd 59. Due July 1, 1941. Dated June 30, 1891. Interest payable Jan. dnd July 1, at Chase National Bank. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $3,625^000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co. , New York. Organization and Control — See 1st 5s. Secured by a aecond mortgage on 710.02 miles of road, covered by the let 6s of 1937. Prior Lien — $7,250,000 L. E, & W. Ist 6b of 1937. EarningB — See 1st 6s. Listed on the New York Stock Exchange. Market. New York — Carruthers, Pell & Co., F. J. Lisman & Co.. A. B. Leach & Co. Boston — A. B. Leach & Co. LAKE ERIE & WESTERN RAILROAD CO. Eauip. Tr. 4%s. Due, SllO.OOO, Janu- ary Z, from 1918 to 1927. inclusive. Dated January 1 , 1917. Interest payable January and July 1 at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,100,000 Outstanding (Jan. 1, '21) 550,000 Balance Retired. Denomination — Coupon, $1, 000. Register- able as to principal. Guaranteed principal and interest, by Lake Erie & Western K. R. Co. by endorsement. . Trustee — Commercial Trust Co., Philadel- phia. Secured by an equipment agreement on 1,000 steel underframe box cars, costing about $1,390,000, of which the company paid $290,- 000. Earnings — See 1st 5s. Original Market — Offered January, 191,7, by Evans, Stillman & Co., New York, on a 4% to 4%% basis. Market. Ne\v York — Eraus, Stillman & Co., Free- man & Co. LAKE OF THE WOODS MILLING CO. let 6s. Due Jane 1. 1923. Dated June 1, 1903. Interest payable June and Dec. 1, at Merchants' Bank of Canada, Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding 900,000 Retired 100,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Montreal Trust Co., Montreal, Can, Organization — Incorporated in Canada In 1903. Owns the following capital stocks:' 5200,000 Keewatin Flour Mills Co., Ltd.; $50,- 000 Sunset Manufacturing Co., Ltd.; $50,000 Medicine Hat Milling Co., Ltd. Capitalization. Outstanding. Common $3,500,000 Preferred (7% cum.) 1,500,000 Funded debt 900,000 Secured by a first mortgage on property of company in Montreal, mills and properties at Keewatin, Man., and also mills located at Portage La Prairie, Man.; and on 116 grain , elevators located throughout western Canada. Years ended Aug. 31: Net. Interest. 1920 $732,232 $54,000 1919 756,616 54,000 1918 857,914 54,000 1917 569,748 99,000 1916 525,142 99,000 *After war taxes. Listed on the Montreal and Toronto Stock Exchanges- Market. Toronto — A. B. Ames & Co., Hew R. Wood Co. Price Bance. Jan. 1, '12, to Jan. 1, *21 1920 Bid. Ask Bid. Ask. High 112 '12 112 '12 99 Jan. 99% Mar. Low. 98 '18 95 '20 95 Dec. 691 IiAKE PARK EBflNING COMPANY let Serial 7s. Dae in aaarterly installments of $17,500 from Oct. 1, 1919 to July 1, 19^4, inoluslTe. Dated July 1, 1919. Principal and quar- terly Interest (July. Oct., Jan. and Apr. 1), payable at Trustee's office, or through Hyney, Emerson & Company, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $350,000 Outstanding; 297,000 Balance R«tired. Dennbuinations — Coupon $500 and $1,000. Trustee — 'Central Trust Company of Illinois, Chicago. Redeemable on any interest date upon 3 days' notice at 102% and Interest up to and Including July 1, 1921. thereafter at 101 and Interest. Sinking Fund — Beginning August 1, 1919, monthly deposits with the Trustee on the first day of each month of amounts equiva- lent to the monthly accruals of principals and Interest of this bond issue. Organization — Incorporated In Delaware. Business established in Sept., 1916. Com- pany manufactures and markets gasoline, lub- ricating oils and other petroleum products. Capitalization. Outstanding, Common $1,600,000 Funded debt 720.000 Secured by a direct first mortgage upon all of the properties of the company (except tank cars) now owned or hereafter acquired, in- cluding two refineries at Okmulgee and Pon- ca City, Okla,, having a combined capacity of 4,000 barrels of crude oil, and three casing- head gasoline plants, located near Sapulpa, having a combined daily capacity of 2,000 gal- lons. These plants are connected, under long term contracts, with twenty-nine oil and gas leases in the Mid-Continent field, embracing over one hundred oil and gas wells of settled production. Oil and gas from these wells are transported to company's properties through Its own pipe lines aggregating 37 miles (jom- pany also owns leases of 2.300 acres oil lands In the Mid-Continent field. Appraised value June, 1919, $1,258,778. Company covenants that no other mortgage or Men of any character can be placed on its properties during the life of this bond issue except purchase money mortgages on proper- ties which may be hereafter acquired; that no dividends in excess of 12 % per annum can be paid on its common stock during the life of the bond issue, and no dividends shall be declared or paid on the common stock (or on the preferred stock) In case same shall be is- sued later until full provision has been made for all sinking fund requirements; and that during the life of the bond issue it will main- tain net current assets aggregating at least $250,000 in excess of current liabilities. Orie^ual Market — Offered July, 1919, by Hyney, Smerson & Company, Chicago, at prices to yield 7% to 7%% for various matu- rities. Market Philadelphia — Paul & Co. Chicagro — Hyney, Emerson & Co, Trustee— Baltimore Trust Co. , Baltimore, Md. Control— Absorbed by the United Rys. & Electric Co. of Baltimore. Secured by a flrat mortgage on all property formerly belongmg fo the company. Underlies — United Rys. & Elect. Co., Inc. 4s of 1949; Income Fde. 5s of 1936; Note* of United Rys. & Elect. Co., 1921-1922, and 1st Consold. 4s of 1949. Bonds are reserved un- der the latter mortgage to retire the bonds of this Issue. Earnings — See United Rys. & Electric Co. I^egal for Baltimore Trust Funds. Listed on the Baltimore 3tock Exchange. Markeit. Baltimore — Jenkins, "Whedbee & Poe, Smith, Lockhart & Co., Howard R. Taylor & Co. Price Range. Jan. 1, *08, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 115 'OS 117 '09 96 Jan. 98 Jan. Low. 80 '20 86 '20 80 Aug. 86 Aug- LAKi: ROLAND ELE^^ATED RAILWAY 1st fis. thie Sept. 1, 1942. Bated September 1 , 1892. Interest pay- able March and September 1. at Alexander • Brown & Sons. Baltimore, Md. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding $1,000,000 Denomination — Coupon and Registered, $ 1 , - 000. LAKE SHORE & MICHIGAN SOUTHERN RAILWAY CO. 1st SVza Due Jun« 1, 1997. Dated June 1, 1897. Interest payable June and Dec. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorised and Outstanding. . .$50,000,000 Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Registered, $1,000 and multiples. Trustee — United States Trust Co., New York. Assumed by the New York Central R. R. Co. Control — Incorporated in 1869 in New York, Pennsylvania, Ohio, Indiana, Michigan and Illinois aa a consolidation of several earlier companies. Consolidated with other roads in- to the New York Central R. R. in 1914. Secured by a direct mortgage on 998.04 miles of road (559.89 miles second track, 369.44 miles third track, and 280.48 miles of fourth track), viz. : A first lien on 961-50 miles — Miles. Buffalo, N. Y., via Norwaik and Toledo to "Vulcan, Ohio, and from Palmyra, Mich., via Adrian to Chicago, 111. .. .520.20 Elyria Jet. to Millbury Jet., Ohio 78.76 Air Line Jet, to Vulcan, Ohio 2.75 Palmyra, Mich., to Elkhart, Ind 116.66 Ashtabula Harbor, O., to Ohio-Penn. State Line 33.04 Carson to Mann, Ohio 18.10 Monroe via Lenawee Jet. to Jackson, Mich 71.61 Air Line Jet.', O., to Detroit, Mich 59.05 Jonesville to North Lansing, Mich 61.34 A second lien on 36.54 miles — Covered by the first Hen of the Kalam- azoo & White Pigeon 1st 5s 36.54 Also a lien on 21.83 miles perpetual leasehold — Brie & Kalamazoo R. R., Vulcan, O., to Palmyra, Mich 21.82 Prior Lien — $400,000 Kalamazoo & White Pigeon 1st 5s of 1940. Underlies — L. S. & M. S. Ry. Debentures of 1928 and 1931; N. Y. C. & H. R. R. R. L. S. Coll. 3'/^s of 1998; N. Y. C. R. R. Cons. 4s, Series A, of 1998, and N. Y. C. & H. R. R. R. Ref. & Imp. 4i^3 of 2013, which latter mortgage pro-"idea for the retirement of this issue. I/egal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J„ N. Y., R. I., Vt. and Wis. Market. New York — Bigelow & Co., Simon, Borg & Co., Constable & Fleming, R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Seasongood, Haas & Macdonald, Struthers & Hiscoe, Vilas & Hickey, Joseph Walker & Sons. Grand Rapids — Corrigan Co. Pmiadelphia — Arthur J. Bender, William W. Fogarty, Grahana, Parsons & Co., Mc- Cown & Co., Reed A. Morgan & Co., Morley Wood & Co., Isaao Starr, Jr. & Co. Price Ranee— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 19S0 Coupon. High 101% Feb. 28, '06 71% Oct. 19 liOW. 65 May 28, '20 65 May 28 Registered. High 99% Jan. 23, '06 69 Jan. 7 Low. 65 Aug. 23, '20 65 Aug. 25 liAKE SHORE St MICHIGAN^ SOUTHERN RAILWAY CO. %5-Year Deb. 4s. Due Sept. 1, wan. Dated November 18, 1903. Interest payable March and Sept. 1, at Grand Central Ter- minal. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania, f Authorized and Outstanding. . .$BO,000,000 Denomination — Coupon, $1,000, {5,000. Reg- iBterable as to principal only, or fully resris- terable. Registered, tl.OOO, t6,000, tlO,000. $20,000, $60,000, $100,000 or multiples of $5,000. C. & R. interchangeable. Trustee — Central Union Trust Co., New York, and Frank L. Littleton. Control — See 1st 3%s. Assumed by the New York Central R. R. Co. Secured equally with Debenture 4s of 1931 on 998.04 miles of road, viz. : A second lien on 961.50 miles of road — Miles. Co'<^ered by the first lien of the L. S. & M. S. 1st 3%s 961.60 A third lien on 36.54 miles — Covered by the first lien of the Kala- masoo & White Pigeon 1st 5s 36.54 Also a second lien on 31.83 miles — Covered by the first lien of the L. S. & M. S. 1st 3%s 21.82 Prior Xiiens — $60,000,000 L. S. & Mich. Southern 1st 3%s of 1997 and $400,000 Kala- mazoo & White Pigeon 1st 5s of 1940. Underlies— N. Y. C. & H. R. K. R.-L. S. Coll. 3%s of 1998; N. Y. C. Cons. 4s, Series A, of 1998, and N. Y. C. Ref. & Imp. i'Am of 2013. Bonds are reserved under the latter mortgage to retire this issue. Hasted on the New York and London Stock Exchanges. Mass., Me., Mich., Minn., N. J., Ore., R. I. and Vt. Original Market — $40,000,000 offered in 1904 at 99 and Interest and $10,000,000 in 1905 by J. P. Morgan & Co., the National City Bank and the First National Bank, New York, Drexel & Co., Philadelphia, and Kidder, Pea- body & Co., Boston. Market. New York — Simon Borg & Co., Herzfeld & Stern, R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Seasongood, Haas & Macdonald, Sruthers & Hiscoe, Vilas & Hickey. Boston — R. L. Day & Co. Fhiladelpllia — Biddle & Henry D. Boen- ning & Co., Brown Bros. & Co., Daniel & Co., Elkina, Morris & Co., Harper & Turner, Isaac Starr, Jr. & Co. Price RaoEtt— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1980 High 101% Jan. 9, '06 87% Jan. 12 Low. 76 May 20, '20 76 May 20 LAKE SHORE Ss MICHIGAN SOUTHERN RAILWAY CO. KS-Year Deb. 4s. Duo May 1, 1931. Dated May 1, 1906. Interest payable May and Nov. 1, at Grand Central Terminal, New rork. Tax Status — -2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding. . .$50,000,000 Denominationi — Coupon, $1,000 and $6,000. Regristerable as to principal only, or fully reg- isterable. Registered, $1,000, $6,000, $10,000, $20,000, $50,000, $100,000 or multiples of $5,000. C. & R. interchangeable. Trustee — Central Union Trust Co., New York, and Frank L. Littleton. Assumed by the New York Central R. R. Co. Control — See 1st 3%s. Security — See 4s of 1928. Legality — See 4s of 1928. Listed on the New York and London Stock Exchanges. Original Market — $35,000,000 offered in Feb., 1906, and an additional $15,000,000 of- fered in 1910 at 93% and interest by J. P. Morgan & Co., First National Bank, National City Barik, New York, and Drexel & Co., Philadelphia. Market. New York — Simon Borg & Co., Constable & Fleming, Herzfeld & Stern, Hirsch, Lilien- thal & Co., R. 'W. Pressprich & Co., Prince & Whitely, Redmond & Co., Remick, Hodges & *Co., Seasongood, Haas & Macdonald, Struthers & Hesicoe, Vilas & Hickey. Boston — R. L. Day & Co. Grand Rapids — Corrigan Co. Philadelphia — Biddle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Daniel & Co., Blkifis, Morris & Co., Harper cSfe Turner, Isaac Starr, Jr. & Co. Fxica RiUiga — ^N. Y. S. E. .lan. 1, '09, to Jan. 1, '21 1920 High 96% Feb. 8, '09 84% Jan. 5 Low. 74% Apr. 30, '20 74% Apr. 30 LAKE SHORE ELECTRIC RAILWAY CO. 1st Cons. 6s. Due Jan. 1, 1923. Dated Jan. 1, 1903. Interest payable Jan. and July 1, at Trustee's office or Chaae Na- tional Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,000 Outstanding (Jan. 1, '21) 1,630,000 Retired by S. F 120,000 Reserved to Retire Prior Liens. 2,260,000 Denominationi — Coupon, $1,000. Registerabla as to principal. Trustee — Union Trust Co., Cleevland, Ohio. Sinking Fund — The company shall deliver to the Trustee ten bonds annually from Jan. 1, 1909, to 1914, inclusive, and thirty bonds an- nually 1920-23. If required amount of bonds are not delivered, the company will pay to the trustee a sum equal to the face amount of the bonds not so delivered, which amount the trustee shall, hold and allow interest at the rate of 3 % per annum, the sum to be applied to the payment of bonds at maturity. Organization — Incorporated in Ohio in 1901. The company owns all of the stock of the Lorain St. Ry., owning 25 miles of street and interurban Railway in Lorain, and between Lorain and Blyria, and of the Sandusky, Fre. mont & Southern Ry., owning 20 miles of in- terurban railway from Sandusky to Fremont, Also controls through stock ownership the Peoples' Light & Power Co. and the Bellevus Illuminating & Power Co. Capitalization. OutBtandlng. Common $4,500,000 iBt Pref. (6% cum.) 1,000,000 2d Pref. (5% non-cum.) 2,000,000 Funded debt 5,750,000 Secured by a first mortgage on 70 miles ot interurban railway from. Lorain to Sanduskjf; Ceylon to Norwalk : Sandusky to Norwalk; and Gibsonburg Jet. to Gibsonburg, and second mortgage on 80 miles ot road from Cleveland to Ix>rain and Norwalk to Toledo, The entire road is in Ohio. The road from Cleveland to Lorain and Lorain co Slyrla is double tracked. Sxpress trains are operated between Cleveland and Toledo, 121 miles In four hours and twenty minutes. Through cars are also operated between Cleveland and De- troit and Cleveland and Lima, Ohio. About one-half of the road Is built on private right- of-way, and franchises on remainder have on average life of about ten years from 1914. The company supplies electricity to towns with a population of 20,000. Prior Liens — $1,115,000 Toledo, Fremont & Norwalk E. R. 1st Ext. 6%s of 1925, and $750,000 Lorain & Cleevland Ry. 1st 5s of 1927. Underlies — Gen. Mortgage 6s. Bonds are reserved under that mortgage to retire this Issue. Years ended Dec. 31; Gross. Net. Interest. 1920 $2,699,342 $661,925 $334,890 1919 2,067,225 577,180 339,801 1918 1,734.660 472,860 343,503 1917 1,419,751 465.026 334,577 1916 1,252,234 473,633 339,897 1915 1,097,042 402,982 336,444 1914 1,120,328 441,677 329,832 Market. ' New York — Babcock, Rushton & Co., J. S. Bache & Co., Sam'l Goldschmidt, Fred H. Hatch & Co., Lynch & McDermott. Pliiladelphia — Bauer, Starr & Co., Henry D. Boenning & Co., Huntoon & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '10, to Jan. !•, '21 1930 Bid. Ask Bid. Ask. High 95 '13 100 '10 70 Mar. 75 Feb. IjOW. 60 *20 67^^ *20 60 Dec. 67% Aug. Philadelphia^-Bauer, Starr & Co., Hun- toon & Co. Price Banse. Jan. 1, '11, to Jan. 1, '21 19X0 Bid. Ask. Bid. Ask. High 84% '12 87 '11 58 Sept. 65 Mar. Low. 39 '20 50 '20 39 Mar. 50 Dec. liAKS SHOBS flLECTBIC BAIIiWAY CO. Gen. 5s. Due Feb. 1, 193$. Dated Feb. 1, 1903. Interest payable Feb. and Aug. 1, at Trustee's office or Chase Na- tional Bank, New York. % Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,000,000 Outstanding 2,255,000 Beserred for Prior Liens 4,000,000 Reserved for Ext 317,000 In Treasury 428,000 Denomination— Coupon, $1,000. Reglsterable as to jirincipal. Trustee — Union Trust Co., Cleveland. Organization — See 1st 5s. Secured by a mortgage junior in lieu to that of the 1st 5s on the property described under that issue. Prior Liens — $3,495,000 prior liens, viz.: $1,630,000 1st Cons. 5s of 1923, and prior liens thereto. Kamings — See 1st 6s. Listed on the Cleveland Stock Exchange. Original Market — $1,760,000 offered In 1905 at 97 V6 and interest by Chas. D. Barney & Co. , New York and Philadelphia, Guaranty Trust Co., New York, and Rudolph Kleybolte A Co., Cincinnati. Market. New York — Babcock, Rushton & Co., J. S. Bache & Co., Fred H. Hatch & Co. Cleveland — Borton & Eorton. 696 IJiKE SHORE MOTOR BUS CORP. 1st & Coll. Tr. S. F. 8s. Due Dec. 1, 1935. Dated Dec. 1, 1920. Interest payable June 1 and Dec. 1, at Central Trust Co. of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,500,000 Outstanding: 750,000 Reserved for Corp. Purposes.. 750,000 Purpose of Issue — Issued in connection with the acquisition of the securities and properties by the lien of this mortgage. Denominations — Coupon $100, $500 and $1,000. Trustee — Central Trust Go. of Illinois, Chi- cago. Redeemable at 102^ and interest on any interest date upon 30 days' notice. Sinking Fund — Annually beginning 1923. within 90 days after the date on which its fiscal year ends, a sum ea.ual to 25% of the Company's net earnings after deducting in- terest charges and taxes for such year. The sinking fund payment shall be determined by an audit of the Company's afCalrs, made by a certified accountant selected or ap- proved by the trustee. This fund is to be applied to the purchase or redemption of this issue at not over 102% and interest. Bonds so acquired to be can- cellled. Orgranization — Organized in 1921 to ac- quire all of the stock of the Chicago Motor Bus Co. all of the property or stock of the American Motor Bus Corp. Capitalization Outstanding Common $750,000 Funded debt .n 750,000 Secured by pledge of all of the stock (ex- cept qualifying shares) of the Chicago Motor Bus Co. and by a mortgage on the fixed property of, or all of the stock (except qualifying shares) of, the American Motor Bus Corp. free of any lien on the properties and equipment (unless such lien or liens are deposited with the trustee) and by a first mortgage on all real estate owned or to be acquired by the Lake Shore Motor Bus Corp. The Chicago Motor Bus Co. owns and oper- ates 40 buses in Chicago. In June, 1916, the Chicago Motor Bus Company was granted a franchise for a term of 20 years by the Commissioners of Tjincoln Park, to operate its buses upon cer- tain of the boulevards, parkways and streets of the North Side of Chicago; and in April, 1917, it received a Certificate of Necessity and Convenience from the State Public Util- ities ComTnission governing these routes. In March, 1917, it secured from the South Park Commisisoners a franchise for a term of 20 years, to operate its buses upon cer- tain of the boulevards, parkways and streets of the South Side. As provided in these franchises, it has deposited $25,000 both with the Lincoln Park and South Park Com- missioners. The American Motor Bus Co builds the cars for the Chicago Motor Bus Co. The Company and its subsidiaries own two modern, fire-proof buildings, the garage on Broadway, and the Operating Depart- ment on Rosemont Avenue, and have ar- ranged to acquire a site for a new terminal on Clark Street near "Wilson Avenue. With the completion of the present financ- ing (as of March, 1921), there will be avail- able a fleet of 57 buses, including 26 of the Sixty-Passenger All-Tear Type, the latest development of the Motor Bus Industry. Year ended Nov. 30 (combined) : Gross. Net. 1920 $647,919 $104,320 Origrinal Market — $750,000 offered Feb., 1921, by The Stanwood Co., Chicago. liAKB STREET EUEVATBD BAIUSOAD CO. Ist 6b, Dne Jnly 1, 1928. Dated April 17, 1893. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Oatstandlns '. 4,432,000 In Treasury 668,000 Denomination — Coupon, $1,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Bedeemable at 106 and Interest on any In- terest date. Guaranteed as to principal and Interest by the Northwestern Elevated R. R. Co. Organization and Control — Name changed to Chicago & Oak Park Elevated R. R. Co. That .company is now in hands of receiver. Foreclosure Sale ordered by Judge Kohlsaat of U. S. Dist. Court, Chicago, on July 17, 1913. As of April 1, 1920, road has not been sold. Sccnred by a first mortgage on double track elevated railway from 6th Ave. and Lake St, to 52rid and Lake St.. with spur down Market St. to Madison St. Total single track, 22.66 miles. Franchise expires in 1930. Years ended Jnne 30 (C. & O. F. EI): Gross. Net. Charges. 1919 $1,027,898 $64,618 $622,655 1918 949,763 193,411 607,801 1917 938,288 263,618 484,221 1916 873,267 226,608 449,987 1916 843,682 244,660 433,846 Later earnings included in reports of Chi- cago Elevated Railways. liiBted on the Chicago Stock Exchange. Market. New York — Babcock, Rushton & Co. Price Range. Jan. 1, '00, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 89 '12 92 '09 30 Mar. 46 Nov. Low. 20 '20 SO '18 25.. ov. 36 Nov. LAKE SUPERIOR & ISHPEMING RAILWAY 1st Serial 6s. Due $70,000 each Feb. 1 to 1931. Dated Feb. 1, 1911. Interest payable Feb. and Aug. 1, at Citizens* Savings & Trust Co., Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,400,000 Outstanding (Jan. 1, '21) 496,000 Retired Serially 630,000 Retired by S. F 274,000 Denomination — Coupon, SlOO, $600 and $1,- ♦Ot. Registerable as to principal. Trustee — Citizens' Savings & Trust Co., , Cleveland. Bedeemable on any interest date at 101 and interest in reverse of numerical order. Sinking Fund — Five cents per ton on all iron in excess of 1,500,000 tons shipped over the lines and docks during the preceding fiscal year. Organization and Control — Incorporated in 1893 in Michigan. Controlled by Cleveland-Cliffs Iron Co., through stock ownership. Capitalization. Outstanding. Common $1,000,000 Funded debt 496,000 Secured by a first mortgage on 34 miles of railroad from Presque Isle, a suburb of Mar- quette, to Jopling, Mich., and on extensive dock properties at Presque Isle. Years ended Dec. 31: Gross. Net. Interest. 1919 $1,003,270 $532,664 $35,252 1918 1,480,768 448,167 47,863 1917 791,252 203,103 73,834 1916 828,113 224,313 80,638 Original Market — Ottered to stockholders of Cleveland-ClifEs Iron Co., at par, June, 1911. LAKE SUPEEIOR CORPORATION Non-Cum- ulative Income 6s. Due Oct. 1, 19^4. Dated Oct. 1, 1904. Interest payable Oct. 1, if earned. 6% was paid in 1906, 2%% in 1910 and 1911 and 6% in 1912, 1913 and 1917, 1918, 1919 and 1920. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding (Jan. 1, '21) 2,773,000 Kedeemed 227,000 Denomination — Coupon, $600 and $1,000. Trustee — Real Estate Trust Co., Phlladei- phia. Bedeemable at 105 on four weeks' notice. Organization — Incorporated in New 'Jersey In 1904. Owns entire capital stock of the Algoma Steel Corporation. The company con- trols extensive Iron foundries, steel milla and ore deposits in the vicinity of Sault Ste. Marie, Ontario, and Coal Lands in West Vir- ginia. Capitalization. Outstanding. Common $40,000,000 Funded debt 8,051,000 Security — A direct obligation of the com- pany but not secured by mortgage or col- lateral. J Earnings — See 1st & Coll. Tr. 5s. Listed on the Philadelphia and London Stock Exchanges. Original Market — First offered to stockhold- ers in 1904 at time of reorganization. Market. Philadelphia — Geo. N. Fleming. Price Bange. Jan. 1, '08, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 82% '12 83% '12 67 Apr. 59 Jan. Low. 24 '08 27 '16 48 July 61 May LAKE SUPERIOR COBPOBAXION 1st & Coll. Tr. 58. Dne June 1, 1911. Dated June 1, 1904. Interest payable fune 1 and Dec. 1, at Bank of Montreal, Montreal, New York and London. Tax watus — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding (Jan. 1, '21) 5,278,000 Retired 4,722,000 Denomination — Coupon, $1,000. Trustee — United States Mortgage and Trust Co., New York. Bedeemable at 106 and Interest on four weeks' notice. Organization, etc. — See Income 6s. Secured by a first Hen on a portion of th« property of the Algoma Steel Corp., and by deposit of $6,800,000 Algoma Steel Corp. Pur- chase Money Bonds Underlies — Inc. 6b of 1924 and the Algoma Steel Corp. 1st and Ref. 6s of 1962, which provide for the retirement of this issue. Years ended June 30: Net. Int. & Exp. 1920 $655,388 •$525,115 1919 1,393,768 '490,273 1918 1,048,759 •498,485 1917 453,833 •459,819 1916 335,760 310,305 1816 369,033 367,371 •Includes interest ($160,000) on income bonds. Listed on the Philadelphia Stock Exchange. On^nal Market — $5,000,000 offered by the Bank of Montreal, Montreal, New York, etc. In 1909 at 90 and interest. _. Market. New York — Hartshorne & Eattelle, Fred H. Hatch & Co. PliUadelphiar— Barnes & Lofland, Bauer, Starr & Co., Geo. N. Flemingr, William W. Forgarty, McCown & Co., Samuel McCreery & Co., Parsly Bros. & Co. Price Range. Jan. 1, '13, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. Hi&h 90 '13 95 '12 60 Jan. 65 Jan; Low. 48 '20 54 '20 48 Aug. 54 July JiAJKE SVPERIOB PAPER CO., LTD., Ist to. l>ae March 1, 1941. Dated March 1, 1911. Interest payable March 1 and Sept. 1, at the Imperial Bank of Canada, Toronto or Motreal, or at Mait- land, Coppell & Co., New York. Payment of interest on these bonds was re- sumed Sept. 1, 1916, and all postponed inter- est was paid on and after March 1, 1920. See "Mortgage Amendment." Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstanding: 4,885,633 Redeemed 114,367 DenonUnation — Coupon, £100 and £500. Trustee — JRoyal Trust Co., Montreal. Redeemable for sinking fund after March 1, 1915, at 105 and interest on six months* notice. See * 'Mortgage Amendment." Sinking Fund — Annually on and after March 1, 1915, 2% of outstanding bonds for the purchase or redemption of these bonds at not exceeding 105 and interest. See ' 'Mortgage Amendment. ' * Guaranteed principal and interest by the Spanish River Pulp & Paper Mills, Ltd. Organization and Conitrol— ^Incorporated in Canada in 1911. Controlled by the Spanish River Pulp & Paper Mills through ownership of entire stock. Capitalization. Outstanding. Common , .$6,000,000 Preferred C67o non-cum.) 3.000,000 Funded debt 4 885,633 Secured by a first mortgage on large pulp mills at Sault Ste. Marie, Ontario, with a capacity of 55,000 tons groundwood pulp per annum and 50,000 ton s of sulphite per an- num, and mills with capacity of 65,000 tons of newspaper. The company has exclusive rights for pulp wood on 1,665,000 acres at 40 cents per cord" for first 10 years and 50 cents per cord thereafter, together with other valuable concessions. Mortgage Amendment — In December, 1914, the mortgage bondholders approved of the following changes in the provisions of the mortgage : Postponing the payment of the interest on these bonds which fell due on the Ifit day of September, 1914, and the interest on the said Bonds ■■vhich will fall due in the year 1916 and on the Ist day of March, 1916, until the 1st day of June, 1922, or until pre- viously thereto, the company shall give six calendar months' notice of its intention to pay the same and filrther of postponing for a period not exceeding five years the coming In- to operation of the provisions contained in the said Trust Deed relating to the formation of a Sinking Fund for the redemption of the aald bonds. Underlies — Spanish River Pulp & Paper Co. Ltd. Gen. Mtge. under which bonds are reserved to retire this issue. £» 31 (A. P. S. Co.): Net. Int. & S. F, 1919 $304,921 «77,441 1918 337,213 99.073 1917 461,229 97,064 Market. Boston^ — George A. Fernald & Co. lANCASTEE COUNTY BT. & UGHT CO. 1st CoU. Tr. 5s. Dae July 1, 1951. I>ated July 1, 1901. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New Jersey and Pennsylvania. Authorized $1,000,000 Outstanding 1,000,000 Denomination — Coupon, $500 and $1,000. Regristerable as to principal. Trustee — Lancaster Trust Co., Lancaster, Pa. Organization and Control — Incorporated in 1901 in New Jersey as a holding: company. Controls througli stock ownership the follow- ing companies: Conestoga Traction Co. (which controls the Conestoga Realty Co.), Edison Slectrlo Co., Lancaster Gas Light & Fuel Co. (which controls the Columbus Gas Co.), and Lancaster Electric Light. Heat & Power Co. All the common stock of the company is owned by the United Gas & Efectric Corp. of Conn. Through subsidiaries controls all the gas and electric business In the cities of Lan- caster and Columbia and practically all of Lancaster County, Pa., and about 163 miles of street and interurban railway track leased and operated by the Conestoga Traction Co. Franchises are perpetual. Capitalization. Outstanding. Common $1,607,600 Preferred (5% cum.) 1,248,100 Funded debt 1,000.000 Secured by a lien on the property described above by deposit of $3,999,700 of the $3,999,- 950 capital stock of the Conestoga Traction Co.; $1,982,500 capital stock of the Edison Electric Co.; $750,000 capital stock (entire outstanding) of the Lancaster Gas Light & Fuel Co.; and $100,000 capital stock of the Conestoga Realty Co. Prior Lieois — $5,039,700 bonds of subsidiary companies. Years ended Dec. 31: Bond Net. Interest 1920 $402,869 $50,000 1919 384,406 50,000 1918 330,552 50,000 Market. Ijftncftster — McClain & Co. Pliilfldelphia — Henry D. Boenning & Co., Huntoon & Co., McCown & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '17 100 '17 84 May . . Low. 85 '19 83 '20 80 Nov. 83 Nov. Authorized $1,000,000 Outstanding (Feb. 21, ,'21) 910.000 Retired 90,000 Denomination — Coupon, $ 6 0. Reglsterable as to principal. Trusrtee — Central Trust Co. of Illinois, Chi- , cage. Redeemable at 102% and interest on any interest date. Organization — Incorporated in Michigan m 1906 as successor to Lansing Gas Light Co. Capitalization. Outstanding. Common $700,000 Funded debt 910,000 Secured on a first mortgage on plant sup- plying gas to Lansing, Mich. Franchise In city has been annulled and in township ex- pires in 1937. Underlies — $743,000 1st Ref. & Ext. 5b. Bonds are reserved under that mortgage to retire this issue. Earnings — Company does not report earn- ings. Original Market — $100,000 offered, 1907, at 95 and interest by The C. H. Gelst Co.. Phila- delphia; offered In 1909 at the same price by Baker, Ayllng & Co., Boston and Philadel- phia, and H. F. Bachman & Co., New Tork and Philadelphia; offered In 1910, at the same price, by Baker, Ayling & Young, Boston. Philadelphia, etc. Extension was arranged through C. H. Geist & Co., Philadelphia. Market. Pliiladelphia — Reed A. Morgan & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 961/2 '16 99 '17 87 July 90 Nov. Low. 80 '20 89 '20 80 Nov. 89 Jan. lANSEVG FUEL & GAS CO. Cons. Ext. 7s. Due April 1, 1931. Dated June 23, 1906. Extended April 1, 1921, with interest increased from 59. In- terest payable April and Oct. 1, at Central Trust Co. of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. IiARABEE FLOUR MILLS CORP. (THE) 7% Notes. Due $150,000 each Jan. 1, from 1921 to 1925, inclusive. Dated Jan. 1, 1920. Interest payable Jan. 1 and July 1, at St. Louis Union Trust Com- pany, St. Louis, or Bankers' Trust Company, New Tork. Tax Status — 2% Federal Income Tax paid by the pompany without deduction. Authorized $750,000 Outstanding 750,000 Purpose of Issue — To provide additional working capital. Denomination — Coupon, $1,000, $500; regrls- terable as to principal. Trustee — St. Louis Union Trust Company, St. Louis. Redeemable as a whole or by series (latest maturity outstanding being callable first) on any interest date, on not less than 30 days' notice, at a premium of 2%% on notes matu- ring in four and one-half years from the re- demption date ; 2 % on notes maturing three and one-half or four years from redemption date; 1%% on notes maturing two and one- half or three years from redemption date ; 1% on notes maturing one and one-half or two years from redemption date ; % % on notes maturing one year or less from the re- demption date. Organization — Incorporated in Missouri. Business established In 1898. The company owns six manufacturing plants with a total daily capacity of 13,000 barrels located In St. Joseph and Clinton. Mo. , Wellington. Hutchinson, Marysvllle, Kans., and Sioux Falls, S. D., and general offices in Kansas City. Mo. Capitalization. Outstanding. Common $2,441,400 1st Pref. (7% cum.) 360,000 2d Pref. (6% cum.) 1,220,700 Funded debt 750,000 Security — ^A direct obligation of the com- pany but not secured by a mortgage. These notes constitute the only funded Indebtedness of the company. Under the provisions of the Indenture company covenants during the life of these notes not to place any mortgage on any of its properties or create any funded debt of any kind or character except purchase money mortgages on new properties hereafter acquired (securing an indebtedness not ex- ceeding 60% of the purchase price of such properties), and maintain at all times net quick assets equal to 160% of the notes out- standing. Years ended June 30: Gross. Net. 1919 $14,622,986 $365,571 1918 12,463,305 731,732 1917 8,463,628 468,917 Orlgluia.| Market — $760,00,0 offered Jan., 1920, by McCluney & Co., Pape, Potter & Kauftman, Inc., First National Bank and Mark C. Steinberg &, Co., St. Louis, and Stern Brothers & Co., Kansas City, Mo., at 100 and intej-est. ]Miirket. Detroit — Waltling, Lerchen & Co. St. lyouis — Mortgage Trust Co. Price Bange 1980 — Ask 100, Bid 9?. IaArasiie, hahn'S pbakb & PACinc KAtLWAY Ist 68. Due July 1, 1939. Dated July 1, 1904. Interest payable Jan. and July 1, at American Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding $240,000 Denomination — Coupon, $1,000. Trustee — American Trust Co., Boston. Control — Incorporated In Wyoming in 1901, placed in hands of receiver in 1912, and re- organized in 1914 aa the Colorado, Wyoming & Eastern By, Co. Secured by a first mortgage gji 68 miles of road from a connection with the Union Pacific By. Co. at Laramie, Wyo., to the Colorado- Wyoming state line. Underlies — Col., Wyo. & East Ey. 1st & Ref. 6s of 1934, which provide for the retire- ment of this issue and Gen. Inc. 6s; Earnings — The Colorado, Wyoming & East- em Ry. Co. 1st & Ref. 6s. Original Market — Offered by The Isaac Van Horn Co., Boston and Cleveland, at par and Interest, Nov., 1904. Market. New York — Wolff & Stanley. Philadelphia — Barclay, Moore & Co. Boston — Charles A. Day & Co., H. C. Spiller & Co. Price Range. Jan, 1, '16, to Jan. 1, '21 1920 Bid. Ask. High 78 '16 85 '16 Not Low. 65 '19 71 '19 available liATROBE-CONNELtSVIUjE COAL & COKE CO. 1st S. F. 68. Due June 1, 1931. Dated June 1, 1911. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 89 Federal Income Tax paid by the company without deduction. Tax ex- empt in Pennsylvania. Authorized $2,000,000 Outstnndingr (Feb. 1, '21) 741,000 Retired by S. E 702,000 Reserved for Ext 300,000 Denomination — Coupon, 1,000. Eegisterable as to principal. Trustee — Commercial Trust Co., Philadel- phia, Pa. Redeemable as a whole at 105 and interest. Sinking Fnnd — 10 cents per ton of 2,240 pounds, on all coal mined and shipped, and 15 cents per ton on all coke manufactured and shipped, with a minimum payment suffi- cient to retire $86,000 bonds annually. Bonds to be purchased in open market at not to ex- ceed 102 and interest. Organization — Incorporated In Pennsylvania in 1905 and is controlled by Interests affiliated with the Keystone Coal & Coke Co. Capitalization. Outstandtne. Common $1,600,000 Funded debt 741,000 Secured by a first niortgage oh 2,246 acres of coal lands in the Latrobe field CConnells- vlUe coal); 1,991 acres in Lemmon field (Up- per Freeport Coal) and 2,111 acres surface land, mining plants and equipment. Property Is appraised at more than $2,666,543. The Latrobe field is underlaid by the celebrated Connellsville Basin coal, while the Lemmon field contains Upper Freeport coal with suffi- cient surface for development. Original Market — $1,700,000 offered in 1911 at 101 and interest by William Salomon & Co., New York, and Montgomery, Clothier & Tyler, Cassatt &. Co., Philadelphia. Market. New York — Hartshorne & Battelle. Fliiladelplua — Bauer, Starr & Co., Henry D. Boenning & Co., Elkins, Morris & Co., McCown & Co., Samuel K. Phillips & Co. Pittsburgh — Moore, Leonard & Lynch. Price Range, Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101% '16 102% '16 99 Mar. 100 May Low. 91 '17 96 '17 95 June ... LATROBE WATER CO. 1st S. F. 6s. Dae March 1, 1949. Dated March 1, 1919. Interest payable and Sept. 1, at Latrobe Trust Co., Latrobe, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,000,000 Outstanding 650,000 Reserved for Ext 360,000 Denomination — Coupon, $1,000; register- able as to principal. Trustee — Latrobe Trust Co., Latrobe, Pa. Redeemable on 60 days' notice on any In- terest date after Sept. 1, 1922, at 103 and Interest. Organization and Control — Incorporated In Pennsylvania. Controlled through stock owner- ship by the United Service Co. Capitalization. Outstanding. Common $250,000 Funded debt 650,000 Secured by a first mortgage on plant sup- plying water to Latrobe, Pa. . Market. Scranton — Weissenfluh & Co. 69> lAUREL (Miss.) UGHT Si RAILWAY CO. Ist 6s. Due July 1, 1936. Dated December 12, 1911. Interest payable January 1 and July 1 at Fidelity Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding 420, 000 Reserved for Prior Liens 80,000 Reserved for Extensions, etc.... 12,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., New York. Organization — Incorporated In Mississippi in 1912 as successor to Laurel Electric Power & Light Co. Capitalization. Outstanding. Common $425,000 Preferred (6% cum.) 75,000 Funded debt 495,000 Secured by a first mortgagre on ,6.5 miles of street railway in Laurel, Miss., and 9.5 miles extending from Laurel to EllisvHIe and a aeo- ond mortgage on plant supplying electric light and power In Laurel and ElUsvlUe. Elec- tric railway lines outside of corporate limits and two miles of lines in Laurel are on pri- vate right-of-way. Franchises In Laurel ex- tend to September, 1936, and in BUisville to March, 1937. Prior liien — $75,000 Laurel Electric Power & Light Co. 1st 6s, due 1931. Years ended Deo. 31: Gross. Net. Interest. 1920 $204,976 81,070 1919 188.023 63,068 •1918 128,201 60,371 29,280 •Tear ended April 30. Original Market — Offered in 1914 by Guy M. Walker at 100 and interest. Market. Boston — Pond Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 84 '17 100 '17 72 June 75 Mar. Low. 70 '20 . . 70 June TjWRENTIDE power CO., Ltd., let S. F. 5s. Bue Jan. 1, 1946. Dated Jan. 1, 1916. Interest payable Jan. 1 and July 1 at Bankers' Trust Co., New York, and Bank of Montreal. Montr'eal and London. Tax Status — Paymont of Federal Income Tax not assumed by company. Authorized $7,500,000 Outstanding (Jan. 1, '21) 7,418,000 Retired by S. F 82,000 Denfomination — ^Coupon, $1,000. Register- able as to principal. Trustee — The Royal Trust Co., Montreal. Redeemable on or after Jan. 1, 1920, as a whole on any interest date on three months' notice or in part for sinking fund at 105 and Interest. Sinking Fund — A nnual ly, beginning Jan. 1 , 1920, 1% of all bonds issued plus interest on bonds retired by this fund. This fund is to be applied to the purchase or redemption of these bonds at not over 105 and interest. It is estimated that this fund will retire about one-half of entire issue by maturity. Organization and Control — incorporated in Canada in 1915 to take over the power prop- erties of the Laurentide Co., Ltd. Capital stock, authorized and outstanding, $10,500,000, Operated by the Shawinigan Water & Power Co. Capitalization. Outstanding. Common $10,500,000 Funded debt 7,418,000 Secured by a first mortgage of the entire property of the company and also by pledge of contracts mentioned below. The property of the company includes a hydroelectric plant, with an installed capacity of 125,000 h. p., situated on the St. Maurice River at Grand Mere, Province of Quebec. Also owns in fee lands and water rights on both banks of the river for eight miles above the plant. The Laurentide Co. , Ltd. , has contracted 37,500 h. p. under a flfty-year contract. The Shawinigan Water & Power Co. has con- tracted for all the power over and above the 37,500 h. p. taken by the Laurentide Co., Ltd. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $1,033,176 $866,792 $434,538 1919 837,737 671,076 387,125 1918 855,045 686,768 375,000 Original Market— Oifered Aug., 1916, by Stone & Webster, Boston and New York, and Aldred & Co., New York, at 90 and interest. Market. New' York— Aldred & C, Ltd., Fred H. Hatch & Co., Earle A. Miller & Co., W. J. Minsch & Co., Inc. Boston — L. Sherman Adams, Moors & Cabot, E. A. Watson & Co. Philadelphia — Bauer, Starr & Co., Henry D. Boenning & Co., Blkins, Morris & Co., Jbseph W^. Gross & Co., Samuel McCreery & Co., Paul & Co. Baltimore — William E. Holloway. Montreal — Nesbitt, Thomson & Co., Ltd., Mackenzie & Kingman. Price KojuBB. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 89 '16 92 '17 90 Mar. 93 Mar, Low. 72^^ '20 74 '20 72^ Dec. 74 Dec. 700 lAWRBNCE (Mass.) GAS CO. 30-Year 1st 7s. Due Aug. 1» 1940. Dated 'A.ug. 1, 1920. Interest- payable Feb. 1 and Aug. 1, in Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authoidzed — Limited to the total amount of capital stock outstanding together with premium paid on same. Outstanding: $1,500,000 Provisions of Issue — Additional bonds may be issued when net earnings for 12 consecu- tive months within the preceding 14 months shall have been at least twice the annual interest on all bonds of this issue then out- standing and those proposed to be issued. Purpose of Issue — ^To provide for retire- ment of 300,000 1st 4s due Aug. 1, 1920, and to fund floating indebtedness. Denominations — Coupon, $1,000 and $500; registerable as to principal only, or fully registerable. Trustee — Boston Safe Deposit & Trust Co., Boston. Redeemable as a whole only on 60 days' notice on any interest date from Aug. 1, 1925, to and including Feb. 1, 1930, at 109 and interest; thereafter to and including Feb. 1, 1935, at 106 and interest ; there- after to and including Aug. 1, 1937, at 103 and interest ; and thereafter at 101 % and interest. Org'anization — Incorporated in Massachu- setts in 1849. Capitalization. Outstandihg. Common $2,578,100 Premium paid in 655,046 Funded debt 1,500,000 Secui-ed by a first mortgage on all the property of the company, now owned or hereafter acquired. "The property covered includes plants supplying electric light and power, and gas in Lawrence, Methuen, An- dover and North Andover and electric light and power in Boxford, Mass. Pranch'ses are without time limit. Years ended June 30: Gross. Net. 1920 $1,541,902 $338,380 1919 Not available. 1918 1,085,893 246,144 55,161 1917 1,015,085- 289,830 74,032 ♦Interest on this issue. Tjesral for Mass., N. H., Vt. and R. I. Original Market — $1,500,000 offered July, 1920, by Harris, Forbes & Co., New York, Harris, Forbes & Co. , Inc. , Boston, ana Harris Trust & Savings Bank, Chicago, at 100 and interest. Interest. ♦$105,000 I.ELWIINGTON & ST. CliAIB RAILWAY CO. Ist 4s. Due October 1, 1946. Dated October 1, 1896. • Interest payable April and October 1, at Bank of Montreal, N. T. and Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstandins $130,000 Denomination — Coupon, $1,000. Kegiater- able as to principal. Trustees — James Rosa and Nicol KingsmiU. Guaranteed principal and interest by the Canada Southern Ry, Co. by endorsement. Interest guaranteed under terms of l^aae by Michigan Central R. R. Co. Control — Absorbed by the Canada Southern Railway Co. A majority of the stock of that company is owned by the Michigan Central R. R. Co., which leases its property for 999 years. Rental 3% dividend on stock and In- terest on bonds. Secured by a first mortgage on 13.80 miles of road from L,eamington to Comber Station, Ont. Underlies — Canada Southern Ry. 1st & Ref. Cons. 5s of 1962, under which bonds are re- served to retire this issue. Market. New York — Fred H. Hatch & Co., Charles W. Place. Pittsburgh — R. B. Hutchinson & Co. I^EAVENWOBTH LIGHT, HEAT & POWER CO. 1st 5s. Due Sept. 1, 1923. Dated September 1, 1908. Interest payable March and Sept. 1, at Truatee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding: 675, 000 Reserved for Ext ^ 325,000 Deauomlnatlon — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — ^New York Trust Co., New York. Redeemable at 105 and interest on any in- terest date on four weeka' notice. Organization and Control — Incorporated in Kanaaa in 1908. The Leavenworth Light, Heat & Power Co. ia controlled by the United Gas & Electric Co. of New Jersey through ownership of its entire capital stock, which company in turn is controlled by the United Gas & El. Corp, of Conn. Capitalization. Outstanding. Common $600,000 Preferred (7% cum.) None Funded debt 675,000 Secured by a first mortgage on plants sup- plying gas and electricity to Leavenworth and Fort Leavenworth, Kan. Population served, 32,000. Franchises expire in 1927. Years ended Dec. 31: Groaa, Net. Int., etc. 1920 348,660 $36,148 •$33,750 1919 317,908 76,148 44,909 1918 260,265 19,166 34,608 1917 246,437 46,846 33,760 1916 229,609 62,188 33,760 1916 217,923 66,286 33,760 ♦Bond intereat only. Original Market — $600,000 offered in 1909 at 94% and intereat, by Bertron, Griscom & Jenks, New York and Philadelphia. Market. Philadelphia — Bauer, Starr & Co. Price Range. Jan. 1, '11, to Jan. 1, '31 1920 Bid. Ask. Bid. Aak. High 94 '11 97 '15 60 July 70 July Low. 88 '16 89 '16 50 Oct. 70 Oct. UEIAVBNWORTH TERMINAL. RY. Si BRIDGE CO. 1st 6s. Due Jan. 1, 1B33. Dated Jan. 1, 1893. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding 660,000 Held in S. F : 40,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New Fork. Redeemable at " 1 5 and interest. Sinking ITund — 10% of gross earnings an- nually. Bonds acquired by this fund are to be held alive. Organization and Control — Incorporated In Kansas in 1892. All of the stock is owned by Chicago Great Western R. R. The bridge is used by the Burlington System and Chi- cago, Rock Island & Pacific Ry. at an annual rental of $16,000 each, under a lease which expires March 14, 1922; and by the Chicago Great Western R. R. at an annual rental of $14,300 under a lease expiring in 1925. Capitalization. Outstanding. Common $600,000 Pundec} debt 660,000 Secured by a first mortgage on bridge over Missouri River at Leavenworth, Kan., and also on terminals in Leavenworth. Years ended Dec. 31: Gross. Net. Int. & Rent. •1919 $43,683 $44,028 $30,947 tl919 11,114 28,772 •1918 43,583 42,401 30,627 tl918 13,318 28,389 1917 26,244 45,046 28,502 1916 21,008 38,052 29,077 •Corporate account. tFederal account — standard return not in- cluded. Market. New York — Fred H. Hatch & Co. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 87 '11 95 '12 55 May 76 May Low. 60 '17 62 '20 60 ' 62 May liEBANON GAS & EUEL CO. 1st 68. Due March 1, 1956. Dated May 1, 1906. Intereat payable March and Sept. 1, at Office of Trustee, or agrency of company. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $600,000 Outstanding 311,000 In Treasury 1,000 Pledged on Loans 66,000 Reserved for Corporate Purposes 132,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date at 105 and interest upon two months' notice. Collateral T^st Funa — Provides for the right to call on any Interest date, in whole or in part by lot, bonds at 105 and accrued interest to place in fund known as "Col- lateral Trust Fund," Bonds may be kept alive and reissued. Organization and Control — Incorporated in Pennsylvania in 1906 as successor of Leb- anon Gas Co. The Cities Service Co. owns 25.36% of the stock. Capitalization. Outstanding. Common $500,000 Funded debt 311,000 Management — Doherty Organization of New York. Secured by a first mortgage on plant sup-^ plying artificial gas to Lebanon, Pa., and vi- cinity. Poulation served, 23,000. Company wholesales artificial gas, tinder a fifteen-year contract, to towns of Annville, Palmyra, Herahey and Hummelstown with a combined population of about 10,000. Company operates under 3tate Charter, granted March 29, 1856. by the Legislature of the State of Pennsylvania. Thla charter is unlimited as to duration. Market. New York — Fred H. Hatch, Berdell Bros., Wolff & Stanley. Price Kang:e 1920 — Ask 70. IaEBANON valley iron & STEEL CO. 1st S. F. 68. Due March 1, 1939. Dated March 15, 1919. Interest payable March and Sept. 1st, at Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania, Authorized $750,000 Outstanding 500.000 Reserved for Prior Lien 37,000 Reserved for Imp 213,000 Provisions of Issue — ^Additional bonds are Issuable for 70% of cost of improvements and betterments when net earnings are three times interest charges, including interest charges of bonds outstanding and those to be issued. Purpose of Issue — To provide funds for building a rotary plant and billet mill at Lebanon, Pa. Denomiuation — Coupon, $1,000. Trustee — Commercial Trust Company, Phil- adelphia. Redeemable on any interest date at 105 and Interest. Sinking Fund — Annually S25,000, beginning Feb. 1, 1920, for the purchase or redemption of these bonds at not over 105 and interest. Bonds acquired are kept alive and interest added to fund. Organization — Incorporated in Pennsylvania on Feb. 10, 1910. Capitalization. Outstanding. Common $923,393 Preferred (7% cum.) 999,800 Funded debt .- 500,000 Secured by a first mortgage on four finish- ing mills, ten puddling furnaces and bolt and nut factory at Lebanon, Pa. , and a second mortgage on two finishing mills and twelve puddling furnaces at Duncannon, Pa. Prior Lien — $37,000 mortgage on property at Duncannon. v Years ended Dec. 31: Net. Dep'n. 19-18 $333,783 $163,532 1917 548,607 183,211 1916 336,336- 50,000 Original Market — OfEered in April. 1919. by Lloyd & Palmer, Philadelphia, at 97 and In- terest. Market. Philadelphia — Lloyd & Palmer, Paul & Co., McCown & Co. Price Rang-e 1920 Bid. Ask. High S5 90 Low 75 85 liEBANON VALMBY STREET RY. 1st 5s. Due July 1, 1929. Dated July 1, 1899. Interest payable Jan. and July 1, at Real Estate Title Ins. & Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized and Oatstandine $500,000 Denomination — Coupon, $100, $500 and $1,- 000. Trustee — Real Estate Title Ins. & Trust Co., Philadelphia. Guaranteed as to Interest by 900-year lease to Reading Transit A Light Co. Organization and Control — Incorporated In Pennsylvania in 1899 as a consolidation. Practically all of stock owned by tlje United Power & Transportation Co., a subsidiary of the Interstate Rys. Co. and property leased to Reading Transit & Light Co. at an an- nual rental of interest, taxes and $40,000. Capitalization. Outstanding, Common $500,000 Funded debt 500,000 Secured by a first mortgage on 22 miles of electric railway in and around Lebanon, Ann- ville and Myerstown, Pa. Population served, about 35,000. Market. Philadelpliia — Huntoon & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 Bid. Ask. High 99 '16 101^ '17 Low. 80 'IS 1920 Bid. Ask. 75 Dec. 60 75 liEGOETT (Francis H.) & CO. 1st 6s. Dae July 1, 1922. Dated July 1, 1902. Interest payable quar- terly, Jan., Apr., July and Oct. 1, at Colum- bia Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 757,000 Denomination — Coupon, $100, $500 and $1,- OOn. Trustee — Columbia Trust Co., New York, Convertible — Privilege expired July 1, 1914. Organization — Incorporated in New York In 1902 as successor to company of the same name. Capitalization. Outstanding. Common $500,000 Preferred (6% cum.) TDO.OOO Funded debt 1,000,000 Secured by a first mortgage on business property at 128 Franklin St., and warehouse and stables at 2 and 3 Congress St.. New York City. The company is engaged in the manufacture, importing and wholesaling of groceries. Market. New York — Fred H. Hatch & Co. 702. LEHIGH & LAKE ERIE RAILROAD CO. 1st 4^». Due March 1, 1957. Dated March 1, 1907. Interest payable March and Sept. 1, at office of Lehigh Valley R. R. . Philadelphia, and J. P. Morgan & Co.. New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .. .$3,000,000 Denomination — Coupon, $1,000. Register- able as to principal or fully reerlsterable. Trustee — United States Mortgage & Trust Co., New York. Redeemable at 105 and interest on any In- terest date upon 60 days' notice. Guaranteed principal and interest by the Lehigh Valley R. R. Co. by endorsement. Control — Absorbed by the Lehigh Valley Railway Co., of New York. All of the stock of that company is owned by the Lehigh Val- ley R. R. Co., which leases Its property for 999 years. Secured by a first mortgage on 10.93 mile* of double-tracked road from TIfft Farm Junc- tion to Tifft Farm Terminal, Buffalo, N Y. Underlies — L. V. Ry. Co. 1st 4%s. !Legal for aavinss banks In Cal.. Me., Mlcb.. Minn.. N. H., N. J. and R. I. Market Philadelphia — Biadle & Henry, Henry D. Boenning & Co., Graham, Parsons & Co., Parsly Bros. & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 95 '16 85 Jan. 93 Jan. Low. 70 '20 93 '19 70 Aug. 93 Jan. 1.X;HIGH Si NEW BNGIAND KALLKOAD 1st 5s. Due July 1, 1945. Dated July 1, 1895. Interest payable Jan. and July 1, at Company's office, Philadelphia. Tax Status — 3% Federal Income Tax paid by company without deduction. Tax exempt In New Jersey and Pennsylvania. Authorized aud Outstanding $1,000,000 Denomination — Coupon, $1,000. Register- able aa to principal. Trustee — Fidelity Trust Co., Philadelphia. Organization and Control — Incorporated in Pennsylvania in 1896. Controlled, throush stock ownership, by the Lehigh Coal & Navi- Eation Co. Dec, 1913, acquired the property of the Panther Creek R. R. Co., owning 32 miles from Tamaaua to Nesauehonlns. The company operates a total of298.80 miles of road. Capitalization Outstanding Common (Par $50) $6,800,000 Funded debt 6,630,000 Secui-ed by a first lien on 193.95 miles — Miles Hauto, Pa., to Hainesburg Jet., N. J... 65.95 Swartswood Jet., N. J., to Liberty Cor- ners, N. Y 20.95 Slate Jet. to Slatington, Pa 6.23 Bethlehem Jet. to Benders Jet., Pa.... 19.78 Bath Jet. to Martin's Creek, Pa 18.01 Crane Jet. to Catasauqua, Pa 6.31 Gap Jet. to Palmerton, Pa 1.23 Saylorsburg Jcti to Saylorsburg, Pa.... 6.91 Hauto to Nesquehonlng, Pa 4.07 Allentown Jot. to AUentown, Pa 4.80 Branches 41. 00 Also secured on leasehold interests In 8.40 miles — Campbell Hall Connecting R. R. Co. — Liberty Corners, N. T., to Pine Island Jet., N. T Pochuck Railroad Co. — Glenwood Jet.. N. T., to Glenwood, N. J Brknch, Alba, N. T., to Empire Quar- ries, N. Y Also secured ' upon 96.69 miles of trackage rights, principally: New York, Susquehanna & Western R. R. Co. — -Hainesburg Jet., N. J., to Little Ferry, N. J T9 . 50 Erie Railroad Co. — -Pine Island Jet., N. Y., to Campbell Hall, N. T 16.84 At Campbell Hall, N. T., connection is made with the Central New England R. R., form- ing a through route from the anthracite coal fields to New England points. Underlies — Gen. 6s of 1954, under which bonds are reserved to i-etire this issue. Years ended Dec. 31: Gross. •1920 $1,897,103 •1919 1,135,761 tl919 3,981,318 • 1918 1,135,761 ■fl918 3,989,895 1917 3,666,667 1916 3,074,265 •Corporate Income Account. tPederal Income Account, standard return not included. 4.08 3.43 0.86 Net. Int. & Rent 11,255,423 $411,726 1,163,334 601,824 1,018,801 61,780 1,159,766 521,182 1,270,325 61,915 1,395,200 499,724 1,419,167 470,029 Ijegral for Cal., Me., Mich., Minn., Mo.» N. H., N. J., Ore., Ohio, R. I, and Wis. Market. Philadelphia — Bauer, Starr & Co., Biddle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Graham Parsons & Co., Hun- toon & Co., Parsly Bros. & Co., Isaac Starr, Jr., & Co., "Welsh Bros., Wheeler, Elliot & Mann, Wurts, Dulles & Co. Price Rang:e. Jan. 1, *11, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 106 '16 109 '11 98 Mar. 101 Feb. Low. S3 '20 87 '20 83 June 87 Nov. I.SHIGH & NEW ENGIAND RAILROAD CO. Gen. 5s, Series "A." Due July 1, 1954. Dated July 1, 1914. Interest payable Jan. 1 and July 1, at company's office, Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and New Jersey, Authorized $15,000,000 Outstanding "A" 4,000,000 Reserved for Prior I/ien 1,000,000 Reserved for Ext 10.000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guarantee Trust & Safe Deposit Co. , Philadelphia. Redeemable (Series A) at 105 and interest on any interest date on eight weeks' notice. Organization — See 1st 5s. Secured by a mortgage on the property cov- ered by the 1st 5s and subject to the lien of that mortgage. Further secured by deposit of $500,00 (entire issue) 1st Mtgre. Bonds and $120,000 of $125,000 capital stock of the Campbell Hall Connecting- R. R. Co. and $18,750 of the $20,000 capital stock of the Pochuck R. R. Co. The two roads own 8.50- miles of road in state of New York. Prior Liens — $1,000,000 1st 5s of 1945. Bonds are reserved under this mortgage t& retire prior liens. I-eg:al for Savings Bnaks in Cal., Me., Mich., Minn., N. H., N. J., Ohio, Ore. and R. I. liisted on the Philadelphia Stock Exchange. Original Market — $2,000,000 ofCered by Brown Bros. & Co., Philadelphia, etc., at 98^ and interest. Offered Feb., 1916, by same firm. at 103 and Interest. Earnings — See 1st Bs, 1945. Market. Philadelphia — Bauer, Starr & Co., Biddle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., William W. Fogarty, Graham, Parsons & Co., Harper & Turner, Huntoon & Co., McCown & Co., J. P. Magill & Co., Morley, Wood & Co., Isaac Starr, Jr., & Co., Wurts, Dulles & Co., Parsly Bros. & Co. Price Range. Jan. 1, *n, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103^ '17 105 '17 85 May 88 Feb.. Low. 78 '20 80 '20 78 Sep. 80 Sep. I.EHIGH & NEW ENGLAND RAILROAD CO. Equip. Tr. Wzs, Series "A." Dae SSO.OOO- annually, June 1. to June 1, 1923. Dated June 1, 1908. Interest payable June and Dec. 1, at Guarantee Trust & Safe De- posit Co. . Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $450,000 Outstanding (.Ian. 1 ,'21) 90,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Redeemable on any interest date at 102% and interest. Guaranteed principal and interest by Lehigh Coal & Navigation Co. by endorsement. Organization — See 1st 6s. Secured by a tirst lien on 300 steel coal cars, 300 steel underframe box cars and three con- solidation locomotives, costing $519,471, of which the company paid 569,471 in cash. l,eg:al for Savings Banks in N. H., Ohio and R. I. Earnings — See 1st 5s. Original Market — First offered by Brown Bjos. & Co., Philadelphia. ' Market. New York — Evans, StiUman & Co., Free- man & Co. Pliiladelphia — Biddle & Henry, Brown Bros. & Co., Graham, Parsons & Co. LEHIGH & NEW ENGLAND RAILROAD Eaulp. Tr. 4%s, Series "B." Due $45,000 annually, May 1, to May 1, 1985, and $70,000, May 1, 1926. Dated May 1, 1911. Interest payable May and Nov. 1, at Guarantee Trust & Sate De- posit Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $700,000 Outstanding (Jan. 1, '21) 295,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guarantee Trust & Safe Deposit Co. , Philadelphia. Redeemable at 10214 and interest on any interest date on 3 weelcs' notice. Guaranteed principal and interest by the Lehigh Coal & Navigation Co. by endorse- ment. Secured by a first lien on 500 steel coal cars, 300 box cars and seven consolidation locomo- tives, costing about $803,700, of -which the company paid' $103,700 in cash. Leg:al for Savings Banks in N. H., Ohio and R. I. Market. See Series "A.'" LEHIGH & NEW ENGLAND RAILROAD CO. Eduip. Tr. 4%s, Series "C." Due S35,000 each Feb. 1, to Feb. 1, 1937, and $60,000 Feb. 1. 1928. Dated February 1, 1913. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $650,000 Outstandinsr (Jan. 1, '21) 306,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Redeemable at 101 and interest on any in- terest date on 60 days' notice. Guaranteed principal and interest by Lehigh Coal & Navigation Co. by endorsement. Secured by an equipment trust agreement on six locomotives, one wrecking crane, 600 box oars and 100 steel coal cars, costing $642,366, of which $92,366 was paid in cash. Legral for Savings Banks in N. H., Ohio Original Market — $660,000 offered in Jan., 1913, by Brown Bros. & Co., New Tork and Philadelphia, on a 4%% basis. Market. See Series "A." LEHIGH & NEW ENGLAND RAILROAD CO. Edulp. Tr. 4%s, Series "D." Due $40,000 each March 1, to March 1, 1929. Dated March 2, 1914. Interest payable Mar. 1 and Sept. 1, at Trustee's. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding: (Jan. 1, '21) 360,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Guaranteed as to principal and interest by the Lehigh & New England R. R. Co. by en- dorsement. Secured' by an equipment agreement on 7 consolidated freight locomotives, 3 switching locomotives, 600 steel hopper coal cars and 200 steel drop-bottom gondola cars, costing $706,096, of which the company paid $106,095 in cash. Leg:ai for Savings Banks in N. H., Ohio and E. I. Original Market — Offered by Brown Bros. & Co., Feb., 1914, at prices to yield 4%%. Market. See Series "A." LEHIGH & NEW ENGLAND RAILROAD CO. Euuin. Tr. iVza, Series "E." Due $55,000 each April 1, to April 1, 1930, and $30,(M)0 .ipril 1, 1931. Dated April 1, 1916, Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and New Jersey. Authorized $800,000 Outstanding (Jan. 1, '21) 680,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. . Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities. Guaranteed principal and interest by the Lehigh & New England R. R. Co. by endorse- ment. Secured by an equipment trust agreement on 650 steel hopper cars, 200 steel underframe drop-end gondola cars, 1 freight and 4 switch- ing locomotives, costing $906,420. of which the company paid $106,420 in cash. Legal for Savings Banks in N. H., Ohio and R. I. Market. See Series "A." LEHIGH & NEW YORK RAILROAD CO. 1st 4s. Due Sept. 1, 1946. Dated August 24, 1895. Interest payable March and Sept. 1, at J. P. Morgan & Co., New Tork and at L. V. R. R. offices, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. . .$2,000,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Trustee — Metropolitan Trust Co., New Tork. Guaranteed principal and interest by the Le- high Valley R. R. Co. by endorsement. Organization and Control — Incorporated in New Tork in 1895. $3,247,464 of the $3,391,- 648 preferred stock, but none of the $411,700 common stock, Is owned by the Lehigh Valley R. R. Co., and pledged under its Gen. Mtge. The property is leased for 999 years by the Lehigh Valley R. R. Co. 704 Capitalization. ' Outstanding. Common $411,700 Preferred 3,391';648 Funded debt ... I 2,000,000 Secured by a first morteaere on the 115.37 miles ot road from North Pair Haven, N, T., to the Pennsylvania State Line. This road furnishes the Lehigh "Valley K. R. with an outlet on Lake Ontario. I^eal for savlnra banks In Cal.. Me., Mich., Minn.. N. H.. N. J. and R. I. lilBted on the New York Stock Exchange. Alarket. New York — Ambrose R. Clark & Co., R. W. Pressprich & Co., Prince & Whitely, Redmond & Co. Philadelphia — Biddle & Henry, Graham, Parsons & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. High 97 May 29, '08 73 Jan. 7 Low. 70 July 2, '18 73 Jan. 7 Morgan & Co., New York, and Drexel & Co.^ Philadelphia, at prices to yield 4.16%. Market. New York — Hartshorne & Battelle, Fred- H. Hatch & Co., Watson, Armstrong & Co. Philadelphia — Barnes & Lofland, Biddle A- Henry, Henry D. Boenning & Go., Brown. Bros. & Co., Graham, Parsons & Co., Hun- toon & Co., J. P. Magill & Co., Moriey, Wood & Co., Samuel K. Phillips & Co.^ Welsh Bros., Parsly Bros. & Co. Price Range. Jan. 1, '11, to Jan. 1, '31 1920 Bid. Ask. ' Bid. Ask. High 4.25 '11 4 '12 6.00 Jan. 5.50 Jan.- Low. 8.50 '20 8.00 '20 8.50 Dec. 8.00 De& LSHIGH & WILKES-BARRE COAL CO. (THR) Cons. 48. Dae $2»600,000 each 5 Years from June 1, 1915, to 1950. Dated June 1. 1910. Interest payable June York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding (May 16, '21)... 5,560,000 Redeemed 5,000,000 In Treasury 6,436,000 Issuable , 3,004,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Sinlcing Fund — Annually June 1, $460,000 interest. If not purchaseable at this price, they may be purchased at a higher price or the fund invested in other securities in the discretion of the Trustee and with the approv- al of the company. At the expiration of each Ave years all the securities held in the sink- ing fund or the proceeds shall be applied to the retirement of maturity bonds, and if the annual payment of $460,000, together with the interest therefrom, is not sufficient to pay off the bonds maturing in the term of five years, the company shall make up the deficiency. Guaranteed principal and interest by The Central R, R. Co. of New Jersey by endorse- ment. Organization — Incorporated in Pennsylvania in 1874. The property was placed in the hands .of a receiver in 1877 and receiver dis- charged in January, 1882. Owns all the cap- ital stock of the Lehigh & Wilkes-Barre Coal Co. of Massachusetts and the Lehigh & Wilkes-Barre Coal Co. of New Jersey, and is controlled by the Central R. R. Co. of New Jersey through stock ownership. Capitalization Outstanding Common $9,210,000 Funded debt 5,560,000 Secnred by a first mortgage on the entire properties, buildings, coal lands, leases, min- ing rights, etc., including lands owned in fee, in Luzerne, Carbon and Schuylkill Counties, Pa., and on leasehold interest in lands. It is estimated that the land owned in fee con- tains 460,000.000 tons of merchantable coal. Years ended Dec. 31: Bond, Gross. Net. interest. 1919 $23,175,764 $6,373,471 $323,47& 1918 23,619,215 4.488,750 319,469 Original Market — Offered in 1910 by J. P. 705 LRHIGH COAL & NAVIGATION CO. (THKX Gen. 4i^s. Due May 1, 1»24. Dated, registered, May 1, 1884: coupon* Aug. 1,_ 1911. Interest on registered bonds payable Feb., May, Aug. and Nov. 1; coupon. May ] and Nov. 1, at company's office, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania, Authorized Closed mortgage' Outstanding $3,g'0e»00O Denomination — Registered, $1,000. Coupon,^ $1,000. Registerable as to principal. Trustee — The Fidelity Trust Co., Philadel- phia. Oreanization' and Control — Incorporated in Pennsylvania in 1822. The company owns ex- tensive anthracite coal deposits and also con- trols, either through ownership or lease, 206: miles of railroad, all of which is leased from. 1871 during the term of the charter of the parties, to the Central R. R. Co. of N. J., at a rental of one-third of the gross earninga, with a minimum of $1,414,400 per annum an*- a maximum Of $2,043,400 per annum and a maximum of $2,043,000 plus 7% of amounts spent on improvement and extensions of its railroad since 1882. The company also con- trols, through ownership of a majority o£ capital stock, the Lehigh & New England R, R. Co., operating 295 miles of road. (For- details of this controlled company, see descrip— tion of its bonds.) The L. C. & Nav. Co. owns the entire capi- tal stock of the Alliance Coal Mining Co... which owns 3,500 acres of coal lands, esti- mated to contain 225,000,000 tons of coal. Capitalization Outstanding Common $29,173,950 Funded debt 25,188,000 Secured by a first mortgage on 12,734 acres- of coal lands owned in fee in Carbon and Schuylkill Counties, Pa., estimated to contain, upwards of 500,000,000 tons of unmined coali canals, collieries and 163.63 miles of railroad: from Phillipsburg, N. J., via Easton, Bethle- hem and Mauch Chunk, to Wilkes-Barre an^ Union Junction, Pa., with numerous branches. This railroad forms the main line of the Cen- tral R. R. of N. J. in Pennsylvania and s large part is double tracked. Underlies — Fund. & Imp. 4s of 1948 and Cons. 4^^s of 1954. Bonds are reserved un^- der the Consolidated Mortgage to . retire this- issue. Years ended Dec. 31: Gross. Net. Int., etiL 1920 $26,888,330 $5,190,743 $1,145,690- 1919 24,886,908 3,957,068 1,182,185 1918 25,837,545 3,999,058 1,193,96»- 1917 21,841,89 4 4.558,655 1,196,251 Listed on the Philadelphia Stock Exchange.. Market. New York — Morton Lachenbruch & Co., H* I. Nicholas & Co., Abraham & Co. Philadelphia — Boenninsr, Garriaon & Co.. Bt-bwn Bros. & Co., Blklns, Morris & Co.. Qraham, Parsons & Co.. Parsly Bros. A Co., Welsh Bros., Sam'l K. Phillips & Co., National City Co. Price Bange, Joa. 1, '09, to Jan. 1, '21 19Z0 Bid. Ask. Bid. Ask. High 105% '09 106 '09 94% Dec. 87% Mar. Low. 90 '20 93 '20 90 May 93 June I.KHIGH COAL & NAVIGATION CO. (THE) Funding: & Improvement 48, Series "A" and "B." Due July 1, 1948. Dated June 25, 1898. Interest payable Jan. and July 1. at company's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized Closed mortgage Outstanding: (Jan. 1, '21): A $2,766,000 B 1,136,000 $3,901,000 Ketired by S. T. — A $187,000 B 61,000 — $248,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — The Provident Title & Trust Co., Philadelphia, Pa. Redeemable at 106 and Interest on any In- terest date after 60 days' notice. Sinldng Fund — Five cents per ton on ail coal mined and shipped from the land covered by the first lien of this mortgage which Includes all lands of this company west of the Little Schuylkill River, and from the property of -the Alliance Mining Co. Payments to be 'tnade annually and applied to the purchase of ^hese bonds at not exceeding 105 and interest. ■If bonds are not purchasable, they shall be "called. All bonds so acquired are to be can- •celled. Organization — See Gen. 4%s. Secured by a first mortgage on about 1.347 acres of coal lands of the company in Penn- sylvania, west of the Little Schuylkill River, a first collateral lien on the following securi- ties. 800,000 (entire issue) bonds and $1,500,- ''000 stock of the Delaware Division Canal, 'Whose canal is operated under lease by the •company and parallels the west bank of the Delaware River from the terminus of the company's Lehigh Canal at Easton, Pa., to a point a short c^istance above Bristol, Pa. : on 125,000 par value out of $130,000 capital Block of the Tresckow R. R. Co. (no bonas). owning eight miles of road from Silver Brook to Audenreid. Pa.; upon $1,416,000 out ol $1,418,600 capital stock of the Nesquehon- Ing Valley R. R. (no bonds), owning the 17 miles of road from Nesauehonins Jot. to Tam- anend, Pa.; upon $497,500 out of $500,000 capital stock of the Wilkes-Barre & Scran- ton Ry. Co.: upon $222,500 out of $450,000 capital stock of the Allentown Terminal R. K.; upon $644,000 1st Mtge. 6% bonds and '$2,072,225 capital stock of the Alliance Coal Mining Co., whose property consists of about 3,500 acres of coal lands, estimated to con- tain about 226,000.000 tons of coal, and a second mortgage on the property described under the Gen. 4%s above, including 162.63 miles of road leased to the C. R. R. of N. J. S4, a aufflelent amount of which has been reserved to retlra this issue. Earnings — See Gen. 4%s. Listed on the Philadelphia Stock Exchange. Original Marlcet — $1,600,000 offered March, 1905, by B. B. Smith & Co., New York and Philadelphia. Marlcet. New York — Watson, Armstrong & Co. Fhiiadelpliia — Barnes & Lofiand, Biddle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Blkins, Morris & Co., Graham, Parsons & Co.. J. P. Magiil & Co., Samuel K. Phillips & Co., Parsly Bros. & Co., Welsh Bros. Price Range. Jan. 1, '08, to Jan. 1, '21 192© Bid. Ask. Bid. Ask. High 101% '08 101% '09 81 Mar. 82 May Low. 76 '20 80 '20 76 June 80 June LEHIGH COAL & NAVIGATION CO. Coll. Tr. Power Loan 4%s. Due Dec. 1, 1981. Dated Dec. 1. 1911. Interest payable June and Dec. 1, at company's office, at Phila- delphia, Fa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $3,000,000 Outstanding (Jan. 1, '21) 2,333,000 Held in Treasury 667,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Redeemable as a whole only at 102% and interest on any interest date on 60 days' notice. Organization — See Gen. 4%s. Secured by deposit of $1,000,000 Lehigh Coal & Navigation Co, Cons. 4%s and $3,- 000,000 Lehigh Navigation Electric Co. 1st 6s. The latter issue is secured by a first mortgage on the large steam generating elec- tric plant near Hauto, Pa., erected by the company in 1912, and on transmission and distribution systems supplying a large area in the anthracite coal and 'cement regions of Eastern Pennsylvania. Earnings — See Gen. 4%s. Listed on Philadelphia Stock Exchange. Original Market — Offered in Dec. 1911, by Brown Bros. & Co., New York, Philadelphia, etc., at 101 and interest. Market. New York — Watson, Armstrong & Co. Philadelphia — Brown Bros. & Co., Elkins, Morris & Co., Graham, Parsons & Co. J. P. Maglll & Co., Morley, Wood & Co., Samuel K. Phillips & Co., Parsly Bros. & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101% '12 lOl'J's '12 98 Dec. 98% Aug. Low. 95 '17 95 '20 93% May 95 May LEHIGH COAL Si NAVIGATION CO. Cons. S. F. 4%s, Series "A" and "B." Due Jan. 1, 1954. Dated Series "A." Jan. I,"l914; Series "B" Jan. 1, 1917. Interest payable Jan. and July 1, at office of company and Brown Bros. & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Aathorized S40,000.000 Outstanding (Jan. 1. '21)— "A" 14.888,000 Eetlred by S. F. and other Funds 787,000 In Treasury: "A" $1,325,000 "B" 3,390.000 4,715,000 Pledeed to under Coll. Tr. 4%s — A , ..' 1,000,000 Reserved for I*rior liens 7,933,000 Beserved for AcquisUion of Se- curities of Other Comi^aiiiesi etc 10,677.000 Denomination — Coupon, $1,000. Reffister- able as to principal. Regristered, $1,000 and $10,000. C. & R. interchangeable. Trustee — The Pennsylvania Company for Insurances on Lives and Granting Annui- ties. Philadelphia. Redeemable at 102% and interest on any Interest date to and including July 1, 1921, and thereafter at 105 and interest. Sinking Fund — Five cents per ton of coal of the sizes of pea or larger mined from the mortgaged property, for the purchase or redemption of these bonds at not over 102% and Interest. Organization — See Gen. 4%s. Secured by a direct mortgage on the com- pany's canal, railroad and coal properties (see Gen. 4%s and Fund'g and Imp. 48). Further secured by deposit of $5,995,000 of the capital stock of the Lehigh & New Eng- land R. R. Co. (see issues of that company above) and the stock and bonds of other af- filiated companies. Prior Liens — $3,906,000 Gen. 4%s of 1924 and $3,901,000 Funding & Impt. 4s of 1948 (closed mortgages), for the retirement of which bonds are reserved under this mort- gage. Earnings — See Gen. 4%s of 1924. Listed on the New York and Philadelphia Stock Exchanges. Original Market — $14,000,000 offered Jan., 1914, by Brown Bros. & Co., New York, Philadelphia and Boston, at 97 % and inter- est. Market. New York — Hartshorne & Battelle Wat- son, Armstrong & Co. Philadelphia — Barnes & Lofland, Arthur J. Bender, Biddle & Henry, Henry D. Boen- ning & Co., Brown Bros. & Co., Elkins, Morris & Co., Graham, Parsons & Co., J. P. Magill & Co., Morley, "Wood & Co., Samuel K. Phillips & Co., Parsly Bros. & Co. Price Range— N. Y. S. E. Jan. 1, '15, to Jan. 1, '21 1920 High d9 July 1, '15 83% Aug. 25 Low. 831^ Aug. 25 '20 83% Aug. 25 LEHIGH NAVIGATION ELECTRIC CO. 1st Series *'A" 6s and "B" 5s. Dae Joly 1, 1943. Dated July 1, 1913. Interest payable Jan. 1 and July 1. Interest on Series "B" bonds la payable at the rate of 3% in 1915. 3%% In 1916, 4% In 1917, 4%% In 1918 and 5% la 1919 and thereafter. Tax Statns — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized Closed mortgage Outstendingr (Jan. 1, '21): $3,866,000 "B" 866,000 "A" •$3,000,000 Retired by S. F ^^f °°? v, •All deposited as part security Lehigh Goal & Navigation Co. Coll. Tr. Power Loan 4%e. - Denomination — Coupon, $1,000. Register- able as to principal only. Trustee — Pennsylvania Co. for Insurances on Lives & Granting? Annuities, Philadelphia. Assumed by the Pennsylvania Power & Light Co, Redeemable (Series "B') at 100 and Interest at any time. Sinking Fund — ^A sum eauivalent to 1% per annum of outstanding bonds from 1917 to 1921, 1^% from 1922 to 1926, and 2% there- after to maturity, to be applied to the retire- ment of these bonds. Guaranteed (Series "B") as to Interest by the Lehigh Coal & Navigation Co. by en- dorsement. Organization and Control — Incorporated in Pennsylvania in 1913. Merged in 1920 into the Pennsylvania Power & Light Co. Secui'ed by a first mortgage on the power plant of the company at Hauto, Pa and transmission and distributing lines. Underlies — Pennsylvania Power & Light Co. 1st & Ref. Mtge., under which bonds are reserved to retire* this issue. Eaming-s — See Pennsylvania Power & Light 1st & Ref. Mtge. Market. New York — Dunham & Co. Philadelpliia — Henry D. Boenning & Co., Elkins, Morris & Co., Samuel K. Phillips & Co. Price Ranee. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93 '17 95 '17 85 Sept. 90 Sept. Low. 75 '20 89 '16 75 Dec. . . LEHIGH POWER SECURITIES CORPORA- TION 10-Year 6% Secured Notes. Dae Aug. 1, 1927. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction, PennsylT^ania Tax refunded. Authorized $50,000,000 Outstanding (TMar. 1, '21) 18,285,000 Reserved for Corp. Purposes. . 31,715,000 Denomination— Coupon, $1,000, $500 and $100, Registerable as . to principal. Trustee — Guaranty Trust Co.. New York. Redeemable on any interest date at 101 and Interest. Organization — Incorporated in Delaware July, 1917. Owns the entire common and non-cumulative preferred stock ol the Pennsylvania Power & Light Co. and a sub- stantial majority of the capital stock of the Lehigh Valley Transit Co. Capitalization. Outstanding. Common (no par) 307,845 shs Fnuded debt $18,285,000 Management — Electric Bond & Share Co., New York. Secured by pledge of all securities ac- quired by the proceeds of these Notes. The Trust agreement contains provisions per- mitting the exchaTige of securities deposited hereunder for other securities on the ap- proval of a majority of the directors of the company. Original Market — OfCered Aug.. 1917, by a syndicate including Electric Bond & Share Co., Brown Bros. & Co., Edward B, Smith & Co., and Henry and West, at 95 and in- terest with a certificate entitling each Bub- scViber to four shares of stock for each $1,000 note, upon payment In full of sub- scription. Market. New York — Electric Bond & Share Co., Pred H. Hatch & Co., Morton Lachenbruch & Co., McClure, Jones & Reed, Martin, Berwin & Co., Earle A. Millen & Co. Boston — L. Sherman Adams, Moors & Cabot. Philadelphia — Barnes & Lofland, Bauer, Starr ^& Co., Arthur J. Bender, Henry D. Boenning & Co., Brown Bros. & Co., George N. Fleming, William W. Fogarty, Huntoon & Co., McCown & Co., Samuel McCreery & Co., Money, Wood & Co., Samuel K. Phillips & Co. Price Ranse. Jan. 1, '17, to Jan. 1, '21 1920 Bid. High 79 '18 Low. 60 '20 Ask. 821^ '17 61 '20 Bid. 75 Nov. 60 Deo. Ask. 77 Nov. 61 Dec. LEHIGH TRACTION CO. 1st 6b. Dne Jane 1, 1933. Dated June 1, 1893. Interest payable June and Dec. 1, at Markle Banking & Trust Co., Hazleton, Pa. Tax Status — Payment ot Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Anthorlzed and Ontstandlng $600,000 Denomination — Coupon, $100, $600 and $1,000. Tinstee^Markle Banking & Trust Co., Pennsylvania in 1892. Practically all ot the stock is owned by the Wilkes-Barre and Ha- zleton R. R. Co. Organization and Control — Incorporated In Hazleton, Pa. The entire capital stock is owned by the Wilkes-Barre & Hazleton R. B. Co. Capitalization. Outtsanding. Common $1,000,000 Funded debt 730,000 Secured by a first mortgage on 19 miles of electric railway from Hazleton to McAdoo on the soutfi and Freeland on the north, all In Pennsylvania. Franchises are perpetual. Population served, 42,000. Underlies — WIIkcs-Barre & Hazleton R. R. Coll. Tr. 5s ot 1961, secured in part by de- posit of practically all of the stock of Le- high Trac. Co. Years ended Dec. 31: Net. Interest. 1920 $37,242 $37,860 1919 41,661 37,950 1918 60,628 38,260 1917 17,184 38,660 1916 43,790 38,690 1915 43,920 37.681 Market. Philadelpliia — Huntoon & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Ask. High 80 '16 87 '18 75 June Low. 75 '16 76 '20 75 June LEHIGH VALLEY COAL CO. 1st S. F. 69 and 4s. Due Jan. 1, 1933. Dated Oct. 1, 1832. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York, and Drexel & Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $12,000,000 Outstandijig: (Jan. 1, '21): 4s $1,400,000 ' 6s 10,114,000 ■ 11,514,000 Retired by S. F 486,000 Denomination — Coupon, $1,000. Register- able as to principal only or fully register- able. Trustee — E. P. Wilbur Trust Co., South Bethlehem, Pa. Sinldng Fnnd — 10 cents per ton ot coal shipped of sizes above pea. The minimum amount payable Is $26,000 per year and payments to be invested In such securities as shall be approved by the company. As ot April 1, 1921, this fund held securi- ties of a face value of $2,614,000 not in- cluding $199,000 bonds ot this issue. Guaranteed principal and Interest by the Lehigh Valley R. R. Co. by endorsement. Organization and Control — Incorporated in Pennsylvania in 1871 as the Green Land Co. Name changed to the present title In 1876. The entire capital stock Is owned by the Lehigh Valley R. R. Co. In 1912 the Lehigh Valley Coal Sales Co. was organ- ized to market the coal of the L. V. Coal Co. in an effort to comply with various acts of Congress. This arrangement Is now be- ing attacked as illegal by the Department of Justice ot the IT. S. Capitalization. Outstanding. Common $9,466,000 Funded debt 11,682,000 Secured by a first mortgage on coal lands aggregating approximately 16,285 acres, with all improvements thereon, in Carbon, Lacka- wanna, Luzerne and Northumberland Coun- ties, Penna. Annual production ranges be- tween 8.000,000 and 9,000,000 tons. Listed on the New York and Philadelphia Stock Exchanges. Market. New York — Ambrose R. Clark & Co. Coffin & Co., Hartshorne & Battelle, Red- mond & Co., Seasongood, Haas & Macdon- ald, Watson, Armstrong & Co. Philadelpliia — Barnes & Lofland, Henry D. Boenning & Co., Brown Bros. & Co., BIkins Morris & Co., William W. Fogarty, Mc- Cown & Co., J. P. Magill & Co., Reed A. Morgan & Co., Morley, Wood & Co., Samuel K. Phillips & Co., Welsh Bros., Wheeler, Elliot & Mann, Parsiy Bros. & Co. Price Range — ^N. Y. S. E. Jan. 11, '06, to Jan. 1, '21 1920 High 115% Jan. 19, '06 98% Jan. 22 Low. SlVi Nov. 10, '20 9H4 Nov. 10 LEHIGH VALLEY LIGHT Si POWER CO. 1st 5s. Due April 1, 1943. Dated Apr. 1, 1913. Interest payable Apr. and Oct. 1, at Aiientown or Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized Closed Mortgage Outstandmg $604,500 708 Denomination — Coupon, $1,000. $600 and $100. Registerable as to principal. Trustee — Lehigh Valley Trust Co., Allen- town, Pa. Redeemable at 106 and interest on any interest date on four weeks' notice. Assumed by the Pennsylvania Power Sc Light Co. Organization and Control — Incorporated In Pennsylvania in 1913 • as a consolidation. Merged m 1920 mto the Pennsylvania Power & Light Co. Secured by a first mortgage on electrio distribution lines in Aiientown and Bethle- hem district in Pennsylvania. Underlies — Pennsylvania Power & Light Co. 1st Ret. Mtge. under which bonds are reserved to retire this issue. Earnings — See Pennsylvania Power &. Light Co. 1st & Ret." Mtge. Original Market — Ottered Aug.. 1913, by B B. Smith & Co., Philadelphia, etc. Market. Philadelphia — Henry D. Boenning & Co., Brown Bros. & Co., Blkins, Morris & Co. Frlce Ranee. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100% '16 104% '16 78 Apr. 85 Jan. Low. 70 '20 77% '20 70 Aug. 77% Deo. LEHIGH TAIXEY RAILROAD COMPANY. Incorporated in Pennsylvania In 1846. The company owns 316 miles of road, of which 187 miles are double-tracked, from Philllpa- burr, N. J., to 'Wilkes-Barre, Pa., and nu- merous branches in the anthracite coal Held of Pennsylvania. Through the ownership of the entire capital stock of numerous sub- sidiary companies, and long term leases of their properties, the Lehigh Valley Railroad Company additionally controls 927 miles of road, of which 388 miles are double-tracked, from Jersey City to Phillipsburg, N. J.; Wilkes-Barre, Pa., to Buffalo, N. T.; with branches to Camden, £]lmira, Naples and Rochester, N. T., and other points in New York and Pennsylvania. The company also leases IIB miles of road from New Tork- Pennsylvanla State Line to North Pair Ha- ven, N. Y., from a controlled company, and has trackage rights over and leases 77 miles additional. Total mileage operated Is 1,436 miles, the main line from Jersey City to Buffalo and branch to Mr. Carmel being double-tracked. ^ The Lehigh Valley Railroad Company Is one of the so-called "hard coal" roads. Through the Lehigh Valley Coal Co., all of the stock of which company is owned by the railroad company, it controls very ex- tensive deposits in the anthracite coal fields in Pennsylvania. Capitalization. Outstanding. Common 160,501,700 Preferred (10% cum.) 106,300 Funded debt 142,08;,000 Tears endetf Dec. 31: Gross. Net. Int. & Bent. •1920 $24,543,346 $22,189,859 $8,677,942 •1919 11,316,196 13,164,434 8,187,221 tl919 66,542,602 4,488,579 709,162 •1918 11,321,233 14,347,668 7,764,824 tl918 66,586,769 7,751,114 987,709 1917 63,368,446 14,480,480 7,328,621 1916 48,859,909 16,267,045 7,439,274 •Corporate account. TPederal account — standard return not in- cluded. Market Fhiladelpliia — Barnes & Lofland, Arthur J. Bender, Brown Bros. & Co., Reed A. Mor- gan & Co., Samuel K. Phillips & Co. liEHIOH TALLEY RAILROAD CO. 1st 48. Due Jnne 1, 1948. Dated May 15, 1868. Extended from June 1, 1898, with Interest reduced from 6%. In- terest payable June and Dec. 1, at office of company, Philadelphia, and at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding. .. .$5,000,000 Denomination — Coupon, $1,000. Registered, $1,000. Tmstee — Glrard Trust Co., Philadelphia. Secured by a first lien on ^5.94 miles (practically all double-tracked) of road, viz: 709 Miles. Phlllipsburg, N. J., to ■Wilkes-Barre, Pa 99.22 Gracedale to Avoca, Pa 18.10 Penn Haven Jet. to Mt. Carmel, Pa. . 62.38 Port Bowkley to Harvey Jet., Pa 1.96 Hazelton to New Boston Jet., Pa 14.30 Branches and spurs to collierieB, etc. 100.01 Underlies — Cons. 6s and 4%s and Gen. Cons. 4s and 4%s. Bonds are reserved un- der the Gen. Cons, mortgage to retire this issue. Legal for Savings Banks in Cal., Conn., Me., Mass., Mich., Minn,, N. H., N. J., N. Y., R. I., Vt. and Wis. Listed on the Philadelphia Stock Exchange. Market. New York — Bigelow & Co., Simon Borg & Co., Struthers & Hisooe, Vanderhoef & Rob- inson, Vilas & Hickey. Fhiladelpliia — Barnes & Lofland, Biddle & Henry, Henry D. Boenning & Co., Graham, Parsons & Co., Harper & Turner, Reed A. Morgan & Co., Morley, Wood & Co., Samuel K. Phillips & COr, Parsly Bros. & Co.. Isaac Starr, Jr., & Co., AVelsh Bros. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 107 '09 108 '09 79 Apr. 85 Nov. Low. 75 '20 80 '20 75 May 80 Aug. LEHIOH VALLEY RAIT.ROAD CO. Cons. 68 and 4%8. Dne Dec. 1. 1923, and irre- deemable. . Dated Nov. 13, 1873. Interest payable June and Dec. 1, at company's office in Phila- delphia, and J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authoiixed Closed Mortgage Outstanding: (Jan. 1, '21): 6s 1923 $6,638,000 6s irred 10.062.000 4%s 1923 4,762,000 4%s irred 2,638,000 $23,000,000 Denomination — Coupon, $1,000. 4%a are reglsterable as to principal. Registered, $1,- 000. Trustee — Fidelity Trust Co., Philadelphia. Secured by a direct mortgage on 316.43 miles of road. A first lien on 30.49 miles — Miles. Hazel Creek Jet. to Harleigh Jet. and Stockton in another direction toward Harleigh Jet., Pa 30.49 A second lien on 285.94 miles — Covered by the first lien of the Le- high Valley 1st 43 286.94 Prior Liens — $6,000,000 Lehigh Valley Ist 4s of 1948. Underlies — Lehigh Valley Gen. Cons. 4s and 4%s of 2003, of which a sufficient amount Is reserved to retire this issue, which may be extended for a period not exceeding two years. Legal for savings banks in Cal., Conn., Me., N. H., N. J., Ohio and R. I. Listed on the Philadelphia Stock Exchange. Original Market — $3,000,000 4%s, due 1923, were offered Jan., 1891, at 102% and inter- est by Drexel & Co., Philadelphia; J. P. Morgan & Co., New York, and Brown Bros. & Co., New York and Philadelphia. Market. New York — Simon Borg & Co., Vanderhoef & Robinson, Vilas & Hickey. Fhiladelpliia — Arthur J. Bender, Biddle St Henry, Henry D. Boenning & Co., Elklns, Morris & Co., Graham, Parsons & Co., Harper & Turner, Reed A. Morgan & Co., Morley, Wood & Co., Samuel K. Phillips & Co., Parsly Bros. & Co. Price Ranee. Jan. 1, '09, to Jan. 1, '«1 1980 Hedeemable 68. Bid. Ask. Bid. Ask. High 121 '09 122 '08 99% Jan. 100% Jan. Low. 96 '20 96 '20 95 Sep. 96 Sep. Redeemable 4%& High 106 li '08 107 '09 94 Jan. 96 Jan. Low. 7278 '20 76 '20 72% Sep. 76 Sep. Irredeemable 6s. High 149% '10 150 '09 109 Mar. 116 Jan. Low. 103 '20 107 '20 103 Aug. 107 Aug. Irredeemable 4%s. High 110 '09 88 Jan. 91 Jan. Low. 78 '20 84 '20 78 June 84 Apr. I.BHIGH VAIXBT RAII,BOAD CO. Gen. Cons. 4s, iYxs and Ss. Due May 1, 2003. Dated Sept. 30, 1903. Interest payable May and Nov. 1, at company's office, Phila^ delphla, and at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania- Authorized $150,000,000 Outstanding (Jan. 1, '21): 4s $26,983,000 4%s 20,697,000 47,680,000 4s $4,400,000 4Hs 1,000,000 6s 12,000,000 Total pledged $17,400,000 Held in Treasury 16,266,000 Keserved for Underlying Bonds and Ext., etc 68,644,000 Denomination — Coupon, $1,000. Register- able as to principal or fully reglsterable. Registered, $1,000, $5,000 and $10,000. Trustee — GIrard Trust Co., Philadelphia. Secured by a direct lien on 3U.43 miles of road and by pledge of securities on 893.36 miles, viz: A second lien on 30.49 miles — Miles. Covered by the Cons. 6s and 4%s.... 30.49 A tUrd lien on 886.94 mlles-^ Covered by the 1st 48 286.94 Also a lien on real estate In Philadelphia, Jersey City, Newark and Bayonne, valued at more than $1,000,000. Further secured on leaseholds and by a first Hen on securities of various subsidiary companies of a par value of $60,133,249, owning about 993.36 miles of road and In- cluding th^ entire $9,465,000 stock of the Lehigh Valley Coal Co. These bonds are secured, either by a di- rect or collateral lien, on practically the - entire road comprising the Lehigh Valley R. R. system. Prior Liens — $28,000,000 direct prior liens, also the outstanding bonds of the compa- nies whose stocks are pledged hereunder: Lehigh Valley R. R. 1st 4s 1948.. $5,000,000 Lehigh Valley R. R. Cons. 6s and 4%s 23,000,000 Lehigh Valley Rail Way 1st 4Hs, 1940 15,000,000 Lehigh Valley Terminal Ry. 1st 68, 1941 10,000,000 Easton & Amboy 1st 5s, 1920 6,000,000 Penna. & N. T. Canal & R. R. Cons. 5s, 4%s and 48, 1939... 8,500,000 Middlesex Valley 1st 5s, 1942 200,000 Saston & Northern 1st 4%8, 1936 51,000 $39,761,000 Bonds are reserved under this mortgage to 'retire all of the above Issues. Legal for Savings Banks in Cal., Ue., Mich., Minn., N. H., N. J., R. I. and Wis.; and also Baltimore Trust Funds. Listed on the New York and Philadelphia Stock Exchanges. Original Market — $16,000,000 offered in Not., 1904, by Drexel & Co., Philadelphia, and Edward B. Smith & Co., Philadelphia and New York, at 98% and Interest. $10,- 000,000 4%s offered In Jan., 1914, at 93M and interest by Drexel & Co., Philadelphia, and Kissel, Klnulcutt & Co., New York and Chicago, at 93^ and interest. $10,697,000 4%s offered in April, 1916, at 101 and in- terest by Drexel & Co., Philadelphia. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Samuel Goldschmidt, Gran- ger & Co., R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Struthers & Hiscoe, Vilas & Hickey. Philadelphia — Biddle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Car- stairs & Co., Blklns, Morris & Co., Graham, Parsons Co., Harper & Turner, Samuel Mc- Creery & Co., Reed A. Morgan & Co., Mor- ley, Wood & Co., Samuel K. Phillips & Co., Isaac Starr, Jr., & Co., Wheeler, Elliot & Mann, Parsly Bros. & Co. Price Range — ^N. T. S. E. Jan. 1, '06, to Jan. 1, '81 1980 4s. High 98% Apr. 24, '06 73% Oct. 13 Low. 60 June 30 "20 60 June 30 4% 8. High 101% Jan. 20, '17 83% Oct. 27 Low. 69 June 26, '20 69 June 25 LESHIGH VALLEir RAILROAD CO. CoU. Tr. 4s. Due $500,000 semi-annnallr from Ang. 1, 1907, to Feb. 1, 1986. Dated Nov. 1, 1905. Interest payable Feb. and Aug. 1, at J. P. Morgan & Co., New York, and at company's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorized $19,000,000 Outstanding (Mar. 1, '21) 3,945,000 Held in Treasury 1,055,000 Retired 14,000,000 Denomination — Coupon, $1,000. Register- able as' to principal or fully regiaterabla. Trustee — GIrard Trust Co., FhlladelphlB. Redeemable at 102% and Interest upon 60 days' notice. Secured by a first lien on the entire II,- 500,000 stock of the Delaware, Susquehanna & Schuylkill H. R. Co., owning 21 miles of road from Roan to Sheppton, Pa., and branches, free from debt, and on entire $2,- 910,150 stock of Coixe Bros. Sb Co., Inc. As long as any of these bonds are out- standing the companies mentioned abova may not place any mortgage on their property. ..Legal for Savings Banks in N. H., Ohio and R. I. Orieinal Market — $7,000,000 offered in 1905, by Drexel & Co., Philadelphia. Market. New York — Simon Borge & Co. Philadelphia — Biddle & Henry, Henry D. Boenning & Co., Harper & Turner, Samuel K. Phillips & Co., Parsly Bros. & Co. 710 LEHIGH VALLEY RAILROAD CO. 10-Year 0% Coll. Tr. 6s. Due Sept. 1, 1988. Dated Aug. 31, 1918. Interest payable Mar. and Sept. 1, at office of company, Philadel- phia, and J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Anthorized $15,000,000 Outstanding 16,000,000 Denomination — Coupon. $1,000. Register- able as to principal, and registered $1,000, $6,000, $10,000 Interchangeable. Trustee — Bankers Trust Company, New York. Redeemable at 103 and Interest In amounts of $500,000 or any multiple thereof on Sept. 1, 1923, and on Mar. 1 and Sept. 1, on any yoar thereafter on 30 days' notice. Secnred — A direct obligation of tiie com- pany and secured by pledge with the trustee of the following: $4,000,000 Lehig-h-Bu{talo Terminal Ry. Corp. first 4%B. due Nov. 1, 1966. $2,600,000 Consolidated Real Estate Co. «s, due Feb. 1, 1966. $17,400,000 Lehigh Valley Railroad Co. Gen. Cons. Mort. Gold Bonds, due May 1, 2003. liCgal for Savines Banks in Cal. and N. H. Xisted on the New York and Philadelphia Stoclc Bxchanges. Orieinal Market — Offered AuBust, 1918, by Drexel & Co., Philadelphia, and First Na- tional Bank, New York, at 97V4 and interest. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Redmond & Co., Struthers & Hiscoe. Fhiladelpliia — Barnes & Lofland, Henry D. Boenning & Co., Brown Bros. & Co., Elkins, Morris & Co., William W. Pogarty, Graham, Parsons & Co., Harper & Turner, Morley, Wood & Co., Parsly Bros. & Co. FittsblU'sh — The Union Trust Co. of Pitts- burgh. Price Range — N. Y. S. E. Jan. 1, '18, to Jan. 1, 'SI High 103% Nov. 12, '18 Low. 92 June 22, '20 1980 103 Jan. 8 92 June 22 LEHIGH VALUCY Rail Way Co. (of New York) l8t 4%s. Due Joly 1, 1940. Dated June 23, 1890. Interest payable Jan. and July 1, at company's office, Philadelphia, and at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorlzed and Ontstanding. . .$16,000,000 Denomination — Coupon, $1,000. Register- able as to principal only or fully register- able. Trustee — Girard Trust Co., Philadelphia. Guaranteed principal and interest by the Lehigh Valley R. R. Co. by endorsement. Organization and Control — Incorporated in New York in 1890. All of the stock is owned by and the road leased to the Lehigh Valley R. R. Co, Capitalization. Outstanding. Common $11,746,000 Funded debt 19,126,000 Secnred by a direct mortgage on 614.22 miles of road (196.82 double-tracked), all In New York, viz; A first lien on 430.46 miles — Miles. Penna. State Line (Sayre) to Buffalo. . 174.48 Penna. State Line to "Waverly 0.41 Van Etten Jet. to Geneva Jet 69.49 Ithaca to Auburn 42.46 Cayuga Jet. to Cayuga S.92 Niagara Jet. to Tonawanda Jet 10.66 Elmlra to Camden 139.14 A second lien on 77.62 milee — Covered by the first lien of the fol- lowing; Middlesex Valley 1st 6s 29.42 Rochester Southern 1st 6s 29.07 Seneca County Ry. 1st 6s 8.20 Lehigh & Lake Erie 1st 4^s 10.93 Further secured on the "TifCt Farm Ter- minal." Prior Liens — $4,125,000 prior liens as fol- lows: Middlesex Valley 1st 5s, 1942 $200,000 Rochester Southern 1st 5s, 1945.... *425,000 Seneca County Ry. 1st 6s •600.000 Lehigh & Lake Erie Ist 4%s, 1967. .. 3.000.000 •All owned by the Lehigh Valley R. R. Refunding — Bonds are reserved under the 711 L. V. R. R. Gen. Consol. mortgage to retlra this issue. Liegal for Savings Banks in Cal., Mo.. Mich., Minn., N. H., N. J. and R. I.; and also Baltimore Trust Funds. Listed on the New York. Philadelphia and London Stock Exchanges. Original Market — Offered in July 1890, by Brown Bros. & Co., New York, etc., at 101 and interest. Market. New York — Simon Borg & Oo., Ambrose R. Clark & Co., Samuel Goldschmidt, Granger & Co., R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Taylor, Smith & Hard, Vanderhoef & Robinson, Vilas & Hickey. Philadelphia— Biddle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Graham, Parsons & Co., Marley, Wood & Co., Isaac, Starr, Jr., & Co., Wheeler, Elliot & Mann, Parsly Bros. & Co. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 111% June 29, '06 87 ^i Mar. 15 Low. 79 Sep. 8, '20 79 Sep. S LEHIGH VALLEY TERMINAL RAILWAY CO. 1st 5s. Due Oct. 1, 1941. Dated Oct. 1, 1891. Interest payable Aprl» and Oct. 1, at company's office, Philadelphia, and at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstanding. . .$10,000,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully register- able. Trustee — Central Union Trust Co. Guaranteed principal and interest by the Lehigh Valley R. R. Co. by endorsement. Control — Absorbed by the Lehigh Valley R. R. Co. of N. J. $12,606,000 capital stock of that company is owned by the Lehigh Valley Railroad Co. Secured by a first lien on 27.90 miles of double-tracked and third-tracked railroad from South Flainfleld to Jersey City, N. J., together with 127 acres of terminal property, having an extensive frontage on the Hudson River. This road forms the eastern end of the main line between New York, the anthracite coal fields of Pennsylvania and Buffalo. Refunding — Bonds are reserved under the L. V. R. R. Gen. Consol. Mortgage to re- tire this issue. Legal for Savings Banks in Cal., Me.. Mich.. Minn., N. H., N. J. and R. I. Listed on the New York Stock Exchange. Market. New Yorlt — Percy H. Bradshaw, Constable & Fleming. Finlay & Davenport, Joseph Bird Ford, Hartshorne & Battelle, Charles W. Place, R. W. Pressprich & Co., Prince & Whitely, W. E. P. Smith & Co., Struthers & Hiscoe, Vanderhoef & Robinson. Pliiladelpliia — BicUlle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Daniel' & Co., Elkins, Morris & Co., Graham, Par- sons & Co., Reed A. Morgan & Co., Isaac- Starr, Jr., & Co, Pittsbxu'g:!! — R. B. Hutchinson & Co. Price Range N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 1201,4 Mar. 22, '06 95 Apr. 5 Low. S9'^ June 16, '20 89% June 15 LEHIGH VALLEY TRANSIT CO. 1st Series "A" 4s and Series *'B" 58. Due Dec, 1, 1933. Dated Dec. 1, 1005. Interest payable Mar. and Sept. 1. at Brown Bros. & Co., Philadel- phia and New York, Tax Status — 2% Federal Income Tax paid 'i»y company without deduction. Tax exempt -In Pennsylvania. Authorized $5,000,000 Ontstandine: 6a $2,224,000 4s 2.770.000 4,994,000 I>enomiiiation — Coupon, $1,000. Register- :able as to principal. Trustee— Guaranty Trust Co., New York, Redeemable at 105 and Interest for the 4s -and at 110 and interest for the 5 s on any -interest date upon 60 days* notice. Organization and Control — Incorporated In Pennsylvania in 1905. In 1912 a through fast line was placed in operation from Phil- adelphia (69th and" Market Sts.) to Allen- "to'wn, via Norristown, the running time be- ing" about two hours, as compared with -about one hour and fifty minutes by rail- road from the center of Philadelphia. The company owns all of the stock of the Allentown Bridge Co. and the Easton Con- soUdatecl Electric Co. Purchased Jan. 8, '17, ■the Quakertown Traction Co. The Lehigh Valley Transit Co. operates 162.82 miles ■of road from Philadelphia and Norristown to l^azareth and Slatedale. The Easton Consol- idated Electric Co. operates 53.66 miles *of atreet and interurban railway between Beth- lehem and South Bethlehem, Pa., and Eas- ton, Pa., and Phillipsburg, N. J. In 1917 the stock control of this company was , acquired by the Lehigh Power Securi- ties Corp.. a subsidiary of the Electric Bond & Share Co. Capitalization. Outstanding. Common $2,997,350 Preferred (5% cum.) 4,979,687 Funded debt 11,608,450 Secured by a first mortgage on 150.97 miles of street and Interurban railway, including local lines in Allentown and Bethlehem, Pa., and interurban lines between those cities, troTO. Slatedale and Slatington to Allentown, and from Allentown to Chestnut Hill, Phila., ^ffith branches to South Bethlehem and other points. These bonds are also secured on the largre power plant at Allentown, built re- •cently at a cost of about $1,500,000. A part of the roarl has been rebuilt on private right-of-way. Franchises elsewhere are per- petual. Underlies — Cons. 4s of 1935 and Ref. & Imp. Sb of 1960. A sufficient of the latter are reserved to retire this issue. Ifears ended Nov. 30: Gross. Net. Int., etc. 1920 $4,468,776 $936,805 $661,826 1919 3,771,303 1,114,117 657,852 1918 3,320,146 986,699 637,343 1917 2,875.074 1,065.184 611,646 1916 2.471.872 1,098,971 629,593 1915 2.056.875 988,634 636,927 Tinted on the Philadelphia Stock Exchangp. Original Market — Offered, Series "B, " in 1906. by Brown Bros. & - Co. and Edward B. Sm ith & Co. , Philadelphia, at 102 and interest. Market. Pliiladelphia — Arthur J. Bender, Biddle & Henry, Henry D. Boenning & Co.. Brown Bros. & Co., George N. Fleming, Huntoon & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1. '21 1920 4s. Bid. Ask. Bid. Ask. Kigh 92 'lfi93'16 89 Jan. 93 Jan. r.ow. 621/^ '20 70 '19 62^ Nov. 75 Mar. 68. High 104*16 104 3^ '17 78 Dec. 89 Dec Xow. 59 '20 63 '20 89 Sep. 63 Sep. LEHIGH VAIXET TRANSIT CO. Cons. 4b. Due Dec. 1, 1935. ^, , Dated Dec. 1, 1905. Interest payable June 1 and Dec. 1. at Brown Bros. St. Co., Phila- delphia. „ , _ Tax Status — 2% Federal Income Tax paid by company without •deduction, Tax exempt in Pennsylvania. Authorized Closed mortgage. Outstanding $354,000 Deposited under Ref. & Imp. 59. 2,146,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Commercial Trust Co., Philadel- phia. Organization — See 1st 4s and 53. Secured by a second mortgage on the prop- erty described under the 1st mortgage. Prior liiens — $4,994,000 1st 4s and 5s of 1935. Underlies — Bef. & Imp. 6s of 1960. Barnines — See 1st 4s and 5s. Market. Philadelphia^ — Arthur J. Bender, Henry D. Boenning & Co., Brown Bros. & Co., Geor§re N. Fleming, Welsh Bros. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '17 91 '16 65 Jan. 67 Nov. Low. 53 '20 57 '20 53 Sept. 57 Sep. LEHIGH TAIXEY TRANSIT CO. Ref. & Imp. As. Due June 1, 1960. Dated June 1, 1910. Interest payable June and Dec. 1, at Trustee's office, or Brown Bros. & Co., New Tork and Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $16,000,000 Outstanding 5,115,000 Pledged 965,000 In Treasury 881,000 Reserved for Prior liens 6,669,000 Reserved for Ext 2,620,000 Denomination — Coupon. $600 and $1,000. Reristerable as to principal. Redeemable at 106 and interest on or be- fore June 1, 1920, and at 110 and Interest thereafter. Trustee — Lehigh Valley Trust Co.. Allen- town, Pa. Oi^anizatlon — See 1st 4s and 5s. Secured by a first mortgage on 7 miles of high-speed interurban railway, between Lana- dale and Norristown, Pa., forming part of the company's express route between Phila- delphia and Allentown and by a first lien on $2,146,000 out of $2,600,000 Consolidated Mortgage bonds. Further secured by a third mortgage on the property described under the Ist mortgage 4s and 6s. Prior Lien — $4,994,000 1st 4s and 6fl of 1935 and $354,000 Cons. 4s of 1935 for the retirement of which bonds of this issue have been reserved. Earnings — See 1st 4s and 6s. Listed on the Philadelphia Stock Exchange. Original Market — Offered in 1910. by Brown Bros. & Co. and E. B. Smith & Co., Phila- delphia, at 87^^ and interest. Also offered in December, 1912, by E. B. Smith & Co., at 91*/^ and interest. Market. New York — Vanderhoef & Robinson. Philndelpliia — Arthur J. Bender, Henry D. Boenning- & Co., Brown Bros. & Co., George N. Fleming, Huntoon & Co., McCown & Co., Samuel McCreery & Co. Price Banse. Jan. 1, '17, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 93% '17 94 '17 70 Mar. 78 Feb. Low. 63% -20 60 '20 53%Sep. 60 Sep. Price Ranee. Jan. 1, '16, to Jan. 1, '21 Bid Ask High. 95 -17 100 "16 Low. .87% '18 98 '16 Not avallablv LEHIGH VALLEY TRANSIT CO. 10-Tear Coll. Tr. 68. Due July 1, 1983. Dated July 1, 1913. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized S926,000 OutstandiDS 924,269 Denomination — Coupon, $100, $600 and $1,000. Reglsterable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at par and interest on any in- terest date. Organization — See 1st 4s and 6b. Secured by a pledge of the entire $1,600,- 000 capital stock of the Baston Consolidated Electric Co., which controls through stock ownership plant supplying electricity in East- mi, Pa., and 64 miles of electric railway in Easton and Interurban line extending to Beth- lehem, Nazareth and Phillipsburg, N. J., and constituting part of a through line from Bas- ton to Allentown, Pa. Under the provisions of the mortgage no further liens or encum- brance* shall be placed on the property of the latter company. Pl-ior Liens — $1,240,000 Easton Cons. Elec. Co. Coll. 5s ot 1949, and $612,000 bonds of subsidiary companies. Eamings — See 1st 4s and Ss. Original Market — Offered in 1913 at par and Interest by B. B. Smith & Co., Philadelphia and New Tork. iVIarket. New York — Lynch & MeDermott. FiiUadelphia — Henry D. Boenning & Co., Brown Bros. & Co., George N. Fleming, Huntoon & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101% '16 102% '16 90 Mar. 95 Feb. Low. 80 '20 85 '20 80 Dee. 85 Dec. LENAWEE COUNTY GAS & ELECTRIC CO. 1st & Ref. S%s. Due April 1, 1987. Dated Jan. 1, 1912. Interest payable Jan. and July 1, at Detroit Trust Co., Detroit, Mich. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 393,000 Retired by S. F None KeseiTed for Ext 607,000 Denomination — Coupon, $600 and $1,000. Trustee — Detroit Trust Co., Detroit. Mich. Redeemable on any interest date at 102% and interest. Sinlcing Fund provides for the setting apart of a portion of the earnings each year. Organization — Incorporated in Michigan in 1912. Capitalization Outstanding Common $100,000 Funded debt 393,000 Management — Union Utilities Co., Chicago. Secured by a first mortgage on plant sup- plying gas to Adrian, Mich. Population served, about 12,000. Franchises expire in 1931. Original Market — Offered by First National Bank of Detroit at par and interest, $250,000 in Dec. 1912. LETEB BROTHERS CO. 1st S. F. 78, Series "A." Due July 1, 1928. Dated July 1, 1918. Interest payable Jan. 1, and July 1, at Lee, Higglnson & Co., Bos- ton, New York and Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,600,000 Outstanding (Jan. 1, '21) 648,50ft Retired by S. F 72,500 In Treasury 2,900 Resei-ved for Ext 1,750,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable as a whole on any interest date, or in part for sinking fund on an^ July 1, at 105 during 1919 and 1920; 104. during 1921 and 1922; 103 during 1923 anA 1924; 102 during 1926 and 1926, and 101 dur- ing 1927 and on Jan. 1, 1928. Sinking Fund — ^Annually, commencing om or before July 1, 1919, 6% of bonds issued: for the purchase or redemption of these bonds- at not over the calling prices (see above): Guaranteed principal and Interest by Lever Bros., Limited. Organization and Control — Incorporated' ln> Maine in 1899. It is controlled through own- ership of its entire capital stock, by Lever- Brothers, Limited, of Port Sunlight, Englandi large manufacturers of soap. It is the ex- clusive manufacturer in the United States of the parent company's established brands of laundry and toilet soaps, viz., "Lux," "Sim- light," "Lifebuoy," "Monkey Brand" and) "Welcome." The company's plant is located in Cambridge, Mass. Capitalization. Outstanding. Common $2,000, 00(^ Preferred (5%) 1,000,00(» Preferred (6%) 750,000 Funded debt 648,500 Secured by a first mortgage on all real estate, plants and equipment, and all brands, patents and trade-marks, whether now- owned or hereafter acquired. The company- has no other mortgage or funded debt and covenants in the provisions of this inden- ture as follows: To maintain at all times net current as- sets equal to at least 125% of the amount of these bonds outstanding. To issue the remaining $1,750,000 author- ized bonds only to an amount equal to 70% of the cost of additions to real estate, plants and equipment made after June 30, 1918. Not to pay cash dividends except out of profits earned after June 30, 19r8. Original Market — $750,000 offered August, 1918, by Lee, Higginson & Co., at 96% an* interest. Price Range. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Ask. High 101 '19 105 '19 103 June- Low. 96 '18 101 '20 101 Jan„ 713 LEWISTON & AUBURN ELECTRIC LIGHT CO. 1st 5s. Due June 1, 1939. Dated June 1, 1909. Interest payable Jun* and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .$1,200,000' Denomination — Coupon, $1,000. Register- able as to principal. Trustee— Old Colony Trust Co., Boston- Redeemable as a whole at 105 and inter- net on any interest date on 30 days' notice. Control — Incorporated in Maine in 1884. Absorbed in 1914 by the Androscoggin Mec- tric Co. The latter company was merged into the Central Maine Power Co. in 1920. Secured by a first mortgage on hydro- ■olectric plant and four water powers on the Androscoggin and Little Androscoggin Riv- -ers, and distribution systems, supplying ■electricity In Lewiston and Auburn, Me., and vicinity. Franchises are perpetual. Popu- lation served, 45,000. Underlies — Androscoggin Electric Co. 1st ■ft Hef. 5s of 1934. Kamings — See Central Maine Power Co. Original Mai-ket — $1,200,000 offered July, 1809, at 102 and interest by Jose, Parker & ■Co., Boston, Mass. Market. Boston — Charles A. Day & Co., C D. Parker & Go. Portland, Me. — Beyer & Small. New York — Fred H. Hatch & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 95 '16 83 June .. Low. 85 '18 88 *20 82 88 tBWISTON (Me.) GAS LIGHT CO. 1st 4s. l>ue AprU 1, 1924. Dated April 1, 1899. Interest payable April and Oct. 1, at Portland Trust Co., Portland, Me. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $400,000 Outstanding 200,000 ReseiTed .for Ext 200,000 Denomination — Coupon, $1,000. Tmstee — Portland Trust Co., Portland, Me. Sulking Fund — $2,000 per annum. Organization — Incorporated in Maine In 1853. Capitalization Outstanding Common $400,000 Funded debt 200,000 Secured by a first mortgage on plant sup- plying gas to Lewiston and Auburn, Me. Franchises perpetual. Population served, 48,692. Years ended Dec, 31 : Gross Net Interest 1920 $236,642 $56,655 $8,019 • 1919 187,518 46,829 10,403 1918 162,474 37,345 10,508 1917 115.512 39,556 9,068 1916 104,481 41,920 9,023 Portland, Me. — H. M. Payson & Co. I^BXBSGTON & EASTERN RAILWAY CO. 1st 5s. Due April 1, 1965. Dated April 1, 1915. Interest payable April 1 and October 1, at Louisville & Nash- ville R. R. office, Louisville, Ky., and New York City. Tax StatusF^Payment of Federal Income Tax not assumed by company. AuthoHzed $20,000,000 Outstanding: 7,850,000 Owned by L. & N. R. R 2,645,000 Reserved for Ext 9,505.000 Denomination — Coupon, $1,000. Register- able as to principal only. Trustee — New York Trust Co., New York. Assumed April 1, 1917, by Louisville & Nashville R. K. Co. Guaranteed as to principal and interest "by the Louisville & Nashville R. R. Co. by ■endorsement. Control — Merged with the Louisville & Nashville R. R. Co. in 1916. Secured by a first mortgage on 213.58 miles of road from Lexington to McRoberts, Ky., and branches. This road affords the L. & N. R. R. access to extensive coking and fuel coal fields in southeastern Ken- tucky. It is reported that the investment of the L. & N. R. R. Co. in this road is approximately $10,000,000. Legal for savings banks in Cal., Me.. Mich., Minn.. N. H., N. J., R, I. and Wis. liisted on the New York Stock Bxphaugo. Original Market — Offered in March, 1915, by J. P. Morgan & Co., National City Bank, and First National Bank, all of New York, at 98% and interest. ' Market. New York — Constable & Fleming, Samuel Goldschmidt, R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Vilas & Hickey, Edwin Wolff. Louisville — Fidelity & Columbus Trust Co., W. L. Lyons & Co., George T. Wood & Son. Baltimore — Jenkins, Whedbee & Poe. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E- Jan. 1, '17, to Jan. 1, *21 1920 High 103% Jan. 25 '17 88 Oct. . 6 Low. 79% July 26 '20 79% July 26 LEXINGTON AVENUE & PA V O N I A FERRY RAILROAD CO. 1st ds. Due Sept. 1, 1993. Dated August 24, 1893. Interest payable March and Sept. 1, at Treasurer's Ofilce, New York Ry. Co., New York. Default — March. 1, 1920, interest. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .$5,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000 and multiples. Trustee — Central Union Trust Co., New York. Assumed by the New York Railways Co. Control — Absorbed by the New York Rys. Co., which is controlled by the Interborougb Consolidated Corp. Protective Committee — F. J. Fuller, Vice- President of the Central Union Trust Co. of N. Y.; A. R. Hoor, Vice-President of the Equitable Life Assurance Society, and Reg- inald Foster, general counsel of the New England Mutual Life Insurance Co., with Charles E. Sigler, SO Broadw^ay, as Sec- retary. Depositary, Central Union Trust Co. of New York. Receivership — See New York Railways Co. Secured by a first mortgage on approxi- mately six miles of electric street railway in the City of New York, from 42nd St. on Lexington Ave. to 131st St. and from Xjexing- ton Ave. on 110th St. to St. Nicholas Ave. to Manhattan Ave. to the Hudson River at 130th St. Franchise perpetual. Underlies — New York Railways Co. Ist Real Estate & Re^. 4s of 1942 and Adj. Inc. 6b of 1942. Earnings — See New York Railways Co. Listed on the New York Stock Exchange. Market. New York — Theodore L. Bronson & Co., Finlay & Davenport, Pouch & Co., Tobey & Kirk. Price Range — N. Y. S. Jan. 1, '17, to Jan. 1, '21 High II6V2 Mar. 24, '17 Low. 27 Dec. S, '20 '1920 42 Mar. 8 27 Deo. 8 714 LEXINGTON HYDRAULIC & MANUFAC- TDRING CO. 1st 5s. Due each Oct. 1 OS follows: $10,000 1916 to 1980, $15,000 1921 to 1935, 820,000 1926 to 1930, $25,- 000 1931 to 1935 aod $1,650,000 Oct. 1, 1936. Dated October 2, 1911. Interest payable April and Oct. 1. at Continental & Commer- cial Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Oatstandingr (Jan. 1, '21) 972,700 Matured and Paid 50,000 UiUBsned 977,300 Denomination — Coupon, $100, $500 and $1,000. Resrlsterable aa to principal. Trastees — Continental & Commercial Trust ft Savings Bank and Prank H. Jones. Chicago. Redeemable at 102% and Interest on any Interest date on four weeks* notice. Organization — Incorporated in Kentucky In 1882. Capitalization Outstanding Common $126,000 Preferred (6% non-cum.) 176,000 Funded debt 972,700 Secnred by a first mortgage on plant sup- plying water In Lexington, Ky. The company controls the only available water supply In the vicinity of Lexington, and has a contract with the city extending to 1935. Population served, 40,000. The city has the right to pur- chase the plant on January 1, 1916, or on the expiration of any five-year period there- after, at a price to be determined by three impartial hydraulic engineers. Earnings — Not available. Original Market — $431,700 offered in June, 1912, by E. H. Rollins & Sons, New York. at 100 and Interest. Market. Boston — H. C. Spiller & Co.. E. H. Rollins ft Sons, I^XINGTON RAILWAY CO. let 6s. Due Jane 1. 1940. Dated June 1, 1899. Interest payable June and Dec. 1, at Baltimore. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $1,600,000 Outstanding: 1,080,000 Held in S. F 245,000 Exchanged for Ky. T. & T. 1st Kef. 5s 84,000 Owned by Ky. Sec. Co 41,000 Pledged under Lex. 'Utilities let & Kef. Mtg:e: 50,000 Denomination— Coupon, $1, 000. Register- able as to principal. Trustee — The Continental Trust Co., Balti- more. Redeemable for sinking fund at 110 and Interest upon four weeks' notice. Sinking Fund — ^Annually on June 1, 1 % of bonds outstanding are to be retired at not exceeding 110 and Interest. Bonds so ao- quired to be held alive in the sinking fund and Interest added thereto. Assumed — One-half of the bonds are as- sumed by the Kentucky Traction & Terminal Co. and one-half by the Lexington Utilities Co. Control — ^Absorbed by the Kentucky Trac- tion & Terminal Co., which Is controlled through ownership of Its entire capital stock by The Kentucky Securities Corp. Seciu-ed by a first mortgage on the 18 miles of street railway, electric distributing system, ice and cold storage buildings and 59 miles of gas mains in Lexington, Ky. The gas mains are leased to the Kentucky Natural Gas Co. Population served, 40,000. Railway franchise is perpetual. Underlies — Ky, T. & T. 6s of 1951, and Lex- ington Utilities Ist L. & Ref. 6s of 1929. Bonds are reserved under both mortgages to retire this issue. Earnings — See Kentucky Traction & Ter- minal Co. liisted on the Baltimore Stock Exq^hange. Original Market — $737,000 offered at 100 and Interest In 1899, by MIddendorf. Oliver ft Co., (now MIddendorf, Williams ft Co.), Baltimore. Market. New York — Hartshorne & Battelle. Baltimore — Mackubin, Goodrich & Co., Smith, Lockhart & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 96 % '09 98 '09 80 Jan. 85 Jan. Low. 68 '20 70 '20 68 Feb. 70 Dec. 716 LEXINGTON (Ky.) UTILITIES CO. First Lien & Refunding 6s, Series "A." Dne AprU 1, 19S9. Dated April 1, 1919. Interest payable Apr. 1. and Oct. 1, at Commercial Trust Co., Philadelphia, or in New Tork. Tax Statns — 2% Federal Income Tax paid by the company without deduction. Autlioi-ized Open Mortgage Outstanding $793,350 Provisions of Issue — The amount of bonds outstanding at any one time Is Indetermi- nate. Bonds or other series, if issued, may mature on such dates, bear such rate of in- terest, not exceeding 6%, and be redeemable at such price and time as may be determined by the Board of Directors, and shall stand on a parity with Series A as to lien. Additional bonds of Series A and other series may be issued: (a) for the acquisition of plants or properties, or for constructions, better- ments, etc., upon the properties of the com- pany, for 90% of the cost thereof, but only when the combined net earnings of the Lex- ington Utilities Company and the properties to be acquired are at least double the interest charges on all bonds of the Lexington Utili- ties Company outstanding and proposed to be Issued ; (b) in exchange for prior lien bonds on any property now owned or hereafter ac- quired; (c) In exchange for bonds of any company, a majority of whose capital stock Is owned by the Lexington Utilities Company, but only when the combined net earnings are at least double the annual Interest require- ments on the total outstanding bonds of both companies; (d) in exchange for bonds or stocks of other companies, but only when the earnings of the Lexington Utilities Company are double the annual interest requirements on Its outstanding bonds and those proposed to be Issued In exchange for such bonds or stock, but the earnings of such other com- pany applicable to dividends on stock to be acquired, or the annual Interest paid on bonds to be acquired, shall be Included In earnings of the Lexington Utilities Company. Porpose of Issne — To retire floating debt: to provide for construction requirements in 1919; to provide for the retirement of prior lien bonds and for other corporate purposes. Denomination — Coupon, $60, $100, $500 and $1,000; Interchangeable and registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable at 101 and Interest, on any Interest date, upon 60 days' notice. Organization and Control — Incorporated In Kentucky in 1909. The company owns a substantial Interest In the Southwestern Utilities Corporation, a holding company, owning all the issued se- curities of the Gas Pipe Line Corporation and the Sachem Oil Company, and 70% of the issued securities of the Southwestern Gas Company. This combined system controls under gaa purchase contracts the entire gas production from 37,000 acres of natural gas leases In Southeastern Kansas, of which 16,- 000 acres leases are owned and cover both oil and gas rights. The system controls, through Its pipe line, wholesale markets for its natural gas. Natural gas is sold at wholesale to lar^e Industries In and around Independence, Kansas. Including refinery, brick and cement plants, electric light and water companies, and also delivered to the main line of the Kansas Natural Gas Company, supplying Kan- sas City, Fort Scott, Joplin, and other large centers. The oil production is delivered to the pipe line of the Prairie Pipe Line Com- pany, one of the Standard OH group. The entire capital stock except qualifying shares is owned by the Kentucky Securities Corporation. Capitalization Outstanding Common $100,000 Funded debt 793,350 Secured by a mortgage on all ^he property owned by the company, and further secured by pledge of $100,000 prior lien bonds. The property covered by the direct lien of this mortgage Includes steam power plant, electric distributing system. Ice manufactur- ing plant and storage buildings and a syatem of gas mains in the City of Lexington. The company does the electric light and power business in Lexington, supplies power to the urban and Interurban railways and under wholesale contracts to surrounding territory. The entire output of ice Is sold to the Lex- ington Ice Company, which does the ice and cold storage business In Lexington. The gas mains are leased " to the Central Kentucky Natural Gas Company. The electric franchise expires July 10, 1936. Prior liiens — Outstanding (a) Kentucky Traction & Terminal 1st & Ref. 5s. 1951 $2,319,000 (b) Lexington Ry. Co. 1st 5s, 1949. 1,080,000 Total $3,399,000 (a) A prior lleii on the power plant covered by the lien of this mortgage. The Lexington Utilities Company has assumed payment of principal and interest on $861,000 of these bonds in connection with the purchase of said plant. '' (b) A prior lien on the electric distributing system, the ice plant and gas mains covered by the lien of this mortgage. The Lexington Utilities Company has assumed payment of principal and interest on $760,000 of these bonds in connection with the purchase of said properties. ' Years ended June 30 (Combined): Gross. Net. 1920 $746,270 312,996 1919 604.571 254,913 Original Market — $750,000 offered July, 1919, by Chandler & Co.. Philadelphia and New York, and Chandler, Wilbor & Co., Inc., Boston, at 93 and interest. Price Range 1920 — Ask, 93, 85. IJGOETT & MTERS TOBACCO CO. Deb. 7s. Bue Oct. 1, 1944. Dated December 1, 1911. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthfvrlzed $15,507,800 Outstanding: (Jan. 1, '21) 14,401,500 Retired by S. P ■ 1,106,500 Denomination — Coupon, $1,000. Register- able as to principal. Registered $50, $100. $500. $1,000, $5,000, $10,000 and $50,000 and $100,000. C. & R. interchangeable in multi- ples of $1,000. Tmstee — Guaranty Trust Co., N. T. Sinking Fand — ^Annually in January, $150,- 000 per annum for the purchase of bonds at not exceeding 130 flat. If bonds are not pur- chaseable within a year, payment reverts to company. OrganizatSon — Incorporated in New Jersey in 1911. In compliance with the plan of dis- solution of the American Tobacco Co. , ap- proved by the U, S. Circuit Court, In accord- ance with the decree of the Supreme Court. There were conveyed to this company factor- ies for the manufacture of little cigars, ciga- rettes and tobacco In St. Louis. Mo.; Rich- mond, Va.; Chicago, 111.: New Orleans, La.; Durham, N. C; Philadelphia, Fa., and Wil- mington, Del., and either the entire Issues or a large majority of the stocks of companies owning factories in Chicago, San Francisco, Toledo, Ohio, and Louisville, Ky. Capitalization. Outstanding. Common .' $21,496,400 Common B 10,733,200 Preferred (7% cum.) 22,514,000 Funded debt 49,461,100 Security — These bonds are a direct obliga- tion of the company but not secured by a mortgage. The company imposes a charge In favor of the Trustee upon all its property and present and future net income for the benefit of first, these 7% bonds, and second, the 5% bonds, and further covenants that it will not mortgage its property, business or income, nor create any specific charge upon its earn- ings, without expressly recognizing and con- firming these bonds as priorlien claims. Underlies — $15,059,600 5s. Years ended Dec. 31: Net. Int., etc. Dividends. 1920 $10,572,966 $2,958,747 $4,960,493 1919 8,917,233 2,988,196 5.015,404 1918 10,050,222 1,896,214 5,015,404 1917 9,184,783 1,821,064 4,641.068 1916 8,416,814 1,827,759 4,516,290 Listed on the New York Stock Exchange. Market. New York — Hartshorne & Battelle. St. Louis — Francis Bros. & Co. Price Range — N. Y. S. B. Jan. 1, *16, to Jan. 1, *21 1930 High 129 Dec. 28, '16 111 Jan. 8 Low. 99% June 14, '20 99% June 14 LIGGETT & MYSRS TOBACCO CO. Deb. 6s. Due Augr. 1, 1951. Datf^ December 1, 1911. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .$15,059,600 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable; Registered, $50. $100, $500, $1,000, $6,000, $10,000, $50,000, $100,000. C. & R. inter- changeable in multiples of $1,000. Trustee — Guaranty Trust Co., New York. Orgaidzation — See Deb. 7 s. Prior Xdens — Debenture S. P. 7s, due 1944. Security — See Deb. 7s. Earnings — jSee Deb. 7s. liisted on the New York Stock Exchange. Marie et. New York — Samuel Goldschmidt. St. Louis — Francis Bros. & Co. Price Range — N. Y. S. E. Jan. 1, '17, to Jan. 1, '31 1920 Coupon. High 104% Jan. 20, '17 89 1/^ Feb. 19 Low. 76 Dec. 22, '20 76 Dec. 22 716 LIGGETT & MEYERS TOBACCO COMPANY 3-Year 6% Notes. Due Dec. 1, 1921. Dated December 1, 1918, Interest payable June 1 and December 1, at Trustee's office. New York. Principal and interest payable In gold. • Tax Status — Payment of Federal Income Tax not assumed by company. AutlLorized $20,000,000 OatstaiLdiiie 20,000.000 Purpose of Issae — To retire current indebt- edness necessitated partly by the increased cost of leaf tobacco and partly by an actual increase in the amount of inventory carried. Denomination — Coupon, $1,000. Reg^lster- able as to principal. Trustee — Guaranty Trust Company, New Tork. B«deemable as a whole, or in part, at the option if the company, on any interest date on 30 days' notice at 102% and interest for notes with two years or more to run; at 101%% and interest for notes with one year or more, but less than two years to run; at 101% and interest for notes with less than one year to run. Security — ^A direct obligation of the com- pany, but not secured by mortgage. The company covenants that: As long as any of the notes are outstand- ing the company will not (a) mortgage or pledge any of its real or personal property, except United States Government obligations, or (b) sPll any of its real estate, plants, brands, trademarks, patents, or shares of stock of Pinkerton Tobacco Company, unless It pays over to the Trustee cash to an amount equal to the cash value recived from any such sales, to be used to purchase notes in the open market, or applied upon the re- demption of notes. The company will at all times maintain Quick assets in a sum equal to at least twice the amount of its outstanding notes ' and all other liabilities other than its bonds maturing In 1944 and 1951, notes secured by United States Government obligations and reserves (Including tax accruals), all as defined in the Trust Agreement. ' Prior liiens — Debentures 7 s due 1944 and Debentures 5 s due 1951; both of these are closed mortgages. JEamines— See Debentures 7s due 1944. Original Market — Offered November, 1918, by the Guaranty Trust Company of New York and the National City Company, New York, etc., at 98, to yield about 6%%. Market. New York — T. Hall Keyes & Co., Salomon Bros. & Hutzler. Boston — Curtis & Sanger. touis^'ille — Fidelity & Columbia Trust Co. Pliiladelpliia — Biddle & Henry. Price Range, Jan. 1, '19, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 100% '19 100% '19 99% Feb. 99% Feb. Low. 96% '20 97^4 '20 96% Apr. SlVi. June UMA (O.) ELECTRIC RAILWAY & LIGHT CO. 3nd Cons. (Now 1st) 6s. Due April 1, 1935. I>ated April 1, 1902. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $850,000 Outstanding 350,000 Reserved for Ext 500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., Buffalo, N. Y. Control — Incorporated In Ohio in 1900. The property of this company was purchased by the Ohio Electric Ry. Co. on Dec. 31, 1909. Secured by a first mortgage on 12 miles of street railway in Lima, O., and on plants sup- plying eelectriclty and steam heat in that city. Population served, 35,000. Underlies — $900,000 Ref. 53 of 1925. under which bonds are reserved to retire this Issue, and $4,200,000 Ohio Electric Ry. Is*- & Ref, 5s of 1930, and $2,927,000 2d & Gen. 6s of 1948. Bonds are reserved under the first two mortgages to retire this issue. Earnings — See Ohio Electric Ry. Co. Market. Buffalo — John T. Steel. Price Range. Jan. 1, '08, to Jan. 1, '31 1920 Bid Ask. Bid. ABk. High 96 '13 9TA '13 Low. 79 '08 79 'OS 30 40 LIMA, FINDLAY & TOLEDO RAILWAY CO. Ist 5s. Due July 1, 1935. Dated April 1, 1905. Interest payable Jan. and July 1, at Trustee's office or First Na- tional Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding 324,000 Retired by S. F 76,000 Reser\'ed for Bxt 200,000 Denomiimtion— Coupon, $1,000. Register- able as to principal. Trustee — Citizens' Savings & Trust Co. , Cleveland. Redeemable at 105 and interest on any In- terest date, Sinking Fund — $10,500 annually beginning May 1, 1911, for purchase or redemption of bonds at not to exceed 105 and interest. Organization and Control — Incorporated In Ohio. All of the stock is owned by the "West- ern Ohio Ry. Co. A majority of the capital stock of that company is owned by the "West- ern Ohio Railroad Co. Property was for- merly leased to the latter company but lease was cancelled June, 1916. Capitalization. Outstanding. Common $4,000 Funded debt 324,000 Secured by a first mortgage on 31 miles of interurban railway from Lima to Findlay, Ohio, forming part of a through route be- tween Dayton, Cleveland and Toledo. Popu- lation served by line covered by this mort- gage, 54,000. Road Is built on private right- of-way. Earnings — See "Western Ohio Ry. Co. let 6 s. Listed on the Cleveland Stock Exchange. Original Market — First offered by S. D. Loring & Son, Boston, Mass., at par and In- terest. Market. New York^^Hartshorne & Battelle. Price Range. Jan. 1, *17, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 95 '17 Low. 88 '18 45 60 LIMA LOCOMOTIVE CORP. 1st S. F. 6s. Due May 1, 1933. Dated July 1, 1912. Interest payable May and Nov. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding: (Jan. 1, '21) 1,515,000 Held in S. F 485,000 Denomination — Coupon, $ 1,000. Register- able as to principal. Trustee — Equitable Trust Co., New Tork. Bedeepnable at 110 and interest on any in- terest date. Sinking Fund — Begifining with $50,000 per annum in 1913 payable semi-annually, from Nov. 1 , 1913, for the purchase or redemp- tion of these bonds at not over 110 and in- terest. Bonds so redeemed to be held alive and interest added to sinking fund. Assumed by Lima Locomotive Works, Inc. 717 Oreauization — Incorporated in Virginia In 1912. In April, 1916, owing to the large floating debt of the company and small working cap- ital, a new company was formed, viz., the Lima Locomotive Works, Inc. Capitalization. Outstanding. Common $4,350,000 Preferred (7% cum.) 2,865,000 Funded debt 1,515,000 Secured by a first mortgage on the plant of the company covering about 62 acres at Lima, Ohio. Year ended Dec. 31: Gross. Net. Bond Int. 1920 $12,047,657 $1,558,731 $120,000 Original Market — $2,000,000 offered in July, 1912, by Redn^nd & Co., New York, at par and interest. Also offered by B. W. Clark & Co. and Graham & Co., Philadelphia. ?Market New York — Fred H. Hatch & Co., Prince & Whitely, Redmond & Co. Price Range. Jan. 1, *13, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 99 '13 101 '12 95 Jan. 98 Jan. Low. 85 '15 90 '15 87 Nov. 91 Aug. Price Range. Jan. 1, *15, to Jan. 1, '21 1920 Bid. Ask. Bid. High 94 '17 96% '17 60 June Low. 60 '15 75 '15 60 June LINCOLN (Neb.) GAS & ELBCTRIC LIGHT CO. iBb Cons. (Now Ist) 6s. Dne Dee. U 1041. Dated Dec. 1, 1901. Interest payable June and Dec. 1, at H. L. Doherty & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,600,000 OutBtaodlns 1,600,000 Denominiation — Coupon, $100 and $1,000. Registerable as to principal. Trustee — Eauitable Trust Co., New York. Redeemable on or before Dec. 1, 1921, at 105 and interest and thereafter at 110 and Interest upon sixty days' notice. Organization and Control — Incorporated in Nebraska in 1901 as sucessor to Lincoln Oai & Electric Co. Owns the entire capital stock of the Havelock Electric Light Co. Controlled through stock ownership by Cit- ies Service Co. Capitalization. Outstanding. Common $2,180,900 Funded debt 1.600,000 Management — Doherty Organization. Secured by a first mortgage on plant sup- plying gas to Lincoln, University Place, Have- lock, Neb., and intervening territory, and on plant supplying electricity in Lincoln. The company hag competition in the electric busi- ness in Lincoln. The company wholesales current to the Havelock Electric Light Co., a subsidiary, for .distribution in Havelock and Waverly. Total population served over 65,- 000. Gas franchise in Lincoln is unlimited in duration; in University place, expires in Aug., 1929; in Havelock, expires in Sept., 1929. Electric franchise in Lincoln -and Havelock are unlimited in duration; in Waverly, expires in Sept., 1932. ' EaminfTS — Company does not report earn- ings. Original Market — $750,000 offered May. 1916, by A. B. Leach & Co.. New York, etc.. at 95 and interest. Marjcet. Boston — 'A. B. Leach & Co., McConnell & Co. New York — Klely & Horton, A. B. Leach & Co., A. B. Fitkln & Co., Hanson & Han- eon, B. & C. Randolph. Chicago — A. B. Leach & Co. Philadelphia — A. B. Leach & Co. LINCOLN PARK Ss CHARLOTTE RAILROAD CO. Ist 5s. Due Jan. 1, 1939. Dated January 1, 1889. Interest payable Jan. and July 1, at A. Iselin & Co., 36 Wall Street, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstandins $350,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by Buf- falo, Rochester & Pittsburgh Ry. Co. by en- dorsement. Control — Absorbed by the Buffalo, Roches- ter & Pittsburgh Ry. Co. Secured by a first mortgage on 10.29 miles of road from Lincoln Park, near Rochester, to Charlotte. N- Y., and Genesee Dock, N. Y., on Lake Ontario, from which point a car fer- ry service is operated to Coburg, Ontario, :iointly by this company and the Grand Trunk Ry. Co. Underlies — B. R. & P. Cons. 4*^3. Bonds are reserved under that mortgage to retire this issue. Legal for savings banlts in Cal. , Conn. , Me., Mich., Minn., N. H.. N. J.. N. Y.. R. I. and Wis. Market. New York — Charles W. Place, Remick, Hodges & Co., Raymond M. Smith, Taylor, Smith & Hard. Price Range. Jan. 1, *16, to Jan. 1, '21 1920 Bid. Ask. Ask. High 105 '17 107% '16 - 90 May Low. 88 '19 91 '19 90 May 718 LINCOLN (Neb.) TELEPHOiNE & TEL& GRAPH CO. 1st 5s. Due Jannary 1, 1946. Dated Jan. 1. 1916. Interest payable Janu- ary 1 and June 1, at Harris, Forbes & Co., New York, or Trustee's oifice, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Nebraska. Authorized $1'). 000, 000 Outstanding: 1,500,000 Reserved for Ext 8,500,000 Denominations — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Harris Trust & Savings Bank. Chi- cago. Redeemable at 103 and interest on and after Jan. 1, 1921. Organization — Incorporated in 1909 in Ne- braska and acquired the properties of a num- ber of Independent companies, ~ This company is now a sub-licensee of the American Tele- phone and Telegraph Co. The Neb.'-aska Tolephone Comr.;iny (Bell) owns $3,866,800 of the preferred stock of this company, which becomes voting stock when (here is default in payment of dividends thereon for two successive periods. The com- pany has a long time and -favorable contract with the Bell Company for connections and general interchange of service. Capitalization. Outstanding, Common $2,651,683 1st Pref. (6% cum.) 39,181 Special Pref. (5%) 3,927.600 Funded debt 1,500,000 Secured by a first mortgage on a physically connected exchange and toll telephone system .^? oounUes In the State of Nebraska lo- cated south of the Platte River and lying east of the west line of Adama and Webster Counties, comprising an area of about 12,500 ^J^are miles. The system embraces a total or 116 central office exchanges, serving 213 separate communities, including the cities of Lincoln, Hastings, Beatrice, Tork, Nebraska J^jy and Fairbury. Total population, about Franchise In Lincoln expires In 1963, other franchises are ijnlimited as to time or extend ' beyond the maturity of these bonds. Years ended Dec. 31: ,noA Gross. Net. Interest, }9?0 $2,305,867 $945,856 $97,681 1919 2,053,510 880,065 711646 1918 1,679.540 765,989 65,781 1917 1,551,278 768,603 70,289 1916 1,369,938 696,976 68,926 1915 1.212,236 574,459 44,946 Original Market — Offered January, 1916. by Merrill, Oldham & Co., Harris, Forbes & Co.. Boston, at 99^ and interest. Market. New York — Joseph Oilman, T. L. Mc- Donald. Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. ■High .. 101% '16 74 Oct. 87% June Low. 70 '20 80 '20 70 Dec, 80 Oct. MNCOLN TRACTION CO. 1st 5s. Due Jan. 1, 1939. Dated March 1, 1909. Interest payable Jar. and July 1, at New Tork Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding 1,250.000 Reserved for Prior Liens 250,000 Denomination — Coupon, $1,000. Hegisterable as to principal. Registered, $1,000. C. & B. Interchangeable. Trustee — New Tork Trust Co., N. T. Redeemable at 110 and interest Jan. 1, 1919, or any Interest date thereafter. Organization — Incorporated in Nebraska _ in 1909 as a consolidation. The company con- trols through stocic ownership the Lincoln, Capital Beach & Milford R. R. and Lincoln Heat, Light & Power Co. Capitalization. Outstanding. Common $1,652,000 Preferred (6% cum.) ^.. 1,186,700 Funded debt 1,500,000 Secured by a first mortgage on a large part of the 5 5 miles of street railway in and around Lincoln, Neb., and a second mortgage on the remaining part. "Population served, 80.000. Prior liiens — $250,000 Lincoln Traction' Co. 1st 5s, 1920, for retirement of which bonds of this issue have been reserved. Years ended Dec. 31: Gross. Net. Int & Tax.' 1920 $1,096,680 $211,303 $178,534 1919 1,061,008 207,758 157,453 1918 1,994.658 152,167 144.657 IJegal for savings banks in Me. and R. I. Original Market — Offered by Shapker, "Wal- ler & Co., and McCoy & Co., Chicago. Market. New York — Fred H. Hatch & Co., Taylor & White, Merrill, Lynch & Co. Omaha — Burns Brinker & Co. Price Ranse. Jan. 1, '15, to Jan. ], '21 1920 Bid. Ask. Ask. High 96 '15 99*17 97^/^ Mar. Low. 65 '19 75 '19 80 June UNDJCUj railway CO. 1st Ext. 4%8. Dn«- Aug. 1, 1921. Dated Aug. 1, 1891 (originally 6s, due Aug. 1, 1911, but extended at 4^%). Interest payable Feb. and Aug. 1, at North American. Co., New Tork, and St. Louis Union Trust Co., St. Louis. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Ontstanding. .. .$1,500,000 Denomlniation — Coupon and registered, $1,- 000. Trustee — Bankers' Trust Co., New York. Redieemable at any time. Control — Absorbed by United Rys. of St.. Louis. Receivership — See United Railways of St. liOUlB. Secured by a first mortgage on 39 miles of street railway track in St. Louis, Mo. Underlies — St. Louis Transit 5s of 1924 and United Rys. of St. Louis Gen. 4s of 1934'. Earnings — See United Rys. of St. Louis;. Listed on the St. Louis Stock Exchange^ Market. St. Louis — Stix & Co. i Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask'- High 981^ '17 99 '16 90 Jan. 92 Jan, Low. 85 '20 86^2 *20 85 Dec. 86 ^^ Dec. LIQUID CARBONIC CO. (THE) 10-Year S. F. 8% Notes. Due Oct. 1, 1930. Dated Oct. 1, 1920. Interest payable April 3 and Oct. 1 in New York and Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $3,000,000 Outstanding 3,000,000 Purposo of Issue — To reduce bank loans. Denominations — Coupon, $1,000, $500 and $100; interchang-eable and reg^isterable as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Redecniahle on 30 days' notice at 105 and interest at any time prior to Jan. 1, 1922; at 104 and Interest between Jan. 1, 1922, and Dec. 31, 1925; at 103 and interest between J'an. 1, 1926, and Dec. 31, 1927, and at 102' ■and interest between Jan. 1, 1928, and maturity. Sinlcinfi: Fund — Annually, beginning Oct. 1, 1921, $250,000 for the purchase or redemp- tion of these notes at not exceeding current call price. Org:aJiization — Incorporated in Illinois In 1888. Manufactures and sells carbonic acid gas, soda fountains, syrups, crushed fruits, extracts and ilavors, ice cream freezers, au- tomatic drink dispensing devices 'and bottl- ing machinery of all kinds. The company's principal plant is located in Chicago, with additional plants in Boston, New York, Phil- adelphia, Atlanta, Cincinnati, Memphis, Pittsburgh, Minneapolis, Kansas City, St. Louis .-ind Dallas. Capitalization. Outstanding. Common $2,253,000 Preferred (7% cum.) 2,677.600i Funded debt 3.000,000i Security — A direct obligation of the com-- pany, but not secured by a mortgage. Under the provisions of the Indenture the- company, covenants as follows: No mortgage shall be allowed to exist on tlie property of the company while any of" these notes are outstanding and unpaid ex- cept purchase money mortgages for the ac- quisition of additional property. Current assets of the company shall be- maintained in an amount equal to at least IVi times all direct and contingent liabili- ties, including all notes of this issue out- standing, and net current asset.s shall al- ways be maintained at 200% of whatever amount ol these notes Is issued and out- ■tanding. Years ended Dec. 31: Net • 1920 $2,250,000 1819 2,462,17.4 1318 820,728 •Year ended Sept. 30, with two months estimated. Original Market — $3,000,000 offered Oct., 1920, by Federal Eecuritiea Corporation and rirst Trust & Savings Bank, Chicago, and Merrill, Lynch & Co., New York, at 100 and Interest. UTCHFIKLJ) Si MADISON RAILWAY Ist Ss. Due Nov.. 1, 1934. £>ated Nov. 1, 1904. Interest payable May and Nov. 1, at Central Union Trust Co., New York. Tax Ststns — 2% Federal Income Tax paid t& company without deduction. ^utitorized $1,000,000 Assumed by the New York Central R. R. ^o Control — Absorbed by the N. Y. C. R. R. Co Secured by a first mortgage on 10 miles of road from Little Falls to DolgeviUe, N. Y. Underlies— N. Y. C. & H. R. Cons. 43 of 1998 N Y. C.-L. S. Coll. 3%s of 1998. N. i- C.-Mlch. Cent. Coll. 3%s of 1998, N. Y. C. K R. Deb. 4s of 1934, N. Y. C. & H. R. Srt. 4s of 1942, N. Y. C. & H. R- K^f. & Imp 4%s of 2013. The latter provides for *he retirement of this issue. Legial for savings banks in Cal., Conn., Me., Mass., Minn., Mich., Mo., N. H., N. J., N. Y., Ohio, Ore., R. L, Vt. and Wis. Market, New York — Hartshorne & Battelle, R. W. Pressprich & Co., Remick, Hodges & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. 80 '17 831^ '16 50 May 65 Aug. 50 '17 81 '16 50 Aug. .. High Low. UTTIE FAIXS (Minn.) WATER POWER CO. 1st Ref. 6s. Due annually Deo. 1 as follows: $5,000, 1917, 1918 and 1919; $10,000 trom 1920 to 1926, incl.; $15,000, 1927, and the balance in 1928. Dated Dec. 1, 1916. Interest payable June 1 and Dec. 1, at Minnesota Loan & Trust Company, Minneapolis. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in Minnesota. Authorized $1,000,000 Outstanding 678,000 Retired 10,000 Reserved for Prior laens 43,000 Reserved for Ext 269,000 Provisions of Issue — Additional bonds may be issued for 76% of the actual and reason- able cash expenditures of the company for or on account of permanent extensions to its property when net earnings for the twelve months immediately preceding have been at least twice the total amount of annual inter- est on all bonds outstanding and bonds to be issued. Denominationi — Coupon, $1,000; registerable as to principal. Trustee — Minnesota Loan & Trust Co., Min- neapolis. Redeemable on any interest date in reverse of numerical order at 102 and interest upon 60 days' notice. Organization — Incorporated in Minnesota in 1886 and absorbed the Little Falls Electric & "Water Company. Capitalization. Outstandine. Common $607,000 Preferred (7% cum.) 162,000 Funded debt 721,000 Secured by a mortgage on a hydro-electric plant on the Mississippi River at Little Falls. Minn. , with a present generating capacity of 3,000 h. p. to be further developed by an ad- ditional 1,500 h. p. in addition to a 1,900 h. p. hydraulic power, leased for mill pur- . poses: a distributing system at Little Falls, including the water works there, and on the .120-mile transmission line connecting the hydro-electric plants in Flensburg, Swans- ville. Long Prairie, Browerville, Clarissa, Eagle Bend, Hewitt, "Verndale, Wadena, Bertha. Aldrich, Staples and Pierz, Minn., together with the distributing systems in these various municipalities except Wadena, Pierz, Bertha and Staples. The company also sells current wholesale at Little Falls to the Royalton Light & Power Company for use at Royalton and Rices, Minn., and also sells current to the Electric Service Company at Swanville, Which in turn supplies the villages of Grey Eagle, Bowlus, Burtrum and Upsala, Minn. Population of Little Falls, about 8.000, to- tal population served by company, about 25,- 000. Franchises extend beyond the maturity of the longest time bonds, except Staples, Wad- ena, Bertha and Pierz, Minn., where it sells current to the municipalities direct. Prior Lien — Outstanding. First 6s, due serially to 1923 $43,000 720 li months ended Sept. 30: Gross. Net. 1919 8164,674 87,360 Original Market — $216,000 ofCered Feb., 1920, by the Minnesota Loan & Trust Com- pany, Minneapolis, at 98 and interest. Market. Doluth — W. M. Prindle & Co. LITTLE MIAMI RAIXBOAD CO. Gen. (Now Ist) 4s. Dae Nov. 1, 19«3. Dated Nov. 1, 1912. Interest payable May 1 and Nov. 1, at Farmers' Loan & Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstanding 1,070,000 Reserved for Ext 8,930,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Trust Co., Cincinnati. Guaranteed as to interest by the Pittsburgh, Cincinnati, Chicago & St. Louis Ry. Co. and the Pennsylvania R. R. Co., under terms of lease. Organization and Control — Incorporated in Ohio in 1836, $2,182,000 of the special guar- anteed stock and $500 of the original 'stock are owned by the P., C, C. & St. L. Ry, Co. and the Pennsylvania Co. The Little Miami R. R. Co. leases 93 miles of road from Colum- bus to Xenia and Dayton to the Indiana-Ohio State Line, which, together with the road owned forms the main line of the Pennsyl- vania System into Cincinnati from the East. The entire property is leased for 99 years from 1869 to the P., C. C. & St. L. Ry. Co., with privilege of renewal into perpetuity, at a rental of interest, taxes and 8 % on the original stock, as well as dividends at not exceeding 4% on any stock which may be is- sued, in lieu of bonds. Capitalization. Outstanding. Original $4,837,300 Special Guar 4,642.650 Funded debt 1,070,000 Secured by a first mortgage on 86.72 miles of road from Cincinnati to Springfield, Ohio, and valuable terminals in Cincinnati, Ohio. The company also owns 15 miles of unmort- gaged road from Xenia to Dayton, Ohio, which forms part of the line over which the fastest trains of the Pennsylvania system between St. Louis and the East are operated. Legul for Savings Banks in Conn. Original Market — $1,070,000 offered Feb., 1913. at 97 and interest by L. "Von Hoffmann & Co., New Tork, and Fifth-Third National Bank, Cincinnati. Listed on the N. T. Stock Exchange. Market. New York — Ambrose R. Clark & Co., Con- stable & Fleming, Samuel Goldschmidt, Prince & Whitely. Redmond & Co., Struth- ers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey. Philadelphia — Biddle & Henry, William W. Fogarty, Graham, Parsons & Co., Isaac Starr, Jr., & Co. Pittsburgrh — R. B. Hutchinson & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. 'High 95 '17 100 '17 70% Mar. Low. 70 '19 65 '20 65 July LITTLE ROCK & HOT SPEINGS WESTERN RAILROAD CO. 1st 4s. Due July 1, 1939. Dated July 1, 1809. Interest payable Jan. and July 1. at Trustee's office and in Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized (per mile) $20,000 Outstanding 1,140,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — St. Louis Union Trust Co., St. Louis. Control — Absorbed by St. Louis, Iron Moun- tain & Southern Ry. Co. In March, 1917, the latter company was succeeded through fore- closure by the Missouri Pacific R. R. Co. Secured by a first mortgage on 56.-94 miles of road from Little Rock to Hot Springs, Ark. The road from Little Rock to Benton, 25.81 miles, was sold in 1911 to the Rock Island, Arkansas & Louisiana R. R. Underlies — Missouri Pacific R. R. 1st & Ref. Mtge., which provides for the retirement of this issue. Alarket. New York — "Vilas & Hickey. Price Range Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 85 '10 90 '10 60 Jan. 65 Jan. Low. 50 '16 621/2 '20 50 Aug. 5214 Dec. LITTLE ROCK GAS & rCEL CO. Ref. 6s. Due Nov. 1, 1937. Dated January 10, 1913. Interest payable May 1 ^and November 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding: 1,321,500 Reserved lor Ext 1,678,500 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Central- Trust Co. of Illinois, Chi- cago. Redeemable on Nov. 1, 1914, or any Interest date thereafter at 101 and interest. Sinlung Fund — Annually, beginning Sept. 1, 1913, $25,000, as long as the company is 'supplying natural gsa to consumers. Organization — Incorporated in Delaware in 1912. Capitalization. Outstanding. Common j $1,000,000 Preferred (6% cum.) 450,000 Funded debt 1,616,500 Secured by a first mortgage on plant sup- plying natural gas in Little Rock and Argen- ta. Ark. Population served, 66,000. Underlies — $295,000 Debentures 6s of 1922. Years ended Dec. 31: Bond Gross. Net. Interest. 1920 $1233,601 $202,792 $95,758 1919 862,458 148,862 94,470 1918 987,138 167,899 92,872 1917 834,807 145,886 91,242 1916 566,927 109,232 90,780 Original Market — First offered by Cooke, Holtz & Co. (now H. T. Holtz & Co.), Chicago, at par and interest. Market. New York — Hartsborne & Battelle. Chicago — H. T. Holtz & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1921 Bid. Ask. Bid. Ask. High 95 '16 97 '18 90 Jan. 96 Jan. Low. 84 '20 . . 84 Aug. 721 LITTLE ROCK (Ark.) RAEL'WAY & ELEC- TRIC CO. 1st Ss. Due April 1, 1933. Dated April 1, 1903. Interest payable April 1 and Oct, 1, at Trustee's office. Tax Status — 2% Federal Icome Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,878,000 Held in S. E 174,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — :Commercial-GeTmania Trust & Savings Bank, New Orleans, La. Redeemable at 107^ and interest on any interest date on 60 days' notice. Sinking iPund — One-half of 1% of outstand- ing bonds from July 31, 1908 to 1917, inclu- sive, and 1% thereafter for the purchase or redemption of bonds at not exceeding 107^ and interest. Bonds so acauired to be kept alive and interest added to sinking fund. Organization and Control — Incorporated in Arkansas in 1903. 81% of the common stock and 80% of the preferred stock is owned by the American Cities Co., a subsidiary of the United Gas & Electric Corp. Capitalization. Outstanding, Common $1,911,700 Preferred (6% cum.) 760,000 Funded debt 4,418,500 Secured by a first mortgage on 41 miles of street railway track, of which 13 miles are double-tracked, comprising the entire system in Little Rock, Ark., and on plant supplying electricity in Little Rock and a part of Ar- glenta. Population served by railway, 72.- 000: by electricity. 89,000. Railway fran- chise expires in 1951, electric franchises per- petual. The compciny has acquired control of water powers on the Onachita River, some 45 miles from Little Rock, and the erection of & hydro-electric plant is being considered. Underlies — Ref. & Ext. 63 of 1938 under which bonds are reserved to retire this issue. Years ended Dec, 31: Gross. Net. Int. & S. P. 1919 $1,696,743 $643,133 $246,340 1918 1,436,145 264,558 230,224 1917 1,125,603 437,531 214,064 1916 934,972 403,672 310,820 1916 881,861 372,714 206,336 Listed on the New Orleans Stock Exchange. Market. New York — J. S. Bache & Co., Fred H. Hatch & Co., Hibernia Securities Co., Inc. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 106 '11 111 '15 86 Jan. 87 Jan. Low. 76 '20 82 '20 75 July 82 June UTTIiE ROCK (Ark.) RAILWAY & ELEC- TRIC CO. Ret. & Sxt. 6s. Dve April 1, 1938. Dated April 1, 1908. Interest payable April and Oct. 1, at Trustee's offlce, or Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized I $6,000,000 Outstanding: 1,692,600 Held in S. P 60,500 Fledged to secure 7% Notes of 1931 600,000 Reserved for Ext 847,000 Reserved for prior liens 2,000,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Bank of Commerce & Trust Co.. Memphis, Tenn. Sinking Fund — One-half of 1% of outstand- ing bonds, including bonds in sinking fund, annually from Aug. 1. 1913. for purchase or redemption of. these bonds at a price at which they yield not less than 4%%. Bonds so ac- auired are to be kept alive and Interest added to sinking fund. Organization — See 1st 53. Secured by a second mortgage on property described under let 5s. Prior Lien— $1,826,000 Ist 6s of 1933, for retirement of which bonds of this issue have been reserved. Earnings — See 1st 6s. Listed on the New Orleans Stock Exchange. Market. New York — J. S. Bache & Co., Hartshome & Battelle, Hibernia Securities Co., Inc. 'Price Range. Jan. 1, 'IZ, to Jan. 1, '81 1930 Bid. Ask. Bid. Ask. 86 Nov. High 108 '12 Low. 60 '20 110 '12 75 '19 Bid. 78 May 60 Apr. 721 LITTLE BOCK RAILWAY & ELECTRIC CO. 1-Year 8% Notes. Due Jan. I, 1922. Dated Jan. 1, 1921. Interest payable Jan. 1 and July 1 at Cana-Commercial Trust Savings Bank, or Interstate Trust & Bank- ingr Co., New Orleans. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $700,000 Outstandingr 700,000 Denominations — Coupon $100, $600 and $1,000; registerable as to principal. Trustee — Interstate Trust & Banking Co., New Orleans. Redeemable on 30 clays' notice at a pre- mium of %% and interest during first 6 months and at par and interest there- after. Orgranlzfttion, etc. — See 1st 5s. Seciu-ed by pledge $933,000 Ref. & Ext. 6s of 1938. Eaming's — See 1st 5s. Original Market — $700,000 offered Jan., 1921, by Canal-Commercial Trust & Savings Bank and Interstate Trust & Banking Co., New Orleans, at 100 and interest. LOCKPORT LIGHT, HEAT & POWER CO. 1st & Ref. 6s. Dne Jan. 1, 1938. Dated January 1, 1908. Interest payable Jan. and July 1, at New York Trust Co., New York. Tax Status~2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized $750,000 Outstanding 760,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at par and interest on any in- terest date on four weeks' notice. Organization and Control — Incorporated in New York in 1894. All of the stock is owned by the United Gas & Electric Corp. Capitalization. Outstanding. Common $356,700 Preferred (8% cum.) 203,700 Funded debt 910,000 Secured .by a first mortgage on a part and a second mort.gag6 on the remaining portion of the plants supplying gas and electricity in Lockport, N. Y. Population served, 20,000. Franchise expires in 2005. Years ended Dec. 31: Int. A Gross. Net. Rent. 1920 $620,491 $95,837 •$60,164 1919 491,052 114,649 81,131 1918 439,682 98,683 83,574 1917 377,95-1 96,173 57,613 1916 338,630 94,728 53,669 *Bond issue only. Original Market — First offered by Bertron, Griscom & Jenks, New York and Philadelphia. Market. New York — Merrill. Lynch & Co. Chicago — Merrill, Lynch & Co. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91 '13 95 '13 70 Sept. 80 Sept Low. 66 '18 72 'IS locomobile: CO. 1st S. F. 6s. Due June 1, 1923. Dated June 1, 1912. Interest payable June and Dec. 1, at Spencer Trasb & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized - $1,500,000 Outstanding: (Feb. 15, '21) 279,500 Retired by S. F 1,220.500 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking and Reserve Fund — ^Annually, be- ginning June 1, 1913, $150,000. Of this amount, $100,000 is obligatory and must be paid to the Trustee. The remaining $50,000, or any part thereof, Is only to be paid if earned. If any part of the remaining $50,000 Is not earned and paid during any one year, the unearned balance shall be added to the sinking fund of the following year, or years, to be paid as earned. If any dividends are paid . on any class of stock other than the $1,500,000 preferred, the company shall pay an amount eciual to one-half of such dividends to the Trustee, the money to be used to cre- ate a reserve fund of $250,000, and to main- tain the same as provided in the mortgage. After the reserve fund hp.s been provided for, such payments shall be used as a further sinking fund for the purchase of First Mort- gage 6 % bonds, or for new property or im- provements of a permanent nature. The re- serve fund will be available to meet interest and sinking fjind payments under the mort- gage, if current earnings should be at any time Insufficient, but shall not be used for any other purpose without the consent of Spencer Trask & Co. Bonds may be pur- chased for account of the sinking fund by advertising for tenders at not over 1U5 and interest, but if not obtainable at 105 and in- terest or less, shall be drawn by lot. All bonds acquired by the sinking fund are to be cancelled. Organization — Incorporated In West Vir- ginia in 1899, reincorporated in Delaware in 191fl aa The Locomobile Co. Capitalization. Outstanding. Common $3,703,732 Preferred (7% cum.) 3,412,700 Funded debt 1,285,500 Secured by a first mortgage on the plant at Bridgeport, Conn,, where the company is en- gaged in the manufacture of high-grade auto- mobiles, and on all of the property of the company, except real estate in New York City, on which these bonds are secured by a second mortgage subject to $151,000 real estate mort- gages. The company has branch offices in 5 of the leading cities in this country. tlnderUes — Outstanding. Debenture 63, 1924 $4,000 1st & Eef. 6s, 1934 1,002,000 Original Market — $1,500,000 ofEered in July, 1912, by Spencer Trask & Co., New York, at 97% and interest Market. New Yoric — Theodore L. Bronson & Co., Hartshorne & Battelle. Price Range. Jan. 1, '16, to Jan. 1, *21 1930 Bid. Ask. Ask. High 98% *19 99 '16 100 June Low. 93% '16 95% '16 Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .. .$1,500,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Royal Trust Co., Montreal. Guaranteed as to principal and interest by endorsement by the American Locomotive Co. Organization and Control — The name of this company lias been changed to Montreal Loco- motive Works, Ltd. Entire stock owned by the American Locomotive Co. Capitalization. Outstanding. Common $1,800,000 Preferred (6% cum.) 1.200.000 Funded debt 1,500.000 Secured by a first mortgage on plant of the company at Montreal, Including wharves, rail- ways, power houses and all other property. JSarnings — Included In reports of American Locomotive Company's report. Market. New York — Edwin Baucker & Co., Joseph Oilman, Fred H. Hatch & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 89 '16 94% '17 87 Feb. 89 July Low. 80 '17 85 '18 82 Nov. 88 Nov. LONG DOCK CO. Cons. 5s. Due Oct. 1. 1935. Dated November 16, 1885. Interest payable April and Oct. 1, at J. P. Morgan & Co., New York. Tax Status. — 2'Vo Federal Income Tax paid by company without deduction. Authorized and Outstanding $7,600,000 Denomination— Coupon, $1000. R-sgisterablo as to principal. Trustees — Anthony J. Thomas and Charles Edward Tracy, Redeemable at 110 and interest from pro- ceeds from the sale of lands not necessary for the purposes of the company. No lands have ever been sold, and it is not likely that any will be. Organization and Control — Incorporated In New Jersey in, 1856. Controlled by the Erie Railroad Co, through ownership of its entire capital stock, which is held by Trustee of its Cons. Mortgage of 1996 and leased to that company. Rental, interest on these bonds. Capitalization. Outstanding. Common $800,000 Funded debt , 7,500,000 Secured by a first mortgage on the Bergien Tunnel used by the Erie R. R. Co. ; upon 577 acres of land and lands under water, docks, terminals, and. 2^ miles of double track rail- road in Jersey City. The property is assessed at more than $9,640,000. Refunding — The Erie R. R. Cons. Gen. Lien 4s of 1996 provide for retirement of this Issue. Legal for savings banks In N. J. listed on the New York Stock Exchange. Market. New Yorlc — Sinaon Borg & Co., Finlay & Davenport, Chas. "W. Place, Prince & White- ly, Redmond & Co., W. E. R. Smith & Co., Struthers & Hiscoe. Philadelphia — Graham, Parsons & Co., Morley, Wood & Co. Price Range — N. Y. S. B. Jan. 1, *06, to Jan. 1, '21 1920 Bid. Ask. High 135% Feb. 23, '06 103 Jan. 108 Jan. Low. 107 July 11, '19 88 June 98 Sept. LOCOMOTIVE & MACHINE CO. OF MON- TBEAXi. LTD., 1st 4s. Due Mar. 1, 1924. Dated March 31, 1904. Interest payable March 1 and Sept. 1, at Royal Trust Co., Montreal. 705 LONG ISLAND CITY & BXUSHING RAIL- ROAD CO. Cons. 5s. Due May 1, 1937. Dated May 2, 1887. Interest payable May and Nov. 1, at office of Treasurer of Peniia. R. R. Co., New York. Tax Statas — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgrage. Outstanding $650,000 Denomination — Coupon, $1,0&0. Reerlaterable ae to principal. Trustee — Central Union Trust Co., New York. Assumed by the Long Island R. R. Co. Control — Absorbed by the Long Island R. R. Co. Secured by a. first lien on 19.30 miles of road, viz. : Winfleld Jet. to Long Island City 4.07 Flushing to Great Neck 6.09 Whitestone Jet. to Whitestone Landing. 4.84 Great Neck Jet. to Flushing 21 Winfleld Jet. to Flushing 4.09 Underlieft— L. I. R. R. Cone. 4s and 5a of 1931, L. I.- R. R. Unified 48 of 1949 and L. I. R. R. Ref. 4s of 1949 and Debs. Bonds are reserved under the Refunding mortgage to retire this Issue. Legal for savings banks in Me. Market. New York — Simon Borg & Co., Theodore L. Bronaon & Co., Sam'l Goldschmidt, Cha.s. W. Place, Roosevelt & Son, Tobey & Kirk, Vanderhoef & Robinson. Pittsburg:h — R. B. Hutchinson & Co. Price Range. Jan. 1, *10, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 106 '10 106% '11 ,87 Jan. 91 Jan. Low. 78*20 85 '20 78 Aug. 85 May liONO ISLAND LIGHTING CO. 1st S. F. 6&. Due March 1, 1936. Dated March 1, 1911. Interest payable March and Sept. 1, at Trustee's, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized $6,000,000 OutRtanding- (Jan. 1, '21) 2,156,000 Retired by S. F 27,000 In Treasury 35,000 Reserved for Ext 3.782,000 Issuance Restrictions — Additional bonds issuable for not to exceed 75% of the cash costs of betterments, etc., when net earnings for preceding twelve months have been at least twice annual interest charges on bonds outstanding and those to be certified. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and interest on any in- terest date upon 30 days' notice. Sinking Fund — Annually, I % of all bonds outstanding, beginning March 1, 1916, for the purchase or redemption of bonds at not ex- ceeding 106 and interest. Bonds so acquired to be cancelled. Betterment and Extension Fund — An- nually, beginning on March 1, 1914, 1% of the bonds outstanding to be applied to the cost of additions and betterments. Organization — Incorporated in New York in 1910 as a consolidation. Capitalization. Outstanding. Common $1,163,200 Preferred (7% cum.) 314,900 Funded debt 2,156,000 Secured by a first mortgage on property and plants supplying gas' and electricity to thirty- five communities, principally in Suffolk Coun- ty, Long Island, including Northport, Green- lawn, Kings Park, Smithtown, St. James, Stony Brook, Brentwood, Central Islip, Ron- konkoma, " Farmlngclale, Amityville, Linden- turat, Massapequa, Babylon, Bay Shore, Islip. Great River, Oakdale. Sayvllle, Bayport, Cold Spring Harbor, and the Village and Town of Huntington. The company has 121 miles of 724 transmission lines connecting with its gen- erating plant at Northport on the water- front and 363 miles of distributing lines. Population served 120,000 and in summer probably 200,000. The majority of Its franchises extend be- yond the maturity of the bonds. Vears ended Dec. 31; Gross. Net. Int., etc. 1920 $877,553 $251,103 $172,652 1919 745,948 244,919 169,112 191S 641.935 224,402 148.497 1517 431,223 142,470 116,624 1916 240,401 108.855 66,203 1915 204.703 100,353 51.196 Original Market— $225,000 offered in June. 1911, by E. H. Rollins & Sons, Boston, New York, etc., at QZVz and interest. $200,000 by same firm, Sept., 1915, at 92^ and interest. Market. New York — Simon Borg & Co., Theodore L. Bronson & Co., Martin, Berwin & Co., Earle A. Miller & Co., Vanderhoef & Robin- son. Philadelphia — O. B. Lansinger & Co. Price Range. Jan. 1, '16. to Jan. 1, 'Zl 1930 Bid. Ask. Bid. Ask.. High 96 '16 97% '17 77 Nov. 80 Nov. Low. 68 '20 75% '20 68 July 75^4 Dec. LONG ISLAND RAILROAD COMPANY. Incorporated in New York in 1834. The company owns 323 miles of road from Long Island City and Bay Ridge, , Brooklyn, to Greenport and Montauk, at the eastern end of Long Island, with numerous branches, and leases 70 miles of road. 110 miles of the road owned and 37 miles of the leased lines are double-tracked. Practically the entire sys- tem in the western ,end of the island has been electrified, and trains are operated into the Pennsylvania Station in New York City. The company also controls all of the electric rail- ways on Long Island, except those of the Brooklyn Rapid Transit Co.'s System, The Long Island R. R. Co. has outstanding $34,110,250 of stock, of which $33,823,650 is owned by the Pennsylvania Railroad Co. , which guarantees $25,897,000 of that com- pany's Refunding 4% bonds. Capitalization. Outstanding. Common $34,110,260 Funded debt 49.980,100 Years ended Dec. 31: Gross. Net. Int. & Rent. *19]9 $3,221,949 $3,941,225 $3,268,719 tl919 24,381,974 2.726.633 217.960 *1918 3,221,949 3,784,248 3,010,273 tl918 22,241,156 4,229,105 870,538 1917 17,286,178 6,039,276 4,169,976 1916 14,971,839 4,837,036 4,595,564 1915 13,553,780 4.220,293 4,381,443 1914 13,282,930 3,982,«69 4,477.000 ♦Corporate Account. t Federal Account — standard return not in- cluded. Marlcet New Yorit — Simon Borg & Co. Boston — Paine, Webber & Co. JyONG ISLAND RAILROAD CO. Cons. 6s and 4s, Duo July 1, 1931. Dated Sept. 1, 1881. Interest payable Jan., April, July and Oct. 1, at office of Treasurer of Penna. R. R. Co., New York, or at Robt. Benson & Co., London. Tax Status — 2% Federal Income Tax raid by company without deduction. Authorized Closed Mortgage. Ontstan^ng — 5s Sl.610.00t 4a 4,731.000 penomination — Coupon, Jl.OOO; reeister- awe aa to prlnclral. TrBBtee— Central Union Trust Co., New xork. Becored upon 388.98 mlleB of road, viz: A first Uen on 190.80 miles — Jot. with Montauk Div. to Jet. with North Shore Preight Branch, L. I. City J Oj Whitepot Jot. to Glendale Jet 1.6« Great Neck to Port Washington S.89 Bethpaee Jot. to Belmont Jot 7.21 Lynbrook to Lone Beach 6.26 Floral Park to Creedmoor J.02 Float bridges to Gosman Ave., Long Island City ■ 2 54 Jet. with main line east oii Queens to Belmont Park 9X Rockaway Jet. to Springfleld !!!!!!! i i ! 1.42 Platbuah Ave., Bklyn., to west prop- erty line of Nassau Bleo. R. R IS Mineola to Oyster Bay 14 58 Manorvllle to Sag Harbor 35] 10 Taphank to Camp Upton 1.25 Long Island City to Greenport 94.43 HlcksviUe to Old Northport 16 01 Hunters Point, L. 1. City to beyond Laurel Hill, L. 1 2 28 A second Uen on 138.18 miles — Covered by the first lien of the fol- lowing : L. I. R. R. Stewart Line 1st 4b 1«.S7 L. I. City & Flushing 1st Cons. 5s. . . 19.30 Brooklyn & Montauk 2d (now 1st) 6s.. 76.71 N. T. Bay Ext. R. R. 1st 5s 6.89 Montauk Extn. R. R. 1st 6s 20.86 Also a lien on all ferries, ferry property and rights, and marine equipment. Prior lAene — $3,487,000 prior liens (closed mortgages) as follows: L. L R. R.-Ferry lat 4Hs, 1922 »l,490,Ono L. I. R. R.-Stewart Line 4s. 1932.. 332,000 L. I. City & Flushing R. R. 1st 68, 1937 660,000 Brooklyn & Montauk R. H. 2d (now 1st) 6s, 1938 600 000 N. T. Bay Extn. R. R. 1st 6s, 1943 100,000 Montauk Extn. R. R. let 6s, 1946.. 316,000 Under the provisions of the Refunding Mort- gage the above issues are closed and may not be extended. Underlies — Gen. 4s of 1938; Unlf. 4s of 1949; the Ref. 4s of 1949; Jl,600,000 Deb. 68 of 1934, and $5,202,100 Deb. 6s of 1937. Bonds are reserved under Refunding mortgage for the retirement of this issue and provides to pay same at maturity, without extension. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Arthur B. Frank & Co., Sam'l Goldschmldt, Hartshome & Battelle, Chas. W. Place, R. W. Press- prioh & Co., Prince & Whitely, Redmond * Co., Roosevelt & Son, Raymond M. Smith, Struthers & HIsooe, Taylor, Smith & Hard, Tobey & Kirk. Fhiladelplila — Biddle & Henry, Wheeler, Elliot & Mann. Price Eaoge— N. Y. S. E. ■Tan. 1, '06, to Jan. 1, '21 1980 6s. High 117 Mar. 19, '06 93 Mar. 10 Low. 84% June 10, '20 84% June 10 4s. High 96^1 Mar. 30, '12 79 May 3 Low. Apr. 20, '20 77 Apr. 20 LONG ISLAND RAILROAD CO. Gen. 4s. Due June 1, 1938. Dated August 1, 1888. Interest payable June and Dec. 1. at office of Treasurer of Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company \^^thout deduction. Authorized and Outstanding. ... $3,000,000 Denomination — Coupon, $1,000. Register- able aa to principal. XniEtee — Central Union Trust Co., New York. Secured by a second lien on 162.80 miles of road, viz: Miles. Bethpaee Jot. to Belmont Jet 7.21 Long Island City to Greenport 94.43 Manorvllle to Sag Harbor 36.10 Hickaville to Old Northport IB.Ol Mineola to Locust Valley 10.46 Also secured on leasehold interest. Also a second lien on terminal properties at Long Island City, Flatbush Ave., Brooklyn, and Newtown Creek. Prior Liens — $4,731,000 Cons. 6s and 4a of 1931. Under the provisions of the Refunding Mort- gage the latter issue may not be extended at maturity. Underlies — Long Island R. R. Unlf. 48 of 1949, and the Ref. 4s of 1949. Bonds are reaerved under the latter mortgage to retire this issue. Listed on the New York Stock Exchange. Afarket.- New Yorlt — Simon Borg & Co., Ambrose R, Clark & Co., Granger & Co., Hartshorne & Battelle, Hirsoh, Lilienthal & Co., H. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Roosevelt & Son, Struthers & Hiscoe, Tobey & Kirk. Price Range — N. Y. S. B. Jam. 1, '06, to Jan. 1, '21 1920 High 102>4 Jan. 30, '06 72?4 Oct. 20 Low. 64% July 16, '20 64% July 16 LONG ISLAND BATLROAD Ferry let 4Vii. Due March 1, 1922. Dated March 1, 1892. Interest payable March and Sept. 1, at office of Treasurer of Penna. R. R. Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $1,490,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New Y6rk. Secured by a first mortgage on ferry prop- erty in Long Island City and New York City, together with several ferry boats operated be- tween New York City and Long Island City. Underlies — Long Island R. R. Cons. 6s and 4s of 1931; Unlf. 4a of 1949, and the Ret. 4s of 1949. Bonds are reserved under the latter mortgage to retire this issue. ^ Listed on the New York Stock Exchange. Original Market — $260,000 ottered Nov., 1908, by Robt. Glendinning & Co., Philadel- phia. Market. New Yorlc — Simon Borg & Co., Pouch & Co., Vanderhoef & Robinson. Flliladelplua — Arthur J. Bender, Henry D. Boenning & Co., Wm. W. Fogarty. Price Range — N. Y. S. B. Jan. 1, '08, to Jan. 1, '31 1920 High 102 Nov. 30, '08 92% Nov. 20 Low. 85 Sept. 13, '18 91 Oct. 27 725 LONG ISLAND RAILROAD CO. Stewart Line Purchase Money 1st 4s. Due June 1, 1938. Dated June 1, 1892. Interest payable June and Dec. 1, at office of Treasurer of Penn. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $332,000 Denomination — Coupon, $1,000. Regiater- able as to principal. XruBtee — Central Union Trust Co., New rork. Assumed by Long: Island R. K. Co. Secured by a first lien on 16.37 miles of road, viz; Miles. Floral Park to Bethpage Jot., li. I 12.44 Bethpage Jet. to Bethpa&e, L. 1 1.62 Mineula to Hempstead, L. 1 2.41 Also a Uen on tliirteen tracts and parcels of land in Queens County, N. T., and several strips and pieces of land in Hempstead and Oyster Bay, L, I. TTnderlics — Cons. 4s 'and 5s; Unit. 43 of 1949, and the Ref. 4s of 1949, which latter provide for the retirement of this issue at maturity. Legal for savings banks in Me. Listed on the New York Stock Exchange. Market. New York — Simon Eorg & Co., Chas. W. Pittsbm-grh — R. B. Hutchinson & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 86 '16 69 Jan. 85 Jan. Low. 60 '17 83 '19 65 Feb. 67 Dec. LONG ISLAND RAILROAD CO. Deb. Ss. Due June 1, 1934. Dated June 1, 1894. Interest payable June and Dec. 1, at office of Treasurer of Penna. R. R. Co., New York, or at Robt. Benson Co., London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,500,000 Outstanding 1,136,000 Exchanged for L. I. R. R. Unif. ' 4s and Deposited witli Trustee of that mortgage 365,000 Denomination — Coupon, $1,000. BeKister- able as to principal. Secnrltjr — ^A direct obllEatlon of the com- pany, but not secured by a mortgage. Refunding — Bonds are reserved under the Long Island R. R. Unif. Mortgage of 1949, and the Ref. mortgage of 1949 for the retire- ment of this Issue. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., McClure, Jones & Reed. Philadelpliia — Reed A. Morgan & Co., Morley, Wood & Co. Price Range^N. Y. S. E. Jan. 1, '08, to Jan. 1, '21 1920 High 104% Dec. 10, '08 74 Nov. 19 Low. 66 Sept. 21, '20 66 Sept. 21 LONG ISLAND RAHJiOAD CO. Unified 4s. Due Marcit 1, 1949. Dated March 1. 1899. Interest payable March and Sept. 1 at office of Treasurer of Penna. R. R. Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $4,039,000 Exchanged for Ref. 4s and Re- tired 5,634,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Trustee — United States Mortgage & Trust Co., New York. Redeemable at 110 and Interest on any in- terest date on four months' notice. Secured by a direct mortgage on 327.66 miles of road, viz: Miles. A second lien on 27.34 miles — Covered by first lien of Cons. 4s & 6s. Jet. with Montauk Div. to Jet. with North Shore Freisht Branch, Ii. I. City l-«8 Whitepot Jet. to Glendale Jet 1.66 Great Neck to Port Washington 3.89 Lynbrook to Long Beach 5.25 Floral Park to Creedmoor 2.02 Float bridges to Gosman Ave., Lens Island City 2.64 Jet. with main line east of Queens to Belmont Park 91 Rockaway Jot. to Springfield $.42 Fiatbuah Ave., Bldyn., to west prop- erty line of Nassau Blec. R. R .16 Locu.^t Valley to Oyster Bay 4.13 Hunters Point, L. I. City to beyond Laurel Hill, L. 1 2.29 A third lien on SCO. 32 miles — Coveted by the first lien of the Cons. 4s & 5s, Bethpage to Belmont Jet 7.21 Manorville to Sag Harbor SE.IO Long Island City to Greenport 94.43 HicksviUe to Old Northport 15.01 Mlneola to Locust Valley 10.4S And also covered by the first lien of the following: L. I. R. R.-Stewart Line 4s K.37 L. I. City & Flushing lat Cons. 5s 19.30 Brooklyn & Montauk 2d, now 1st 6s.. 76.71 N. Y. Bay Extn. R. R. 1st 6s 5.89 Montauk Extn. R. R. 1st 5s 20.86 Also secured on 69.71 miles of leasehold in- terests. Prior Liens — $11,217,000 prior liens (closed mortgages) as follows: L. I. R. R. Ferry 1st 4%s, 1922. . $1,490,000 L. I. R. R. 1st Cons. 5s and 43, 1931 4,730,000 L. I. R. R. -Stewart Lin& 43, 1932.. 332,00* L. I. City & Flushing R. R. Ist 5a, 1937 650,000 L. L R. R. Gen. 4s, 1938 3,000,000 Brooklyn & Montauk R. R. 2d, now 1st 5s, 1938 600,00* N, Y. Bay Extn. R. R. 1st 5s, 1943 100,000 Montauk Extn. R. R. 1st 53, 1945.. 315,000 By the terms of the Refunding mortgage the above issues are closed and may not b« extended at maturity. Underlies — Ref. 4s of 1949: $1,500,000 Deb. 5s of 1934 and $6,202,100 Deb. 5s of 1937. Bonds are reserved under the Refunding Mort- gage to retire this issue. Listed on the New York Stock Exchange. Original Market — $4,000,000 offered in May, 1899, by August Belmont & Co., Strong, Stur- gis & Co., New York, and Lee, Higglnaon A Co., Boston, at 93% and interest. Market. New York — Simon Borg & Co., Sam'l Gold- schmidt, R. AV. Pressprlch & Co., Prince & Whitely, Redmond & Co., Roosevelt & Son, Struthers & Hiscoe. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High lOlM Jan. 3, '06 73% Jan. 6 Low. eiVi Sept. 23, '20 61% Sept. 23 7SS IX)NG ISLAND RAILROAD CO. Ref. 4s. Due March 1, 1949. Dated September 1, 1903. Interest payable March and Sept. 1, at office of Treasurer of Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Bonds num- bered M-19,909 to M-23,116, inclusive, are tax exempt in New York. Authorized 145,000,000 OutstarHding 26,013,000 Beserved to Retire Prior laens and Debentures due 1934 16,406,000 Reserved to Retire a Uke Amount of Bonds of leased and Controlled lines 2,581,000 Denomination — Coupon, $500 and $1,000, reglsterable as to principal. Registered, $1.- 000 and multiples. C. & R. interchangeable. Trustee — Equitable Trust Co., New York'. Guaranteed as to principal and interest by the Pennsylvania R. R. Co. by endorsement. Secured by a mortgage on all the property of the company including 328.92 miles of rail- road on Long Island and 73.52 miles of lease- holds and trackaee, viz.: A second lien on 1.26 miles^ Miles. Taphank to Camp Upton 1.26 A third lien on 27. 3J miles — Covered by the second lien of the Unified 4s 27.34 A fourth lien on300,:?2 miles — Covered by the third lien of the Unified 4s 302.61 Also a lien on leasehold and trackage rights, aggregating 73.52 miles, viz: Leaseholds — New York, Brooklyn & Manhattan Beach R 17. 27 Glendale & East River R. R 37 New York & Rockaway Beach Ry 21. 7 B Long Island R. R. North Shore Branch 30.31 .Trackage — ■ Pennsylvania Tunnel & Terminal R. R. 3.82 Trior Liens — $15,256,000 prior liens (closed mortgages) as follows: L. I. R, R. -Ferry 1st 4%s, 1&22 1,490,000 L. I. R. R. Ist Cons. 5s & 4s, 1931. 4,730,000 L. I. R. R.-Stewart Line 4s, 1932.. 332,000 L. I. City & Flushing R. R. 1st Bs, 1937 650,000 Long Island R. R. Gen. 4s, 1938.... 3,000,000 Brooklyn & Montauk R. R. 2d, now 1st 5s, 1938 600,000 N. Y. Bay Bxtn. R. R. 1st 5s, 1943. 100,000 Montauk Extn. R. R. 1st 5s, 1945.. 315,000 L. I. R, R. Unified 4s, 1949 4,039,000 Under the provisions of this mortgage the above issues are closed and may not be ex- tended. Underlies — $1,600,000 Deb. 5s of 1934 and $5,202,100 Deb. 5s of 1937. Listed on the New York and London Stock Exchanges. Legal for savings banks In Mich., Minn., N, H. and R. I. ; and also Baltimore Trust Funds. Original Market — >% 10,000,000 offered In Feb., 1904, by Kuhn, Loeb & Co. and Kidder, Peabody &. Co. at 99 and Interest. Market. New York — Simon Borg' & Co., Arthur E. Frank & Co., Granger & Co., Newborg: & Co., R. W. Pressprich & Co., Prince & Whltely, Struthers & Hiscoe. Phil adelpliia— Harper & Turner. Price Range — N. Y. S. E. Jan. 1. '06, to Jan. 1, '21 1920 High 3 023^ Jan. 30, '06 74 Oct. 19 Low. 60 June 29, '20 60 June 29 LONG ISLAND RAILROAD CO. (THE) 28- . Year Deb. 5s. Due May 1, 1937. Dated May 1, 1917. Interest payable May 1 and Nov. 1, in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,202,100 Outstanding 5,202,100 Denomination: — Coupon, $1,000, $500 and $100. Registerable as to principal. Regis- tered, $1,000. C. & R. ($1,000) are Inter- changeable. Trustee — United States Mortgage & Trust Co.. New York. Redeemable on Nov. 1, 1922, or any interest date thereafter at 102% and interest on 90 days' notice. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. In case the company shall hereafter at any time create any mortgage on its franchise and property, to secure the payment of any bonds or other obligations, it agrees that the bonds issued in accordance with this agreement shall be secured eQually by such mortgage with the bonds or other obligations issued thereunder. Listed on the New York Stock Exchange. Original Market — These debentures and new common stock, at par, were issued to the Pennsylvania R. R. Co. in settlement of over $30,000,000 indebtedness. The latter com- pany delivered these debentures to the United States Mortgage Trust Co., in exchange for a like amount of Long Island R. R. stock, representing, minority holdings. A block offered July, 1917, by Dick, Gregory & Co., New York and Hartford, at 81 and interest. Market. New York — Simon Borg & Go.,Finlay & Davenport, Arthur E. Frank & Co., Sam'l Goldschmidt, Roosevelt & Son, Vanderhoef & Robinson. Cincinnati — Dudley V. Sutphin. Price Range — N. Y. S. E. Jan. 1, '17, to Jan. 1, '21 1920 High 81 June 26, '17 68% Oct. 11 Low. 59H July 12, '20 59% July 13 LONG ISLAND RAILROAD CO. Eanip. Tr. 5s. Series A. Due $106,000 each June 1, 1915, to 1924, inclnsive. Dated June 1, 1914. Interest payable June 1 and Dec. 1 at Fidelity Trust Co., Philadel- phia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,060,000 Outstanding (Jan. 1, '21) 424,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Fidelity Trust Co. , Philadelphia, and William P. Gest, Merlon, Pa. Guaranteed principal and Interest by the Long Island Railroad Co. Secured by an equipment agreement on 12 steel passenger cars, 3 steel passenger and baggage combination cars, 40 steel, motor, passenger cars, 15 steel, motor, passenger and baggage cars, 20 steel baggage and express cars, 4 steel baggage and mail cars, on 3 steel meter, passenger, baggage and mall cars, costing $1,186,000. of which the com- pany paid $125,000 in cash. JjegaX for N. H., Ohio and R. I. Original Market — This issue was sold to the Pennsylvania R. R. Co. Market. New York — Simon Borg- & Co., Evans, Stillman & Co., Freeman & Co. Philadelphia — Biddle & HenrV. 727 LONG ISLAND RAILROAD CO. Equip. Tr. 4%s. Series B. Due $94,000 each Feb. ruary 1, 1918, to 1937, inclusive. Dated February 1, 1917. Interest payable Feb. 1 and Aug. 1 at Fidelity Trust Co., Philadelphia. • Tax Status — Payment of Federal Incc me Tax not assumed by company. Authorized $940,000 Outstanding (Mar. 1, '21) 564,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Fidelity Trust Co.. Philadelphia, and William P. Gest, Merlon, Pa. Gnaranteed principal and interest by the Longr Island Railroad Co. Secured by an equipment agrreement on 18 flteel pasaenirer cars, 4 steel parlor cars, 1 steel passeng:er and baggrage combination car, 10 steel baggage and express cars, 75 steel trailer cars, 15 refrigerator milk cars, 4 eight-wheel switching locomotives, and 6 freight locomotives, costing about 1,175,000, of which the company paid $235,000 In cash. Legal for savings banks in N. H., Ohio and R. I. Market. See series "A.'' Price Range— N. Y. S. E. Jan, 1, '06, to Jan. 1, '21 1930 Bid. Ask. High 109 Nov. 23, '06 80% Aug. 92 Aug. Low. 90% June 23, '19 72 Dec. 78 Dec LONG ISLAND RAILROAD CO. Equip. Tr. 6s, Series "C." Due $138,000 ea«h Aug:. 1 from 1921 to 1932, inclusive. Dated Aug. 1, 1920. Interest payable Feb. 1 and Aug. 1 at Fidelity Trust Co., Phila- delpliia. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $1,656,000 Outstanding: 1,656,000 Denomination — Coupon, $1,000. Tmstee — Fidelity Trust Co., Philadelphia. Secured by an equipment trust agreement on 100 standard steel passenger cars, cost- ing $2,070,960, of which the company paid $414,960 in cash. Legal for savings banks in N. H., Ohio and R. I. Original Market — $1,656,000 offered Feb., 1921, by Plympton, Gardiner & Co., New York, Caaset & Co., Philadelphia, Paine Webber & Co., Boston, etc., and Strother, Brogden & Co., Baltimore, on a 6%% basis. Market See Series "A." LONG ISLAND RAILROAD, NORTH SHORE BRANCH 1st Cons. 6s. Due Oct. 1, 1932. Dated October 1, 1892. Interest payable Jan. 1, April 1, July 1 and Oct. 1, at office of Treasurer of Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outetanding $1,262,000 Deposited under Unified 4s 163,000 Reserved for Prior Lien 75,000 Denomination-— Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the Long Island R. R. Co. by endorsement. Organization and Control — Incorporated In New York in 1892. AH of the capital stock is owned by the Long Island R. R, Co., which leases the property for 50 years from 1904 at a rental equivalent to interest ana taxes. Capitalization. Outstanding. Common $98,250 Funded debt 1,500,000 Secured by a mortgage on 30.31 miles of road, viz: A first lieu on 11.30 miles — Miles. Port Jefferson to "Wading River, L. I. 11.30 A second lien on 19.01 miles — Northport Jet. to Port Jefferson, L. I. 1»,61 Prior Lien. — $75,000 Smithtown & Port Jef- rereon R, R. 1st 7s due Sept. 1. 1901, all owned by the Long Island R. R. Co. Refunding — L. I. R. R. Ref. 4s provide for the retirement of this issue. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Sam'l Gold- achmidt, Prince & Whitely, Redmond & Co., Taylor, Smith & Hard, Vanderhoef & Robin- son, Edwin Wolff. Philadelphia^ — "Wm. W. Fogarty. Pittsburgh — R. B. Hutchinson & Co. LORAIN & CLEVELAND RAILWAY let 6s. Due July 1, 1927. Dated July 1, 1897. Interest payable Jan., and July 1, at Trustee's office, or Bquitable Tru^t Co., New York. Tax Status — 2%, Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $750,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Cleveland Trust Co., Cleveland, O. Redeemable at 100 and interest on any In- terest date on 30 days' notice. Control — Absorbed by the Lake Shore Blec- tric Ry. Co. Secured by a first mortgage on 27 miles of electric railway between Cleveland and Lo- rain, Ohio. Population served, exclusive of Cleveland, 50,000. A large part of the line is on private right-of-way. Forms part of a through line between Cleveland and Toledo and Detroit. Underlies — Lake Shore Elec. Ry. lat Cons. 5s and Gen. 5s. A sufficient amount of the latter are reserved to retire this issue. Earnings — See Lake Shore Electric Ry. Co. Listed on the Cleveland Stock Exchange. Original Market — Offered by Canadian Bank of Commerce, Montreal, and B. H. Gay & Co., Boston, at 101% and interest in Feb., 1899. Market. New York— Fred H. Hatch & Co. D^timore — Howard R. Taylor & Co. Price Ranee. Jan. 1, '09, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. Hi^h 100 '11 103 '09 70 Feb. 80 Feb. Low. 70 '19 80 '18 70 Feb. 80 Feb. 728 LORAIN COUNTY ELECTRIC COMPANY 1st S. F. 5s. Due Feb. 1. 1941. Dated Feb. 1, 1916. Interest payable Feb. and August 1, at company's office or agency in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding 750,000 Held in S. F None In Treasury 159,000 Reserved for Acquisition of Electric Plant of C. G. & E. Co 300,000 Reserved for Imp. — (85%) 3,791,000 Denomination — Coupon, $100. $250, $600 and $1,000. Registerable as to principal. Trustee — Equitable Trust Company of New York. Redeemable on any interest date at 105 and interest upon four weeks' notice. Bonds when purchased by Company may be kept alive and draw interest. Sinking Fund — Beginning 1921 1% of out- standing bonds on Feb. 1 of each year for the purchase or redemption of bonds at not over 105 and interest. Deposit of bonds secured by this mortgage with unmatured coupons attached, purchased in the open market or called by lot, will be equivalent to a cash paynient of 105 and accrued In- terest. Sinking Fund may be satisfied by investing a sum equal to 2%, of outstanding bonds, in improvements, or by a combination of investment in property and a payment of cash in the proportion of $2.00 in property and $1.00 in cash. Bonds acquired to be kept alive. Organization — Incorporated Nov. 7. 1914, !n Ohio. Cities Service Co. owns entire stock except directors' qualitying sllares. Company furnishes electricity for all purposes in the cities of Elyria and Lorain, and sells electrical energy -wholesale to the villages of Amherst ana Olmsted Falls, to the Oberlin Gas & aiectrio Co., and to the stone quarries at Berea and South Amherst. Capitalization. Outstanding. Common $750,000 Funded debt 750,000 Secured by a first mortgage on entire prop- erty of the company now owned or hereafter acquired, including 7.500 k. w. generating sta- tion at Lorain. Franchise in Elyria expires In July, 1942, and in Lorain in Aug., 1941. Population served, about 65,000. L.OBAIN STREET RAILWAY Cons. (Now 1st) OS. Due Nov. 1, 1949. Dated Nov. 1, 1899. Interest payable May and Nov. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Antlwrized $750,000 Outstanding 550,000 In Treasury 200,000 Denominationi — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co. of New York. Control — Incorporated in Ohio, In 1906. merged into the l^jrain Street R. R. Co. The entire capital stock of the latter company Is owned by the Lake Shore Electric Ry. Co. . Secured by a first mortgage on 25 miles of street railway track in Lorain, O., and interurban line to Elyria. Population served, 6B.000. tTnderlies — "H. R." Co. Bs of 1936. Tears ended Dec. 31: Gross. Net. Interest. 1920 $353,637 $86,925 $54,774 1919 354,040 89,951 56,453 1918 288,980 98,353 57,108 1917 218,716 69,301 54,506 1916 205,389 76,200 64,500 1915 150,152 46,026 64,500 1914 173,086 56,621 64,500 Market. New York — Hanson & Hanson, F. H. Hatch ft Co. LORD DRYDOCK CORPORATION 1st 8s. Dae each Dec. 1, as follows: $100,000, 1922 £150,000, 1923; $200,000, 1924 to 1926, incl.; $250,000, 1927 to 1931, incl.: $300,000, 1932 to 1934, incl. Dated Dec. 1, 1920. Interest payable June 1 and Dec. 1, at First National Bank, Chi- cago, and Chase National Bank, New York. Ta* Status — 2% Federal Income Tax paid by the company without deduction. Authorized $5,000,000 Outstanding: 3,000,00^ Reserved for Additions 1,500,000 Reserved for Additional Working: Capital 500,000 - Issuance Restrictions — $1,500,000 addition- al issuable on the basis of 50% of the acutal cost of addtions and improvements, and $500,000 for additional working capital, with the approval of Peabody, Honghteling & Co. Purpose of Issne^$3,000,000 issued to se- cure bonds to retire a purchase money mort- gage on real estate In New York harbor, to construct thereon a ship repair plant, In- .cludlng a complete power plant; to acquire floating dry docks, to retire shares of first preferred stock. Denominations — Coupon $1,000, $500 and $100; registerable as to principal. Trustee — Chase National Bank, New York. Redeemable in reverse of numerical order at 105 and Interest on any interest date on 60 days' notice. Organization — Incorpora.ted in Delaware in March, 1920, to take over the ship repair bu.sinoas and plant of the Wfeehawken Dry Dock Co., at Weehawken, N. J^, in New York Harbor, the ship repair business and plant of the Lord Construction Go. at Fields Point, Providence, R. I., and the plant of the Marine Engineering & Dry Dock Co., Providence, R. I. Capitalization. Outstanding. Common 100,000 shs. Preferred $1, 944,300 Funded debt 3,260,000 Secured by a first mortgage on the New York Harbor real estate and plant of the company, and also on the ship repair plants at Fields Point. R. I., and Weehawken, N. J. ; a second mortgage on company's plant at Providence, R. I. The property covered has a hook value of $7,752,789. Prior Lien — Outstanding. Government Mtge. 6s $260,000 Original JIarket — $3,000,000 offered In Dec, 1920, by Peabody, Houghteling & Co., Chicago, at 100 and interest. 729 P. LORILLARD COMPANY Deb. 7s. Dae Oct. 1, 1944. Dated December 1, 1911. Interest payable April and Oct. 1, at New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $10,933,600 Outstanding 10,271,400 Retired by S. F 662,100 Denomination — Coupon, $1,000 and $6,000. Registerable as to principal or fully register- able. Registered, $50, $100, $600, $1,000, $6,000. $10,000, $50,000, $100,000. Regis- tered bonds of $1,000 and $6,000 are Inter- changeable. Trustee — Guaranty Trust Co., New York. Sinking Fund — Annually, in January, $100, 000 for the purchase of these bonds at not exceeding 130%. Bonds so purchased to be cancelled. All money remaining unexpended in fund at end of year reverts to company. Organization— rincorporated in Ne^w Jersey In 1911. In compliance with the plan of dis- solution of the American Tobacco Co., approved by the United States Circuit Court, in accord- ance with the decree of the United States Su- preme Court, there were conveyed to this com- pany factories for the manufacture of clgara, cigarettes and tobacco in Jersey City, N. J.; Wilmington, Del. ; Baltimore, Md. ; Brooklyn, N. Y.; Philadelphia, Pa., and Danville, Va., and the entire stock issues of three companies owning factories in New York, N. Y. ; Middle- town, Ohio, aiid Richmond, Va. Capitalization. Outstanding. Common $30,311,200 Preferred (7% -cum.) 11,307,600 Funded debt '. 20,888.850 Security — These bonds are a direct obliga- tion of the company, but not secured by a mortgage. The company imposes a charge in favor of the Trustee upon all of its property and present and future net income for the benefit of. first, these 7% bonds, and second, the 6% bonds, and further covenants that it will not mortgage its property, business or income, nor create any specific charge upon its earnings, without expressly recognizing and confirming these bonds as prior lien claims. Underlies — Debenture 5s of 1951, Tears ended De«. SI: Net. Int.. etc. 1920 •$7,796,258 $1,250,982 1919 •6,242,459 1,262,083 1918 9,292,825 1,272,730 1917 8,312,343 1,283,864 1916 5,874,077 1,290,120 •After Federal taxes. Usted on the New York Stock Sxchanee. Market. . New York — Hartshorne & Battelle. St. Louis — Francis Bros. & Co. Price Banee— N. T. S. E. Jan. 1, '17, to Jan. 1, '21 1920 High 128 Feb. 21, '17 110 Mar. 2 Low. 100 Apr. 27, '20 100 Apr. 27 P. liORHXARD COMPANY Deb. 6b. Dne Ane. 1. 1»51. Dated Dec. 1, 1911. Interest payable Feb. and Aug. 1, at Trustee's of&ce. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorlzed and OatstandlnE. . .$10,617,460 Denomination — Coupon, $1,000 and $6,000. Reglsterable as to principal or fully reels- terable. Kegistered, $60, $100, $600, $1,000, $10,000, $60,000 and $100,000. Registered $1,000 and $6,000 exchangeable for coupon bonds. Trustee — Guaranty Trust Co., New York. Organization* Security and Earnings — See Deb. 7b. Prior liens — Debenture 78 of 1944. liisted on the New York Stock Exchange. Market. Tfew Torlc — Sam'l Goldschmidt. St. Louis — Francis Bros. & Co. Price Range — N. Y. S. E. Jan. 1, '17, to Jan. 1, 'Zl 1920 High 193 Jan. 19, '17 88 Jan. 2 Low. 75 Dec. 27, '20 75 Dec. 27 LOS ANGELES & PASADENA ELECTRIC RAILWAY Ist 58. Due Jan. 1, 1928. Dated Jan. 1. 1898. Interest payable Jan. and July 1. at Illinois Trust & Savings Bank, Chicago, or Chase National Bank, New York, Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized ...$1,000,000 Outstanding 960,000 Balance retired. Denomination — Coupon, $1,000. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable on any interest date at 106 and interest. Sinldng Fund — ^Annually, beginning Dec. 1, 1908. $10,500 out of net earnings for the purchase or redemption of these bonds at not over 105 and interest. Guaranteed by Los Angeles By. Co. by en- dorsement. Control — Absorbed by Pacific Electric Rail- way Co., all of whose stock is owned by the Southern Pacific Co. Secured by a first mortgage on 44 miles of electric railway in and around Los Angeles and Pasadena, Cal. Cnderiles — ^Pao. El. Ry. Ref. 63 Of 1961. Earnings — See Pacific Electric Ry. Co. Market. Los Angeles — Citizens National Bank. Price Range. Jan. 1, '09, to Jon. 1, '21 1920 Bid. Ask. Bid. Ask. High 103 '12 107 '09 85 Nov. 87 Jan. Low. 70 '18 80 '20 76 Deo. 80 Dec. LOS ANGELES ELECXBIC CO. (THE) 6». Due Jan. 1, 1928. Dated Dec. 1, 1902. Interest payable Jan. and July 1, at Union Trust Co., San Fran- Tax Status — Payment of Federal Income Tax not assumed by company. Antliorized Closed mortgage Outstanding' (Jam. 1, '21) 402,000 Held in S. F 60,000 Held in Sinldng Funds of L. A. G. & E. Co 20,000 Denomination — Coupon, $1,000. Trustee — Union Trust Co., San Francisco. Redeemable at par and %% premium for each year between date of redemption and maturity. Siniiing Fond — $10,000 per annum, $172,- 792 held in sinking fund reserve as of Jan. 1, 1921. Control — ^Absorbed by Los Angeles Gas & Electric Co., which company is controlled by the Los Angeles Gas & Electric Corp.. through ownership of stock. Secured by a first mortgage on plant sup- plying electricity to Los Angeles, serving population of 688,000. Underlies — Los Angeles G. & B. Co. Gen. 6s of 1934; and Los Angeles G. & E. Corp. 1st & Ref. 6s of 1939, and 4-year Gen. & Coll. Tt. 7s of 1924. Bonds are lat & Ref. Mtge. to retire this issue. Earnings — See 1st and Ref. 68. Listed on the San Francisco Stock & Bond Exchange. Market. New York — Sutro Bros. & Co. Los Angreles — Citizens National Bank. San Francisco — Sutro & Co. Price Range. Jan. 1, '16. to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100% '16 96 Ja:n. 99 Jan. Low. 81 '18 93% '20 89% Nov. 93% Doc LOS ANGELES GAS AND ELECTRIC CO. Gen. 6s. Due July 1. 1934. Dated July 1, 1904. Interest payable Jan. and July 1, at Union Trust Co., San Fran- cisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding (Jan. 1, '21) $1,575,000 Held in S. F 418,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Union Trust Co., San Francisco. Sinking Fund — $35,000 per annum to be ap- plied to purchase of bonds which are to be held alive, or loaned on good security. This fund amounted to $711,129 Jan. 1. 1921. Control — Absorbed by the Los Angeles Gas & El. Corp., which is controlled through stock owneiiship by the Pacific Lighting Corp. Secured by a mortgage on all property except Pasadena gas property. For detail see 1st & Ref. 6s. Prior Lions— $402,000 L. A. El. 5s of 1928 and $833,000 L. A. Ltg. 5s of 1924. Both closed mortgages. Underlies — L. A. G. & B. Corp. 1st & Ref. 6s of 1939, a sufilclent amount of which has been reserved to retire this issue and prior liens; also 4-year Gen. & Coll. Tr. 7s of 1924, and Gen. & Fef. Mtge. Bonds are reserved under the latter mortgage to re- tire this issue. Earnings — See 1st and Ref. 6s. Listed on the San Francisco Stock and Bond Exchange. 730' Market. New York — Babcock, Rushton & Co., Hartshorne & Battelle, Fred. H. Hatch & Co., Sutro Bros. & Co. IJos Angreles — Citizens National Bank, Stephens & Co. San Francisco — Sutro & Co. Price Banse. Jan. 1, '10, to Jan. 1, 'gl 1920 Bid. Ask. Bid. Ask. High 103Vi '10 104^i '10 S3 Apr. 97 Apr. Low. 82% '20 84 '20 82% Nov. 84 Dec. LOS ANGIXES GAS AND EliECTBIC COR- PORATION Ifit Si Ret. 5s. Dne Sept. 1, 1939. Dated Sept. 1, 1909. Interest payable Mar. and Sept, 1, at Trustee'^ oOlce, Chicago or San Francisco, or National Bank of Com- merce, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized $16,000,000 Outstandin^r (Jan. 1, '21) 4,825,000 Pledged Under Gen. & Coll. Tr. 7s 1,600,000 Retired by S. P 1,107,000 Held by Other Slnklne I'unds 226,000 Reserved for Prior Liens 3,419,000 - Reserved for Ext 3,824,000 Denomination — Coupon, 1 1,000. Register- able as to principal. Trustee — Union Trust Co. of San Francisco and Harris Trust & Savings Bank, Chicago. Redeemable at 106 and interest on any in- terest date. SinkiDe Fund — ^Annually 2 % of all bonds outstanding other than General Mortgage & Collateral Trust bonds, for the purchase or redemption of bonds at not exceeding 105 and interest. Bonds so acquired to be can- celled. Organization and Control — Incorporated in California in 1909 and controlled' by the Pa- cific Lighting Corporation through stock ownership. Capitalization. Outstanding. Common $10,000,000 Preferred (6% cum.) 3,000,000 Funded debt 11,069,000 Secured by a first mortgage upon the gas plants in Los Angeles. Pasadena and suburban districts, and electric plant in Los Angeles, subject only to the underlying bonds now outstanding on the plants in Los Angeles and suburban districts. Supplies gas and electricity in Los Angeles and controls all of the gas business of Pasadena, South Pas- adena, Alhambra, San Gabriel, San Marino, Watts, Fagle Rock, Huntington Park and In- glewood, together with a portion of the gas business of Vernon, Monterey Park and other suburban districts. Population served, about 771,000. The corporation operates under di- rect constitutional grant of the State of Cal- ifornia for the life of the corporation. Prior Liens — $3,419,000 (closed mortgages) Los Angeles Lighting Co. es of 1924, Los Angeles Gas & Electric Co. 6s of 1934, Los Angeles Electric Co. 6s of 1928, all of which this issue provides to retire. Underlies — 4-Tear Gen. & Coll. Tr. 7s of 1924 and Gen. & Ref. Mtge. Bonds are re- served under the latter mortgage to retire this issue. Years ended Dec. 31: Gross, Net. Interest. 1920 $7,698,247 $2,134,413 $424,845 1919 6,076,930 1,980,747 381,946 1918 4,973,022 1,680,635 381,781 1917 5,031,074 1,986,093 389,823 1916 4,833,266 2,173,492 418,414 1915 4,345,908 1,798,968 424,641 1914 4,433,460 1,834,221 421,344 Listed on the San Francisco Stock and Bond Exchange. Legal for Savings Banks in Cal. and B. I. Original Market — $1,000,000 offered in Oct,, 1909, by N. W. Harris & Co., New York, etc., and E. H. Rollins & Sons, Boston, at 100 and interest. Offered In 1911 by Harris, Forbes & Co. and E. H. Rollins & Sons, at 98% and interest, Aforket. New York — Babcock, Rushton & Co., Fred. H. Hatch & Co., Earle A. Miller & Co., Sutro Bros. & Co. Los Ang:eles — Citizens National Bank, J. J. Doran Co. San Francisco — Sutro & Co. Providence — Hornblower & Weeks. Prir« Rans:e. Jan, 1, '16, to Jan. 1, '«1 1930 Bid. Ask. Bid. Ask. High 101% '16 102 '16 87 Jan. 93 Jan. Low. 72 '20 81 '20 72 May 81 July LOS ANGELES GAS & ELECTRIC CORP. 4> Year Gen. and Coll. Tr, 7s. Dne April 1, 1984. Dated Apr. 1, 1920. Interest payable Apr. 1 and Oct. 1, at National Bank of Com- merce, New York; Harris Trust & Savings Bank, Chicago, or Union Trust Co., San Francisco. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in California. Authorized $3,000,000 Outstanding (Jan. 1, '21) 1,000,000 Reserved for Iixt 2,000,000 Provisions of Issne — Additional bonds may be issued with the approval of the Railroad Commission of California when and as ad- ditional 1st and - Ref. 6s are pledged with the Trustee at the rate of $3,000 par value for every $2,000 par value of this Issue re- quested to be certified. Denomination—Coupon, $1,000. Register- able as to principal. Redeemable at 104 and interest on any In- terest date. Organization — See 1st and Ref. 66. Secured by a general mortgage on the en- tire property of the corporation. For details see 1st and Ref. 5s. Additionally secured by pledge of $1,500,- 000 1st and Ref. 5s. Prior Liens— Outstanding. 1st and Ref. 5s, 1939 $4,826,000 •Los Angeles Lgt. Co. 5s, 1924 783,000 *Los Angeles aGs & El. Co. 5s, 1934 1,576,000 •Los Angeles Elec. Co. 5s, 1928.. 402,000 Total $7,585,000 •Closed mortgages. Underlies Gen. & Ref. Mtge.. Bonds are reserved under the latter mortgage to retire this issue. lyegal for Savings Banks in Calif. Earnings — See 1st & Ref. 6s. Original Market — $1,000,000 offered May, 1920, by E. H. Rollins & Sons at 93.30 and interest. Market. New York — Sutro Bros. & Co. Los Angeles — Citizens National Bapk. Price Rangre 1930 Bid. Ask. High 99 Nov. 100 Sept. Low 97 Dec. 99 % Deo. LOS ANGELES GAS & ELECTRIC CORP. Gen. & Kef. 7s Series "A". Due March 1, 1926. Dated March 1, 1921. Interest payable March 1 and Sept. 1, in New York, San Francisco and Los Angeles. Tax Status — 2% Federal Income Tax paid by the company without deduction. , Tax exempt in California. Authorized $75,000,000 Outstandingr 2,500,000 Reserved tor Prior liens 8,569,000 Reserved for Ext ^. . . . 63,931,000 Issuance Restrictions — ^Additional bpnds under this mortgage can only be issued at par for refunding purposes and for not ex- ceeding 75% of cash cost of new construc- tion, additions and betterments, and only when net earnings for preceding 12 months, after deducting all operating expenses and taxes, shall have been at least 1% times the annual interest charges on all outstand- ing bonds in the hands of the public and those proposed to be issued. No additional bonds can be issued under this mortgage having a maturity earlier than Series "A" bonds. Pwpose of Issue— To provide for better- ments and additions. Denominations — Coupon, $1,000 and $500; registerable as to principal. Trustees — Mercantile Trust Co., San Fran- cisco and Security Trust & Savings Bank, Los Angeles. Redeemable after March 1, 1924, at 103% and "interest and after March 1, 1925, at 1023^ and interest on 90 days' notice. Sinldngr l^und — Annually a sum equal to 1%% of the par value of the largest amount of bonds outstanding for the year. Including all underlying bonds to be ap- plied to the purchase or redemption of these bonds at not exceeding the current call price. Organization — See 1st & Ref. 5s. Secured by a general mortgage on all the property of the company. For details of property see 1st & Ref. 5s. Prior X.iens — Outstanding. let & Ref. 5s, 1939 $4,825,000 Gen. & Coll. Tr. 7s, 1924 1,000,000 Los Angeles Ltg. Co. 6s, 1924 783,000 Los Angeles Gas & Bleo. 6s, 1934.. 1,675,000 Los Angeles Elec. 6s, 1928 402,000 Market. New York — Sutro Bros. & Co. IjOS Ang:eles — Citizens National Bank. San Fi-ancisco — Sutro & Co. $8,685,000 Under the provisions of this mortgage the above niortgages are all closed and bonds are reserved hereunder for the retirement of the above issues. Earnings — See 1st & Ref. 5s. Original Market — Witter & Co., Los Angeles, New Tork, San Francisco, and Bond & Goodwin, Boston, New York and Chicago, at 98^ and interest. 68. Due L,OS ANGELES UGHTING CO. April 1, 19S4. Dated April 1, 1899. Interest payable April 1 and Oct. 1, at Union Trust Co., San Francisco. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding (Jan. 1, '21) 783,000 Held in S. F. of I,. A. G. & E. Co 111,000 Held in S. V. of The I.. A. B. Co 60,000 Denomination — Coupon, $500 and $1,000. Trustee — Union Trust Co., San Francisco. Control — Absorbed by the Los Angeles aGs & Electric Co., which company is controlled by the Los Angeles Gas & Electric Corp. through ownership of stock. Secured by a first mortgage on plant sup- plying gas to Los Angeles and suburban dls- TJnderlies — L. A. G. & B. Co. Gen. 6s of 1934; and L. A. G. & B. Corp. lat & Ref. 53 of 1939; 4-year Gen. & Coll. Tr. 7s of 1924, and Gen. & Ref. Mtge. Bonds are re- served under the latter mortgage to retire this issue. _ ■ „ „ , ■. «. Eiaminss— -See L. A. G. & B. Corp. Ist & Listed on the San Francisco Stock and Bond Exchange. Price Rangre, Jan. 1, '17, to Jan. 1, '21 Bid. Ask. High 100% '17 101 '17 Low. 90 '20 92 '20 1920 Bid. Ask. 98 Nov. 101 Nov. 90 June 92 July LOS ANGELES PACIFIC CO. 1st Ref, 4a. Due Jan. 1, 1950. Dated Jan. 3, 1910. Interest payable Jan. and July 1, at company's office. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding •8,298,000 Retired by S. F 25,000 Reserved for Ext 6,552,000 Reserved for Prior Liens 6,125,000 •$3,817,000 owned by the Southern Pacific Co. Deuomination — Coupon, $1,000. Register- able as to principal. Trustee — Union Trust Co., San Francisco, Cal. Redeemable at 105 and interest on Jan. 1, 1915, or on any interest date thereafter. Sinking Fund — A sinking fund of $5,000 annually is provided. Guaranteed principal and Interest by the Southern Pacific Co. by endorsement. . Control — Absorbed by the Pacific Electric Ry. Corp., which is controlled through own- ership of its entire capital stock by th» Southern Pacific Co. Secured by a first mortgage on 16 mlWB of electric street railway being constructed from the proceeds of the unguaranteed bonds of this issue, and secured by mort- gage, subject to underlying bonds, upon all the rest of the company's property, includine about 200 miles of street railway lines in and around Los Angeles. A large part of these lines are on private right-of-way and franchises elsewhere expire between 191B and 1947. _ .. Prior Liens — $1,465,00 Los Angeles Pacific R. R. 1st Cons. 5s of 1931; $3,242,000 lioi Angeles aPclfic R. R. lat & Ref. 5s of 1943; $1,218,000 Gen. Cons. 6s of 1946; $74,000 Loi Angeles, Hermosa Beach & Redondo 1st 5s of 1942; $10,000 Los Angeles PactHc R. R. 1st 5s of 1928. . Bonds of this Issue are re- served for the retirement of the abov« I9SU6S Underlies — Pacific Elee. Hy. 5s of 1961. Earnings — See Pacific Electric Ry. Corp. Original Market — Offered the guaranteed bonds) in 1911, by A. G. Edwards & Sons, New York and St. Louis, and White, Weld & Co., New York and Chicago, at prices to yield better than 4.70%. Market. New York — Sutro Bros. & Co. Los Angeles — Citizens National Bank, Tor- rance, Marshall & Co. Price Ranee. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 85 '11 88 '12' 61 Jan. 66 Jan. Low. 58 '19 61 '20 58 Dec. 61 Dec. LOS ANGELES RAILWAY CO. 1st Cons. Bs. Due Oct. 1, 1938. Dated Oct. 1, 1898. Interest payable April and Oct. 1. at Union Trust Co., San Fran- cisco. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstanding (Jan. 1, '21) 4,722,000 Retired by S. F 278,000 Denomination — Coupon, $1,000. Trustee — Union Trust Co., San Francisco. Slnklne Fond — ^Annually, beelnnlner 1903, minimum amounts as follows: }30,000 from 1918 to 1922, Inclusive: $35,000, 1923 to 1927, inclusive; {40,000, 1928 to 1932, inclusive; J46,000, 1933 to 1937, incluBlve. This fund is to be applied to the purchase or redemp- tion of these bonds at not over 105 and in- terest. Bonds of this issue acquired are to be cancelled. If bonds cannot be acquired at 105 or less fund may be invested in other adequate securities. Control — Absorbed by Los Angreles Ry. Corp., which operates all of the street rail- ways, 388 miles in Los Angeles. Secured by a first mortgage on more than 200 miles of street railway in Los Angeles, Cal. No important franchises expire earlier than 1940. Underlies — Los Angeles Ry. Corp. 1st &. Ref. 6s of 1940. Karnings — See L. A. Ry. Corp. 1st and Ref. 5s. Listed on the San Francisco. Stock and Bond £]xchange. Market. New York — Babcook, Rushton & Co., Hartshorne & Battelle. Los Angreles — Bayly Bros., Citizens Na- tional Banlc, Stevens, Page & Sterling, Tor- rance, Marshall & Co. San ITi'ancisco — Sutro & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 19«0 Bid. Ask. Bid. Ask. High 111 '09 111% '09 73% Apr. 76 Jan. Low. 69 '20 70 '20 '69 June 70 Dec. LOS ANGELES RAILWAY CORPORATION 1st Si Ret. S. F. 58. Due Dec. 1, 1940. Dated Dec. i, 1910. Interest payable June and Dec. 1, at New York, Los Angeles and San Francisco. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorlzed $20,000,000 Outstanding: (Jan. 1, '21)..... 13,747,000 Held in S. F 1,281,000 Reserved for Prior Liens 4,972,0 90 Denomination — Coupon, $1,000. " Register- able as to principal. Trustee — Los Angeles Trust & Savings Bank, Los Angeles. Sinking Fund — $10,000 monthly, of which a part Is applicable to sinking funds of under- lying liens or for the purchase of these bonds at not over 105 and interest. If bonds are not so purchasable, fund shall be invested in approved securities. Bonds ac- quired are to be kept alive and interest add- ed to sinking fund. This fund, it is esti- mated, will retire 40% of these bonds be- fore maturity. Organization — Incorporated in California in 1910, as successor to the Los Angeles Ry. Co. Capitalization. Outstanding. Common $20,000,000 Funded debt 19,852,000 Secured by a first mortgage on 85 miles of street railway in Los Angeles, Cal., and a general mortgage on about 225 miles ad- ditional, comprising the entire street rail- way system of that city. Population served, 650,000. Over 25% of the trackage is upon private right-of-way and principal franchises else- where are perpetual. On about 18% of the' mileage franchises expire before maturity of these bonds. Prior Llen8^$4,722,000 Los Angeles Ry. Co. 1st 5s of 1938, and $250,000 Los An- geles Traction Ist Cons. 5s of 1938. Bonds of this issue are reserved to retire both is- sues. Fears ended Dee. 31: ,„„„ Gross. Net. Bond Int. 19?; $9,136,161 $2,223,280 $1,202,400 1919 7,403,589 1,460,247 1,202,325 1918 6,580,607 1,261,986 1,202,400 1917 6,148,011 1,736,693 1,200,494 1916 6,137,963 1,804,208 1,178,991 19" 6.762,122 2,181,577 1,175,829 Legal for Savings Banks in Cal, Original iUarket — Offered in 1911, by J. H. Adams & Co., San Francisco and Los An- geles, at par and interest; and $500,000 of- fered in May, 1912, by the Continental & Commercial Trust & Savings Bank, Chicago. Also ofCered. Nov., 1912, by Wm. Salomon & Co.. New York, at 98 and interest. $3,- 000,000 offered Feb., 1913, at 97 and inter- est. by E. H. Rollins & Sons, Boston and New York, and Harris, Forbes & Co., New Market. „»^T„^*"''^~'^^'"=??'^' R"Shton & Co., Sam- uel Goldschmidt, Fred H. Hatch & Co.. Sutro Bros. & Co. Los Angeles— Citizens National Bank, Tor- rance, Marshall & Co. San Francisco — Sutro & Co. Price Range. Jan. 1, '11, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask Hl&h lOO'll 101% '14 61 Oct. 67% Jail. Low. 66 '20 681/4 '20 56 June 58^00?: 733 ^^^^JiF\&L^ SHIPBUILDING AND DRY DOCK CO. 1st Serial 8s. Due SIOO.OOO each Sept. 1 from 1921 to 1929; mclu- sive; ¥350,000 on Sept. 1, 1930. Dated Sept. 1, 1920. Interest payable semi-annually, Sept. 1 and March 1, in Los Angeles and New York. Tax Status — Federal Income Tax paid by company without deduction, up to 4% Tax exempt in California. Authorized $1,250,000 Outstanding: 1,260,000 Denominations — $1,000 and $500. Trustee — Security Trust & Savings Bank. Los Angreles. ' Kerteemable on any interest payment date at 103 and interest. Org:anization — The Los Angeles Shipbuild- ing and Dry Dock Company owns and operates a modern and thoroughly equipped shipbuilding plant situated on 69 acres of well-located water-front property at San Pedro, California, held under a particularly advantageous lease from the City of Los Angeles. In addition this company owns and operates the only dry dock on the Pacific Coast between San Francisco and the Panama Canal that is capable of docking vessels in excess of 3,400 tons. The scope of the company's business is indicated by a record in the last three years of completed shipbuilding contracts aggregating over $42,000,000, and incompleted contracts ex- ceeding $15,000,000. Capitalization. Outstanding. Common $1,000,000 Preferred 125,000 Funded debt 1,260,0(10 Secured by a mortgage on all of the property of the company, subject only to leasehold provisions; Orig:inal Market — $1,250,000 offered Oct., 1920, by 'William R. Staats Co., Blyth, "Witter & Co., Los Angeles Trust & Savings Bank, Security Trust & Savings Bank and First Securities Co., Los Angeles, at 100 and interest. LOS AKOELES UNION TERMINAL CO. Ist 6s. I>ae each Not. 1, as foUows: 961»000, 1933 to 1926; $63,000, 1927 to 1931; $73,- 000. 1932 to 1936; $87,000. 1937 to 1940. and $972,000. 1941. Dated Nov. 1, 1916. Interest payable May 1 and Nov, 1. at offices ot Trustees or Bank- ers Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,250,000 Oatstanding 2,250,000 'Reserved for Ext 1,000,000 •To be Issued in two lots of $500,000 each for the construction of two additional ware- bouses. Denomination — Coupon, $100 (1941), $500 (1941) and $1,000. Regristerable as to prin- cipal. Trustee' — IjOs Angeles Trust & Savings Bank, Los Angeles, and Anglo-California Trust Co., San Francisco. Redeemable at 106 and interest on any in- terest date. Organization — Incorporated in California in 1916, to construct and administer an exten- sive group of warehouses and wholesale mar- ket buildings served by freight terminal tracks. Capitalization. Outstanding. Common $2,221,800 Funded debt 2,250,000 Secured by a first mortgage on all the property of the company. The Los Angeles Union Terminal Company is the largest wholesale warehouse and freight terminal project west of Chicago. The company owns in fee over 19 acres of land In one parcel adjacent to the main lines and freight yards of the Pacific Electric and Southern Pacific railroads in the rapidly growing city of Los Angeles, Cal. This property is in the wholesale district of the city and only half a mile distant from the retail business center. Two reinforced concrete six-story and basement fireproof warehouses and three two-story concrete mar- ket buildings have been constructed on this property. An extensive system of spur tracks connect these buildings with the main lines of the Pacific Electric and Southern Pacific railroads, and over these lines they will be accessible to all other railroads entering Los Angeles. Real estate appraised at $3,334,100; Im- provements at $1,500,000. Total, $4,834,100. Legal for Savings Banks in Cal. Original Market — Oflered March, 1917, by E. H, Rollins & Sons. The Anglo & London Paris National B^nk and Wm. R. Staats Co., at 100 and interest. Market. New York — Joseph Bird Ford, Sutro Bros, & Co. I/OS Angels — Citizens National Bank. Price Range. Jan. i, *18, to Jan, 1, '21 1920 Bid. Ask. Bid. Ask. High 99% '19 101 '18 6.15 Jan. 6.00 Jan. Low. 97*18 8.00 Dec. 7.00 Dec. Authorized $7,000,000 Outstanding 4,072,000 Held In S. F 1,124,000 Reserved for Construction of Bridge 1,000,000 Reseired for Ext 804,000 Denomination — Coupon, $1,000. Register- able as to principal or fully reglsterable. Trustee — Guaranty Trust Co., New York. RedeCTiable as a whole at 110 and inter- est on any Interest date on nine weeks' no- tice. Sinking Fund — ^Annually, from Sept. 1, 1907, to Dec. 2, 1913. $56,000. and thereafter $76,000 for the purchase of bonds at not more than 110 and interest. Bonds so pur- chased to be kept alive In sinking fund. If these bonds cannot be purchased the fund ,is to be invested in securities legal for Conn., Mass., N. J. and N. T. Organization — Incorporated In Arkansas in 1902. as the successor of the Louisiana & Arkansas R. R. Co. Capitalization. Outstanding. Common $5,000,000 Funded debt 4,072,000 Secured by a first mortgage on 273.36 miles of road from Hope, Ark, , to Pineville, La. (with trackage to Alexandria, 1% miles), Packton to Wildsville Jet., La., near Vidalia, and Mind en to Shreveport, La. Years ended Dec. 31: Gross. Net. Int. & Rent. *1919 $356,331 $366,815 $244,819 tl919 2,220,760 def. 63,121 71,940 *1918 362,394 349,546 257,261 11918 1,671,651 155.127 40,000 1917 1,569,722 417,804 315,714 1916 1,512,480 424,367 310,845 1915 1,709.701 569.285 323.796 1914 1,691,872 501,579 331,379 ♦Corporate account. tPederal account — standard return not in- cluded. Listed on the New York and Amsterdam Stock Exchanges. Original Market — $1,000,000 offered In June, 1902, by Pisk & Robinson, New York, at 105 and Interest. Market. New York — Constable & Fleming, Dunham & Co., Samuel Goldschmidt, Hartshorhe & Battelle. Philadelphia — Biddle & Henry. Price Range — y. Y. S. E, Jan. 1, '06, to Jan. 1, '31 1920 High 105 Jan. 26, '06 75 Mar. 1 Low. 621^ Sept. 27 '20 62% Sept. 27 LOUISIANA & ARKANSAS RAILWAY CO^ 1st 6s. Dae Sept. I, 1927. Dated Sept. 1, 1902. Interest payable Mar. and Sept. 1, at Guaranty Trust Co., New York. Xax Status — 2% Federal Income Tax paid by company without deduction. 734 LOUISIANA SOUTHERN RAILWAY 1st 5s. Due March 1, 1950. Dated 1897. Interest payable March and Sept. 1, at Robt. WInthrop & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $260,000 Denomination — Coupon, $600. Trustee — Central Union Trust Co. , New York. Redeemable on any Interest date at 106 and Interest. Organization and Control — Incorporated In Louisiana In 1897 as successor to the New Orleans & Southern R. R, Co. foreclosed. The road Is leased to the New Orleans, Texas & Mexico R. R, Co. from Feb. 1, 1911, to Feb. 1, 1923, for account of owners under division of net earnings. In 1901 the United Railway & Trading Co, of England acquired over 95 % of the stock and bonds of this company. Capitalization. Outstanding. Common $300,000 Funded debt 260,000 Secured by a first morteage on 65 miles of railroad from New Orleans to Belalre and Shell Beach, La., with branch. Years ended Dec. 31: Gross. Net. Int. & rent. •1919 def.$454 d'ef.$196 $13,494 tl919 351,810 77,268 13,232 tl918 309,928 115,696 9,297 1917 235,629 96,995 77,415 1916 164,322 38,738 24,556 •Corporate account. tFederal account — standard return not in- cluded. LOIJISIANA VVESTEKN RAILROAD CO. 1st 6s. Due July 1, 1921. Dated July 1, 1881. Interest payable Jan. and July 1, at Southern Pacific Company's office. New York. Tax 'Status — Payment of Federal Income Tax not assumed by company. Authorized and Oatstanding:. .$2,240,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated In Louisiana in 1876. The entire capital stock is owned by the Southern Pacific Co. Capitalization. Outstanding. Common $3,360,000 Funded debt 2,240,000 Secured by a first lien on 207.74 miles of road, viz: Lafayette, La., to Sabine River near Orange, Tex 105.43 Abbeville to Mamou, La 68.21 Mallard Jet. to Lake Arthur, La... 34.10 Years ended Dec. 31; Gross. Net. Int.& Rent. • 1919 $895,178 $1,041,804 $231,214 tl919 4,234,596 1,472,469 200,624 • 1918 895,178 1,023,817 205,402 +1918 4,348,162 1,993,921 108.706 1917 3,653,551 1,615,126 154,999 1916 2,685,229 1,173,348 252,176 •Corporate account. tFederal account — standard return not In- cluded. Legal for Savings Banks in Cal., Mich., Minn., N. H., N. J., R. I. and Wis. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Redmond & Co. Price Range — ^N. Y. S. B. Jan. 1, '14, to .Tan. 1, '21 1920 High 109 June 12, '14 95% Sept. 28 Low. 95% Sept. 28 '20 95% Sept. 28 LOUISVILLE & JBFFBRSONVILLB BRIDGE & RAILROAD CO. 1st 4s. Due March 1, 1945. Dated Jan. 1, 1895. Interest payable Mar. and Sept. 1, at office of M. S. Barger, Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Oatstanding 4,500,000 Reserved for Ext 500,000 Denomination — Coupon, $1,000. Regjster- able as to principal only, or fully register- able. Tmstee — United States Trust Co., New York, and Union Trust Co., Indianapolis. Guaranteed jointly and severally as to principal and interest by the Cleveland, Cin- cinnati, Chicago & St. Louis Ry. Co. and the Chesapeake & Ohio Ry. Co. by endorse- Organization and Control — Incorporated In Kentucky and Indiana in 1887. Of the $1,- 426 OOO capital stock the Cleveland, Cincin- nati, Chicago & St. Louis Ry. Co. owns $950,000 and the Chesapeake & Ohio Ry. Co. owns $175,000. Capitalization. Outstanding. Common $1,426,000 Funded debt 4,600,000 Secured by a first mortgage on the rail- road and bridge across the Ohio River be- tween the cities of JeffersonvUle, Ind., and Louisville, Ky., with approaches, and about 60 acres of land in JeffersonvUle and on 40 acres of land In Louisville. The bridge and approaches are 4.12 miles long, of which .29 mile is double track. Listed on the New York Stock Bxchange. Market. New York — Percy H. Bradshaw, Constable & Fleming, Dunliam & Co., Finlay & Daven- port, Arthur B. Frank & Co., Samuel Gold- schniidt, R. W. Pressprich & Co., Prince & "Whitely, Rutter & Co., Raymond M. Smith, Schuman, Seiigmann, Taylor, Smith & Hard, Vilas & Hickey. Philadelphia — Biddle & Henry, Henry D. Boenning & Co., Daniel & Co., William W. Fogarty, Harper & Turner, Isaac Starr. Jr., & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 100% Feb. 2, '06 70 Oct. 1 Low. 60 July 29, '18 61 June 22 LOUISVILLE & HASBTVILLE RAILROAD CO. Incorporated in Kentucky in 1850. The company owns 4,272.66 and operates 5,043.38 miles of road, including lines from Cin- cinnati, Ohio, via Louisville, Ky., to Nash- ville, Tenn. ; Decatur, Ala., through Bir- mingham, Montgomery and Mobile, Ala., to New Orleans, La.; Covington, Ky., via Knoxville, Tenn., to Marietta, Ga. ; Evans- ville, Ind., to Nashville, Tenn.; Bowling Green, Ky., to Memphis, Tenn., and numer- ous branches, including many in the coal and iron region around Birmingham, Ala. Owns a majority of the capital stock or is interested as joint owner or lessee in 2,443.08 miles of road, which mileage is independently operated. $36,720,000 of the capital stock is owned by the Atlantic Coast Line R. R. Co., and deposited as security for its L- & N. Col- lateral Trust Bonds. Capitalization. Outstanding. Common $71,917,920 Funded debt 189,179,670 Years ended Dec. 31: Gross. Net. •Charges. +1920 $44,685,982 $16,877,199 $9,013,648 +1919 17,298,920 19,979,120 8,802,838 +1918 17,310,495 19,823,321 8,803,964 1917 76,907,387 24,978,643 8,597,143 1916 64,928,120 25,689,971 8,727,160 1915 54,026,979 16,916,312 8,779,410 •Includes rentals, interest and sinking funds tCorporate account. Market. New York — Simon Borg & Co. Philadelpllla — Brown Bros. & Co. 736 LOUISVILLE & NASHVILLE RAILROAD CO. New Orleans & Mobile Div. 1st 6s. Due January 1, 1930. Dated May 8, 1880. Interest payable Jan. and July 1, at Company's office, 71 Broad- way, N. Y. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstanding 4,990,000 Owned by Louisville Si Nasta- TiUe R. B. Co 10,000. . Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co., New York. AsBiuned by the Louisville & Nashville R. R. Co. Secured by a first lien on 141.17 miles of road from Mobile, Ala., to New Orleans, La. Further secured by a first miorteaee on the creosoting plant at West Fascagoula, Miss., and first lien on $711,800 of the $784,000 cap- Aal stock of the Pontchartrain K. R. Co., owning five miles of unmortgaged road from Pontchartrain Jet. to Milneburg, La. This mortgage was executed by the New Orleans, Mobile & Texas R. R. Co., which subsequently conveyed its property to the L. & N. R. R. Co. UnderUes— L, & N.-N. O. & M.Dlv. 2nd 6s. licgal for savings banks in Cal., Conn., Me., Mass., Mich., Minn.. N. H. N. J., R. I., Vt. and Wis. Listed of the New York and London Stock Exchanges. Market. New York — J. S. Bache & Co., Simon Borg & Co., Ambrose R. Clark & Co., Dunham & Co., Hodenypl, Hardy & Co., Charles W. Place, R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Raymond M. Smith, Struthers & Hisdoe, Vanderhoef & Robinson, Vilas & Hickey. Louisville — Fidelity & -Columbia Trust Co., W. L. Lyons & Co. Baltimore — Jenkins, Whedbee & Poe. Pi-ice Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 130 June 13. '06 103 Jan. 8 Low. 99% Nov. 30, '20 99% Nov. 30 LOUISVILLE & NASHVILLE RAILROAD CO. New Orleans & Mobile Div^Snd 6b. Due Jan. 1, 1930. Dated October 5, 1881. Interest payable Jan. and July 1 , at Company' s office, 7 1 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. AntIioi*ized and Outstanding. . .$1,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Tmstee — Farmers' Loan & Trust Co., New York. Assumed by the Louisville & Nashville R. R. Co. Secured by a second lien on 141.17 miles of road and a second lien on the $711,800 stock of the Pontchartrain R. R., subject to the liens of the 1st 6s. This mortgage was executed by the N. O., M. & T. R. R. Co., which subsequently conveyed its property to the L. & N. R. R. Co. Prior Lien.3 — $5,000,000 L. & N.-New Orl. & Mob. Div. 1st 6s. Legal for Savings Banks in Cal. , Minn. , and N. H. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Dunham & Co., Charles W. Place, Prince & Whitely, Vanderhoef & Robinson. Louisville — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son, W. L. Lyons & Co. Haltimore — Jenkins, Whedbee & Poe. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1930 High 1221,4 Mar. 19, '06 100 Feb. 10 Low. 100 Jan. 4. '19 100 Feb. 10 LOUISVILLE & NASHVILLE R. R. South- east & St. Louis Division 1st 6s. Due March 1, IQTl. Dated Jan. 24, 1921. Interest payable March 1 and September 1, at office of Com- pany, 71 Broadway, New York. Tax Status — 2% Federal Income Tax paid by companv without deduction. Authorized and Outstanding, . .$3,500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Illinois Trust A Savings Bank, Chicago, and N. O. Butler, Redeemable uupon 60 days' notice on March 1, 1930, or any subsequent interest date at 107 and interest, i Secured by a first tien on 207.70 miles of road, viz: Sast St. Louis to Svansville, 111 160.96 McLeansboro to Shawneetown, 111 40.70 Branch to O'Fallon, 111 6.04 Underlies — 2d 3s of 1890. Leg:al for savings banks In Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., Ohio, Ore., R. I., Vt. and Wis. Listed on the New York Stock Exchangre. Origrinal Market — Holders of 1st 6s due March 1, 1921, were offered the privilege of exchangring- their bonds at par for new bonds. Market. New York — Simon Borg & Co., Prince & Whitely, Redmond & Co., Vanderhoef & Robinson. Louisville — Fidelity & Columbia Trust Co., W. L. Lyons & Co. Price Itangre — ^N. T. S. B. Jan. 1, '06, to Jan. 1, '21 1920 High 120% Mar. 6, '06 100 14 Dec. 10 Low. 96% May 14, '20 96% May 14 LOUISVILLE & NASHVILLE RAILROAD Co, Southeast & St. Louis Division 2nd 3s. Due March 1, 1980. Dated January 1, 1881. Interest payable March 1 and September 1, at office of Com- pany, 71 Broadway, N. T. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding*. ..$3,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Illinois Trust & Savings Bank. Chicago, and U. C. Butler. Secured by a second mortgage on 207.70 miles of road described under 1st 6s of 1921, subject to the prior lien of those bonds. Prior Lien — $3,500,000 1st 6s. Legal for Savings Banks in Minn., N. H., Ohio, Ore. and R. I. Listed on the New York Stock Bxchange. Market. New York — Simon Borg & Co., Dunham & Co., R. W. Pressprich & Co., Prince & Whitely, Raymond M. Smith, Seasongood, Haas & Macdonald, Vanderhoef & Robin- son, Vilas & Hickey, Edwin Wolff. Philadelphia — Biddle & Henry, Mar ley. Wood & Co. Louis\ille — Black, Fetler & Co., Fidelity & Coiumbia Trust Co., J. J. B. Hilliard ft Co., W. L. Lyons & Co. Price Range^-N. Y. S. E. Jan. 1, '07, to Jan. 1, '21 1920 High 723^ Feb. 28, '07 54 Oct. 22 Low. 451^ Aug. 4, '20 451^ Aug. 4 736 LOUISVILLE. & NASHVILLE RAILROAD CO., LOUISVILLE, CINCENNATI * LEXINGTON RAILWAY CO. Gen. A^^s. Due November 1, 1931. Dated November 1, 1881. Interest payable May and Nov. 1, at 71 Broadway, New York. Interest reduced from 6% in 1896. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $3,258,000 Denomination — Coupon, $1,000. Register- able as to principal. Ti'ustee — Bankers' Trust Co., New York. Secured by a fii-st lien on 176.20 miles, viz: Miles. Louisville to Newport, Ky 109^20 La Grange to Lexington, Ky 67.00 Underlies- Unified 4s of 1940. Bonds are reserved under that mortgage to retire this issue. Leual tor aavlnes banks in Cal., Conn.. Me., Mass., Mich., Minn., N. H., N. J., N. T R. I., Vt. and Wis. Listed on the New York Stock Exchange. T^^ Market. New York— Barstow & Co., Simon Borg f^ ,y°-„P^"t^a.m & Co., Hartshoine & Bat- telle, Clmrles W. Place, E. VV. Pressprich & Co., Prince & Whitely, Redmond & Co., Remick, Hodgres & Co., Roosevelt & Son, Rutter & Co., Raymond M. Smith, Vander- lioef & Robinson, Vilas & Hickey. I.,ouisvalle — Fidelity & Columbia Trust Co., J. J. B. Hilllard & Son, W. L. Lyons & Co. Baltimore — Jenkins, Whedbee & Poe. Pittsbm-gh — R. B. Hutchinson & Co. Price Ranee — N. if s. E. Jan. 1, '09, to Jan. 1, '21 1920 High 107% Feb. 19, 09 90 Jan. 14 Low. 85 July 8, '20 85 July 8 LotnsvrLUB & nashvtli^ railroad CO. 1st 5s. Due May 1, 1937. Dated April 30, 1887. Interest payable May and Nov. 1, at Company's office, 71 Broad- way, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding ■ $1,749,000 Held in Treasury 15,000 Denomination — Coupon, $1,000. Register- able as to principal. Urustee — United States Trust Co., New York. Secured by a first lien on 191.97 miles of road, viz: Miles. Bardstown, Ky., to Springfield, Ky 20.07 Corbin, Ky., to Norton, Va 117.20 Pennington, Va.. to Black Mt. Ry. Con- nection 1,99 Princton Jet., Tenn., to Prlnoton. Ky... 52.71 Dnderlies — Unified 4s of 1940. Bonds are reserved under that mortgage to retire this issue. X.egal for savings banks In Cal., Conn., Me., Mass., Mich., Minn.. N. H., N. J., N. T., R. I., Ohio, Ore., Vt. and Wis. Listed on the New York Stock Exchange. , Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Dunham & Co., Hodenpyl, Hardy & Co., Kountze Bros., R. "W. Press- prich & Co., Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Roosevelt & Son, Rutter & Co., Raymond M. Smith, Taylor, Smith & Hard, Vanderhoef & Rob- inson, Vilas & Hickey. Louisville — Fidelity & Columbia Trust Co., W. L. Lyons & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 12H4 Feb. 19, "06 100 Jan. 30 Low. 87 Dec. 22, '20 87 Deo. 22 LOUISTILLE & NASHVILLE RAILROAD CO. First Mortgage CoU. Tr. Bs. Dae Nov. 1, 1931. Dated April 1, 1888. Interest payable May and Nov. 1. n.t. Company's office. 71 Broad- way, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Antborized $7,000,000 Outstanding 4,706.000 Additional Bonds Held in Treas- ury 424,000 Denomination — Coupon, $1,000. Register- able as to principal. Trostee— Farmers' Loan & Trust Co., New York. Secured by a first collateral lien on 259.30 miles of road through deposit of the total outstanding bonds ($5,129,000) of two com- panies, as follws: Pledged $3,929,000 liirmingham Mineral R. R. 1st 5s of 1937: Miles. Champion and Trussville to Brock- wood, Ala., with branch to Bloc- ton Jet. and other branches 171.20 Pledge $1,200 Owensboro & Nash- ville R. E. 1st 6s — Owensboro to Adairvilie, Ky 83.46 Penrod to Mud River Mines, Ky 4.64 Legal for Savings Banks in Cal., Conn., Mass., N. H., Ohio and Vt. Listed on the New York, London and Am- sterdam Stock Exchanges. Market. New York — Simon Borg & Co., Dunham & Co., Arthur E. Frank & Co., R. W. Press- prich & Co., Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Raymond M. Smith, Struthers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey. Louisnlle — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son, W. L. Lyons & Co. Price Rangie — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 115% Jan. , '06 91 Jan. 21 Low 84 July 30, '20 84 July 30 737 LOUISVILLE & NASHVILLE RAILROAD CO. Unified 4s. Due July 1, 1940. Dated June 2. 1890. Interest payable Jan. and July 1, at Company's office, 71 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $75,000,000 Outstanding 64,764,000 Pledged to Secure 7% Notes. . 5,140,000 Redeemed and Cancelled 18.000 Reserved for Prior Liens 6,078,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully registerable in lots of $5,000. Registered, $5,000. Trustee — -Central Union Trust Co., New York. Secured by a direct lien on 2,195.84 miles of road, equipment, etc., on leasehold inter- ests in 119.24 miles, and on stocks of sub- sidiary companies, as follows: A first lien on 1,397.11 miles — Miles. Livingston, Ky., to Jellieo, Tenn 61.20 Hematite to Pond. Tenn 30.71 Van Leer to Cumberland Furnace, Tenn 6.19 Middlesborough, Ky., to Manrlng, Tenn 8.19 Stony Fork .Tct. to Logmont. Ky 6.06 Tracks around Middleborough, Ky Cole Creek and Stony Fork Switch- backs 1.18 Logmont to Elwood, Ky 2.56 Leewood to Aulon. Tenn 2.48 Champion to Maoagne, Ala 24.13 Altoona to Schuler, Ala 0.59 North Alabama Jet. to Searles, Ala.. 3.32 Black Creek to Banner, Ala 17.68 Crocker Jet. to Durant, Ala 2.59 Udora to Ersklne, Ala 0.73 Vulcan to Sayre Mines, Ala 1.69 Valley Creek to Virginia, Ala 2.06 Ridgeland to Arcadia. Ala 1.32 Mineral Springs to Dunn, Ala 1.46 Mineral Springs to Rilma. Ala 2.30 Sheffield to Tuscumbia, Ala 2.63 Prattsvllle Jot. to PrattsvlUe, Ala 10.36 Shelbyvllle Jot. to Christiansburg, Ky. 8.51 Selma to Escampia Jet.. Ala 111.09 Camden Jet. to Camden, Ala 16.65^ C. & O. Jet. to Greenburg, Ky 30.86 Selma to M^rtlewood, Ala 60.2S Georglana, Ala., to Gracevllle, Fla.... 100.88 Duval, Ala., to Paxton, Fla. 100.38 McPhall, Ala., to Near Fla. Line D.il Shelbyville to Bloomfleld, Ky 26.72 Louisville, Ky., Pipe Line Ave 3.28 C. H. & T. Jot to Chenoa, Ky 12.35 Jellico, Tenn., to Myrlin, ,Ky 4.08 Near Vinita to Graves Mines, Ala. . . . 2.14 Lakewood, Fla., to Near Ala. State Line 2.69 Louisville, Ky., to Edgefield Jet., Tenn. 176.01 Edgefield Jet. to Nashville, Tenn 9.98 Louisville to Cecilia Jet., Ky *46.52 Bardstown Jet. to Bardstown, Ky 17.37 Lebanon Jot. to Livingston, Ky 110.62 Memphis Jet. to Memphis, - Tenn 259.11 Extension to Providence, Ky 5.10 Richmond to Bowland, Ky 33.67 Amqui, Tenn., to Henderson, Ky 136.87 MadisonviUe towards Providence, Ky.. 11.00 *Sold to Illinois Central B. B. subject to this mortgage. A second lieu on 668.32 miles — Louisville & Nashville 1st 6s, 1937 191.97 'Birmingham Mineral B. B. 1st 5s, 1937 173.20 Newport & Cln. Bridge 4ViB, 1945 0.73 L., C. & L. Gen. Mtge. 4:^s, 1931 176.20 Henderson Bridge Co. 1st 6s, 1931 10.04 tAlabama Mineral 1st 4s 125.32 •All pledged under L. & N, Coll. 6s of 1931. tEntire issue in treasury. A third lien on 200.46 miles — Miles. South & North Alabama Cons. & Gen. 1st 63 200.46 Also a lien on the leasehold interest in the Nash. & Decatur B. B. — Nashville, Tenn., to Decatur Jet 119.24 Also a lien on the Southeast & St. Louis Ry. Co $980,000 Nash., Chatt. & St. L. By. Co 8,802,400 Owensboro & Nash By. Co 963,400 Henderson Belt R. R. Co 19,760 Prior Uens — Subject to $36,201,000 prior liens ($30,908,000 in hands of public, $6,- 283,000 in treasury), viz: Ala. Mineral R. R. 1st 43, 1940.. $3,160,000 L. & N. 1st 5s, 1937 1,764,000 L. & N., Louisv., Cine. & Lex. Gen. 4%s, 1931 3,258,000 Henderson Bridge Co. 1st 6b, 1931.. 1,981,000 Newport & Cin. Bridge 4%s, 1945. 1,314,000 Birmingham Mineral R. R. 1st 5s, 1937 •3,929,000 South Ss North Alabama Cons. 6s, 1936 10,000,000 South & North Alabama Gen, Cons. 5s, 1963 10,791,000 •All deposited under L. & N. Coll. 6s of 1931. Bonds are reserved under this mortgage to retire the first four Issues. Underlies— A. K. & C. Div. 1st 4b of 1955 as to 72.93 miles. Legal for savings banks In Cal., Conn., Mass., Mich., Minn., N. H., N. J., N. T., R. I. and Vt.; also for Baltimore Trust Funds. Ijlsted on the New York and London Stock Exchanges. Original Market — Offered In May, 1913, by Kissel, Kinnlcutt & Co., and Harris, Forbes * Co., New York, at price to yield 4.40%. Market. New Tork — Barstow & Co., Blgelow & Co., Simon Borg & Co., Dunham & Co., Arthur B. Frank & Co., Granger & Co., Samuel Goldschmidt, Herzfeld & Stern, Hodenpyl, Hardy & Co., Kountze Bros., Newborg Se Co., Parker & Co., R. W. Pressprlch & Co., Prince & Whitely, Redmond & Co., Season- good, Haas & Macdonald, Struthers & HlB- coe, Vilas & Hlokey, Joseph Walker & Sons. lonlBTUle— Black, Fetter & Co., Fidelity A Columbia Trust Co., J. J. B. Hllllard & Son, W. ti: Lyons & Co., George T. Wood * Son. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, 'ai 1920 Coupon, High 104% Jan. 9, '06 84% Jan. Z Low. 72 May 19, '20 72 May 19 LOmSVItLE & NASHVILLE RAILROAD AND MOBILE & MONTGOMERY RAIL- WAY Joint 1st i¥iB. Due Sept. 1, 194S. Dated Sept. 2, 1895. Interest payable March and Sept. 1, at L,. & N. office, 72 Broadway, New York. Tax Statu8^2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding -. . . 4,000,000 Reserved tor Ext 1,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Secured by a first mortgage on 177.67 mllei of road from Montgomery to Mobile, Ala. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., R, I., Vt. and "Wis. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Dunham & Co., Knauth, Nachod & Kuhne, Charles W. Place, R. W. Pressprioh & Co., Prince & Whitely, Redmond & Co., Vanderhoef & Robinson, Vilas & Hickey. Boston — E. L. Day & Co. Louisville— Fidelity & Columbia Trust Co., W. L. Lyons & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 110 Feb. 23, '06 82% Jan. 7 Low. 72 May 16, '20 72 May 26- LOmSVILLXi & NASHVILLX: RAILROAD CO. Paducah & Memphis Div. let 4s. Due Feb. 1, 1946. Dated February 1, 1896. Interest payable Feb. and Aug. 1, at Company's office, 71 Broadway, New York. Tax Status — 2% Federal Income Tax v paid by company without deduction. Aathorized $5,000,000 Ontstandlng 4,619,000 Held in Treasury 217,000 Reserved tor Ext 164,000 Denomination — Coupon, $1,000. Register- able as to principal. Tmstec — Bankers' Trust Co., New York. Secured by a first mortgage on 264.2 miles of road from Paducah, Ky., to Memphis, Tenn., and branch to Perryville, Tenn. Note. — The above mileage Is leased to the Nashville, Chattanooga & St. Louis Ry. Co. for 99 years from Deo. 14. 1895. Rental 6% of the purchase price of the property ($3,093.- 000) and 5% on all additions, etc. Legal for savings banks In Cal., Conn., Me., Mich., Minn., N. H., N. J., R. I. and Wis. Listed on the New York Stock Exchange. Original Market— $4,691,000 oftered In May, 1909, by N. W. Harris & Co., Moffat & White (now White, Weld & Co.), Klsael, Klnnlcuti & Co., and National City Bank, New York, at 98% and Interest. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Constable & Fleming, Dun- ham & Co., R. W. Pressprlch & Co., Prince & Whitely, Redmond & Co., Roosevelt ft Son, Raymond M. Smith, Vanderhoef ft Robinson, Vllaa & Hickey. XoDlsTlIle — Fidelity & Columbia Trust Co., W. L. Lyons ft Co. 738 Baltimore-^enklns, Whedbee ft Poe. Price Baiie»— N. Y. 8. E. Jan. 1, •!«, to Jan. 1, '81 1920 High 96 Apr. 2, '12 75% Nov. 24 Low. 7Hi Dec. 9, '20 71M,Dec. 9 LOUlSVttLE & NASHTIlIiE RAIUCOAD CO. Atlanta, Knozrille St Cincinnati I>iv. 4s. Due May 1, 1955. Dated May 1, 1905. Interest payable May and Nov. 1, at Comuany's office, 71 Broad- way, N. T. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $60,000,000 Outstanding 24,745,000 In Treasury 740,000 Fledged to Secure 1% Notes.. 6,000,000 Reserred for Prior laens 9,022,000 Resen-ed tor Add 10,493,000 Denomination — Coupon, $1,000. Kegiaterablo as to principal, or fully reirlBterable. Re&ria- tered, $1,000 or multiples. C. & R. inter- chansreable. Trustee — United States Trust Co., New YorK. Secured by a, mortgagre on 892.32 mllea of road, viz; A first lien on 267.40 miles — Miles. Saxton, Ky., to Knoxville, Tenn 78.61 Helton t_o Hyde, Tenn J. 21 Ilford to Westbourne, Tenn 2.93 Dossett to Kbotan, Tenn 12.24 Khotan to Windrock, Tenn.,.,, ... 0.72 Greenback to Jena, Tenn.; 1.14 Armona to Maryville, Tenn 3.86 Athens to Jellico Plains, Tenn 32.41 Allingham to Harriman, Tenn 17.64 Savoy to Gatlifl, Ky 18.60 Nevisdale to Packard, Ky 2.40 Tingling to Elk. Ky 1.76 Surran to Chadman, Ky 0.81 Heidelberg to Ida May, Ky..; 3.00 Versailles to Beattyville Jot., Ky 96.68 A second lien on 286.39 miles — Livingston, Ky., to Jellico, Tenn •1.20 Jellico, Tenn., to Halsey, Ky 8.11 Covington to Richmond. Ky. : Ft. Estill to Sinks, Ky 148.64 Paris to Lexington, Ky 17.86 Paris to Maysville, Ky 49.48 Richmond to Ft. Bstili, Ky J. 20 A third lien on 338.63 miles — Clnn.. O., to Newport, Ky. (bridge) «.7I Sinks to Livingston, Ky 8.84 Knoxville, Tenn., to Junta, Ga 148.94 Etowah, Tenn.. to Marietta, Ga 142.71 Mentor, Tenn., to Greenback, Tenn.... 17.78 Murphy Jet., Ga., to Murphy, N. C... 23.47 Ellen N. Ga. Connectio nwith Atlanta Belt Line (not operated aA main line) 7.12 Newport to Latonia, Ky 3. 68 Prior Lienfi — Subject to the, following prior liens; L. & N. Gen. 6s, 1930 $117,000 L. & N. Louisv., Cine. & Lex. Gen. 4%s, 1931 8,268,000 L. & N. Unif. 4s, 1940 «4,7C8,000 Newport & Cine. Bridge 4>^s, 1945. 1,344,000 Atlanta, Knoxv. & Nor, 5s, 1946.. 999,000 Kentucky Central 4s, 1987 6.702,000 Atlanta, Knoxv. & Nor. Cons. 4s, 2002 600,000 Legal for savings banks in Cal., Conn., Me., Mich., Minn., N. H., 'V^is. and R. I.; and also for Baltimore Trust Funds. Listed on the Neyr York Stock Exchange. Original Market — ^First offered in 1906 by J. P. Morgan & Co., at 98K and interest and $10,000,000 offered in 1911 by J. P. Morgan & (^o., the First National Bank and the Na- tional City Bank and Harris, Forl>eB & Co., New York, at 93H and interest. 739 Market.. New York — Simon Borg & Co., Constable & Fleming, Dunham & Co., Samuel Golcl- schmidt, Hocienpyl, Hardy & Co., Kountze Bros., R. W. Pressprich & Co., Prince & Whltely, Redmond & Co., Roosevelt & Son, Rutter & Co., StrUther & Hiscoe, Taylor, Smith & Hard, Vanderhoef & Robinson, Vilas & Hiclcey. Ijonisville — Black, Fetter & Co., Fidelity & Columbia Trust Co., J. J. B. Hiiliard & Son, W. L. Lyons & Co. Baltunort — Jenkins. Whedbee & Poe. Price Bango — N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 1920 High 96% Mar. 9, '09 76 Jan. 2 Low. 60% July 10. '20 60% July 10 LOTJISVILLB & NASHVILI^ B. E. CO. 10- Year Secured 7% Notes. Due May 15, 1930. Dated May 15, 1920. Interest payable May 16 and Nov. 15 at J. P. Morgan & Co., Nevv York, Tax Status — Payment of Federal Incoms Tax not assumed by company. Authorized $7,500,000 Outstandine 7,500,000 Denomination — Coupon, $1,000 and $500, Registered, $1,000, $6,000 and $10,000. 0. * R. interchangeable. Trustee — Bankers Trust Company, New York. Redeemable on and after May 16, 1923, at 100 and interest, plus a premium of 1% for each year or portion of a year from the date fixed on for redemption until maturity. Such redemption may be made at the option of the company on any interest payment date, or if the redemption is to be made out of proceeds of sales of the pledged securities, on any date fixed by the company therefore. Secnred by pledged of the following securi- ties: L. &. N. R. R. Co. Unified 4s, 1940. $6,000,000 L. & N. R. R. Co., Atlanta, Knox- ville & Cincinnati Division 4s, 1965 6,000,060 So. & No. Alabama R. R, Co. Cons. - 6s. 1936 ., 200,000 So. A 14o. Alabama R, R. Co. Qen. Cons. 6s, 1963 3,000.000 Sales of pledged securities may be made at not leas than certain minimum prices re- spectively sptclfled for the purpose iq the in- denture, the proceeds to be held by the Trus- tee- until applied to the redemption of notea secured by the securities sold, or until ap- plied to the purchase of such notes for. ra- tlrement at not exceeding the then redemp- tion price. Legal for Savings Banks in Conn. listed on the New York Stock Exchange. Orlclnal Market — $7,600,000 otTered Hay. 1920. by J, P. Morsan & Co., at 100 and lit- tereat. Market New York — Beverley, Bogert & Co., Simon Borg & Co., Salomon, Bros. & Hutzler. Struthers & Hiscoe. Fhiladelpliia — Parsly Bros. & Co. Louisville — Black, Fetter & Co., Fidelity & Columbia Trust Co., J. J. B. HllUard * Co., W. L. Lyons & Co. Chicago — Illinois Trust & Savings Bank. Price Ranse 1920 N. Y. 8. B. High 105 Oct. 25 Dow 99 June 24 LOUISTILLE & NASHYUXE razlboajd CO. Equipment tin. Series "A." Dna S325,000 each June 1 and December I ta Jnne 1. 1923. Dated June 2, 1913. Interest payable Jnna 1 and December 1. at Trustee's office, or Com- pany's office, 71 Broadway. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,500,000 Outstandingr (Jan. 1, '21) 1,025,000 Balance Retired. Note — $11,000 have been called or matured but not presented for payment. Denomination — Coupon, $1,000. Ite^ister- able as to principal, Troatee — Fidelity & Columbia Trust Co.. Louisville, Ky. Secured by an equipment trust agreement on 24 locomotives. 43 passenger and mail cars, 1.150 box cars, 4.200 coal cars. 650 miscel- laneous freight cars and 180 service cars. costing $7,226,420. of which $726,420 was paid in cash. Le«:al for Savings Banks in N. H.. Ohio and R. I. Original Market — First offered by Kissel. Kinnicutt & Co.. Brown Bros. & Co., Potter, Choate & Prentice, at par and interest. Market. New York — Simon Borg & Co., Evans StiUman & Co., Freeman & Co. LouisviIIe> — W. L,. Lyons & Co. Philadelphia — Biddle & Henry, Brown Bros. & Co., Graham, Parsons & Co. tOUISVIIXE & NASHVILLE K. R. Equip. 11% 6^s, Series "D." Due $735,000 each March 1 from 1923 to 1936, inclusive. l>ated March 1, 1921. Interest payable March 1 and Sept. 1, in New York. Tax Status — Information not available. Authorized $11,025,000 Outstanding 11,025,000 Denominations — Coupon, $1,000. Trustee — United States Trust Company. N. Y. Secured by an Equipment Trust Agree- ment on 12 Pacific type locomotives, 16 mikado locomotives, • 6 switch locomotives, 43 steel passenger, postal, dining and bag- gage cars, 2. 800 steel underf rame freight train cars and 2.000 all steel Hopper-bottom coal cars, capacity 100,000 pounds, costing $14,933,000, of which $3,908,000 is to be paid in cash by the Company. Leg-al for Savings Banks in N. H., Ohio and R. I. , Original Market — $11,025,000, offered Feb., 1921, by J. P. Morgan & Co., at 100 and interest. Market. See Series A. LOUISVILLE & NASHVILLE-SO UTHEKN "Monon."— Collateral Joint 4b. Due inly 1, 1953. Dated July 1, 1902, Interest payable. Cou- pon Jan. and July 1. at J. P. Morgan & Co.. New York. Registered, Jan., April, July and Oct. Ta.x Status — 2 % Federal Income Tax paid by company without deduction. Authorized $15,500,000 Outstanding 11,827.000 Denomination — Coupon. $1,000. Register- able as to principal. Registered, $1,000, $5,- dOO and $10,000 or multiples of $10,000. C. &. R. interchangeable. TniPtee — Guaranty Trust Co., New Y'nrk. Redeemable at 3 05 and interest on any in- terest date upon two months' notice; not less than $1,000,000 shall be redeemed at any one time, and no registered bonds shall be called until all coupon bonds shall have been re- d'semed. Security — A joint obligation of the two com- panies and secured by a first lien on $9,796,- 000 out of $10,500,000 common stock on $3.- 873,400 out of $5,000,000 preferred stock of the Chicago, Indianapolis & Louisville Ry. Co. ; at the rate of $90 of these bonds for each , share of preferred and $78 of these bonds for each share of common stock. The shares de- pocsiied are owned one-half each by the L. & N. R. R. Co. and the So. Ry. Co. Each company is liable for one-half of the principal and interest of these bonds. In the event of default by either company, the stock here- under of the defaulting company shall become the property of the company not in default, which will then be liable in severalty under this mortgage. The collateral company owns 509 miles of road and operates 113 aditional miles from Louisville. Ky., to Michigan City, Ind.. and Chicago, 111., to Indianapolis, Ind. Pividends have been paid on the preferred stock have been paid since 1902. Since 1910 stock since 1899 and at the rate of 4% per annum since 1900. Dividends on the common stock have been paid since 1902. Since 1910 the rate has been ZVi% per Annum Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Dunham & Co., Samuel Goldschmidt, R. "W. Press- prich & Co., Prince «& Whitely, Redmond & Co., Rutter & Co., Vanderhoef & Robinson, Vilas & Hickey. Louisville — Black, Fetter & Co., J. J. B. Hilliard & Son, W. L. Lyons & Co. Price Range — ^N. X. S. E. Jan. 1, *06, to Jan. 1, '31 1920 High 93 July 25, '06 69% Oct. 19 Low. 58 May 22, '20 58 May 22 LOUISTUXE & NASHYItJLE TEBMINAIi CO. 1st 4s. Due Dec. 1, 1952. Dated December 1. 1902. Interest payable June and Dec. 1. at L. &. N. office, il Broad- way, New York. Tax Status — 2% Federal Income Tax paid by company -without deduction. Authorized $3,000,000 Outstanding- 2,500,000 Iiesei*ved for Imp 399,000 In Treas. of L. & N, K. R. Co. 101,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers' Trust Co.. New York. Guaranteed jointly and severally as to prin- cipal and interest by the Louisville & Nash- ville R. R. Co. and the Nashville, Chatta- nooga &. St. Louis Ry. Co. Organization and Control — -Incorporated In Tennessee in 1893. All of the stock is owned by the Louisville & Nashville R. R. Co., which . leases the property for 99 years jointly with the Nashville, Chattanooga & St. Louis Ry. Co. , at a rental equivalent to Interest and taxes. Capitalization. Outstanding'. Common $100,000 Funded debt 2,500,000 Secured by a first mortgage on terminal property in Nashville. Tenn., including a union passenger and freight station, warehouses, shops and about 32 miles of trackage and 36 acres of land. E\irther secured by pledge of above lease and leases of 40 acres. Legal for savings banks in Cal.. Mich.. Minn., N. H.. N. J. and R. 1. Original Market — Offered in May, 1909. by Wm. A; Read & Co., New York and Boston. Market. New York — Simon Borg & Co., Finlay & Davenport. Joseph Bird Ford, Prince & Whitely. LouisviUe— Black, Fetter & Co., Fidelity & Columbia Trust Co., W. L. Lyons & Co. Price Range. Jan. 1, '10, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 97 '10 98 :iO 69 Jan. 73 U May Low. 57 '18 65H '19 62 July 68 Dec. liOUISVII^Ui: & NORTHERN RAH^AVAY & MOHTING CO, 1st 5s. Due Dec. 1. 1925. Dated Dec. 1, 1905. Interest payable June and Dec. 1, at Continental & Commercial ■Trust & Savings Bank.' Chicago, and Eliot Psational Bank, Boston. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized 51!, 500, 000 Outstanding 500.000 Reserved for Ext 2,000,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 and interest Assumed by the Interstate Public Service Co. Organization and Control — Incorporated fn Indiana in 1905. In 1921 the property of this company was acquired by the Interstate Public Service Co. The latter company is a subsidiary of the Middle West Utilities Co. Secured by a first mortgage on 20 miles of electric railway between Louisville, Ky., and Sellersburg and Charlestown. Ind. The line to Sellersburg forms part of a throug hroute over which cars are run between Louisville and Indianapolis, where It is expected that the Charlestown branch will form part of a through line to Cincinnati. Further secured by deposit of all of the stock of companies supplying electricity and gas to New Albany. JefCersonville and other towns in Indiana, and water to New Albany. Tears ended Dec. 31: Gross. Net. Int., etc. 1919 $245,104 $23,210 $25,000 1918 207,937 47.079 25,000 Later earnings included in reports of In- terstate Public Service Co. Original Market — Offered by Trowbridge & NIver Co., Chicago, at price to yield about 5%. Market. New York — Simon Borg & Co. Louis^-ille — W. L. Lyons & Co., Lawrence J. Timmons & Co. Price Range. Jan. 1, '08, to Jan. 1, *21 1920 Bid. Ask. Bid. High 90 '12 100 '08 50 July Low. 62*17 65 '17 50 July LOUISVrLUE & SOUTHERN INDIANA TRACTION CO. 1st 5s. Due Sept. 15, 1923. Dated Sept. 15, 1903. Interest payable March and Sept. 15, at Continental & Com- mercial "Trust & Savings Bank, Chicago, and United States Tjust Co., Louisville. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and. Outstanding $999,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustees — Continental & Commercial Trust & Savings Bank, Chicago, and United States Trust Co., Louisville. Ky. Redeemable at 105 and interest on any in- terest date. Assumed by the Interstate Public Service Co. Organization and Control — Incorporated in Indiana in 1903. In 1921 the property of this company was acquired by the Inter- state Public Service Co., a subsidiary of the Middle West Utilities Co. Secured by a first mortgage on 23 miles of electric railway, including all of the street railway to Jeffersonvllle, Ind., and Interurban line between Louisville, Ky., and Jeffei'sonville and New Albany. Ind. Franchises are for fifty years. Also leases 1 4 miles of street railway in New Albany. 741 Years ended Dec. 31: Gross. Net. Int. & Rent. 1919 $499,903 $103,234 $92,224 1918 456,627 94,216 85,511 Later earnings included in reports of In- terstate Public Service Co. Original Market — Offered by Trowbridge & Niver Co. . Chicago, at par and interest In Dec, 1903. Market. l.ouisviUe — J. J. B. Hilliard & Son, Law- rence J Timmons & Co. Price Range. Jan. 1, *15, to Jan. 1, '31 Bid. Ask. Bid. Hig-h 62-15 74 '15 Not Low. 45 '18 61 '16 available. 1920 LOUISVILLE GAS & ELECTRIC COMPANY 1st & Ref. 7s. Due June 1, 1923. Dated June 1, 1918. Interesc pavable June and Dec. 1 in New York or Chicago; principal payable in New York. Tax Status — 2% Federal Income Tax raid by company without deduction. Authorized $20,000,000 Outstanding: (Jan. 1, '21) 13,896,000 Reserved for Prior I*ien 1,195,000 Reserved for Ext 4,90p,000 Provisions of Issue — Additional bonds issu- able at not over 7% for 75% of cost of exten- sions, providing net earnings for preceding 12 months are 1 2-3 tinxes annual interest charge on all bonds of this issue outstanding), including underlying bonds and those for which application is made. Purpose of Issue — To refund an approxi- mate like amount of the Company's 1st & Ref. 6s. due July 1, 1918. Denomination— Coupon, $100, $500 and $1.- 000, Registerable as to principal. Tmstee — Harris Trust & Savings Bank, Chicago. Redeemable — In whole or in part on any in- terest date to June 1, 1920, at 103 and in- terest; to June 1, 1921, at 102 and Interest; to June 1, 1922, at 101 and interest, and on Dec. 1, 1922, at par. Maintenance and Redemptinn Fund — Begin- ning June 1, 1920, 11%% of gross earnings annually to be set aside for maintenance and repairs or for renewals and replacements. Any ' unexpended balance may be used for purchase or redemption of any of the company' s out- standmg bonds. Organization and Control — Incorporated in Kentucky in 1913 as a consolidation of the gas. electric, steam-heating properties in Louisville, Ky.. and suburbs. Entire stock ia owned by the Louisville Gas & Electric Co. of Delaware. A majority of the captal stock of the latter company is owned by the Stand- ard Gas & Electric Co. and the Mississippi Valley Gas & Electric Co.. and $4,500,000 of $10,907,000 preferred and $2,500,000 of $6.- 448.900 common stock are deposited under the latter company's Coll. Tr. 5s of 1922. Capitalization. Outstanding. Common $10,324,300 Preferred 776,400 Funded debt 18,728,500 Managrement — Byllesby Engineering & Management Corp. Secured by a direct mortgage on plants and distributing systems supplying electric light and power to Louisville suburbs. Also a col- lateral lien on the natural gas pipe line Is through pledge of $ 3 , 00 0, 00 (entire Issue) first mortgage bonds and practically entire is- sue ($2,000,000) common stock of Kentucky Pipe Line Co. Electric franchises in Louisville perpetual. Gas expires in 1933. Prior Liien^tl, 195,000 Louisville Ughting Co. 1st 6s of 1963. Underlies — $6,457,000 Gen. 6a of 1923 of which are pledged to secure $3,637,500 8% Notes due Jan. 15, 1923. Tears ended Dec. 31: Gross. Net, Intereit. 1920 $4,469,317 $2,095,490 $1,266,484 1919 3,694,345 1,806,464 1,137,250 1918 3,176,478 1,642,677 978,346 1917 2,838,689 1,126,083 892,730 1916 2,458,626 1,388,147 710,080 OriBinal Market— $10,500,000 offered June, 1918, by E. H. Rollins & Sons, Harris, Forbes & Co. and Guaranty Trust Co.. New Torlc. at 98 and interest. Market. New Yorlc — J. s. Bache & Co., H. M. Byllesby & Co., Inc., Fred H. Hatch & Co., Martin, Berwin & Co., Earle A. Miller & Co., Rauscher & Mackay. Boston — L. Sherman Adams, H. M. Byl- lesby & Co., Moors & Cabot, Arthur Perry & Co. Fiuladelpliie — Bauer, Starr & Co. touisviHe — Black, Fetter & Co., Fidelity & Columbia Trust Co., J. J.- B. Hilliard & Son, Lawrence J. 'Timmons & Co., George T. Wood & Son. Chicago — Merrill, Lynch '& Co. Providence — Brown, Lisle & Marshall. Milwaukee — Morris F. Fox & Co. Price Range. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. 'Ask. High 101 '19 102% '19 99 Jan. 101 Jan. Low. 86 '20 90 '20 85 Nov. 90 Nov. liOUISyrLLE GAS & ELECTRIC CO. 8% Bond Secured Notes. Due Jan. 15, 193S. Dated July 15, 1920. Interest payable Jan. 16 and July 15, in New York or Chicago. Tax Status — 2% Federal Inconte Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $5,000,000 Outstanding 3,637,500 Reserved for Corp. Fnri>oses.. 1,362,500 Provisions of Issue — Additional notes up to .the authorized amount may be issued only by the deposit of General Mtge. bonds due Jan. 16, 1923, in the ratio of 150% of bonds -for each 100% of notes, and only when con- solidated net earnings, after deduction of all prior annual Interest charges are equal to at least three and one-half times the annual in- terest charge on all notes outstanding, in- cluding those about to be issued. Purpose of Issue — The proceeds from the sale of this issue will provide funds for the retirement of $2,959,000 Bond Secured 7% notes, due Sept. 1, 1920, and for extensions and improvements to the properties. Denomination — Coupon. $1,000, $500 and $100. Registerahle as to principal. Trustee — New York Trust Co., New York. Redeemable on any Interest date on 30 days* ■ notice up to and including July 15, 1921, at 101 and interest: thereafter up to and includ- ing July 15, 1922; at 100% and Interest, and thereafter at 100 and interest. Sinking Fund — $350,000 per annum during the first two years, payable in semi annual Instalments, first payment to be made Jan. IB, 1920. Notes acquired for the sinking fund are to be cancelled. The sinking fund is to be applied to the purchase of notes up to the respective redemption price or to their call If not obtainable at lower prices. If ad- ditional notes are issued at any time prior to July 15, 1921, the annual sinking fund will be Increased by 10% of the additional Issue, Organization and Control — See 1st & Ref. 7b, due June, 1923. Secured by pledge of $5,457,000 Gen. Mtge. bonds, due Jan. 15, 1923. Prior Liens — Outstanding. 1st & Ref. 7s, 1923 $13,896,000 Louisville Lighting Co. 1st Bs, 1953 1,195,000 Earnings — See 1st & Ref. 7s of 1923. Orlgliial Market — $3,600,000 offered Jtd7. 1920, by Bonbright & Co., Inc., New York: H. M. Byllesby & Co.. Inc., and Federal S9- curities Corp., Chicago, at 99 and Interest. Market. New York — J. S. Bache & Co., H. M. Byllesby & Co., Inc., Hartshorne & Battella, Morton Lachenbruch & Co., Martin, Berwin & Co. Boston — H. M. Byllesby & Co., Moors & Cabot. „ „ - Louisville — Fidelity & Columbia Trust Co., Lawrence J. Simmons & Co., George T. Wood & Son. Fhiladelpllia — Paul & Co. Chicago — Curtis & Sanger, Merrill, Lynch & Co. Milwaukee— Morris F. Fox & Co. Price Kange 1920. Bid. Ask. - High 97 Sept. 99 July Low 93 Dec. 95 July 742 LOUISVILI3, 707, 689 1,056,764 632,056 1917 3,140,446 1,723,037 •621,750 1916 3,080,296 1,383,665 •621,750 •Interest only. Listed on the New York Stock Exchange. Market. Louisville— Black, Fetter & Co., Fiaellty & Columbia Trust Co., W. L. Lyons & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 108% '09 109 '09 S3 Mar. 87 Mar. Low. 75 '20 78 '20 75 June 78 June LOVISTUXE railway CO. 2nd 4%8. Dae March 1, 1940. Dated March 1 , 1900. Interest payable March and Sept. 1, at Trustee's ofUce. Tax Status — 2% Pedsral Income Tax paid by company without deduction. Authorized and OntstandiiUT $2,000,000 Denominafnon — Coupon, $1,000. Registerahle as to principal. Trustee — Fidelity & Columbia Trust Co., Louisville, Ky. Organization and Control — See Cons. 5 s. . Secured by a second mortgage on property described under Cons. 6s. Pr;or Liens — $6,000,000 Cons. 5a of 1930. Underlies — $4,035,000 Gen. 5s of 1950. Earnings — See Cons 5s. listed on the Louisville Stock Exchange. Original Marlcet — Offered by Almsted Bros., Louisville, Ky. Market. liOiiisville— Black, Fetter & Co., Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son, W. L. Lyons & Co. Price Banere. Jan. 1, 'OS, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '09 101*20 68 Jan. 71% Jan. Low. 59^ '20 60 '20 59% Dec. 60 Dec. LOUISVILLE (Ky.) RAILWAY CO. Gen. 5s. Due Feb. 1, 1950. Dated Feb. 1, 1910. Interest payable Feb. 1 and Aug-. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding 4,035,000 Reserved for Ext 7,965,000 Reserved for Prior Liens 8,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity & Columbia Trust Co. , Louisville, Ky. Organization and Control — See Cons. 5s. Secured by a third mortgage on property described under Consol. 5s above. Further secured by a first lien on the entire $4,000,000 stock of the Louisville & Interurban R. R. Co. owning and operating 102 miles of interurban railway in the vicinity of Louisville, Ky. This road is free of any funded debt. Divi- dends have bfen paid on the stock for many years. In 1912 dividends amounted to $180,- 000. or 4%%. Prior Liens — $8,000,000 Louisville Ry. Co. Cons. 5s of 1930 and 2nd 4%s of 1940. Kamings — See Cons. 5s. Market. Louisville — Black, Fetter & Co., Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son, W. L. Lyons & Co. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103 '11 105 *11 83 Mar. 84 Max-. Low. 58 '20 61 '20 58 June 61 May LOWELL, LAWRENCE & HAVERHILL STREET RAILWAY CO. 1st 5s. Due June 1, 1923. Dated June 1, 1893. Interest payable June and Dec. 1, at American Trust Co., Boston. Extension — Under the plan or organization of the Eastern Massachusetts Street Ry. Co, these bonds may be extended at 6% to June 1, 1928. Accrued interest will be paid in cash. If extended they will be redeemable at 103 and interest up to June 1, 1926, thereafter at 101 and interest. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,900,000 Outstandingr (Jan. 15, '21) 543,000 Retired by S. F 522,000 Cancelled 342,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — American Trust Co., Boston. Redeemable for the sinking fund at 105 and interest. Sinking Fund — Began May 31, 1894; 2%% of outstanding bonds 1914 to 1918 and 3% 1919 to 1923 for the purchase or redemption of bonds at not over 105 and Interest. Control — ^Absorbed by Bay State Street Ry. Co. In March, 1919, the latter company was succeeded by the Eastern Massachusetts Street Ry. Co. through foreclosure. Secured by a first mortgage on about 66 miles of street railway. Underlies — Eastern Massachuetts Street Ry, Ref. Mtge. under which bonds are reserved to retire this issue. Market. New York — Hartshome & Battelle. Boston — Coffin & Burr, Inc., AVilliam 0» Kimball & Co., Moors & Cabot. Price Range. Jan. 1, *12, to Jan. 1, '21 1930 Bid. Ask. Bid. High 1051^ '12 107 '12 78 Dec Low. 75 '18 96 '17 78 Dec. LUCEY MANUFACTURING CORP. 10-Year 8% Conv. S. r. Notes, Series *'A." Due July 1, 1930. Dated July 1, 192 0. Interest payable Jan. 1 and Jtily 1, in New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authoi-ized $2,500,000 Outstanding 1,500,000 Reserved for Corp. Purposes.. 1,000,000 Provisions of Issue — Additional notes may be issued only if the annual net tangible as- sets of the company are at least 200% of the notes outstanding and those proposed to be issued, and if the consolidated net earn- ings of the company for the preceding year shall have been at least 2 % times the In- terest charges plus the sinking fund on all notes outstanding and proposed to be issued. Denomination — Coupon, $1,000 and $500, Registerable as to principal. "Trustee — Guaranty Trust Co., New York. Redeemable upon 30 days' notice, in, amounts- of $100,000 or more, and in smaller amounts for sinking fund. (a) At 105 and interest, the right to con- vert running for 30 days after date of call; or, (b) At 115 and interest on any interest date, the right to convert ceasing upon no- tice of call at this price. Sinking Fund — Annually for five years be- ginning July i, 1921, a sum equal to 5% of outstanding notes and thereafter at 7%%, to be applied to the redemption of these bonds. Convertible into Class ' 'A' * stock at the rate of one share of stock for each $55 face amount of notes. Organization — Incorporated in New York In 1914. The company's plants owned and op- erated through subsidiaries are equipped to manufacture a full line of both rotary and percussion drilling equipment, boilers, engines, pumps, rig irons, rotaries, cable tools, and in fact practically every piece of equipment used in drilling oil, gas and water wells. Casing pipe, wire, cables, wooden derricks and a few other items are supplied through favor- able working agreements with manufacturers. The company operates three manufacturing plants in Chattanooga, Tenn.. and one at Houston. Texas, which employ approximately 2.Q00 men and are well located in resard to availability of raw materials and distribution oi finished products. In addition to its manufaeturing plants, stores and warehouses are maintained in the principal oil fields In this country and abroad. Capitalization. Outstanding. Common "A" (par $50) $1,875,000 Common "B" (no par) 100,000 shs. Funded debt $1,500,000 Security — A direct obligation of the com- pany, but not secured by a mortgage. Under the provisions of the trust agreement the company covenants as follows: To maintain at all times net current as- sets equal to at least 150% of its funded in- debtedness. While any of the notes are outstanding, neither the company nor any of its subsid- iaries, will issue any securities maturing later than one year from date of issue, other than purchase money obligations, without ratably securing these notes. Original Market — $1,500,000 offered July, 1920. by Messrs. Potter Bros. & Co.. Dom- inick & Dominick, and Hallgarten & Co., New York, at 98 and interest. Market. T.OS Angeles — Stevens, Page & Sterling. Price Kang:e 1920 — Ask 98 Dec. LUDLUM STEEL CO. 7% Serial Notes. Doe $100,000 each April 1st from 1930 to 1929, incl. Dated April 1. 1919. Interest payable April and October 1st at Trustee's office, Boston. . Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized . . . ; $1,000,000 Outstanding 1,000,000 Purpose of Issue — To provide additional working capital and reduce current indebted- ness. Denomination — Coupon, $1,000. register- able as to principal. Trustee — State Street Trust Company, Bos- ton. Redeemable as a whole or in any one or more series upon any interest date, at par and Interest plus premium of one-half of one per cent., for the calendar year In which said notes are redeemed, and an additional one-half of one per cent, for each full calendar year between the years in which they mature. Organization — Incorporated in New Jersey. Business established 1854. Since 1906 owns and operates plant at Watervliet, New York, manufacturing tool steels. Plant covers thirty acres and Company also owns thirty-five acres of land adjoining. Capitalization. Outstanding. Common $369,900 Funded debt 1.000,000 Security — ^A direct obligation of the com- pany, but not secured by mortgage. These notes are the only funded obligation of the company, and no mortgage can be placed on its real and personal property unless provision Is made for the prior security of all serial notes outstanding. The company covenants no dividend shall be paid on common stock If such payment reduces the net quick assets below 150% of total par value of these notes outstanding. Original Market — Offered April, 1919, ^y Richardson, Hill & Company, Boston, Port- land and Bangor, at prices to yield from €.60% to 7.50% for various maturities. Market New York — Babcock, Rushton & Co. Chicagro — Central Trust Co. of Illinois- • Boston — Richardson, Hill & Co. Price Range 1920 — Ask 92, 87. LVKKNS STEBIi CO, 20-7ear 1st 8s. Duo Nor. 1, 1940. Dated Nov. 1. 1920. Interest payable May 1 and Nov. 1 at Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Ta;x exempt in Pennsylvania. Authorized $5,500,000 Outstandingr 5,500.000 Purpose of Issue — To fund the floating debt of the company and for other general corporate purposes. Denominations — Coupon $100, $500 and $1,000; reelsterable as to principal. Trustee — Bankers Trust Co., New York. Redeemable as a whole and not in part except that in case of a sale of capital assets, if the proceeds of such sale are not used in replacements or new acquisition, on any interest date upon 60 days' notice 09 a 6^% basis figured from date of call to maturity, but the prices in no event to exceed 110 and interest. Sinking: Fiuid — On or before June 5, 1921, and on or before each succeeding' June 15, the company shall pay not less than $100,000, and on or before Jan. 1 it shall pay to the trustee as a further sinking fund payment, if required, an amount which, to- gether with the $100,000 paid the previous June 15, will equal not less than 25% of the net earnings of the company (after normal depreciation, accrued interest and taxes) for the preceding fiscal year. Thereupon the trustee will advertise for offerings of bonds at not to exceed 107% and interest. If not obtainable within 30 days, at or below this price, unused funds accumulated prior to Oec. 15, 1925, will be returned to the com- pany. After that date bonds must, if neces- sary to exhaust this fund, be called by lot at 107%, and interest. Organization — Incorporated in Pennsyl- vania in 1917. Business established in 1790. Capitalization. Outstanding. Common $15,898,800 Funded debt 5,500,000 Secured by a direct first lien on the fixed assets of the company, now owned or here- after acquired; additionally secured by pledge of the entire capital stock of the Allegheny Ore & Iron Co. Under the pro- visions of the trust agreement the collateral company may not create any lien on its property except in the ordinary course of business. The company's plant is located at Coates- ville. Steel plates for boilers and tanks and structural steel plates for girders are the company's principal product. The company rolls all sizes of plate steel up to 200 inches in width, and also makes and sells fianged boiler heads, and flanged plates of all kinds, besides steel braces and other patented specials. It has no competitor in the United States in the production of one-piece plates over 155 inches in. width. The company makes its own steel in three open-hearth plants. The company also owns 600 acres, with 1% miles of water-front on tidewater, betw^een Wilmington and Newcastle, Del. The Allegheny Ore & Iron Co. owns iron- ore mines In Virginia, and owns and operates two blast furnaces with a capacity of about 100,000 tons of iron per year. Original Market — $5,500,000 offered Oct., 1920, by West & Co., Philadelphia and New York, White, Weld & Co., New York and Boston, and Commercial Trust Co., Phila- delphia, at 99% and interest. Market New York — Babcock, Rushton & Co., Hartshorne & Battelle, T. Hall Keyes & Co.» Watson, Armstrong & Co. Philadelphia — Lloyd & Palmer, McCown & Co., Samuel McCreery & Co., J. P. Magill & Co., Reed A. Morgan & Co. Chicago^Rutter, Lindsay & Co., Inc. Fiice Rangre 19^. Bid. Ask. Hierti 100 Dec. 100^ Dec. liOW 98 Nov. 99 Dec. I.TTZERIO; COUNTY GAS & EIiECTBIO CO. Ist Ret. & Imp. 6s. Dne Oct. 1, 1948. Dated October 1, 190S. Interest payable April and Oct. 1; at Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Anthorized $3,600,000 Outstanding: 3,477,000 Reserved for Prior Lien 23,000 Denomination' — Coupon, $100, $200, $500 and $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 105 and interest Oct. 1, 1913. on any interest date thereafter, upon 60 days' notice. Organization and Control — Incorporated in Pennsylvania in 1908. Th company is con- trolled by the American Gas Co. throuerh own- ership of its entire capital stock. Capitalization. Outstandingr. Common $2,090,000 Funded debt 3,600,000 Secured by a first mortgrage on plants sup- plying Etas and ^ectric lights in the boroughs of "Wyoming, West Wyoming, Forty Fort, Swoyersville, Luzerne, Dorranceton. Kingston, Courtdale, Edwardsville, LakesviUe, East Plymouth, Plymouth, Nanticoke, Sugar Notch, and Warrior Run; and the townships of Wyoming, Kingston, Plymouth and Hanover: electricity in the boroughs of Dallas and Shick- shlnney; and a second mortgage on plant sup- plyinB gas in Hazleton, Pa,, and vicinity. Population served, 150,000, Franchises are perpetual. Prior liiens — $23,000 Hazleton Gas I/Ight Co., due 1932, for the retirement of which bonds of this issue have been reserved. Years ended Dec. 31: Bond Gross. Net. Interest. 1918 $797,768 $162,715 $132,600 1917 673,390 174,645 129,300 1916 501.100 170.661 115,609 1915 431,117 167,190 106,600 1914 374,731 140,758 97,661 Later earnings not available. Original Market — Offered in Jan., 1911, by Baker, Ayling & Co,, at 97% and interest. Also offered in Feb., 1912, by Baker, Ayling & Co., Boston and Philadelphia, and Caasatt ft Co., of Philadelphia, at 99 and Interest. A block offered July. 1917. by Baker, Ayling & Toullg, Cassatt & Co. and Wm. P. Bonbright & Co., at 96 and interest. Market. Scranton — ^Weissenfluh & Co. ^ Pliilaclelphia — Barnes & Lofland, Bauer, Starr & Co., Arthur .T. Bender, Henry D. Boennin^ & Co., Rlkins, Morris & Co., Hun- toon & Co., McCown & Co., Samuel Mc- Creery & Co., Reed A. Morgan & Co., Paul & Co. Price Ranee. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97% '12 99 '14 77 Jan. 83 Mar. Low. 68 '20 72 '20 68 Dec. 72 Deo. JjYALXj (P.) & SONS CONSTRUCTION CO., LTD., 1st 6s. Due Feb. 1, 1932. Dated Feb. 1, 1912. Interest payable Feb. 1 and Aug. 1. at Trustee's office. • Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,250,000 Outstanding 988.400 Retired by S. P 261,600 Denomination — Coupon, SlOO, tEOO and tl.- 000. Reglsterable as to principal. Trustee — Quebec Savings & Trust Co., Montreal. Redeemable at 106 and Interest on and after Feb. 1, 1914. Sinking Fund — Annually 3% of total issue on and after Feb. 1, 1914, plus Interest on bonds redeemed, for purchase or redemption of the bonds of this issue at not exceeding lOB and interest. Capitalization. Outstanding.' Common , $1,760,000 Preferred (7% cum.) 1,300,000 Funded debt 9S8,40» Organization — Incorporated in Canada In 1911 and acquired the contracting business of P. Lyall & Sons, together with propertiea owned by Lyall Realties, Ltd. Secured by a first mortgage on all the property of the company, consisting of real estate, shops, and equipment for the con- tracting business in Montreal, Regina. Ot- tawa, Moose Jaw, Calgary, Winnipeg and other cities In Canada. Years ended March 31: Net. Interest. 1920 $377,734 $57,164 1919 1,314,582 110,608 1918 1,491,083 110,664 Ijisted on the Montreal Stock Exchange. Original Market — $1,250,000 offered in March, 1912, at 96 and interest, with bonds of 25% in common stock, by the Molson'fl Bank, Quebec Savings Bank & Trust Co. and Grcenshields & Co.. Montreal. Market. New York — ^Alfred F. Ingold & Co. Montreal — National Bond Co., Inc. Price Kaiiffe Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92 '19 95 '19 82 Mar. 90% July Low. 82 '20 87 '20 82 Mar. 87 Mar. 746 LYKBNS VALLEY LIGHT Ss POWER CO. 1st 6s. Due Sept. 1, 1945. Dated Sept. 1, 1915. Interest payable March and Sept. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,000,000 Outstanding: (Jan. 1, '21) 304,000 Retired by S. F 2,000 Reserved for Ext 692.000 Denomination — Coupon. $1,000. Register- able as to principal only. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities. Philadelphia. Redeemable as a whole or for the sinking fund on any interest date after Sept. 1, 1920, at 102% and interest. Sinking Fund — An amount equal to 1% of outstanding bonds from Sept. 1. 1920, to 192t 1%% from 1926 to 1931 and 2% thereafter. Organization and Control — Incorporated in Pennsylvania in 1914. Company is controlled through stock owner- ship and operated under supervision of Gen- eral Utilities & Operating Co., Baltimore. Capitalization. Outstanding. Common $66,000 Preferred (7% cum.) 60,000 Funded debt 304,000 Secured by a flrst mortgage on plants sup- plying electricity in Lykens Valley, Pennsyl- vania. The following towns having lirith neighboring territory a population in 1910 ot 17,394, are being supplied: Willlamstown, where 1b located the seneratlnr station, Lyk- ens, Blizabethville and Tower City. Int., etc, $17,961 19.829 14,812 Tears ended Dec. 31: ,««« Gross. Net. 1920 $121,885 $48,735 1919 87,819 30,171 1918 65,339 19,655 Original Market — Offered in November, 1916. by Henry & West, Philadelphia, and J. Har- manus Fisher & Son, Baltimore, at 97%% and Interest. Market. New York — Lynch & McDermott. Philadelphia— Samuel K. Phillips & Co. Price Ranee. Jan. 1, '16, to Jan. 1, 'Zl 1920 Bid. Ask, High Low. 95 '16 100 '17 69 '19 76 *19 Bid. 80 Jan. 70 Dec. Ask. 90 Jan. 80 Dec. LYNCHBURG (Va.) TRACTION & LIGHT CO. 1st 5s. Due May 1, 1931. Dated May 1, 1901. Interest payable May and Nov. 1, at Real Estate Trust Co., Phila- delphia. Tax Status — Payment of Federal Incom e Tax not assumed by company. Authorized $1,000,000 Outstanding: (Jan. 1, '21) 739,000 Retired by S. F . 150.000 Reserved for Prior Lien 111,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Real Estate Trust Co., Philadel- phia. Sinking Fund — 1% per annum, 1906 to 1916 and 1%% thereafter. Organization and Control — Incorporated In Virgrinia in 1901 and owns and operates the Btreet railways and supplies gras and electricity In Lynchburg, Va. Owns all the stock of the Lynchburg- Water Power Co. All of the stool Is owned by the American Rys. Co. Capitalization. Outstanding". Common $750,000 Funded debt 2,280,000 Secured by a first mortgage on 20 miles of street railway comprising the entire system In Lynchburg, Va., and also on plant supply- ing electricity to that city. Second mortgage on plant supplying gas to Lynchburg. Com- pany owns all of the stock of company operat-- Ing hydro-electric plant. Population served, 35,000. Electric franchise is perpetual, street railway franchise expires in 1942. Prior Liens — $111,000 Lynchburff Gas 5b of 1930. Underlies—Cons. 5s of 1931. Years ended Dec. 31: Gross Net. •Charges. 1920 $902,495 "'$284,394 $180,003 1919 770,548 288,626 169,268 1919 $770,548 $288,626 $169,268 1918 G33,420 236,263 167,412 1917 557,333 202,178 162.694 1916 543,056 235.082 155.422 ♦Includes interest, taxes and sinking fund. MarEi.«t. Philadelphia — Henry D. Boenning: & Co., Elkins, Morris & Co.. Samuel K. Phillips & Co. Price Range. Jan. 1, '15, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. Hi^h 95% '17 100 '15 Low. 84 '19 88 '19 60 70 LYNCHBURG $438,500 Retired by S. T 12,500 Denomination — Coupon, $100. $500 and $1,- 000. Re&isterable as to principal. Trustee — Metropolitan Trust Co., New York. Redeemable on any interest date in part at 105 and interest and as a whole at 103 and Interest. Improvement and Sinkiner Fund — Annually the following percentages of net earnings to dates mentioned; 10% June 30, 1920; 20% June 3D. 1921; 25% June 30, 1922-26; and 33 1-3% thereafter. One-half of fund may be used to reimburse the company for new construction or additions to property which might be made the basis for the Issuance of bonds, and the remainder shall be used to purchase and redeem these bonds. Organization — Incorporated In Oklahoma in 1912. Capitalization. Outstanding. Common $500,000 Prefered (8% cum.) 285.000 Funded debt 438,500 Secured by a first mortgage on plant sup- plying gas in McAlester, Okla., and vicinity. The company has an artiflclal gas plant, al- though it is now supplying natural gas. Pop- ulation served, 20,000. Years ended Dec. 31: Original Market — $100,000 offered by the company. Feb., 1917, at par and interest. Market. Los Angeles — Bankers* Bond & Mortgage Co. Gross. Net. Bond Int. Ii;254,504 $128,618 $26,310 218,004 113,139 26,550 202,684 78,144 27,000 142,107 66,488 1920 1919 1918 1917 Original Market— Offered In Dec., 1913, by P. W. Brooks & Co., New York, Philadelphia, etc. Market. New York — P. W. Brooks & Co. Price Range. Jan. 1, '18, to Jan. 1, *31 1920 Bid. Ask. Ask. Hi&h 80 '19 95 '18 94 Apr. XjOW. so '19 75 '20 75 June McGOMB & MAGNOI.IA LIGHT Ss RAILWAY CO. 1st 6s. Due Jan. 1, 1940. Dated Dec. 7, 1916. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstandinsr (Jan. 1, '21) 300,000 Reserved for Ext 200,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Empire Trust Co., New York. Oreanization — Incorporated in Mississippi in 1916 as successor by purchase of McComb City Llsrht & Power Co. Capitalization. Outstanding. Common $500,000 Funded debt 300,000 Serared by a first mortsraee on plant sup- plying light and power to McComb and Sum- plying- light and power to McComb, Summit, Magnolia and Femwood. Population served, 20,000. Franchise extends for 25 years from October, 1915. Years ended Dec. 31: Gross. Net. Bond Int. 1920 $90,638 $38,069 $18,000 1919 76,091 37,796 13.500 McCORD & COMPANY (Chicago) Ist Serial 6s. Due semi-annnally as follows: $12,500 July 1. 1920. to July 1, 1923 15,000 Jan. 1, 1923, to July 1. 1924 17.500 Jan. 1, 1925. to Jan. 1. 1929 220,000 July 1. 1929- Dated June 2, 1919. Interest payable Jan. 1 and July 1 at office of S. W. Straus & Co., Chicago, Tax Status — 4% Federal Income Tax is paid by the company. Autliorizf-d $500.00ff Outstanding 500,000 Purpose of Issue — To retire current indebt- edness and provide additional^ working captial. Denomination — Coupon, $500 and $1,000 in all maturities, $100 also in 1929 maturity only. Registerable as to principal. Redeemable on any interest date in reverse numerical order at 102 and interest. Guaranteed principal and interest by en- dorsement of A. C. MeCord, President, and B. W. McCord, a director, both of this com.- pany and of tlie McCord Manufacturing Company of Detroit. Control — In 1919 the property of this com- pany was acquired by the McCord Manufac- turing Co., Inc. Secui'ed by a first mortgage on plant at "West Pullman, 111. Appraised value June, 1919, $945,935. Company covenants to maintain at all times quick assets equal to twice the amount of cur- rent liabilities exclusive of these bonds, ex- cess In ho case to be leas than $300,000. Fur- ther secured under the Straus plan by agree- ment to deposit with S, W. Straus & Company monthly one-sixth of the amount of principal and interest maturing on the next semi-annual Interest payment date. Original Market — O^ered June, 1919, by S. W. Straus & Company, Chicago, New York, etc,, at par and interest. 748 MoCORD MANUFACTURING COMPANY. INC. (Detroit) 1st Serial 6s. Due semi- annnally as follows: $75,0(H> July 1, 1930; $37,500 Jan. and July 1. 1921 and 1922; S42,600 Jan. 1, 1923. to Jan. 1. 1931. Inc., and $562,000 July 1, 1931. Dated June 2. 1919. Interest payable Jan. and July 1. at office of S. "W. Straus & Co. Tax Status — 4 % Federal Income Tax paid by the company. Authorized $1,600,000 Outstanding 1,600,000 Purpose of Issue — To retire current indebt- edness and provide aditlonal working capital. Denomination — Coupon, $500 and $1,000 in all maturities and $100 also in July 1, 1931, maturity. Reelsterable as to principal. Redeemable on any interest date In reverse numerical order, at 102 and interest. Organization — Incorporated In New York in 1916 and took over the entire assets and busi- ness of company of the same name incor- porated In Maine. Manufactures automobile radiators and other metal parts and fittings for steam and gas engines, etc. Capitalization. Outstanding. Common (no pa) $75,000 Preferred (7 % cum.) 670,000 Funded debt 1,500,000 Secnred by a first mortgage on plant at De- troit, covering 4 1-3 acres, also on plant at Wyandotte. A&gre&ate floor spacs 350,000 BQuare feet. Company covenants to maintain quick aa- aets-at all times double the amount of cur- rent liabilities, exclusive of this bond issue, the excess of quick assets over current lia- bilities to be at least $1,000,000. Further secured under the Straus plan by agreement to deposit with S. "W. Straus & Company monthly one-sixth of the amount of principal and interest maturing in the next semi-annual interest payment date. Years ended Dec. 31: Gross, Net. 1918 $7,215,751 $267,676 1917 6,353,040 747,615 1916 4,554,361 675,087 1915 2,569.052 324.473 Original Market^Offered June, 1919, by S. W. Straus & Company, Chicago, New York, etc., at par and interest. McCOBMICK MFG. CO., LTD., 20-Year lat S. F. 6^8. Due Mar. 1, 1940. Dated Mar. 1, 1920. Interest payable Mar. 1 and Sept. 1 at Montreal and Toronto, and at the agency of the Royal Bank of Canada, New York City. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $600,000 'Outstanding 600,000 Denomination — Coupon, $ 5 and $1,000-: Tegisterable as to principal. Trustee — Montreal Trust Co., Montreal. Sinking Fund — Semi-annually beginning Mar. 1, 1921, the sum of $7,516.76, together with a sum equal to the semi*annual interest on all bonds purchased or redeemed. Organization — Incorporated in Canada. Busl- Uess established in 1858. Plant is located in London, Ont. The company also maintains branch warehouses at Montreal, Ottawa, Ham- ilton, Kingston, Winnipeg, Calgary, Edmon- ton, Vancouver, Port Arthur and St. John, N. B. The company manufactures biscuits and confectionery. Capitalization. Outstanding. Common $1,200,000 Funded debt 600,000 Secured by a first mortgage on all the fixed assets of the com.pany. Original Market — $600,000 offered May, 1920, by Nesbitt, Thomson & Company. Ltd.. Toronto, Montreal, etc., at 97% and interest. jMarket Montreal — Nesbitt. Thomson & Co., Price Range 1920 — Ask 97.28 Aug. Ltd. McCRORY REALTY CORP. let 6s. Due each July 1, $10,000 in 1917. $13,600 In 1018 and 1919, $15,000 in 1920, $30,000 in 1931, $35,000 in 1932, $30,000 In 1923, $35,000 in 1934, $40,000 in 1935, $45,000 in 1926, $50,000 in 1927 and 1938, $65,t)00 in 1939 and $300,000 in 1930. Dated June 1, 1915. Interest payable Jan. 1 and July 1. at S, W. Straus & Co.. Chicago and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. AuthoHzed $700,000 Outstanding; (Jan. 1, '21) 643,750 Balance Retired. Denomination — Coupon. $100. $500 and $1.- 000. Registerable as to principal only. Trustee— S. "W. Straus. Redeemable on any interest date at 102 H and interest In reverse of numerical order. Controlled by the McCrory Stores Corp. through ownership of the entire capital stock. ejecured — Title to the real estate of the com- pany has been placed In the McCrory Realty Corporation, and a lease of the properties to the McCrory Stores Corporation. The lease runs to June 1, 1935, and provides for a rent- al equivalent to all carrying charges of the property, including taxes, insurance, repairs and alterations, and yearly requirements for Interept and principal. The properties on which these bonds are se- cured by a first mortgage are located in the following cities: Altoona, Pa.; Chester. Pa.; Charleston, W. Va. ; Connellsville. Pa. ; Day tona, Fla. ; Fairmont, W. Va.; Huntington, W, Va, ; Jamestown, N. Y. ; Johnstown, Pa. ; Kane, Pa.; Punxautawney, Pa.; Salisbury. Md., and Washington, D. C. The mortgage covers the land and buildings. The latter generally three story brick structures, located on the best re tail street in the respective cities. Years ended Dec. 31 (McC. S. Corp.): Sales. *Net. 1919 $11,487,046 $464,208 1918 9,607,251 347,114 1917 7.831,509 321,747 1916 6,787,117 422,148 *After all charges. Including interest. Original Market — Offered by S. W. Straus & Co., Chicago and New York, In June, 1915, at par and interest. F. 78. McEWAN BROTHERS 10-Year let S. Due July 1, 1939. Dated July 1. 1919. Interest payable Jan. 1 and July 1 at Bank of New York, or at National Iron Bank, Morrlstown, N. J. Tax Status — 2 % Federal Income Tax paid by the company without deduction. Authorized $400,000 Outstanding 400,000 Purpose of Issue — Proceeds to be used to extend and enlarge the company's mill. Denomination — Coupon, $1,000 and $500. Trustee — National Iron Bank, Morristown, N. J. Redeemable at 105 and interest on any In- terest date upon 30 days' notice. Sinking Fund — Annually, 25 % of all net earnings after interest and taxes for the pur- chase or redemption of these bonds at not over 105 and interest. Under the provisions of the mortgage a minimum of $25,000 of these bonds must be retired annually. Organization — Incorporated in New Jersey In 1904. The company manufactures high grade cardboard and boxboard, and its plant is lo- cated at Whlppany, N. J. Secured by a first mortgage on the property of the company, consisting of 596 acres of land, a thoroughly modern manufacturing plant, together with the mill, buildings, power plant, water rights, workmen's dwellings, etc. Under the terms of the mortgage, net quick assets must at all times be maintained at a minimum of 50% of the amount of bonds out- standing; surplus must always be maintained at a minimum of $500,000; and the Company !s required to carry insurance on its property at all times to an amount exceeding the amount of bonds issued and outstanding. Original Market — $400,000 offered July, 1919, by Hambleton & Co.. Baltimore. New York, etc., at 99 and interest. Market New York — Hambleton & Co. ^50 McKINLEY LAND & LUMBER CO. Ist Qnsx- anteed 7b. Due each June 1 as follows: $15,000, 1921: $20,000, 1922 and 1923; $35,000. 1934 and 1925; $30,000, 1926; $35,000, 1927, 1928 and 1929; $40,000/ 1930 and 1931; $46,000. 1932; $60,000. 1933. 1934 and 1936; $36,000, 1936. Dated June 1. 1919. Interest payable Dec. 1 and June 1 at Guardian Savings & Trust Co-, Cleveland. TbIx Status— Payment of Federal Income Tax not assumed by company. Authorized $750,000 Ontstandingr (May 17, '21) 725,000 Balance Ketii'ed. Denomiuation — Coupon, $1,000, $500 and $100. Trustee — Guardian Savings & Trust Co., Cleveland. , Redeemable on any mterest date from the Sinking Fund, after notice. In order of their maturity, at 101 and interest. Sinkine: Fund — Monthly, a sum equal to $2.50 per M. feet B. M. on No. 3 common and better shipped from the mill. This fund is to be applied to the payment of both interest and principal. Guaranteed principal and Interest by the West Virginia Timber Co., Charleston, W. Va. Organization and Control — Incorporated in New Mexico in 1919. Controlled throusrh stock ownership by the West Virginia Timber Co. Capitalization. Outstanding. Common $750,000 Preferred . . . , 150,000 Funded debt 1,187,910 Secured by a first mortgage on the follow- ing property, located largely in McKinley and Valencia counties. New Mexico. Property. , Valued. Land — 300,000 acres, at $3.00 $900,000 Timber — 1.000.000,000 feet, at $2.50 2.500.000 R. R. and Logging Equipment 400,000 Mill and Factory (Albuqueraue, N. M 400,000 Total appraised value $4,200,000 The company's mill has an annual capacity of 50,000,000 feet, ''and is equipped to manu- facture boxes and other finished products. Underlies — $637,910 2d Mtge. bonds. Original Market — $ 550,000 offered Septem- ber, 1919, by Otis & Co., Cleveland, on a 7.25% basis. UcJ^HLLAN (W.) & SON 1st 6s. Due $25,- 000 each Nov. 1 and May 1> from Nov. 1* 1930, to May 1, 1927, incl. Dated October 15, 1919. Interest payable May 1, and Nov. 1 at Central Trust Company of Illinois, Chicago. Tax Statns~2% Federal Income Tax paid by^the company without deduction. Authorized $S50,000 OutstanOing^ 350,000 Purpose of Issue — Proceeds to* be utilized In acquiring additional quarry lands and in pro- Tiding for a material expansion of manufac- turing facilities. Denomination — Coupon, $1,000 and $600; reglsterable as to principal. Trustee — Central Trust Company of Illinois, Chicago. Redeemable in reverse of numerical order at 101 and interest on any interest date upon 60 days' notice. Sinking Fund — Monthly, beginning Nov. 1, 1920. an amount equivalent to the monthly accrual of principal and interest on these bonds. Guaranteed principal and interest by en- dorsement by W. M. McMillan, president of the company. Organization — Incorporated In Indiana In 1919 as successor to an Illinois corporation. Businesa established in 1889. Capitalization. Outstanding. Common $950,000 Funded debt 360,000 Secured by a first mortgage on quarry lands containing high-grade building stone. together with four large modern, completely equipped manufacturing plants located near Bedford and Bloomington, Ind. Property cov- ered has been appraised at $1,431,080. The company is engaged in quarrying, fabricating and marketing Bedford Stone, extensively used in important building projects throughout the United States and Canada. Under the pro- visions of the trust agreement the company covenants as follows: No other mortgage or lien of any character can be placed on the company's property during the life of this Is- sue except purchase money on properties which may be hereafter acquired. No dividends in excess of 6% per annum can be paid on the company' s capital stock during the life of these bonds and no dividends shall be declared or paid until after full provision has been made for all sinking fund requirements. Quick as- sets shall be maintained .at all times at 300% of all current liabilities. The company shall carry fire and tornado insurance in an amount equal to or at all times in excess of the amount of outstanding bonds and have all in- surance policies properly assigned for payment to the Trustee in the event of loss or damage for the benefit and protection of bondholders. Original Market — $ 350,000, offered October. 1919, by Hyney, Emerson & Co., Chicago, at prices ranging from 100 to 97.06 and interest, according to maturity. Market. ChicasTo — Hyney, Emerson & Co. Price llangre 1920 — Ask 7.00% Dec. 761 MACON. DUBLIN & SAVANNAH RAILROAD CO. Ist 5s. Due Jan. 1, 1947. Dated Jan. 3. 1907. Interest payable Jan. and July 1, at New Xork Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,840,000 Outstanding 1,529,000 Reserved for Add 311,000 Denomination — Coupon. $1,000. Register- able as to principal. Trustees — The New York Trust Co. and Wil- lard V. King. Guaranteed principal and Interest by the Seaboard Air Line Ry. by endorsement. Organization and Control — Incorporated in Georgia in 1886. $939,000 of the capital stock is owned by the Seaboard Air Line Ry. Capitalization. Outstanding, Common $2,040,000 Funded debt 1.629.000 Secured by a first mortgage on 92.26 miles of road from Macon to Vidalia. Ga. Befunding — Seeaboard Air Line Ry. Ist and Cons. Mtge. provides to retire this issue. Years ended Dec. 31: Gross. Net. Int. & Rent. Gross. Net. Int.&Rent. ♦1919 $90,576 $93,158 $91,941 tl919 670,566 16,116 31,308 tl918 779,104 132.803 44,223 1917 644,820 222,877 135,803 1916 490.655 140,392 113,702 tFederal account — standard return not in- cluded. Listed on the Baltimore Stock Exchange. Original Market — First offered in March, 1907, by S. D. Loring & Son. Boston; J. C. Dann & Co., Buffalo; Stein Bros, and Town- send Scott & Son, Baltimore, at par and In- terest. Offered in 1910 by Poe & Davies, Bal- timore. Market. New York — K. A. Baker & Son, Flnlay & Davenport, Sam'l Goldschmldt, Hartshorne & Battelle. R. W. Pressprlch & Co., Vander- hoef & Robinson. Baltimore — Barroll, Corkran & Co., Wtn, E. Holloway, Jenkins, Whedbee & Foe, Smith, Lockhart & Co. Price Range. Jan. 1, '1%, to Jan. 1, 'SI Bid. Ask. High 101% '12 102% '12 Low. 50 '20 65 '20 1920 Bid. Ask. 70 Jan. .. 60 July 55 July m&CON RAILWAY & UOHT CO. 1st Cons. 6s. Due Jan. 1, 1953. Dated January 1, 1903. Interest payable Jan. and July 1, at Trustee's office, and at Macon, Ga. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized $1,000,000 Outstandine 959,000 '. Reser\'ed for Prior Lien 41,000 Denomination — Coupon, $1,000. Kegister- able as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 110 and interest on any in- ,terest date. Orgranization and Control — -Incorporated in Georgia in 1902 as a consolidation of the Street railway and electric li&htinff properties In Macon, Ga. The entire $887,700 common stock is owned by the Georgia Light, Power & Rys. and is deposited under its 1st 6s of 1941. Capitalization. Outstanding. Common $887,700 Preferred (C% cum.) 300,000 Funded debt 1,001,500 Secured by a first mortgage subject to $42,- 600 prior liens, on 37 miles of street railway track and electric lighting system serving Ma- con, . Ga,,, and vicinity. Population served, over 60,000. Franchise for 50 years was granted in 1902, under which the company Is required to pay to the city 1% of gross re- ceipts from Jan. 1, 1914, to Dec. 31. 1923, and thereafter 2%. The company's property includes a steam power plant of 5,000 h. p. Prior Liens — $42,500 Macon Electric Light & Ry. 1st 6s of 1929. Provision is made in this mo'-tgage for the retirement of these bonds. TJnderlies — The entire con^mon stock of this company is deposited under Georgia Light, Power & Rys. 1st 6s of 1941. Years ended Dec. SI: Gross. Net. Bond Int. 1920 $905,090 $184,602 $50,500 1919 766,673 211,375 50,600 1918 667;469 210,965 50,600 1917 559,053 202,882 60,600 1916 496,717 168,245 50,500 1915 430,869 102,415 50,500 1914 455,521 100,015 60,600 Usted on the Baltimore Stock BxcbanKe. Original Market — Offered In 1903 by J. Wm. Mlddendort & Co., Baltimore; John L. Wil- liams & Sons, Richmond, Va., and the Savan- nah Trust Co., Savannah, Ga,, at 9114 and interest. Market. Baltimore — Smith, Lockhart & Co., How- ard R. Taylor & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1980 Bid. Ask. Bid. High 101% '12 102 '12 60 Dec. Low. 60 '20 78 '19 60 Dec. MACON TEKMINAL CO. 1st 6s. Due July 1, 1965. ^, ^ Dated July 1. 191B. Interest payable Jan. 1 and July 1, In New York, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized '''""S;"" Outstanding 1'S2S'222 Beserved for Ext 1.400.000 Denomination— Coupon, $1,800. ReglBter- able afe to principal only or exchangeable lor fully registered bonds. Registered. $1,000 and multiples thereof. C. & B. interchangeable, Trustee — Columbia Trust Co., New York. Guaranteed .lointly and severally as to prin- cipal and interest by endorsement by the Southern Ry. Co., Central of Georgia Ky. Co. and Georgia Southern & Florida By. Co. Organization and Control — Incorporated in Georgia in 1916. All of the stock is owned by the guarantor companies. Capitalization. Outstanding. Common $100,000 Funded debt 1,600,000 Secured by a first mortgage on 13 acres of ground in Macon, Ga., reported to have cost $450,000, and on passenger terminals to be used by the guarantor roads and other roads entering Macon. Population of Macon, 1910, 40,666. Original Market — Offered In November, 191B. by Kean, Taylor & Co., New York and Chi- cago, at par and interest. Also offered' by the Mississippi Valley Trust Co.. St. Louis, Mo. Market. Neve York — Finlay & Davenport, Joseph Bird Ford, Charles W. Place, Vanderhoef & Robinson. Baltimore — Brinkman & Co., Moore, Leon- ard & Lynch, R. B. Hutchinson & Co. Philadelphia — Henry D. Boenning & Co., Floyd & Palmer. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 "16 100 '16 82 Apr. 86 May Low. 73% '20 76 '20 73% Dec. 76 Dec. MACWHYTB CO. 1st S. F. Os. Due ea«h June 1, as follows: $80,000 1921 and 1922. 835,000 1923 and 1924, $40,000 1926, $46,000 1926, $50,000 1921 and 1928, $60,- 000 1929 and $125,000 1930. Dated June 1, 1920. Interest payable June 1 and Dec. 1, at Fort Dearborn Trust A Savings Bank, Chicago. Tax .Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $500,000 Outstanding 600,000 Purpose of Issue — To retire the remnant of a small first mortgage and certain notes pay- able which were to be put out during the past year in payment for construction. This financ- ing completes the construction plans of the company. Denomination — Coupon, $1,000, $500 and $100: registerable as to principal. Trustees — Fort Dearborn Trust & Savings Bank, Chicago, and James S. McClellan. Redeemable on 60 days' notice at 102 and interest. Sinking Fund — ^Annually an amount equiva- lent to 10% of the net profits of the company after all charges, including preferred stock dividends, for the purchase or redemption of these notes at not exceeding 102 and inter- est. Organization — Incorporated In Illinois. Business established In 1896. Company's plant is located In Kenosha, Wis. The company manufactures wire rope. Common $150,000 Capitalization. Outstanding. Preferred 100,000 Funded debt 600,000 Secured by a first mortgage upon the com- pany's property. Including 15 acres of land within the city limits of Kenosha, Wis., on which are erected the company's mamufactur- Ing buildings — twenty-one in number — all of modern brick, steel and concrete construction. The depreciated value of the land, buildings, machinery and equipment covered by ' this -mortgage Is estimated at about $1,160,663. 752 Under the provisions of the trust agree- ment the company covenants to maintain at all times net current assets equal to first mortgage bonds outstanding. Original Market — $500,000 offered May, 1920. by Fort Dearborn Trust & Savings Bank. Chicago, at prices ranging from 99.52 to 96.52 and interest. J:*rice Kangre 1930— Ask 7.50% UADISON COUNTY (lU.) XIGHT & FOWBR CO. Ist 58. Due I>ec. 1, 1936. Dated Dec. 1, 1906. Interest payable June 1 and Dec. 1, in New York or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding: (Jan. 1, '21) 675,000 Retired by S. F 86,000 Keserved for Ext 239,000 Denomination — Coupon, $1,000. Keglster- able as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 105 and interest on any In- terest date on 4 weeks' notice. Sinking Fund — Annually, beginning Oct. 1, 1916, 1%% of bonds previously certified, for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be cancelled. Guaranteed as to principal and interest by the Illinois Traction Co. by endorsement. Organization — Incorporated in Illinois in 1906 as a consolidation. All of the capital stock is owned by the Illinois Traction Co. and property managed by that company. Capitalization. Outstanding. Common $335,000 Preferred (6% cum.) 96,000 Funded debt 676,000 Secured by a first mortgage on all the prop- erty of the company. Including plants supply- ing electricity to Granite City, Bdwardsville, Carlinville, Madison, Venice, Woodriver, Wor- den, East Alton and several smaller towns, and gas plants in Carlinville. The company also wholesales electric current to Livingston and Williamson. Company's properties are lo- cated in southeastern part of Illinois, Two of the company's principal franchises are unlim- ited as to time; none expire earlier than 1956, excepting the easement under which the com- pany operates in Granite City, which expires In 1925. Electricity is purchased from a sub- sidiary of the Illinois Traction Company, un- der contract extending to 1947. Years ended Dec. 31: Gross. Net. Interest. 1920 $463,884 $151,351 $34,098 1919 352.749 129,534 33,651 1918 322,201 114,083 32.602 1917 258,646 96,429 34,460 Original Market — Oftered by Bodell & Co., Providence, March, 1916. at 96 and Interest. Market. Providence, B. I. — Bodell & Co. Chicago — Stone & Webster. New York— P. H. Hatch & Co.. Lynch & UcDermott, Stone & Webster. Boston — Stone & Webster, Price Range. Jan. 1, '17, to Jan. 1, *31 1920 Bid. Ask. Bid. Ask. High 95 '17 97% '17 83 Jan. 88 Jan. Low. 75 '20 83 '20 75 Nov. 83 Nov. MADISON (Wis.) GAS & TSUSCTRIC Ist 6s. Due April 1, 1936. Dated April 1, 1896. Interest payable April 1 and Oct. 1. at Bmereon McMlUln & Co., New Tax StatnB — Payment of Federal Income Tax not assumed lyy company. Authorized and Outstanding, {400,000 Denomination — Coupon, $1, 00 0. ' Register- able as to principal. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated in Wisconsin. Practically all the capital stock is owned by the American Light & Traction Co. Capitalization. Outstanding. Common , $400,000 Funded debt 863,500 Secured by a first mortgage on plants sup- plying gas and electricity In Madison, the capital of Wisconsin. Population served, 30,- 000. Franchises are perpetual, and gas fran- chise exclusive. Underlies— $463,500 1st Ref. 5s. 1940. un- der which bonds are reserved to retire this issue. Market. New York — Fred. H. Hatch & Co. i Milwaukee — First Wisconsin Co., Morris F. Fox & Co. Price Range. Jan. 1, *09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 106 '09 120*13 97 Feb. 100 Feb. Low. 95 '19 90 '19 97 Feb. 100 Feb. MADISON GAS & ELECTRIC CO. 30-Year Ist Ref. 5s. Due Oct. 1, 1940. Dated Oct. 1, 1910. Interest payable April 1 and Oct. 1, at Emerson McMlUin & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 463,500 Reserved for Prior Liens 400,000 Reserved for Ext 2,136,500 Denomination-^ — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable as a whole or in part by lot at 110 and interest on any interest date. Organization and Control — See 1st 6 s. Secured by a second mortgage on the prop- erty covered by the 1st 6s, which see. Prior Lien — $400,000 1st 6s of 1926. for the retirement of which bondis are reserved under this mortgage. Market. Milwaulcee — First Wisconsin Co., Morris F. Fox & Co. Price Range. Jan. 1, 17, to Jan. 1, '21 1920 Bid. Ask. Bid. High 96% '17 98% '17 90 Feb. Low. 90 '10 90 Feb. 763 MADISON (WlB.) RAILWAYS CO. 1st Sfl. Due M!ay 1, 1936. Dated May 1, 1916. Interest payable May 1 and Nov. 1. at Wisconsin Trust Co., Mil- waukee, or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstandin^r 877,500 Reserved for Bxt 622,500 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — First Wisconsin Trust Co., Mil- waukee. Redeemable at 102% and Interest on any In- terest date on 60 days* notice. Improvement and Sinking Fund — ^Annually beginning May 1, 1919, 1%% of bonds out- standing for the purchase or redemption of these bonds at not over 102% and interest, or to reimburse the company for the actual cash cost or fair valuation, whichever la less, of permanent Improvements, etc* Maintenance and Depreelatlon TnnA — ^In do- termlnlnff net earnings for the purpose of issu- ing additional bonds and before any dividends are paid bn the stoclc, the company covenants to include in operting expenses, for main- tenance, renewals and depreciation an amount equal to at least 10^% of gross earnings fur any twelve months" period ended on or be- fore June 30, 1919, and 12^/^% of gross earn- ings for any such period ended after that date. Organization — Incorporated in Wisconsin in 1916 as successor to the Southern Wisconsin Railway Co. Capitalization. Outstanding. Comm m $350,000 Funded debt 1,077,500 Seoured by a first mortgage on the entire property of the company. The company owns and operates the street railway system in Madison, Wis., including 11 miles of main track, 4 miles of second track and 2 miles of sidings, 36 passenger cars, snow plow, sprink- ler, tower car, fiat cars, etc., car station of brick and steel construction and office build- ing. Population served, 35,000. Franchises expire in 1932. 1938 and L941. The company may at any lime surrender its present fran- chises and take out an indeterminate permit. Years ended Dec. 31: Gross. Net. 1920 $398,221 $94,327 1919 349,224 S6,26S 1918 298,078 82,400 1917 296,550 96,972 1916 300,051 104.665 1915 281,678 104,273 Original Market — OfCered July, 1916, by B. W. Clark & Co., Philadelphia, Chicago, etc.: Wisconsin Trust Co., Milwaukee, and Peoples' Trust Co., Chicago, at 97 and interest. Market. New York — Vanderhoef & Robinson. Price Range. Jan. 1, '17, to Jan. 1, *31 1920 Bid. Ask. Bid. Ask. High 75 '19 100 '17 65 Sept. 70 Sept. Low. 65 '20 70 '20 65 Sept. 70 Sept. MADISO(N RIVER POWER CO. Xst 5s. Due Feb. 1, 1935. Dated Feb. 1. 1905. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Montana. Authorized Closed mortgage Oatstanding: (Jan. 1, 21) $2,021,000 Retired by S. F 526,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — United States Mortgage & Trust Co.. New York. Redeemable at 105 and Interest on any In- terest date, on three months* notice. Sinking Fand — Annually, 1910 to 1914. in- clusive, 1%% of bonds outstanding .Tan. 30, 1910; 1915 to 1919, Inclusive, 1%% of bonds outstanding Jan. 30, 1915; 1920 to 1924, In- clusive, 2 % of bonds outstanding Jan. 30, 1920: 1925 to 1929, inclusive, 2^4% of bonds outstanding Jan. 30, 1925; 1930 to 1934, in- clusive, 2%% of bonds outstanding Jan. 30, 1930; for the purchase or redemption of these bonds at not over 105 and interest. It Is estimated this fund will retire 50% of the bonds by maturity. Assumed by the Montana Power Co. Guaranteed principal and Interest by Butte Blectfic & Power Co. by endorsement. Control — Consolidated in 1912 with the Biitte Electric & Power Co. and other com- panies by the Montana Power Co. Secured by a first mortgage on two hydro- electric plants on the Madison River 60 mllea southeast of Butte. Mont., with a combined capacity of 16,000 h. p.; valuable water power rights and 2S2 miles of steel tower .trans- mission lines built largely on private right- of-way to Butte and surrounding towns. Underlies — Montana Power Co. 1st & Ref. &B, due July 1, 1943, under which mortgage provision is made to retire this issue. Earnings — See Montana Power Co. Listed in Amsterdam. Original Market — First offered by the West- ern Trust & Savings Bank, Chicago, and Van Oss & Co., Hague, Holland, at 95 and interest. Offered in 1909 by Lee, Higginson & Co. and Parkinson & Burr, of Boston, -at 99% and interest. Market. New York — Dunham & Co., Sam'l Gold- schmidt, Hartshorne & Eattelle, Fred. H. Hatch & Co., Alfred F. Ingold & Co., Earle A. Miller & Co,, Vanderhoef & Robinson, "VVatson, Armstrong & Co. Boston — L. Sherman Adams, Moors & Cabot. Fliiladelphia — Bauer, Starr & Co., Henry D. Boenning & Co., Graham, Parsons & Co., Samuel McCreery & Co, Price Range. Jan. 1, '16, to Jan. 1, *21 1920 Bid, Ask. Bid. Ask. High 101 '17 102 '16 83% Oct. 93% Sept Low. 79% '20 82 '20 79%Sept. 82 Aug. 754 MAGNOLIA PETROLEUM CO. Ist 68. Da« Jan. 1, 1937. Dated Jan. 1, 1912. Interest payable Jan. 1 and July 1, at Trustee's office, New Tork. Tax Status — 2% Federal Income Tax paid by company. Authorized! $10',000,OOO Outstanding: 8,851,000 Retired by S. F 682.000 Retired by Purchase 567,000 Denomination — Coupon. $1,000 or multiple!, of $1,000. Reglsterable as to principal. Trustee — Columbia Trust Co., New Tork. Redeemable at par and interest on any in- terest date on 30 days' notice. Sinking Fund — ^Annually, beginning Jan. 1, 1915, 1% of outstanding bonds for their pur- chase or redemption and cancellation at not over par and interest. Organization — A joint stock assocatlon un- der contract dated April 24, 1911. Jan., 1916, acquired the properties of the Magnolia Pipe Line Co. and Corsicana Petroleum Co. Jan. 3, 1917, acquired the properties of the Mo- Mann Oil Co. Capitalization. Outstanding. Stock $58,675,500 Funded debt 8,851,000 Secured by a first mortgage on all the prop- erty of the company, including three refin- eries which are located at Beaumont. Fort Worth and Corsicana, Texas, with a combined capacity of about 50,000 barrels per day; pips lines, storage trunks and distributing stations throughout Texas and Oklahoma. Years ended Dfec. 31: Net. Dep'n., etc. Interest. 1919 $23,092,125 $11,649,545 $2,076,606 1918 32,538,173 13.921,782 •576,180 1917 18.825,98a 7.126,681 •B80.946 1910 14,316,198 2,^8,893 •687,^6« *Bond interest only. Original Market — $500,000 offered in Janu- ary, 1915, by Emanuel Parker & Co., New York. $2,400,000 offered July, 1915, by Kis- sel, ICInnicutt & Co.. Emauel Parker A Co. and Domlnick & Domlnick, New York, at 99 H and interest. Market. New Tork— Dunham & Co., Hartshorne ft Battelle, Morton Lachenbruch & Co., Rau- scher & Mackay, Tobey & Kirk, Vanderhoef & Robinson, Watson. Armstrong & Co. I Jttsbargrll — Edward A. Owens & Co.. Union Trust Co. of Pittsburgh. Galveston— c. P. Mann & Co. ^ , Price Bance. Jan. 1, '17, to Jan. 1, '21 1918O u- u ■.„?}?■ ^^^- Bid. Ask. Hlehl02 17 103 '17 99% Jan. 100 Mar. Low. 90 '17 93 % -20 91 Dec. 93% Deo. MAHONING COAL RAELBOAD CO. Ist Ss. Due July 1, 1934. Dated July 1, 1884. Interest payable Jan. and July ], at Trustee's office. Tax Satua — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized and Outstanding $1,500,000 Denomination — Coupon. ;i,O0D. Trustee — Central Union Trust Co., New York. Guaranteed principal and Interest by the l>ake Shore & Michigan Southern Ry. Co. by endorsement Assumed by the New York Central R. R. Co. Oreanization and Control — Incorporated in Pennsylvania and Ohio in 1871. The New York Central R. R, Co. owns $399,600 out of a total issue of $661,367 pref. stock and $866,900 out of a total issue of $1, 600,000 common stock of the Mahoning Coal R. R. Co. and also leases the property in perpetuity: rental, 40% of gross earnings. Capitalization. Outstanding. Common $1,600,000 Preferred (5%) 661,367 Funded debt 1,600,000 Secured by a first mortgage on 62.63 miles of road together with 35.41 miles of second track and 8.82 miles of third track, viz: Miles. Andover to, Toungstown, 38, !• Mann to B^ookfleld, Pa 24. 49 I,ecal for savings banks In Cal., Coiin., Me.. Mass.. Mich.. Minn., Mo.. N. H., N. J. and R. I. listed on the New York Stock Exchange. Market. New York — B. A. Baker & Son, Ambrose R. Clark & Co., Sam'I Goldschmidt, Harts- horne & Battelle, Fred. H. Hatch & Co., Charles W. Place, Redmond & Co., Remick, Hodges & Co., Raymond M. Smith, Taylor, Smith & Hard, Watson, Armstrong & Co. Fhiladelphia — Biddle & Henry, Henry D. Boenning & Co., McCown & Co., Sam'I K. Phillips & Co. Price Range— N, Y. S. E. Jan. 1, '06, to Jan. 1, '21 19S0 High 125% Mar. 5, '06 931i May 6 Low. S3Vi May 6, '20 93% May 6 MAHONING VALLEY WATER CO. (THE) 1st 6s. Due annually March 1, 1915, to 1929, inclusive. Dated March 1, 1914. Interest payable March and Sept., at Dollar Savings «■ Trust Co., Youngstown, Ohio, and First National Bank, Cleveland. Ohio. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $400,000 OntstancUnp (Jan. 1, '21) 255,000 Balance Retired. Denomination' — Coupon, $100. $500 and $1.- •00. Trustee — The Dollar Savings & Trust Co.. Youngstown, Ohio. Redeemable on any Interest date at 101 and Interest. Sinking Fund — One cent per 1,000 gallons sold by meter monthly to be applied to pay- ment of maturing bonda. Any amount In ex- cess of next maturing series may be applied to redemption in order of matnrlty. Organization — Incorporated in Ohio in 1906. .Capitalization. Uutstanding. Common $300,000 Preferred 70,200 Funded debt 255,000 Secured by a first mortgage on reservoirs in the Yellow Creek Valley and distributing sys- tem supplying Bast Youngstown, Poland and Struthers. Ohio. Franchises expire in 1946. Years ended Dec. 31: Gro.ss. Net. Int., etc. 1920 $140,904 »$48,912 1919 115,209 66,631 21,846 1918 142,468 108,555 22,804 1917 141,595 95,469 24,013 1916 101,702 77,476 21,527 *After interest. Original Market — $300,000, offered Feb.. 1912, by Hayden, Miller & Co., Cleveland, at 100 and interest. MAINE CENTRAL RAILROAD CO. AND THE EUROPEAN & NORTH AMERICAN RAILWAY CO. Ref. 4s. Due Jan. 1, 1933. Dated Jan. 2, 1893. Interest payable Jan. and July 1, at First National Bank. Portland. Me.; Second National Bank. Boston, or Treasurer's office, Portland, Me. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,00) Outstanding 987,000 Owned by M. C. R. R. Co 5.001 Held in S. F. for redemption of M. C. R. R. Co. Coll. Tr. Ss of 1923 8,00* Denomination — Coupon, $1,000. Trustee — Boston Safe Deposit & Trust Co., Boston. Guaranteed jointly and severally by the Maine Central R. R. and the European * North American Ry. Co. Organization and Control — The European & North American Ry. was chartered In Maine in 1850. and wag leased for 999 year* from April 1. 1882, to the Maine Central R. R. at an annual rental of $125,000 and $500 for organization expenses, the lessee ^Iso agreeing to pay all debts and bonds of the lessor and Interest upon same. Capitalization. Outstanding. Common $2,494,100 Funded debt , 1.000,000 Security — ^A Joint and several obligation of the two companies and secured by a first mortgage on 65 miles of road from Bangor to Winn, Me. The European & North Amer- ican Ry. Co. also owns 71 miles of unmort- gaged road, from Winn to Vanceboro. Me., and branches. The unmortgaged road Is used Jointly by the Maine Central R. R. Co. and the Canadian Pacific Ry. Co. Legal for savings banks In Conn.. Mass. and N. Y. Market. Boston — Lee, Hlgginson & Co. Price Ranee. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '09 98 '12 78 Jan. 82% July Low. 68 '20 82% '20 68 Nov. 82% July 766 MAINE CENTRAI. RAILROAD CO. CoU. Tr. S. F. 6b. Dne Jane 1, 1923. Dated June 1, 1883. Interest payable June an^ Dec. 1, at Trustee's office and Irving Na- tional Bank. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $700.00* Ontstandinir (Jan. 1, '21) 662,000 Retired by S. F...., 138,000 Denomination — Coupon, tl.OOO. Trustee — American Trust Co., Boston. Sinkinc fund — Annually, 1% of outstanding bonds for the .purchase of these bonds at not exceeding 105 ; if not so purchasable to be Invested in other securities with the assent of company. As of June 30, 1917, fund held securi ti es of a par value of $334,000, con- sisting of bonds of Boston & Maine System. Organization and Control — See 1st & Kef. 4%s and 5s. Secured by a first collateral lien on an equal amount of Maine Shore Line R, R. 1st 6s of 1923, which cover 41 miles of- road from Brewer Junction to Mount Desert Ferry, Me. ^ Earnings — See 1st & Ref. 4%s and 5s. Leg'al for savings banks in Conn. , Mass. and Vt. Market. New York — Fred. H. Hatch & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1930 Bid. Ask. Bid. High 1091^ '09 111 '09 97 Jan. Low. 90 '20 99 '17 90 May MAINE CENTKAli RAILROAD CO. 1st & Ref. Series **A" and *'B" 4^8 and Series "C" 5s. Due Dec. 1, 1935. Dated Dec. 1, 1915. Interest payable June 1 and Dec. 1, at company's offlce. Portland, Me., Irving: National Bank, New York, or at Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized .-. .$25,000,000 Outstanding— A 4V&S J7,000,00O B 41/^3 6,000.000 C 5s 3,000.000 (Jan. 1, '21) $16,000,000 Reserved for Prior Liens $1,700,000 Reserved for Corporate Purposes 2.300.000 Reserved for Ext 6,000.000 Denomination — Coupon, $1, OOO. Register- able as to principal only. Registered. $1,000, $5,000, $10,000 and $60,000. C. & R. Inter- changeable. Trustee — Union Safe Deposit & Trust Co., Portland, "Me. Redeemable — Series "A" on Dec. 1. 1918. or any Interest da t« thereafter at 102 and Interest on 60 days' notice. Series "B" on June 1, 1918, or any interest date thereafter, at 102 and interest. Series "C" on June 1. 1921. or any interest date thereafter at 103 and interest. Orcranization and Control — Incorporated In Maine in 1862, Formerly controlled by the Boston & Maine R. R. Co., but a majority of stock Is now held by the Maine Rys. Co., all of whose stock la owned by the Maine Central R. R. Co. Capitalization. Outstanding. Common $14,888,400 Preferred (5% cum.) 3,000.000 Funded debt •31,632,000 •Includes leased lines. Secured by a direct mort^a^e on 414.06 miles of owned road, 313.89 miles of lease- holds, and other property, viz: A first Uen on 372.93 miles— Miles. Portland Line (Falmouth) to Bangor, Me 130.04 Royal Jet. to WatervIUe, Me 72.30 Watervllle Frelgrht Yard to Skowhe&an, Me 17.23 OquosBOC to Kennebaffo. Me 10.66 PIttsfleld to Harmony, Me 17.76 Brunswick to Leeds Jet.. Me 25.94 Crowley's Jet. to Lewlston, Me 4,88 756 Leeds Jet. to Farming'ton, Me Brunswick to Bath. Me Hath to Rockland, Me A second lien on 41.13 miles — Covered by the first lien of the Maine Shore Line 6s Also secured on 31S.S9 miles of lease- hold interests (all in the State of Maine), viz: Belfast & Moosehead Lake R. R. — Burnham Jet. to Belfast European & North American Ry. — Bangor to Vanceboro Orono to Stillwater Enfield to Howland Industrial tracks Eastern Maine Ry. — Bangor Jet. to Bucksport Industrial tracks Dexter & Newport R. R. — Newport Jet. to Dexter Dexter & Piscataquis R. R. — Dexter to Foxcraft Portland & Rumford Falls Ry. — Rumford Jet. to Rumford '. . . Canton to Livermore Falls Upper yard switch to old Rumford Station Industrial tracks Rumford Falls & Rangeley Lakes R. R.- Rumford to Oquossoc Industrial tracks 36.66 8.90 48.57 33. IS 114.30 3.01 3.ff6 5.15 18.80 0.35 14.23 16.54 52.74 10.27 1.63 2.76 3S.97 0.26 Further secured by a first lien on prac- tically all of the equipment of the company and by a first lien on all of the stock of the Portland . Terminal Co.. owning the terminals used by the Maine Central R. R. In Portland. Me., which are subject to $4,600,000 bonds. The total len^h of road operated by the Maine Central R. R, Co. is about 1,220 miles, of which 656 are ~owned and 550 miles are leased. These lines extend from Montreal, Quebec, via Portland to Vanceboro and East- port, Me., and Include practically all of the railroad In the southern part of the state, cast of Portland. Prior Liens — $750,000 prior liens, as fol- lows: Maine Shore Line 1st 6s, 1923 750.000 Bonds are reserved under this mortsrage to retire these issues at or before maturity and they may not be extended. Years ended Dec. 31: Gross. Net. Int. & Rent. ♦1920 $18,737,811 $2,766,924 $2,462,491 *1919 2,998,417 3,222,968 2,136,997 tl919 17,525,178 def. 686,830 487,984 ♦1918 2,998,417 3,044,490 2,072,297 tl918 16,415.178 def.138,997 276,680 1917 14,125.677 3,163,913 2,062,388 1916 12,824,676 4,022,837 2,426,085 •Corporate account, tFederal account — standard return not in- cluded. Leg:al for savings banks in Conn., Mass., and Vt. Orteinal Market — $7,000,000 A 4%s ofTered to stockholders at par and Interest in Novem- ber. 1915. Subscriptions underwritten by Lee. Hisrginson & Co., Estabrook & Co., and Kidder, Peabody & Co.. Boston. New York, etc.; Mer- rill Truts Co., Bangor, Me., and Maynard S. Bird & Co., Fidelity Trust Co. and Charles H. Oilman & Co., Portland. Me.; $3,000,000 5s, offered January, 1919, by R. L. Day A Co.. Boston, and Remiek, Hodges & Co.. New York, at 94% and interest. Mtnrket. New York — Sam'I Goldschmidt. Vander- hoef & Robinson. 1920 Price Ranve. Jan. 1, '16, to Jail. I, '31 ■tr. X- .P^^- -A-sk. Bid. Ask. High, 100% '17 101 '16 82 Jan. 87 Feb. Low. 63 '20 73 '20 63 Dec. 73 Dec. 6a. „. ^ pJd. Ask. Bid. ASk. High 92*19 94% '19 87 Feb. 89 Mar. Low. 67 *20 88 '20 67 Dec. 88 Dec. MAINE SHORK LINE RAILROAD CO. 1st 6s. Due June 1, 1923. Dated June 1, 1883. Interest payable June and Dec. 1, at First National Bank, Port- land, or Second National Bank. Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized S750.000 Outstanding: 59,000 Deposited under Me. Cent. Coll. Tr. 58 of 1933 613.000 Owned by Me. Cent. R. R. Co 61,000 Held in S. E. for redemption of M. C. R. R. Co. Coll. Tr, 6s of 1923 17,000 Denomination — Coupon, $1,000. Trustee — Franklin A. Wilson, Samuel D. Leavitt and Lucilius A. Emery. Assumed by Maine Central R. R, Co. Control — ^Absorbed by the Maine Central R. R. Co. Secured by a first mortgage on 41.13 miles of road from Brewer Jet. to Mt. Desert Ferry, Me., together with wharf property at Bar Harbor, Me. Underlies — Me. Cent. 1st & Refunding Mtge., which provides for the retirement of this issue. Legal for savings banks in Conn., Mass., N. Y., and Vt. Market. Boston — Lee, Higginson & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. - Ask. High 102 '18 111% '16 Not Low. 102 '18 111 '16 available. MALDEN & MELROSE GAS LIGHT CO. 6- Year 6% Notes. Due March 1, 1924. Dated March 1 , 1918. Interest payable March and Sept. 1, at Old Colony Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $725,000 Outstanding 726.000 Purpose of Issue — To retire floating debt. Denomination — Coupon, $500 and $1,000. Registerable as to principal and interest. Registrar — Old Colony Trust Co., Boston. Redeemahle as a whole only at 101 and In- terest on 60 days' notice on March 1, 1920, or any interest date thereafter. Organization — Incorporated in Massachu- setts in 1854. and supplies Maiden. Melrose, Medford, Everett, Stoneham and Reading, serving a population of about 150,000. Gas plants are located in Maiden. Distribution system includes 254 miles of main. Capitalization. Outstanding. Common ' $2,085,500 Funded debt 725,000 Security — ^A direct obligation of the company but not secured by a mortgage. There is no mortgage or other lien upon the company' s property and no mortgage or lien can be cre- ated without retiring these notes or giving them equal privileges therewith. The com- pany further agrees that Its total debt shall not exceed the par value of its outstanding stock at any time during the life of this Issue. Years ended June 30: Gross, Net. Interest. 1920 $1,254,432 $274,874 $74,031 1919 1,118.748 249,105 66.555 1918 895,119 121.743 40.429 1917 760,815 195,567 22,372 Original Market — $726,000 ofCered Feb., 1918, by F. S. Moseley & Co., Blodget & Co. and Curtis & Sanger, Boston and New Tork, at 96^ and interest. Market. Boston — Blodget & Co., Moors & Cabot, Chas. H. Tenney & Co. Price Range. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Ask. High 95 '19 101 '19 95.45 Sept. Low, 95 '19 93% '18 95.45 Sept. MALLORT STEAMSHIP CO. 1st Ss. Due Jan. 1, 1932. Dated November 15, 1906. Interest payable Jan. and July 1, at Mechanics & Metals Na- tional Bank. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding (Jan. 1, '21) 2,441,000 Repurchased and held in Treas- ury 183,000 KetJred by S. F 2,367,000 Reserved for Ext 1,009.000 Denomination- — Coupon, $1,000. Register- able as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 110 and interest on any In- terest date. Sinking Eund — ^Annual amounts sufficient to retire the entire issue by maturity at present amount to $208,000 per annum. Organization and Control— Incorporated in Maine in 1906 as successor to the New York & Texas Steamship Co., and Is controlled by the Atlantic, Gulf & "West Indies Steamship Lines, through ownership of practically all its capital stock. Capitalization. Outstanding. Common $7,000,000 Funded debt 2,441,000 Secured by a first mortgage on 12 steamers plying between New Tork and Galveston. Texas, and New York, and Key "West, Tampa, Fla.. and Mobile. Ala. Earnings — See A., G. & W. I. S. S. L. Original Market — Offered in 1906 by Geo. A. Fernald & Co.. Boston, at 101 and interest. Market. New York — Hartshorne & Battelle, Fred H. Hatch & Co., Tobey & Kirk, "Vanderhoef & Robinson. Boston — L. Sherman Adams, Geo. A. Fer- nald & Co. Price Range. Jan. 1, *08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92 'IC 97% '08 85 Jan. 89 Jan. Low. 70 '20 74 '20 70 Dec. 74 Nov. 757 MANCHESTER & LAWRENCE RAILROAD CO. Pl^n 4s. Due Jan. 1. 1922. Dated January 1, 1892. Interest payable Jan. and July 1. at office of Boston & Maine R. R.', Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $300,000 Outstanding 274,000 Denomination — Coupon. $1, 000. Register- able as to principal. Assumed by the Boston & Maine R. R. Guaranteed as to Interest by Boston ft Maine R. R. Co.. by endorsement. Organization and Control — Incorporated in New Hampshire in 3 847. Merged into the Boston & Maine R. R. Nov. 26, 1918. Secured equally with various other issues under the Boston & Maine R. R. (General) Mortgage on all the property covered by that mortgage. Kefunfling- — Bonds are reserved under the Boston & Maine R. R. (General) Mortgage to retire this issue. LIGHT A F. 5s and 7r. UANGHIISTER TRACTION, POWER CO. 1st Kef. S. Due Aug. 1, 1052. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding (Feb. 1, '21) 53 51,642.000 •7s 914,400 $2,556,000 •Additional poupon for 2 %attached. Held in S. F., 5s 36,000 Pledged to secure G% Notes, 5s 2,059,000 Reserved for Prior Liens or Ext 10,349,000 Denomination — Coupon, $1,000 and $600. Registerable as to principal. Registered $5,- 000 and multiples thereof. Trustee — American Trust Co., Boston, Redeemable at 105 and interest. Sinking Fund— Annually, beginning Aug. 1, 1919, 1% of outstanding bonds for their pur- chase or redemption at not over 105 and in- terest. Bonds acciuired are to be held alive and interest added to this fund. Organization — Incorporated in New Hamp- Bhlre in 1885 and present name adopted In February, 1901; acquired the property of the Manchester Electric Light Co., the Merrimac Light, Heat & Power Co. , the Manchester Electric Co., the Union Electric Co. and the Nashua Light, Heat & Power Co. Also owns the entire capital stock of the Manchester Street Ry. ($1,219,000). the Manchester & Nashua Street Ry. ($240,000) and the Man- chester & Derry Street Ry. ($175,000). Capitalization. Outstanding. Common $4,250,000 Funded debt 4,631,000 Secured by a direct first mortgage on the entire property of the company including hy- dro-electric plants 15 miles from Manchester with present installed capacity of about 11,500 h. p., and on steam generating stations in Manchester and Nashua with a developed ca- pacity of 12,000 h. p.; the electric distributing system in Manchester and a first lien by de- posit of the entire $1,219,000 capital stock of- the Manchester Street Ry. Co., on 43 miles of street railway in Manchester, and against which there Is no bonded indebtedness. The properties of the Manchester & Derry Street Ry. Co. owning eight miles of track against which there are outstanding $125,000 B% bonds which are guaranteed by the M., T., L. & P. Co., and the property of the Manchester & Nashua Street Ry. Co. owning 14 miles of track with $200,000 5% bonds outstanding, also guaranteed as above, are not covered by the Hen of this mortgage. These two companies and the Manchester Street Ry. Co. are operated Independently but buy power from the M. T., L. & P. Co. The charter of the Manchester St. Ry. Co. rives perpetual rights. Years ended Dec. SO: Gross. 1920 $2,372,587 1919 2,020,619 1918 1,655,035 I^egal for savings banks In R. I. Original Market — $750,000 5s offered Sept.. 1917, by Wm. A. Read & Co., New Tork, etc., and Tucker, Anthony & Co., Boston, at 9 5 and inteerst. $914,000 7s offered F6b., 1921, by Tucker, Anthony & Co., at 96%. Market. New York — Tucker, Anthony & Co. Boston — Pond Co., Tucker, Anthony & Co. Providence — Hornblower & "Weeks. Price rangre 1920 — Bid 89; Ask. 92. MANCHESTER TRACTION, LIGHT & POWER CO. Coll. Tr. Conv. 6% Notes. Due Nov. 1, 1922. Dated November 1, 1919. Interest payable May 1 and Nov. 1 at American Trust Com- pany, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,750.000 Unissued 250,000 Purpose of Issue — Issued to refund $1,500.- 000 2-Tear 6% notes, due Jan. 1, 1920. and for other corporate purposes. Denominations — Coupon, $1,000 and $500. Trustee — ^American Trust Compnay. Bos- ton. Redeemable as a whole or In multft^les of $100,000 at 101 and interest on 30 days* notice. Convertible at any time up to 10 days prior to redemption date Into an equal amount of let Ref. Ss, at a valuation of 92% and in- terest. Organization — See 1st Ref. Mtge. Secured by pledge of $2,059,000 lat Ref. 6s, due 1952. Earnings — See 1st Ref. Mtge. Original Market — $ 1.750,000 offered Nov. . 1919, by "Wm. A. Read & Company, New Tork, etc., and Tucker, Anthony & Co., Bos- ton and New Tork, at 98% and interest. Market New York — Tncker, Anthony & Co. Boston— Tucker, Anthony & C!o. Price Range 1920— Bid 95; Ask 97. Net. Int. & S. F. $729,532 $295,176 680,397 283.514 500,257 234,620 MANHATTAN GAS & EliEOTRIC COM- PANY 1st S. F. 10-Ycar 6b. Due March 1, 1927. Dated March 1, 1917. Interest payable March and September 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania tax refunded. Authorized $500,000 Outstanding 291,000 In Treasury 16,000 Retired by S. F 9,000 Reser^'ed for Ext 184,000 Provisions of Issue — Additional bonds may be Issued for 80% of the cost of permanent extensions and additions provided net earnings for preceding twelve months were equal to twice the interest charges on bonds outstand- ing together with those proposed to be issued. Denomination — Coupon. $100. $500 and $1,- 000. Registerable as to principal. Trustee — Republic Trust Company, Philadel- phia. Redeemable on any Interest date at 105 and Interest. Sinking Fund — Annually, beginning January 1, 1919, 3% of outstanding bonds applicable for new construction, additions or betterments, or for the purchase or redemption of these bonds. Organization — Incorporated In Kansas. Company owns and operates without competi- tion gas and electric plants in the city of Manhattan. Kansas, also an artificial Ice plant. Capitalization. Outstanding. Common $300,000 Preferred (7% cum.) 80,000 Fmided debt 291,000 Secnred by a first mortgage on gas, elec- tric and artificial ice plants supplying Man- hattan, Kan. Population served about 11,000. Franchises extend beyond the maturity of these bonds. Years ended Dec. 31: Bond Gross Net. Interest. 1919 $155,739 $36,054 $17,280 1918 149,390 31,126 16.500 1917 114,498 36,769 16.500 1916 98.776 32.611 Original Market — Offered in March, 1917, by P. W. Brooks & Co., Inc., New York, Bos- ton and Philadelphia. Market. New York — P. W. Brooks & Co. MANHATTAN RATI.WAY CO. Cons, (now let) 48. I>ae April 1, 1990. Dated Feb. 26, 1890. Interest payable April 1 and Oct. 1, at Treasurer's office. In- terborough Rapid Transit Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Bonds Nos. 28,183 to 40,894, Inclusive, are tax exempt in New York. Authorized •$40,684,000 Outstanding 40,684.000 •Additional bonds issuable at the rate of $300,000 per mile single track and $600,000 double track extensions. Denomination — Coupon, $1,000, Register- able as to principal. Registered, $1,000, $5,- 000, $10,000 and $50,000. C. & R. inter- changeable. Trustee — Central Union Trust Co., New York. Organization and Control— Incorporated In New York in 1875. Leased for 999 years from 1875 to the In- terborough Rapid Transit Co. Rental interest on bonds and 7% on $60,000,000 capital stock. Capitalization. Outstanding. Common $60,000,000 Funded debt 45,207,000 Secured by a first mortgage on all the ele- vated railways (except that of the subway myetem) in the Boroughs of Manhattan and Bronx. New York City, consisting of 38 miles of elevated main line, double tracked and 42 miles of third track sidings, etc. The 2nd. 3rd and 9th Ave. lines are having third track constructed and are to be extended. The property covered by this mortgage also In- cludes bridge over the Harlem River. Also on central power station occupying almost an entire city block at 74th Street and Avenue A, as well as seven substations and other valu- able real estate in New York City. Fran- chises are perpetual. Cnderlies — 2nd 4s of 2013 and Interborough Rapid Transit. 1st & Ref. 5b of 1966. Earnings — See Interborough Rapid Transit Co. Ist and Ref. 5s. I^egral for Savings Banks in N. J. and N. Y. Usted on the New York Stock Exchange. Original Market — $6,000,000 offered in April. 1890, at 96 and interest by Drexel, Morgan & Co. , New York, and Drexel & Co. , Philadel- phia. $11,712,000 tax exempt bonds were offered in July, 1908. at 96% and Interest by Redmond & Co., Moffat & White (now White. Weld & Co.), N. W. Harris & Co. (now Harris, Forbes & Co.) and Clark, Dodge & Co., of New York. Market. New York — Simon Borg Co., Theodore I*. Bronson & Co., Finlay & Davenport, Samuel GoIdsclimicU, R. W. Pressprich & Co., Red- mond & Co., Struthers & Hiscoe, Season- good, Haas & Macdonald, Vilas & Hickey. Fluladelpliia — Marley, Wood & Co, Frlce Range — ^N. Y. S. K. Jan. 1, '06. to Jan. 1, '21 1920 Unstamped Coupon. High 103% Jan. 22, '06 60 Jan. 9 Low. 49 Vs Aug. 21, '20 49^ Aiig. 21 Stamped Coupon. High 100% Dec. 30, '08 60% Jan. 6 Low. 49% July 29, '20 49% July 29 MANHATTAN RAII.WAY CO. 2nd 48. Due June 1, 2013. Dated June 1. 1913. Interest payable June 1 and Dec. 1 at Treasurer's office. Interbor- ough Rapid Transit Co., New York City, Tax Status— Payment of Federal Income Tax not assumed by company. Tax exempt in New York. Authorized $6,409,000 Outstanding 4,623.000 Reserved for Ext 886,000 Dencmination — Coupon, $1,000. Registered $1,000. C. & R. interchangeable. Trustee — The Equitable Trust Co., New York. Redeemable as a whole only at 105 and In- terest on any interest date on 30 days' notice, licase — Under a lease dated January 1, 1903, all the properties of this company are leased for 999 years from the date of incor- poration, namely Nov. 1, 1875, Rental, 7% dividend on $60,000,000 capital stock and in- terest on all bonds, including this issue, Th* lease provides that after the remaining $886,- 000 second mortgage bonds have been issued, all further expenditures upon the Manhattan Railway properties will be made by the lessee. the Interborough Rapid Transit Co. Organization and Control-^See Cons. 4s. Secured by a second mortgage on all the property of the company including all the ele- vated railroads in the Borough of Manhattan and also the elevated railroad in the Bor- ough of the Bronx extending from the Harlem River to Bronx Park and including a steel bridge over the Harlem River at Second Ave- nue. Franchises are perpetual, except as to the third tracks built under the certificate from the Public Service Commission, dated March 19. 1913. The lea se and subsequent agree- ments provide that upon a possible default by the Interborough Company and consequent forfeiture of the lease, the Manhattan Com- pany ishall, within eighteen months, pay the Interborough Company for capital expenditures upon the road and equipment not provided for by the Consolidated or Second Mortgages of the Manhattan Conipany., and that in the event of a recapture of the third tracks and addi- tional structures provided for under the Pub- lic Service Commission's certificate of March 19. 1913, the Manhattan Company will repay the Interborough Company for its expendi- tures in construction from the moneys re- ceived from the City to the extent that the Interborough Company has made such ex- penditures. Prior Liens — $40,684,000 Cons. 4s of 1990. Underlies — Interborough Rapid Transit lat & Ref. 5s of 1966. The above-mentioned lease is pledged under this mortgage, but by an agreement executed simultaneously with the execution of this mortgage this lien la subor- dinated to the lien of the second mortsrase. XiamingB — See Interborough Bapid Transit Co. 1st and Ref. 5s. liisted on the New York Stock Exchange. Original Market — Offered Feb., 1916, by £2. H, Rollins & Sons, Boston. New York, etc., and the Equitable Trust Co.. New York, at 89 and interest. A block ofCered by Hamble- ton & Co., Feb., 1918, at 73 and interest. Market. ^ Nevp York — Theodore L. Bronson & Co., Hartshorne & Battelle. Price Range — ^X. Y. S. XI. Jan. 1, '19, to Jan. 1, '21 1920 High 60 May 3, '19 42% Feb. 2 Low. 421^ Feb. 2, '20 42y2 Feb. 2 MANILA. EI^GTRIC RAILROAD & UGHT- ING CORP. 1st I.ien & CoU. Tr. 6s. Due March 1, 1953. Dated March 1, 1903. Interest payable March 1 and Sept. 1. at Trustee's oiHce, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding: (Apr. 15, *21) 4,273,000 Held in S. I" ^,.. 724.000 Unissued 3,000 Denomination — Coupon, $1,000. Regiister- able as to principal. Trustee — Equitable Trust Co., New York. Redeemable for sinking fund at 105 and in- terest or aa a whole at the same price on or after March 1, 1928. Sinking Fund — %% of outstanding bonds from March 1, 1908. to 1917, and 1% there- after for purchase or redemption of these bonds at not to exceed 105 and interest. Bonds so acquired to be held alive and interest added to sinking fund. Organization- — Incorporated in Connecticut in 1903 as a holding company and has ac- quired the securities of a number of public utility companies in and around Manila, Phil- ippine Islands. Capitalization. Outstanding. Common $5,000,000 Preferred (6 % cum.) None Funded debt 5,863,000 Management — J. G. White Management Corp., New York, Secured by a first lien, by deposit of prac- tically ail the capital stock and outstanding bonds of subsidiary companies, on about 52 miles of street railway track and electric plants, serving Manila, P. I., and vicinity. Population served about 325.000. Franchise expires in 1953. The municipality may ac- quire the property after 1928 on a valuation fixed by net earnings, with the Supreme Court of the Islands as referee. Years ended Dec. 31: Gross. Net. Int. & S. F. 1920 $3,418,405 $1,201,182 $382,354 1919 2,599,565 931,004 507,480 1918 2.310.464 1,211,022 364.403 1917 1.795.746 878,248 332,658 1916 1,694.078 758.654 308.817 Listed on the New York and London Stock Exchanges. Original Market — Offered in 1906, at 100 and Interest by "Wm. Salomon & Co.. New York. Market. New Yorlt — Samuel Goldschmidt, Harts- horne & Battelle, Earle A. Miller & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '81 1930 Bid. Ask. Bid. Ask. High lOOH May 10, '06 70 Mar. 75 Dec. Low. 75 Oct. 24, '19 50 Oct. 56 Oct, MANILA ELECTRIC RAILROAD & IJGHT- ING CORPORATION (THE) 3-Year 7% Notes. Due Sept. 1, 1922. . Dated Sept. 1» 1919. Interest payable March 1 and Sept. 1 at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $1,600,000 Outstanding 1,600,000 Purpose of Issue — The proceeds of this is- sue will be used for additions and improve- ments. Denomination — Coupon. $100, $500 and $1,- 000; registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable as a whole, or In part, for sinking fund upon one month's notice on any interest date prior to Sept. 1, 1921, at 102 and interest, and thereafter at 101 and inter- est. Improvement and Sinking Fund — The com- pany, in accordance with the terms of Its trust indenture, must expend at least 12^% of the total authorized amount of these notes annually for betterments or improvements to the properties, or to the extent as such ex- penditures are not made, must pay cash to the Trustee as a sinking fund to be used to retire notes by purchase in the open market or call by lot at not exceeding the redemption price. Notes so acquired for the sinking fund are to be cancelled. Organization — See 1st Lien & Coll. Tr. 5s. Security — A direct obligation of the com- pany, but not secured by a mortgage. Under the trust agreement the company covenants that while any of these notes are outstanding, none of its subsidiaries shall create any new mortgage, and that no new mortgage other than purchase money mortgages ■shall be cre- ated on any of the company's property with- out equally and ratably securing this issue. The company also covenants not to permit the Issue of any further bonds under the mortgage of The Manila Suburban Railways Company during the life of these notes. Prior liiens — Outstanding, 1st Lien & Coll. Tr. 5s, 1953, $4,273,000 Manila Sub. Rys. 1st 5s, 1946 517,000 Earnings — See 1st Lien & Coll. Tr. 5s. Original Market — ^1,600,000 offered S^tem- ber,' 1919. by Bonbright & Co., New York, etc., at 98% and interest. Market. New York — Goldschmidt, Alfred F. Ingrold & Co. Price Rangre 1920. Bid. Ask. High 98% Feb. Low 75 Aug. 85 Aug. 760 MANILA RAILROAD (SOUTHERN MNES) 1st 4s. Due May 1, 1939. Dated June 1, 1909. Interest payable May and Nov. 1. at Philippine National Bank. New York agency, also in London, Berlin and Am- sterdam. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $30,000,000 Outstanding: 13,714,000 Unissued 16,286,000 Additional bonds can be issued only if guar- anteed by the Philippine Government as to in- terest, and only to the extent of the cost of roads built under grants prior to that of 1909 and of 95% of cost of lines built under that contract. Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Reeistered. $1,000, $5,000, $10,000 and $25.- 000 C. & R. interchangeable, Trustee^Parmers* Loan & Trust Co., New York. Redeemable as a whole or in part for the sinking fund, at 110 and interest on any In- terest date on three months' notice. Sinking Fund — Annually beginning May 1, 1919, one-half of 1% of outstanding bonds to May 1, 1928, inclusive, and thereafter 1% annually for the purchase of outstanding bonds at not to exceed 110 and Interest. No divi- dends may be paid until sinking fund condi- tions are complied with. Guaranteed as to interest by the Govern- ment of the Philippine Islands. Control — Incorporated in New Jersey In 1906 to take the place of the old company operated under a Spanish concession. Under the terms of a concessionary grant from the Philippine Government, the company is di- vided into two separate and distinct systems, one known as the Northern Lines and the other as the Southern Lines, each operated and maintained as if owned by separate and In- dependent companies. The duration of Its charter Is unlimited. The company owns and operates the only steam railroad on the Island of Luzon, the principal Island of the Philippine Islands. The company has concessions for 850 miles of road, of which 315 miles of the Northern Lines and 308 miles of the Southern Lines have been completed. July 1, 1916, the Philippine Government purchased the outstanding stock of this com- pany for $4,000,000 m cash. Secured by a first mortgage on the 308 miles of road constituting the Southern Lines. Underlies — 4,330.000 1st 6s of 1956 and $7,716,000 2d 73 of 1956. The liens of these mortgages have been subordinated to the lien of this mortgage on the porperty covered by it. The entire outstanding amounts of both Issues are owned by the Manila Ry., Ltd., and are deposited to secure the debenture bonds of that company. Year ended Dec. 31 (Pesos-Philippine cur- rency) : Gross. Net. Int., etc. 1919 10,800.327 3,034,434 2,737,530 1918 9,379,511 2,981,668 2,728,448 1917 3,678,075 1,793.524 1,385,204 Legal for Philippine Postal Savings Bank. Listed on the New York and London Stock Exchanges. Original Market — $2,000,000 offered in July, 1910, at 86 and interest by Speyer & Co. , New York, and Speyer Bros., London. Market. New York — Samuel Goldschmldt, Harts- horne & Battelle. Price Kangre 1920 — Ask 40. MANILA SUBURBAN RAILWAYS CO. Ist 5b. Due Sept. 1. 1946. Dated Sept. 1, 1906. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,600,000 Outstanding (Jan. 1, '21) 517,000 Held In S. F 51,000 lu Treasury 82,000 Note — Under the provision of the Manila Electric Railroad & Lighting Corp. 3-Year 7% notes no additional bond shall be issued under this mortgage while said notes are outstanding. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — New York Trust Co., New York. Redeemable for sinking fund at 105 and in- terest on and after Sept. 1, 1911, and as a whole after Sept. 1, 1928, at the same price. Sinking Fund — ^Annually %% of outstanding bonds from Sept. 1, 1911, to Sept. 1. 1921, and 1 % thereafter for the purchase or re- demption of these bonds at not over 105 and interest. Guaranteed as to principal and interest by endorsement by the Manila Electric R. R. & Lighting Corp. Organization and Control — Incorporated In Connecticut in 1906. Entire outstanding capital stock is owned by the Manila Electric Railroad & Lighting Corp. Capitalization. Outstanding. Common $530,000 Funded debt 530,000 Secured by a first mortgage on seven miles of electric railway from Manila, P. I„ to Ft. William McKInley and Pasig. Franchises expire in 1953. The company does both a freight and passenger business. Eamlngs-^See M. E. R. R. & Ltg. Corp. above. Original Market — Offered in 1907, at 92^/4 and interest by Rosen, Stillman & Co., New York, and Openhelm & Van Till, Tague, Hol- land. Market. New York — Samuel Golclschmidt, Harts- horne &. Battelle, Lynch & McDermott, Wat- son, Armstrong & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 88 '10 92% '20 70 Jan. QSV^ Mar. Low. 35 '20 50 '20 35 Dec. 50 Dec. 761 MANISTEE & NORTH-EASTERN RAILROAD CO. 1st 6s. Due $40,000 each Jan, let to 1938, and balance Jan. 1, 1939. Dated January 1, 1909. Interest payable Jan. and July 1 , at trustee' s office, or at Metropolitan Trust Co., New York. Default — July 1, 1918, and subsequent in- terest; Jan. 2, 1919. and subsequent maturi- ties. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding: (Mar. 1, '21) 1,172,00'0 Retired 299,000 Held in Treasury 29.000 Denomination — Coupon, $1,000'. Register- able as to principal. Trustee — Michigan Trust Co., Grand Rapids, Mich.' Redeemable at 102^,^ and interest on any in- terest date on 60 days' notice. Sinking Fand — Annually on Jan. 1, 50% of the company' s balance after fixed charges, for the redemption of these bonds at 102 Vi and interest, in addition' to amount required to redeem bonds maturing annually until $1,- 000.000 of these bonds have been redeemed and cancelled. Receivership — On December 24, 1918. The Michigan Trust Co., Grand Rapids, was ap- pointed receiver. Oi-ganization — Incorporated In Michigan in 1887. Capitalization. Outstanding. Common $2,000,000 Funded debt 1,172,000 Secured by a first mortgage on 183 miles of road from Manistee to Traverse City, with branches to Empire Jet., Grayling and Prove- mont, all In the northweatern part of the lower Peninsula of Michigan. Property covered Includes 53.66 miles of sidines. terminals and equipment. Ifears ended Dec. 31: Gross. Net. 'Int. & Rent, 1919 $706,420 $134,138 $67,382 1918 647.772 58,036 66,471 1917 483.161 16,531 68.475 1916 517.309 98,795 67,883 •Includes matured interest unpaid amount- Ine to $115,200. Dec. 31, *19. Original Market — $1,015,000 offered In 1909 at prices to yield 5%% by A. B. Leach & Co., New York, and Devitt, Tremble & Co., Chi- cago, Market. Philadelphia — Henry D. Boenning & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '16 24fNov. 34f Nov. Low. 15f'20 34f'20 15f June 34fNov. UANISTIQUE PULP & PAPER CO. Ist Os. Dae each Sept. 1 as follows: $100,000. 1919 to 1921. Incl.; $150,000. 1922 to 1937, incl. - Dated Aug. 16. 1917. Interest payable March 1 and Sept. 1 at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Minnesota, Anthorized $1,500,000 Outstanding: 1,400,000 Matured and Paid 100,000 Denomination — Coupon, $1,000 and $500. Reglsterable as to principal. Trustee — Minnesota Loan & Trust Co.. Min- neapolis. Redeemable at 102 and Interest on any m terest date on 60 days' notice. Guaranteed principal and Interest by the Minnesota Tribune Co. and by W. J. Murphy of Minneapolis by endorsement. Note — The Minnesota Tribune Co. publishes the Minneapolis Tribune. It has no bonded indebtedness and covenants that no liens of any kind will be created against its property and no floating indebtedness in excess of $500,- 000 win be Incurred by It except with the consent of the Trustee 'while any of these bonds are outstanding. The estate of "W. J. Murphy Is practically the sole owner of the Minnesota Tribune Co. and all the companies affiliated in this loan. Organization — Incorporated In Michigan in 1917. Capitalization, Outstanding. Common $250,000 Funded debt 1,400,000 Secured by a first direct mortgage on the company's pulp and paper mill and water power plant at Manlstlque, Mich. , designed for an initial daily capacity of 90 tons of wood pulp and 50 tons of newsprint and 6,400 h, p.; and on the hydro-electric plant of The Electrical Development Co., near Crookston, Minn., having an installed capacity of 3,000 h. p. Further secured by deposit of 1,480 of a total of 1.654 shares issued of the capital stock of the latter company, with pro- vision for release of this lien and stock on payment to the Trustee of $500,000; further secured by deposit of all the capital stock of the Manlstlque Light & Power Co., which owns distributing systems in Manlstlque and Hiawatha, Mich. The property of the latter company is valued at $160,000 and is free of all funded or other Indebtedness and the com- pany covenants that none will be created while any of these bonds are outstanding. Original Market — $1,200,000 offered Sept., 1917, by the Minneapolis Trust Co.. Minne- sota Loan & Trust Co., Minneapolis, and the Merchants Trust & Savings Bank, St. Paul, on a 6% basis for 1919 to 1920 maturities and GV4.% basis 1921 to 1927 maturities. Market. St, Paul — Merchants' Trust & Savings Bank, Dulnth — ^W. M. Prindle & Co. Price Rangre 1920— Ask 7.00% Aug". MANITOBA & SOUTHWESTERN COLONI- ZATION RAILWAY CO. Ist 58. Due June 1, 1934. Dated June 1, 1884. Interest payable June 1 and Dec. 1, at Bank of Montreal, New York, Montreal, etc., and at Swiss Bankverein, London, at 4s l%d per dollar. Tax Status — Payment of Federal Income Tax not assumed by the company. Anthorized $3,744,000 Outstanding 2,616,000 Unissued 128,000 Denomination — Coupon, $1,000. Register- able as to principal. Guaranteed as to Interest by the Canadian Pacific Ry. Co. by terms of lease. Organization and Control — Incorporated In Manitoba in 1879. Controlled by the Canadian Pacific Ry. Co. by ownership of capital stock and by lease in perpetuity. Capitalization. Outstanding. Common $700,000 Funded debt 2,616.000 Secured by a first mortgage on 216.4 miles of railroad from Rugby Junction near Winni- peg, to Glenboro, Manitou to Deloraine, and Elm Creek to Carman, all in Manitoba. The company has a land grant of 6,400 acres per miles of road, amounting to 1,400,000 acres, but this mortgage is not secured on the land. Listed on the New York, London and Am- sterdam Stock Exchanges, Original Market — First offered by Bolsse- valn & Co., New York and Amsterdam. Market. New York — Simon Borg & Co., Arthur 33. Frank & Co., Samuel Goldschmidt, Roose- velt & Son, Vilas & Hickey. Price Range. Jan. 1, *ie, to Jan. 1, '21 1920 Bid. Ask. Ask. High 95 '16 78 Dec. J Low. 70 '18 84 '19 78 Dec. 9 MANITOWOC GAS CO. 1st 5s. Due June 1, 1924. Dated June 1, 1907. Interest payable June and Dec. 1, at Merchants' Loan & Trust Co., Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $300,006 Outstanding: 250,500 Cancelled 37,000 Unissued 12.500 Denomination — Coupon, $500 and $1,000. Trustee — Merchants* Loan & Trust Co., Chi- cago. Redeemable at 105 and interest on any in- terest date. Sinking Fond — $6,000 annually 1912 to 1917, and $7,000 annually thereafter. Organization — Incorporated In Wisconsin In 1907 as successor to the Manitowoc Gas Light Co, Capitalization. Outstanding. Common $100,000 Preferred (6% cum.) 150,000 Funded debt 301,600 Secored by a first mortgagre on plant sup- plying gaa to Manitowoc. "Wis, Population served, 15,000. Franchise indeterminate, at pleasure of State. Original Market — Offered in 1908 by Mil- waukee Trust Co., at 95 and interest. MANITOWOC, GREEN BAY & NOBTH- WESTEEN RAILWAY CO. Ist 3%s. Dne Jan. 1, 1941. Dated Jan. 2, 1906. Interest payable Jan, and July 1, at C. & N. W. Ry. office, New Tork. Tax Statas — Payment of Federal Income Tax not assumed by company, Aathorized and Oatytanding $3,760,000 Denomination — Coupon, 1,000. Register- able as to principal only, or fully register- able. Registered, $1,000, $5,000 and $10,000. Trustee — Farmers' Loan & Trust Co., New York. Assnmed by the Chicago & Northwestern Ry. Co. Control — The M., G. B. & N. W. Ry. was consolidated into the Chicago & Northwestern By. Co. in 1909. Secured by a first mortgage on 113.68 miles of road, viz: Miles. Green Bay to Manitowoc, Wis 36.25 Duck Creek to Southern Jet. (Pulaski), Wis 30.06 Shawano Jet. to Eland, Wis 30.47 Pulaski to Gillet, Wis 16.90 Underlies — Chicago & Northwestern Ry. Co. N. Y., Ohio, Ore, R. I., Vt. and Wis. XiCgal for savings banks in Cal.. Conn., Me., Mass.. Mich.. Minn., Mo., N. H., N. -J.. R. I., Vt. and Wis. liisted on the New Tork Stock Exchange. Original Market — Offered in 1909 by Kuhn, Loeb & Co., New Tork, at 94 and Interest. Market. New York — Simon Borgr & Co., Samuel Goklschmidt, Charles W. Place, R. W. Preesprich & Co., Redmond & Co., Remlck, Hodges & Co., Vilas & Hlckey. Price Range— N. Y. S. E. Jan. 1, '09, to Jan. 1, '31 1920 High 90 1^ Sept. 14, '09 62 Nov. 18 Low. 62 Nov. 18. '20 62 Nov. IS BIANUEACTURERS* WATER CO. 1st S. F. 5s. Due June 1. 1939. Dated June 1, 1909. Interest payable June and Dec. 1, at Trustee's office. Tax Statas — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $4,000,000 Ontstandins: (Feb. 1, '21) 2,804,000 Retired by S. E 1,196.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co. , Philadelphia. Redeemable at 1 3 % and interest on any Interest date in blocks of not less than $500.- 000, on four weeks' notice, or at 101 and in- terest on any Interest date for sinking fund. Sinking Fnnd — $150,000 annually, commenc- ing June 1, 1913, for the purchase or re- demption of these bonds at not over 101 and Interest. Gaaranteed principal, interest and sinking fund by Cambria Steel Co. by endorsem'ent. Organization and Control — ^Incorporated in Pennsylvania in 1900. The entire $50,000 capital stock Is owned by the Cambria Iron 763 Co., a subsidiary of the Midvale Steel & Ord- nance Co. Capitalization. Outstanding. Common .^ $50,000 Funded debt 2,804,000 Secured by a first mortgage on plant sup- plying water for manufacturing purposes in Johnstown, Pa., and vicinity, and fncludes the Hinckston's Run reservoir with a storage capacity of 1,100,000,000 gallons with a daily delivery of 10,000,000 gallons, and the Quem- ahoning Reservoir with a storage capacity of 11,000,000,000 gallons and a daily delivery of over 70,000,000 gallons. Original Market — Offered In May, 1909» by Drexel & Co., and Robert Glendinnlng & Co., Philadelphia, on about a 5% basis. Market. New York — Dunham & Co., Fred H. Hatch &'Co., W^atson, Armstrong & Co. Philadelphia — Bauer, Starr & Co., Heni-y D. Boenning & Co., Brown Bros. & Co., George N. Fleming, William M. Fogarty, Graham, Parsons & Co., Huntoon & Co., C. Clothier, Jones & Co., McCown & Co., Mac- Meekin & Williamson, Merchants Union Trust Co., Reed A. Morgan & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, *16, to Jan. 1, *31 1920 Bid. Ask. Bid. Ask. High 102 '16 103 '16 86 Feb. 99 Feb. Low. 82 '20 90 '20 82 July 90 Dec. MARION & BttJEFTON TRACTION CO. lat 5s. Dae July 1, 1934. Dated July 1, 1914. Interest payable Jan. and July 1, at Trustee's office. Tax Statns — 2% Federal Income Tax paid by the Company without deduction. Aathorized $504,000 Ontstandingr (Jan. 1, '21) 481,800 Held in S. F. 22,250 Denom. — Coupon and registered, $1,000. Tmstee — Fletcher Savings & Trust Co., In- dianapolis. Sinking Fund — 1 % per annum of - outstand- ing bonds. Payable % % Jan. 1, July 1. Oi^anization — Incorporated In Indiana in 1914 as a reorganization of the Marion, Bluff- ton & Eastern Traction Co. Capitalization. Outstanding. Common $216,000 Funded debt 495,800 Secured by a first mortgage on 32 miles of electric railway between Marion and Bluffton, Ind., and on plants supplying electricity to Van Buren. Warren and Liberty Center, Ind. Total population served by -railway, 30,000; by electric plants. 3,500. Years ended Dec. 31: Bond, Gross. Net. interest. 1920 $164,775 $47,257 $25,200 1919 140.922 37,599 25,200 MARION (Ind.) MGHT Ss HEATING CO. Ist & Ref. 5s. Dne Sept. 1, 1933. Dated Sept. 1, 1907. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstandingr (Jan. 1. '21) $256,509 Retired by S. F 369,00« Pledged under Indiana Gen. Ser- vice 1st Mtge 458,600 Denomination — Coupon, $1,000. Register- able as to principal. Trnstee — Guaranty Trust Co. and Wm. C, Cox, New Tork. Redeemable at 110 and interest on any in- terest date. Sinking: Fond — Annually 1 % ot bonds out- fltandin& Sept. 1, 1912, to Sept. 1. 1917; 2% from Sept. 1, 1918, to Sept. 1, 1924, inclusive, for the purchase or redemittion of these bonds at not exceeding 110 and interest. Guaranteed as to principal and interest by the American Gas & Electric Co. Control — Incorporated in Indiana in 1901 as a consolidation of the electric properties In Marion, Ind. In 1917 merged with other companies into the Indiana General Service Co., which is controlled through stock owner- ship by the American Gas & Electric Co., a subsidiary of the Electric Bond & Share Co.. which in turn is controlled by the General Electric Co. Secured by a first mortgage on plants sup- plying electricity in Marion, Jonesboro, Fair- mount, Upland. Sweetzers, Gas City and Summitville, Ind., and hot water for heating to Marion, Ind. Population served, about 31,- 248. Franchise for electricity runs to 1939. and for heating to 1929. Underlies — Indiana General Service Co. 1st 5s of 1948. Original Market — Offered by Coggeshall & Hicks, New York, in 1910, at 98 and interest. Market. New York — Dunham & Co., Fred H. Hatch & Co., Earle A. Miller & Co., Watson, Arm- strong &. Co. Philadelphia — Henry D. Boenning & Co., Sam'l K, Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1, *21 1920 Bid Ask. Bid. Ask. High 99 '17 100 "16 80 Dec. 85 Dec. Low. 75 '20 85 '20 75 Oct. 85 Oct. Co., F. B. Mc- MARITIME TELEGRAPH & TELEPHONE CO., LTD.. 1st 6s. Due July 1, 1941. Dated July 1. 1911. Interest payable Jan. 1 and July i. at Trustee's office and also at Canadian Bank of Commerce, London. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized $1,500,000 Outstanding 1,500.000 Denomination — Coupon, $100 and $600. Trustee — Eastern Trust Co.. Montreal and Hs.lifax, Can. Redeemable at 110 and interest. Organization — Incorporated in Nova Scotia In 1910 and is a consolidation of independent telephone systems in Nova Scotia and Prince Edward Island, Canada. Leases for 99 years submarine cable connecting Nova Scotia lines w^ith Prince Edward Island lines. Also owns certain patent rights for utilizing wires for . simultaneously telephoning and telegraphing. Capitalization. Outstanding. Common $850,000 Pref. A (6% cum.) 1,000.000 Pref. B (7% cum.) 2.000,000 Funded debt 2,000,000 Secured by a first mortgage on all the prop- erty of the company, including telephones, 26,4G0: miles of poles. 3,067 miles of wire, 48,666, and 27 office buildings. The Public Utilities Commission of Nova Scotia placed a valuation on the company's property In 1916 of 3,121,533. Underlies — Ref. Mtge. under .which bonds are reserved to retire this issue. Years ended Dec. 31: Gross. Net. Int., etc. 1919 $1,209,472 $243,147 $90,000 1918 953,848 260,440 134,972 1917 813.484 235,598 108,092 1916 73 8.698 248,282 100,499 Original Market— Offered In Oct.. 1911, at 101 and interest by P. B. McCurdy & Co., Halifax and Montreal. Market. Montreal — H. B. Robinson Curdy & Co. Halifax — H. M. Bradford. St, John, N. B. — Eastern Securities Co. New York — E. & C. Randolph, Price Rangre Bid. Ask. Bid. Ask. High 96 '20 100 '19 96 Aug. 98 Mar. Low. 76 '20 98 '20 76 Dec. 98 Mar. MARITIMB TELEGRAPH & TELEPHONE CO., LTD., Ref. 7s, Series A. Due. Dec. 1, 1945. Dated Dec. 1, 1920. Principal and interest (June 1 and Dec. 1 ) payable in gold in Halifax, Montreal or Toronto. Tax Status — Payment of Federal Income Tax not assumed by the Company, Authoi-ized $6,000,000 Outstanding: 500,000 In Treasury 500,000 Reserved for Prior Liens 1,500,000 Reserved for Ext 500,000 Issuance Restrictions — With the exception of bonds reserved to retire underlying bonds at maturity, further bonds may be issued under this mortgage to the extent of 75% of the fair value or actual cash cost, which- ever is less, of additions or extensions to the Company's property of a permanent na- ture, and then only when the net earnings of the Company for 12 consecutive months within the preceding 14 months shall have been not less than twice the annual in- terest charges on all bonds outstanding, including those proposed to be issued. Denominations-— Coupon, $1,000 and $500; registerable as to principal or fully regis- terable. Trustee — Montreal Trust Co. , Montreal. Redeemable as a whole only on 60 days' notice, on any interest date on or after Dec. 1, 1922, to and including Dec. 1, 1925, at 106; thereafter to and including Dec. 1, 1928, at 105; thereafter to and including Dec. 1, 1931, at 102^/^; thereafter to and including Dec. 1, 1939, at 101; and there- after at 100, plus interest in each instance. Ch'ganization — See 1st 6s. Secured by a general mortg'age on all the property of the Company now owned or hereafter acquired. For details of property see 1st 6s. Prior Liens — Outstanding. 1st 6s of 1941 $1,500,000 Bonds are reserved under this mortgage to retire the above issue. Eamins:s — See 1st 6s. Original Market — $500,000 offered Jan., 1921, by Harris, Forbes & Co., New York, Harris, Forbes & Co., Inc., Boston, Harris Trust & Savings Bank, Chicago, and Royal Securities Corp., Ltd., Montreal, at 97% and interest. MARK MANUFACTURING CO. 1st 6s. Due each June 1, as follows: $100,000. 1919; $110,000, 1930: $115,000. 1921; $120,000, 1922; $135,000, 1933; $135,000. 1924; $145,000. 1935; $150,000. 1936; $160,000, 1937; $170,000. 1928; $180,000. 1929; $190,000. 1930: $200,000, 1931; $210,000, 1933: $325,000. 1933; $340,000. 1934; $250,000. 1935; .$270,000. 1936; $385,000, 1937: $300,000, 1938. and $320,000. June 1. 1939. Dated June 1, 1916. Interest payable June and Dec. 1, In New York and Chicago. Tax Status — Company pays 1% of the 2% Federal Income Tax, without deduction, and deducts the other 1 % from interest payment. Authorized Closed mortgage Outstanding: (Jan. 1, '21) $3,790,000 Matured and Paid . 210,000 Denominations — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable in the reverse of their numeri- cal order, on any interest date on and after June 1. 1918. at 1021/4 and interest. Assumed by the Steel & Tube Co. of Amer- ica. Control — Established in 1889, and Is en- gaged in the manufacture of steel and steel pipe. On June 14. 1918. merged into Steel & Tube Co. of America. Secured by a first mortgage on plant at Evanston, 111., comprising about nine acres, with a capacity of 75,000 tons of butt weld pipe per annum, plant at Zanesville, C; com- prising 43 acres of land with a capacity of 125,000 tons of butt weld and lap weld pipe per annum; and plant at Indiana Harbor, Ind., with water frontage and comprising mills for the manufacture of both steel and finished products and with a capacity of 270.- 000 tons of finished steel per annum. Under the provisions of the mortgage quick assets must be maintained in excess of current liabili- ties and exclusive of good will, etc., at 2,- 500.000 and this amount must be increased by at least 40% of the par value of bonds issued In excess of $4,000,000. Underlie& — Steel & Tube Co. of America Gen. Mtge. under which bonds are reserved to retire this issue. Saming:s — Steel & Tube Co, of America, Gen. Mtge. Original Afarket — OfCered In May, 1910, by Kean. Taylor & Co., New Tork and Chicago, and Peabody, Houghteling & Co.. Chicago Savings Bank & Trust Co. and Fort Dearborn Trust & Savings Bank, Chicago, at par and Interest, except the first three maturities, which were ofCered at 5%, 5^% and 5%% basis, respectively. Market. New York — Babcock, Rushton & Co. Price Range. Jan. 1, '18, to Jan. 1, '31 Bid. Ask. High 96 '19 100 '20 Low. 96 '19 97% '18 1920 Bid. Ask. 100 Jan. 100 Sept. MARKET STREET ELEVATED PASSENGER RAILWAY CO. 1st 4s. Due May 1, 1955. Dated May 1. 1905. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Autliorized and Outstanding.. .$10,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Land Title & Trust Co., Philadel- phia, Redeemable at 102% and Interest on any Interest aate on 30 days' notice. Guaranteed as to principal and interest by the Philadelphia Rapid Transit Co, Organization and Control — Incorporated in Pennsylvania in June, 1901. In 1903 its prop- erty was leased to the Philadelphia Rapid Transit Co. for 997 years at an annual rental or 6% on the capital stock, which rental In 1907 was reduced to $1 annually. The Phila- delphia Rapid Transit Co. owns the $2,800,000 outstanding capital stock which has been pledged as collateral to the Union Traction Co. and the Philadelphia Traction Co, for securi- ties owned by these companies and borrowed and deposited under the P. R. T, Co. Coll. 6s of 1967. The Sinking Fund 6s of 1962 are partly secured on this stock and also the lease- hold interest of the P. R. T. Co. Capitalization. Outstanding. Common $2,800,000 Funded debt 10,000.000 Secured by a first mortgage on the elevated and subway lines on Market Street from Front Street to 6 9th Street In Philadelphia, com- prising about 7% miles of double track and about 5 miles of other track. Listed on the Philadelphia Stock Exchange. Original Market — Offered in 1905, by Drexel & Co., Philadelphia, at 101 and interest. Market. New York — Babcock, Rushton & Co, Pliiladelphia — Barnes & Lofland, Bauer, Starr & Co., Brown Bros. & Co., Elkins, Morris & Co., George N. Fleming, "Win. W.' Fogarty, Graham, Parsons & Co., Huntoon & Co., McCown & Co., J. P. Magill & Co., Reed A. Morgan & Co., Marley, Wood & Co.» Sam'l K. Phillips & Co. I'rice Range. Jan. 1, '09, to Jan. 1, Bid. Ask. High 98 '17 99 '09 Low. 67 '20 69 '20 '21 1930 Bid. Ask. 79 Jan. 82 Mar. 67 June 69 June 765 MARKET STREET RAILWAY CO. (San Fi-ancisco.) Cons. 5s. Due Sept. 1, 19:34. Dated Sept. 1, 1894. Interest payable Mar. and Sept. 1, at Company's office, San Fran- cisco, Cal. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $17,500,000 OutstandinsT (Apr. 20, '21) 10.004,000 Retired by S. E 862,000 Pledg:ed to Secure 6% ^otes. 5,200,000 TTnissned 734,000 Denomination — Coupon, $1,000. Trustee — Union Trust Co., San Francisco, Cal. Sinldng' Fund — Annually, beginning Sept. 1, 1918, the sum of $160,000, either out of net income or from the proceeds of sale of any of the lands or other property of the company which may be applicable to such purpose under the provision of the naort- gage, or from both such sources. The amount applicable from the proceeds of the sale of lands is to be determined by the Board of Directors. All bonds acquired are to be cancelled. Organization — Incorporated in California. In 1902 the entire stock of the company was acquired by the United Railroads of San Francisco. The latter company was reorganized by foreclosure in 1921 and its pl-operties were taken over by this company. Capitalization. Outstanding. Common $10,700,000 Prior Pref. (6% cum.) 11,750,000 Preferred (6% cum.) 5,000,000 2nd Pref. (6% n.-c.) 4,700,000 Secured by a direct first lien on the street Funded debt 14,986,000 and railroad lines of the company in the city and county of San Francisco Co, and in the County of San Mateo, California, ag- gregating about 198 miles; and a first col- lateral lien on 21 miles of street railroad lines in said cities and counties by pledge of the stocks of companies owning said lines. Years ended Dec. 31: Gross. • Net. Int., etc. • 1920 $9,328,174 $2,092,$67 $808,724 tl920 9.002,111 2,296.743 2,148,304 tl919 8,035,647 2,156,033 2,077,561 •Tentative statement giving effect to re- organization. tYea-rs ended June 30. listed on the New Tork Stock Exchange and San Francisco Stock and Bond Ex- change. Market New York — Wm. C. Orton & Co., Sutro Bros. & Co, San Fi'ancisco — Sutro & Co. Price Range Jan. 1, *09, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. Hi&h 10fi% '09 106% '09 75% Apr. 78% Apr. Low. 60 '18 63 '20 61 Dec. 63 Dec. MAKLAND Oil. CO. 10- Year S. F. Partici- pating: 8s, Sei*ieB *'A." Due April 1, 1931. Dated April 1, 1921. Interest payable April 1 and Oct. 1 in New York. Tax Status — 2% Federal Income Tax pAid by the conipany without deduction. Penn- sylvania State Tax refunded. ■ Authorized $7,000,000 Outstanding- 4.000,000 Reserved for Corporate Purposes — $3,000,000. Puii>ose of Issue — ^To liquidate bank loans and trade acceptances. Denomination — Coupon, $1,000; register- able as to principal. Trustee — Guaranty Trust Co., New Tork. Redeemable (Series "A") on 60 days* notice at 105 on or before Apr. 1, 1926; thereafter on or before Apr. 1, 1927. at 104; thereafter on or before Apr. 1, 1928, at 103; thereafter on or before Apr. 1, 1929, at 102; and thereafter to maturity at 101, plus interest in each case. Sinldng: Fund — Quarterly, $100,000, begin- nlngr Oct. 1, 1921, for the purchase or re- demption of these bonds at not exceeding- the current call price. Partieipatingr Privilegre — Bonds will re- ceive $10 per $1,000 bond for each dollar per share per annum declared in dividends upon the capital stock of the Marland Oil Co., up to $4 a share so declared. Stock Purchase Warrants — Each Series •*A" bond will carry a detachable warrant entitling the holder thereof to subscribe on or before Apr. 1, 1931, to 25 shares of stock of Marland Oil Co. at $40 per share. Orgranization — Incorporated in June, 1920. Controls througrh stock ownership the Mar- land Refining Co. and Kay County Gas Co. and throug-h the latter Marland Oil Com- pany of Mexico. It represents a complete unit in the oil industry, combining produc- tion, transportation, refining and marketing of petroleum and Its products, nad produc- tion, transportation and marketing of natural gas. The Marland Refining Company owns In whole or in part 105,174 acres of active and undeveloped oil leases ip the Mid-Continent field, exclusive of interests in Louisiana, or acreage controlled by it through affiliated companies in Mississippi. As of May 1, 1921, Its supply of crude oil is obtained from 249 wells on 53 proper- ties, which yielded 2,280,009 barrels in 1920, of which its net interest w^as in excess of 1,250,000 barrels. The Company has a complete refinery, located at Pbnca City, and a skimming plant at Covington, Oklahoma, the two having a combined capacity of 15,000 bar- rels per day when both are operated as skimming plants. The Ponca City plant has a daily capacity of 6,000 barrels when operated aa a complete refinery and Is equipped to refine crude oil down to Its last analysis, including wax and petrolatum. The company owns and ' operates two caslnghead gasoline plants in the Ponca and Mervlne fields, and owns a half In- terest in a third plant in the Garber field. The company also owns and operates twenty-one filling and thirty-seven dis- tributing Btatlona in Central and Western Oklahoma and through ownership or through affiliated companies operates 846 tank cars in marketing Its refined products. 766 Its refineries and tank farm and its casinghead plants represent a cash invest- ment of $5,214,590. The Marland Refining Company also owns real estate in Okla- homa, Kansas and Louisiana, garages, ware- houses, buildings and equipment, automo- biles, trucks and drilling tools and a modern five-story office building at Ponca City, representing an aggregate investment of $3,316,809. The Kay County Gas Company is pri- marily a pipe line company and a producer and distributor of natural gas. It owns and operates 224 miles of oil pipe lines con- verging at the Ponca City refinery of Mar- land Refining Company, and 7 miles of lines from the Garber fields to the Covington refinery, forming a connecting link between the companies' producing leases and re- fineries. Most of these lines extend into the Western Osage Nation, which was opened for oil leasing by the United States Government only two and one-half years ago, and of which there are approximately 1,000,000 acres as yet unleased . and unde- veloped. The Kay County Gas Company also owns 345,937 acres of gas leases in the western part of the Osage Reservation, said to be the largest contiguous holdings of gas leases by one company in the Mid-Continent field. Gas from the developed portion of these leases is collected and distributed through its 140 miles of gas lines. Throjigh joint holdings of oil leases with the Marland Re- fining and affiliated companies, the Kay County Gas Company is also an oil pro- ducer, having produced 111,883 barrels In 1920. Capitalization. Outstanding. Common (no par) 795,150 shs. Funded debt •$4,000,000 ♦Includes subsidiaries. Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company covenants as follows: The company and its subsidiary companies shall maintain net current assets to an amount equal to 70% of the amount of bonds outstanding, or in any event not less than $4,000,000. While any of these bonds are outstanding the folio-wing properties of the company and its subsidiaries shall not be mortgaged, encumbered or sold. The refinery at Ponca City, Oklahoma, the South Ponca field, and the casinghead gas plant in the vicinity of Ponca City, Oklahoma, tank " cars, pipe lines, certain real estate and buildings and properties owned In fee, provided, however, such properties, or part thereof may be sold If the entire proceeds of such sale or sales are applied to the purchase or re- demption of bonds, and further that while any of these bonds are outstanding the Mar- land Oil Company shall not reduce Its o-wn- ership in Marland Refining Company stock or Kay County Gas Company stock to less than 51%, and In the event of any sale of such stock the entire proceeds of such sale or sales shall be applied to the purchase or redemption of bonds. The Company will not create, nor will It permit any subsidiary company to create (except to the company), any mortgage (other than (a) purchase money mortgage, (b) mortgage or liens existing on property at the time of the acquisition thereof, (c) pledges of quick assets for current loans In the ordinary course of business, and (d) pledges or mortgages of undeveloped prop- erties and ef the oil produced therefrom for the payment for drilling or operating such properties), upon any properties owned by the company, or by any subsidiary com- pany, except Marland OH Company of Mex- ico, without equally securing these bonda lears ended Dec. 31 (Combined): •Net. Interest. {275,564 ,103,043 66,243 1920 $5,624,168 1919 2,509,685 1918 1,879,595 •After Federal taxes. Original Market — $4,000,000; offered April, 1921, by Potter Brothers & Co., Hemphill, Noyes & Co., P. S. Sralthers & Co., Merrill. Lynch & Co., at 97 and interest. MAKLAND KEFtNING COMPANY. Equip. Tr. 6s, Series *'A." Due as foUows: $22,000 Jii)y 1, 1921; $23,000 Oct. 1, 1921; $23,000 Jan. 1, 1922; $24,000 Apr. 1, 1922; $24,000 July 1, 1922; $24,000 Oct. 1, 1922; $25,000 Jan. 1, 1923; $25,000 Apr. 1, 1923 and $25,000 July 1, 1923. Dated July 1, 1920. Interest payable Apr. 1, Oct. 1, Jan. 1 and July 1 at Trustee's office. Tax Statns — 2% Federal Income Tax paid by the company without deduction. Authorized $281,000 Outstanding 215,000 Matured & Paid 66,000 Denominations — Coupon, $1,000. Trustee — Mechanics and Metals National Bank, New York. Secured by an equipment trust agreement on 125 all steel tank cars, as follows; 26 thirty-ton 6,500 gallons capacity, 75 forty- ton 8,000 gallons capacity, 25 flfty-ton 10,000 gallons capacity, costing $374,686, of which the company paid $159,686 in cash. Original Mai-ket — $216,000; offered April, 1921, by Merrill, Lynch & Co., on an 8.26% basis. MARIjLND tank T.,INE: CO. Equip. Tr. 8s. Due each Dec. 15, as follows: $250,000, 1921; $175,000, 1922 to 1926, inol.; and $171,000, Deo. 15, 1927. Dated Dec. 16, 1920. Interest payable June 15 and Dec. 15, at Irving National Bank, New York. Tax Status — '2% Federal Income Tax paid by the company without deduction. Authorized $1,296,000 Outstanding 1,296,000 Denomination — Coupon $1,000. Trustee — Irving National Bank, New York. Redeemable as a whole on any maturity date at 102 and interest upon 60 days* notice. Guaranteed principal and interest by the Marland Refining Co. Organization and Control — Incorporated In . Delaware in Nov., 1920. The business of the Marland Tank Line Company will consist in the operation of the tank cars pledged under this lease under contract with the Marland Refining Company, whereby the latter will agree to provide business sufficient to enable the Tank Line Company to care for the matur- ing principal and dividends of these certiil- cates from its own revenue. The business of the Marland Refining Company consists of the producing, refining and marketing of petroleum and petroleum products. Secured by an equipment agreement on 720 all-steel tank cars, all of which have been delivered by the manufacturers since March 1, 1918, and 401 since Oct. 1, 1919. Of these 299 have a capacity of 10,000 galr Ions each and 421 have a capacity of 8,000 gallons each, representing an original cash Investment of $2,260,000. Oiigrinal MaTket^$l,296,000 offered Dec, 1920, by Freeman ft Co., New York, and TownseDd Whelen & Co., Philadelphia, at 100 and Interest. MARQUETTE & BESSEMER DOCK & NAVI- GATION CO. Ist S. r. 4%s. Doe April 1, 1933. Dated April 3, 1903. Interest payable April and Oct. 1. at New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding 396,000 Retired by 8. r 106,000 - Denomination — Coupon, $1,000. Registerable as to principal. Trustee — United States Mortgage & Trust Co., New York. Redeemable at 105 and Interest on any in- terest date on six weeks' notice. Sinking Fund — ^Annually 1% of these bonds to be retired either by purchase or redemption at not exceeding 105 and Interest. Guaranteed principal and interest by the Fere Marquette R. R. Co. and the Bessemer ft Lake Erie R. R. Co.. Jointly and severally, by endorsement. Organization and Control — ^Incorporated In New Jersey in 1903, Entire capital stock Is owned equally by the Fere Marquette R. R. Co. and the Bessemer ft Lake Erie R. R. Co. Capitalization. Outstanding. Common $60,000 Funded debt 476,000 Secured by a first mortgage on a system of car ferries and a steel carrying collier, and terminals, docks, buildings, etc.. in Con- neaut, Ohio, and in Port Dover, Ontario, Canada, and also one steamer. Underlies — $80,000 Debenture 68 of 1936. Original Market— Offered in 1903, by Law- rence Barnum ft Co., at par and Interest. Market. New York — Hartshorne & Battelle. Fred H. Hatch & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1921 Bid. Ask. Ask. High 97% '15 98% "16 68 July Low. 90 "17 97 '16 68 July 767 MARQUETTE CEMENT MANUFACTURING CO. l8t Os. Due $60,000 each July 1 and Jan. 1 from July 1, 1920, to Jan. 1, 1924, Incl.; $66,000 each July 1 and Jan. 1, from July 1. . 1*24. to Jan. I, 1928, Incl.; $72,500 each July and Jan. 1, from July 1, 1928, to Jan. 1, 1932, Incl. Dated Nov. 1, 1919. Interest payable Jan. and July 1 at First Trust & Savings Bank. Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,600,000 Outstanding (Feb. 1, '21) 1,400,000 Matured and Paid 100,000 Purpose of Issue — To take up all of the company's Indebtedness except current ac- counts, to provide additional working capital and to Increase plant facilities. Denomination— Coupon, $1,000 and $500: registerable as to principal. Trustee — First Trust ft Savings Bank, Chi- cago. Redeemable on any Interest date at 102 and Interest upon 30 days' notice. Organization — Incorporated In Illinois In 1902. Capitalization. Outstanding. Common $700,000 Funded debt l.BOD.OOO Secured by a first mortgage on all the prop- erty of the company. The property covered Includes 1.000 acres of surface lands owned in fee, and the mineral right* to 2,000 acres of coal lands located near Ocleiby (four mile* from La Salle, 111.), upon which is located a modern manufactur- ing plant with a daily capacity of 7.000 barrels. All the materials for the manufac- ture of a high grade Portland cement are conveniently located. Under the provisions of the trust agreement the company covenanta to maintain at all times during the life of these bonds net quick assets equal to the amount of outstanding bonds. As of November 1, 1919, the book value of net tangible assets was $5,139,845, and net quick assets 2,028,066. Original Market- — $1,500,000 offered Novem- ber, 1919, by P. B. Hitchcock & Company and First Trust and Savings Bank, Chicago, at prices ranging from 100 and interest to 97.90 and interest according to maturities. Market. Chicago— -First Trust & Savings Bank, F. B. Hitchcock & Co. MARQUETTE, HOUGHTON & ONTONAGON RAILROAD (now 1st) 6s. Due April It 1935. Dated April 1, 1885. Interest payable April and October 1, at 55 Wall St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,400,000 Outstanding 1,077.000 Exehanged for D.. S. S. & A. 1st Cons. 4s 323.000 Denomination — Coupon. $1,000. Kegisterable as to principal. Trustee— New England Trust Co., Boston, MARQUETTE COUNTY GAS & ELECTRIC CO. 1st S. F. 6s. Due Jan. 1, 1930. .Dated January 1, 1910. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding: (Jan. 1, '21) 387,000 Retired by S. F 50,000 Reserved for Ext 663,000 Denomination — Coupon, $1,000. Regiaterable as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable at 105 and Interest on any in terest date. Sinking Fnnd — 1% a' outstanding bonds an nually January 1, 1913, 1914 and 1915, and 2% from 1916 to 1929, inclusive, to be ap- plied to the purchase or redemption of these bonds at not over 106 and Interest. Assumed — As of April 15. 1920, $139,000 of the outstanding bonds have been assumed by the Marquette County Electric Railway Co., which company has acquired and owns a por- tion of the property upon which this mortgage is a Hen. Control — Incorporated In Maine in 1906 as a reorganization of the Marquette County Gas Light & Traction Co., sold under foreclosure. In 1917 deeded Its property to the Michigan Gas & Electric Co., a subsidiary of the Middle West Utilities Co. Secured by a first mortgage on 4% miles of railway track in and between Negaunee and Ishpeming, Mich., also on plants supplying these towns with gas and electricity and Palmer with electricity. Gas and electric- generating plants are located near Negaunee. There Is a municipal lighting plant in Ne- gaunee. Franchises In Ishpeming: gas and electric, perpetual; railway, expires in 1936. In Negaunee: gas expires In 1933; electric in 1926 and railway in 1936. Population served, about 27.000. Underlies — $619,600 Michigan Gas & Elec- tric Co. 1st & Ref. 6s of 1932, under which mortgage bonds are reserved to retire this Issue. Original Market — $1,000,000 offered In Jan., 1912, by Continental & Commercial Trust fi:^ Savings Bank, Chicago, and Farson, Son & Co., Chicago and New York, at par and In- terest. Market. Milwaukee — Morris F. Fox & Co. Price Range. Jan. 1, '17, to Jan. 1, *Z1 1920 Bid. Ask. Bid. High 98*17 86 July Low. 85 '20 95 '19 86 July f ' ' 768 Assumed by the Duluth, South Shore & At- lantic Ry. Co, Control — Absorbed by Duluth, South Shore & Atlantic Ry. Co. 61% of the capital stock of the D., S. S. & A. Ry. is owned by the Canadian Pacific Ry. Co. Secured by a first mortgage on 130. SI miles of road, viz.: Miles. Marquette to Nestoria, Mich 45.90 Nestoria to Houghton, Mich 48.20 Marquette to Winthrop Jet., Mich... 17.33 Humboldt' to Republic, Mich 8.76 Branches to Spurs and Mines 10.32 Underlies — 1st Es of 1937 and 1st Cons. 4s of 1990 of D. S. S. & A. Ry., which mortgage provides for the retirement of this issue. The latter issue is all owned and guaranteed by the Canadian Pacific Ry. Co. Ijisted on the Boston Stock Exchange, Market. New York — Simon Borg- & Co., Vander- hoef & Robinson. Rocliester — Rochester Trust & Safe De- posit Co. Price Range, Jan. 1, '09, to Jan. 1, *31 1920 Bid. Ask. Bid. Ask. High 116 '09 II814 '09 90 Jan. 95 Jan. Low. 80 '19 86^*20 80 July 8 6 1^ Aug. MARTIN CO. (THX: D. B.) 1st S. F. 6s. Due January 1, 1935. Dated Jan. 1. 1920. Interest payable Jan. 1 and July 1, at Fidelity Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by the company without deduction ; free of Pennsylvania four mills tax; tax refunded In Maryland. ' Antliorized $2,000,000 Outstanding 1,600,000 Reserved for Corporate Pur- poses 500,000 Purpose of Issue — To pay oft existing mort- gages, finance completed, new construction and to provide w^orklng capital. Denomination — Coupon, $1,000; reglsterable as to principal, Trnstee^Fidellty Trust Co., Philadelphia. Redeemable as a whole at 105 and interest on any interest date or for sinking fund at 102% and Interest. Sinking Fund — ^Annually beginning June 1, 1922, $120,000. payable semi-annually to be applied to the purchase or redemption of these bonds at not exceeding 102% and interest. Organization — Incorporated in Pennsylvania as a consolidation of the D. B. Martin Com- pany of Delaware with Its subsidiary compa- nies and the General Manufacturing Company, all of which companies have been engaged In slaughtering* and dressing meats and manufac- turing by-products. Business established In 1872. Capitalization. Outstanding. Common $3,234,960 Funded debt *. 1.500,000 Secured by a first mortgase on all the prop- erty now owned by the company which can be legally mortgaged and a first mortgage at 76% of the cost of any property acquired by any further issue of the bonds. Further secured by pledge of the entire capital stock of J. Eavenson & Sons, Inc., Camden, N. J., together with the stock of certain smaller companies. Under the provision of the trust agreement any further issue of stock by these compa- nies must be pledged hereunder. The property of the company and its sub- sidiaries consists of four large abattoirs, lo- cated at Baltimore, Md.. Wilmington, Del., and Philadelphia, Pa., five rendering and fertiliz- ing plants, one distillation and saponification grease plant, and one soap plant. The soap plant owned and operated by the Company is known- as J. Eavenson & Sons, Inc., Camden, N, J., established for nearly three-quarters of a century. The company owns its own tanlc cars for the carrying of raw material for the various plants. Years ended Dec. 31: •Net. 1919 $442,636 1918 393.268 1917 704,129 1916 838.969 1916 363,876 •After Federal taxes, interest and deprecia- tion. Original Market — $1,600,000 offered March, 1920, by Elkins, Morris & Co., Philadelphia, at 95 and interest. Market Flliladelpliia — Elkins, Morris & Co., Mc- Cown & Co., Parsly Bros. & Co. Price Bange 1920. Bid. Ask. High 87 Nov. 95 Mar. Low 87 Dec. 91 Oct. MARYLAND & PENNSYLVANIA RAILROAD CO. 1st 4s. Doe March 1. 1951. Dated March 1, 1901. Interest payable March and Sept. 1, at Brown Bros. & Co., New York, or at Alex. Brown & Sons, Balti- more. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,200,000 Outstanding 897,000 Held In Treasury 100,000 Reserved for Prior Lien 203,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Mercantile Trust & Deposit Co., Baltimore. Redeemable at 105 and Interest on 60 days' notice. Organization — Incorporated in Maryland and Pennsylvania in 1901. Controls through stock ownership the Maryland & Pennsylvania Ter- minal Ry. Co. Capitalization. Outstanding. Common $1,602,600 Funded debt 2,309,450 Secured by a mortgage on 80.18 miles of road, viz. : A first lien on 40.18 miles — Miles. Baltimore, Md., to Delta, Pa 38.98 Dallastown Jet. to Dallastown. Pa 1.20 A second lien on 40 miles — Covered by the York & Peach Bottom 5s. Peach Bottom to York, Pa 40.00 Prior Ilea — $202,460 York & Peach Bottom Ry. Co. Ser. "B" 5s of 1932 for the retire- ment of which sufficient of these bonds are reserved. Underlies — $900,000 Income 4s of 1951 and $300,000 Oonv. 6fl of 1923. Years ended Dee. 31: Gross. Net. 'Charges. 1920 $821,023 $40,709 $79,560 1919 659,624 99,866 79,906 1918 606,167 105,250 80,001 1917 634,699 127.842 80,323 1916 489.894 132,413 82,264 •Interest, rentals, amortization and other charges. Listed on the Baltimore Stock Exchange. Original Market— $650,000 offered March, 1901, by Alex. Brown & Sons, Baltimore, and Brown Bros. & Co., New York; at 95 and in- terest. Market. New York — Hartsliorne & Battelle. Baltimore — Barroll, Corkran & Co., Smith, Lockhart & Co. Philadelphia — Arthur J. Bender. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93% '12 96 '09 50 Jan. 60 Jan. Low. 40 '20 51% '20 40 July 51% Dec. MARYLAND & PENNSYLVANIA RAILROAD Cum. Inc. 4s. Due April 1, 1961. Dated April 1, 1901. Interest payable April and Oct. 1 (if earned), at Brown Bros. & Co., New York, and Alex. Brown & Sons, Balti- more. Four per cent, per annum was paid to and including April 1, 1914, but no interest has been paid since that date and including April 1, 1921. As of Dec. 31,, 1920, accrued interest amounted to $252,000. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized $900,000 Outstanding 900,000 Denomination — Coupon, $1,000. Trustee — Maryland Trust Co., Baltimore, Md. Redeemable at par and interest. Organization — See 1st 4s. Secured by a second and third lien on the property covered by the 1st 4s. Prior Liens — $202,460, York & Peach Bot- tom 6s of 1932; $897,000 1st 43 of 1961 and 6% notes of 1923. Earnings — See 1st 4s. Original Market — Company received sub- scriptions to these bonds at 70, subject to the sale by a syndicate at 76. Market. Baltimore — Barroll, Corkran & Co. Philadelphia — Arthur J. Bender, Huntoon & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 72 '12 75 '12 16f June 18f Augr. Low. 8f'20 Hf'20 SfDec. llf Dec. 769 MARYLAND & PENNSYLVANIA RAILROAD CO. 6% Conv. Notes. Due October 1, 1923. Dated October 1, 1913. Interest payable January 1 and July 1, at Alexander Brown & Sons, Baltimore, Md. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding 300,000 Unissued 200,000 Denomination — Coupon, $100, $500 and $1.- 000. Registerable as to principal. Trustee — Mercantile Trust & Deposit Co., Baltimore, Md. Redeemable on any interest date at 102% and Interest. Convertible into common stock at the rate of $100 in bonds tor $200 In stock. Organization — See 1st 48. SecoritT — ^A direct obligation of the com- pany, but not secured by a mortgage. The company can place no additional mortgage on Its property without equally securing or re- tiring these notes. The principal and in- terest of these notes are a charge against the company prior to the interest on the Income 4s. For further details and earnings see 1st 4s. Original Market — $300,000 offered Oct., 1913, by Alex. Brown & Sons, Baltimore, at 99 and interest. MARYLAND COAX CO. OF WEST VIRGINIA Debenture Income 6s. Dne Feb. 1, 1941. Dated July 6, 1911. Interest payable Feb. and Aug. 1 (if earned), at Company's office, 1 Broadway,' New York. Tax Statns — ^Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding 704,600 Redeemed 277,950 Denomination — ^Registered, $50, $260 and $1,- 000. Trustee — Central Union Trust Co.. New Tork. Redeemable at any time at par. Sinking Fund — Five cents per ton of coal mined plus an additional sum for deprecia- tion. Organization and Control — This company has taken over the property of the Maryland Coal Co. of Maryland, located in West Virginia, in order to avoid excessive taxation. These bonds were issued to the Maryland Company in payment for the property so transferred. Practically all of the stock is owned by the Maryland Coal Co. of Maryland. .Capitalization. Outstanding. Common $2,000,000 Funded debt 704.600 Security — A direct . obligation of the com- pany, but not secured by a mortgage. New York — Hartshorne & Battelle, Wat- son, Armstrong & Co. Price Range. Jan. 1. '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 82 '17 85 '17 62 Nov. 76 Mar. Low. 50 '16 60 '15 60 Mar. 75 Mar. of road from Love Point, Md., on Chesa- peake Bay, to Lewes, Del., on Delaware Bay, and branch to Centerville, Md., and 13 steam- boats. The steamship lines operate to various points on Chesapeake Bay and tributary rivers, including ferry service between Baltimore and Love Point, 27 miles. The length of all steamship routes is 980 miles. Years ended Dec. 31: Int. Gross. Net. & Rent. •1919 $49,643 $63,496 $164,366 tl919 1,366,188 def. 83,763 •1918 49,643 61.392 173,894 tl918 1,101,324 69,227 1917 1,011,619 61,073 168,612 1916 924,287 34,848 166,906 1916 904,166 48,493 171,301 •Corporate account. tFederal account — standard return not in- cluded. Original Market — Offered in 1906 by Rudolph Kleybolte & Co., New Tork and Cincinnati, at 116^ and interest. Market. New York — Finlay & Davenport, Fred H. Hatch & Co., Alfred F. Ingold & Co. Baltiniore — Barroll, Gorkran & Co., Nor- man J Polack. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '09 106 '08 23tJune 36 May Low. 20f'20 26f'20 20fMay 25f Dec. MARYLAND, DELAWARE & VIRGINIA RAILWAY CO. 1st 5s. Due Feb. 1, 1955. Dated Feb. 1. 1905. Interest payable Feb. and Aug. 1, at Treasurer's office, Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $2,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Guaranteed principal and interest by the Baltimore, Chesapeake & Atlantic Ry. Co. by endorsement. Organization and Control^-The Queen Anne's R. R. Co. (original company) Incorporated in Maryland in 1894 and Delaware in 1896. The entire common stock issue and one-flfth of the preferred stock is owned by the Baltimore, Chesapeake & Atlantic Ry. Co., which com- pany is controlled through stock ownership by the Pennsylvania R. R. Co. and three of its subsidiary companies. Capitalization. Outstanding. Common . $1,600,000 Preferred (4% non-cum.) 1,600,000 Funded debt 2,000,000 Secured by a first mortgage on 77.43 miles 770 MARYLAND DREDGING & CONTRACTING CO. 15-Year S. F. 1st 6s. Due Feb. 1, 1930. Dated Feb., 1916. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $760,000 Outstanding (Jan. 1, '21) 403,800 Hetired by S. F 322,900 In Treasiu-y 14,900 Cancelled 8,400 Denomination — Coupon, $1,000, $500 and $100. Trustee — Fidelity Trust Co., Baltimore. Redeemable at 105 and interest. Sinking Fund — Annually $50,000, payable semi-annually for the purchase or redemption of these bonds at not over 105 and interest. Bonds acquired are held alive and interest added to fund. Assumed by the Arundel Corp, Control — Incorporated in 1902 to dq a dredg- ing and general contracting business. In Aug., 1919, this company with several others was consolidated into the Arundel Corp. Secured by a first mortgage on the entire property, plant and equipment, valued at $1,- 250.000, and by deposit of $600,000 (entire is- sue) of bonds of the Bowers Southern Dredg- ing Co., covering property valued at $1,250,- 000. Original Market — $660,000 offered Jan. 1, 1916, by the Union Trust Co. of Maryland and Fidelity Trust Co., Baltimore, at 99 and interest. Market. Baltimore — Jenkins, Whedbee & Poe, Mackubin. Goodrich & Co. MARYLAND ELECTRIC RAILWAYS Ist 6b. Due Oct. 1, 1931. Dated October 1, 1906. Interest payable April and Oct. 1, at Alex, Brown & Sons, and Trustee's office, Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized $8,000,000 Ontstandingr (Jan. 1. '21) 3,937,000 Held in S. P 1,009,000 Reserved for Ext 3,054,000 BenomlnatioD — Coupon, $1,000. Resisterable as to principal, Trastee — ^Mercantile Trust & Deposit Co.. Baltimore. Redeemable at HO and Interest on any in- terest date upon 90 days* notice. SinkiuB Fund — Annually 1^% of outstand- ing bonds, began March 30, 1910, , for the purchase or redemption of these bonds at not over 110 and interest. Bonds so acquired to be held alive and interest added to this fund. Assumed by the United Rys. & Blec. Co. of Baltimore. Organization and Control — Incorporated as the Maryland Electric Ry. Co. In 1906 its charter was amended and it absorbed the Bal- timore & Annapolis Short Line R. R. Co. (since electrified). The company Is controlled by interests identified with the United Rys. & Elec. Co. of Baltimore and the merger in 1906 was effected to facilitate th§ financing of certain extensions, and the ac- quisitions of the property covered by this mortgage. The entire property was leased to the United Rys. & Elec. Co. In 1906 under the terms of which the latter company pays an annual rental of 6 % upon the actual cost of the property, and at the maturity of these bonds obligates itself to purchase the prop- erty at a price sufficient to retire all out- standing bonds. Capitalization. Outstanding. Common $1,164,000 Funded debt 4,946,000 Secured by a first m ortgage on certain street railway track in Baltimore, and on certain terminals and car barns located in that city. The company's franchise permits any ex- tensions approved by the City Council. liCgal for Baltimore Trust Funds. Listed on the Baltimore Stock Exchange. Original Market — Offered in 1906, by Alex. Brown & Sons, Baltimore, at 95 and interest, Market, Baltimore — Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co., Smith, Lockhart & Co. Philadelpliia — McCown & Co. Price Range. Jan. 1, *12, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 100 '16 101 '12 84 Jan. 86 ^^ Jan. Low. 75 '20 77 '20 75 Dec. 77 Dec. MARYLAND STEEL CO. 1st 6s, Dae Feb. 1, Dated Feb. 1. 1892. Interest payable Feb. 1 and Aug. 1, at office of Pennsylvania Steel Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and Maryland. Authorized $2,000,000 Outstanding 1.903.000 In Treasury 97,000 Denomination — Registered, $1,000. Trustee — Girard Trust Co., Philadelphia. Assumed by the Bethlehem Steel Co. and Penn-Mary Steel Co. Control — In 1916 property of this Company acquired by the Penn-Mary Steel Co., a sub- sidiary of the Bethlehem Steel Co. The latter company leases the properties. Secured by a first mortgage on the plant of the company at Sparrow's Point, Md., which consists of four furnaces, total capacity 500,- 000 tons Bessemer pig Iron per annum: and Bessemer open hearth steel plant with an an- nual capacity of 750,000 tons of steel ingots,, also rolling mill, ship yard for building alt classes of vessels and extensive ore docks andi new tin plate mill. Underlies — Pennsylvania Steel Co. and Mary- land Steel Co. Joint Cons. 6s of 1926 and Bethlehem Steel Co. P. M. & Imp. 6s of 1936, under which mortgage provision ia made- for the retirement of this issue. Earningrs — See Bethlehem Steel Co. P. M. & Imp. 5s. Listed on the Philadelphia and Baltimore^ Stock Exchanges. Market. Baltimore — Jenkins, Whedbee & Poe-, Smith, Lockhart & Co. Philadelphia — Barnes & Lofland, Brown Bros. & Co., George N. Fleming, William W. Fogarty, Lloyd & Palmer, McCown & Co., J. P. Magill & Co., Marley, Wood & Co., Parsly Bros. & Co. Price Range. Jan. 1, *08, to Jan. 1, '21 1920/ Bid. Ask Bid. Ask. High 103 08 103% '09 95 Apr. 97 Jan.. Low. 90 'IS 9i '15 90 Dec. 95 Dec MASON CITY (la.) & CLEAR LAKE RAIL^ ROAD CO. Gen. 6s. Due June 1, 1932. Dated June 1, 1912. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsyl- vania State Tax refunded. Authorized $2,500,000 Outstanding: 316,000 Owned by U. Lt. & Rys 8,500 lleserved lor Ext 1,175,500 Denomination — Coupon, $100, $500 and $1,000. Kegisterable as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable at 105 and interest on any ii>- terest date on 60 days' notice. Improvement and Sinking Fund — ^Annually,, from June 1, 1913, 2% of outstanding bonds*. This fund may be used for betterments, ad- ditions or for the purchase or redemption of these bonds at not over 105 and Interest. Organization and Control — Incorporated In.' Delaware in 1911 as successor to the Mason^ City & Clear Lake By. Company incorporated In Iowa in 1897. In Feb., 1913, the United Light & Rye. Co. acquired control through stock ownership* Capitalization. Outstanding-* Common $400,000 Funded debt 316,000- Secured by a first mortgage on 19 miles of street and tnterurban railv/ay in and between Mason City and Clear Lake, la. Franchise*- in Mason City expire in 1935, balance of the road is on private right-of-way. The company handles practically all the freight busines» between the two cities. Earnings — See United Light & Rys. Co. Original Market — Offered in 1912, at 101 and Interest by E. H. Rollins & Sons, Boston, New York, Chicago, etc. Market. Chicago — B. H. Rollins & Sons, UnloSn Trust Co. Boston — E, H. Rollins & Sons. New York — E3. H, Rollins & Sons, McDon- nell & Co., Pynchon & Co. San Francisco — E. H. Rollins & Sons. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 89 *19 102 *16 72 Dec. 82 Dec. Low. 70 '20 80 '20 70 Jan. 80 Jafl. 771 BfASON CITY & FT. DODGX: RAUiROAD CO. 1st Is. Dne Jane 1, 1965. Dated June 1. 1905. Interest payable June and Dec. 1, at J. P. Moigan & Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $12,000,000 Outstanding: 12,000,000 Denomination — Coupon, $1,000. Kegrlsterable as to principal. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated in Iowa in 1881. Leased for 100 years from 1901 to the Chicago Great Western Ry. Co., and lease assumed by the present Chicago Great Western R. R. Co., which owns the entire capital stock. Lessee agrees to pay rental from the net earnings and retain net income. Capitalization. Outstanding. Common $19,205,400 Preferred (4% non-cum.) 13,636,752 , 3Funded debt 12.000,000 Secured by a first mortgage on 375.33 miles ■of road, viz.: Miles. Hayfield, Minn., to Clarion, la 99.71 'Clarion to Ft. Dodge, la 28.05 Fort Dodge to Council Bluffs, la 132.90 -Ft. Dodge to Lehigh, la 15.69 •Oelwein to Clarion, la 98.09 :Spur to Ft. Dodge Depot 0.79 Also secured on 8.13 miles of trackage rights -over the Union Pacific R. R. from Council BlufCs, la., to So. Omaha, Neb. Further sef^ured by a first lien upon the entire capital stock ($100,000) of the Omaha Grain Terminals. Underiies — Chicago Great Western R. R. 1st 4s, which are secured in part by the deposit of the entire capital stock of the M. C. & Ft. ^D. R. R. Co. Bonds are reserved under that ^mortgage to retire this issue. Original Market — $12,000,000 offered in 1905 it>y Blair & Co. and Simon Borg & Co.. New TYork, at 92 and interest. Market. ISew York — Simon Borg & Co., Dunham & Co., Finlay & Davenport, Rollins, Kalb- fleisch & Co., Vanderhoef & Robinson. Price Range. Jan. 1, '08, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask Kigh 87^4 '10 90 '08 47 Nov. 50 Oct. X.OW. 27 '20 31 '20 27 Dec. 31 Dec. "MASSACHUSETTS GAS COMPANIES 30-Year Deb. S. F. 4^9. Due Jan. 1, 1939. Dated Jan. 1. 1909. Interest payable Jan. and July 1, at Trustee's office. Tax StatuS' — Payment of Federal Income Tax --not assumed by company. Authorized $6,000,000 Outstanding 4,289,000 Itetired by S. F 1,720,000 :Denomination — Coupon, $1,000. Registerable aB to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Old Colony Trust Co. , Boston. Redeemable as a whole only at 105 and in- terest on any interest date. Sinking Fund — $120,000 annually on or after March 1. 1914, and $180,000 annually there- after for the purchase or redemption of these bonds at not over 105 and interest. Organization — Organized imder the laws of Mass in 1902 as a voluntaj-y association, and owns' $15,111,600 of the $15,124,600 capital stock of the Boston Consolidated Gas Co., the entire $26,000,000 capital stock of th^ New England Fuel & Transportation Co., the entire $676,000 capital stock of the East Boston Gas Co., the entire $743,000 capital stock of the Citizens' Gas Light Co. of Quincy, and the entire $560,000 capital stock of the Newton & Watertown Gas Light Co. Also $1,487,213 of the $3,500,000 capital stock of Beacon Oil Co. and the entire cap- italization (1,000 shares, no par) of Law- rence Building, Inc. Througrh these sub- sidiaries this company supplies gas to Bos- ton and its suburbs and controls coal mines and plants manufacturing gas and coal products on a most extensive scale. Capitalization. Outstanding. Common $25,000,000 Preferred (4% cum.) 26,000,000 Funded debt 8,280,000 Security— A direct obligation of the com- pany but not secured by a mortgage. The company covenants not to mortgage nor pledge any of its assets without equally se- curing these bonds, and that none of its sub- sidiaries shall mortgage or pledge their prop- erties except to further secure these bonds. Years ended Dec. 31: Gross. Net. Interest. 1920 $3,474,946 $3,286,661 $432,181 1919 3,412,234 3,249,119 402,061 Listed on the Boston Stock Exchange. Original Market — $6,00 0, 00 offered Jan. , 1909. by Kidder, Peabody & So., R. L. Day & Co. and Bstabrook & Co., Boston, at 96% and interest. Market. New York — Hartshorne & Battelle. Boston — L. Sherman Adams, Curtis & Sanger. Price Range. Jan. 1, '11, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 100 '11 100% '11 91 Jan. 92 Jan. Low. 80 '20 83 '20 80 June 83 June MASSACHUSETTS GAS COMPANIES 30-Year Deb. 4^8. Due Dec. 1. 1931. Dated December 1, 1911. Interest payable June and Dec. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .. .$4,000,000 Denomination — Coupon, $1,000; registerable as to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Old Colony Trust Co., Boston. Redeemable as a whole only at 105 and in- terest on any Interest date. Organization and Property — See 4%s, 1929. J?ecurity — A direct obligation of the com- pany but not a mortgage. For provisions of indenture see 4 % s. Earnings — See 4%s. Usted on Boston Stock Exchange. Original Market — $4,000,000 offered In Dec. 1911, by Kidder, Peabody & Co., R. L. Day & Co.. and Estabrook & Co., Boston, at 98 and interest. Market. Boston — L. Sherman Adams, Curtis & Sanger. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95% '16 96 '16 84 Jan. 85 Jan. Low. 72 '20 77 '20 72 June 77 July MASSACHUSETTS LIGHTING COMPANIES Deb. 7s. Due $116,000 each June 1 from June 1, 1919, to 1938, inclusive. Dated June 1, 1918. Interest payable June 1 and Dec. 1 at Old Colony Trust Co., Bos- ton. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt \n Mass., but the Income from them Is tax- able. Anthorized $1,160,000 Outstandingr (Jan. 1, '21) 928,000 Balance Retired. Purpose of Issue — ^To provide funds for the payment of the entire note indebtedness and for extensions and additions. Denomlnatton — Coupon, $1,000, $600 and $100. Registerable as to principal. Redeemable — Bonds maturing on or after four years from date of issue are callable all or part at 103 on any interest date upon 3 months' notice. Organization — ^A voluntary association or- ganized under the laws of Massachusets Oct. 1, 1903. The company owns or controls the capital stock of a number of gas and electric companies serving a number of towns in New England. Capitalization. Outstanding. Common (no par) 46,169 shs. Preferred, (no par, $6 cum.).... 55,331 shs. Funded debt 928,000 Security — A direct obligation of the company but not secured by a mortgage. Years ended June 30 (subsidiaries): Gross. Net. Interest. 1920 $2,124,631 $625,528 $175,664 1919 1,865,519 474,692 178,177 1918 1,694,945 464,399 146.679 1917 1,427,949 509,368 108,386 Original Market — $1,160,000 offered Oct.. 1918. by C. D. Parker & Co., Inc., Boston, at prices to yield from 7.25 to 7.50% accord- ing to maturity. MASSACHUSETTS UGHTING COMPANIES 10-Year Deb. 7s. Due Oct. 1, 1930. Dated Oct. 1, 1920. Interest payable April 1 and Oct. 1, at Old Colony Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in Massachusetts. Authorized $2,000,000 Outstanding: 1,000,000 Reseorved for Coi-p Purposes . . 1,000,000 Purpose of Issue — To retire current debt issued to pay for additions and extensions, and to provide for construction necessary for growth of business. Denomination — Coupon $1,000, $500 ana $100; registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 103 and interest on any interest date upon 3 months' notice. Organization, etc. — See Deb. 7s. Secuiity — A direct obligation of the com- pany, but not secured by a mortgage. The indenture provides that the company may not place any mortgage or other encum- brance upon its property, or any part thereof unless these bonds are equally secured. Biumings — See Deb. 7s. Ori^nal Market — $1,000,000 offered Nov., 1920, by C. D. Parker & Co., Inc., Boston. MASSACHtlSF.TTS NORTHEASTERN ST. RAH/WAY 1st & Ref. 5s. Due July 1, 1934. Dated July 1, 1914. Interest payable Jan. 1 ani July 1, at Trustee's offlce, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstandinsr *'J'°°2 Reserved to Retire Prior Mens. . 230,000 Reserved for Ext 900,000 Denomination — Coupon, $1,000. Register- able as to principal only. Trustee — American Trust Co., Boston, Redeemable at 110 and interest on any in- terest date. Organization — Incorporated In Massachu- setts in 1912 as a consolidation and Is con- trolled by the New Hampshire Electric Rys. through stock ownership of entire capital Capitalization. Outstanding. Common $1,500,000 Preferred (6% cum.) 665,000 Funded debt 1,100,000 Secured by a first mortgage on WO miles of electric railway (measured as single track) and a second mortgage on 27 miles (meas- ured as single track). The company's lines extend from Haverhill, Mass., through New- buryport, Salisbury and Amesbury In Massa- chusetts and Plaistow and Newton, N. H., and from Haverhill through Lawrence, Methuen and Dracut, Mass., Salem, Pelham and Hud- son, N. H. The company has trackage agree- ments by which its oars run Into Lowell. Mass., and Lawrence, Mass. Population served, 290,000. About 40 miles of road is on private right-of-way and franchises else- where are perpetual. Years ended Dec. 31: Gross. Net.. 1920 $1,073,466 $78,80T 1919 971,700 183,594 Original Market — Offered in April, 1916, by Harris, Forbes & Co., New York, N. W. Har- ris & Co., Boston, and Harris Trust & Sav^ ings Bank, Chicago. Market. New York — ^Harris, Forbes & Co. Boston — Merrill, Oldham & Co. Price Range, Jan. 1, '16, to Jan. 1, '81 Bid. High 99 '16 Low. 50 '20 192» Ask. 50 Apr. 60 Apr. MASSACHUSETTS OIL REFINING COM- PANY 10-Year Participating Convertible 78. Due Oct. 1, 1929. Dated October 1, 1919. Interest payable Jan. 1 and July 1, in New York and Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized ....$5,000,000 Outstanding (Jan. 1, '21): A $3,000,000 B 1,000,000 4,000,000 Pledged to Secure 7% Notes — B 1,000,000. Denomination — Coupon, Sl.ono. $600 and $100; registerable as to principal. Trustee — Old Colony Trust Company. Bos- ton. Redeemable on any interest date upon thirty days' notice at 120 and Interest, but convertible during said period. Sinking Fund — Annually an amount equal to 10% of net earnings for the previous year, to be applied to the purchase or redemption of these bonds at not over 120 and interest. Participation in Earnings — The company- each year will distribute 20% of the net earn- ings for the previous calendar year to holders- of the bonds (and of preferred stock issued' for same), in addition to the fixed interest (or dividend) at the rate of 7% per annum. Convertible at any time at par, into T% Cum. Participating Pref. stock. This Pref. stock is issuable only upon conversion of the bonds and Is entitled to participate in the net ■ earnings to the same extent as the said bonds,, and is callable as a whole at 125. Stock Willi be free of the Massachusetts Income Tax. Organizalion and Control — Incorporated in 1919 in Massachusetts. The company has a contract with the Island OH & Transport Corp. under whicli it "Will be furnished with light Mexican 773 ■Crude Oil, from gasoline, kerosene, lubri- cating oils, paraffine wax, gas oil, fuel ■oil, flux and asphalt will be manufactured. -Property covers about 76 acres and has dock- bug facilities for ocean-goin? vessels. A majority interest in the common stock is owned by the Island Oil & Transport Corp, Capitalization. Outstanding. Common $5,000,000 Preferred (7 % cum.) None Funded debt 5,000,000 Secured by a flrat mortgage on all the prop- erty of the company. The company now has under construction at East Braintree, Mass., a modern refining plant with an Initial ca- pacity of about 1,400,000,000 barrels of crude -Oil per annum. Original Market — $3,000,000 offered Novem- •ber, 1919. by A. B, I^each & Co., of New York, etc., at 98 and interest. Market. Boston — ^Blodget & Cp. Chicago — ^A. B. Leach & Co. Price Range 1930 — Ask, 98 Sept.; 96 Mar. 3IASSEY-HARRIS COMPANY, LTD.— MAS- SEY-HARRIS HARVE3STER CO., INC., 10-Year S. P. Deb. 8s. Due Oct. 15, 1930. Dated Oct. 15, 1920. Principal, sinking fund and interest (Oct. 15 and April 15) in gold in New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $4,000,000 Outstanding 4,000,000 PiuTJOse of Issue — About 80% of the pro- ceeds will be utilized by the Massey-Harris Harvester Co., Inc., for the liquidation of all its banking credits, and balance for con- struction and equipnient. Denomination — Coupon, $1,000 registerable aa to principal. Trustee— United States Mortgage & Trust Co., New York. Redeemable as a whole only at 107 and interest on any interest date on 30 days' notice. Sinlcing Fimd — Annually an amount equal to 10% of the total amount of bonds issued for their purchase or redemption at not ■over 102 1,^ and interest. Bonds acquired are to be cancelled. Orgnnization^ — The Massey-Harris Co. , Ijtd., was incorporated in Canada in 1891; business was established in 1847. Manufac- tures a complete line of agricultural imple- ments. Its plants are located in Toronto. "Weston, Brantford and Woodstock, Ont. Capitalization. Outstanding. ■Common $18,118,600 ^Funded debt 4,000.000 *This issue. The Massey-Harris Harvester Co., Inc., ■was incorporated in New York in 1917 as successor to The Johnston Harvester Co. Business established in 1850. Manufactures liarvesting machinery and other agricultural implements. Plant is located at Batavia. Capitalization. Outstanding. ■Common $2,750,000 •Funded debt 4,000,000 ♦This issue. Massey-Harris Co., Ltd., owns 86% of the capital stock of the Massey-Harris Har- vester Co. Security — A joint and several obligation ■of the Massey-Harris Co., Ltd., and the Massey-Harris Harvester Co., but not se- cured by a mortgage. Under the provisions of the Trust Deed the companies covenant to maintain cur- rent assets to an amount equal to at least ■twice the amount of ail current liabilities, -together with bonds outstanding, and to maintain net tangible assets to the extent •of at least five times the amount of bonds at any time outstanding; and also that no mortgage, notes, or other obligations can be created or Issued by either company, ranking equally with or prior to this issue, except that they amy contract bank loans in the ordinary course of business, matur- ing wthin one year, and purchase money mortgages to the extent of not more than 60% of the purchase price of new properties acquired. Yeaj's ended Dec. 31 (combined) : Gross. *Net. 1919 $22,702,000 $1,984,000 1918 17,500,000 2,020,000 1917 17,962,000 1,858,000 1916 15,182,000 1,857,000 1915 11,529,000 1,399,000 *After interest, taxes, depreciation, etc. Original Market — $4,000,000 offered Oct., 1920, -by William A. Read & Co., New York, etc., at 100 and interest. Price Kange 1920. Bid. Ask. High 100 Oct. 100% Nov. Low 97% Nov. 99 Dec. MASSIIJLON (O.) ELECTRIC & GAS CO. (THE) 1st S. P. 5a. Due July 1, 1956. Dated July 1, 1916. Interest payable Jan. and July 1, at office or agency of company. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania tax refunded. Authorized $2,000,000 Outstanding (Jan. 1, '21) 518,000 Held !n S. P 16,000 Pledged to Secure 7% Notes 300,000 Reserved for Ext 1,167.000 Denomination — Coupon, $1,000, $500, $250 and $100. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at 105 and Interest on any in- terest date upon 4 weeks' notice. Bonds pur- chased are to be kept alive and draw Interest. Improvement and Sinking Fund — ^Annually, beginning July, 1917. 1 % of outstanding bonds in cash for their purchase or redemp- tion at not over 105 and interest. In lieu of cash payments, bonds of this issue with un- matured coupons attached w^ill be equivalent to a cash payment of 105 and Interest; or an investment of 2% of outstanding bonds In ad- ditions and improvements, against which no bonds can be issued; or part In cash and part In property in above named proportion. Bonds acquired are to be kept alive and Interest added. Organization and Control — Incorporated in Ohio in 1908. Controlled by the Cities Service Co, through ownership of entire common stock except di- rectors' qualifying shares. Capitalization. Outstanding. Common $600,000 Preferred (6% cum.) 250,000 Funded debt 733,000 Secured by a first mortgage on all property now owned or hereafter acquired. The prop- erty covered comprises power plant in Mas- sillon; 40.27 miles of high-tension transmis- sion lines in Massillon, O., and to other towns serA'ed and 62.21 miles of distributing lines. The company does the entire electric light and power business in Massillon and Canal, Ful- ton, Navarre and Dalton. Also distributes in Orrville and sells electrical energy whole- sale to village of Brewster, North Brewster Electric Light, Heat & Power Co. and the Wooster Electric Co. The company's artificial gas plant in Massillon is not in operation, due to natural gas competition. Population served, about 30,000. Franchises are unlim- ited in point of time. 774 Gross. Net. 1820 $921,666 $226,529 1918 586,793 145,190 1917 359,017 102,618 1916 244.786 113,371 Orieinal Market — Offered Dec. , 1916, by Henry & West. Philadelphia, at 97% and in- terest. Market. Philadelphia — William W. Fogarty, Samuel K. Phillips & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97^ '17 Not Low. 86 '19 available MASSILLON ELECTRIC & GAS COMPANY 3-Year 7% Coll. Tr. Conv, Notes. Due January 1. 1933. Dated Jan. 1, 1920. Interest payable Jan. 1 and July 1, at office or agency of Company, New York, Tax Status — 2% Federal Income Tax paid by the company without deduction. . Penn- ■ylvania State Tax refunded. Authorized $200,000 Ontstandins 200,000 Denomination — Coupon, $1,000; resisterable as to principal. Trustee — Colonial Trust Co., Philadelphia. Redeemable as a vrhole or in part by lot upon 30 days' notice at 101 and interest. Convertible into 1st 6s of 1966 at any time within sixty days of maturity at 84. Privi- lege extends to and including: redemption date if bonds are called. Orsranization and Control — See 1st S. F. 6s. Secured by a pledge of $300,000 1st 6s of 1966. Eamines — See Ist 6s. Orferinal Market — $200,000 offered Mar., 1920, by West & Company, Philadelphia, at 98 H and interest. UATTAGAMI PULP & PAPER CO.. LTD., 1st S. F. 68. Due May 1, 1937. Dated May 1, 1916. Interest payable No- vember 1 and May 1 at the Bank of Nova Scotia, Toronto, or its agency in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding;: (Jan. 1, '21) 1,795,000 Balance Retired by S. F. Denomination — Coupon, $1,000 and $600. Reglsterable as to principal. Trustee — National Trust Co.. Toronto. Redeemable aa a whole or in part for sink- ing fund at lOB and interest on or after Jan- uary 1, 1920r on three months* notice to the trustee. Sinking Fund — Semi-annually, beginning January 1, 1918, 3% of bonds issued for the purchase or redemption of these bonds at not over 105 and interest. It is estimated that this fund will retire over $1,400,000 bonds by maturity. Organization — Incorporated February, 1916, In Ontario, Canada, for the manufacture of wood products, pulp and paper. Capitalization. Outstanding. Common $2,000,000 Preferred (7% cum.) 1,500,000 Funded debt 3,933,500 Secured by a first mortgage on all the com- pany's assets, properties, timber limits, water powers, etc., now owned or hereafter ac- quired. The company owns In fee 125 square miles of freehold timber and pulp wood lands, in- cluding surface and mineral rights, and leases from the Government of Ontario 840 square miles of Crown timber lands adjacent and tributary to the Mattagami, Muskego and Buskego Rivers. Leases run for twenty years with two sixteen-year renewal periods. The company's timber holdings are estimated to cut 4,000,000 cords of spruce pulp wood. Company owns sulphite mill at Smooth Rock Falls, Mattagami River, capacity, 46,000 tons per annum, also sawmill, water power de- velopment, etc. Water power development has maximum capacity of 9,000 h. p. and minimum of 4,000 h. p. The company also has an additional water power site eight miles above the present mill. Underlies — Conv. Deb. 7s of 1949. Original Market — $1,000,000 offered Janu- ary, 1917, by Royal Securities Corporation, Ltd., Montreal and Toronto. Market. New York — Jenks, Gwynne & Co., Lynch & McDermott, Henry Nightingale, Morton Lachenbruch & Co. Montreal — Hew R. Wood Co. , National Bond Co., Inc., Royal Securities Corp. Price Range. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 Aug, 96 Nov. 78 Aug. 96 Mar. Low. 74 '20 80 '20 74 Nov. 80 Sept. MATTAGAMI PULP & PAPER COMPANY, LTD., 7% Conv. S. F. Mtge. Deb. Stock. Due May 1. 1949. Dated May 1, 1919. Interest payable May and Nov. 1. Principal and interest payable at Montreal and Toronto in Canadian gold coin, at New York City in U. S. gold coin or at London, Eng., In English gold coin at the rate of $4.86 2-3 to the £1 sterling. Authorized $3,000,000 Outstanding: 3,000,000 Purpose of Issue — To provide working cap- ital and funds for further plant extension. Provisions of Issue — ^Additional $2,000,000 debentures ranking pari passu with this issue and with or without privilege of conversion into common stock. Denomination — ^Registered, $100 and multi- ples, also In sterling equivalent. Trustee — Montreal Trust Company, Mon- treal. Redeemable as a whole within 10 years at 116 and Interest. Thereafter at 106 and In- terest. Sinking Fund — Beginning May 1, 1924, 2% annually of debentures outstanding, to pro- vide cumulative sinking fund estimated to re- tire total Issue by maturity. Convertible into common stock, par for par, at any time up to May 1, 1929. If called prior to May 1, 1929, holders shall have three months' notice of the company's intention to redeem, during which time they may convert. Organization — See 1st S. F. 6s. Secured by mortgage on the property cov- ered by the first lien of the company's Ist S, F. 6s, due May 1, 1937, but subject thereto. Prior Lien — $1,785,000 1st S. F. 6s, due May 1, 1937. Original Market — Offered May, 1919, by Royal Securities Corporation, Ltd., Montreal and Toronto, Price Range. Jan. 1, *19, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 74 '20 96 '19 74 Nov. 96 Jime Low. . . 81 *20 . . 81 Oct. 77B MAYNARD COAL CO. (THE) Ist S. P. 78. Due $40,000 each May 1, from 1921 to 1930. incln., and $400,000 May 1. 1031. Dated November 1, 1919. Interest payable May 1 and Nov. 1 at Chicago Trust Company, Chicasro, or In New York or Columbus, Ohio. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,600,000 OatBtandins 800.000 Resented for Ext 700,000 ProTlBlons of Issne— Additional bonds may be issued for the purchase and development of new properties not now in operation for an amount not exceeding 66 2-3% of the cost of such properties, when net earnings for the precedinsT year have been not less than three times the interest charges on all bonds out- standing, including those proposed to be is- sued. Purpose of Issne — To provide funds which, together with funds derived from junior financing and from the treasuries of the con- stituent companies, are sufflcient to acquire title to all the properties of the Daniel Boone Coal Company; to pay off old bond issues. amounting to $394,000, and to leave over $600,000 of net working capital in the com- pany's treasury, exclusive of fixed assets. By the present financing the sales organiza- tion and the Ohio and Kentucky properties are all consolidated in The Maynard Coal Company, and in addition the company owns the entire capital stock of the Superior Coal & Dock Company. Denomination — Coupon, $1,000. $500 and $100; reglsterable as to principal. Trustee — Citizens' Trust & Savings Bank, Cleveland. Ohio. BedeemaMe in reverse order of maturity at 102% and Interest on any Interest date on 60 days* notice. Sinldng Fund — Eight cents per ton of coal mined each calendar month must be deposited with the Trustee not later than the 15th of the following month. All deposits made in accordance with this provision must be ap- plied to the payment of the principal of the bonds falling due In that year. Any surplus remaining in this fund must be used to retire bonds of the last maturity outstanding. Such bonds are to be purchased In the open mar- ket or called for redemption at not over 102% and interest. Organization — Incorporated In Ohio in 1907. and is the outgrowth of a partnership formed In 1873 by Maynard Bros. In 1914 through a subsidiary the Daniel Boone Coal Company, coal properties were acquired In Eastern Ken- tucky. In 1917 a controlling interest was acquired in the Superior Coal & Dock Com- pany of Duluth, Minn. In 1920 the compnay merged Its Ohio and Kentucky properties and the sales organization. Capitalization. Outstanding. Common $800,000 Preferred 213,200 Funded debt 800,000 Secured by a first mortgage on all the properties owned or which may hereafter be acquired by this company. Additionally se- " cured by deposit of the entire capital stock of the Superior Coal & Dock Company. Under the provisions of the trust agreement the company covenants as follows: To maintain net quick assets of at least 50% of the par value of all outstanding bonds of this issue and to pay no dividends on its preferred and common stocks should this portion not be maintained. The property covered by this mortgage ia summarized as follows: In Ohio the company owns four completely equipped mines, three of which are located at Rutland, Rockville and Hobson in Meigs County and the fourth at Wellston In Jack- son County. It Is estimated that these prop- erties contain 3.900. 00 tons of recoverable' coal of which about 1,200.000 tons are owned outright and 2.700,000 tons are under favor- able leases. In Kentucky the company owns three operat- ing mines at Lennut and Heiner, all of which are practically new and one of which has not been developed to large production. It is estimated that about 20,000,000 tons of Ken- tucky coal has been developed, of which 9.700,000 tons are owned in fee and the bal- ance held under favorable lease. This developed coal can be taken out through present mines and It is estimated that there are 12,000,000 tons of undeveloped coal under control. The company controls properties aggregating over 4,500 acres with an estimated life of over twenty-eight years without touching the coal which is at present undeveloped. The Superior Coal & Dock Company, whose entire capital sotck Is pledged hereunder, owns what Is known as the "Boston Dock," which is located at Duluth, Minn. This latter company has facilities for handling and stor- ing coal brought there via the Great Lakes. The dock has a handling capacity of over 1,000,000 tons per annum. The stock of this company has been given a value of $300,000. Original Market — $ 800.000 ofCered Febru- ary, 1920, by Elston & Company, and Chi- cago Trust Company. Chicago, and Justus F. Lowe Co.. Minneapolis, at 100 and interest. Market. New Yorlt — "Wataon, Armstrong & Co. Price Rangre 1920 — ^Ask, 100 Mar.; 93 Sept. 77« MAYTAG COMPANY 6% Serial Notes. Dae each Jane 1 as foliowa: $25,000, 1920 and 1921; $60,000, 1922 to 1924; $76,- 000, 1926 to 1928, and $100,000, June 1, 1929. Dated June 1, 1919. Interest payal te June and Dec. 1. In Chicago or Kansas City. Tax Status — 2% Federal Income Tax paid by company without deduction. Outstanding: (Jan. 1, '21) 575,000 Matured and Paid 25,000 Denomination — Coupon, $1,00(1. $500 also in 1929 maturity only. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable as a whole or In part In reverse numerical order, at 101 and interest on 60 days' notice. Organization — Incorporated In Iowa 1909. succeeding to business established in 1894 by the same interests. Company is the largest manufacturer in the world of washing ma- chines, producing at the rate of 200 machines per day. Has branches in the principal cities of the United States and Canada. Company owns modern factory at Newton. Iowa, with floor space of 205,000 square feet. Capitalization. Outstanding. Common $750,000 Preferred (6% cum.) 98,770 Funded debt 575.000 Security — A direct obligation of the com- pany but not secured by mortgage. Trust agreement provides (a) that so long as any of the notes are outstanding, the com- pany may not mortgage or pledge any of Its assets or those of its subsidiaries, now owned or hereafter acquired; nor may the company issue, guarantee or endorse any other long- time notes, bonded debt or similar securities. (b) That as long as any of the notes are outstanding, total quick assets of the com- pany and its subsidiaries must equal at least one hundred and fifty per cent. (150%) of total liabilities and Indebtedness, including f \^ amount of the notes outstanding. icj Duplicate quarterly balance sheets and ■tatementa ol earnings shall be furnished the Trustee, and once each year the company will nie With the Trustee a complete audit of Its accounts by certified public accountants satis- factory to the Trustee, (d) That while any of the notes are out- standing, no dividends are to be declared or paid on the common stock of the company unless froni the net earnings (computed after deducting the maturing principal payment and Interest charges for the year), an amount equal to the dividends declared or paid ia transferred to permanent surplus account or used to call in notes in their reverse nu- merical order, and In no event shall any dividends be declared or paid on the pre- ferred or common stock whicTi would reduce the ratio of quick assets to liabilities as above defined. 7ear8 ended Dec. 31; •Net. JJfS $204,867.00 ^^}-^ 177.031.00 "J° 109.604.73 ilil 111,962.68 il}l 128,337.82 J*J5 72.112.77 i; *: • • ' \; • V 88.824.68 •After all charges and Federal taxes. Original Market — Offered July. 1919. by Stern Brothers & Co., Kansas City, at prices to yield from 6.50 to 6.76% for various ma- turities. Price Rangre 1920— Ask. 8% Dec. MEAD PULP & PAPER CO. 7%Notes. Due each May 1 as follows: $130,000, 1933 and 1923; $135,000, 1924; $140,000 from 1925 to 1918, incl.; $145,000, 1929. Dated May 1, 1920. Interest payable May 1 and Nov. 1 at Boston. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,110,000 Outstandingr 1,110,000 Denomination — Coupon, $1,000; register- able as to principal. Ti*ustee — Old Colony Trust Co., Boston. Redeemable as a whole, or all the notes of one or more series last maturing, on any interest date at 100 and interest, plus a premium of % of 1 % for each year or fraction thereof by which the call date precedes the date of the maturity of the notes so called. Orgranization — Incorporated in Ohio m 1905. Business established in 1S46. Com- pany's plant is located at Chillicothe, Ohio. The company manufactures high-class book and magazine paper. Capitalization. Outstanding. Common $2,200,000 Preferred (6%) 300,000 Special Preferred (7%) 1,039,250 Funded debt 1,100,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company covenants as follows: Not to place any mortgage or lien on its property or any part thereof. That it iwll not engage in any business other than that now carried on, and that it will not lease any substantial or essential part of its property. That in case it sells any part of its prop- erty it will apply the proceeds of such sale to the purchase of other property at least equal in value to the property sold, and of such character that the capacity of the Company's plants will not be reduced or impaired. 777 That so long as any of the notes are out- standing it will not issue any obligation or endorse any obligation payable more than one year from the date of issue. That it at all times will maintain its property in good repair and condition. That it will maintain net current assets of at least $400,000 up to October 1, 1920, and thereafter of at least $500,000. That it will not declare any dividend on its common stock if payment thereof would reduce net current assets below $500,000 plus $100,000 for every year from December, 1920, to the year next preceding the declara- tion of such dividend, until the sum of such amounts equal the par value of the then outstanding notes. Through a contract with the Crowell Pub- lishing Com.pany, the Crowell Company agrees to purchase from the Mead Com- pany for a period of 10 years from Jan. 1, 1921, the entire output of the seven paper -machines, amounting to 42,700 tons of fin- ished paper per year. The price named in this contract is the manufacturing cost of the Mead Company, plus $1.25 per 100 pounds of finished paper. The Crowell Publishing Company publishes the Woman's Home Companion, Farm and Fireside and the American Magazine, with a combined net paid' circulation of over 4,000,000 copies per month. The Crowell Company controls, through stock ownership, P. F. Collier & Son Company, publishers of Collier's, The National Weekly and of books covering the field of literature, including such standard works as the Harvard Classics. The annual output of books is in excess of 6,000,000 volumes. Years ended Dec. 31: Net. 1920 $215,031 1919 161,054 Original Market — $1,100,000; offered April, 1921, by Baker, Ailing & Young, Boston, on an 8%% basis. MEADOW BROOK WATER GO. 1st 6s. Dne April 1, 1947. Interest payable April and Oct. 1, at First National Bank, New Tork, and Lackawanna Trust & Safe Deposit Co., Scranton. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $400,000 Trustee — Lackawanna Trust & Safe Deposit Co. Redeemable on and after April 1, 1927, at par and Interest. Guaranteed principal and Interest by Scran- ton Gas & Water Co. Control — ^Absorbed by Scranton Gas & Wa- ter Co., which is supplying gas and water to Scranton, Pa., and many nearby towns. Secured by a first mortgage on plant sup- plying water to Scranton. Pa. Market. Scranton — J. H. Brooks & Co., Charles E. Robertson, Weissenfluh & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 102 '16 104 '16 81 Dec. 92 Nov. Low. 81 '20 92 '20 MECHANICAL MANUFACTURING CO. Ist 68. Due .$30,000 each Nov. 15, from 1930 to 19ZS» incl.; $330,000 Not. 15, 1929. Dated Nov. 16, 1919. Interest payable May 16 and Nov. 15 at Fort Dearborn Trust & Savings Bank. Chicago. Tax Status— 2% Federal Income Tax paid by the company without deduction. Anthorlzed tSOO.OOO Outstanding (Jan. 1, '21) 470,000 Matui-ed and Paid 30,000 Pnrpoae of Issne— The proceeds of this !■- ■ue will be used for the purpose of retiring ourrent indebtedness and other improvements and extensions and for corporate uses. Denomintaion — Coupon, $600 and $1,000; reslsterable as to principal. Trustee — Fort Dearborn Trust ft Savlnffs Bank, Chlcaeo. Bedeemable at 102 and Interest on 60 days' notice. Oreanlzatlon — Incorporated In Illinois in 1889. The company is one of the largest manufacturers In the world of packing house machinery. It also manufactures the Sills Bumping, Post, which is standard equipment for railroads in the United States. Capitalization. Outstanding. Oommon $697,900 Funded debt 400,000 Secured by a first mortgage on all fixed property of the company. Under the pro- visions- of the trust agreement company cove- nants that 60 long as any of these bonds are outstanding it will at all times maintain net aulck assets of an aggergate amount equal to at least the aggregate amount of bonds outstanding. Property covered by the lien of this mortgage Includes a plant located in the Union Stock Yards In Chicago on a tract of eight acres with buildings containing over 166,000 square feet floor space. Years ended Ansnst 30: Gross, Net. 1920 $1,547,062 $160,896 1919 1,617,264 187,789 1918 1,380,306 188,720 1917 746,678 120,007 1916 492,432 79,861 1916 426,967 60,913 Original Market — $600,000 offered Novem- ber, 1919, by Keane, 'Higbie & Company, De- troit, and Fort Dearborn Trust & Savings Bank, and George H. Burr ft Company, Chi- cago, at prices ranging from 100 to 98.16 and Interest according to maturities. Market. Chicago — ^Brokaw & Co., Fort Dearborn Trust & Savings Bank. Price Bange 1980 — Ask 100. UKLBOURNi; ELECTRIC SUFPIiT CO., liTD. (THE) 6-Year Gen. Conv. Gold 68. Due March 1, 1922.' Dated March 1, 1917. Interest payable Mar. 1 and Sept. 1, at Lee, Higginson & Co.. Boston, New York or Chicago, In dollars, or at Higginson & Co., London, In pounds ster- ling at the current rate of exchange. Tax Status — ^Payment of Federal Income Tax not assumed by compnay. Principal and Interest payable without de- duction for any British or Australian taxes. Authorized $1,260,000 Outstanding 1,260,000 Denomination — Coupon, $600 and $1,000. Trustee — ^The Anglo-American Debenture Corp., Iitd., London. Redeemable as a whole at 106 and Interest on any Interest date on three months' notice. Convertible on 30 days* notice at any time Into 7% first cumulative preference shares at par, or into ordinary stock at 160, for which purpose bonds will be convertible at $5 per pound sterling (being at the rate of £100 preference shares or £67 ordinary stock for each $600 bond). If called for redemption privilege, privilege extends to redemption date. Organization — Organized In 1899. Capitalization ($4.8667 per £). Outstanding. Ordinary $2,378,264 Preferred (7% cum.) 730,006 Funded debt 3,612.629 Secured by a general mortgage by way of a floating charge upon the Company's proper- ties. The company supplies electric light and power to the suburban districts of Mel- bourne, the capital and chief seaport of the State of Victoria, Australia. Population served, 366,000. Franchises expire In 192E, 1929 and 1940. Prior Mens — $1,122,619 6% 1st Mtge. Deb. stock and $1,140,010 6% Consoi. Deb. stock. Both are closed issues. Years ended Aug. 31 (computed $4.86% per £): Gross. 'Net. Interest. 1920 $2,279,270 $841,024 $211,195 1919 1,842,878 851,590 188,097 1918 1,674,171 656,322 190,068 1917 i;434,484 628,668 144,672 1916 1,242,979 546,174 116,661 •After sinking funds and reserves. Original Market — Offered March, 1917, by Lee, Higginson & Co. and Parkinson & Burr, Boston, New York, etc., at 96% and interest. Market. New York — Lee, Higginson & Co., Klely & Horton. Boston — ^Lee, Higginson ft Co., W. L. Ray- mond ft Co., Krnest B. Smith ft Co. Chicago — Lee. Higginson & Co. Bfilwaokee — First National Bank. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94 '17 98 ■19 85 May 95 Dec, Low. 83 "20 90 '18 83 July 92 May MEMPHIS CONSOLIDATED GAS & EI^EC- TRIC CO. Cons. Ss. Due Jan. 1, 1943. Dated Jan. 1, 1903. Interest payable Jan. and July 1, at Central Union Trust Co,, New York. Default — Jan. 1, 1920 interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding 6,207,000 Reserved tor Prior Uens 1,977,000 Reserved tor Ext 2,816,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Receivership — J. F. Ramier and Frank H. Elgin were appointed receivers in Feb., 1920, on application of general creditors. Organization — Incorporated in Delaware In 1903 as a consolidation of the gas and elec- tric properties of that city. Capitalization. Outstanding. Common $6,000,000 Funded debt S,446;000 Secured by a mortgage on plants supplying gas and electricity to Memphis, Tenn., serv- ing population of 166,000. Prior liiens — $1,260,000 6s on gas plant and $729,000 6s on electric plant for the re- tirement of which provision Is made in this mortgage. Market. New York— F. H. Hatch ft Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Aslc. Ask. High 85 '17 62 Oct. Low. 60 '19 7T8 MEMPHIS I,IGHT & POWER CO. 1st Ss. Due Jan. 1, 1931. Dated Jan. 1, 1901. Interest payable Jan. and July 1, at National Bank of Commerce. New York, and Northern Trust Co., Chicago. Tax Status — 2% Federal Income Tax paid »erved, 170,000. Franchises expire Nov by company without deduction. 194B. Anthorlzed $2,000,000 Cnderlles — Gen. 6s of 1936. all (}612,000> Ootstandine 667,000 '<• secure 6% Notes due Nov. 1, 1919. Betired by S. F 333.000 Tears ended Deo. 81: Denomination — Coupon, Jl.OOO. Reelster- Gross. Net. Interest, able as to principal. "20 $3,342,213 $875,462 $774,788 Trustee— Northern Trust Co.. Chicago. i"? 2,681,436 852,438 635,011 Sinking Fund— $20,000 per annum to be -Vi, /'iVn^W'' ^S^'SI^ fIJ'?*! Invested in bonds of this Issue. Vo,» MoS'HS SO'.TBB 632.66$ Control-Absorbed by Memphis Consolidated "" Hll-ftl fS?'S?5 liVll'^ Gas & Electric Co. ^'^° 1.684,109 637,049 663.839 Secured by a first Hen on that part of the Usted on the Baltimore, Louisville and plant supplying electricity to Memphis, Tenn., New Orleans Stock Exchanges, which formerly belonged to the Memphis Original Market — Offered In 1906 by Rosen. Light & Power Co. Franchise expires in Stillman & Co.. New York, and Isidore New- 1936. man & Son. New Orleans, at 101% and In- Underlles — Mem. Cons. G. & E. 6s of 1943, terest. which provides for the retirement of this is- Market. *"nrf»i„«i Tilt 1 i. n^ ^ , .«„... ■™,., ^^^ York — J. S. Baohe & Co., Hartshome Original Market— Offered In 1901 by Wil- & Battelle, Hibernia Securities Co., Inc.. son, Colston & Co., Baltimore, at 103 and in- Lynch & MoDermott, Miller & Co., Vander- terest. hoef & Robinson. Market. Baltimore — Smith, Loolchart & Co., How- gSrto^2I^7ffi^„^l «„«-*-'> ^ °°- ^ioSkvf ^Ftae|iy & Columbia Trust Co. PhiUKlelphi^SanVl K. Phillips & Co. •"p^hlllde^phiSii^Btufr^'starr & Co. Price Banee. »^«„ »„«« ■w -..-.-. ^ , - . Price Range. Ja„.l.U.toJa„^1..21 ^^^1B20^^^ ,an.l,^^t„,a„i,..l 19^ JLow. 54 20 60 20 54 July 60 July ^T^l\!''^^,^^^^l^L *'"• "™=* M^'^PMS (Tenn.) STREET RAILWAY »- Da^eS' July l,°i°906'"'^InVer'est%ayable Jan. „ ^"f «% ««"• f »*f • J?-" ^"V. 1 mo. and July 1. at Trustee's office. ,„?**°^, ^""^ ^- l*"" Extended Nov. 1. Tax Status— 2% Federal Income Tax paid I"'- Interest payable May 1 and Nov. 1, by company without deduction. " ^^''^ ^<"'"- Authorized Closed mortgage .. '•'»^ Status— 2% Federal Income Tax paia Outstanding (Jan. 1, '21) $8,277,000 °^ company without deduction. Held In S. P 307,000 Authorized $1,260,000 Pledged as Collateral 1.416,000 Outstanding 1,260,000 Denomination — Coupon, $1,000. Register- Purpose of Issue — To provide funds for the able as to principal. Registered, $10,000. payment of $1,500,000 2-year 6% notes, due 0. & R. interchangeable. Nov. 1. 1917. Trustee — Central Union Trust Co., New Denomination^ — Coupon, $1,000. Register- York, able as to principal. Sinking Fund— $26,000 per annum for five Trustee— New York Trust Co.. New York, years, beginning May 1. 1910; $30,000 begin- Redeemable as a whole at 100^4 and inter- ning May 1. 1915; $35,000 beginning May 1, est on 30 days' notice. 1920; $40,000 beginning May 1, 1926. and Organization — See Cons. 6s. $30,000 beginning May 1. 1930, and annually Protective Committee — The following com- thereafter for the purchase of bonds on a mittee invites deposits: 4%% basis or better and bonds so acquired Mortimer N. Buckner, Chairman: J. C. Neff, to be held alive and interest added to this S. F. T. Brock, Charles Counselman, George fund. If bonds cannot be purchased on that T. Ordway, John A. Langan, with Boyd G. basis, other railroad or municipal bonds may Curts, 26 Broad St., New York, Secretary. be purchased. It is estimated that this fund Depositary, The New York Trust Company, will retire one-third of this Issue. New York. Sub-Depositories, Fidelity Trust Organization and Control— Incorporated in Company, Philadelphia, and Illinois Trust & Tennessee in 1895 as a consolidation of the Savings Bank, Chicago. Citizens' Street B. R., the Bast End Street Secured by pledge of $1,416,000 Cons 6Sk Ry.. the City & Suburban Ry. and the Mem- due July 1, 1945, and 512,000 (entire out- phis & Raleigh Springs R. R., and is con- standing) Gen. 6s, due 1935. Under the pro- trolled by the American Cities Co. through visions of this indenture so long as these ownership of over 87% of its capital stock. notes are outstanding the total issue of Gen- The latter company is a subsidiary of the 6s cannot exceed $650,000 except with the United Gas & Electric Corporation. consent of holders of two-thirds of these Capitalization. Outstanding. notes. Common $2,600,000 Earnings — See Cons. 6s. Preferred (6% cum.) 2,600,000 Original Markei^-$1,260,000 offered Dec,^ Funded debt 9 476 000 1917, by Bertron, Griscom & Co., New York. Beceivership^njan."20,' 1919. President etc.: Reilly, Brock & Co., Philadelphia, and T. H. Tuttweiler and Frank S. Elgin were Counselman & Co., Chicago, at 97% and lit appointed receivers for this company upon terest. petition of the American Cities Co. Ittarket. Secured by a first mortgage on 130.40 miles Philadelphia — Graham, Parsons & Co,, of urban and interurban railway track in Denver — Newbold & Co. Memphis. Tenn., and suburbs. Population Colorado Springs — Newbold & Co. 779 "USMFHIS TERMINAJL CORPORATION Ist 6s. Due Jan. 1, 1942. Dated Jan. 1, 1912. Interest payable Jan. I and July 1, at Trustee' a office or Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid il)y company without deduction. Authorized $2,600,000 Outstanding: 1,111,000 Held in S. F 116,000 Held in Treasury 2,000 Pled£:ed for lioans 48,000 Reserved for Ext 1,223,000 ProTisions of Issue — Additional bonds isau- ■able at not in excess of 80% of actual cash -coata of additions chargeable to capital ac- count and then only when net earninea for preceding 12 months equal not less than twice "the total fixed charges. Denomination — Coupon, $1,000. Trustee — Union & Planters Bank & Truat ■Co., Memphis, Tenn. Redeemable on any interest date at, 110 and Interest. Sinking Fund — Annually, an amount equal to 1% of all outstanding bonds for the pur- -chaae or redemption of these bonds at not exceeding 110 and interest. Bonds so acquired to be held alive and interest added to this fund. Organization — Incorporated in Virginia in 1912 to take over the Memphis Terminal Co., organized and in operation since 1907. Capitalization. Outstanding. Common $1,260,000 Funded debt 1.111,000 Secured by a first lien on all the property of the company, including 169.7 acres of con- tiguous real estate, covered by concrete ware- tiouses, about 10 miles of standard railroad tracks, over 7 miles of overhead trolley sys- tem and cotton compressea. The property has direct connection with the lUinoia Central R. R. , Tazoo & Misaiasippl Valley R. R., Louisville & Nashville R. R. aitd the Union Ry. and has connection with the Southern Ry., N. C. & St. L., the Frisco, S. L., I. M. & So., C. R. 1. & P. and Cotton Belt. Tears ended Aug. 31: Net. Interest. 1919 $395,116 $80,639 1918 62.975 82.434 1917 217.864 75,252 1916 200,297 77,730 1915 169,688 81,548 Original Market — Offered in 1915 by Mar- flhall & Co.. Boston. Market. New York — Joseph Bird Ford, Vanderhoef & Robinson. Price Range. Jan. 1, '16. to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 90 '19 102 '16 75 Dec. 9 3 Apr. Low 80 '20 80 Dec. MEMPHIS UNION STATION CO. 1st 5s. Due Nov. 1, 1959. Dated Nov. 1, 1913. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid i)y company without deduction. Authorized $3,000,000 Outstanding 2.500.000 Reserved for Add., etc 600,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000 and tnultiples. C. & R. Interchangeable. Trustee — Bankers' Trust Co., New York. Guaranteed as to principal and interest Jointly and severally by the proprietary com- panies by endorsement. Orsanizatlon and Control — Incorporated in Tennessee in 1909. The entire $100,000 capital stock is owned equally by the Louisville & Nashville R. R. Co., Nashville, Chattanooga & St. Louis Ry. Co., St. Louis, Iron Mountain & Southern Ry. Co., Southern Ry. Co. and St. Louis South- western Ry. Co. and the property leased to these companies during the life of these bonds. Capitalization. Outstanding. Common $100,000 Funded debt 2.500.000 Secured by a first mortgage on union pas- senger station in Memphis, Tenn.. and em- bracing twenty acres of land in the central part of that city, together with power house, terminal tracks and all terminal facilities for handling passenger traffic. Additionally se- cured by deposit of the agreement with the proprietary companies to use and maintain the terminal during the life of these bonds. Original Market — Offered in Oct., 1913, by Potter, Choate & Prentice, New York, at 101% and intereat. Market. New York — Finlay & Davenport, Joaeph Bird Ford, Sam'l Goldschmidt, Prince & Whitely, Vanderhoef & Robinson, Baltimore — Barroll, Corkran & Co. Louisville — EMdelity & Columbia Truat Co., J. J. B. Hilliard & Son. Pittsburgli — R. B. Hutchinson & Co. Price Range. Jan. 1, '16, to Jan. 1, *21 1920 Bid. Ask. Bid. Aak. High 104 '17 105% '16 82 Jan. 95 Mar. Low. 75 '20 77 '20 75 Dec. 77 July 780 MENGEIi BOX COMPANY 7% Serial Deben- tures. Due $1,000,000 annually Novem- ber 1, 1930 to 1933, inclusive. Dated Nov. 1, 1918. Intereat payable May and November 1, at Mercantile Truat Co., St. Louis, Chicago and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,000 Outstanding: (Jan. 1, '21) 3,000,000 Matured and Paid 1,000,000 Purpose of Issue — Proceeds from the sale of these debentures to be used to retire bank loans which were incurred to provide increased working capital. Denominations — Coupons $100, $500 and $1.- 000. Registerable as to principal. Trustee — Mercantile Trust Co., St. Louis. Redeemable on any Interest date upon thirty days' notice, aa a whole or in series, in which latter event Debentures must be called in order of series next maturing, at: 102 for Debentures with 4 years or more to run. 101% for Debentures with 3 years or more, but less than 4 years to run. 101 for Debentures with 2 years or more, but less than 3 years to run. 100% for Debentures with 3 years or more, but less than 2 years to run. 100 for Debentures with less than one year to run. Organization and Control — Incorporated in New Jersey in 1899. The American Tobacco Co. holds the controlling interest In the com- pany through ownership of a majority of the capital stock. The company manufactures wood and boxboard shipping boxes used large- ly for the packing of cigars, tobacco, cereals. Hoap. starch, etc. It owns and operates fac- tories at Ijoulaville. Ky., Sc Louis. Mo., Jer- sey City, N. J., Winston-Salem, N. C, also saw and veneer mills; Company also owns 25,000 acres of hardwood timber land, rail- road and tow-boat line. This property is in- sured for over $8,880,000. Capitalization. Outstanding. Common ,. .$6,000,000 Funded debt 3,000,000 Security — ^A direct obllgration of the company but not a mortgrage. The company covenants that: It will not mortgaee or pledare any of its assets while any of these Debentures are out- standing unless prior to or contemporaneously therewith all of the Debentures then outstand- ing shall be paid and cancelled. It will at all times, so long as any of these Debentures are outstanding, maintain its Quick assets as defined in the Trust agreement, to at an aggregate amount equal to at least one and one-half (1%) times all current liabilities. including all of these Debentures at the time outstanding. It will maintain insurance upon all of its' property of such nature as to be commonly insured to the reasonable insurable value there- of, equal to not less than 150% of the aggre- gate amount of these Debentures outstanding. Original Market — Offered November, 1918, by Mercantile Trust Co. and Smith, Moore & Co., St. Louis, and Halsey, Stuart & Co., and Geo. H. Burr & Co., New York, Chicago, etc., at prices to yield from 7.25% to 7.40%. Market. New York — Babcock, Rushton & Co. St. Louis — Stix & Co. Louisi-ille — Block. Fetter & Co., Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son, George T. Wood & Son. Chicago — Halsey, Stuart & Co. Price Range. Jan. 1, '19, to Jan. 1, '31 1930 Bid. Ask. Bid, Ask. High 100 Vg '19 101 *19 96 Sept. 100 July Low. 93 '20 96 '20 93 Dec. 96 Dec. MERCER COUNTY (N. J.) TRACTION CO. 1st 5s. Dne July 1. 1944. Dated July 1, 1904. Interest payable Jan. and July 1, at Camden, N. J., or Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $300,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Real Estate Title Insurance & Trust Co., Philadelphia. Guaranteed principal and interest by Trenton St. Ry. Co. by endorsement. Organization and Control — Incorporated m New Jersey in 1899. All of the stock is owned by Trenton Ry. Co., all of whose stock is owned by United Power & Transportation Co. and the road is leased for 990 years from 1910 to and oper- ated by the Trenton & Mercer County Trac- tion Corp., which operates about 72 miles of road in and around Trenton, N. J. Rental, $6,000 for first five years, $7,000 for next five years, $8,000, 1921 to 1924; $9,000, 1924 to 1925, and $10,000 thereafter. Capitalization. Outstandmg. Common 'JSS'SSJ Funded debt .300,000 Secured by a first mortgage on 13 miles of electric railway from Princeton to Trenton, N J Original Market— Offered In 1912 by W. E. R. Smith & Co. and C. E. Mitchell & Co., New Tork, at 97 and Interest. Market. New York — Morton Lachenbruch & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. High 93 '17 97 '18 Not available^ Low. 92 '17 92 '16 MERCHANTS COAL CORP. (of Pennsylvania)^ 20-Year S. F. 5s. Duo May 1, 1937. Dated May 1, 1917. Interest payable Nov.. 1 and May 1, at Union Trust Co., Pittsburgh. Tax Status — 2% Federal Income Tax pai* by company without deduction. Authorized '- $2,600,000 Outstaudins (May 17. '21) 914,700 In Treasury 13,000. Retired by S. E. 817,800- Reserved for I'rior Xiiens 7,000' Reserved for Ext 47,500' Reserved tor Corp. Purposes... 800,000 Denomination — Coupon, $100, $500 £ind $1,- 000. Registerable as to principal. Trustee — Union Trust Co., Pittsburgh. Redeemable by lot at 105 and interest on. any interest date on 4 weeks' notice. Sinldng Fund — ^Annually, on and after May- 1, 1920, an amount equal to six cents per ton. of 2,000 lbs. of all coal mined from the- mortgaged property, but not less than $60. 000- annually for the purchase or redemption of. these bonds at not over 10 6 and interests Bonds so acquired to be cancelled; Organization and Control — Incorporated in Pennsylvania April 27, 1917, and acquired the properties of the . Merchants' Coal Co. , sold under foreclosure June 12, 1917. The entire- capital stock is owned by the Hillman Coal &■ Coke Co. Secured by a lien on all the properties of the Merchants Coal Co., which were by the- decrees of foreclosure held to be subject to- the lien of the old General Mortgage and such other coal as may be vested in the new com- pany by the exercise of rights acquired from, the protective committee; subject only aa to- the property embraced therein to the lien of the lien of the 1st Joint S. F. 5s, due 1924. Under the provision of the mortgage the Tunnelton mines and the Three Forks coal field in West Virginia may be released front the operation of the mortgage, provided the total authorized issue of these bonds is co- incidently reduced by $600,000 together with. such additional amount, if any. as may have- been expended for the improvement of said properties out of bonds reserved for improve- ment and development work. It is also pro- vided that the company shall expend prior to May 1, 1920, or deposit with the Trustee for like subsequent expenditure at least $500,000 derived from sources other than cash paid to the Trustee in consideration of the release of mortgaged property upon the improvement and development of the Orenda coal field, in Sum* merset County, Pa,, aside from any better- ment or development of the present Orenda mines Nos. 1 and 2 for the purpose of increas- ing the production from said coal field. In case the company shall construct a railroad to reach any such new mine or mines, not exceeding $100,000 may be counted toward making up said $500,000, provided, however, that such railroad be made subject to the lien of this mortgage. The properties originally covered by the lien- of this mortgage included the Orenda, Elk Lick and Tuunelton Mines in Summerset Coun- ty, Pa., and Preston County, W. Va., compris- ing 26,000 acres, a considerable portion of" which was undeveloped, estimated to contain^ in the seams of coal worked July, 1917, 187,- 000,000 tons, together with 3,881 acres of sur- face. It is estimated that there is an addi- tional 200,000,000 tons in the seams not v^orked. Daily capacity of mines, 3,000 tons, 781 as of July, 1917, Property also Inqludea mod- ern power houses, railway extensions and more than 3^50 miners' houses. Prior lien — $470,000 Merchants' Coal Go. of Penn. and Merchants Coal Co. of W. Va. 1st Joint S. P. Bs, due March 1, 1924, for the retirement of which bonds are reserved under this mortgage. Original Market — $ 1,359,000 Issued in ex- change, par for par, for old Gen. Mtge. bonds, and an additional block in settlement of vari- ous obligations; $50,000 sold at par to the United Coal Corp. to provide working capital. Market. New York — Hartshorne & Battelle, Wat- son, Armstrong: & Co. Ualtuuore — Mackubin, Goodrich & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 Bid. Aslt. High 90 '17 1.0W. 75 '18 100 '17 85 '20 1920 Ask 89 Dec. 85 Nov. Gross. Net. Interest. 1919.... Jl. 948, 868 $612,506 $314,225 1918 1,763,369 626,361 1?17 1,356,018 436,976 '244,421 UK 1.163,213 408,622 236,400 W,15 1,007,881 371.812 20-1,17] 1914 790,177 279,766 161,836 Original Market — Offered in October. 1912 by Lee, Higginson & Co., Boston, and Harris, Forbes & Co., New York, at 97% and interest. Market. New York— Sam'l Goldschmldt, Fred H. Hatch & Co.. Earle A. Miller & Co. Granrl Rapids— Corrl&an ft Co. Boston — L. Sherman Adams, Moors & Cabot, Chicagro — Merrill, Lynch & Co. Milwaukee — Investors Finance Corp. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98% '16 100 '16 92 Jan. 96 Jan. Low. 84 '18 90 '19 86 Oct. 90 Oct, MBfRCHANTS HEAT & LIGHT CO.. INDL%.N- AFOLIS Ref. 6s. Due Oct. 1. 1922. Dated October 1, 1912. Interest payable April and Oct. 1, at Trustee's office or Harris. Forbes & Co., New York. Tax Status — 2% Federal Income Tax paid '-by company without deduction. Authorized $6,000,000 OutstancUngr (Jan. 1, '21) 5,824,000 Reserved for Ext 176,000 Denomination — Coupon, $1,000 and $500. ■Registerable as to principal. Trustee — Harris Trust & Savings Bank, Chicago, and Union Trust Co., Indianapolis, Ind. Redeemable at 102% and interest on any in- terest date on 30 days' notice. Improvement and Sinking Fund — Annually, l>eginning 1917 to 1921, 1% of all bonds out- ■standing, including those reserved for reiire- :anent of underlying indebtedness. This fund anay be used for the retirement of bonds of ~this issue or for permanent extensions, addi- tions, etc. Organization and Control — Incorporated in "Jndiana in 1902, The entire capital stock is owned by the Merchants Public Utilities Co. of Indianapolis, a subsidiary of the American Public Utilities Co. Capitalization. Outstanding. Common $2,000,000 Funded debt 6,044,500 Management — Kelsey, Brewer & Co. , Grand jRapids. Secured by a first mortgage on plants sup- . -plying electricity to an important pari of the "business and manufacturing district of Indian- apolis, Ind., and an auxiliary steam heat dis- ■ tributing system to a part of the residence and business sections of the city. The two power plants have a combined capacity of 16,000 h. p. Population served, over 230,000. " The company operates under an indeterminate ■permit from the state. The electrical business -of the company is subject to competition. ^years ended Ooc. 31: MEKCHANTS HEAT & LIGHT COMPANY 15-Year 7^s. Due March 1, 1936. Dated March 1, 1921. Interest payable March 1 and Sept. 1, in New York and Chi- cago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State tax lefunded. Authorized $700,000 Outstanding: 7,000,000 Purpose of Issue — Proceeds of sale to bo applied to the payment of the $600,000 notes due March 1, 1921, the balance being avail- able for additional working capital. Denominations — Coupon, $1,000 and $500. Trustee — Continental & Commercial Trust and Savings Bank, Cliicago. Kcdeemable on any interest date before March 1, 1926, at 105 and interest and on any succeeding interest date before maturity at 105 less V4. of 1% of the principal amount for each interest coupon which sliall have matured from March 1, 1926 to the date of redemption. Organization — See Ref. 5s. Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture this issue will be ratably secured with bonds issued under any new mortgage on the property of ■ the company. Priov Liens — Outstanding Ref. 5s, 1922 $5,858,000 Earnings- -See Ref. 5s. Original Market — $700,000, offered March. 1921, by Paine, "Webber & Co., Boston, New York, etc., at 95.67 and interest. MEKOHANTS REFRIGERATING CO. 1st 68. Due $100,000 Aug. 1, 1930 and 1923. Dated June 1, 1905. Interest payable Feb. ' and Aug. 1 , at Irving National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $450,000 Outstanding (Jan. 1, '21) 350.000 Balance Retired. Denominaion — Coupon, $1, 000. Trustee — Equitable Trust Co., New York. Organization, etc. — See 1st & Ref. 6s. Secured by a first mortgage on 22 to 28 Beach St. and 27 to 29 N. Moore St., Ne^ York City. Underlies — 1st & Ref. Conv. 6s of 1937. Market. New York — Coggeshall & Hicks. 782 MERCHANTS REFRIGERATING CO. 1st 68. Due $50,000 each May 1, 1916, 1919, 1922 and 1925, and $100,000, 1927. Dated May 1, 1907. Interest payable May and Nov. 1, at Irving National Bank, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $350,000 Outstanding: (Jan. 1, '21) 200,000 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Broadway Trust Co., New York. Organization — See 1st & Ref. 6s. Secured by a first mortgage on 31 to 37 N. Moore St. and 30 to 32 Beach St., New York City. Underlies — 1st & Ref. Conv. 6b of 1937. New York— Fred H. Hatch & Co. MKRCHANTS REFBIGEBATIiNG CO. let 6s. Dae $25,000 May 1, 1918; $25,000 May 1. 19S1. and $100,000 May 1, 1924. Bated May 1, 1914. Interest payable May 1 and Nov. 1, at Irving National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $160,000 Oatstandln? (Jan. 1, '21) 125.000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Broadway Trust Co., New York. Organization — See 1st & Ref. 6s. Secured by a first mortgage on property at River and Cherry Sts., Newark, N. J. Underlies — 1st & Ref. Conv, 6s of 1937. Market. See 1st 6s, above. MERCHANTS REFRIGERATING CO. 1st 6s. Due $30,000 July 1, 1918; $32,000 in 1921; $50,000 in 1924 and 1926, and $100,000 in 1929 and 1931. Dated July 1, 1911. Interest payable Jan. and July 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $432,000 Outstanding (Jan. 1, '21) 332,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., New York. Organization — See 1st & Ref. 6s. Secured by a first mortgage on property at Warren, First, Provost and Second Sts., Jer- sey City, N, J, Underlies — 1st & Ref. Conv. 6s of 1937. Market. See 1st 6s above. MERCHANTS REFRIGERATING CO. iBt & Ref. Cony. 6b. Due Jan. 1, 1937. Dated Jan. 1, 1917. Interest payable Jan. 1 and July l. at New York. Tax Status — 2% Federal Income Tax paid by company w^ithout deduction. Authorized $3,600,000 Outstanding: (Feb. 1, '21) 1,853,000 In Treasury 692,000 Reserved for Prior Liens 757,000 Keserved for Ext 198.000 Denoniination — Coupon, $1,000. Register- able as to principal. Trustee — Irving Trust Co., New York. Redeemable at 106 and interest on July 1, 1919, or any interest date thereafter. Convertible at par into 7% cumulative pre- ferred stock from Jan. 1, 1919, to July 1, 1928, both dates inclusive. If called for re- demption conversion privilege extends to re- demption date. Organization — Incorporated in New York May, 1894. The company owns and oper- ates the largest cold storage and refrigerat- ing plants in New York City, N. Y.. and Jersey City and Newark, N. J. Capitalization. Outstanding. Common $2,000,000 •Preferred (7% cum.) 2,208,000 Funded debt 3.292,000 * 'No new mortgage can be placed on the property without the consent of two-thirds of outstanding preferred stock. Annual sink- liur fund 10% of net eamlnflrs. Secured by a first mortgagre on cold storage plant, with a capacity of 5,760,000 cubic feet, located on the block bounded by 10th and 11th Avenues, 16th and 17th Sts., New York City .costing about $3,000,000. and a mortgage subject to prior Hens on all other property of the company. Prior liiens — $751,000 1st 6s due serially from 1921 to 1934, inclusive. Earnings — Not reported. Original Market — $2,000,000 offered March, 1917, by Broadway Trust Co., Irving National Bank and Hayden, Stone & Co., New York, at 100 and interest. Market, New York — Frank M. Burger, Sam'l Gold- schmidt, Fred H. Hatch & Co., Tobey & Kirk. Price Rangre Jan. 1, '19, to Jan. 1, '21 1920 Bid.. Ask Bid. Ask. High 93 '20 96 '19 93 Jan. 95% Jan. Low. 90'19 93% '20 93% May MERIDEN, SOUTHINGTON & COMPOUNCE TRAMWAY CO. 1st 5b. Due July 1, 1938. Dated July 1, 1898. Interest payable Jan. and July 1, at Equitable Trust Co., New York. Tax Status — -Payment of Federal Income Tax not assumed by company. Authorized $200,000 Outstanding 175,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Treasurer of Connecticut. Redeemable at 110 and interest on any in- terest date. Assumed by the New York, New^ Haven & Hartford B. R. Co. Control— Absorbed by New York, New Ha- ven & Hartford R. R. Co., and property sold in 1910 to the Connecticut Co.. whose $40,- 000.000 stock, formerly owned by the N. Y., N, H. & H. R. R. Co., was transferred In November, 1914, to a board of five trustees, to be sold prior to July, 1919 (since extend- ed to July 1, 1922) if possible, in accord- ance with the agreement between the U. S. Dept. of Justice and the N. Y., N, H. & h: R. Co. Secured by a first mortgage on 12 miles of electric railway from Merlden to Bristol-, Conn. Refunding* — Bonds are reserved under N. Y., N. H. & H. R. R. 1st & Ref. Mtge. to retire- this issue. Market. New Haven — H. G. Warren & Co. MERIDIAN UGHT & RAILWAY CO. Ref. (now 1st) 6s. Due March 1, 1944. Dated Feb. 8, 1904. Interest payable Mar. and Sept. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Ontstandinff (Jan. 1. '21) $584,000 Held in S. F 166,000 Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — ^First National Bank, Mobile, Ala, Redeemable at 105 and interest on any in- terest date on 3 weeks' notice. Sinking Fund — Sum equal to % % of bonds certified and issued must be set aside on March 1 and Sept. 1, in each year, commenc- ing Sept. 1, 1906, for purchase of bonds at not more than 105, or for purchase of any state, municipal or railroad mortgage bonds listed upon New York Stock Exchange. In lieu of cash payments bonds secured hereby with all unmatured coupons attached will be equivalent to a cash payment. Bonds to be kept alive In Sinking Fund, Organization and Control — Incorporated in Mississippi In 1901 and has absorbed the street railway, electric and gas properties In Meridian, Miss. Also owns the entire $600,- 000 capital stock of the Hattiesburg Trac- tlon Co. The capital stock Is owned by the Cities Service Co. and is pledged under the Consol. Cities Lt., Fow. & Trac. Ist 68 of ld62. Capitalization. Outstanding'. Common $2,000,000 Funded debt 1,605,000 Management — The Doherty Organization. Secured by a first mortgage on 13.30 miles of street railway track in Meridian, Miss. , and on the plants supplying that city with gas and electricity. Railway franchise ex- pires in 1945, gas and electricity in 1950. Population served, 26,000. Underlies — Gen. 5s of 1945, which mortgage provides for the retirement of this issue. Ijisted on the New Orleans Stock Exchange. Market. New York — J. S. Bache & Co., Hibernia Securities Co., Inc. Price Range. Jan. 1, '16, to Jan. 1, *21 Bid. Ask. High 96*16 98 '16 Low. 72 '20 94 '17 1930 Bid. 80 Jan. 72 July MBBIDIAN LIGHT & BAIL WAT CO. Gen. S. F. OS. Due March 1. 1945. Dated J-une 1, 1910. Interest payable Mar. 1 and Sept. 1, at office of Trustee or office or agency of company. New Tork. Tax Status- — 2% Federal Income Tax paid by company without deduction. AuthoHzed $5,000,000 Outstanding (Jan. 1. '21) 1,021,000 Held in S. r 12,000 In Treasury 181,000 Reserved for Prior Lien 750,000 ■ Be«erved for Ext 3,036,000 Denomination — Coupon. $1,000. Register, able as to principal. Trustee — First National Bank, Mobile, Ala. Redeemable in whole or in part by lot on 4 weeks' notice on any interest date at 105 and interest. Bonds when purchased by the company may be kept alive and draw In- terest. Sinking Fund — Sum equal to 1% of bonds outstanding, as of preceding March 1, must be set aside yearly, beginning Sept. 1, 1917, for purchase of bonds at not more than 105, or call at that figure; or for purchase of underlying bonds at not more than 105. In lieu of cash payments, bonds ol this is- sue, with unmatured coupons attached, will be equivalent to a cash payment of 105 and accrued interest; or, commencing Sept. 1st, 1916, sinking fund may be satisfied by in- vesting in property or construction a sum per annum equal to 1% of all bonds out- standing, or part in cash and part in prop- erty upon basis set forth in Trust Indenture. Bonds to be kept alive in Sinking Fund. Organization and Control — See Ref. 5s. Secured by a second mortgage on the prop- erty covered by the first lien of the Ref. 5s, which see for details. Prior Liens — Outstanding. Ref. 53 of 1944 $584,000 Bonds are reserved under this mortgage to retire the above issue. Market. New York — H. L. Doherty & Co. Price Range 1930 — Ask, 65 Mar. MERIDIAN PETROLEUM COKF. 1st Conv. 8r. Due SW)0,000 quai-terly from Oct. 1, 1931, to Jan. 1, 1935, and $110,000 from Apr. 1, 1935, to July 1, 1937. Dated April 1, 1921. Interest payable Jan. 1, Apr. 1, July 1, and Oct. 1 at Fort Dearborn Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid 784 by the company without deduction. Penn- sylvania State Tax refunded. Autlioi-ized $2,500,000 Outstanding: 2,500,000 Pui*pose of Issue — The proceeds of this bond issue will be used to retire mort&a&es and bonds of the constituent companies, assumed under the terms of the consolida- tion; to liquidate current indebtedness, in- cluding all bank loans, and to provide ad- ditional working capital for further drill- ing and development operations. Denominations — Coupon, $1,000, $500 and $100; registerable as to principal. Trustee — Fort Dearborn Trust & Savings Bank, Chicago. Redeemable on any interest date upon 30 days' notice, at 105 and interest, until April 1, 1925, and at 103% and interest there- after. Sinking: Fund — On Oct. 1, 1921, and on or before the first day of each month there- after, amounts equivalent to the monthly accruals of both principal and interest of this bond issue. This sinking fund pro- vision specifically includes the payment to the trustee of twenty-five cents per barrel on each monthly total of crude oil produc- tion. The corporation also covenants to create at the end of each fiscal year, a con- tingent sinking fund consisting of 1 % of the net earnings of the current year, after providing for all operating expenses, de- preciation and depletion, and reserves for taxes. This contingent sinking fund must be used (a) to retire bonds other than those of the next maturity, purchased in the open market at not to exceed the call price, or (b) to retire such bonds as may be called by lot by the trustee. Convertible at any time into capital stock (par value $10) of the company on the basis of $1, 000 par value for each $1, 000 bond. If called for redemption bonds may be converted up to 10 days prior to re- demption date. Orgranlzation — Incorporated in Delaware in 1920, as a consolidation of the Lake Park Refining Co., the Dunn Petroleum. Corpora- tion and the Davenport Petroleum Corpora- tion. Capitalization:. Outstanding. Common $12,000,000 Funded debt 2,760,000 Secured by a first mortgage on all the property of the company (exclusive of tank , cars) now owned or hereafter acquired and by a second lien on 251 steel tank cars. The property covered has been appraised at $25,506,285 and includes oil leases of 38,996 acres in Oklahoma. Kansas, Texas, "Wyoming, Kentucky and Tennessee. Of these properties there are approximately 10,000 acres of producing leases in the mid- continent field in Oklahoma, Kansas and Texas, only partly drilled, on which there are more than 6 00 producing wells with a largely settled production totalling approxi- mately 2,000 barrels of crude oil per day. It also includes three modern oil refineries situated at Okmulgee, Ponca City and Hominy, Oklahoma, with a combined dally capacity of approximately 7,500 barrels ot crude oil; three casinghead gasoline plants havmg a daily capacity of 2,000 gallons of raw casinghead gasoline and 115 miles of pipe lines. Under the provisions of the indenture the company covenants as follows: Net tangible assets equivalent to not less than five times all outstanding bonds must- be maintained during the life of this issue. After making prior provision for all sink- ing fund requirements and Federal Taxes, the Meridan Petroleum Corporation may pay dividends not in excess of 50% of the net earnings of any current year. But no dividend shall be declared or paid unless net current assets, after giving efCect to any contemplated dividends, are equivalent to at least 50% of the total outstanding bonds of this Issue. To carry insurance on the life of W. D. J^'chardson, president, in the amount of ¥250,000, with policies properly assigned for payment to the trustee, in the event of Mr. Richardson's death, for the benefit and pro- tection of the bondholders. To carry fire and tornado insurance in an amount equal at all times to the full insur- able value of its properties, with all policies properly assigned for payment to the trustee, in the event of loss or damage, for the benefit and protection of the bond- holders. Tear ended Dec. 31 (combined) : Net. 1920 $1,216,910 Original Alai-ket — $2,500,000; offered April, 1921, by Hyney, Emerson & Co., Chicago, on an 8 % % basis. MERION & RADNOR GAS & ELECTRIC CO. let 6b. Due May 1, 1954. Dated May 2, 1904. Interest payable May and Nov. J., at Trustee's oflflce. Tax Stains — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorlzed Closed mortsag-e Ontstandinj: $1,317,000 Denomination — Coupon, $1,000. Tmstefe — Commercial Trust Co., Philadel- phia. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Assumed by the Counties Gas & Elec. Co. Control — Absorbed by the Counties Gas & Electric Co. , in which company the United Gas & Improvement Co. is interested. Secured by a first mortgrase on gas plant at Ardmore and electric plant at Wayne, sup- plying gas and electricity to various suburbs of Philadelphia, located along the main line of the Pennsylvania R. R., between Ardmore and Paoli. Population served, 60,000. Fran- chises are unlimited as to time. Underlies — Counties G. & E. Gen. 6s of 1962 which provide for the retirement of this is- sue. Origrinal Market— First offered by Drexel & Co. and Ervin & Co., Philadelphia. Offered in 1911 at 103% and interest by Wurts. Dul- les & Co., Philadelphia. Market. Philadelphia — Henry D. Boenning & Co., Huntoon & Co., Reed A. Morgan & Co., 8am'l K. Phillips & Co., Parsly Bros. & Co. TPrice Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 102% '16 103 '17 84 Nov. 88 Aug. Low. 90 '19 85 '20 85 Dec. MESABA RAILWAY CO. 1st 5s. Due March 1. 1933. Dated March 1, 1912. Interest payable March and Sept. 1 , at Trustee' s office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania tax refunded. Authorized $2,500,000 Outstanding (Jan. 1, '21) 1,026,000 Held in S. F 185,000 Reserved for Ext 1.289,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — American Trust Co., Boston. Redeemable as a whole on any interest date or In part by lot for sinking fund at 105 and interest. Sinking Fund — Annually 2%% of bonds out- standing beginning Jan. 1, 1917, for the pur- chase or redemption of bonds at not over 106 and interest. Bonds so acQuired to be kept alive and interest added to fund. Assumed by Mesaba Railway Co. (Massa- chusetts corporation). Organization and Control — Incorporated In Minnesota in Jan., 1911. In June. 1914, suc- ceeded by the Mesaba Railway Co., a Mass- achusetts corporation, which latter company also acquired the properties of the Mesaba Electric Ry. Co. Capitalization. Outstanding. Common $1,575,000 Preferred (7% cum.) 686,000 Funded debt ..'. 1,026,000 Secured by a first mortgage on 35 miles of electric railway connecting the towns of Hib- bing, Chisholm, Buhl, Mountain Iron, Vir- ginia, Bveleth, Gilbert and intermediate points all located in the Mesaba Iron Ore Range of Minnesota. Population served, about 50,000; 28 miles is built on private right-of- way; franchises for the balance expire In 1926 and 1927. Years ended Dec. 31: Gross. Net. Interest. 1919 $318,054 $138,046 $65,003 1918 261,004 110,264 66,078 1917 287,925 120,342 58.190 1916 249,104 132,340 57,388 1915 201.036 87,071 57,181 Original Market — $1,100,000 ofCered April, 1914, by Graham & Co,, and W. H. New- bold' s Son & Co., both of Philadelphia, at 94 and Interest. Market. Philadelphia — Graham, Parsons & Co., Huntoon & Co. Price Range Jan. 1, '19, to Jan. 1, 'Zl 1930 Bid. Bid. High 75 '19 75 Nov. Low. 70 '20 70 Mar. 786 METAL PACKAGE CORPORATION OF NEW YORK 6% Notes. Due $35,000 Semi-an- nually, from March 1, 1920, to Sept. 1, 1924, inclusive. Dated Sept. 1, 1919. Interest payable Mar. 1 and Sept. 1, at Citizens Savings & Trust Co., Cleveland. Tax Status — 4% Federal Income Tax paid by company. Authorized $250,000 Outstanding (Jan. 1, '21) 175,000 Matured and Paid 75,000 Purpose of Issue— To refund floating In- debtedness and provide additional working capital. Denomination — Coupon, $500 and $1,000. Trustee — Citizens Savings & Trust Co. , Cleveland. Redeemable at 102 and interest on any in- terest date. Organization — Incorporated In New York. Business established in 1910. The company is a large producer of tin containers for tal- cum powder and other toilet preparations, druss and proprietary medicines, cigars, to- bacco, cigarettes and candy. Plant is lo- cated in Brooklyn, N. T. Capitalization. Outstanding. Common $411,000 Preferred 19,200 Funded debt 175,000 Security — ^A direct obligation of the com- pany, but not secured by a mortgage. The company has no funded debt. The Trust Agreement contains the following provisions: So long as any of these notes are outstand- ing, no obligations running longer than one year may be issued; No mortgage nor other prior liens may be placed upon the assets of the company; The company may not sell nor pled&e Its accounts receivable; The net current assets must be maintained at an amount at least equal- to the amount of the outBtancting notes: . Dividends are restricted to 7% pen annum, except that additional dividends may be paid, provided the paym,ent of such additional div- idends will not reduce the current assets be- low an amount equal to 200% of the current liabilities: Insurance upon the property must be car- ried at all times for an amount at least twice the par value of the outstaAdinff notes and In no case less than total liabilities: The company must furnish Stanley & Bis- eell each month with the preceding month's trial balance; The company must furnish Stanley & Bis- sell, within sixty days after June 30th and December 31st. each year, the report of a Certified Public Accountant, covering the six months' periods ending June 30th and, Decem- ber 31st, respectively. Years ended Dec. 31: Net. 1919 •$82,222 1918 89.883 1917 87.112 •After Federal taxes. Original Market — $260,000 offered Septem- ber. 1919. by Stanley & Bissell, Cleveland, at 100 and interest. Market Cleveland — Stanley & Bissell. METROPOLITAN EDISON CO. 1st and Bef. 5s. Due Aug. 1, 1933. Dated Aug. 1. 1917. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status' — 2 % Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $10,000,000 Outstanding; (Jan. 1, '21) 4,950,000 Pledgred under Bef. & Imp. Mtge 250,000 Beeerved for Prior I/ien 2.614.000 Reserved for Ext 2,186,000 FroTisions of Issue — Additional bonds are Issuable for 80% of cost when net Income for twelve months is at least 1% times in- terest charges on underlying bonds and bonds of this issue outstanding and to be issued. Denominations — Coupon, $1,000. $600 and $100. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable on 30 days* notice, at 102 and Interest on or before Aug. 1, 1921. and there- after at 101 and interest. Maintenance and Depreciation Fund — An- nually 10 % of the gross operating revenue, less (a) the amount actually paid during the year for repairs arid renewals, and (b) the amount, if any, required to be deposited with the trustee of the underlying mortgage for a similar purpose. Organization and Control — Incorporated in Pennsylvania in 1917 as a consolidation of the Metropolitan Electric Co. of Reading, Pa., the Edison Electric Illuminating Co. of Leb- anon. Pa., and the Lebanon Valley Electric Light Co.; also owns a majority of the com- mon stock of Pennsylvania Utilities Co, of Easton, Pa., and $300,000 preferred stock of the Heading Transit & Light Co. Controlled through ownership of entire $3,- 000,000 common stock by the Reading Tran- sit & Light Co., a subsidiary of the Eastern Power & Light Corporation. 786 Capitalization. Outstanding. Common $3,000,000 Preferred (7% cum.) 2,500.000 Funded debt 8,564,000 Secured by a direct or collateral lien on all the properties now owned or hereafter ac- quired as follows: A first mortgag'e on the properties formerly belonging to the Electric Illuminating Co. of Lebanon, Pa., and the Lebanon Valley Electric Light Co.. supply- ing electric light and power in Lebanon ani? - vicinity; a second mortgage on the properties formerly belonging to the Metropolitan Elec- tric Co, of Philadelphia. Pa.; also secured by a first lien on a majority of the common stock of the Pennsylvania Utilities Co. of Easton. Pa. A 33,000-volt transmission line connects .the Lebanon properties with the power plant at West Reading, Pa. Franchises are prac- tically all unlimited as to time. Prior lien — $2,614,600 (closed) Metropoli- tan Electric Co. 1st 5s of 1939, for the re- tirement of which, bonds are reserved under this mortgage. Underlies — Ref. & Imp. Mtge. Bonds are reserved under that mortgage to retire this issue. Years ended Dec. 31: Gross. Net. Int., etc. 1910 $2,269,618 $906,746 $638,843 1918 2.066,748 704,748 476,640 Original Market — $3,250,000 offered August, 1917, by the Guaranty Trust Co., New Tork. and Harper & Turner and Reilly, Brock & Co., Philadelphia, at 93% and interest. A block offered Jan., 1918. by Reilly. Brock A Co., Philadelphia, at 90% and interest; a block offered June. 1920, by Halsey, Stuart & Co. and HoUister, White & Co., New York, etc.. at 93% and interest. Market. New York— Fred H. Hatch & Co. Boston — Moors & Cabot. Pittsburg:h — Edward A. Owens & Co. Philadelphia^Henry D. Boenning & Co., Lloyd & Palmer, McCown & Co.. Samuel ^*^?ri?f,^ *.^S,- J- ^- Maglll & Co.. Sam'l K. Phillips & Co., Parsly Bros. & Co. Chicagro — Halsey, Stuart & Co. Lancaster— McClain & Co. Price Ranee. Jan. 1, '19, to Jan. 1, '21 1930 ™ ^ ^P^^- -^sk Bid. Ask. ?*^*^ §J H 95^ '19 S9 Feb. 93% Jan. Low. 83 '20 86 '20 83 Dec. 86 Deo. METKOPOLITAN EDISON CO. (Readinir, Pa.) 15-Year Ref. & Imp. 8s. Series A. Due Nov. 1, 1935. Dated Nov. 1, 1920. Interest payable May 1 and Nov. 1, in New York. Tax Status— 2% Federal Income Tax paid by the company without deduction. Tax .exempt m Pennsylvania, Massachusetts in- come tax not exceeding 6% of the annual interest refunded, and Connecticut taxes (other than succession or inheritance taxes) not in excess of 4 mills Her dollar per an- num refunded. Authorized Open mortgages Outstanding $1,000,000 Issuance Kestrictions — Under the provi- sions of tlie mortgage bonds may be issued in series of such aggregate amounts, bear- ing such dates, interest rates and dates, maturity dates, redemption provisions, tax provisions, privileges of conversion into capi- tal stock and sinking fund provisions as the Board of Directors may determine from time to time. Additional Refunding and Improvement Bonds may be issued for refunding prioi^ ; ®?A„<5''^'^^' ^^^ ^^^ P^^' ^^^ until August 1, 1922, may only be issued except as afbre- sald upon pledge of First and Refunding Bonds par for par under this mortgage, and provided net earnings shall have been at least^ 1% times interest charges on all Re- funding and Improvement Mortgage Bonds and prior lien bonds outstanding with pub- lic, and those proposed to be Issued, but no Refunding and Improvement Bonds shall be so issued against the pledge of the first $250,000 of First and Refunding Bonds so pledged. The First and Refunding Bonds aio issuable for not exceeding 80% of the cash cost of additions, improvements and acquisitions. After the maturity of the First and Re- funding Mortgage on August 1, 1922, bonds may be issued for 70% of the actual value or cash cost of additions, improvements and actiuisitions, providing net earnings as de- fined in said mortgages shall have been at least equal to 1 % times annual interest charges on all Bonds issued under this Mort- gage, including those proposed to be issued and prior lien bonds outstanding with pub- lic; for 75% of such actual value or cash cost, providing such net nearnings shall have been equal to at least 1% times such in- terest charges; and for 80% of such actual value or cash cost, providing such net earn- ings shall have been at least two times such interest charges, l^iirpose of Issue — To retire 6 % Secured Notes due Dec. 15, 1920, to reimburse the treasury for expenditures made on account of additions and improvements to the prop- erty and for other corporate purposes. Denominations — Coupon $1,000, $500 and $100; interchangeable registerable as to principal and exchangeable for fully regis- tered bonds in denominations of $100 and m.ultiples thereof. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date upon 30 days notice at 107% and interest during 1921 and % of 1% less per year during each year thereafter. Sinking: Fond — Annually, from Nov. 1, 1921, to Nov. 1, 1925, 1% of outstanding bonds, 1^% thereafter to Nov. 1, 1930, and from Nov. 1, 1931, to Nov. 1, 1934, to be used for the retirement of Series A bonds, or to reimburse the company for additions, betterments or acquisitions, in addition with "Which the company would otherwise be en- titled to the authentication of bonds under the mortgage. Maintenance and Depreciation Fond — An- nually on July 1, an amount equal to 12 14% of the operating revenue of the company, less a credit (a) on account of any pay- ments to a similar fund provided for under the First and Refunding mortgage until satisfaction thereof; (b) on account of ac- tual expenditures for maintenance, repairs, renewals and replacements to the property; and (c) on account of additions, improve- ments, extensions and betterments thereto against which no bonds may be issued. Any moneys so deposited shall be held by the trustee and may be drawn down from time to time for either of the purposes expressed in (b) and (c) above, or for the purchase or redemption and cancellation of bonds Issued under the mortgage or for the pur- chase of the prior lien bonds for deposit and pledge under this mortgage. Organization — See 1st & Ref. 5s. Secured by a direct mortgage on all the physical ' properties of the company now •owned or hereafter acquired. Further se- ■cured by pledge of $250,000 1st & Ref. 5s. For description of property see 1st & Ref. 5s Prior laens — Outstanding 1st and Ref. 5s. 1922 $4,950,000 Metropolitan Electric 1st 5s, 1939. .•2,614,500 $7,564,500 Original Market— $1,000,000 1920, by Halsey, Stuart & Co., interest. offered Dec.. at 95.82 and METBOPOMTAN SXECTBIC CO. (READ- ING, PA.) 1st S. F. 5b. Due AprU 1, 1939 Dated April 1, 1909. Interest payable April and Oct. 1, at Trustee's ofQce, or B. B. Smith & Co., Philadelphia, or at company's office, Readingf, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized Closed mortgage. Outstanding (Jan. 1, '21) 218,500 Retired by S. F 218,500 Denomination; — Coupon, $1,000 and $500. Regifiterable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable as a whole at 110 and interest on any interest date. Sinking Fund — -Annually on April 1, 1% of outstanding bonds, from 1914 to 1919, 1%% from 1919 to 1928, and 2% thereafter, for the purchase or redemption of these bonds at not over 110 and interest. Bonds so acquired to be cancelled. Control — Incorporated in Pennsylvania in 1894. In 1917 consolidated with other com- panies into the Metropolitan Edison Co. For further details see that company's 1st & Ref. 5s. Secured by a first mortgage on steam power plant of 31,500 h. p. and a first lien on the contracts and leases mentioned under organi- zation. The company controls an extensive distributing system throughout Reading, Pa., including underground conduits in the down- town section, and supplies that city and ad- jacent territory with electricity without com- petition. Population served, over 100,000. Franchises are without time limit. Underlies — Metropolitan Edison Co. 1st & Ref. 5s of 1922 and Ref. & Imp. Mtge. Bonds are reserved under each mortgage to retire this issue. Earnings — See Metropolitan Edison Co. 1st & Ref. 5s. Original Market — $2,000,000 offered in 1909, by Edward B. Smith & Co., Philadelphia and New York, at 95 and interest: offered by B. B. Smith & Co. and Brown Bros., 1913, at par and Interest. Market. Philadelphia — Bauer, Starr & Co., Henry D. Boenning & Co., Brown Bros. & Co., El- kins, Morris & Co., Huntoon & Co., McCown & Co., Sanuiel McCreery & Co., J. P. Magill & Co., Parsly Bros. & Co. Price Range. Jail. 1, '18, to Jan. 1, '21 195 !0 Bid. Ask. Bid. Ask. High 103 '16 103% '16 90 Jan. 94 Feb. Low. 76 '20 91 '19 76 July •Closed mortgage. Eamlngru — See 1st & Kef. Bs. 787 AEETBOFOUTAN OAS CORP. 1st S, T. Bs. Due Deo. 1, 1941. Dated November 25, 1911. Interest payable June and Dec. "1, at Bankers Trust Co., New York or Company's olBce, San Francisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,368,000 Outstanding (Jan. 1, '21) 1,052,500 Retired by S. F 225,000 Held in Sinking Funds of Allied Cos 90,500 Denomination — Coupon, $500. Registerable as to principal. TtTistee — ^Mercantile Trust Co.. San Fran- cisco. Redeemable at par and Interest on any in- terest date. Sinking Fund — $25,000 annually, beginning Nov. 16, 1912. Assumed by the Paciflo Gas & Ellectric Co. Control — Merged in 1911 into the FaciSc Gas & Qlectric Co. Secured by a first mortgage on a gas plant including &2 miles of mains in the heart of San Francisco. Underlies — San Francisco Gas & Electric Co. Gen. & Ref. Mtge. and 1st & Ref. Mtge. Bonds are reserved under each of the two latter mortgages to retire this issue. Earnings — See Pacific Gas & Electric Co. Original Market — Offered in 1912 by Harris, Forbes & Co., New York, H. W. Harris & Co., Inc., Boston, and Harris Trust & Sav- ings Bank, Chicago, at 99 and interest. Market. New York — Sam'l Goldschmidt, Fred H. Hatch & Co., Sutro Bros. & Co. Baltimore — Wm. E. Holloway. Price Range. Jan. 1, 'IS, to Jan. I, '%1 1980 Bid. Ask. Bid. Ask. High 96 '15 SS'A'U 80 Dec Low. B9 '20 73 '20 69 Sept. 73 Sept. MUTROPOLITAX RAILROAD CO, (Washing- ton) 1st Ss. Due Feb. 1, IdHS. Dated Feb. 1, 1S96. Interest payable Feb. and Aug. 1, at Baltimore Trust & Guarantee Co., Baltimore. Tax Status — 2% Federal Income Tax vol- untarily assumed by company. Authorized and Outstanding $1,860,000 Denomination — Coupon, $1,000. Trustee — Baltimore Trust Co., Baltimore. Redeemable — A portion of the property cov- ered by this mortgage may be sold and the proceeds applied to the retirement of these bonds at a price not exceeding 110 and in- Conitrol — Absorbed in 1902 by the Washing- ton Railway & Electric Co., which does part of the street railway and all the electricity business in and around Washington, D. C. Secured by a first mortgage on certain real estate and on street railway track and fran- chises formerly owned by the Metropolitan R. R. Co., and embracing the Connecticut Ave. & Park Ry., Boundary & Silver Springs Ry. Co., and the Union R. R., constituting an im- portant part of the street railway system in Washington, D. C. Franchises are perpetual. Underlies — W. Ry. & El. Co. Cons. 4s of 1961, which provide for the retirement of this issue. Bamings — See Washington Ry. & Electric Co. Usted on the Baltimore and Washington S*ock Exchanges. Market. Washington, D. C. — Crane, Parris & Co. Price Range. Jan. 1, '09, to Jan. 1, -21 1930 Bid. Ask. Bid. Ask. High 114 '09 116 '09 92 Dec. 94% Dec. Low. 84% '20 91 '20 84% Sept. 91 Aug. MBTROPOLITAN WEST SIDE ELEVATED RAILWAY CO.; NORTHWESTERN ELE- VATED RAILROAD CO. and SOUTH SIDE ELEVAITBD RAILROAD CO. Equip. 5s. Series "A." Doe $108,000 each February 1 and $103,000 each Au- gust 1 from 1917 to 1926; and Series "B." Due $110,000 each Feb. 1 and Aug. 1 from Feb. 1, 1987, to Feb. 1, 1929, Inclusive. Dated Aug. 1, 1914. Interest payable February 1 and August 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — A $2,060,000 B 560,000 $2,600,000 Outstanding (Jan. 1, '21) A $1,333,000 B 660,000 $1,678,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Commercial Trust. Co., Phila. Balance Retired. Guaranteed jointly and severally, as to prin- cipal and interest by the Metropolitan West 'Side Elevated Ry. Co., Northwestern Elevated R. R. Co., and South Side Elevated R. R. Co., by endorsement. Surplus available on ap- count of this guarantee in year ended Jime 30. 1920, was $729,547. - Secured by an equipment trust agreement on 184 steel passenger motor cars and 66 steel passenger trailers, costing about $2,600,000, of which about $650,000 was paid In cash. Original Market — Offered in 1914 by B. H. Rollins & Sons, Boston, New York, Philadel- phia, Chicago, etc. , Market. New York — Freeman & Co., Evans, Still- man & Co. METROPOLITAN WEST SIDE ELEVATED RAILWAY CO. (Chicago) 1st 4s. Doe Aug 1. 1938. Dated Aug. 1, 1898. Interest payable Feb. 1 and Aug. 1, at Central Union Trust Co., New York, or company's office, Chicago. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding. . .$10,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co. and George ' Sherman, New York. Organization and Control — Incorporated in Illinois in 1899 to take over the properties of the Metropolitan West Side Elevated R. R. Co.. sold at foreclosure. All the stock is owned by the Chicago Ele- vated Rys. Co., a voluntary association, Tihlch has already acquired control of practically all the -elevated roads in Chicago. Capitalization. Outstanding Common $7,462,800 Preferred (5% cum.) 8,707.600 Funded debt 16,012.333 Secured by a first mortgage on about 1'5 miles main line of elevated road, extending westerly from Fifth Avenue terminal, in the city of Chicago, together with bridges, right- of-way owned in fee. Total trackage owned by the company 46.99 miles of single track and 7.75 miles of side tracks. Franchise ex- pires in 1942. Underlies — Ext. & Term 1st 4s of 1938. Earnings— See Chicago Elevated Rys. Co. Listed on the New York and Chicago Stock. Exchanges. Market. New York — Babcock, Rushton & Co. Chicago — Curtis & Sanger, Edwin L. Lob- dell & Co. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1930 Bid. Ask. . High 93% July 3, '06 48 Feb. 50 Jan. Low. 64 Dec. 30, '18 40 Sept, 43 Nov. METROPOLITAN WEST SIDE EliBTATED RAILWAY CO. (Chicago) Ext. & Term. 1st 4s. Due July 1, 1938. Dated July 1, 1901. Interest payable Jan. and July 1, at company's office, Chicago, or Central Union Trust Co.. New York. 788 Tax Status — 2% Federal Income Tax paid °y company without deduction. Authorized $5,000,000 Outstanding; 4.433,000 Owned by Chicagro Kiev. Rys.. . 567,000 Denomuiatton— Coupon, J1,000 Register, aole as to principal. Trustee— Northern Trust Co., Chicago. Redeemable at 105 and interest any interest date on four weeks' notice. Organization and Control — See 1st 4s. Secured by a first mortgage on the 5th Ave- nue termmal, the Douglas Park extension and the Garfield Park extension, comprising about 4% miles of elevated road and three miles of double track surface lines from 52nd Aye, to the Desplaines River, and a second mort- gage on the property covered by the lat 43. Franchse expires in 1942. Prior Ijien— $10,000,000 lat 4s of 1938. Earnings — See Chicago Elevated Rys. Co. UstPd on the Chicago Stock Exchange. Original Market — Offered in 1901, at 98 and interest by Otis, Wilson & Co., Chicago ;■ offered in 1902. at 97 and interest by the First National Bank, Chicago; Lee, Higginaon & Co., New York, Boston, Chicago, etc.; $100,- 000 offered in Jan., 1912, at 82^ and interest by Edwin L. Lobdel & Co., Chicago. Market. ChicasTO — Curtis & Sanger, Edwin L. Lob- dell & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 83 '09 84% '09 47 Nov. 50 Nov. Low. 39 '20 43 '20 39 Dec. 43 Apr. MEXICAN ELECTRIC I^IGHT CO.. IjTD., let 58. Due July 1. 1935. Dated July 1, 1905. Interest payable Jan, 1 and July 1. Default — Jan. 1, 1915, and subsequent In- terest. Sinking fund payments are also in de- fault. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $6,000,000 Outstanding (May 1, '20) 5,567,000 Retired by S, F 433,000 Denomination — Coupon, $100, $500 and $1,- 000. Registered as to principal. Trustee — National Trust Co., Montreal and Toronto, Canada. Guaranteed as to principal and interest by the Mexican Light & Power Co., Ltd. Sinking Fund — ^Annually since 1908, 1% of outstanding bonds for the purchase or redemp- tion of these bonds at not to exceed 105 and interest. Protective Committee — B, R. Peacock, H. F. Chamen, Robert Fleming, H. M. Hubbard, A. F. P. Rogers, G. C. Cassils. Depositaries, Bank of Scotland, London and Edinburgh; London County & "Westminster Bank. Ltd., London & Union of London and Smith's Bank, Ltd., London. Organization and Control — Incorporated In Canada under the Companies Act m ili05 and acquired the properties of companies supply- ing parts of the City of Mexico with e]t>c- trlcity. The entire property of the company is leased for 99 years from 1906 to The Mex- ican Light & Power Co., Ltd. Rental prin- cipal and interest on bonds, maintenance and operation expenses. The latter company Is In turn controlled by the Mexican Tramways Co, Capitalization. Out-5tanding. Common $6,000,000 Funded debt 5,&67,000 Secured by a first mortgage on plants sup- plying part of the City of Mexico with elec- tricity, together with certain water power rights and transmission lines. Franchises granted to lessor extend to 2012. Iiisted on London and Toronto etock ez- chanKea. Price Range. Jan. 1, '11, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 88 '11 89U '11 45% Dec. 48% Dec. Low. 20 '16 25 '20 20 June 25 June MEXICAN INTERNATIONAL BAIUtOAD CO. Prior Lien Sterling 4^b. Due Sept. 1, 1947. Dated August 6, 1897. Interest payable March and Sept, 1, at Speyer Bros., London. Default — Sept. 1, 1914, and subsequent in- terest. Tax Status — Information not available. Authorized •$5,850,000 Outstanding • 5,850,000 •£1,200,000. Denomination — Coupon, £100 and £200; fully registerable. Registered bonds may be re- exchanged into coupon bonds. Trustee — Central Union Trust Co. , New York. Redeemable at par and Interest on any In- terest date on six months' notice. Assumed by the National Railways Co. of^ Mexico. Control — Property acquired In 1902 by the National R. R. Co. of Mexico and the latter company was absorbed in 1910 by the National Rys. Co. of Mexico, which is controlled by the Mexican Government through stock owner- ship. Secured by a first mortgage on 616 miles of road from Piedras Negras to Durango, Mex., Sabinas to Rosita, Mex., Montclova to Cuatro Cienegas, Mex., San Pedro to Homos, Mex., and Pedricena to Velardena. At Piedras Negras (formerly Ciudad Porfirio Diaz) con- nection is made with the Southern Paciflo Railroad. Underlies — 1st Cons. 4s of 1977 and about $135,550,000 Bonds of the Nat'l Rys. of Mex- ico. Listed on London Stock Exchange. Original Market — First offered by Speyer Bros., London. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 104 '11 100 '09 20 Jan. 30 Jan. Low. 20 '19 25 '20 20 Oct. 25 Oct. MEXICAN INTERNATIONAL RAILROAD CO. 1st Cons. 4s. Due Sept. 1, 1977. Dated August 6, 1897. Interest payable Mar. and Sept. 1, at office of National Rys. Co. of Mexico, New York. Default — Septj_ 1, 1914, and subsequent In- terest in default. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $16,000,000 Outstanding ($3,501,000 are guaranteed) 4,206,500 Guaranteed Bonds Deposited under National Rys. Co, of Mexico Wzs of 1957 3,000,000 Cancelled 296,500 Reserved for Bit 2,497,000 Reserved for Prior Liens 6,000,000 Denomination — Coupon, $500 and $1,000. Fully registerable and re-exchangeable for coupon bonds. 'nrustee — Metropolitan Trust Co., New York. Assumed by the National Railways of Mex- ico. Guarantee — Of the bonds Issued, $6,501,000 are guaranteed as to principal and interest by endorsement by the National " R. R. Co. of Mexico and are known as "Stamped Bonds," Control — See Mexican International R. R. Co. Prior Lien Sterling 4i^s of 1947. Secured by a first mortgage on 261 miles of road from Matamoras to Tiahualilo, Durango to Tepehuanea, Heata to Monterey, and a sec- ond mortgage on 616 miles covered by the first lien of the Mexican International Prior Lien Prior liiens — $5 ,850,000 Mexican Interna- tional Prior Lien 4%s of 1947. Underlies — About $136,550,000 bonds of t^ie National Rys. of Mexico. liisted on the New York and London Stock Exchanges. Original Market — Offered in 1897 by Speyer & Co., New York. Market. New York — Sam'l Goldschmidt, Hartshorne & Battelle, Vanderhoef & Robinson. Price Range — N. Y. S. E. Jan. 1. '08, to Jan. 1, '21 1920 Bid. Ask. High 80 July 30, '08 25 Dec. 30 Nov. Low. 75 Feb. 25, 10 10 June 20 June Guaranteed. High 80 Feb. 6, '08 Low. 79 Nov. 16, '10 MBXICAN UGHX & FOWBB CO., liTD., Ist 5s. Due Feb. i, 1933. Dated Feb. 1. 1903. Interest payable Feb. 1 and Aug. 1, at Bank of Montreal, Montreal, New York and London. Default — Feb, 1, 1915, and subsequent in- terest. Sinking fund payments are also in default. Tax Stains — ^Payment of Federal Income Tax not assumed by company. Authorized $12,000,000 Outstanding: 11,340.500 Retired by S, F 659,600 Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — National Trust Co.^ Ltd., Mon- treal and Toronto. Sinking Fund — ^Annually since Feb., 1903, 1% of outstanding bonds for purchase or re- demption of these bonds at no exceeding 110 and interest. Bonds so acquired to be can- celled. Protee]a.-wB.re will not create or permit any subsidiary to create any mortgage upon their real properties or any lien upon the stocks of subsidiary companies; __ In the event that the Mexican Petroleum Company, Limited, of Delaware, or any sub- sidiary company, shall hereafter sell any of Its pipe lines, lines of communication, terminals, refineries, storage facilities, or certain important oil properties specified in said indenture, the proceeds of any such sale must be used for the acquisition and retirement of bonds if obtainable at not exceeding the redemption price as provldefl in the said indenture, and if not so ob- tainable, must be used for capital purposes as in said indenture provided; The aggregate indebtedness of the Mexi- can Petroleum Company. Ltd., of Delaware and its subsidiaries, including both funded and current debt, shall never be permitted to exceed 40% -of the book value of their consolidated total assets, any assets now owned to be taken for such purpose at no^ exceeding their present book value. Years ended Dec. 31: Net. 1920 $11,863,487 1919 8,210,379 1918 11,920,801 Listed on the New York Stock Ilxchange. Original Market — $10,000,000; offered Apr. 1921 by a syndicate headed by Blair & Co., New Tork, etc., at 98% and interest. UEXICAX TELEPHONE & TELEGRAPH CO. 1st Ref. & Ext. S. V. Ss. Due Feb. 1. 1930. Dated Feb, 1, 1910. Interest payable Feb. 1 and A.ug. 1, at Trustee's oflSee. Default — Aug. 1, 1916, and subseauent in- terest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding (Jan. 1, '21). 620.000 Retired by S. F 60,000 Reserved for Prior Liens 149,500 Reserved for Bxt 170,500 Denomination' — Coupon, $500 and $1,000. Trastee — Old Colony Trust Co., Boston. Redeemable at 106 and Interest on and after Feb. 1, 1913. Sinking Fund — 3% of outstanding bonds an- nually on and after Feb. 1. 1913, for purchase or redemption of these bonds at not to ex- ceed 105 and interest. Protective Comnuttee-^Charles B. Rogerson, James A, Parker and E. B. Foye. all of Boa- ton; Secretary, Herbert D. Heatherfleld, 100 Franklin Street, Boston. Depositaries, Boston Safe Deposit & Trust Co., Boston, and Bdui- table Trust Co., New Tork. As of April 15. 1916, this committee had a majority of the bonds. Organization — Incorporated in Maine In 1905 as successor to Mexican Telephone Co. Con- trols Bell rights for Mexico. Capitalization. Outstanding. Common $700,000 Preferred (6% cum.) 300.000 Funded debt 769,500 Secured by a mortgage on telephone systems in the City of Mexico and most of the Im- portant cities of Mexico. Population served, 10,000,000. Note — The property of the company has been confiscated in the Federal District (May 1, '20). Prior Lien — $149,600 1st S. F. 5s of 1926. Original Market — Offered In 1910 at 94 and interest by Hamlin, Nickerson & Co. Market. New York — Joseph Gilman. Price Range 1980 — Bid 10; Ask 20 Oct. MLIMI COMPANY (The) 10- Year 7%8.- Due March 1, 1931. Dated March 1. 1921. Interest payable' March 1 and Sept. 1 at Union Trust Com- pany, Cleveland, or Chase National Bank, Ne'w Tork. Xax Status — 2% Federal Income Tax paid by tlie company without deduction. Authorized $850,000 Outstanding 650,000 Reserved for Corp. Purposes. .. .200.000 Denominations — Coupon, $1,000, $50 Oand $100; reglsterable as to principal. Trustee — Union Trust Company, Cleveland. Redeemable on any interest date on 30 days' notice at 105 and interest. Sinking Fund — Annually an amount equal to 5% of the total aniount of bonds issued for the purchase or redemption of these bonds at not exceeding 105 and interest. Convertible par for par into 6%" Preferred stock. Organization — Incorporated in Ohio in 1912 .The company is engaged in the manu- facture of book papers, bond papers and other closely related lines. Capitalization Outstanding Coitimon $600,000 Funded debt 706,900 Secured by a mortgage on lands, buildings and equipment at "West Carrollton. Ohio. The property covered was appraised at $2,- 373, 370 as of March 1, 1921. Property covered includes a paper mill of 85 tons daily capacity. Prior Liens — $56,900 bonds of an issue made when the company was organized. Original Marliet — 650.000, offered May, 1921. by Hayden. Miller & Co., Cleveland, at 96.60 and interest. 781 MICinGAN CENTRAL R. R. CO. Detroit & Bay City R. R. 1st 5s. Due March 1, 1931. Dated March 10, 1881. Interest, coupon bonds, payable March 1 and Sept. 1 at Cen- tral Union Trust Co.. New Tork; registered bonds. March, June, Sept. and Dec. 1, at com- pany's office. New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $4,000,000 Outstandine 4,000,000 Denomination — Coupon, $1,000. Registerable aa to principal or exchangreable for reffietered bonds between March 1 and May 1 or be- tween Sept. 1 and Nov. 1. Registered, $1,- 000, $6,000 and $10,000. Trustee — Central Union Trust Co., New York. Control — The Detroit & Bay City R. R. waa merged into the Michigan Central R, R. Co. in 1916. Secured by a first mortgage on 166.72 miles of road, viz: , Miies. Bay City Jet. (Detroit) to Bay City, Mich 107.44 Denmark Jet. to Saginaw, Mich 1B.14 Vassar to Owensdale, Mich 33.53 Bay City Belt Line 7.01 Bay City, Water St. Spur 3.00 Earnings — See Isi SVas. Ijegal for savings banks in Cal., Conn., Mass., Mo., Mich., Minn., Mo., N. H., N. J., Ohio, Ore., R. I., Vt. and Wis. Market, New York — Simon Borg & Co., Charles W. Place, Prince & Whitely, Redmond & Co., Raymond M. Smith, Taylor, Smith & Hard, Joseph Walker & Sons. Philadelphia — Biddle & Henry. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103 '16 108 "16 85 May 93 May Low. 85 '20 92 '20 85 Oct. 92 Mar. MICHIGAN CENTRAL RAtLROAD CO. 1st SVas. Due May 1, 1952. Dated May 1, 1902. Interest payable May and Nov. 1, coupon bonds, at Trustee's office; registered bonds, at Grand Central Terminal, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized ^ .$18,000,000 Outstanding 18,000,000 Denomination— Coupon, $1,000. Register- able as to principal or fully registerable. Kensington, 111,, 14 miles from Chicago. The 000. Tmstee — Guaranty Trust Co., New Tork. Organization and Control — Chartered in Michigan in 1846, and reincorporated in 1911 under the general railroad law of that state. The New Tork Central R. R. owns $16,819,300 of the $18,738,000 stock. Capitalization. Outstanding. Common $18,738,000 Funded debt 62,178,418 Secured by a first mortgage on 272.27 miles of double-tracked road from Detroit, Mich., to Kensington, 111., 14 miles from Chicago. The company has trackage rights over the Illinois Central R. R. into Chicago. Years ended Dec. 31: Gross. Net. Int. & Rent. •1919 $8,699,812 $9,667,999 $7,062,668 tl919 78,844,386 21,326,410 1,928,197 •1918 8,052,127 8,965,107 6,386,644 +)918 68,520,087 18,064,240 2,362,298 1917 62.879,434 13,474,467 10,036,240 1916 46,418,790 16,013,063 8,175,626 ♦Corporate Account. tFederal Income Account — standard return not included. liCgal for savings banks In Cal., Conn.. Me., Mass., Mich., Minn., Mo., N. H., N. J., N. T., Ohio, Ore., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Original Market — $2,000,000 offered in Jan., 1903, at 103% and interest by Harvey Fisk & Sons, New York. $4,000,000 offered in Feb., 1915, by Wm. A. Read & Co., and Kountze Bros., New Tork, at 81 and interest. Market. New York — Bigelow & Co., Simon Borg & Co., Sam'l Goldschmidt, Kountze Bros., H. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Remick, Hodges & Co., Stru- thers & Hiscoe, Vilas & Hickey. Grand Kapids— Corrlgan & Co. Fries Range — N.- S, S. E. Jan. 1, 06, to Jan. 1, '21 1920 High 98% Feb. 16, '06 72^4 Nov. 6 Low. 63% June 9, '20 63% June 9 MICHIGAN CENTRAL RAILROAD CO. Michigan Air Line Railroad Ist 4s, Dae Jan. 1, 1940. Dated January 1, 1890. Interest payable, coupon bonds, Jan. and July 1, at Central Union Trust Co., New York; registered bonds, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $2,600,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000 and $5,000. Trustee — Central Union Trust Co., New York. Organization and Conia'ol — See 1st 3^e, Secured by a first mortgage executed jointly by the Mich. Cent. R. R. Co. and the Mich. Air Line R. R. Co. on 115.25 miles of road from Jackson, Mich., to South Bend, Ind. Earnings — See 1st 3 lis. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., Ohio, Ore., R. I., Vt. and W^is. Listed on the New York Stock Exchange. Market. New York — Sam'l Goldschmidt, Hart- shorne & Battelle, Charles 'W. Place, R. W. Pressprich & Co., Prince & Whitely, Remick Hodges & Co., Vilas & Hickey. Price Range— N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. High 104% Mar. 23, '06 77 Feb. 77% Oct. Low. 74 Aug. 2, '18 70 Dec. 74% July MICEaGAN CENTRAL R. R. CO. Kalamazoo & South Haven Railroad 1st 68. Due Nov. 1, 1939. Dated Nov. 1, 1889. Interest payable May and Nov. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized and Outstanding $700,000 Denomination—Coupon, $1,000. Registered, $1,000 and $5,000. Trustee — Central Union Trust Co., New York. Organization and Control — See 1st 3%s. Secured by first mortgage on 39.34 miles of road from* Kalamazoo ot South Haven, Mich. Legal for savings banks in Cal., Conn., Me,, Mass., Midi., Minn., Mo., N. H., N. J., N. Y., Ohio, Ore., R. I. and Wis. Market. New York — Raymond M. Smith. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. High 105 '16 83 Jan. Low. 78 '20 98 '17 78 Aug. 792 MICHIGAN CENTRAL R. R. CO. Joliet A Northern Indiana Railroad 1st 4s. Due July 10, 195T. Dated July 10, 1907, Interest payable Jan. and July 10, coupon bonds, at Trustee's office; registered bonds, at Grand Central Terminal, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized {3,000,000 Outstanding 1,500,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000, $5,- 000, $10,000, $60,000 and multiples of $60,- "'1_ °' * ^- interoliangieable. Trustee — Guaranty Trust Co., New York. Control — Tiie property of the Joilet & Northern Indiana Railroad Is leased In per- petuity to the Michigan Central R. K. Co. Rental, interest on bonds and 6% on the $300,000 capital stock, which is road from Lake, Ind., to Joliet, 111. Seoured by a first mortgage made jointly by the Michigan Central R. R. Co. and the Joliet & Northern Indiana R. R. Co. on 46 miles of road from I,ake, Ind. ,to Joliet, 111. Earnings — See 1st 3Hs. l^gal for savings banks In Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., Ohio, Ore., R. I. and Wis. Original Market — Offered in 1907 by Clark, Dodge & Co., and Moffat & White, New Tork, at 99 and interest. Market, New York — Vilas & Hickey. Price Range, Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. High 99 '09 100 '09 74 Jan. Low. 66 '20 98 '08 66 Aug. MICHIGAN CENTBAI, RAILROAD CO. 20- Year Deb. 4g, Dae April 1, 192». Dated April 1, 1909. Interest payable April and Oct. 1, at Grand Central Terminal, New Tork. Tax status — 2% Federal Income Tax paid by company without deduction. Authorized $25,000,000 Outstanding 7,634.000 Unissued 17,366,000 Denomination — Coupon, $1,000. Register- able as to principal only or fully reglsterable. Registered, $1,000, $6,000, $10,000 and multi- ples of $10,000. Trustee — Guaranty Trust Co., New Tork. Organization and Control — See 1st 3%s. Securtiy — A direct obligation of the company but not a mortgage. The company covenants that it will not make any new mortgage upon its railroad without equally securing thereby the bonds of this issue. For further details and earnings of the Michigan Central R. R. Co. see Ist 3%s. Eialrnings — See 1st 3%s. Leg:al for savings banks in R. I. Listed on the New York Stock Exchange. Original Market — Offered In April, 1909, by J. P. Morgan & Co., First National Bank and National City Bank, New York, at 96 and in- terest. Market. New York — Simon Borg & Co., Hirsch, Lilienthal & Co., Struthers & Hiscoe, Van- derhoef & Robinson. price Range — ^N. Y. 8. B. Jan. 1, '09, t« Jan. 1, '21 1920 High 931/4 Nov. 16, '09 81% Oct. 23 Low. 72 June 17, '20 72 June 17 MICHIGAN CENTRAL R. R. CO. Grand River Valley R. R. 1st 4s. Due Sept. 1, 1959. Dated Sept. 1, 1909. Interest payable March and Sept. 1. at Grand Central Terminal, New Tork. Tax Status — 2% Federal Income Tax paid by company without ded/uction. Authorized $4,600,000 Outstanding 1,600.000 Reserved for Ext 3,000,000 Denomlntatioo — Coupon. $1,000. Register- able as to principal. Registered, $1,000, $5,- 000 and multiples not exceeding $100,000. C. &. interchangeable. Trustee — Guaranty Trust Co., New York. Conta-ol — During 1916 the Grand River Val- ley R. ,R., with other leased and stock con- trolled subsidiaries was merged into the Mich- igan Central R. R. Co. Secured by a first mortgage on 83.78 miles of road from Rives Jot. to Grand Rapids, Mich. Legal for savings banks in Cal., Me., Mich., Minn., Mo., N. H., N. J., N. T., Ohio, Ore., R. I. and Wis. Original Market — Offered March, 1910, by Moffat & White, New Tork, at a price to yield 4%%. Market. New York — Sam'l Goldschmidt, Charles W. Place, Taylor, Smith & Hard. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. High 87 '16 88% '16 68 Nov. Low. 60 '17 - 70 '17 64 Apr. MICHIGAN CENTEAL RAILROAD CO. Equip. Tr. 5s. Due $300,000 each Oct. 1, 1916, to 1930, inclusive. Dated Oct. 1, 1915. Interest payable April a.nd Oct. 1, at New Tork and at Trustee's oifice. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $4,600,000 Oatstandins: (Jan. 1, '21) 3,000,000 Balance Redeemed. . Denomination — Coupon, $1,000. Register- able as to principal 'Trustee — Philadelphia Trust Co., Philadel- phia. Guaranteed principal and interest by the Michigan Central R, R. Co. by endorsement. Secured by an equipment agreement on 3,500 all-ateel 50-ton automobile box cars, 500 all-steel 66-ton composite gondola cars and 45 steel underframe automobile box cars, costing in the aggregate about $6,000,000. Legral for savings banks In N. H., Ohio, and R. I. Original Market — Offered in 1916 by Har- ris. Forbes & Co., New York and Boston, and Harris Trust & Savings Bank, Ohicago, at prices yielding from 3.50% to 4.25%, accord- ing to maturity. Market. New York — Bigelow & Co., Evans, Still- man & Co., Freeman & Co. Philadelphia — Graham, Parsons & Co. Price Range 1920 Bid. Ask. High 6.12% Jan. 5.85% Jan. Low 7.75% July 7.00% June MICHIGAN CENTRAL RAILROAD EQVIF. Tr. (of 1917) 6s. Due $600,000 each March 1, from 1920 to 1932, inclusive. Dated March 1, 1917. Interest payable March 1 and September 1 at Guaranty Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $9,000,000 Outstanding (Mar. IE, '20) 7,800,000 Retired 893,000 Denomination! — Coupon. $1,000: reglsterable as to principal. Registered, $1,000. $5,000, $10,000 and $60,000. Trustee — Guaranty Trust Co., New Tork. Guaranteed principal and Interest by Che Michigan Central R. R. Co. Secured by an equipment trust agreement on the following equipment; Approximate Description. Cost. 4,000 40-Ton Steel Underframe Box Cars $6,616,830 1,200 60-Ton Self-Clearing Hopper Cars 2,161.128 250 40-Ton Refrifferator Cars 548,250 300 40-Ton Steel Underframe Gon- dola Cars 423,900 10 Pacific Type Passenger Locomo- tives 416,000 250 40-Ton Stock Cars 379,102 20 Steel Passenger Coaches 364,000 25 Steel Baggage Cars 299,750 5 Steel Combination Passenger and Baggage Cars 84,750 Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 97 '16 100 '19 91 Oct. 92% Dec. Low. 86% '18 90 '19 88 Nov. $11,292,710 I^effal for savings banks in N. H., Ohio and E. .1. Original Market — $7,800,000 offered March, 193 9, by Bankers Trust Co. and Hallgarten & Co., New York, and Union Trust Co., Pitts- burgh, on 5 % % , 5 % % and 5 % % bases, re- spectively, for 1920, 1921 and 1922 maturities and on a 5%-% basis for remaining maturi- ties. Market. See E^quip. 55. Price Range 1920 Bid. Ask. High 6.12% Jan. 5.85% Jan. Low 7.75% July 7,00% June MICHIGAN CITY enomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Old Colony Trust Co.. Boston. Organization and Control — Incorporated in Michigan in 1904 as successor to the Michi- gan Telephone Co. sold under foreclosure. In 1912 and 1913 the company absorbed several Independent telephone companies including the Home Telephone Company (Detroit) and the Macomb Telephone Company. The Michigan Stato Telephone Co. is con- trolled by the American Telephone & Tele- graph Co. through ownership of about 78% of the stock. Common stock and preferred stock have equal voting rights. Capitalization. Outstanding. Common $6,000,000 Preferred (6% cum.) 4,000,000 Funded debt 9,911,600 Secured by a first mortgage on telephone systems serving the State of Michigan. Years ended Dec. 31: Int. & Gross. Net. Rent. _ 1920 $14,344,106 $534,477 $1,764,962 • 1919 4,937,374 1,237,437 1,512,329 1918 8,350,048 701,761 1,299,68^ 1917 7,991.343 826,120 959,662 1916 7,360,690 1,197,688 701,297 •Excludes all revenues accrued to and ex- penses borne by the U. S. Government for the Federal control period from Jan. 1. 1919, to July 31, 1919. Listed on the New York, Chicago and De- troit Stock Exchanges. Original Market — OfEered in 1908 by N. W, Harris & Co., New York, Boston and Chicago; $1,000,000 offered in 1911 at par and interest by Harris, Forbes & Co., New York, N. W. Harris & Co., Boston, and Harris Trust & Sav. Ba nk, Chicago. Market. New York — Babcock, Rushton & Co., Jo- seph Gilnian, Morton Lachenbruch & Co., T. L. MacDonald. Detroit — \Vm. A. Neer & Co., Nichol-Ford & Co., Inc. Boston — L. Sherman Adams. Ghicagro — Paine, Webber & Co. Price Range — ^N. Y. S, E, Jan. 1, '06, to Jan. 1, '31 1920 High 1011^ July 3, '06 86^4 Ofct. 23 Low. 81^A Sept. 12, '19 82 Dec. 16 MICHIGAN TRACTION EXTENSION CO. Ist & Coll. 6s. Dae Dec. 1, 1933. Dated Dec. 1, 1903. Interest payable June and Dec. 1, at Columbia Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $500,000 Oatstanding: 259,000 Balance held in S. F. Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Guaranteed — Under terms of lease fhe Mich- igan Railway Co. agrees to pay principal and interest on these bonds. Control — Absorbed by the Michigan United Rys. Co., which is leased for 999 years from Jan., 1916, to the Michigan Railway Co., which in turn Is controlled by the Common- wealth Power, Railway & Light Co. Secured by a first mortgage on branch from Augusta to Gull Lake. Underlies — Michigan United Rys. Co. lat & Ref. 5s which mortgage provides to retire this issue. Market. New York — Watson, ^Armstrong & Co. Philadelphia — Henry D. Boenning & Co., Huntoon & Co., Sam'l K. Phillips & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask Bid. Ask. High 98 '17 100 '19 93 Sept. 95 Nov. Low. 88y2 '20 93 '20 88% Sept. 93 Sept 796 MICHIGAN UNITED RAILWAYS CO. 1st & Ref. 5s. Due May 1, 1936. Dated May 1, 1906. Interest payable May 1, and Nov. 1, at Trustee's office, or National Provincial Bank, London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $12,500,000 Outstanding: 9,640,000 Reserved for Prior liens 2,397,000 Reserved for Ext 463,000 Denomination — Coupon and Registered, $50, $100, $250, $500 and $1,000. Coupon register- able as to principal. Trustee — Columbia Trust Co., New York. Guaranteed — Under terms of lease the Mich- igan Railway Co. agrees to pay when due prin- cipal and Interest on these bonds. Organization and Control — Incorporated In Michigan in 1906 and has absorbed the Michi- gan Traction Co., Michigan Traction Exten- sion Co., Jackson & Battle Creek Traction Co., Lansing & Suburban Traction Co., Jackson Consolidated Traction Co.. Lansing & Jack- son Ry. Co. and Lansing and North Eastern Ry. Co. Leased for 999 years from Jan., 1916, to the Michigan Railway Co., which is controlled through stock ownership by " the Common- wealth Power Ry. & Lt. Co. Capitalization. Outstanding. Common $6, 000, 000 Preferred (6% cum.) 1,000,000 Funded debt 12,037,000 Secured by a mortgage on 260 miles of street and interurban railway track and era- bracing the street railway systems In Jack- son, Battle Creek, Kalamazoo and Lansing and including lines between Kalamazoo and Battle Creek with branch from Augusta to Gull Lake; from Jackson to Battle Creek op- erated by third-rail ; from Lansing to Jack- son operated by third rail; from Lansing to Owosso and Corunna operated by third rail, together with extensions to many Michigan resorts. FTanchise in Jackson extends to 1960 and the city has the privilege of purchase in 1930 and each five years thereafter. Fran- chise in Battle Creek expires in 1924, in Lan- sing in 1931 and in Kalamazoo in 1923, The company operates a through service to De- troit over the lines of the Detroit United Ry. Prior IJens — $1,200,000 Jackson & Battle Creek Traction Co. 1st 5s of 1923; $259,- 000 Michigan Trrtction Extension Co. 1st 5a of 1923 and $790,000 Jackson Consolidated Traction Co. lat 6s of 1934 for the retire- ment of all of which provision Is made in this mortgage. Interest. $616,200 Years ended Dec. 31: Gross. Net. 1919 $2,841,336 $840,876 1918 2,320,737 669.321 lasted on the London Stock Exchange. Original Market — $500,000 offered in 1912 by Kennett, Cowan & Co., Chicago and New York, at a price to yield 5.50%. $100,000 offered in May, 1913, by D. Arthur Bowman & Co., St. Louis, on a 5.50% basis. Market. New Tork — Morton Lachenbruch & Co., E. & O. Randolph. Baltimore — Norman J. Polack. Grand Rapids — Corrigan & Co., Hilliker, Perkins, Everett & Geistert. Clucagro — Merrill, Lynch & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94^ '13 97% '09 46 Jan. 49 Jan. Low. 37 '20 39 '20 37 Dec. 39 Aug. MICHOACAN POWER CO. Ist 6s. Dae $40,000 annually Jnly 1 to 1917; $60,000 July 1, 1918, to 1922; $100,000 July 1, 1923 to 1937. Dated July 1, 1907. Interest payable Jan. and July 1, at Trustee's office. Payment of Interest — July 1, 1919 and Jan, 1, 1920 coupons with interest at 6% were paid Jan. 1, 1921. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,680,000 Retired 120,000 Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee— Old Colony Trust Co., Boston. Redeemable as a whole only at 105 and in- terest on or after July 1, 1923. Guaranteed as to principal and interest by endorsement by the Guanajuato Power & Elec- tric Co. Oreanizatioit and Control — Incorporated in Colorado, 1906, and acquired two concessions from the Mexican government for water power in the State of Miohoacan. The Guanajuato Power & Electric Co. owns the entire capital stock. Capitalization. Outstanding. Common $1,000,000 Funded debt 1,680,000 Secured by a first mortgage on two hydro- electric plants at Brunnel and Noreiga of 7,- 500 h. p. each and 100 miles of transmission lines from Noreiga via Guanajuato to San Luia Potosi. The property is operated as a part of the Guanajuato Power & Electric Co. Original Market — Offered in 1907 by E. H. Rollins & Sons, Boston, New York, etc., at par and interest. Market. lue as follows: Series "A" July 1, 1&20, Series "B" Sept, 1, 1920, Series "C" Nov. 1, 1920, Series "D" Jan. 1, 192^1, Series "B" Sept. 1, 1921* Series "F" March 1> 1922. Dated as follows: Series "A" July 1, 1917; Series "B" Sept. 1, 1917; Series "C" Nov. 1, 1917; Series "D" Jan-. 1, 1918; Series "B" Sept 1, 1918; Series "P" March 1, 1919. In- terest payable semi-annually at Trustee's of- fice, Chicago, or Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Limited to 40% of outstanding preferred stock. Outstanding: (Jan. 1. '21) "D" $968,000 •"E" 800.000 "F" 300,000 $2,100,000 In Treasury D 32,000 Matured and paid 3.000,000 Denominaldon — Coupon, $1,000, $500 and $100. Regiaterable as to principal. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable at any time at 100 and interest on 60 days' notice. Organization — See 6s of 1925. Secured by pledge Mortgage Bonds, Collat- eral Trust Notes and Debentures of public service corporations (excluding securities of this company) in the aggregate amount of 120% of the par value of all Notes outstand- ing. Mortgage Bonds comprising an amount at least equal to principal of notes outstanding. Further secured by a second lien on the col- lateral pledged to secure the 10-year Coll. Tr. 6s. Earnings — See 6s of 1925. Original Market— $1,000,000 Series "A" of- fered Aug., 1917, by the Illinois Trust & Sav- ings Bank, Russell Brewster & Co., McCoy & Co., Halsey, Stuart & Co., Chicago, and A. H. Bickmore & Co., New York, at 97% and In- terest, Market. Clilcagro — Halsey, Stuart & Co. soo middijS west utujties company 5- Year Gonv. 7% Notes. I>ue Marcli 1, 1924. Dated March 1. 1919. Interest payable March and Sept. 1st, at Chicago and N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized S2f.500,000 Outstanding: (Jan. 1. '21 2,496,000 In Treasury 4,000 Purpose of Issue — To reimburse company for expenditures made and to be made in the development of subsidiary companies and for certain construction work. Denominations — Coupon $100, $500 and $1,- 000. Registerable as to principal. Trustee — Continental and Commercial Trust and davings Bank, Chicago. Redeemable as a whole or in part at any time upon sixty days' notice as follows. Prior to Mar. 1, 1920, at 107% and inter- eat. Prom Mar. 1, 1920, and prior to Mar, 1, 1921, at 105 and interest. From Mar. 1, 1921, and prior to Mar. 1, 1922, at 102 and mterest. From Mar. 1, 1922, and prior to Mar. 1, 1923, at 101 and interest. On and after Mar. 1, 1923, at par and inter- est. ^ Convertible at any time before maturity or if called for redemption at any time ap to thirty days preceding redemption date as fol- lows: For each $500 note or five $100 notes a block of pledg-ed stock consisting of — Par Value Central 111. Public Service Co., Pfd. 111. Northern Utilities Co., Pfd. Stk. . . lOO Stk $300 Public Service Co. of Okla., Pfd. Stk.. 100 Kentucky Utilities Company Pfd. Stk.. 100 Middle West Utilities Co. Com. Stk 100 Fractional Scrip Certificate one-half of one share of the Common Stock of Middle West Utilities Company 60 $750 $1,000 bonds may be exchansed for a block of pledged stock consisting of twice the re- spective amounts listed above. Organization — See Coll. Tr. 6s, due 1926. Security. — Indenture provides that there must at all times be pledged with the Trustee as collateral security preferred stocks of con- trolled corporations and common stock of Mid- dle West Utilities Company in the following' percentages of the aggregate principal amount of all notes outstanding; Central 111., Public Service Co.. Pfd. Stk. 60% Public Service Co., of Okla. Pfd. Stk... 20% 111. Northern Utilities Co. Pfd. Stk 20 % Kentucky Utilities Company Pfd. Stk 20% Middle West Utilities Co. Com. Stk 30% Prior Uens — The pledged stock is subject to prior liens as follows; Outstanding. Central 111. Public Service Co. 1st & Ref. 6s, due 1952 $12,143,000 Gen. 6s 1,312,000 3-year notes 566,300 Divisional lien^ 2,975,500 Public Service Co. of Oklahoma 1st & Ref. 5s, due 1933 2,688,000 Gen. 6s. due 1933 597,000 Divisional I,iens 520,000 Illinois Northern Utilities Co. 1st & Ref. 6s, due 1967 5,047,000 Kentucky Utilities Co. 1st Ijien 6s, due 1924 3 679 100 Deb. 68, due 1923 380.000 Gan. 6s, due 1947 1157 000 Middle West Utilities Co. Coll. Td. 6s, due 1925 9,336,600 Coll. Note, due 1921 to 1922 2,100 000 Earnings — See Coll. Tr. 6s 1925. Original Market— Offered March, 1919, by A. B. Leach & Company, Inc., New York, Chi- cago, etc., at 97 and interest. Market. New York — Gilbert J. Postley Chicago — A. B. Leach & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. Higrh 94 '19 98 '19 85 Nov. 94% Sept. Low. 83 '20 84 '20 83 May 84 Dec. HIDDI^SEX & BOSTON STREET RAILWAY CO. Ist & Ref. 4^48. Due Jan. 1, 1932. Dated January 1. 1912. Interest payable Jan. and July 1, at Trustee's office. Boston. Tax States — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Ontstanding 1,983,000 Reserved for Ext 4,017,000 DenominatioD — Coupon, $1,000. Trustee — Boston Safe Deposit & Trust Co., Boston. Redeemable on any interest date on 30 days' notice from Jan. 1, 1917 to July 1, 1921, In- clusive, at 107% and interest; Jan. 1. 1922, to July 1 , 1926, inclusive, at 105 and In- terest and Jan. 1, 1927. to July 1, 1931, in- clusive. 102% and Interest. Organization and Control — Incorporated In Massachusetts in 1907 as successor through foreclosure to the South Middlesex Street Ry. Co. Controlled by the Boston Suburban Blectric Companies, through ownership of the entire capital stock. Capitalization. Outstanding. Common $1,987,000 Funded debt 1,983,000 Secured by a first mortgage on 130 miles of electric railway track. Including 97 miles In and between Newton, Waltham, Watertown, Natick, Wellesley, Framlngham, Hopkinton, Needham, Westboro, Sherbum, Wayland, Bel- mont and Ashland, connecting with the "Wor- cester Consolidated Street Ry. and the Boa- ton Elevated Ry. at four points and forming a link in through line from Worcester to Bos- ton; and 33 miles of track from a connection with the Boston Elevated Ry. at Arlington Heights and extending through Lexington and Bedford to Billerica where it connects with the Bostpn & Northern line to Lowell and fur- nishes through service to that city from Sulli- van Sauare, Charlestown, on the Boston Bl. Ry.. and including branches to Waltham and Concord. ' Tears 1920. ended Dec. 31: Gross. Jl,345,724 Net. $166,249 160,615 181,413 224,334 Interest. $165,620 1919. 1918. 1917. 1,141,906 970,571 1,079,381 157,963 155,301 165,886 Original Market — Offered In 1912, by Lee, Hisginson & Co., and Estabrook & Co., New York, Boston, etc., at 98% and Interest. Market. ChlcaEO — Karris Trust & Savlnss Bank. Price Ranee. Jan. 1, '13, to Jan. 1, '21 1920 High 88 '16 981i "13 5 Of. Dec. Low. 75 '18 80 '18 UIDDI^ESKX ft SOMEBSET TBACTION CO. Ist 5s. Dna Jan. 1, 1950. Dated March 1, 1900. Interest payable Jan. and July 1, at Trustee's office. Tax Status — ^Payment ot Federal Income Tax not assumed by company. Authorized $1,600,000 Outstandine 1,000,000 Beserred for Frior Uens 600,000 Oenomination — Coupon, $1,000. Kegiaterable as to principal. Trustee — Fidelity Union Trust Co., New- ark, N. J. Control — ^A consolidation in 1900 of the New Brunswick City Ry. Co., the BrunswicE~Trac- tion Co. and the New York & Philadelphia Traction Co. In 1904 merged together with the East Jersey Street By. Co. into the Eliza- beth &. Raritan River Street Hy. Co., which was merged with the Elizabeth, Flainfleld ft Central Jersey Ry. Co., into the United Street Ry. Co. of Central Jersey in 1907 and the lat- ter company absorbed by the Public Service Ry. Co. in the same year; the latter company Is an operating subsidiary of the Public Ser- vice Corp. of New Jersey. Secured by a first mortgage on the line from South Amboy to South River and a second mortgage on the line from South River to New Brunswick and the street railways of that city together with extension to Raritan, South Bound Brook and Dunellen and extension to Metuchen. Prior Liens — $500,000 Brunswick Traction Co. 1st 6s of 1926 for the retirement of which bonds of this Issue are reserved. Underlies — Elizabeth, PLainfleld & Central Jersey Ry. Cons. 6s of 1950 and $1,500,000 Elizabeth & Raritan River St. Ry. Gen. 5s of 1954. The latter mortgage provides for the retirement of this issue. Market. New York— W. B. R. Smith & Co. Philadelphia — Arthur J. Bender. Price Range. Jan. 1, '16, to Jan. 1, 'Zl Bid. Ask. High 96 '16 97% '16 Low. 70 '18 82 '18 1920 Ask. 66 Feb. 54% Oct. MIDDLESEX VALLEY BAILBOAD CO. 1st 5s. Due Nov. 1, 1942. Dated August 26, 1892. Interest payable May and Nov. 1, at company's office, Phila- delphia, Pa., and J. P. Morgan & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $600,000 Outstanding 200,000 Owned by Lehlgb Valley R. R. Co. 400,000 Denomination — Coupon, $1 000. Registerable aa to principal. Trustee — Central Union Trust Co., New York. Guaranteed — $695,000 guaranteed principal and- interest by the Lehigh Valley R. K. Co. by endorsement. . Control — ^Absorbed by the Lehigh Valley Railway Co., the stock of which is owned by the Ijehigh Valley Railroad Co., which leases the property for 999 years from 1891. Seemed by a first mortgage on 29.42 mllea of road from Naples to Geneva, N. Y. Underlies — Lehigh Valley Railway Co. 1st 4%8 of 1940. Refunding bonds are reserved under the Lehigh Valley R. R. Co.'s Gen. Cons, mort- gage to retire this Issue, which may be ex- tended at maturity for a period not exceeding two years. Legal for savings banks in Cal., Me., Mich., Minn., N. H., N. J., Ohio, Ore. and R. I. Market. New York — Charles W. Place. Pittsburgh — K. B. Hutchinson & Co. Philadelphia — Biddle & Henry, Henry D. Boenning & Co. Price Bange. Jan. I, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 105 '16 110 '10 92 Jan. 95 Jan. Low. 85 '20 92 '20 85 Aug. 92 Aug. tOl middle: west UTIUTIKS CO. IS-Year 8% Secured Notes, Series "A." Due Sept. 1, 1S35. Dated Sept. 1, 1920. Interest payable March 1 and Sept. 1, in Chicago and New York. (Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $5,000,000 ' Outstanding: 2,500,000 Bserved for Corp Purposes.... 2,500,000 Issuance Bestrictions — ^Additional series of notes may be Issued by resolution of the board of directors, such resolution to fix the interest rate, maturity, the amount or char- acter of collateral, if any, to be pledged as security for such particular series only, and all other provisions of the respective series as established. Pui'pose of Issue— To reimburse the com- pany for funds used in the development of Its subsidiary companies. Denominations — Coupon, $1,000, $500 and $100; interchangeable and registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable at any time after Sept. 1, 1926, upon 30 days' notice, at the following prices and interest during 12 months* periods .ending on the respective dates: 105 to Sept. 1, 1926; 104% to Sept. 1, 1927; 104 to Sept. 1, 1928; 103% to Sept. 1, 1929; 103 to Sept. 1, 1930; 102% to Sept. 1, 1931; 102 to Sept. 1, 1932; 101% to Sept. 1, 1933; 101 to Sept. 1, 1934; 101% to Sept. 1, 1935. Organization — See 10-Year Coll. Tr. 6s. Secured by pledge mortgage bonds on propertties of subsidiaries, owned entirely or controlled by this company, in an aggregate principal amount at 'ail times equalling at least. 150% of the aggregate principal amount of Series "A" notes outstanding. No notes of Series "A" may be certified unless the net earnings of each company whose' .mortgage bonds are pledged here- under are equal to at least 1% times the annual , interest charge on all such bonds and on all underlying mortgage indebted- ness. Edmings — See 10-Year Coll. Tr. 6s. Original Market — $2,500,000 offered Oct., 1920, By Halsey, Stuart & Co. and A. B. Leach & Co., Inc., at 96 and interest. Market New York — A. H. Bickmore & Co., H. M. Jacoby & Co. Bock Island, 111. — Litten & Hoberts. Chica«;o — R. D. 'Vilas & Co. Prince Bange 1920. - Bid. Ask. High 94 Nov. 96 Oct. Low 92 Nov. 95 Bee. MIDDLE WEST TJTILITIBS CO. ZO-'S'ear 8% Secured Notes, Series "B." Due Dec. 1, 1940. Dated (Indenture dated Sept. 1, 1920), Dec. 1, 1920. Interest payable June 1, and Dec. 1, in Chicago and New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $2,500,000 Outstanding 2,134,000 Beserved for Corp. Purposes. . 366,000 Issuance Bestrictions — $366,000 additional notes issuable upon deposit of not less than $549,000 par value of mortgage bonds, when net earnings of each company, whose mort- gage bonds are pledged hereunder, are equal to at least one and one-half times the an- nual Interest charge on all bonds outstand- ing under such mortgages and all Indebted- nes ssecured by any mortgage equal to su- perior in lien. Purpose of Issue — To reimburse the com- pany for funds used in the development of Its subsidiary companies. Denominations — Coupon $1,000, $600 and $100) registerable as to principal. Trustee — Bankers Trust Co., New York. Bedeemable or purchasable at any time a,fter Nov. 30, 1925, upon 30 days' notice at 107% and accrued interest during the fiya years ending Nov. 30, 1930; 105 during the five years ending Nov. 30, 1935; 102% during the twelve months ending Nov. 30, 1936; 102 during the twelve months ending Nov. 30. 1937; 101% during the twelve months ending Nov. 30, 1938; 101 during the twelve months ending Nov. 30, 1939, and 100% during the twelve months ending Nov. 30, 1940. Sinlung Fund — A sinking fund is provided for the Series "B" Notes with semi-annual payments, June 1 and December 1, aniount- ing to $25,000 each. Payments to .be made In cash "which shall be applied to the pur- chase or redemption of notes of this series at not exceeding the redemption price, or in Series "B" Notes at par. Notes so acquired or presented shall be cancelled and pro rata collateral may be withdrawn. Organization — See Coll. Tr. 6s. Secured by a pledge of mortgage bonds of subsidiaries of an aggregate par value of $3,859,000 or $180.83 par value of bonds pledged for each $100 par value of notes outstanding. No notes of Series "B" may be certified unles sthe net earnings of each company. mortgage bonds of which are pledged here- under, are equal to at least 1% times the annual interest charge on all bonds out- standing under such mortgages and all In- debtedness secured by any mortgage equal or superior in lien. The latest available consolidated state- ment of earnings of the companies, mort- gage bonds of which are to be pledged to secure the present issue of notes, shows that the ratio of net earnings to annual interest requirements of all bonds outstanding under such mortgages and all indebtedness secured by any mortgage equal or superior In lien, is equal to 1.80. Earnings — See Coll. Tr. 6s. Original Market — $2,134,00 offered Decem- ber, 1920, by Halsey, Stuart & Co. and A. B. Leach & Co., Inc., at 95% and interest. Market New York — A. H. Bickmore & Co., Hart- shorne & Battelle, H. M. Jacoby & Co. Rock Island, HI. — Litten & Roberts. LouisTille — Geo.' T. Wood & Son. Cleevland — Prichard, Casler Co., Stanley A Blssell. Chicago — Halsey, Stuart & Co., Shapker ft Co., R. D. Vilas & Co. Milwaukee — Investors Finance Corp. 802 MIDI RAILROAD (COMPAGNIB DES OHBMBS PER DU SHDI) 69. Redeem- able, at par, by drawings, not later than 1960. Principal and Interest (June 1 and Dee. 1) payable at the office of A. Iselin & Co., New York. Tax Status — Principal and Interest pay- able without deduction for any French taxes, present or future, if held by non-resldenta of France. Authorized Frs. 50,000,000 Outtsanding Fra 50,000,000 Denominations — Coupon, Frs. 1,000. Redeemable at 100 by annual drawings in accordance with the amortization schedule printed on the bonds, in amounts sufficient to retire the entire issue by 1960, the com- pany reservelng the right to Increase the amount to be redeemed in any year. Government Guaranty — A law enacted on Nov. 20, 1883, provides that if in any year, prior to Dec. 31, 1960, the end of the conces- sion of the company, the net Income of the compaijy Is not sufficient to cover the in- terest on and the amortization of Its bonded debt, and to make a distribution of Pre. 12,600,000 on its capital stock, at the rate of Frs. 50 per share of Frs. 500) the French i>overnment will provide the company with the amount necessary to make up the defi- ciency. Any amounts so advanced are to be i'fPf-'". with interest at i% p. a. (3 since isjb) m accordance with the agreement in connection with the transfer to the govern- ment of the consols (see below), out of any surplus net income of the company remain- ing after making distribution of 10% on its capital stock. The law further requires that if at any time prior to the end of the concession the government shall repurchase the company's property and take over the operation of its railroad, the government will pay to tho company annuities not less than the aggre- gate amount required for interest on and amortization of, its bonded debt, and for making a distribution of Frs. 12,500,000 on Its capital stock. Orgaiuzation — Organized In Nov., 1922, under name of Midi R. R. and Oarone River Canal Co. for the construction, operation of railroads and canals. In Nov., 1898, the French Government repurchased from the Midi R. R. the concession of the Garonne Canal and acquired by purchase control of the Midi Canal, which had been operated by the Midi R. R. under a lease since 1858. At the same time the company adopted its present name. The system Includes 4.098 kilometers of lines (about 2.64 miles). The trunk line ex- tends from Bordeaux an tht Atlantic Ocean to Monpeller and Cette on the Mediterranean Sea. Branching south, the trunk line of the system covers the entire Spanish border and forms the only railroad connection between Spain and Continental Europe. Capitalization. Outstanding. Capital stock Frs. 125,000,000 Funded debt •94,287,165 •Approximate. Security — A direct obligation of the com- pany, but not secured by a mortgage. Original Market — Frs. 50,000,000 offered Oct., 1920, by A. Iselin & Co., Hemphill, Noyes & Co. and Guide, ■WlnmiU & Co., New Tork, at $65 per Frs. 1,000 bond with Dec, 1920, coupon to yield about 6.15%. New York — Hartshorne & Battelle, Hemp- hill, Noyes & Co. MIDI^ND COUNTIES COAL CO. 1st 68. Due eacb Jniiie 1 as follows: $100,000, 1918 to 1923, inch; $125,000, 1924 to 1931, Incl.: $150,000, 1932 to 1937, incl. Dated May 15, 1917. Interest payable June 1 and Dec. 1, at First National Bank, Chi- cago, or First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized }4,000,000 Ontstandingr (Jan. 1, '21) 1,968,000 Matured and paid 342,000 Retired 342,000 Deposited as Collateral for 7% Notes 200,000 Beserved for Xbrt l.StO.OOO Denominations — Coupon, tSOO and $1,000. Registerable aa to principal. Trustee — ^Firat Trust & Savings Bank, Chi- cago. Redeemable in the reverse of numerical or- der on any interest date at 102 and interest. Sinking Fund — Monthly, 6 cents per ton of coal removed from the property during the preceding month, with a minimum payment of one-twelfth of the next annual maturity. Organization and Control — ^Incorporated In nilnola In 1913, to aeaulre the properties of the Illinois Midland Coal Co. Tho entire S8.- 000,000 capital stock la owned by the Com- monwealth Bdlson Co. of Chicago. The prop- erty Is leased until Dec, 1988, to the Pea^ body Coal Co. of Illinois. Capitalization. ' Outatanding, Common $3,000,000 Funded debt 2,541,500 Secured by a mortgage on all property now owned or hereafter acquired. The property covered includes mining rights in 44,636 acres, contaii-.ing over 310,000.000 tons of coal located in Sangamon and Christian Coun- ties, 111. (43,326 acres with 302,369,000 tons): and Vigo County, 111., 1,309 acres with V,8d6.- 000 tons. Property contains five mines with combined daily capacity of 16,600 tons. Underlies— lf40S-,t)00 2d 5%s. Original Market — $2,500,000 offered May, 1917. by Peabody, Houghteling & Co., Chi- cago, to yield from 6% to 5%% on first four maturities and G% on remaining maturities. Market. Chicago — Peabody Bond & Mortgage Co., Peabody. Houghteling & Co. 30,000 Register- Trust & Savings MIDLAND COIJNTIES GAS & ELECTRIC CO. 1st 6s. Due Jan. 1, 1932. Dated Jan. 1, 1912. Interest payable Jan. and July 1. at Trustee's office. Tax Status — 2% Federal Incolne Tax paid by company without deduction. Authorized Closed mortgage Outstanding (Jan. 1. '21) $260,000 Retired by S. . F Denomination — Coupon, $1,000. able aa to principal. Trustee — ^Loa Angelea Bank, Los Angelea. Redeemable on Jan. 1, 1915, or any inter- est date thereafter at 105 and Interest. Improvement and Sinking Fund — 2% of outstanding bonds per annum, beginning March 1, 1916; one-half of this amount to be used for- permanent improvements and ths balance for the purchase or redemption of bonds at not over 106 and Interest. "Control — Incorporated in California In 1912 as a consolidation of two gas and elec- tric companies. Absorbed in 1913 by the Mid- land Counties Public Service Corporation. Secured by a first mortgage on plants fur- nishing gas to San Luis Obispo, Cal., and electricity to San Luis Obispo and Santa Maria. Population served, about 10,000. No franchise from municipalities Is required In California. Underlies — Midland Counties Pub. Berries Corp. 1st Ret. 6a of 1932. Earnings — See Midland Counties Publto service Corp. lat & Ref. as Angeles — W. R. Staats A Co. Price Range 1920 — Bid 80 Dec. 803 MIDLAND COUNTIES PUBLIC SERTICB CORPORATION Ist A Ref. 6s. Sw Oct. 1, 1953. Dated Oct. 1, 1913. Interest parabls Apt, 1 and Oct. 1, In Los Angeles and New Tork. Tax Status — 2% Federal Income Tax paM by company without deduction. Anthorlzed IS.OOO.OOS Outstandintr (Jan. 1, '21) 497,000 In Treasury 614,000 Retired by 8. 7. None Unissued 1,889,000 Denomination — Coupon, $1,000. Tmstee — Security Trust * Savings Bank, Los Angeles, Cal. Redeemable on Oot. 1. 1918, or any Inter- est date thereafter at 107 % and interest. fllnUns Vnnd — i% per umnm at ontataBA. ing bonds from 1916 to 1925; 2%% 1926 to 1935 and 3% 1936 to 1963. Organization — Incorporated in California in 1913 as a consolidation of four electric, gas and water companies. Capitalization. Outstanding. Common $1,000,500 Funded debt 859,000 Secured by a first mortgage on plants sup- plying electricity and water in San Miguel. Paso Robles and Arroyo Grande and a second mortgage on plants supplying electricity and water in Coalinga. Santa Maria and San Luis Obispo, and gas in San Luis Obispo, all in California. Purchases power from the San Joaquin Light & Power Corp. Population served, 16,000. Prior LienB — $262,000 Midland Counties Gas & Electric Co. 1st 6s of 1932. YearH ended Dec. 31: (jrosd. Net. Int., etc. 1920 $648,160 $224,395 $132,976 1919 505,181 149,204 85,533 1918 388,219 121,288 86,881 1917 286,864 13 8,548 89,499 Market. Lob Angeles — Jno. O. Knight & Co. Price Rans:e 1920 Bid. Ask. High 87 Jan. 95 Dec. Low 73 Sept. 81 Sept. MIDLAND RAILROAD CO. OF NEW JER- SEY Ist 6s. Due April 1, 1940. Dated April 1, 1880. Extended April I. 1910, interest being reduced from 6%. In- terest payable April and Oct. 1, at Erie R. R. Co.. 50 Church St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,500,000 Ontstanding 3,488.500 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the New York, Susquehanna "& Western R. R. Co. Control — Merged into New York. Susque- hanna & Western R. R. Co., which latter company is controlled through stock owner- ship by the Erie R. R. Co. Secured by a first mortgage on 12 miles of road from Marion, near Jersey City, N. J., to UnionvIUe, N. Y. Underlies — N. Y.. Sua. & West. 1st Ref. 5b of 1937; 2d 4%a of 1937; and Gen. 6a of 1940. Listed on the New York Stock Exchange. Market. New York — Fred H. Hatch & Co., Taylor, Smith & Hard, Vanderhoef & Robinson. Philadelphia — Graham, Parsons & Co. , Isaac Starr, Jr., & Co., Wheeler, Elliot & Mann. Price Range— N. Y. S. E. Jan. 1, '1?, to Jan. 1, '21 1920 Bid. 'High ni3^ May 31, '12 75 Mar. Low. 72 Mar. 24, '19 72 Jan. Authorized Closed mortgage Outstandinij: (Jan. 1, '21) $280,000 Retired by S. F 320.000 Cancelled 365.000 Denomination^ — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co., New York. Sinking Fund — Annual payment of 6% of gross earnings to retire bonds at not exceed- ing par. Organization and Control — Incorporated in Colorado in 1892. The entire capital stock Is owned by the Cripple Creek Central Ry. Co. The property was leased to the Cripple Creek & Colorado Springa R. R. Co. on a rental basis of $6,600 per month, but ia now operated independently. Capitaliation. Outatanding. Common $1,000,000 Pundecl debt 280,000 Secured by a first mortgage on 29 miles of road from Divide to Cripple Creek and Victor Jet. to Victor, Colo. Years ended Dec. 31: Gross. Net. Charges. L920 $629,769 $195,278 $132,293 1919 665.506 166,764 234,237 Listed — This issue was withdrawn from New York Stock Exchange list Feb., 1921. Market. New^ York — Wm. M. Clark, Joseph Bird Pord, Hartshorne & Battelle, Fred H. Hatch & Co., Charles W. Place, Raymond M. Smith, Taylor, Smith & Hard. Fliiladclphia — Henry T"). Boenning & Co. Price Range— N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 1930 High 101 Oct. 22, '09 99 July 21 Low. 85 Jan. 15, '20 85 Jan. 15 MIDLAND TERMINAL RAILWAY (THE) 1st 6s. Due Dec. L 1926. Dated Dec. 1, 1896. Interest payable June and Dec. 1. at Farmers' Loan & Trust Co.. New York. Tax Statas — 2% Federal Income Tax paid by company without deduction. MIDLAND VALLEY RAILROAD Ist 5s. Dne April 1. 1943. Dated April 1. 1913. Interest payable April 1 and Oct. 1, at office of Trustee, and at Harris, Forbes & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $16,000,000 Outstanding 5,224,000 In Treasury 245,000 Reserved for Ext 9.631,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable as a whole on April 1, 1916, or any interest date thereafter, at 102^ and interest. Improvement Fund — Annually not less than $100 or more than $260 per mile. Organization and Control — Incorporated in Arkansas in 1903. A financial adjustment, without foreclosure, was efTected In 1913. Ths Cherokee Construction Co. owns all the $4,- 006,500 outstanding common stock and $896, 500 of the $4,006,500 outstanding preferred stock. Capitalization. Outstanding. Common $4,006,500 Preferred (5% non-cum.) 3,999,250 Funded debt 10,724,150 Secured by a direct or collateral lien on 361 miles of road, viz.: A first lien on 310 miles — Miles. Silverdale, Kan,, to Hoye, Ark 296.00 Branches to Glen Pool, Okla., and Fi- delity, Ark 16.00 A first collateral lien on 61 miles — Throueh pledgre of $1,026,000 (total Issue.) 1st 5s and $460,000 (of a total Issue of $503,300) common stock of the Wichita & Midland Valley R. B.: Arkansas City to Wichita, Kan 61.00 Also secured on 25 miles of trackage rights, viz: St. L. & s. F. R. R.: Rock Island to Ft. Smith, Ark 16.00 Missouri Pacific Ry.: Silverdale to Arkansas City, Kan 9.00 Also secnred on $1,241,500 (total issue) 1st Es and $250,000 capital stock of the Scbas- *Ian County & Coal Mining Co., which owns about 18,600 acres of coal lands, coDtaln- Ing over 110,000,000 tons of coal. Underlies— $5,512,500 Adjustment Inccme Ss. Tears ended Dec. 31: Gross. Net. Int. &Rent. •1919 $444,346 $543,672 $513,256 tl919 3,952,822 477,348 154,325 •1918 270.000 397,814 517,476 tl9ia 3,504,780 860.113 126.691 1917 2,927,127 837,151 462.395 1916 2,121,167 607,654 327.544 •Corporate account. tFederal account — standard return not in- cluded. Original Market — Offered tay Harris, Forbes & Co., New York; First National Bank, De- troit; Drexel & Co., Philadelphia, at 92 and interest, Augoist, 1913. Market. Philadelphia — Barnes & Lofland, Biddle & Henry, Henry D. Boennin^ & Co., Huntoon & Co., MeCown & Co., -Samuel K. Phillips & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. . Bid. Ask. High 91 '17 93 '17 72 Jan. 80 Jan. Low. 60*20 68 '20 60 May 68 May MIDTALS: STX:£:Tj & ORDNANCS CO. 20- Year CoDT. S. F. 5s. Dae Mar. 1, 1930. Dated March 1, 1916. Interest payable March 1 and Sept. 1, at Trustee's office, New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $50,000,000 Ontstandingr (Jan. 1, '21) 42,479,500 Retired by S. F 2,464,500 In Treasury 1,675,000 Reserved to Acquire Additional Cambria Steel Stock 3,381,000 Denominations — Coupon, $500 and $1,000. Register able as to principal. Registered, $1,000 and authorized multiples. C. & R. Interchangeable. Trustee — Guaranty Trust Co., New Tork. Redeemable as a whole at 106 and interest after March 1, 1920, on any interest date on 60 days' notice, or in part for sinking fund at any time. Convertible prior to maturity Into capital stock of the company, at the rate of 10 shares of stock (par value $50) for each $1,000 of bonds. If called for redemption, bonds are convertible until within 30 days of redemp- tion date. Sinking Fund — $500,000 per annum, begin- ning May 1 . 1917, for the purchase or re- demption of these bonds at not exceeding 105 and interest. Bonds so acqiiired are cancelled. There Is added to the fund each year a sum equal to the Interest, which otherwise would be payable on the bonds so cancelled. Organization — Incorporated in Delaware, Oct.. 191B, with $100,000,000 authorized cap- ital stock, all of one class '(par $50). On Nov. 2. 1917. the following stock con- trolled subsidiaries were merged: Midvsle Steel Co., Worth Bros. Co. and Wilmington Steel Co. The Mldvale Steel & Ordnance Co. own plants at Coatesville. Philadelphia. Pa., and Wilmington, Del., the steel capacity of which amounts to 900,000 tons per annum, the prin- cipal items of which are pig iron, plates and tubes, a considerable portion of its total ton- nage being special products which command a hieh price, such as boiler tubes, locomotive tires, rolled steel wheels, high-speed tool steel, marine forgings and armor and ordnance; and also through ownership of all of the capital stock of the Buena Vista Iron Company, has valuable ore lands in Cuba. Through present financing the company has acquired stock control of the Cambria Steel Company, which has under a 999 year lease the property of the Cambria Iron Company, owning large plants at Johnstown, Pa. , the finished steel capacity of which Is in excess of 1,800,000 tons per annum. This consists of diversified commercial steel products, such as pig iron, billets, rails and general track accessories, structural shapes, bars, agricul- tural steel, wire products, steel axles, spring steel and steel cars. Control is thus also secured of all of the stock of the Penn Iron Mining Companies of Michigan and Wiscon- sin, and a one-half interest in the Mahoning Ore and Steel Company, owning the Mahon- ing Mine, one of the largest ore deposits of the best grade on the Mesaba Range. The Cambria Steel Company also owns or con- trols by virtue of said lease, coal lands con- taining an estimated tonnage of 225,000,000 tons of steam and coking coal. The Cam- bria Steel Company, through Its owner- C ambr i a Steel Company, through its owner- ship of stock in the Cambria, Mahoning, Johnstown and Beaver Steamship Companies. controls bottoms for the transportation of its raw material from the head of the lakes. Capitalization. Outstanding. Common $100,000,000 Funded debt £53.525,500 *Inclucles subsidiaries. Security — A direct obligation and the only existing funded debt of the Midvale Steel & Ordnance Company and secured by pledge of all of the capital stock of the Cambria Steel Company acquired or to be acquired. The company has acquired stock of the Cambria Steel Company costing more than $25,000,000 with proceeds of the sale of its own capital stock. All Cambria ttock so acquired must be deposited with the trustee before any issue of these bonds may be made. This initial pledge of Cambria stock cannot serve as a basis of any issue of bonds and will therefore at all times represent an In- vestment by the company, in stock of the Cambria Steel Company, of more than $25,- 000,000 in excess of the proceeds of any bonds outstanding. These bonds can only be issued at the rate provided by the indenture, and to provide funds to reimburse the company for the ac- tual cost of all additional Cambria stock ac- quired and pledged with the trustee, which cost shall not exceed an average of $81 per share. The indenture provides : (1) That while any of these bonds are out- standing, the Midvale Steel & Ordnance Com- pany will not pledge or place any mortgage upon any of its property except purchase money liens. (2) That (subject to existing contracts and obligations) no new mortiraire or pledge of any of their properties ahall be madi by Worth Bros. & Co., Midvale Steel Co., Buena Vista Iron Co. and the Remington Arms Co. of Delaware, except purchase money liens, un- less all of the obligations secured by such pledge or mortgage are pledged under this In- denture. (3) That any new indebtedness of the Cam- bria Steel Company and its therein detined subsidiaries, other than current Indebtedness, and purchase money obllsrations, will be ao- auired by the Midvale Steel & Ordnance Com- pany and will be pledged to secure these bonds. Years ended Dec. 31: •Net. Dep'n. tChargea. 1920 $22,245,202 $6,746,752 $3,073,531 1919 19,064,885 5.334,770 3,141,509 1918 62,036,939 9.916,777 3,219,062 •After Federal taxes. t Includes bond in- terest and guaranteed dividends on Caihbrla Iron Co. stock. Listed on the New York and Philadelphia Btock Exchanges. Original Market — Underwritten, Peb;, 1916, by a syndicate comprising Lee, Higginson & Co., Guaranty Trust Co. and National City Bank. New York, and offered at 99 and In- terest. Market THew York — Dunham & Co., Samuel Gold- schniidt, Hartshorne & Battelle. Pittsburgh — Union Trust Co. of Pitts- burgh. Philadelphia — Arthur J. Bender, Brown Bros. & Co., William W. Fogarty, Marley, .Wood & Co. Cincinnati — Dudley V. Sutphin. Price Bang*— N. Y. S. E. Jan. 1, '16, to Jan. 1, '31 1920 High 95 Apr. 12, '17 85% Jan. 8 Low. 71 Dec. 3, *20 71 Dec. 3 MIDWAY GAS CO. let & Bef. 6s. Due Dec. 1. 1929. Dated Dec. 1, 1915. Interest payable Junf» 1 and Dec. 1 , at Mercantile Trust Co. , San Francisco. Tax Status — 2 % Federal Income Tax paid by company without deduction. Aathorized $2,950,000 Outstanding: (Jan. 1, '21) 1,683,000 Retired by S. F 450,000 Reserved for Ext 817,000 Purpose of Issue — $1,417,000 Issued under reorganization plan in exchange for a like amount of the' then outstanding First Mort- a:age Series A 6% 10-Year Bonds, which bonds were kept alive and are pledged with the Trustee under this mortgage. Remaining bonds issued for extensions, etc. Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Mercantile Trust Co., San Fran- cisco. Redeemable on any interest date at 100 and Interest. Sinking Fund — The mortgage provides that after paying operating expenses, taxes and interest on outstanding bonds, there shall be set aside a sinking fund, beginning at $50,- 000 on Dec. 1, 191B, and Increasing $10,000 each year until it reaches the amount of $160,000 in 1925. and $150,000 annually there- alter. This fund shall be used for the re- demption of bonds bearing the lowest Issue number in such aggregate principal amount as the moneys held in the sinking fund, will aufflce to redeem them. These sinking fund payments are cumulative. Failure to make any sinking fund payment in accordance with the above plan does not constitute an event of default on the mortgage. Organization — Incorporated in California in 1911 ^nd was reorganized in 1916. Capitalization. Outstanding. Common $2,326,400 Preferred (6% cum.) 553,880 Funded debt 1,878,000 Secured by a first mortgage on gas welU In the Buena Vista Hills, near Taft, Cal.. together with field compressor station and eteel pipe lines over 111 miles in length with capacity of approximately 22,000,000 cu. ft. per day, extending from the gas fields to Los Angeles City, and a- double line (1-J4 miles and 1-20 miles) from Los Angeles to Fullerton Field, where it purchases natural vas averafflnff 14,000,000 cu. ft. dally. Prior to June 30, 1915, the company owned only its pipe line which was operated under lease. At that date under authority from the California Railroad Commission (incident to reorganization plans) the company ac- quired by purchase the natural gas wells and compressor station together with valuable rights and contracts for purchase of natural gas in Kern County, Cal.. and contracts for sale of natural gas to gas distributing com- panies in and near Los Angeles City. Underlies — $750,000 7% notes. Years ended Dec. 31: Gross. Net. Interest, 1920 $2,523,016 $919,960 $133,408 1919 1,728,510 743,626 126.980 1918 1,172.784 721,156 126.642 1917 966.517 574,901 132,362 Ori£:inal Market — See "Purpose of Issue." Market. New ' York — Samuel Goldschmidt, Sutro Bros. & Co. lios Ang-eles — Banks, Huntley & Co., Citi- zens National Bank. San Diegro — Blyth, "Witter & Co. Price Bangre. Jaiu 1, '19. to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 88 '19 94 '19 88 Jan. 94 Jan. Low. 72 '19 83 '20 SO Jan, 83 Jan. MIDWAY GAS CO. 7% Notes. Due S250.000 eaob June 1 as follows: $250,000 1021 and 1922; $250,000 June 1, 1923. Dated June 1, 1920. Interest payable June 1. Sept. 1, Dec, 1 and Mar. 1. at Mercantile Trust Company, San Francisco, and Union Bank & Trust Company, Lo« Angeles. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in California. Authorized $750,000 OutstandinsT 750,000 Purpose of Issue — The company Is now preparing to construct sixty miles of addi- tional 12-mch pipe line from the Midway Fields. This new pipe line 'will have a dally capacity of 10.000,000 c. f. The cost of this additional pipe line ia estimated to be $900,- 000. The present Issue of $500,000 notes la to defray in part the cost of this pipe line. The excess cost of approximately $400,000 Is to be paid for out of earnings and reserve funds. Denomination — Coupon, $1,000. Trustee — Union Bank & Trust Co., Los An- geles. Redeemable at 100 and interest on any In- terest date on 30 days' notice. Guaranteed principal and interest by the Southern California Gas Company by endorss- ment. Organization — See 1st & Ref. 6s. Security — A direct obligation of the com- pany but not secured by a mortgage. The company agrees that there shall be no lien (excepting the $1,683,000 lat and Ref. 6s now ?"*ft='°"i'nB) Placed upon the property of the MWway Gas Company durine the lite of these notes, unless these notes shall b3 ratably se- cured thereunder. Prior tl™ — Outstandine. 1st & Ref. 6s, 1929 $1,683,000 famines — See 1st & Ret. 6s. ,^9'^^"^^ Market — $600,000 offered May, 1920, by Cyrus Pelroe & Co., Los Angeles, ffin Francisco and Seattle, at 93.30 and 98.20 and Interest for respective maturitlfs. Market. New York — Sutro Bros. & Co. Los Aneeles — Banks, Huntley & Co., Citi- zens National Bank, J. J. Doran & Co. San Diego — Blytli, Witter & Co. MIFEXIN COUNTY GAS & ElECXRIC CO. 1st 58. Dne April 1, 1936. Dated April 1, 1906. Interest payable April and Oct. 1, at W. W. Cunn'neham, Lewis- town. Pa. Tax Status — 2% Federal Income Tax paid by company without deJuccion. Anthorized SITK.OOO Ontstandine 150,000 Pledeed Under Penn Cent. U. & Pow. iBt & Eef. Mtee 15,000 Denomination — Coupon. $500 and $1,000. Trustee — W. W. Cunninsham, l.cwlstowa. Pa. Control — ^Absorbed by Penn Central Lleht & Power Co. Manaeement — Day & Zimmerman, Philadel- phia. ' Secnred by a first Hen on plants suppling Bas and electricity to Lewistown. Pa. Pop- ulation, 11,000, Franchise Is perpetual. Underlies — ^Penn Central Lleht & Power 1st £ Ref. 5s and 6s. EaminKs — See Penn Central Lleht & Power Co. Market. Philadelphia — Huntoon & Co., Samuel K. Phillips & Co. Price Ranee, Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. High 83 '18 80 Nov. Low. 89 '19 80 Nov. HILFORD & UXBRIDGE STREBT RAIL- WAY 1st 7b. Due Jan. 1, 1923. Dated Jan. 1, 1902. Extended Jan. 1, 1918. Interest increased from 5% to 7%. Interest payable Jan. and July 1, at American Trust Co., Boston. Tax Status — ^Payment of Federal Income Tax not assumed by company. Anthorized and Oustandine $335,000. Denomination — Coupon, $1,000. Reelster- able as to principal. Trustee — ^American Trust Co., Boston, Mass. Oreanization — Incorporated in Massachu- setts in 1901 and 1902 absorbed the Milford, HoUiston & Framineham St. Ry. Capitalization Outstandine Common $440,000 Preferred (6% cum.) 100,000 Funded debt 500,000 Secured by a morteaee on 36 miles ot elec- tric railway from South Framineham and TJx- bridee and from Milford to Medway and Hop- kinton, Mass. Prior Uen— $166,000 Milford, Holliston & Framin&ham Street Ry. 1st 6s of 1923. Years ended Dec, 31: Gross Net Int.. etc, 1920 $362,748 $46,556 $45,870 1919 346,728 60,003 45,176 1918 324,378 50.167 46,618 1917 316,091 48,961 30,917 19.16 278,828 68,633 29,722 Market, New Haven — W, T. Fields Co. Boston — L, ' Sherman Adams. Price Ranee. Jan, 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '17 100 '17 45 Sept. 66 June Low. 45 '20 66 '20 45 Sept. 66 June MILFORD, ATTLEBORO & WOONSOCKET STREET RAILWAY Ist Ext, 6b. Due Oct, 1, 1924. Dated 1899. Extended Oct, 1, 1919, with Interest increased from 6% to 6%, Interest payable April and Oct, 1 at Old Colony Trust Co., Boston, Mass. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstandine $300,000 Denomination — Coupon, $1,000, Trust — Old Colony Trust Co,, Boston, Mass. Oreanization and Control — Incorporated In Massachusetts in 1898, All ot the stock la owned by New Eneland Investment & Security Co. Capitalization Outstandine Commdn $315,000 Funded debt 300.000 Secured by a first mortease on 30 miles ot electric railways In and between Blackstone, Bellineham, Mendon, Hopedale, Milford, Franklin, Wrentham and PlalnviUe, Mass. Population served, 35,000. Years ended Dec. 31: Gross Net Interest 1920 $163,107 $5,201 $19,988 1919 147,979 14,141 16,860 1918 116,225 def. 5,029 16,930 1917 108,132 7,067 16,276 Market, Boston — Geo, A. Fernald & Co, MILLEN Ss SOUTHWESTERN RAILROAD iBt 6b. Due April 1, 1955, Dated April 1, 1905. Interest payable April and Oct. 1, at Hanover National Bank, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized Closed morteaee Outstanding $212,000 Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Control — Absorbed by Ga. & Fla. Ry,, which owns about 325 miles of road, from near Augusta, Ga., to Madison, Pla. Re- ceivers appointed for latter company, March, 1915. Secured by a mortgage on 53 miles of road from MiUen to Vldalia, Ga, Prior Liens: Outstandine Georgia & Florida 8% Rec. ctfs. ot 1931 $700,000 Underlies — Ga. & Fla. Ry, 6s & 6s. Inter- est on these issues is being funded in script. Market. New York — Hanson & Hanson, Carruthers, Pell & Co., F, J. Lisman & Co, Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 65 '16 75 '18 50 Jan. 55 May Low. 48 '19 66 '20 60 Jan. 65 May MILLER & LUX, INC., 10-Year 1st 7s. Dne June 16, 1930. Dated June 16, 1920. Interest payable June 15 and Dec. 15, at the Bank of Cali- fornia, National Association, San Francisco. Tax Status — Payment of Federal Income Tax not assumed by the company. Tax exempt in California. Aathorized $16,000,000 OutstandinET 12,000,000 Beserved for Corporate Purposes 3,000,000 ProTisions of Issue — Issuance of additional bon^B Is restricted by customary provisione of the trust deed, among which Is certification by the Superintendent of Banks that the treausry bonds when issued will be a legal investment for savings banks in California. Purpose of Issue — To provide funds to re- tire all of the outstanding bonds of the com- pany, amounting to about $8,000,000 par val- ue, and for other corporate purposes. Denomination — Coupon, $500 and $1,000; reeristerable as to principal. Trustee — Bank of California, National Asso- ciation, San FraiiciscD. Redeemable during the first three years at 101% and interest during the next two years at 102 and interest, and thereafter at 102% and interest. Sinking Fund — The trust deed securing these bonds provides that there must be paid into a sinking fund upon the sale of any lands, in- cluding lands of the Pacific Live Stock Com- pany, 'an amount equal to 75% of the net sale price, but not less than 60% of the valua- tion of such lands, as shown in the above In- heritance tax appraisal. Organization — Incorporated in Nevada, and Im engaged in raising cattle and sheep. In addition to numerous extensive ranches scat- tered over the State of California, they are owners of land in other states. They are also the , owners of the capital stock of the Pacific Live Stock Company of Oregon, which company owns extensive lands, and many head of cattle and sheep in that state. The corporation also operates abattoirs and does an extensive business in dressed meats. Capitalization Outstanding Common $12,000,000 Funded debt 12,000,000 Secured by a first mortgage on 1,000,000 acres of land and improvements valued in ex- cess of $50,000,000, as follows: Approximately 800,000 acres of land with water rights and improvements in California, belonging to Miller & Lux, Inc., on which these bonds are an absolute first mortgage. Approximately 200,000 acres of land with water rights and improvements In Nevada, Utah, Idaho and Oregon, owned by the Pacific Live Stock Company, a subsidiary of Miller & Lux, Inc. All of the capital stock of the Pacific Live Stock Company is deposited with the Trustee under the trust deed securing these bonds, together with a covenant that no lands of the Pacific Live Stock .Company .will be mortgaged during the life of these bonds. The above lands were valued in 1916 by the Commissioner of Internal Revenue of the United" States, for inheritance tax purposes, at more than $30,000,000. The trust deed provides that net quick as- sets of Miller & Lux, Inc. and the Pacific Live Stock Company shall be maintained dur- ing the life of these bonds in an amount equal to at least 50% of the par value of bonds of this issue out5ta.nding. Legal for savings banks - in California. Usted on the San Francisco Stock and Bond Exchange. Original Market — $12,000,000 offered June, 1920. by Blyth, Witter & Co.. New York and San Francisco, and Cyrus Pierce & Co., Gir- vin & Miller and Sutro & Co., San Francisco, etc.. at 100 and interest. Market New York — Sutro Bros. & Co. X.OS Angreles — Banks, Huntley &- Co., Citi- zen National Bank. J. J. Doran & Co., Drake, Riley & Thomas, Stephens & Co., Torrance, Marshall & Co. Son DicffO — Blyth, Witter & Co. San Francisco— Blyth. Witter & Co., Ryone & Co., Stephens & Co., Sutro & Co. Price Range 1920. Bid. Ask, Hiffh . . . .' 101 Nov. 102 Nov. Low 100 Nov. 100 July MUXVALE, ETNA & SHARPSBURO STREET RAILWAY Ist Ss. Due Not. 1 1933 . Dated Nov. 1, 1893. Interest payable May and Nov. 1, at Pittsburgh Trust Co., Pitts- burgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $750,000 OntstandiDg 741,000 Cancelled 9-000 Denomination — Coupon. $500 aitd $1,000, Trustee — ^Pittsburgh Trust Co,, Pittsburgh. Pa. Guaranteed principal and interest, by en- dorsement by the Allegheny Traction Co. and also by terms of lease of Allegheny Traction Co. to Fort Pitt Traction Co. of Pittsburgh. Organization and Control — Incorporated in Pennsylvania in 1892. The entire capital stock is owned by the Allegheny Traction Co.. and" the property was leased to that company In 1894 for 999 years. The Allegheny Traction Co. is leased to the Fort Pitt Traction Co., whose capital stock is all owned by the Con- solidated Traction Co. This latter company U controlled through ownership of practically its entire capital stock by the Philadelphia Com- pany. Capitalization Outstanding Common $75O,00« Funded debt 741.00ft Secured by a first mortgage on over 14 miles of street railway from Ohio and Chest- nut Sts.. in Pittsburgh to Sharpsburg, MiUvaI« and Etna, Pa. Population served, about 36,- 000. The ordinances under which the road In what was formerly the city of Allegheny was built provide for the payment of a car tax of forty dollars per year per car and a sum equal to five per cent, of any dividends which may be declared. Franchise is for 999 years. Listed on the Pittsburgh Stock Exchange. Market. Pittsburgh — Stout & Co., Edwards A- Owens & Co. Philadelpliia — Henry D. Boennlng & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. High 104 '10 106 '10 Not Low. 64f '19 93 :18 available MILWAUKEE & NORTHERN RAILROAD CO. 1st Ext. 4:%s. Due June 1, 1934. Dated June 10. 1880. Extended June 1, 1910, with interest reduced from 6%, further extended June 1, 1913. Interest payable Juns and Dec. 1, at office of C, M. & St. P. Ry. Co., 42 Broadway. New York. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized $2,165,000 Outstanding 2,117,000 Held in C. M. & St. P. Ins. Res. 38.000 Denomination — Coupon, $1,000. Register- aWe as to principal. Trustee— Farmers* Loan & Trust Co., New York. Assmned by the Chlcaso. Milwaukee & St. Paul Ry. Co. Control — Absorbed by the Chicago, Milwau- kee & St. Paul Ry. Co. Secured by a first mortgage on IS6.10 miles of road, viz.: Miles North Milwaukee to Green Bay, Wis.. 104.27 Hilbert Jot. to Appleton. Wis. 20.34 Menasha to Neenah, Wis. 1.49 Also ee«iired on 1S.S0 miles owned Jointly with the Minn.. St. Paul & Sault Ste. Marie Ry., viz.: Hilbert Jet. to Menasha, Wis 14.42 Menasha to Neenah, Wis 1.38 Underlies — M. & N. Cons. 4%s and C, M. & St. P, Gen. & Ref. Mtre. of 2014. which provides to retire this Issue. Legal tor savings banks in Cal., Conn., Me., Mass.. Mich., Minn., Mo., N. H., N. J., N. T., E. I.. Vt. and Wis. liisted on the New York Stock Bxchanee. Original Market — The extension of this issue In 1910 was arranged through White. Weld & Co., New York and Chicago, and extension of June, 1913, was arranged through Harris, Forbes & Co., and Potter, Choate & Prentice and Brown Bros. & Co., New York, and off- ered May. 1913, at 99% and interest. Market, New York — Samuel Goldschmidt, Hoden- pyl. Hardy & Co., R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Remick, • Hodges & Co., Struthers & Hiscoe, Vilas & Hickey. Philadelphia — Wheeler, Elliot & Mann. Price Range — N. Y. S. E. Jan. 1, '14, to Jan. 1, '21 1920 High 102% June 16 '14 80 Nov. 9 Low. 78 Jan. 9 '20 78 Jan. 9 MILVVAUKBE & NORTHERN RAIXROAD CO. Cons. Ext. 4%8. Due Jnne 1, 1934. Dated February 11, 1884, Extended June 1, 1913: interest reduced to i%%. Interest pay- able June and Dec. 1, at office of C, M. & St. Paul Ry. Co., 42 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $8,000,000 Ontstandlns 6,072,000 Held in Insnranee Reserve 20,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co., New York. Control — See 1st 4%s. Assumed by the Chicago, Milwaukee & St. Paul Ry. Co. Secured by a direct mortgage on 420.64 miles of road, viz. : A first lien on 294.54 miles — Miles Green Bay to Champion. Wis 149.59 Oconto Jet. to Oconto, Wis 11.94 Ellis Jet., Wis., to Menominee, Mich.. 22.5"6 Wausaukee to Girard Jet., "Wis 17.70 Channing to Ontonagon, Mich 92.75 A second lien on 126.10 miles — Covered by the first lien of the Mil. & Nor. 1st 4%s 126.10 Also a second lien on 15.80 miles owned jointly with the Minn., St. Paul & Sault Ste. Marie Ry., viz.: Covered by the first lien of the Mil. & Nor. 1st 4%3 16.80 Prior Lien — $2,165,000 Mil. & No. Extd, 1st 4%s of 1934. Underlies — C., M. & St. P. Gen. & Ref. Mtge. of 2014, which provides to retire this issue. Legal for savings banks in Cal., Conn., Mass.. Minn.. N. H.. N. T., R. I. and Vt. Listed on the New York Stock Exchange. Original Market — Extension of June 1, 1913. was arranged through Harris. Forbes & Co. and Potter, Choate & Prentice, New York, and offered May, 1913, at 98 and interest. $600,000 otCered Nov., 1918, by First Na- tional Bank and Potter, Choate & Prentice, New York, at 89% and interest. Market. New York — R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Struthers & Hiscoe, Vilas & Hickey, Joseph Walker & Sons. Price Range — 'S. Y. S. E. Jan. 1, '14, to Jan. 1, '21 1920 High 102% July 6, '14 77% Jan. 12 Low. ISVi Sept. 3, '21 75% Sept. 3 MILWAUKEE & STATE LINE RAILWAY CO. 1st 3%s. Due Jan. 1, 1941. Diated Jan. 2, 1906. Interest payable Jan. and July 1, at Chicago & N, W. Ry. Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized and Outstanding $2,500,000 Denomination — Coupon, $1,000. Register- able as to principal only or fully registerable. Registered $1,000, $6,000 and $10,000. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Northwestern Ry. Co. Control — Merged into the Chicago & North- western Ry. Co. Jan. 30, 1909, Secured by a first mortgage on 60.24 miles of double track road from St. Francis, near Milwaukee, Wis., to Lake Bluff, 111. The Chi- cago &. Northwestern Ry. Co. operates -two lines between Chicago and Milwaukee. The road covered by this mortgage is the western of these lines and the mileage is classed as third and fourth main tracks in the company's reports. Legal for savings banks in Cal., Conn., Me., Mich., Minn., Mo., N. H., N. J., N. Y., Ohio, Ore., R. I. and W^is. Underlies — Chicago & Northwestern Ry. 1st & Ref. Mtge. Ctfs. of 2037, under which bond* are reserved to retire this issue. Listed on the New York Stock Exchange. Original Market — OtCered in 1909 by Kuhn, Loeb & Co., New York. Market. New York — Samuel Goldschmidt, 'R. W. Pressprich & Co., Remick, Hodges & Co., Vilas & Hickey. Price Range. Jan 1, '09, to Jan. 1, '21 1920 Bid. Ask Bid Ask. High 91% '09 91% '09 68% Dec. .. Low. 57 '20 64 '20 57 Sept. 64 June 809 MILWAUKEE BOSTON STORE— THE HER3^ FELD^PHILLIPSON CO. Gen. 68. DuB $60,000 each July 1, from 1922 to 1931, incl. Dated Jan. 1, 1920. Interest payable Jan, 1 and July 1 at First Wisconsin Trust Com- pany, Milwaukee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $600,000 Ontstanding 600,000 Purpose of Issue — To pay part of the cost of erecting an eight-story reinforced concrete building, 90x100 ft., at the corner of Syca- more and Fourth Streets, and to add three stories to the present building, 130x150 ft. Denomination — Coupon, $500 and $1,000. Trustee — First Wisconsin Trust Co.. Mil- waukee. Redeemable on any interest date upon 60 days' notice at par and interest plus a pre- mium of 1% upon the bonds maturing July 1, 1922, and adding one-half of 1% thereto for each year thereafter, provided that tb« premium in no case shall exceed 5% In the aesreerate. Orsanization — Both companies were Incor- porated In Wisconsin and are engasred in con- ducting a largre retail business in the city of Milwaukee under the trade name of "Boston Store/' Security — A direct obliiration of the Mil- waukee-Boston Store and The Herzfeld-Phil- llpson Co. and secured by a morteaere on the real estate and leaseholds situated at the northeast corner of Fourth and Sycamore Streets, together with improvements thereon and the new buildings now under construction. The real estate, leaseholds and buildings therein, together with the bulldin? now finder construction have been valued in excess of $1,200,000. Origrinal Market — $600,000 offered 1920 by the First Wisconsin Trust Co., Milwaukee, at 100 and Interest. Market Milwaukee — First Wisconsin Co. Price Rangre 1920 — Ask, 10^. MILWAUKEE COKE & GAS CO. 1st ColT. S. F, nYss. I>ue Feb. 1, 1933. Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug-. 1 in New York and Cleveland. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Penn- sylvania State Tax refunded. Authorized $2,000,000 Outstandingr 2,000,000 Purpose of Issue — To reimburse the Com- pany in part for 70% of additional expendi- tures for the installation of ovens to re- place three batteries of existing ovens which are now inadequate. The total cost of this installation will be at least $3,500,000. No First Mortgage Bonds may be issued in con- nection with tills construction program be- yond the $2,000,000 to be pledged under this issue. Denomiiiation — Coupon, $1,000; register- able as to principal. Tnistee — Union Trust Co., Cleveland. Redeemable as a whole or in part by lot, on any interest date at 103 and interest. Sinking- Fund — The cash received by the trustee from the payment of the serial ma- turities of the First Mortgage Bonds pledged will be applied to the purchase Or redemp- tion of these bonds at not over 103 and interest. This fund is sufficient to redeem $167,000 bonds annually. Organization and Control — Incorporated in Wisconsin in 1903. Owns and operates a by- product coke oven plant. Also owns a 75% interest in the Elkhorn Piney Coal Mining Co. whose coal reserves are estimate to aggregate about 250,000,000 tons of high grade bituminous coal. Controlled through stock ownership by The Newport Company. Capitalization. Outstanding. Common $3,500,000 Funded debt 3,300,000 Se<'.ured by pledge of $2,000,000 ($l,500,b'DO issued; $300,000 matured and paid) 1st 5s due serially to and including Feb. 1, 1933. The collateral bonds are secured by a first mortgage on all the property of the Com- pany. The property covered includes a by- product coke oven plant of 160 ovens at Milwaukee with a capacity for coking about 1,000,000 tons of coal per annum, to be in- creased approximately 25% through the present construction program which will in- crease the number of ovens to 190. The Company's gas production is sold to the Milwaukee Gas Light Co. under a 15-year contract running from 1919. The plant capacity is being Increased from 8,000,000 to 18,000,000 cubic feet per day. Upon com- pletion of the present construction program the physical property will present a cash expenditure of $8,010,051, ^•11 Ooriginal Market — $2,000,000 offered Feb., 1921, by Dillon Read & Co., New York, etc., at 98 and interest. Market. New York — ^Ames. Emerick & Co., Bab- cock, Rushton & Co., Hartshorne & Bat- telle. „ „ Milwaukee— Edgar, Ricker & Co. Philadelphia — Parsly Bros. & Co. MILWAUKEE ELECTRIC RAILWAY * UGHT CO. (THE) Bet. & Ext, 4%B. Due Jan. 1, 1931. Dated January 1, 1906. Interest payable Jan. and July 1, at 30 Broad St., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding 6.728.000 Reserved for Prior Liens 6,500,000 Pledged under Gen. & Ref. 58. . 6.772.000 ProTisions of Issue — ^Additional bonds issued under this mortgage are to be pledged under Gen. & Ref. Mtge. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — ^Equitable Trust Co., New York. Redeemable at 108 and interest Jan- 1, 191«, or on any interest date thereafter. Organization and Control — See Gen. & Ref. 53. Secured by a second mortgage on the prop- erty covered by the first lien of the Cons. 6a and by a first collateral lien on steam heat- ing plant. Prior Liens — $6,500,000 Cons. 53 of 1926. Underlies — Gen. & Ref. 5s of 1951. and Ref. & 1st Mtge. of 1941. Bonds are re- served under each mortgage provides for the retirement of this issue. Earnings — See Gen. & Ref. 5s. Legal for Baltimore Trust Funds. Listed on the New Tork Stock Exchange. Original Market — Offered in 1906 by N. W. Harris & Co. and Spencer Trask & Co.. New York, Chicago, Boston, etc. Market. New York — Babcock, Rushton & Co., Samuel Goldschmidt, Fred H. Hatch & Co., B. & C. Randolph. Baltimore — Brinkman & Co., Jenkins, "Whedbee & Poe. Boston — Coffih & Burr. Pliiladelphia — Bauer, Starr & Co. Pi'ovidence — Hornblower & "Weeks. Chicago — Second Ward Securities Co, Milwaulcee — First Wisconsin Co. Price Range— N. Y. S. E. Jan. 1, *12, to Jan. 1, '21 1920 High 95^ May 22, '12 77 Jan. 2« Low. 68 Nov. 11, '20 68 Nov. 16 MILWAUKEE ELECTRIC RAILWAY A LIGHT CO. (THE) Cons, (now iBt) 0B* Due Feb. 1, 1926. Dated Feb. 1. 1896. Interest payable Feb, and Aug. 1. at 30 Broad St.. New York. Tax Status — 2% Federal Incom? Tax paid by company without deduction. Authorized Closed mortgage Outstanding $6,500,000 Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New Tork. ^ Organization and Control— See Gen. & Ref. 6s. Secured by a first mortgage on 168.28 mllea of street railway track in Milwaukee, Wis., and on plants supplying city with electrltdty* also on a large office building known as th» Public Service Building located in the central part of the city. The distributing system U largely underground and exclusively so in the business districts. The three power stations have a combined capacity of over 90,000 h. p. The company also purchases hydro-electrio power from Southern Wisconsin Power Co. Franchises: Railway run to 193 B: electric are unlimited as to time. At any time before the expiration of the railway franchise the com- pany may accept an indeterminate permit un- der the ^Visconain Railroad law. ■Underlies— Ref. & Ext. iMsS of 1931 Gen. S.-V'^'-.S^ °* 1S51' and Ref. & 1st Mtge. of "";, The Gen. & Ref. Mtge and Ref. & 1st Mtge provide for the retirement of this issue. Eamines — See Gen. fi Ref. Bs. liesal for Baltimore Trust Funds. Listed on the New Torli Stock Exchange. Original Market — Offered in 1906 by J. P. Morgan & Co., New York, at par and inter- est. Market. New York — Babcock, Rushton & Co., Sam- uel Goldschmidt, Hartshorne & Battelle, Fred H. Hatch & Co., Hodenpyl, Hardy & Co., Earle A. Miller & Co. Baltimore — Brinkman & Co., Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co., Edward R. Taylor & Co. £oviis-\'lHe — Fidelity & Columbia Trust Co. Providence — Hornblower & Weeks. Milimiikee — F. A. Bartlett Co., Edgar, Ricker & Co., First Wisconsin Co. Chicago— Second Ward Securities Co. Price Range — N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 High 109 July 18, '00 94% Feb. 26 Low. 92 Apr„12, '20 92 Apr. 12 MILWAUKEE EUECTBIC RAILWAY St XIGHX (THE) Gen. & Ret. 68. Dne Dec. 1, 1961, or Dec. 1, 1931, if fran- chise is not extended to 195^. Dated December 1, 1911. Interest payable June and Dec. V at 30 Broad St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized .$90,000,000 Outstanding 6.818,000 Pledged to Secnre 5% Notes. . . 1,000,000 Pledged to Secure 7% Notes... 3,000.000 Pledged under Kef. & 1st Mtge. 5,000,000 Reserved for Prior Liens 13,228.00c) Reserved for Ext 61,953,000 Denomination — Coupon, $1,000. Register-* able as to principal. Registered, $1,000. C. & R. interchangeable. Trustee — Bankers* Trust Co.. New York. Redeemable at 105 and interest on any in- Interest date on and after Dec. 1, 1916, on six weeks' notice. Organization and Control — Incorporated m 1896 as successor to the Milwaukee Street Ry. Co. In 1919 acquired the property of the Milwaukee Light, Heat & Traction Co. The company is controlled through stock owner- ship by the Wisconsin Edison Co. which was Incorporated in 1912 to take over the hold- ings/ of the North American Co. in Wisconsin public utilities. Capitalization. Outstanding. Common $11,450,000 Preferred (6% non-cum.) 4,600,000 Funded debt 37,887,000 Secured by a direct third mortgage on the property covered by the first lien of the Cons. 6s, and also by the deposit of $6,772,000 of the Ref. & Ext. 4%s and all additional bonds Issued under that mortgage must be deposited hereunder. Franchises see Cons. 5s. Prior Liens — $6,600,000 Cons, (now 1st) 6b of 1926 and $6,728,000 Ref. & Ext. 4%s of 1931, for the retirement of which bonds are reserved under this mortgage. UnderUes — $5,000,000 Ref. & 1st 7s of 1941, under which omrtgage bonds are reserved to retire this issue. Years ended Dec. 31: Gross. Net. Interest. •1920 $8,867,754 $3,026,923 $2,038,550 .•1919 14,888,446 3,481,612 2,060,343 1918 8,955,695 1,942,060 1,224,258 1917 7,968,192 2,237,581 931,362 1916 6,961,162 2,107,001 759,394 •Includes earnings of Milwaukee Light, Heat & Traction Co. Listed on the New York Stock Exchange. Original Market — $3,000,000 offered Dec. 28. 1911, at QQ% and interest by Spencer Trask & Co., New York, Chicago, etc., Harris, Forbes & Co.. New York, N. W. Harris & Co. and Perry, Coffin & Burr, Boston, and Harris Trust & Savings Bank, Chicago; $621,000 of- fered by the same firms Aug., 1912, at 97^ and interest and $877,000 March, 1913, at 96^ and interest. Market. New York — Babcock, Rushton & Co., Fred H. Hatch & Co. Boston — Coffin & Burr. Pi'ovidence — Hornblower & "Weeks. Philadelpliia — Bauer, Starr & Co. Milwaukee^F. A. Bartlett Co., First Wis- consin Co. Price Range — N. Y. S. B. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93% Nov. 16, '16 75 Jan. 80 Jan. Low. 88 Oct. 19, '17 66 Apr. 70 Apr. MILWAUKEE ELECTRIC RAILWAY ll LIGHT CO. 5-Year 7% Secured Notes. Due Nov. 1, 1923. Dated Nov. 1, 1918. Interest payable May 1 and Nov. 1 at Trustee's office. Tax Status — Payment , of Federal Income Tax not assumed by company. Authonzed $3,600,000 Outstanding 3,600,000 Denomination — Coupon, $1,000, $500, $10(1 and $50. Registerable as to principal. Trustee — First Trust Co., Milwaukee. Redeemable on Nov. 1, 1921, or any prior interest date at 101 and interest. Convertible at par and interest on the fol- lowing basis into Milwaukee Light. Heat ft Traction Co. Gen. 6s (deposited as collateral hereunder): Nov. 1, 1919, to Nov. 1, 1920, 93 and interest; Nov. 1, 1920, to Nov. 1, 1921, 94 and interest; Nov. 1-, 1921, to Nov. 1, 1922, 9t and interest; Nov. 1, 1922, to Nov. 1, 1923. 9« and interest. Organization — See Gen. & Ref. 5s. Secured by pledge of $4,500,000 Milwaukee Light, Heat & Traction Co. 40 year Gen. 6fl dated Nov. 1, 1918, or in the proportion of $125 in bonds for each $100 of notes. Th» merger of the Milwaukee Light. Heat & Trac- tion Co. into the Milwaukee Electric Railway & Light Co., and the assumption of the pledged bonds by the latter company was pending the approval of the Railroad Commission of Wl»- consin as of Jan. 20, 1919. Prior Lien — The pledged bonds are subject to the lien of $5,000,000 1st 6s of 1929. Earnings — See Gen. & Ref. 5a. Original Market — $3,600,000 offered Janu- ary, 1919, by the Milwaukee Electric Rail- way & Light Co. at 100 and interest. Market. New York — Babcock, Rushton & Co., Ber- dell Bros. Boston — Coffin & Burr. Milwaukee— F. A. Bartlett Co., First Wis- consin Co. Price Rangre Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid, Ask. Higrh 97 '19 100% '19 94 97%* Low. 96 '19 9T^ '19 90 94% MILM'AtJKEE ELECTRIC RAILWAY & LIGHT CO. 3-Year 7% Secured Notes. Due May 1, 1923. Dated May 1, 1920. Interest payable May 1 and Nov. 1, at Bankers Trust Company, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $3,500,000 Outstandinsr 2,000,000 Resen-ed for Ext 1.500,000 Provisions of Issue — Remaining $1,500,000 notes may only be issued as additional Gen. & Kef. Ss (and then only for 80% of the actual cash cost and fair value of permanent exten- sions and additions to the property) are pledged in the ratio of 150%, and provided the net earnings of the company for twelve con- Becutive months within ,the preceding fourteen months shall have been equal to at least one and three-quarters tim,es the annual interest charges on the company's funded debt then outstanding with the public, together with the notes proposed to be issued ; or against the deposit with the trustee of. cash equal to the face value of the notes so to be issued. DenominatioD — Coupon, $1,000, $500 and $100; registerable as to principal. Trustee — Bankers' Trust Company, New York. Redeemable on the first day of any month on 60 days' notice at 101 and interest to and in- cluding May 1. 1921; at 100% and interest thereafter to and Including May 1. 1922. and at 104 ^^ and interest thereafter and prior to maturity. Organization, etc. — See Gen. & Ref. Bs. Secured by pledge of $3,000,000 Gen. and Kef. 5s. Earnings — See Gen. & Ref. 5s. Original Market — $2,000,000 offered April, 1920. by Harris Trust & Savings Bank, Chi- cago, First Wisconsin Company, Milwaukee, Spencer Trask & Co. . New York, Harris Forbes & Co., New York, Harris, Forbes & Co., Inc., Boston, at 97% and interest. Price Rangre 1920. Bid. Ask. High 90 Dec. 97% Mar. Low 87 Dec. 93 Dec. MILWAUKEE ELECTRIC RAILWAY & LIGHT CO. (The). 20- Year Ref, & 1st IVzs Series **A.'* Due June 1, 1941. Dated June 1, 1921. Interest payable June 1 and Dec. 1, in New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. Authorized Unlimited. Outstanding' $5,000,000 Issuance Restrictions — Additional bonds may be issued only at part to refund a like amount of underlying bonds or bonds of this issue; and for 80% of the cost of ad- ditions and improvements when net earn- ings available for interest, depreciation, re- serves and dividends in twelve of the fifteen months preceding have eaualled at least twice annual intreat charges on all bonds of this and of all underlying issues which will be outstanding after proposed issue or have amounted to at least 12% of the aggre- gate par value of such bonds. Purpose of Issue — ^The proceeds of this Issue will be applied to the reduction of floating indebtedness, incurred for property additions. Denominations — Coupon, $1,000 and $500? registerable as to principal. Trustee — Central Union Trust Company, New York. Redeemable as a whole or in part by lot upon 60 days' notice at the following prices; and interest to and including June 1, 1922, at 101%%; thereafter to and including June 1, 1923 at 102%%; thereafter to and includ- ing June 1, 1924, at 103%%; thereafter to and including June 1, 1926, at 107%%; thereafter to and including June 1, ISdl. at 105%%; thereafter to and including June 1, 1936, at 103%%; thereatfer at 101%%. Sinlcing Fund — Semi-annually amounts sufficient to retire 2% of these bonds per annum until June 1, 1926, and 1%% per annum thereafter, if obtainable at or under 100 and interest. Org-anization — See Gen. & Ref, 5s. Secured a direct first or collateral lien on a certain central station and distribution system in the City of Milwaukee and North Milwaukee and by a general mortgage on the remaining property of the ocmpany. Additionally secured by pledge of $3,500,- 000 Milwaukee Electric Railway & Light Co. Gen. & Ref. 5s and $1,500,000 Milwaukee Light, Heat & Traction Co. Gen. 6s. Prior Liens — Outstanding. Gen. & Ref. 5s, 1931 $9,000,000 Cons. 5s. 1926 6,500,000 Ref. & Ext. 4%s, 1921 6,728,000 Milwaukee Lt., Ht. & Tr. Go. 1st 5s, 1929 5,000,000 Milwaukee Lt., Ht. & Tr. Gen. 6s. 1958 4,500,000 $31,728,000 Additional bonds issued under the above mortgage are to be pledged hereunder. Bonds are reserved under this mortgage to retire ail prior liens. Earnings — See Gen. & Ref. 5s. Original Market — $5,000,000, offered May, 1921, by Dillon, Read & Co., Harris, Forbes & Co., Spencer, Trask & Co., at 95 and in- terest. MILWAUKEE . ELECTRIC RAILWAY & LIGHT CO. 10- Year S. F. Equip. Tr. Ss. Due Oct. 1, 1930. Dated Oct. 1, 1920. Interest payable April 1 and Oct. 1, at Fidelity Trust Co., Philadelphia, or William A. Read & Co., New York. ^ Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,090,000 Outstanding " 1,090,000 Denomination — Coupon, $1,000; register- able as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable as a whole only at 107% and interest. Sinking Fund — One-twentieth of the issue is to be retired each 6 months beginning April 1, 1921, at or under 103 and interest. Organization — See Gen. & Ref. 5s. Secured by an equipment trust agreement on 139 new standard street railway cars, costing $1,560,000, of which the company paid $470,000 in cash. Earnings — See Gen. & Ref. 5s. Original Marlcet — $1,090,000 offered Sep- tember, 1920, by William A. Read & Co., New York, etc., at 100 and interest. Alarket New York — A. W. H. Munford. Pliiladelphia — Parsly Bros. & Co. Chicago— Henry S. Henschen & Co. Price Range 1920. Bid. Ask. High 98 100 Sept Low 98 Oct. 99% Dec. MILWAUKEE GAS LIGHT CO. 1st 48. Due May 1, 1937. Dated February 28, 1902. Interest payable May and Nov. 1, at Emerson McMlUin & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $10,000,000 Outstandine 8,697,000 Reserved for Ext 469,000 In Treasury 834,000 Denomination — Coupon, $1,000. Trustee — Central "Union Trust Co., New York. Redeemable at 110 and Interest on any in- terest date on eight weeks' notice. Organization and Control — Incorporated in Wisconsin In 1852. Practically the entire $5,- 000,000 capital stock is owned by the Amer- ican Light & Traction Co. Capitalization. Outstanding. Common $5,000,000 Funded debt 8,697,000 Secured by a first mortgage on plant sup- plying gas to the city of Milwaukee. Popula- tion served over 436,000. Franchise perpetual and exclusive. Legal for Baltimore Trust Funds. Listed on the New York Stock Exchange and the Unlisted Department of the Chicago Stock Exchange. Original Market — $6,000,000 offered In Feb.; 1902, by J. & W. Seligman & Co., New York, at 95 and Interest. Market. New York — Babcock, Eushton & Co., Hartshorne & Battelle, Earle A. Miller & Co., Redmond & Co. Baltimore — Brlnkman & Co., Jenkins, Whedbee & Poe, Mackubln, Goodrich & Co. Milwaukee — Edgar, Ricker & Co., First Wisconsin Co., Investors Finance Corp. Philadelphia — McCown & Co. Chicagro — Second Ward Securities Co. Price Range — N. T. S. B. Jan. 1, '06, to Jan. 1, 'Zl 1920 High 96 Dec. 26, '06 87% Mar. 19 Low. 7514 Sept. 20, '20 75V4Sept. 20 Me., Mass., Mich., Minn., Mo., N. H., N. J.. N. Y., Ohio, Ore., E. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — Redmond & Co., Eemlck, Hodges & Co., Taylor, Smith & Hard. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 126% Jan. 19, '06 99J4 Feb. 28 Low. 98 June IS, '18 SSVi Apr. 26 MILWAUKEE, LAIiE SHORE & WESTERN RAILWAY CO. Cons, (now 1st) 68. Due May 1, 1981. Dated May 2, 1881. Interest payable May and Nov. 1, at Chicago & N. W. Company's office. 111 B'way, New York, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $5,000,000 Denomination — Coupon, $1,000. Eeglster- able as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Chicago & Northwestern Ry. Co. Control — Absorbed by the C. & N.-W. Ry. Co. Secured by a first mortgage on 412.86 miles of road, viz: Miles. Milwaukee via Manitowoc and CUnton- vlUe to Wis.-Mich. State Line 287.44 Monica Jet. to Mercer 64.83 HortonvUle to Oshkosh 23.10 Bland Jot. to Wausa 23.87 Two Rivers Jet. to Two Rivers 6.35 North of Antigo to Bast Bryant Switch 7.27 Underlies — M., L. S. & W. Imp. & Bxtn. Sb: and C. & N. W. Gen. Mtge. lat ft Kef. Mtge. of 2037 and debenture bonds. Bonds are reserved under the C. ft N. W. Ry, Cos. Gen. Mtge. and lat & Ret, Mtge. to retire this issue. Legal for savings banks in Cal., Conn., MILWAUKEE, LAKE SHORE & WESTERN RAILWAY CO. Michigan Dlv. 1st 68. Due .July 1, 1924. Dated June 20, 1884. Interest payable Jan. and July 1, at Chicago & N. W. Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized .- Closed mortgags Outstanding $1.281',000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York, Assumed by the Chicago & Northwestern Ry. Co. Control — ^Absorbed by the C. & N.-W. Ry. Co. Secured by a first mortgage on 81.28 mile* of road, viz; Miles. Wis.-Mich. State Line to Choate, Mich.. 22.21 Watersweet, Mich., to Hurley, Wis 69.0T Underlies — Milwaukee, Lake Shore & West- ern Impt. & Bxtn. 6s of 1929; and the Chi- cago & North Western Gen. Mtge. of 1987, 1st & Ref. Mtge. of 2037, and debenture bonds. Bonds are reserved under the Gen. Mtge, and let & Ref. Mtge. to retire this issue. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., Ohio, Ore., E. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New Y'ork — Charles W. Place, R. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Remick, Hodges & Co., Ray- mond M. Smith, Taylor, Smith & Hard, Vilas & Hickey, Vanderhoef & Robinson. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '81 1920 High 128% Feb. 27, '06 100% Jan. 6 Low. 96% June SO, '20 96% June 30 813 MILWAUKEE, LAKE SHORE & WESTERN RAILWAY CO. Ashland Dlv. 1st 6s. Due March 1, 1925. Dated March 2, 1886. Interest payable March and Sept. 1, at Chicago & N. W. Com- pany's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized and Outstanding $1,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Chicago & Northwestern Ry. Co. Control — Absorbed by the C. & N,-W. Ry. Co. Secured by a first mortgage on 39.62 miles of road from Hurley to Ashland, Wis. Underlies — M., L. S. & W. Imp. & Bxtn. 58; the C. & N. W. Gen. Mtge. of 1987, Ist & Ref. Mtge. of 2037 and debenture bonds. Bonds are reserved under the Gen. Mtge. and Ist & Ref. Mtge. to retire this Issue. I,eeal for savings banks In Cal., Conn., Me., Mass.. Mich., Minn., Mo., N. H., N. J., N. T., Ohio, Ore., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — E. D. Levinson & Co., Charles W. Place, R. W. Pre.ssprich & Co., Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Raymond M. Smith & Co., Taylor, Smith & Hard, Vilas & Hickey, Vanderhbef & Robinson. Price Range — N. Y. S. E. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. High 114% Feb. 17, '13 99i^Mar. 101 May Low. 100 Sept. 20, '19 93% May 99% Apr. Price Ranee — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 118 Feb. 27, '06 96% Feb. H Low. 93 0ct. 16, '18 95% Jan. • MILWAUKEE, LAKE SHORE & WESTERN RAILWAY CO. Extl & IniD. 8. F. 5s. Due Feb. 1, 1929. Dated Feb. 1, 1889. Interest payable Feb. and Aue. 1, at Chicago & N. W. Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding: - $3,897,000 Retired by S. F 667.000 Cancelled 436.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Centrol Union Trust Co., New Tork. Sinking: Fund — Beginning Aug. 1, 1893. one "per cent, annually of bonds issued, but not les than $25,000 per annum for the purchase of these bonds at not over 110 and interest: if not so purchasable, to be invested in other bonds of the company. Assumed by the Chicago & Northwestern Ry Co. Control — ^Absorbed by the C. & N.-W. Ry. Co. Secured by a mortgage on 655.28 miles of road, viz: A first lien on 121.52 miles — Miles. Hurley to Mercer, Wis 23.28 Hurley to Osborn, Wis 12.97 Pratt Jet. to Harrison, Wis 17.53 Parrish Jet. to Parrish, Wis 4.54 Craigsmere to Bobbins, Wis 3.47 Aniwa to Matoon, Wis 9.59 Branch at Potato River Jet., Wis.... 2.60 Branches to Ore Mines 34.22 Spurs to Industries 13.32 A second lien on 533.76 miles — Covered by the first lien of the follow- ing: "M., L. S. & W. Cons. 6s 412.86 M., L. S. & W. Mich. Div. 1st 6s 81.28 M., L. S. & W. Ashland Div. 1st 6s. . . 39.62 Prior Liens — $7,281,000 prior liens as fol- lows: M., L. S. & W. Cons. 6s, 1921 $5,000,000 M., L. S. &. W.-Mich. Div. ist 6s. 1924 1,281,000 M., L. S. & W.-Ashland Div. 1st 6s, 1926 1,000,000 Underlies — Chicago & Northwestern Gen. Mtge. of 1987, 1st & Ref. Mtge. of- 2037 and debenture bonds. Bonds are reserved under the Gen. Mtge. and 1st & Ref. Mtge. to re- tire this issue. Leg:al for Savings Banks In Cal., Conn., Mass., Mich., Minn., N. H., N. T., R. I. and Vt. Listed on the New York Stock Exchange. Market, New York — Hartshorne & Battelle, E. D. Levinson & Co., R. W. Pressprlch & Co., Prince & Whitely, Redmond & Co., Remick, Hedges & Co., Raymond M. Smith, Struth- ers & Hiecoe, Taylor, Smith & Hard, Van- derhoef & Robinson. 814 .MILWAUKEE, LAKE SHORE & WESTERN RAILWAY CO. Marsbfleld Ext. 1st Ss. Due Oct. 1, 1922. Dated Oct. 1, 1892. Interest payable April and Oct. 1, at Chicago & N. W. Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $400,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co.. New York. Assumed by the Chicago & Northwestern Ry. Co. Control — The M.. L. S. & W. Ry. was con- solidated into the Chicago & Northwestern Ry. Co. in 1893. Secured by a first mortgage on 40 miles of road from Wausau to Marshfield. Wis. Underlies — C. & N. W. Gen. Mtge. of 1987. 1st & Ref. Mtge. of 2037 and debenture bonds. Bonds are reserved under the Oen. Mtge. and 1st & Ref. Mtge. to retire this issue. Legal for savings banks in Cal., Conn., Me., Mass., Mich.. Minn.. Mo.. N. H.. N. J., N. Y., Ohio, Ore., R. I., Va. and Wis. Market. New York — E. D. Levinson & Co., R. W. Pressprich & Co., Remick, Hodges & Co., Raymond M. Smith, Vanderhoef & Robin- son. Price Range. Jan. 1, '16, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 103% '16 96% Jan. 98 Jan. Low. 94 '20 96 '20 94 Dec. 96 Deo. MILWAUKEE LIGHT, HEAT & TRACTION CO. 1st 5s. Due May 1, 1929. Dated May 1, 1899. Interest payable Ma7 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .. .$5,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 110 and interest on any in- terest date. Guaranteed principal and Interest b7 the Milwaukee Electric Ry. & Light Co. by en- dorsement. Control — Incorporated in Wisconsin in 1896. as a consolidation of the interurban railways radiating from Milwaukee and also of a num- ber of electric light and power properties. In 1919. the property of this company was acquired by the Milwaukee Electric Railway & Light Co. Secured by a first mortgage on 236.18 miles of interurban railway extending from Milwau- kee to numerous towns and including line to Kenosha via Racine. 40 miles; and line to Waukesha. Oconomowoc, Watertown and Wau- watosa. 63 miles; and embracing street rail- way system in Racine; also on plants supply- ing electricity to Racine. Cudahy. South Mil- waukee, West Allis, Waukesha, Waukesha Beach, East Troy and North Milwaukee and Burlington — all In Wisconsin. Franchises have from twenty to ninety years to run. A large part of the road is built on private right-of-way. Underlies — $6,000,000 Milwaukee Lt. H. & T. Co. Gen. 5s of 1968, $4,600,000 of which are pledged to secure $3,600,000 Milwaukee NrSoV^*' Kaiiway & Light Co. 5-Tear 7% wauk;«^T?,^ ?1.500,000 pledged under Mil- 1 ^ =?^ IT.^^^®® Electric Ry. & Lt. Co. Ref! fervid to 1®;; "?5er_ which honds are re- seryea to retire this issue. Barmiigs— See Milwaukee Electric Ry. & lit: Co. Gen. & Ref. 5s. Original Market— Offered by Spencer Trask Tixo ^ . . Harvey Fisk & Sons in 1904 at lUd and Interest and in 1908 by Spencer Trask & Co.. New York, at 98 and interest. _- «■ Market. h<,™1^**'''^";7^^^c°ck, Rushton & Co.. Dun- ha^ & Co.. Fred H. Hatch & Co. JtSaltimore^-Wiiliam E. Holloway. Milwaiiltee— F. A. Bartlett Co., First Wis- consin Co. Price Range. Jan. 1, '09, to Jan. 1, *2l 1930 Bid. Ask. Bid. Ask. Hlgrh 104 '09 105 '09 85 Jan. 89% Jan. Low. 71 '20 76 '20 71 July 76 Dec. MILWAUKEE NORTHERN RAILWAY CO. Ist 59. Doe April 1, 1931. Dated April 1, 1911. Interest payable April and Out. 1, at Trustee's office, Milwaukee, Wis. Tax Status — 2% Federal Income Tax volun- tarily assumed by company. Autliorized $4,000,000 Outstanding 1,737,000 Reserved for Ext 2,263,000 Denomination — Coupon, $500 and $1,000. Trustee — First Savings & Trust Co., Mil- waukee. Wis. Redeemable at 106 and Interest on any In- terest date. Organization — Incorporated in Wisconsin In 1905 and 30 miles of road has been in opera- tion since 1907. Capitalization. Outstanding. Common $1,000,000 1st Pref. (6% cum.) 400,000 2d Pref. (6% non-cum.) 600,000 Funded debt 1.737,000 Secured by a first mortgage on 6.50 miles of street railway in Milwaukee and on about 63 miles of interurban railway extending north from Milwaukee via Cedarburg to Sheboygan, Wis, The road to Cedarburg is being double tracked and a branch to Fond du Lac Is pro- jected. The company operates under an in- determinable .permit. Enters Sheboygan un- der a perpetual contract with the local street railway company. Outside of municipalities the road is built on private right-of-way. Tears ended Dec. 31: Gross. Net. Interest. 1920 $629,287 $188,410 $90,310 1919 529,376 190,010 88.026 •1918 386,496 146,189 79.775 •1917 359,589 162,124 79.775 •1916 332,336 147,096 79.775 •1915 334,663 142.180 79,776 •Years ended June 30. Original Market — Offered In 1911, by Devitt, Tremble & Co., Chicago, at par and Interest. Market. IVIilwaukee — Edgar, Ricker & Co., First Wisconsin Co. Price Range. Jan. I, '17. to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 81% '20 95 '20 81% Oct. 83% July liow. 71% 20 83% '20 71% Nov. 83% July MILWAVKEE, SPARTA & NORTHWEST- V SIRN RAILWAY CO. 1st 4s. Due March 1. 1947. Dated March 1, 1912. Interest payable Mar. and Sept. 1, at office of C. & N, W. Ry., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 OutRtandinsT 14.738,000 Held by C. & N. W. Ry. in Sinking Funds 262.000 Denomination — Coupon. $1,000. Register- able as to principal. Registered, $1,000, $5,- 000 and $10,000. C. & R. interchangeable. Trustees — Farmers' Loan & Trust Co., New York, and Edwin S. Marston. Assumed by the Chicago & Northwetern Ry, Co. The bonds also bear the endorsement of the latter company. Control — ^Absorbed by the Chicago & N. W. Ry. Co. Secured by a first mortgage on 178.48 miles of road, viz: Miles. Wiscona to Sparta, Wis 169.86 West Aiis to Butler Jet., Wis 8.63 Also secured on terminals and other prop- ■erty in and around Milwaukee. Underlies — Chicago & North Western Ry. 1st & Ref. Mtge. of 2037, under which Bonds are reserved to retire this issue. Legal for Savings Banks in Cal., Conn., Me., Mass., Mich., Minn,, Mo., N. H., N. J., N. Y.. Ohio, Ore., R. I„ Vt. and Wis. liisted on the New York Stock Exchange. Original Market — $ 15,000.000 offered In Feb.. 1912, by Kuhn, Loeb & Co., New York, and Kidder. Peabody & Co., Boston, at 94% and interest. Market. New York — ^Percy & Bradshaw, Constable & Fleming, R. W. Pressprieh & Co., Red- mond & Co., Remick, xlodges & Co., Rutter & Co., Strutheis & Hiscoe, Vilas & Hickey, Joseph Walker & Sons, Price Range — N. Y. S. E. Jan. 1, '17, to Jan, 1, '21 1920 High 94% Jan. 15, '17 77% Nov. 24 Low. 70 May 21, '20 70 May 21 MINERAL POINT (Wis.) PUBLIC SERVICE CO. Ist & Ref. (now Ist) 6b. Due Jan. 1. 1934. Dated Jan. 1, 1914. Interest payable Jan. 1 and July 1, at First Trust Go., Milwaukee. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 664,100 Reserved for Ext 445,900 Denomination — Coupon, $100. $500 and $1,- 000. Registerable as to principal. Trustee — First Trust Co., Milwaukee, Wis. Redeemable on any interest date at 105 and interest on 30 days' notice. Sinking Fund — 10% of net earnings to be applied to the retirement of bonds. Minimum retirement $5,000 annually. Organization and Control — Incorporated In Wisconsin in 1911 to succeed the Mineral Point Electric Light Co. Acquired the property of the Dodgeville Electric Light Co., the North West Utilities Co.. a subsidiary of the Middle West Utilities Co., owns stock control. Capitalization. Outstanding. Common $75,000 Preferred (7% cum.) 65,200 Funded debt 554,100 Secured by a first mortgage on steam power plant and electric and steam heat distributing systems in Mineral Point, Wis., and 50 miles of transmission line supplying electricity to Dodgeville, Linden, Mifflin, Livingston,, Mont- fort, Highland, Rewey, Cobb and Ridgeway, and to zinc mines and smelters. Population served, 15,000. The company operates under an indeterminate franchise from the state. I Orisinal Market — $126,000 offered by the John E. de Wolf Co., Milwaukee, Wis., in June, 1914, at par. $60,000 offered Jan., 1916, by same firm at 102 and interest. Market. Milwaukee — J. E. De Wolf & Co. MINEBAIi RANGE BAELBOAD Cons. 4s and Ss. Dne Jan. 1, 1931. Dated Jan. 1, 1891. Interest payable Jan. and July 1, at 56 Wall St.. New York, and Can. Pac. Ry. Co. office, Montreal, Que. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $600,000 Outstandine— > 6s $339,000 4s i. •254,000 $593,000 •All owned by Canadian Pacific Ky. Co. Benomination — Coupon, $600. Registerable as to principal only. Trustees — W, R. Shelby. Grand Rapids, Mich., and W. A. Briscoe, Norwich, Conn. Bedeemable at 105 and interest on six months' notice. jGuaranteed — The 4b are guaranteed as to interest by Can. Pac. Ry. Co. Oreanlzation and Control — Incorporated in Michigan in 1871. A majority of the stock Is owned by the Duluth, South Shore & At- lantic Ry. Co., which is In turn controlled by the Canadian Pacific Ry. Co. The Mineral Range R. R. Go. owns 69 miles of road and operates 33.41 miles additional. Capitalization. Outstanding:. Common $1,600,000 Funded debt 1,918.000 Secured by a first mortgage on 16 miles of railroad from Calumet to Houghton, Mich. This road is located in the heart of the cop- per mining region of Michigan. Underlies — Gen. 4s guaranteed by and all owned by the Canadian Pacific Ry. Co. Years ended Dec. 31: Gross. Net. Int. & Rent. • 1919 $140,579 $136,201 $106,831 tl919 753,226 def.85,407 2,386 • 1918 147,432 148,269 110,464 tl918 1,143,534 14,082 3,260 •Corporate account. tFederal account — standard return not in- cluded. Market. New York — F. J. Lisman & Co., Coggeshall & Hicks, Abraham & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 70 '16 86 '19 66 May 80 Nov. Low. 60 '17 . . MINNEAPOLIS & ST. 1,01718 BAII/BOAD CO. Incorporated in Iowa in 1916. In 1911 ab- sorbed the Iowa Central Railway Co., through an exchange of stock. In 1916 purchased the Des Moines & Ft. Dodge R. R. Co. July 1, 1916; a reorganization was effected and on the same date the Iowa Central & Western By. Co. was merged. The Minneapolis & St. Louis R. R. Co. owns 1,639.13 miles of road from Minneapolis, Minn., via Oskaloosa, la., to Peoria, 111., Minneapolis to Watertown, Leola and Le Beau, S. D,, and to Des Moines, Storm Lake and Ft. Dodge, la., and leases and has trackage rights on 112 miles addi- tional. The lines of the company traverse the wheat belt of Minnesota and South Dakota, and agricultural products, under normal conditions. furnish more than one-third of its tonnage. Conseauently the road is more or less depend- ent on crops for its income, which fluctuates .widely, with good and bad crops. Capitalization. Outstanding. Common $26,792,60t Funded debt 46,831,801 Years ended Dec. 31: Gross. Net. Int. & Rent. • 1919 $2,773,857 $3,068,508 $2,627,815 tl919 13,384,871 69,637 206,28$ • 1918 2,639,857 2.424,802 2,213,973 tl918 12,028,300 743,787 193.337 1917 11,006,063 2,834,618 2,183,667 1916...'.. 10,995,233 3,279,269 2,629,141 1915 10,319,210 3,131,783 2.687,986 •Corporate account. tFederal account — standard return not in- cluded. MINNEAPOLIS & ST. LOUIS BAILROAD CO. Ist Cons. 5s. Due Nov. 1, 1934. Dated Nov. 1, 1894. Interest payable May 1 and Nov. 1, at company's office. New Tork. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $6,282,000 Denomination — Coupon, $1,000. Registei*- able as to principal or fully registerable. Trustee — New York Trust Co., New York. Secured by a direct mortgage on 355.38 miles of road, viz: A first lien on 152.18 miles — Miles. Albert Lea, Minn., to Angus, Iowa.... 162.18 A second lien on 194.20 miles — Covered by the first lien of the follow- ing: Minn. & St. L. 1st 73 99.86 Minn. & St. L. Pac. Ext. 6s 94.34 A third lien on 9 miles — Covered by the first lien of the Minn. & St. L. 1st 7s: Hopkins to Minneapolis, Minn 9.00 Also secured upon $7,000 (of a total issue of $70,000) capital stock of the Minnesota Trans- fer Ry. Prior Iilens — $960,000 Minn. & St. Louis 1st 7s of 1927 and to $1,382,000 Minn. & St. Louis-Pac. Ext. 6s. 1921. Underlies — 1st & Ret. 4s of 1949 and Ref. & Ext. 5s of 1962. Bonds are reserved under latter mortgage to retire this issue. listed on the New York Stock Bxebanse. Original Market — $5,000,000 offered Deo.. 1894, at 98V^ and interest by August Belmont & Co., Vermilye & Co. and J. Kennedy Todd &.Co., New York. Market. New York — Simon Borgr & Co., Samuel Goldschmidt, Hirsch, Lilienthal & Co., B. W. Pressprlch & Co., Vilas & Hickey. Price Range — N. Y. S. E. Jan. 1, 506, to Jan, 1, >21 1920 High 114% Jan. 20, '06 76% Oct. 14 Low. 65% Aug. 27, '20 65% Aug. 27 MINNEAFOUS & ST. LOUIS BAIIiBOAD CO. 1st & Bet. 4s. Due March 1, 1949. Dated March 1, 1899. Interest payable March and Sept. 1, at company's office. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $13,244,000 Denomination — Coupon, $1,000. Register- able as to principal, or fully registerable. Trustee — Central Union Trust Co., New Tork. Secured by a direct mortgage on 769.68 miles of road: A first Uen on 276.68 miles — Miles. Morton, Minn., to Watertown, S. D... 123.18 Wlnthrop, Minn., to Storm Lake, la. . 163.60 A second lien on S89.80 miles — Covered by the first lien of the follow- ing: Minn. & St. L. 1st Cons 6s 162.18 Des Moines & Pt. Dodge 1st 4a 137.62 A third lien on 194.80 miles — Covered by the first lien of the follow- ing; Minn. & St. Louis 1st 7s 99.86 Minn. & St. L.-Pao. Ext. 1st 6s 94.34 A fourth lien on 9.00 miles — Covered by the first lien of the Minn. & St. L,. 1st Ts: Hopkins to Minneapolis, Minn 9.00 Farther secnred by a first Uen on S299,600 of $300,000 common stock of the Railway Transfer Co. of Minneapolis. Prior Liens — $10,686,000 prior liens as fol- lows: Minn. & St. liOuis-Pao. Ext. 1st 6s, 1021 $1,382,000 Minn. & St. Louis 1st 7s, 1927 960,000 Minn. & St. Louis 1st Cons, 6a, 1934 6,282,000 Des Moines & Ft. Dodge R. R,, Ist 4s, 1936 3,072.000 Underlies — ^Ref. & Ext. 63 of 1962. Bonds are reserved under the Ref. & Bxtn. mortgage to retire this issue. Listed on the New York Stock Exchange. OrlElnal Market — $6,000,000 offered In Feb.. 1899. at 93% and interest by Redmond, Kerr & Co. (now Redmond & Co.). New York, Market. New York — Simon Borg & Co., Samuel Goldschmidt, Hartshorne & Battelle, Van- derhoef & Robinson. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 97 Jan. 17, '06 «. 49% Oct. S Low. 34% Jan. 9, '20 3478 Jan. 9 MINNEAPOLIS & ST. CO. Ref. & Ext. 6s. Dated Jan. 1, 1912. LOUIS RAILROAD Due Feb. 1. 1962. Interest payable Feb. 1, May 1, Aug. 1 and Nov. 1, at company's office. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized .' $75,000,000 Outstanding 4,085,956 Fledged 1,120.000 In Treasury 1,694,044 Reserved for Prior Liens 44,652,000 Reserved for Ext 23,648,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000 and multiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New Tork. Redeemable as a whole only at 106 and in- terest on any interest date on 60 days' notice. Secured by a direct mortgage on 1,539.14 miles of road, viz: A first lien on 229.60 miles — Miles. Watertown to Lola, S. D 114.13 Conde to Le Beau, S. D 116.47 A second lien -on 314.86 miles — Covered by the first lien of the follow- 'Ing: Minn. & St. L. 1st & Ref. 4s 276.68 Iowa Central 1st & Bef. 4s 38.18 A third Uen on 791.48 miles — Covered by the first Uen of the follow- ing: Minn & St. Louis 1st Cons. 6s. 162.18 Iowa Central 1st 5s 601.68 Des Moines & IH. Dodge 1st 4s 137.62 Issued. 70; 000 300,000 A fonrth lien on 194.20 miles- Covered by the first lien of the fol- lowing: Minn. & St, Louis 1st 7s 99.86 Minn. & St, L.-Pac. Ext. Ist 6s 94.34 A fifth Uen on 9.00 miles — Covered by the first lien on the Minn. & St. L. 1st 7s 9.00 Also a lien upon the following stocks (subject to prior liens): Deposited. Keithsburg Bridge Co... $700 Minnesota Transfer Ry. 7,000 Railway Transfer 299,500 Prior Liens — $38,736,000 prior liens as fol- lows: Des Moines & Ft. Dodge R. R. lat 4s, 1935 $3,072,000 Iowa Central Ry. 1st 5s, 1938 7,650,000 Iowa Central Ry. 1st & Ref. 4s, 1951 ". 7,156,000 Minn. & St. L. Jly. 1st 7.S. 1927.. 950,000 Minn. & St. L. R. R.-Pac. Ext. 1st 6s, 1921 1,382,000 Minn. & St. L. R. R. 1st Cona. 6s, 1934 6,282,000 Minn. & St. L. R. R. 1st & Ref. 4s, 1949 13,244,000 All the above are closed mortgages and bonds of this issue are reserved to retlrs them. Listed on the New Tork Stock Exchange. Original Market — $2,500,000 underwritten In Dec, 1911, by J. S. Bache & Co., New Tork, and offered to stockholders of this company and the Iowa Central at par with a 50% bonus of preferred stock. About $900,000 was subscribed for In this way. Market. New York — Simon Borg & Co., Samuel Goldschmidt. Price Ranee — ^N. Y. S. B. Jan. 1, '16, to Jan. 1, '21 1920 High 64% Oct. 28, '16 66% Oct. « Low. 40 Mar. 13, '18 42 May 20 MINNEAPOLIS & ST. LOUIS RAILWAY CO. Pacific Ext. 1st 68. Dne April 1, 1921. Dated June 1, 1881. Interest payable April 1 and Oct. 1, at company's office. New Tork. Tax Status — Payment of Federal Incom* Tax not assumed by company. Authorized Closed mortgage. Outstandingr $1,382,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Trustee — Empire Trust Co., New Tork. Assumed by the Minneapolis & St. Louis R. R. Co. Control — The Minneapolis & St. Louis Ry. Co. waa succeeded through foreolosure bjr the Minneapolis & St. Louis R. R. Co. Secured by a mortgage on 103.34 miles of road, viz: A first mortgage on 94.34 miles of road from Hopkins to Morton, Minn. ; and a second mortgage on 9 miles from Hopkins to Minneapolis. - Prior Lien— $960,000 1st 7s of 1927. IJnderUes — Minneapolis Sr St. L. Cona. Is of 1934; 1st & Ref. 4a of 1949 and Ref. & Ext. 5s of 1962. Bonds are reaerved under the M. & St. L. R. R. Co.'s Refg. & Ext mortgage to retire this issue. Listed on the New Tork Stock Exchange. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Vanderhoef & Robinson. Price Range — ^N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 High 120% Feb. 6, '06 97% Aug. 24 Low. 91 Sept. 13 '20 91 Sept. 13 817 MINNEAPOLIS & ST. LOUIS RAILWAY CO. iBt 7b. Dne June 1, 1927. Dated Feb. 1, 1877. Interest payable Juns 1 and Dec. 1, at First National Bank. Tax Statas^Payment of Federal Income Tax not assumed by company. Authorized $1,100,000 Outstanding — $1,100,000, ol which $150,000 -heing bonds numbered from 1,100 to 1,400, have been assumed by the Chicago, Rock Island and Pacific Ry. Co. Denomination — Coupon, $500 and $1,000. Regristerable as to principal or fully regis-* terable. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Minneapolis and St. Louis R. R. Co. Guaranteed — $150,000 (Nos. 1,100 to 1,400) were guaranteed by the Burlington, Cedar Rapids & Northern ily. Co. 'This company has been absorbed by the C, R. L & F. Ry. Co., ahd the guarantee assumed by that company. Control — See M. & St. L. Ry. Pacific Ext. 1st 6s. Secured by a first mortgagre on 121.20 miles of road from Minneapolis to the Iowa- Minnesota State Line. The 12 miles be- tween Albert Lea, Minn., and the lowa- Mlnnesota State Line are leased to the Chicago, Rock Island & Pacific Ry. Co. Upon the retirement of this issue, this mile- age will become the property of the C H. I. & P. Ry. Co. Underlies — Minneapolis & St. L. Pac. Ext. 6s of 1921; M. & St. L. Cons. 5s of 1934; 1st & Ref. 4s of 1949, and Ref. & Ext. 5s of 1962. Bonds are reserved under the M. & St. L. R. R. Ref. & Ext. Mortgage to retire this issue. I,egal (1,100 to 1,400) for Me. and Mo. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Samuel Goldschmidt, R. W. Pressprich & Co., Taylor, Smith & Hard, Vanderhoef & Robinson. Minneapolis — "William W, Eastman Co. Price Range — N. Y. S. E. Jan. 1, '09, to Jan. 1, 'HI High 133% Feb. 10. '09 Low. 95 Mar. 24, '20 1920 95 Mar. 24 95 Mar. 24 MINNEAPOLIS & ST. LOUIS RAILROAD CO. Equip. Tr. 6s, Series "D." Due $40,000 each Nov. 1 from 1916 to 1926. Dated Nov. 1, 1915. Interest payable May 1 and Nov. 1, at Trustee's ofilce, 517 Chest- nut St., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $400,000 Outstanding (Jan. 1, '21) 200,000 Balance Retired. Denomination — Coupon. $1,000. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Redeemable on any Interest date at 102% and interest. Guaranteed principal and interest by the M. ft St. L. R. R. Co. by endorsement. Secured by an equipment trust agreement on 500-foot steel underframe box cars, cost- ing $497,610, of which $103,343 was paid in cash. Legal for Savings Banks In Ohio. Original Market — Offered in November, 1915, by B. H. Rollins & Sons, Boston, New York, Philadelphia, etc., at from 101.45 to 101.88 and interest. Market. See Series "E." MINNEAPOLIS & ST. LOUIS RAILROAD CO. Equip. Tr. 6s. Series "B." Due $170,000 each Feb. 1, from IDIS to 1927. Inclusive. Dated Feb. 1. 19 IT. Interest payable Aug. 1 and Feb. 1, at office of Trustee, 617 Chest- nut St., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,700,000 Outstanding (Mar. 31, '21) 1,020,000 Balance Retired. Denomination' — Coupon, $1,000. Trustee — Pennsylvania Co. for Insurance on Lives and Granting Annuities, Philadelphia. Redeemable on any interest date at 102 % and interest on 30 days' notice. Guaranteed principal and interest by the Minneapolis & St. Louis R. R. Co. by endorse- ment. Secured by an equipment agreement on 1.- 000 40-ton box cars and 600 50-ton coal cars, costing $2,125,400. Legal for Savings Banks in Ohio. Original Market — Offered March, 1917, by B. H. Rollins & Sons, at prices ranging from 100% to 99 and interest. Market. New York — Simon Borg & Co., Evans, Stillman & Co., Freeman & Co. Philadelphia — Brown Bros, & Co, MINNEAPOLIS & ST. PAUL SUBURBAN RAILWAY 1st 58. Due Sept. 1. 1924. Dated 1899. Interest payable March and Sept. 1, at Central Union Trust Co., New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Guaranteed as to principal and interest by Twin City Rapid Transit Co. Control — All of the stock is owned by Twin City Rapid Transit Co. Secured by a first mortgage on suburban electric railways east of St. Paul. Minn. These lines were segregated from the city lines as the result of a decision of the Su- preme Court, which declared that the sub- urban lines were subject to a tax of 6% on gross earnings. Franchises extend to varying dates after 1929. Earmngs — See Minn. Street Ry. 1st Cons. 58. Market. New York — Simon Borg & Co. Minneapolis — Drake-Ballard Co. St. Paul — Gates, White & Co. Rochester — Rochester Trust & Safe De- posit Co. Price Range Jan. 1, '16, to Jan. 1, '21 Bid. Ask. High 101% '16 102% '16 Low. 89 '20 90 '20 1920 Bid. Ask. 92 Mar. 95 July 89 Dec. 90 Jan. 818 MINNEAPOLIS GAS LIGHT CO. Ist Gen. (now Ist) 5s. Due Feb. 1, 1930. Dated September 1, 1903. Interest payable March and Sept. 1, at Trustee's office, or Con't & Com'l Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding (Jan. 1, '21).... 6,111,000 ftl Treasury 736,000 Retrred by S. F. 1,259,000 Reserved for Ext 1.894.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Equitable Trust Co., New York. Redeemable as a whole at 106 and Interest on March 1, 1915, or any interest date there- after. Sinking Fund— 1147.000 payable Feb. 16 of Jach year from 1911 to 1929. inclusive, for the redpmption of these bonds, numbered 1,001 10 6,SbS. in numerical order, "at 102^ and l?J nn^rf nr.A'^J''^ ^""*^ ^^^^ Created to retire the Si. 000.000 bonds issued March. 1910. to retire a like amount of 1st Cons Receivership— In Jan.. 1920, Rufus R. Rand vas appointed receiver as a result of several years controversy with the municipal authori- ties over rates. Organizalion and Control— Incorporated in Minnesota in 1870. The company is controlled by interests identified with the United Gaa Improvement Co. Capitalization Outstanding Common j 800.000 ^"^^^^i^ebt 6.111.000 secured by a first mortgage on plant sup- plying gas to Minneapolis. Population (1910). 301,408. Franchise expires Feb. 24. 1930 Years ended Dec. 31: ,non «« Gross. Net. Interest. 1920. .,. . ... $3 571,523 $350,099 $353,911 Original Market — Offered In 1911 by E, H. Rollins & Sons. New York, Boston, etc.. at par and interest. Market. New York — Babcock, Rushton & Co., Hartshome & Battelle, Pred H. Hatch & Co.. Earle A. Miller & Co.. Vanderhoef & Robinson. Minneapolis — William W. Eastman Co. Price Range. Jan. 1, *16, to Jan. 1, '21 1920 Bid Ask. Bid. Ask. High 10014 '16 101 1^ '17 78 Jan. 84 Jan. Low. 55 '20 62 '20 55' June 62 Nov. MINNEAPOIilS GENERAL EIJECTRIC CO. (THE) let 5s. Due Dec. 1, 1934. Dated December 1. 1904. Interest payable June and Dec. 1. at Trustee's office. Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorised $8,000,000 Outstanding: (Jan. 1. '21) 7,323,000 Retired by S, F 677,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 110 and Interest on any In- terest date. Sinking Fund — ^Annually on April 1, 1% of outstanding bonds for the purchaige or re- demption of bonds at not over 110 and In- terest. Bonds acquired to be cancelled. Control — Incorporated in New Jersey In 1899 and in 1912 the Consumers' Power Co, of Minnesota, now the Northern States Power* Co. of Minnesota, a subsidiary of the North- ern States Power Co. of Delaware, acquired control through stock ownership. Manogrement — Byllesby Engineering & Management Corp. Secured by a first mortgage on plant sup- plying electricity to Minneapolis and addi- tionally secured by the deposit of all the stock and bonds of the St. Croix Falls Wis- consin Improvement Co. and the St. Crotx Palls Minnesota Improvement Co. The two companies own a hydro-electric plant of 26,400 h. p. and 40 miles of transmission lines built on private right-of-way to Minneapolis. Popu- lation served. 425,000. Minneapolis franchise unlimited as to time. IPnderlles — Northern States Power Co. Minn. 1st -& Ref. Mtge. of 1941. Earnings — See Northern States Power Co. Original Market — ^First offered in 1908 oy Spencer Trask & Co., Lee. HIeffinson & Co., and by Blo^gett, Merritt & Co., at 98^ and interest, and in 1911 by Blodget & Co., New York and Boston, at 100% and interest. Of- fered in 1912 by the National City Bans. Northern Trust Co.. and the Merchants' Loan & Trust Co.. Chicago, at par and interest. Market. New York — Samuel Goldschmidt, Harta- horne & Battelle, Fred H. Hatch & Co;. Vanderhoef & Robihson, Watson, Armstrong & Go. Minneapolis — Drake-Ballard Co., William W. Eastman Co., St. Paul-Gates, White & Co. Boston — L. Sherman Adams, H. M. Byl- lesby & Co.. Curtis & Sanger, B. A. Watson & Co. Philadelphia — Bauer, Starr & Co. Price Range. Jan. 1, *16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102% '16 103% '17 92% Mar. 95 Mar. Low. 68 '20 72 '20 68 July 72 July MINNEAPOLIS, ST. PAUL & SAULT STE. MARIE RAILWAY COMPANY. Incorporated in Minnesota and North Da- kota in 1888. The company owns 3.172 milea of road from Sault Ste. Marie. Mich., through Minneapolis and St. Paul, Minn., to Portal, N. D.. with numerous branches in Minnesota and North Dakota. The company has a con- trolling interest in the stock of the Wisconsin Central Railway Company, and leases that company's 1,021 miles of road from Chicago to St. Paul, Minneapolis and Duluth, Minn,, for 9 9 years from 1909, paying 4 % per an num on its Leased Line Certificates issued in exchange for the preferred stock of the Wisconsin Central Ry. Co. deposited with the M.. St. P. & S. Ste. M. Ry. Co. The Wis- consin Central Ry. is operated as the Chicago Division of the M., St. P. & S. Ste. M. Ry, Co. The Minneapolis, St, Paul & Sault Ste. Marie Ry. Co. is controlled by the Canadian Pacific Ry. Co., and in connection with that company operates through trains between Chi- cago, Minneapolis and North Pacific Coast points. The Minneapolis, St. Paul & Sault Ste. Marie Ry. Co. has outstanding $12,603,400 preferred stock, of which the Canadian Pacific Ry. Co. owns $6,361,800 and $26,206,800 com- mon stock, $12,721,000 of which is owned by the Canadian Pacific Ry. Co. Capitalization Outstanding Common $25,206,800 Preferred (7% cum.) 12,603,400 Funded debt 88,481.800 Years ended Dec. 31: Gross. Net. Int. &Rent. •1919. . . $7,123,091 $7,669,536 $3,849,757 •1918... 7.123,091 7,048,415 3.835,334 1917.. . 20,726,280 6,660,782 3.914.351 1916... 21,576,320 9,140,015 3.881,419 1915. . . 20,179,119 9,812.978 t5, 173,282 •Corporate Account, tincludes taxes. 819 MINNEAPOLIS, ST. PAUL & SAULT STE, IVIARIE RAILWAY CO. Ist Cons. 48 & 6b. Due July 1, 1938. Dated June 18, 1888. Interest payable Jan. and July 1, at Bank of Montreal, New York, and in London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Limited to an amount which, together with all outstanding prior Hen bonds. BtiaU not exceed three times outstanding capi- tal stock. Outstanding (4s) $56,863,000 (6s; 3,477.000 $60,340,000 Reserved for Prior Lien 8,136,000 Reserved tor ISxt 44,964,600 Benomination — Coupon, $1,000. Reeister- able as' to principal or fully registerable. Trustee — Central Union Trust Co., New York. Guaranteed (43) as to interest by the Cana- dian Pacific Ry. Co. by endorsement. ^ Secured by a mortgrasre on 3,171.92 milea of road. viz. : A first lien on %,661.53 miles — Miles. St. Paul to Cardi&an Jet., Minn 8.14 Barron to Ridgreland, Wis 18.52 Cameron to Reserve, Wis 41.46 Rapid River to Eben Jet., Mich 30.54 Rex to Meades Quarry, Mich 11.74 Dresser Jot. to Boylston, Wis 96.80 Hankinson to Porjal, N. D 328.20 Flaxton, N. D., to Whitetail, Mont 136.91 Brooten to Duluth, Minn 187.83 Pairmount, N. D., to Greenville, S. D. .. 87.17 Superior Ore Dock Line, Wis 6.39 Moose Lake to Plummer, Minn 192.48 Lawler to Crosby, Minn 40.03 Iron Hub to Deerwood, Minn 4.61 Range Jet. to Riverton, Minn 5.48 Iron Hub to Iron Mountain. Minn 8.21 Glenwood to Noyes, Minn 265.06 Thief River Falls, Minn., to Kenmare, N. D 296.44 Thief River Falls to Goodridge, Minn. . 18.67 Egeland to Armourdale, N. D 21.88 Fordville to Drake, N. D 130.95 Boynton to Bismarck, N, D 146.59 Bismarck to Max, N. D 90.49 Drake to Plaza, N. D 83.62 Wishek, N. D., to Pollock, S. D 70.32 Prairie Jet. to Sanish, N. D 32.80 Shoreham to Camden Place. Minn 2.67 Tony Branch, Wis 2.21 Gladstone Coal Docks, Mich 1.53 Ironton Loop and Northern Pacific Con- nection 1.63 Spur Lines 6.68 Minneapolis, Minn., to Boynton, N. D. .286.69 A second lieu on 496.31 miles — Miles. Covered by the first lien of the follow- ing: Minn., Sault Ste. Marie & Atlantic Ry. 1st 4s 496.31 Prior Liens — $8,136,000 Minn., Sault Ste. Marie & Atlantic 1st 4s of 1926. tor the re- tirement of which sufficient of these bonds are reserved. Underlies — Minn., St. P. & S. S. M. 2nd 4s of 1949. Legal tor savings banks in Cal., Conn., Me., Mass.. Mich.. Minn., N. H., N. J., N. T., Ohio, Ore., E. I., Vt., Mo. and Wis.; and also Baltimore Trust Funds. Listed on the New Tork and London Stock Exchanges. Original Market — $1,000,000 4s ofCered In 1909. by Wm. A. Read & Co., New Tork. Chicago, Boston, etc., and $1,620,000 48 of- fered in Jan., 1912, by same firm at 97% and Interest. $2,000,000 6s offered in March, 1916, by the same firm at 106% and interest. $6.- 600,000 4s offered Sept., 1916, by same firm at 91% and interest. $840,000 6s offered March, 1918. by the same firm at 96% and .Interest. Market. New York — Barstow & Co., Bigelow & Co., Bimon Borg & Co., Percy H. Bradshaw, Con- stable & Fleming, Arthur B. Frank & Co., Granger & Co., Hodenpyl, Hardy & Co., Pouch & Co., R. W. Presaprloh & Co., 820 Prince & Whitely, Redmond & Co., Roose- velt & Son, Raymond M. Smith, Struthers & Hiacoe, Seasongood, Haas -& Macdonald, Taylor, Smith & Hard, "Vilas & Hickey, Joseph Walker & Sons. Minneapolis — William W. Eastman Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 4s High 102% Apr. 25, '06 Low. 70% May 19, '20 High 102 Nov. 9, 'IS Low. 88 Dec. 31, '20 81% Oct. 22 70% May 19 91 Apr. 8 88 Dec. 31 MINNEAPOLIS, ST. PAUL & SAULT STE, MARIE RAILWAY CO. 2nd 4b. Doe Jan. 1, 1949. Dated January 2, 1899. Interest payable Jan. and July 1, at Bank of Montreal. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding 3,600,000 Reserved tor Corporate Furposes 1,600,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Guaranteed as to interest by the Canadian Pacific Ry. Secured by a mortgage upon the same prop- erty as the 1st Cons. Mtge., but being a lien Junior thereto. Prior Liens — $68,676,000 prior Hens as fol- lows: Minn.. Sault Ste. Marie & Atlantic 1st 4s, 1926 $8,136,000 Minn.. St. Paul & Sault Ste. Marie 1st Cons. 4s and 6s, 1938 60,440,000 Legal for savings banks in N. H. and R. I. Market, New York — Simon Borg & Co., Samuel Goldschmidt, R. W. Pressprich & Co., Prince & Whitely, Struthers & HIscoe, Taylor, Smith & Hard. Price Range, Jan. 1, '08, to Jan. 1, '21 1920 Bid Ask. Bid. Ask. High 97 '09 99 'OS 62 Jan. 68 Feb. Low. 60 '18 62 '20 60 Feb. 62 Apr. MINNEAPOLIS, ST. PACX & SAULT STB. MARIE RAILWAY CO, 4%% Ennlp. Notes, Series "D." Due $51,000 each Dec. and June 1 to June 1, 1922, In- clusive. Dated June 1, 1912. Interest payable June and Dec. 1, at Bank of Montreal, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,020,000 Outstanding (Jan. 1, '21) 153,000 Balance Retired. ... Denomination — Coupon, $1,000. Trustee^Central Union Trust Co., New York. Secured by an equipment trust agreement on 9 locomotives. 6 passenger cars, 400 steel underframe cars, 360 steel undertrame box cars, 100 refrigerator cars and 200 vegetable cars, costing $1,278,703, of which $260,060 was paid in cash. Legal for Savings Banks In N. H., Ohio and R. I. Original Market — Ottered In Sept., 1912, by Wm. A. Read & Co., New York,. Boston, etc. Market. See Series "I." S^FS^^^' ST- PAUL & SAUM STE. MARIE RAILWAY CO. 4^% Eanto. ^otes. Series "B." Due $159,000 each July and Jan. Ist to Jan. I, 1923. In- clusive. Dated January 1. 1913. interest payable Jan. and July 1. at Bank of Montreal, New xorK. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized $3,180,000 Outstanding: (Jan, l, '21) 636 000 Balance Retired. Denomination — Coupon. $1,000. Trustee — Guaranty Trust Co., New York. Secured by an equipment trust agreement on 25 locomotives, 49 passenger and mail cars, 1.500 box cars. 700 ballast, flat and ore cars and 20 cabooses, costing $3,806,657, of which $626,657 was paid in cash. L^ral for Savings Banks in N. H.. Ohio and R. I. * Original Market — OfCered in 1913 by Wm. A. Read & Co., New York and Boston. Market. See Series "I." MINNEAPOLIS. ST. PAUL & SAULT STE. MARIE RAILWAY CO. ^quip. Tr. 5s. Series "F," Due $64,000 each June 1 and Dec. 1 to Dec. 1, 1933, inclusive. Dated Dec. 1, 1913. Interest payable June ■ and Dec. at Trustees. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,280,000 Outstanding: (Jan. 1, '21) 384,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000. C. & R', .interchangeable. Tmstee — Girard Trust Co., Philadelphia. Guaranteed principal and interest by en- dorsement by the Minneapolis, St. Paul & Sault Ste. Marie Ry. Co. Secured by an equipment agreement on 10 locomotives, € passenger cars, 2 combination cars, 2 parlor cars. 550 box cars and 500 ore cars, costing $1,567,586, of which $287,586 was paid in cash. - Legrai for Savings Banks in N. H., Ohio and R. I. Original Market — Offered by Wm. A. Read A Co., December, 1913. Market. See Series "I.'* MINNEAPOLIS, ST. PAUL & SAULT STE. MARIE RAILWAY CO. Equip. Tr. 4^8. Series "G." Due $75,000 each May 15 and Nov. 15 to Nov. 15, 1926, inclusive. Dated Nov, 15, 1916. Interest payable May 16 and Nov. 15 at Bank of Montreal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding (Jan. 1, '21) 900,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Empire Trust Co., New York. Secured by an equipment agreement on 800 box cars, 200 automobile cars and 250 ore acrs, costing $1,732,152, of which the com- pany paid $283,152 in cash. Legal for Savings Banks in N. H., Ohio and R. I. Original Market — Offered Nov., 1915, by Wm. A. Read & Co., New York.- Market. See Series "I." MINNEAPOLIS, ST. PAUL & SAULT STE. MARIE RY. CO. Equip. Tr. 6s, Series "H"-t1920. Due $50,000 each Apr. 1, from 1921 to 1930, inclusive. Dated April 1, 1920. Interest payable April 1 and October 1 at Minneapolis Trust Co.. Minneapolis, and Chase National Bank, New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Outstanding 600,000 Denomination — Coupon, $1,000. Trustee — Minneapolis Trust Company, Min- neapolis. Redeemable on^any interest date on 30 days* notice at 102 and interest. Secured by an equipment trust agreement on 300 new steel ore cars, costing $658,650, of which $158,650 was paid in cash. Legal for Savings Banks in N. H., Ohio and R. I. Original Market — $500,000 offered May, 1920, by the Minneapolis Trust Company and First National Bank, Minneapolis, Minn., on a 6.75% basifl. Market. See Series "I." MINNEAPOLIS, ST. PAUL & SAULT STE. MARIE RY. Equip. Tr. 7s. Series "I." Due $250,000 each June 1 from 1921 to 1930, inclusive. Dated June 1, 1920. Interest payable June 1 and Dec. 1 in New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $2,500,000 Outstanding 2,500.000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Company, New York. Secured by an equipment trust agreement on 25 freight locomotives, 6 switching locomo- tives, 6 sleeping cars, 6 baggage cars and 500 box cars. The cash cost of this equipment ia over 33 1-3% in excess of the par amount of notes issued. Legal for Savings Banks in N. H., Ohio and R. I. Original Market — $2,600,000 offered by Wm, A. Read & Co., New York, Chicago, Philadel- phia and Boston at 100 and interest. Market. New York — Evans, Stillman & Co., Free- man & Co. Minneapolis — Wells-Dickey Co. Philadelphia — Biddle & Henry, Graham, Parsons & Cq. Price Range 1920. Bid. Ask. High 7.25% Apr. 6.75% Apr. Low 7.50% June 7.00% June MINNEAPOLIS, ST. PAUL & SAULT SXE, MAKIE KY. CO. Equip. Tr. GVzS, Series "J." Due $250,000 each March 1 from 1926 to 1935, inclusive. Dated March 1, 1921. Interest payable March 1 and Sept. 1 in New York. Tax Status — 2 % Federal Income Tax paid by the Company without deduction. Authorised $2,500,000 Outstanding 2,500,000 Denominations — Coupon, $1,000. Trustee — Central Union Trust Company, New York. Secured by an Equipment Trust Agree- ment on 500 box cars, 400 stock cars, 250 refrigerator cars and 3 dining cars, costing 33 1-3% in excess of the amount of notea issued. Letral for Savingg Banks In N. H., Ohio and R .1. Original Marlcet — $2,500,000, ofCered Feb., 1921, by Dillon, Bead & Co., New York, etc., at 100 to 101 and Interest, according to maturity. Market. See Series "I." MINNEAPOUS, ST. PAUL & SAULT STE. MARIE RAILWAY CO. and CENTRAL TERMINAI. RAILWAY CO. Ist Chioaeo Terminal 4s. Due Nov, 1, 1941. Dated November 1, 1911. Interest payable May and Nov. 1, in New York and London. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding: 5,414,000 Held in S. F 586,000 Reserved for Ext 14,000,000 Denomination — Coupon, $1,000. Register- able as to principal or fully regristerable. Reg- istered, $1,000 and $6,000. C. & R. inter- changeable. Trustee — Guaranty Trust Co., New York. Redeemable as a whole on any interest date at 106 and interest on 90 days' notice, and in part by lot for the sinking fund at 102^ and interest. Sinking Fund — Beginning Nov. 1, 1916, suf- flcient to retire, by purchase or redemption at not over 102% and interest, all bonds Issued at or before maturity. Bonds acquired to be kept alive and interest added to fund. Organization and Control — -The Central Ter- minal Ry. Co. was incorporated in Illinois in 1911 for fifty years. All of the stock is owned by the Minneapolis, St. Paul & S. Ste. Marie Ry. Co. Secured by a first mortgage, executed jointly by^the Central Ry. Terminal Co. and the M., St. F. & S. Ste. M. Ry. Co. on extensive property in the City of Chicago, on which the company has erected freight tesminals. X.isted on the New York Stock Bxcbange. Original Market — $6,000,000 offered in Nov., 1911, by Wm. A. Read & Co., New York. Boston, etc., at 96% and interest. Market. New York — Dunham & Co., Finlay & Davenport, Joseph Bird Ford, Fred H. Hatch & Co., Pouch & Co., Prince & Whitely, Roosevelt & Son. Pliiladeiplua — Elkins, Morris & Co. Price Range — ^N. Y. S. B. Jan. 1, '12, to Jan. 1, '31 1920 High 97% June 25, '12 85 Deo. 9 Low. 82% Dec. 6, '20 82% Dec. 6 MINNEAPOLIS, SAULT STB. MARIE & ATLANTIC RAILWAY CO. 1st 4s. Due Jan. 1, 1926. Dated January 1, 1886. Interest payable Jan. and July 1, at Bank of Montreal, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstanding 8,136,000 Exchanged for and Held by tlie Trnstee of the M., St. F. & S. S. M. 1st Cong. 68 1,864,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Onaranteed as to interest by the Canadian Pacific Ry. Co. in consideration of the reduc- tion of interest from 6% to 4%. Control — 'Absorbed by the Minneapolis, St. Paul & S. Ste. Marie Ry. Co. Secured by a first mortgage on 496.31 milei of road from Minneapolis, Minn., to Sault Ste. Marie, Mich., and branch from Summit to £t. Croix Falls, Wis. Underlies — Minn., St. Paul & Sault Ste. Marie Ry. 1st Cons. 4s & 6s of 1938. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. T., 6hio, R. I., Vt. and Wis. Listed on the New York and London Stock Exchanges. Market, New Yorit — Simon Borg & Co., Constable & Fleming, Arthur E. Frank & Co., Hod- enpyl. Hardy & Co., Charles W. Place, Pouch & Co., R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Remiok, Hodges & Co., Roosevelt & Son, Struthers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey, Joseph Walker & Sons. Price Range — N. Y. S. B. Jan. 1, '07, to Jan. 1, '21 1920 High 102% June 25, '07 92?4 Mar. 24 Low. 85 May 26, '20 86 May 26 MINNEAPOLIS STREET RAILWAY CO. Ist Cons. Ext. 7s. Due Jan. 15, 1922. Dated Jan. 16, 1889. Extended July IB, 1918, with interest increased from B% to 7%. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. . .$5,000,000 Denomination — Coupon, $1,000. Eegister- able as to principal. Trustee — Farmers' Loan & Trust Co., New York. Guaranteed principal and interest by the Twin City Rapid Transit Co. by endorsement. Control — The Twin City Rapid Transit Co. controls the Minneapolis Street Ry. Co., the St. Paul City Ry. Co., the Minneapolis, Lyn- dale & Minnetonka Ry. Co. and Minneapolis & St. Paul Suburban R. R. Co. through stock ownership. ' These companies own 457 miles of track. including the street railway systems in Min- neapolis, St. Paul and Stillwater, and four Interurban lines connecting the business cen- tres of Minneapolis and St. Paul, and inter- urban lines to Minnetonka, Stillwater and other suburbs. Franchises expire at varying datea^ Secured by a first mortgage executed Jointly and severally by the Minneapolis Street Ry, Co. and the Minneapolis. Lyndale & Minne- tonka Ry. Co. on the street railway system la Minneapolis and Interurban lines in the vi- cinity of that city. Underlies — Minn. St. Ry. & St. Paul City Ry. Joint Cons. 6s of 1928, Years ended Dec. 31 (T. C. R. T.): Int.. Gross. Net. Rent, etc. 1920 $12,936,406 $2,114,397 $1,115, 28» 1919 11,442,444 1,922,081 1,133,73« 1918 9,695,980 1,770,770 1,079,461 1917 10,181,867 2,567,997 1,029,947 1910 10,188,054 3,251,738 1,014,191 Listed on the New York and London Stock Exchanges. Original Market — Extension of bonds was arranged through Wm. A. Read & Co.. New York, etc. Market. Minneapolis — William W. Eastman Co., Wells-Dickey Co. St. Paul — Gates, White & Co. Price Kange 1920 ' Bid. Ask. High 95 May 100 May Low 72 Nov. 76 Nov. 822 MINNEAPOUS STRIXIT EAIXWAT CO. and ST.. PAUL CITY RAILWAY CO. Joint Cons. 5g. Due Oct. 1, 19ZS. Dated October 1, 1903. Interest payable April and Oct. 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Oatstanding ^ 10,000,000 Denomination — Coupon, $1,000. Reelster- able as to principal or fully reglsterable. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the Twin City Rapid Transit Co. by endorsement. Organization and Control — See 1st Cons. Ss. Secured by a mortgage executed jointly and severally by the Minneapolis Street Ky. Co. and the St. Paul City Ry. Co., covering by direct lien the property of both companies and Including the street railway lines in and between Minneapolis and St. Paul. Franchise tn Minneapolis has been affirmed by the U. S. Supreme Court to 1923. Prior Liens — $5,000,000 Minneapolis Street Ry. 1st Cons. Ext. 7s of 1922 and $224,000 1st 6s of 1932, $466,000 1st Cons. 6s of 1934 and $3,708,000 1st Cable Cons. Bs of 1937 of the St. Paul City Ry. £amings — See 1st Cons. 5s. Original Market — $3,600,000 offered in Dec, 1903, by Vermiiye & Co., New York, at par and interest, and $600,000 in Jan., 1912. by Wm. A. Read & Co., New York, at 106 and Interest. ' Market, New York — Hartshorne & Battelle, Fred H. Hatch & Co., Hodenpyl, Hardy & Co., Earie A. Miller & Co., B. & C. Randolph, Rauscher & Mackay, Baltimore — Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co., Howard R. Tay- lor & Co. Minneapolis — Drake-Ballard Co., William W. Eastman Co., Wells-Dickey Co. St. Paul — Gates, White & Co. Price Range. Jan. 1, '10, to Jan, 1, '21 1980 Bid. Ask. Bid. . Ask. High 106^4 '10 108 '12 75 Mar. 80 Mar. Low. 68 "20 72% '20 68 Dec. 72% Dec. Price Range, Jan. 1, '13, to Jan. 1, "81 1920 Bid. Ask. Bid. High 90 '13 60 May Low. 60 '19 76 '17 50 May MINNEAPOLIS TERMINAL Ist 3%8. Due Jan. 1, 1950. Dated January 1, 1900. Interest payable Jan. and July 1, at Bank of Montreal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — -Minneapolis Trust Co., Minneap- olis, Minn. Redeemable at 106 and interest on any inter- Assumed by the Chicago Great Western R. R. Co. Control — Absorbed by the Chicago Great Western B. R. Co., which purchased the prop- erty for $1,100,000 in cash, in addition to as- suming these bonds. Secured by a first mortgage on 7% miles of trackage, 23 acres of real estate on Boom Island, Minneapolis, and valuable freight ter- minals in Minneapolis. Minn. Earnings — See Chicago Great Western R. R. Market. New York — Joseph Bird Ford. MINNEAPOLIS UNION RAILWAY CO. Is* 6s and 6s. Due July 1, 1922. Dated March 1, 1882. Interest payable Jan. and J«ly 1, at Gr. Nor. Ry. Co. office. New York. Tax Status — Payment of Federal Incom* Tax not assumed by company. Autliorized Closed mortgage Outstanding — 6s $2,160,000 6s 660.000 $2,800,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Great Northern Ry. Co. Control — ^Absorbed by the Great Northern Ry. Co. Secured by a first mortgage on 2% miles of double track and 4% miles of sidings, ex- tending from Union Stock Yards to Union Depot, Minneapolis, Minn., including bridge across the Mississippi River and the Union Depot. Underlies — St. Paul. Minn. & Man. Cons. 6s, 4%s & 4s of 1933. and Great Northern Ist & Ref. 4^s of 1961. Bonds are reserved under the Great Northern Ry. Co. Ist & Ref. mortgage to retire this issue. Legal for savings banks in Cal., Conn.. Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., Ohio, R. I., Vt. and Wis. Listed (6s) on the New York Stock Ex- change. Market. ^ New York — Ambrose R. Clark * Co., Hartshorne & Battelle, R. W. Pressprich & Co., Remick, Hodges & Co., Raymond M. Smith, Taylor, Smith & Hard. Price Range— N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 1920 High 117 Nov. 9, '09 97 Feb. 27 Low. 97 Feb. 27, '20 97 Feb. 27 MINNESOTA & IOWA RAILWAY CO. Isl 3%s. Due June 1, 1924. Dated June 1. 1899. Interest payable Jun« and Dec. 1, at Chi. & N. W. Ry. Co., New York. Tax Status — Payment of Federal Incom* Tax not assumed by company. Authorized and Outstanding $1,904,000 Denomination — Coupon, $1,000. Fully regls- terable, Begistered, $1,000, $6,000 and $10,- 000. I Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Northwestern Ry. Co. Control — Absorbed by the Chicago & N. W. Ry. Co. Secured by a first mortgage on 119.10 milei of road from Burt, la., to Vesta, Minn. Underlies — Chicago & North Western Ry. 1st & Ref. Mtge. of 2037, under which bond* are reserved to retire this issue. Legal for savings banks in Cal., Conn., Me,, Mass., Mich., Minn., Mo.. N, H., N. J., N. Y., Ohio, Ore., R. I., Vt. and Wis. Original Market — Offered in 1900 by N. W. Harris & Co., New York, Boston and Chicago. Market. New Yorl£ — Charles W. Place, R. W. Pressprich & Co., Prince & Whitely, Remlok, Hodges & Co. Price Ranee. Jan. 1, *08, to Jan. 1, *21 19Z0 Bid. Aak. Bid. Ask. High 94% '09 95^6 '09 89% Nov. 90 Dec. Low. 82 '08 89 '20 87 June 89 Aug. MINNESOTA & ONTARIO POWER CO, Ist 6s. Due annually Oct. 1, $200,000, 1916 to 1919; $300,000 in 1920 and 1921; $400,- 000. 1922; $360>000 in 1923; $270,500 in 1924; $219,600 in 19%S and $600,000, 1926 to 1928. inclusive. Dated Oct. 1. 1908. Interest payable April and Oct. 1. at First National Bank, ChlcaETO. and First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Minnesota. Authorized $5,000,000 Outstanding: (Jan. 1, '21) 3,496,000 Balance Retired. Denomination — Coupon, $500 and $1,000. Regristerable as to principal. TruBtees — ^First Trust & Savlnsra Bank and J. C. Houghteline, Jr., Chicairo. Redeemable on any interest date in reverse of numerical order, at 105 and interest. Guaranteed principal and interest by en- dorsement by Backus-Brooks Co. Organization and Control — Incorporated In Maine in 1908. In 1918 name changed to Min- nesota & Ontario Paper Co. A majority of the capital stock is owned by the Backus- J^rooks Co. Capitalization. Outstanding. Common $$5,0t)0,000 Preferred (6% cum.) 2,000,000 Funded debt 3,496,000 Owns in perpetuity, either directly or through ownership of the entire capital stocks and bonds of the Rainy River Improvement Co. and the Ontario & Minnesota Power Co., Ltd. , complete water power rights on both sides of the Rainy River at Intrnational Falls, Minn., and Fort Frances, Ont. Secured either by direct first mortgage or by a first collateral lien by ' the deposit of the securities of the two companies mentioned above on a hydro-electric plant, paper and pulp mill with an annual capacity of 108,000 tons of paper and 35,000 tons of sulphite pulp. Also on electric distribution system supplying towns of International Falls and Fort Frances. Orietbal Market — Offered by Peabody. Houghteling & Co., Chicago, at par and in- terest. Nctv York— Fred H. Hatch & Co. Minneapolis — William W. Eastman Co., Wells-Dickey Co. Price Range. Jan. 1, '17. to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '17 101 '17 95% Nov. 97% Nov. Low. 85 '19 90 '20 85 Aug. 90 Aug. MINNESOTA & SOUTH DAKOTA RAILWAY CO. iBt SVzB. Dne Jan. 1, 1935. Dated Jan. 1, 1900. Interest payable Jan. and July 1. at Chi. & N. W. Ry. Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Aathorized and Outstandine $528,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co., New York. Control — ^Absorbed by the C. & N. W. Ry. Co. AsBnmed by Chicago & Northwest. Ry. Co. Secured by a first mortgage on 32.20 miles of road from Tyler, Minn., to Astoria, S. D, Underlies — Chicago & North Western Ry. Co. 1st & Ref. Mtge. of 2037. under which bonds are reserved to retire this Issue. Legal for savings banks In Cal., Conn., Me., Mass.. Mich., Minn.. Mo., N. H., N. J.. N. Y., R. I. and Wis. Market. New York — R. W. Pressprlch Co., Prince & Whitely, Remick, Hodges & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid High 87% '16 Not Low. 60 '17 available MINNESOTA ELECTRIC LIGHT & POWER CO, 1st 6s. Dne May 1, 1935. Dated May 1, 1915. Interest payable May 1 and November 1. at Continental & Commer- cial Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $300,000 OutstanOingr (Jan. 1, '21) 291,000 Held in S. F 9,000 Deziomination — Coupon, $100, $500 and $1,- *00. Registerable as to principal only. Trustees — Continental & Commercial Trust fe Savings Bank and Frank H. Jones, Chicago. Redeemable as a whole on any interest d£Lte at 103 and interest. $3,000 are redeemable annually from May 1, 1918, at par and in- terest in numerical order. Sinking Fund — Cumulative sinking fund of $3,000 per annum to retire bonds. Capitalization. Outstanding. Common $300,000 Preferred (7% cum.) 125.000 Funded debt 584,000 Organization — Incorporated in Minnesota. Secured by a first mortgage on hydro-elec- tric plant and steam generating plant and distribution system in Bemidji. Population served, about 10,000. Franchises are unlini- ited as to time in Bemidji. Underlies — $295,000 1st & Ref. 6s of 1940. Years ended Dec. 31: Gross. Net. Bond. Int. 1920 :,. $155,569 $60,094 $35,700 1919 129,000 56,794 35,100 1918 116.235 52,964 31,500 1917 91,112 38,280 31,500 Original Market — Offered in April, 1915, by Stanwood, Taylor & Co.. Chicago, and Fdwin R. Cooper & Co., Duluth, Minn., at par and interest. * Market. Minneapolis — Gold, Stabeck & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Ask. Ask. High 101 '16 95 Jan. Low. 84 '20 84 May MINNESOTA GAS & ELECTRIC CO. Ist S. F. 6s. Due Aug. 1, 1933. Dated Aug. 1, 1913. Interest payable Feb. and Aug. 1. at Corporate Trustee's oflace. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding (Jan. 1, '21) 325,000 Retired by S. F. 40,200 Pledgred to Secure 6% Notes 117,800 Reserved for Ext 117,000 Denomination — Coupon, $100, $500 and $1,- 000. Trustees — Continental & Commercial Trust & Savings Bank and Frank H. Jones, Chicago. Redeemable at 103 and interest on ai>y Inter- est date on or after Aug. 1, 1918, on four weeks' notice. Sinking Fund— Annually on Aug. 1, 1%% of outstandiniT bonds, 1915 to 1918, Inclusive; and 2^% thereafter for the purchase or re- demption of bonds at not over 103 and interest. Bonds so acquired to be cancelled. Control — Incorporated in Minnesota in 1911 and acquired the property of the Albert Lea Light & Power Co. In 1919 the Southern Minnesota Gas & Electric Co. was incor- porated in Delaware as successor company. Secured by a first mortgage on plants sup- plying gas and electricity to Albert Lea, Minn. "Property covered also includes a hot water heating plant. Population served, 10,000. Franchises are unlimited as to time. Electric lighting contract with the city extends to July 1. 1918. Years ended Dec. 31: Net. Int. & S. P. 1920 $49,488 $37,638 1919 66,152 25,239 1918 45,390 25,006 1917 50,598 23,529 Original Market — First offered October, 1913, by P. "W. Brooks & Co., New York, and Stanwood, Taylor & Co., Chicago, at par and interest. Market. New Tork— P. W. Brooks & Co., Sam'l K. Phillips & Co. Minneapolis — Gold, Stabeck & Co. Price Range. Jan. 1, '17, to Jan. 1, '81 1920 Bid. Ask. Bid. High 97 '17 101 '17 82 Feb. Low. 80 '18 90 '19 82 Feb. MINNESOTA TRANSFER RAILWAY CO. Ist S. E. 5s. Due August 1, 1946. I>ated Augdst 1, 1916. Interest payable February 1 and August 1, In New York and St. Paul. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,500,000 Outstan(Ung 2,130,000 Held in S. F 83,000 Reserved for Ext 1,287,000 Denomination — Coupon , $1,000. Register- able as to principal and fully registerable. Registered, $1,000. C. & R. interchangeable. Trustee — Northwestern Trust Co., St. Paul. Redeemable as a whole or in part by lot at 102% and interest on any interest date after August 1, 1921. Sinking Fund — Semi-annually, beginning February 1, 1917, one-half of one per cent of outstanding bonds, plus interest on bonds re- tired, for the purchase of bonds at market up to February 1, 1922, and thereafter for the purchase or redemption of bonds at not over 102% and interest. It is estimated that this fund will retire two-thirds of the total issue by maturity. Organization and Control — Incorporated in Minnesota In 1883. The stock Is owned equally by the following companies: Great Northern Railway Co., Northern Pacific Railway Co., Minneapolis, St. Paul & Sault Ste. Marie Rail- way Co. , Chicago, St. Paul, Minneapolis & Omaha Railway Co., Chicago, Milwaukee & St. Paul Railway Co., Minneapolis & St. Louis Railroad Co., Chicago & Great Western Rail- road Co., Chicago, Rock Island & Pacific Rail- way Co. and Chicago, Burlington & Qulncy Railroad Co. Capitalization. Outstanding, Common $63,000 Funded debt 2.130,000 Secured by a first mortgage on all the prop- erty of the company, Including about 660 acres of land. Improved with warehouaes, freight houses, etc. ; trackage, nearly all within the city limits of Minneapolis and St. Paul; also 19 locomotives. The transfer yards comprise 210 acres in the heart of the industrial dis- trict, traversed by 102 miles of main and in- dustrial railroad tracks. The remaining 450 acres comprise right-of-way and trackage sites along the company's ten-mile "Belt Line," and other lines, radiating to important industrial points. The company handles a large portion of the transfer business in the "Twin Cities." Original Market — Offered August, 1916, b7 William A. Read & Co., New York, etc.. at 102 and interest. Market. New York — Charles W. Place. Louisville — Fidelity & Columbia Trust Co. St. Paul — Merchants Trust & Savings Bank. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask, High 102 '17 79 Dec. 8 8 ^^ Dec. Low. S5 '19 95 '18 79 Dec. 88 ^^ Dec MINNESOTA UTILITIES CO. 1st 5b. Due $15,000 annually from Jan. 1, 1931, t* Jan. 1, 1931, inclusive, and $241,900 Jan. 1, 1932. Dated Jan. 2. 1917. Interest payable Jan. L and July 1, in Minneapolis. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding fjan. 1, '21) 607,700 Retired by S. E 41,800 In Treasury 370,600 Keser\-ed for Ext 542,900 Provisions of Issue — Additional bonds Issu- able for 70% of cost of extensions, etc., when net earnings for 'the preceding twelve months are at least twice interest charges on bonds outstanding and to be issued. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — The Minnesota Loan & Trust Co., Minneapolis. Redeemable at 102 and interest on any In- terest date on 60 days' notice. Improvement and Sinking Fund — $15,000 a year for three years, a total of $45,000 be- fore Jan. 1, 1920, to be expended for exten- sions, etc., for which no bonds shall be Issued or for the purchase or redemption of these bonds. With reference to $1,025,000 extension bonds that may be hereafter issued the com- pany shall deposit with the trustee on Jan. 1 of each year 3 % of extension bonds out- standing for the purchase or redemption of longest maturity bonds. Organization — Incorporated in Minnesota Jan. 1, 1917. Capitalization. Outstanding). Common $650,000 Preferred (7% cum.) 209,495 Funded debt 607,700 Secured by a first mortgage on steam power plant in Chisholm, capacity, 2,600 k. w. : steam power plant In Eveleth, capacity, 550 k. w., together with about 60 miles of trans- mission lines and central steam heating plants in Eveleth. The company" distributes electric current in Chisholm, Eveleth, Coleraine, Bo- vey, Taconlte, Marble, Calumet, Spina, Kin- ney, Grand Rapids, Cohasset and Deer River, Minn, Franchises in more important instances extend beyond the maturity of these bonds. In Eveleth and Chisholm franchises extend to 1936, the latter being subject to the right of the city to purchase at five-year intervals. Years ended Dec. 31: Gross. Net. Interest. 192t> $474,875 $179,870 $51,145 1919 333,669 132,743' 41,203 1918 244,969 80,923 34,548 1917 199,203 75,831 23,849 1916 156,420 75,005 Orielnal market — $475,000 offered Feb., 1917, by the Minneapolis Trust Co., Minne- apolis, at price to yield 6V^%. Maxket. Minneapolis— Justus F. Lowe Co. , Minne- sota Loan & Trust Co.- Frice Bange 1930^ — Ask 8% Aug. MINNESOTA TAIJUEIY POWXIB CO. Ist 6b. Due Feb. 1, 1935. Dated Feb. 1, 1915. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorize^] Closed mortgagro. Outstandingr (Jan. 1, '21) $195,000 Denomination — Coupon, $1,000. Reglsterable as to principal only. Trustee — Minneapolis Trust Co., Minneapo- lis, Minn. Redeemable at 105 and interest. Sinking: Fund — $2,000 per year from 1918 to ■1931, and . $3,000,^1932 to 1935, to be invested in permanent' improvements and extensions or in bonds for sinking fund; and $1,000 bonds annually on each Jan. 1 in 1917 and 1918 and $2,000 from 1919 to 1922, are to be retired in addition. Orgranlzation and Control — Incorirorated In South Dakota in 1915. Controlled through stock ownership and op- erated since June 1, 1917, by the Northern States Power Co. Management — H. M. Byllesby & Co., Chi- cago. Secured by a first mortgage on hydro-elec- tric and steam generating plants, 75 miles of transmission lines, and distribution systems supplying electricity in Montevedio, Sacred Heart, Raymond, "Wegdahl, Clara City and Renville, Minn. Population served, 10,000. Earnings — See Northern States Power Co, Original Market — Offered in July, 1915, by Minneapolis Trust Co., Minneapolis, Minn., at par and interest. Market. Minneapolis — "Wm. W. Eastman Co. MISSISSIPPI CENTRAL RAILROAD CO. Ist 5b. Due July 1, 1949. Dated July 1, 1909. Interest payable Jan. and July 1, at Callaway, Fish & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized ,. . .$10,000,000 Outstanding 3,629,000 Held in S. F 471,000 Reserved for Ext 5,900,000 Denomination — Coupon, $100, $500 and $1,- •00. Registerable as to principal. Tknstee — Guaranty Trust Co., New York. Redeemable as a whole at 110 and interest on any interest date. Sinking Fund — Beginning July 1, 1912, $300 per annum for each completed mile of road, not Including sidings and switches, for the pur- chase or redemption of these bonds at not ex- ceeding 110 and interest. Bonds to be kept alive in sinking fund and interest added to the fund. Guaranteed principal and Interest and sink- ing fund payments by the United States Lum- ber Co. by endorsement. This guaranty Is se- cured by the deposit of 397 of the 400 shares of each of four lumber companies, each own- ing between 30,000 and 40,000 acres of tim- ber lands in Mississippi. This property cannot be transferred or mortgaged without the con- sent of the trustee. . Organization — Incorporated in Mississippi in 1897 as the Pearl & I«eaf Rivers R. R. Co.; present name adopted In 1905. Capitalization. Outstanding, Common ■- • • • -53.940,000 Funded debt 3,629,000 Secured by a first mortgage on 164 miles of road from Natchez to Pines, Miss., 14 milev southeast of Hattiesburg, Miss. This is the only road running east and west in Southern Mississippi. The line Is projected to Scranton, Miss., on the Gulf of Mexico and to Mobile, Ala. Years ended Dec. 31: _ Gross. Net. Int. & S. F. • 1919 $307,834 $3^26, 381 $232,019 tl919 1,011,409 def. 151.555 16.156 • 1918 307,834 324,803 259,376 +1918 1,246,990 358,255 16,512 1917 974,749 406,539 248,671 1916 833,365 365,366 249,531 ♦Corporate account. tFederal account — standard return not In- cluded. Listed on the New York Stock Exchange. Original Market — Offered In 1909 by Harvey Fisk & Sons, New York, at 97% and interest. Market New York — Sam'l Goldachmidt, Hart- shorne & Battelle, Watson, Armstrong & Co. Scranton — Weissenfluh & Co. Price Range— N. T. S. E. Jan. 1, '16, to Jan. 1, '21 192« High 95 Nov. 15, '16 79% Nov. 82 July Low. 90 Mar. 14, '16 70 Nov. 81% Dec. 826 MISSISSIPPI GLASS CO. 1st 6b. Dae AprU 1, 1924. Dated May 2, 1904. Interest payable April 1 and Oct. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding (Feb. 8, '21) 643,000 Retired by S. F 293,500 In Treasury . . . 63,500 Denomination — Coupon, $500 and $1,000. Trustees — ^Mississippi Valley Trust Co., St, Louis, Mo., and Julius S. Walsh. Redeemable at 110 and interest on any in- terest date. Sinking Fund — $25,000 par value of bonds to be retired annually, began Feb. 1, 1909. Organization— Incorporated in New York in 1904 as successor company to the M, G. Co, of W. Va. and of Mo. Capitalization. Outstanding.. Common $3,225,800 Funded debt 643,000 Secured by a first mortgage on plants at Port Allegheny, Pa.; St. Louis, Mo,, and Morgantown, W. Va. Further secured by deposit of a majority of the capital stock of the Mississippi Wire Glass Co. , owning Important wire glass patents. Susidiary companies have no outstanding bonds. Original Market — Offered in 1904 by A. Q. Edwards & Sons and Francis Bro. & Co., St. Louis. Market. New York — Merrill, Lynch & Co.. A. G. Edwards & Sons. Chicago — Merrill. Lynch & Co. St. Louis — Stix & Co., Mississippi Valley Trust Co., A. G. Edwards & Sons. Price Range, Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 101 '16 103 '16 90 Oct. 96 Oct. Low. 90 '20 96 '20 90 Oct. 96 Oct, MISSISSIPPI BIVEOa Si BONMi: TEBBE «AIL,WAY 1st S. F. 5b. Due Oot. 1, 1931. - Diited October 2, 1911. Interest payable April and Oct. 1, at Trustee's office, or First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,001) Outstanding 2,173,000 Held in S. F 327,000 denomination — Coupon, $1,000. Keglsterable as to principal. Trustee — St. Louis Union Trust Co., St. Louis, Mo. Redeemable as a whole at 106 and Interest on any interest date on 90 days' notice. Slnkine Fund — $25,000 annually for first Ave years and $50,000 annually thereafter for the purchase or redemption of these bonds at not . over 105 and interest. Bonds so redeemed to be kept alive in sinking fund. Organization and Control — Incorporated In Missouri in 1888. The entire capital stock is owned by the St. Joseph Lead Co. Capitalization. Outstanding. Common $3,000,000 Funded debt 2,500,000 Secured by a mortgage on 64 miles of road, ■ viz. : Miles. Riverside to Doe Run, Mo .46.50 Hoffman Jet. to Hoffman, Mo 6.90 Branches and Spurs 10.60 Further secured by a first lien on a $2,500,- 000 6% 20-year note of the St. Joseph Lead Co. This is the only funded debt of the com- pany, which owns 20,000 acres of lead mining land, and extensiv5 mines and smelters, and bas paid dividends of at least 6 % per annum on its $10,000,000 stock for many years. Years ended I>ec. 31: Gross. Net. Int., etc. 1919 $867,205 $246,565 $114,785 1918 1,042,860 296,216 132,677 1917 983,189 335,664 116,236 1916 907,697 459,770 150,148 1915; 750,386 458,193 135,902 I.egal for savings banks in Me. and Mo. Listed on the St. Louis Stock Exchange. Original Market — Offered In Sept.. 1911. by White, Weld & Co., New York and Chicago, and A. G. Edwards & Sons, New York and St, Louis, at' 101 and interest. Market. St. Lonis — Stix & Co. Price Range. Jan. 1, '17, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 104y2 '17 105y2'17 94% Jan. 96 Jan. Low. 80 '17 92 '20 85 Dec. 92 Deo. MISSISSIPPI RrVBR POWER CO. Ist S. F. 5s. Due Jan. 1. 1951. Dated Jan. 1, 1911. Interest payable Jan. 1 and July 1, at offices of the Canadian Bank of Commerce, Toronto and London, and at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $25,000,000 Outstandlngr (Jan. 1, '21) 19,075,400 Retired by S. F 1,572,000 Reserved for Ext 4,351,000 Denomination — Coupon, $1,000, $500 and $100 Registerable as to principal only. Reg- istered, $1,000 and $5,000. C. & R. Inter- changeable. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on any in- terest date as a whole only or In part for sinking fund. , „ . . , . .„,„ Sinicing Fund — Beginnmg January 1, 1916, and annually thereafter, 1% of bonds out- standing. Organization — Incorporated In Maine in 1919 to build and operate a hydro-electric plant on the Mississippi River at Keokuk, Iowa. Capitalization. Outstanding. Common $16,000,000 Preferred IB% cum) 6,000,000 Funded debt 22,674,400 Management — Stone & Webster Management Association. Secured by a first mortgage on hydro-elec- tric plant on the Mississippi River at Keokuk, la., and Hamilton, 111., with an initial capa- city of about 120,000 h. p. and ultimate capa- city of about 200,000 h. p. Furnishes current under long term contracts for the operation- of all street railways in St, Louis, E. St. Louis and vicinity. ■ Franchise was granted by act of Congress in 1909 and is unlimited as to time. Underlies — $3,600,000 Deb: 7s of 1935. Years ended Dec. 31: Gross. Net. Int. & S. F. 1920 $2,827,964 $2,189,341 $1,208,255 1919 2,321,954 1,799,325 1,230,735 1918 2,213,392 1,766,406 1,442,816 1917 1,976,461 1,612,066 1,371,557 1916....... 1,737,547 1,376,152 1,278,486 1916 1,651,269 1,326,868 1,285,657 listed on the Boston Stock Exchange. Original Market — $15,000,000 offered In 1911 by Kidder, Peabody & Co.' and Stone & Web- ster, Boston, at 87% with bonus of $200 in common stock of the company. $1,500,000 of- fered by Stone & Webster In 1913 at 81 and interest, MEirket. New York — Hartshorne & Battelle, Fred H. Hatch & Co., Hodenpyl, Hardy & Co., Morton Lachenbruch & Co., Martin, Berwin & Co., Miller & Co., Earle A. Miller & Co.. B. & C. Randolph, Bauscher & Hacked, Stone & Webster. Denver — Bankers Trust Co. Boston — L. Sherman Adams, Moors & Cabot, Pond Co., Stone & Webster. Philadelphia — Bauer, Starr & Co., Arthur J. Bender, Huntoon & Co. Chicas^o — Fidelity Trust & Savings Bank, Merchants Loan & Trust Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1930 Bid, Ask. Bid. Ask. High 80 "15 84 '19 75 Apr. 77% Not. Low. 65 '17 67% '17 70 Feb. 77% June anSSISSIPPI RIVEK power CO. 15-Te»r S. F. Debenture 7s. Due Ndv. 1, 1935. Dated Nov. 1, 1920. Interest payable May 1 and Nov. 1 at State Street Trust Co., Boston, Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authorized $5,000,00t Outstanding 3,600.000 Reserved 'for Corp. Purposes, . 1.400,00ft Purpose of Issue — To retire ana consoli- date all Indebtedness other than $19,075,400 1st 5s of 1951. Denominations — Coupon, $1,000, $500 and $100; Interchangeable and reglsterable as to principal. Trustee — State Street Trust Co,, Boston. Redeemable upon 30 days' notice at 103 prior to Nov. 1, 1925, at 102 from Nov. 1. 1925, to May 1, 1930, at 101 from Nov. 1, 1930 to May 1, 1934 and at 100 on Nov. 1, 1934 and May 1, 1935; plus interest in each Instance. Sinking- Fund — Annually on or before Sept, 1, an n mount equal to 3% of total bonds certified from 1921 to 1926, inclusive, and 4% from 1927 to 1934, Inclusive, for the purchase or redemption of these bonds at not over the current call price. Bonds ac- quired are to be cancalled. Orgranization — See 1st S. F. 53. Security — A direct obligation of the Com- pany but not secured by a mortg-age. Under tbe provisions of the indenture the Company covenants that should it place any further lien or incumbrance on its property. It will secure this issue of debentures equal- ly with other obligations to be secured thereby. Prior Ijicns— • Outstanding 1st 5s of 1951 $19,075,400 Kaniingrs — See 1st 5s. Origrinal Market — $3,600,000 offered Jan., 1921, by Kidder, Peabody & Co., Stone & Webster, Inc., Estabrook & Co., and Parken- son & Burr, New York, etc., at 91% and interest. Market New York — Estabrook & Co., Hartshorne & Battelle. MISSISSIPPI VAJuUSY GAS & EliECTRIC Co. Coll. Tr. 5s. Due May 1, 1923. I>ated May 1, 1912. Interest payable May and Nov. 1, at Trustee's office, Guaranty Trust Co., New York,- or First National Bank, Bos- ton. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstanding 5,000,000 Issuable for 80% of Cost of Additional Collateral Depos- ited 5,000,000 Denomination! — Coupon, $1,000 and $500. Reristerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on any interest date at 102 and Interest. Guaranteed principal and interest by Stan- dard Gas & Elec. Co. Organization and Control — Incorporated In Maine in 1912 as a holding company and In conjunction with the Standard Gas & Electrifc Co., controls through stock- ownership the Louisville Gas & Electric Co. of Delaware, which in turn controls the Louisville Gas & Blectric Co. of Kentucky, ■vrhich latter com- pany has acauired all the gas and electric properties in Louisville, Ky. The Mississippi Valley Gas & Electric Co. is controlled through stock ownership by the Standard Gas & Elec- tric Co. Capitalization. Outstanding, Common $1,250,000 Preferred (7% cum.) 1,300,000 Funded debt 5,000,000 Manag'ement — Byllesby Engineering & Management Corp., Chicago. Secured by deposit of $4,500,000 preferred stock and $2,500,000 common stock of the Louisville Gas & Electric Co. of Delaware. The total outstanding capital stock of the lat- ter company i.s $18,256,700 and has outstand- ing $13,896,000 1st & Ref. 7s, due June 1, 1923. and $3,637,500 8% seciired notes, due Jan. 15; 1923, and $1,195,000 Louisville Lighting Co. 1st 5s of 1053. Years ended Not. 30: Gross. Net. Int., etc. 1920 $273,361 $272,242 $258,456 1919 272,494 271,321 262,293 1918 270,314 267,913 258,044 Orierinal Market — Offered by H. M. 'Byllesby & Co., Chicago, and Wm. P. Bonbright & Co., New York and London, at par with 30'% bonus of common Standard Gas & Elec. Co. stock. Market. New York—H. M. Byllesby & Co., Inc., Fred H. Hatch & Co., Martin, Berwin & Co., Earle A. Miller & Co. Boston— H. M. Byllesby & Co., Moors & Cabot. Philadelphia — McCown & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1930 Bid. Ask. Bid. " Ask. High 94 '16 97 '17 87 Apr. 88% July Low. 63 '15 65 '15 80 Dec. 83 Aug. MISSOURI & UJUNOIS BRIDGiB & BELT RAILROAD Cons. 4s. Due Jan. 1. 1951. Dated Jan. 1, 1904. Interest payable Jan, and July 1, at St. Louis Union Trust Co., St, Louis, Mo. Tax Status — -2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding 737,000 In Treasury 53.000 Reserved to Retire Prior lien.. 800,000 Denoihination — Coupon, $1,000. Trustee — Illinois State Trust Co., East St. Louis, 111. OrganizaUon and Control — Incorporated ia Missouri in 1904. Controlled through stock ownership by the B. & O. R. R. Co.. Chi. ft East III.- R. R. Co., Chi., Peoria & St, L. Ry. Co., C, R. L & P. Ry. Co., C. C. C & St. U Ry. Co., Lou. & Nash. R. R. Co., M. K. & T. Ry. Co., Mo. Pac. R. R. Co., P. C. C. & St L. R. R. Co. and Wabash Ry. Co. Capitalization. Outstanding. ^ Common $143,009 Funded debt 1,482,251 Secured by a mortgage on 2% miles of rail- way and bridge over the Mississippi River be- tween Alton, III., and "W. Alton, Mo. Prior Uen — $745,250 St. Clair, Mad. & St. L. Belt R. R. 4s of 1951. Years ended Dec. 31: Int. & Gross. Net. Rent. •1919 $102,518 $104,189 $70,389 t3919 93,523 116,978 1,43S •191S 102,518 103,166 80,31X tl918 98,010 130,382 2,072 1917 93,509 133,650 60,854 1916 62,704 110,814 105,187 •Corporate acount. tFederal account — standard return not in- cluded. Market. New York — F. J. Lisman & Co., Abraham & Co. Baltimore — J. S. "Wilson, Jr., & Co, Prico Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Ask. High 64 '16 70 '18 70 May Low. 50 '17 70 '19 70 May MISSOURI & NORTH ARKANSAS RAII/- ROAD 6% Receivers' Certfs. Due May 1, 1921. Dated May 1, 1918. Interest payable May 1 and November 1, at Mercantile Trust Co., St. Louis, Mo. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,500,000 Outstanding (Feb. 17, '21) 1,969,000 Denomination — Coupon, $250 and $1,000. Redeemable as a whole at 102 and Interest. Organization — Incorporated in Arkansas in 1906 for 50 years. Placed in receiver's hands In April, 1912. Capitalization. Outstanding. Common $8,340,000 Funded debt 10,309,000 Secured by a first mortgage on 337 miles of road from Neosho to "Wayne, Mo., and Selig- man. Mo., to Helena, Ark. The company haf trackage rights from Neosho to JopUn, Mo., 20 miles, and from Wayne to Seligman, nine miles. Underlies — $8,340,000 1st 4s. all of which are- deposited as security for $6,000,000 AUe- Bheny Improvement Co. notes, due 1911, but in default. Years ended Dec. 31: .,„„„ Gross. Net. Int. & Rent. *}»52 $1,804,069 5365,842 $356,221 •191? 176,000 170,660 175,649 tl91? 1,587,827 def. 534,494 98,064 •Corporate account. tl^ederal account — standard return not in- cluded. Original Market — $1,237,500 offered in>June, 1916, at par and Interest by Francis Bro. & Co., A. G. Edwards & Sons, G. H. Walker & Co., Whitaker & Co. and the Mercantile Trust Co., all of St. Louis, Mo. Market. St. Ixiuig — Francis Bro. & Co. laSSOVBI-EDISON ELECTRIC CO. (St. lionls. Mo.) 1st Cong. 5s. Dae Ans. If 1927. Dated Aug. 2, 1897. Interest payable Feb. 1 and Aug. 1, at National Bank of Commerce St. Iiouis, Mo., or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed Mortgaise Outstanding $3,198,000 Denomination— Coupon, $1,000, Reeisterable as to principal. Trustee — ^Columbia Trust Co., New York. Control — -Absorbed in 1903 by the Union Electric Light &. Power Co. of St. Louis, which latter company virtually controls the electric lighting and power business in St. Louis, Mo., and is a subsidiary of the North American Co. Secured by a first mortgage on all the property formerly belonging to the Missouri- Edison Electric Co. and comprising an im- portant part of the electric distributing sys- tem in St. Louis. Franchises are either un- limited as to time or extend to 1940. Underlies — Union Electric Light & Power 1st 5s of 1932 and Ref. & Ext. 5s of 1933. Bonds are reserved under the latter mortgage to retire this issue. Earnings — See Union Electric Lt. & P. Co. Listed on the St. Ijouis Stock Exchange, Original Market — Offered in 1899 by N. W. Harris & Co. and Spencer Trask & Co., New York, Chicago and Boston. New York — Fred H. Hatch & Co., John St. Louis — Mark O. Steinberg & Co., Stix & Co. Baltimore — Mackubin, Goodrich & Co. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100% '11 102 '17 8714 Jan. 90 Jan. Low. 80 '20 83 '20 80 Oct. 83 Sept. MISSOUBI, KANSAS & EASTERN RAILWAY CO. iBt 5s. Due April 1, 1942. Dated April 1, 1892. Interest payable April and Oct. 1, at company's office, 61 Broadway, New York. DefeiUt— Oct. 1, 1916 interst. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $4,000,000 Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — Central Union Trust Co.. New York. fexchangeable for M., K. & T. St. Louis Piv. 4s of 2001 at the rate of three of thUs Issue for four St. Louis Div. 4s. Assmned by the Mo., Kan. & Texas Ry. Co, at consolidation. .„ „ . Protective Committee — Jno. W. Stedman. Chas. E. Chase, G. Herman Klnnlcutt, Bdw. W Milligan and Chas. B. Woodward. De- positary, Columbia Trust Co., New York. Control — Absorbed by the Missouri, Kansas & Texas Ry. Co. In hands of receiver. Secured by a first mortgage on 161.70 miles of road from Franklin Junction, Mo., to Mach- ens. Mo. ; and also the following eauipment; 12 locomotives, 9 coaches, 4 baggage cars, 73 refrigerator cars, 9 automobile cars, 71 furni- ture cars, 51 flat cars, 1 box car, 6 caboose cars, 1 comb, caboose, 1 convoy car, 1 outfit car, 2 shop cars and 2 truck cars. UnderUes — M., K. & B. 2d 6s: M.. K. A T. St. L. Div, 4s; M., K. & T. Gen. i'Aa and Cons. 5s, Bonds are reserved under the M., K. & T. By. Co.'s St. Louis Div. 1st Mortgage to retire this issue. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Constable & Fleming, Sam'l Goldschmidt, Wm. C. Orton & Co. Price Ransle — N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 High 116 Feb. 8, '06 60 Oct. 26 Low. 3314 July 20, '20 33% July 20 MISSOURI, KANSAS & EASTERN RAILWAY CO. 2a 5s. Due April 1, 1942. Dated April 1, 1892. Interest payable April and Oct. 1, at company's offlce, 61 Broadway New York. Default — April 1, 1916 interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized ■. $500,000 Outstanding 58,000 Denomination— Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co., New York. Exchangeable for M., K. & T. Ry. St. Louis Div. 1st Ref. 4s at the rate of $300 of this issue for $400 St. L. Div. 4s (in default). Assumed at consolidation by the M., K. & T. Ry. Co. Control — Absorbed by the Missouri, Kansas & Texas Ry. Co. Secui-ed by a second mortgage on 161.70 miles of road and eauipment covered by the first lien of the M., K. & E. 1st 5s (see above). Prior Lien — $4,000,000 M.. K. & E. 1st 53. Underlies — M., K. & T. St. L. Div. 4s: M. K. & T. Ben. 4%s and Cons. 4s. Bonds are reserved under the M.,"K. & T. Ry. Company's St. I,ouls Div. 1st mortgage to retire this .issue. Market, New York — Sam'l Goldschmidt. 829 ^^ssouBI, kansas & Oklahoma rail- road CO. 1st 58. Due May 1, 1942. Dated May 1, 1902. Interest payable May and Nov. 1, at company's office, 61 Broadway New York. Payment of Interest — Interest Is being paid six months after it Is due. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized Closed Mortgage. Outstanding $6,468,000 Denomination — Coupon, $1,000. Bogistera- ble as to principal. Trustee— Central Union Trust Co., New York. Assumed by the M., K. & T. Ry Co. Guaranteed as to principal and Interest by the Mo., Kan. & Texas By. Co. by endorse- ment. Protective Committee — John W. Flatten, D. Q. Geddes, S. K. Johnson, W. W. MoClenoh, James Timpson, with C. H. Murphey, Secre- tary, and U. S. Mortgage & Trust Co,, New York Depositars'. Control — ^Absorbed by the Missouri, Kansai & Texas By. Co. Secured by a first morteage on ZlO.li miles ot ro,ad,. viz. : ' Miles Oklahoma City to South CoffeyvlUe, Okla 168.45 Fallis to Guthrie, Okla 22.93 Osage Jet. to Wybark. 79.36 Prior liien— $4,000,000 M.. K. & E. 1st 6s. A%B and Cons. 6s. Bonds are reserved under the M., K. & T. Ry. Company's 1st & Ref. and Consolidated mortgrages to retire this is- sue. ,, I>isted on the New York Stock Exchange.. Original Market — $2,600,000 offered at 100 and interest in Sept., 1902, by Mason, Lewis & Co., Chicago, Market, New York— Sam'l Goldschmidt, Wm. C. Orton & Co., Ponch & Co. Price Range — N. Y. S. E. Jan. 1, '0», to Jan. 1, '21 1920 Coupon. High 112 Feb. 2, '09 74 Bee. 23 Low. 4314 Aug. 5. '20 48^ Aug. 5 Stamped Ctfs. of Dep. High. 60 Oct. 14, *1S Low. 56 May 24, '18 MISSOURI, KANSAS & TEXAS RAILWAY COMPANY. Incorporated in Kansas in 1865 and present title adopted in 1870. The company owns 1,663 miles of road from Texas Jet., 24 miles from St, Louis, Mo., and Hannibal, Mo., to Paola, Kan., '43 miles from Kansas City, Par- sons, Kan.; Oklahoma and McAlester, Okla., and the Red River, npar Denison, Tex., with branches to Junction City, Kan., Joplin, Mo., and other points; and has 76 miles of track- ag-e rig-hts. The M., K. & T. Ry. Co. of Texas, organized under laws of Texas in 1891. Also leases and operates the lines of the Texas Central Ry. Co. and several minor companies in Texas, ownlng^ 1,119 miles of road, leasing 448 miles and operating 177 miles under trackage rights. Including lines from the Red River via "Wichita Palls to Oklahoma-Texas Line near Loveland, Ft. "Worth, Tex., to Houston, Austin and San Antonio, Texas; ■Waco to Rotan, Tex,; Weldon to Livingston, Tex.; Trinity to Colmesnell, Tex., McKinley, Tex., to Shreveport, La., and other branches. The total mileage operated by M., K. & T. lines is 3.784, of which 249 miles' are trackage. Capitalization. OutBtanfllnF. Con^mon $63,800,000 Preferred (4% non-«um.) 13,000,000 Funded debt ..f 176,805,480 BecelversMD — Sept. 27. 1915, Charles B. Schaff, president of the company, was ap- pointed receiver. As of April. 1918, no re- organization plan had been published. Years ended Dec. 31: Gross. Net. Int. & Rent. • 1920 $00,712,680 $6,382,006 $8.X91,105 • 1919 6,551,207 6,935,411 6,728,074 +1919 61,825,376 3,258,450 8,421,084 •1918 6,656,207 6,468,476 6,750.044 • 1918 F.4,138,799 5,390.795 8,098,219 1917 43,344,150 8,803.762 7,424.187 1916 36,733.682 6,143,711 7,278,346 •Corporate account. tFederal account — standard return not In- cluded. MISSOTTRI. KANSAS & TEXAS RAILWAY CO. iBt 48. Bne June 1, 1090. Dated June 1, 1890. Interest payable June and Dec. 1, at company's office, 81 Broadway, Fayment of Interest— Interest Is beine paid six months after it is due. After six months default in interest holders of a majority of the bonds may declare the principal Immediately payable. 830 Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $40,000,000 Outstanding 39,999,500 Denomination — Coupon, $500 and $1,006« Registerable as to principal. Sabstltuted Trustee — United States Trust Co. of New York, Frotectlve Committee — W. Church Osbom. chairman; Paul G. Tomlinson, secretary, 4B Wall St., New York. Depository — United States Trust Co., New York. Secured by a first mortgage on 1,114.76 miles of road and by a collateral lien on 468.10 miles, viz.: A first lien on 1,114.78 miles — Miles. Hannibal, Mo., to Texas State Line.. 572.4) Parsons to Jet. City, Kan 157.51 Holden, Mo., to Paola, Kan 53.59 Atoka to Lehigh, Okla 8.73 McAlester to Osage Coal Mines, Okla. 4.61 Texas State Line to Gainesville, Tex. *45.68 Ft. Worth to Taylor, Texas •160.25 Denison to Minneola, Texas •104.83 Echo to Belton, Texas ' •7.09 •Now owned by the M., K. & T. of Texas. A first collateral Ilea on 468.10 miles (all in Texas) — Miles. Taylor to Boggy Tank ' 82 . 78 Lockhart to San Marcos 13 . 60 Gainesville to Henrietta 71.28 Dallas to Greenville 62 43 Trinity to Colmesneil 66 . 31 McKinney to "Wascom , 181 . 72 The collateral deposited represents entire amounts outstanding except frpnT McKinney to "Wascom covered by the Shearman, Shreve- port & Southern Ry. Co. 1st '5s of 1943, $2,- 000,000 deposited and $1,689,000 outstanding. All the collateral property is owned by the M., K. & T. Ry. of Texas. Also Secured by deposit of practically the entire $10,000,000 Capitol Stock of the M. . K. T. Ry. Co. of Texas. Also a first lien on the following equipment: 198 locomotives, 7 chair cars, 4 4 coaches, 17 comb, coach and mail cars, 1 comb, coach and baggage car. 27 baggage cars, 8 comb. baggage and mall cars, 6 postal cars, 5 mall cars, 140 refrigerator cars, 103 automobile cars, 1 furniture car, 173 stable cars, 112 cotton cars, 2 comb, caboose cars, 1 concrete ear, 3 gas transport cars, 8 locomotive cranes, 6 outfit cars, 1 Co. service coach, 1 supply car, 11 truck cars, 1,574 coal cars, 610 flat cars, 2, 879 box cars, 1 80 caboose cars, 4 private cars, 121 cinder cars, 40 tool cars, 4 derrick cars, 4 ditchers, 2 pile drivers, 10 convoy cars, 2 spreaders, 1 Lldserwood, 4 wreckers, 35 shop cars, 2 tool and water cars, 1 tool and rail car, 1 work caboose, 2 board- ing cars. 3 convict cars. 1 scale outfit car, 12 rail and tie cars, 2 rail and truck cars. 1 water tank, 4 blocking cars. 1 tool-bunk car, 3 water cars. Underlies — 2nd 4s of 1990; Gen. 4U« of 1936 and Cons. Ss of 1940. lasted on the New York and London Stock Exchanges. Market. New York — Simon Borg- & Co., Dunham 4 Co., Arthur E. Frank & Co., Newborg & Co., R. W. Pressprich & Co., Rosenfelt & Son, Seasongood, Haas & Macdonald, Vilas ft Hlckey, Venderhoef & Robinson, Philadelpliia — Thos. A. Biddle & Co. Priee Ranse— N. X. B. B. Jon. 1, '06, to Jan. 1, '21 1920 High 103 Jan. S2, '06 63% Oct. ' t Low. 62U June SI. '20 62H Juno SI rn^^S KANSAS & TEDSAS RAILWAY uTifl A,^ ,"""" !■ 1*90. Interest payable Feb. New TMk Company's office, 61 Broadway. tereat.*°'*~^^''- ^' ""' ''""^ Bubfleauent lii- nr!f*f =®***"?~^''y™«°t o* Federal Income Tax A ^J^"""*"! by company. n?i„^*"?. "°* OutstantUng. . .$20,000,000 T,"?".""^*"""— Coupon, $600 and Jl.OOO. Keeisterable as to principal. ^stei^-Bankers- Trust Co., New York. trotecMve Committee— B. G. Merrill, Chalr- N?S'?;rk" ^'^^^f- Seoretary; 80 Broadway. New Jorlt Depositary, Central Union Trust Co., New Torlc. „^S"S?*°'* Snit— Filed Feb. 13, 1917. In the U. S. Dist. Court, Dallas, Tex. Secured by a direct or collateral Hen on the property covered by the 1st 4a and subject to the lien thereof. Prior Laens— $40,000,000 M., K. & T. lat 4s of 1990 and prior liens. CnderUes— Oen. 4 Vis and Cons. Es. Usted on the New York Stock Exchange. „ Market. New York— Newborg & Co., Roosevelt & Son. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 92% Jan. 29, '00 46% Oct. 15 Low. 26% June 16, '20 26% June 16 Ctfts. of Dep. High 60 Jan. 13, '17 46% Oct. 9 Low. 24 Dec. 30, '19 27% June 23 l^ IQSSOUBI, KANSAS & TEXAS RAILWAY CO. Ist Ext. 5s. Dae November 1, 1941. Dated November 1, 1894. Interest -payable May and Nov. 1, at company's office, 61 Broadway, New York. Default — ^Nov. 1, 1916, and subsequent In- terest. Tax Status — 2 % • Federal Income Tax paid by company without deduction. Authorized Closed Mortgage Outstanding $3,263,000 Denomination— Coupon, $1,000-; may be reg- istered as to principal. Trustee — Central Union Trust Co., New York. Protective Committee — J. W. Flatten, P. H. Bcker, J. H. Mason, with C. H. Murphey. sec- retary. 65 Cedar St., New York. Depositary, United States Mortgage & Trust Co., New York. Secured by a first lien on 166 miles of road, Tiz. : Miles. Cherokee Jet. to Joplin, Kan 67.90 Kansas City Jet. to Holden, Mo.... 32.90 Walker to Blldorado Springs, Mo 14.08 Moran to lola, Kan 16.34 Near McAlester to Wilburton and Branches 26.97 McBain to Columbia, Mo 8 . 60 North Jefferson to Jefferson City, Mo, 1.16 Edwards Branch,' Okla 4.44 Coalgate, Okla.. to Mines 3. SO JohnsonviUe, Okla., to Mines (Brewer) 2.14 Also secured on the following equipment: 9 locomotives and 100 coal cars. Underlies— 1st & Ref. 4s; Gen. 4%s and Cons. 6s. Bonds are reserved under the 1st Ref. and Consol. mortgages to retire this la- sue. Listed on the New York Stock Exchange. Original Market — First offered by H. W. Poor & Co., New York, and Mason, Lewis & Co. (now Lewis, Bros. & Co.), Boston. Market. New York — Ambrose R. Clark & Co., Wm. O Orton & Co., Vanderhoef & Robinson. 831 Price Range— N. Y. S. E. Jan. 1, '09, to Jan. 1, 'SI 1920 High 109% Feb. 17, '09 36% Oct. S7 Low. 17 Aug. i, '20 17 Aug. 4 MISSOURI. KANSAS & TEXAS RAILWAY CO., ST. LOUIS DIVISION Ist Ref. 4s Due April 1, %001. Dated April 1, 1901. Interest payable April and Oct. 1, at company's office, 61 Broadway, New York. Default — ^Aprll 1, 1916, and subsequent In- terest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding 1,924,000 Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — Farmers* Loan & Trust Co., New York. Protective Committee — B. S. Marston, Chair- man; Augustus v. Heely, Secretary, 22 Will- iam St., New York. Depositary, Farmers* Loan & Trust Co., New York. Secured by a third mortgage on 161.7 miles of road from Franklin Jet,, Mo., to Macbens, Mo. For further details of this mileage' see M., K. & E. Ry. 1st Bs of 1942. Prior Lien— $4,068,000 M.. K. & E. 1st Cs ana 2d Bs of f942. Underlies — Gen. 4%s of 1936 and Cons. Ss of 1940. Bonds are reserved, under the Con- solidated mortgage to retire this issue. Listed on the New York Stock Exchange. Market. New York — Ambrose R. Clark & Co., New- borg & Co.', Wm. C. Orton & Co., Vander- hoef & Robinson. 1 Price Ranse— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 94 Feb. 13, '06 26% Dee. 7 Low. 23 Feb. 27, "20 23 Feb. 27 MISSOURI, KANSAS & TEXAS RAILWAY CO., 1st and Ref, 48, Dne September 1, 2004. Dated Sept. 1, 1904. Interest payable March and Sept. 1, at company's ofllce, 61 Broad- way, New ifork, and at company's agencies in London, Berlin and Paris. Default — March 1, 1916, and subsequent In- terest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $40,000,000 Outstanding 9,992,000 Pledged under Consalidated Mortgage 448,000 Reserved for Prior Liens 12,037,000 Reserved for Ext 17,623,000 Denomination — Coupon, $1,000 or equivalent at a fixed rate In £ Sterling, Marks and Francs; exchangeable for bonds of a denomi- nation of one-half and one-tenth thereof. Frac- tional bonds not re-exchangeable. Begisterable as to principal. Trustee — Fanners* Loan & Trust Co.. New York. Protective Committee — A. S. Hemphill, Chairman; Wm. C. Cox, Secretary, 140 Broad- way, New York. Depositary, Guaranty Trust Co., New York. Foreclosnre Suit has been filed by the trus- tee under this mortgage. Secured by a first mortgage on terminal property,, lands and shops in Parsons, Kan., Phillips, Okla., Kansas City, and Sedalla, Mo. Also the following rolling stock acquired since June 1. 1890, which is free from any other mortgage: 275 locomotives, 67 chair cars, 96 coaches, 10 comb, coach and mail cars, 1 5 comb, coach and basrsra^e cars, 46 baggrage cars, 7 comb, bagrease and mall can. 9 postal cars, 13 express refrigerator cars, 1 diner, 546 ventilated box cars, 199 refrigera- tors, 48 vehicle cars, 207 automobile cars, 1,570 furniture cars, 30 stable cars, 666 coal and stock cars, 2,518 coal cars, 205 flat cars, 7,267 box cars, 81 caboose cars, 3 private cars, 1 airbrake instruction car, 145 cinder cars, 536 ballast cars, 6 tank cars, 7 topi cars, 2 derrick cars, 3 ditchers, 1 pile driver, 1 board- ing' car, 2 convict cars, 6 steam shovels, 3 steam inspection cars, 5 convoy cars, 2 spread- ers. 1 lidgerwood. 1 fuel dept. car, 2 steam wrecker cars, 1 weed burner, 1 scale testing car, 8 supply cars, 8 plow cars, 13 shop cars, 1 special baggage car, 1 comb, caboose, 1 truck car, 2 scale outfit cars, 1 rail and tie car, 2 blocking cars, 1 kitchen car for wrecker. Also secured by a second mortgage on 576.40 miles of road, viz.: Covered by the first lien of the following: Miles. M., K. T. 1st Ext. 5s 166,00 M., K. T., Gen. 4^s 16.14 M., K. & O. 1st 5s 270.74 Texas & Oklahoma R. R. l.^t 5s 118.65 Deniaon & "Washita Valley Ry, 1st 6s 4.87 Prior liiens — $22,489,000 prior liens, viz.: M., K. T. Gen. 4y2S of 1936 $10,421,000 M., K. T. 1st Ext. 5s of 1944 3,253,000 M., K. & O. 1st 5s of 1942 6,468,000 Texas & Oklahoma 1st 5s of 1943.. 2,347,000 Denison & Washita Valley 1st 6s.. ♦1,000,000 •All deposited under S. W. Coal & Im- provement Co. , Mtge. Underlies— Gen, 4%s and Cons. 5s. Listed on the New York Stock Exchange. Original Market — $3,000,000 ofEeped in 1905, by H. "W. Poor & Co., at 89% and interest, also offered in 1909 by Speyer & Co. , New York. Market. New York — Simon Borg" & Co., Sam'l Goldschmidt, Newborg & Co., Wm. C. Orton & Co. Price Banse— N. V. S, £. Jan. 1, '06, to Jan. 1, 'Zi 1920 High 91% Feb. 24, "06 60% Oct. 18 Low. 30% Aug:. 12, '20 30% Aug. 12 Ctfs. of Dep. High 63% Feb. 23, '19 60% Oct. 18 Low. 301/3 June 28, '19 30% June 28 MISSOURI, KANSAS & TEXAS RAILWAY CO. OF TEXAS 5% Equips., Series "A", Due $34,000 each January 15 and July IS to July 15, 1924. Dated July 15, 1914, Interest payable Jan- uary 15 and July 15, at company's office. New York, and Trustee's office, Philadelphia. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized S6S0.000 Outstanding: (Mar. 1, '21) 238,000 Balance Retired. Denomination — Coupon. $1,000. Registerable as to principal. Tmstee — Glrard Trust Co., Philadelphia. Redeemable as a whole only at 101 and In- terest on any interest date on 60 days' notice, Oaaranteed principal and Interest by en- dorsement by the Missouri, Kansas & Texas Ry. Co. of Texas. Organization — See let 6a. Secured by an etiuipment trust agreement on 30 Mikado type locomotives and 200 steel underframe ballast cars, costing slightly over $900,000, of which more than $220,00 was paid .In cash. Orlelnal Market — Offered In 191S by Free- man & Co., New York, at prices to yield 6.26%. Market. New Tork-^Evans, Stillman & Go. S3X MISSOURI, KANSAS & TBKAS RAILWAY CO., Gen. 4%s.. Due Jan. 1. 1936. Dated Jan. 1, 1906. Interest payable Jan, and July 1, at company's office, 61 Broadway. New York. Defatdt — Jan. 1, 1916, and subsequent in- terest. , Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding 10,421.000 Held in S. F 2,749,000 Pledged under Consolidated Mortgage 6, 830,000 Denomination— Coupon, $1,000. Registerable as to principal. Tmstees — New York Trust Co., N. T., and Benjamin F. Edwards, St. Louis, Mo. Protectave Committee — Otto T. Bannard, James N. Jarvie, J. R. Nutt, Andrew J. Miller, Henry Sanderson, with H. W. Morse. Secretary. Depositary, New York Trust Co., New York. Redeemable at par and Interest beginning Jan. 1, 1911, for Sinking Fund, on 60 days' notice. Sinking Fand — 2% of outstanding bonds yearly, beginning Jan. 1, 1911, for the pur- chase or redemption of bonds at not exceed- ing par and interest. Bonds so redeemed to be kept alive, and interest to be added to Sinking Fund. Secured by a mortgage on 1,663.03 mllefl of road, viz. : A first lien on 16.14 miles — Miles. McAlester to "Wilburton, Okla 12.79 Kiowa to Pittsburg, Okla 3.36 A second lien on 1^8 miles — Covered by the Kansas City & Pac. 4s 128.00 A third lien on 1.348.46 miles — Covered by first lien of the following: Mo., Kan, & Okla. 5s 240.74 Texas & Oklahoma 5s 118.65 M., K. & T. Ext. 5s 166.00 M., K. & T. 1st 4s 788.20 Denison & Washita Valley 6s 4.87 A fourth lien on 170.43 miles — Covered by the following: M., K. & B. 1st & 2d 63 and St. Louis DiV. 4s 161.70 M.. K. & T. 1st & 2d 4s and Den. & Wash. Ry. 6s 84.73 A lien on stock aggregating $11,965,500 par value, viz. : Pledged. Issued. Boonville Railroad Bridge Co $998,400 $1,000,000 Terminal R. R. Ass'n of St. Louis 205,600 8,087,800 Kansas City Term, Ry. Co 99.900 1,200,000 Galveston, Houston & Henderson R. R. Co. 498,500 1,000,000 Missouri & - Illinois Bride & Belt. R, R. 12,900 187,000 Hannibal Union Depot Co 7,700 40,000 Missouri, Kan. & Tex. Ry. Co. of Tex *10,142,500 10,152,500 ♦Subject to prior pledge- under the 1st and 2d Mortgages. Also seeored by deposit of $6,436,000 bonds, subject to prior pledge under the first and second mortgages. Also lien on the following new eauipment: 80 lomocotlves, 15 chair cars, 15 coaches, 6 comb, coach and mall cars, 10 baggage cars, 5 postal cars, 6 diners. 214 automobile cars, 300 furniture cars, 1,600 coal cars, 100 flat cars, 2,986 box cars, 60 caboose cars, 76 ballast cars, 1 spreader, 1 wrecker, 3 loco- motive cranes. Prior lilens — $90,989,600 prior lieni «■ fol- lows: Denlaon &. Washita Valley 1st 6s, „1'29 •tl.OOO.OOO Kan. City & Pac. 1st 43, 1990 2,600.000 Missouri, I^an. & Eastern 1st 6s, 1942 4,000,000 Missouri, Kan. & Eastern 2d 5s, 1942 fr8,000 Missouri, Kan. & Okla. 1st 5s, 1942 6,468,000 Missouri, Knn. a Tex. 1st Ext. 6s, 1944 3,253,000 Missouri, Kan. & Tex. 1st 4s, 1990 39,999,500 Missouri. Kan. & Tex. 2d 4s, 1990 20,000,000 Missouri, Kan. & Tex. 1st & Eel. 4s, 2004 10,440,000 Missouri, Kan. & Tex. St. Louis Div. 4s, 2001 1,924,000 Tex. & Okla. 1st 6s, 1943 2,347,000 •All pledged under S. "W. Coal & Improve- ment Co. mortgages. Underlies— Cons. 6s ot 1940. Bonds are re- served under the Consolidated morteaee to retire ttala Issue. liisted on the New York, London and Am- sterdam Stock Exchanges. Original Market — $2,500,000 offered In 1907 by Mackay & Co., and Spencer Trask & Co., New York, on a 6.60% basis and in 1909 by Speyer & Co., New York. Market. New York — Newborg & Co., Wm. C. Orton & Co. Price Bange— N. T. S. E. Jan. 1, '08, to Jan. 1, '21 1S)20 High 96 Dec. 22, '08 48% Dot. 16 Low. 23Va, May 27. '20 23i4 May 27 Ctts. of Dep. High 41 Jan. 9. '17 24 Oct. 15 Low. 24 Feb. 10, '20 24 Feb. 10 MISSOURI, KANSAS & TESAS BAILWAT CO. 6% Notes. Dne May 1, 1916. Dated May 1, 1913. Originally 5s, due May 1, 1916, but substantially 96% of the notes consented to a one-year extension, prior to May 1, 1916. Interest payable May 1 and November 1, at company's office, 61 Broad- way, N. Y., and Speyer Bros., London, Bug. Default — ^Nov. 1, 1916, and subseauent In- terest. Tax Status — Payment of Federal Income Tax not assumed by company. Autfaorized . . . .- Closed mortgage. Outstandinsr $18,974,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Bedeemable at any time as a whole or in part at 101 and interest. Protective Committe^^ChelUs A. Austin, Secretary. Depositaries. Central Union Trust Co., New York, or Mercantile Trust Co., St. Louis. Secured by the deposit of $26,826,000 Con- solidated 6s, due 1940. These bonds are se- cured by a lien, junior to that of the General 4%s, on the property and securities subject to that mortgage, and described under that Issue, and further by a first Hen on $6,200,000 stock and $12,900,000 bonds of the M., K. & T. By. Co., and various of its subsidiaries. Original Market — Ottered by Speyer A Co., New York, -in 1913, at 98 and Interest. Market. New York — Wm. C. Orton & Co. Authorized $1,900,000 Ootstandine (Jan. 1, '21) 476,000 Balance retired. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Bedeemable at any time at par and inter- est. Secured by an eauipment trust agreement on 40 locomotives, 31 steel cars for various branches of passenger service and 1,000 box cars, costing $2,376,941, of which $476,941 was paid in cash. Legal for savings banks in Ohio. Original Market— White, Weld & Co., Brown Bros. & Co., Montgomery, Clothier & Tyler, $1,900,000 Hay, 1913. Market. New York — Evans. Stillman & Co.. Free- man & Co. HISSOtlBI. KANSAS A TEXAS BAILWAT Eonlp. Tr. 6s. Dae 195,000 each Jane 1 and December 1, to June 1, 1923. Dated June 2, 1913. Interest payable Jane 1 and December 1, 61 Brpadway, New York. Tax Statns — 2% Federal Income Tax paid -hy company without deduction. MISSOURI, KANSAS & TEXAS BAILWAY CO. OF TBXAS 1st 6s. Due Sept. 1, 194%. Dated August 1, 1892. Interest payable March and Sept. 1, at company's office, 61 Broadway, New York. Defaoit — Sept. 1, 1916, and subseauent in- terest. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding . . . '. 4, 606,000 Denomination— -Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the M., K. T. Ry. Co. by endorsement. Foreclosnre Snit — Filed March 10, 1917, in U. S. District Court, Dallas, Texas. Protective Committee — Jules S. Bache. 1,6- roy W. Baldwin, Geo. C. Van Tuyl, Jr., and Valentine P. Snyder. Depositary, Empire Trust Co., New York. Secretary, B. P. Goetz. 42 Broadway. Organization — Incorporated In Texas In 1891. Formerly controlled by the Missouri, Kansas & Texas By. Co. by stock ownership. In 1914, in accordance with an agreed judgment in a suit brought by the Attorney General of Texas, this stock was transferred to a board of di- rectors, agreed upon by the Attorney General and the railroad company. Capitalization. Outstandinsr. Common $10,162,500 Funded debt 4,733,000 Secnred by a first mortgage on 824.84 mllea of road (all in Texas), viz. : Miles. Boggy Tank to Houston. Tex 84.00 Lockhart to Smithville 37 . 00 Denison to Sherman ' 10.62 San Marcos to San Antonio and San Marcos Extension 48.10 Granger to Austin 45.12 Also a lien on the following equipment: 7 locomotives, 4 coaches, 2 baggage cars, 10 caboose cars, 1 automobile car, 50 flat cars, 116 box cars, 1 tool and water car. Underlies — These bonds do not directly un- derlie any mortgage, but $70,421,000 1st 4s, 2nd 4s and Gen. 4%s are secured in part by the deposit of all of the stock of the M., K. & T. By. Co. of Texas, as are also $26,825,- 000 Consol, 5s deposited as security for $19,- 000,000 notes. Usted on the New York Stock Bxcbange. Market. New Yc«rk — J. S. Bache & Co., Sam'l Gold- schmldt. Wm. C. Orton & Co., Vanderhoef & Robinson. ^ Price Banse— N. Y. S. E. Jan.- 1, '09, to Jan. 1, '21 1920 High 110 Feb. 8, '09 • 62% Oct. J7 Low. 20 May 28, '20 20 May 28 MISSOURI, PACIFIC KAII.KOAD CO. 1st & Ref. 5s and 6s. Due as follows: Series "A," 6s, Feb. 1. 1965; Series "B," Ss, Jan. 1, 1923: Series "C," 6s, Aug. 1, 1928; Series "D." 68, Feb. 1, 1949. Dated April 2, 1917. Interest payable Feb. 1 and Aug. 1, at company's office, in New York. Tax Status — Payment of Federal Income Tax not assumed by company. ♦Authorized $460,000,000 tOntstanding — A $17,840,500 B 13,641,000 C 9,044,000 D 6,397,500 46,923,000 Reserved to Retire Existing Prior Uens 127,109,600 Reserved to Retire Eanipment Obligations 2,937,000 Reserved to Aid in Retiring Prior liiens (Except Cons. 6s), Fanipment Obligations and Bonds of Series B and C, Wlienever Bonds of Tliig Issue Must be Sold at Ijess Than Par 11,600,000 *Unlesa Increased by consent of a majority of tile stockholders, and further limited to a total issue, together with all outstanding prior liens, after deauctiftg bonds reserved under this indenture to retire prior liens, not ex- ceeding three times the outstanding capital stock and so that the principal amount of bonds outstanding and those reserved for re- funding shall not exceeed three times the out- standing capital stock. tAdditional bonds issuable for corporation purposes acauisitions, extensions, etc., under specific provisions. Denominations — Coupon, $600 and $1,000. Registerabie as to principal and fully register- able. Registered, $500, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustees — Guaranty Trust Co., New Tork, and Benjamin F. Eldwards. Redeemable as a whole only on 90 days' notice, as follows: Series A at 107^ and interest on Feb. 1, 1921, or any interest date thereafter: Series B and C on any interest date at 100 and interest. Organization — Incorporated March, 1917, as successor to the Missouri Pacific Ry. Co. (foreclosed) and the St. Louis, Iron Mountain and Southern Ry. Co. (formerly controlled through stock ownership). Also owns 30% of the capital stock of the Denver & Rio Grande R. R. Co. and $23,703,000 2nd Income Bonds of the Texas & Pacific Ry. (deposited). Capitalization. Outstanding. Common $82,839,500 Preferred (6% cum.) 71.800,100 Funded debt 243,752,880 Secured by a direct mortgage on 6,690.66 miles of road, viz.: A first lien on 2,948.75 miles — Kan. City, Mo., to S. W. Jot. (near Paola) Kan 47.70 Ottawa. Kan., to Pueblo, Colo 641.74 Gypsum City to Marquette, Kan 42.41 Geneseo to Kanopolis. Kan 14.16 Hoisington to Great Bend, Kan 10.01 Ft. Scott to Kiowa. Kan 244.30 Eldorado to McPherson, Kan 62.40 West Wichita to Geneseo. Kan 86.67 Nassau Jot., Mo., to Larned, Kan 346.77 Caney, Kan., to State Line 1.62 Dexter to Arkansas City, Kan 24.97 Oloott to Inka, Kan 20.09 Rich Hill, Mo., to Ft. Scott, Kan 26.27 Ft. Scott (Walnut St.) to Cornell, Kan. 30.27 Miles. Ft. Scott to TopeKa, Kan ISl.OO Alton to Stockton, Kan 18.26 Warwick. Kan., to Prosser, Neb 73. 0» Carthage Jet. to Asbury, Mo 17.96 Joplin to Grand Falls. Mo 4.6i Oronogo to Webb City, Mo 3.38 Webb City to Mears Mine, Mo 23.24 Sedalia to Warsaw. Mo 43.21 In St. Louis, Mo. (Tower Grove Sta. to Ivory Ave.) 6.30 Antoine to Womble, Ark 40.12 Near Gurdon to Near Smlthton, Ark.... 1.24 Felsenthal. Ark., to Monroe, La 43.44 LItro to Farmerville, La 22.59 In Vldalia, La 0.62 Red River to Lake Charles, La 97.93 In Lake Charles, La 3.40 Hot Springs, Ark., to connection with Little Rock and Hot Springs West- ern R. R 1.61 Concordia to WildavlUe Jet., La 14.70 Omaha Southern Jet. to Gilmore Jet., Neb 25.44 Neb. City Jet. to 3.42 miles- south of Neb. City, Neb 16.12 Portal to Summit Jet. (So. Omaha), Neb H.lir Talmage to Crete, Neb 68.18 Weeping Water to Lincoln, Neb 33.M Jefferson City to Bagnell, Mo 46.07 Jefferson City (Colt Jet.) to Eton, Mo... 146.49 Lake City to Independence, Mo 10. 2S Pleasant Hill to Joplin, Mo 132.69 Paola to Ottawa, Kan 28.79 Osawatomie to Le Roy Jet., Kan 62.96 Kansas City Mo., to Atchison (Thlrd^ St.). Kan 46.37 Atchison. Kan., to Portal, Neb 148.66 Lake Jet. to Creve Coeur, Mo 11,99 Talmage to Crete, Neb 68.18 Weeping Water td Lincoln, Neb .-. . 33.92 Weeping Water to Omaha South Jet., Neb 26.76 Glencoe to Lime Kilns, Mo 4.00 Congo to Rock Creek, Mo 0.63 Marshall Jet. to Marshall. Mo 2.48 Lexington to Myrick, Mo 2.13 vVarrensburg to Stone Quarries, Mo. . . . 3.00 A second lien on 2,108.70 miles — Covered by the first lien of the follow- ing: Leroy & Caney Valley Air Line 1st 68.. 61.78 Central Branch Ry. 1st 4s 288.18 Verdigris Valley, Independence & West- ern 1st 6s 84.24 Central Branch Union Pae. Ry. Ist 48..10O.01 St. Louis, Iron Mt. & So. Ry. River & Gulf Dlv. 4b 772.00 St. Louis. .Iron Mt. & Southern Ry. Unif. & Ref. 4s 611.46 St. L.. Iron Mt. & So. By. Gen. Cons. & Land Grant 6s. Pine City to Brink- ley, Ark 23.01 Helena to Clarendon. Ark 47.67 Pine Bluff & Western 1st 5b 44.23 Little Rock & Hot Springs Western 1st 4s 31.40 MisscMJri Pae. Lexington Dlv. Ss 54.82 A third lien on 1,440.08 mile.« — Covered by the first lien of the follow- ing: St. Louis, Iron Mt. & So. Ry. Gen. Cons. & Land Grant 6s 1.427.63 Pae. R. E. of Mo., oarondelet Branch 4%s 12.56 A fourth lien on 285.23 miles — Covered by the first Hen of the Pae. R. R. of Mo. 1st Ext. 4s 286. 2S Also secured by deposit of the following securities: 834 Bonds. Deposited. Cent. Br. Union Pao. Ry. Ist 4s. 1948.. 868,000 Cent. Br. Ry. 1st 4s, 1919 3,316,000 Missouri Pac. Ry. Lexington Div. 6s! 1920 Le Roy & Caney Val- ley Air Line R. R. 1st 6a. 1926 Iron Mt. K. R. of Memphis 1st 6s, 1920 St. Joseph & Cent. Br. Ry. Demand Notes 434,000 614,000 600,000 702,766 Issued. 2,500,000 3,469,000 660,000 $6,334,766 $7,129,000 Stocks. Baring Cross Bridge $160,000 Cairo & Thebes R. R 9,300 EdBewater & Connecting Ry 99,600 Edgewater Terminal R. R 79,600 Ft. Smith Suburban Ry 46,600 Iron Mt. R. R. of Memphis 700 Natchez & Southern Ry 246,600 Natchez & Louisiana Ry. Transfer Co. 49,600 St. Joseph & Central Br. Ry 26,000 Union Ry. (of Memphis) 77,480 $784,080 liens as 880,000 806,000 30,561,000 42,924,000 34,648,000 6,996.000 800,000 2,673,000 3,828,000 237,600 1,140,000 1,632,000 Note. — Bonds of the following Issues are being exchanged under readjustment plan and deposited hereunder: Central Br. Ry. 1st 4s, 1919: Missouri Pac. Ry. Lexington Div. 6s. 1920; Le Roy & Caney Valley Air Line R. R. 1st 6s, 1926. Bonds are reserved under this mortgage to retire the above issues. All prior lien mort- gages are closed. Underlies — Gen. 4s of 1975. Years ended Dec. 31: Int.. Gross. Net. Rent, Etc. $98,194,271 $18,910,026 $15,876,950 14,206,814 15,520,864 11,280,025 Prior Liens — $127,093,500 prior follows: Fine Bluff & West, R. R. 1st 6s, 1923 Verdigris Valley, Independence & Western 1st 6s, 1926 St. Louis. Iron Mt. & So. Ry. Unif. & Ret. 4s. 1929 St. Louis. Iron Mt. & So. Ry. Cons. & Land Grant 5s, 1931 St. Louis, Iron Mt. & So. Ry. River & Gulf Div. 4s, 1933 Pacific R. R. of Mo. 1st Ext. 4s, 1938 Pao. R, R. of Mo.-St. Louis City R. E. 6s, 193S Pac. R. R. of Mo. 2d Ext. 6a, 1938 Missouri Pac. Ry. 3d Ext. 4s, 1938 Pao. R. R. of Mo.-Carondelet Br. 4%s, 1938 Little Rock & Hot Springs Western R. R. 1st 4s, 1939 Cent. Br. Union Pac. Ry. 1st 4s, 1948 •1920 •1919 tl919 •1918 tl918 1917 93,677,081 14,206,814 89,612,397 78,320,313 7,610,861 14,731,644 16,441,286 22,299,877 3,626,671 12,880,592 2,197,439 13,334,774 ■ Note. — Reorganized company began opera- tions June 1, 1917. Listed on 'the New York Stock Exchange. Original Market — Underwritten by Kuhn, Loeb & Co.. and largely issued in exchange for bonds of reorganized company. Market. New York — J. S. Bache & Co., Simon Borg & Co., Coffin & Co., Arthur E. Prank & Co., Sam'l Goldsclimidt, Newborg & Co., Red- mond & Co., Roosevelt & Son, Struthei'S & Hiscoe, Seasongood, Haas & Macdonald. Boston — Curtis & Sanger. Philadelpliia — Ha,rper & Turner. Price Range — N. Y. S. B. Jan. 1, '17, to Jan. 1, '21 Ser. "A." 96 Feb. 2, '17 74% Aug. 27, '20 Ser. "B." High 99% Jan. 26, '17 S4 May 26, '20 Ser. "C." 98% Jan. 26, '17 79% May 15, '20 High Low. Low. High Low. 1920 83% Jan. 23 74% Aug. 27 91% Oct. 22 84 May 26 89% Jan. 21 79% May 15 •Corporate account. tFederal account — standard return not in- cluded. 835 MISSOURI PACIFIC RAILROAD CO. Gen. 4s. Due March 1, 1975. Dated April 2, 1917. Interest payable March 1 and Sept. 1, at company's office, in New York. Tax Statns — Payment of Federal Incom» Tax not assumed by company. Authorized $63,000,000' Outstanding 61,350,009 Denominations — Coupon, $500 and $1,000. Registerable as to principal. Registered. $500, $1,000, $6,000 and $10,000. C. & R. inter- changeable. Trustee — Bankers' Trust Co., New York, and Benjamin F. Edwards, St. Louis. Redeemable as a whole only on March 1, 1921, or any interest date thereafter at 100 and interest on 90 days' notice. Secured by a lien on all property which shall at any time be subject to the First Re- funding Mortgage, and subject only to the prior lien of the latter mortgage and the liens prior thereto. Prior Liens — $60,623,000 1st & Kef. 63 and 6s and the prior liens thereto. Listed on the New York Stock Exchange. Earnings — See 1st & Ret. 5s and 6s. Original Market — Underwritten by Kuhn, Loeb & Co. Market. New Yorlc — Simon Borg & Co., Granger & Co. St. Louis — Francis Rro. & Co. Kansas City, Mo". — Stern Bros. & Co. Pliiiadelpliia — Harper & Turner. Price Range — N. Y. S. B. Jan. 1, '17, to Jim. 1, '21 1920 High 69 Dec. 7, '17 60 Oct. 2 Low. 49% Dec. 14, '20 49% Dec. 14 MISSOURI PACIFIC RAILWAY CO. 3d Bit. 48. Due Jnly 1, 1938. Dated November 1, 1876. Extended Nov. 1, 1906, interest reduced from 7%. Interest payable May and Nov. 1. at Company's office. New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding $3,828,000 Denomination — Coupon. $1,000. Trustee — Central Union Trust Co., New York. Redeemable at 105 and Interest upon four weeks' notice. Secured by a dirLCt mortgaee on 297.78 miles of road, viz.: A secona lien on 12.56 miles — Covered by the first lien of the Pac, R. R. of Mo. Carondelet Br. 4^^3 and on real estate in the city of St. Louis, covered by the first lien of the Pac. K. R. of the Mo., St. Ijouis City Real Estate 5s. A third lien on 285.51 miles — Covered by the first lien of the Pac. R. R. of Mo. 1st Ext. 4s of 1938. Prior Liiens — $10,618,000 prior liens as fol- lows: Pacific R. R. of Mo. 1st Ext. 4s, 1938 $7,000,000 Pacific R. R. of Mo. 2(3 Ext. 5s, 1938 2,573,000 Pacific R. R. of Mo. Carondelet Br. 4V2S, 1938 237,500 Pacific R. R. of Mo., St. Louis City Real Estate 5s. 1938 800,000 Underlies 1st & Ref. Mtge., which latter issue provides for the retirement of these bonds. Gen. 4s of 1975. liisted on the New York Stock Exchange. Orieinal Market — Extension underwritten by Tailer & Co., of New York. Market. Mew York — Simon Eorg & Co., Sam'l Gold- schmidt, R. W. Vressprich & Co., Rutter & .Co. JBaltimore — Jenkins, Whedbee & Poe. Price Range — N. Y. S. E. .Jan. 1, *07, to Jan. 1, '21 1920 High 98 Anr. 1, '07 72 Oct. 27 Low. 59V& Oc* 1, '20 59% Oct. 1 TvnSSOTRI PACIFIC KAII-ROAD COM- PANY Equip. Tr. 6^/^s, Series "A." Due $153,000 ea<'h Feb. 1 from 1925 to 1936, inclusive. Dated February 1, 1921. Interest payable Feb. 1 and Aug. 1, in New York. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $1,836,000 Outstandinff 1,836,000 Denominations— Coupon, $1,000 ; register- able as to principal. Trustee — Commercial Trust Co., Philadel- phia. - , Secured by an equipment trust agreement on 25 freight locomotives and tenders, Mi- kado type, 15 switching locomotives and tenders, six-wheel typer 5 passenger locomo- tives and tenders, mountain type, and 5 pas- senger locomotives and tenders, Pacifiic type, costing about $3,076,875. L.egal for .savings banks in Ohio. Original :>larkct— $1,836,000, placed pri- vately in February, 1921, by Kuhn, Lpeb & Co. IMarket New York — Simon Borg & Co., Stillman & Co., Freeman & Co. Philadelpliia — Brown Bros. & Co. MISSOURI PORTIAND CEMENT CO. 1st & Eef. 68. Due $80,000 each May 1, from 1916 to 1929. incl.. and 8380,000 May 1, 1930. Dated May 1, 191B. Interest payable May 1 and Nov. 1, at St. Louis Union Trust Co., St. Louis. ^ _ Tax Status — 2% Federal Income Tax paid by the company yrithout deduction. Anthorized *^'^c?^SXn Outstanding (Jan. 1. '21) flS'222 Matured and Paid JSS'SSS In Treasury l- • ■ " ' ' *. 'ivnn Purpose of Issue— Issued to retire $800,- 000 3-Tear notes which matured May 1. 1915, and to furnish additional working capital. Denomination— Coupon, $1,000, Register- able as to principal. Trustee — St. Louis Union Trust Co., St. Louis, Mo. Uedeemable as a whole only at 102^ and interest on any interest date. Organization — Incorporated in Missouri in April, 1900, as the New Union Sand Co. Name changed to Union Sand and Material Co. in 1906. under which it took over the properties and business of the St. Louis Port- land Cement Co. and of the Kansas City (Mo.) Portland Cement Co. Name changed to present title on June 12, 1917. Cement plants have aggregate capacity of about 2,- 000,000 barrels. Company also deals in wash- ed and screened river sand and gravel having plants at St, Louis, Drake, Mo.; East St. Louis, 111., and Memphis. Tenn. Company also owns real estate, railroad cars, dredges, tugs, barges and other equipment. Capitalization. Outstanding. Common $5,100,000 Funded debt 815,000 Secured by a first lien on all the property of the company. Under the provisions of the trust agreement the company agrees to maintain at all times during the life of these bonds net quick assets of not less than $500,000, provided that the company shall not be required to carry net quick assets in excess of 50 % of the bonds outstanding of this issue, the amount of such net quick as- sets to be determined in accordance with the provisions of the deed of trust securing these bonds. It is further agreed that before the payment of any dividend, after May 1. 1915, a proportionate amount of bond principal of the next maturity shall be deposited with the Trustee, but it is understood that these deposits will not be required after May 1, 1920. Years ended Deo. 31: *Net. 1920 '. $364,810 1919 504.535 1918 ;.. . 376,958 *After all charges, including depreciation and Federal taxes. Original Market — $1,500,000 offered in May, 1915, at par and interest. S36 ftUSSOUKI UTILITIES CO. (Mexico, Mo.) 1st 8s, Series "A." Due Nov. 1, 1935. Dated Nov. 1, 1920. Interest payable May 1 and Nov. 1, in Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,000,000 Outstanding- 250,000 Reserved for Ext 750,000 Provisions of Issue — Additional bonds is- suable for 80% of cost of improvements or additions to property, w^hen net earnings are twice interest charges on bonds outstanding and to be issued. Denominations — Coupon $1,000, $500 and $100; registerable ($l,ftOO only) as to prin- cipal. Trustees — Chicago Trust Co., Chicago, and Jacob J. Frey, St. Louis. Redeemable at 105 and interest on any in- terest date on or after May 1, 1922, on 60 days' notice. Sinlcingr Fund — ^Annually, beginning May 1, 1922, an amount equal to 4% of the net earnings for the preceding calendar year, or 1% of the principal amount of bonds out- standing during that year, whichever is greater. This fund is to be applied to the purchase or redemption of these bonds at not over 105 and interest,. bonds acquired to' be kept alive and interest added to this fund. Orgranlzation — Incorporated in Missouri in 1910 as Mexico Power Co.; present name adopted in Nov., 1920. Capitalization. Outstanding. Common $300,000 Preferred 300,800 Funded debt 260,000 Secured by a first mortgaee on all the property now owned. The property covered Includes plants sup- plying electric light, power, gas, heating and water in Mexico, Mo., and electric light and power in eleven additional towns, in- cluding Vandalia, Wellsville and Centralia, within a radius of 25 miles. Population served, about 18,000. Year ended June 30: Gross. Net. Interest. 1920 $181,332 $60,088 •$20,000 •Interest on this issue — $250,000 8s. Original Market — $250,000 offered Nov., 1920, by Chicago Trust Co., Chicago. MOBIIiE & BAT SHORE RAILWAT CO. Ist 6s. Due May 1, 1949. Dated May 1, 1899. Interest payable May and Nov. 1, at First National Bank, Mobile. Ala. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $200,000 Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Farmers Loa.Ti & Trust Co., New York. Assumed by the Mobile & Ohio R. R. Co. Control — The Mobile & Bay Shore Ry. Co. was purchased and merged Into the Mobile & Ohio R. R. Co. in 1903. The M. & O. R. ,R. is controlled through stock ownership by the Southern Ry. Co. Secured by a first mortgage on 38.36 miles of road from Pritchards to Bayou La Batre, Al.a., and branch f rom ' Delchamps to Ala- bama Port, Ala., at the mouth of Mobile Bay. During April, 1918, the extension of this road from Alabama Port to Cedar Point. 3% miles, was completed. This gives the M. & O. R. R. another outlet to the Gulf of Mexico. Ijesal for Savings Banks in Me., Mich., Minn., N. H., N. J. and Wis. Market. Pittsburgh — ^R. B. Hutchinson & Co. MOBIIiE & BIRMINGHAM RAILROAD CO. Prior Lien 5s. Dae July 1, 1946. Dated Aug. 29, 1895. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $600,000 Denomination — Coupon, $200 and $1,000. Trustee — Central Union Trust Co., New York. Guaranteed as to interest by the Southern By. Co. under terms of lease. ' Organization and Control — Incorporated in Alabama in 1895. Leased in 1899 for 99 years to the Southern Ry. Co, with the priv- ilege of renewal at an annual rental equiv- alent to interest on the bonds and 4% on the preferred stock. The latter company owns $894,900 of $900,000 common stock and $20.- (00 of $900,000 preferred. Capitalization. Outstanding. Common .$900,000 Preferred (4%) 900,000 Funded debt 1,800,000 Secured by a first mortgage on 150.35 miles of road from Mobile to Marion Jet., Ala., and branch. Underlies — Mobile & Birmingham 1st 4s of 1946. Refunding — The Southern Ry. Dev. & Gen. 4s provide to retire this issue. liisted on the New York and London Stock Exchanges. Market. New York — Simon Borg & Co., Sam'I Goldschmidt, Fred H. Hatch & Co., Charles W. Place, Redmond & Co., Vilas & Hickey. 'Baltimore — Barroil, Corkran & Co., Jenk- ins, WHedbee & Poe, Howard R. Taylor & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1,, '21 1920 High 115% Apr. 14, '06 80% May 18 Low. 80% May 18, '20 80% May 18 MOBILE & BIRMINGHAM RAILROAD CO. Ist 4s. Due July 1, 1946. Dated Aug. 29, 1895. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .$1,200,000 Denomination — Coupon, $1,000 and $200. Trustee — ^Mercantile Trust Co., New York. Guaranteed as to interest under terms of lease by the Southern By. Co. , Organization — See P. L. 5s. Secured by a second mortgage on 150.35 miles described under Prior Lien 5s. Prior Liens — $600,000 Mobile & Birming- ham R. R. Prior Lien 5s of 1945. Refunding — The Southern Ry. Dev. & Gen. 4s of 1956 provide to retire this issue. Listed on the New York and London Stock Exchanges. Market. New York — Simon Borg & Co., Sam'I Goldschmidt, Fred H. Hatch & Co. Baltimore — Barroil, Corkran & Co. Price Range — ^N. Y. S. E. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. High 82 Nov. 30, '08 55 Mar. 68 Nov. Low. 65 Aug. 26, '19 50 May 56 Aug. MOBILE & OHIO RAILROAD CO. 1st 6s. Due Dec. 1, 1927. Dated May 1, 1879. Interest payable June and Dec. 1, at Trustee's office. Tax Stains — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. . .$7,000,000 Denomination — Coupon, $1,000. and $500. Registerable as to principal or fully regis- terable. Trustee — ^Farmers Loan & Trust Co., New York. Organization and Control — ^Incorporated in Alabama in 1848. Controlled by the Southern Ry. Co. through ownership of $6,670,200 of the capital stock, but is operated independently. Capitalization. Outstanding. Common $6,016,800 Funded debt 28,470,000 Secured by a first mortgage on 472.06 miles of road from Mobile to Columbus, Ky. Underlies — Mobile & Ohio Ext. 6s of 1927 and General 4s of 1938. Tears ended Dec. 31: Gross. Net. Int. & Rent, •1919 $2,597,478 $2,685,301 $1,672,294 tl919 15,636,7X5 def 834,569 105,710 •1918 2.603,527 2,660,675 1,672.216 +1918 14,840,902 421,670 304,545 1917 13,604,506 3,646,278 2,252,587 1916 12,229,643 3,421,075 2,305.540 •Corporate account. tFederal account — standard return not In- cluded. Tiegsd for savings banks in Cal., Conn., Me., Mass.. Mich.. Minn,, N. H., N, J.. N. T., Vt. and "Wis. liisted on the New York Stock Exchange Market. . New York — Simon Borg & Co., Ambrose R. Clark & Co., Kountze Bros., Charles W. Place, R. "W. Pressprich & Co., Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Raymond M. Sm.ith, Vilas & Hickey, Joseph Walker & Sons. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 127^ Nov. 8, '06 102% Jan. 10 Low. 91 Sept. 1, *20 91 Sept. 1 MOBII.E & OHIO RAILROAD CO. 1st Ext. 6s. Dae July 1, 1927. Dated July 1, 1883. Interest payable Jan., April, July and Oct. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Anthorized and Outstanding. . .$1,-000,000 Denomination — Coupon, $1,000. Trustee — Farmers Loan & Trust Co., New York. Control — See 1st 6s. Secured by a direct mortgage on 626.0S miles, viz: A flrst lien on 52.98 miles — Miles. Opposite Cairo, 111., to East Columbus, Ky 18.99 Artesia to Columbus. Miss 13.99 Artesia to Starkville, Miss 11.00 Muldon to Aberdeen, Miss 9.00 A second lien on 472,05 miles — Covered by the Mobile & Ohio 1st 6s. . 472.05 Prior Lien — $7,000,000 Mobile & Ohio 1st 6s, 1927. Underlies — Gen. 4s of 1938. Earnings — See 1st 6s, 1927. Listed on the New York Stock Exchange. Market. New Yorlt — Ambrose R. Clark & Co., Prince & Whitely, Redmond & Co., Roose- velt & Son, Struthers & HiscoC. Price Range — N, Y. S. E. Jan, 1, '09, to Jan, 1, '21 1920 High 118 Feb. 3, '09 95% Jan. 5 Low. 863^ Sept. 10, '20 8614 Sept. 10 Secured by a direct mortgage on 626.08 miles, viz: A second lien on 62,98 miles — Miles. Covered by the flrst lien of the Mo- bile & Ohio Bxt. 68 , 62.98 A third lien on 472.05 miles- Covered by the flrst lien of the Mo- bile & Ohio 1st 6s 472.05 Prior Liens— $7,000,000 Mobile & Ohio 1st 6b of 1927 and $1,000,000 Mobile & Ohio Ext. 6s of 1927. Listed on the New York Stock Exchange. Market. New York — Sam.'l Goldschmidt, Hirsch, Lilienthal & Co., Prince & Whitely, Redmond & Co., Roosevelt & Son. Vilas & Hickey. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Hi&h 99 Jan. 15, '06 64% Nov. 9 Low. 51% July 1, '20 51% July 1 MOBILE & OHIO RAILROAD CO. Gen. 4s. Due Sept. 1. 1938. Dated May 15. 1888. Interest payable Mar. and Sept. 1, at Hanover National Bank, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Anthorized $10,500,000 Outstandingr 1,116,000 Owned by Southern By. Co. and Deposited as Colltaeral Un- der its Coll. Tr. 4s of 1938. . 8,356,000 Cancelled 1,028.000 Denomination — Coupon, $1,000 and $500, Registerable as to principal. Trustee — Farmers Loan & Trust Co., New York. Control — See 1st 6s. MOBILE & OHIO RAILROAD CO. Montgom- _ery Div. 1st Ss. Due Feb. 1, 1947. Dated Feb. 1, 1897. Interest payable Feb. and Aug, 1, at Hanover National Bank, New York, Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $4,000,000 Ontstanding 4,000.000 Denomination — Coupon, $1,000. I^gister- able as to principal. Trustee— Central Union Trust Co., New York. Control — See 1st 6s. Secured by a flrst mortgage on 189.60 miles of road, viz : Miles, Columbus, Miss., to Montgomery, Ala. 167.19 Tuscaloosa to Tidewater Ala 9.51 Eoline to Tennessee Coal, Iron & R. R. Mine No. 7. Ala 12.90 Legal for Savings Banks in Me., Mich., Minn., N. H., N. J. and Wis. Listed on the New York Stock Exchange, Market. New York — E. A. Baker & Son, Ambrose R. Clark & Co., Sam'l Goldschmidt, R. W. Pressprich & Co., Prince & Whitely, Vilas & Hickey. Price Range — N. Y. S. E. Jan. 1, '06, to Jam. 1, '21 1920 High 114% June 1, '06 80 Nov. 16 Low. 71 Dec. 30, '20 71 Dec. 30 MOBILE & OHIO RAILROAD St. Louls Di- vision 5s. Due Dec. 1, 1927. Dated Aug. 1, 1913. Interest payable June and Dec. 1, at Hanover National Bank. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized' $3,000,000 . Outstanding 2,500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Redeemable as a whole only on any in- terest date at 102% and interest. Secured by a second mortgage on 158.83 miles of road from East St. Louis to Cairo, 111., with branch to Millstadt, Also a flrst collateral lien on $6,499,000 of $6,500,000 capital stock of the St. Louis & Cairo R. R. Prior Lien— $4,000,000 St. L. & C. 4s of 1931. Earnings — See 1st 63. Listed on the New York Stock Exchange. Market, New York — Constable & Fleming-, Sam'l Goldschmidt, R. W, Pressprich & Co., Roosevelt & Son, Vilas & Hickey. Pittsburgh — R. B. Hutchinson. & Co. Price Rang-e— N. Y. S. E. Jan. 1, '13, to Jan. 1, 'Zl 1980 High 95 Dec. 16, '13 80% Sept. 30 Low. 74 Nov. 29, '20 74 Nov. 29 MOBtLE & OHIO RAILROAD Eaoip. 4%s, Series "F." Due $23,000 each Mar. 1. and $22,000 each Sept. 1 to Mar. 1, 1922. Dated Mar. 1. 1912. Interest payable Mar. 1 and Sept. 1, at Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $450,000 Outstanding: (Jan. 1, '21) .- 90,000 Balance retired. * Denomination — Coupon, $1,000, Trustee — ^Bankers Trust Co., New York. Secured by an equipment trust agreement on six locomotives, six passenirer cars, four baeiraEre and mail cars, one express car, 334 Sondola cars and 60 automobile box cars. Lesrai for savings banks in Ohio. Market, See Series "J," MOBILE & OHIO RAILROAD Eanip, Tr. 5s. Series "G." Due $32,000 each May 1 and Not. 1, to May 1, 1922, and $31,000 thereafter to Nov. 1, 1923. Dated Nov. 1, J913. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $637,000 Outstanding- (Jan. 1, '21) 221,000 Balance retired. Denomination — Coupon, $1,000. Trustee — Bankers Trust Co., New York. Secured by an equipment agreement on 14 locomotives, 522 steel gondola cars and 20 steel underframe caboose cars, costing: $750.- 437, of which the company paid $113,437 in cash. Legrai for savings banlcs in Ohio. Market, See Series "J." MOBILIC & OHIO RAILROAD Equip. Tr. 5s, Series "H." Due $50,000 each Jan. 16 and July 15 to Jan. 15. 1923. inclusive, and $53,000 to July 15, 1924, inclusive. Dated July 16, 1914. Interest payable Jan. and July 16, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $1,009,000 Outstanding: (Jan. 1, '21) 459,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Secured by an equipment agreement on 7 locomotives. 1,008 box cars. 4 combination mail and baggage cars, 4 express cars and 8 passenger coaches, costing $1,122,092, of which $113,092 paid In cash by company. Original Market — Offered July, 1914, by Kissel, Klnnicutt & Co., at 4.90%. Legrai for savings banks in Ohio. Market. See Series "J." MOBILE A OHIO RAILROAD Equip. Tr. 4%s, Series ''J." Due $47,000 each Dec. 1 and $48,000 each June 1 from Dec, 1, 1916, to June 1, 1926, inclusive. , Dated June 1, 1916. Interest payable June and Dec. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $950,000 Outstauc^g: (Jan. 1, '21) 618,000 Balance Retired, Denomination — Coupon. $1,000. Trustee-r<:entral Union Trust Co., New York. Secured by an equipment agreement on ateel centre-sill ventilated box cars, costing $1,057,- OOO, of which the company paid $121,250 in cash. Legrai for savings banks In Ohio. Original Market — Offered May. 1916, by A. Iseiln & Co., New York, at prices to yield from 3,76% to 4.60%. Market. New York — Evans, Stillman & Co., Free- man & Co. Philadelphia — Biddle & Henry, Graham, Parsons & Co. MOBILE COTTON MILLS Ist 78. Due $150v000 each Feb. 15 from 1921 to 1930 inclusive. Dated February 15, J.920- Interest pay- able Feb. 15 and Aug. 15 at First Trust & Savings Co., Cleveland. Tax Status — 2% Federal Income Tax paid by the company w^ithout deduction. Authorized $1,800,000 Outstanding* 135,000 Reserved for Ext 300,000 Balance Retii'ed. Provisions of Issue — Additional bonds ($300,000) to mature Feb. 15, 1931, are is- suable only after the company lias expend- ed at least $300,000 for additional property or extensions after the completion of its present plants. Denomination — Coupon ,$1,000. Trustee — First Trust & Savings Co., Cleve- land. Redeemable on any interest date at 103 and interest. Guaranteeil principal and interest by en- dorsement by the Standard Textile Products Co. Organization and Control — Incorporated In Alabama. This company manufactures cot- ton cloths. Its entire capital stock Is owned by the Standard Textile Products Co. The latter company is a large producer of light-weight oil cloths, leather cloth and washable wall coverings, and has plants at Youngstown and Akron, O., Rock Island. 111.. Athenia, N. J., Buchanan, N. Y., and Columbus. Ga. Secured by a first mortgage on the entire property of the company which owns three mills located respectively at Mobile, Ala., McComb, Miss., and Selma, N. C. Further secured by pledge with the Trustee of a contract with the Standard Textile Products Co., whereby the latter company agress to take the entire output of the Mobile Cot- ton Mills at prices which will assure funds required for payment of principal and in- ■terest on these bonds. Under the provisions of the Trust Agreement the Mobile Cotton Mills covenants to maintain at all times net current assets equal to the amount of these bonds outstanding. Years ended Dec. 31 (S. T. P. Co.): Gross. *Net. Int., etc. 1919 $15,779,187 $1,903,036 $304,131 1918 15,290,671 1,921,567 303,681 1917 10,627.566 1,080,592 153,733 1916 8,947,275 1,125,007 123,332 •After Federal taxes but before dep'n. Original Market — $1,500,000 offered August, 1920, by Wm. A. Read & Co., New York, etc., on an 8% basis. Market Cleveland — Schultz Bros. & Co., Union Trust Co. Salt I^ke City — Palmer Bond & Mortgage Co. MOBII.E (Ala.) KLECTBIO CO. Ut Sg. Dae May 1. 1946. Dated May 1, 1906. Interest payable May and Nov. 1, at Trustee's office. Tax Statue — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstandingr (Jan. 1, '21) 1,771,000 Retired by S. F. 112,000 Pledged to Secure 8% Notes. . . 195,000 Reserved for Ext 922,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Continental & Commercial Trust A Savingrs Bank, Cbicaeo. Redeemable at 106 and Interest on any in- terest date. Sinking; Fund — 1% annually of outstanding bonds, becrlnning May 1, 1916, In cash or bonds of this issue to be taken at a price not to exceed that at which bonds are offered to the Trustee. If bonds cannot be purchased at 105 or better they are to be drawn. Bonds acquired by this fund are to be cancelled. Orcanizatlon and Control — Incorporated In Alabama in 1906 and acquired the electric properties in Mobile, Ala. The company Is controlled through stock ownership by the Standard Gas & Electric Co. and $278,000 of Its $8B2,B00 preferred stock and $897,200 of its $950,000 common stock are deposited un- der that company's Conv. 6s of 1926. Capitalization. Outstanding. Common $960,000 Preferred (7% cum.) 852,600 Funded debt 1,958,750 Managrement — Byllesby Engineering & Management Corp., Chicago. Secured by a first mortg:age on plant sup- plying Mobile, Ala., and vicinity with elec- tric light and power. Population served, about 78,000. Franchises are unlimited as to time and require an annual payment of 2% of gross earnings to the city. Underlies — 2d 6s of 1939. Tears ended Dec. 31: Gross. Net. Interest. 1920 $737,446 $214,081 $136,505 1919 758.707 193,620 121,341 1918 547,690 149,067 108,038 1917 386,249 149,926 97,995 Original Market — Oftered In 1909 by Will- lam P. Bonbrlght & Co., New York, etc., at 90 and interest. Market. New York — H. M. Byllesby & Co., Inc., Fred H. Hatch & Go. Boston — H. M. Byllesby & Co. Providence — Hornblower & Weeks. Fhiladelpliia — McCown & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 19S0 Bid. Ask. Bid. Ask. High 92 '10 95 '10 65 Jan. 71 Jan. Low. 55 '19 60 '20 55 Dec. 60 Deo. MOBII,!: (Ala.) GAS CO. 1st 6b. Due Jan. 1, 1924. Dated Jan. 1. 1910. Interest payable Jan. and July 1, at Trustee's office, or at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 1,027,000 Reserved for Bxt 1,973,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 105 and Interest on any in- terest date. Organization — ^Incorporated in Alabama In 1906. Capitalization. Outstanding. Common $600,000 Funded debt 1,562,000 Secured by a first mortgage on plant aup- plying gas to Mobile, Ala., and vicinity. Population served, about 76,000. FranciUsei expire in 1926. Underlies — Debenture 6s. due 1921. Tears ended Dec. 31: Gross. Net. Bond Int. 1917 $228,835 $83,072 $77,600 1916 202,156 89,232 71,779 1916 208,.398 97,652 73,336 1914 216,396 97,078 70,372 Later earnings not available. Original Market — Oftered In 1910 by N. W. Halsey & Co.. New York, Chicago, etc., at 96 and interest. Market. New York — ^J. S. Bache & Co., Fred H. Hatch & Co., Morton Lachenbruch & Co. Chicago — Halsey, Stuart & Co. Price Range. Jan. 1, '17, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 96 '17 98% '17 77% Jan. 89% Aug. Low. 65 '20 70 '20 65 Nov. 70 Mar. MOBILIi GAS CO. Deb. 6s. Due Dec. 1, 1921. Dated Dec. 1, 1911. Interest payable June and Dec. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding 636,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Trust Co. of IlUnoli, Chicago. Redeemable at 101 and Interest on any in- terest date. Organization — See 1st Ss. Security — ^A direct obligation of the com- pany but not secured by a mortgage. While these debentures are outstanding no further mortgage can be placed on the property of the company. For further details see Ist ii. Prior Lien— $1,027,000 1st 5s of 1924. Earnings — See 1st 68. Market. Philadelphia — Arthur J. Bender. Price Range 1930 — Ask 72 Nov. 840 MOHAWK St MALONR RAELWAT CO. Ist 4s. Due Sept. 1, 1991. Dated July 1, 1892. Interest payable Mar. and Sept. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding. . .$2,600,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Columbia Trust Co.. New York. Control — ^Absorbed by the New York Cen- tral R. R. Co. Assumed by the New York Central R. R. Co. Guaranteed principal and Interest by the New York Central & Hudson River R. R. Co. by endorsement. Control — In March, 1913, merged Into the New York Central & Hudson River R. R. Co., which in 1914 was consolidated Into the New York Central R. R. Co. Secured by a flrst mortEace on 182.1S miles of road, viz: Mllea. Herkimer to Malone, N. T 173.33 Prospect Jet. to Hinckley, N. T.... 2.93 Lake Clear Jot. to Saranao Lake, N. T 5.89 Underlies — M. & M. Cons. 3%b and N. T. C. & H. R. R. Mtge. 3%s of 1997; Cons. 4s. Lake Shore Collaterals. Mlchisran Central Collaterals and Debentures, secured by Cons. 4b, and Ref. & Imp. 4 Vis, which latter mort- eage provides for the retirement of this Is- sue. Iiesal for Savings Banks In Cal.. Conn., Me., Mass., Mich.. Minn., Mo., N. H., N. J., N. T., R. I., vt. and Wis. Listed on the New York and London Stock Exchanges. Original Market — $2,600,000 ottered May, 1893, at 100 and Interest by Brown Bros, & Co., New Tork, Philadelphia and Boston. Market, New York — Simon Bore & Co., Ambrose R. Clark & Co., Sam'l Goldsehmidt, Hoden- pyl, Hardy & Co., R. W. Pressprich & Co., Prince & Whiteiy, Redmond & Co., Remick, Hodges & Co., Rutter & Co., Struthers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey, Joseph Walker & Son. Flilladelptaia — Blddle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Elkins, Morris & Co., Graham, Parsons & Co., Har- per & Turner, Huntoon & Co., McCown & Co., Isaac Starr Jr. & Co., Welsh Bros., Wheeler, Elliot & Marin. Price Range — ^N, T, S, E. Jan. 1, '05, to Jan. 1, '21 192« High 103 Dec. 3, '05 75% Jan. 21 Low. 69 Dec. 9, '20 69 Dec. 9 MOHAWK & MALONE RAILWAT CO, Cons, 3^8. Dne March 1, 2002. Dated Mar. 1. 1902. Interest payable Mar. and Sept. 1, at Grand Central Terminal. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania, Authorized Closed mortgage Outstanding $3,900,000 Denomination — Coupon, $1,000. Register- able as to principal only or fully register- able. Registered, $1,000, $6,000 and $10,000. Tmstee — Guaranty Trust Co., New York. Assnmed by New Tork Central R. R. Co. Guaranteed principal and interest by the New Tork Central & Hudson River R. R. Co, by endorsement. Control — See 1st - 4s. Secured by a second mortgage on 182.16 miles of road covered by the first lien of the First 4s. Prior Liens — $2,600,000 Mohawk & Malone 1st 4s. Underlies — N. T. C. & H. R. 3%s of 199{7: Cons. 4s, Lake Shore Collaterals, Michigan Central Collaterals and Debentures, secured by the Cons. 4s, and Ref.' & Imp. 4%8. which latter mortgage provides for the re- tirement of this issue. Legral for savings banks in Cal., Conn., Me., Mass., N. H., N. J., N. T., Ohio, Ore., R. I. and Vt. Listed on the New Tork Stock Exchange. Market, New York — Wm. M. Clark, R. W, Press- prich & Co., Vilas & Hickey. Philadelphia — Isaac Starr Jr.. & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. High 85 '10 Low. 60 '20 68 '20 MOHAWK HYDRO-ELECTBIC CO. Ist S. F. 6s. Due Nov, 1, 1940. Dated Nov. 1, 1910. Interest payable May and Nov. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax, exempt in New Tork. Authorized $3,000,000 Outstanding: (Jan. 1, '21) 841,000 Held in Treasury 169,000 Retired by S. F 60,000 Denomination — Coupon, $1,000. Register- able as to principal. Tmstee— Columbia Trust Co., New Tork. Redeemable as a whole at 110 and interest on any interest date. Sinking- X'und — ^Annually, beginning Nov, 1, 1916, lVz% of bonds Issued, for the pur- chase or redemption of these bonds at not over 110 and interest. Assumed by the Fulton County Gas & Electric Co. Conti'ol — Incorporated in New Tork In 1910 and commenced operations in 1911. Merged in the Fulton County Gas & Electric Co. in Aug., 1920. Secured by a flrst mortgage on hydro-elec- tric plant located about nine miles north of Fort Plain, N. T., on the Garoga' Creek and on about eight miles of transmission lines built on private right-of-way to NelUston. The company supplies power under long-term contracts to the Fulton County Gas & Elec- tric Co. and the Fort Plain Gas & Electric Light, Heat & Power Co.. which companies supply Gloversville, Johnstown, Port Plain. CobleskiU and NelUston, N. T. Population served, about 40,000. Years ended Dec, 31: Gross. Net. Int. & Rent. 1919 $142,126 $76,767 $63,994 1918 124,221 87,688 91,996 1917 137,196 86,018 67,73* 1916 84,878 64,290 48,321 1916 72,242 64,349 48,128 Latter earnings not available. Original Market — $600,000 ofCered Dee,, 1910, at 101% and interest by Plngree, Mo- Kinney & Co., Boston. Market. New York — Berdell Bros., F. H, Hatch ft Co. Cleveland — Otis & Co. Boston — Kimball, McKlnney & Co. Price Range, Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91% '16 101 'IS 80 Aug. 90 Aug. Low. 80 '16 88 '20 82 Feb. 88 Feb. Bid. Aslt. 70 Jan 60 Jan. 68 Jan. MOLINE PLOW CO. 7% Serial Notes. Due $1,000,000 each Sept. 1, from 1919 to 1924 inclusive. Dated Sept. 1, 1918. Interest payable Mar, 1 and Sept. 1, at National City Bank, New York. Tax Status — 4% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding (Jan. 1, '21) 4,000,000 Balance retired. Purpose of Issue — To fund bank loans which have been incurred to take care of the increased cost of raw materials, labor and the necessary expansion of the com- pany's business. Denomination — Coupon, $1,000. Tmstee — Central Union Trust Co., New York. Redeemable on any Interest date upon 30 days' notice as a whole or in series, in which event It must call for redemption all the notes of one or more series last matur- ing, at 103 for notes with 5 years or ra.ore to run. 102% for notes with 4 years or more but less than 5 years to run. 102 for notes with 3 years or more but less than 4 years to run. 101% for notes with 2 years or more but less than 3 years to run. 101 for notes with 1 year or more but less than 2 years to run. 100% for notes with less than 1 year to run. The notes are also subject to redemption, in part, by lot at above prices in the event of the sale of any substantial or essential part of the properties. Orgranization — Incorporated in Illinois in 1870. Business established in 1865. The company manufactures practically a com- plete line of farm implements and tractors. The principal implement plant of the com- pany is located at Moline, II!., and the trac- tor plant in the adj oining town of Hock Island, 111. Other plants are located at Free- port and Chicago, 111.; Stoughton, Wis.; Min- neapolis, Minn., and Poughkeepsie, N. T. The company has 22 branch and many transfer or distributing warehouses through- out the United States. Capitalization, Outstanding. Common $10,000,000 1st Pref. (7% cum.) 7,500,000 2d Pre f. (6% non-cum) 1,500,000 Funded debt 4,000,000 Secui'ity — A direct obligation of the com- pany, but not secured by a mortgage. Un- der this indenture the company covenants as follo-ws: It will not mortgage or pledge any of its fixed assets without providing for priorty of payment of these notes, and will not con- solidate or merge with any corporation other than a constituent company unless prior thereto it secures the notes by a closed first mortgage on, and pledge of all of its prop- erty. It and its constituent companies will at all times maintain an excess of current assets over all current liabilities, other than these notes, equal to at least ^00% of the face value of these notes then outstanding and will maintain current assets at an aggre- gate amount equal to at least 175% of the amount of all liabilities, direct or contin- gent, including these notes. It will not dispose of any substantial or essential part of its fixed assets unless pro- ceeds are applied to the acquisition of fixed assets of at least equal value or to the re- demption of notes of this issue. It w^ill not declare or pay cash diivdends on its common stock except out of earnings subsequent to July 31, 1917, and in no event exceeding an amount equal to 6 % in any one year of the present common stock and any increase paid for in cash. Tears ended July 31: Net. Dep'n. Interest. 1920 t$3,787,G33 $1,364,376 •1919 t2,443,185 966,788 }1918 3,257,173 $426,130 742.204 1917 1,902,453 141,859 193,752 1916 1,237,654 136,665 66,437 1915 796,581 127,199 144,436 *14 months ended Dec. 31. tAfter depreciation. $15 months ended Oct. 31. Original Market — $6,000,000 offered Aug. 1918, by the National City Co., New York, etc., and Port Dearborn Trust & Savings Bank, Chicago, at 99%, 98%, 98%, 97%, 97 and 96% and interest for- respective ma- turities. Market St. Louis — Mark C. Steinberg & Go. Chicago — John Burnham & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 101 '19 102 '19 99 Apr. 101 Apr. Low. 93 '20 94 *20 93 July 9i July MONESSEN WATEK CO. 1st Ss. Dae July 1, 1933. Dated July 1, 1912. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by the company without deduction. Authorized $1,000,000 Outstanding 800,000 Unissued 200,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Union Trust Co., Pittsburgh. Redeemable on any interest date at 103 and interest. Secured by a mortgage on filtration and pumping plants located at Charleroi, and on distributing system supplying water to that town, North Charleroi, Donora and Mones- sen, Pa. Population served, 30,624. Fran- chises are without burdensome restriction^. Market Pittsburgh — Union Trust Co., Stout & Co. Price Range 1920 — Bid 65 Dec. MONON COAL CO. 1st S. F. 5s. Due June 1, 193C. Dated June 1, 1911. . Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Illcome Tax paid by company without deduction. Authorized $3,000,000 Outstanding 2,775.000 Peserved for Ext 125,000 Held in. S. P 100,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers Trust Co., New York. Redeemable as a whole at 110 and interest on any interest date, or at par and interest for sinking fund. Sinliing Fund — A cumulative sinking fund commencing in 1914, for an annual amount equal to three cents a ton on all coal mined, the minimum amount being $60,000. Guaranteed as to interest by the Chicago, Indianapolis & Louisville Ry. Co. by endorse- ment. Organization and Control — Incorporated in Indiana in 1911 to take over and operate the coal properties formerly held by the Chicago, Indianapolis & IjouisviUe Ry. Also operates under lease about 3,000 acres of coal lands formerly controlled by the Chicago, Indian- apolis & Louisville Ry. The entire capital stock is owned by the Indiana Coke & Gas Co., and the property is leased from Sept. 1, 1917, to June 1, 1937, to the Vigo Mining Co., whose stock is also owned by the former company. Capitalization. Outstanding. Common $1,000,000 Funded debt 2,775,000 Secured by a first mortgage on about 20,000 acres of coal lands and rights in Indiana, esti- mated to contain 300,000,000 tons of coal. There are five mines on the above land and two mines on ther^3,000 acres leased. Original Market — $2,500,000 offered in March, 9912, by the Equitable Trust Co. and Reamond & Co., New York, at 94 and interest. Market. JNew York— Hartshrone & Battelle, Fred ±1. Jiatch & Co., Watson, Armstrong & Co. _ Pricfi iRan^e. Jan. 1, »15, to Jan. 1, '21 1920 „. ^ ^^^- Ask. Bid. Ask. ?^^^ of .1^ ^^ 'IS 40 Mar. 46 Mar. Low. 35 '20 42 '20 35 Aug. 42 Juno MONONGAHEIA MGHT & POWEK CO. let 5s. Due June 1, 1949. Dated June 1, 1899. Interest payable June and Dec. 1. at Mellon's Nat'l Bank, Pitts- burg-h. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized and Outstanding. .. .$1,700,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., Pittsburgh. Organization and Control — Incorporated In 1899. In 1902 the property of this company was leased for 900 years to the Allegheny County Light Co. Rental, operating expenses, taxes, interest on bonds and 6% on $1,700,000 stock. In Dec, 1912. this lease was assigned to the Duquesne Light Co. for 50 years. The latter company is a subsidiary of the Phila- delphia Co. Capitalization. Outstanding. Common $1,700,000 Funded debt 1.700,000 Secured by a first mortgage on all the prop- erty of the company. Idsted on the Pittsburgh Stock Exchange. Market. Pittsburg:li — Moore, Leonard Stout & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 Bid. Ask. High 102 '08 105 '12 Low. 80 '20 92 *19 & Lynch, 1920 Bid. 82 Mar. 80 Jan. Underlies — $5,000,000 Monongahela Ry. Co. 1st & Ref. 4%s of 1967. Legal for savings banks in Cal., Me. and N. H., N. J. and R. I.; also legal for Balti- more Trust Funds. Market. New York — Raymond M. Smith. Philadelphia — Graham, Parsons & Co., Isaac Starr Jr. & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid. High 84 1^ '16 Not Low. 60 '19 available MONONGAHELA RAILROAD CO. 1st SVza, Due Oct. 1, 1942. Dated Oct. 1, 1902. Interest payable April and Oct. 1, at Treasurer's office, Pittsburgh, Pa. Tax. Status — Z.% Federal Income Tax paid hy company without deduction. Tax exempt in Pennsylvania. Authorized $1,500,000 Outstanding- (Jan. 1, '21) 1,157,000 Retired by S, F 271,000 ITnissued 72,000 Denomination— Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Pa. Sinking Fund — ^Annually on Oct. 1, 1% of bonds outstanding plus interest on all bonds cancelled to be appropriated from net earnings If sufficient to purchase and cancel these bonds at not exceeding par. If bonds are not so purchasable money shall revert to company. Guaranteed as to principal and interest jointly and severally by the Pennsylvania R. R. Co. and the Pittsburgh & Lake Brie R. R. Co. Control — Incorporated In Pennsylvania In 1900. Merged with the Buckhannon & North- ern R, R. Into the Monongahela Railway Co. July 1, 1915. The capital stock of the Mon- ongahela Railway Co. is owned one-half by the Pennsylvania R. B. Co. and one-half by the Pittsburgh & Lake Erie, which latter is con- trolled in the interests of the New York Central R- R. Co. Secured by a first mortgage on 40.80 miles of road from Brownsville Jet. to Martin, Pa., including branches. 843 MONONGAHELA RIVER CONSOMDATBD COAL & COKE CO. 1st 6s. Due Oct. 1, 1049. Dated Oct. 1. 1899. Interest payable April and Oct Z, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstanding 6,212,000 Balance Retired. Denomination — Coupon, $1,000. Reglsterabls as to principal. Trustee — Union Trust Co.. Pittsburgh. Belnvestment Fund — In 1911 the company sold 8,988 acres of coal rights to the H. C. Prick Coke Co. fov $7,6o8,800, payment beins made in 1st 5s of that company, which are guaranteed by the U. S. Steel Corp., and about $7,000,000 of bonds of this Issue wero acquired and hald by the Trustee for reinvest- ment purposes. In Oct., 1912, this fund amounted to $8,614,529. Sinking Fund — An annual sum on or about Dec. 1, equal to five cents per ton of one and one-half inch coal mined and shipped for the purchase of tiiese bonds at a reasonable price. Bonds so acquired are cancelled. Assumed by the Pittsburgli Coal Co. Control — Merged In 1916 with PIttsburerh Coal Co. into the new Pittsburgh Coal Co. of Pennsylvania. Secured by a first mortgage on over 20,000 acres of coal, exclusive of surface; on 200 steamers, 4.000 coal barges, coal elevator! and other equipment. The company Is ex- tensively engaged In river transportation to New Orleans. Listed on Pittsburgh Stock Exchange. Market. New York — "Watson, Armstrong & Co. Pittsburgh — Lyon, Singer & Co., Moore, Leonard & Lynch, Stout & Co., Union Trust Co. of Pittsburgh. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 118 '16 120 '16 106 Jan. Low. 97 '20 100 '20 97 Aug. 100 Aug. MONONGAHELA SOUTHIHtN RAILROAD CO. 1st 5s. Due Oct. 2, 1955. Dated Oct. 2, 1905. Interest payable April 1 and Oct. 1. in New York Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $3,000,000 Outstnmling: *3,000,000 •$1,200,0 00 owned by the U. S. Steel Corp. Denominalion — Coupon, $1,000. Registerable as to principal. Trustee — Federal Steel Co.. New York. Gnaranteed. Jointly, principal and inter- ost by the Union Railroad Co. and the United States Steel Corporation by endorsement. Organization and Control — Incorporated In Pennsylvania in 1897. The property Is leased tor 999 years from June 1, 1906, to th^e Union R. R. Co., which company owns th^ enitre $1,500,000 capital stock. The latter company is controlled throuirh stock ownership by the United States Steel Corporation. Capitalization. Outstanding. Common $1,500,000 Funded debt 3,000,000 Secured by a first mortgage on 18,471 miles of main track from Monongahela Jet. to Mif- flin Jet., Pa., together with 28,099 miles of yard and side tracks and 8 locomotives. This road together with the Union Railroad, per- forms switching service for the various plants of the United States Steel Corp., and other Industries located In the district, also between the trunk lines with which it connects. Market. New York— Fred H. Hatch & Co. Price Range. Jan. 1, '18, to Jan. 1, '21 19^ Bid. Ask. Bid. High 95 '19 100*19 95 Mar. Low. 80 '20 88 'IS 80Augr. MONONOAHKLA. STR££X RAILWAY CO. (Flttsborgh, Pa.) Ist 6s. Due Jane It 1938. Dated June 1, 1898. Interest payable Jime 1 and Dec. 1, at Mellon National Bank. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding. .. .$1,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trastee — Union Trust Co., Pittsburgh. Organization and Control — Incorporated in Pennsylvania in 1898. Leased for 900 years to the Consolidated Traction Co., which is con- trolled by the Philadelphia Company through ownership of practically its entire capital stock. Rental, interest, ta^es and $315,3.00 per annum. Lease guaranteed by the Philadel- phia Company. Capitalization. Outstanding Common $7,000,000 Funded debt 4,212,000 Secured by a. first mortgage on 25 miles of street railway from Woodlawn Ave. and Forbes St. , in the 1 4th Ward of Pittsburgh ; on Forbes St. to Murray Ave., to bridge across Monongahela River at Homestead; on Amity and Ann Sts. to 8th Ave. in Homestead to Munhall over West Braddock Bridge (bridge not subject to this mortgage); into Rankin and on Talbot Ave. to 13th St., Braddock. Also from southern line of Braddock Bor- ough, over 13th St. Bridge to Duauesne, and on Oliver Ave., 1st St. and Grant Ave. to Duauesne Ave., with branches in Braddock, Duquesne, Homestead and Munhall. Also secured by a second mortgage on over 40 miles of street railway from. Murray Ave. and Forbes St. in the 14th Ward of Pittsburgh on Forbes St. to Braddock Ave. and on Brad- dock Ave. through Wilkinsburg, Edgewobd and Swissvale. From Franklin- and Swissvale Aves. in Wilkinsburg, on Swissvale Ave. to Pennsyl- vania Ave. in Edgewood, to Braddock Ave., and on to Braddock, with numerous branch lines in Braddock, and North Braddock. From Swissvale and Penn. Aves., Wilkinsburg, to Varona on the Alleghany River, and from Wilmerding to Pitcairn. Population served, including 14th Ward of Pittsburgh, 150,000. Very little of the road is on private right-of-way, but all franchises ar** perpetual. . ^ ^ * Prior Liens — $3,212,000 bonds of absorbea companies. Listed on the Pittsburgh Stock Exchange. Market. Pittsburgh — Moore, Leonard & Lynch, Ed- ward A. Owens & Co. Philadelpliia — Barnes & Lofland. Price Range. 1930 Bid. 46 Nov. Jan. 1, '09, to Jan. 1, '21 Bid. Ask. Hlgrh 103 '10 106 -09 Low, 50 '19 67 '19 46 Nov. MONONGAHELA VALLEY TRACTION CO. Gen. 5-Ycar 7b. Due July 1» 1923, Dated July 1, 1918. Interest Jan. and July 1. Principal and interest payable at New York and Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding ^'K^I'SSS Retired H5'2XS Reserved for Bxt 8,750,000 Provisions of Issue — ^Additional bonds la- Buable for 75% of cash coat of extensions, etc., provided net earnings for 12 consecutive months out of the preceding 14 months shall have been 1 % times annual bond interest charges, including underlying bonds and those for which application is made. This pro- vision as to net earnings does not apply '^o the first $600,000 additional proceeds from which will be used for the purchase of coal properties already under contract. Purpose of Issue— To retire $2,829,000 One- Year 6% Notes, due Feb. 1, 1919, and to complete construction of Riversville power plant, Lynn producer plant, new transmission lines, cars, extensions to gasoline extraction plant, etc. Denomination — 'Coupon, $100, $600 and $1,000. $1,000 bonds registerable as to prin- cipal. Trustee — Central Union Trust Co., New York. Redeemable — As a whole or in part at 101 and intfrest on four weeks' notice. Depreciation and Sinking Fund — 20 cents per gross ton of coal mined and 3 cents per 1,000 cubic feet -f natural gas sold. Com- pany further covenants to expend or reserve annually for maintenance and depreciation twenty per cent, of railway gross earnings and fifteen per cent, of gross earnings from sale of electricity. Organization — See 1st and Ref. 58 of 1942. Secured by a mortgage on its entire prop- erty subject to underlsing liens. Further secured bv deposit of about 99% of the com- mon stock and all of the preferred stock of Kanawha Traction & Electric Co. ; also by deposit of $6,256,000 par value of the com- pany's First and Refunding 5s, due June 1. 1942. As other First and Refunding 5s are issued they will be pledged under this mort- gage. The Kanawha Traction & Electric Co. owns 60.73 miles of street and interurban railways and does the entire electric light and power business in Parkersburg, W. Va., Marietta. Ohio, and in a number of other towns. Prior Liens — Outstanding. Fairmont & Clarksburg First Mortgage Gold 5s, 1938 $2,500,000 Monongahela Valley Traction Co. First and Ref. 5s, 1942 3,747,000 The Kanawha Traction & Electric Company, stock of which is deposited under this issue, has outstanding $1,700,000 First and Ref. 5s, due 1936 and three issues of underlying bonds aggregating $700,000. Earnings — See 1st and Ref. 6s. Original Market — Offered August, 1918, by National City Company. New York, etc., at 97 and interest. Market, New York — Morton Laohenbruch & Go., National city Co. Baltimore — Mackubln, Goodrich & Co., Smith, Lockhart & Co. Price Range. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98% '19 100% '19 93 Sept. 99 Jan. Low. 90 '20 92 '20 90 Oct. 92 Sept. MONONGAHELA VAUaiY TRACTION CO. 1st & Ref. OS. Due June 1, 1942. Dated June 1, 1912. Interest payable June and Dec. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax refunded in Pennsylvania. Authorized $15,000,000 Outstanding: 3,747,000 Pledsed Under Gen'l Is of 1923 6,256,000 Reserved for Prior Uena 2,S00,0t0 Reserved for Ext 2,497,000 Denomination — Coupon, $1,000 and IBOO. ReEisterable as to principal, ReEiitered, $1,000 and $6,000. C. & R. interchangeable. Trustee — Fidelity Trust Co,, Baltimore, Redeemable as a whole at 105 and interest June 1, 1922, or any interest date thereafter. Maintenance and Depreciation Fond — Month- ly payments to the Trustee equal to 15% of the annual gross Income and in addition 2% of gross income (monthly payments as above) un- til an accident fund of $50,000 Is maintained. Organization — Incorporated in West Virginia on May 18, 1912, as a consolidation of the Falrmrnt & Clarksburg Traction Co., Fair- mont & Northern Traction Co. and the Clarks- burg Weston Electric Ry. Co. On Dec. 1, 1915, acquired the property of the Fairmont Gas Co. On April 1, 1917, acquired the prop- erty of the Fairmont ft Mannlnffton Traction Co. On June 30, 1917, acquired control and now owns all of the capital stock of the Kanawha Traction & Electric Co. The stock of tho latter company is pledged under this company's Gen. 7s. Capitalization. Outstandmg. Common $8,279,636 Preferred (6% cum.) 3,367,194 Funded debt 12,293,000 Secured by a mortgage on all the property of the company and by a first mortgage on the foilpwing properties*. 76.2 miles of street and interurban railway, including line from Clarksburg to Weston (24 miles), from Barnea- vlUe to Rivesville and branch to Fairview (11 miles), from Fairmont to Mannington (17 miles), power plant at Hutchinson and Rives- ville; on gas and coal properties, including plant supplying natural gas in Fairmont and vicinity. 'The above properties are all In West Virginia. A second mortgage on the follow- ing properties: 40.37 miles of street and inter- urban railway, including 16.37 miles of street railways in Fairmont and Clarksburg, W. Va., and 25 miles interurban railway between those cities, and on plant supplying electricity in Fairmont, The principal franchises are without limit as to duration and the remainder extend be- yond 1952. Except In the cities and towns the Interurban lines aro located almost entirely on private right-of-way. Prior UeD— tl.SOO.OM Fairmont * Clarks- burg Traction 1st 68 of 1938, which this mort- gage provides to retire. Underlies — $6,137,000 Gen. 7s of 1923 under which mortgage, $6,266,000 of this issue is pledged. Years ended Dec. 31: Gross. 1920 $5,922,244 1919 4,418,700 1918 3,787,328 1917 3,046,769 1916 1,582,786 Net. Int. & Tax, $1,867,847 $955,192 1,397,682 782,687 1,173,669 681,866 1,407,388 454,026 953,698 398,693 I/isted on the Baltimcre Stock Exchange. Original Market — $2,500,000 offered in June, 1912, by N. W. Halsey & Co., New York, and Middendorf, Williams & Co., and Hambleton 4 Co., New York and Baltimore: Mackubin, Goodrich & Co. and Nelson, Cook & Co., both of Baltimore, at 96 and interest. $250,000 offered Nov., 1916, by Hambleton & Co., at 94% and interest. Market, New York — Hambleton & Co. Baltimore—- Mackubin, .Goodrich .& .Co., Smith, Lockhart & Co. Pliiladeipliia — Barclay, Moore & Co., Mc^ Gown & Co., Paul & Co. Price Range. j Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94-14 96 '13 75 Jan. 77 Jan- Low. 67 '20 61% '20 57 July 61% Aug- MONONGAHBLA VALLEY TRACTION CO, I- Year S. P. gs. Due May 1, 1922. Dated May 1, and Nov. 1, at the Fidelity Trust Co., Baltimore. Tax Status— ^2% Federal Income Tax paid by the company without deduction. Authorized $2,000,000 Outstanding 2,000,000 Purpose of Issue — ^To provide funds to re- tire $2,409,000 1-year 7% notes, due May 15, 1921 . Demominations — Coupon, $1,000 and $6,000. Trustee — Fidelity Trust Co., Baltimore. Redeemable at any time on 30 days notice at 100 and interest. Sinlung Fimd — The following payments are to be made to the Trustee to be applied to the purchase of these notes at not ex- ceeding 100 and interest. Excliange Privilege — By covenant in the Indenture under which these Notes are is- sued, no additional amount of the (general Mortgage 7% Five- Year Bonds of the Com- pany, due 1923 (of which issue there were $6,137,000 outstanding as of December 31, 1920), can be issued during the life of these Notes without giving the holders hereof an opportunity t oexercise the privilege of ex- change same at 100 and interest, any time before payment or redemption, into an equal amount of such General Mortgage Bonds, if, as and when issued, at 97% and interest prior to November 16, 1921, and thereafter until payment or redemption at 98 and interest. Organization — See 1st & Kef. 5s. Security — A direct obligation of the com- pany but not secured by a mortgage. Earnings — See 1st & Ref. 5 s. Origfinal Market — $2,000,000; offered May, 1921, by Hambleton & Co., at 100 and in- terest. 845 MONROE BINDER BOARD CO. Serial 6i> Due $50,000 each April 1 and Oct, 1, from April 1. 1922, to Oct, 1, 1926, inclusive. Dated April 1, 1920. Interest payable April 1 and Oct. 1, at Security Trust Co., Detroit. Tax Status — 2% Federal Income Tax paid by the company without deduction. Antborized $760,000 Outstanding 600,000 In Treasury 260,000 Pnrpose of iBsae— To pay In part for OMrt of construction of additional mills, total cost of which la estimated at $1,400,000. Funds to meet the balance of this expenditure are to be provided from tarnings. Denomination — Coupon, $500 and $1,000; registerable as to principal. Trustee — Security Trust Company. Detroit. Uedeemnble at 101 and interest -n any in- terest da Le. Organization — Incorporated in Michigan in 19U(j. The company manufactures binder board, fibre board and fibre and corrugated boxes. Plants -ire located at Munroe, Mich., and Aurora. 111. Distributing branches are located in New York, Chicago, Columbus and Detroit. Capitalization. Outstan iing. Comm >i $876,000 Pref. (7% cum.) 285,850 Funded debt 600,000 Secured by a first mortgage on the com- pany's property at Monroe, Mich., including lands, buildings, machinery and equipment, having an appraised value of $2,450,141. With the completion of Mill No. 5, at Monroe, now in process of construction, .additional prop- erty having an estimated value of $1,250,000 will become subject to the lien nf this mort- gage. Any additional lands, building, ma- chinery and equipment hereafter acquired and held in Michigan will also become subject to this lien. The mortgage further provides that so long as any of these bonds are outstanding, the ■company will no"; croatt' nor permit to be ■created, any mortgage, lien or encumbrance oh any of its property, real or personal, sit- uated oui&ide the state of Michigan, whether now owned or hereafter acquired. No addi- tional bonds can be issued unless the value of the lands and buildings of the company located in Michigan shall be at least twice the amount of the bonds then outstanding, in- cluding the additional bonds to be issued. Years ended Dec. 31: •Net. 1919 $367,033 1918 ., 245,336 1917 425,830 •Net •Applicable to Interest. Logal for savings banks in Michigan. Original Market — $600,000 offered May, 1020. by Watlini?, Lerchen & Co., Detroit, at prices ranging from 98.16 to 94.85 and in- ter est Pi-ice Kanffe 1920— Ask 7%. MONROE COAL MINING CO. let S. F. 6s. Due Aug. 1, 1941. Dated Aug. 1, 1916. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company withoutj deduction. Tax exempt in Pennsylvania. Authorized $1,000,000 Outstanding: (Jan. 1, '21) 730,000 Ketired by S. F 25,000 ' Additional Bonds Issuable — For the purchase of additional proven coal lands or coal rights, contiguous to present holdings, at a rate not to exceed $150 per acre; for improvement and betterments under terms as stated in the mort- gage; provided total expenditures for improve- ments and betterments do not exceed 150% of the total cost of the company's coal lands and coal rights. Such bonds, however, may only be Issued for 80% of the cost of improve- ments and betterments, and only when net earnings are equal to or in excess of 150% of the interest charges on bonds outstanding and to be issued after deducting sinking fund Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Philadelphia Tr. Co., Philadelphia, Redeemable on or after Aug. 1, 1919, at 102%% and interest. Sinltinff Fund — Aug. 1, 1918, and Aug. 1, 1919, 5 cents per ton of coal; beginning Aug, 1, 1920, and annually thereafter 6% cents per ton of coal mined with minimum annual payments, as follows: . Aug. 1, 1920, $15,000,; Aug. 1, 1921, to Aug. 1, 1940 incL, $35,000 per annum; and $30,000 Aug. 1, 1941. Fund to be applied to the purchase or redemption of these bonds at not over 102 1/^ and in- terest. Should - bonds in addition to the original $515,000 be issued the rate of 5 cents per ton shall be increased to such an amount that it will retire by maturity all bonds issued and still leave unmined one- third of the amount of coal now owned. A competent engineer, selected by the Trustee, shall determine the sinking fund rate and the minimum number of bonds to be re- tired annually. Organization — Incorporated in Pennsylvania in 1916. Capitalization. Outstanding. Common $750,000 Funded debt 880.000 Secured bv a first mortgage on the coal rigfhts on about 3,500 acres of bituminous coal measures in Cambria County, Pa., including about 1,414 acres of surface lands and all improvements thereon. The property is adja- cent to that of the Ebensburg Coal Co. Underlies — $150,000 2d 6s of 1922. » Original Market — Offered Sept.. 1916, by Brown Bros. & Co., New York and Philadel- phia, at par and interest. Market. Ne%v York — Watson, Armstrong & Co. Philadelphia — Brown Bros. & Co. Price Range. Jan. 1, '17, to Jan. Bid. Ask. High 98 '17 100 '18 Low. 90 '20 91 '20 '31 1930 Bid. Ask. 90 Mar. 92% Dec. 90 Mar. 91 Oct. 846 MONSANTO CHEMICAZ- WORKS 1st Conv. 7s. Duo $100,000 each March 1 and Sept. 1, from March 1. 1921, to Sept. 1, 1930, inclusive. Dated March 1, 1920. Interest payable. March 1 and Sept. 1. at Mercantile Tlrust Company, St. Louis, or Bankers Trust Com- pany, New. York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $2,000,000 Outstanding 2.000.000 Denomination — Coupon, $1,000, maturlns each March 1 and $500 maturing each Sept. 1; registerable as to principal. Trustee — Mercantile Trust Company, St, Louis. Redeemable as a whole or In series in re- verse numerical order on any Interest date at 102% and interest apon 30 days' notice. Convertible on any interest date unless called for payment, par for par, into 8% cum. 1st Pr-?f. stock. This preferred stock is callable at 105 and dividends and has an- nual sinking fund of 5% of the maximum amount outstanding at any time. Organization — Incorporated in Missouri In 1901. The company is a large manufacturer of chemicals, including saccharin, phenacetein, glycerophosphates, vanillin and other coal tar products. Plants of the company are located at St. Louis pnd Bast St. LouIp. March 1, and Sept. 1, at Mercantile Truat Capitalization. Outstanding. Common $700,000 Preferred (8% cum.) None Funded debt 2,000.000 Secured by a first mortgage on all of the company's fixed assets, including land, build- ings, m.achinery and equipment. The real es- tate at St. Louis covers about four city blocks, improved with reinforced concrete offico buildings, brick manufacturing and ware- house buildings, shops, etc. At East St. Louis the company's site includes approxi- mately 115 acres (leased to 1961) upon which are located manufacturing and warehouse buildings of modern steel and tile construc- tion. In addition to other requirements, the cojn- pany has agreed that no dividends shall be paid in excess of fifty per cent, of the net earnings of any fiscal year remaining after providing for the annual payment of inter- est and principal of the bonds falling due during such fiscal year; such surplus 'Earn- ings shall remain in the business as surplus or undivided profits and shall not at any time be declared or paid by the company as cash dividends on its outstanding common stock. "Veiirs ended Dec. 31: Net. 1919 $1,382,866 1918 1,046,685 1917 1,679,699 . ' 1916 1,011,502 1915 479,159 Original Market— $2,000,000 offered March, 1920, by Mercantile Trust Company, Paper, Potter & Kaffman, Inc., Lafayette-South Side Bank, and Francis Bros. & Co., all of St. Louis, at prices to yield 7.25%. Market St. Xionis — Mississippi Valley Trust Co. Hickey, Joseph Walker & Sons, Edwin "Wolff. Boston — R. L. Day & Co. Baltimore — Brinkman & Co., Jenkins, Whedbee & Poe. Price Kamgre — 'S. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1930 MONTANA CENTRAL RAILWAY CO. (THE) 1st 5s and 6 s. Due July 1, 1937. Dated July 1, 1887. Interest payable Jan. and July 1, at Great Northern ofCice, 32 Nas- sau St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. AutlJ-OTJzed $10,000,000 O atst aiul 1 iig"— 5s 4,000,000 6s 6,000,000 $10,000,000 Denomination — Coupon $1,000. Register- able as to principal or fully registerable. Registerable, $1,000 and $5,000. Trustee — Central Union Trust Co., New TorJ-. Assumed by the Great Northern Ry. Co. Control^^The Montana Central Ry. Co. has beer, consolidated into the Great Norchern Ry. Co. Secured by a first mortgage on 349.98 miles of road, viz.: Miles. Great Falls to Butte 169.29 Great Palls to Armington 27.66 Gerber to Stockett 8.42 Lewis to Sand Coulee 2.39 Armington to Neihart 38,23 Fair Grounds to Spur, Helena 0.67 Mountain View Mine Spur, Butte. . . . 3.32 Underlies — St. Paul, Minneapolis & Mani- toba-Montana Extn. 4s of 1937 and the Great Northern 1st & Ref. 4i4s of 1961. Bonds are reserved under the latter mortgage to retire this issue. , ^ , _ Legal for savings banks in Cal., Conn., Mass., Mich., Minn., N. H., N. J., N. T., R. I., Vt. and Wis.; and also for Baltimore Trust Funds. _ , Listed on the New York Stock Exchange. Market New York— Percy H. Bradshaw, E. D. Levinson & Co., R. "W. Pressprich & Co., Redmond & Co., Remick, Hodges & Co., Rutter & Co., Raymond M., Smith, Struthers & Hiscoe, Taylor, Smith & Hard,- Vilas & High 136 Jan. 25, '06 Low. 9614 May 14, '20 5s High 119% Feb. 1, '06 Low. 85 Sept. 13, '20 1061^ Jan. 20 96% May 14 94 Jan. 22 85 Sept. 13 MONTANA POWER CO. (THE) 1st & Ref. S. E. 5s. Due July 1, 1943. Dated July 1, 1913. Interest paayble Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In Montana. Authorized $75,000,000 Outstanding (Jan. 1, '21) 3,736,000 In Treasury 1,675,000 Retired by S. F 11.300 ''Reserved for Prior Liens.... 10,319,000 Reserved for Ext 38,605,000 Denomination^— Coupon, $100, $500 and $1,- 000. Registerable as to principal. Regis- tered, $1,000, $5,000 and $10,000 and multi- ples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on July 1, 1918, or any interest date thereafter.. Sinking iPund — Annually, i/^ of 1%, be- ginning Jan. 1, 1918, through 1922, and m.% annually thereafter. The percentages are to be computed on the aggregate amount of bonds of the company and its subsidiaries and including underlying bonds outstanding at the date of each sinking fund payment and also including bonds held in this sinking fund and all underlying bonds and bonds of subsidiary companies acquired or retired af- ter Jan. 1, 1918, for their respective sinking funds. The company is to be allowed credit towards the above sinking fund for pay- ments of sinking funds on underlying: bonds or bonds of subsidiary companies. This fund and its accretions is to be .applied to the purchase or redmption of bonds of this issue' at not over 105 and interest. It is estimated that this fund will retire or acquire before maturity about 50% of the total amount of bonds of the system outstanding Jan. 1, 1918, and about 40% of the total bond issue of the system at maturity. Organization — Incorporated in New Jersey Dec, 1912, and owns in fee the properties formerly owned by the Butte Electric & Power Co., Madison River Power Co., Bill- ings and Eastern Montana Power Co., Miss- ouri River Electric & Power Co., and the (former) Montana Power Co. Also owns the entire capital stock (except directors' shares) of the Great Falls Power Co., Great Falls Water Power & Townsite Cq., Thompson Palls Power Co. and Mont. Reservoir & Irri- gation Co. Capitalization. Outstanding. Common $49,407,500 Preferred (7% cum.) 9,671,800 ' Funded debt 32,647,700 Secured by a direct first mortgage on all the properties formerly owned by theiMissouri River Electric & Power Co. ; a^rst lien on the entire $5,000,000 capital stock and $3,409,000 first mortgage bonds of the Thompson Falla Power Co. and on the entire $1,425,900 capital stock of the Montana Reservoir & Irrigation Co. which company has no outstanding bonds, and additional securities issued by either com- pany must be deposited hereunder. Deposited securities of the latter company are subject to withdrawal as a whole Upon deposit with the Trustee of cash equal to cost or sale price, 847 whichever ia greater. Also a direct morteaee subject to prior liens on the properties for- merly owned by the Butte Electric & Power Co., Madison River Power. Co., Billings & Eastern Montana Power Co. and Montana Power Transmission Co. Further secured by a first lien on one-half of the entire $10,000,- 000 common stock and $771,000 preferred stock and $5,782,000 first mortgage bonds of the Great Falls Power Co. and a -second lien on the remaining one-half of the common stock, which ia deposited under the Butte Ulectric & Power Co. 1st 6s. The Great Falls Power Co. has outstanding $3,938,000 1st 5b and $1,062,000 held in sinking fund of a total authorized issue of $16,000,000. Additional bonds when issued are retjuired to be deposited with the Trustee of this mortgage as addi- tional security. The property covered by direct or collateral lien comprises 14 hydro-electric power .plants and 2 steam reserve plants, having about 283,000 h. p. developed, of which 1.080 h. p. is steam; 2,028 miles of transmission lines, together with distribution Systems in a num- ber of cities and towns, including Butte and Great Falls; 162,000 h. p. undeveloped. Of the above property this mortgage is a first lien on 71% in capacity of the present devel- oped power plant, 56% of the transmission lines and 84% of undeveloped water powers. The various properties supply electric light and power to the greater part of the population of Montana, Including the "Butte district." and contracts, a large amount of power to mines, railroads and other industries. Piior liens — $10,319,000 Butte Eleo. & Pow. Co. 1st 5s, Madison River Power Co. Ist 5s, Montana Power Transmission Co., 1st Bs and Great Falls Co., 1st 5s. For the retirement of all of which named issues bonds are reserved under this mortgage. Tears ended Dec. 31; Gross. Net. Interest. 1920 $7,866,124 $5,116,349 $1,758,626 1919 6,769,013 4,401,309 1,805,677 1918 7,668,741 5,136.306 1,686,110 1917 6,905,256 4,889,032 1,395,605 1916 6,219,148 4,753,282 1,319,735 1915 4,531,223 3,167,505 l,189,ie'2 1914 3,720,601 2,639,239 1,063,«14 liisted on the New York and London Stock Exchanges. Origliial Market — $10,000,000 offered Feb.. 1914, by the Guaranty Trust Co. and J. Sc W. Seligman & Co., New York, and Lee, Higgin- son & Co., Boston, New York, etc., at 94 and interest. $6,000,000 offered by the same firms on February, 1916, at 91% and interest. A block offered March, 1918, by the same firms at 89 and Interest: $4,000,000 offered March, 1918, by Guaranty Trust Co., Lee, Higginsoc & Co., and J. & W. Seligman & Co., at 89 and Interest. Market. New York — Babcock, Bushton & Co., Hartshorne & Battelle, Seasongood, Haas & Macdonald, Boston — Moors & Cabot. Providence — Hornblower & Weeks. Fhialdelphlo — Bauer, Starr & Co. Spokane — Ferris & Hardgrove. Price Banso— N, Y. S. E. Jan. 1, '17, to Jan. 1, '21 High 100% Jan. 16, '17 Low. 76% May 26, '20 1920 86 Mar. 22 76% May 26 MONTANA POWER TRANSMISSION CO. iBt 6s. Dne Ang. 1, 1933. I>ated Aug. 1, 1903. Interest payable Feb. and Aug. 1, at Trustee's, New York. Tax Statns— '2% Federal Income Tax paid by company without deduction. Tax exempt In Montana. Authorized $760,000 Outstanding- (Jan. 1, '21) 501,000 Retired by S. r 133,000 Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — U. S. Mortgage & Trust Co., New York. Redeemable at 106 and interest on three months' notice. Sinking Fond — ^Began July 31, 1908. and requires annual payments of 1%% of bonds outstanding July 31, 1913, to and including July 30, 1917; 2%, 1918 through 1922; 2%%, 1923 through 1927; 2%%, 1928 through 1932 for the purchase or redemption of these bonds at not over 105 and interest. Guaranteed as to principal and interest by the Butte Electric & Power Co. by endorse- ment. Assumed by The Montana Power Co. Control — ^Absorbed in 1909 by the Butte Electric & Power Co., which company was absorbed by the Montana Power Co., Dec. 1912. Secured by a first mortgage on a hydro- electric plant about 65 miles from Butte, Mont., and transmission lines to that city. Underlies — Montana Power Co. 1st ft Ref. 5s 6t 1943, which mortgage provides for the retirement of this issue. EaTnlngs — See Montana Power Co. 1st ft Ref. 5s. Original Market — Offered In 1909 at 97% and interest by Jackson & Curtis, New York and Boston. Market. Boston — Jackson & Curtis. Price Range Bid. High 80 Aug. Low 79 June 1920 Ask. 85 Dec. 83 June 848 MONTANA, WYOMING & SOUTHERN RAIL- ROAD 1st 5s. Dae Sept. 1, 1939. Dated Sept. 1, 190B. Interest payable March and Sept. 1, at Empire Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorlzed — ^Bonds may be issued up to $25,000 per mile of additional road. Outstandingr (Mar. 1, '21) $825,000 Retired by S. F. 65,000 Denomination — Coupon. $1,000. Registerable as to principal. Tmstee — ^Empire Trust Co., New York. Redeemable at 110 and interest, , Sinking Fund — Began in 1912. Organization — Incorporated in New Jersey In 1909. Capitalization. Outstanding. Common $1,000,000 Funded debt 825,000 Seemed by a first mortgage on 26 miles of road from Bridger to Washoe, Mont., and 7 miles of branches and spurs. Years ended Dee. 31: Gross. Net. tDednctlona. 1919 $277,928 $42,740 $53,519 1918 344,858 136,636 1981, and $135,000 each Aug. 1. 19ZZ and 1923. Dated Aug. 1, 1918. Interest payable Feb. 1 and Aug. 1, at Savings Union Bank & Trust Co., San Francisco, or Guaranty Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized $400,000 Outstanding 400,000 Purpose of Issue — To provide additional working capital by reducing current liabilities. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Savings Union Bank & Trust Co.» San Francisco. Redeemable at 101 and interest on any in- terest date on 30 days' notice. Organization — Incorporated in California in June, 1917, and took over the business of Moran Co. on Jan. 1, 1918. The business of the latter company was established In 1906. Capitalization. Outstanding. Common $40,000 Preferred 250,000 Funded debt 400,000 Secured by a first mortgage on all the property now owned or hereafter acquired. The company covenants not to further mort- gage or pledge any of its assets and will not issue, guarantee or endorse any other bonds, debentures, long-time notes or similar securities, and also to maintain net quick assets to at least 150% of its current li- abilities. The property covered includes a modern packing house at South San Fran- cisco on 17.11 acres of land, representing an investment in land and buildings of about $750,000. Original Market — $400,000 offered Sept., 1918, by Stephens & Co., San Francisco, at prices ranging from 98.01 to 96.94 and in- - terest, according to maturity. Market San Diego — Stephens & Co. MORGAJVTO^VN & KINGWOOD RAILROAD 1st 5s. Due Jan. 1, 1935. Dated Jan. 1, 1905. Interest payable Jan, and July 1, at Davis Trust Co.. Elkins, W. Va. Tax Status — 2% Federal Income Tax paid by conipg.ny without deduction. Authorized $1,500,000 Outstanding 771,000 Denomination — Coupon, $500 and $1,000. Tmstee — Davis Trust Co., Elkins, W. Va. Organization — Incorporated in "West Vir- ginia in 1899. Capitalization. Outstanding. Common $2,000,000 Funded debt 811,500 Secured by a second mortgage on 49 miles of road from Morgantown to Rowlesburg, W. Va. Prior Lien — $40,500 1st 5s of 1922. Years ended Dec. 31: Gross. Net. Int., etc. tl919 457,921 def. 27,366 27,389 *1918 51.362 52,572 55,273 tl918 407,780 def. 78,900 56,931 1917 416,607 34,419 64,987 1916 361,082 67,160 59,158 ♦Corporate account. tFederal account — standard return not in- cluded. MORRIS & CO. 1st S. F. 4^s. Due July 1, 1939. Dated July 1, 1909. Interest payable Jan. and July 1, at First National Bank, New York, and at First Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $25,000,000 Outstanding (Feb. 1, '21).... 17,950,000 Retired by S. P 2,300,000 Reserved for Ext 4,750,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000 and $10,000. C. & R. interchangeable. Trustee — First Trust & Savings Bank and EmilG K, Boisot, Chicago, and Mercantile Trust Co., St. Louis. Redeemable at 103 and interest on any in- terest date upon three months* notice. Sulking Fund — Begran July 1, 1910, and re- quires annual payments in cash or bonds of this issue an amount equal to 1.6 of the amount of bonds issued,' provided, however, that the aggregate amount shall never be less than $200,000. Cash in the sinking fund is to be applied to the purchase or redemp- tion of bonds at not over 103 and interest, and bonds so acquired are to be cancelled. Ol'ganization — Incorporated in Maine in 1903. Business was established in 1868. The company is one of the large packing estab- lishments of this country. Capitalization. Outstanding. Preferred $10,000,000 Funded debt 32,950,000 Secured by a first mortgage on real estate, plants and fixed property of the company, located at Chicago, 111., East St. Louis, 111., St. Joseph, Mo., Kansas City, Kan., Okla- homa City, Okla., and Omaha, Neb., and comprising about 144 acres. Plants have a daily killing capacity of 8,000 cattle, 9,000 sheep and 25,000 hogs. Under the provisions of the mortgage the company cannot en- cumber its distributing stations and its rail- road cars and must maintain net quick assets in an amount equal to or in excess of the aggregate of bonds outstanding, and keep the property insured for its full face value. Teal's ended Nov. 1: Net. *Deductions. 1920 $4,270,598 $7,220,307 1919 6,845,471 6.141,830 1918 10,658,078 6,440,219 1917 11,169,077 5,768,006 1916 6,672,323 2,840,110 •Includes interest, taxes, insurance and administrative expense. Iiisted on the New York and Chicago Stock Exchanges, Origrinal Market — $12,500,000 offered in 1909 by Potter, Choate & Prentice, Spencer Trask & Co., New York, and the First Trust & Savings Bank, and Merchants' Loan & Trust Co., Chicago, at 95 and Interest. $6,250,000 offered June, 1919, by the National City Co., New York, etc., and First Trust & Savings Bank, Chicago, at 87% and interest. Market New York — Babcock, Rushton & Co., J. S. Bache & Co., Hodenpyl, Hardy & Co. Omaha, Neb. — United States Trust Co. Chicago — John Burnham & Co., Curtis & Sanger, Fidelity Trust & Savings Bank, First Trust, & Savings Bank, Merchants Loan & Trust Co. Price Range — ^N. T. S. B. Jan. 1, '17, to Jan. 1, '21 1920 High 93% Feb. 2, "17 83% Jan. 13 Low. 70% Dec. 28, '20 70% Deo. 23 MORRIS & CO. 10- Year S. F. 7%% Notes. Due Sept. 1, 1930. l>ated Sept. 1, 1920. Interest payable Mar. 1 and Sept. 1, in New York or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding 15,000,000 Purpose of Issue — ^To reduce bank loan. Denominations — Coupon, $1,000, $500 and $100 (interchangeable prior to Aug. 1, 1921); registerable as to principal. . Tllistee — Continental and Commercial Trust Savings Bank, Chicago. Redeemable on 60 days' notice o nany m- terest date at the following prices and ac- crued interest: 107 during the first three years 106 the next three years. 105 the next two years and 104 the last two years. Siiiliine- Fimd — Semi-annually September 1 and March 1 beginning Sept. 1, 1922 amounts aufflcient to retire $5,000,000 par value of these notes prior to their maturity. These payments shall be apportioned as follows: On September 1 and March 1 of each year from Sept. 1, 1922, to and including March 1, 1928, $250,000, and on the four following semi-annual dates $500,000 each. Cash pay- ments shall be applied to the purchase or redemption of these notes at not exceeding the current redemption price. Organization — See 1st 4%s. Security — A direct obligation of the com- pany but not secured by mortgage. The in- denture contains the following covenants: No new mortgage shall be placed on the properties and assets of the company, which does not equally secure these notes by the lien of such mortgage. Current Assets of the company shall be maintained In an aggregate amount equal to at least one and one-half times all Cur- rent Liabilities, including all of this issue outstanding, any mortgage indebtedness (ex- cepting purchase money mortgages) matur- ing prior to the maturity of these notes, and any other issues of notes or debentures at any time outstanding. Prior Lien— $17,950,000 1st S. F. 4%s 1939. Bai-nings — See 1st 4%s. Original Market — $15,000,000 offered Aug., 1920. by Continental and Commercial Trust & Savings Bank and Merchants Loan and Trust Co.. Chicago; Halsey, Stuart & Co., and F. S. Moseley & Co., Boston, Ne-w York and Chicago, at 98% and interest. Market New York — Babcock, Rushton & Co., Hartshorne & Battelle, T. Hall Keyes & Co., Salomon Bros. & Hutzler. St. Louis — Mark C. Steinberg & Co. Los Angeles — Banks, Huntley & Co. San Diego — Blyth, 'Witter & Co. Boston — Curtis & Sanger, F. S. Moseley & Co. Rock Island, III. — Litten & Roberts. Louisville, Ky. — Block, Fetter & Co., Fidelity & Columbia Trust Co. Philadelphia — Paul & Co. Omalia, Neb. — United States Trust Co. Salt I^ake City — Palmer Bond & Mortgage Co. Chicago — John Burnham & Co., Curtis & Sanger, Paul H. Davis Co., Fidelity Trust & Savings Bank, Halsey, Stuart & Co., Henry S. Henschen & Co,. Illinois Trust & Savings Bank. Merchants Loan & Trust Co,. Shapker & Co.. State Bank of Chicago. Tllden & Tilden, Union Trust Co. Grand Rapids — HlUiker. Perkins. Everett & Geistert. Price Range 1920 Bid. Ask. High 98 Sept. 98% Nov. 'Low 92% Dec. 93% Dec. MORRIS & ESSEX RAILROAD CO. 1st Kef. SVzS. Due Dec. 1, 2000. Dated December 1, 1900. Interest payable June and Dec, 1, at D., L. & W. R. R. oflfice. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New Jersey, Authorized $35,000,000 Outstanding 25,119,000 Held by D., L. & W. R. R. 9,871,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Trustee — Farmers' Loan & Trust Co., New York. Guaranteed principal and interest by the Delaware, Lackawanna & Western R. R. Co. by endorsement. Organization and Control — Incorporated in New Jersey in 1835, and leased for its cor- porate existence to the Delaware, Lacka- wanna & 'Western R. R. Co. for interest on its bonds and 7%% on its stock. Capitalization. OutBtandlns. Common ^15,000,000 Funded debt 3S,000,000 Secnred by a first mortgaere on 118.09 miles ot road (practically all double tracked) from Hoboken to Fhillipsburer, N. J., and from West End Tunnel near Hoboken, via Paterson, to Denville, N. J. Iieeal for savings banks in Cal., Conn,, Me., Mich., Minn., N. H., N. J., N. T., R. I. and Wis. Listed on the New York Stock Exchange. Original Market — $2,800,000 offered Sept., 1913, by Kean, Taylor & Co., New Tork. at 84 and Interest; $5,000,000 offered in Jan_ 191B, by Kean, Taylor & Co., New Tork and Chicago, and Robert Winthrop & Co., New York, at 83% and interest; $2,260,000 offered In May, 1916, at 86^ and interest by the same bankers; $1,488,000 offered in Feb., 1916. by Freeman & Co., Colgate, Parker & Co., and Robt. Winthrop & Co., New Tork, at STA and interest. $1,000,000 offered June, 1919, by First National Bank, and Clark, Dodge & Co., New Tork, at 72% and interest. Market. New York — Barstow & Co., Percy H. Bradshaw, Constable & Fleming, Sam'l Gold- schmidt, R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Remlok, Hodges & Co., W. E. R. Smith & Co., Vilas & Hickey, Joseph Walker & Sons, Vanderhoef & Rob- inson. Philadelphia — 'Brown Bros. & Co., Gra- ham,- Parsons & Co., Isaac Starr Jr. & Co. Price Range— N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 19S0 High 9614 Mar. 24, '09 72% Oct. 6 Low. 63 June 2, '20 63 June 2 MORRIS & SOMERSET EI,ECTBIC CO. 1st 6s. Dae Oct. 1, 1940. Sated Oct. 1, 1910. Interest payable April and Oct. 1, at Columbia Trust Co.. New Tork. Tax Status — i% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding (Jan. 1, '21) 286,000 Held in S. F 65,000 Reserved for Ext 660,000 I>enomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York, Willard v. King, New Jersey. Redeemable as a whole at 105 and interest. Sinking Fund — Semi-annually Oct. 1 and April 1, to April 1, 1935, 1% to 1%% of out- standing bonds. Bonds acquired kept alive. Organization — Incorporated In New Jersey in 1907. Acquired through lease for 900 years all the lighting and power property of the Pub- lic Service Corp. of N. J. located in Morris- town, N. J. Capitalization Outstanding Common $350,000 Funded debt 285,000 Secured by a first mortgage on an impor- tant part of the plant supplying electricity to Morrlstown, N. J., and vicinity, serving a population of 17,600. That part of the plant not covered by this mortgage is leased for 900 years from Public Service Corp. of New Jersey. Years ended Dec. 31: 1920 1919 1918 1917 1916 1916 •After an additional appropriation of $30,- 000 for depreciation of owned and leased prop- erty. Net. Int., etc. $73,160 $60,871 65,491 60,416 65,786 48,733 •68,756 47,199 84,616 46,760 76,381 47,668 Market. Paterson — F. A. Peters. Newark — Clarence Hodson & Co. Price Range. Jan. 1, '16, to Jan. 1, '»1 iSZO Bid Ask High. 98% '16 100 '16 Not Low. .96 '17 100 '1« availabU MOBRISTOWN & ERIE RAILBOAD l8t 6r. Due Sept. 1, 1923. Dated Sept. 1, 1903. Interest payable Mar. 1 and Sept. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $300,000 Outstanding- 229,000 Held in S. F 71,000 Denomination — Coupon, $1,000. Trustee — Brooklyn Trust Co., Brooklyn, New York. Sinking Fund applied to the purchase of bonds at not exceeding 110 and interest. Organization — Incorporated in New Jersey In 1903. Capitalization Outstanding Common $400,000 Funded debt 229,000 Secnred by a first mortgage on 13 miles of road from Morristown to Essex Fells, N. J.. and branch. Years ended Dec. 31: Gross Net Int. & Rent 1919 $162,061 $37,169 $39,283 1918 146.016 42,608 29,289 1917 117,671 30.381 1916 136,048 45,210 27.670 Market. New York — ^Hartshorne & Battelle, Charles W. Place. Price Range. Jan. 1, 'IS, to Jan. 1, '21 1920 Bid. Ask. High 92 '16 96 '16 Not Low. 70 '17 95 '19 Available. OF NEW YORK 10-60 Due Oct. 1, 1966. Interest payable April London, Paris, paid 866 MORTGAGE-BOND CO. Year 4s Series "2. Dated Oct. 1, 1906. 1 and Oct. 1, at New Tork, Berlin and Amsterdani. Tax Status — 2% Federal Income Tax by company without deduction. Authorized $6,000,000 Outstanding (Jan. 1, '21) 2,094,200 Retired by S. F 124,700 Canceled 891,100 Provision of Issue — Further issue of bonds may be made, to an amount not to exceed, to- gether with all other indebtedness of the com- pany, fifteen times its capital ($2,000,000). Denomination — Coupon, $100, $600 and $1,000 or equivalent in English, French, Ger- man or Dutch currency. Trustee — United States Trust Co., New Tork. Redeemable at par on any interest date on 60 days* notice. Sinking Fund — Commencing April 1, 1912, bonds are redeemed at par by semi-annual drawings according to amortization table en- dorsed on the bonds. Bonds acquired are cancelled. Organization — Organized April, 1905, under the Bank Laws of the State of New Tork, as a Mortgage Loan and Investment Corp. Capitalization Outstanding Common $2,000,000 Funded debt 6,258,850 Secured by deposit, with the Trustee, of first mortgages on improved income producing real estate, in certain selected cities of the United States, of not less than 40,000 population, to on amount equal In unpaid principal to the principal of bonds outatandinfir. All mort- gages deposited as security are limited to one- naif of the value of the properties mortgaged except that in cities of 300.000 population and over, they are limited to three-flfths. and In New York City, two-thirds valuations. No mortgaee may be used as security which Is secured by unimproved property, farm prop- erty, an undivided Interest in property, lease- hold, churches, factories, clubs or theatres. Tears ended Dec. 31: Bond Gross Net Interest Bond .„„„ Gross. Net. Interest. 1920 {533.335 $424,814 $249,561 191B 539,049 420,103 242,622 1918 521,270 420,182 243,668 1917 535,011 447.462 244.077 1916 545.742 448,393 234,429 1915 B03.397 435,290 223,79B 1914 479.789 415,668 213,228 Listed on the New York and Amsterdam Stock Exchanges. Original Market — Offered In 1906 by Laden- burg, Thalmann & Co., New York, at 90 and Interest. Market. New Ton its properties or assets, or pledge any of its properties or assets, except that the com- pany may acquire property subject to pur- chase money mortgages for not to exceed 75% of the fair value of the property cov- ered by said mortgages, and -except as liens may be created in respect to drafts drawn in connection with foreign exports and im- ports in the regular course of business. That the company will maintain current assets in an aggregate amount equal to at least one and one-half times all current liabilities including all notes of this Issue outstanding, and any purchase money mort- gage indebtedness maturing on or prior to the date of the maturity of these notes and any other issues or notes or debentures at any time outstanding. Original Market — $3,000,000 offered in Sep- tember, 1920, by Continental & Commercial Trust & Savings Bank. Chicago; Halsey, Stuart & Co., and F. S. Moseley & Co., Chicago. New York and Boston, at 100 and interest. Market. New YOTk — Hartshorne & Battelle. Boston — Curtis & Sanger, F. 8. Moseley ft Co. Philadelphia — McCown & Co. Chici^o — Fidelity Trust & Savings Bank. Halsey, Stuart & Co.. Henry S. Henschen & Co., Illinois Trust & Savings Bank, Mer- chants Loan & Trust Co., Tilden & Tilden. Price Range 1920. Bid. Ask. High 99% Sept. 100 Sept. Low 98 % Dec. 99 Dec. 857 MOTOR PRODUCTS CORP. 1st 6s. Dne SlOO,- 000 each Jan. 1 and July 1» from 1918 to July 1. 1922, incl. Dated Jan. 1. 1917. Interest payable Jan. 1 and July 1, at Detroit. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Michigan. Authorized $1,000,000 Outstanding (Feb. 25, '21).... 300,000 Balance Retired. Denomination — Coupon, 91,000 and 9 6 00. Registerable as to principal. Trustee — Security Trust Co., Detroit. Redeemable at 101 and Interest on any in- terest date on 60 days' notice. Organization — Incorporated in New York July, 1916, as a consolidation of several au- tomobile accessory companies. Principal plant In Detroit. Capitalization Outstanding Common "A" (no par) 75,000 shs. Common "B" (no par) 6,000 sbs. Funded debt 300,000 Secured by a first mortgaee on all the prop- erty of the company. Net Quick assets must be maintained at 246% of outstanding: bonds and at no time shall they be less than $760,000 as lonsr as any bonds are outstanding. Years ended Dec. 31: Net. 1920 $2,192,143 1919 .-.. 979,027 1918 696,961 1917 537,528 Orisrinal Sl^kefc — $1,000,000 offered March, 1917, by Wm. P. Bonbright & Co., New York, etc., and First and Old Detroit National Bank, Detroit, at 100% and interest for Jan. 1, 1918: 100.60 and Interest for July 1, 1918, maturities and 100 and interest for remaining maturities. A block offered December, 1918,' by Bonbright & Co., on a 6%% basis. Market. New York — Morton Lachenbruch & Co. Price Sangre 1920 — Ask, 7%. MOUNT TERNON-WOODBERBY BHIXS, INC., 6% Debenture Notes. Dae $500,000 each Jan. 1 from 1920 to 1922, iaclusive. Dated Jan. 1, 1919. Interest payable Jan. 1, and July 1, in Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding: 1,000,000 Balance Retired. Purpose of Issue — The proceeds of these Notes, together with cash from the Treasury, were used to retire $2,000,000 6% Notes of the company, maturing Jan. 1, 1919. Denomination — Coupon, $1,000. Trustee^Mercantile Truat & Deposit Co. , Baltimore, Oi^anization — Incorporated in Maryland in 1915 as successor through reorganization of the Mount Vernon-Woodberry Cotton Duck Co. The company is one of the largest manufac- turers of Cotton Duck and similar fabrics in the world. Its property includes three groups of mills situated in Baltimore. Maryland; Columbia, South Carolina, and Tallassee, Ala- bama. These mills have a total of 166,000 spindles and are complete manufacturing units, including in addition to the mill build- ings and textile machinery, all necessary power plants, storage warehouses, operatives' houses, etc., necessary to conduct the entire manufac- turing from raw cotton to finished product. The buildings and machinery alone are Insured for $9,000,000. Approximately $1,000,000 has been spent upon the property in renewals and betterments during the past four years. Capitalization. Outstanding. Common $4,611,900 Preferred (7% cum.) 6.109,200 Funded debt 1.000,000 Toting Tmst — The majority of both pre- ferred and common stock is In a voting truat composed of the following Trustees: Waldo Newcomer. President, National Ex- change Bank, Baltimore, Maryland. J. J. Nelligan, President, Safe Deposit & Trust Co., Baltimore^ Maryland. A. H. S. Post, President, Mercantile Trust & Deposit Co., Baltimore, Maryland. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. The agreement securing this issue stipulates that no mortgage indebtedness may be placed upon the property during the life of the Notes. Upon completion of the fii^ancing, the company will have an excess of current assets (cash, cotton goods in process, merchandise and ac- counts receivable) over current liabilities, after setting aside Federal War Taxes, of more than $6,000,000, or over three times the amount of this Note issue. Xeare ended Dec. 31: Net. Dep'n. IntereBt. 1919. . .... $1,891,147 $300,000 $119,307 1918. . 3,034,128 460,675 174.760 1917. . 2,663,680 300,000 160.000 Original Market — $1,500,000 offered Decem- ber. 1918. by the Mercantile Truat & Deposit Co., Baltimore, to holders of 6% notes, due Jan. 1, 1919, at 99%, 99% and 99^ and in- terest for respective maturities. Market. Baltimore — J. S. W^ilson, Jr., & Co. Price Bangre 1920 — Ask, 98%. \ ^TfSRNON-WOODBERRY 6%' Deb. Notes. Due MILLS, Jan. 1, MOUNT INC., 1922. Dated Jan. 1, 1921, Interest payable July 1 and Jan. 1, in Baltimore. Tax Status — 2% Federal Income .Tax paid by the company without deduction. Authorized $1,000,000 Outstanding- 1,000,000 Purpose of Issue — ^To retire $1,000,000 6% notes maturing: Jan. 1, 1921. Denomination — Coupon $1,000, Trustee — Mercantile Trust & Deposit Co., Baltimore. Orgranization — See 6% debenture Notes. Security — A direct obligation of the com- pany but not secured by a mortgage. Un- der the provisions of the indenture no mort- gage indebtedness may be placed upon the property of the company during the life of the Notes. Earnings — See 8% Debentures due 1922. Original Market — $1,000,000 purchased In December, 1920, by Mercantile Trust & De- posit Co., Baltimore. Holders of notes ma- turing Jan. 1, 1921, ofCered the opportunity to exchange maturing notes for new Issue at 98% and interest. 8 58 MOUNT WASHINGTON STREET RAILWAY CO. (Pittsburgh, Pa.) 1st 5s. Due April 1, 1933. Dated April 1, 1903. Interest payable April 1 and Oct, 1, at Company's office, Pittsburgh, or Brown Bros. & Co., New York or Phila- delphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding. .. .$1,600,000 Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed as to principal and interest by endorsement by the Philadelphia Co. Organization and Control — Incorporated In Pennsylvania In 1903. All of the stock la owned by the Pittsburgh Railways Co. and the road is leased for 995 years to the Pittsburgh Rys, Co. Capitalization. Outstanding, Common . , $1,600,000 PMnded debt 1,600,00> Receivership — Receivers were appointed for the Pittsburgh Rys. Co. April 23, 1918. Secnred by a first mortgaee on 12.74 miles or single track street railway in Pittsburrh. irom the north end, ot the Smithfleld Street Bridge (not secured on Bridee) through the Mt. Washington Tunnel and on Suburban Ave., Baltimore St, and Annapolis Ave., througb the 19th Ward of Pittsburgh to Mt. Lebanon. Also on Grandview Ave., from Plymouth St. to Shiloh St. to Southern Ave., to Soffel St., to Ravine St., to Junction with the line above, and on Bertha St. from Grandview Ave., to Sycamore St. to Shiloh St. Further secured by a first lien on the entire $600,000 stock of the Mt. Washington Tunnel Co., owning a tunnel 3, BOO feet long from the south end of Smithfleld St. Bridge to Ravine St., which furnishes a quick route between the center of Pittsburgh and a large part of the "south Bide." Usted on the Philadelphia Stock Exchange. Original Market — Offered May, 1903, by Brown Bros. & Co., New York. Boston and Philadelphia, at 10H4 and interest. Market. PittsbnrgrU — Moore, Leonard & Lynch. Fliiladelphia — Barnes & Lofland, Henry D. Boenningr & Co., Brown Bros. & Co., George N. Fleming, William W. Fogarty, Huntoon & Co., McCown & Co., Samuel K. Phillips & Co. Price Range. Jon. 1, '09, to Jan. 1, 'SI 1920 Bid. Ask. Bid. Ask. High 103% "09 105 '09 65 June 70 Feb. Low. B2f '20 53f'20 52f Jan. 53fDec. MT. WHITNEY POWER & ELECTRIC CO. 1st S. F. 6s. Due Oct. 1, 1939. Dated October 1. 1909. Interest payable April and Oct. 1, at Bankers' Trust Co., New York, and at Company's office and Union Trust Co., San Francisco, Cal. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized Closed Mortgage. Outstanding (Mar. 1, '21) 3,402,000 Ketired by S. V 232,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers' Trust Co., New York. Redeemable as a whole only on any interest date at 110 and interest to April 1, 1930, said redemption price decreasing thereafter by 1% annually to maturity. Sinking ITund — Annually, beginning Oct. 1, 1914, 1% of outstanding bonds, for the pur- chase of same at not more than 110 and in- terest. Should over $10,000 accumulate, not- withstanding efforts to purchase bonds, they are to be dravrn at 110 and interest. Improvement Fund — Beginning 1919 and an- nually thereafter 1% of outstanding bonds is to be deposited with trustee and expended for permanent improvements but not for main- tenance or preservation. Assumed by the So. Calif. Edison Co. Organization and Control — Incorporated in California in 1909 as succesor to the Mt. Whit- ney Power Co., which had absorbed the Visalia Light & Heat Co. and the Portervllle Light & Power Co. In June, 1920, the properties of this com- pany were taken over by the Southern Cali- fornia Edison Co. Secured by a first mortgage on all the property formerly belonging to the Mt. Whitney Power & Electric Co., embracing 4 hydro-electric plants of a combined capac- ity of 10,620 h. p. and ultimate capacity of about 25,000 h. p.; steam plants in Visalia and Tulare with combined capacity of 9,320 h. p.; undevelope'd water rights on the Kaweah and Tule Rivers; also 219 miles of transmission lines, 17 sub-stations, and 1,544 miles of distribution lines. Earnings — See Southern California Edison Co. Gen. & Ref. Mtgre. Original Market — Offered in 1909 by the Electric Bond & Share Co., New York, Pin- gree, McKinney & Co., Boston, and Miller A George, Providence; $200,000 offered in 1911 by Wm. R. Staats Co., Los Angeles and San Francisco, and in Feb., 1914, by Perrin. Drake & Riley, Los Angeles. Offered in February, 1916, by Blyth, Witter & Co., San Francisco, at par and interest. Market. New York — Earle A. Miller & Co., Sutro -Bros. & Co. Los Angeles — Drake, Riley & Thomas. San Diego— Blyth, Witter & Co. Provldence^Hornblower & Weeks. PliiladelpWa^-McCown & Co. Price Range. Jan. 1, '16, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 103 '16 105 '16 88 Jan. 101 Jan. Low. 86 '20 91 '20 86 Aug. 91 Aug. MOWBRAY & ROBINSON CO. (THE) let 6b. Due .{85,000 each April and Oct. 80, from April 80, 1918, to Oct. 80, 1927, Incl. Dated July 20, 1916. Interest payable April 20 and Oct. 20. at Continental & Commercial Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding (Feb. 1, '21) 350,000 Retired 150,000 Resfirved for Ext 600,000 Provisions of Issue — ^Additional bonds issu- able with the consent of Lyon, Gary & Co. (now Baker, Fentress & Co. ) for the purr- chase of additional timber or timber lands, or for building sawmills or acquiring equip- ment. Denomination — Coupon, $1,000 (Oct, 20, 1923, maturity, $600 and $100). Registerable as to principal. Trustees — Continental & Commercial Trust & Savings Bank and Calvin Fentress, Chicago. Redeemable on any interest date on 30 days* notice at 102 and interest. Redemption Fund — The mortgage requires an accounting of $4.26 per M ft. log scale on 71,309,327 ft. and $3.00 per M ft. log scale on 170,699,460 ft. to retire the principal only of this Issue. Orglanization — Incorporated In Delaware in 1912 to take over the properties from a co- partnership organized in 1901. Secnred by a first mortgage on about 242,- 000,000 ft. of merchantable hardwood timber standing on about 44,845.45 acres located In Breathitt, Perry, Knot, Clay, Leslie and Bell Counties, Ky., part of which the company owns in fee. and on the remainder the timber only, with a continuing right for 50 years to enter upon, cut and remove the timber, the purchase price of which has been paid. Prop- erty covered also includes complete manufac- turing plant at Quicksand, Ky., together with saw mill at West Irvine. As of August, 1916, the company manufactured about 60,000,000 ft. annually and handled upwards of 10,000,000 ft. additional. Timber valued at $5.00 per M $1,210,044, and plants, real estate, etc., at $300,000. Total valuation, $1,610,044. Original Market — Offered August, 1916, by Lyon, Gary & Co. (now Baker, Fentress A Co.), Chicago, at 100% and 100% for the first two maturities and par and interest for remaining maturities. Market. Chicago^Baker. Fentress & Co. 59 HUNCIB & UNION CITY TRACTION CO. lat 5b. Due July 1, 1936. Dated June 30. 1906. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax plad by company without deduction. Authorized and Oatstandlnff $925,000 DeDominatioEi — Coupon, $1,000. Reslater- able as to principal. ' Trustee — Fidelity Trust Co., Philadelphia. Pa. Redeemable at 105 and Interest on 30 days' notice. Assumed by the Union Traction Co. of Indi- ana. Guaranteed as to principal and Interest by the Indiana Union Traction Co. by endorse- ment. Control — ^Absorbed by the Indiana Union Traction Co. which company was merered into the (New) Union Traction Co. of Indiana in 1912. Secured by a first mortEraire oil 33 miles of Interurban railway on private right-of-way from Muncie to Union City, Ind. Underlies — Indiana Union Traction Co. lat 6s of 1933. Earningrs — See Union Traction Co. of Indi- ana Gen. 6s. Market. Philadelphia — ^Arthur J. Bender. Price Range. Jan. 1, '13, to Jan. 1, '21 1930 Bid. Ask Bid. High 87*12 90 '12 22f Dec. Low. 60 '16 65 '18 15f Mar. MUNCIE ^Ind.) ELECTRIC MGHT CO. 1st S. F. 6b. Due July 1, 1933. Dated July 1, 1907. Interest payable Jan. and July^l, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstandingr (Jan. 1, '21) $792,000 Retired by S. F 109,500 Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — Guaranty Trust Co. of New York. Redeemable as a whole at 110 and interest on any interest date. Sinking Fond — 1% of outstanding bonds an- nually from July 1, 1912, to July 1. 1948; 1%% from 1918 to 1924 and 2% from 1924 to 1931, inclusive. Guaranteed as to principal and Interest by the American Gas & Ejlectric Co. Control — In 1917 this company with others was consolidated into the Indiana General Service Co., a subsidiary of the American Gas & Electric Co. , a subsidiary of the Electric Bond & Share Co., which Is In turn controlled by the General Electric Co. Secured by a first mortgage on plant sup- plying electricity to Muncie and surrounding towns and also on steam heating plant In Muncie. Population served, 46,733. Fran- chise expires in 1938. Contract for street lighting expires in 1916. Undecrlies — Indiana General Service Ist Mtg^e. of 1948, under which bonds are re- served to retire this Issue. Original Market — Offered In 1908 at 96 and Interest, by Cramp, Mitchell & Shober, Phila- delphia, and Burgess, Lang & Co., Boston and New York. Market. New York — ^Dunham & Go., Fred H. Hatch & Co. Fhiladelphln-— Bauer, Starr & Co., Henry D. Boenning & Co., McCown & Co., Samuel K. Phillips & Co. Price Ranee. Jan. 1, '16, to Jan. 1, '21 ^ 1»20 Bid. Aask. Bid. Ask. High 99 '16 100 '16 85% July 90 Oct. Low. 78 '20 82% '20 78 Dec. 82% Dec. MUNCIE, HARTFORD & FORT TVATNB RAILWAY CO. (THE) Ist 59. Due Jan. 1. 1935. ^, , Dated Dec. 31, 1904. Interest payable Jan, 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 OutstandinsT (Jan. 1, '21) 916,000 Cancelled by Sinking Fund 84,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guardian Savings & Trust Co., Cleveland, Ohio. Redeemable at par and interest on and after Jan. 1, 1925. Sinking Fund — ^Annually 2%% of gross earn- ings for the purchase or redemption of bonds. Guaranteed as to Interest and sinking fund by the Union Traction Co. of Indiana under terms of lease. Assumed by the Union Traction Co. of In- diana. Orgianlzation and Control — Incorporated In Indiana in 1901. Leased by the Union Traction Co. of In- diana for 999 years from 1906. Rental, oper- ating expenses, interest on bonds, sinking fund installments and 6% on $500,000 preferred stock. All common stock owned by lessee. Capitalization. Outstanding. Common $500,000 Preferred (5% cum.) SOO.OOt Funded debt 916,000 Secured by a first mortgage on 42 miles of Interurban railway from Muncie to BlufEton, Ind. Franchises run for 35 and 60 years from 1902. listed on the Cleveland and Indianapolis Stock Exchanges. Earnings — See Union Traction Co. of In- diana Gen. 68. Original Market — Offered in 1^04 by Well, Both & Co., Cincinnati, Ohio, at par and In- terest, Market. Philadelphia — Bauer, Starr & Co., Arthur J. Bender, Samuel K. Phillips & Co. Price Range. Jan. 1, '9Sy to Jan. 1, *Z1 1920 Bid. Ask. Bid. Ask. High 98 '08 98 '09 27f Nov. 33f Nov. Low. 15f '20 30f '20 15f Nov. 30f Dec MUNICIPAL GAS & ELECTRIC CO. (of Rochester) 1st 4>^8. Due April 1» 1942. Dated April 1, 1902. Interest payable April and Oct. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Anthorized $1,600,000 Outstanding 1,400,000 Unissued 100,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 102% and interest on any Interest date on three weeks' notice. Control — ^Absorbed by the Rochester Rail- way & Light Co. (name changed to Rochester Gas & Electric Corp. Nov. 10, 1919), which company is controlled by The Mohawk Valley Co. through stock ownership and the latter company is controlled by the New York Cen- tral R. R. Co. The Rochester Gas & Electric Corp, owns and operates plants supplying 860 Rochester, N. T.. and vicinity with gas and electric light and power. Franchises are un- limited as to time. Secured by a first mortsrage on one hydro- electric plant, one steam plant in Rochester. N. T.. and distribution systems supplying a part of that city. Underlies — Rochester Ry. & Lt. Co. Cons. 5s of 1954, which mortgage provides for the retirement of this issue. Earnings — See Rochester Ry. & Lt. Co. Cons. 5s. Listed on the Rochester Stock Exchange. Original Market — Offered In 1902 by N. W. Harris & Co.. New York, Chicago and Bos- ton, and Perry, Coffin & Burr, Boston. Market. New York — Fred H. Hatch & Co. Providence — Hornblower & Weeks. Boston — Coffin & Burr. Price Range. Jan. 1, '09, to Jan. 1, '21 Bid. High 98 '09 Low. 68 *20 Ask. 101 '09 83 '19 1920 Bid. 68 Nov. 68 Nov. MUNTCIPAI. GAS CO. (ALBANY, N. Y.) 1-Year 8% Notes. Due April 1, 1922. Dated April 1, 1921. Interest payable Oct. 1 and April 1, in New York. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $1,250,5?$ Outstanding- 1,250,000 Purpose of Issue — To provide additional working capital. Denomination — Coupon, $1,000. Tnistee-^Central Union Trust Co., New York. Orjpanization — Incorporated in New York In 1885; does the entire commercial electric light and power and gas business in the City of Albany. Capitalization. Outstanding. Common $6,000,000 Funded debt ;, 250,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company covenants that no funded debt ranking ahead of or equally -with this issue shall be created during the life of these notes unless provision is made in cash for their payment at maturity. Years ended Dec. 31: Gross. Net. 1920 $2,379,253 $556,041 1919 :. 1,909,706 504,292 1918 1,703,628 378,488 1917 1,570,905 549,603 Original Market — $1,250,000; offered Mar., 1921, by Dillon, Read & Co., at 100 and interest. MUNICIPAL SERVICE CO. 1st Lien Coll. Tr. S. F. 6s. Due Mar. 1, 1942. Dated March 1, 1917. Interest payable March 1 and Sept. 1, in Boston and Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsyl- vania State Tax refunded. Authorized $20,000,000 Outstanding (Apr. 13, '21)... 3,571,700 Bfetired by S. F 192.000 Reserved for Ext 16,236,300 Provisions of Issue — ^Additional bonds may be issued only for acquiring and placing un- der this mortgage at least an equal amount of the mortgage bonds of the subsidiaries now outstanding ,or further, at the rate of 86% for those Issued by subsidiaries for con- ■ struction in the future with provisions aa to Denomination — Coupon. $600 and $1,000. Reglsterable as to principal. 861 Trustee — Philadelphia Trust Co., Philadel- phia. Redeemable at 103 and Interest on any In- terest date. Sinking Fund — ^Annually, beeinnlnfi: March 1, 1918, 6% for seven years of the net earn- ings of the subsidiary companies after the payment by them of all operating expenses, taxes and renewal reserves, less the amount of the payments to the sinking funds of the present subsidiary mort£rages, and 5 % there- after. To be applied to the purchase or re- demption of these bonds at not over 103 and interest. Organization — Incorporated in Maine in 1912 as a holding company. Capitalization. Outstanding. Jommon $810,000 Preferred (6% cum.) 1,480,000 Funded debt •5,900,000 •Includes $1,710,500 bonds of subsidiaries. Management — Day & Zimmerman. Philadel- phia. Secured by deposit of $3,102,500 mortgage bonds of its subsidiaries and also substantially all the capital stocks of these companies amounting to $1,266,500 preferred and $2,283,100 common. Under the provi- sions of this indenture no securities of any kind hereafter Issued by the present sub- sidiary companies can be disposed of, except to the Municipal Service Co. Dividends can only be paid by subsidiaries after providing for renewal reserve of 7H % of gross earnings of other properties. The subsidiary companies comprise the following: Chester Valley Electric Co., furnishing ^ electric light and power to Coatesville, Ponieroy, Downing, Parkersburg, Pa., and vicinity, and steam heat in Coates- ville. Population served, 26,000. Franchise perpetual. Salem Lighting Co. furnishes electric light and power in Salem, C, and vicinity. Popu- lation served, 10,000. Franchise extends to 1940. Alexandria County Lighting Co. con- trols the Arlington Electric Co. through own- ership of substantialy all its capital stock. It furnishes electric light and power In the major portion of Alexandria County, Va., in- cluding the City of Alexandria and several suburbs of Washington, D, C. Population served, 30,000. Franchise in Alexandria ex- pires in 1936; remaining franchises being without term, except one expiring in 1939 In one of the smaller boroughs. Staunton Lighting Co. furnishes electric light and power in Staunton and "Waynes- boro and power In Basic, Va. Population served, 16,000. Franchise In Staunton ex- pires In 1938; in Waynesboro, perpetual; In Basic (for power purposes), until 1928. Valdosta, Ga., Lighting Co. furnishes elec- tric light and power in Valdosta, Ga., and vi- cinity. Also manufactures ice. Population served, 12,500, Franchise expires In 1946. Citizens* Traction Co. operates street rail- way in Oil City, Franklin, Rousevllle, Silverly and West End Borough, Pa., and an interur- ban railway between Oil City and Franklin. Also it owns all the capital stock of the Citi- zens' Light & Power Co., supplying electric light and power In Oil City and boroughs and towns of Reno, Silverly, Rousevllle, West End, Cranberry and Cornplanter. Total population served, 36,000. Railway francl^Ise perpetual: electricity expires In 1952. Railway system comprises about 36 miles of single track. Prior Liens — $1,710,500 bonds of subsldl- ariea in hands of public. Underlies $490,000 6% notes due Jan. 1, 1932, and $700,000 Deb. 6s due Dec. 1, 1928. Net. Int., etc. {464,446 482,123 379,966 411,605 $378,979 355,792 334,422 286,649 Years ended Dec. 31 (consolidated); Gross. 1920 ?2,549,766 1919 2,195,880 1918 1,730,269 1917 1.453.015 Orielnal Market — $2,231,000 offered April, 1917, by Baker, Ayling & Young, Boston, etc. $1,000,000 offered Feb., 1919, by same firm at 86 and interest. Market. Fhiladelpliia — Barclay, Moore & Co., Mc- Cown & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '17, to Jan. 1, *Z1 1920 Bid. Ask. Bid„ Ask. High 100 '17 86% '19 75 Jan. 82 Jan. Low. 67 '20 69 '20 67 Nov. 69 Nov. MUNICIPAIi SIBRTICE CO. 10-Year Deben- ture 6s. Dae December, 1928, Dated Dec. 1, 1918. Interest payable June 1 and Dec. 1. Tax Stains — 2% Federal Income Tax paid by company without deduction. Pennsylvania and Massachusetts State taxes refunded. Authorized $1,600,000 Outstanding: - 700,000 Reserved for Corporate Purposes 800,000 Domination — Coupon, $S00 and $1,000. Redeemable at 101 and interest on any In- terest date. Or^ranization — See 1st Lien Coll, Tr. 5b. Security — ^A direct obligation of the com- pany but not secured by a morteaee. Prior tien — $3,571,700 1st Lien Coll. Tr. 5s of 1942, and $1,710,500 bonds of subsid- iaries in hands of public. Earnings — See 1st Lien Coll. Tr. 6s. Original Market — $700,000 offered January, 1919. by Baker, Ayling & Toung, Boston, on 8 7% basis. Market. Philadelphia — McCown & Co. Price Rang-e. Jan. 1, *19, to Jan. 1, »21 1920 Bid. Ask. Bid. Ask. HiiTh 60 '20 92% '19 60 Dec. 79 Nov. Low. 70 *20 70 Dec. UTTNICIPAIi SEBTICE GO. 8-Tear B% NotM. Due July 1, 1923. Dated July 1. 1920. Interest payable Jan. 1 and July 1. Tax StatuB — 2% Federal Income Tax paid by company without deduction. Pennsyl- vania and Massachusetts State Tax re- funded. Authorized $650,000 Outstandingr (Jan. 1, '21) 490,000 Balance Retired — Purpose of Issue — To provide funds for ad- ditions and betterments and to refund notes maturinBT in 1920. Denomination — Coupon, $1,000; registerable as to principal. Trustee — Philadelphia Truat Co., Philadel- phia. Redeemable up to July 1, 1921, at 102 and Interest, up to July 1, 1922, at 101 and inter- est, and thereafter at par and interest. Organization — See Iflt Lien Coll. Tr. S. P. Gfl of 1942. Security — ^A direct obllsratlon of the com- pany, but not secured by a mortffaffe. Eamlnss — See 1st Lien CoU. Tr. S. F. 6b of 1942. Original Market — < 660,000 offered July. 1920, by Baker, Ayllnff ft Toung, Boston, eto., at 99% and interest. Price Rangre 1920 — Ask, 99% Aug. MUSKEGON, GRAND RAPIDS & INDIANA RAILROAD CO. 1st 6s. Due July 1, 1936. Dated June 9, 1886. Interest payable Jan. and July 1, at Winslow, Lanier & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Indiana and Michigan. Authorized and Ontstandlng $760,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co.. New York. Assumed by the Grand Rapids & Indiana Ry. Control — Incorporated in ]VIichigan in 1888 and was formerly operated under agreement by the Grand Rapids & Indiana Hy. Co., the net earnings being applied to the payment of interest on these bonds. The entire capital stock was owned by the Grand Rapids & In- diana Ry. Co., and In 1917 the property was purchased by that company, which is con- trolled in the interests of the Pennsylvania R. R. Co. Secured by a first mortgage on 37 miles of road from Grand Rapids to Muskegon, Mich. Earnings — Grand Rapids & Indiana R. R. Co. 1st 4%s. Listed on the London Stock Exchange. Market. New York — Simon Borg & Co., Samusl Goldschmidt, Fred H. Hatch & Co. Pittsburgrli — R. B. Hutchinson & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 Bid. Ask. High 85 '10 90 '11 Low. 40 '15 51% '16 1920 Bid. 80 Nov. 60 Aug. 862 MUSKI3G0N TRACTION AND LIGHTING CO. Ist 5b. Due March 1, 1931. Dated March 1, 1901. Interest payabls March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $600,000 Denomination — Coupon, $1,000 ; registerabis as to principal. Trustee — Wyoming Valley Trust Co.. Wllkes- Barre, Pa. Redeemable at 106 and interest on ahy in- terest date. Organization and Control — Incorporated in Michigan in 1901 as a consolidation of the street railway, gas and electric properties In Muskegon, Mich. In 1906 the American Light & Traction Co. acquired the entire capital stock. Capitalization. Outstanding. Common $600,000 Preferred (6% cum.) 63.000 Funded debt 600.000 Secured by a first mortgage on 15 -miles of street railway track which serves as a ter- minal for an interurban line from Grand Rapids, Mich., and on plants supplying gas and electricity to Muskegon. Mich., and vicin- ity. Franchises expire as follows: Gas, 1925; electric, 1930, and railway, indeterminate. Market. New York — Theodore L. Bronson & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. High 97 '08 100 '08 56 Jan. Low. 50 '19 65 '19 BO Dec. MUSKOGEK ELECTRIC TRACTION CO. Ist 58. Doe May 1, 1934. Dated May 1, 1912. Interest payable on May and Nov. 1, at Trustee's office. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstandinir (Feb. 15, '21).... 531,000 Held in S. F. 69,000 Reserved for Corp. Forposes.. 4,400,000 ^Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Equitable Trust Co., New York. Redeemable as a whole at 106 and interest on any interest date on three weeks' notice. Improvement and Sinkinc Fond — Semi-an- nually each Jan. 1 and July 1, from Jan. 1. 1914, %% of bonds outstanding. This fund la to be applied to reimburse the company for permanent improvements, extensions, etc., or for the purchase or redemption of bonds at not over 105 and interest. Bonds so acQuired are to be held alive and Interest added tc this fund. Organization — ^Incorporated In Indian Terrl- toy in 1904. and in 1912 absorbed the Peo- ples' Electric Ry. Co. June, 191B, it was re- ported that the company had ordered ten 36- passeng-er buses with a view of meeting Jit- ney competition. The company was to con- tinue the operation of two cars for interurban service. - Capitalization. Outstanding. Common $500,000 Funded debt 531.000 Secured by a first mortgage on 31 miles of electric railway track, of which 16 miles com- prises the street railway system of Muskogee, Okla.. and the remaining trackage includes an interurban line extending" to Fort Gibson. 10 miles, and other extensions. The company purchases power. Franchise in Muakogree ex- pires in 1934, at which time and at the end of each 15-year period thereafter the city may purchase the property of the com.pany within the city limits and outstanding bonds on the property purchased must be purchased or as- sumed by the city. Part of the interurban line Is on private risrht-of-way and franchises covering" the balance of the property with un- important exceptions extend for at least 25 years. Population served, Muskogee about 30,000, and balance of territory about 6,000. Tears ended Deo. 31: Gross. Net. Int.. etc. 1920 $228,362 $71,337 $36,807 1919 1918 169,041 35,843 30,182 1917 185,904 59,038 29,983 Original Market — Offered in 1912 by Wm. Morris, Imbrle & Co. and Parson. Son & Co., New Tork. at 93% and Interest. Market. New York — Fred H. Hatch & Co. Price Range. Jan. 1, 'X6, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask, Hl&h 70 '16 89% '16 55 Aug. 70 Feb. Low. SH) '19 60 '20 55 Nov. 60 July MUTUAL FUEL GAS CO. 1st 5s. Dae Nov. 1, 1947. Dated November 1, 1897. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding: 4,945,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. P.eristered, $1,000 and multiples. Trustee — Central Union Trust Co.. New York. Assumed by the Peoples' Gas Light & Coke Co. Guaranteed principal and interest by the Peoples' Gas Light & Coke Co. Control — Merged In 1897 into the Peoples' Gas Light & Coke Co. (Chicago). Secured by a first mortgage on all the prop- erty formerly belonging to the Mutual Fuel Gas Co. Underlies — Peoples' Gas, Light & Coke Co. Ref. 5s of 1947 and Gen. & Ref. 6fl of 1963. Both of these mortgages provide for the re- tirement of this issue. Earnings — See Peoples' Gas Light & Coke Co. Listed on the New Tork and Unlisted Dep't Chicago Stock Exchanges. Market. New York — Babcock, Rushton & Co. Price Ranee — ^N. T. S. S. Jan. 1, '00, to Jan. I, '21 1920 Bid. Ask Bid. Ask. High 101% July 13, '09 60 Nov. 77% Jan. Low. 75 May 17, '19 55 June 60 Feb. MUTUAL UNION TELEGRAPH CO. 1st Ext. 58. Due May 1, 1941. Dated May 1. 1881. Extended from May 1, 1911, interest being reduced from 6%. In- terest payable May and Nov. 1. at office of Western Union Telegrah Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstanding 1,857,000 Deposited as part collateral for Western Union Tel^raph Co. Collateral Trust 5s 3,143,000 Denomination — Coupon. $1,000. Register- able aa to principal. Trustee — Central Union Trust Co., New Tork. Guaranteed principal and interest by West- ern Union Telegraph Co. by endorsement. Organization and Control — Incorporated in New Tork in 1880 and name changed to New Tork Mutual Telegraph Co. in 1886. The Western Union Telegraph Go. owns $2,409,300 of the $2,500,000 capital stock in addition to the bonds mentioned above and leases the property for 99 years. Capitalization. Outstanding. Common $2,500,000 Funded debt 6,000,000 Secured by a first mortgage on Important main trunk lines extending from. New Tork in a northerly direction to Hartford, New Britain, Springfield, Worcester, Providence, Boston, Poughkeepsle, Albany, Saratoga, Rutland, Rome, Schenectady, Amsterdam, Utica, Ge- neva and intermediate points; and in a westerly direction to Cleveland. Columbus, Sandusky, Toledo, Indianapolis, Detroit, Chicago, Mil- waukee, St. Paul, Minneapolis, St. Louis and Kansas City; in a southerly direction to New ark, Philadelphia, Wilmington, Baltimore an^ Washington. Earnings — See Western Union Telegraph Co. Listed on the New Tork Stock Exchange. Original Market — OfEered in 1911 by Blod- get & Co., New Tork and Boston, at 104 and interest. ' Market, New York — Simon Borg & Co., Joseph Til- man, Fred. H. Hatch & Co., T. L. Mac- Donald, Redmond & Co., Tobey & Kirk. ' Price Range~N. Y. S. E. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 104 June 23, '11 82 June 99 Mar Low. 101% Apr. 18, '16 78 Dec. 89% Dec. !63 N NASHVILI^, CHATTANOOGA & ST. LOUIS RAILWAY (THE). Incorporated in Tennessee In 1845, Geori:la In 1847, Alabama in 1860 '-0.nd Kentucky in 1856. by special acts of the legislatures of those states. Present title adopted In 1873. The company is controlled through stock ownership by the Louisville & Nashville R. K. Co., which in turn is controlled by the Atlantic Coast Line H. R. Co. The Nashville, Chattanooga & St. Louis Ry. owns 856 miles of road from Chattanooga, Tenn., via Nashville. Tenn.. to Hickman, Ky., with branches to Gadsden, Ala., and numerous points in Tennessee. It leases 391 miles of road from Atlanta, Ga., to Chattanooga. Tenn., and from Paducah, Ky., via Jackson, to Memphis, Tenn. The Louisville & Nashville R. R. Co. owns (11,484,000 stock. Capitalization. Outstanding. Common 4 . .$16,000,000 Funded debt 16,902,500 Years ended Dec. 31: Gross. Net. Int. & Rent. *1920 $20,418,330 $4,671,880 $3,709,637 *1919 3,182,089 3,404,311 1,363.028 •1918. . : . . 3,182.089 3,337.621 1,499,443 tl918 21.757,403 4,695.849 1917 16,194,756 4,183,199 1,343,882 1916 13,619,688 4.382,310 1,326,375 1916 11.539,843 2,762,100 1.262,771 •Corporate Account. tFederal account — standard return not in- cluded. NASHVILLE, CHATTANOOGA & ST. LOUIS RAILWAY Centreville Branch 1st 6s. Due Jan. I. 1933. Dated January 1, 1883. Interest payable Jan. and July 1, at Hanover National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Oatstandlng (closed mortgage). .. .$376,000 Denomination — Coupon, $1,000. Register- able as to principal or fully regiaterable. Trustee^Central Union Trust Co., New York. Secured by first mortgage on 46 m'iles of road from a junction with the main line at Dickson to Aetna, Teiin. Underlies — N. C, & St. L. Ry. Cons. 6s. due 1928. which provide for the retirement of this Issue. L^al for savings banks in Cal., Conn., Mass., Mich., Minn., N. H., N. J,. N. T.. Ore., R. I.. Vt. and Wis. Market. New York — Simon Borg & Co.. Charles W. Place, R. W. Pressprich & Co.. Raymond M. Smith, Taylor, Smith & Hard, Vander- hoef & Robinson. Price Range. Jan. 1, '17, to Jan. 1, *fil < 19S0 Bid. Ask. Bid. Ask. High 107 '17 106 '18 100 Jan. 104% May Low. 96 '20 98 '20 96 Dec. 98 Auff. NASHTILLE, CHATTANOOGA A ST. LOUIS RAILWAY Jasper Branch Extension let «B. Dne Jan. 1, 19S3. Dated January 1. 1S8S. Interest payable Jan. and July 1, at Hanover National Bank, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Anthorized '. . . .Closed mortgace Outstanding $$71,000 DenomlnatioD — Coupon, $1,000. Reglsterabla as to principal. Trustee — Central Union Trust Co., New York. Secured by a first mortgage on 18 miles of road from Victoria to Dunlap, Tenn. Underlies — N., C. & St. L. Ry. Cons. 6s. due 1928. which provide for the retirement of this issue. Legal for savings banks in Cal.. Conn.« Mass.. Mich., Minn., N. H., N. J.. N. Y,. R. I., Vt. and Wis. Liflted on the New York Stock Exchange. Market. Nerw York — Simon Borg & Co., Charles W. Place, R. W. Pressprich & Co., Remick, Hodg^es & Co., Raymond M. Smith, Taylor, Smith & Hard. Vanderhoef & Robinson. Price Bangeo-N. Y. S. B. Jan. 1, 'OS, to Jan. 1, '21 IBiBO Bid. Ask. High 110% Feb. 16. '08 98 Dec. 104% Feb. Low. 110% Mar. 10, '1^ 93% May 98 July NASHVILLE, CHATTANOOGA & ST. IX)UIS RAILWAY 1st Cons. Ss. Dne April 1, 1938. Dated April 2, 1888. Interest payable April and Oct. 1, at Hanover National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $20,000,000 OutstandinfiT 15,353.000 Reserved for Prior JAem 770,000 Reserved for Ext 8,877,000 Denominations-Coupon. $1,000. Register- able as to principal. Trustee — United States Trust Co., New York. Organization and Control — Organized in 1848 and assumed its present title In 1873. Con- trolled through ownership of a majority of Us capital stock by the Louisville & NashvUlv Railroad Co.. which Is in turn controlled by the Atantic Coast Line Railroad Co. Secured by a direct mortgage on SS6.47 miles of road, viz: A first Uen on 792.47 miles— Miles. Chattanooga. Tenn., to Hickman, Ky. . 323.25 Nashville to Lebanon, Tenn 29.41 Wartrace to ShelbyvlUe, Tenn 8.44 Tullahoma to Clifty, Tenn 80.40 DeRossett to Ravenscroft. Tenn 2.88 Sparta Jet. to Sparta. Tenn . 42 Decherd to Columbia, Tenn 86.94 Ellora, Tenn.. to Hobbs Island, Ala.... 42.41 Guntersville to Gadsden, Ala 37.6S Cowan, Ala., to Palmer, Tenn 39.07 Tracy City to Pryor Ridge. Tenn S.60 Bridgeport. Ala. , to Victoria. Tenn. . and Dunlap to Pikeville, Tenn 39.88 Orme Jet,, Ala., to Orme. Tenn 10.48 Etna to Allen's Creek, Tenn IB. 10 Centreville to Bond Place, Tenn 8. 56 Swanmouth to Arnold, Tenn 2.64 Nashville to West Nashville, Tenn.... 6. 25 Kingston to Rome, Ga 18.14 Fayetteville, Tenn.. to Lax, Ala 3«.91 A second lien on 64 miles — Covered by first lien of Centreville Br. Ist 6s 46.70 Jasper Br, Ext. 1st 6s 18.80 Also a first lien on about 300 acres In Nash- vllde and 17 acres In Chattanooga. Prior Liens — Subject to 9746,000 prior liens as follows : Jasper Branch Ext. Ist Ss, 1928 $871,600 Centreville Branch Ist 6b. 1928 376,000 Lesral for sav!ns:8 banks In Cal., Conn.. Mass.. Mich., Minn., N. H., N. J., N. T., R. I., Vt. and Wis. lasted on tlie New York Stock Exchanse. Orielnal Market — Jl, 500,000 offered by Brown Bros. & Co.. July, 191B, at 106 and Interest. $700,000 offered in Oct., 1916, by White, Weid & Co., New York, at IOTA and Interest. 12,000,000 offered in July, 1917, by J. P, Morgan & Co,, New York; {1,000,000 offered May, 1920, by Harris Trust & Saviins Bank, Chicago, at 89% and interest. Market. New York — J. S. Bache & Co., Simon Borg & Co., Constable & Fiemingr, Dunham & Co., Samuel Goldschmidt, Hartshorne & Battelle, R. W. Pressprich & Co., Prince ft Whitely, Redmond & Co., Remick, Hodges & Co., Seasongood, Haas & Macdonald, Raymond M. Smith, Struthers & Hisooe, Taylor, Smith & Hard, Vanderhoef & Robinson, Vilas Jfe Hiokey, Edwin Wolff, Arthur B. Frank & Co. Philadelphia — Blddle & Henry, Wheeler, Elliott & Mann. Louisville, Ky. — J. J. B. Hilliard ft Son. Price Range — N. Y, S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 115^4 Sept. 19, '06 97% Mar. 13 Low. 84 Sept. 10, '21 84 Sept. 10 NASHTUXi;. FLORENCE & SHEFETBLS RAILYVAY CO. 1st 6s. Due AdCI. 1, 1937. Dated Aug. 1, 1877. Interest payable Feb. and Aug. 1, at Louisville & Nashville R. R. Company's office, 71 Broadway, New York. Tax Status — ^Payment of Federal Incoire Tax not assumed by company. Authorized $2,600,000 Outstanding 1,996,000 In Treasury of I/. & N 100,000 Denomina.tion — Coupon, $1,000. Trustee- — Central Union Trust Co., New York. Assumes! by the Louisville & Nashville R. R. Co. Control — A majority of the stock of the N., F. & S. Ry. Co. is pledged under the L. & N. Unified 4a of 1940, and its property was •old under foreclosure in 1900 to the Louis- ville & Nashville R. R. Co. Secured by a first mortgage on 103.76 miles of road, viz.: Miles. Columbia, Tenn., to Sheffield, Ala 81.14 Iron City to Pinkney, Tenn 11.09 Summerton to Napier, Tenn 10.93 Legal for savings banks in Cal., Conn., Mass., Mich., Minn., N. H., N. J., R. I. and Vt. listed on the New York and London Stock Exchanges. Market. New York — Simon Borg ft Co., Samuel Goldschmidt, R. W. Pressprich & Co., Prmce ft Whitely, Redmond ft Co., Remick, Hodges ft Co., Raymond M. Smith, Taylor, Smith ft Hard, Vilas & Kickey, Edwin Wolff. Louisville, Ky. — Fidelity ft Columbia Trust Fiice Range — N. Y. S. B. Jan. 1, '06, to Jan, 1, '21 , 1920 Hlih 117% Jan. 29, '06 91 Nov. 29 Low. 88 Dec. 10, '20 88 Dec. 10 NASHYIIXE (Tenn,) GAS & HEATING CO. let S, V. Be. Due May 1, 1937. Dated May 1, 1912. Interest payable May and Nov. 1, at ofBce of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. ,^„. Authorized ■' • • -'S'XSX-SSS Outstandlne J'JJJ'SSS Reserved for Ext 4,000,000 Denomination— m^oupon, $1,000. Regtaterable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable as a whole on or after May 1, 1922, or in part for the flinklnff fund on or after May 1, 1927, at 106 and interest on four weeks' notice. Slnkine Fund — Beginning May 1, 1927, $26,- 000 annually to be appliel to the purchase or redemption of these bonds at not excaodins 105 and interest. All bonds thus acquired to be held alive in the fund. Guaranteed principal and interest by en- dorsement by the United Gas Improvement Co. Organization — Incorporated in 1911 in Ten- nessee and acquired the property of the Nash- ville Gas Co. The United Gas Improvement Co. is interested in this company. Capitalization, Outstanding. Common $1,600,000 Preferred (6% cum,) 800,000 Funded debt 2,000,001 Secured by first mortgage on coal and water gas plant supplying Nashville, Tenn. Popu- lation served, 120,000. Franchise expires in 1951 and contains provision for regulation of rates at 10-year periods. Original Market — Offered in May, 1912, by Brown Bros. & Co., New York, Philadelphia and Boston, and Drexel & Co., Philadelphia, at 98 And Interest. Market. FUlladelphia — Henry D. Boenning ft Co., Brown Bros. & Co., Elkins, Morris ft Co., Reed A. Morgan & Co., Samuel K. Philllpa & Co. Price Banfe. Jan. 1, '16, to Jan, 1, '21 19«0 Bid. Ask. Bid. Ask. High 102% '16 103% '16 80 Apr. 85 Apr. Low. 75 '20 76 '20 76 Dec. 76 Dec. NASHVILLE RAILWAY & LIGHT CO. ll« Cons. 6s. Due July 1, 1963. Dated July 1, 1903. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstandiner (Jan. 1, '21) $3,854,000 Held in S. F. 256,000 Denomination — Coupon, $1,000, Registerabl* as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 107% and interest on any Interest date on 30 days' notice. Sinking Fimd— Annually $30,000, beginning June 30, 1914, but only if the company has a surplus above, charges and dividends on pre- ferred stock, to be applied to purchase or re- demption of bonds at not exceeding 107% and interest. Bonds purchased are to be kept alive in sinking fund. Organization and Control — Incorporated in Tennessee in 1903 as a reorganization of the Nastville Railway Co., which had in 1900 con- solidated the street railway and lightins com- panies of Nashville. Controlled through ownership of a large majority of its capital stock by the Tennessee Railway, LlE(ht & Power Co. Capitalization. Outstanding. Common $4,000,000 Preferred (5 % cum.) 2. 500,001 Funded debt 10,461,000 Secured by mortgage upon 101 miles of track, comprising practically the entire street railway system- of Nashville and a first mort- gage on a power plant and distribution system supplying electricity for all commercial light- ing in that city. Franchises are without limit as to time. Prior Liens — $1,467,000 bonds, t1«. : 865 McGavock & Mt. 'Vernon Horse Co. 1st 69, 1926 $66,000 McGavock & Mt. Vernon Horse Co. 2a Ser. 63, 1937 485,000 Nashville St. By. 1st Bs, 1926 907,000 Underlies — Nashville Ry. & Light Ref. & Ext. Mtge., due 1958, which provide for the retirement of the issue and all prior liens. Years ended Dec. 31: Gross. Net. Int., Bte. 1920 $3,676,209 $695,877 $479,326 1919 3,224,384 788,088 475,146 1918 2,866,213 939,346 481,655 1917 2,458,321 868,903 490,071 1916 2,383,041 929,853 508,971 listed on the New Orleans and Ijouiavllle Stock Exchanges. Orj^nal Market — First offered by Tsadore Newman ft Son. New Orleans, La. Market. New York — J. S. Bache & Co., Hartshorne & Battelle, Hibemia Securities Co., Inc., Vanderhoef & Robinson. Philadelphia — Bauer, Starr & Co., Samuel McCreery & Co., Marley, Wood & Co., Sam- uel K. Phillips & Co. Louisville, Ky. — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Nashville^Caldwell & Co. Price Banse. Jan. 1, '09, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 104% '09 107 '09 84 Jan. 88 Jan. Low. 70 '20 72 '20 70 June 72 July NASliVILUE RAILWAY & OGHT CO. Bef. & Bxt. S. F. 5s. Due July 1, 1958. Dated July 1, 1908. Interest payable Jan. and July 1, at Trustee's office, and Nashville Trust Co. Tax Status — '2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Ontstandinsr (Jan. 1, '21) 3,706,000 Held in Treasury 1,116,000 Held in S. T 72,600 Reserved for Prior Liens 5,567,000 Reserved for Evt 4,539,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Sinking Fund — Beginning July 1, 1918,' an- nually % % of outstanding bonds. Including those in the sinking fund, for the purchase of these bonds at a price to yield at least 4%%, all bonds so acauired to be kept alive in the sinking fund. Organization and Control — See 1st Cons. 5s, due 1953. Secured by mortgage upon entire property of company subject to the ist Cons. 5s and the prior liens thereto. Pi-lor Liens — $3,854,000 1st Cons. 5s, 1953. and $1,457,000 bonds of absorbed companies. See list under 1st Cons. Ss. Earnings — See Ist Cons. 5s. Listed on the Louisville Stock Bxc'nange. Original Market — $500,000 offered in July. 1908, by Isadore Newman & Son, New Or- leans, and Goulding Marr, Nashville, Tenn. Market. New York — Samuel Goldschmidt, 'Vander- hoef & Robinson. Fliiladelphia — Bauer, Starr & Co. Louisville, liy. — J. J. B. Hilliard & Son. Nashville — Caldwell & Co. Price Range. Jan. 1, '12, to Jan. 1. 'Zl 19S0 Bid. Ask. Bid. Ask. High 98% '12 99% '12 69 Jan. 72 Jan. Low. 53 '20 66 '20 53 Dec. 56 Deo. and July 1, at Nashville Trust Co., Nashvllls. Tenn., and Mechanics & Metals National Bank, New York. Tax Status— Payment of Federal Income Tai not assumed by company. Authorized Closed mortgage Outstanding: $907,000 Denomination — Coupon, $1,000. RegisterabI* as to principal. Trustee — Nashville Trust Co., Nashville, Tenn. Control — ^Merged m 1900 into the Nashville Ry. Co., which fvas reorganized as the Na^b- ville Ry. & Light Co. Latter company is con- trolled through ownership of practically its entire common stock by the Tennessee Ry,, Light & Power Co. Secured by mortgage on a large part of the street railway system of Nashville, Tenn. Prior Liens — $560,000 bonds of absorbed companies as follows: McGavock & Mt. Vernon Horse Co. 1st 6s, 1926 $66.00» McGavock & Mt. Vernon Horse Co. 2d Ser. 6s, 1937 486,000 Underlies — Nashville Ry. & Light 1st Cons. 5s. due 1963, and Ret. & Ext. 63, due 1968, which latter mortgage provides for the retire- ment of this issue. Earnings — See N. Ry. &. Lt. 1st Cons. 6s. Market. Baltimore, Md. — Howard R. Taylor & Co. Nashville — Caldwell & Co. Price 7*.ange. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 105 '09 107 '09 92 Jan. 96 Apr. Low. 82 '20 87 '20 82 July 87 Dec. NASHVILLE STREET RAILWAY Ist 6s. Due Jan. 1, 1925. Dated Jan. 1, 1896. Interest payable Jan, NASSAU & SUFFOLK LIGHTING CO. Ist 6s. Due Feb. 1, 1945. Dated Feb. 1, 1915. Interest payable Feb. 1 and Aug. 1, Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State and Pennsylvania State tax refunded. Authorized $6,000,000 Outstanding: 1,371,000 Retired by S. F 28,000 Reserved for Ext 3,601,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustee — Equitable Trust Co., New York. Redeemable on any interest date at 106 and interest. Sinking Fund — 1 %. per annum from Jan. 1, 1918 to 1930, 1%% from 1931 to 1939 and 2% thereafter. Organization — Incorporated in New York in 1905. Capitalization. Outstanding. Common $668,200 Preferred (6% cum.) 500,000 Funded debt 1,371,000 Secured by a first mortgage on plants sup- plying gas to numerous communities in the western end of Long Island, inoluiing Frea- port, Hempstead. Garden City, Mineola .xnd other towns. The population of the district servedis estimated at about 60,000. -Majority of franchises are perpetual, some of minor importance expiring in 1953, 1956 and 1961. Years ended Dec. 31: Gross. Net. Interest. ' 1919 $460,628 $80,123 $106, 07T 1918 393,203 85,082 Tt,20S 1917 343,731 102,603 62,018 1916 295,806 142,046 66,225 Original Market — Ottered in Feb., 1916, by Bioren & Co., Philadelphia, and W. B. R. Smith & Co., New York, at 96 and interest. . Market. New York — Fred H. Hatch & Co., Lynch A MqDermott. Price Ranffe. Jfan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96 '17 98 '17 72 Jan. 86 Jan. Low. 60 '20 80 '20 60 Dec. 80 Dec. NASSAU COUNTY WATER CO. 1st Bb. Dae June 1, 1923. Dated June 1, 1903. Interest payable June and Dec. 1, at M. J. Drummond & Co., 182 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $400,000 Oatstandine 296,000 Redeemed 104,000 Denomination — Coupon, $1,000. Trostee — Irving Trust Co., New York. Organization — Incorporated ip New York m 1902. Capitali2ation. Outstaidilg. Common i. -i. $100,000 Funded debt ^_^ 296,000 Secured by a first mortgage on five plants supplying water to Oyster Bay, Hicksville, Parmingdale, Glen Cove and Port ■Washington, all in Nassau County, New York. Market. New York — F. H. Hatch & Co., Hanson & Hanson. Boston — Chas, A. Day & Co., H. C. Spill'^r & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Higli 86'17 92'16 Not available. Low. 68 '16 SO '16 NASSAU ELECTRIC RAILROAD CO. Ist 6s. Due April 1, 1944. Dated April 16. 1894. Interest payable April and Oct. 1, at Central Union Trust Co., New York. Default — Oct. 1, 1919 interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding $660,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Hamilton Trust Co., Brooklyn, N. Y. Organization and Control — See 1st Cons. 4s, due 195i; Receivership — See Brooklyn Rapid Transit Co. Secured by a mortgage on all of the prop- erty owned by the company prior to its con- solidation with other companies. Prior Lien — All power indebtedness to ihe Brooklyn Kapid Transit Co. have been given a first lien against the property by Federal Judge Mayer. As ol Sept. 9, 1919, this indebtedness aggregated $528,881. Underlies — $11,608,000 Nassau Electric Bail- road 1st Cons. 4s. due 1951, which provide for the retirement of this issue. Bariiings — See "1st Cons. 4s. Market. New York — Simon Borg & Co., Theodore L. Bronson & Co., Finlay & Davenport. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102% '17 105 '16 65fJan. 6 Of Jan. Low. 45f '20 60f'20 45f Aug. 60f Aug. NASSAU ELECTRIC RAILROAD CO. 1st Cons. 48. Due Jan. 1, 1951. Dated June 30, 1808. Interest payable Jan. and July 1, at Central Union Trust Co.. New- York. Default — July 1. 1919, and subseauent inter est. Protective Committee — The following nanje* have consented to act as a bondholders' pro- tective committee: B. P. Maynard. Brooklyn, N. Y.; A. A. Jackson, Philadelphia; Hon. Elon R. Brown, Watertown, N. Y.; Haley Fiske. C. A. Peabody, Beekman Winthrop, New York, with Austin W. Penchen, Sec, 177 Montague- St.. Brooklyn, N. Y., and Brooklyn Trust Co. and Girard Trust Co., Philadelphia, deposi- tories. Tax Status— -2% Federal Income Tax paia by company without deduction. Authorized $16, 000,000 Outstanding 11,608,000 Reserved for Prior Hens 3,492,000. Denomination — Coupon, $1,000. Register- able as to principal. Registered, $6,000 and $10,000. C. & R. interchangeable. Trustee — Central Union -Trust Co., Ne-i^ York. Guaranteed principal and interest by en- dorsement by the Brooklyn Heights Railroadi Co. Organization and Control — Incorporated in. 1893 in New York and road opened for opera- tion in 1895. Was leased In 1899 to the- Brooklyn Heights R. R. Co., but lease wa* cancelled in 1904. Controlled through owner- ship of nearly its entire preferred and com- mon stocks by the Brooklyn Rapid Transit Coi Capitalization. Outstanding. Common $8,600,000 Preferred H% cum.) 6,500,000 Fundeddebt 14,749,928 Receivership — See Brooklyn Rapid Transit Co. - Secured by mortgage on 67 miles of first track and 76 miles of second track and sid- ings, extending from various ferries and from, the New York side of the Brooklyn Bridge to- Coney Island. Sheepshead Bay and Canarsie, and including 9 % miles of double track steam road from Atlantic Ave., to Jamaica, leased to- the Long Island Railroad at a rental of $60.- 000 a year. Further secured by pledge of $700,000 B. R. T. 1st Ref. 4s. due 2002. Prior Liens — $3,242,000 bonds of this and: absorbed companies, as follows: Nassau Electric R. R. 1st 6s, 1944. . $660,000' Atlantic Ave. R. R. (5en. Cons. 6s, 1931 , 2,241,000 Atlantic Ave. R. R. Imp. 6s, 1934.. 220,000 Brooklyn, Bath Beach & West End Gen. 6s. 1933 121,000 Also power bills aggregating $528,881 as of Sept. 9, '19. See 1st 6s. Refunding — Provision for the retirement or this issue is made under the Brooklyn Rapid- Transit First Refunding Mortgage. Years ended June 30: Gross. Net. *CharKe«. 1919 $4,966,769 $1,106,991 $1,31<.01» 1918 4,804,988 1,636,628 1,361,C6» 1917 4,976,792 1.701,704 1,433,1B» 1916 6,150,997 1,889,213 1,461, KTC ♦Includes interest, taxes and rentals. Listed on the New York Stock Exchange. Original Market — Offered in 1907 by Guar- anty Trust Co. and Harvey Fisk & Sons. New York, at 97^,6 and interest. Market. New York — Simon Borg & Co., Theodor«- L. Bronson & Co., Finlay & Davenport, Pouch & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 89% Jan. 17, '06 28 Jan. 3 Low. 18 Dec. 3, '20 18 Dec. S NASSAU LIGHT & POWER CO. 1st 68. Dae Oct 1, 1927. Dated Oct. 1, 1907. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized $1,000,000 Outstanding 769,000 Cancelled 1,000 Reserved for Ext 230,000 Denomination — Coupon, $1,000. Reeister- able as to principal. Trustee — ^Metropolitan Trust Co., New York, Organization — Incorporated in New York in 1900 and absorbed five elefltric light and power companies. Capitalization Outstanding Common $1,172,500 Funded debt 769,000 Secured by first mortgage on steam turbine power house at Glenwood, L. I., and six sub- stations supplying electric light and power to Roslyn, Hempstead, Sea Cliff, Oyster Bay, Glen Cove, Port Washington, Manhassett and a number of other points on Long Island. I'ranchise expires 1950. Ifears ended Dec. 31: Net Interest :1920 $234,755 $41,466 ■1919 267,771 39,682 1918 191,293 43,576 1917 204,643 43,330 1916 230,909 41,624 Original Market — First offered in May, 1908, by N. W. Halsey & Co., New York, $150,000 offered in Feb., 1912, at 102 and interest by Hayden, Stone & Co., New York and Boston. Market. New York — Samuel Goldschmidt, Fred H. Hatch & Co. Boston — L. Sherman Adams, George A. Fernald & Co. Price Range. Jan. 1, '10, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 101% '16 1031^ '10 84 Nov. 88 Nov. Low. 77 '20 83 '20 77 Aug. 83 Aug. Tears ended Oct. 31: Net 1920 $976,609 •1919 1,061,350 1918 616,286 1917 417,225 1916 446,002 Dep'n Interest $90,971 $92,400 83,779 113,800 82,226 103,280 81,287 108,640 80,257 113,600 NATIONAL BREWERIES, LTD., 1st S. F. 6s. Due July 1, 1939. Dated July 1, 1909. Interest payable Jan. 1 and July 1, at Bank of Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,500,000 Outstanding (Jan. 1, '21) 1,500,000 Retired by S. F 600,000 Denomination — Coupon, $600 and $1,000. 3legisterable as to principal. Trustee — Royal Trust Co., Montreal. Redeemable at 105 and interest on any in- terest date on six months' notice. Sinking Fund — Annually, beginning July 1, ldl5. 4% of outstanding bonds for the pur- chase and redemption of these bonds at not to exceed 105 and interest. Organization — Incorporated in Canada in 1909 and is a consolidation of a number of breweries, six of which are located in Mon- treal, three in Quebec and others all in the Province of Quebec. Capitalization Outstanding Common »2'2"'^»» Preferred (7% cum.) ?'I"'°„XS Funded debt 1,500,000 Secured by first mortgage upon the real estate of the company located at Montreal, Quebec, Lachine and St. Therese, Quebec. •14 months ended Deo. 31. Original Market — $300,000 offered in April, 1912, at 10314 and interest by Hanson Bros., Montreal. Market, Montreal — C. Meredith & Co., Ltd., National Bond Co., Hew B. Wood Co. Price Bange 1980— Bid, 97; Ask, 91^. NATIONAL BRICK COMPANY OF LAPRAI- BIE, LTD., 401-Year 1st 6s. Due Oct. 1, 1951. Dated Oct. 1, 1911. Interest payable April 1 and Oct. 1 «it office of Trustee. Scrip Interest Certificates — On December 20. 1916, the bondholders agreed to accept Scrip Certificates for interest due October 1, 1915, April 1 and October 1, 1916, and 1917, and April 1, 1918. These certificates are for $200 for each $1,000 bond and $20 for each $100 bond. They are secured by $500,000 of bonds in escrow and bear interest at 6% per an- num payable April 1 and October 1. First payment to be made October. 1, 1918. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,000,000 Outstanding 2,319,000 Reserved for Ext 680,900 Denomination — Coupon, $100, $500 and $1,000; £20 and 500 francs. Registerable aa to principal. Trustee — Quebec Savings & Trust Co., Que- bec. Redeemable at 105 and interest. Sinking Fund — ^Annually, beginning Sept. 1, 1917, 1% of outstanding bonds for the pur- chase or redemption of these bonds at not over 105 and interest. Organization — Incorporated in 1911 in Can- ada and during 1912 acquired the property and plant of the Laprairie Brick Co., Ltd. Capitalization Outstanding Common .' $2,000,000 Funded debt 2,319.000 Secui-ed by a mortgage on all the property of the company, including 320 acres of clay and shale land and plant with an annual ca- pacity of 75,000,000 bricks, located at Del- son Junction, Quebec, and 100 acres of clay and shale land and plant with an annual ca- pacity of 60,000,000 bricks, located at La- prairie, Quebec. Years ended Feb. 28: Bond Net Interest 1917 $42,214 1916 17.988 $81,169 1915 139,617 139,146 1914 268,977 139,146 1913 381,963 126,767 Later earnings not available. Market. Montreal — Balfour, White & Co. Toronto — Manning Bros. & Co. Price Bange 1920 — Ask, 60 Nov. Due NATIONAL CAR WHEEL CO. 1st 6s. Sept. 1, 1923. Dated Sept. 22, 1903. Interest payable March and Sept. 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,750,000 Outstanding 398,000 Retired by S. F 857,000 Held in Treasury 200,000 I>enoininatlon — Coupon, SI. 000. Trustee — Bankera' Tru«t Co.. New York. Bedeemable at 110 anfl Interest. Sinkinr Fund — The mortgage provlden for an annual sinking fund for the retirement of these bonds. Organization — ^Incorporated in 1903 In New York as a consolidation of the Maher Wheel & Foundry Co.. Cayuta "Wheel ft Foundry Co.. ^yatone Car Wheel Co. and Rochester Car Wheel Works. Company has an annual out- put of 120,000 tons. Capitalization Outstanding Common |1, 224,000 Preferred (7% cum.) 650.000 Funded debt 398,000 Secured by a first mortgage on the plants of the company located at Pittsburgh and Sayre. Pa.; Rochester, N. Y., and Cleveland. Ohio. • Market. Cleveland — Borton & Borton. Price Range. JTan. 1, '15, t« Jan. 1, 'Xl 18^0 Bid. Ask. High. 96 '17 l^ot Low.. 73 '15 79 '15 available NATIONAL CLOAK * SUIT CO. 10-Ye« 193oT* ®^* ^*****- ^™ Sept: ]U vrl^t?^' ^®?*« ^' ^^20. Interest payable New York "" ^* Columbia TrSet Co.; Tm Status— 2% Federal Income Tax paid oy^the company without deduction. Aathonzed ?5,000,000 Outstanding sioooloOO Purpose of Issue— To reduce current lia- Diiities and Increase working capital. *^ A^****""^"**"^— *^oupon. $100, 1500 and ♦1;000; registerable as to principal. Tnutee — Columbia Trust Co.. New York Kedeemable at any time upon 80 days' notice at 106' and interest, or for sinking fund at 105 and interest. Sinking: Fund — Annually, on or before pec. 1, an amount in cash sufficient to call by lot notes at 105 and Interest as follows: 5% of the total authorized issue in each of the years 1921 and 1922. 10% thereof in each subsequent calendar year during the life of the notes. Notes redeemed are to be cancelled. Convertible up to and Including March 1, 1930, at part into common stock at $100 per share. Notes called for redemption retain right of conversion until redemption date. Orgrsuiizataen — Incorporated in New York in 1914. Business was established in 1888. The business is one of the largest mail order houses in the United States. The com- pany's plants are in New York City and Kansas City, Mo. Capitalization. Outstanding. Common $12,000,000 Preferred (7% cum.) 4,180,000 Funded debt 5,000,000 Security — A direct obligation of the com- pany, but not secured by a mortgage. Un- der the provisions of the Indenture the com- pany covenants as follows: The company and its subsidiaries will at all times maintain an excess of tangible assets over the sum of all its liabilities, excMisive of these notes, in an amount equal to at least 200 % of the principal amount of said notes then outstanding, and will at all times maintain its net current assets in an amount equal to at least 12F% of the principal amount of said notes outstanding. The company will declare no dividend on Its common stock at any time when such net current assets shall not be at least 150% of the aggregate principal amount of said notes then autatandln^. Neither the company nor any subsidiary will mortgage or pledge any of their rael or personal property now owned or here- after acquired. This covenant shall iMt prevent the company or any subsidiary from purchasing property subject to a mortgage or from creating a purchase money mort- gage to the extent of 75% of the fair value of the property purchased, nor from pleds- ing as securities for loans made to it in the regular and current conduct of its business, accounts receivable or other liquid assets or stocks, bonds or other ^curities owned by it other than stocks or securities of sub- sidiary or controlled companies. Neither the company nor any subsidiary will issue further notes or any evidences of indebtedness which shall mature later than one year from the date thereof (except in the case of purchase money mortgages or mortgages outstanding upon new prop- erty purchased). The company also makes provision in ths Indenture.to protect the right of noteholders to convert into common stock and to guard: against any diluting of the common stock which would tend to lessen the value ot such conversion privilege. Years ended Dec. 31: Gross. Net 1920 $47,704,428 def.$l,lSO,051 1919 39,449,986 2,326,071 1918 33,485,015 1,668,671 1917 27,649,538 2,570,640 1916 21,554,231 2,082,053 Original Market— $5,000,000 offered Aug.» 1920, by Chase Securities Corp., Lehman Brothers and Goldman, Sachs & Co., New York, and Merchants' Loan & Trust Co., Chicago, at 100 and interest. Market. New York — Babcock, Rushton & Co., Samuel Goldschmidt, Hartshorns & Battelle, Salomon Bros. & Hutzler. Chicago — Curtis & Sanger, Illinois Trust & Savings Bank. St. Louis, Mo. — Mississippi Valley Trust Co. Kansas City — Stern Bros. & Co. Price Range \92Q. Bid. ABk. High 99% Aug. 100 Aug. Low 88 Dec. 89% Dec. NATIONAL CONDUIT & CABLXl CO., INC., 1(N-Year 1st 6s. Due April 1, 1927. Dated April 1, 1917. Interest payable April 1 and Oct. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Pennsylvania State tax re- funded. Authorized $5,000,000 Outstanding 4,576,500 Retired by S. F 423,600 Denomination — Coupon, $500 and $1,000.. Registerable as to principal. Trustee — Bankers* Trust Co., New York, Redeemable at 102% and Interest on any Interest date to and Including' April 1, 1919^ and at 105 and interest thereafter. Sinking Fund — Annually, $125,000 in cash, payable semi-annually, Oct. 1 and April 1, antf In addition 50% of net profits (after interest and sinking fund payments) in excess of $1.- 000,000 per annum. To be applied to the pur- chase or redemption of these bonds as above. Organization — Incorporated in New York in 1917 acquired the assets of the National Con- duit & Cable Co. and the National Brass A Copper Tube Co. and also the stock of the New York & Hastings Steamboat Co. Capitalization. - Outstanding. Common (no par) 250,000 shs. Funded debt $4,661,000 Secured by a first mortgage on a 35-acre TPire, cable and brass plant at Hastinge-on- ~Hudson, N. T. , together with the power plant, machine shops, testini: laboratories and docks; ■Also a first lien on the captal stock or assets ^jf a subsidiary company owning shipping fa- cilities, lighterage and barge lines, etc., oper- ated in connection with this company. As of Feb. 28, 1917, plant, etc, appraised at $6,- 560,000; net quick assets, J6, 461, 823, not in- -cluding $1,500,000 additional working capital accruing to the company from present financ- ing: total net tangible assets $13,501,823. fears ended Bee. 31: Gross. Net. Int.. etc. 1919 $10,567,836 •$461,543 $346,073 1918 14,011,664 619,700 427,613 1917 20,318,638 1,318,113 626,574 "Loss.- Original Market — $5,000,000 offered April, 1917, by the following firms: The National ■City Co., IWontgomery, Clothier & Tyler., Mil- let, Roe & Hagen and Knauth, Nachod & Kuhne, at 100 and interest. iVIarket. New York — Samuel Qoldsohmidt, Harts- ■horne & Battelle, Fred H. Hatch & Co., J. H. Holmes & Co., Morton, Lachenbruch & Co., Martin, Berwin & Co., Barle A. Miller A Co., Rauscher & Mackay. Pliiladelphia — Barnes & Lofland, Henry D. Boenning: & Co., McCown & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 991/2 '17 100 '17 73 Apr. 76 Apr. iiow. 43 '20 46 '20 43 Dec. 46 Dec. Years ended Dec. 31: Net. Dep'n. Int. & S. P. 1920 $5,183,927 $854,424 $267,352 1919 5,814,610 935,914 271,623 1918 6,072,660 927,079 272,306 1917 6,460,780 820,887 294,338 Listed on the New York Stock Bxchange. Original Market — $3,600,000 offered in June, 1909, by Lehman Bros., and Goldman, Sachs & Co,, New York, at 98% and interest. Market. New Yoric — Hartshorne & Battelle.. Price Range — N. Y. S. E. Jan. 1, '13, to Jan. 1, '21 1920 High 102 Oct. 19, '16 97% Jan. 6 Low. 86 July 12, '13 91 June 26 aiATIONAI, ENAMELING & STAMPING CO. Kef. 1st Real Estate Ss. Dae June 1, 1929. Dated June 1, 1909. Interest payable June and Dec. 1, at Trustee's office. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $3,600,000 Outstanding: (Jan. 1, '21) 1,977,000 Retired by S. P 1,623,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000 and $6,000. C. & R. interchangeable. Trustees — Central Union Trust Co., New York, and Max Kotany. Redeemable for sinking fund at 105 and in- terest on any interest date on 30 days' notice. Sinking Fund — Company is reaulred to re- deem bonds amounting to $108,000 in 1910 on an increasing scale to $263,000 in 1929. when entire issue will be cancelled. In event of company, failing to purchase and redeem the required amount in any year. Trustee may draw same for redemption at 105 and inter- est. Organization — Incorporated in 1899 in New .Jersey and owns and controls* properties in a number of cities for mining, smelting, casting, ■forging, rolling, enameling, etc., of metals. Capitalization. Outstanding. ■Common $15,691,800 l>referred (7% cum.) 10,000,000 Funded debt 1,977,000 Secured by first mortgage upon the entire property of the company, including its plants located at Granite City, 111.: St. Louis, Mo.; <3hicago. 111.; Baltimore. Md. : New Orleans, La.; Laurel Hill, L. I., and Milwaukee, Wis. Mortgage provides that quick assets of com- pany shall not at any time be less than the amount of indebtedness of ail kinds, including .outstanding bonds and accrued interest. 870 NATIONAL FIRE PROOFING CO. 1st & Coll. Tr. Serial 5s. Due $125,000 annnally to Sept. 1, 1932. Dated September 2, 1912. Interest' payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Autllorized $2,500,000 Outstanding: (Jan. 1, '21) 1,399,000 Betired 1,001,000 Note — $37,000 bonds maturing 1932 were re- deemed from sale of property near Perth Am- boy, which was not necessary for company operations. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — The Union Trust Co. of Pittsburgh, Pittsburgh, Pa. Redeemable at 102% and interest on any in- terest date on four weeks' notice. Organization — The National Fire Proofing Co. was incorporated in Pennsylvania in 1889 as the Pittsburgh Terre Cotta Lumber Co., and name changed to above in December, 1899. Controls through stock ownership the National Fire Proofing Co. of Canada, Ltd. Capitalization. Outstanding. Common $4,461,300 Preferred (7% non-cum.) 7,900.500 Funded debt 1,433,000 Secured by first mortgage upon the entire property of the company, including 21 plants located in Mass., New Jersey, Ohio, Indiana and 111., and 6,000 acres of coal and clay land, the aggregate value of which Is esti- mated at $8,000,000. Further secured by pledge of entire issues of the capital stock of eight companies owned by the National Fire Proofing Co. The mortgage provides that dur- ing the life of these bonds quick assets of company shall always be equal to $2,000,000 in excess of all liabilities except these bonds. Years ended Dec. 31: •Net. Dep'n. 1920 $900,303 $150,000 def. 134,936 100,000 1919. 6,840 100,000 t301,866 162,468 .def. 98,9017 100,000 100,412 170,029 260,126 100,000 1918 1917 1915 1916 1914 •After interest, tincludes $42,459 frorn sale of property. Original Market — $2,500,000 oflTered In Oct.. 1912, by the Union Trust Co. of Pittsburgh, on a 6.10% basis. Market. Pittsburg:li, Pa — W. E. Ballard, Moore, Leonard & Lynch, The Union Trust Co. of Pittsburgh, William P. Lemplay & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 ^^. , Bid. Ask. Bid. Ask. High 99 '16 100% '16 86 95 Low. 86 '18 91 'IS NAmONAi GAS, BLiECTBIC UGHT A POWER CO. CoU. Tr. 6s, Series "A." Due Jam. 1, 19S1. Dated Jan. 1, 1911. Interest payable Jan. 1 ana July 1, at Bloren & Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. -Inthorized $2,000,000 Outstandini; 1,295,000 Redeemed 705,000 Denomination — Coupon, $tO0 and {l.onu. Registtrable as to principal. Trustee — Merchants' Union Trust Co., Phil- adelphia. Reedemable at 102 and interest. OrKanlzation — See Series "B." Secured by deposit with the Trustee of en- tire stock issues as tallows: $60,000 Qoshen, Ind., Gas Co.; $300,000 Joplin, Mo., Gas Co.; $400,000 Rome, N. Y., Gas & Electric Light & Power Co.; $200,000 Portsmouth, Ohio, Gas Co., and $2,000,000 Quincy. 111., Gas, Electric Light & Heating Co. Underlies — Series B 6s, due 1931. Earnings — See Series B. Original Market — First otEered in Dec, 1910, at par and interest by Bioren & Co., Philadel- phia, Market. New York — Berdell Bros. Fhiladelplila — Merchants Union Trust Co., Brown & Co., Henry D. Boenning & Co. Price Range. Jan. 1, '16, to Jan. 1, 'SI 19^ Bid. Ask. Ask. High 98% '16 100 "16 75 Dec. Low. 64 '19 75 '20 75 Dec. lien of the stocks of Portsmouth Gas Co.. Rome Gas, Electric Light & Power Co., Quin- cy Gas, Electric & Heating Co., Joplin Gas Co. and Goshen Gas Co. Years ended Dec. 31; Gross. Net. Int., etc. 1919 $337,639 $262,581 $256,000 Original Market — $500,000 offered April, 1917. by Bioren & Co., Philadelphia. Market. See Series "A." NATIONAL, GAS, ELECTRIC LIGHT & POWER CO. Coll. Tr. 6s, Series "B." Dne Jan. 1, 1931. Dated Mar. 1, 1917. Interest payable Jan. 1 and July 1, at Bioren & Co.. Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylva- nia State Tax refunded. Authorized r $2,289,300 Outstanding 1,442,325 In Treasury 146,971 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Merchants .Union Trust Co., Phil- adelphia. Redeemable at 101 and interest on any in- terest date. Organization and Control — Incorporated in New Jersey in 1904 for the purpose of own- ing and operating gas, electric light and power plants. The company now owns the entire cd.pital stocks of the following companies: Portsmouth (O.) Gas Co., Rome (N. T.) Gas, Electric Light & Power Co., Quincy (111). Gas, Electric & Heating Co., Joplin (Mo.) Gas Co., Carbondale (Pa.) Gas Co., Niles (Mich.) Gas Light Co., Cape May (N. J.) Il- luminating Co., Cape May (N. J.) Electric Light & Power Co., Goshen (Ind,) Gas Co., Warsaw (Ind.) Gas Co. Controlled through stock ownership by the National Properties Co., a subsidiary of the United National Utilities Co. Capitalization. Outstanding. Common $1,403,800 Preferred (6% cum.) 2,289,300 Funded debt 2,284.300 Secured by deposit of the entire capital stocks (except qualifying shares) of all the above companies, together with notes of said companies for advances and other evidences of indebtedness. Prior Liens — $1,295,000 (closed issue) Coll. Tr. 6s, Series "A," due Jan. 1, 1931. A first 871 NATIONAL LEATHER CO. 5-Year 8% Notes. Due Nov. 15, 1925. Dated Nov. 15, 1920. Interest payable May 16 and Nov. 15, in New York or Chi- cago. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authorized $10,000,000 Outstanding: 10,000,000 • Purpose of Issue — The entire proceeds ap- plied in payment of current obligations and to provide additional working capital. Denominations — Coupon $1,000, $500 and $100; registerable as to principal. Trastee — First Trust & Savings Bank, Chicago. Dedeemable on 60 days' notice at 103 and interest on May 16, 1921, and at %% less each six months thereafter to Nov. 15, 1924, and at 101 and interest on May 15, 1925. Organization — Incorporated in Maine in 1919 for the purpose of segregating the tanning and leather business of Swift & Co. In August, 1919, the shareholders of Swift & Co. subscribed for the capital stock of this Company at the rate of $10 per share, making an investment therein of $30,000,000. The Company owns the entire capital stocks of the following companies, all of whose properties are free from mort- gage: A. C. Leather Co., National Calfskin Co., Ashland Leather Co., of Maine, and Winchester Tannery Co., all of Boston: St. Paul Tannery, South St. Paul, Minn.; National Leather Manufacturing Co., Nlles, Mich, ; A. C. Lawrence Leather Co. (selling company), Chicago. Also owns a portion of the capital stocks of the following com- panies: England, Walton & Co., Philadel- phia; Ashland Leather Co., Ashland, Ky., and St. Joseph Tanning Co., South St. Jo- seph, Mo. The plants of this Company and Its affiliated companies are located at Peabody, Mass., Winchester, N. H., South St. Paul, Minn., Niles,' Mich., Ashland, Ky., South St. Joseph, Mo., Nevniort, Tenn., Tannery Sta- tion, Md., Walland, Tenn,, Waynesville, N. C, Harrisonburg, Va., Clean, N. Y. The combined annual capacity of plants is about 2,000,000 hides, 2,600,000 calf skins and 4,000,000 sheep and lamb skins. Capitalization. Outstanding. Common $30,000,000 Funded debt 10,000,000 Security — A direct obligation of the Com- pany but not secured by a mortgage. Un- der the provisions of the indenture the Com- pany covenants as follows: Not to create any mortgage upon its as- sets, nor pledge any of its assets, nor per- mit to be created any mortgage upon the properties and a^ssets of its affiliated com- panies which are entirely owned, excepting that the companies may acquire property subject to purchase money mortgages for not to exceed 75% of the fai rvalue of the property covered by said mortgages. To maintain current assets of the Com-, pany equal to at least 150% of its current liabilities including these notes, and the affiliated companies owned by this Com- pany shall maintain current assets of at least 110% of their current liabilities. Eomings — Average annual net earnings for Ave years from 1915 to 1919, Inclusive, available for Interest charges and after i^e- serve and Federal taxes, are over $5,000,000. Origrinal Market — {10,000,000 offered No- vember, 1920, by the First Trust & Savings Bank, Illinois Trust & Savings Bank, Mer- chants' Loan &' Trust Co., Harris Trust A Savings Bank, Chicago, Lee, Higginson & Co., and Harris, Forbes & Co., New York, etc., at 100 and Interest. Market New York — Babcock, Rushton & Co. Cleveland — Stanley & Bissell. Salt Lake City — Palmer Bond & Mortgage Co. Chicagfo — Curtis & Banger, First Trust & Savings Bank, Henry S, Hanschen & Co., Illinois Trust & Savings Bank, The Mer- chants' Loan & Trust Co., Tllden & Tilden. Los Angeles — Drake, Riley & Thomas, Stephens, Page & Sterling. ^n Francisco — Girvin & Miller. Detroit — Watling, Lerchen & Co. Omaha — Omaha Stock & Bond Exchange, Inc. Buffalo — N. A. MacDonald & Co. Price Ranire 1920. Bid. Ask. High 99% Nov. 100 Nov. Low 96% Dec. 97 Dec. NATIONAI, OIL COMPANY Blrst Lien 7s. Dae each May 1 as foUows: $600,000 1922; $1,000,000 1923; $1,600,000 1924; $2,000,- 000 1026. Dated Nov. 1, 1919. Interest payable May 1 and Nov. 1, at New York Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $6,000,000 Ontstandins 5,000,000 Purpose of Issue — ^Proceeds will be used to increase the company's drilllnB operations, to enlarge its reflninff facilities, construct a tidewater terminal at Tampico to acauire ad- ditional properties, to complete the ships now building and for additional working capital. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — New York Trust Co., New York. Redeemable on any interest date on 30 days' notice at 104 and interest. Organization — Incorporated in 1910 in New Jersey. Is engaged in producing, refining and transporting crude oil and in building wooden cargo boats and ocean-going bulk oil carriers. Leaseholds owned through subsidiaries, con- sist of ten large tracks of oil leases situated In the Panuco. Topilla and Tampico oil dis- tricts of Mexico, aggregating 36,267 acres, and of 14,007 acres of oil and gas leases In the oil fields of Texas and Northern Louis- iana. Also owns and operates, through sub- subsidiaries, a refinery, pipe line, loading wharves and a modern shipbuilding plant. Capitalization. Outstanding. Common $14,776,868 Preferred (8% cum.) 2,691,049 Funded debt B, 030,000 Secured through pledge of all of the stock (except Qualifying shares) of subsidiary com- panies), by first collateral lien on all the properties of subsidiary companies now owned or which may be acquired by the use of the proceeds of these bonds. Tears ended Deo. 31: Net. •Charges. 1819 $1,926,886 $720,188 1J18 461,452 229,416 •Includes taxes, depreciation and interest. Original Market — $6,000,000 offered Decem- ber, 1919, by A. B. Leach & Co., Chicago, New York, etc., at prices ranging from 99 M to 98%% and interest, according to maturlte*. Market. New York — ^P. W. Brooks & Co. Price Range 1920— Ask, 99%, 97. NATIONAL PLATE GLASS CO (The) «% Notes. Due each Jan. 1, as follows: $260,000 1921 and 1922; $450,000 192$ and 1924; $650,000 1926 to 1928, Incl. Dated Jan. 1, 1920. Interest payable Jan, 1 and July 1, in New York. Tax .Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania and Michigan State Taxes refunded. Authorized $4,000,000 Outstanding 4,000.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Backers Trust Co., New York. Redeemable on 60 days' notice at not less than 101 and interest for notes having one year or less to run. plus an additional pre- mium of %% for each additional year to run; maturites to be called in reverse orders. Organization and Control — Incorporated In Maryland Jan., 1920. Controlled through stock ownership by the Fisher Body Corp. Capitalization. Outstanding. Common (no par) 62,600 shs. Preferred (8 % cum.) $6.000. 000 Funded debt: 4.000.000 Security — A direct obligation of the com- pany, but not secured by a mortgage. Under the provisions of the trust agreement the company covenants as follows: No dividends shall be declared or paid upon any of the common stock until all of these notes have been retired. No additional obligations maturing one year or more from date of issue shall be issued by the company while any of these notes are outstanding. No mortgage shall be created by the com- pany upon any of the property now being ac- Qulred until all these notes first have been retired. So long as these notes are outstanding, the company will not consolidate or merge with any other corporation un,less the notes of this issue then outstanding shall be pre- viously secured by a closed mortgage upon all real estate, plants, property and eauipment then owned by the company. The company shall not sell, lease or other- wise dispose of any of its assets, except In the normal course of business, unless the proceeds of sale shall be applied to the pur- chase of other assets of equal value or to tbe purchase or retirement of notes then out- standing. Contract — Fisher Body Corporation (60% of whose common stock is owned by General Motors Corporations), will enter Into a ten- year contract to purchase, at market prices, the entire output of glass or any part there- of which The National Plate Glass Company desires to sell to the Fisher Company. Under this contract the Fisher Company will further agree that it will pay, as additional compensation to the National Company for plate glass sold by it to the Fisher Company, and for the right to purchase glass conferred by the agreement, during each fiscal year, any amount necessary to increase net earn- ings for such fiscal year (before Federal Taxes, interest and principal on the notes, but after charging the entire cost of operations. Including therein an adequate allowance for depreciation, all as may be determined by auditors) to the sum of twenty per cent. 873 (20%) of the gross sales o£ the National Com- pany tor said fiscal year, but in any event mny amount necessary to increase said net earninss, as so determined by auditors, but alter reserves tor Federal Taxes, to a sum equal to the accruing interest and maturing Installments of principal of the Serial 6% Gold Notes outstanding, plus accruing dividends and slnlcing fund payments on 8% Cumula- tive Preferred Stoclc outstanding for such year: any additional amount due by the Fish- er Company to the National Company to meet all payments due for such accruing inter- est and maturing installments of said Serial «% Gold Notes and such accruing dividends and sinlcing fund payments on its Preferred Stock. This contract is to remain in force for the benefit of the National Plate Glass Company, and its security holders for ten years from January 1, 1920. The Trust Agreement un- der which these notes will be issued will pro- vide that the contract is to be deposited with the Trustee: that no alteration can be made therein without the consent of the Trustee; that in the event of any breach of this con- tract by The National Plate Glass Company the notes may be declared due, and that in such event the Trustee shall have direct right of action against the Fisher Body Corpora- tion for all defaults in the carrying out of the sale agreement. Tears ended Dec. 31: Gross. Net. Interest. •1919 $5,322,578 tl, 577, 060 tt292,600 1918 3,842,429 854,199 1917 3.450,833 978.166 1916 3.239,117 1,001,956 •December estimated. tMaximura interest requirements for this loan. Original Market — $4,000,000 offered Feb,, 1920, by Frazier & Co., Philadelphia; Mont- gomery & Co., New York; Otis & Co., Cleve- land, and Illinois Trust & Savings Bank, Chi- cago, at prices ranging from 99 to 93%, ac- cording to maturity. Market. New York — Montgomery & Co. Detroit — Kay & Co.. Inc. NATIONAL RAILROAD CO. OF MEXICO Prior Uen 4%s. Dne Oct. 1, 1926. Dated Mar. 15, 1902. Interest payable Jan. and July 1, at office of company. New York, Jan., 1914, coupons paid in three-year 6% notes secured by pledge of Mexican Govern- ment bonds at the rate of $52.94 bonds for $46 notes. July 1, 1914, and subsequent in- terest in default. Tax Statns — 2% Federal Income Tax paid by company without deduction, Aathorized $23,000,000 Ootstanding 23,000,000 Denomination — Coupon. $1,000 and $600, Registerable as to principal. Trustee^ — Central Union Trust Co., New York. • Redeemable at 105 and interest on any in- terest date on six months' notice. Assumed by the National Rys. of Mexico, Control — Incorporated in Utah in 1902 and acquired the properties of the Mexican Na- tional B. R., the Hidalgo & Northeastern R. B. and other companies. "Was merged in 1908 with the National Railways of Mexico. Secnred originally by (1) first lien on about 1,058 kilometers (1,286 miles) of railroad as described in the Prior Lien Mortgage; (2) lien, subject to existing mortgages, on the Texas Mexican Railway, 162 miles, Laredo to Corpus Chrlsti, Texas, by reason of de- posit with Trustee of $960,000 (entire issue) of Corpus Christ!, San Diego & Rio Grande Narrow Gauge R. R. Co., 1st 7% Bonds; $1,380,000 (entire issue) of Texas Mexican Railway Co. 1st 6% Bonds, and $2,496,000 out of $2,500,000 capital stock of Texas Mex- ican Railway Co.; (3) Direct collateral lien on entire capital stock of Hidalgo & North- eastern R. R, Co., Mexico City to Beristain and Branches, about 166 miles. Underlies — Nat. R. R. of Mexico 1st Cons. 4s of 1951, Nat. Rys. of Mexico Prior Lien 4%s of 1957, which provide for the retirement of this issue, and Nat, Rys, of Mexico Gen. Lien 4s of 1977, Listed on the New York, Boston and Lon- don Stock Exchanges. Original Market — Offered in 1902 by Speyer & Co., New York. Market. New York — Samuel Goldschmidt, Harts- home & Battelle. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, 'Xl 1920 High 105 Apr. 6, '06 40% Nov. 1 Low. 23% Sept. 15, '20 23% Sept. 15 «73 NATIONAL, RAILROAD CO. OF MEXICO Ut Cons. 4s. Dae Oct. 1, 1951. Dated Mar. 15, 1902. Interest payable Apr. and Oct. 1, at office of company. New York. April 1, 1914, interest paid in 6% notes due Jan. 1, 1917, and secured by $1,776,178 S% 10-year bonds of Mexican Government. Oct. 1, 1914, and subsequent coupons in default. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $24,740,000 Fledged onder Nat'I Rys, of Mexico Prior Lien 4%s 2,640,000 In Treasury 9, 000 Denomination — Coupon, $1,000 and $600. Registerable as to principal. Trustee — Central Union Trust Co., New York. , Assumed by the National Railways of Mex- ico. Control — See Prior Lien 4%b. Secured by a first lien on about 250 miles of newly constructed railroad; a lien, sub- ject to the Prior Lien Mortgage, on about 1,286 miles of road and other property men- tioned in said Prior Lien Mortgage; and a direct collateral lien on $250,000 capital stock of the Coahuila & Durango Development Co., $100,000 capital stock of the Coahuila Con- solidated Coal Co., $276,000 capital stock of the Fuente Coal Co., $15,786,200 capital stock of the Mexican International R. R, Go. and $4,499,000 Mexican International R. R. In- come 4s, 1977. Prior Liens — Outstandins, National R. B. of Mexico Prior Liens 4%s of 1926 $23,000,00» Underlies — National Bys. of Mexico Prior Lien 4t6a of 1957, which provide for the re- tirement of this issue and National Bys. of Mexico General Lien 4s of 1977. Listed on the New York, Boston and Lon- don Stock Exchanges. Original Market — Offered In 1902 by Speyer & Co., Kuhn, Loeb & Co,, New York, and Speyer Bros., London. Market, New York — Samuel' Goldschmidt, Harts- horne & Battelle, Herzfeld & Stem. Price Range — N. Y. S. B. Jan. 1, '07, to Jan. 1, '21 1920 High 87% Jan. 28, '07 24 Deo. 2 Low. 13 Sept. 9, '20 13 Sept. 9 NATIONAL RAILWAYS OF MEXICO Prior Lien S. F. 4%s. Due July 1» 1957. Dated July 1, 1907. Interest payable Jan.' 1 and July 1 at company's office, New York, and City of Mexico, also London, Berlin, Ham- burg, France, Belgium and Switzerland. Jan., 1914, coupons paid in three-year 6% notes secured by pledge of Mexican Government bonds at the rate of $52.94 of bonds for $45 notes. Defanit — July 1, 1914, and subsequent In- terest in default. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $225,000,000 and $6,000,000 ad- ditional for acquisition of a prior lien. Outstanding $84,804,115 Held in Co.'s Treasury 561.077 Deposited as Collateral or for Exchange 30,243.447 Reserved for Extensions and Prior Liens 109,243.447 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Regis- tered. $1,000 and $5,000. Coupon and regis- tered bonds of $1,000 are interchangeable. Foreign Exchange — $1,000 U. S. Gold Bonds are also payable at the rate of $2,000 In Mexican gold, at £205.15.2. at 4,200 marks. at 6,180 francs and at 2,480 guilders, in the respective countries. Trustee — Central Union Trust Co., New York. Redeemable at 106 and interest for the sinking fund on any July 1, begrinning 1917 on 90 days' notice and in lots of $10,000,000 and over on July 1, 1917, or any Interest date thereafter. Sinking Fund — Beginning 1917, 1% of bonds authe;iticated together with additional pay- ments in respect to all bonds authenticated after Jan. 1, 1917, to be applied to the pur- chase or redemption of these bonds at not exceeding 105 and interest, all bonds thus acquired to be held alive In the fund. It Is calculated that these payments and Inter- est accumulations will retire the entire Is- sue at or before maturity. Note — Operation of sinking fund is In sus- pense. Organization — Incorporated In Mexico In 1908 and acquired in 1909 the properties of the National Railroad Co. of Mexico (includ- ing the Hidalgo & Northeastern R. R.), the Mexican Central Ry. Co., Ltd., and the Mex- ican Pacific Ry. Co. In 1910 the properties of the Mexican International R. R. Co. were ac- quired. On Nov. 1, 1913, and March 1, 1914, re- spectively, the ownership and control of the Vera Cruz al Istmo Ry. and Pan-American R. R. Co. were acquired. The company controls through stock own- ership the Interoceanic Ry. of Mexico (Acapul- co to Vera Cruz), Limited, and through it leases the Mexican Southern Ry. Co. (both of England). The Mexican Government owns $10,000,000 of the First Preferred. $30,278,300 of the $120,378,392 Second Preferred, and $74,771,- 167 of the $74,803,466 outstanding Common Stock of the National Railways of Mexico. Capitalization. Outstanding. Common $74,803,466 1st Preferred 30,278,300 2d Preferred 120,378.392 Funded debt •407,672,380 •Includes $136,567,000 assumed bonds. Secured by a direct inortgage on the se- curities (stocks and bonds) of the National Railroad Co. of Mexico, and Mexican Central Ry. Co., Ltd.. and subsidiary companies, de- posited with the Trustee, and subject to ex- isting mortgages, a lien on about 6,763 mile* of railroad. Prior Liens — $69,657,500 prior liens as fol- lows: Mexican Central Priority Cons. 5s, 3939 $1,374,000 Mexican International R. R. P. L. ■ 4%s, 1947 6,850,000 Mexican International R. R. 1st Cons. 4s, 1977 4,206,500 National R. R. of Mexico P. L. 4%s, 1926 23,000,000 National R. R. of Mexico 1st Cons. 4e, 1951 24.740,000 Vera Cruz & Pacific Ry. Co. Ist 4%s, 1934 7,000.000 Pan-American R. R. Co. 1st Mtge. 5s, 1934 2,003,000 Pan-American R. R. Co. Gen. Mtge. 5s, 1937 1,484,000 TJnderlies — $50,748,575 National Railways of Mexico General Mtge. Guaranteed 4s, due 1977. Usted on the New York and Ztondon Stock Exchanges. Original Market — $13,750,000 offered In June, 1908, by Speyer & Co., Kuhn, Loeb & Co., Hallgarten & Co., Ladenburg, Thalmann & (ilo., New York, and Kidder, Peabody & Co., Boston, at 94 and interest; $24,000,000 offered by same firms in Jan., 1909, at 95 and In- terest. Market. New York — Samuel Goldschmldt, Harts- home & Battelle, Herzfeld & Stern, L. L. Winkelman & Co. Price Range — "S. Y. S. B. Jan. 1, 'IS, to Jan. 1, '31 1920 High 96 June 3, '12 30 Mar. 29 Low. 17% Feb. 17, '20 17% Feb. 17 NATIONAL RAILWAYS OF MEXICO Guar- anteed Gen. S. F. 4s. Doe Oct. 1, 1071. Dated October 1, 1907. Interest payable April and Oct. 1, at company's office, New York and City of Mexico, also London, Ber- lin. Hamburg, France, Belgium and Switzer- land. April 1, 1914, interest paid in 3-year 6% notes. Default — Oct, 1, 1914, and subsequent Inter- est in default. $1,000 U. S. Gold Bonds are also payable at the rate of $2,000 in Mexican gold, at £205.16.2, at 4,200 marks, at 5,3 80 francs and at 2,480 guilders in the respective coun- tries. Tax Status — 2% Federal Income Tax paid by Company without reduction. Autliorized — $160,000,000 and $26,000,000 additional to retire a like amount of the Na- tional R. R. of Mexico Consolidated 4s. Outstanding $50,748,575 In Treasury . 5,639,666 Deposited as Collateral or for Exchange 16,324,875 Reserved for Extensions and Prior Liens 87,386,884 Denomination — Coupon $1,000 $500, $100. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at par and Interest In amounts of $10,000,000 and over after April 1, 1927, and for the Sinking Fund on and after Oct. 1, 1937. Sinldng Fund — Beginning 1937, annually 1% of bonds authenticated prior to that year and additional payments in respect to bonds au- thenticated thereafter, which it Is calculated will retire the entire issue at or before ma- turity. Guaranteed unconditionally aa to principal, Interest and sinking fund payments by en- dorsement by the United States of Mexico. Organization — See Prior Lien 4%s. Secured by a mortgage on the securities and properties of the company, which are cov- ered by the prior lien of the Prior Lien 4%s, which see for detail. Prior Iiien&— $84,804,115 National Railways of Mexico Prior Lien 4%s, due 1957. and $69,657,500 underlying bonds, listed on the New York, London, Paris and Amsterdam Stock Exchanges. Original market — Offered in 1908 by Kuhn. Loeb & Co., Speyer & Co., Ladenburg, Thal- mann & Co., and Hallgarten & Co., New York. Market. New York — Samuel Goldschmldt, Harts- horne & Battelle. Priao Bange— N. Y. S. B. Jan. 1, '10, to Jan. 1, '21 1920 High 92% Mar. 24, '10 25 Nov. 17 Low. 17 Dec. 11, '20 17 Dec. 11 NATIONAI> RAILWAYS OF MEXICO 2-Year 6% Secured Gold Notes. Due June 1, 1915. Dated June 2, 1913. Interest payable June and Dec. 1, at Company's office, 25 Broad St., New York. Default — December 1, 1914, and subsequent Interest and principal. June 1, 1914, interest paid in 6% notes. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $29,160,000 Outstandine 26,730,000 Reserved for Corporate Pur- poses 2,430,000 Denomination — Coupon, $1,000 and $5,000. Trustee — Central Union Trust Co., New York. Redeemable at par and interest on any in- terest date on 60 days' notice. Security — Entire issue will be secured ulti- mately by pledge of $24,800,000 National Rail- ways of Mexico Prior Lien 4%% Bonds and $17,000,000 General Mortgage Guaranteed 4% Bonds. The outstanding notes are secured by $23,537,500 Prior Lien 4i^s and $14,779,500 General 4s. The Indenture provides that the company may dispose of any , bonds pledged hereunder, but proceeds are to be deposited with the Trustee to be applied to the pur- chase or redemption of these notes. Original Market — $26,730,000 offered In June, 1913, by Kuhn, Loeb & Co., Speyer & Co. and Ladenburg, Thalmann & Co., at 97 and interest. Price Range. Jan. 1, '18, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 40 '18 45 '18 3 Of Nov. 40f July Low. 20f*20 30f'20 2 Of Feb. 30f Augr. NATIONAL SECURITIES CORP. 10-Year 6% Prior Lien Notes. Due July 1, 1924. Dated July 1, 1^14. Interest payable Jan. 1 and July 1. at Company's office. New York. T(uc Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. OntBtandIng $3,116,500 In Treasury 22.500 Denominations — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 101 and interest on any Interest date. Redemption Fund — When proceeds from the sale of collateral aggregate $100,000 or more, such fund must be applied to the purchase or redemption of these notes at not over 101 and Interest. Notes acquired to be cancelled. Control — ^Incorporated In Delaware in 1914 as a holding company. Controls the Idaho Power Co. through stock ownership. In 191f this company was succeeded through reorean- Ization by the Power Securities Corp. Secured by collateral consisting of all th» outstanding notes C$3,702,441) and $1BO,00» , par value preferred stock and all the commoii stock ($15,000,000) except directors' share* of the Idaho-Power Co. Underlies— Outstanding. Power Securities Corp. Coll. Tr. Sb. 1949 $876.40» Power Securities Corp. Income Bonds, 1949 3.785.700 Years ended Dec. 31 (Power Securities Corp): Gross. Net. Int.. etc. 1919 $2,182,910 $1,002,563 $625,334 1918 1.786,849 757.303 605.205 1917 1.585.792 666.064 561, OOX Market, New York — Otto Billo. Electric Bond &. Share Co. Boston — Pond & Co. Price Ranve. Jan. 1, '17, to Jan. 1, '81 Bid. Ask. Bid. Aslc High 90 '17 9214*17 - Low. 72 '20 77 '20 72 Dec. 77 Dec- NATIONAL STARCH CO. 20-Year Deb. Sm- Due July 1, 1930. Dated July 1. 1910. Interest payable Jan.. and July 1. at Trustee's office, New York. Tax Status — Payment of Federal Income Ta» not assumed by company. Authorized Closed mortgage. Outstandingr (Jan. 1,' '21) $662,500 Owned by Com Products Ro- fyung Co 1,847,500 Owned by Company 2,658,000. ► Denomination — Coupon, $1,000. JRegisterablo- as to principal. Trustee — Farmers' Loan & Trust Co., New York. Guaranteed principal and interest by en- dorsement of the Corn Products Refining Co- Organization and Control — Incorporated In New Jersey in 1900 and acquired the proiH erty and assets of the National Starch Mfg- Co. and a number of other starch and glu- cose companies. Company now owns plant* for the manufacture of starch and other com products, glucose, sugar, etc., at Oswego, N. Y., and Indianapolis, Ind., together witti extensive real estate in four other citieai Controlled through stock ownership by V "• Corn Products Refining Co. Capitalization. Outstanding. Common $99,300 Preferred (6% cum.) 16,200 Funded debt 5,172.000 Security — A direct obligation of the com- pany, but not secured by mortgage. Company agrees not to place any new mortgage upon. its property during the life of this issue, with- out equally securing these bonds thereunder. Listed on the New York Stock Exchange^ Years ended Dec. 31: Net. Dep'n. InteresK.. 1920 loss $319,794 $250,252 $153,519 1919 837,538 250,315 I59,20» 1918 893.766 250,304 197.652 1917 486,271 250,317 227.72T 1916 511,914 261,396 243,933: Market. New York — Fred H. Hatch & Co., Poucfc & Co., Tobey & Kirk. Price Range — N. Y. 8. E. Jan. 1, *14, to Jan. 1, '21 1920 High 94 Aug. 16, '18 96% Apr. J Low. 81% Feb. 27, '14 88 Oct. 21 NATIONAL STBEIi CAR UNSS CO. Kquip. Tr. 8s. Series "A". Due each Nov. 1 and May 1 as fellows: $50»000 Nov. 1, 1921; $50,000 May 1, 1922 and (30,000 semi-annually thereafter to May 1, 1927, incl. Ihtted May 1, 1921. Interest payable May 1 and Nov. 1 at Columbia Trust Co., New York. Tax Statns — 2% Federal Income Tax paid by the company without deduction. Authorized $400,000 Outstanding- 400,000 Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Redeemable as a whole only on any in- terest date at 103 and interest on 60 days' notice. Guaranteed principal and interest by the Chestnut and Smith Corporation. The Chestnut and Smith Corporation is one of the largest and best known manu- facturers of absorption and blended graso- line in the Mid-Continent field. The corporation operates 9 compression gasoline plants in Oklahom,a and 2 in Texas. It also owns a 5,000 barrel refinery for the manufacture of its won blending materials and owns or has under lease about 721 steel tank cars. The corporation also controls the output of 9 other compression gasoline plants. Secured by an equipment trust agreement on 181 insulated cars of 8,000 gallons ca- pacity each, 10 non-insulated, cars of 8,000 gallons capacity each, 40 non-insulated cars of 10,000 gallons capacity each. The cars were newly built and delivered to the cor- poration by the builders at various dates beginning October, 1916. The average life of the cars is estimated at over twenty years. These cars represent an original cash Investment to the Chestnut and Smith Cor- poration of over $809,000, against which there are to be issued certificates of $400,- 000 or less than 50% of the cost of the equipment. Original Market — $400,000; offered April, 1921, by Freeman & Co. on a 8.40% basis. NATIONAt STEEL CAR LINES CO. Equip. Tr. 8r Series "B." Due $50,000 each Dec. 1 and June 1 from Dec. 1, 1921, to June 1, 1928, incl. Dated June 1, 1921. Interest payable June 1 and Dec. 1 at Columbia Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. Authorized $700,000 Outstanding 700,000 Denominations — Coupon, $1,000. Trustee — Columbia Trust Company, New York. Redeemable as a whole on any interest date at 103 and Interest upon 6 days' notice. Guaranteed principal and interest by the Transcontinental Oil Company. Secured by an equipment trust agreement on 507 all-steel standard tank cars. These certificates arc issued at not to exceed $1,381 per car which ia 55% of the present (as of May. 1921) cost of this equipment. , , Original Market — $700,000, offered May 1, 1921, by Freeman & Co., on an 8.40% basis. Reserved for Ext 6,000.000 Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. $5,000. $10,000 and $100,000. 0. & R. interchange- able. Trustee — The New York Trust Co. , New York. Redeemable at 105 and Interest Nov. 1 , 1916, or on any Interest date thereafter upon six weeks' notice. Guaranteed principal and Interest uncondi- tionally by the United States Steel Corpora- tion by endorsement. Sinking Fond — Beginning May 1, 1916, 1% annually of all bon'ds issued to be applied to the purchase or redemption of these bonds at not exceeding 105 and interest, all bonds thus acquired to be held alive In the Sinking Fund. Organization knd Control — ^National Tube Co., formerly known as the Lorain Steel Co., was incorporated in Ohio in 1898. The entire stock is controlled by the United States Steel Corporation. Secnred by first mortgage upon entire prop- erty of National Tube Co., consisting of 1,169 acres of plant real estate at Lorain,- Ohio, on which are located 5 blast furnaces, 2 Bessemer steel converters, 12 open hearth fur- naces, 3 Blooming mills, 1 Bail mill, 2 Plate mills, 3 Skelp mills, 11 welding pipe furnaces and extensive ore docks and ore handling equipment, the actual cost of which is in ex- cess of the amount of these bonds. lilsted on the New York Stock Exchange. Original Market^$10,000.000 offered In April, 1912, by J. P. Morgan & Co., First National Bank and National City Bank, New York, at 101% and interest. Market. New York — Coflln & Co., Dunham & Co., Sam'l Goldschmidt, J. H. Holmes & Co., Tobey & Kirk, Wataon, Armstrong & Co. St, Louis, Mo. — Francis Bro. & Co. Pittsburgh — Moore, Leonard, Lynch, The Union Trust Co. of Pittsburgh. Price Range — N. Y. S. E. Jan. 1, '17, to Jan. 1, 'Zl 19160 High 103 Jan. 18, '17 93% Jan. 7 Low. 83 June 15, '20 83 June 16 NA'TIONAIi TUBE CO. (THE) 1st 58. Dae May 1, 1953. ^, ,, Dated May 1, 1912. Interest payable May and Nov. 1, at Company's office. New York. Tax Status — 2% Federal Income Tax paid ty company without deduction. Authorized $15,000,000 Outstanding (Jan. 1. '21) ^'J^'SS? Held In S. E 568,000 NATIONAIi UTILITIES GO. 7% SeoorMi Notes. Due $20,000 each Feb. 1, from 1932 to 1936, incl. Dated Feb. 1, 1920. Interest payable Feb. 1 and Aug. 1, in New York, Tax Status — The company will pay or re- fund 4 % Federal Income Tax. Also refunds the following state taxes: Massachusetts In- come Tax, New York State Income Tax, Con- necticut Personal Proirerty Tax, Pennsylvania Personal Property Tax. Authorized $3,000,000 Outstanding (May 25, '21) 116,000 Unissued 2,700,000 Balance Retired. Provisions of Issue — Additional notes of this issue may be brought out from time to time against the deposit of mortgage bonds of un- derlying company when net earnings for the preceding 12 months available for interest on all outstanding notes including those to be issued are at least 2H times interest charge. Purpose of Issue — To provide funds for the further development of the various subsidiary properties and retire maturing funded obliga- tions. Denomination — Coupon $500 and $1,000 In all maturities ($100 bonds in 1926, 1931 and 1936 maturities); reglsterable as to principal. Trustee — Coal & Iron National Bank, New York. Redeemable on any interest date at 102 and Interest. Oreanlzatlon — ^Incorporated tn Maine In 1916. Controls and operates public utilitr properties supplying fifteen cities and their environs with a total population of about 116,- 000 in the states of Ohio, New Jersey, M!»- eouri, Texas and Kansas. Capitalization. Outatandine, Preferred (6% non-cum.) $63,900 Common 63,900 Funded debt 116,000 Secured by pledgre of First Mtge. bonds (or their eauivalent) of the properties now owned or hereafter acquired by this company in the following ratio: $900 in notes against each $1,000 bond bearing an interest rate of 6%% or more; $800 in notes against each' $1,000 bond bearing an interest rate of 6%. These notes will be further secured by the deposit from time to time of the common stocks of the properties owned or controlled by the company. The company agrees that during the life of these notes that its subsidiary companies whose mortgage bonds are pledged to secure these notes shall not issue further funded obligation (except bonds of present outstanding Issues and issues of new companies whose con- trol is hereafter acquired) in addition to those already outstanding, retirement of which is provided for in this issue. Years ended Pec. 31 (combined): OrosB. Net. Interest. *1919 $889,104 $93,166 $21,000 1918 867,356 1917 579.309 ♦Year ended Nov. 3 0. Original Market — $ 300,000 offered March, 1920. by P. W. Brooks & Co., New York, etc., at prices to yield 7.30%. Afarket. New York — P. W. Brooks & Co. NAUGATUCK RAILROAD CO. 1st 4fl. Bue May 1, 1954. Dated May 2. 1904. interest payable May and Nov. 1, at company's offices, New York, Boston and New Haven, at First National Bank, Boston, and Second National Bank, New Haven. Tax Status — 2% Federal Income Tax paid* by company without deduction. Authorized $2,500,000 Outstandinsr 2,500,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Reg- istered, $5,000. TroBtee — Treasurer of the State of Connecti- cut. Assumed by the New York. New Haven & Hartford R. R. Co. Note — The bonds also bear the endorsed guaranty of N. Y,, N. H. & H. R. R. Co. Control — Incorporated in Connecticut in 1845 and in 1906 was absorbed by the New York, New Haven & Hartford R. R. Co. Secured by first mortgage on 61 miles of road, consisting of main line from Naugatuck Junction to Winsted, Conn., and branch from "Waterbury to Watertown, Conn. Underlies — $234,000 Naugatuck Railroad De- benture 3%s, due 1930, and N. Y., N. H. & H. R. R. lat & Ref. Mtge. under which bonds are reserved to retire this issue. Listed on the New York Stock Exchange. Market. New York — Fred H. Hatch & Co. Prica EaBgs — ^N. Y. S. E. Jan. 1, *14, to Jan. 1, '21 1920 Bid. Hieh 87 July 15, '14 63 May Low. 87 July 15, '14 56 Nov 877 NEBRASKA POWER COMPANX (Omaha, Neb.) 30-Year Series A 6s and B 6s. Due June h 19^- Dated June 2, 1919. Interest payable Jun* 1 and Dec. 1 Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. Outstandingr (Jan. 1, '21) — A 5s $5,600,000 B 6s 1,600.000 $7,200,000 FroTisions of Issue — Additional bonds may be issued for 807# of the cash cost and fair value of permanent additions, extensions, etc.. made subsequent to April 1, 1919, to the mort- gaged property or (to the extent of not more than 10% of the outstanding bonds) of sim- ilar additions, extensions, etc., to the prop- erty of subsidiaries, all of whose mortgage bonds and stock are pledged with the Trustee. and no bonds may be issued in either case un- less the net earnings for twelve consecutive months within the fifteen consecutive months immediately preceding the date of application for such bonds shall have been not less than twicR the annual Interest charge of all first mortgage bonds outstanding, together with those proposed to be issued. Denomination — Coupon $1,000 and $500, reg- isterable ($1,000) as to principal. Registered $1,000 and authorized multiples. C. & R. ($1,000 or multiples) interchangeable. Trustees — Guaranty Trust Company and F. J. H. Sutton, New York. Redeemable on any interest date on four w^eeks' notice as follows: 5s at 105 and interest June 1, 1924, to June 1, 1930, and thereafter at 102% and interest; 6s at 105 and interest to and including June 1, 1935 and at 102% and interest thereafter. Improvement or Sinking Fund — Annually be- ginning June 1, 1924, the following amounts: 1% of outstanding bonds June 11, 1924, to 1928, inclusive; 1% % of outstanding bonds June 1, 1929, to 1948, inclusive. This fund is applicable for the acquisition of additional property or other permanent ad- ditions, extensions, etc., which might other- wise have been made (and may not there- after be made) the basis for the issuance of bonds, cr for the purchase or redemption of bonds of -this issue. Bonds so acquired to bo cancelled. Organization and Control — Incorporated in Maine in 1917 and acquired by purchase the properties of the Omaha Electric Light & Power Company. Controlled through stock ownership by the American Power & Light Co. Capitalization. Outstanding-. Common $5,000,000 1st Pref. (7% cum.) 3,500,000 2d Pref. (7% non-cum.) 1,000,009 Funded debt 8,300,000 Management — Electric Bond & Share Com- pany, Nev/ York. Secured by a first mortgage on all the prop- erty of the company, comprising a central power station of 33,000 k. w., located in Oma- ha, Neb., tobether with electric distributing: system of the company comprises conduits in more than 24 miles af streets. The oomriany also wholesales electric current in Council, Bluffs, la, ' Population E-erved: Omaha, 200,- 000; Council Blufts, 30,000. The U. S. Supreme Court has held that the company possesses a franchise right, un- limited in time, to distribute electricity for light, heat and power purposes. This fran- chise covers territory from which the corn- nany derives the major portion of its revenue. IfearB ended Dec. 31: Gross. Net. Int., etc. 191d $2,407,120 $921,926 $360,970 1918 1,908,630 722,957 281,240 -jl9r7. . 1,676,288 684,466 177,957 Orifirinal Market — $5,600,000 Bs offered June, 1919, by Harris, Porbes & Company, New York and Boston; Harris Trust & Sav- Ingrs Bank, Chicago, and Coffin & Burr, Inc., Boston, at 90 and interest; $1,600,000 6s offered Sept., 1920, by the same firms at Si% and interest. Market. New York — Glidden, Daridge & Co., Fred H. Hatch & Co. Boston — L. Sherman Adams, Coffin & fiurr. Moors & Cabot. Fhiladelplua — Henry D. Boenning & Co. Oiualia — Omaha Stock & Bond Exchange, Inc. Providence, K. I. — Brown Lisle & Mai^ ahall. Price Range Jan. 1, '19, to Jan. 1, '31 19^ Bid. Ask. Bid. Aak. Hiffh 85 '19 90 '20 76 Oct. 85 Jan. Amw. 72 '20 76 '20 72 Dec. 76 Dec. Lynch & Co., New York, etc., at 100 and In- terest. Market. Chicago — Merrill, Lynch & Co. KBPTTJNE fllETEB COMPANY 7% Notes. Due $120,000 each Oct. 1, from 1920 to 1924, incluBive. ■ Dated Oct. 1, 1919. Interest payable April ■1 and Oct. 1, at Bankers' Trust Company, JHew York. Tax Status — 2% Federal Income Tax paid Ijy company without deduction. Pennsylvania State Tax refunded. , Anthorized $600,000 Outstandine 600,000 IPurposo of Issue — To reduce current indebt- edness and to furnish additional working cap- ital. Denomination — Coupon, $1,000 ; registerable -as to principal. Trustee — Bankers' Trust Company, New Bedeemable upon 30 days' notice at 100 ard interest plus a premium of Vz of 1% for each six months or fraction thereof of the unexpired ierm. Or^^anization — Incorporated in New Jersey In 1893. The Company is the largest manu- facturer of water meters in the United States. Manufacturing plant is located at Long Island City, New York. Output is at the rate of 135,000 meters per annum. Capitalization. Outstanding. ■Common ^ $2,000,000 ::Funded debt 600,000 Security — A direct obligation of the Com- pany but not eacurcd by mortgage. The Com- pany has no funded indebtedness. Under the prorisions of the trust agreement the Com- pany covenants as follows: That it will not place any mortgage or lien on il.s physical assets; that it will at all times ^maintain current assets as defined in the trust agreement at an aggregate amount equal to at -least 1% times all current liabilities, including ^11 of these notes at any time outstanding; that it will not hypotbecate or pledge any of Its current assets including merchandise, raw materials, investments or accounts receivable; that it will not sell or otherwise dispose of any real estate or investments unless the pro- ceeds shall be immediately devoted to retiring notes of this issue. Tears ended Dec. 31: Net. • 1919 $269,691 1918 519,567 •Bight months ended August 31. Original Market — $600,000 offered October. 1*19, by George H. Burr & Co., and Merrill, N*;VADA-CALIF(>RNTA ELECTRIC COR- PORATION (THE) First lAen, Series "A" and B 6s. Due Series **A.** Jan. 1, 1946; "B," Oct. 1, 1950. Interest Series Dated Fayable A Jan. 1, 1916 L. & L. B Oct. 1, 1920 A. & O. Interest payable at Bankers' Trust Co., New York, or Trustee's office. Tax Status — 1% of Federal Income Tax re- funded. Authoi-ized A $15,000,000 B 15,000,000 $30,000,000 Outstanding (Jan. 1, '21)... A 8,593,000 Retired by S. F A 204,200 Owned by Subsidiary A 221,600 Pledgred to Secure 8% Notes A $1,125,000 B 1,125,000 2,250,000 In Treasury A $798,200 B 163y^000 961,200 Reserved for Prior Liens. . . .A 4,058,000 Reserved for Ext B 13,712,000 Denominations — $100, $500 and $1,000. Reg- iaterable as to principal. Registered, $1,000 and multiples. C. & R. mter changeable. Trustee — The International Trust Co., Den- ver. Redeemable upon 60 days' notice on any interest date as follows: Series "A" 103 and interest; Series "E" at 103 and interest. Sinking: Fund — Semi-annual payments as follows: Series A, Feb. 1 and Aug. 1 of each year, beginning 1921, a sum at least equal to % of 1% of all First Lien Series "A" bonds then outstanding. The moneys in this fund shall be applied by the Trustee in purchasing bonds of Series "A" at the lowest price obtainable, but not exceeding 103 and accrued interest, or in redeeming bonds at 105 and accrued interest on or prior to Jan. 1, 1921, or at 103 and ac- crued interest after that date; Series "B" within 30 days after September 1, 1925, a sum at least equal to 1 % of the aggregate principal amount of all First Lien Series "B" Bonds then outstanding, and w^ithin 30 days after March 1 and September 1 of each year thereafter a sum at least equal to % of 1% of all First Lien Series "B" bonds then outstanding. The moneys in this fund shall be applied by the Trustee at the option of the corporation in purchasing bonds of Series "B" at the lowest price ob- tainable but not exceeding 103 and accrued interest, or for investment in permanent betterments or new properties of the cor- poration or an underlying company. All bonds so purchased or redeemed to be can- celled. Organization — Incorporated in Delaware in 1914, and has acquired practically the entire capital stock of the Nevada-California Power Co. , The Southern Sierras Power Co. , Inter- state Telegraph Co., Hillside Water Co., Im- I>erial Ice & Development Co., Cain Co. Capitalization. Outstanding. Common $8,369,500 Preferred (7% cum.) 7,146,100 Funded debt •13,883.850 •Includt^s .SLibsid-aries. Secured by pledge of $12,152,000 bonds of, subsidiary companies and approximately $17,802,400 (over 99%) par value of their stock. The indenture provides that all bonds issued by any subsidiary company for any purpose shall be acquired forthwith by The Nevada- 87& Califbrnia Electric Corporation and pledged aa security for its First Lien Bonds. The collateral property includes electric gen- erating plants with a capacity of 60,000 h. p. of which 48,000 h. p. is hydro-electric; 1,330 miles of high-tension transmission lines, of which 238 miles consist of a double circuit three phase 140,000 volt steel tower line, with towers spaced eight to the mile; 697 miles of transmission lines of 55,000 volt single circuit wooden pole lines, 9 miles of 33,000 volt dou- ble circuit steel pole lines; 384 miles of double and single circuit 33,000 volt wooden pole lines and 54 miles of double and single circuit 15,000 volt wooden pole lines. In addition there are 479 miles of wooden pole distribu- tion lines of 11,000 volts, 6,600 volts and un- der. In the States of California and Nevada, franchises are subject to the supervision of the California Railroad Commisaion and the Nevada Public Utilities Commission. The territory served covers the rich agri- cultural and industrial sections of Southern and Eastern California, and also the great mining districts of Central "Western and South- western Nevada. AU of this territory, with the exception of a small portion in San Bernardino, Riverside and Inyo Counties in Southern California, is served exclusively by. the subsidiary companies of this Corporation. The Nevada-California Power Company serves Central, Western and Southwestern Ne- vada. Included in this territory are the rich mining districts of Tonopah, Goldfleld, Millers, Manhattan, Round Mountain, Rhyolite, Won- der, Fairview, Rawhide and Aurora. The Southern Sierras Power Company, with a transmission line extending from Bishop Creek in Inyo County to the City of San Ber- nardino in Southern California, and with over 600 miles of distributing lines in San Ber- nardino arid Riverside Counties, has tributary to its lines in the north, the fertile Owen River Valley, the Kern and Apple Valleys, and the Keeler and Randsburg mining districts, the large soda and potash deposits at Owens and Searles Lakes, the cement plants in Vic- torville District, the towns of Big Pine, Rands- burg, Johannesburg, Oro Grade, Victorville and Barstow, and in Southern California the rich agricultural districts of San Bernardino and Riverside Counties which include the cities of San Bernardino, Riverside, Redlands and the towns of Perris, San Jacinto, Hemet, El- sinore and Banning. The Hillside Water Company and the Cain Company own reservoir developments and large tracts of land with appurtenant water rights on Bishop, Rlish, Mill and Levening Creeks where the hydro-electric developments of the Companies are located. The Interstate Telegraph Company's tele- graph and telephone lines parallel those of the power companies' systems except in Southern California, This Company operates 600 miles of line and transacts a general telegraph and telephone business. Prior JAens — $1,621,000 Nevada-California Power Co. 1st 6s of 1927 and $1,833,000 Southern Sierras Power Co. 1st 63 of 1936. Bonds are reserved under this mortgage to re- tire both issues. Underlies — $336,800 Conv. Deb. 6s, 1926. Years ended Dee. 31 (combined): Gross. 1920 $3,074,517 1919 .... 2,570,616 1918 2,147,349 1917 ... 1,985,150 1916! 1,526,897 Oriffinal Market — $3,943,000 A 6s offered June, 1916, by Spencer Trask & Co., Wm. P. Net. Interest. $1,630,688 $716,368 1,406,762 685,647 1,122,264 636.611 1,078,092 649,775 938,038 463.586 Bonbright & Co., Inc., New York, and Sweet, Oausey, Foster & Co., Denver, at 98% and interest; a block offered Sept., 1918, by Boettcher, Porter & Co., Denver, at 9i'A and interest. Market. New York — Fred H. Hatch & Co., Earle A. Miller & Co., Sutro Bros. & Co. Boston — Arthur Perry & Co. Fliiladelphia — Samuel McCreery & Co. Denver — Bankers Trust Co., Boettcher, Porter & Co., Bosworth, Chanute & Co., The International Trust Co., Wm. C. Packard. Salt Lake City — Palmer Bond & Mortgage Co. Price Bange. Jan, 1. High Low. 17, to Jan. 1, '31 A 6s Ask. 99 '18 80yz '20 Bid. 97 '17 77 '20 Bid. 93 Apr. 77 May 1920 Ask. 96 Jan. 80% Deo. ELKCTKIC COB- Secured Notes. Interest payable NEVADA-CAUFOKNIA PORATION lO-Yr. Dae Nov. 1, 1930. Dated Nov. 1, 1920. May 1 and Nov. 1, in New York, San Fran- cisco and Denver. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,600,000 Outstanding 1,600,000 Denominations. — Coupon $500 arid $1,000; registerable as to principal. Trustee — International Trust Co., Den- ver. Kedeejnable on any interest date at 103 and interest upon 90 days' notice. Organization — See 1st ien Series "A" and "B" 6s. Seciu-ed by pledge of $2,250,000 1st Lien 6s viz: $160 par value of bonds for each $100 par value of notes. The corporation agrees to maintain a ratio between the market value of the pledged 1st Lien 6s and the par value of the notes outstanding of 115 to 100. Earnings — See 1st Lien 6s. Original Market — $1,600,000 offered Nov. 1920, by Spencer Trask cSs Co., and Blyth, Witter & Co., New York; Boettcher, Porter & Co., Bankers Trust Co. and International Trust Co., all of Denver, at 99 and interest. Market New York — Blyth, Witter & Co., Sutro Bros. & Co. Boston — Arthur Perry & Co. Denver — Bankers Trust Co., Boettcher, Porter & Co., Bosworth, Chanute & Co., The International Trust Co. Price Kange 1920 Bid. High 98y2 Nov. Low 96 Dec. Ask. 99 Nov. 98% Dec. KAILWAY 8T> NEVADA-CALirOBNIA-OREGON CO. l9t 68. Due May 1, 1967. Dated June 12, 1917. Interest payable May 1 and Nov. 1 at office of Moran Brothers, 68 William St., New York. Ta.x Status — 2% Federal Income Tax paid by the company without deduction. Anttaorlzed $2,200,000 Outstanding 960,000 In Treasury 40,000 Reserved for Ext 1,200,000 Purpose of Issue — $860,000 Issued in ex- change, par for par, for 1st 6s due May 1, 1919. Denomination — Coupon, $1,000. Registerable aa to principal. Trustee — Central Union Trust Co., New York. Redeemable at 105 and Interest at any time upon four weeks' notice Sinking Fund — Annual payments as follows: A sum equal to % o£ 1% Irom April 1, 1922. to April 1. 1931, InclUBive, and % ol 1% on April 1, 1932, and thereafter, of bonds Issued and outstanding tor their purchase or redemp- tion at not over lOB and Interest. Bonds so purchased to be cancelled. Oreanization — Incorporated In 1888 in Ne- vada. In June, 1917, the company sold 103.82 miles of road from HackatafC, Cal„ to Beno, and Reno Terminals and from Plumas Jet. to Blairsden Station, Cal., to the Western Paclflo H. R. Co. for $700,000. Capitalization. Ontetanding Common $1,460,000 Preferred (5% non-oum.) 760,000 Funded debt 960,000 Secured by a first mortgage on 171.29 miles of road, viz: HaokatafE, Cal. (Western Pacific crossing), to Lakeview, Ore.. 171.29 miles. Years ended Dec. 31: Gross. Net. Int. & Rent. 191.9 $348,965 def.$21,661 $67,006 1918 293,610 18.661 63,881 •1917 383,873 17,601 62.710 •1916 391,726 49,080 66,609 •1916 383.227 det. 7,663 62,412 •Includes operation of the 103.82 miles of road sold to the Western Paclflo R. R. in June, 1917, but which was operated by this company until early in 1918. Original Market — $860,000 exchanged par for par June, 1917, for Ist 6s, due May 1, 1919. NEVADA-CAUCFOBNIA POWER CO. Ist S. F. 6s. Due April 1, 1987. Dated April 1, 1907. Interest payable April and Oct. 1, at Guaranty Trust Co., New York, or Trustee's office. Tax Status — 2% Federal Income Tax paid by conii>any without deduction. Authorized $3,000,000 Outstanding: (Jan. 1, '21) 1,621,000 Ketired by S. F 793,000 Pledged under Nev.-Cal, Flee. Corp. First Tjens 6s 686,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — International Trust Co., Denver. Redeemable at 106 and interest on any inter- est date. Sinking Fund — 20% of net earnings to be applied to purchase or redemption of these bonds, and in addition a sum equal to amount paid in dividends in excess of 6 % . Organization — Incorporated in Wyoming in • 1907 and acquired the property of the Nevada Power Mining & Milling Co., including the Tonopah, Goldfield. Silver Peak and Manhat- tan lighting systems. Control — Practically entire capital stock owned by the Nevada-California Electric Cor- poration. Secured by first mortgage upon entire prop- erty of company, including three hydro-electric power plants at Bishop Creek, Cal., 400 miles of transmission lines, etc., supplying power to various cities, mills and mines in South- eastern Nevada. Franchises are perpetual. Underlies — 1st & Ref. 6s of 1966, all of wich are derfosited under Nevada-California Electric Corp. 1st Lien Mtge., which pro- vides- to retire this issue. Famnnge — See Nevada-California Electric Corp. 1st Lien 6s. Original Market — $600,000 offered in 1908, by Mason. Lewis & Co., Boston, and in 1909. by Chandler Bros. & Co., Philadelphia and New York, at par and interest. New York — Fred H. Hatch & Co., Earle A. Miller & Co., Sutro Bros. & Co. , Philadelphia — Henry D. Boenning & Co. 880 Saa Diegro, Cal. — Blyth, Witter & Co. Denver — Bankers Trust Co., Bosworth. Chanute & Co., The International Trust Co., Wm. C. Packard. Price Banere. Jan. 1, '16, to Jan. 1, 'Zl WHO Bid. Ask. Bid. Ask. High 102 '16 103 '16 95 Jan. 98 Jan. Low. 79 '20 82 '20 79 Aug. 82 Aug. NEVADA POWER, LIGHT & WATES CO. Ist 6s. Due AprU 1, 1932. Dated April 1, 1902. Interest payable April and Oct. 1, at Trustees'. Tax Status — ^Payment of Federal Income Tax not assumed by conu;>any. Anthorized Closed morteage. Outstanding (Jan. 1, '21) $210,000 Held in S. F 90,000 Trustee — Mercantile Trust Co., San Fran- cisco. Redeemable at 107% and -interest decreas- ing to 100% prior to maturity. Sinking Fundi — ^Annually 2% of bonds Issued payable AprU 1, increasing to 3% at ma- turity. Assumed by Reno Power, Light & Water Co. Control — ^Absorbed by Reno Power, Light & Water Co., which is supplying electricity & water to Reno and Sparks, Nevada, serving a population of 16.000. The entire capital stock of the latter company is owned by the Sierra Pacific Electric Co., managed by the Stone St Webster Corp. Underlies — $378,000 Reno Power, Light * Water Co. 1st Cons. 6s, due 1944, which provide for the retirement of this issue. Years ended Dec. 31 (Sierra Pac. E. Co.): Gross. Net. Int. & S. P. 1920 $779,244 $339,717 $72,448 1919 681,891 302,139 71,229 1918 721,297 366,637 82,696 1917 681,133 363,437 81,949 1916 684,961 335,961 84,612 Market. Boston — Stone & Webster. NEW ALBANY (Ind.) WATER WORKS CO. 1st Cons. 5s. Due Annually April 15 to 1924. Dated April 16, 1904. Interest payable April and Oct. 16, at United States Trust Co., Louisville, Ky., and Bankers' Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $760,000 Outstanding 390,000 Matured and Paid 210,000 Reserved for Prior Lien 150,000 Denomination — Coupon, $100, $500 and $1,- 000. Trustee — United States Trust Co., Louis- ville, Ky. Organization and Control — Incorporated In Indiana in 1874 and acquired the property of the Indiana Water Co. Controlled through ownership of its entire stock by the Louisville & Northern Ry. & Lighting Co., which has de- posited same under its first mortgage. As of April, 1921. this company and others were being merged into the Interstate Pub- lic Service Co., a subsidiary of the Middle West Utilities Co. Secured by mortgage upon plant supplying water to New Albany. Ind.. and vicinity. Pop- ulation ijcrved, 25,000, The company has surrendered its franchil* in New Albany, Ind., and elected to operate under an indeterminate pe'-mit. Plior Liens— $150,000 First 5s. due 1926, for the retirement of which bonds of this is- sue have been reserved, OriElual Market — Offered by Trowbridee A Nivers Co. (dissolved), Chicago, at par and Interest in April, 1906. Market. Boston — H. C. SpiUer & Co., Chaa. A. Day & Co. Fittsbnrrih — ^Wm. P. Lemley & Co. Price Bance. Jan. 1, '16, to Jan. 1, 'Zl 19D0 Bid. Asli;. Ask. High 90 "16 76 Dec. Low. 75 '18 74 '20 74 Apr. Price Bance. Jan. 1, '10, to Jon. 1, '21 192« Bid. Ask. Bid. Ask. High 103 '10 105 '10 64 Oct. 67% Nov. Low. 66 '20 69 '20 66 Apr. 59 Jan. KBW AMSTBBDAM GAS CO. Ist Cons. 58. Doe Jan. 1, 194S. Dated March 7, 1898. Interest payable Jan. and July 1, at National City Bank, New Tork. Tax Statas — 2% Federal Inome Tax paid by company without deduction. Antiborized $20,000,000 Outstanding 10,636,000 Keserved tor Prior Ueng 9,000,000 Beserved for Ext 366,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Reg- istered. $5,000 and $10,000. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated in 1897 in New York as a consolidation of the New York & Bast River Gas Co. and the Equitable Gas Light Co. of New York. Com- pany owns the entire $7,000,000 stock of the New York Carbide & Acetylene Co., entire $1,000,000 stock of the Bast River Gas Co. of Long Island City, entire $3,600,000 stock of the Central Union Gas Co. and $740,000 of the $1,600,000 stock of the Northern Union Gas Co., the balance being owned by the Cen- tral Union Gas Co. Controlled through ownership of 99% of its Preferied and Common Stocks by the Consoli- dated Gas Co. of New York, Capitalization. Outstanding. Common $12,166,000 Preferred (6% um.) 9,000,000 Funded debt 19,136.000 Secured by mortgage, subject to $8,600,000 prior liens, on entire property of company, manufacturing plant at Ravenswood, Long Island City, with a daily capacity of 36,000,- 000 cubic feet, 4 gas holders in Manhattan aod four in Queens, supplying water gas to the Boroughs of Manhattan and Queens in New York City. Prior Liens — $3,600,000 Baultable Gas Light Co. Cons. 6s of 1932; $3,600,000 New York & Bast River Gas Co. 1st 5s of 1944 and $1,600,000 let Cons. 53 of 1945, for the re- tirement of all of which bonds of this issue have been reserved. Years ended Dec. 31: Gross. Net. Interest. 1920 $4,735,932 $327,274 $1,631,365 1919 4.182,155 667,709 1,487,203 1918 3,946,397 846,668 1,407,636 1917 3,734,665 1,149,427 1,391,491 1916'" . 3.545,114 1,440,416 1,368,884 1916" . 2,871,436 1,044,965 1,059,249 1914" ... 2,923,696 1.128,984 1,064,633 Market. New York — Theodore L. Bronson & Co., Dunham & Co., Pinlay & Davenport, Sam'l Ooldschmidt, Fred H. Hatch & Co., Martin, ■Rorwin & Co., L. A. Morton & Co., Chas. W Place, W. E. R. Smith & Co., Tobey & Kirk. NEW BEDFORD (Mass.) GAS & EDISON UGHT CO. 6-Year Deb. 6s, Series A. Due June 1, 1922. Dated June 1, 1917. Interest payable Jun» 1 and Deo. 1, at Trustee's ofiSce or First Na- tional Bank, Boston. Tax Status — Payment of Federal Income Tax not assumed by company -Authorized $5,000,000 Ontstanding 1,500,000 Unissued 3,500,000 - Denomination — Coupon, $1,000. Kegister- able as to principal. Trustee — New Bedford Safe Deposit & Trust Co., New Bedt6rd, Mass. Bedeemable as a whole only or in part by lot in blocks of not less than $600,000 on any interest date on 30 days' notice at 101 and interest. Organization — See 1st 63. Secured eaually with 1st 63 of 1928 on all the property of the company. Refunding — Bonds are reserved under 1st 6s of 1928 to retire this issue. Earnings — See 1st es. Original Market — $1,600,000 offered July, 1917, by Harris, Forbes & Co., Harris Trust & Savings Bank, Coffin & Burr and Curtis & Sanger, at 100 and interest. Market. Boston — L. Sherman Adams, Coffin & Burr, Curtis & Sanger. Price Bange, Jan. 1, '19, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 99 '19 101% '19 95 Aug. 101% Feb. Low. 95 '20 100 96 Aug. 100 Aug. NEW BEDFORD (Mass.) GAS & EDISON LIGHT CO. 1st Series "A" 6s and "B" 7s. Due Series "A" Jan, 1, 1928; "B" July 1, 1928. Dated Jan. 1, 1918. Interest payable July 1 and Jan. 1, at First Nat'l Bank, Boston, or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Dated Series "A" Jan. 1, 1918; Series "B" July 1, 1920. Outstanding: (Jan. 1, '21) A 6s $886,000 B 7s 477,000 1,362,000 Reserved to Retire Deb. 6s. . . . 1,500,000 Reserved for Ext 7,138,000 Provisions of Issue — The present issue ap- proved by the Massachusetts Board of (>as and Electric Light Commissioners, and additional bonds may be issued to a par amount eaual to 50% of the cost of new property, and alao with the approval of the above commission. Denomination — Coupon, $1,000 and $600. Registerable as to prinipal. Trustee — New Bedford Safe Deposit & Trust Co., New Bedford, Mass. Redeemable — Series A in whole or in part, by lot on any interest date at 40 days' no- tice, at 110, to and including Jan. 1, 1923; 107% and thereafter to and including July 1, 1925; and at 105 thereafter. Organization — Incorporated in Massachusetts in 1850. Capitalization. Outstanding. Common $2,862,000 Funded debt 2,862,000 Secured equally with $1,600,^0 Debenture 6s, due 1922 on all the property of the Com- 881 pany. The Company does the entire electric business in New Bedford, Mass., Acushnet, Fairhaven, Dartmouth and the entire gas business in New Bedford, Fairhaven, Acush- net and Dartmouth. Also sells current to the New Bedford & Onset Street Ry. Co. for Plymouth, Middleboro and all the Cape Cod district from the Cape Cod Canal to Falmouth and over to Chatham. The com- pany is completing- a modern steam station on tidewater, designed for an ultimate ca- pacity of 92,000 h. p. Replacement value of property is in excess of $12,000,000. Years ended June 30: Gross. Net. Interest. 1920 $3,271,686 $492,079 $246,076 1919 2,817,323 651,938 189,565 1918 1,830,610 B17,459 200,435 1917 1,306,275 428,816 69,462 Original Market^$408,000 offered Jan., 1918, by Coffin &. Burr, Boston and New York, at 100 and interest. Market. New York— Fred H. Hatch & Co. Boston — Coffin & Burr. Pi'ovidence, R. I. — Hornblower & Weeks. Pi-ice Rangre Jan. 1, '19, to Jan. 1. '21 1920 "A" 6s Bid. Ask. Ask. High 100*19 10314 '19 102% Mar. Low 102% '20 102% Mar. NEW BEDFORD, MIDDUE^ORO & BROCK- TON STREET RAILWAY CO. 1st Ext. 5s. Dae Jan. 1, 1929. Dated'Jan. 1, 1900. Orisinally matured Jan. 1, 1920, but was extended under the reorgani- zation plan of the Bay State Street Ry. Co, Interest payable Jan. and July 1, at American Trust Co., Boston, Mass. Tax Status — Payment of Federal Income Tax not assumed by conrpany. Authorized and OutstandiniT $326,000 Denomination — Coupon, SliJ^OO. Trustee — ^American Trust ^ a., Boston, Maas. Assumed by Eastern Massachusetts Street Ry. Co. Control — Merged into the Old Colony Street Ry. consolidated into the Bay State Street Ry. The latter company was succeeded in 1919 through reorganization by the Eastern Massa- chusetts Street Ry. Co. Secured by a first mortgage on 32 mil^ of street railway. Undlerlies — Eastern Massachusetts Street Ry. Co. Ref. Serial 5s. Price Range, Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid, Ask. High 99 '16 101*16 35fNov Low. 95 '11 96 '17 35fOct. NEW BRUNSWICK LIGHT, HEAT & POW- ER CO. 1st 4s. Due Dec. 15, 1939. Dated Dec. 15, 1899. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstandlnfr $500,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustee^— Fidelity Union Trust Co., New- ark, N. J. Organization and Control — Incorporated in New Jersey in 1899. Leased for 900 years to the South Jersey Gas, Electric & Traction Co., and operated by the Public Service Gas Co., a subsidiary of the Public Service Corporation of N. J., through its lease of the S. J., H. & T. Co. Rental is equivalent to taxes, In- terest and dividends of 5% per annum on cap- ital stoclc. The New Brunswick Light, Heat & Power Co. owns all of the stock of the Gas Lig'bt Co. of City of New Brunswick. Capitalization. Outstandingf, Common $400,000 Bounded debt 500,000 Secured by a first lien on the entire capital stock of the Gas Light Co. of the City of New Brunswick and also all other real and personal property of the company. Market. New York — Fred H. Hatch & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 19»0 Bid. Ask. Hi^h 78 '16 82 '17 Not Low. 75 '19 81 '16 available NEW BRUNSWICK POWER CO. Ist 5s. Due March 1, 1937. Dated March 1, 1917. Interest payable March 1 and Sept. 1, in New York, Montreal and St. John. Tax Status — ^Payment of Federal Income Tax not assumed by company. Principal and interest payable in gold with- out deduction for any present or future Cana- dian taxes, which company may be required to pay. Authorized $5,000,000 Outstanding 1,750,000 Reserved for Ext 3,250,000 Provisions of Issue — ^Additional bonds issu- able for 75% of cost when net earningrs for 12 consecutive months in preceding 14 months are twice annual interest charges on bonds outstanding and to be Issued. Denominations — Coupon, $1,000 and $500. Registerable as to principal. Trustees — Boston Safe Deposit Trust Co., Boston, and Royal Trust Co., Montreal. Redeemable as a whole or in part for sink- ing fund at 103 and Interest March 1, 1922, or any interest date thereafter. Sinking Fond — ^Annually, beginning March 1, 1922, 1% of outstanding bonds for their purchase or redemption at not over 103 and interest. Bonds acquired to be cancelled. Organization — Incorporated In the Province of New Brunswick, and purchased the prop- erties of the St. John Railway Co. Capitalization. Outstanding. Common (no par) 20,000 sba. 1st Pref. (7% cum.) $1,000,000 2d Pref. (77d non-cum.) 350,000 Funded debt 1,750,000 Secured by first mortgage on all the prop- erty now owned or hereafter acquired. The property covered includes the electric, gas and street railway properties In St. John, New Brunswick, and vicinity. Street railway system comprises 24^ mi'les of road (single track equivalent). Steam power plant in St. John has an installed capacity of 7,500 h. p. Gas plant has 20 miles of mai^ns. The com- pany also owns water power sites oh the Magaguadavic River and Lepreau River, 44 and 1 8 miles, respectively, from St. John, capable of ultimate hydro-electric develop- ments of 19,000 h. p. Franchises are with- out time limit and carry privileges for the condemnation of lands for power development and the construction of transmission lines. Years ended Dec. 31: Gross. Net. Interest. 1920 $1,038,561 $166,643 $95,714 1919 940,924 209,585 94,404 1918 774,252 162.249 93,089 Original Market— Offered March, 1917, by Harris, Forbes & Co., and Coffin & Burr, at 95 and interest. Market. New York— E. A. Baker & Son, Dunham 882 & Co., Fred H. Hatch & Co., Earle A, Miller & Co. Boston — L. Sherman Adams'. Fro^idence, R. I.— Homblower & Weeks. Price Bange. Jan. 1, '17, to Jan. 1, '21 1930 .T- , «^^^-. -A-sk. Bid. Ask. High 921^ '17 95 '17 65% June 73 July Low. 62 '20 68 '20 62 Aug. 6S Aug. NEW CASXI^E & SHENANGO VALIEY RAILROAD CO. 1st Ext'd 4^^s, Due Jan. 1, 1937. Dated July 3, 1887. Extended Jan. 1. 1917 with interest reduced from 6% to 4%%. In- terest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $250,000 Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., N. Y. Guaranteed as to interest, under terms of lease, by the New York, Lake Erie & .Western R. R. Co., which gruarantee was assumed by the Erie R. R. Co. Control — Merged in 1900 into the Sharon Ry. Co., which is leased until 1962 to the Erie R. R. Co. Secured by first mortgagre on 17 miles of road from "West Middlesex throug-fa the City of New Castle to a junction with the Pitts- burgh & Lake Erie R. R. near Big Run, Pa. Refunding — $250,000 Erie R. R. Cons. Gen. Lien 4s, due 1996, have been reserved to retire this issue. Original Market — The extension of these bonds Jan., 1917, was arranged through J. P. Morgan & Co. Market. Philadelphia^ — Tsaac Starr Jr. & Co. Price Kang-e 192l>— Bid 78 May. NEfW CASTLE TRACTION CO. lat 5s. Due May 1, 1927. Dated May 1, 1897. Interest payable May and Nov. 1, at Union Trust Co., Pittsburgh. Tax Status — 2% Federal Income Tax paid by company "without deduction. Authorized and Outstanding $500,000 Denomination — Coupon, $1,000. Trustee — Union Trust Co., Pittsburgh, Control — Absorbed by Mahoning & Shenango Ry. & Lt. Co. , which Is controlled by Re- public Ry. & Lt. Co. The name of the latter company was changed to the Pennsylvania- Ohio Electric Co. in 1920, which company is controlled by the Republic Ry. & Lt. Co. Secured by a first mortgage on entire street railways systems in New Castle, Pa. Popu- lation, 1910, 36,280. E'^rnings — See Republic Ry. & Lt. Co. Market. Philadelphia — Huntoon & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Asl; High 99 3^ '17 103 '16 89 May Low. 80 '19 89 '20 89 May NEW CHESTER WATER CO. l6t 68. Due March 1, 1943. Dated March 1, 1913. Interest payable March and Sept. 1, at Fidelity Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid hy company without deduction. Tax exempt in Pennsylvania. Authorized $3,000,000 Oatstandinig 1,800,000 Reserved for Ext 1,200,000 Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Philadelphia. Redeemable at 103 and Interest on March 1. 1918, or any interest date thereafter. Organization — Incorporated in Pennsylvania In 1885 and purchased a number of water works. Capitalization. Outstanding. Common $1,125,000 Funded debt 1,800,000 Secured by first mortgage on entire prop- erty of company supplying a territory of 21 square miles surrounding Chester, Pa. Popu- lation served, 100,000. Franchises perpetual, and exclusive in Chester until the company shall have paid 8 % dividends annually for five years. Years ended Dec. 31: Gross. Net. Interest. 1920 $409,028 $186,230 $156,457 1919 37 8.150 17 8,488 135,523 1918 312.781 139,256 125,322 1917 276,006 160,022 108,229 Original Market — $758,000 offered by Bioren & Co. at par and interest March, 1913. Market, Philadelphia — McCown & Co. Price Range. Jan. i, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. High 98 '17 101 '17 77 Nov. Low. 77 '20 94% 'IS 77 Nov. NEW ENGLAND RRICK YARDS CO. 1st 6s. Due Jan. 1, 1925. Dated Jan. 2, 1905. Interest payable Jan. and July 1, at Old Colony Trust Co., Boston. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $733, 000 Outstanding 643,000 Cancelled 90,000 Trustee — Old Colony Trust Co., Boston, Mass. Organization — Incorporated in Maine in 1904 and property leased to New England Brick Co. , the entire stock of which is owned by this company. Capitalization. Outstanding, Common , $36 5, 50ft Funded debt 343,000 Secured by a first mortgage on 26 brick plants in Massachusetts, Maine, New Hamp- shire and New York, having an annual out- put of 80,000,000 bricks. Market. New Y"ork — Fred H. Hatch & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid. Ask. Ask. High 67 '16 70 '17 60 Apr. Low 40 '18 60 Apr, 883 NEW ENGLAND CO. (Mass.) Conv. Deb. 6s, Due Nov. 1, 1935. Dated Nov. 1, 193 5. and Nov. 1, 1917. In- terest payable May 1 and Nov. 1, at •Trustee's office. Tax Status — 2% Federal Income Tax paid by company witbout deduction. Pennsylvania Tax refunded. Authorized $4,000,000 Outstanding: (Jan. 1, '21) 2,684,000 Unissued 1,316;000 Denomination — Coupon, $1,000. Trustee — Old Colony Trust Co., Boston. Redeemable on any interest date at 102% and interest. Convertible, par for par. Into the first pre- ferred stock of the company. The first pre- ferred pays 5 % % dividends until January* 1920. and 6% annually thereafter. Organization — Organized as a voluntary as- sociation under the laws of Massachusetts in 1914. In 1915 acaulred the common stocks of the subsidiaries of the New England Power Co. of Maine, including the Connecticut River Power ■ Co. of Maine and subsidiaries and Bellows Falls Power Co. and subsidiaries. The New England Company system constitules the largest hydro-electric development in the United States east of Niagara Falls. The present generating stations on the Deerfield and Connecticut rivers have a present in- stalled capacity of 90,000 h. p. and controls additional sites and reservoirs capable of de- veloping additional capacity of over 200.000 h. p.; 300 miles of transmission lines and sub- stations serving Worcester, Providence, Pitch- burg, PA,T/tucket, "Woonsocket, Gardner, Keene, Claremont, Brattleboro, Marlboro and other important industrial centers. The system sells and distributes electricity to electric lighting companies, street railway companies, manufactories, together with over one hun- dred cities and towns in central Massachu- setts, Hhode Island. New Hampshire, Connec- ticut and Vermont. Also sella power to the Hoosac Tunnel section of the Boston & Maine Railroad. Capitalization. Outstanding. Common $5,000,000 1st Pref. (6% cum.) 1,432.000 2d Pref, (4% cum.) 2,720,000 Funded debt 2,684,000 Security — A direct obligation of the com- pany, but not secured by mortgage. Years ended Dec. 31 (combined): Gross. Net. Interest. 1920 $5,956,444 $1,676,207 $812,939 1919 4,218,968 1,512,088 764,726 1918 3,557,281 1,322,881 664,669 1917 2,645.973 1,144.195 597,744 1916 2,068,437 1,311,133 599.462 1915 1,489,453 954,299 512,827 Original Market — Offered January, 1916, by Baker, AyJing & Co., Boston, Philadelphia, Chicago , etc. , at 98 and interest. Market. Boston — Moors & Cabot. Price Ranee. Jan. 1, *17, to Jan. 1, '21 1920 Bid. Ask. Ask. Hi&h 98% '17 101 '17 98 Mar. Low. 89% '18 941^ '17 98 Mar. NEW ENGLAND EIiECTRIC SECURITIES CO. 1st Coll. Tr. 5s. Due Jan. 3, 193a. Dated July 3, 1913. Interest payable Jan. 3 and July 3. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $500,000 Outstanding 500,000 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Commonwealth Trust Co., Bos- ton. Redeemable at 103 and interest on any In- terest date on three weeks' notice. Sinking Fnnd — Annually, beginning Jan. 1. 1920, 10% of net earnings after interest charges for the purchase or redemption of these bonds at not over 103 and interest. Organization — Organized in 1921 in Massa- chusetts as a voluntary association. The company through ownership and control furnishes electric light and power to the towns of Derry, Jaffrey, East Jaffrey, Troy, FitzwilUam, FitzwilUam Depot; Villages of Rindge and 'Londonderry, N. H. Also con- trols the gas, electrfc light and traction sys- tem in Yarmouth, Hebron and Argyle, Nova Scotia. The company's operation in New Hampshire Includes the serving of a number of large power users, made up of granite companies, wood working mills, cotton mills, woolen mills, shoo factories, tack factories, leather-board mills, etc., as well as the exclusive rights for doing business in the town served. The company also supplies current to the Derry A Chester Street Railway Company. In Yarmouth the company furnishes a num- ber of large power users made up of engine works, cotton mills and various other linei of industry and furnishes all of the public utility service in Yarmouth and , vicinity. Capitalization. Outstanding. Common $1,000,000 Preferred (6% cum.) 125,000 Funded debt 600.000 Secured by deposit of the securities of the following companies: New Hampshire "Water & Electric Power Co. of Maine, Yarmouth Light & Power Co., Ltd., Derry Electric Co. Ftricr I/iens — $245, 000 Yarmouth Li!?ht & Power Co. 1st 5s. due 1937, and other issues. Years ended Dec. 31: Gross. Net. Interest. 1917 $104,073 $52,875 $25,000 ltl6 90,375 42.003 30,751 1915 25,846 13,708 9,338 Later earnings not available. Original Market — ^A block offered Feb., 1917, by Stranahan & Co., Providence, etc. Market. New York — Lynch & McDermott. Worcester, Mass. — W. E. Wardwell & Co. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 84 '17 88 '17 60 Dec. 70 Jan. Low. 60 '20 70 '19 60 Dec. .'. NEW ENGLAND INVESTMENT & SECUR- ITY COMPANY 15-Year Funding 5% Notes. Due April 1, 1924. Dated April 1, 1909. Interest payable April and Oct. 1, at Boston. Note — Interest at 3% to 1914, 4% to 1919 and 5% 1920 to 1924. Interest due April 1, 1918 and Oct. 1, 1918 and April 1, 1919 not paid in cash, holders of notes accepting com- pany's obligation therefor, and for balance of coupon due Oct. 1, 1919, after payment of $34,000 cash by the Investment Co. Com- pany's obligations were accepted for 1920 interest. Tax Status — 2% Federal Income Tax paid by company without deduction.. Authorized Closed mortgage. Outstanding $13,709,000 Denomination — Coupon, $1,000 registerable as to principal. Organization — A voluntary association in Massachusetts, under an agreement and declaration of trust dated June 25, 1906. Con- trols through stock ownership; Springfield Railway Companies, Springfield Street Rail- way Company, Worcester Consolidated Street Railway Company and Milford, Attleboro & ^Voonsocket Street Railway Company, and by assignment carrying control of capital stock; Webster & Dudley Street Railway Company, Worcester & Webster Street Rail- way Company. Capitalization. Outstanding. Common $100,000 Preferred i.i% cum.) 112,100 Funded debt 13,709,000 Security — A direct obligation of the com- pany but not secured by mortgage. Years ended Dec. 31: Total Income. Net. Interest. 1920 $53,755 $43,380 None 1919 53,327 38,655 34,000 1918 52,539 37,381 None 1917 319,631 301,227 308.453 884 NEW ENGLAND OIL REFINING CO. 1st S. F. 8s. Due March 1, 1931. Dated March 1, 1921. Interest payable ^ni?^ and Sept. 1 a* First National Bank, Tot ■c*°1 Chase National Bank, New York, hv +u ***a™s— 2% Federal Income Tax paid ^^«^S? company without deduction. Tax Sffi^ m ^^ Massachuaetts, Pennsylvania fatate Tax refunded. ^"J^*l°^^?d $5,000,000 Outstanding 3,000,000 Tel?™ «**''. ^"^"P- rnrposes.. 2,000,000 issuance Kestnctions— The remaining $2,- l^V^JL ^°'l'^^ "^^^ °^'y ^^ issued for prop- ?pr>? /? /if*^ purposes of the company, sub- ject to the written consent of E. H. Rollins S- K« ^^"^.^'"°^'^®'^ that the total amount ^L^2S ?v,°^^^*'^^*^i^^ shall not at any time exceed the assessed valuation of property taxed as real estate in Massachusetts. In the event that such assessed valuation shall at any time be less than the amount of bonds outstanding:, the company covenants to retire an amount of bonds equal to such excess. Of these $2,000,000 bonds. $1,000,000 par value, are for the time being pledged with the United States Government to guarantee the fulfilment of a contract. Upon completion of this contract these bonds are to be retunred to the trustee and there- after may only be re-issued under the fore- going provisions. Purpose of Issue — To provide additional working capital. Benominations — Coupon, $1,000, $500 and $100; registerable as to principal. Trustee — First National Bank, Boston. Redeemable as a whole only (or in part for sinking fund) on any interest date at 100 and interest, plus a premium of 1% for each year or portion thereof of unexpired life. Sinking: Fund — ^Semi-annually beginning Sept. 1, 1922, amounts sufficient to retire the bonds by purchase or call at the rate of 10% per annum of the aggregate amount of bonds certified. To this fund shall be added the amount, if any, by which 10% of the net earnings of the company or de- rived from the properties of the company exceeds the above payments. Guaranteed as to principal, interest and sinking fund by the New England Oil Cor- poration. Oi'ganization and Control — Incorporated In Massachusetts in 1919. Controlled through ownership of entire capital stock by the New^ England Oil Corporation. Capitalization. Outstanding. Common $7,500,000 Funded debt 4,000,000 Secured by a first mortgage on all the property of the company now owned or hereafter acquired which Is taxable as real estate in Massachusetts. The company owns and operates a mod- em tidewater refinery covering fifty acres of land at Fall River, with a rated capacity of over 20,000 barrels of crude oil a day. The crude oil is subjected to topping and coking processes to produce "Navy A" fuel oil, marine and commercial fuel oil, gaso- line and other petroleum products. The company has steel tank storage facilities in Fall River and New Bedford, with a capa- city of about 900,000 barrels and docks at the Fall River plant with simultaneous facilities for four 10,000-ton tankers. The New England Oil Corporation has en- tered into a contract with the New Eng- land Oil Refining Company and the trustee of this issue, guaranteeing these bonds un- conditionally as to principal, interest and sinking fund, and has subscribed the very substantial equity back of these bonds. The New England Oil Corporation has entered Into a contract with the United States Gov- ernment, under which deliveries are now being made, to supply the United States Navy prior to April 1, 1922, with not less than '3 000,000 barrels of "Navy A" fuel oil and 376,000 barrels of Navy gasoline to be produced at this refinery. The United States in turn guarantees transportation facilities to this refinery for 5,000,000 barrels of crude oil. Original Market — $3,000,000; offered April 1, 1921, by E. H. Rollins & Sons, Boston, New York, etc., at 98 and interest. NEW ENGI.AND POWER CO. 1st S. F. Cb. Due July 1, 1951. Dated July 1, 1911. Interest payable Jan. and July 1. at New England Trust Co., Bos- ton, Mass. , and\ Pennsylvania Co. for Insur- ances on lilves and Granting Annuities, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $14,000,000 Outstanding (Jan. 1, '21) 7,738,000 Held in S. F. 186,000 Retired by S. F 146,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — New England Trust Co., Boston. Redeemable on any interest date as a whole or for the sinking fund at 105 and interest. Sinking Fund — 1% annually of bonds out- standing from July 1, 1917 to 1931; there- after 1^/^% for the purchase or redemption of bonds at not over 105 and interest; addi- tional sums so that payments on July 1, 1917, to 1920 both inclusive shall amount tc 1% of bonds then outstanding and on each July 1 thereafter to 1%% of bonds then outstanding, to be applied to purchase of bonds to be held uncancelled in sinking fund, Organization and Control— Incorporated In Massachusetts in 1911. Consolidated April 27. 1916, with the Connecticut River Trans- mission Co. under the name of New England Power Co. Entire common stock owned by the New England Co. Capitalization. Outstanding. Common $3,800,000 Preferred (6% cum.) 4,099,200 Funded debt 7,738.000 Secured by a first mortgage of five com- pleted hydro-electric plants and one under construction and a reservoir on Deerfield River in the vicinity of Somerset, Vt. The com- pany has long term contracts to furnish power for the operation of the Hoosac Tunnel, as well as of all trolley lines in Berkshire Coun- ty, Mass., controlled by New York, New Ha- ven & Hartford R. R. Co. Also contracts with industrial plants in Fitchburg, Clinton and "Worcester, Mass., and supplies current to various electric light companies along Its lines. Earnings — See New England Co. Deb, 6s, 1926. Xegal for Savings Banks In Me., N. H. and R. I. Original Market — $ 3,000,000 offered by Baker, Ayling & Co., 1912; $2,000,000 offered by Baker. Ayling & Co. and $1,000,000 of- fered May 1, 1916, by Kinsley & Adams, Worcester, Mass., at 98 ^ and interest. Market. New York — Hartshorns & Battelle, Fred H. Hatch & Co., Martin, Berwin & Co., Earle A. Miller & Co. Boston — Coburn, Kittredge & Co., Coffln & Burr, Moors & Cabot, Arthur Perry & Co., Pond & Co., E, A. Watson & Co. Philadelphia — Bauer, Starr & Co., Arthur J. Bender, Henry D.» Boenning & Co., Hun- toon & Co., McCown & Co., Samuel K. Phillips & Co. Providence, K. I. — Hornblower & Weeks. Price Range. Jan. 1, *ie, to Jan. 1, '21 1930 Bid. Ask. Bid Ask. High 97% '16 100 '17 89 Jan. 92% Jari. Low. 76 '20 80 '20 76 Dec. SO Dec, MBW ENOIAND BAIUCOAD CO. (THE) Cons. 6b and 4b. Dne Jnly 1, 194S. Dated Sept. 2, 1895. Interest payable Jan. and July 1. at Bankers Trust Co., New York, apd Boston Safe Deposit & Trust Co.. Bos- ton. Tax Status — Payment of Federal Income Tax not assumed by company. Aathorized $17,500,000 Oatstanding: 43 $10,000,000 es 7,600.000 17.500,000 Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Bankers Trust Co., New York. Assumed by the New York, New Haven & Hartford R. R. Co. Guaranteed as to principal and interest by the New York, New Haven & Hartford R. R. Co. Control — Incorporated in Massachusetts in 1895 as a reorganization of New York & New England R. R. Co. sold under foreclosure. In 1908 the company was merged into the New York, New Haven & Hartford R, R. Co. Secured by a first mortgage on 363.69 miles of road, as follows: Miles. Boston, Mass., to Hopewell Jet.. N. Y. 212.62' Wisoopee Jot. to Pishkill Landing. N. Y. .'. 1.6B Boston to South Boston, Mass 1.04 Providence. R. I., to Willimantic, Conn 67.76 Newton (Cook St.), Mass.. to Woon- socket, R. 1 28.67 East Thompson, Conn., to South- bridge, Mass 17.36 Bast Hartford, Conn., to Springfield, . Mass. 28.31 Melrose to Rockville, Conn 7.22 Dedham Jet. to Dedhani, Mass 1.53 Islington to Dedham, Mass 2.00 West Roxbury to Needham, Mass 4,53 Also a second lien on certain terminal prop- erty in Boston. Prior Liens — Subject to $1,600,000 New York & New England R. R. Boston Terminal 1st 4s of 1939. UnderUes— N. Y., N. H., & H. E. R. 1st & Ref. Mtge. under "which bonds are re- served to retire this issue. Iilsted on the New York Stock Exchange, and the 5s on the Boston Stock Exchange.- Market. New York— Fred H. Hatch & Co., Chas. W. Place, Vanderhoef & Robinson. Price Range — N. Y. S. E. Jan. 1, '12, to Jan. 1, '21 1920 4s Bid. Ask. High '92% Mar. 16, '12 70 Oct. 74 July Low. 54% '20 54% Aug. 64 Feb. 5s Bid. Ask. Ask. High 109 '16 109% '16 80 Jan. Low. 60'20 88% '17 60 July NEW ENGLAND TELEPHONE & TELE- GRAPH CO. Deb. 4s, Series "9." Due Jan. 1, 1930. Dated 1900. Interest payable Jan. and July 1. at Merchants National Bank. Boston. Tax Status — Payment' of Federal Income Tax not assumed by company. Antliorlzed and Outstanding $1,000,000 Denomination — Coupon, $1,000, Trustee — American Trust Co., Boston, See Deb. 6a, due 1932. Original Market — First offered by Adams & Co.. Boston. Mass. Market. See Deb. 6s. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Higll 93% '09 95 '10 70 Deo. 82 aJn. Low. 70 '20 80 '08 70 Deo NEW ENGLAND TELEPHONE & TMJM- GRAPH CO. Deb. Ss. Due Oct. 1, 1932. Dated Oct. 1. 1912. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstanding 10,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co., Boston. Organization and Control — Incorporated in New York in 1883, and operates under license from the American Bell Telephone Co. in the States of Maine and New Hampshire and the largest part of Massachusetts and Vermont. Controlled through ownership of a majority of the stock of the American Telephone & Telegraph Co. Capitalization. Outstanding. Common $66,466,100 Funded debt 11,000,000 Security — A direct obligation of the com- pany, but not secured by mortgage. The company has agreed that if any mortgage or other encumbrance is placed upon any of its property, these bonds shall be equally se- cured thereunder. Years ended Dec. 31: Gross. Net. Int. & Rent. 1920 $33,606,340 $7,055,982 $918,437 1919 28,367,077 6,907,848 857,815 1918 24,686,179 6,059,537 1,080,598 Listed on the Boston Stock Exchange. Original Market — $10,000,000 offered Oct., 1912, by Kidder, Peabody &. Co., New York and Boston, at 100 and interest. Market. New York — Joseph trilman, T. L. Mac- Donald. Boston — Curtis & Sanger. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103 '16 104 '16 83J4Mar. 85 Dec. Low. 70 '20 78 '20 70 June 78 Aug. 886 NEW FOUNDLAND JLVRITIMB CO., LTD., 1st Marine 7s. Due quarterly as follows: $60,000 from Oct. 1, 1920 to April 1, 1923, inclusive, and $40,000 July 1, 1923. Dated July 1, 1920. Principal and In- terest (Jan. 1 and July 1) payable in United States gold coin at the agency of Bonk of Montreal, New York, or Royal Trust Co., Montreal. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded Authorized $700,000 Outstanding 700,000 Denomination — Coupon, $1,000. Trustee — Royal Trust Co., Montreal. Redeemable principal and interest by the American Star Line. Inc., by endorsement. Organization and Control — Incorporated in 1918 in Newfoundland and is affiliated with the American Star Line, Inc., of New York, ■which company operates the vessel "North Pacific" under a contract effective during the life of this issue. Secured by a first mortgage on the Brit- ish Steel Steamship "North Pacific" of 8,400 tons d. w. capacity, built in 1913 by J. L. Thompson Sons, Ltd., Sunderland, England. The vessel bears British Lloyds 100-Al class- ification, the highest obtainable rating. On July 31, 1920, she was examined and ap- praised at $1,554,000, or at the rate of $185 per d. w. ton. The bond issue is at the rate of $83 per d. w. ton, or about 45 9& of the appraised value of the vessel. -. r.VJ^^?'*^^ Market — $700,000 offered Sept., 1920. by The Tiliotson & Wolcott Co., Cleve- land, etc., on a 9% basis. NEW GAS MGHT CO. (JanesvlUe. Wis.) 1st 6s*. Due June 1, 1934. Dated June 1. 1894. Interest payable June and Dec. 1. at Real Estate Trust Co., Phil- adelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $250,000 Outstanding: 229,000 Denomination — Coupon, $500. Guaranteed principal and interest by the United Gas Improvement Co. Oriranixation — Incorporated in Wisconsin In 1863. The United Gas Improvement Co. Is interested in this company. Capitalization. Outstanding. Common $250,000 Funded debt 229,000 Secured by a first mortgag-e on plant sup- plying gas in Janesville, Wis., serving pop- ulation of 14,000. Market. Philadelphia — Huntoon & Co., Reed A. Morgan & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1, *21 1920 Bid. Ask. Highl01i4 '16 Not available Low. 92 1^ 18 NEW HAVEN & CENTREVIIiLE STREET RAII.WAY 1st 56. Due Sept. 1, 1933. Dated Sept. 1, 1893. Interest payable Mar. and Sept. 1, at N. T., N. H. & H, R. R. Co.'s office. New Haven, Conn. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $625,000 Outstanding 283,000 Unissued 342,000 Denomination — Coupon, $1,000. Trustee — State Treasurer of Connecticut. Assumed by N. T., N. H. & H. R. R. Co. Control — Merged into the Fairhaven & Westville St. R. R. in 1898, which was con- solidated into Consolidated Ry. Co. in 1904. Latter company was merged into the New York, New Haven & Hartford R. R. Co. In 1907. All of the property of the Consoli- dated Ry. Co. was sold to the Connecticut Co., whose $40,000,000 stock, formerly owned by the New York, New Haven & Hart- ford R. R., has been placed in the hands of a board of five trustees to be sold prior to July 1, 1922, if possible, in accordance with the agreement between the N. Y. , N. H. & H. R. R. Co. and the U. S. Department of Justice. Secured by a first mortgage on 5.11 miles of street railway in and around New Haven. Conn., extending from Church Street, through Broadway and Diswell Ave. to Blake's Cor- ner. Hamden, and from Munson Street through Shelton Ave. to Goodrich St. Refunding* — Bonds are' reserved under the N. Y., N. H. & H. R. R. 1st & Ref. Mtge". to retire this issue. Slatket. New Haven, Conn. — H. C. Warren & Co., Inc. „ . „ Price Range. Jan. 1, *13» to Ja^i- 1» '21 Bid. Ask. High 106 '12 106% '17 Low 76 '20 ^"'^ '^-^ NEW HAVEN & NORTHAMPTON CO. Ref. Cons. 4s. Due June 1, 1956. Dated June 1. 1906. Interest payable June and Dec. 1, at Second National Bank, New Haven. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage OutstandinsT $2,400,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $5,000. Trustee — Treasurer of the State of Connec- ticut. Assumed by the New York, New Haven & Hartford R. R. Co. Guarantee — These bonds are guaranteed as to principal and interest by the New York, New Haven & Hartford R. R. Co. by endorse- ment. Control-^Incorporated in Massachusetts and Connecticut in 1836. Leased to the New York. New Haven & Hartford Railroad Co. in 1887, and merged into that company In 1910. Secured by a direct mortgage on 126.68 miles of road, viz: Miles. New Haven, Conn., to Shelburne Jet.. Mass 94.12 Farmington to New Hartford, Conn.. 14.87 Northampton to Williamsburg, Mass. 7.70 South Deerfield to Turner's Falls, Mass 9.99 TTuderUes— N. Y., N. H., & H. R. R. 1st & Ref. Mtg-e., under which bonds are re- served to retire this issue. Price Range. Jan. 1, '09, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. High 100*09 102 '09 70 May Low. 57 '20 75 '18 57 Aug. 100 '17 1920 Ask. 88 Aug. 76 Dec. NEW HAVEN (Conn.) WATER CO. Conv. Deb. 4%s. Due July 1» 1962. Dated July 1, 1912. Interest payable Jan, and July 1, at New Haven Bank, New Ha- ven, Conn. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and OutstEUidinB $760,000 Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Convertible into stock at the option of the directors at any time prior to July 1, 1925. at the rate of $ 1 5 bonds for $ 10 stock. Dividends of 8% per annum are being paid on the stock. Organization — 'Incorporated In Connecticut In 1849, but not secured by mortgage. Capitalization. Outstanding. Common $3,600,000 Funded debt 1,380,000 Security — A direct obligation of the com- pany but not secured by mortgage. Prior Liens — Outstanding. Gen. 4i^s 1945 $560,000 Gen. (Branford Div.) 4^s 1943 80,000 Year ended Dec. 31: Gross. Net. Interest. 1920 $869,174 $405,925 $75,563 Legal for Savings Banks in Conn. Market. New Haven, Conn. — H. C. Warren & Co., Inc., Elwell & Mauross. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 105 '16 106 '17 92 Jan. 95 Jan. Low. 75 '20 80 '20 75 Oct. 80 Oct. 887 NEW JERSEY & HUDSON BITER BAII/- WAY & EEBRY CO. 1st 4s. Due Mar. 1. 195a. Dated March 1, 1900. Interest payable March and Sept. 1, at Trustee's office. Tax Statu8^2% Federal Income Tax paid by company without deduction. Anthorized $5,000,000 Oatstandinff 4,011,000 Reserved for Ext 989,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — United States Mortsaire & Trust Co., New York. Redeemable at 105 and interest on any In- terest date on six weeks' notice. Organization and Control — Organized in 1900 as a consolidation of the Bergen County Trac- tion Co, and the Ridgefield & Teaneck Ry. Co. Incorporated in New Jersey in 1910, when the Hudson River Traction Co. was con- solidated. Controlled through ownership of $2,446,350 of the $2,500,000 capital stock by the Public Service Corporation of New Jer- sey, and the property is leased to the Pub- lic Service Ry. Co. for 900 years from 1911 for interest on bonds and 6% on preferred and common stocks. Capitalization. Outstanding. Common $2,500,000 Preferred (6% cxipi.) 750.000 Funded debt 4,642,000 Secured by first mortgage upon entire prop- erty of company, comprising 31 miles of track from the Edgewater ferry terminal to En- glewood, Hackensack and Paterson, and a second mortgage on 17 miles from Hackensack to Hasbrouck Heights, Woodbridge. Ruther- ford and Arlington, N. J., with a branch from Hasbrouck Heights to Lodi. Further secured by pledge of all the bonds and stock of the Riverside & Fort Lee Ferry Co., own- ing ferry from West 130th St.. New York, to Edgewater, N. J. Franchises, excepting one for 50 and one for 99 years, are all perpetual. Prior lAen — Outstanding. Hudson River Trac. 1st 6s 1960 $631,000 Original Market — $500,000 offered in Feb.. 1905, by Millett, Roe & Hagen, New York, at 8 7 Ms and interest. Market. New .York^Fred H. Hatch & Co., A. B. Murray & Co., W. E. R. Smith & Co. Philadelphia — Barnes & Lofland, Henry D. Boenning & Co., Brown Bros. & Co., Hun- toon & Co. Jersey City, N. J. — Cutwater & Wells. Price Range. Jan. 1, *12, to Jan. 1, *31 1920 Bid. Ask. Bid. Ask. High 83% '12 84 '16 61 Jan. 65 ajn. Low, 50 '20 55 '20 50 Aug. 55 Aug. NEW JERSEY & NEW YORE RAILROAD Co. 1st Ext. 5s. Due May 1, 1950. Dated April 3. 1880. Extended May 1. 1910. Interest being reduced from 6%. Interest payable May and Nov. 1, at 50 Church St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $400,000 Outstanding 394,000 Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee— Joseph E. Gay. Organization and Control — Incorporated In New Jersey and New York In 1885 as a con- solidation of a company of the same name and the Hackensack R. R. Controlled through ownership of a majority of the stock by the Erie Railroad Co., but Independently operated. Capitalization. Outstanding. Common $1,440,800 Preferred (6%) 787,800 Funded debt 1,025,600 Secured by a first mortgage on 34.60 mllei of road, viz: Miles. Junction near Jersey City, N. J., to Nanuet Jet., N. Y 20.63 Spring Valley to Garnerville, N. Y. . 8.54 Stony Point Jet. to Strong Point, N. Y. 1.04 New City Jet. to New City (Nanuet & New City R. R.) 4.29 ynderlies~$3,000 2d 6s of 1985 and $629,- 500' Gen. 6s of 1933. Bonds are reserved un- der the latter mortgage to retire this issue. Legal for Savings Banks in Me. Original Market — Extension underwritten by J. P. Morgan & Co., New York. Market. New York — Wolff & Stanley, Carruthers, Pell & Co. ' Philadelphia — 0raham, Parsons & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 105 '11 106*10 82 May Low. 80 '19 77 '20 80 May 77 Dec. NEW JERSEY & NEW YORK RAILROAD CO. Gen. 58. Due Jan. 1, 1933. Dated Dec. 31, 1892. Interest payable Jan. and July 1. at 50 Church St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,200,000 Outstanding 629,600 Reserved for Prior Liens 570,600 Denomination — Coupon, $1,000 and $500. Registerable as -to principal. Trustees — Joseph B. Gay and Robert W. DeForest, Redeemable at 105 and interest on six months' notice. Organization and Control — See 1st 6s. Secured by practically a second mortgage on 34.50 miles of road from Erie Jet.. N. J.. to Nanuet, N. Y., and practically a second collateral lien, by deposit of all stocks and bonds of company owning the road, on four miles of road from Nanuet to New City, N. Y. Prior liiens— $394,000 N. J. & N. Y. 1st 6s of 1950 and $3,000 N. J, & N. Y. 2d 5s of 1982. Market. New York — Cobe, Johnston & Pratt. Philadelphia — Graham, Parsons & Co. 888 NEW JERSEY GAS CO. 1st 59. Due July 1. 1940. Dated July 20, 1910. Interest payable Jan. and July 1, at Commercial Trust Co., Phil- adelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding 1,373,000 Reserved for Ext 1,127.000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Phila- delphia. Redeemable on any interest date at 106 and interest on three months' notice. Organization and Control — Incorporated in New Jersey in 1910 and consolidated a num- ber of small local companies. The New Jer- sey Consolidated Gaa Co. owns a majority of stock. Capitalization. Outstanding. Common $602,487 Funded debt 1,373,000 Secured by a first Taortea.ee on plants sup- plylne eaa to numerous cities and towns In Southern New Jersey, serving a population of 90,000. The company has generatlns plants at Vineland, Swedesboro. Penns Grove and Glassboro. Tears ended Dec. 31: Gross. Net. Interest. 1918 $293,269 $30,040 $76,546 1917 242.521 64.956 75,011 191S 221.692 89,770 73,997 1915 197,952 81,571 70.264 Original Market — Offered by Samuel R. KIrkpatrIck & Co., Philadelphia, to yield more than 5%% in May. 1911. Market. Philadelphia — Barclay, Moore & Co., C. Clo- thier Jones & Co. Price Range. Jan. 1, '16, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. Hl&h 62 '16 76 '17 Not IjOw. 40 '19 60 '18 available NEW JERSEY JUNCTION RAILROAD CO. 1st 4b. Due Feb. 1, 1986. Dated June 30, -1886. Interest payable Feb. and Aug. 1, at Grand Central Terminal, New York. Tax Status — ^Payment of Federal Income Tax- not assumed by company. Authorized Closed mortgage Outstanding $1,700,000 Denomination — Coupon, $1,000. Fully reg- Isterable. Registered, $1,000. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by the New York Central & Hudson River R. R. Co. by endorsement. Assumed by the New York Central R. R. Co. Organization and Control — Incorporated In New Jersey In 1886 and built to connect rail- roads entering Jersey City, Hoboken and Wee- bawken. Leased until 1986. with renewal privilege, to the New York Central & Hud- eon River R. R. Co. (now New York Central R. R. Co.). The lessee owns the entire $100,- 000 stock. Capitalization. Outstanding. Common $100,000 Funded debt . ." 1.700.000 Secured by first mortgage on 4.78 miles of terminal railway, extending from the ter- minus of the West Shore R. R, at Weehaw- ken southerly, connecting with the Del., Lack. & West., Erie and Penn., to Jersey City, N, J. Legal for Savings Banks in Cal., Me., Mich,, Minn., N. J. and R. I. Iiisted on the New York Stock Exchange. Original Market — $1,300,000 offered in Jan., 1887, at 103% and interest by Drexel, Mor- gan & Co. and" Unger, Smithers & Co., New York, Market. New York — E. A. Baker & Son, Finlay & Davenport, Hartshorne & Battelle, Charles W. Place, Struthers & Hiscoe. Philadelphiar— Graham, Parsons & Co. Pifctsbiirffh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1, '14, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92 May 15, '14 69% Jan. 73 Mar. Low. 86 Jan. 6, '15 55 Augr. 70 Aug. NEW JERSEY POWER & LIGHT CO. (THE) Ist 5&. Due Feb. 1, 1936. Dated Feb. 1. 1916. Interest payable Feb. and Aug. 1. in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey, 889 Authorized Unlimited. Outstanding: $1,009,000 In Treasury 52.000 Provisions of Issue — ^Additional bonds may be issued for 80% of cash cost of Improve- ments . etc. . when annual net earnings are twice Interest charges oii total bonds issued. Denomination — Coupon. $1,000. Register- able as to principal. Registered, $1,000 and multiples. C. & R. Interchangeable. Trustee — Guaranty Trust Co.. New York. Redeemable on any interest date at 105 and Interest. Improvement and Sinking Fund — Beginning Feb. 1. 1920, and annually thereafter 1% of outstanding bonds for improvements or the purchase or redemption of these bonds. ' An- nually from 1916 to 1936, 10% of gross earn- ings for a maintenance and depreciation fund. Organization and Control — Incorporated in Dec, 1915, in New Jersey, to take over the properties of the Eastern Pennsylvania Power Co. Controlled through stock ownership by the General Gas & Electric Co. Capitalization. Outstanding. Common $345,700 Preferred (6% cum.) 224,100 Funded debt 1.009,000 Management — The W. S. Barstow Manage- ment Association, New York. Secured by a first mortgage on all the prop- erty of the company, including plants sup- plying electricity to 23 contiguous communi- ties in Morris and Somerest Counties, N. J., within 35 miles of New York City. The com- pany sells power under a 10-year contract to the Morris County Traction Co. Franchises extend to beyond 1936. Population served, 44,060. Years ended Dec. 31: Gross. Net. Int., etc 1920 $465,117 $152,393 $72,914 1919 344,898 128,190 74,611 1918 302,610 93,086 61,126 1917 226,439 83,706 49,175 Original Mai^et — Offered April, 1916, by N, W. Halsey & Co., New York, etc., at 98 and interest. Market. Philadelphia — Arthur J. Bender. Chicagro — Halsey. Stuart & Co. Price Range. Jan. 1, '16, to Jan. 1, *21 1930 Bid. Ask. Bid. Ask. HIgrh 94^ '16 97% '16 81 Juiy Low. 58 '20 64 '20 58 Oct. 64 Oct. NEW JERSEY ZINC CO. 1st 4s. Due Oct. 1, 1936. Dated Oct. 1, 1901, Interest payable April and Oct. 1, at company's office, 160 Front St., New York. • Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding 4,000.000 Cancelled 3,800.000 Reserved for Ext 2,200,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers Loan & Trust Co., New York. Sinking Fund — Company must cancel $200. • 000 unissued bonds annually Oct. 1, begin- ning 1902. When all unissued bonds are cancelled then the company shall appro- priate $200,000 annually for redemption of outstanding- bonds at not exceeding par and interest. Also any money obtained from the sale of property subject to the lien of these bonds, and not applied to new construction' or acquisitions, shall be added to this sink- ing fund. Organization — Incorporated in New Jersey In 1880. Owns the entire capital stock of The New Jersey Zinc Co. (of Pa.) and other sub- sidiary companies. Capitalization. Outstanding. Common $42,000,000 Funded debt 4,000.000 Secured by a first mortgage on all of the property of the .company, including mines and plants, as well as on the stock of the N. J. Zinc Co. of Penna. , Mineral Point Zinc Co. and Empire Zinc Co. Market. New York — Hartshorne & Battelle, Fred H. Hatch & Co., Pouch & Co. Philadelphia — Henry D. Boenning & Co., Elkins, Morris & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. High 98 '16 100 '16 92 Nov. Low. 90 '11 93% '09 90 Nov. NEW LONDON GAS & ELECTRIC CO. 1st 5s. Due April 1. 1927. Bated April 1. 1897. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $276,500 Trustee — New York Trust Co., New York. Assumed by the Connecticut Power Co. Organization and Control — Incorporated in Connecticut in 1897 and in 1913 was con- solidated with other companies with the Con- necticut Power Co., which does the entire gas. electric and commercial power business in New London and the entire electric lighting and commercial power business in Middletown, Middlefield, Durham. Portland and Cromwell. Conn. Management — Stone & Webster. Secured by a first mortgage on plants sup- plying gas and electricity to New London, Conn., serving a population of 20,000. Fran- chise perpetual. Underlies — New London Gas & Elec. 2d 5s, 1st Cons. 5s and The Connecticut Power Co. 1st & Cons. 6s, due 1963. Earnings — See Connecticut Power Co. 1st & Cons. 5s. New York— Fred H. Hatch & Co. New Haven, Conn. — H. C. Warren & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 104 '12 104 '16 93 Jan. 95 Mar. Low. 87 '20 91 '20 87 Aug. 91 Aug. •NEW LONDON GAS & ELECTRIC CO. 1st Cons. Ref. 5s.. Due July 1. 1933. Dated July 1, 1903. Interest payable Jan. and July 1. at Equitable Trust Co., New York. Tax Status — 3% Federal Income Tax paid by company without deduction. Authorized $750,000 Outstanding 373,500 Owned l^^ Conn. Pow. Co 2,000 Denomination — Coupon, $500 and $1,000, Trustee — Equitable Trust Co., New York. Assumed by Connecticut Power Co. Organization, Seenrity* etc. — See 1st 5a. Prior Lien — $362,500 1st and 2d Ba. Underlies — The Connecticut Power Co. 1st & Cons. 5s, due 1963. Earnings — See Connecticut Power Co. 1st Cons. 5s. , ^ .„,, ^ Original Market— First offered by Flint, Jones & Co.. New York, at 102 and interest. Market. New Haven, Conn. — H. C. Warren & Co., Inc. Price Range. Jan. 1, '11,, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 100% '17 102% '11 90 Mar. Low. 80 '20 86 '20 SO Sept. 86 July NEW LONDON NORTHERN RAILROAD CO. 1st 4s. Due July 1, 1940. Dated July 1, 1910. Interest payable Jan. and July 1. at Mechanics & Metals National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Connecticut. Authorized and Outstanding $1,500,000 Denomination — Coupon, $1,000. Registered, $5,000 and $10,000. C. & R. interchangeable. Trustee — Bankers Trust Co., New York. Organization and Control — Incorporated In 1860 in Connecticut and Massachusetts as a reorganization of the New London. WlUlman- tic & Palmer R. R. Leased in 1891 for 99 years to Central Vermont Ry. at an annual rehtal of $216,552, The latter company is controlled through ownership of a ma.'^ority of its common stock by the Grand Trunk Ky; of Canada. Capitalization. Outstanding, Common $1,500,000 Funded debt 1.500,000 Secured by first mortgage on 121 miles of road from New London, Conn., to Brattle-, boro, Vt.. and on terminal property and docks at New London. Legal for Savings Banks in Conn., Me., Mass., Minn., Mich., N. J., Vt. and Wis. Original Market — $1,500,000 offered June, 1910, by Strong, Sturgis & Co., and Kidder. Peabody & Co., New York, at 99% and In- terest. Market. New York — ^Abraham & Co.. Wm. Carnegie Ewen. Boston — Burgess, Lang & Co. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98% '11 100 '11 74 Mar. 75% May Low. 63 '20 68 *11 63 Dec. 68 Dec. NEW MEXICO RAILWAY & COAL CO. Iflt & Coll. Tr. 5s. Due Oct. 1, 1947. Dated Oct. 1, 1897. Interest payable April and Oct. 1, at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 3,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — New York Trust Co., New York. Redeemable at 105 and interest at any time upon four weeks' notice. Organization and Control — Incorporated In New Jersey in 1897 and name changed to the El Paso & Northeastern Co. in 1905. Con- trolled through ownership of its $12,000,000 capital stock by the El Paso & Southwestern Co. The property is leased to the latter com- pany. Capitalization. Outstanding. Common $12,000,000 Funded debt 4,972,000 Secured by a first collateral lien on 169.45 miles of road and 3,500 acres of coal land through pledge of total issues of stocks and bonds as follows: El Paso & Northeastern Ry. of N, M. 1st 5s $2,700,000 El Paso & Northeastern Ry. of N. M. stock 2,700,000 El Paso & Northeastern R. R. of Texas stock 300,000 890 New Mexico Fuel Co. Ist Mtsr. Bonds 1,500.000 New Mexico Fuel Co. stock...... 100,000 The property owned by the collateral com- panies is as follows: Miles. El Paso & Northeastern Ry. of N. M.-s- 'L'exas State Line to "Carrizozo, N. M 124.21 Jarilla Jet. to Jarllla. N. M 4.72 Carrizozo to Capitan, N. M 21.30 El Paso & Northeastern R. R. of Tex- as — El Paso, Tex., to New Mexico State Line 10.22 New Mexico Fuel Co. owns 3,600 acrea of land. Underlies — $2,000,000 New Mexico Ry, & Coal Co. 1st Cons. & Coll. Tr. 5s uf 1951. which provide to retire this issue. Karnings — See 1st & Cons. Bs. Market. New York — Samuel Goldschmidt, Harts- home & Battelle, Fred H. Hatch & Co., Roosevelt & Son, Watson, Armstrong & Co. Price Range. Jan. 1, '11, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 100% '11 102 '11 80 Jan. Low. 65 '18 75 '20 70 Sept. 75 Sept. NEW MEXICO RAII.WAY & COAL CO. 1st & Cons. & Coll. Tr. 6s. Due Oct. 1. 1951. Dated Oct. 1, 1901. Interest payable April and Oct. 1, at office of Trustee. Tax Status — 2% Federal Income Tajc i>ald by company without deduction. Anthorized $5,000,000 Outstanding 1,792,000 In Treasury 208.000 Reserved for Prior Liiens 3,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Equitable Trust Company, New York. Redeemable at 106 and interest at any time on four weeks' notice. Organization — See 1st & Coll. 5s. Secured by a second collateral lien on the mileagre and coal lands covered by the 1st & Coll. Tr. 5s of 1947. and in addition a first lien by deposit with Trustee of the following: Deposited. Issued. Miles. El Paso & Rock Island Ry. stk.$l. 500.000 $2,500,000 127.51 Dawson Ry. & Coal Co. stk. . 51,000 100.000 Alamogordo&Sac. ramento Mtn. Ry. stock 900,000 900,000 31.23 $2,451,000 $3,500,000 158.74 Prior Liens — $3,000,000 Ist & Coll. 5s, due 1947, to retire which a like amount of this Issue has been reserved. Market. New York — Fred H. Hatch & Co., Roose- velt & Son, Vanderhoef & Robinson, Wat- son, Armstrong & Co. Price Range. Jan. 1, '11, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 101 '11 102 '11 75 Jan. 80 Feb. Low 65 '20 80 '20 65 Sept. 80 Mar. Authorized $1,000,000 Outstandins: 1,000,000 Denomination — Coupon, $1,000. Register - able as to principal only. Trustee — Central Union Trust Co., New York. Assumed by the Housatonic Powir Co.- Control — ^Absorbed In 1909 by the Housa- tonic Power Co., which latter company was acquired by the Connecticut Light & Power Co. Secured by a first mortgage on ths prop- erty of the former New Milf ord Power Co. , comprising real estate, water power and elec- tric plants. Market. New York — Fred H. Hatch & Co., Lynch &. McDermott. Hartford* Conn. — Richter & Co. New Haven, Conn. — H. C. Warren & Co., Inc. Price Range. Jan. 1, as, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 105 '12 106 '12 95 Jan. 100 Jan, Low. 70 '20 80 '20 70 Dec. 80 Dec. NEW MILFOKD POWER CO. 1st 68. Due Aug. 1, 1932. Dated F«b. 24. 1902. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. 891 NEW ORLEANS & NORTHEASTKRN RAlIy ROAD CO. Prior Lien 5s. Due Nov. 1, 1940. Dated Oct. 26. 1885. Extended frcm Nov. 1, 1915, with interest reduced from f;%. In- terest payable May 1 and Nav. 1, at Trus- tee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax fr-se in Louisiana and Mississippi. Authorized ?1, 371 000 Outstanding ], 371. 000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Organization and Control — Inorporat'id In Louisiana in 1868 and in Mississippi in 1871. Controlled originally through ownprghip of $5,336,300 of the $6,000,000 capital stock by the Alabama, New Orleans, Texas & Pacific Junction Rys. Co., Ltd. In Nov.. 1916, the latter company sold its interest to the South- ern Ry. Co. Capitalization. Outstanding. Common S6, JOO.OOO Funded debt 8,964,000 Secured by first mortgage on entire prop ■ erty of company, including 196 miles uf road from New Orleans, La., to Meridian, Miss., forming part of a through Ir ne from the north and northeast to New Orleans. Underlies — $7,195,000 Ref, & Imp. 4Vis, due 1952, which provide for the retirerei^ant of this issue. Years ended Dec. 31: Gross. Net. Int. & Rent. ♦1919 $1,204,992 $1,247,316 $524,031 tl919 6,44 6,802 51,277 160,510 *1918 1,204,992 1,249,739 527.179 tl918 6,474.718 998,432 32,992 1917 4.969.265 1,684,058 498,1580 1916 4,011.444 1.384,498 538,032 •Corporate account. tFederal account — standard return not In- cluded. Original Market— Extended bonds offered by Kean, Taylor & Co., New York and Chicago, at 102%% and interest in November, 1915, Market. New York — Charles W. Place, Raymond M. Smith. Baltimore, Md. — Brinkman & Co., JenklnjB, Whedbee & Foe. Price Range. Jan. 1, ae, to Jan. 1, *31 1930 Bid. Ask. Bid. Ask. High 1041^ '17 105 '16 84 May 88 May Low. 75 '20 80 '20 76 Sept. 80 Aug. NEW ORLEANS & NORTHEASTERN KAIl/- ROAD CO. Ref. & Imp. 4%b, Series ''A." Dae Jan. 1, 1953. Dated Jan. 2. 1917. Interest payable Jan. and July 1, at J. P. Morkan & Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $16,000,000 Ontstandin? 7,195,000 In Treasury 468,000 Reserved for Prior Uens 1,371. 000 Reserved for Ext 6,966.000 Denomination — Coupon, $1,000. Resrister- able as to principal. Reeistered, $1,000, $5,- 000 and multiples. C. & R. interchaugreable. Tmstees — Guaranty Trust Co., New Tork, and William C. Cox, 140 Broadway. New Tork. Redeemable as a whole at 107% and inter- est on any interest date on 90 days' notice. Control — See P. L. 6s of 1940. Secured by second mortgage on 196 miles of road from New Orleans, La., to Meridian, Miss. Also by pledge of the company's one- fifth Interest in the Meridian Terminal Co. ($19,900 par value of capital stock). Prior liiens — $1,371,000 New Orleans & Northeastern R. R. Prior Lien 6s of 1940, provision for the retirement of which le made In this issue. Earnings — See P. L. 6s. Market. Baltimore, Md. — Jenkins, Whedbee & Poe. Price Range. Jan. 1, '18, to Jan. 1, *21 1930 Bid. Ask. Bid. Ask. High 83 '20 86% '18 74 Nov. 77 May Low. 68% '20 68 '20 68% Dec. 68 Aug. NEW ORLEANS & NORTHEASTERN RAIL- ROAD CO. Series "E" Eqoip. Tr. 4^8. Dae $17,000 each Dec. 1 and $18,000 each June 1» from Dec. 1> 1916, to June 1, 1936, inclusive. Dated June 1, 1916. Interest payable Dec. 1 and June 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $350,000 Outstanding: (Jan. 1, '21) 174,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New Tork. Secured by an equipment agreement on 412 flteel centre-siU plain box cars, costing about $410,000, of which the company paid $60,000 In cash, Legral for Savings Banks in Ohio. Original Market — Offered May, 1916. by Bol- ter, Choate & Prentice, New Tork. on a 4.46% basis for average maturities. Market. New Tork — Evans, Stillman & Co., Free- man & Co. NEW ORLEANS CITY & LAKE RAILROAD iBt 68. Due Jan. 1, 1943. Dated Jan. 1, 1893. Interest payable Jan. and July 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized 55,000,000 Outstanding 2,393,000 Retired by S. F ,606,000 Denomination — Coupon, $500 and $1,000. Hegisterable as to principal. Trustee — The Fidelity & Columbia Trust Co., Louisville, Ky. Redeemable for the sinking fund at 110 and mterest. Sinking Fund — ^Annually July 1, $30,000 for Che purchase or redemption of these bonds at , not over 110 and interest. Bonds acquired to be cancelled. Control — ^Absorbed by the New Orleans City Railroad, controlled through ownership of a majority of its stock by the New Orleans Ry. & Light Co., which has leased the property until 1955. The New Orleans Ry. & Light !■ controlled by the American Cities Co. Receivership and Protective Committer— See New Orleans Ry. & Lt. Co. Gen. 4^. Secured by a Urst mortgas'e on an Important part of the street railway system of New Orleans, La. Franchises expire from 1943 to 1962. Underlies — New Orleans City R. R. Gen- eral 5s, due 1943; New Orleans Ry. & Light General 4%s, due 1935, and Ref. & General Lien 5s. due 1949. which provide for the re- tirement of this issue. Earnings — See N. O. Ry, & Lt. Co. Listed on the New Orleans Stock Exchange. Market. New York — ^Hartshorne & Battelle, Hiber- nia Securities Co., Inc., J. S. Bache & Co. LiOuisTille, Ky. — Fidelity & Columbia Trust Co. Price Range. Jan. 1, '08, to Jan. 1, *Z1 1920 Bid. Ask. Bid. Ask. High 111 '08 112% '09' 90 Jan. 94 Mar. Low. 75 '20 85 '20 75 June 85 May NEW ORLEANS CITY RAILROAD Gen. 4^5fl. Due July 1, 1943. Dated July 1, 1898. Interest payable Jan. and July 1. at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,260,000 Outstanding 3,200,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Louisville, Ky. Receivership and Protective Committer— See New Orleans Ry. & Lt. Co. Gen. 4%b. Organization and Control — Incorporated In Louisiana. Controlled through stock owner- ship by New Orleans Railway & Light Coi Capitaliz,T,tion. Outstanding. Common $5,000,000 Preferred 2,600,000 Funded debt 5,558,000 Secured by deposit of an equal amount of 2d Mtge, 5s of New Orleans City & Lake R. R. Co. For further details, see New Orleans City & Lake 1st 6s. Prior Liens — $2,393,500 New Orleans City ft Lake 1st 5s. Underlies — New Orleans Ry. & Light Gen- eral 4h^a, due 1936. and the Ref. & Gen. Lien 5s, due 1949, which provide for the retirement of this issue. Earnings — See N. O. Ry. & Lt. Listed on the New Orleans Stock Exchange. Original Market — Issued in exchange for Crescent City R. R. 6s in accordance with plan of reorganization. Market. New York — Hibernia Securities Co., Inc., Lynch & McDermott. Price Bangs. Jan. 1, '09, to Jan. 1, '21 Bid. Ask. High 110% '09 112 '10 Low. 70 '20 80 '20 19Z0 Bid. Ask. 86 Jan. 89 Jan. 70 July 80 Nov. NSW ORLKANS GREAT NORTHERN BAU^ ROAD 1st SB. Dae Ane. 1, 1956. Dated August 1. 1906. Interest payable Feb. ana Aug. 1. at Trustees' office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $10,000,000 Outstanding 8,248,000 Reserved for Ext 1,762,000 Denomination — Coupon, $1,000. Begisterable as to principal. Registered, $1,000, $6,000 and $10,000. C. & R. interchangeable. Trustee — Columbia Trust Co., New York. Organization — Inc. in Louisiana In 1906. Capitalization. Outstanding. Common $7,600,000 Funded debt 8,248.000 Secured by a first mortgage on 243.04 miles of road, viz. ; Miles. Slidell, La., to La.-Misa. State Line 61.23 North Slidell to Folsom. La 43.38 Florenville to St. Tammany, La 3.42 Florenville to Pearl River, La 6.41 Rio, La., to La. -Miss. State Line 32.26 ^ Miss. -La. State Line to Noean, Miss. . 96.00 Miss. -La. State Line to Tylertown, Miss. 8.86 Foxworth to Columbia, Miss 2.48 Net. $531,252 184,361 581,995 668,7817 776.982 816,998 Int.&Rent. $643,585 99,498 518,063 97,347 623,025 629,996 Years ended Dec. 31: Gross. ♦1919 $519,904 tl919 2,294,550 •1918 575,952 tl918 2,197,316 1917 1,916,218 1916 1,746,701 •Corporate account, tFederal account — standard return not In- cluded. Original Market — Offered in 1906 by Fisk & Robinson, New York. Market. New York — Samuel Goldschmidt, Fred H. Hatch & Co. Boston — Pond & Co. Baltimore — Barroll, Corkran & Co. Price Range. Jan. 1, 'la, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. 1614 '12 77^ '12 50 Nov. 55 Nov. 40 '20 45 '20 High Low. 40 Mar. 45 May NJJW ORLEANS RAILWAY & MGHT CO. Gen. 4V48. Due July 1, 1935. Dated July 1, 1905. Interest payable Jan. and July 1, at New York Trust Co., New York, or In New Orleans. Payment of Interest — Interest is being paid three months after it Is due plus interest for deferred period. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $30,000,000 Outstanding l^'^^'^SS In Treasury „?2'"S2 Pledged Under Bef. * Gen. 68. 968,000 Reserved for Prior Liens 11,469,000 Additional bonds issued hereunder must be deposited with the Trustee of the Refunding & General Lien Mortgage. Denomination — Coupon, $1,000. Begisterable as to principal or fiilly registerable. Trustee — New York Trust Co., New York. Redeemable at 106 and Interest any interest date on 60 days' notice. ^ , , ' ^ . , Organization and Control — Incorporated In Louisiana as a reorganization under fore- closure of the New Orleans By. Co. Controlled througtl ownership of over 90% Of preferred and common stock by American Cities Co., a subsidiary of the United Gas & Electric Co. Capitalization. Outstanding. Common $20,000,000 Preferred (5% non-cum.) 10,000.000 Funded debt •39,146,200 •Includes subsidiaries. Receivership — On Jan. 9, 1919, Judge Fos- ter, in the U. S. District Court, appointed J. D. O'Keefe receiver upon application of the American Cities Co. Protective Committee — R. S. Hecht, Chair- man; President, Hibernia Bank & Trust Co., New Orleans. Crawford H. Bills, Vice-Chair- man; Vice-President, "Whitney-Central Trust & Savings Bank, New Orleans. Joseph P. Heni- can. Capitalist, New Orleans. George K. Dodge, Vice-President, Interstate Trust & Banking Co., New Orleans, Paul H. Saun- ders, President, Commercial Trust & Savings Bank, New Orleans. Arthur M. Huger, Presi- dent, New Orleans Stock Exchange, New Or- leans. Mortimer N. Buckner, President, The New York Trust Company, New York. Albert Breton, Vice-President, Guaranty Trust Com- pany, New York. Bernard McCloskey, New Orleans: Walker B. Spencer, New Orleans, Counsel. Secured through pledge of practically the en- tire stock of the New Orleans City Railroad Co., New Orleans & Carrollton Railroad, Light & Power Co., St. Charles Street Railroad Co., Orleans Railroad Co., New Orleans & Pont- chartrain Railroad Co., New Orleans Lighting Co., New Orleans Gas Light Co., by lien upon the entire electric railway system of 222 miles of the City of New Orleans, and plants sup- plying the city with electric light and power". Franchises are either perpetual or extend for a long period of years. Prior Liens — $11,468,500 bonds of controlled companies, to retire which bonds of the Rcf. & Gen. Lien Mortgage have been reserved. Underlies — N. O. Ry. & Lt. Ref. & Gen. Lien 5s which provide for the retirement of this issue. Years ended Dec. 31: Gross. Net. Int., etc. 1919 $11,341,330 $2,864,629 $2,110,313 1918 8,659,633 2,172,018 2,019,603 1917 7,810,246 2,696,226 1,944,000 1916 7,269,132 2,627,649 1,907,196 1916 6,706,830 2,607,063 1,817,988 Listed on the New York, Louisville and New Orleans Stock Exchanges. Original Market — $2,000,000 offered June, 1909, to yield 6.40% by the Hibernia Bank and Trust Co., New Orleans, La., and Ber- tron, Griacom & Co., New York and Philadel- phia. Market. New York — J. S. Bache & Co., Samuel Goldschmidt, Hibernia Securities Co., Inc., Miller & Co. Philadelphia — Bauer, Starr & Co. Louisville, Ky. — Fidelity & Columbia Trust Co. Prlsa Rans'o— N. Y. S. B. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94% Oct. 1, '10 62 Jan. 62% Feb. Low. 61 Apr. 16. '19 46% Dec. 60 Deo. NEW ORLEANS RAILWAY & LIGHT CO. Ref. & Gen. Uen Ss. Due Nov. 1, 194>. Dated November 1, 1909. Interest payable May and Nov. 1, at Guaranty Trust Co., New York, at Trustee's office, New Orleans, alio London, Paris, etc. Default — May 1, 1919, and BUbseauent Inter- est. Tax StataB~2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $50,000,000 Outstanding 6,117,700 Reserved to Retire Prior liiens 29,167,500 Reserved for Ext. 14,724,800 Denomination — Coupon, $1,000 and $100. Regiaterable as to principal. Trustee — Empire Trust Co., New York. Redeemable as an entire issue at 105 and interest Nov. 1, 1919, or on any interest date thereafter upon six weeks' notice. Receivership — See Gen. 4%s. Protective Committee — Because of the ap- pointment of a receiver for this company and non-payment of Jan. 1, 1919, interest on Gen- eral 4% and the possibility that the company will not pay such interest within the 90 days' grace period deposits of bonds with May 1, 1919, and subsequent coupons attached are re- quested by the following- committee: George K. Reilly, chairman; John S. New- bold, Arthur V. Moxton, George A. Colston, Lynn H. Dinkins, Bondholders' Protective Committee. Counsel: Beekman, Menken & Griscom, 52 "William Street, New York. Secretary: "Walter B. Reed, 517 Chestnut Street, Philadelphia, Pa. Depository: The Pennsylvania Company for Insurances on Lives and Granting- Annuities, 517 Chestnut Street, Philadelphia, Pa. Sub-Depositaries: Interstate Trust & Bank- ing Co., New Orleans, La. ; Mercantile Trust & Deposit Co., 115 Broadway, New York. Foireclosure — The Empire Trust Co. , trus- tee, has started foreclosure proceeding's under this mortgage in the U. S. District Court, New Orleans (May 30, 1919), Organization, etc. — See Gen. 4%s. Secured by lien upon entire property of com- pany, subject to General 4^s and prior liens thereto. All additional General Lien bonds is- sued must be deposited hereunder. Prior Liens — $17,544,000 New Orleans Ry. & Light Co. Gen. 4y2S of 1935 and $11,468,500 underlying bonds, for the retirement of which bonds of this issue have been reserved. Earnings — See Gen. 4^s. Listed on the New Orleans Stock Exchange. Original Market — $800,000 offered In 1911 at 87'^ and interest by Canal-Louisiana Bank & Trust Co., Hibernia Bank & Trust Co., Metropolitan Bank, Interstate Trust & Bank- ing Co., Teutonia Trust & Bank Co., Morgan State Bank and "Whitney-Central National Bank, New Orleans. Bertron, Griscom & Jenks, New York, previously had sold about $2,500,000 to a French syndicate. Market. New York — J. S. Bache & Co., Hibernia Securities Co., Inc. Fliiladelphia — Bauer, Starr & Co., McCowji & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid- Ask. High 90 *16 92 '16 44f Jan. Low. 25f'20 40f'2O 25f Dec. 40f Nov. NIE3W ORLEANS RAILWAY & LIGHT CO. 1-Year 7% Deb. Notes. Due June 1, 1919. Dated June 1, 1918. Interest payable June 1 and Dec. 1. at Trustee's Office. Default — June 1, 1919, and subsequent in- terest: also principal. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,000 Outstanding: 3.525,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Red!eemable as a whole at 100 and Intereat on any interest date on 30 days' notice. Protective Committee — Clarence L. Harpre, Chairman; F. N. Barclay, J. A. Cauldwell, Charles Counselman, William S. Evans, John Y. S. Walker, Joseph Wayne, Jr., with T, Homer Atherton. Secretary, 325 Chestnut Street, Philadelphia. Depositary, Fidelity Trust Co., Philadelphia; sub -depositary, Cen- tral Union Trust Co., New York. Organization, etc. — See Gen. 4%s. Security — A direct obligation of the com- pany but not secured by mortgage or col- ■ lateral. Earnings — See Gen. 4%s. Original Market — Issued in Exchange for 6% Notes, due June 1, 1918. Market. New York — Morton, Lachenbruch & Co. Price Rangre 1920— Ask 30, Dec. 894 NEW ORLEANS TERMINAL CO. Ist is. Due July 1, 1953. Dated July 1, 1903. Interest payable_Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding 14,000,000 Reserved for Additions 1,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000 and $10,000 or multiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Guaranteed jointly and severally as to prin- cipal and interest by the St. Louis & San Francisco R. R. Co. and the Southern Ry. Co. by endorsement. Assumed by the Southern Ry. Co. Organization and Control — Incorporated in Louisiana in 1902 and in the following year acquired the New Orleans Belt & Terminal Co. Property of company was leased for 99 years from June 1, 1903, to the Southern Railway Co. and St. Louis & San Francisco R. K. Co., each of which owned one-half of the $2,000,000 capital stock. Under reorgani- zation of latter company the Southern Ry. Co. acquired the entire capital stock and as- sumed all obligations under lease and guar- antee. Capitalization. Outstanding. Common $2, 000,000 Funded debt 14,000,000 Secured by first lien upon entire property of company, including 5,500 acres about six miles below New Orleans, with a frontage of 2^ miles on the Mississippi River, containing the Port Chalmette freight terminals, includ- ing grain elevator; 49 consecutive blocks in the centre of New Orleans, upon which has been constructed a modern passenger station and freight houses; 100 acres of additional outside freight yards and 10 acres for addi- clonal passenger terminals; and a 26-mile belt line railroad, with a total trackage of 78 miles, extending from the Port Chalmette ter- minals on the south to the terminal property in the centre of the city and connecting with all railroads enetring New Orleans. Listed on the New York and London Stock Exchanges. Original Market — First offered by Harvey Fisk & Sons, New York, at 93 »^ and- interest. $4,000,000 offered March, 1911, by Lee, Hlg- ginson & Co., New York, Boston, etc., at 88 and interest. Market. New York — Simon Eorgr & Co., Joseph Sl£?. ford. Samuel Goldsohmidt, Prince & TSfhitely, Redmond & Co., Finlay & Daven- port. Philadelphia — Barclay, Moore & Co., Ar- thur J. Bender, Daniel & Co., McCown & Co., Marley, Wood & Co. Frlca Banse— N. X. S. E. High 88% Dec. 8, 'll 67 Oct. 18 Low. 66% July 10, -20 B6%JulylO NEW OBI.X:anS, TEXAS & MEXICO BATLr- WAY CO. 1st 68, Series "A." Due Oct. 1, 1925. Dated (Series A) Dec. 1, 191B. Interest payable June and Deo. 1, at Columbia Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $15,000,000 Outstandine 6,870,000 In Treasury 130,000 Beserred for Additions, etc 9,000,000 Additional bonds issuable for 9B% of cost of extensions, etc. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Regis- tered, $1,000 and $10,000. C. & H. Inter- changeable. Trustee — Columbia Trust Co., New York. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking Fundi— There jg no sinking fund for Series *;a." Organization — Incorporated February, 1916, in Louisiana as successors, under foreclosure, to the New Orleans, Texas & Mexico R. R. Co., formerly part of the St. Louis & San Francisco R. R. systems. Controls through ownership of securities the Beaumont, Sour Lake & 'Western R. R. Co., the St. Louis, Brownsville & Mexico Ry. Co., the Orange & Northwestern R R. Co., San Benito & Rio Grande Valley R. R. Co., New Iberia & North- ern R. R. Co. and Iberia, St. Mary & East- ern R. R. Co. Capitalization Outstanding. Common «. .$15,000,000 Funded debt 20,206,606 Secured by a direct first or collateral lien on 818.19 miles of road, viz: A first lien on 17S.72 miles Anchorage (opposite Baton Rouge) to De Quincy, La 137.47 Bunice to Crowley, La 22.37 Erwinville to Mix, La 12.88 A first collateral on 647.60 miles Through pledge of $84,100 (of a total issue of $85,000) capital stock and $2,057,825 (total issue) 1st 6s of the Beaumont, Sour Lake & Western Ry.: Beaumont to Houston, Tex 82.79 Grayburg to Sour Lake, Tex 1.50 Througih pledge of $499,100 (of a total issue of ,$500,000) capital stock and $12,913,342 (total issue) 1st 6s of the St. Louis, Browns- ville & Mexico Ry. — ■ Algoa to Brownsville, Tex 343.14 Harlingen to Sam Fordyce, Tex 55.44 Buckeye to Collegeport, Tex 16.90 Bloomington to Port O'Connor, Tex.... 38.58 Heyser to Austwell, Tex 16.88 Bloomington to Victoria, Tex 13.56 San Juan to Edinburgh, Tex 7.89 Brownsville to Rio Grande Station. Tex 1.79 P.io Grande Jet. to Slinkert, Tex 7.49 Through pledge of $31,500 (of a total issue of $36,000) capital stock and $1,066,947 (total issueX 1st 6s of the Orange & Northwestern R. R. — Orange to Newton, Tex 61.65 895 Also secured on 111.95 miles of trackaffft rights — Kansas City Southern Ry. — DeQuincy, La., to State Line 18.50 Yazoo & Mississippi Valley R. R. — Baton Rouge to New Orleans, La... 93. 4S Underlies— Income 5s of 1935. Years ended Dec. 31 (consolidated): Gross. Net. Int., Rent, etc. •1920 $5,425,128 $1,176,949 $1,299,569 •1919 1,101,215 1,160,284 1,509,853 tl919 9,161,467 1,768,452 300,821 •1918 1,101,215 1,253,082 1,292,864 tl918 8,013,713 2,224,434 286,844 1917 6,661,229 2,487,884 1,467,923 1916 6,410,378 2,044,805 821,687 •Corporate account. tFederal account — standard return not in- cluded. Listed on the New York Stock Exchange. Original Market — Underwritten by a syndi- cate headed by the Columbia Trust Co. and Guaranty Trust Co., New York, and offered for subscription to holders of the St. Louis & San Francisco-New Orleans, Texas & Mexico Div. 5s and 4%s. Each assenting holder of $1,000 5s or 4%s who subscribed and paid for $200 of bonds issued under this mortgage re- ceived $200 1st 6s (this issue), $600 non- cumulative Income 5s and $500 stock: assent- ing holders not subscribing cash as above re- ceived $400 non-cumulative Income 5s and $260 stock. Offered Sept., 1916, by H. M. Byllesby & Co.. Inc., Chicago and New York, and G. H. Walker & Co., St. Louis, at 99 and interest. Market. New York — Roosevelt & Son, Rutter & Co. St. Louis, Mo. — G. H. TValker & Co. Price Bange— N, Y. S. E. Jan. 1, '18, to Jan. 1, '21 1920 High 99% Oct. 28, '19 96 Jan. 7 Low. 90 Dec. 6, '20 90 Dec. 6 NEW ORLEANS, TEXAS & MEXICO RAIL- WAY CO. Non-oniuulative Income 5s, Series "A." Due Oct. 1, 1935. Dated March 1, 1916. Interest payable April 1 and Oct. 1. at Guaranty Trust Co., New York, from net income when and as authorized by .the boaid of directors. Payment of Interest — Interest at the rate of 5% is being regularly paid in these bonds as of May 1, '21. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $25,000),000 Outstanding 13,849,250 In Treasury 1,308,760 Reserved for Corporate Pur- poses '. . 9,842,000 Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at par and interest on any In- terest date on 60 days' notice. Organization — See 1st 6s. Security — A direct obligation of the company but not secured by a mortgage. This in- denture provides that if the company shall se- cure any Indebtedness In excess of $15,000,000 by a mortgage on any of its properties covered by the 1st 6s, these bonds shall be secured on a parity with .any bonds issued under such mortgage. Prior Liens — 1st 6s of 1925. Earnings — See 1st 6s. Listed on the New York Stock Exchange. Market. New York — Samuel Goldschmidt, William C. Orton & Co. St. Louis, Mo. — G. H. Walker & Co. Price Banee— ^N. ¥. S. E. Jan. 1, '17, to Jan. 1, '21 1920 High 621^ June 5, '19 64 Oct. 22 Low. 34 Dec. 21, '17 46 June 8 IArthur J. Bender, Biddle & Henry, Henry D. Boen- ning & Co. Price Banee — N. Y. S. B. Jan. 1, '0«, to Jan. 1, 'HI WHO High 1091^ Aug. 8, -06 92 Jan. 22 Low. 91% Sept. 3, '20 91% Sept. 3 NEW YORK & ERIE RAII,ROAS CO. 4th Ext. 5s. Due Oct. 1, 1930. Dated August- 15, 1857. Extended Oct. 1, 1880, interest being reduced from 7%. Ex- tended Oct. 1, 1920, with interest at same rate viz. ; 5 % . Interest payable April and Oct. 1, at 50 Church St., New York. Tax Status — 2% Federal Income Tax paid by the ocmpany without deduction. Authorized Closed mortgage* Outstanding {2,926,000 Denomination — Coupon, $1,000. Regiater- able as to principal. Trustees — John C. Bancroft Davis and Charles Steele. Redeemable on any interest date upon 30 days' notice at 105 and interest. Assumed by the Erie R. R. Co. Control — See 1st Ext. 4s. Secured by a ' direct mortgage on 466.61 miles of road, viz: Miles. A first lien on 18.73 miles — Greycourt to Newburgh, N. Y 18. 7S A fourth lien on 446.78 miles — Covered by the first lien of the New York & Erie 1st Bxtd. 4s, 1947 446.78 Also secured on leasehold interest of the company in the Union R. R., Pateraon &~Hud- son R. R., and Paterson & Ramapo R. R., owning the road from Jersey City (BufCalo Creek), N. J., to Suffern, N. Y., 28.68 milea (double track). Further secured upon the rights of the company in the Long Dock Co. Prior Liens — $9,248,000 prior liens as fol- lows: New York & Erie Extd. 6s. 1939. . .$2,149,000 New York & Erie 3d Bxtd. 4%s, 1923 4,617,000 New York & Erie 1st Bxtd. 4a, 1947 2,482,000 Underlies — N. Y. & Erie 6th Ext. 4s of 1928; Brie Ry. Cons. 7s. 1920; to the Brie R. R. Cons. Prior Lien and Gen, Lien 4s, 199:, which provide for retirement of this issue, and to the Erie R. R. Gen. Conv. 43, 1953. Listed on the New York Stock Exchange. Origrlnal Market — This issue was extended Oct., 1920, than J. P. Morgan & Co. As- senting holders received $142.50 per $1,000 bond. Market. New York — Simon Borg & Co., Samuel Goldschmidt, R. W. Pressprich & Co., Vilas & Hickey. Fbiladelphla — Arthur J. Bender; Biddle & Henry, Henry D. Boenning & Co., Morley, Wood & Co. NEW YORK Si ERIE RAILROAD CO. 6th Ebct. 4s. Due June 1, 1928. Dated June 1, 1868. Extended June 1, 1888, intereat being reduced from 7%. In- terest payable June and Dec. 1, at 50 Church St., New York. Tax Status — 2% Fed'iral Income Tax paid by the company without deduction. Authorized Closed mortgage Outstanding $709,600 Denomination — Coupon, $1,000 and $600. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Brie R. R. Co. Secured by a- second mortgage on 18 miles of road from Greycourt to Newburgh, N. Y.. and a fifth mortgage on 446 miles of road from Plermont to Dunkirk, N. Y. Prior Liens — $12,174,000 N. Y. & Brie bonds. Underlies— See Ist Ext. 4s and 4th Ext. 6s. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Samuel Goldschmidt, R. W. Pressprich & Co., Vilas & Hickey. Fhlladelpliia — Arthur J. Bender, Biddle & Henry, Henry D. Boenning & Co. Prica Range— ;N. Y. S. E. Jan. 1, '06, to Jan. 1, 'gl 1980 Bid. Ask. High 102 July 28, '06 72 May 85 Oct. Low. 91 Dec. 9, '07 72 May 81 May NEW YORK & GREENWOOD LAKE RAIL- WAY CO. Prior Lien 5s. Due May 1, 1946. Dated May 1, 1896. Interest payable May 1, and Nov. 1, at office of Brie K. R. Co., 60 Church Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding 1,471,900 Denomination — Coupon, $100 and $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Guaranteed as to principal and interest by the Erie R. R. Co. by endorsement. Organization and Control— Incorporated in New Jersey in 1878, and 90% of stock owned by the Erie Railroad Co., which has leased the property for 999 years from May 1, 1896. Capitalization. Outstanding. Common $100,000 Funded debt 1,471,900 Secured by first mortgage on 48.82 miles of road, viz: Croxton to Sterling Forest, N. J 41,87 Forest Hill to Main Street, Orange, N. J 4.16 Ringwood Jet. to Ringwood, N. J 2.79 Listed on the New York Stock Exchange. Market. New York — Ambrose R. Clark & Co., Sam- uel Goldschmidt, Prince & ■Whitely, Red- mond & Co., Vilas & Hickey. FhUadelphla — Graham, Parsons & Co., Marley, Wood & Co., Isaac Starr, Jr., & Co. Prios Banste — ^X. Y. S. E. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. High 108 Mar. 17, '09 80% Jan. 85 Jan. Low. 85 Jan. 4, '18 74% Dec. 76 Aug. NEW YOlRK & HARLE2U RAILROAD CO. Bef. (now Ist) 3%s. Due May 1, 2000. Dated June 1, 1897. Intereat payable May and Nov. 1, at Grand Central Terminal, New York. Tax Status— 2% Federal Income Tax paid by company without deduction. .Authorized $12,000,000 Outstanding 12,000,000 Denomination — Coupon, $1,000. Register- able aa to principal only, or fully registerable. Registered, $1,000, $6,000 and $10,000, Trustee — Guaranty Trust Co., New York. Guaranteed aa to principal and interest by the New York Central R. R. Co. under terms of leaae. Organization and Control — -Incorporated in New York in 1831, and in 1873 steam road property leased to N. Y. Central R. R. for 401 years for intereat on bonda and 10% since 1900 on stock. In 1912, N. Y. C. R. R. Co. oifered to purchase any of the $1,343,950 Pfd, and $8,666,060 Common Stock (par value $60) at $175 per share and accrued dividends, pay- able either in cash or N. Y. C. R. R. De- benture 4% Bonds at 92. The latter company has, to the present, ac- quired $1,143,700 pref. and $5,486,550 common stock. Capitalization. Outstanding. Common $8,656,060 Preferred ^ 1,343,950 Funded debt 12,000,000 Secured by a first mortgage on 136 miles of road from Grand Central Terminal. New ITork City, to Chatham, N. 7., including branches to Port Morris and Lake Mahopac, N. Y., also on the Grand Central Terminal and the station at Chatham. Further secured upon the lease to the New York Central R. R. Co. Legal for savings banks in Cal,, Conn., Me., Mass., Mich., Minn., N. H., N. J., N. Y.. R. I. and Wis. liisted on the New York Stock Exchange. Market. New York — Simon Borg & Co., Sam'l Goldschmidt, Hartshorne iSfc Battelle, Kountze Bros., R. W. Preaspiich & Co, Prince & Whitely, Redmond & Co., Remlok, Hodges & Co., Struthers & Hiscoe. Price Range — ^N. T. S. B. Jan. 1, '08, to Jan. 1, '21 1920 High 101% July 16, '08 69% Deo. 15 Low. 64 May 19, '20 64 May 19 NEW YORK & HOBOKIIN I'BBRY CO. Gen. 5s. Due May 1, 1946. Dated Dec. 1, 1898. 'Interest payable June and Dec. 1, at 90 West St., New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $4,000,000 Outstanding *3, 300, 000 Reserved for Bxt 700,000 •$1,266,000 owned by D. L. & W. R. R. Co. Denomination — Coupon, $1,000, Register- able as to principal. Tnstee — -United States Mortgage & Trust Co., New York. Redeemable on any interest date at 110 and interest on six weeks' notice. Organization and Control — Incorporated in New Jersey in 1898 as a consolidation of the Holjoken Ferry Co. and the New York & New Jersey Ferry Co. and entire stock ac- quired by the Delaware, Lackawana & "West- em R. R. Co. in 1903. Capitalization. Outstanding. Common $3,300,000 .Funded debt 3,300,000 Secured by mortgage upon entire property of company, operating ferries from Barclay St., Christopher St., and "West 23rd St., New York, to Hoboken, N. J., and owning valu- able dock and wharf properties. Prior I/iens — $4,100,000 Hoboken Ferry 6s, due 1946, and $1,000,000 N. Y. & N. J. Ferry Co. bonds, of which $600,000 are owned by the D., L. & W. R. R. Co. Original Market — Issued to stockholders of former "Hoboken Ferry Co." $10,000 of these bonds and 100 shares of new stock for each 100 shares of stock of the old company. Market. New Yorlc — Hartshorne & Battelle, Fred H. Hatch & Co., "W. B. R. Smith & Co. Jersey City, N. J.— Cutwater & "Wells. Pries Range. Jail. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '16 101% '16 7G Nov. 77 Dec. Low. 74 '20 76 "20 74 Dec. 77 Deo. NEW YORK & JZaCSEY RAIIJSOiAD CO. 1st 5s. Dae Feb. 1, 1932. Dated February 20, 1902. Interest payable Feb. and Aug. 1, at Guaranty Trust Co. of Now York. ' - ' Tax Status — 2% Federal Income Tax paid by company without .deduction. Authorized Closed mortgage. Outstanding $6,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — U. S. Mortgage & Trust Co., New York, Redeemable at 110 and interest on any in- terest date on three months' notice. Assumed by t the Hudson & Manhattan R. R. Co. Control — Incorporated in New York in 1902 as successor to the Hudson Tunnel Railway Co., and in 1906 was consolidated into the Hudson & Manhattan R. R. Co., controlled by the Hudson Companies. Secured by first mortgage upon property formerly owned by N. Y. & N. J. R. R. Co., including three miles of railroad and tunnel under the Hudson River, extending from "West 33rd St.. New York, to the Del., Lack. Sc "West. Station, Hoboken, and the Erie R. R. Station, Jersey City. New York franchise perpetual. "Underlies — Hudson & Manhattan 1st Ss, due 1957. which provide for the' retirement of this issue and Adjustment Income 6s due 1957. Earnings — See Hudson & Manhattan R. R^ 1st Lien & Ret 5s. liisted on the New York Stock Exchange. Original Market — Offered in 1902 by Harver Fisk & Sons. New York. Market. New Yorlt — Sam'l Goldschmidt, Hart- shorne & Battelle, Hodenpyl, Hardy & Co., Pouch & Co., "W. E. R. Smith. & Co. Price Range — ^N. Y. S. E. ' Jan. 1, '16, to Jan. 1, '21 1920 High 102 Jan. 28, '16 78 Apr. 10 Low. 73 Apr. 6, '20 73 Apr. t E99 NEW YORK & I>ONG BRANCH RAILROAD CO. Oen. (now 1st) 5s and 4s, Due Sept. 1, 1941. Dated September 1, 1891. Interest payable March and Sept. 1, at Liberty National Banlc, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding — 4s $2,308,000 5s 192,000 $2,500,000 Note. — Of the 4b, the Central R. R. of N. J. holds $451,000 and the Pennsylvania R. R. $3,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed — Interest" provided for by the Pennsylvania R. R. and the Central Railroad of New Jersey under terms of lease. Organization and Control — Incorporated in New Jersey in 1881 as a consolidation of five railroad companies. Entire stock of company is owned by Central R. R. of New Jersey and is pledged under its General Mortgage of 1987. Road is operated under an agreement as of Jan. 2, 1888, with the C. R. R. of N. J., and Penna. R. R. Co., by terms of which 7% dividends on stock, and interest on bonds are provided for. Capitalization. Outstanding. Common $2,000,000 Funded debt 2,600,000 Secured by a first mortgage on 38 miles of double-track road from Perth Amboy, via Long Branch to Bay Head, N. J. Legal for savings banks in Cal., Conn.. Me., Mich., Minn., N. J. and "Wis. Listed — $1,500,000 4s on the New York Stock Exchange. Market. New York — Barstow & Co., Percy H. Bradshaw, Prince & Whitely, Redmond & Co., Raymond M. Smith, W. B. R. Smitli & Co., Taylor, Sraitli & Hard. Philadelphia — Graham, Parsons & Co. i-rice Kanffc — N. Y. S. K. Jan. 1, '09, to Jan. 1, '21 19S0 4s Hig:h lOOVi Aug. 30, '11 80% Jan. Low. 98 Dec. 2, '10 7514 July 5s Bid. Ask. Bid. High U4'09 105 '12 96 Feb. Low. 70 '20 100 '15 70 Aug. NEW YORK & NEW ENGLAND RAILROAD CO. Boston Terminal 1st 4s. Due April 1, 1939. Dated April 1, 1889. Interest payable April 1 and Oct. 1, at company's office, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authcrized and Outstanding. ... $1,500,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — American Trust Co., Boston. Assumed by New England R. R. Co. Control — Incorporated in Mass. and Conn, as successor to the Boston, Hartford & Elrie R. R., and in 1895 was succeeded by the New England R. R. Co., which was merged inio the New York, New Haven & Hartford R R. Co. in 1908. Secured by a first mortgage on the terminal 3iroperiy of the company in Boston, includ- ing Drake's Wharf and Curtis' Wharf, to- gether with other real estate. Underlies — New England R. R. Cons. 4s and is due 1945, and N. T., N. H. & H. B. R. 1st & Ref. Mtge under which bonds are re- served to retire this issue. liisted on the New York and Boston Stock Exchanges. Market. New York — Abraham & Co. Pittsburgh — R. B. Hutchinson & Co. ' Price Ran:=— N. Y. S. E. Jan. 1, '10, to Jan. 1, '31 1920 Bid. High 971/2 Nov. 28, 'in 80 Jan. Low. 97% Nov. 28, '10 80 Mar. NEW YORK Si NEW JERSEY FERRY CO. 2d 5s. Due Jan. 1, 1946. Dated 1896. Interest payable Jan. and July 1, at 90 West St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstandine $400,000 Control — Consolidated in 1898 with the Hobo- ken Perry Co. into the New York & Hoboken Ferry Co., the entire capital stock of which is owned by the Delaware, Lackawanna & Western R. R. Secured by a second mortgage on three ferry boats and property at 14th St., Hoboken, N. J., and on franchise to operate ferry line be- tween 23rd St., New York, and Hoboken, N. J. Prior Liens — $600,000 1st 4%s, all owned by the D., L. & W. R. R. Underlies — $3,300,000 N. Y. & Hoboken Ferry General 5s due 1946. Market. New York— W. E. R. Smith. Jersey City — Outwater & Wells. Price Range. Jan. 1, '08, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 99 '13 100 '12 76 Jan. 80 Jan. Low. 86 '18 90 '08 68 Dec. 76 Dec. April end Oct. 1, at Grand Central Terminal, New Yt rk. Tax Status — Payment of Federal Income Tax not assumed by cjmpany. Authorized and Outstanding $1,200,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co.^ New York. Assumed by the New York Central R. R. Co. Control — Incorporated in. Ndw York in 1887 and reorganized in 1894 as the N. Y. & Put- nam R. R. , which was merged into the New York Central R. R. in 1913. Secured by first mortgage on 59 miles from 165th St.. New York, to Brewster, N. Y.. in- cluding a bridge over the Harlem River, and a branch from Van Cortlandt Station, N. Y., to Yonkers, N. Y. Underlies — N. Y. & Putnam 1st Cons. 4a due 1993, and N. Y. C. & H. R. R. Co. 3%s of 1997, Cons. 4s, Ref. & Imp. 4%s and Deb. 6s. The Ref. & Imp. Mtge. provides for the retirement of this issue. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn.. Mo., N. H., N. J., N. I., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — J. S. Bache & Co., Ambrose H. Clark & Co., B. "W. Pressprich & Co., Prince & Whitely, Redmond & Co., Taylor, Smith & Hard, Remick, Hodges & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1, '07, to Jan. 1, '21 1920 High 111 Apr. 3 0, '07 94 Nov. 26 Low. 92% Jan. 20, '20 92% Jan. 20 NEW YORK Si NORTHERN R.4IL,WAY Cu. 1st OS. Due Oct. 1, 1927. Dated October 1, 1887, Interest payable soo NEW YORK & PENNSYLVANIA TELE- PHONE & TEUBGRAPH CO. 1st 5s. Due Feb. 1, 1926. Dated Feb. 1, 1896. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — Payment_of Federal Income Tax not assumed by company. Authorized $300,000 Outstanding (Jan. 1, '21) 212,000 Ketired bj; S. F 88,000 Denomination — Coupon, $1,000 and $500. Trustee — Metropolitan Trust Co., New York. Sinking Fund — $3,000 annually on Feb. 1, for purchase of these bonds at not to exceed 105 and interest, or if not obtainable at that price to be invested in securities approved by the company. Assumed by the New York Telephone Co. Control — Incorporated in New York in 1882 and in 1909 property and franchises acquired by the Central N. Y. Tel. & Tel. Co., which was merged into the New York Telephone Co. Secured by first mortgage on all property formerly owned, by company operating in coun- ties in the northern part of Penn. and south- ern part of New York. Underlies — N. Y. & Penn. Tel. & Tel. Gen- eral 4s due 1929 and New York Tel. 4^45 due 1939. Earnings— See New York Telephone Co. 1st & Gen. 4%s. Market. New Yorlt — Joseph Oilman, T. L. Mao- Donald. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. High 103 '09 105 '09 85 Jan. Low. 84 '20 100 '14 84 Deo. NEW YORK St PENNSYLVANIA TEIi& PHOlNE & TEIiEGRAPH CO. Gen. 49. Due Not. 1, 1929. Dated Nov. 1, 1899. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Inoom? lax not assumed by company. Authorized $1,000,000 Uatstandingr (Jan. 1, '21) 449,000 Held in S. F 147,000 Cancelled 104,000 Reserved for Prior Lien 300,000 Denominationi — Coupon, $1,000. Trustee — Empire Trust Co., New York. Slnlune Fund— Annually, 1% of outsta-idlng Donds, moludingr bonds held in sinking fund, payable Nov. 1. Assumed by the New York Telephone Co. Control — See 1st Bs. Secured by a general mortgage on all the property formerly owned by the company, sub- ject to 1st 5s of 1926, which this Issue pro- vides to retire. Prior Liens — $214,000 1st 6s due 1925. Underlies— N. Y. Tel. 1st & Gen. 4%s of Eamincs — See New York Telephone Co. Original Market — $200,000 offered in Sept., 1900, at 96 and interest by B. H. Kollins & Sons, Boston, New York, etc. Market. New York — Joseph Oilman, T. L. Mac- Donald. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 V,. ,- ■'?'''• -^=^- Bid. Ask. High 91 '17 98% '16 85 June 95 June Low. 76 '18 83 '19 75 Aug NEW YORK & PORTO RICO STEAMSHIP CO. (of Maine) 1st Ss. Due May 1, 19S2. Dated May 1, 1907. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding (Jan. 1, '21) 1,293,000 Retired by S. F 1,627,000 Ovracd by A. G. & W. I. S. S.. 185,000 Reserved for Ext 1,895,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at 110 and interest on any in- terest date. Sinking Fund — The company agrees to can- cel annually sufficient bonds to retire entire issue by maturity. Organization and Control — Incorporated in Maine in 1907 and acquired property of U*. S. & Porto Rico Navigation Co. and entire stock of N. Y. & Porto Rico S. S. Co. owning wharf properties in Porto Rico. Entire capital stock Of N. Y. & Porto Rico S. S. Co. of Maine is owned by the Atlantic Gulf & West Indies S. S. Lines. Capitalization. Outstanding. Common $4,000,000 Funded debt 1,293,000 Secured "by a mortgage on all the property of the company, including 10 steamers plying between New York and San Juan, Ponce and Mayaguez and other ports of Porto Rico: also between New Orleans and Porto Rico and be- tween Galveston, Port Arthur and Porto Rico. Earnings — See A. G. & W. I. S. S. L. Market. New York — ^Hayden, Stone & Co. Boston — Hayden, Stone & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '17 96 '17 86 Mar. 89 Mar. Low. 60 '15 72 '15 75 June 85 Mar. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized Closed mortgage. Outstanding $3,987,000 Denomination^— -Coupon, $1,000. Registerable as to principal only, or fully registerable. Trustee — Central Union Trust Co., New York. Assumed by the New York Central R. R. Co. Guaranteed principal and interest by tho New York Central & Hudson River R. R. Co. by endorsement. Control — Incorporated in New York in 1884 as a reorganization of the N. Y. & Northern Ry., and was merged into the N. Y. Central R. R. Co. Secured by a second mortgage on 59 miles of road, from 155th St., New York City, to Putnam Jet., N. Y., and branch to Mahopac. Falls. Prior TAeos — $1,200,000 N. Y. & Northern 1st 5s, due 1927, to retire which bonds of this issue have been reserved. Underlies — N. Y. C. & H. R. R. R. 3%3 of 1997, Cons, 4s, Ref. & Imp. 4%s, which pro- vides for the retirement of this issue, and Deb. 6s. Legal for savings banks in Cal., Conn., Mass., N. H., N. J., N. Y., R. I. and Vt. listed on the New York and London Stock Exchanges. Market. New York — E. A. Baker- & Son, Simon Borg & Co., Ambrose R. Clark & Co., Sam'l Gold.'^chmidt, R. W. Pressprich & Co., Prince & Whitely, Redmond & Co.. Rutter & Co., Taylor, Smith & Hard, Vanderhoef & Robin- son, Vilas & Hickey, Remick, Hodges & Co. Pbiladelphia — Henry D. Boenning & Co., Brown Bros. & Co., Elkins, Morris & (IJo., Graham, Parsons & Co., Harper & Turner, J. P. Magill & Co., Samuel K. Phillies & Co., "Wheeler, Elliot & Mann. Pittsbtirg^h — R. B. Hutchinson & Co. Pi'ioo Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 104% Feb. 28, '06 71% Oct. 28 Low. 71 Sept. 22, '20 71 Sept. 22 NEW YORK & PUTNAM RAILROAD CO. 1st Cons. 4s. Due Oct. 1, 1993. Dated January 15, 1894. Interest payable April and Oct. 1, at Grand Central Terminal, New York. «01 NEW YORK & QUEENS COUNTY RAILWAY 1st Cons. 4s. Due June 29, 1946. Dated June 29, 1896. Interest payable April and Oct. 1, at Company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 1,300,000 Cancelled 1,200,000 Unissued 500,000 Denomination — Coupon, $1,000. Trustee — Mercantile Trust Co., New York. Redeemable at 105 and Interest. Organization and Control — Incorporated ■ in 1896 and purchased various lines of railway in Long Island City and merged the Queens Ry. in 1902. Controlled through ownership of entire stock by Interborough Rapid Tran- sit Co. Capitalization. Outstanding. Common $3,235,000 Funded debt 2,000,000 Secured by a mortgage on 72 miles of trol- ley track, of which 38 miles are main line and 32 miles second track and comprising th'e street railway system of Long Island City and vicinity. Prior liens — $1,700,000 bonds of absorbed companies. Underlies — 1st & Ref. 4s, deposited as col- lateral for loans from Int. Rapid Transit, which issue provides for the retirement of these bonds. Tears ended Jane 30: Grosa. Net. tChargrea. 1920 $1,166,990 ?115,015 t358>699 1919 1,044,334 154,704 362,251 1918 1,044,334 def. 154,704 362,251 1917 947,659 def. 191,264 357,124 1916-. 1,273,584 def. 27,978 356,423 tincludea interest, taxes, etc. Original Market — First offered by Drexel & Co., Philadelphia. Market, Fliiladelphia — Wurtes Dulles & Co., Car- stairs & Co., Newburger, Henderson & Loeb. New York — Berdell Bros. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 95 '17 98 '17 25 55 Low 60 '18 20 45 NEW YORK & QUEENS ElBCTRIC LIGHT & POWER CO. (THE) Ist Cons. 5s. Dne Aug. 1, 1930. Dated August 1, 1900. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding 2,360,000 Reserved for Ext 160,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated In New York in 1900 and haa absorbed four companies operating m Queens. Controlled through ownership of preferred and common stock by the Consolidated Gas. Co. of New York. Capitalization. Outstanding. Common $1,260,000 Preferred (6% non-cum.) 1,250,000 Funded debt 5,750,000 Secured by first mortgage on generating station and six subsidiaries, doing all the electric lighting in the Borough of Queens, except Ward 5, serving Long Island City, Astoria, Newtown, Blmhurst, Woodside. Maa- peth, Corona, Flushing, College Point, White- stone, Bay Side, Douglaston, Little Neck. Wil- let's Point. Jamaica, Woodhaven, Richmond Hill, Morris Park, Hollia, Queena, Springfield and the intervening territory. Population served. 400,000. Franchises perpetual. listed on the New York Stock Exchange. Underlies — 10-year Deb. 7s of 1931. Yearn ended Dee. 31: Gross. Net. Interest. 1920 $3,535,090 $718,558 $433,251 1919 2,849,237 656,917 307,897 1918 2,316,389 579,943 282,273 1917 2,092,687 628,734 270,878 1916 1,741,684 708,854 268,995 Market. New York — Theodore L. Bronson & Co., Finlay & Davenport, Sam'l Goldschmidt, L. . A. Norton & Co., Chas. W. Place, W. E. R. Smith & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 104% Jan. 26, '06 81 Mar. 18 Low. 78y2 May 29, '20 78% May 29 NEW YORK & QUEENS GAS CO. Ist & Grn. 6s. Dus Aug. 1, 1934. Dated August 1, 1904. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company wtihout deduction. Tax exempt in New York State, bonds numbered 771 and upwards. Authorized $1,000,000 Outstanding 816,000 In Treasury 184,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Lincoln Trust Co., New York. Redeemable at 110 and Interest qji any In- terest date. Organization and Control — Incorporated m New York in 1904, and control aoauired In 1913, throuii stock ownership, by the Consoli- dated Gas Co., of New York. Capitalization. Outstanding. Common $600,000 Funded debt 816, 000 Secured by a first mortgage on real estate and water gas plant in Flushing, 130 miles of mains, three gas holders, etc., supplying all the gas to the 3rd Ward in the Borough of Queens, New York. Population serVed. 40,000. Franchises in Whitestone and Flush- ing expire in 1947, others are perpetual. Years ended Dec. 31: Gross. Net. Interest. 1920 $455,048 def. $56,334 $85,367 1919 357,612 def. 23,267 60,072 1918 344,837 34,076 55,818 1917 304,003 57,283 53,784 1916 270,026 68,763 52,211 Original Market — Offered in 1906 at lOZV^ and interest by O'Connor & Kahler, and in 1910 by N. W. Harris & Co. (now Harris, Forbes & Co.), New York. Market. New York — Theodore L. Bronson & Co., Finlay & Davenport. Price Ran^e. Jan. 1, '11, to Jail. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '12 101% '11 60 Jan. 70 Jan. Low. 50 '20 60 '20 60 Sept. 60 Sept. NEW YORK & ROCKAWAY BEACH RAII/- WAY CO. 1st 5s. Due Sept. 1, 1927. Dated Sept. 1, 1887. Interest payable March and Sept. 1, at Treasurer of Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding •$984,000 •$101,000 are owned by the Long Island 11. R. Co. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the Long Island R. R. Co. by endrsement. Orglanization and Control — Incorporated in New York in 1887 as a reorganization of the New York, Woodhaven & Rockaway R. R. Property was leased on July 1, 1904, for 50 years to the Long Island R. R., which is con- trolled by the Pennsylvania R. R. Co. Capitalization. Outstanding. Common $1,000,000 Funded debt 1,964,000 Secured by a first mortgage on 12.36 miles from Glendale Junction to Rockaway Park and from Hammels to Rockaway Beach Junc- tion, N. Y. Underlies — $980,000 Second Income 53, due 1927, of which $978,000 are owned by the Long Island R. R. Refunding — Retirement of issue provided for under Long Island R. R. Ref. Mtge. Legal for savings banks in Me. Listed on the New York Stock Exchange. Market. New York — B. A. Baker & Son, Simon Borg & Co., Finlay & Davenport, Sam'l Goldschmidt, Chas. W. Place, Taylor, Smith - & Hard. Pittsburgh — H. B. Hutchinson & Co. Fries Sanse— N. Y, B, E. Jan. 1, '06, to Jan. 1, '21 1920 „, , Bid. Ask. High in Jan. 23, '06 82 Jan. 90 Jan. Low. 86 Dec. 16, '19 80 Dec. 85 Sept. NEW YORK & STAMFORD RAILWAY CO. 1st 5s. Dne Oct. 1, 1981. Dated Oct. 1, 1901. Interest payable April and Oct. 1, at New York Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $450,000 Outstandins 426,000 Denomination — Coupon, $1,000. Eeglster- able as to principal. Trustee — New York Trust Co., New York. Qrsranization and Control — Chartered in New York in 1901 as a consolidation of the Port Chester St. Ry. and Larchmont Horse Car Ry. Co. Entire capital stock owned by N. Y., N. H. & H. R. R. Co. Secured by first mortgage on 24 miles of track in Stamford, Conn., and New Rochelle, N. Y., and intermediate towns. Population served, 88,000. Franchise practically per- petual, except in Port Chester, N. Y. (99 years), and Mamaroneck, N. Y. (100 years). Company leases 8 miles and has trackage rights on 6 miles. Total operated 38 miles . Underlies — $925,000 1st & Ret. 4s, due 1958, guaranteed principal and interest by N. Y., N. H. & H. R. R. Co. Tears ended Dec. 31: Gross. Net. Int. & Rent. 1920 $494,443 $15,014 $100,962 1919 434,003 22,108 97,458 1918.-: 374,392 17,929 96,023 1917 394,259 36,783 95,801 1916 357,816 62,741 95,823 Original Market — Offered by B. H. Gay & Co., at 111% and interest. October, 1901. Market. New York — S. P. Larkin & Co., Hanson & Hanson, A. B. Pitkin & Co., E. Sc C. Ran- dolph, Wm. Carnegie Ewen. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Ask. High 106 '09 106% '11 65 Jan. Low 55 '19 65 Jan. NEW YORK St STAMFORD RAILWAY CO. Ist Ref. 4s. Due Nov. 1, 1958. Dated Nov. 1, 1908. Interest payable May and Nov. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 925,000 Denomination — Coupon, $1,000. Registerabie as to principal. Trustee — Union & New Haven Trust Co., New Haven. Guaranteed principal and interest by New York, New Haven & Hartford R. §. Co. Organization and Control — See lat Bs. Secured by a second mortgage on 24 miles of track, covered by 1st 5s. Prior Liens — $426,000 1st 6s, due 1931. Earnings — See 1st £s. Market. New York — Hanson & Hanson, F. H. Hatch & Co. Price Range. Jan. I, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93% '09 97 '10 20 40 Low. 50 '16 60 '17 Tax status — 2% Federal Income Tax paid by company without deduction. Autliorized $2,600,000 Outstanding 2,500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 110 and Interest on any In- terest date on 8 weeks* notice. Assumed by the Consolidated Gas Co. of New York. Guaranteed principal and interest by the Consolidated Gas Co. of New York by en- dorsement. Control — See Gen. 4s. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. Prior Hens — $10,000,000 N. Y. & W. Lgt. Co., Gen. 4s of 2004 and prior liens thereto. Earnings — ^Westchester Lighting Co. Original Market — $1,760,000 offered In July, 1909, by Domlnlck & Dominick, TefEt & Co. and Coggeshall & Hicks, New York, at 103% and interest. Market. New York — Theodore L. Bronson & Co., Finlay & Davenport. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103 '12 106 '12 72 Jan. 75 Jan. Low. 65 '20 60 '20 55 Aug. 60 Dec. NEW YORK & WESTCHESTER LIGHTING CO. Deb. SB. Due July 1, 1954. Dated July 1, 1904. Interest payable Jan. and July 1, at Trustee's office. NEW YORK & WESTCHESXSK LIGHTING CO. Gen. 4s. Dne July 1, 2004. Dated July 1, 1904. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Interest July 1, 1912, l%7o; Jan. 1, 1913, 1%%; July 1, 1913, 1%%; Jan. 1, 1914. 1%%: July 1, 1914, 2%, and 4% per annum thereafter. $2,500,000 of these bonds have ad- ditional coupons attached, issued by the Baui- table Trust Co., which provided for the pay- ment of interest at the rate of 4%. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Ontstandlng 10,000,000 Denomination' — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Redeemable at par and Interest on any in- terest date. Assumed by the Consolidated Gas Co. of New York. Guaranteed principal and Interest by en- dorsement by Consolidated Gas Co. of New York. Control — Organized in July, 1904, and nrerged in November of that year into the Westchester Lighting Co. Company is con- trolled through ownership of the entire pre- ferred and common stocks by the Consolidated Gas Co. of New York. Security — ^A direct obligation of the Consoli- dated Gas Co. of New York, and secured by mortgage upon six gas plants and seven holders and three electric stations, supplying the greater portion of Westchester County, in- cluding Yonkers, Mt. Vernon, New Rochelle, Port Chester, Pelham, Mamaroneck. White Plains, Tarrytown, Hastings, Larchmont and Mt. Kisco. Population served, 277,000. Prior Liens — $8,610,000 Westchester Light- ing Co. 1st 5s of 1950, $250,000 Hudson River Gas & Electric Ry. 1st 6s of 1929. and $336,- 000 White Plains Lighting Co. 1st 6s of 1938, and $230,000 N. Y. Suburban Gas Co. 5s, due 1949. Underiies — $2,600,000 Debenture 6s, due 1964. Earnings — See Westchester Lighting Co. Original Marlcet — Offered in 1904, by Red- mond & Co. and J. & W. Sellgman & Co., New York, at 92 and 93 and interest with additional coupona. $1,000,000 offered March, 190B, by Sutro Bros. & Co., New Torlt, at 93 and interest. $4,000,000 offered at 79 and Interest, in Jan., 1914, by Claris, Dodge & Co. and J. & W. Seligman & Co., New Torli. Market. New York — Theodore L. Bronson & Co., Dunham & Co., Finlay & Davenport, Sam'l Goldschmidt, Martin, Berwin & Co., Wm. C. Orton & Co., Prince & Whitely, Redmond &' Co. Price Range, Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 84^4 '12 87 '09 59 Nov. 64 Nov. Low. BO '20 53 '20 .50 June 53 Dec. NEW YORK AIR BRAKE COMPANY 1st Conv. 6s. Due May 1, 1928. Dated May 1, 19 08. Interest payable May and Nov. 1, at rruatee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized and Outstanding. .. .$3,000,000 Dennmination — Coupon, $1,000, $600 and $100. Registerable as to principal. Trustee — Central Union Trust Co., New York. Convertible privilege expired July 1, 1914. Organization — Incorporated in New Jersey to manufacture and repair railway car, locomo- tive and train brakes of all kinds. Capitalization. Outstanding. Common $10,000,000 Funded debt 3,000,000 Secured by lirst mortgage on Beebee's Island property, comprising 10 acres and containing !4 buildings, ■ together with water rights on the Black River; East Plant comprising 66 acres on which are located eight iron and brass foundries and office buildings, etc., all located in Watertown, N. T., together with all good-will trademarks, trade-names, etc. Fac- tory has capacity of over 1,000 seta of car brakes per day. Years ended Dec. 31: Gross. Net. Interest. 1920 $6,516,846 $1,303,700 $487,840 1919 3,661,668 603,814 180,000 1918 10,380,584 2,332.564 180,000 1917 10,157,037 2,073,826 180,000 1916 24,051,103 8,694,962 180,000 Usted on the New York Stock Exchange. Original Market — Offered in 1908 to share- holders at 90. Market. New York — John Muir & Co. Pittsburgh — R. "W. Evans & Co. Price Range — ^N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 1920 High 116% Aug. 10, '09 99% Jan. 21 Low. 86% Dec. 23, '20 86% Dec 23 NEW YORK BAY EXTENSION RAILROAD Co. 1st 5s. Due Jan. 1, 1943. Dated January 2, 1893. Interest payable Jan. and July 1, at Treasurer of Penna. R. R. Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $100,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed as to principal and interest by the Long Island R. _R. Co. Control — Incorporated in New York in 1892 and in 1902 merged into the Long Island B. R. Co., controlled by the Pennsylvania R. R. Coi Secured by a first mortgage on 6 miles ot road from Garden City to Valley Stream, L. I. Underlies — Long Island R. R. Cons. 4s and 6s, due 1931: Unified 4s, due 1949, and Ref. 4s, due 1949, which provide for the retire- ment of this issue. Market. New York — J. S. Farlee & Co. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Bid. High 101 '13 85 Jan. Low. 76 '20 75 May 904 NEW YORK, BROOKLYN & MANHATTAN BEACH RAILWAY CO. 1st Cons. 58. Due Oct. 1, 1936. Dated October 1, 1885. Interest payable April and Oct. 1, at Treasurer of Penna. R. H. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding •1,726,000 •$126,000 owned by L. I. R. R. Denomination — Coupon, $1,000. Register- able as to principal. Trustee— Central Union Trust Co., New York. Guaranteed as to principal and interest by the Long Island R. R. Co. by endorsement. Assumed by the Long Island R. R. Co. Organization and Control — Incorporated in 1885 and leased to the Long Island R. R.. which is controlled by the Pennsylvania R. R. Co. Annual rental of $95,980 guaranteed by Long Island R. K. Co. Capitalization. Outstanding. Common $3B0,00» Preferred (5% guar.) 650,000 Funded debt _. 1,726,01(0 Secured by 'a first mortgage on 17.27 miles of road, viz: Miles. Fresh Pond Jet. to Bay Ridge, L. I 11.96 Manhattan Beach Jet. to Manhattan Beach, L. 1 3.73 Cooper Ave. Jet. to center of Jefferson St., Brooklyn 1.59 Refunding — Retirement of issue provided for under Long Island R. R. Unified Mortgage. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Finlay & Davenport, Sam'l Goldschmidt, Chas. W. Place, Raymond M. Smith. Philadelphia — "Welsh Bros. Frisa Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 11014 Nov. 21, '06 89 Sept. 29 Low. 87 Sept. 30, '20 87 Sept. 30 NEW YORK CENTRAL & HUDSON RFVEB RAILROAD CO. Mortgage S%8. Due July 1, 1997. Dated June 1. 1897. Interest payable Jan. and July 1, at Grand Central Terminal. New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in Pennsylvania. The following registered bonds were issued exempt from taxation by the State of New York: L 1062-1078 M 1359-1373 V 1637-1541 L 1100-1149 M 1713-1717 X 2217-2228 L 1291-1388 V 1310-1312 X 2645-2661 Authorized $100,000,000 Outstanding 94,000,000 Reserved for Ext 6,000,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Ree* istered, $1,000, $5,000, $10,000, $60,000. Trustee— Central Union Tniat Co., New York. Assamed by the New Tork Central R. R. Co. Secnred by direct mortsase on 1,761.84 l^Ile8 of road In the State of New Tork (In- eludlne 6B.76 miles aeoond track. 3B9.41 miles IS/ «•*'■*'''' *"* 367.66 miles fourth track), 784.91 milea of leaaeholds, trackage, rights, lands, buildings, securities, eaulpment, etc., viz. : A flrsPt lien on 8S5.83 miles — Miles. New York City (above Franklin St.) to Buffalo 440.33 Syracuse to Rochester 96.29 Rochester to Windsor Beach . . 7 27 Troy to Schenectady. 2o!91 East Syracuse to Syracuse Jet 8.31 Geneva to Lyons 14.08 Rochester to Suspension Bridge *, . 74.05 Rochester Jet. ot Ontario Beach 7.43 Batavia to Attica 10.67 Canandaigua to North Tonawanda . . '. '. 86.80 Lockport Jet. to North Tonawanda.... 11.18 Bast Buffalo to North Buffalo 7. 23 Buffalo to Lewiston 29.93' Watero-v7n Jet. to Roots 6.21 German to South Schenectady 4.65 Hoffmans to Rotterdam Jet 2.50 Woodward to B*ulton 17.10 Norwood to Massena Springs 12.89 A second lien on 654.98 miles — Covered by the first lien of the follow- ing; N. Y. C. & H. R. R. R. Spuyten Duyvll & Port Morris 1st 3%s 6.31 Gouverneur & Oswegatchle 1st 6s 13.07 Carthage & Adirondack 1st 4s 46.86 Carthage, Watertown & Sackets Har- bor Cons. 5a 28.96 TJtica & Black River 1st 4s 150.17 Rome. Watertown & Ogdensburg 1st Cons. 53, 4s and 3%s 411.61 A third lien on ^41.03 miles — Covered by the first lien of the follow- ing: Mohawk & Malone 1st 43 182.15 New York & Northern 1st 5s 58.88 Also a lien on 784.94 miles of lease- . hold interests, viz; West Shore R. R.^ Weehawken, N. J., to Buffalo, N. Y 423.67 Ravena to Kenwood Jet., N. Y 11.56 Congers to Rockland Lake, N, Y 1.17 Syracuse ot Barlvllle,, N. Y 42.70 Beach Creek R, R. — Jersey Shore to Mahaffiey Jet., Pa.... 112.31 Branches to Coal Mines 51.57 Nev/ York & Harlem R. R. — Grand Central Terminal. New York City, to Chatham, N. Y 127.36 Branches to Port Morris and Lake Mahopac, N. Y 9.05 Troy & Greenbush R. R. — Troy to Greenbush, N. Y 5.56 Also a lien on 77.07 miles of track- age rights, viz: New York. Onatrlo & Western Ry. — Fulton to Oswego, N. Y 12.23 West Shore R. R. — Cornwall, N. Y., to Weehawken, N. J. 53.07 New York & Harlem River R. R. — Grand Central Terminal, N. Y. C, to Woodlawn (233d St.), N. Y 11.77 Also a lien on $375,000 of a total Issue of $500,000 capital stock (no bonds) of the Hud- son River Bridge Co., which owns the two bridges from Bast Albany to Albany, N- Y. ; on all real estate owned and used In con- nection with the Grand Central Terminal, N. Y. C, subject to the rights of the N. Y., N. H. & H. R. R. Co. therein. Prior Mens — $27,732,000 prior Hens as fol- lows: Utlca & Black River Ist 4s, 1922.. 1.950,000 Rome, Watertown & OgdensburET , Cons. 5s. 4s and 3i^s, 1922. 9,995,000 New York & Northern 1st Bs, 1927.. 1.200,000 Carthage, Watertown " & Sackets Harbor Cons. 5s, 1931 300,000 (JoUverneur & Oswegatchle 1st 6a, 1942 300,000 N. Y. C. & H. R. R. R. Spuyten Duyvil & Port Morris Ist 3%s,' 1969 2,600,000 Carthage & Adirondack 1st 4s, 1981 1,100,000 Mohawk & Malone 1st 4a, 1991 2,600,000 New York & Putnam 1st Cons, 4s, 1993 3,987,000 Mohawk & Malone Cons. 3^s, 2002. 3,90^,000 . Underlies — Lake Shore and Michigan Cen- tral Coll. 3'^s: Cons. 4s; Debs, of 1934 and 1942, and Ref. & Imp. 4%s, which provide for the .retirement of this issue and all Its prior liens. Legal for savings banks In Cal., Conn., Me., Mass., N. H., N. J., N. Y., Ore., R. L, Vt. and Wis. Usted on the New York and London Stock Exchanges. Market. New York — Bigelow & Co., Simon Borg & Co., -Arthur B. Frank & Co., Granger & Co., Kountze Bros., Parker & Co., R. W. Press- prich & Co., Prince & Whitely, Redmond & Co., Remick, Hodgea & Co., Roosevelt & Son, Struthers & Hiscoe, Vanderhoef & Robinson. Vilas & Hickey. Philadelphia — Biddle & Henry, Graham, Parsons & Co;, Harper & Turner. Price Range — ^N. Y. S. E. Jan. 1, 'Ofi, to Jan. 1, '21 1920 High 99% Jan. 16, '06 70^4 Oct. 26 Low. 61% June 29, '20 -61% June 29 NEW YORK CENTRAL & HUDSON RIVER RAII^ROAD CO. Lake Shore Coll. Tr. 3%s. Due Feb. 1, 1998. Dated Feb. 4, 1898. Interest payable Feb. and Aiig. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York and Pennsylvania. Authorized . . . ; Closed mortgage Ontstandlne $26,005,000 Exchanged tor Cons, 4s 65,673,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully registerable. Registered, $1,000, $5,000, $10,000 and $50,- 000. . Trustee — Guaranty Trust Co., New York. Assumed by the New York Central R. R. Co. Secnred originally by deposit with the Trus- tee of $45,289,200 ot the $45,466,500 capital stock ot the Lake Shore & Michigan Southern Ry. Co. In accordance with terms of the indenture, these bonds are now secured by the Consolida- tion Mortgage upon the mileage and other se- curities which . said Consolidation Mortgage covers. Their lien is prior to that of all bonds issued under and secured by the Consolidation Mortgage except that It is on a parity with the Michigan Central Collaterals on all the property covered, excepting the former Lake Shore property. A direct mortgage on 3,830.39 miles ot road owned: 806.76 miles of .leaseholds, trackage rights, lands, buildings, securities, equipment, etc., viz: A first lien on 70.51 miles — Miles. Tupper Lake to Nyando, N. Y 69.27 West Albany to Albany, N. Y 1.24 A second lien on 865.83 miles — d!overed by the first lien ot the N. Y. C. & H. R. R. R. Mtge. 3%s 856.83 905 (Covered by the first lien of the Lit- tle Falls & Dolgeville 1st 3s.) Little Falls to Doleevllle. N. Y 10.00 A third lien on 1,616.48 miles — Covered by the second lien of the N. Y. C. & H. R. R. R. Mtse. 3Hs 664.9S Covered by the first lien of the L. S. & M. S. 1st 3%s 'gei.so •Lake Shore property. A fonrth lien on 277.S7 miles — Covered by the third lien of the N. T. C. & H. R. R. R. Mtge. 3%s 241.03 (Covered by the first lien of the Kalamazoo & White Pigeon lat 5s.) Wh'ite Pigreon to Kalamazoo, Mich.... *S6.64 •Lake Shore property. Also a second Ilea on 784.94 miles of leasehold interests — Covered by the first lien of the N. T. C. & H. R. R. R. Mtee. 3%s Also a third lien on 21.8% miles of laesehold interests — Covered by the first lien of the L. S. ft M. S. 1st 3%s. Also a second lieu on 77.07 miles of track- age rights — Covered by the first lien of the N. Y, C. & H. E. R. R. Mtge. Also a second lien on $375,000 of a total issue of $500,000 capital stock (no bonds) of the Hudson River Bridge Co. owning the two bridges from Bast Albany to Albany, N. T. ; on all real estate owned and used in connection with the Grand Central Terminal, New York City, subject to the rights of the N. Y. N. H. & H. R. R. R. Co. therein. Eanal Security — The Michigan Central Coll. 3%s are secured equally with this issue on all the property covered except property deaiff- Jiated "Lake Shore property.'* Prior Liens — $272,382,000 prior liens, as fol- lows: L. S. & M. S. Deb. of 1928 $60,000,000 L. S. & M. S. Deb. of 1931 50,000,000 Little Falls & Dolgeville 3s, 1932.. 250,000 Kalamazoo & White Pigeon 1st 5s, 1940 400,000 L. S. & M. S. 3%s of 1997 60,000,000 N. Y. C. & H. R. R. R. 3%s, 1997 94.000.000 Prior Liens thereto .' 27,732,000 Underlies — New York Central R. H. Cons. 4s of 1998; Debentures of 1934 and 1942 (equally secured with Cons. 4s); and Ref. & Imp. Mtge. of 2013. Legal for savings banks in Cal., Conn,. Me., Mass., N. H., N. J., N. Y., Ore., R. I. and Vt. Listed on the New York and London Stock Exchanges. Market. New York — Simon Borg & Co., Arthur E. Frank & Co., Granger & Co., R. W. Press- prich & Co., Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Roosevelt & Son, Struthers & Hiscoe, Vilas & Hickey. Flliladelphia — BIddle & Henry, Blkins, Morris & Co., Harper & Turner. Prica Bance-^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 93 Jan. 24, '06 66 Sept. 23 Low. 55 Apr. 27, '20 55 Apr. 27 NEW YORK CENTRAL & HUDSON RIVER BAULROAD CO. Michigan Central Coll. Tr. .S%s. Due Feb. 1, 1998. Dated April 13, 1898. Interest payable Feb. and Aug. 1, at Orand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Tax exempt in New York and Pennsylvania. Authorized Closed mortgage Outstanding $19,336,000 Denomination — Conpon. $1,000. Regliter* able as to principal only, or fully registerable. Registered, $1,000, $6,000, $10,000 and $>•,• 000. Tmstee — Guaranty Trust Co., New Toik. Assumed by the New York Central B. B. Co. Secnred by deposit with the Trustee of $16,- 819,000 of the capital stock of the MlcUsmn Central R. R. Co. out of a total issue of $18,- 738,000, being at the rate of $100 in Michigan Central stock for each $115 of these bonds. Also secured eaually with the Lake Shore Coll. Tr. 3%s by a direct mortgage on 1,- 832.35 miles of road, irlz: A first lien on 70.51 miles — Miles. Tupper Lake to Nyando 6J.IT West Albany to Albany 1.14 A second lien on 865.83 miles — Covered by the first lien of the follow- ing: NY C. & H. R. R. R. Mtge. 3%8.. 865.83 Little Falls & Dolgeville 1st 3s 10.00 A third lien on 654.98 miles — .Covered by the second lien of the N. Y. C. & H. R. R. R. Mtge. 3%s 654.98 A fourth lien on 241.03 miles — Covered by the third lien of the N. Y. C. & H. B. E. R. Mtge. 3%s 241.01 Also a second lien on 784.94 miles of lease- hold interests, covered by the first lien of the N. T. C. & H. R. R. R. Mtge. 3%s. Also a second lien on 77.07 miles of track- age rights, covered by the first lien of the N. Y. C. & H. R. R. R. Mtge. 3l4s. Also a second lien on $375,000 of a total issue of $500,000 capital stock (no bonds) of the Hudson River Bridge Co., owning the two bridges from Bast Albany to Albany, N. Y. ; on all real estate owned and used in connec- tion with the Grand Central Terminal, New York City, subject to rights of the N. Y., N. H. & H. R. R. Co. therein. Equal Security — The Lake Shore Coll. 3%s are secured equally with this Issue on all of the above property, except the Michigan Central stock. Prior Liens — $12,782,000 prior liens as fol- lows; N. Y. C. & H. R. R. R. Mtge. 3%s, 1997 $94,000,000 Prior Liens thereto 27,732,000 Little Falls & Dolgeville 1st 3s. 1932 260,000 Underlies — Cons. 4s of 1998; Debentures of 1934 and 1942 and Ref. & Imp. 4%s of 2013. Bonds are reserved under the Consolidated Mortgage to retire this issue. Legal for savings banks in Cal., Conn., Me., Mass., N. H., N. .7., N. Y., Ore., R. X. and Vt. Listed on the New York and London Stock Exchanges. Market. New Yorlc — Simon Borg & Co., Arthur E. Prank & Co., R. W. Pressprich & Co., Prince & Whitely, Reamond & Co., Roosevelt & Son, Struthers & Hiscoe, Vilas & Hickey. Fhiladelpliia — Biddle & Henry, Blkins, Morris & Co., Harper & Turner. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 91 Feb. 6. '06 65 Oct. 3 Low. 54 May 20, '20 64 May 20 NEW YORK CENTRAL & HUDSON RIVER RAILROAD CO, SO-Year Gold 4s. Due May 1, 1984. Dated May 12, 1904. Interest payable May and Nov. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and New York. Authorized Closed mortgage Oatgtanaing $48,000,000 _ Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Registered, $1,000, $B,000, $10,000 and $60,- 000. C. & R. interchangeable. Ttnstee — United States Trust Co., New York. For Sxcliange of Bonds — See Cons. 4s. Assumed by the New York Central R. R. Co. Secured egually with Cons. 4s of 1998 and Gold 4s of 1942. For details see Cons. 4s. I/egal for savings banks in Cal., Conn., Me., Mass. N. H., N. J., Ore., R. I. and Vt. Usted on the New York Stock Exchange. Original Market — $30,000,000 offered June, 1904, at STVz and interest by J. P. Morgan & Co., Harvey Fisk & Sons, New York; Drexel & Co., Philadelphia; and Kidder, Peabody & Co., Boston; $13,000,000 offered June, 1908, by J. P. Morgan & Co., First National Bank, National City Bank, all of New York; Mor- gan, Grenfell & Co., London; N. W. Harris & Co., Lee, Higginson & Co., Boston; Drexel & Co., Philadelphia; and Harris Trust & Sav- Irgs Bank, Chicago. Market. New Yoric — Simon Borg & Co., Arthur E. Frank & Co., Granger & Co., Hodenpyl, Hardy & Co., Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Roosevelt & Son, Struthers & Hlscoe, Vilas & Hiekey. Philadelphia — Biddle & Henry, Carstairs & Co., Elkins Morris & Co., Graham,' Par- sons & Co., Harper & Turner, Morley Wood & Co. Price Range — ^N. Y. S. B. Jan. 1, '16, to .Tan. 1, '21 1920 High 92% Oct. 23, '16 76% Nov. 23 Low. 65 Aug. 28, '20 65 Aug. 28 Price Range — ^N. T. S. E. Jan. 1, , 'C8, to Jan. 1, '21 Coupon. 1920 High 102% Oct. 16, '06 82% Jan. 2 Low. 09 Apr. 30, '20 Registered. 69 Apr. 30 High 101 Mar. 22, '09 76% Mar. n Low. 66% June 2, '20 66% June 2 NEW YORK CENTRAL & HUDSON RIVER RAILROAD CO. 30-Year Gold 4s. Due Jan. 1, 1943. Dated January 1, 1912. Interest payable Jan. and July 1, at Grajid Central Terminal, New T&rk. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and New York. Authorized Closed mortgage Outstanding $9,188,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000, $5,- 000. $10,000, $50,000 or multiples of $10,000. C, & R. interchangeable. Trustee — Guaranty Trust Co., New York. For Exchange of Bonds — See Cons. 4s. Assumed by the New York Central R. R. Co. Secured equally with Cons. 4s of 1998 and Gold 4s of 1934. For details see Cons. 4s. Legal for savings banks in Cal., Conn., Me., Mass., N. H.. N. J., Ore., R. I. and Vt. Listed on the New York Stock Exchange. Original Market — Offered in 1912 at 92 and interest through J. P. Morgan & Co. , New York, to stockholders ■ of the New York & Harlem R. R. Co., of the Rome, Watertown & Ogdensburg River R. R. Co. and of the XJtica & Black River R. R. Co. Market. New York — Simon Borg- & Co., Arthur E. Frank & Co., Prince & Whitely, Roosevelt & Son. Vilas & Hiekey. Philadelphia — Biddle & Henry, Elkins Morria &. Co., Graham, Parsons & Co., Harper & Turner, J. P. Magill & Co- NEW YORK CENTRAL & HUDSON RIVER RAIIJKOAD CO. Spuyten Duyvil & Fort Morris Railroad Mtge. 3^s. Due Jane 1, 1959. Dated June 1, 1909. Interest payable June 1 and Dec. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized Closed mortgage Outstanding $2,500,000 Denomination— Coupon, $1,00.0. Registerable as to principal or fully registerable. Regis- tered, $1,000. $5,000, $10,000, $50,000 and mulitples of $50,000. Trustee — Central Union Trust Co., New York. Assumed by the New York Central R. R. Co. Control — Merged in December, 1914, into New York Central R. R. Co. Secured by a first mortgage on 5.31 milas of road from Mott H-aven Jet. (149th St.) to Spuyten Duyvil, N. Y., and all other property formerly owned by the Spuyten Duyvil & Port Morris R. R. Undcfl-lies — N. Y. C. & H. R. R. R. Mtge. SVzs of 1997: Cons. 4s of 1988; Deb. 4s of 1934 and 1942: Lake Shore Coll. 3%s of 1998; Mich. Cent. Coll. S^^s of 1998; Ref. & Imp. 4%s of 2013. Bonds are reserved under Ref. & Imp. Mtge. to retire this issue. Legal for savings banks in Cal., Me., Mass., Mich., Minn., Mo., N. fl., N. Y., R. I., Vt. and Wis. Market. New York — Simon Eorg & Co., Pressprich & Co. Conn., N. J., R. W. NEW YORK CENTRAL & HUDSON RIVHR RAII^OAD CO. Ref. & Imp. 4^s, Series "A." Due Oct. 1, 2013, Dated Oct. 1, 1913. Interest payable April and Oct. 1, at Grand Central Terminal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. -,j, Authorized — ^An amount equal to three times outstanding capital stock, upon any increase in which additional bonds may be authorized in the same proportion, but after $500,000,000 are outstanding no further bonds can be is- sued except for refunding without approval of a majority of the stockholders, and then only for not more than 80% of the cost of work done or property acquired. In addition not more than one-third of bonds outstanding may have been used in the acquisition of bonds cr stocks of other companies. Outstanding $40,000,000 Pledged to Secure Notes 20,000,000 Reserved for Prior Liens ....493,633,400 Reserved for Ext 270,137,980 Denomination — Coupon. $500 and $1,000. Registerable as to principal. Registered, $1,- 000, and multiples. C. & R. Interchangeable. Indenture also provides for issuance at option of the company of coupons, bonds of $100 de- nomination, sterling' bonds of £20, £100 and £200, and bonds payable in francs of 500, 3.500 or 5,000 francs denominations. Bonds issued in these currencies to be computed at the rate of $4.8665 to the £ sterling and $0,193 to the franc. Trustee — Guaranty Trust Co., New York. Redeemable — Series "A" as a whole at 110 and Interest or any interest date on three months' notice. Assumed by the New Tork Central R. R. Co. Secured by direct mortgage on 3»7(Ki.62 miles of road owned (includes 1,428.84 miles second track, 728.85 miles third trkck and 648,03 miles fourth track), 981,63 miles of leasehold interests, trackage rights, lands, buildings, se- curities, tugs, franchises, etc., viz; A first lien on 896.56 miles — Miles. Grosvenor, Mich., to Payette, 25.22 Mishawaka to Elkhart, Ind 12.10 Depew to Blalsdell, N. T 12.96 Dunkirk, N. T., to Titusville, Pa 90.51 Geneva, N. T., to Wellsboro Jot., Pa.. 91.96 Dresden to Penn Tan, N. T 6.55 Corning Jet. to Corning, N.- T 0.76 Cowanesque Valley Jet. to Ulysses, Pa, 39.85 Wellsboro Jot. to Antrim, Pa 16.65 A second lien on 313.71 miles — Covered by the first lien of the follow- ing: Chicago, Indiana & Southern 50-year 4s 126.65 Cleveland Short Line 1st 41/28 20.29 Jamestown. Franklin & Clearfield 1st 4s 122.05 Pine Creek Ry. 1st 6s..' 74.96 Sturgis. Goshen & St. Louis Ist 6s 28.92 A third lien on 2T3.43 miles — Covered by the first lien of the follow- ing: Lake Shore Collaterals and Michigan Shore Collaterals 70.61 Indiana, Illinois & Iowa 1st 4s 202.91 A fourth lien on 865.83 miles — Covered by the first lien of the follow- ing: N. T. C. & H. R. R. R, Mtge. 3%s 865.83 Little Palls & Dolgeville 1st Ss 10.00 A fifth lien on 1,616.48 miles^ Covered by the second lien of the N. T. C. & H. R. R. R. Mtge. 3%s 654.98 Covered by the first lien of the L. S. M. S. 1st 3%s 961.50 A sixth lien on 277.57 miles — Covered by the third lien of the N. Y. C. & H. R. R. R. Mtge. 3%s 241.03 Covered by the first lien of the White Pigieon & Kalamazoo 1st 53 36.54 Also a lien on 981.63 miles of leasehold Interests, viz: Beech Creek Bxtn. R. R. — Keating to Clearfield 62.14 Curry to Curwensville and Bower Jot., Pa 16.77 Dimeling to Irvona, Pa 26.76 Mahaftey to Arcadia, Pa 13.67 Branches 27.02 New Jersey Jet. R. R. — ■ Weehawken to Jersey City, N. J 4.44 West New Tork to Shady Side, N. J.. 0.84 Harsimus Branch, N. J 0.84 Walkill Valley R. R.— Kingston to Montgomery, N. T 32.88 Brie & Kalamazoo R. R. — - • Vulcan, Ohio, to Palmyra, Mich 21.82 West Shore B. B. — Weehawken, N. J., to Buffalo, N. T.. 423.67 Ravena to Kenwood Jet., N. T 11.55 Congers to Rockland Lake, N. T 1.17 Syracuse to Barlville, N. T 42.70 Beech Creek R. R. — Jersey Shore to MahafEey Jot., Pa 112.31 Branches to Coal Mines 61.57 New Tork & Harlem B. R. Grand Central Terminal, New Tork City, to Chatham, N. T 127.36 Branches to Port Morris and Lake Mahopac, N. T 9.06 Troy & Greenbush R. R. — Troy to Greenbush, N. T 5.56 Also a fourth lien on 17.01 miles of track- age rights, covered by the first lien of the N. T. C. & H. R. R. Mtge. 3%s. Also a lien on the following securities: Issued. N, ;i,343,960 8,656,060 10,000,000 5,179,000 3,964,000 1,000.000 100,000 600,000 liens, aa Pledged. T. & Harlem R. R. % Pfd $1,111,300 N. T. & Harlem R. R. Com 6,069,400 West Shore R. R. Stock 10,000,000 Beech Creek Bxtn. R. R. Stock 6,174,000 Beech Creek Bxtn. R. R. Cons. 4s, 1955 3,964,000 Beech Creek R. R. 2d 6s, 1936 500,000 N. J. Jet. B. R. Stock. 95,000 Hudson River Bridge Co. Stock 375,000 Frior liens — $486,106,000 prior follows: L. S. & M. S. Deb. of 1928 $50,000,000 L. S. & M. S. Deb. of 1931 50;000,000 Little Falls & Dolgeville 1st 3s, 1932 250.00(1 Pine Creek By. 1st 6s, 1932 3,600,000 N T C. & H. R. R. R. Deb. of 1934 48,000,000 Kalamazoo & White Pigeon 1st 6s, 1940 400,000 N. Y. c! & H. R. B. R. Deb., 1942 9,188,000 Indiana, Illinois & Iowa 1st 4s, 1960 4,850,000 Chicago, Indiana & Southern 4s, 1966 16,150,000 Jamestown, Franklin & Clearfield 1st 4s, 1869 11,000,000 Cleveland Short Line 1st 4%s, 1961 11,800.000 Sturgis, Goshen & St. Louis 1st 3s, 1889 322,000 L. S. & M. S. 3%s of 1997 60,000,000 N. T. C. & H. R. R. R. Mtge. 3y2S of 1997 94,000,000 Liens Prior thereto 27,732,000 N. T. C. & H. B. R. R. Lake Shore Coll. 3%3 of 1998 25.144,000 N. T. C. & H. R. R. Mich. Cent. Coll. 3%s of 1998 19,336,000 N. T. C. R. R. Con.'J is of 1998.. 65,434,000 liOgal for savings banks m Cal., Conn., Me., Mass., Mich., Minn., N. H., N. T., Ore., R. I., Vt. and Wis. liisted on the New Tork Stock Exchange. Original Market — $40,000,000 offered by J. P. Morgan & Co., First National Bank and National City Bank, New Tork, In April, 1914. at 96?i and interest, yielding 4.70%. Market. New York — Simon Borg & Co., Granger & Co., Hodenpyl, Hardy & Co., R. W. Press- prich & Co., Prince & Whitely, Redmond & Co., Roosevelt &. Son, Struthers & Hiscoe. Vilas & Hickey. Philadelphia — Elkins Morris & Co. Prico Ransfe — ^N. Y. S. E. Jan. 1, '17, to Jan. 1, '81 High 9S% Jan. 29, '17 Low. 69% May 20, '20 1920 82% Nov. 9 69 V4 May 20 NEW YORK CENTBAL & HUDSON RIVER RAn..ROAD CO. Boston & Albany 4V&% Equip. Tr. Cert. Due $500,000 each Oct. 1, to Oct. 1, 1927, inclusive. Dated October 1, 1912. Interest payable April- and Oct. 1, at Trustee's office. New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $7,500,000 Outstanding (Jan. 1, '21) 3,600,000 Uetircd 3,848,000 Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000, $10,000 and $50,000. Trustee — Guaranty Trust Co., New York. Secured by an equipment trust agreement originally on 21 locomotives. 31 passenger cars, 5,200 freight cars and 100 ballast cars. Additional certificates may be issued up to 90% of the cost of new equipment, ^ Legral for savings banks in Conn., N. H., Ohio and R. T. / Original Market — $5,200,000 ofCered in 1912. by Kissel, Kinnicutt & Co. and Lee, Higgin- son & Co., New York, at prices to yield 4.58%. Market. New York — Simon Borg & Co. Philadelphia — Graham, Parsons & Co. NEW YORK CENPRAX LINES Bquip. Tr. 4*/^s. Due $1,000,000 annually to Jan. 1, 1927, InelasiTe. Dated January 1, 1912. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Tiicmie Tax not assumed by company. Authorized $15,000,0U0 Outstanding (Feb. 1, '21) 3,818,792 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Registered, JB.OOO. JIG, 000 and $50,000. Trustee — Guaranty Trust Co,. New York. Guaranteed jointly and severally under equipment trust provisions by the New York Central & H. R. R. R. Co., Lake Shore & M. S. Ry., the Michigan Central R. R. Co., the Cleveland, Cincinnati, Chicago & St. Louis Ry. Co., and the Chicago, Indiana & Southern R. R. Co. Assumed by the New York Central R. R. Co. as to obligations of merged companies. Secured under the terms of a joint lease agreement which provides that the amount of certificates issued shall not exceed 90% of the actual cost of equipment delivered to and held by the Trustee as security for the pay- ment of the certificates. Equipment covered consists of 118 locomotives, 95 passenger cars, 14,350 freight cars and 150 service cars. liCgral for savings banks in Conn., N. H., Ohio and R. I. Original Market — $15,000,000 offered In Dec., 1911, by J. F. Morgan & Co.. National City Bank and the First National Bank, New York, at prices to yield about 4.46%, Market. New York — Earstow & Co., Simon Borg & Co., Evans, Stillman & Co., Freeman & Co. Philadelphia — Biddle & Henry, Brown Bros. & Co., Graham, Parsons & Co. NEW YORK CENTRAL LINES Equip. Tr. 4V2». Due $3,000,000 annually to Jan. 1, 1935, inclusive. Dated January 1, 1910. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company, Anthorized $30,000 300 Outstandiner (Feb. 1, '21) 5.032,069 BalanciB Retired. Denomination — Coupon. $1,000. Registerable as to principal. Registered, $5,000, $10,000 and $50,000. Trustee — Guaranty Trust Co., New York. Guaranteed jointly and severally as to pri.i- cipal and interest under terms of lease by the New York Central & H. R. R. R. Co., Lake Shore & M. S. Ry. , the Michigan Central R. R, Co. , the Cleveland, Cincinnati, Chicago & St. Louis Ry. Co. and the Chicago, Indiana & Southern R. R. Co. Assumed by the New York Central R. R. Co. as to obligatlona of merged companies. Secured under the terms of a joint lease agreement which provides that the amount of certificates issued shall not ^exceed 90% of the actual cost of equipment delivered to and held by the Trustee as security for the pay- ment of the certificates. Equipment covered consists of 425 locomotives, 132 passenger cars, 22,400 freight cars and 250 service cars. Legal for savings banks in Conn., N. H., Ohio and J'. I. Tjisted on the New York Stock Exchange. Original Market — $22,500,000 offered in June, 1910, by J. P. Morgan & Co., First National Bank and National City Bank, New York, at prices to yield about 4%%. Market. Fhiladclpliia — Biddle & Henry, Brown Bros. & Co. NEW YORK CENTRAL IJNES Equip. Tr. 5s. Due $3,000,000 annually until Nov. 1, 1932. Dated November 1. 1907. Interest payable May and Nov. 1, at Trustee's office. Tax Status — ^Payment of Federal Income. Tax not assumed by company. Anthorized $30, 000,000' Outstanding (Jan. 1, '21) 2,478,634 Balance Retired. Denomination — Coupon, $1. 000. Registerable- as to principal. Registered, $5,000, $10,000 and $50,000. Trustee — Guaranty Trust Co., New York. Guaranteed jointly and severally under- equipment trust provisions by the New York Central & H. R. R. R. Co., Lake Shore & M. S. Ry., the Michigan Central R. R. Co.^ the Cleveland, Cincinnati, Chicago and St.. Louis Ry. Co. , and the Chicago, Indiana & Southern R. R. Co. Assumed by the New York Central R. R. Co. as to obligations of merged companies. Secured under the terms of a joint lease agreement which provides that the amount of certificates issued shall not exceed 90% of the actual cost of equipment delivered to and held by the Trustee as security for the pay- ment of the certificates. Equipment covered consists of 701 locomotives, 183 passenger cars, 16,400 freight cars and 637 service cars. Legral for savings banks in Conn., N. H., Ohio and R. I. liisted on the New York Stock Exchange. Original Market — OfCered in Jan., 1908, by J. P. Morgan & Co., New York, and Drexel & Co., Philadelphia, Pa., at 99% and interest for series due in 1908, and for those due on succeeding dates to Nov. 1, 1922, at prices to yield from 5%% to 5%%. Market. New York — Simon Borg & Co., Freeman & Co. Philadelphia — Bid die & Henry, Brown Eros. & Co,, Graham, Parsons & Co. NEW YORK CENTRAIi LINES Equip. Tr. WzB. Due $1,600,000 each Jan. 1st to Jan. 1, 1028, inclusive. Dated January 1, 1913. Interest payable Jan. and July 1, at Guaranty Trust Co., New Y'ork, or Morgan, Grenfell & Co., London, Tax Status — Payment of Federal Income- Tax not assumed by company. Authorized $24,000,000 Outstanding (Feb. 1, '21).... 4,336,941 Balance retired. Denomination — Coupon, $1,000. Registerable- ap to principal. Registered, $5,000, $10,000 and $50,000. Tmstee — Guaranty Trust Co., New York. Guaranty — Under the provisions of thfr Equipment Trust Agreement the companie» mentioned below agree Jointly and severally 10 pay the principal and semi-annual divi- dend V7arranta of the certificates. Assumed by the New York Central R. R. Co. as to obligations of merged companies. Security — These certificates were issued un- (5er terms of a trust agTeement dated Jan. 1, 1913, between the New York Central H. R. R. R. Co., Lake Shore & M. S. Ry., the Michi- gan Central R. R. Co. , the Cleveland, Cin- cinnati, Chicago & St. Louis Ry. Co., the Pittsburgh & Lake Erie R. R. Co. and the Toledj & Ohio Central R. R. Co.. secured on 30 Pacific-type passenger locomotives, 30 Pa- cific-type freight locomotives, five double-end suburban locomotives, 75 switching locomo- tives, 70 Mikado-type freight locomotives, 3,000 Hopper cars, 65 steel baggage cars, 3 5 steel pass-nger cars, 2,000 general service gondola cars and 2,000 composite gondola cars.' Ad- « ditional certificates may be issued up to 90% of the cost of new equipment. Legral for savings banks in Conn., N. H., Ohio and R. I. Original Market — $12,540,000 offered in Jan., 1913, by J. P. Morgan & Co., the First Na- tional Bank and National City Bank, New York, at prices to yield about 4.65%. $2,954,- 000 offered Dec, 1913, to yield about 5.15% and $4,214,000 in June, 1914 (part in London ai. 4.67%) by same firms. Market. New York — Simon Eorg & Co., Freeman & Co. . Philadelphia — Biddle & Henry, Brown ."Bros. & Co., Graham, Parsons & Co. ZNEW YOKK CENTRAL RAILROAD CO. Incorporated in New York, Pennsylvania, Ohio, Indiana, i Michigan and Illinois in 1914 as a consolidation of the New York Central & Hudson River R, R. Co., the Lake Shore & Michigan Southern R. R. Co., Geneva, Corning & Southern R. R. Terminal Ry. of Buffalo, Dunkirk, Allegheny Valley & Pittsburgh R. R., Chicago, Indiana & Southern R. R., Detroit & Chicago R. R. , Detroit, Monroe & Toledo R. R., Kalamazoo & White Pigeon R. R., North- ern Central Michigan R. R. and Swan Creek Ry. Co. of Toledo. During 1915 the proper- ties of the following companies were ac- quired: The Cleveland Shore Line R. R. 19.64 miles, of which 19.17 are double-tracked; Jamestown, Franklin & Clearfield R. R., 112.05 miles, of which 11 miles are double- tracked; Elkhart & Western R.. R., 12 miles; Sturgis, Goshen & St. Louis Ry., with 28.92 miles. The combination of the properies formed a railroad with a main line extending from New York to Chicago, through the states of New York, Pennsylvania, Ohio, Indiana and Illinois, and with important branches in all those states and in the state of Michigan. Total mileage owned, 3,699.53. In addition to mileage owned the company succeeded to 1,527.07 miles of leasehold rights, contract ' rights in over 3.70 miles, trackage rights m 458.31 miles and proprietary interest in 1 8- lOOths of a mile. Total operated mileage, 5,688.79 miles of road. This company controls through stock owner- ship th&-Cleveland, Cincinnati, Chicago & St. Louis Ry. Co.. Lake Erie & Western R. R. Co., Pittsburgh & Lake Brie R. R. Co. and Toledo j& Ohio Cent. Ry. Co.. and jointly wirh the Michigan Central, the Indiana Harbor Belt R. R. Co. These companies operate a total of over 4,000 miles of road, located east ■ of the Mississippi River and north of the Ohio kiver. The New York Central R. R. Co. also con- trols through stock ownership the Michigan Central R. R. Co., operating 1,861.77 miles of road from Buffalo via Southern Canada and Detroit to Chicago, 111., and points in north- ern Michigan, and the Boston & Albany I^. R Co., operating 300 miles of road from Albany to Boston, with numerous branches. The New York Central Lines, as described above, extend from Boston and New York on the east to Detroit, Chicago. Cincinnati and St, Louis on the west, with entrances into all of the large cities north of the Ohio River, between the western end of Pennsylvania and the Mississippi River, and embrace some 13,- 000 miles of road. Capitalization. Outstanding. Common $249,697,360 Funded debt 671,654.782 Years ended Dec. 31: Gross. Net. Int., Rent., etc. *1919 $55,802,630 $71,308,605 $48,194,885. tl919 283,669,331 54.895,100 3,878,295 *1918 65,802,631 69,270.921 44,805,676 tl918 269,270,957 56,859,188 4,628,781 1917 216,267,517 66.873.026 41,389,369 1916 201,585,048 85,967.446 42.808,229 1915 167,912.333 66,809,329 39,097,855 1914 152,351,590 45,664,933 36,306.686 ♦Corporate account. tFederal account — standard return not in- cluded. Does not include Boston & Albany operations. NEW YORK CENTRAL RAILROAD CO. Con- solidation 4s. Series "A," **B/' "C" and "D." Due Feb. 1, 1998. Dated Aug. 1, 1913. Interest payable Feb. and Aug. 1, at company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized. Outstanding. Series A $90,578,400 $65,573,000 Balance to be is- sued in exchange for Lake Shore Collateral S%s. Series B to be is- sued in exchange for Michigan Cen- tral Collateral 3%s 19,336,000 Series C to be issued in exchange for Deb. 4s, due 1934 48,000.000 Series D to be issued in exchange for Deb. 4s. due 1942 9,188.000 910 $167,102,400 $65,573,000 Denominations — Coupon, $1,000. Regist"-"- able as to principal or fully registerable. Registered $1,000, $5,000 and multiples. C. & R. interchangeable. Trustee — Bankers' Trust Co., New York. Assumed — The New York Central R. R. Co. has assumed the performance of all the cove- nants and provisions of the indenture secur- ing these bonds, and has succeeded to a nd been substituted for the New York Central & Hudson River R. R. Co. Note. — The indenture securing these bonds was issued by and bears the name of the New York Central & Hudson River R. R. Co. Secured — (All Series) equally with the Gold 4s, due 1934, and the Gold 4s, due 1942, by a direct mortgage on 1,832.35 miles of road in New York State, 784.94 miles of lease- holds, trackage rights, lands, buildings, se- curities, equipment, etc., all of which mileage and security are g^ven in the description of the Michigan Central Coll. Tr. 3%s of 199S. A second lien on 70.51 miles— Miles. (Covered by the first lien of the Lake Shore Collaterals and Michigan Cen- tral Collaterals.) . i Tupper Lake to Nyando 69.27 West Albany to Albany ...-.». 1.24 A third lien on 863.83 miles — Covered by the first lien of the N. T. C. & H. R. R. R. Mtge. 314s..., 855.83 (Covered by the first lien of the Little Falls & Dolgeville 1st 3s.) Little Falls to Dolgreville 10.00 A fourth Uen on 654.98 miles — Covered by the second lien of the N. T. C. & H. R. R, R. Mtge. 314s 664.98 A fifth lien on 241.03 miles — Covered by the third lien of the N. T. C. & H. R. R. R. Mtge. 3%3 241.03 ^ Also a third lien on 784.94 miles of lease- hold interests — Covered by the first lien of the N. Y. C. & H. R. R. R. Mtge. 3%s. Also a third lien on 77.07 miles of traclc- age rights — Covered by the first lien of the N. T. C. & H. R. R. R. Mtge. 3V4s. Also a third lien on $375,000 of a total Issue of $500,000 capital stock (no bonds) of the Hudson River Bridge Co., owning the two bridges from Bast Albany to Albany, N. T. ; on all real estate owned and used in con- nection with the Grand Central Terminal, New York City, subject to the rights of the N. Y., N. H. & H. R. R. Co. therein. Series A is additionally secured as follows: A fourth lien on 961.50 miles — Covered by the first lien of the L. S. & M. S. 1st 3%s 961.50 A fifth lien on 36.54 miles — (Covered by the first lien of the Kal- amazoo & White Pigeon 1st 5 s.) White Pigeon to Kalamazoo, Mich 35.54 Also a fourth lien on 21.83 miles of lease- hold interests — ■ Covered by the first lien of the L. S. & M. S. 1st 314 s. Equal Security — The Gold 4s, due 1934 and 1942, are edually secured with this issue on all of the above property except the additional property covered by Series A, and are subject to the same prior liens except the addition.il prior liens for Series A. Prior Uens — ^AU Series subject to $166,191,- 000 prior liens, as follows: N. Y. C. & H. R. R, R. Mtge. 314 s, 1997 $94,000,000 Prior Liens thereto 27,382.000 Little Falls & Dolgeville 1st 3s, 1932 250,000 N. Y. C. & H. R. R. R.-Lake Shore Coll. 3%s, 1998 26,223,000 N Y. C. & H. R. R. B.-Mlch. Cent. Coll. 314s, 1998 19,336,000 Series A, on the additional property cov- ered, is also subject to $150,400,000 additional prior liens, viz. : L. S. & M. S. 1st 3%s, 1997 $60,000,000 L. S. & M. S. Deb. 4s, 1928 50,000,000 L. S. & M. S. Deb. 4s, 1931 50,000,000 Kalamazoo & White Pigeon 1st 5s, 1940 (and to the Lake Shore Col- laterals) 400,000 Underlies — ^N. Y. C. & H. R. R. R. Ref. & Imp. 414s of 2013, which provides to retire this issue and N. Y. C. R. R. Conv. Deb. 6s of 1935. Legal for savings banks In Cal., Conn., Mass., Me., N. H.. N. J., Ore., R. I. and Vt. listed (Series "A") on the New York Stock Exchange. Market. New York — Simon Borg & Co., Arthur E. Frank & Co., Parker & Co., Redmond & Co., Remick, Hodges & Co., Roosevelt & Son, Struthers & Hiscoe, Prince & Wbitely. Boston — R. L. Day & Co. phUadelphia — Blddle & Henry, Blklns, Morris & Co., Harper & Tur^ier, Morjey Wood (& (jo. Price Kansja— ■N!Tt. S. E. Jan. 1, '17, to Jan. 1, '21 _ 1920 High 88% Jan. 20, '17 73 Aug. 12 Low. 63 June 26, '20 63 June 25 MEW YORK CBNTBAIi BAILEOAD Conv. Deb. 6s. Due May 1, 1935. Dated May 1, 1915. Interest payable May 1 and Nov. 1, at Company's ofllce, New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $100,000,000 Outstanding 100,000,000 Denomination' — Coupon, $100, $500 and $1,000. Registerable as to principal. Reg- istered, $1,000, $5,000, $10,000 and $60,000, or such multiples of $5,000 as may be author- ized.' C. & R. ($1,00 0) interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable as a whole or in part at not less than $5,000,000 on May 1, 1918, or on any interest date thereafter at 110 and inter- est. Convertible ir^to stock of the New York Cen- tral R. R. between May 1, 1917, and May 1, 1925. at the rate of $100 in stock for $106 in bonds. If called, convertible 30 days prior to redemption. Security — ^A direct obligation of the com- pany but not secur3d by a mortgage. liOgal for savings banks in Cal. and N. H, Listed on the New York Stock Exchange. Original Market — Offered in Feb., 1916, for subscription by the stockholders at par to the extent of 40% of their holdings. Market. New York^-Simon Borg- & Co., Granger & Co., Hirsch, Lilienthal & Co., Kountze Bros., Redmond & Co., Struthers & Hiscoe, Vilas & Hicltey. Pluladelpliia — J. W. Thompson & Co. liOuisviUe, Ky. — George T. Wood & Son. Kansas City — Stern Bros. & Co. Price Range — N. Y. S. B. Jan. 1, '16, to Jan. 1, '21 1920 Coupon. High 117% Jan. 12, '16 9314 Oct. 22 Low. 86 July 27, '20 86 July 27 NEW YOKK CENTRAI. R. K. CO. 10- Year Coll. Tr. 7s. Due Sept. 1, 1930. Dated Sept. 1, 1920. Interest payable March 1 and Sept. 1 in New Y"ork. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $25,000,000 Outstanding 25,000,000 Purpose of Issue — To retire $15,000,000 6% Notes maturing Sept. 15, 1920. 'The balance of the proceeds will be available for the company's capital purposes. Denomination — Coupon, $1,000 and $500; registerable as to principal. Registered, $1,000, $5,000 and $10,000. C. & R. inter- changeable. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest. Secured by pledge of the following se- curities: Pledged Market Price. Value. $25,000,000 New York Cen- tral Railroad Co. Re- funding and Improve- ment Mortgage 6 % Bonds, Series B •95 $23,750,000 $3,750,000 par value (being 75,000 shares) Reading Company First Pfd. Stock 40 8,000,000 $5,500,000 par value (being 110,000 shares) Reading Company Second Pfd. Stock 4214 4,675,000 Total . .$31,425,000 ♦Based on the present market (Aug. 18, 1920) of Refunding and Improvement Mort- gage 4^^% Bonds,' Series A. , " Under the provisions of the indenture the above-named Reading- stock may be with- drawn as collateral by substituting (a) the new securities to which such stock shall be entitled upon a dissolution of the Reading . Company in accordance with a Court order, (b) additional New York Central Refunding and Improvement Mortgage Bonds, or (c) mortgage bonds or stock of railroad com- panies which have paid not less than 5 % dividends on their stock for a period qt not less than five years. The company will have the right to withdraw either the Reading stock or the New York Central Refunding "and Improvement Mortgage Bonds by sur- rendering to the Trustee of these 10- Year 1% Collateral Trust Bonds, either a ratable anxount of such Bonds for cancellation, or cash sufficient to provide for the purchase or retirement at 105% and accrued interest of such ratable amount of these Bonds. No substitution or withdrawal shall be made, however (except under "a"), unless the. total .security after such substitution, taken at its then value, shall amount to not less than 125% of the face amount of the 10-year Bonds outstanding and not covered by cash deposited with the Trustee. liisted on New York Stock Exchange. Original Market — $25,000,000 offered Aug- ust, 1920, by J. P. Morgan & Co., First. Na- tional Bank, The National City Co., Guar- anty Trust Co., Bankers' Trust Co. and Har- ris, Forbes & Co. at 100 and interest. Market New York — Beverly Bogert & Co., Simon Borg & Co., Hartshorne & Battelle, Parker & Co., Salomon Bros, & Hutzlef. Philadelphia — Parsly Bros. & Co. -Chicago — Illinois Trust & Savings Bank. Louisville, Ky. — Block, Fetter & Co., J. J. B. Hilliard & Son. Erie, Pa. — Charles Messenkopf & Go. Price Range N. Y. S. E. 1920 High - 103% Nov. 5 Low 100 Dec. IS NEW YORK CENTRAIi RAILROAD Equip. Tr. (of 1917) 4^&. Due $1,117,000 each January 1 to 1933, inclusive. Dated January 1, 1917, Interest payable January 1 and July 1 at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $19,995,000 Outstanding (Feb. 12, '21) 12,287,000 Retired 4,900,000 Issuable 80% of Cost 2,808.000 Denomination — Coupon, $1,000, registerable as to principal. Registered, $1,000, $5,000, $10,000 and $50,000. Trustee — Guaranty Trust Co., New York. Guaranteed as to principal and^ interest by the New York Central R. R. Co., by endorse- ment. Secured by an equipment agreement of the following equipment. Approxi- Description. mate Coat. 155 Mohawk type freight locomo- tives $6,447,600 3,750 40-ft. 6-in. 40-ton Steel under- frame box cars 5,503,442 3,000 50-ton steel aelf-clearine hop- per cars ..^. ....'.. . 4,42,8,630 90 steel passenger coaches.; 1,618,000 80 steel baggage cars 928.000 10 electric locomotives 670,660 250 36-ft. 40-ton steel underframe box cars 342.525 25 baggage cars (built at rail- ^^^ ^^^ road BhopB) 275.000 20 steel baggage and mall cars.. 270,000 10 steel combination passenger and baggage cars 169,700 3 dining cars (and other equip- ment not yet purchased) of an aggregate cost of ap- proximately 290,540 $20,943,897 I^egal for savings banks in Conn., N. H., Ohio and R. I. Original Market — $8,000^000 offered March, ■ 1917, by the Guaranty Trust Co., New Yorlfe. $7,410,000 offered March, 1919. by the Bank- ers' Trust Co. and Hallgarten & Co. , New York, and Union Trust Co., Pittsburgh,, at prices ranging on 5^ To. B%% and 5%% bases, respectively, for 1920, 1921 and 1923 maturities, and 5%% basis for remaining ma- turities. Market. New York — Simon Borg & Co., Evans, Stillman & Co., Freeman & Co. Pbiladelpbia — Biddle & Henry. NEW YORK GENTRAIi RAILROAD Equip. Tr. 7s (Equipment Trust of 1920). Due $2,415,000 each April 15th from 1921 to 1035, inclusive. Dated April 15, 1920. Interest payable April 15 and Oct. 15, at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $36,225,000 Outstanding (May 1, '21) 33,810,000 Balance retired. Denominations — Coupon, $1,000 and $500; registerable as to principal. Trustee — Guaranny Trust Co., New York. Secured by an equipment trust agreement on 9,244 steel box and other - freight-train cars, 265 steel coaches and other passenger- train cars, and 196 freigiht, passenger and switching locomotives, costing approximately $48,318,300. The New York Central R. R. may sublet equipment to Michigan Central R. R. , Cleve- land, Cincinnati, Chicago & St. Louis Ry., Pittsburgh & Lake Erie R. R. and Toledo & Ohio Central Ry, Legal for savings banks in N. H., Ohio and R. I. Original MELrket~$36, 225,000 offered by a syndicate of banker^; including J, P. Morgan & Co. . First National Bank, National City Co., Guaranty Trust Co., ^Harris, Forbes & Co., White, "Weld & Co.. New York, etc., and First National Corporation. Boston, at 100 and interest. Market New York — Ames, Emerich & Co., Simon Borg & Co., Evans, Stillman & Co., Freeman & Co. Boston — Curtis & Sanger. PhLladelphia — Biddle & Henry, Bloren & Co., Montgomery & Co.,. Reed A. Morgan & Co., Morley Woood & Co. Pittsburgh — Continental Trust Co. liouisville, Ky. — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. 912 NEW YORK, CHICAGO & ST. LOTTIS RAH^ ROAD CO, 1st S. F. 4s. Due Oct. 1, 1937. Dated Oct. 1, 1887. Interest payable April pnd Oct. 1. at Chase National Bank. N. ,Y. Registered bonds, by Treasurer of company, Cleveland. Tax Status — 2% Federal Income Tax paid by Company without deduction. Tax exempt In Pennsylvania. Authorized $20,000,000 Outstanding (Jan. 1, '21) 17,987,000 Retired by S. F S.013,000 Denommation — Coupon, $1,000. Regiater- able as to principal only, or fully reerlaterable Trustee — Central Union Trust Co., New York. Sinkins: Fond — ^"Whenever net earnings ex- ceed $900,000, the company shall pay to the Trustee $100,000 for the purchase of these bonds at not exoeedine 102 and interest. If not so purchasable, the tund for that year I everts to the company. Organization — Incorporated in New York, Penn., Ohio and Indiana, in 1887, as a reor- ganization of the New York, Obicago & bt. Louis Ry., sold under foreclosure. In 1916 a syndicate of Cleveland capitalists acauired stock control from the New York Central R. R. Co. Capitalization, Outstanding. Common $14,000,000 1st Pref. (6% non-cum.) 6,000,000 2d Pref. (5% non-cum.) 11,000,000 Funded debt 37,380,000 Secured by a first mortgage on 495 miles of road /rom Buffalo, N. Y., to Indiana-Illinois State Line and upon trackage rights into Chi- cago. Also secured on the entire capital stock and perpetual leasehold interest in the Chicago & State Line R. R.. owning 9.96 miles from Grand Crossing, 111., to the Indiana State Line. Underlies — Debenture 4s of 1931 and 2d & Imp. 6s of 1931. These two issues are equally secured. Tears ended Bee, 31: Gross. Net. Int. & Rent. •1920 $23,953,824 $4,507,474 $2,357,223 •1S19 2,643,288 2,988,600 2,429,340 tl919 23,476,553 5,390,362 856,995 •1918 2,301,378 2,338,773 3,130,183 tl918 22,656,381 6,198,003 827,999 1917 16,901,206 3,367.634 2,516,995 1916 15,387,928 3,586,680 2,029,149 1915 12,536,380 2,974,731 2,164,157 1914 11,294,971 1,608,228 1,891,414 1913 12,393, 87gTnS BAUL- ROAX> CO. Deb. 4s. Due May 1, 1931. Dated March 28, 1906. Interest payable May and Nov. 1, at Chase National Bank, Nen' York, registered Interest by Treasurer of ccmpany, Cleveland. ■ Ta\ Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennaylv.'\nia. ' Anthorized and Outstanding. . .$10, 000,000 Denomlnatiott^-CDupon, $1,000. Registerable as to principal. Registered, $1,000, $6,000 and multpiles of $6,000. C. & R. interchange- able. Trustee — Guranty Trust Co., New York. Organization and Control — See 1st 4s. due 1937. Secured equally with the 2d & Imp. 6s by a second mortgage on all the property of the company. , See 1st 4s for 'ietail. Prior Hens — $17,987,000 1st 4s of 1937. Banungs— See 1st 4b, liisted on the New York Stock Exchange. Original Market — $2,000,000 offered in 1908 at 89% by N. W. Harris & Co., New York and Boston, and Harris Trust & Savings Bank, Chicago; and $6,000,000 in 1909 by N. W. Harris & Co. and Moffat & White (now Whit'. Weld & Co.). Lee, Higginson & Co.. Clark, Dodge & Co., New York. Market. - New York — Simon Borg & Co., Arthur B. Frank & Co., Redmond & Co., Rutter & Co.. Struthers & Hiscoe, Taylor, Smith & Hard. Vandprhoef & Robinson. Vilas & , HickeF, Prince &' Whitely. Philadelphia — Carstairs & Co., Graham^ Parsons & Co., Harper & Turnfer, McCown & Co., Reed A. Mirgan & Co., Marley, W^ood & Co. Frico Range— IN. Y. S. B. Jan. 1, '09. to Jan. 1, '21 1920 High 94 Apr. 8, '09 75 Jan. 10 Low. 60 Dec. 31, '17 64 July 28 NEW YORK, CHICAGO & ST. M)UIS BAH,- BOAD CO. 2d & Improvement 68. Series . "A." Due May 1, 1931. Dated May 1, 1918. Interest payable May 1 and Nov. 1 at Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in Pennsylvania. Anthorized $25,000,0*0 Outstandiner 4,956,000 Beserved for Additions 20,044,000 Purpose of Issue — ^To reimburse the com- psny for capital expenditures paid out of cur- rent funds and to cover the advances on cap- ital account made by the U. S. R. R. Ad- ministration. Denomination — Coupon, $1,000 and ~ $500. Registerable as to principal. Registered. $1,- 000 and multiples. C. & R. interchangeable. Trustee — First Trust & Savings Co., Cleve. land. Organization — See 1st S. F, 4s. Secured equally with Debenture 4s by a sec- ond mortgage on the entire property of the company. For detail see 1st 4s. Prior Liens — Outstanding. 1st S. F. 4s, 1937 $17,987,000 Earnings — See 1st 4 s. Original Market— $4,136,000 offered March, 1E19, by Wm. A. Read & Co., New York, etc., at 94 and interest. Market. New York — Hartshorne & Battelle, Vilas & Hickey, Prince & Whitely. Pliiladelphia — Harper & Turner, McCown & Co., Reed A. Morgan & Co. Cleveland — The Union Trust Co. Price Rangre Jan. 1, '19. to Jan. 1, '21 1920 Bid. Ask. Bid. Ask.. High 93% '19 96 '19 88 Nov. 86 Dec. Low. 81 '20 83 '20 81 Aug. 83 Auer. 913 NEW YORK. CHICAGO & ST. IXIUIS BAH.- BOAD CO. Equip. Tr. 4%s. Due $110.^ 000 each Aug. 1, from 1917 to 1926, Sn- clnsive. Dated Aug. 1, 1916. Interest payable Feb. 1 and Aug. 1. at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,100,000 Outstandingr (Jan. 1, '21) 660,000 Balance retired. Denomination — Coupon, Jl.OOO. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by the New Yorlc, Chicago & St. Louis R. R. Co. by endorsement. Secured by an eauiplnent agreement on 1,000 box cars. 80,000 pounds capacity, with steel underframes, costing about $1,229,000. liceral for Saving's Banks in N. H., Ohio and R. I. Original Market— Offered Sept., 1916, by the Guaranty Trust Co., at prices to yield 4.60% for average maturities. Market. Marlcet — See Series of 1917. NEW YORK, CHICAGO & ST. LOUIS RAIL- , ROAD (THE) Equip. Tr. S. E. 5s of 1917. Due May 1, 1931. Dated May 1, 1917. Interest payable May 1 and . Nov. 1, in New York or Cleveland. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in Pennsylvania. Authorized $3,800,000 Outstanding: (Jan. 1, '21) 3,537,000 Retired by S. E 263,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — The Citizens Savings & Trust Co., Cleveland. Redeemable as a whole or in part for sink- ing fund at 101 and interest. Sinking Fund — Minimum payments of $400,- 000 per annum for first 10 years and $125,000 per annum for last four years. Total, $4,- 500,000. A minimum amount of $1,625,000 of this fund must be applied to the purchase or redemption of these bonds at not over 101 and interest as follows: 1918 installment of $400,000 to call certifi- cates or purchase new equipment. 1919-1931, inclusive, $125,000 each year for 13 years to call certificates. 1919-27, inclusive, $275,000 each year to call certificates or purchase new equipment. Guaranteed principal and interest by the New York, Chicago & St. Louis R. R. Co. by endorsement. Secured by an equipment agreement on 35 Mikado loconnotives, 10 switching engines, 1,000 automobile box cars, 750 hopper coal cars, costing about $4,280,000. Also 16 Mikado locomotives and 10 switching- en- gines, costing about $l,377,t)00 acquired un- der sinking fund provisions. Original Market — $2,800,000 offered May. 1917, by Wm. A. Read & Co., New York, Boston, etc., on a 5^% basis. Market. New York — Evans, Stillman & Co. Fliiladelphia — Biddle & Henry, Harper & Turner. NEW YORK CONNECTING RAILROAD CO. (THE)i 1st 4%s. Due Aug. 1. 1053. Dated Aug. 1, 1913. Interest payable Feb. and Aug. 1. Registered at American Ex- change Nat'l Bank of New York. Cpupon at treasurer's ofilce of Penn. R. R. Oo., JPhlla- delphia. Tax Status — Payment of Federal Income Tax not . assumed by company. Tax exempt In New ^ork State. Authorized $30,000,000 Outstanding 24,000.000 Reserved for Ext 6,000,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Registered, $1,000, $5,000 and multiples. C. & R. interchangeable. Trustee- — Guaranty Trust Co., New York. Redeemable on Aug. 1, 1918. or any inter- est date thereafter, at 105 and interest on 90 days' notice. Gjuaranteed principal and interest Jointly and severally by endorsement by the Penn- sylvania R. R. Co. and the New York, New Haven & Hartford R. R. Co. Organization and Control — Incorporated In New York April 21. 1893. to build a railroad connecting the N. Y., N. H. & H. R. R. and the Pennsylvania R. R. Companies, each of which owns one-half the capital stock. Capitalization. Outstanding. Common $3,000,000 Funded debt 24,000,000 Secured by a first mortgage upon all rail- roads of the company, comprising a 9-mIle road from a connection with the New Haven system at Port Morris, Bronx Borough, to a connection with the Long Island Railroad at Fresh Pond Junction, Queens Borough, New York City, including a bridge over the East River and a branch from a point on this line at Sunnyside Junction to Woodside Avenue, forming a connecting link between the Penn- sylvania and New Haven systems for the in- terchange of freight and passenger traffic and making an all- rail route from New Eng- land to the South and West, Listed on the New York Stock Exchange. ILesaX for Savings Banks in N. H. and N. J. Original Market — $11,000,000 offered Nov., 1913, at ,94^ and interest; $5,000,000 April, 1914, at 98 and interest, and $8,000,000 in May, 1916, at 98^ and interest by J. P. Morgan & Co. and Kuhn, Loeb & Co., New York. Market. New York — Ambrose R. Clark & Co., Con- stable & Fleming, Dunham & Co., Finlay & Davenport, Redmond & Co., Seasongood, Haas & Macdonald, Struthera & Hiscoe. Taylor, Smith & Hard, Vilas & Hickey, Prince & Whitely. Fliiiadelpliia' — Biddle & Henry, Henry D. Boenning & Co.. Brown Bros. & Co., Daniel & Co., Elkins, Morris & Co., Samuel IC Phillips & Co., Isaac Starr, Jr., & Co., Parsley Bros. & Co. Price Range— N. Y. S. E. Jan. 1, '16, to Jan. 1, '31 1920 High 100% Apr. 6, '16 79 Jan. 3 Low. 65% Aug. 10, '20 65% Aug. 10 914 NSW TOBK DOCK CO. iBt 4s. Due Aug. 1, 1951. Dated Aug. 1. 1901. Interest payable Feb. and Aug. 1, at Trustee's offlce. Tax Status — 2% Federal income Tax paid by company without deduction. Authorized $13,000,000 Outstanding 12,203,000 In Treasury . 450,000 Held in Dep'n Fund 347,000 Denomination — Coupon, $600 and $1,000. Exchangeable for registered bonds. Reglsr iered, $5,000 and $1,000. Trustee — United States Mortgage & Trust Co., New York. Redeemable at 105 and interest on any In- terest date upon four weeks* notice, coupon bonds to be redeemed before' registered. ' SSnldng Fund-r-Property not necessary for business purposes may be sold under reason- able restrictions and the proceeds used for new property or improvements, or by the Trustee for the purchase or redemption of these bonds at not exceeding 105 and inter- est: bonds so acquired to be cancelled, OrEranization — Incorporated in New York in 1901 as a reorganization of the Brooklyn Wharf & Warehouse Co. Capitalization. Outstanding. Common $7,000,000 Preferred (6% non-cum.) 10,000,000 Funded debt 12,650,000 Secured by first mortgagre on entire prop- erty of company, consisting of a number of piers, manufacturing buildings and storage warehouses located on the East River water front, extending from the Brooklyn Bridge 2 ^ miles to Erie Basin. Years ended Dec. 31: Gross. Net. Bond Int. 1920 $5,447,400 •$1,763,691 $502,000 1919 4,819,385 1,690,206 602,000 1918 4,989,461 1,586,988 602,000 1917 4,423,035 '1,518,686 502,000 1916 3,065,135 1,284,517 602,000 *After Taxes and other deductions. Listed on the New York Stock Exchange. Market, New York — William M, Clark, Pinlay & Davenport, Hartshorne & Battelle, Fred H. Hatch & Co., T. L. MacGonald, Tobey & Kirk. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 98 Jan. 22, '06 68 Oct. 20 Low. 58% July 7, '20 5814 July 7 Price Range — N. Y. S. E Jan. 1, '06, to Jan. 1, '21 High 109% Jan. 16, '06 86% T n i f/ A 0,7 »On 17/13/. NEW YORK GAS & ELECTRIC LIGHT. HEAT & POWER CO. (THE) 1st 5s. Due Dec. 1, 1948. Dated ,Dec. 1, 1898. Interest payable June and Dec. 1. at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding. . .$15,000,000 Denomination — Coupon, $1,000. Register- able as to principal, or may be exchanged for fully registered bonds of $1,000 and multiples. Trustee — Guaranty Trust Co,, New York, Control — Organized in 1898 under the laws of New York and acquired a number of gas, electric light and power companies. In 1901 company was consolidated with the Edison Illuminating Co, of New York into the New York Edison Co,, the entire capital stock of which is owned by the Consolidated Gas Co. of New York. Secured by first mortgage on 12 power sta- tions and a mortgage subject to prior liens below on 13 other power stations, locateed in the city of New York and supplying practi- cally all the electric light in the Borough of Manhattan. Franchises perpetual. Prior Liens — (On part of property only) $2,188,000 Edison Elec. Ilium. Co. of N. Y. 1st Cons. 6s. due 1995, and $20,929,000 N. Y. G., B. L., H. & P Pur. Money 4s, due 1949. ■Underlies — (On part of property) N. Y. G., E. L., H. & P. Pur. Money 4s. Years ended Dec. 31 (N. Y. B. Co.): Gross. Net. Int., etc. 1919 $28,793,272 $9,104,192 $1,868,055 1918 .. 25,329,203 6,643,763 1,460,018 1917 25,688,008 8,063,963 1,430,678 1S16 26,681,154 B. 669, 902 1,482,486 Listed on the New York Stock Exchange: Market. New Yorls: — Theodore L. Bronson & Co., 'Finlay & Davenport, Prince & Whitely. High 109% Jan. 16^ '06 Low. 74% Apr. 27, '20 1920 =„% Jan. 12 74% Apr. 27 NEW YORK GAS & ELECTRIC LIGHT, HEAT & POWER CO. (THE) Purchase Money 4s. Due Eeb. 1, 1949. Dated Feb. 1, 1899. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $21,000,000 Outstanding 20,929,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust. Co., New York. Control, Franchises and Property — See 1st 6s of 1948. Secured by a second mortgage on the prop- erty covered by the first lien of the Edison Electric Illuminating Co. 1st Cons. 5s of 1996, and by a second lien upon the prop- erty covered by the first lien of the New York Gas & Electric Light, Heat & Power Co. 1st 5s of 1948. Prior Liens — $16,000,000 New York Gas & Eloctrio Light, Heat & Power Co. 1st 6s of 1948 and $2,188,000 Edison Electric Illu- minating Co. 6s of 1996. Earnings — See 1st 5s. Listed on the New York Stock Exchange, Market. New York — Theodore L. Bronson & Co., Finlay & Davenport, Kiely & Co. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 92 Jan. IS, '06 71% Oct. 21 Low. 68% July 13, '20 68% July 13 NEW YORK INTERURBAN WATER CO. 1st 5s. Due Oct. 1, 1931. Dated Oct. 1, 1901. Interest payable April and Oct. 1, at West End Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without . deduction. Authorized $2,500,000 Outstanding 2,326,000 Trustee — West End Trust Co., Philadelphia. Organization and Control — Incorporated in New York in 1901 and is controlled and op- erated by the American Pipe & Construction Co. Capitalization. Outstanding. Common $1,500,000 Funded debt 2,326,000 Secured by a flrat mortgage on real estate, reservoirs, pipe lines, pumping stations, etc.. In Westchester County, N. T. Market. Philadelpliia — Henry D. Boenning & Co.. Huutoon & Co. Price Range. Jan. 1, '16, fo Jan. 1, '21 1920 Bid. Ask. • High 61 '16 70 '17 Not Low. 40 '19 58% '19 available 91E NEW YORK, LACKAWANNA « WESTEStN RAILWAY CO. Construction Ss. Due Aug. 1, 1923. Dated Aug. 1, 1883. Interest payable Feb. and Aug. 1, at D., L. & W. K. B. office, 90 West Street, New York, Tax Status^2% Federal Income Tax paid by company without deduction. Authorized ; $5,000,000 Outstanding 5,000,000 Denomination — -Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co., New York. Guai*anteed as to principal and interest by the Delaware, Lackawanna & Western R. R. Co. by endorsement. Org-anization and Control — Incorporated in New York in 1880, and road opened in 1882 in wliich year it was leased in perpetuity to the Del., Lack. & Western R. R., which guarantees the payment of all bonds and other obligations and b% dividends on the stock. Capitalization. Outstanding. Common $10,000,000 Funded debt 22,000,000 Secured by a first mortgage on 214 miles of double-tracked railroad from, Binghanaton to International Bridge, N. Y., and branch to Buffalo. Underlies — N. Y., Lack. & West. Terminal & Improvement 4s of 1923. Legal for Savings Banks in Cal., Conn., Me., Mass.. Mich., Minn., N. H.. N. J., N. Y., Ohio, Ore., R. I. and Wis. listed on the New York Stock £:xchange. Market. New York — Percy H. Bradshaw, Constable & Fleming, Finlay & Davenport, Charles W. Place, Remick, Hodges & Co., Taylor, Smith & Hard, Vilas & Hickey, Prince & Whitely. Fliiladelphia — Graham, Parsons & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '20 1920 High 114% Jan. 25, '06 97% Feb. 28 Low. 94% Nov. 26, '19 97% Feb. 28 NEW YORK, I^ACKAWANNA & WESTERN RAILWAY GO. Terminal & Imp. 48. Due May 1, 1923. Dated May 1, 1890. Interest payable May and Nov. 1, at D., L. & W. R. R. office, 90 West Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding 5,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co., New York. Guaranteed as to principal and Interest by the Delaware, Lackawanna & Western R. R. Co. by endorsement. Control — See Construction 5s. Secured by a second mortgage on 214 miles of double-tracked road from Blng- hamton to International Bridge, N. Y., and branch to Buffalo. Prior Liens — $5,000,000 N .Y., Lack. & West. Constr. 5s of 1923. Legral for Savings Banks in Cal., Minn., N. H. and R. I. liisted on the New York Stock Exchange. Original Market — $4,000,000 offered in Dec, 1898, at 108 and interest by Redmond, Kerr & Co. (now Redmond & Co.), New York. Market. New York — Percy H. Bradshaw, Constable & Fleming, Finlay & Davenport, R. W. Pressprich & Co., Remick, Hodges & Co., Taylor, Smith & Hard, Vikcs & Hickey, Prince & WTiitely. « Philadelphia — Graham, Parsons & Co. Price Range— N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 High 102% July 30, '06 94 Jan. 13 Low. 86 Nov. 1, '07 90 May 7 NEW YORK, I/AKB ERIE & WESTERN COAI* & RAILROAD CO. 1st 6s, Dae May 1, 1932. Dated May 15, 1882. Interest payable May and Nov. 1, at 50 Church St^ New York, Tax Status — Payment of Federal Income Tax not assunaed by company. Authorized *?'?22'222 Outstanding 1,100,000 Deposited under the Erie R. R. Cons. Prior Lien & Gmi. Lien 4s of 1996 1,900.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Metropolitan Trust Co., New York, and John Lo\y^ber Weisn, Guaranteed as to principal and interest by the New York, Lake Erie & Western R. R. Co. and assumed by the Erie R. R. Co, Organization and Control — Incorporated in Pennsylvania in 1879, and is leased to the Erie Railroad Co. during the charter life of both corporations. Of the company's $500,- 000 capital stock $80,600 is owned by the Erie R. R. and the balance by the North- western Mining & Exchange Co., the entire stock of which is owned by the Erie R. R. and deposited under its Consolidated Prior and General Lien Mortgage, Capitalization. Outstanding. Common $500,000 Funded debt '3.000,000 Secured by first mortgage on 13,994 acres owned in Elk and McKean Counties, Pa., and all minerals on 7.900 acres additional. Also secured to the extent of $1,600,000 by a first mortgage on 43.74 miles of road (20. 9S miles double track) as follows: Crawford Jet. to Johnsonburg, Pa.... 29.09 Brockwayville, Pa., to Toby Mines.. 12.73 Kyler Run Branch to Eureka Mines 1.42 Also a lien on the property of the Dasrui- cahonda & Elk R. R., 6.81 miles from I>a- guscahonda to Dagus Mines. Refunding — A like amount of Erie R. R. General Lien 4s, due 1996, have been re- served to retire this issue. Listed on the New York Stock Exchange. Market, New York — E. A. Baker & Son, Watson, Armstrong & Co. Price Range — N. Y. S. E, ' Jan. 1, '09. to Jan. 1. *Z1 1930 Bid. Ask. High 120 Mar. 4, '09 93 Jan. 96 Apr. Low. 100 June 11, *17 85 June 92 June NEW YORK, LAKE ERIE & WESTERN DOCKS & IMP. CO. Ist Extended Ss. Due July 1, 1943. Dated June 1, 1883. Extended July 1, 1913, interest being reduced from 6 % Interest payable Jan. and July 1, at 60 Church St., New York. Tax Status — 2% Federal Income Tax iia'd by company without deduction. Authorized $4,000,000 Outstanding 3.396,000 Deposited under Erie R. R. 1st Cons. Mtge 604,000 Denomination — Coupon, $1,000, Register- able as to principal. Trustee — Farmers' Loan & Trust Co.. New York. Redeemable on any interest date ut» to July 1, 1918. at 102% and interest, and thereafter at 106 and interest, on 60 days' notice. Guaranteed principal and interest under the terms of the lease by the Erie R. R. Co. Organization and Control — Incorporited in New Jersey in 1881 and property leased in 1890 during the life of both corporations to the New York. Lake Erie & Western R. R. Co., to which the Erie R. R. Co, has suc- ceeded. Including all lights and cbligationa under this lease. Entire stock is owned by the Erie R. R. Co. ■ Capitalization, Outstp.nding. Common $304,000 Funded debt 4,000, t-OQ Secared by first mortgage on 68.71 acres of upland with riparian rights to 62.93 acrea under water, having a frontage of 2.5dl feet along the pierhead line of the Hudson River, and improvements thereon, consisting of Ave covered piers, two open piers, one coal trans- fer pier with trestles and pockets, two moor- ing racks, transfer bridge, 21.95 miles of railroad tracks, freight house, engine house, warehouse and other miscellaneous bu'ld'ngb. Further secured by supplemental indenture covering the lease of this property, which constitutes the principal tidewater freight ter- minal of the Erie Railroad System oa New Tork Harbor. Refunding — Retirement of this issue provid ed for under Erie R. R. Cons. Genl. Lien 4s, due 1996. Liegal for savings banks In New Jersey. Listed on the New York Stock Exchange. Original Market — $3,396,000 offered by White, Weld & Co.. Kissel. Kinnicutt & Co., and Brown Bros. & Co., at 100% net. July, 1913. Market, New York — Percy H. Bradshaw, Charles W. Place. Philadelphia — Graham, Parsons & Co. Price Range — N. Y. S. E. Jan. 1, *13, to Jan. 1, *Z1 1^30 High 106% Jan. 25, *17 91 Feb. 5 Low. 91 Feb. 5, *20 91 Feb. 5 NEW YORK, LAKE ERIE & WESTERN RAILROAD CO. 1st Cons^ Funded Cou- pon 7s. Due Sept. 1, 1930. Dated Sept. 1, 1878. Extended Sept. 1, 1920, with interest continued at 7%. In- terest payable Mar. and Sept. 1, at J. P. Morgan & Co., New Tork, and at London. Tax Status — 2% FederalTncome Tax paid by the company without deduction. Authorized Closed Mortgage. Outstanding $3,699,600 Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Redeemable on any interest date upon 30 days' notice at 110 and interest. Assumed by the Erie R. R. Co. Control — New Tork, Lake Erie & Western R. R. Co. was incorporated in New Tork in 1878 as successor to the Erie Ry. Co., and was in turn succeeded under foreclosure sale by the Erie Railroad Co. in 1895. Secured by pledge with the Trustee of a like amount of uncancelled coupons of the Erie_ Railway Co. 1st Cons. 7s^ due 1920, for the years 1875, 1876, 1877. 1878 and 1879. through which this issue is secured equally with the Erie Ry. Consol, 7s by a second lien on 202 miles of road. Painted Post via Buffalo to Jamestown, and Hornellsville to Attica, a third mortgage on 19 miles of road from Greycourt to Newburg, and a sixth mortgage on 447 miles of road from Pied- mont at Dunkirk, N, T. Prior Liens — $13,065,000 Divisional Bonds, given in description of Erie Ry. 1st Cons. 78 1920. Underlies — Erie R. R. Cons., P. L. & G. L. 43 of 1996 and Gen. Conv. 4s of 1953. Listed on the New Tork and London Stock Exchanges. Market. Pliiladelphia — Morley, Wood &' Co. NEW YORK MUNICIPAL RAILWAY CORP. 1st 68, Series "A." Due Jan. 1, 1966. Dated July 1, 1912. Interest payable Jan. 1 and July 1, at Central Union Trust Co., New Tork. ' Default — Jan. 1, 1919, interest. Tax Status— 2% Federal Income Tax paid by company without deduction. Tax exempt in New Tork State. Authorized $100,000,000 Outstanding 2,055.000 Deposited under Brooklyn Rap- id Transit Co. 6% Notes of 19n 57,736,000 Held in S. F 210.000 Reserved for Ext 40.000,000 Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal ($500 and $1,000). Registered, $10,000, $5,000 and $1,000 and multiples of $1,000,. C. & R. in- terchangeable in amounts of $1,000 or mul- tiples. TruBtee — Central Union Trust Co., New York. Redeemable as a whole or in part for sink- ing fund at 107^ and Interest on any In- terest date on 90 days' notice. Sinking Fund — Semi-annual payments, be- ginning July 1, 1918, minimum amount equal to 0.3176% and maximum amount equal to one-half of 1% of outstanding bonds, for the purchase or redemption of these bonds at not over 107^ and interest. Bonds so acquired to be held alive and interest added to this fund. Guaranteed as to principal, interest and ■Inking fund by the Brooklyn Rapid Transit Co. and the New York Consolidated R. R. Co. Organization and Control — Incorporated in New Tork in 1912 to operate the enlarged transit system (elevated roads and subways) covered by the agreement between the com- pany and the city, and to construct and own such parts of the system as are scheduled for private rather than public ownership, the lines to be constructed by the city to be leased to the company for a period of 49 years from Jan. 1, 1917, and are to be oper- ated by the company in connection with the existing railroads of the New Tork Consoli- dated R. R. Co. as one system and for a sin- gle fare. The entire capital stock of this company la owned by the New Tork Consoli- dated R. B. Co. and the latter company is oontrolled through stock ownership by the Brooklyn Rapid Transit Co. Capitalization. Outstanding. Common $200,000 Funded debt 60.000,000 Receivership — See Brooklyn Rapid Transit Co. Secured by a first lien on the company's leasehold Interest In the subway and elevated systems now constructed or to be constructed on the company's contract with the city and all other property. The system will embrace about 285 miles of road, Including trackage rights, of which about 133 miles will be owned by the city. Under the provlsons of the lease the city may exercise the right of recapture after ten years by paying the company in accordance with specific provisions in the lease. Under the terms of the lease the les- see Is to receive from annual net earnings, after operating expenses, taxes and deprecia- tion, $3,600,000 to pay Interest charges on capital Investments prior to March 19. 1913, in existing railroads; 6% on its new invest- ment in construction and equipment prior to the beginning of permanent operation and thereafter interest and 1% sinking fund. Prom such net earnings the city is to receive interest and 1% sinking fund on its invest- ment in cost of construction. Any surplus after depreciation reserve fund is to be di- vided equally between the lessee and the city. Years ended Jniie 30 (N. T. Cons. R. R.): Gross. Net. •Charges. 1919.' $15,667,098 $5,403,748 $6,233,853 1918 13,029,802 6.843,294 4.528.043 1917 11.348,068 6,434,211 3,910.754 1916 9.890,500 4.807,539 3,294,442 •Interest, taxes, etc. Listed on the New York Stock Exchange. Market. New York — Theodore L. Bronson & Co., Fred H. Hatch & Co. Price Ranee — ^N. Y. S. E. Jan. 1, '16, to Jan. 1, '21 1930 Hiffh lOO^A Dec. 13. '16 20f Feb. 50 Jan. Low. 55 Jan. 21, '19 lOfJune 23f Dec. NEW YORK, NEW HAVEN & HARTFORD RAILROAD CO. Incorporated in Connecticut, Massachusetts and Rhode Island in 1872. The company owns 1,235 miles of road and leases 760 miles additional, including lines from New York to New Haven, Conn., Providence. R. I.. and Boston. Mass., with numerous branches and including practically all of the railro«.a in Connecticut, Rhode Island and Massachu- setts south of Boston. The company controls through stock own- ership the New York, Ontario & Western Ry. Co. and the Central New England Ry. Co., owning lines from Hartford, Conn., via the Poughkeepsie Bridge to Scranton, Pa., and Oswego, N. Y.,' and forming the shortest all rail route between the anthracite coal fields of Pennsylvania and New England. The N. Y.. N. H. & H. R. R. controlled practically all of the street and interurban railways in Connecticut, practically all of the railroad in New England, including the Bos- ton & Maine and Maine Central Systems, and a large proportion of the steamship lines op- erated in New England waters. The De- partment of Justice of the United States, having had occasion to question the method by which this control was secured and also the manner in which it was exercised, rec- ommended that the N. Y., N. H. & H. R. R. Co. divest itself of the control of these prop- erties, which the railroad company agreed to do. and the various stocks representing the control of the system enumerated above have been turned over to trustees, who will '^old them until able to dispose of them to the best advantage of the railroad company. Largely due to the acquisition of unprofit- able properties the income of the New York, New Haven & Hartford R. R. Co. has suf- fered a severe decline. Capitalization. Outstanding. Common $lo7.1J7.900 Preferred (7% cum.) None. Funded debt 292,578,262 Years ended Dec. 31: Gross. Net. Int. & Rent. •1920 $123,512,310 $23,374,729 $27,996,235 •1919 17,250,849 24,659,780 25,536,841 tl919 106,545,120 11,798,863 4,869,481 •1918 17.095,884 22,658,418 20,614.892 tl918 102,294,212 12,222,372 4,453,308 1917 85,784,893 27.741,717 25,337,622 1916 80,432,167 30,346,639 24,791,062 •Corporate account. t Federal account — standard return not in- cluded. and Sept. 1, at Irving National Bank,Lincoln branch, New York, and Second National Bank, New Haven. Tax Status — Payment of Federal Income Tax ^ot assumed by company. Anthorized $5,000,000 Ontstanding 4,991.000 In Treasury 9,000 Denomination — Coupon, $1,000, and regis- tered, $10,000. For description, see 4s, 19B6. Listed on the New York Stock Exchange. Market. " New York — Vanderhoef & Robinson. Price Range — N. Y. S. E. Jan. 1, *11, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 84 May 26, *11 43 Dec. 51 Jan. Low. 50 Oct. 18, '17 40 July 45 July NEW YORK. NEW HAVEN & HARTFORD RAILROAD CO. Non-Conv. Deb. 4s. Dne March 1, 1947. Dated Mar. 1. 18 97. Interest payable Mar. and Sept. 1, at Irving' National Bank, Lin- coln branch. New York. Tax Statas — Payment of Federal Income Tax not assumed by company. Anthorized and Ontstandini: $6,000,000 For description, see 4s, 1956. Listed on the New York Stock Bxonange, Market. New York — ^Alfred F. Ingold & Co. Price Range — ^N, Y. S. E. Jan. 1, 'IG, to Jan. 1, '21 1920 Bid. Ask. High 81 14 Feb. 11, '16 55 Oct. 57 Oct. Low. 53 Feb. 13, '19 40 Dec. 51 Nov. NEW YORK, NEW HAVEN Si HARTFORD RAILROAD CO. Non-Conv. Deb. 3%b. Dne April 1, 1954. Dated April 1, 1904. Interest payable April and Oct. 1, at Irving- National Bank, Lin- coln branch, New York, and Second Na- tional Bank, New Haven. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $10,000,000 Outstanding 9.979.000 In Treasury 2,100 For description, see 4s, 1956. Listed on the New York Stock Exchange. Market. New York — Vanderhoef & Robinson, Ed- win Wolff. Price Range — ^N. Y. S. E. Jan. 1, '08, to Jan. 1, '21 1920 High 88 Aug. 7, '08 50 Mar. 12 Low. 40% July 24, '20 40% July 24 NEW YORK, NEW HAVEN & HARTFORD RAILROAD CO. Non-Conv. Deb. 4s. Dne Jnly 1, 1955. Dated July 1, 1905. Interest payable Jan. and July 1, at -Irving National Bank. Lin- coln branch, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized and Outstanding. .$15,000,000 For description, see 4s, 1956. Listed on the New York Stock Exchange, Market. New York — Vanderhoef & Robinson. Price Range — N. Y. S. E. Jan. 1. '18, to Jan. 1, '21 1920 High 97 Oct. 19, '18 56 Oct. 4 Low. 39% Dec. 20, '20 39% Dec. 20 NEW YORK. NEW HAVEN & HARTFORD NEW YORK, NEW HAVEN & HARTFORD RAILROAD CO. Non-Conv. Deb. 3^8. RAILROAD CO. Non-Conv. Deb. 4s. Dae Dne March 1, 1947. May 1. 1956. Dated Mar. 1, 1901. Interest payable Mar. Dated May 1, 1906. Interest payable May 918 and Nov. 1, at Irving National Bank. Lin- coln branch, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Ontstandlng. .$15,000,000 Denomination — Coupon, $1,000. Kegistered, {10.000. Secui'ity — These bonds were originally de- bentures, but are now, together with other deljentures, secured equally with the First & Refunding Mortgage bonds on the prop- erty covered by that mortgage. Refunding — Bonds are reserved under the 1st & Ret. Mtge. to this and other Issues of debentures. Listed on the New York Stock iSxchanse. Original Market — Offered in 1905 By J. P. Morgan & Co.. New York, and Kidder, Pea- body & Co., Boston and New York, at 106% and interest. Market. New York — ^Vanderhoef & Robinson, Ed- win Wolff. Boston — Richardson. Hill & Co. Price Range— N. Y. S. E. Jan. 1, '09, to Jan. 1, '81 1920 High 96% Sept. 15, '09 56 Sept. 29 Low. 39% Dec. 20, '20 39% Dec. 20 NEW YOKK. NEW HAVEN & HARTFORD RAILROAD CO. Conv. Deb. SV2% Ctfs. Dne Jan. 1, 1956. Dated Jan. 1, 1906. Interest payable .Tan. and July 1, at Irving National Bank, Lin- coln branch, New York, First National Bank, Boston, and company's office, New Haven. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $30,000,000 Outstanding 8.913.460 Converted 20,234,650 Held by Company 852,000 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Regis- tered. $6,000. Coupon & Eee'd ($6,000) in- terchangeable. Registrar — Second National Bank, New Haven. Convertible into stock of the company at the rate of $160 certificates for $100 stock, prior to Jan. 1, 1916, or within 30 days thera- after. Secmity — For details see non-Conv. Deb. 4s of 1956. listed on the New York Stock Exchange. Original Market — Offered at par to the stockholders in 1905 at the rate of $37.60 in bonds for each share of stock. Market. New York — ^Vanderhoef & Robinson, Ed- win Wolff. Cincinnati — Dudley V. Sutphin. Price Range — N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 1920 High llHi Sept. 29, '09 60 Mar. 10 Low. 32 May 27, '20 32 May 27 NEW YORK, NEW HAVEN & HARTFORD RAILROAD CO. Convertible Deb. 6s. Due .)an. 15, 1948. Dated Jan. 16, 1908. Interest payable Jar. and July 15, at company's office. New Ha- ven; First National Bank, Boston, and Sec- ond National Bank, New Haven. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $39,029,000 Outstanding 38,641,200 Held by Company 487,800 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $100, $1,000 and $10,000. Ten registered bonds of $100 each may be exchanged for one $1,000 ragis- 919 tered or coupon bond. One hundred registered bonds of $100 each or ten coupon or regis- tered bonds of $1,000 each may be exchansed for one registered bond of $10,000, but res- istered bonds are not re-excbangeable fnto coupon form. Convertible par for par into stock of the company from Jan. 15. 1923, to Jan. 15, 1948. Security — For details see Non-Conv. Deb. 4s of 1956. Listed on the New York Stock Exchange. Original Market — Oflered at par to the stockholders in May, 1907. at the rate of $100 in bonds for each three shares of stock. Market. New York — Hartshorne & Battelle, Van- derhoef & Robinson. Piiiladelphia — Morley, Wood & Co. New Haven, Conn. — Winslow, Day & Stod- dard. Price Range — N. Y. S. K. Jan. 1, '09, to Jan. 1, '21 1920 Hogh 146 Sept. 28, '09 87% Oct. 5 Low. 56 Dec. 21, '20 56 Deo. 21 NEW YORK, NEW HAVEN & HARTFORD RAILROAD CO. Deb. 4s. Dne April 1, 1922. Dated April 1, 1916. Interest payable April and Oct. 1, on dollar bonds, at J. P. Morgan & Co.. New York, on franc bone's, .at Paris. London, Berlin, Hamburg and Amsterdam. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $27,985,000 Outstanding 27,682.691 Purpose of Issue — Issued in exchanre par for par for 4% 15-year European Loan of 1907. Bonds so acquired are cancelled. Denomination — Coupon, $1,000 and 500 francs. Reglsterable as to principal. Registrar — Second National Bank, New Haven, Conn. Security — For details see Non-Conv. Deb. 4s of 1956. Listed — (Franc Bonds) on the Boston Stock Exchange. Original Market — Offered Sept., 1916, by Kissel, Kinnlcutt & Co., New York and Chi- cago, at 95% and interest. Market. New York — Fred H. Hatch & Co., Mc- Clure, Jones & Reed, Salomon Bros. & Hutzler. Philadelphia — Morley, Wood & Co. New Haven, Conn. — Winslow, Day & Stod- dard. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94% '17 95% '17 81% Oct. 83 Oct. Low. 55 '20 66 '20 65 Deo. 56 Deo. NEW YORK. NEW HAVEN & HARTFORD RAILROAD CO. European Loan IS-Year Debenture 4s. Due April 1, 1922. Dated April 1, 1907. Interest payable April and Oct. 1, at Paris, London, Berlin, Ham- burg and Amsterdam. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $27,986,000 Outstanding — See Deb. 4s of 1922. Denomination — Coupon, 500 francs and fl9.15.6 and multiples. Secui'ity — See Non-Conv. Deb. 4s of 1966. Listed on the Boston Stock Exchange. Original Market — Underwritten by Kuhn, Loeb & Co. In March, 1907, and placed in Paris, London, Berlin and Amsterdam at 98. Market. New York — R. A. Soich & Co. Chicago — Tiklen & Tilden. NEW YORK, NEW HAVEN & HARTFORD RAILROAD CO. (THE) 1st Ref, Series A and B 6s. Series. Dated. Dae. payable. A Nov. 1, 1920 Oct. 31, 1930 Sf & N B Nov. 1, 1980 Oct. 31, 1935 M & N Authorized — See "Issuance Restrictions." Outstanding' (Jan. 1, '21) : $80,845,000 A 63 $70,620,000 B.63 10,225,000 Reserved for Refunding:. . . . 180,274,000 Issuance R«strictions — The aggregate principal amount of bonds which at any- time may be issued and outstandintg la limited to an amount which, together with all outstanding bonds, notes and other evi- dences of indebtedness of which the com- pany is the maker or which it has assumed, shall not exceed twice the amount of the capital stock of the company or of a suc- cessor corporation, computed as defined in the indenture, actually paid in. Additional bonds may be issued in series for acquisi- tions, improvement and extensions, and also for refunding purposes in addition to the $180,274,000 specifically reserved. However, no bonds shall be issued hereunder having a date of maturity prior to two years of the date of maturity of Series A and B bonds. Furpose of Issue — Series A and B issued to the United States Government as security for loan or loans made to the company under the terms of the Transportation Act, 1920. Denominations — Coupon $100, $500 and $1,000; registerable as to principal. Regis- tered $1,000 or authorized multiples. C. & R. interchangeable. Ti'ustee — Bankers Trust Co., New York. Secured equally w^ith all bonds, deben- tures, notes and other evidences of indebt- edness, previously issued and now outstand- ing of which it is the maker or which it has assumed through merger or consolida- tion (see issues listed below under "Equal Security") on all the property of the com- pany now owned or hereafter acquired by use of the bonds or proceeds of the bonds secured by this indenture and including equipment, terminals, securities and 1238.84 miles of road owned, 764.71 miles of lease- holds and 50.93 miles of trackage rights, viz.: A first lien on 422.42 miles — miles Woodlawn, N. Y., to Springfield, Mass.. 121. 80 New Haven (Air Line Jet.) to New London, Conn 48.5 Mass.-Conn. State Line to Pittsfield, Mass 36.2 Hartford via Middletown to Saybrook Point, Conn 45.38 Hawleyvllle to Litchfield, Conn 32.58 New Haven to Derby Jet., Conn 10.2 Derby Jet. to Huntington, Conn 3.79 Westfield, via Meriden to Meriden Jet., Waterbury, Conn 26.00 Ashland, Mass., via Franklin, Mass., to Valley Falls, R. 1 33.51 Van Deusenville, Mass., to Maas.-N. Y. State Line 10.12 Stamford to New Canaan, Conn 7.92 Windsor Locks to Suffleld. Conn 4.32 Berlin to Middletown, Conn 9.70 Berlin to New Britain, Conn 2.46 South Auburn to Pontlac, R. 1 4.ff9 Auburn to South Providence, R. 1 3.58 Wickford Jet. to Wickford Landing, R. 1 3.42 Amston to Colchester, Conn 3.59 Vernon to Rockvllle, Conn 4.60 Woonsocket to Harrisvllle, R. I 7.56 Midway to Groton, Conn 3.1 A second lien on 78G.83 miles — (Covered by the first lien of New York, Providence and Boston Gen. Mtge.) New London, Conn., to Providence, T> T ^ ,,■•■■• 62.23 (Covered by the flrst lien of New England K. R. Cons. Mtge.) Boston to Hopewell Jet.. N. Y. .212.54 Providence, R. I., to WiUlmantic, Conn. ^. 57.66 Springfield, Mass., to East Hartford, Conn ,_. . . .'. . . 28.31 Woonsocket, R. I., to Newton High- lands, Mass 28.58 East Thompson, Conn., to Southbridge, Mass 17.45 West Roxbury to Needham, Mass 7.21 Dedham Jet. to Dedham, Mass 1.53 Islington to Dedham, Mass 1.98 Wicopee Jet. to Fishkill Landing (now Beacon), N. Y 1.71 South Bay Jet. to South Boston, Mass 64 (Covered by the first lien of New Haven & Northampton Ref. Cons. Mtge.) Miles. New Haven, Conn., to Shelburne Jet. (formerly Conway Jet.), Mass 94.13 South Deerfield to Turners Falls, Mass 9.79 Northampton to William sburgh, Mass.. 7.70 Farm,ington to New Hartford, Conn... 14.87 (Covered by the first lien of the Boston & New York Air Line 1st Mtge.) Milea Air Line Jet. in New Haven, to Wili- mantic, Conn 51.3 (Covered by the first lien of the Housatonic R. R. Cons. Mtge.) Miles. Bridgeport, Conn., to Mass.-Conn. State Line 71.1 Brookfield Jet. to Danbury, Conn 5.36 Botstord to Huntington. Conn 9.79 (Covered by the first lien of the Naugatuck R. R. 1st Mtge.) Miles. Milford, via W^aterbury to Winsted, Conn 65.95 Waterbury to Watertown, Conn 4.83 (Covered by the first lien of the Provi- dence & Springfield B. R. 1st Mtge.) Miles. Providence, R. I., to Douglas Jet., Mass 29.68 (Covered by first lien of the Pawtucket Valley R. R. 1st Mtge.) Miles. Pontlac to Hope R. R 5.67 (Covered by the first Hen of the Provi- dence Terminal 1st Mtge.) Miles. •Providence (including station and ter- minals) to East Providence, R. I... 2.18 •Subject to prior rights and title of the Boston & Providence R. R. Corp. and the Providence & Worcester R. R. Co. A third lien on 29.59 mwes — (Covered by the first lien of the Danbury & Norwalk R. R. Gen. Mtge.) Miles. Danbury to Norwalk, Conn..... 25.43 RIdgefield to Branchvllle, Conn 4.16 (Also a third lien on the depots, termi- nals, yards, docks and wharf properties at South Boston, Mass., and covered by the flrst lien of New York & New England R. R. Boston Terminal 1st Mtge.) Also a lien on 764.71 miles of leaseholds— (Chatham R. R. Co., 81 years from Jan. 1, 1911.) Miles. Chatham to Harwich, Mass 7.25 (Holyoke & Westfield E, R. Co., leased In perpetuity.) Holyoke to Westfield, Mass 10.59 (Norwich & Worcester R. R. Co., 100 years from Feb. 1, 1869.) Groton, Conn., to Worcester, Mass.... 71.1 (Providence & Worcester R. R. Co., 99 years from July 1, 1892.) Providence, R. I., to Worcester, Maaa 43.3 920 Valley Falls to East Providence, R. 1 7.00 (Old Colony R. R. Co., 99 years from March 1, 1893.) Boston to Provincetown, Mass., and from Lowell and Pitchburg, Mass., to New Bedford, Mass., and New- port, R. 1 684.08 (Boston & Providence R. R. Corp., 99 years from April 1, 1888.) Providence, R. I., to Boston, Mass... 44.2 Bast Jet., Mass., to Indian Point, Providence, R. 1 8.05 rorest Hills to Dedham, Mass 6.37 Readville to Dedham, Mass 3.87 Canton Jet. to Stoughton, Mass 4.05 (Providence, Warren & Bristol R. R. Co., 95 years and nine months from July 1, 1891.) India Point, Providence, to Bristol, B. 1 14.02 Branch line at India Point 42 (Harlem River & Port Chester R. R. Co., 99 years from Oct. 1, 1873.) Harlem River to New Rochelle, N. T. (six tracks) 11.41 Also secured by a lien on 60.93 miles of trackage lights — (New York Central R. R, Co., perpetual right.) Miles. Woodlawn to Grand Central Termi- nal, New York City 11.94 (Also includes use of Grand Central Terminal depot.) (Also the following 38.99 miles mis- cellaneous rights, etc.) Fort Point Channel to South Station, Boston 49 Junction to station Springfield, Mass. (main line) 17 Junction to station Springfield, Mass. (branch) 59 Cook Street to Netwon Highlands, Mass 57 Sterling Jet. to Worcester, Mass 11.74 Casanova to Sunnyside Jet., N. Y. ... 3.73 Sunnyside Jet. to Woodside Ave., New York 91 Woodside Ave. to Pennsylvania Ter- minal, New York 4.62 Sunnyside Jet. to Fresh Pond Jet., New York 4.33 Fresh Pond Jet. to Bay Ridge, New York 11.53 Also a lien on the following securities — Harlem River & Port Hartford & New York Stocks. Pledged. Issued. Central New England Ry. Co. pfd 37,370 37,500 Central New England Ry. Co. com 47,950 48,000 Chester R. R. Co. ... 10,000 10,000 Transportation Co... 20,000 20,000 New Bedford, Martha's Vineyard & Nan- tucket Steamboat Co. 1,417 1,417 New England Steam- ship Co. pfd 30,000 30,000 New England Steam- ship Co. ocm 28,124 28,124 Par value. Par value. Bonds and Notes. Pledged. Issued. Central New England Ry. 1st 5s 1961 $1,600,000 $14,644,000 Harlem River & Port Chester R. B. 5s 1930 13,000,000 13,000,000 Central New England Steamship Co. 1st 5s 1934 4,880,000 4,880,000 Harlem River & Port Chester B. R. 4% demand notes 15,000,000 15,000,000 Eonally Secured — The following issues ag- gregating $138,063,141 are equally secured as indicated above. 921 Outstanding. N.Y.,N.H.& H.R.R. Deb. 4s 1947. .$6,000,000 do Deb. 3%s 1947.. 5,000,000 do Deb. 3 %s 1954.. 10,000,000 do Deb. 4s 1956.. 16,000,000 do Conv. Deb. 3%sl956.. 9,765,460 do Deb. 4s 1956.. 15,000,000 do European loan Deb. 4s 1922.. 27,682,691 do Conv. Deb. 6s 1948. .39,039,000 Naugatuck R. R. Deb. 3%sl930.. 234,000 Hartford St. R. Ry..Reg. Series M, Deb. 4s 1930.. 166,000 New Haven Station Deb. 6s, 1921-1924.. 400,000 •Consolidated Ry. Co. Deb. 4s 1964.. 4,266,000 do Deb. 4s 1956.. 2,309,0010 do Deb. 3s, 3%s and 4s, 1930.. 972,000 do Deb. 4s 1955.. 1,340,000 do Deb. 4s 1956.. 2,011,000 ♦Equally secured "only while and so long as the same are not secured by direct mort- gage on the street railway properties and franchises owned The Consolidated Railway Company on the date and in accordance with the promise recited on the face of each debenture of each issue respectively." Bonds are reserved under this mortgage to retire the above issues and under the provisions of the indenture will not be ex- tended and no additional bonds may be issued. Prior liens — Subject to $36,926,000 prior liens as follows: Outstanding. New York, Providence & Boston Gen. 4s, 1942 $1,000,000 New England R. R. Cons. 4s & 6s, 1946 17,600,000 New Haven & Northampton Co. Ref. Cons. 4s, 1956 2,400,000 New York & New England E. R. Boston Terminal 1st 4s, 1939... 1,5.00,000 Boston & New York Air Line 1st 4s, 1955 3,777,000 Housatonic R. R. Cons. 5s, 1937.. 2,839,000 Naugatuck R. R. 1st 4s, 1954 2,500,000 Providence & Springfield R. R. 1st 5s, 1922 750,000 Pawtuxet Valley R. R. 1st 4s, 1925 160,000 Providence Terminal 1st 4s, 1966.. 4,000,000 Danbury & Norwalk R. R. Gen. 5s, 1925 1 150,000 Danbury & Norwalk R. R. 1st Ref. 4s, 1965 350,000 Under the provisions of this Indenture the above mortgages are closed and bonds may not be extended at maturity. Bonds are reserved hereunder to retire the above issues. Refunding — In addition to the provisions for refunding issues listed under "Equal Security" ■ and "Prior Liens," bonds are re- served hereunder to retire the following Issues: Outstanding. Norwich Street Ry. 1st 5s, 1923... $350,000 New London Street Ry. 1st 5s, 1923 150,000 Meriden Horse R. R. Cons. 5s, 1924 416,000 Hartford, Manchester & Rockville Tramway 1st 6s, 1924 200,000 Meriden Southington & Compounce Tramway 1st 5s, 1928 175,000 Hartford Street Ry. 1st 4s, 1930.. 2,500,000 Greenwich Tramway, 1st 5e. 1931. 320,000 New Haven & Centervllle St. Ry. 1st 5s 283,000 Worcester & Connecticut Eastern Ry. 1st 4%s, 1943..: 1,992,000 Stafford Springs St. Ry. 1st Bs, 1956 , 400,000 $6,785,000 Original Market — See 'Turpose of Issue." NEW YORK, NEW HAVEN & HARTFORD RAILROAD CO. Harlem River & Port Chester 1st 4s. Due May 1, 1954. Dated May 16, 1904. Interest payable May and Nov. 1, at Irving National Bank, Lin- •coln branch, New York. . Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding:. .$16,000,000 Denomination — Coupon, $1,000. Reirister- able as to principal, or exchangreable for fully registered bonds in denominations of $10,000. Registered, $10,000. C. & R. Interchange- able. Trustee — United States Trurjt Co., Npw York. Oriranization and Control — The JHarlem Riv- er & Port Chester R. R. Co. was incorporated in New York in 1867. All of the stock is owned by the N. Y.. N. H. & Hartford R. R. Co.. which leases the property for 99 years from 1873 at a rental equivalent to interest and taxes. Capitalization (H. R. & P. C.) Outstanding. Common $1,000,000 Funded debt 28.000.000 Secured by a mortgage executed jointly by the New York, New Haven & Hartford R. R. Co. and the Harlem River & Port Ches- ter R. R. Co., and covering as a first lien 11 miles of road from the Harlem River to New Rochelle. This line has been electrified, is six-tracked and embraces a total of 165 miles of track. It forms a part of the main Ime of the New York, New Haven & Hartford R. R. Co, Underlies — $13,000,000 Harlem River & Port Chester Deb, 5s of 1930, all of which are pledged under N. Y., N. H. & H. R. R. 1st & Ref. Mtge. Xiisted on the New York Stock ISxchange. Original Market — Offered in 1904 by Kid- der, Peabody & Co., Lee, Higginson & Co., Estabrook & Co., and R. L. Day & Co., Bos- ton and New York, and Mackay & Co., New York, at 104^ and interest and by the same firms in 1906 at 98 and interest. Market. New York — R. W. Pressprlch & Co., Tay- lor, Smith & Hard, Vanderhoef & Robinson, Prince & Whitely. Price Range. Jan. 1, '10, to Jan. 1, *21 1930 High 99% Nov. 2, 'ID 69 Nov. 15 Low. 62% July 23, '20 62% July 23 FhJladelpliia — Brown Graham, Parsons & Co. & Co., NKW YOKK, NEW HAVEN & HARTFORD R. R. CO. Equip. 5s, Series "A." Due £166,000 (1-15) each April 1, from 1915 to 1939, inclusive. Dated April 1, 1914, Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tav not assumed by company. Issued . .$2,490,000 Outstanding (Apr. 15, '21) 1,328,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers* Loan & Trust Co., New York. Secured by an equipment agreement on the following all-steel electrically etpilpped roll- ing stock: 87 passenger cars, 2S Kmok'ng cars, ,15 postal cars, 17 multiple unit iiars and 25 multiple unit trailer cars, costlriS- $11,002,399. of which $512,399 paid in cash by company. Legal for Savings Banks in Ohio. Original Market — Offered Mai cb . 1914. by J. P. Morgan & Co. Market. New York — Evans, Stlllman & Co., Free- man & Co. NEW YORK, NEW HAVEN & HAKTFORD R. R. CO. EaniP. Tr. 6s, Series "AA." Due $48,000 each Ma^ 1 and $49,000 each Nov. 1 to Nov. 1, 1924. Dated Nov. 2, 1914. Interest payable May 1 and Nov. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized • .i970.000 Outstanding: (Jan. 1, '21) 388,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Philadelphia Trust, Safe Deposit & Insurance Co., Philadelphia. Secured by an equipment agreement on 30 passenger cars. 50 baggage cars and 20 com- bination cars, all-steel and ele<^r:cally e^iuip- ped, costing $1,214,490, of wnich ths com- pany piad $244,490 in cash. I^egal for Savings aBnks in Ohio. Original Market — Offered by Drexel & Co., Philadelphia. ASarket. See Series "A." NEW YORK, NEW HAVEN & HARTFORD R. B. CO. Equip. Tr. 4%9, Series "BB." Due $123,000 each June 1 and $l':-2,000 each Dec. 1, to Dec. 1, 1925» inclu.sive. Dated Dec. 1, 1915. Interest payable Jxms and Dec. 1 at Trustee's office. Tax Status — Payment of Federal Innome Tax not assumed by company. Authorized $2,450,000 Outstanding (Jan. 1, '21) 1,225,000 Balance retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Commercial Trust Co., Phlladpl phia. Secured by an equipment agreement on 63 all-steel passenger cars, 2 all-steel funeral cars. 35 all-steel baggage cars. 30 Mikado locomotives, 25 combination milk cars, L-0 steel refrigerator cars^ 2 steel dining cars and 500 steel hopper cars, costing $2,937,760. of which the company paid $487,750 In cash. Legal for Savings Banks In Ohio. Market. See Series "A." 922 NEW YORK, NEW HAVEN & HARTFORD RAILROAD CO. Equipment Trust 4%s, Series *'CG." Due $65,000 each March 1 and Sept. 1, from March 1, 1917, to Sept. 1, 1926, inclusive. Dated Sept. 1, 1916. Interest payable Mar. 1 and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,300,000 Outstanding (Jan. 1, '21) 780,000*. Balance retired. Denomination — Coupon, $1,000. Regislor- able as to principal. Trustee — Commercial Trust Co.. Philadel- phia. Secured by an equipment agreement on 50 steam locomotives, 2 wrecking derricks. 2 15- ton cranes, 2 30-ton cranes, 4 steel dining cars and 1 steel business car, costing about $1,620,690. of which the company paid $320,- 590 in cash. Legral for Savings Banks in Ohio. Original Market — Offered Sept.. 1016, by the Bankers' Trust Co. and Evang. StiP.man & Co.. New York, at prices to yi-^ld from 3.25% to 4.557o. Market. See Series "A.*' NEW YORK, NEW HAVEN & HARTFORD R. R, CO. Eaolpment Trnst fis. Series "DD.** Due $171,000 each May 15, and Nov. 15, from Nov. 15, 1918, to May 16, 1928, inclusive. Dated May 15, 1918. Interest payable "May and Nov. IB, at Trustee's olice. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,420,000 Outstanding: (Jan. 1, '21) 2,565,000 Balance retired. DenomlQation — Jl.OOO. Reg-isterable as to principal. Trustee — Commercial Trust Co.. FuUadel- phia. Secured by an equipment agre'sment on 50 Santa Fe type locomotives, 60 all-steel pas- senger coaches, 40 all-steel .>aff£;ase cars, 6 electric locomotives, 6 locomotive cranes. To- tal cost of this equipment was $4,75(t,563. of which the company paid in cash 51.336,503. Lie&al for Savings Banks in Ohio. Original Market — Offered ia J'jne, 1917. by J. P. Morgan & Co.. Lee, Higsitison Cc. and Kidder, Peabody & Co.. New Tirk Market. See Series "A." NEW YORK. ONTARIO & WESTERN RAII^ WAY CO. Ref. 4s. Due Juni^ 1, 1993. Dated June 1, 1892. Interest payable March and Sept. 1, at company's offlcf. Grand Cen- tral Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .$20,000,000 Denomination — Coupon, $1,000. Regrlster- able as to principal or fully resisterable in amounts of $5,000. Registered, $5,000. Trustee — Bankers' Trust Co. New York. Organization and Control — See Gen, 48. Secured by direct or collateral lien on 393.98 miles of road and also a lien of cer- tain leaseholds trackage rights, etc., viz.: A first lien on 330.33 miles — Miles. Cornwall to Oswego, N. Y 272.22 Summitville to Ellenville. N. Y 7.37 Walton to Delhi, N. Y 16.87 New Berlin Jet. to New Berlin, N. Y. 22.40 Sylvan Beach Loop, South Loop to North Loop 1.37 A first collateral lien on 73.75 miles — (Throug-h pledge of $1,500,000 'entire issue) First Mortgage Bonds and s,i,- 500,000 (entire issue) canitnl stock of the Ontario, Carbondale Ss Scrsn- ton Ky. Co.) Cadpsia to Scranton, Pa 53.65 Mine branches 19.10 Also a first lien on leasehold inter- ests in 130.58 miles — Wharton Valley Ry. — New Berlin to Edmeston 6.85 Utica, Clinton & Binghamton R. R. — Randallsville to Utica 31.23 Rome & Clinton R. R. — Rome to Clin- ton 12.79 Pecksport Connecting Ry. — Pecitsport to White's Corners 3.7Q, Ellenville & Kingston R. R. — EHc-n- ville to Kingston 27.81 Port Jervis, Mont. & Summitvll!e R. B. — Summitville to "Valley .let 14.26 Port Jervis. Mont. & Summitville R. R. — Port Jervis to Monticello 23.94 Also secured on trackage rights — At Scranton. Pa -45 At Port Jervis, N. Y .35 Troop (mine branch) >88 Olyphant to Johnson Breaker 1.12 At Utica 0-06 Also secured on the trackage rights over the West Shore R. R. from Weehawken to Cornwall (53.07 miles), and the rlgbts of the company in respect to the terminal proper- ties of the West Shore R. R. Co. at Wee- hawken, New York and Brooklyn, Underlies — $8,630,000 Gen. 4s, duo laSo. Years ended Dec. 31: Gross. Net. Int. & Rent. 1920 t$355,952 $2,378,815 $1,523,477 •]919 2,103,589 2,482,642 1,548,668 tl919.. 10,909,515 921,331 126,283 ♦1918 2,103,589 2,312,180 1,506,607 tl918 10,895,005 680,066 104,566 1917 9,164,878 2,500,502 1,526,035 •Corporate account. t Federal account — standard return not in- cluded. JNet Oper. Income from Mar. 1 to Dec. 1. liCgal for Baltimore Trust Funds. Listed on the New York and London Stock Exchanges. Market. New York — Hodenpyl, Hardy & Co., Tay- lor, Smith & Hard, Vanderhoef & Robinson, Prince & Whitely. Philadelphia — Morley, Wood & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '31 1930 Hi&h 104% Jan. 9, '06 64% Nov. 1 Low. 51 July 27, '20 51 July 27 NEW YORK, ONTARIO & WESTERN RAn> WAY CO. General 4s. Due June 1, 1953. Dated June 1, 1905. Interest payable June and Dec. 1, at company's office, Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $12,000,000 Outstanding 8.630,000 Denomination— Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000. Trustee — New York Trust Co., New York. Redeemable at 110 and interest on any in- terest date on six months' notice. Organization and Control — Incorporated in New York in 1880 as successor to the New York & Oswego Midland R. R. Controlled through the ownership of a majority of the stock by the New York, New Haven & Hart- ford R. R. Co. Capitalization. Outstanding. Common $68,113,983 Preferred (6% cum.) 4,000 Funded debt 28,630,000 Secui-ed by a second lien on 320.S3 miles of load (total owned); a second collateral lien on 73.75 miles; a second lien on 120.58 miles of leasehold, and to trackage rights, and prop- erty and equipment covered by the Ref. 4s. For details see Ref. 4s. Also a first lien on $110,000 (entire issue) capital stock and a $450,000 1st Mtge. Bond of the Port Jervis, Monticello & Summitville R. R. Co. and $300,000 (entire issue) capital stock and a $650,000 1st Mtge. Bond of the Ellenville & Kingston R. R. Co., being there- fore a first collateral lien on 66.01 miles of Prior Liens — $20,000,000 N. Y., Ont. A West. Ref. 4s of 1992. Earnings — See Ref. .4s. Usted on the New York Stock Exchange. Original Market — $2,702,000 offered in Feb., 1911, by White, Weld & Co. and Potter. Choate & Prentice of New York at 92%, and in 1913 by Ladenburg, Thalman & Co. Market. New York — Ambrose R. Clark & Co., Hod- enpyl, Hardy & Co., Vanderhoef & Robin- son. Friea Ranee— N. Y. S. £. Jan. 1, '11, to Jan. 1, 'Zl 1920 High 92% July 14, '11 60 Apr. 1 Low. 57 Oct. 8, '20 57 Oct. 8 NEW YORK, ONTARIO & WESTERN RAIL- WAY CO. 4%% Equip. Tr. Notes, Series "C." Due $30,000 each Sept. and March 1st to March 1, 1928. Dated March 1, 1913. Interest payable March and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $900,000 OutstandinjGr (Apr. 1, '21) 420,000 Balance Retired. Denominationr — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Secured under terms of an equipment lease on 600 steel coal cars, 800 steel underframe box acrs, 50 stock cars, 50 refrigerator cars and 100 flat cars, costing $1,054,828, of which $154,828 was paid in cash by the com- pany. Les:al for Savings Banks in Ohio. Original Market — Underwritten by J. P. Uorgan & Co. and offered at 97% and interest. Market. New York — Evana, Stillman & Co., Free- man & Co. NEW YORK. ONTARIO & WESTERN RAII^ WAY CO. 4%% Equip. Tr. Notes, Series "D.** Due $35,000 each April and Oct. 1, to April 1, 1923, inclusive. Dated April 1, 1916. Interest payable April and Oct. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by cortipany. Authorized $490,000 Outstanding- (May 1, '21) 140,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Secured by an equipment agreement on 100 forty-ton low side gondola coal cars and 400 fifty-ton steel coal cars. Legal for Savings Banks in Ohio. Market. See Series "C." NEW YORK, PENNSYLVANIA & OHIO RAILROAD CO. Reorgtanization Prior Lien Gold or Sterling 4%s. Due March 1, 1933. Dated May B, 1880. Extended March 1, 1895, interest being reduced from 6%. In- terest payable March and Sept. 1, at 50 Church St., New York, and at London in sterling at the rate of four shillings per dol- lar. Tax Status — Payment of Federal Income Tax no tassumed by company. Authorized and Outstanding $8,000,000 Denomination — Coupon, $100, $500, £200 and £100. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Control — This company was reorganized li. 1896 and succeeded by the Nypano R. K. Latter road is leased to the Erie R. R. Co., which owns the enitre capital stock. Secured by a direct first mortgage on 422.06 miles of road — Salamanca. N. Y., to Dayton, Ohio 389.18 Buchanan Jet. to Oil City, Pa 33.78 Underlies — Nypano R. R. 4s, due 1996, all owned by the Erie R. R. and deposited under its Consolidated General Lien Mortgage, duo 1996, which mortgage provides for the retire- ment of this issue. Legal for savings banks In Me. Market. New York — E. A. Baker & Son, Dunham & Co., Finlay & Davenport, Hartshorne & Battelle, Fred H. Hatch & Co., Chas, W. Place, R. W. Pressprich & Co., Redmond & Co., Seasongood, Haas & Macdonald, . Ray- mond M. Smith, Struthers & Hiscoe, Taylor, Smith & Hard, Tobey & Kirk, Vilas ft Hickey, Edwin "Wolff. Philadelphia — Henry D. Boenning & Co., Daniel & Co., Blkins, Morris & Co., William "W. Fogarty, Samuel McCreery & Co., Pars- ly Eros. & Co. Pittsburg'h — R. B. Hutchinson & Co. Price Range. Jan. 1, '10, to Jan. I, *21 1920 Bid. Ask. Bid. Ask. High 101 '10 101 '16 78^ Oct. SO Nov. Low. 67% "20 69 '30 67% July 69 July 924 NEW YORK, PHILADELPHIA & NORFOLK RAILROAD 1st 4s. Due Jan. 1, 193». Dated Feb. 1, 1899. Interest payable Jan. and July 1. at Trea.surer's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,OOiJ,000 Outstanding 2,600 000 Reserved for Ext 4OU.O00 Denomination — Coupon, $1,000. Registerabls as to principal. Trustee — Fidelity Trust Co., Philadelphia. Organization and Control — Incorporated in Maryland and Virginia in 1881 as success jr to the Peninsula R. R. of Virginia. In 1908 con- trol was acquired by the Pennsylvania R. R. Co. , which issued its Guaranteed 4 % Trust Certificates in exchange for all but J7.25.0 of the capital stock at the rate of $3,000 in cer- tificates for $1,000 stock. The property of the company is leased to the Pennsylvania R. R. Co. for 999 years from July 1, 1921. Capitalization. Outpcan.'ing. Common $2,500,000 Funded debt ^^ 3,908,000 Secured by first mortgage on 112 miles from Delmar, Del., to Cape Charles, Va., and branch from King's Creek to Crestfield, Md. Underlies — $1,000,000 Income 4s, due 1939. Years ended Dec. 31: Grogs. Net. Int. & Rent. tl919 8.208,367 866,546 232,217 tl918 7,632,494 1,222,373 156.308 •1919 $996,051 $1,184,214 $343,238 ♦1918 996,051 1.088.180 332,700 1917 5,516.810 1,229,487 359.650 1916 5,194,158 1.670.751 427.758 1915 4.154,985 958,444 269.658 ♦Corporate account. tFederal account — standard return not In- cluded. Legal for savings banks in Cal., Conn.. Me., Mich., Minn., N. H., N. J. and Wis. Listed on the Philadelphia Stock Exchange. Market. New York — ^Vilas & Hickey. Philadelphia — Barnes & Lofland, Biddle ft Henry, Henry D. Boenning & Co., Elkin^ Morris & Co., William W. Fogarty, Huntoon & Co., McCown & Co., Morley, Wood & Co., Samuel K. Phillips & Co., Isaac Starr Jr. ft Co. 'Baltimore, Md, — Barroll. Corkran & Co. Price Kange. Jan. 1, -09, to Jan. 1, '«1 Bid. Ask. High 100% '09 99^4 "12 Low. 68 '20 71 '20 19;»0 Bid. Ask. 77 Feb. 82 Jan. 68 Dec. 71 Dec. Flice Banice. Jan. 1, '16, to Jan. 1, '21 19S0 Bid. Ask. Bid. Ask. High 93% '16 94y2'17 71 Mar. 76% Aug. Low. 69 '20 72 '20 69 June 72 Aug KBW YORK, PHILADEIJPHIA & NORFOIA RAILROAD CO., INC. 4s. Dne Jan. 1, 1939. Dated Feb. 1, 1899. Interest payable by check, when earned. May and Nov. 1. Interest on these bonds is payable out of surplus in- come as determined by the Board o( Directors, and non-cumulative. No dividends shall be declared on the capital stock unless 4% inter- est shall have been paid on these bonds for the preceding 12 months. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstandlne. ... $1,000,000 Denomination — Registered, $1,000. Trustee — Fidelity Trust Co.. Philadelphia. Oreanizatlou and Control — See 1st 4s. Secured by second mortgage on 112 miles covered by the 1st 4s. .Prior Liens — $2,600,000 1st 4s, due 1939. Earnings — See 1st 4s. Listed on the Philadelphia Stock ;Exchange. Market. Fliiladelplua — Biddle & Henry, Henry D. Boenning & Co., Graham, Parsons & Co., Huntoon & Co., McCown & Co., Morley, Wood & Co., Isaac Starr Jr. & Co., Wheeler, Elliot & Mann. Price Range. Jan. 1, '13, to Jan. 1, '«! 1920 Bid. Ask. Bid. Ask. High .97 '13 98 "13 " 70 Jan. ,80 Jan. Low. 65 '20 70 '20 65 Dec. 70 Dec. NEW YORK, PHILADELPHIA & NORFOLK RAILROAD CO. Stock Trust 4% Certifi- cates. Due June 1, 1948. Dated June 30, 1908. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,500,000 Outstanding 7,478,260 Denomination — Coupon, $1,000, Register- able as to principal. Trustee — Fidelity Trust Co., Philadelphia. Guaranteed principal and Interest by the Pennsylvania R. R. Co. Organization and Control — See 1st 4s. Security — Certificates are issued by the Trustee against the deposit of $2,492,750 of the $2,500,000, New York, Philadelphia 6 Nor- folk capital stock. Further secured by cove- nant of the Pennsylvania R. R. , endorsed on each certificate, whereby said company agrees to furnish Trustee with necessary sums to pay the principal and interest of the certificates. Dividends on this stock have been paid as follows: 1901, 6%; 1902, 5%; 1903, 6%; 1904, 8%; 1905 and 1906, 10%; 1907, 11%; 1908- 1919, inc.. 12%. Earnings — See lat 4s. Original Market — Offered In 1908 by the Pennsylvania B. R. Co. to the stockholders of the New York, Philadelphia & Norfolk R. R. Co in exchange on the basis of $3,000 In these certificates for each $1,000 par value, of stock. Market. New Tork — Redmond & Co. Philadelphia — Biddle & Henry, Henry D. Boenning & Co., Blkins, Morris & Co., Wil- liam W. Fogarty, Harper & Turner, Huntoon & Go , McCown & Co., Reed A. Morgan & Co., Morley, Wood & Co., Starr Jr. & Co., Parsly Bros. & Co. NEW YORK, PROVIDENCE & BOSTON RAILROAD Gen. 4s. Dne April 1, 1943. Dated April 1, 1892. Interest payable April and Oct. 1, at Central Union Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $1,000,000 Denomination — Coupon, $1,000. Register- able $1,000. Trustee — Treasurer of the State of Connecti- cut. Assumed by New Tork, New Haven & Hart- ford R. R. Co. Control — Incorporated in Rhode Island in 1832 and in Connecticut iii 1833. In 1893 company was merged into the N. T., N. H. & H R. R. Co. Secured by first mortgage on 80 miles of road, 62 miles of which are main line double- tracked road from Providence, R. I., to New London. Conn., and 18 miles are double-track Underlies— N. Y., N. H. & H. R. R. 1st & Ref. Mtge. under which bonds are reserved to retire this issue. JAsted on the New York Stock Exchange. Market. New York — Fred H. Hatch & Co., Roose- velt & Son. Price Range. Jan 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Higrh 102 '09 102 -09 80% Jan. 90 Feb, Low. 70 '17 75 '20 70 July 75 June NEW YORK RAILWAYS CO. 1st Real Estate & Ref. 4s. Due Jan. 1, 1942. Dated January ^1, 1912. Interest payable Jan. and July 1,' at company's office, New York. Default — July 1, 1919, interest was not paid V'hen due. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized ^ Unlimited Outstanding: $18,061,290 Denomination — Coupon, $1,000. Registerable as to principal fully registerable. Regis- tered, $1,000, $6,000 and multiples of $5,000, not exceeding $100,000. C. & R. interchange- able. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on Jan. 1, 1?16, or on any interest date thereafter, on 12 weeks' notice. Organizatton and Control — The New York Railways Co. was incorporated on December 29, 1911, as successor to the Metropolitan Street Railway which was sold under fore- closure on that date. Controlled through ownership of a majority of the stock by the Interborough Consolidated Corp. Capitalization. Outstanding. Common $17, 495, 060 Funded debt 58,773,027 Receivership — On March 20, 1919. Job B. Hedges was appointed receiver by Judge Mayer in the U. S. Disrict Court on petition of the American Brakeshoe & Foundry Co., a cred- itor to the amount of $36,806. Protective Committee — Harry Bronner, chairman; 'William A. Day; Caspar W. Morris; Charles A. Peahody; W. H. Remick; Frederick 925 H. Shipman: Harold Stanley. Depository, Guaranty Trust Co., New York. Secretary, F. J. Frost, 140 Bway, New York. Foreclosure' — Procedings were instittued by the Trustee In April, 1920. Secured by mortgage upon entire property of company, including franchises, rolling stock, equipment, power plants, power houses, sub- stations, yard shops, etc., and 42.76 miles of City of New York, of which 29.58 miles are underground electric and 13.18 miles storage electric, together with its interest in the leases of 96.66 miles additional, of which 92.79 miles are undergiround electric and 3.86 miles stor- age electric, which leased companies have outstanding an aggregate of approximately $12,000,000 bonds secured upon their lines of railroad. Further secured by pledge of all the $1,600,000 First Mtge. 6% Bonds due 1904, and $1,400,000 of the $2,100,000 stock of the Broadway and Seventh Ave. R. R. Co., $400,- 000 of the $748,000 stock of the Forty-second St. and Grand St. Ferry R. R. ; $250,000 of the $260,000 First 6s, due 1909, $160,000 De- bentures and $507,600 of the $600,000 stock of the Twenty-third St. Ry. Co.; $36,100 cap- ital, stock, $2,473,000 1st Cons. 4s and $637,- 009 6.% Notes of Central Crosstown R. R. Co.; and all the stocks of the Thirty-fourth St. Crosstown Ry. ($1,000,000), Port George & Eleventh Ave. R. R. Co. ($3,000,000). One Hundred and Forty-fifth St. Ry. Co. ($2,000), Bridge Operating Co. ($60,000), the Brooklyn & North River R. R. Co. ($25,000). Also on deposits with Trustee; $197,982 proceeds from sale of water from property of the Forty-sec- ond St. & Grand St. Ferry R. R. Co. and $510,915 proceeds from sale under foreclosure of Central Park, North & Bast River R. R. Co. bonds. The mortgage prohibits the in- crease of the capital stock or the creation of additional indebtedness, except for current operating debts in the ordinary course of busi- ness of auxiliary companies, except to the Railways Co., and then only for the acauiai- tion of additional property ,and the extension or improvement of facilities or to refund exist- ing liens unless the new stock or additional Indebetdness be acquired by the Rys, Co. and pledged under this mortgage. Franchise in the main are pereptual, and, it is stated, contain more favorable terms than could be obtained at the present time. Prior Uens — $&,000,000 Lexington Ave. & Pavbnia Ferry R. R. 1st 6s due 1993; $350,- 000 South Ferry R. R. 1st 6s due 1919; $1,- 600,000 Broadway Surface R. R. 1st 53 due 1924; $3,000,000 Columbus & Ninth Ave. R. R. 1st es due 1993. In addition the following bonds are outstanding secured by liens upon properties leased to the New York Ryg. Co. : $8,160,000 Broadway & Seventh Ave. R. R. 1st Cons. 6s due 1943, $700,000 Bleecker St. & Pulton Ferry R. R. Ext. 1st 4s due 1950; $210,000 Christopher & Tenth Sts. R R. 1st 4s due 1923, $250,000 Central Crosstown R. R. 1st 6s due 1922; $760,000 Eighth Ave. R. R. Co. Scrip 6s due 1919; $1,000,000 Thirty- fourth St. Crosstown Ry. Co. 1st 6s duo April 1, 1996; and $1,600,000 Twenty-third St. Ry. Co. Imp. and Ref, 53 due 1962. In addition ot the stock of subsidiaries pledged hereunder there is outstanding $9,- Of.2,144. Underlies — $30,626,927. Adjustment Income 5s due 1942. Years ended June 30: Gross. Net. Int. & Rent. 1919 $11,863,601 $1,248,071 $3,423,029 1918 11,920,034 3,245,467 3,339,092 1917 11,494,109 3,240,888 3,388,941 1S16 13,714,631 4,870,200 3,430,49.3 1915 13,399,767 4,332,718 3.432,663 1914 13,860,838 4,463,689 3,362,223 926 lasted on the New York Stock Exchange. Original Market — These bonds were issued in part payment for securities of the Metror politan Street Ry. Co. deposited under the plan of reorganization of that company. Market, New York — Guaranty Trust Co. Price Range — ^N. Y. S. E. Jan. 1, 'IZ, to Jan. 1, '21 1920 High 81% Jan. 8, '12 32 Jan. 9 Low. 16% Dec. 23, '20 15% Dec. 23 Ctf s. of Deposit. High 45 June 16, '19 31 Dec. 23 Low. 15% Dec. 23, '20 15% Dec. 23 NJBW YORE RAILWAYS CO. Adjustment In- come 59, Due Jan, 1, 1942, Dated January 1, 1912. Interest payable April and Oct. 1, if earned (non-cumulative), at Company's office (Treasurer). Payment of Interest — The interest on these bonds is payable to the extent that the net income of the Railways Company shall suffice for such payment, which shall be determined by a statement of income filed semi-annually by the company and approved by the Di- rectors. Interest from year to year is non- cumulative, but if sum paid for first' six months of any year amounts to less than 2 % % the deficiency is to be made up, if earned, during the second period, provided that amount paid in any calendar year shall not exceed 5%. Interest on these bonds ($1,000) has been paid as follows: Oct. 1, 1912, $7.71; April 1, 1913, $22.60; Oct. 1, 1913. $18.30; April 1, 1914, $23.46; Oct. 1, 1914, $12,88; April 1, 1915, $17.69; Oct. 1, 1915, $13.70 and $31.94 April 1. 1916; $19.81 Oct.,s2, 1916. No pay- ment has been made since Oct., 1916. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized $33,000,000 Outstanding: 30,609,487 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000, $5,000 and multiples of $6,000 not exceeding $100,000. C. & R. interchange- able. Trustee— Farmers' Loan & Trust Co.. New York. Redeemable as a whole only on any interest date at par, plus $26 for accrued interest on each $1,000 bond, upon 12 weeks' notice. Receivership — See 1st R. E. & Ref. 4s. Protective Committee — John Chandler Cobb, chairman; Oscar Cooper. Haley Fiske: Prank L. Hall; Duncan A, Holmes; Ernest StaufCen, Jr.; Richard H. Swartwout. Depositaries — Banker's Trust Co., New York; Old Colony Trust Co.. Boston; Commer- York; Old Colony Trust Co., Boston; Com- mercial Trust Co.. Philadelphia. Secretary — B. "W. Jones, 16 Wall St., New York. Secured by a mortgage upon the entrie prop- erty, securities, leases, etc. (See 1st R. B. & Ref. 4s.) Prior Liens — First Real Estate & Refunding 4s and to the prior liens thereto. Earnings — See 1st R. E. & Ref. 4s. lasted on the New York Stock Exchange. Market. Cincinnati — Dudley V. Sutphln Price Range — ^N. Y. S. E. Jan. 1, '16, to Jan. 1, '21 1980 High 63% Feb. 10, '16 8 Nov. 27 Low. 3 Dec. 27, '20 3 Deo. 27 Ctfs. of Deposit. High 16% June 2, '19 7% Jan. 8 Low. 3 Oct. 27, '20 3 Dec. 27 NEW YORK SHIPBUIIiDING CORP. l8t S. r. 30-Xear 5s. Due Nov. 1, 1946. I>ated Nov. 1, 1916. Interest payable May 1 and Nov. 1 in New York and Pittsbnrgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $26,000,000 Outstanding (Jan. 1, "20) 6,998,000 Retired by S. V 612,000 Reserved for Ext. (75%) 17,600.000 Denomination — Coupon, $1,000, $600 and $100. Registerable as to principal. Trustee — The Union Trust Co., Pittsburgh. Redeemable at 102% and interest on any in- terest date on 30 days' notice. Sinking Fond — ^Annually, beginning Nov. 1, 1918: 2%% of all bonds certitted lor the pur- chase or redemption of these bonds at not over 102% and interest. Bonds so acquired to be cancelled. Organization and Control — ^Incorporated In New York Nov., 1916, and acauired the prop- erty of the New York Shipbuilding Co. of Ne,w Jersey. Controlled by the American In- ternational Corp.. International Mercantile Marine Co., W. R. Grace & Co., and Faciflc Mail S.S. Co. Capitalization. Outstanding. Common (no par) 200,000 sha. Funded debt /. $6,988,000 Secured by a first mortgage on all the prop- erty formerly owned by the New York Ship- building Co. (a New Jersey corporation) and comprising a modern shipbuilding plant on the Delaware River in and near Camden, N. J. Years ended Dec. 31: Net. Dep'n.etc. Int., etc. 1919 $3,022,468 $1,226,846 $394,851 1918 2,624,648 2,060,161 196,138 1917 ;. 1,093,066 129,161 Original Market — $7,600,000 Issued to stock- holders of the New York Shipbuilding Co. (New Jersey) in payment for the property of the latter company. Market. New York — Morton Lachenbruch & Co. Fhiladelphia — McCown & Co., Parsly Bros. & Co. Pittsburgh — Stout & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92 '17 97% '17 72 Jan. 77 Jan. Low. 60 '20 65 '20 60 Deo. 65 Dec. NEW YORK SHORT I/INE RAILROAD Ist 4s. Due Feb. 1, 1957. Dated Feb. 1, 1907. Interest payable Feb. and Aug. 1, at Reading Terminal, Philadel- phia. Tax Status. — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorized and Outstanding $1,600,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Pennsylvania Co. for Insurances on Lives & Granting Annuities, Philadelphia. Guaranteed principal and interest by the Reading Co. Organization and Control — Incorporated In Pennsylvania in 1903, and in 1907 leased for 999 years to the Philadelphia & Reading Ry. Co. for rental of taxes. Interest on bonds and 6% on stock. Entire stock is owned by the Reading Company. Capitalization. Outstanding. Common $260,000 Funded debt 1,600,000 Secured by a flrst mortgage on 9.38 miles 'of double track railroad from Cheltenham to Neshaminy Falls, Pa., forming a cut oft on the line of the P. & R. Ry. between Phila- delphia and New York. Market. PMladelpWa — Biddle & Henry, Henry D. Boenning & Co., Huntoon & Co., Reed A. Morgan & Co. Price Kange 1920 — Bid 70 Feb. NEW YORK STATE RAILWAYS 1st Cons. 4%s Series "A." Due Nov. 1, 1962. Dated November 1, 1912. Interest payable May and Nov. 1, at Grand Central Station, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York state. Authorized $60,000,000 Outstanding 13.467,000 Reserved for Prior Ldens 11,486,000 Reserved for Ext 26,057,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. C. & R. Interchangeable. Trustee — Security Trust Co., Rochester. N. Y. Redeemable at 105 and Interest Nov. 1, 1913, or on any interest date thereafter upon 60 days' notce. Organization and Control — ^Incorporated in New York in 1909 as a consolidation of the Rochester Ry. Co.. the Rochester & Sodua Bay Ry. Co. and the Rochester & Eastern Rapid Ry. Co., and In 1912 the company merged the Utica & Mohawk Valley By. Co., the Syracuse Rapid Transit Ry. Co., the Oneida Ry. Co. and the Rochester & Subur- ban Ry. Co. The company owns a majority of the stock of the Rochester Electric Ry. Co. and a half Interest in the stock of the Schenectady Ry. Co., which it operates jointly with the Delaware & Hudson Co. Controlled tnrough stock ownership by the New York Central R. B. Co. Capitalization. Outstanding. Common $19,962,400 Preferred (6% cum.) 3,862,600 Funded debt 23.981,000 Secured by first nnortgage on 130 miles of track and by general mortgage, subject to divisional bonds, on 334 miles, together -with interests in the leases of 131 miles, consti- tuting the street ralway and interurban elec- tric lines serving Rochester, Syracuse and Utica, N. Y., and vicinity. Further secured by pledge of $174,700 or 87% of the stock of the Rochester Electric Ry. and $2,060,000 or 60% of the stock of the Schenectady Ry. Co., which does the street railway business of Schenectady, with interurban lines to Al- bany, Troy, aiid Saratoga. Franchises with few minor exceptions are unlimited in point of time. Prior IJenS' — $10,624,000 divisional bond's of constituent companies, all closed mortgages, and for the retirement of which bonds of this issue "have been reserved. Years ended Dec. 31: Gross. Net. Int.&Rent. 1920 $10,454,410 $1,766,352 $1,336,671 1919 9,406,473 1,706,024 1,361,816 1918 8,472,169 1,330,295 1,374.077 1917 8,460,002 2,263,676 1,438,688 1916 8,266,470 2,739,523 1,377,776 Listed on the New York Stock Exchange. Original Market — $6,926,000 offered in Octo- ber, 1912, by Harris, Forbes & Co., and Speyer & Co., New York, at 94% and Inter- est and $2,900,000 offered In March. 1914, by 927 J. p. Mori:an and Harris, Forbes & Co.. at 90 and interest. $2,923,000 ottered in Feb- ruary. 1916, by Harris. Forbes & Co., N. T.. N. W. Harris & Co., Boston, and Harria Trust & Savings Banlc, Chicago, at 85% and interest; $790,000 offered Oct.. 1916, by same firms at 87% and interest. Market. New York — Harris, Forbes & Co., Hanson & Hanson, Finlay & Davenport, Merrili, Ijyncti & Co. Boston — Harris, Forbes & Co., Inc. Ghicaffo — Harris Trust & Savings Bank. Buffalo — Sclioeillcopf, Hutton & Co., Inc. Price Range — ^N. Y. S. E. Jan. 1, '13, to Jan. 1, '81 1920 Higli 92 Mar. 6, '13 59% Nov. 5 Low. 44% Dec. 30, '20 44% Dec. 30 NEW YORK, SUSaVEHANNA & WESTERN RAIIiROAJD CO. 1st Ret. Ss. Doe Jan. 1, 1937. Dated January 1, 1887. Interest payable Jan. and July 1, at 50 Cllurch Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authoiized $3,760,000 Outstanding 3.746.000 Denomination — Coupon. $1,000. Registerable as to principal. Trustee— Central Union Trust Co., New York. Organization and Control — Incorporated In Pennsylvania and New Jersey in 188 5 as a consolidation of tbe N. Y., Susquehanna & Western R. K. and the Hudson River R. R. & Terminal Co. Controlled by the Erie R. R. through ownership of a majority of its capital stock. Capitalization. Outstanding. Common $12,810,941 Preferred 12,962,392 Funded debt 16,278,000 Secured by direct mortgage on 137.46 miles of road and eauipment: A first lien on 65.10 miles — Beaver Lake (two bridges), N. J., to Gravel Place. Pa 60.20 Columbia Jet. to Delaware. N. J 3.00 A second lien on 73.35 miles — Branches in Lackawanna Valley, Pa... 11.90 Covered by the first lien of the Mid- land E. R. of N. J. 1st 5s 71.60 Paterson Extension R. R. 1st 5s 0.75 Prior Uens — Midland R. R. of N. J. 1st 5b 1940, $3,488,500: Paterson Extension R. R. Ist 5s 1950. $200,000. Underlies — $447,000 N. Y.. Susq. & Western 2d 4Hs and $2,552,000 Gen. 6s. Years ended Dec. 31: Gross. Net. Int.&Rent. 1920 $1,760,191 $613,771 $806,130 • 1919 999,942 1,049,465 864,699 tl919 4,330,437 106,938 78,734 • 1918 999,941 1,076,710 861.718 tl918 4,965.180 626,123 101.671 1917 4,151,146 999.279 976,067 1916 3,974,431 1,211.444 994.610 1916 4.107.036 1.614.388 1.190,174 •Corporate account. tPederal account — standard return not In- cluded. I/lsted on the New York Stock Exchange. Market. " New York — Ambrose R. Clark & Co., Fin- lay & Davenport, W. B. R. Smith & Co., Vanderhoef & Robinson. Price Range — ^N. T. S. E. Jan. 1, '06, to Jan .1, '81 1920 High 117% May 25. '06 51 0<=*- J5 1^0^. 40 May 16, '20 40 May IB NEW YORK, SDSQUEHANNA & WESTERN RAILROAD CO. 2nd 4%s. Due Feb. 1, 1937. Dated February 1, 1887. Interest payable Feb. and Aug. 1. at 60 Church St., New York. Tax Status — Payment of Federal Income ^ Tax not assumed by company. Authorized $1,000,000 Outstanding 447,000 Denomination— Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Organization and Control — See 1st Ref. 68. Secured on the property covered by the 1st Ref. 6s of 1937, subject to the lien of that mortgage. It is therefore a second and third lien on the same mileage. Prior Uens— $7,433,500 prior liens as fol- lows: N. Y.. Susq. & Western 1st Ref. 68. 1937 $3,746,000 Midland R. R. .if N. J. 1st 6s 1940. 3.488,600 Paterson Bxtn. R. R. 1st 6s 1960... 200,000 Underlies — N. Y., Susq. & West. Gen. 68 of 1940, which provide for the retirement of this issue. Earnings — See 1st Ref. 6s. Listed on the New York Stock Exchange. Market. New York — Chas. W. Place. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1940 Bid. Ask. High 103 Feb. 3, '06 35 Dec. 46 Dee. Low. 100 Oct. 2, '06 35 June NEW YORK, SUSQUEHANNA & WESTERN RAILROAD CO. Gen. Ss. Due Aug. 1, 1940. Dated August 1. 1890. Interest payable Feb. and Aug. 1. at 60 Church Street. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Autllorized $3,000,000 Outstanding 2,652,000 Reserved for Frier Liens 447,004 Owned by Company 1,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Organization and Control — See 1st Ref. 6s. Secured on the same property as the iBt Ref. 53 of 1937 and 2nd 4%a of 1937, but subject to the lien of these two mortgages. See mileage under 1st Ref. 5s. Prior Liens — $7,880,600 N. Y.. Susq. & West. 1st Ref. 6s of 1937: $447,000 N. Y.. Susq. & West. 2d 4%s of 1937; $3,488,600 Midland R. R. of N. J., 1st 6a of 1940, and $200,000 Paterson Extension 6s of 1960. Earnings — See 1st Ref. 6s. Listed on the New York Stock Exchange. Market. New York — Edwin Baucher & Co.. Dun- ham & Co.. Finlay & Davenport, Vander- hoef & Robinson. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Ask. High 110 Jan. 19, '06 66 Sept.'ie Low. 36 Sept. 1, '20 36 Sept. 1 NEW YORK, SUSQUEHANNA & WESTERN RAILROAD CO. Terminal Ss. Due May 1. 1943. Dated May 1, 1893. Interest payable May and Nov. 1, at 60 Church Street, New York. Tax Statns — 2% Federal Income Tax paid by company witUout. deduction. . Taxi exempt in New, Jersey and, -Pennsylvania. :> i , Authorized and OntstanflJns. . .$2,000. OQO , iDenQmlnation — Coupon; $1,.0«0. . Regriaterable- as . ,to principal, , on ufuUy • regiaterablfl. ,ln amounts of $6,000. RegisterEd„-J.5,iOOO.i • j Trustee — United States Trust Co..- New Tork. , ,, , ,, ., Organization and Controls-See let Bef. Bs. . -> Secured 'by a first mortgage on three miles doubie-traclt road (formerly the Hudson River R. R. & Terminal ,eo.) forming an extension from Little Ferry to Bdgewater,. ;N. J. ■ .62 acres of terminal property fronting on the Hudson River, and tunnel under the Pali- sades. ;f,ISaifnlnB8 — See 1st, Re^. 6s. j/isted. on.the New "Sqrk .Stock Bxehange. Market. . " I ,1 tNTevv yoiik — Ambrose R. Cla.rk& Co., iFln- lay & Pavenpojit,, W, E. R. , Smith & Co., Vanderhoef & Robinson. , Newark, N. ^.-rF. ,lj[. Chadbouxrie & Go! ,., . Price Banse — N. Y. rS. E. Jan. 1, '08, to Jan. 1, '21 1920 High lis May 23, '06 78 .Dec. , /3 Low. 74 Dec. 28, '20 74Dec.,2,9 NEW YORK, SUSQUEHANNA Ss WESTERN RAILROAD CO. Eauin. Tr. 5s. Series "B." Due $21,000 each May itnfl Nov. 1 to Nov. 1, 1920 inclnsiive, and $22,000 semi-anmialiy from 1921 to May ' 1, 1923 Inclusive. ' Dated May 1, 1913. Interest payable May 1 ■and 'Nov.' 1 at Trustee's bffice. ' Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized . .Jl . . . . $426,000 ..Outstaiidins-'.(.Tan. 1, '21; ..'.'1091000 Balance : Retired. Denomination — Coupon, 1(000. Registerable .as to principal. . Trustee — Philadelphia tSafe Deposit & In- 'SUranco Co.,. Philadelphia. . ' iGuaranteed' principal ' and interest by the New York,. iSusqufehanna & Wei^ern R. 'R. Co., by endorsement, ■ ' . ' Secured by an equipment agreement on 600 forty-ton steel underframe cars costing $541,- 620, of which $116,620 was paid in. cash. Legal, for savings-banks in Olaio.. . Market. , . New York — Bvans,. StiUman & Co., Free- •man & Co. , , , . . ; I NEW YORK, SUSQUEHANNA & WESTERN RAILROAD' CO. Equip. Tr. ;4V4s, Series ,, "C." Due $28,000 eadi Jan, 1 and ' $27,000 each. July 1, 1926, inclusive. Dated Julynl, 1916. Interest payable Jan. and July 1, at Trustee's office. 1 Tax ;Status — 2% Federal Income Taxlpa-id by the company wLtihout deduction. Authorized .J ... :: $660,000 Outstanding CKfay 1', '20). ; ...'...'■ 367,000 Balance Retired.' / Denominatlon^Coupon, $1,000. Registerable ^s to principal. Trustee — Philadelphia Trust 'Co., Philadel- phia. Guaranteed principal and interest by , the New York, Susquehanna & TVestern R. R. Co. by endorsement. ' ' Secured by an equipment agreement on 500 steel hopper cars, costing $695,080, of which the company has paid' $148,080 in 'cash. Legal for savings banks' In Ohio. Original Market — Offered May, 1316, , by Drexel & Co., Philadelplila, ' • ; ... Market, ' ' See Series "B". ' ■ NEW; YORK TELEPHONE CO, 1st & Gen. S. E. SO- Year 4%s. Due Nov. 1, 1939, Datdd October !,■ 1909. Interest payable .May, and' Nov. 1, at Company's office. New York, ' Boston, and. Baring SBros. & -Co., Lon- -don. ' -' . I If ' " ' ' ' : ■ ' ' ' . ■ , ■^ Tax Status — 2%'" Federal Income T^x .paid Jby company - .without deduction. Tax exempt .Itt aSTeW'.Tork. ,'l.,i .'i ,.. i Authorized ,. ..■ $76,000,000 [■ Outstanding (Jan.,1, ;21) 86,51,6,800 .Jietlred by S. ,1? 8,300,650 Denomination — Coupon, $500, '$il,000 , , and .£100jand £200. Registerable as to principal , or fully registerable. .(Sterling bonds are fully registerable, only.) .Begisteredi $1,000, $5,000 and multiples. C. & R. interchangeable. ■ Trustees^^ The 'Farmers' Loan ' Si Trust Co., New York, and John H. Parsons. ' Redeemable as a whole at 110 and interest on any interest date on three months' notice. Sinking Fund — Annually, 1% of the bonds Issued; beginning Nov. 1, 1910, for the'.piur- chase and cancellation of these, bonds 'at not exceeding par land interest. If not pur^chase- able at this,: figure, the , amount . not, expended shall' be .held' for the credit of i the sinking fund and be deducted, from the amount, which the .company is required to pay .to .said .fund the ,next year. . , Organization — See 30-yr. Deb. 6s of 1949. I Secured ' by mortgage upon entire property, iti'ghts"and. cfraiiclifrses of company, which is the only.company operating, in j New York City and the' only ;one 'operating a 'Comprehensive system throughout .the State.; : Property mort- gag'ed -includes all" exchanges, ' stations, tele- phones; lines, etc.', including -real estate va,lued in excess of $32,240,000 and underground con- duits in New York, Jersey City, i Newark, Syra- cuse, 1 Rochester; i Albany, Buffalo and .other cities. Further secured by pledge. of $62,;477,- 600 Bell Telephone Co, of Penn. Stock, $12,- 99,6.,i00 Chesapeake & Potomac Tel. CN. Y.) istock, $4,243,500. the Chesapeake ,&. Potomac Tel. Co. of Va. stock, $998,000 Electrical Se- curities & Construction stock, $999, 300 -Friend- ship , .Telephone Co. stock,'. $609,300 Mountain Home Telephone .Co. stock, .,$6,750,500 Em- .pire City. Subway Co., .Ltd., stock, $6,671,- opo 1st, 6s, .d,ue 19^42 and, $82,000 ?nd 6s, due ,1^42, flf the Empire City Subway Co., Ltd., $1,125,000 1st ,6s, due .J-,940, and $1,5(26,000 2nd '6s due 1940, of the Coiisolidated Tel. & .Elec, Subway Co.; $766,800 MoutitaiTl 'Home 'Telephone General 6s. due '1938, '$405',7fQ Stock of ' tlie AVayne 'Telephonb Co., $257,- ' '?30 siock -noche'ster Tel. Co., '$9,60'0 Roch. Tel. Co. Geri.'' 5s of 1933, $6,925 Hamlin Rural 'Tel. Co. stock,' $3157,000 Jamestown Telephone Corp. stodk, $250,000 Jamestown Telephone 'Corp: 1st & Ref. Bs of 1944, $30,- 600 Jamestown Telephone ' Corp, Demand Notes; 'and"$2,370 miscellaneous- stock. .' ■' Prior Liens— $212,000 New 'York and' Pen est payable Jan. and July 1, at 50 Church tt.. New York. * * Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $250,000 Denomination — Coupon, 51,000. Registerable- as to principal. Assumed by the Erie R. R. Co. Control — Incorporated in 1863 in New York, and in 1890 was merged into the New York, Lake Brie & Western Ry., which has been succeeded by the Brie Railroad Co. Secured by first mortgage on 12.64 miles of road from Arden Junction to Vail's Gate Junc- tion, N. T. Underlies — Erie R. R. Consol. Prior Lien, General 'Lien and Convertible bonds and notes. Market. Philadelpliia — Graham., Parsons & Oo. Price Range. Jan. 1, '13, to Jan. 1, '21 1930 Bid. Ask'. Bid. Ask. Higli.103'13 106 '13 88 Dec. 92 Feb. T.ow. 85 '18 87 '20 87 Oct. NEWPOKT & CINCINNATI BRIDGE CO. Gen. WsB. Due July 1, 1945. Dated July 1, 1895. Interest payable Jan. and July 1, at Louisville & Nashville R. R. Co. office, 71 Broadway, New York. Tax Status — 2 % Federal Income Tax paid by company witliout deduction. Authorized Closed mortgage. Outstanding .'^l, 330,000 Retired by S. F 70.0QO Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Sinking Fund — Annually out of net earnings an amount equal to one per cent, of the bonds then outstanding for the purchase of these bonds at par; if no purchase can be made fund reverts to the company. Guaranteed principal and interest by the Pennsylvania Company by endorsement. Control — Chartered in 1886 and rebuilt in 1897. Was formerly operated as part of Penn- sylvania Company, but in 1904 the property was conveyed to the Louisville & Nashville R. R. Co. Secured by a first mortgage on the bridge across the Ohio River from Cincinnati, Ohio, to Newport, Ky., %, mile long, realty and approaches. Underlies — Louisville & Nashville, Atl., Knoxville & Cincinnati Div. 4s, and Unified 4s, due 1940, which provide for the retire- ment of this issue. Legal for savings banks in Cal., Mich., Minn., Mo,, N. J. and R. I. Listed on the New York Stock Exchange. aiarket. New York — -Constable & Fleming, Finlay & Davenport, Sam'! Goldschmidt, Hartsliorne & Battelle, R W. Pressprich & Co., Ray- mond M. Smith, Taylor, Smith & Hard, Vilas & Hir'key, Prince & ^^''Iiitely. Pli!lacU'!i)liia — Henry D. Boenning: & Co., Danie! & C'o., Isaac Starr Jr. & Co., Wheeler, Elliot & Mann. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, '13, to Jan. 1, '21 1920 Bid, Ask. High 101 1^ Jan. 22, '13 83i^ .Tan. 841/2 Jan. Low. 97^2 Oct. 30, '13 llVz Dec. 83y2 Mar. NEWPORT & EALL RIVER STREET RAIL- WAY Cons. 4V^s. Due July 1. 1954. ' Dated July 1, 1904. Interest payable Jan. and July 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized ., $1,000,000 Outstanding 696,000 Unissued 304.000 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — American Trust Co., Boston, Organization and Control — Organized in 1898 and has acquired the properties of the New- port Street Ry. Co. and Newport Illuminating Co. In 1920 name changed to Newpo.-t Elec- tric Corp. The company was leased to the Bay State Street Ry. Co. until 2000 for in- terest on bonds and 6% on $1,050,000 stopk. In 1919 the Bay State Street Ry. Co. was succeeded throug'h foreclosure by the East- ern Massachusetts Street Ry. Co. In 1920 the leasehold (modified) was acquired by the Newport County Electric Co. Capitalization. Outstanding. Common $1,050,000 Funded debt 999,500 Secured by mortgage upon 18 miles of track in Newport and extending to Fall River, Mass., and electric lighting plant in Newport. Prior Liens — $240,000 Newport & Fall River St. Ry. 1st 5a, due 1918, and $63,500 Newport Illuminating Co. 2nd 6s, due 1925, to retire bonds of this issue which have been reserved Note. — The $240,000 1st 5s due Aug. 1, 1918, were purchased for the account of the receiver of the Bay State Street Ry. Co. and are now held by the Eastern Massachusetts Street Ry. Co. Market. Boston — Bodell & Co. Providence — Brown, Lisle & Marshall, Bodell & Co. NEWPORT & RICHFORD RAILROAD CO. 1st 56. Due Jan. 1, 1941. Dated January 2 , 1911.* Interest payable January and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $360,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Boston Safe Deposit & Trust Co., Boston. Guaranteed principal and interest by the Connecticut & Passumpsic Rivers R. R., leased to the Boston & Maine under terms of which lease this issue is guaranteed as to interest. Organization and Control — Incorporated in Vermont in 1880 as a reorganization of the Missisquoi & Clyde R. R. Property is leased to the Montreal & Atlantic Ry., a subsidiary of the Canadian Pacific Ry. Entire capital stock of the company is owned by the Conn- ecticut & Passumpsic Rivers R. R., which is leased to the Boston & Maine. Capitalization. Outstanding. Common $350,000 Funded debt 350.000 Secured by first mortgage on 22 miles of road from Newport, Vt., to the Canadian boundary line near North Troy and from East Richford to Richford. Original Market — Offered in October, 1911, by Lee, Higginson & Co., Boston, New York, etc., at 111% and interest. Price Range. Jan, 1, '11, to Jan. 1, '21 19^ Bid. Ask. Bid. High 110% '11 1113,4 '11 85 Jan. Low. 74 '20 92 '18 . 74 Dec. NEWPORT COMPANY 3-Year 1st 6s. Due Sept, 1, 1922. Dated Sept. 1, 1919. Interest payable March 1 and Sept. 1, in New York and Cleveland. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $5,000,000 Outstanding 2,500,000 Reserved for Ext 2,500,000 Provisions of Issue — Additional bonds are issuable only at par for refunding outstand- ing bonds of this issue, and at par for two- thirds of the cost of additions and improve- ments to the mortgaged property, but only when available earnings for twelve consecu- tive months are equivalent to at least two and one-half times annual interest on all First Mortgage Bonds outstanding together with 12 those then to be Issued. Additional bonds wheri' issued Ahall bear such rate of interest, be of such denomination, and mature at such time as the company may determine, provided that such maturity is later than the maturity date of the present Issue. - Denomination — Couiton,' $1,000; registerable as to principal. ' Trustee — First Trust & Savings Company, Cleveland. Redeemable as a whole on 60 days' notice at the ,foIlowipg. pricesi-and Interest: 101% to September 1, 19,20; 101 thereafter to Sep- tember 1, 1921, and 100% thereafter to ma- turity. Organization — Incorporated in Delaware, July, 1919. The company is a larg-e manu- facturer of dyestuffs and wood distillates. Controls through stock ownership the Mil- waukee Coke & Gas Co. Capitalization. . Outstanding. Common $312,198 Prior common stock 2,962,600 Funded debt 2,500,D'00 Secured by a first mortgage upon the entire physical property of the company, having- a book value of $5,776,571. Further secured by pledge of $929,000 (entire issue $3,500,- OOO), par value, stock of the Milwaukee Coke & Gas Co. In the past seven years- dividends aggregating 100% have been paid on the stock. The company's chemical works are situated at CarroUville, "Wisconsin, 13 miles from Mil- ws^ukee, upon a site' of approxim.ately 200 acres with a frontage of 2,800. feet on Lake Michigan. The Milwaukee Coke and Gas Company, operating by-product coke ovens' at Milwau- kee, which is controlled through stock own- ership, constitutes ■ an important source of many, of the basic raw materials used at the CarroUville plant. , , The company has.ia monthly production of about 900,000 pounds lof intermediates, 500,- 000 pounds of colors, and 4,500,000 pounds of heavy chemicals. The wood distillate 'plants have a normal daily capacity of about j 70,- OQOr pounds of rosin, 1.500 gallons of turpen- tine and 1,000 gallons of pine oil.' The com.- pany has 1,825 employes. Years ended Dec. 31 (consolidated): ' Net. Dep'n Interest. 1920.; $1,462,237 $734,721 $195,224 1919 *1, 561.422 191«' ' *1, 017,571 1917 •1,012,952 Original Market^$2, 500,000 offered August, 1919, by Wm. A. Reed & Co.,' New York, etc:, at 98% and interest. Market. New York — Morton Lachenbruch & Co. Minneapolis — Wm. W. Elastman Co. Cleveland — Harry W. Hoaford. Price Kange 1920 Bid. Ask. High . ." 94 May 95 % Jan. Low 91 June 95 Dec. KEWPORT NEWS & HAMPTON RAILWAY, GAS & ELECTRIC CO. 1st & Kef, 5s. Due Jan. 1, 1944. Dated Feb. 2, 1914. Interest payable Janu- ary 1 and July 1, at Brown Bros. & Co., New York, and Alex. Brown & Sons, Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. ' Authorized . - - .$7,500,000 Oiitstandinfi: (Jan. 1, '21) 3,738,500 Pledged to Secure 7% Notes... 1,000,000 Held in S. F 1.500 Reserved for Ext 1,682,&00 Resented for Prior Liens 1,076,000 Denominations — Coupon, $100, $500 and $1,000; registerable as to principal. Trnstee-— Maryland Trust Co., Baltimore. Redeemable aa a whole or in part at 105 and interest on any interest date. Organization — Incorporated in December. 1913, in Virginia, as a consolidation of the Newport News & Old Point Comfort Railway & Electric Co. , Citizens' Railway Light & Power Co. , Hampton Roads Traction Co. . Newport News Gas Co. and the Hampton, Phoebus & Fortress Monroe Gas Corporation. Capitalization. Outstanding. Common $1,275,000 Preferred (7% cum.) 1,355,700 Funded debt 5,457.500 Secured by a first mortgage on gas plants' serving the city of Newport News, Va., and the town of Hampton, Va., and adjacent ter- ritory. A lien by direct mortgage and by deposit of all underlying bonds except $115,- 000 on the entire electric lighting and power and principal street railway system within the city of Newport News. Also a direct mortgage on all the remaining electric rail- way and electric lighting properties of the company. The company owns all the street and' interurban railway,, gas and electric prop- erties in and around Newport News. Hamp- ton, Phoebus and Portress Monroe, Va., and comprises 48.59 miles of electric railway, to- gether with gas, electric plants and transmis- sion lines. Population served, 50,000. Elec- tric light and power franchises are perpetual; practically none of the street railway fran- chises expire before the maturity of these bonds; gas franchise in Newport News is per- petua,!, . subject to, purchase by city for 6 months in, 1927; gas franchise in Hampton ex- pires' ill 1936 and interurban lines are largely on private right-of-way. Prior Liens — $66,000 'Citizens Ry., Lt. & Fr. 1st 5*3 of 1940. $900,000 1st 5s of 1938 and $44,,000 Gen. 5s of 1941 'of .the Newport News & pid Point Ry. & Electric and $66,000 Hamp- ton RoaiJs. Traction lst'4%s of 193,0. Bonds are reserved uWder this mortgage to retire all' the abWe issues. Years ended Dec. 31 (consolidated): Gross. Net. Int. , ' etc. 1920 $2,765, 19fi $613,778 , $347,^35 1919 . 2,;iS,S3/ ■ V46,501 ' J(i5.644 19'lS '. . 2,1.68,489. 619,433 ■ 255,305 1917 1,35V,308 5'43,201 25^,918 1316 ■1,'013,712 ■ 422.923 234, 49'! Original Market — Offered December, , 1915,' by Alfex. Brown & Sons, BEiltimore, and Brown Bros. & Co., 'New York and Philadel- phia, at 91 and interest. ' . ' Market. PMladelpliia^Brown Bros. & Co., Mc- Gown- & Co. ' Baltimore, Md. — Smith. Lockhart & Co. Price Range. Jan. 1, *16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 861^ '16 92 '17 70 Jan. 80 Jan. Low. 50 '20 60*20' 50 June ' 60 Dec. NEWPORT NEWS & OLD POINT RAILWAY & ELECTRIC CO. 1st 5s. Due Nov. 1, 1938. Dated Nov. 1, 1898. Interest payable May and Nov. 1, at Alexander Brown & Sons, Bal- timore. Tax Sta/^us — 2 % Federal Income Tax paid by- company without deduction. ' : Authorized and Outstanding $900,000i Denomination — Coupon, $1,000. Registerable as to principal. i Trustee — Maryland Trust Co. , Baltimore, Md. ' , Redeemable at 110 and interest on 60 days* notice. Control — Incorporated in Virginia in 1898 and acquired a number of electric railway, ligrht and power companies. Consolidated In 1S14 with other Companies Into the Newport News & Hampton Ry., Gas & El, Co. Secured by a first mortsage on 21 miles of track in Newport News and Old Point Com- fort, Va. Underlies — Gen. 5s, due 1941, and 1st & Bef. bonds of the N. N, & H. Ry., Gas & Elec. Co. Earnings — See N. N. & H. Ry., Gas & Elec. 1st & Ref. 53. Original Market — $800,000 in Nov., 1898, at 100 and interest by Alexander Brown & Sons, Baltimore. Market. FhiladelpMa — Brown Bros. & Co. Baltimore, Md. — Smith, Lockhart & Co. Trice Range. Jan. 1, 'la, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 100 '16 101 '13 80 Jan. 85 Jan. Low. 70 '20 80 '20 70 June 80 June Due NIAGARA & ERIE POWER CO. 1st 5s. Jan. 1, 1941. Bated Jan. 1, 1911. Interest payable Jan. and July 1, at Trustee's ofEice. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York and Pennsylvania State tax re- funded. Authorized $1,250,000 Outstanding- 1,191,000 Held in S. F 59,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 10 5 and interest on any in- terest date on eight weeks* notice. Sinking Fund — Annually, commencing Jan. 1, 1916, 1% % of authorized bonds for pur- chasing these bonds at not over 105 and In- terest except that a higher price may be paid as agreed by the company. Bonds to be kept alive and interest added to sinking fund. Guarantee — The Niagara, Lockport & On- tario Power Co. and the Buffalo & Lake Erie Traction Co. (latter company in hands of receiver) each agrees to provide one-half the funds necessary to make up any deficiency Tvhich may exist in meeting principal and in- terest or sinking fund payments. Organization and Control — Incorporated In New York in 1910, Controlled jointly through ownership of entire capital stock equally by the Niagara, Lockport & Ontario Power Co. and the Buffalo & Lake Erie Traction Co. Capitalization. Outstanding. Common $179,500 Funded debt , 1,191.000 Secured by first mortgage upon entire prop- erty of company, including power station at Gardenville, and transmission system supply- ing a number of villages, the American Loco- motives Co. and other manufacturing con- cerns in the vicinity of Buffalo, N. Y. Years ended Dee. 31: Bond Net, Interest. $69,890 $28,196 76,483 28,410 67,457 26,156 50,984 26,695 1919. 1918. 1917. 1910. Gross. $483,836 434.434 351,259 273,553 Market. New York — Dunham & Co., Berdell Bros. Boston — Blodget & Co. Philadelphia — Henry D. Boenning & Co. Providence, R. I. — Hornblower & Weeks. Price Range. Jan. 1, '15, to Jan. 1, '31 1920 Bid. Ask. , Bid. Ask. High 80^,^ '15 95 '16 69 72 Low. 65 '19 76 '19 65 70 Original Market — Offered in 1911 by Bert- ron, Criscom & Jenks (now Bertron, Griscom & Co.), New York and Philadelphia. 934 NIAGARA FAT.LS POWER CO. (THE) 1st & Cons. 6s, Series "AA." Due Nov. 1, 1950. ' Dated Nov. 1, 1920. Interest payable May 1 and Nov. 1, in New York and Buffalo. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized "A" $40,000,000 "AA" 15,000,000 Various Series 20,000,000 $75,000,000 Outstanding: "AA" 4,000,000 Reserved lor Refunding: "A". . 40,000,000 Reserved for Corp. Pui-poses., 33,000,000 Pi-ovisions of Issue — In respect of all Series "AA" bonds to be issued in excess of the first §4,000,000, the cash cost or fair value (which ever is the lower) of the ac- quisitions, additions, improvements or bet- terments in respect of which reimbursement is required, shall exceed by at least 25% the face amount of the additional bonds from the proceeds of which such reimburse- ment is to be made. Furthermore, the pro- ceeds of additional Series "AA" bonds may only be apid to the Company when the net earnings of the Company (as defined in the supplemental indenture dated November 1, 1920) for a period of twelve consecutive calendar months out of the fifteen consecu- tive calendar months immediately preced- ing' the application for such reimbursement shall have been equal to at least one and one-half times the total annual intere.st charges on all bonds outstanding and those from the proceeds of which such reimburse- ment is to be made. The amount of First and Consolidation Mortgage Bonds which may he executed is limited so that never at any time shall there be outstanding an aggregate principal sum exceeding $75,000,000. Of the bonds authorized to be issued under the mortgage, $40,000,000 shall be designated as Series "A" bonds and shall mature July 1, 1959, $15,000,000 shall be designated as Series "AA" bonds and shall mature November 1, 1950, and the remaining $20,000,000 bonds shall be issued either as Series "A" bonds or, at the option of the Company, in one or more different series. The $40,000,000 Series "A" bonds are reserved for the pur- pose of refunding prior bonds ($28,226,00'D of which are now outstanding) but, upon the cancellation of the prior mortgages, any such reserved bonds which may not have been used for refunding purposes will be available, together with the $20,000,000 of undesignated bonds and the $11,000,000 of unissued Series "AA" bonds, for other cor- porate purposes as set forth in the mort- gage. Purposes of Issue — The proceeds from the sale of the $4,000,000 Series "AA" 6% Bonds will be used to reimburse the Company's treasury for part of the expenditures in- volved in installing three new generating unHs, each with a rated output capacity o fabout 37,500 horse-power, building a new central control station, connecting the varf- ous plants on the American side of the Falls with high tension lines, dredging and deep- ening the hydraulic canal, building addi- tional penstocks and installing other equip- ment for the efficient, distribution of the ad- ditional power. Denommatioiis— Coupon $500 and $1,000; registerable as to principal. Trustee — Marine Trust Co., Buffalo. J:Ceaeemable at 105 and interest, upon 60 days' notice. Sinking Fund— Under this mortgage, the ^ojpPany covenants that, prior to July 1, 19^1, and prior to each succeeding July 1 (provided at least $3,000,000 bonds shall have been issued and shall be then out- standing thereunder), it will pay to the irustee a sum equal to (1) 10% of the amount declared payable as dividends on the common stocTt of the Company not ex- ceeding dividends of 5% during the then next preceding calendar year, and (2) 20% of the amount declared in excess of 5%. Such sum, together with any additional moneys received as interest on prior bonds acquired by the sinking fund is to be ap- plied to the purchase of prior bonds or of First and Consolidation Mortgage Bonds at the lowest prices obtainable but not exceed- mg 105 and accrued interest or, if First and Consolidation Mortgage Bonds cannot be purchased at 105 and accrued interest, then to their redemption at that price, the Com- pany having the privilege of designating the issue or issues to be purchased or redeemed. All First and Consolidation Mortgage Bonds purchased for the Sinking Fund are to be cancelled. All prior bonds purchased for the Sinking Fund are to be kept alive with- out impairment of lien and held for the further security of the First and Consolida- tion Mortgage Bonds, except that the in- terest thereon is to be treated as a sinking fund payment as noted above. No addi- tional First and Consolidation Mortgagb Bonds may be issued in exchange for prior bonds purchased for the sinking fund, but the amount of First and Consolidation bonds issuable for other than refunding purposes is increased according by upon discharge of the prior lien mortgage. Org:anizatlon — Incorporated in New York In 1918 as a consolidation of a former com- pany of the same name. Hydraulic Power Oo. of Niagara Falls and the Cliff Electrical Distributing Co. This consolidation placed under ow^n management all the hydro-elec- tric pow^er plants on the American side and ' one of the plants on the Canadian side of the Niagara River at Niagara Falls. The Canadian plant is owned and operated by the Canadian Niagara Power Co., all of whose securities (except qualifying shares of directors and $20,000 6% Debentures) are owned by The Niagara Falls Power Co. Capitalization. Outstanding. Common $14,484,600 Preferred (7% cum.) 11,515,400 Funded debt 32,226,000 Secured by a mortgage on all the tan- gible and physical properties, plants, trans- mission systems, improvements, w^ater and other rights, franchises, etc., now owned by the Company for the development and transmission of power, and all property hereafter acquired by it through the pro- ceeds of the First and Consolidation Mort- gage bonds, and is secured by a direct first mortgage upon real estate, electrical ma- chinery and a transmission and distributing system constituting an important part of the company's properties. Also secured by pledge of all bonds and capital stock (ex- cept qualifying shares) of the Canadian Niagara Power Co. now owned or hereafter acquired. The Niagara Falls Power Company ha.s established rights, as riparian owner and under statutes of the State of New York, to a diversion of at least 19,500 cubic feet per second of water from the American side of the Niagara River for use in power de- velopment. It has applied to the Federal Power Commission under the provisions of the Federal T^^'ater Power Act for a fifty- year license allowing a diversion of at least that amount of water. The Niagara Falls Power Company owns and operates all the hydro-electric power plants on the Aemrican side of the Niagara River at Niagara Falls and, through own- ership of all outstanding securities (except qualifying shares of directors), controls the power plant on the Canapiian side of the Falls owned and operated by the Canadian Niagara Power Company. The present ag- gregate installed generating capacity of the four generating stations on the American side of the Falls is approxiamtely 37 3, 5 (TO horsepower, and the additional 112,500 horsepower installed in the generating sta- tions of the Canadian Niagara Power Com- pany brings the aggregate of the system plants up to 486,000 horsepower. Prior ticns — Outstanding. Niagara Falls Power Co. 1st 5s, 1932 *$10,000,000 Niagara Falls Power Co. Ref. & Gen. 6s, 1932 $8,226,000 Hydraulic Power Co. 1st & Ref. 5s, 1950 *3,500,000 Hydraulic Power Co. Ref. & Imp. 5s, 1951 t6,500,000 $28,226,000 *Closed mortgages. tClosed (under provisions of supplemental mortgage) so long as any Series "AA" bonds are kept outstanding. t$3, 500,000 additional may be issued for refunding. Bonds are reserved under this mortgage to retire the above issues. .Years ended Dec. 31 (Consolidated): Gross. Net. Interest. • 1920 $6,031,951 $3,997,802 $1,442,389 1919 5,098,100 3,632,864 1,319,760 1918 5,016,366 3,240,875 1,325,753 Original Market— $4,000,000 Series "AA" 6s offered Dec, 1920, by Spencer Trask & Co. and E. H. Rollins & Sons, New York, etc., and Schoellkopf, Hutton & Co., Buffalo, at 87% and interest. Market. New York — Babcock, Rushton & Co., J. S. Bache & Co., Hartshorne & Battelle, Hod- enpyl, Hardy & Co., Barle A. Miller & Co.. Edmund & Charles. Boston. — Moors & Cabot, Arthur Perry & Co. Philadelphia — McCown & Co. Buffalo — Citizens Commercial Trust Co., Evers, Reber & Co., Glenny, Monro & Moll, N. A. MacDonald & Co., O'Brian, Potter & Co., Schoellkopf, Hutton & Co., Inc. Providence, K. I. — Hornblower & Weeks. NIAGARA FAIiliS POWER CO. (THE) 1st 5s. Due Jan. 1, 1933. Bated April 29. 1891. Interest payable on registered bonds, Jan., April, July and Oct. 1;' on Coupon bonds, Jan. and July 1, at "Winslow, Lanier & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .$10,000,000 Denomination — Coupon, $1,000. Not regis- terable as to principal, but exchangeable for registered bonds. Registered, $500 and mul- tiples. Not exchangeable for coupon bonds. ' Trustee — Central Union Trust Co. , New York. Control — Incorporated in New Tork In 1886, Dn Oct. 31, 1918, this company, together with the Hydraulic Power ,Co. and the Cliff Elec- trical Distributing Co. , were merged Into a tew company of the same name. The new company controls thro-ugh ownership of the entire (except qualifying shares) capital stacks of the Niagara Junction Ry. and the Cana- fliaji Niagarai Powen . Co. and. Niagara Devel-- opment Co. ■ . . ■ • it Secured' by ' flrst ■ nlort^age upon . electric power plant at 'Niagara; FaAls, N. T.,' for- merly owned by The ' (old) ' Niagara Fall^ Power Co., about l',350 acres of ' land 'in thai city and the adjoining' tbwh' of Niagara', dVhed for leasing' to' tfianutketuring plants ising eleotricify, sub-stations, 20 miles of ' transmis- sion' l^nes, rights, franchises, etc. Also ,ser cured by pledge of lease contract .with ' thla Buffalo, General Electric , Co. and by pledge of a,greement, with, the, Tonaimanda Power Co. whereby those oompanies have contracted to lease power from the Niagara Falls. Co, dur- ing its corporate e.xistence. , Further secured by .deposit of, $890,000 Liberty bonds. Underlies— Ref. & Gen. 6s, : due 1932,, 1st ■ feiCjon^s. Mtge. (of new ocmpany). Bonds are' reserved under the latter mortgage to retire this issue. Bamiinffs — See. ,1st & Cons. Mtge. liisted (coupon bonds only) ' on the New York Stock Exchange. Market. Ne>v,York.^Babcock, Rushotil' & Co., J. S. Bache & Co., Dunham & Co., Samuel Gold- schmjdt, Hodenpyl, Hardy & Co., Earle A; Miller & Co., Edmund & Charles Randolph, gchuman & Seligmann. ■ , ' Milwaukee — Edgar, Ricl^er & Co. Philadelphia — Baufer, Starr & Co./ Brown Bros. & Co., McCown & CO., Samuel Mc- C;reery& Co. ' .. 'I, ' , ' I*rovideiice, R. I. — Brown, Lisle &' Mar- shall,' ■'Harnblbwer' & Weeks. Louisville, Ky. — Fidelity t& Columbia Trust Co. , I . . ; Buffalo — Citizens Commercial Trust Co., Ever^, Reber ■&. Co., Glenny, Monro & Moll, N. a; MacDonald & Co., O'Brian, Potter & Co., Schoellkopf,' Hutton & Co., Inc. Price Range— N. Y. S. E. i Jan. Iv '17, to Jan. !, '21 1920 ' High 103 • Jan.'lT. '17 'i ,92%Jan.l5 ■ Uovi:"'%iVi July 14, '20 ' • li 85'% Julyll which; $1411,000 are owned byitheN; P. 'P. Co. ' ,, , Underlics-i— 1st & Cons. Mtg6. (of nSw Company) under which bonds are reserved to retire this issue, .E;aiiiing:s — See 1st & Cons. Mtge. Listed on the: New York Stock Exchange. Original Market— Offered in 1910 at par arid interest to stockholders for Subscription. , , ' ' Market. , , , New York — Babcpck, Rushton & Co., J. S. Bache & Co.,, Hodenpyl, ilardy & Co., Earle A. Miller & ,po., Edmund & Charles Ran- dolph. ' , , Pliiladelpliia — ^Bauer, Starr &, Co., Brown Bros. & Co., MqCown ,& Co. Bi,iJft>lo — Citizens' Commercial Trust Co„ (jlenny, Mojiro & MoU, N. A, MacDonald ,& Cq., O'Brtan, Potter , & Co., SchpellHORf , & Cp., Inc. , , , , , . , .; Pi'ovidence, R. I.- — Hprnblower & ^eeks., Price Range — N. Y. S. B. Jan. 1, '18, to Jan. 1, '21 1920 High 101% Oct. 2l; '19 ' 93:Jan.i 7 Low. 90 Oct. 14, '20 90 Oct. 14 NIAGARA FALLS POWER CO. (THE) Ref, & . Gen. 6s. Due Jan. 1, 19S2. Dated October 1,, 1909. , Interest, payable April and Oct. 1, at Trustee's , office,' •.Tax Statua-^2% Federal Inqome Tax paid by company without deductiori. Tax exempt in New York State. >' ' , , , Authorized '. , $20,0'00',000 '((utstaniling ,..'...; ; 8,226,000' Reserved for ^tA. .........'.. . ll.fUMa ' Issuailce Restrictions — N.o addit:ional Ijonda issuable under this mortgage while 1st & Cons. Series AA bonds g.re outstanding. Denomin'ation^-Coupon, ' $l,0O0j 'Reglfetetfable as to principal. Registered. .$1,000. $5,000 and $10,000. C. .&( R. .interchangeable., , , Trustee — Bankers-* Trust Co., New York. I Organization^— See 1st & Cons, .Mtge. Secured by second mortgage upon property of company covered by the '1st- &s,'and by first lien on entire' outstanding : $6,480,000 De^ benture' 6%' bonds; due'1932 (no prior liens), and pi'act'ically the entire ' capital ' stock smd all' funded indebtedness of the Canadian Nia- gara Potver Company; 'which owns and oper- ates a power generating plant on the Cana- dian side of the Niagara River, and 'by all the outstanding stock of the Niagara Junction Ry., which' owns' and operates a terminal switching railroad of 4.86 miles with six miles of sidings' extending through' lands of the Niagara Falls Power Co., and serving the manufacturing plants there 'located. Prior Mens^$10,000,000 1st "6Si dUB' 1932 (on American 'Property only), 'and $175,000 5%' bonds of, Niagara Junctioni Ry.'Co., of NIAGARA GORGE RAILROAD Ist 68. Due Jun* 1, 1927. Dated June i; ISC'?. Interest payable June and Dec. 1, at Commonwealth ' Trust Co., Buffalo. N. Y., , , [ . ,Tax Statuses ,%, Federal , income Tax paid by company without deduction. Authorized $1,000,000 Outstanding , 949,000 Held in Treasury 51,000 Denomination. — Coupon, $1,000. Registerable as to principah ' Trustee' — Commonwealth' Trust Co., Buffalo. Organizationi-^lTicorporated in New York in 1899' as a reorganization of Niagara Falls & Lewiston R.' R. ' ' '' (Capitalization. ' Oiitstanding. CoTijmon 1 ... 1 ..'. .^ .....'.,.'...'.. J .$1,00 0,()00 Puiided debt'., ........'....I 1,000,000 Secured by, 'a flriat mortgage' on 16 miles or electric rajlTyay I f rom Niagara Falls to Lewis- ton, N. ,Y., and 9, flrst lien on $146,000 o( $160,000 Ist Mtge. bonds of Lewiston & Yolmgstown , Frontier Ry. Co., '.which owns eight miles of railway leased to and operated by' Niagara ' Gorge R. R. - ' ' Years ended Dec. 31; ' ' ' ' Gross. Net., ' Interest. 1920.;. ,,$224,732 , ,$81,549 $5?,575 1919. 176,330 54,993 57,849' 1918'. .;.... 98,397 23,484' 56,960 1917 152,099 60,227 47,806 1916. 122,306 "36,917 47.951 936 NIAGARA tiGHT. BEAT & POWER CO. 1st 5s. Due May 1, 1924. Dated May.l, 1?02'. Interest payable May and Nov. 1„ at New York, T'rust Co.. New York., , Tax Status — Payment, of Federal Income Tax. not assumed by company j Authorized and Outstanding $250,000' Denomination — Coupon, $1,000. Registerable as to principal. ' ' Trustee — New York Trust Co., New Ybrk. Bedeemablo' at 105 and interest on any in- terest date upon 3'0 da^'s" notice. Control — Incorporated in New York in 1900 as a consolidation of the Tonawanda Gas Light Co., Tonawanda Lighting Co. and 'the Standard Cas Co. On July 1, 1919, the property of this com- pany was acquired by. the Republic r,ight. Heat & Power Co., Inc. The latter company is con- trolled through stock, ownership by the Frost Gas Co., a .subsidiary of the Cities Fuel & Power Co. a' subsidiary of the Cities Service Co. ■' . , , Secured by a first, mortsage on all the prop- erty .formerly, owned by .the company -and includingi .plaflts supplying artificial ' gas in the towns 'of Tonawanda and North Tona- wanda; and natural eaa in town of Amherst. The company 'wholesales gas to ■ the village of Kenmore. Pranchisea unlimited in* point of time and include franchise tox electric light. • iJnderlies — Cona. & Ref. Ba. due 1925, which provide for the retirement' of thiB'.issue.' Market. , ,' ' , . New York — Henry L,. Doherty ' & Co., Berdell Br6s. , , ,, Price Range. Jan. 'V'-oe, to Jan. 1, '21 , 19^0 . ■ Bid. Aslc. ■'■Bid-. Ask. High 109 '09 102^ "09. '75 .Mar. 92 Jan. Low. 60 "15 70' '15 '65 Sept. 78 Sept. ' NIAGAKA MGHT, HEAT ,& POWER CO. Cons. & Ref. 5s. Dne May 1, ' 1985. Dated, May 1, 1905. Interest payable May and; Nov. 1, at New Tork Trust 'Co., Jjlew Tort ' • . ■ Tax Status~2% Federal Inconie Tax paid by company without deduction.' . ' ' Authorized ! . .'; '.'. ','. . $5dp,00.D Outstanding ....'.;.'., J ..'.".. 1..'.' . 164,000 In Treasury ^ . . ; . . . .'.'. . .' 16.000 Reserved to Retire Prior Xiens. J 26o,O0O Reserved for Est. 80,000 ' Denomiuation^Coupon, $1,000. ' Register- able as to, principal. " Trustee — ^New York Trust Co.,' New York. Redeemable on any interest date at 105 and interest upon 30 days' notice. Control — See iat 53 of l'922. Secured by a second mortgage on property described under 1st 63 above. ' Prior Lien — $260,000 1st 63 c)f .1^22. Market. ' ■ 'N«w 1?oi^k— B. & p. Kandol4h,,;F.'H. Hatch & Co., Beiri-611 Bros. " ' ' ^ Price Range.' Jan. 1, '09, to Jan. 1, '81 . 1980 Bid; Ask. , Bid. ASk.' ttigh 89 '16 100 '09 ■ 65 76 '- : Low. 58 '15 65 '15 .. ... NIAGARA, I.OCKPORT & ONTARIO POWER CO. l^t S. V- Ss. Due ISlov. 1. 1954. 'Dat^d Nov. 1, 1904." Interest payable May and Nov. 1, at Trustee's office. ' Tax Status — 2% Federal .Income Tax paid by company without ' deductibn. ' Tax exempt in New York State; Authorized $5,0,00,000 ' Outstanding: 3,686,000 Held in .S. F : 1,'314,000 .Benonitnatian — Coupon, ' $1,000. Register- able as to principal. ' Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- terest date as a whole only. ^ Sinking Fund — An annual payment at the rate of 13 cents per 1,000 l^ilow^tt hours, or an amount , eaual to 4 % % of gross earn- ings, minimum payments i to be $26,000 per annum to and including 1919, $35,000 per annum from 1920 to 1929, and $B0,0O0''Per annum from 1930 to maturity for the pur- chase of these bonds at not over 120 and interest ; bonds so purchased to be kept alive as to interest, but principal oancellted as to their ' lien on the property. ' If bonds cannot be purchased at 120 and interest, the fjinda may be invested in bonds legal for savings banks in New York State, It, ia eatimated that this * fund will be , aupicient , to ,retije entire issue before maturity. Organisation — See Ref. 6s, Secured by first mortgage upon steam gen- erating plant at Lyons and Auburn, N. Y., •3,824 'acres of 'land 'forming a ' continuous rightiot-way for W4 thilea from the Nlagatia River ' to Syracuse, '27 'miles from Lockport to I Lackawanna, seven imilBB' from Weedsport to Aubtirn 'knd' 18 miles of other lines, to- gether with right~of-Jway along '130 -miles, 406 I "miles of 'duplicate 'transmission a,iid branch lines, switching atatldn and 'private telephone ayatem'' parallelling the main lines: alao a secoild -mortgage on the property for- merly owned by the Salmon' River Power Co.,' comprising a 'hydro-electric plant' of 35t- 000 h. p. on the Salmon 'River a;nd' 42' miles of transmission lines to Syracuse,', N.'''Y.' (See 'Ref. «a for full deteils.) ' ' , ' ■ ■ ^ . • Prior lien — 54,773,000 (closed mortgae'e) Salmon River 1st 6s of 1952. ' Underlies— Ref.. . S. F.'ies of 1958; under which mortgage bonds are reserved to retire this issue. • , - , Years ended Dec. 31 (consolidated): Gross. Net. 'Int., etc. 19i20..'... .. i . $2,899,648 $949,031 .$778,873 1919 2.361,246 751,310 ,632,088 1918 3,148,759 866,743 679,631 1817 2,311,718 771,884 ,558,900 1916 1,833,431 964,382 , 567,658 *Inpludes contractual cliarges, but not in- tt^rest on ' bonds' ih' sinking fund&. ' ' Listed on the New York Stock" ^ Exchange. Original Market ^- Offered Jan., 1910, at 93 "4 ' and interest by Wm. Salbinon & Co., New York and Chicago; B:'H. Rollina &:'Sdha, Boston, New Tork, etc., itad J.' 'C. 'Dann'& Co.; 'Buftalb'. " ' Market, ,-■ ■> New York — Samuiil GBldschmidt, Harte- horne & Battelle,' Morton, Lacherlbi^uch & Co., Vanderhoef »& 'Robinson, -Watson, Ami- strong &'Co. I. ,1 , . ■ , , Boston — L. Sherman Adams, Blodget & Co.,; Willtam lO. Kimball & Co., iMoora & Cabot. ' , ; -, ; -. , ,i ; , Philadelphia — Bauer,, Starr, &: Co., Parsly Bros. & Co. , , , ■ , ,, , , ClviacffpT^Blair & Gp. , , Bulf alp — Citi^pns pornmercial Tru^t Co., Evers, Reber & Co;, O'Brian; Potter & Co., 'N.' A. McDdnald & Co.', SchoeJlkopt, Hut- ton & CO., Inc: . ' Providence, It. I. — Hornblower & Weeks. Price Range — N. Y. S. E. Jan. 1, '15, to Jan. 1, '81 1980 High' '9514 Nov: 13, "16 ' ' ' 88 Jan: 14 Low.' '81 Deo. 4, '20 ' .81 'Deo. 4 937 NIAGARA, LOOKPORT & ONTARIO POWER CO. Ref. S. F. 68, Series ' 1st Cons. 4s, due 195,2, and.^Ofii. Unified 41^8-- Bonds -are; reserved under tjhe latter mortgage for th,e ret.i:i'enient oi this isgue. - , i I^egal for Savings 'tBanks in Cal., Conn., li^ich.. -Miijn.,, N. H., N. J., N. Y.> R. I. ajid Wis.;, also , Baltimore Trust Funds, Listed, on Baltimore Stock Exchange. Market. ' New YjokIc — Samuel .Goldschmidt. Charles W. Piaee, Raynion.d M. Smith, Taylor, Smith -& Hard. Pljilad-elphia— i-lsaac Stam", Jr.,i & Co. Haltimore, Sld.-^ — BarroU, Corkran & Co., -John D. H.o>vard & Co., Jenkins, Whedbee & Poe, Mackubin, -Goodrich & Co., B^'inkraan ^ Co. .Price Range. Jan. 1, '09, to Jan. 1, "41 1920 Bid. Ask. Bid. Ask. ^Hig-h 112''Ji '09 112 '13 89i^ Nov. 96i^ Jan. Low. 85 '20 95 '20' 85 Dec. 95 Jan. NORFOLK & CAROLINA RAILROAD CO. 2d 5s. Due Jan. I, 1!)46. Dkted Jan. 1. 189fi. Interest payable Jan. and July 1 , at Trustee' s office, Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage riOutstajn^ing . . . ,, $400,000 Denomination — Cpupon, $1,000. Register- able as to principal. ' Trustee — Safe Deposit & Trust Co., Balti- inbre. ' , AsBumed by the Atlantic Coast Line ^. R. Control — See 1st ' 5s. Secured by a second mortgage on 109.58 miles of -road from Pinner's Point, Va., to Tarboro, N. C, and branches. Prior Lien — $1,314,000 Nor. & Car. 1st Bs of 1939. Underlies — Atlantic Coast Line Cons. 4s of 1952. ai3il .Gen. Unified -l^^s. Bonds are vu- serveH un<.l<^r,tl"e Ifittur nioitgage for the re- tire'iiient oT t'li.s is.^iit'. , i Legal for Savings Banks in Cat., Conn., Minn., N. ' H., N. Y.' and R. I.; and also Baltimore Trust Funds. liisted on the Baltimore Stock Exchange. I^larket. N<^w iYovk — Charles W. Place, R,emick, Hodg-?s & Co,, 'Raymond M. Smith. Biiltimcre.Md. — F^arroll, Corkran & Co., John D. Howard & Co., Jenkins, Whedbee & Poe. Fri^e Range. Jan 1, *16, to Jan. 1, '21 1930 Bid. Ask. Ask Hiffh 104 '16 95^ Jan Low. 75 '17 951^ '20 55V2 Jan, NORFOLK & PORTSMOUTH BELT WNE RAILROAD 40-'year 1st 6s. Due Febj 1. Dated 1898. Interest payable Feb. 1 aad Aug. 1, at Trustee's office. Tax Status — 2%- Federal Income Tax paid by company without deduction. ^ Authorized $400,000 Outstanding , 250,000 Reserved for Ext 150,000 Denomination— Coupon, $1,000. .Register- able as to principal. Trustee — Fidelity Trust Co., Philadelphia. Organization and Control — Incorporated' in Virginia in 1898. Present name adopted in 1898. In June, 1910. absorbed the Elizabeth River R. R. The entire captal stock, $57,60b. is owned jointly by the Norfolk & Western Ry., New York, Phladelphia & Norfolk R. R.," Norfolk Southern R. R., Seaboard Air Line Ry., Atlantic Coast Line R. R., South- ern Ry., Chesapeake & Ohio Ry. and Vir- ginian Ry. Cos. Capitalization. Outstanding. Common $57^600 Funded debt ,. 396,500 Secured by a first moitgage on 14 miles of terminal railway including line from Port Norfolk to Berkeley, Va.,.5.8 miles, together with certain equipment, real estate, build- ings, etc. I Years ended Dec,. 31: Gross. Net. Int. & Rent. 192,0 $618,355 $139,493 $108,158 ♦1919 48,668 54,192 53,2G7 11919 701,227 160,197 97,S55 *1918 48,668 48„671 29,401 11918 739.813 175.755 126,830 1917 425,129 124,663 7"?, 613 ♦Corporate account. t Federal account^standard return not in- cluded. (a) Includes "standard return." Market. ^ New York — Finlay & Davenport. Philadelphia — Samuel K. Phillips & Co. Price Range. Jan. 1, »18, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 84 '18 88% '18 75 85 Low. 75 '19 751/3 '19 70 80 ■ no NORFOLK & PORTSMOUTH TRACTION, CO. 1st 5s. Due June 1, 1936. Dated May 10, 1906. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $8,000,000 Outstanding (June 30, '20) 6,143, 060, Held in S. F 221,000 Held in Treasury 1,133,000 Purchased and Held , , 132.000 _ Tnissued '. ^71,000' Denomination — Coupon, $l,p0'0. Register- able as to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable at 110 and interest on any in- terest date on 60, days' notice, or for sinkiijg fund on 10 days' notice. Sinking Fund — Semi-annually, beginijing 1916, V4. of 1% of outstanding bonds, includ- ing those in sinking fund for the purchase or redemption of these bonds at not over 110 and interL^st. Assumed by the Virginia Ry. & Power Co. Control — Incorporated in Virginia in 190 6 as a consolidation of the Norfolk, Portsmouth & Newport News Co.. the Berkley St. Ry. Co. and the Qld Dominion Ry. Co. Company was merg-ea in 1911 into the Virginia Ry. & Power Co. < . : ■ , Secured by first niortgae^ on 60 miles of ttaok and on '99-year leasehold interests in 56 miles. comprisinET the" greater part of the street railwa,y , system of Norfolk, Portsmouth. Berkley and Suffolk. Va., with plants supply- ing electricity to those four cities and gas to Norfolk and Berkley, as well as ferries operating between Norfolk, Newport News and Old Point Comfort. Franchises — Norfolk Street Railway expire in 1944, electric lighting and ■ gas are per- petual, Portsmouth Street Railway expire in 1926. 1927 and 1932. Suffolk electric light- ing expires 1945. Others are perpetual. Underlies — Va. Ry. & Pr. 1st &. Ref. Bs. Earnings — See Virginia Ry. & P. Co. Listed on the Philadelphia, Boston, Balti- more and Pittsburgh Stock Exchanges. Original Market — Offered in 1906 by Chan- dler Bros. & Co., Philadelphia, New York, etc., at 9 8 and interest, and also by Midden- dorf, Williams & Co.. Baltimore. Market. New York — Dunham & Co., Hambleton & Co., Edmund & Charles Randolph. Pllilndelphia — Bauer, Starr & Co., Mc- Cown & Co., Samuel K. Phillips & Co. Baltimore, Md. — Jenkins, Whedbee & Poe, Smith, Lockhart & Co. Norfolk, Va. — Mottu & ; Co. , , Price Range-. Jan. 1, '08, to Jan. 1, '21; 1920 .' .Bid. - Ask.' Bid. A2ak. High 95 '08.! 97 '08 65 Mar. 70 Mar. Eow. B7 '20 60 '20 57 June 60, June NORFOLK & SOUTHERN RAXLROAD 1st 5s. Due May 1, 1941. Dated June 2, 1691; . Interest . payable , May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. , , - ' . Aufhori7.ed . . ,' $1,971,0'00 ' Outstanding ' 1,665,P0Q Pledged under Gen. 5s 316,000 Pledged under Ref. 5s 1,0,0? Denomination — Cpupdn, $1,000. , Register- able as to principal. Trustee — Metropolitan Trust Co., ^ew York. Assumed by Norfolk Southern R. R, Co. Organization — See Geri. 5s^ Secured by a first mortgage on 204.33 miles of road,, viz.: Miles Berkley, Va., to Edenton, N. C 78.80 Euclid to Providence Jet.. Va '■ . V".63 Euclid to Munden, Va '. 22.38 Mackeys to "Washington. N. C 45.13 Mackeys to Belhaven, N. C 29.45 Norfolk to Virginia Beach, Va. -South Route (Electric) , 20,9,4 Underlies — Norfolk & Southern General 6s and Norfolk Southern 1st & Ref. 5s, due 1961, which provide for the retirement of this issue. , . Listed on, the New York Stock Exchange., Market. New "V'ork — Samuel Gpldschmidt, Rutter & i?hiladelphla — Isaac Starr, Jr., & Co.' Price Range — N. Y.. S. E. Jan: 1, '06, to Jan. 1, '21 1920 High 111 Feb. 14, '06 82 Sep. 25 Low, 71% Aug. 12, '20 ■ 71% Aug. 12 NORFOLK & SOUTHERN RAILROAD 1st Gen. 5s. Due July 1. 1954. Dated July 1. 1904. Interest payable Jan._ aQd July 1. at Trustee's office. Tax Status — 2 % ' Federal Income Tax paid by cbmpany without deduction. ' 94 Authorized' ..'.: )..... .Closed mortgcLfe^f, OutsKanding . . i.. . . ... i, $826,000 Pledged uner 1st & Ret. 5s 2,040,000 Denomination — Coupon, $1,000. ReglsiJer- , able as to - principal or fully regtsterable. - Trustee — Guaranty Trust Co., New York. Redee^iable at 115 and interest on eight weeks' notice. , , , Assumed l:|y the Norfolk Southern R. R. Co. Control — Incorporated in J891 as a consoli- dation of the Norfolk Southern R. R. and Ihe Albemarle & Pantego R. R. in 1906 company was merged into the Norfolk & Southern Ry., which was reorganized in 1910' as the present Norfolk Southern R. R. Co. Secured by direct mortgage on 227.34 miles of" road, viz. : .A first lien on 23.01 miles — Virginia Beach to Norfolk, Va.-North Route (electrie) 23.01 ' A second lien on 204.33 miles — Covered by the first lien of the Norfolk & Southern 1st 5s 204.33 Also secured by deposit of {315,000 (of i total issue of $1,971,000) Norfolk &' Southern 1st 5s of 1941. Prior Liens — $1,655,000 1st 5s, due 1941. Underlies-^-Norfolk Southern 1st. & Ref. 6si due 1961, which provide for the retirement of this issue. " ■ ' ' Earnings — See Norfolk Southern R, R. Co. Market. New York — Samuel Goldschmidt, ' Fred H. Hatch & Co. Price Range. Jan. 1, '11, to Jan. 1, '21 19»0 Bid. Ask. Bid. Ask. High 100 '11 103 '11 62 Jan. 70 Jarf. Low. 58 '2P 60 '2P" .58 flee. 60 Nov. NORFOLK & WESTERN RAILROAD CO. Gen. as. Due May 1, 1931. Dated May 4, 1881. Interest payable May aiad Nay. -liat Bankers' Trust. Co., Newi York; Tax , Status — 2,% Federal. Income Tax paid by company , without deduction. Authorized Close rnortgage^ Outstanding: $7,241,000 Denomination — Coupon, $1,000. ' Register- able as to principal. Trustee — J'idelity Trust Co., Philadelphia. Assumed by the Norfolk & "Western Ry. Co, Secured by a first mortgage on 427.71 (240 miles double track) miles of road, viz. ; Miles Norfolk to. Bristol, Va i i . . . .40.8.38 Cltyi Point Branch 10.00 Saltville Branch 9.33 Underlies^Imp. & Ext. 6s, due 1934: Div. 1st Lien & Gen. 4s, due 1944, and Conv, Bonds. Retirement of this issue provided for und"e"r; 1st Cons. 4s, due 1996. Legal for savings banks' in Cal., Conn.; Mass., Mich., Minn., N. H., N. J., N. ■ T., R. I... Vt. and .'"Wis.; and also Baltimore Trust Funds. ' Listed on the New York, Philadelphia and London .Stock Exchanges. i 3Iarket. .New Yorlc — Simon Eorg^ .Co., Arthui^ E. Frank & Co., Hocteniiyl, ' Hardy & Co., R. W. Pressprich & Co., Prince & "Whitelyj Redinond &' Co., Retnick; Hodges &' Co., Roosevelt & Son, Rutter & Co,, Raymond M. Smith, Struthers & Hiscoe, Taylor, Smith & Ha]'. I. , , ,. Pililadelphia — Biddle , &, Henry. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 132.1/1 Jan. 22, '06 104% Apr. 12 , : Low. 100 July Ifi '20 100 July 12: NORFOLK & WESTERN RAILROAD CO. New River Div, 1st 6s. Due April 1, 1933. Dated May 12, 1882. Interest payable April and Oct. 1, at Bankers' Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding. .. .$2,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., Philadelphia. Assumed by the Norfolk & Western Ry. Co. Secured by a first mortgag-e on 194.30 (81 miles double track) miles of road, viz. Miles Walton Jet., Va., to Kyle, W, Va 83.22 Branches to Coal Mines, etc 51.26 N. Carolina Jet. to Fries, Va 30,40 Branches to Ore. Mines 29.43 Underlies — Imp. & Ext. 6b of 1934; Div, 1st Lien & Gen. 4s of 1944, and 1st Cons. 4a of 1996, which latter provides for retirement of this issue. Legal for savings banks In Cal.. Conn., Mass.. Mich., Minn., N. H.. N. J.. N. T., R. I., Vt. and Wis.; and also Baltimore Trust Funds. Listed on the New York and Philadelphia Stock Exchanges. Market. New York — Simon Borg & Co., Hodenpyl Hardy & Co., R. W. Pressprich & Co., Prince & Wliitely, Redmond & Co., Remick, Hodg-es & Co., Roosevelt & Son, Rutter & Co., Tay- lor, Smith & Hard. Philadelphia — Barnes & Lofland, Eiddle & Henry, Morley Wood & Co. Price Range — N. Y. S. E. Jan. 1, '09, to Jan. 1, *21 1920 High I28V2 Feb. 2, '09 103 Feb. 24 Low. IOOV2 Sept. 25, '20 lOQi^ Sept. 25 Price Range-— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1930 High 130% Feb. 15, '06 104% Jan. 106^ Jan, Low. 116% Sept. 18, '15 99 Dec. 104% Nov. NORFOLK & >VESTERN RAILROAD CO. Imp. & Ext. 6s. Due Feb. 1, 1934. Dated Dec. 21, 1883. Interest payable Feb. and Aug. 1, at Bankers' Trust" Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Autliorized and Outstanding. .. .$5,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., Philadelphia. Assumed by the Norfolk & Western Ry. Co. Organization — The Norfolk & Western R. R. Co, in 1896 was reorganized as the Norfolk & Western Ry. Co. Secured by a second mortgage on 566.21 miles, covered by the first lien of the follow- ing: Miles N. & W. Gen. 6s 427.71 N. ^ W. New River Div. 1st 6s 138.50 Prior Liens — $2,000,000 Norf. & West. New River Div. 6h, due 1932; $7,241,000 Norf. & West. R. R. Genl. 6s, due 1931. Underlies — N. & W. Ry. 1st Cons. 4s of 1996. which provides for the retirement of this Issue, and Div. 1st Lien & Gen. 4s of 1944. X.egal for savings banks in Cal., Conn., Mass.. N. H., N. Y., R. I. and Vt.: and also Baltimore Trust Funds. Listed on the New York and London Stock Exchanges. Market. New York— Simon Borg & Co., Hodenpyl Hardv & Co., R. W. Pressprich & Co., Prince & Wliitelv, Redmond & Co., Remick, Hodges & Co., Roosevelt & Son, Rutter & Co., Tay- lor, Smith & Hard. Fbiladelphia — Biddle & Henry. NORFOLK & WESTERN RAILWAY CO. Incorporated in Virginia in 1896 as a reor- ganization of the Railroad Company of the same name. The company owns 2,183 miles of road of which 704 miles are double- tracked from Norfolk, Va,, to Cincinnati and Columbus, Ohio, with branches to Cincinnati, O., Hagerstown, Md., Durham and "Winston- Salem, N. C, and numerous points in the Virginia and West Virginia Coal fields. The company controls, througrh ownership of its entire capital stock, the Pocahontas Coal & Coke Co., owning extensive coal deposit in Virginia and West Virginia. As 67% of the tonnage transported by the Norfolk & West- ern Ry. Co. consists of products of mines, these holdings are of great value to the com- pany. $41,027,700 of the common stock and $113,- 150 of the preferred stock is owned by the Pennsylvania R. R. Co. and the Pennsylvania Co. Capitalization Outstanding Common $121,483,500 Preferred (4% non-cum.) 22,992,300 Funded debt 103,371,000 Years ended Dec. 31: Gross. Net. Interest. *1920 $46,841,155 $13,643,557 $5,439,951 *1919 20.711,875 19,975,222 5,461,442 tl919 76,925,599 12,904,313 *1918 20.634,142 19,918,302 4,113,775 tl918 82,004,034 20,424,737 1917 65,910,24 2 23,182,055 4,235,919 1916 59,449, 982 ■ 26,160,572 4,360,498 ♦Corporate account. tFederal account — standard return not in- cluded. 942 NORFOLK & WESTERN RAILWAY CO. 1st Cons. 4s. Due Oct. 1, 1996. Dated October 22, 1896. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $62,500,000 Outstanding 40,387,600 Reserved for Prior Liens 22,099.500 Denomination — Coupon, $1,000, $500 and ^100. Registerable as to principal and fully registerable. Registered, $1,000 and $5,000. Trustee — Bankers' Trust Co., New York. Secured by direct mortgage on 1,6^0.65 miles of road, terminals, etc., as follows: A first lien on889.93 (106.91 double tracks miles— Miles. Norfolk to Lambert's Point, Va 5.30 Knitting Mill Branch 1.00 Graham to Norton. Va 100.40 Lynchburg, Va.. to Dunham, N. C 114.10 Hagerstown, Md. , to Winston-Salem, N. C ' 359.81 Kyle, W. Va., to Coal Grove. 190.66 Speedwell Jet. to Fries. Va 13.09 Branches 105.56 A second lien on 164.53 miles — Covered by the first lien of the follow- ing; Scioto Valley & New England 1st 43. . . 127.46 Columbus Connecting & Terminal 1st 5s 4.6B N. & W. New River Div. 1st es 32.41 A third lien on 586.31 miles — Covered by the first lien of the follow- ing: N. & W. Gen. 6s 427.71 N. & W. New River Div. 1st 6s 138.50 Also a first lien on the terminals at Lam- bert's Point, Va., and on the construction and repair shops at Roanoke, Va. further secured by deposit of $7,163,929.90 Equipment oblisations of the Norfolli & West- ern R. R. Co., which were purchased with proceeds of these bonds. Prior Liens— $19,847,000 as follows: Columbus Connecting & Terminal R. R. 1st 5s, 1923 $600,000 No^rfolk & Western K. R. Gen. Gs, „ 1931 7,241,000 Norfolk & Western R. R. New River Div. 1st 6s, 1932 2,000,000 Norfolk & Western R. R. Imp. & Ext. 6s, 1934 5,000,000 Scioto Valley &. New England R. R. 4s. 1989 6,000,000 Southside R. R. Cons. 3rd Pfd. Bond 1,000 Virginia-Tennessee R. R. Enlarged Bonds 5,000 A like amount of 1st Cons. 4s has been re- served to retire these issues, but same may be extended at maturity, but cannot be increased. In case they cannot be redeemed with bondd of this issue. Underlies — Dlv. 1st Lien & Genl. 4a, due 1944, and Conv. bonds. Legal for aavin&s banks in Cal., Conn., Mass., Mich., Minn.. N. H., N. J., N. T.. R. I. and Vt. : and also Baltimore Trust Funds. Listed on the New York, Richmond and Lon- don Stock Exchanges. Market. New Vork — Big:elow & Co., Simon Borg & Co., Arthur E. Frank & Co., Granger & Co., Herzfeld & Stern, Hodenpyl, Hardy & Co., Kountze Bros., Newborg & Co., R. W. Presa- prich & Co., Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Roosevelt & Son, Scliuman & Seligmann, Seasongood, Haas & Macdonald, Struthers & Hiscoe, Vilas & Hickey, Joseph Walker & Son, Ed- win Wolff. Fhlladelpbla — Biddle & Henry, Brown Bros. & Co., Reed A. Morgan & Co. St. Louis, Mo. — Francis Bros. & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Coupon. High 102ys Mar. 30, '06 80 Jan. 2 Low. 67% May 20, '20 67% May 20 NORFOLK & WESTERN RAILWAY CO. Di- visidnal 1st Lien & Gen. 4s. Due July 1, 1944. Dated July 1, 1904. Interest payable Jan. and July 1, at Bankers' Trust Co., New York. Tax Status — 2% .Federal Income Tax paid by Company without deduction. AnthoTized $35,000,000 Outstanding 23.000,000 Reserved for Ext 12,000,000 Denomination — Coupon, $1,000. Kegisterable as to principal. Registered, $1,000 and mul- tiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 106 and interest on any Inter- est date after Jan. 1, 1929, upon three months notice. Secured by a direct mortgage on 1,871.29 miles of road, viz: A flrst lien on 227.25 miles — Miles. Vera Jet. to Cincinnati and Ivorydale. Ohio 106.92 Hillsboro Branch 18.92 Sciotoville to Vera Jet.. Ohio 6. SB Naugatuck to Kenova, W. Va. (low grade line) 59.16 Dry Fork Branch 36.40 A second lien on 913.31 miles — Covered by the first lien of the follow- ing N. & W. 1st Cons. 4s 889.92 N. & W. New River Div. 1st 6s 23.89 A tiiird lien on 164. S2 miles — Covered by the second lien of the fol- lowing N. & W. 1st Cons. 4s 164.52 A fourtll lien on 566.21 miles — Covered by the third lien of the follow- ing N. & W. 1st Cons. 4s 666.21 Also secured on all other property covered by the N. & W. 1st Cons. 4s, but subject to the lien thereof. Prior lAena — $60„247,500 prior liens as fol- lows Columbus Connecting & Terminal R. R. 1st 6s, 1922 $600,000 Norfolk & Western R. R. Gen. 6s. 1931 , 7,241,000 Norfollc & Western R. R. New River Div. 1st 6s, 1932 2,000,000 Norfolk & Western R. R. Imp & Bxt. 6s, 1934 6,000,000 Scioto Valley & New England R. R. 1st 4s, 1939 6,000,000 Norfolk & Western Ry. 1st Cons. 4s, 1996 40,400,600 Southside R. R. Cons. 3rd Pfd. Bond 1,000 Virginia & Tennessee R. R. En- larged Mtge. Bonds 5,000 Underlies — Convertible issues. Legal for savings banks in Cal., N. H. and R. I. Listed on the New York and London Stock Exchanges. Original Market — $5,0 00,000 offered by Brown Bros. & Co., New York, Philadelphia and Boston, in 1904 at 96%; $3,000,000 in 1906, $5,000,000 in 1906 and $10,000,000 by Kuhn, Loeb & Co. and the Guaranty Trust Co., New York, in 1909. Market. New York — Simon Borg & Co., Constable & Fleming, Arthur E. Frank & Co., Granger & Co., Herzfeld & Stern, R. W. Pressprioh & Co., Prince & Whitely, Roosevelt' & Son, Rutter & Co., Seasongood, Haas & Mac- donald, Struthers & Hiscoe, Vilas & Hickey. Philadelphia — Biddle» & Henry, Brown Bros. &. Co., Wm. W. Fogarty, Reed A. Morgan & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 99% Jan. 30, '06 78% Jan. 6 Low. 70 Aug. 4, '20 70 Aug. 4 NORFOLK & WESTERN RAILWAY CO. 10- 25-Year Conv. Deb. 4s. Due June 1, 1932. Dated June 1, 1907. Interest payable June a.nd Dec. ,1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $34,000,000 Issued 26,669,000 lOutstanding: (Jan. 1, '21).... 285,000 Balance Converted. Denomination — Coupon, 51,000. Register- able as to principal only. Registered, $1,000, $6,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date after June 1, 1917, upon 90 days' notice. ( Convertible privilege expired May 31, 1917. Security — ^A direct obli^tion of the com- pany, but not secured by mortgage. Lceral for savings banks in N. H. and R. I. Listed on the New York and London Stock Exchanges. Original Market-^Underwritten by Brown Bros. & Co. and the Guaranty Trust Co., New York, and offered to the stockholders in De- cember, 1906, at par: $10,993,000 were offered to the stockholders in March, 1910, at par and taken by them, ' 943 Market. ■ ' ; • ^ // New York — Simon Borgl& Co.,.iGranger & Co., Newborg &. Go.i ■ /.. ... , .Philadelphia— Biddle & EEenry,: Reea, A. Morg-an & Co.; , , , ■ [ JETrice Range — N. y. S. E. Jan. 1, '16, to Jan. 1, '21 1920 , High, 14^^, Oct. iq„'16, , 77^ Jan. 31 Low. ,70 June 21, '30 , JIO June 2i NORFOI-Ki &. WESgOERN RAELWAV CO. POCAHONTAS COAL & COKE CO. Pup- chase IVIouey Joint 4s. Due Dec. 1, 1941. , Dated Dec. 2, 1901. Interest payable June and Dec, 1, at Bankers' Trust- Co., New; York. , Tax Status — 2% Federal .Income Tax paid by Company without deduction. > : Authorized ,.:... .$20,000,,000 Outstanding: (Feb. l; '21) / 15,568,000-. , il^tetH-pd by S. F 4,432,000 Denomination; — Cpupon, $1,000. : , Resiater- able as to principal only^ or fully; registerable. Trustee — Girard: Trust; Co., , Ph'vladelphia. .,', , Bedeei^able at 105 and interest on any in- terest' date i^pon .tiyo moi;iths' jnotipe. , Sinking: Fund — 2% cents per ton of coal mined, for the purchase or redemption of .these bonds at not exceeding 105 and ifiterest , an- nually, beginning April 1. 1906i bonds, so pur- chased to- be ^cancelled. ^ , , , - Organization and Control — Pocahontas Coal & poke,, Co. w^s, incorporated in New Jersey in 1901 and' owns lands and interests in coal lands, in aeyerai counties in ^est "Va,, but has rio powei;-, to engage in- buying or selling qoail and coke. Entire capital stock o^ company except directors qualifying shares is owned by the Norfolk & "Western Ry. Co._ Security — ^A joint ohligfition of both, corri- panies, but as betweetl themselves th6' Cfi'al Co. is directly and ,prima'rily liable. .Secured by- 1 first mortgage on'' approximately SOO.'OOO acres of coal lands* of whi'ch about' 175,000 acres- are leased to the tT. S. St'efel Cbrporation ana-othei^ cdmpd.riies arid by pledge of' $90'0,0Q0 stock , of the 'Trans'. Flat Land Associatitift, 2p,995 sharps ^of Comnion and 2,300, shi^^es of fteiEerred" Stock of the PocahOntas Fuel C^q. and 5 sliares of the Philadelphia Coa^ Lapd Co. . • . liisted on' the New' York St6ck Exchange. f ; ' , Market. ■ , , , New. York. — Simon Borg & Co., Arthur, E. Frank & Co., Hartshorne & Battelle, New- borq^ i& Co,-, ,'R.i W. Pressprioh & Co., Prinze & Whitely, Redmond & ;Co., Rutter & Co., Strjith'ejjS & I-Iiscoe, Vilas & "Hickey|, Watspn, Arm.stronf? & Co. ' Pliiladelpliia— Biddle & Henr^y, Henry D. Eoennlng- & Co., Srto^Vn' Bro^. &' Co., Elkins Morps, & Cp., AVilliiarh W! Fb^art^,' Graham, Parsons & Co., McCown & Co., 'ISaac Stkrr, Jr.; '.ft' 'Co. ■ _ ' Trice KaAge — N. Y. S. E. Jan. 1, '06, to Jan. 1, *31- ' 1920' ■ Hi'gh 95 V> Jan. 12, '06 - ' 81 Oct. 6 LbW.' 73'V2 ■M-ay>7, '20 ■ i ■ .i72i4' May 7.i NORFOLK & WESTERN RAILWAY COj 10- aO-Ycar Conv. 4s. Due Sept. 1, 193^j: 'Dated September; 3,, 1912i Interest payable March and Sept. 1, at Bankers' Trust Co., NeW 'York. ' •' ■ m . ■■ i- > ■; .i ,■ ,- ■ • Tax Status — 2% Federal Income Tax paid by Company. iwi1;hout deduction. .' ' Ahthorized , . .'J. . .■- <. .-. . : . . . .; .$13j300.000 Outstanding (Feb. 1. '21);. ..■.' 92^000 In Treasury 269;000 \ Balance Convlerted. > ,f <> • •>i> .Denomination — Coupon, $l,'00O.i Refe'ieterable as; toi pniucipai: -. Regi'steredi $1,000, ' $5,000. C. & ,R. interchangeable. • i ■ ' ' i ! , (Trustee^-j-Guaranto^ Trust Coi. 'New- York'. Redeemable at 105 and intei'6st''-ion' ainy in-' Hi tenest' date I. after Sept. 1;/ ia22. on 90 days' notice. , . i . ,; i n i CoATertibre at p&^r into the' common sflocik of the c'ompaiay) at. anyi time before i Sept. 1, 1922. . 1 Security-'— A direct obligation' of the - com- pany, but not secured by mortgage. ■ Leg:al fori savings banks in N, H. and R. I. listed on the. New York Stock Exchangre.j I Orijgrinal Market — Offered to the stockholders in January; 1912, at pdr and interest to an amount , equal to 12^% of their holdings- at the close of business January 1; 1912. - ■ iMarket' , i -' "- New York — Slmon Borg & Co,', Newbdrg' '& Co. ■ Piiiladelphia — ^Biddle & Henry, Reed A. Morgan & Co. Price Ringe— N. Y. S. E. Jan. 1, '16, to Jan. 1,, '31 1920 High 143 Oct. -5, '16 ' 76 Mar. 8 ' Low. 75 Mar. 12, '20 75 Mar. 12 NORFOLK & WESTERN RAILWAY CO. 10- ' '25-Ypar Conv. Wzsi Dtie Sept. 1, 1938. Dated Sept. 2, 1913. Intefre^ payable TVEarch and Sept. 1, at Bankers' Trust Co.-, New York; -Tax ' Status— 2-% ■ Fedei-adl Iricome Tax paid by Company without deduction. Authori»ied ,'.'. . .'.'.'.: ; : . . $r8',363.000 Outstanding: (Fbb. 1, "211 '531,OO0'' In Treasury ....:'.. 1,213,000 ' BaUn^e Gont^erttd. ... Denomination — Coupon, $1,000. Regist6rabI6 as to principal. Registered, $1,000, $5,000 and multiplies.! C. & R. interchangeable. Trustee — Guaranty Trust Co., New York.. ■ Redeemable at' 106 'and interest on > any in- terest' da'te after Sept. 1, 192&. ' ' Convertible bfeiPore Sept. 1, 1923, into Com- mon Stock' Of the company at par.' Secur'it>' — A direbt obligatjpn'/of the com- pany, but not'.sexjijrcd tfy n^oi-'tkag^_^ , / /, Legal for .savings banks in N.' H. an,d. R., I. Listed on,,t^e New ^prk. and,,Lpnd6n',ptock Exchanges.- , i ' : , Original ^larket — Offered to . stockholders at 102% and interest. June, .IS^IS. ' Market. , ,,.,[ New Y'ork — Simon Borg & Co., Newborg & Co. I ■ , ■ ■ Philadelpliia — Biddle & Henry, Reed A. Morgan & Co. fi .*•■ Pricft iRange— N. Y. .S. E. , , -o, Jani.X, '16, to Jan. 1» '31 , 1920 High 145 Nov. 8, '16 96% Jan. 97- Feb. Lqtjv. . pe;^, Dec. 5,, '19 78 Apr, ....j.. NORFOLlv & WESTERN RAIlWAY CO. 10- Year Conv. 6s. Due Sept. 1, 192i9. Dated Sept. 1, 1919. Interest payable feept'. 1 apd March 1. ' '■ ' Tax- Status — Payment of Fedet-lal ' Irlcome Tax not ia'ssumed by CompanV; ' > - iAuthoarized . ; : v .$117,945,000 I Gutstanditig (Feb» 1, '21)..... 16,771,500 In Treasury . . i ,...;. 522.000 m Balance converted. \ , i . - , Purpose of Issue — To makej financial pro- vision for expenditures ' made and to bojraade for additions and betterments. ■ Denomination — Coupon. $aj,.000. Registerable as to principal, or fully registerable.. i i Registered $1,000, $5,000 and multiples .of $5,000. Cfc & R. interchangeable, i- , > . '' :Tr«stee^Guaranty Trust Co.. New York. ; Convertible at any time during, .the life I of the. bonds into common stock at' par. \- Security-+.-A. dirtct obligation of the; com- pany, but not spcur-ed by a mortgage^ ' .; ) t^gal for savings banks in N. H. and R; I. Listed on thQuNew Y^rk Stock Exchange. Original, 'M»irket — 'Holders .©f common stock apd ladjustment pveferred' stock (if recotd Dec. 18, 1918, were offereft th? privileseiof aub- scribiue at par on or before Jan. as, 1919,. in amounts equal to, 12 14% of their respective holdings. :ii' . ) ,. ,, ' ,<' Subscriptions by stockholders ' aggregated $17,419,600. ■• " ■ ■ ■■' ■- _: „ , Market New' York— Simon Bbrg & do.', fiferzfeld & Stem, NewlDorg & G6. ' rhilMlpIpWiii— Biddle & Henry,' 'Ellii'ns, Morris & Co. r" . ;^ JPittStyurgh, Pa. — The Union' Trust Co', of PittSbiirgh. Price Range — N. Y. S. E. Jan. 1, '19, to Jan. 1, '21 W261 . , High HOVi May 19, '19 10B% Nov. 26 Low. 94% May 19, '20 9414 Mayil9 : NORFOLK & WESTERN RAILWAY CO. 4- Year 6% Secured : Notes. Due May 1, 1934. Dated May 1: 1920. Interest payable' Hay 1 and Nov. 1 at Guaranty Trust Company, New "^ork. ' ' , ■ . . Tax Status^Payment of Federal Ilibome Tax hot assumed by cdpipany. , /, ' Authorized $2,B00,M0 Outstanding 2,500.000 ' Purpose of Issue — The net proceeds of thi'a issue, will be applied to the cost of construction df' a' branch line of railrCad, extending, ,f, or about, 18 V2 miles from L^noVe, "West "Va..;on the company's lines, to coal n^ines from which it is expected the company , will derive., ap- proximately 1,000,000 tons of coal trafHc' per annum. 1 Denomination — Coupon, $1,000; registerable as to principal. 'TrtiStee^Guarahty ' Trust Company,' New York. " Redeemable oil any int&rest date prior, to maturity upon 60 days' notice 'at th© follow- ing .prices' plus accrued intetdst : ' Nov.' 1, 192fl, at 101?4; May 1, 1921, 'at 10'l%;'Npv. ;1, 1921, at I'oi'Vi : May 1, 1922, at :|01; Kov. 1, 1922, at 100%; May 1. p^l, at'iOO%; Nov. 1, .lS23, at 100%. ,,' , ,,,, ,' Security^^A direct obligation of . the com- pany and secured by pl^.dge with the trustee of U. S. .Government, liiberty. Loan bonds. - , Thet compa,n,y, -covenants that the market value of the collateral s'o' pledged shall J^e maintained -at all, times eqi^al.to a,t least 110% of the iPriricipal am'ount of the notes of 1;his issue then outstanding. The companiy may at any tirne deposit cg,sh with the Trustee as security for these notes, and in such, event, shalj be .entitled to witli4?aw collateral, but only to suih ail ' extent' thaf the marke^'. valiife of the collateral securities |re- mainiRg on depCsit with -the Trustee shall be maintained at not les than, ,110i% , of, the prin- cipal amount of notes remaining outstanding in .excess of the cash so deposited. .. ■ Leg:al for savings banks in N. H: and R. I. Original Market — $2,500,000 Miy, '1920, '-by Guflranty Trust Co., New York, at 96''i^'',and interest., , , > - 1 , J- Market , , 'NewYorlc — Simon Borg: & Co. , Philadelphia— ^BicWl? & Henry, ,,Eeed A. Morgan & Co. , . , • , , , ; NORFOLK & WE.STERN RAILWAY EqUipl. I ,4%%' Certlftcates,. "Series, of 1914." , Due iSSOCOOO each Feb. and Aug. l,)to Aug.'il, 1934. |I»at|ed peb, ,2,; 1914., ; Interest paya^J^ - E^b. and Aug. 1, -at qffic^'.pf Trustee. -,.. ■ /Jax .Status — Payment of, Federal , Iricome Tax not assumed! rby Company.- -nu . 1 . A-uthorized -. $10,r000,000 Outstanding: (Mar., 1, '21).... 1 3,500,000 , Balanco Retired. , . ' : , 1 ; DenominatsoRT^-Coupon, $1,000. Registerable as to principal. i , ' , • ■ 1 Trustee — Commercial Trust Co., Philadel- phia. Secured by an equipment agreement on' 80 Mallet ifreight locomotives, 11 passenget loco- motives, 4,000 all-steel 116,000_lbs. capacity hopper cars, 700 allisteel lSO,000-lbs. capacity gondola cars, 600 steel-frame 80,000 lbs. ca- pacity ventilator box cars, 500 steel-frame 80,- 000 lbs. capacity stock cars, 250 steel-frame 100,000 lbs. capacity - flat cars, 35 all-steel first class passenger cars, 29 all-steel miscel- la^ieo^s passenger cars ar^d 5 , q,ll-steel. dining cars, costing not less .than $10,760,000, of which $750,000, or oyer will be paid' in cash by the company. ' ' Leg-al for savings banks in N. H., Ohio and R. I. Original Market — Offered in March, 1914, by Brown Bros. & Co. and White, Weld & Co. at par and interest. , Market. New -York — Simon -Borg & Co., Evans, Stillnian & Co., Freeman & Co. , . Philadelpliia — Biddle &, Henry,, Brown Bros. & Co., Reed A, Morgan & Qo. , ,; NORFOLK RAILWAY & LIGHT CO. 1st Cons. S. F. .5s. Due Nov. 1, 1949, I>ated November' 1.. 1899'. , Interest payable May and Nov. 1,' at Balti^ttore Trust Co,, Bal- timore. ' ' Tax ■Status-^2% PedElral 'Income T4x paid by Company without deduction. Authorized ■ $4,000,000 Out.-tanding: (,Iune ,30, 'i20)i 2,512,000 . Held in S. F. ., ,. . •438,00fl i Reserved for Prior Liens....;.. 1,050,000 ■•Also $171,000, N. S. & R. R. 1st Cons. 63. Denomination- — Coupon, $i',000. Itegi^t^rable as to princi^di. Trustce^Baltimore Trust Co., Baltimore.' Sinking' Fund — 1% ailnualiy of outstdhaing bonds', to be purchased' or"redeerti,ed at not over 110. '•' ' ' ' ' ' ' Guaranteed as to interest iirider terms of lease iby the Virginia, Ry. - & Power' Co. - Organization and Control — Incorporated in Virginia in 1899 as a consollijation of foiir street f-allwa-y, light and' poWer co'miiahies. In 1906 the' property was leased to the Norfolk & Pdrtsmouth Traction Co.', which latter com- pany was consolidated in 1911 with the Vir- ginia Ry.'& Power Co., which assumed the lease. Capitalization. Outstanding. Conlmoh .;.........' .^ .'...'. .$l;6'50 000 Funded debt 4.0.1)0,000 ' Secured by first, mortgage on power ■ plant supplying all the -electric light to Norfolk and Berkley. Va., and by 'second' mortga.ge on 55 miles of street rail^ab's in Norfolk. extensi-Ve real estate and buildings at Ocean View and steamboat operating, be1;weeH Npr'f oik ' and Old Poi'rit Comfort, Ya,. ',', ' ',,'', ' The electric light expires 1930 and street r?.ilway expires 1,944, except a, small portion of mileage in Norfolk which expires in lfl34. except a small iportion- Of mileage lin Norfolk which expires in 1934. i .' , , . Prior Liens — $10,000 Virginia Electric Co. 1st 5s of 1928 and $1',040,000 'Norfolk Street H. B. 1st Cons. 5s of 1344,' for' the retirement of all ot whicfi bOjif'Ss of ' this 'issue have been reserved. ,, , , , ,^ ,| ' '^ Earnings^See Virgihia liy. d"Po-wer Co.' : Listed on the Baftimore and. ;Blohmpnd Stock EJxchanges. ,,. 1 :' ,1, j ,, ' Original Marltet — $1,600,000 offered in Mar.. 1900, by Middendorf, Oliver & Co., and Inter- national Trust Co., Baltimore; John L. Wil- liams & Sona, Richmond, Va., and Real E33- tate Trust Co., Philadelphia, at par and in- terest. Market. Fhlladelphia — Lloyd & Palmer. Baltimore, Md. — Brinkman & Co., Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co. Price Range. Jail. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '13 100% '12 75 Nov. 90 Jan. Low. 70 '20 76 '20 70 July 75 July NORFOLK SOUTHERN RAILROAD CO. 1st & Ref. 5s, Series "A." Dae Feb. 1, 1961. Dated February 1, 1911. Interest payable Feb. and Aug. 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $35,000,000 Ontstandingr 12,684,000 Fledged Under 7% Notes 1,677,000 Retired by S. I" 741,000 Held for Co. by Trustee 2,039,000 Held in Treasury or Fledged. . . 200,000 Reserved for Prior Liens 3,130,000 Reserved tor Ext 14,629,000 Denomination — Coupon, $1,000. Re&isterable as to principal. Registered, $1,000 and $5,000. C. & R. interchangeable. Trustee — Central Union Trust Co., New York. Redeemable as a whole, or in part, for the Sinking Fund, at 105 and interest on Feb. 1, 1915, or on any interest date thereafter upon six weeks' notice. Sinking Fund — At least $100,000 per annum as long as any Lumber Company bonds re- main pledged, and proceeds from the sale of the Roper Lumber Co. bonds or stocks, are to be applied one-half to the purchase or re- demption of these bonds and the balance for construction and acquisition. Orgranlzation — Incorporated in Virginia in 1910 as a reorganization of the Norfolk & Soutliern Ry. Co. Absorbed the Raleigh, Charlotte & Southern Ry. Co. in 1914, and leases the Atlantic & North Carolina Ry. Owns all of the stock of the John L. Roper Lumber Co. Capitalization. Outstanding. Common $16,(»00,000 Funded debt 17,908,300 Se'iured by direct mortgage on 794.03 miles of roa.d, viz: A first lien on 334.17 miles — Miles. Edenton to Mackeys, N. C 8,60 Mackeys to Columbia, N. C 23.01 Washington to Bridgeton, N. C 33,63 New Bern to Oriental, N. C 26.05 Chocowinity to Raleigh, N. C 102.15 Varina to Troy, N. C 72.75 Charlotte to Mt. Gilead, N. C 61.84 Norfolk to Tidewater Crossing Switch, Va 1.82 Bishop Cross to Pinetown, N. 11.15 Morehead City to Beaufort, N. 3.17 A second lien on 192.95 miles — Covered by the first lien of the fol- lowing: Aberdeen & Ashboro Ist 6s 96.42 Norfolk & Southern 1st Gen. 6s 23.01 Suffolk & Carolina 1st Cons. 5s 73.52 A tlilrd lien on 833.74 miles — Covered by the first Hen of the fol- lowing: Norfolk & Southern 1st 6s 204.33 Raleigh & Southport 1st 6s 29.41 946 A fourth lien on 33.17 miles — Covered by the first lien of the Ra- leigh & Cape Fear Ry. 1st 5s 33.17 Also seciii-ed upon 108.33 miles of leasehold, viz: Goldsboro to Moorhead City, N. C 96.11 Pinehurst to Carthage, N. C 12.22 Also further secui'ed by a first lien on practically the entire equipment of the Com- pany and subject on the remainder to the prior liens outstanding. Also secured by deposit of the following: Deposited. Issued. Norfolk & Southern 1st 5s, 1941 $316,000 $1,971,000 Suffolk & Carolina 1st Cons. 5s, 1952 50,000 700,000 Norfolk & Southern 1st Gen. 6s, 1954 2,040,000 2,865,000 Roper (John L. ) Lumber Co. Stock 999,100 1,000,000 Roper (John L. ) Lumber Co. 1st 5s 4.788.000 4,788,000 Fiior Liens — $3,805,000 prior liens as fol- lows: Aberdeen & Ashboro 1st 5s, 1940.. 164,000 Norfolk & Southern 1st 5s, 1941 1,655,000 Raleigh & Cape Fear 1st 5s, 1943.. 137,000 Suffolk & Carolina 1st Cons. 5s,' 1952 660,000 Norfolk & Southern Gen. 5s, 1954.. 825,000 Raleigh & Southport 1st 6s, 1965.. 374,000 Years ended Dec. 31 (Steam and Electric) : Gross. Net. Int. & Rent. •1920 $6,610,402 $1,116,178 $1,168,739 •1919 1,366,751 1,623.111 1,301,124 tl919 6,591,227 365,026 201,355 •1918 1,166,991 1,175,497 1,126,880 tl91S 5,753,644 703,015 411,662 1917 5,299,914 1,966,673 1,616,989 1916 4,939,172 1,882,101 1,376,590 •Corporate account. tFederal account — standard return not in- cluded. Listed on the New York Stock Exchange. Original Market — $5,762,000 offered in Nov., 1911, at 101 and interest, by Harris, Forbes & .Co., and Redmond & Co.. New York: N. W.Harris & Co., Boston, and Harris Trust & Savings Bank, Chicago; $6,000,000 additional offererd by the same firms, Feb. 1913 at 99 and interest and $600,000 by Harris. Forbes & Co., in March, 1914. Market. New York — Harris, Forbes & Co., E. D. Levinson & Co., Wolff & Stanley, Vilas ft Hickey... Berdell Bros. Price Kangre — ^N. Y. S. B. Jan. 1, '12, to Jan. 1, '21 1920 High 100% Apr. 2, '12 62 Oct. 20 Low. 46% Dec. 28, '20 45% Dec. 28 NORFOLK SOUTHERN RAILROAD CO. Extended 7% Notes. Due April 1, 1928. Dated April 2, 1917. Extended April 1, 1920, with interest increased from 6% to 7%. Interest payable April 1 and Oct. 1, In New York. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $1,000,000 Outstanding 1,000,000 Denomination — Coupon, $1,000, $5,000 and $10,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 12 and interest on any in- terest date on 60 days' notice. ..Secured by deposit of $1,575,000 Ist ft Ref. 6s, due 1961. Orig:inal Market — Sold privately April, 1917, by Harris, Forbes & Co. NORFOLK (Va.) STREET RAILROAD CO. 1st Cons. 5s. Due Jan. 1, 1944. Dated Jan. 1, 1898. Interest payable Jan. 1 and July 1, at Trustee's ofllce. Tax Status — 2% Federal Income Tax paid oy Company without deduction. Authorized Closed mortgragre Outstanding: (Jan. 1, '21) $869,000 Held in S. F. of N. Ky. & JA. 1st Cons. 5s 171,000 Denomination — Coupon, $1,000. Trustee — Mercantile Trust. & Deposit Co., Baltimore. Control — Incorporated in "Virginia in 1894 as a consolidation of the Norfolk City Ry. and the Suburban. City Ry. Co. In 1902 company was merged into the Norfolk Ry. & Light Co., which is leased until 1995 to the "Virginia Ry. & Power Co. Secured by first mortgage on 22 miles of street railway in Norfolk, "Va. Franchise expires 1938. Underlies — Norfolk Ry. & Light 1st Cons. 5s, due 1949, which provide for the retire- ment of this issue. Sarningrs — See Virginia Ry. & P. Co. !Listed on the Baltimore and Richmond Stock 'Exchange. Market. Baltimore, Md. — Brinkman & Co., Jenkins, Whebee & Poe, Mackubin, Goodrich & Co., Smith, Lockhart & Co., Howard R. Taylor & Co. Norfolk, Va.— Mottu & Co. Price Range. Jan. 1, *09. to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 109 '19 112 '09 91 Jan. 92% Jan. Low. 70 '20 75 '20 70 June 75 June Frice Range. Jan. 1, *12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92*12 74 Jan. 78 Jan. Low. 6.S '20 67% '20 63 June 67% Aug. NORFOLK TERMINAL RAILWAY CO. 1st 49. Due May 1, 1961. Dated May 20, 1911. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $2,000,000 Outstanding 1,000,000 Reserved for Ext 1.000,000 Denomination — Coupon, $1,000. Reslsterable as to principal. Tiiistee — Guaranty Trust 00;*, New Tork. Kedeemiable as a whole at 105 and interest on any interest date after Nov. 1. 1925, on 90 days' notice. Guaranteed principal and interest jointly and severally by endorsement by the Norfolk & Western Ry. Co. and the Virginia Ry. Co. and under separate agreement by the Norfolk Southern R. R. Co. Organization and Control — Incorporated in "Virginia in 1910 and completed the construc- tion of terminal in 1912. Entire stock is owned jointly by the Norfolk & "Western Ry. Co., the Virginia Ry. Co. and the Norfolk Southern R. R. Co., which have agreed to use the property exclusively for their passenger trains and to be severally responsibe for all taxes, interest and principal of bonds. Capitalization. Outstanding. Common -V S76.900 Funded debt 1,000,000 Secured by a first mortgage on the entire property, including the Union Passenger Sta- tion, office buildings, terminals and six acres of land in Norfolk. Va. Year ended Dec. 31: Gross. Net. Interest. 1920 $40,903 $45,487 $41,946 Legal for savings banks in Conn. Market. New York — Finlay & Davenport, Joseph Bird Ford. Philadelphia — Brown Bros. & Co., Daniel & Co., Isaac Starr, Jr. & Co. NORFOLK TERMINAL & TRANSPORTATION CO. 1st 5s. Due Feb. 1, 1948. Dated February 1. 1898. Interest payable Feb. and Aug. 1, at C. & O. Ry. Co., N. T. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized and Outstanding $500,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the Chesapeake & Ohio Ry. Co. by endorsement. Organization and Control — Incorporated in Virginia in 18 98 and entire stock owned by the Chesapeake & Ohio Ry. Co., which has deposited same under its General Funding & Imp. Mortgage. Capitalization. Outstanding. Common $100,000 Funded debt 500.000 Secured by a first mortgage on terminal and water front property and on interest in lands under water in Norfolk, Va., adjoining the Chesapeake & Ohio Ry. pier. Legal for savings banks in R. I Market. ' New York — Joseph Bird Ford, Raymond M. Smith. Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid. Ask. Bid. High 96 '17 100 '16 Not. Low. 75 '17 85 '17 Available. NORRISTOWN & MAIN LINE CONNECTING RAILROAD CO. 1st 4s. - Due September 1. 1953. Dated September 1. 1902. Interest payable March and Sept. 1, at Reading Terminal, Phil- adelphia. Tax Status — 2% Federal Income Tax paid by Company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding $250,000 Denomination — Coupon, $1,000. Registerable as to principal and fully registerable. Trustee — Girard Trust Co., Philadelphia. Guaranteed as to principal and interest by the Reading Company by endorsement. Organization and Control — Incorporated in Penn. in 1901 and entire stock is owned by the Reading Company. Property leased for 999 years from 1904 to Philadelphia & Reading Ry. Capitalization. Outstanding. Common $50,000 Funded debt 250,000 Secured by first mortgage on 0.64 miles of track and bridge over the Schuylkill River from Norristown to a connection with the main line of the Philadelphia & Reading Ry., about a mile north of Bridgeport, Pa. Market, Philadelphia — Huntoon & Co. NORRISTOWN TRANSIT CO. 1st 5s. Due Feb. 1, 1943. Dated Feb. 1. 1912. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Tax exempt in Pennsylvania. Authorized $200.0000 Outstanding: 160.000 In Treasury 10,000 Unissued 30,000 Denomination — Coupon, $1,000. TrustecT — Girard' Trjast C6., Philad,elphia. Guai-antecd principal ahij interest' by the 'Le- high Valley Transit Co. and the Philadelpl^ia &. "Western Ry. Co. : , ' ' , ' Orgranization and Control — The stocli is owned, by the iPhila. &, W:e?gt6i:n Ry. Co. aijd the Lehigh Valley Trg,nsit Co. . .i : Capitalization. , OutstVndijng. Commfln .....,;... , ,. . . $24,000 Funded debt .;...; ,. .;. 15fl,000 Secured by a first mortgage . on , 3 miles pf track in Norristown, Pa.,,;extendiiig , from in front of the Cpurt. Jlouse to the Bprough Line, connecting the Lehigh Valley Transit Com- pany's line with the Phija. & iWestern Ry., ^-nd forming part of a high-speed through rqute between jphiladelphia , and . AUentpwii, ,Pa. Franchise, is perpetual. ] , , Earnings — See Lehigh Valley p?ransit, Co. 1st 4s apd 5Si, , i Original Market— $150,000 offerei^l in Nov., 1913, by E.,B. Smith & Co., Philadelphia and New York, at 94^^, i , Market. Phiiadelpliia — Bix)wn Bros. K. 'Phillips & Co. i Price Range. Jan. 1, '16, to Jan. 1, *21 > ' Bid. , Ask. . , , ' High 93^ '16 95 '16 . : i . • Low. ; 86% 'IS . Not available, Co., Samuel 1930 NORTH AMERICAN LIGHT & POWER CO. First Lien 6s. Bue Jan. 1, 1937.' Dated Jan. 2, 1917. liillerest payable Jan. 1 and July 1, at First Ttust' i: Savings 'Bahk, Chicago, or First National Baifk, New Tork.'^ Tax Status — 2% Federal Income Tax Paid by Company without deduction. Penris'yl- vania/State, Tax; refundpclj - ■ , -, i' "•. Authonzed -f ........ ,'. .. t $26,0;00',000 Outstanding: (Jan. 1, '21)' *3,-319,400 Reserved for Ext 21, 6-80,600 " Provisions of Issue — Additional b6nda' issu- able for 80^ "of cost bf additions, extensions and acp.uisition5 when net earnings for preced- ing twelve- months are 1%, . times ''interest charges oh'bonds outstanding and tb be issued. Entire issues of bonds and stocks of additional properties' must be deposited., ' ' ' ' Denomination— Coupon (intercha^ngeable), $1,000, $500' and $100. Registerable as to principal. Trustee — JUrst Trust & . Savings ' :6ank, Chi- cago. ' [ ' / . . I ' Redeemable at 102 H and interest oh ' any inter^sit date. '',''' ' Improve»i)ent and Sinking; Fund — Annually beginning Hay 1, 1922, viz: May 1, ,1'922,' to May .1, 1&2'6, inc.. 1^/4% of outstanding bonds; May 1, 1927, to May 1, r931. inc., l%%;May 1, 1-932, to May 1, 1936. inc., 2%. One-half of this fund' tor extensiins, etc., againtet' which no'b'onds can b'e issued and one-half for the. purchase p'r redemption of theSe bonds" at nbt ' o'ver lO^'^ and ijitferest. , Orgranization — Coriipany , was organized in 1916 for the purpos'e' of o-w^ning _ public utility properties, principally gas ^and electric, 'Und it has acquired the following properties, operat- ing' in 8-4 coh^mu fifties' located in^ WMh'oi^,' OMo. Missouri and Oklahoma, serving a population of 200,OOorAdair Cbunty- ^iJight, Power' & 'Ice Company, Kirksville, Mb, i LaPlata 'I^ight, Hfeat & Ice Co., XaPlata,' Moi ; Mis^o'dri Heat, Light & Power Co., Kirksville, MoJ ; IVToberly Light & Power Co., Moberly, Ma,';' Citizens Electric -Height Co., Higbee, Mo.; Hunts^lUe Light S^ Power Co,, Huntsville,' Mo.; Boons- ville L'ight, Heat & Power Co. J BobnsVfUe, Mo.; Washington Gas & Electric Co., Wasjiing- ton Court House, Ohio; Ardmorfi' City 'ttas Com- pany (ptpe line) 'an& Southern Oklahoma ',Pipe Line Co.. Ardmcif e,^ Okla. ; Consuniers Light & Power 'Company ^ystem, with branches' at Ardmore, Healdton, Ringlirig, "Wirt, WiWon, Durant, ■ Benninkton, ' Bokchito, Cado, MAdil and" Waurika, Okla.i'and the Southern Illinois Light & Power Co., St. Louis, Mo. the North Ameritan Light & Power' Company owns all of the Stocks an,d, Bonds of the above narhed, Com- panies,; except 90'19 100 '17 85 Mar. 96 B^eb. Low. 74 '20 S0'20 ' 74 Dec. 80 Db'-. ' 94S NORTH AMERICAN OIL & REFINING COR- PORATION lO^Year First Dien Cqnv. iSs. Due Sept. 1. 1926. Dated Sept. 1, 1916.- , Interest payahie "Sept. 1 and March 1, in New York. Tax Status — -2% Federal Income Tax paid by C6mt)a.ny . withoii'f deduction., ^ .Pennsylvania State tax refunded. , , , Authorizeil ;,. , $2,000,000 Outstanding: (Jan. 1, "gi).,... 433,750" . Pledg-ed to Secure Notes ... . '. 47,000 Retired by S. F ...:..' 519,250 ' Cancelled .:.....; ;. 1,000,000 Denomination — Coupon, $1,000, $500 and $250. Registerable as to principal. Trustee — Bank of America. Redeemable at 115 and interest on any in- terest date. Sinking, Fund — Semi-annually, beginning March 1. 1917, an anual artiount equal', 'to' 5% of outstanding bonds for their purchase or redemption at not over 115" and interest. An additional annual sinking fund of at least 20% of net earnings after intei^est and above sinkin?' fund _^a3'ments is also provided. Convertible' at par into stock on the basis of $7.50 per share (par' $5). Privilege ^xtbnds 30 days after date of call for redemption. Organizatlon—rlnCorporated in Delaware in 1916. Owns the entire capital stocks of the Noi'th Poor Oil Co. and Channel Oil Co.; 9^% of the capital stock Cimkrroli Oil & Gas Co. ■ Capitalization. , . Outstanding CommQni ' , $2,813,265 Funded debt .'...• 433,750 Secured by deposit of all |the owned stooHs ot the subsidiaries mentioned above., None pf those subsidiaries have any mortgage Indebted- 1 ness and , by the provisions of this Indenture they cannot create «uch indebtedness unless the entire issue of bonds under such mortgages ara .pledged hereunder. Properties include refineries at Pemeta, 3;- 000 barrel daily capacity; 423 tank cars; pipe line at Burkburriett, Texts; .reftnery at Rosedale, Kansas, 2,000 barrel daily >capa- city; over 24,000 acresunder lease in various fields of Oklahoma and Texas, ,lnclud4ng 8,000 acres in Young .and Stephens Counties, Texas, Original Market — $1,000,000 offered Septem- ber, ,191(i. by Thomas Nevins & Son, New York, at 98 and Interest with a bonus of 26% in stock. ' NORTH CAROr.IX.\ ELECTRICAL POWER CO. 1st and Ref. 5s. Due Oct. 1, 1940. Dated Oct. 1, 191o: Interest payable April 1 and Oct. 1, at Merchants' National Bank, Boston, or Philadelphia Trust, Safe Deposit & Insurance Co., Philadelphia. Tax Status — 2 % Federal Income Tax paid by Company without deduction. Authorized ■. .$2,000,000 Outstaiiding 594,000 Retired by S. F ' 21,000 Reserved for Prior Lien 159,000 Denomination — Coupon, $1,000. Reglsterable as to principal.' ' ' ' , ' ''' Trustee — Wachovia Eank'fe Trust Co., Ashe- vllle, N. C. ' ' ■ Redeemable as a whole or in part for the sinking fund at 105 and interest on Odt'. 1. 1916, or any intei^est date thereafter. Sinking Fund — 1% of outstanding b6nds from Oct. 1, 1918. to 1920; 1%% from Oct! 1, 1921 to 1925; iy2%, Oct. 1. 1916, to 1930;. 1%.%, Oct, 1, 1931, to 1936, and '2% from Oct., 1936 to 1940, for the purchase or're- demption of bonds not to exceed 105 and in- terest. Organization^Incorporated in 1899 in North Carolina and in ^910, absorbed the "W. T. Weaver Power po. Capitalization. ^ , Outstanding. Common '. $425,000 funded d^bt ^. . . 76S,O0|O Secured by first mortgage on tw.o hydro- electric power plants and 68 miles of trans- mission lines and by second lien on plant of Weaver Power Co., the three plants supplying Asheville, Blltmore, Marshall, Canton and Weaversvllle, N. C. Franchise expires 1949. Prior Liens — $159,000 Weaver Power Co. 1st Bs. due 1930, for the retirement of which a like amount of this issue has been reserved. Years ended Dec. 31: Gross. Net. 1918 . $146,887 $62,527 1917 148,464 90,462 ' 1916 Not available 1915 104.492 69,747 1914 ,109,332 . 63,353 Later earnings npt available. Original Market — $491,000 pffered 1911, at 94 and interest by Baker Co., Boston and Philadelphia. Market. New York— Fred H. Hatch & Co. Price Range. Jan. 1, '16, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 89 '16 95 '17 78 Jan. 85 Apr. Low. 65 '20 75 '20 ,65 Aug. 75 Aug. Interest. $37,528 62,430 44,549 44,548 in Jan.. Ayllng & 949 NORTH CAROLINA PUBLIC SpBVICB C,0. 1st & Ret. S. F. 5s. Due April 1, 1934, , Dated 'April 1, ,1909. interesf payable April and' Oct. 1, at Trustee's office. Ta,x Status — 2% E?dei;al Income Tax paid by Company without deduction. Autharized $3,600,00o Outstanding (Jan. 1, '20) 2,134,400 In Treasury .,, 217,600 Retired !by S. F. . / ■23,300 , Reserved for Prior Liems 200,000 Reserved for Ext 924.700,1 Denomination — Coupon, $1,000, $500' and • $100. Reglsterable as to principal. Regis: te^ed, $1,000 and $600. C. & R. interchange, able. Trustee — Baultable Trust Co., New Tork. Redeemable at 105 and interest on any in- te're'st date on three weeks' notice. Sinking Fund — 1 % ' annually from July 1. 1916, to ;L919, Inclusive; 1%%, frb'm July 1, 1920, to 1924, inclusive, and 2% July 1, 1925. and annually ther6a,fter, ,of the gross income, to be invested in securities approved by the Board of Directors, or for the purchase, or re- demption of these bonds at not over 105 and interest. Org-ivnization-7-Ificorporated in North Carolina in 1909 and purchased the properties of thp Greensboro Electric, Co. and the Greensboro Gas Co.. Greensboro, N. C, apd the electric ligbt and jpower plant of the High Point Elec- tric Power Co. aj>d the street r?.ilway system In .High -Point, N. C. . The cpmpany ot»;i;is 3,620% out of 4,000 shares of the capital stock :ot tjie Salisbury & Spencer Ry. Co. and leases that company's prc^eirty. Capitalization, i , Outstanding. Common $1,500,000 Preferred 501,900 Purided debt . 2,65,2,000 Secured by a first n?ortgage on the street railways, sas and plectEic plants irt. High Point and on all property Installed by the trt-esent company in Greensboro: also a mbrtgage, sub- ject to prior liens, on all the property for- merly owned by the Greensboro 'Electric Co. The company owns and operates gas, electric light and power plants , and .street railway sys- tems in Greensboro and vicinity, atid High Pohtt, Salisbury. Spencer .and East Spencer and street railway In Conc'ord. The street railway system comprises 13.72 miles in Greensboro, 4.6 miles in High Point, 6.37 miles in Salisbury -and Spencer, ,3.03 miles in Concord. Total, 27.62 miles. Central electric plants of 2.800 h. P. are located in Greensbpro and -Salisbury, ;with substations at High . Point and Concord. Electric distribution system in- cludes, 166 .miles of primary, 448 miles of sec- ondary and 177 miles of arc transmission lines. Central gas plants are . located, at Greensboro, High Point, Salisbury and Spenper, with 68 miles of mains. Company' J^as 'city electric lighting contracts in Greensboro, High Point, Salisbury and Spencer. - , Franchises in Greensboro expire 1938, in High Point, ,1969; in Guilford County and Township 1940; in ,Salls'oury, StencerJ East Spencer and Concord franfchises run for ,60 years. Prior Liens — $30,500 Greensboro Electric Co. 5s of 1930, $159,500 G. E. Cb. 1st 5s of 1932 for the retirenient of which bonds of this issue have been reserved. Years ended Dec. 31 (conspildated) : Gross. , Net. Interest. 1920 $1,025, 7P5 , $286,614 $161,27.2 19l9 856,755 291,363 158,239 1919 739,929 ,296,622 171.760 1918 641.270 267,573 168,491 1917. 580.491 241.382 ' 159,507 Original Market — $600,000 offered in March, 1912, by W. N. Coler & Co., New York, and H. F. Bachman & Co., Philadelphia, at 92% and interest. Market. New York — Joseph Oilman. Philadelphia — Bauer, Starr & Co., McCown & Co. Price Ranre* Jan. 1, '13, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 92 '13 87% '19 60 Mar. 70 Mar. Low. 50 '20 66% '20 50 Dec. 55% Dec. Price Rangre. Jan. 1, '08, to Jan. 1, 'Zl 1930 Bid. Ask. Bid. Ask. High 107 '08 108 '09 75 Jan. 85 May Low. 70 '20 75-'20 70 Nov. 75 Feb. NORTH EAST PENNSYLVANIA RAILROAD CO. 1st Ext. 6s. Due April 1, 1930* Dated April 1, 1890. Extended April 1, 1920, with interest at 5%. Interest payable April and Oct. 1, at Reading Terminal, Philadelphia. Tax Status — 2% Federal Income Tax paid by Company without deduction. Tax exempt in Pennsylvania. Anthorized and Ontstandlng. . . .$400,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Redeemable at 105 and interest on April 1, 1925, or any subsequent interest date. Guaranteed principal and interest by en- dorsement by the Philadelphia & Reading Rail- road, which was reorganized under foreclosure in 1896 as the Phila. & Reading Ry., and latter company, however, did not assume this guarantee. Organization and Control — Incorporated in Pennsylvania in 1870. Of the $400,000 capital stock $318,950 is owned by the Reading Co. Capitalization. Outstanding. Common $400,000 Funded debt 400,000 Secured by first mortgage on 26.64 miles of road from Glenside to New Hope, Pa. Market. Philadelphia — Boenning, Garrison & Co. , Graham. Parsons & Co., Huntoon & Co., E. W. Clark & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 106 '09 106% '10 Not Low. 92 'IS 99 '18 Available. NORTH HUDSON COUNTY RAILWAY Cons, (now 1st) 5s. Due July 1, 1928. Dated April 7, 1888. Interest payable Jan. and July 1, at First National Bank, Hoboken, N. J. Tax Status — Payment of Federal Income Tax not assumed by Company. Tax exempt in New Jersey. Authorized $3,000,000 Outstanding 2,998,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee— S. B. Dod. Control — Absorbed by the Public Service Ry., which is controlled through ownership of 99% of its stock by the Public Service Cor- poration of N. J. Secured by first mortgage on about 50 miles of street and elevated railway in and about Hoboken, Jersey City, Weehawken, West Ho- boken, North Bergen and Union, N. J. Underlies — Improvement Mtge. 6s. due 1924, and Jersey City, Hoboken & Paterson 4s. due 1949, which provide for the retirement of this Issue. Market. New York— Fred H. Hatqh & Co., W. E. R. Smith & Co. NORTH HUDSON COUNTY RAILWAY Im- provement 5s. Due May 1, 1924. Dated May 1, 1894. Interest payable May and Nov. 1, at Fidelity Trust Co., Newark. N. J. Tax Status — 2 % Federal Income Tax paid by Company without deduction. Authorized $1,292,000 Outstanding 1,291,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Union Trust Co.,- New- ark, N. J. Redeemable on any Interest date at 110 and interest. Control — See Cons. 5s. Secured by second mortgage on property covered by the Cons. 5s. Prior Liens — $2,998,000 Cona. 5a, due 1928. Underlies — Jersey City, Hoboken & Paterson 4s, due 1949, which provide for the retiremen- of this issue. New York— W. E. R. Smith & Co. Price Range, Jan. 1, *09, to Jan. 1, '21 1920 Bid. Ask. Bid. High 103 '09 103 '09 70 Jan. Low. 60 '20 98 '18 60 Dec. NORTH HUDSON (N. J.) LIGHT. HEAT & POWER CO. 1st 5s. Due Oct. 1, 1938. Dated Oct. 1, 1898. Interest payable April and Oct. 1, at Trustee's ofiice. Tax Status — 2% Federal Income Tax paid by Company without deduction. Anthorized $2,000,000 Outstanding 367,000 Exchanged for United Electric Co. 1st 4s of 1949 1,633,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New Jersey Title Guarantee & Trust Co., Jersey City, N. J. Control — Incorporated in New Jersey in 1898 and in 1899, with other companies was merged into the United Electric Co. of New Jersey, nearly all the stock of which is owned by the Public Service Corp. of New Jersey. United Electric Co. is leased to the Public Service Electric Co., which is also a subsidiary of the Public Service Corp. of N. J. Secured by a first mortgage upon all prop- erty of North Hudson Light, Heat & Power Co. (property not specified in mortgage). Underlies — United Elec. Co.' of N. J. 1st 4s, due 1949, which provide for the retirement of this issue. Market. New York — AV. E. R. Smith & Co. Price Range. Jan. 1, *16, to Jan. 1, '21 1920 Bid. Bid. High 102 '16 90 Dec. Low. 90 '19 75 Dec. NORTH JERSEY STREET RAILAVAY CO. 1st 4s. Due May 1, 1948. Dated May 10, 1898. Interest payable May and Nov. 1 , at Trustee' s office, of Fidelity Trust Co.. Newark, N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding in Hands of Public 7,770,000 Pledged under the Public Ser^ vice Corp. of New Jersey Gen. 5s of 1959 7,230,000 Denomination — Coupon, $1,000. Begiaterable as to principal. Trustee — Banlsers' Trust Co., New York. Control — Chartered In 1894 and leased the Droperty of the Consolidated Traction Co. and In 1907 was consolidated with other companies into the Public Service Ry., which is con- trolled through ownership of 99% of its stock by the Public Service Corp. of N. J. Secured by a first mortgage on some forty miles of street railway, practically all double tracked, as follows: In Jersey City, from Communipaw Ave., on Jackson Ave., to Cedar Ave. From Communi- paw Ave., on West Side Ave., to MoAdoo Ave., to Bergen Ave., to Gates Ave. In Newark: From Bowery St., on Ferry St., to Market St.. from Ferry St., on Magazine St., to Ave. L, to Hamburg St., to Ferry St. From Ferry St., on Whorter St., to South St. From Union St., on Elm St., to Sanford St.. to Warwick St.. to Van Buren St.. to Walnut St.. to Whorter St. From Springfield Ave., on South Orange Ave., to Valley St.. in S. Or- ange to Newark Turnpike to Springfield Ave., to Cottage St.. in Irvington (connecting with line into Newark). From Glenwood Ave. .(Bloomfield), to Blomfleld Ave., through Montclair to Caldwell. From Bergen St.. on 16th Ave., to City Line. In Montclair. from Bloomfield Ave. on Valley Road to Loraine Ave. From Bloomfield Ave., on Elm Ave., to Ridgewood Ave. In Harrison: From W. Lathom St., on 4th St.. to Passaic River. Also on Kearney Ave., in Kearney, and many short lines. The North Jersey Street Railway Co. oper- ates some 300 miles of street railway track. Practically the entire system is double tracked, and of the 150 miles of road, the leased lines, at the date of lease, owned some 95 miles. At the present time the leased lines comprise about 110 miles of the system. The lines oper- ated include practically all of the street rail- ways in Jersey City, Newark and in the vicin- ity of Newark. The company states that the leasehold inter- est are subject to the lien of this mortgage, although there is no specific conveyance of the leases in the mortgage. Market. New York — W. E. R. Smith & Co., Red- mond & Co., Carruthers, Pell & Co. Newark, N. .1. — J. S. Rippel & Co., Out- water & Wells. Pliiladelpliia— McCown & Co. Jersey Citj-, N. J. — Cutwater & Wells. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid Ask. High 83V2 '12 84 '12 48 May 60 Apr. Low. 42 '20 421/2 '20 42 Dec. 42% Dec. NORTH MOUNTAIN WATER SUPPLY CO. 1st 5s. Due Jan. 1, 1933. Dated Jan. 1, 1003. Interest payable Jan. and July 1, at Scranton Trust Co., Scranton, Pa, • .^ Tax Status — 2% Federal Income Tax paid by company without deduction. - Authoriied $1,000,000 Outstanding 1,000,000 Denomination — Coupon, $1,000. Trustee — Scranton Trust Co.. Scranton, Pa. Guaranteed as to principal and interest by Spring Brook Water Supply Co. Controlled by Spring Brook Water Supply Co which supplies water to many cities and towns in the vicinity of Wilkes-Barre and Scranton. Pa., under perpetual franchises. Secured by a first mortgage on all the prop- erty of the North Mountain Water Supply Co. Markeft. Philatlelphia — Graham, Parsons & Co., McCown & Co. Scranton, Pa. — J. H. Brooks & Co., Charles E. Robertson, Weissenfluh & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask., High 102% '16 103 '16 86 Nov. 90 Sept. Low. 85 '20 90 '20 85 Sept. 90 Nov. NORTH PACIFIC PUBLIC SERVICE CO. Ist a^d Ref. 5s. Due Mareli 1, 1935. Dated March 1, 1915. Interest payable March 1 and September 1 at Columbia Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 508,000 Reserved for Ext 492,000 Denomination — Coupon, $1,000 and $100. Registerable as to principal. Trustee — Columbia Trust Co.. New York. Redeemable on any interest date at 105 and interest upon four weeks' notice. Organization — Incorporated in Massachu- setts in 1915 as a consolidation of the Grays Harbor Gas Co.. Centralia & Chehalis Gas Co., Bremerton- Charleston Light & Fuel Co., and Port Angeles Water Supply Co. Capitalization. Outstanding. Common $650,000 Preferred (6% cum.) 107,200 Funded debt 508,000 Secured by a first mortgage on plants sup- plying gas to Aberdeen, Hoauiam. Centralia and Chehalis; on plants supplying electric lights and power to Bremerton, Manette. Charleston, Port Orchard and the various communities on Bainbridge Island (opposite Seattle), and on plant supplying water to Port Angeles. All ot which towns are in the State of Washington. Years ended Dec. 31: Gross. 1919 $266,700 1918 213.164 1917 167,800 Original Market — First offered in 1915 by Stranahan & Co., Providence, at 92% and in- terest. Market. Worcester, Mass. — W. E. Wardwell & Co. Providence, R. I. — Stranahan & Co. New York — Edmund Seymour & Co. Scranton, Pa.— J. H. Brooks & Co. Price Ttangre Jan .1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90'20 94 '20 90 Aug. 94 Aug. Low. 85 '19 89 '19 Net. Int., etc. $66,722 $29,437 47,755 23,115 42,770 22,644 NORTH PACKING & PROVISION CO. Ist S. F. 5s. Due Jan. 1, 1945. Dated Jan. 1, 1915. Interest payable Jan. and July 1, at Boston. Tax Status — 2% Federal Income Tax paid by Company without deduction. Tax exempt in Massachusetts. Authorized $1,000,000 Outstandinff (Jan. 1, '21) 937,000 Retired by S. F 63,000 Denomination — Coupon, $1,000 and $500, Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest as a whole only or in part for sinking fund on any inter- est date on 3 months' notice. Sinking Fund — Annually, beginning Jan. 1, 1916, $10,000 for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acQuired are .to be kept alive and Interest, added to this fund- ■ :■ i Organization — Incorporated in Main© in 18,9,0.. ■ . .. ' , ...,-, Capitalisiation, . . , i ; Outstandinir. Common , $3,000,000 Preferred ■.■■-,■■ .i '2,000,00,0 Funded debt ! 937,000 Secured by p. first mortgage on all the prop- erty of the company, including plant located at Somervtlle, Mass. Company operates plant for slaugl;itfirlng , and packing rhogs,. covering about 8 acr^s. ' " ' ' ' . Original Market^Oftered by 'Vjr,Ta. ' A. Eead & Cb. an,d Hornblower & Weeks, November, 1914, at 97% and interest. ' I Market. NevF York — Wm. A. Read &iCo. Boston— Go., Harper & Turner, Huntoon & Co., Isaac, Starr, Jr. & Co., Welsh Bros. Price Range, Jan. 1,. ^09', to Jan. 1, '21 1920 ' ' - 11 . Bid. , ' : Ask. Bid. Ask'.! High,,, 90 '09 ,90,'10. 7.0:jan.. 73 Feb. iM-w. 60 '20 66 '20 60 May ,«6MJlV NORTH SHORE ELECTRIC CO. 1st 5s. Dne Oct. 1, 1922. Dated Oct. 1; 1902.' Interest palyable April and Oct. l/'at Trustee's olflce, " Tax Status — 2% Federal Income Tax paiS by company without ■ deduction. ' Anthofized ....... J .. j. . . .Closed mortgage ' Outstanding '..... $1,^64,000'/ Pledged und^r North ^horp Eleo- ' ' tric'^Co,. 1st & Bef . 5s 3,735,0.6p' Pledged under Public Service 1st & Ref. 5s, ....... 401,000 ■ Denomination — Coupon, i$l,,OO0. ,Registerable as to principal. Trustee — Illinois Trust ,& .Savings Bank, Chi- cago. Redeemable a,t 105 and int^erest on Oct. 1, 1912, or any inl^erest 'date, thereaft'er. Assumed by Public Service Co.' of Northern Illinois. , , , . ^ . . Depreciation Fund^?% of bonijs, ,'wliKfbibave been toutstanding not less tljan six months to be set aside each year as a depreciation re- serve funjd. Control — Incorporated in .Illinois, in 1902 and in 1911 was merged with other companies into the Public Service Co. of Northern ' Illinois, which serves 16 counties, practically surround- ' mg Chicago, with gas and pleotrio, light, power, water and heating. ' ' '' Secured by mortgage upon generating plants at WauTcegan, Evans,t6;i. . Mayivbod, ' Blue Island and eight sub-stations supplying electric light and power to 72 cities. Population served, 250,000. ' Prtor Lien — $171,000 La Grange Service do. 5% bonds. , ,, , , Underlies — North Shore Blec. 1st Ref. Mtge. (outstanding bonds of ,which are now, seQijred equally) ,and Pub. Serv. of,, No. Illinois ,1st & Ret. 6s, due J96fi, and debentures. , .. ; Earnings — See Public; Servicje Co. . of North- ern Illinois. ,' , : ,i . ' Listed on the Unlisted Dept. of t'hei Chicago Stock Exchange.. . ' , . , , Original Market — Offered in 1903 by .Rus- sell, Brewster. & Co., New York and Chicago, at 100 and interest. . , , / 1 . ' ■ ' Markets ■ t" ' j New York — Halsey, Stuart & Ooi, Spencer, Trask- & Co.' - . . , ' , ,■ ,,,,!., -n , : Chicaiw — Halsey, ■ Stuart &'Co., Babcock, Eushton St Co., Merrill, Lyncto & Co. Price Raiiffe. Jan. 1, '08, to Jan. 1, >gl 1980 ' ' Bid, Ask. Bid. ' ■ Ask. High 103'13 103 '12 92 Mar. 97 Mar. Low. 88 '20 90 '08 88 Nov. 92 Nov.' NORTH SHORS ELECTRIC CO. 1st & Re(. ■5s. Duft April 1, 1940. Dated April 1 1 1910.' Interest: payable April and Oct. 1, at Trustee's office', or in New York. Tax Status — 2?!; Federal Income Tax paid by company without deduction. Authorized Closed mortgage' Outst^anding i $1,676,600 Pledged under Public Service ' Co. 1st & Bef.,5s '. 2.114,600" Denomination — Coupon, , $1,000 and $^00. Registtenable as to principal. C. & R. inter- ch-an'geable. i . Trustee — Illinois Tr. & Sav. Bank, Chicago. Redeemable at 107% and. interest on April. 1, 1920, or on any interest date thereafter. Depreoiatibn Resene Fund — See 1st 5&. pontrol — See 1st 5s. Secur,^d,by pledge with the Trustee Df $3,- 73^,000, Nbrth'^hore Blec. 1st 5s. due 1922;' $2^),00;0 La Grp.nge "Water Light '& P'ower C(J. and $J,6,000 Evanston, Hea,tinp: , Co. Ist ^s. thiiough which they, fire secured eguall'y, with outatamding bonds on property described above under 1st f5s, ' < . .i PHor ilens — 1st Ba, due 1922., and $171,000 prior liens. ' Underlies — Public Serv. of No. Illinois, lat &';^ef. 5s. dufe 1956, d.nd Debentures., iJistcd on the Unlisted Dept. of the Chicago Stock Exchange. ; i , , ' , Original Market — Offered in 1910 by Kua- sell, Brewster & Co. and N. "W. Halaey & Co>, New Tork, Chicago, etc., at 9 8 and intereat. ' Market. ''■ ■' • ' ■' tiew Tork — Lynch & McDermott, Halsey; Stuart & Co., Spencer, Trask & Co., L. A. Huglres &-iCo. ,,,, ■ . ■ ,, ' Chicago — Halsey, Stuart & Co., Merrill, Lynch & Co., ,Babcock,' Eushton & Co., Fe,d- eral Securities Corji. Price Range. Jan. 1( 'W.ito Jan, 1, '21 i, , u 1920. Bid. A.slc. , ■ B14. , Ask. High l.qO^A. '11 101 '12 .' SSAUg;, 93 Aug. Low^. 70' '20 70 '20' ' 70'De3. ' 70 'tie NORTH SHORE GAS CO. OF ILLINOIS 1st 5s. Due Feb. 1, 1937. Dated Feb. 1. 1912'. Interest payablb Feb. and Aug. 1, at First National 'Bank,' i iNew Torlt; or at Trustee's office, ' ' ■ ;: Tsix Status— ^2%' 'Federal' Income Tax paid by cCmpiny without deduction. .' Authorized $6,00»,0e« Outstanding 1,830,000 ' Retired by S. F „ , None. Reserved for Ext 3,170.000 Denomination — Conpon, $1,000 aind, .$600. Registrable as to principal. ■ Trustee— Continental & CdmmErcial Trust & Savings Bank, Chicago. Redeemable at 103 and interest on any interest date on 60> days' notice. Sinking and Improvememt Funds — 'Begin- ning in June, 1914, and semi-annually there- after, ia% of the grosa receipts will b6 ex- pended for improvements for which bonds would otherwise be issuable,: or expenditures for maintenances, or for the purchase and cancellation of outstanding bonds ■ at not over 103 and interest. , ''' Organization and Control — Intoorporated in Illinois in 1911 asuauccessor to the North Shore Consolidated G4a Co. Entire ij^referred and common stock of company ia owned by Chicago Suburban Gas & Ble^. Co. Capitalization. Outstanding. Common , , $2,000,000 Preferred ,. ,..-,••• 1,0,00,000 Funded dSBt. . .' , 2, 23)), 000 Secured by first mortgage on coal' and water gas generating plant with a capacity of 1,100,000 cubic feet a day, three' ^as holders and' 244' miles of mains, " siipplVing the suburban district of Chicago beginninjr at Wlnnetka and extending through the North Shore residence district. , Population aerved, 46,000. Franchises expire 1946. to 1960. Underlies — $400,000 6% Debentures. Years ended Dec. 31: Gross. ' Net. Interest. 1920 $745,0*1 $98,800- $140,087 1919 571,602 153,765 133,3'5S 1918. .:'...:" 529;4'5a', 1'05,030 130,'l01 1917:. ' 388,320 '46,913 116,766 1916 . 337',555 186,400 114,429 Listed ,on the Unlisted Dept. of the Chicago Stock £]xchange. , , , ' j Original Market— $1^491,000 offered in Jan., 1912, at 97 and interest by B. H. Rollins & ' Sons; New York, Boston, Chicago, etc., and the Continental & Commercial Trust & Savings Bank, Chicago, Market. Cliicag'o — BabcO(Ck> Rushton & ,Co., , Camp, Thorne &■ Co. ..'.•, , , , Boston — B, H.,, 'Rollins & Sons. ■ New Y<>rk — Vanderlaoef, & Robinson,', Br- nest Smith & Co., Gilbert J, Pcstley. San Francisco. — B. H. Rollins &' Sons. Price Range. Jan. 1, '12, to Jan. i, '2l ' 1920 I?id. ■ ■ XWi . ' ■ Ask. ' High 97 '12 '98 '12" 'B9Nov. '' ' Low. 80 '18 85 '18 ' ' 56 May 953 NORTH SPRINGFIELD WATER CO. 1st 5s. Due July 1, 1028. Dated June' 2'i, 1898. Interest payable Jan. and July 1, at Columbia Avenue Trust ,Co.i Philadelphia. , , , ■■ ■ ^ax Status — 2 % • Federal Incppie Ta^ , paid by' company wit;hbut , ^educfion, , ,,, ,, , t ; Authoiaz'ed and Outstanding, .r. $2, 000^000 > Denomination — Coupon^ ' $100, $200, $500 and $1,000.,! Regiaterable aa, ' to -.principal^ Tmstee — Columbia" Avenue 'Trust Co., Phil- adelphia; Pa, '• ' " ', Guaranteed as to princitial and ;iriterest by Springfield Consolidated Water Co. by terms of lease. Organization and Control — Incorporated in PemisylvaniaL'' in 189S antl acquired thriee water companies and the entire, 'stock of an- otiier. ; In li90S 'iproperty , was leased to Sipringfield ' ,Co?isDtlidafced Water Co. which is controlled through ownership of 'a mjajority of; its stocl^ , by the American Pipe & Con- struction Co , ' , Capitali2fati'on. Outstanding. Common . '......' .$'2,000,000 Funded debt 2,900,000 Secured by a mortgage on plants supply- ipig -water to Oak Lane, Wayne, B'erwyn and Corjsliohocken, Pa., i all ii> the, vicinit^y of Philadelphia. Franchise perpetual. JPrior Liens — $-160,000 Wayne Water "Wiorks 1st 414s, due 1933;, and $100,000, ConshD- hocken Gas & Water 1st 4s, due; 1929. liefiinding — Retirement of this issue pro- vided for under Springiield Cons. 1st 5s, due 1958, of which $3,54,3,100 are outstanding.;; Market. Philadelphia — Barnes & Lotland, , Samuel K. Phillip^ & Co. ' , . ■ Price lianfire. Jan. I, '16, to Jan. 1, '21 Bid. Ask. High S3 '16 853^ '16 Low. 62% '18 67^ '19 1920 Ask. 51 Dec. 51 Dec. NORTH TEXAS GAS CO. 15-Year 1st 6s. Due ea«h April 1, as follows: $20,000, ldl8 to 1922, inc.; $25,000, 1923 to 1932, inc. Dated Mar. 31, 1917. Interest payable Apr. 1 and Oct. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstandingr (Jan. 1, '21) 290,000 Matured and Paid 50,000 Reserved for Ext 4,660,000 Denominations — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 103 and interest on any interest date. Improvement and Sinking: Fund — In case bonds in excess of $350,000 are issued, a sinking fund shall be established providing annual payments of 5% of additional bonds issued. Fund to be applied or improve- ments, etc., or for the purchase or redemp- tion of these bonds at not over 103 and interest. Orgranization — Incorporated in Texas ill 1910. Capitalization. Outstanding. Common $500,000 Funded debt 290,000 Secured by a first mortgage on natural gas distributing systems in 16 towns and cities in Northeastern Texas, comprising 253 miles of steel and wrought iron pipes, not includ- ing service pipes. The largest cities served are Corsicana, Denison, McKinney, Sherman, and "Wichita Falls. Population served, about 107,000. The company purchases gas froni the Lone Star Gas Co. and two other com- panies. Franchises extend beyond 1932. Years ended Dec. 31: 1920 1919 1918 1917 1916 1915 Original Market — $ 350,000 offered June, 1917, by John Nickerson, Jr., New York, etc., at 100 and interest. Market. New York — John Nickerson, Jr. . Price Range. J^. 1, '17. to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '17 100 '17 93 Jan. 99 Jan. Low. 80 '20 861^ '20 Gross. Net. $483,148 $200,230 391,051 177,247 303,787 171,478 177,818 100.923 175,667 112,766 137,857 69,763 80 Deo. 86% Dec. NORTH WEST UTIUTEBS CO. 6% Col- lateral Notes. Due feach Jan. 1, as fol- lows: $76,000, 192% and 1933; $1SS,000 1934 and 1925; and $1SO,000, 19S6 to 1929, inclusive. l>ated Jan. 1, 1919. Interest payable July 1 and Jan. 1, at the Continental & Commer- cial Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding: 1,000,000 Purpose of Issue — These notes were used In part payment for $2,168,925 capital stock of Wisconsin Power, Light & Heat Co., $1,- 030,150 capital stock of Southern Wisconsin Power Co. and the entire $400,000 capital stock of Wisconsin Power, Light & Heat Co. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at any time upon 30 days' no tice at 101 and interest on or before Jan. 1, 1922, and at 100 and interest thereafter. Orgranization and Control — Incorporated in Dec, 1918, in Delaware to acquire and hold securities of public utility companies. En- tire common stock owned by Middle West Utilities Co. Capitalization. Outstanding. Common $2,000,000 Preferred 1,200,000 Funded debt 1,000,000 Secured by pledge of the following stocks, Amount Amount Issuing Company. Pledged. Outstanding. Wisconsin River Power Co $2,160,000 $3,000000 Southern Wisconsin „, „.. Power Co 1,030,000 1,500,000 Wisconsin Power, Light & Heat Co 400,000 400,000 •Middle West Utilities Co 750,000 •6% preferred stock. The properties of the first three collateral companies are located In South Central Wis- consin and are inter-connected with high- tension transmission lines. The hydro-electric plant of the "Wisconsin River Power Co. at Prairie du Sac and that of the Southern Wisconsin Power Co. have a combined capacity of 30,000 h. p. The plants supply, at wholesale, approximately all of the electric energy requirements for the operation of the interurban and street railways in and around Milwaukee: the en- tire light and power requirements of Madi- ison, and those of 24 other communities. They also supply substantially all of the light and power requirements of the Wis- consin Power, Light & Heat Co. and the Central Wisconsin Utilities Co. The two lat- ter companies serve 21 communities with electric energy under indeterminate permits. Years ended Dec. 31: Gross. Net. Interest. 1920 $109,257 $102,919 $102,071 1919 161,548 142,094 60,000 Orieinal Market — $1,000,000 offered Jan., 1919, by W. G. Senders & Co., Chicago, Mil- waukee and Detroit, at prices ranging from 97.34 to 92.89. according to maturity. Marliet. Chicago — ^W. G. Senders & Co. NORTH WISCONSIN RAII.WAT CO. l»t 6». Dne Jan. 1, 1930. Dated Jan. 1, 1880. Interest payable Jan. and July 1, at company's oflftce. 111 Broad- way, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding $536,000 Exchanged for C, S. P., M. & O. Cons. 6s 264,000 Denomination — Coupon, $1,000. Register- able' as to principal. Trustee — Central Union Trust Co., New York. Convertible Into Chicago, St. Paul, Min- neapolis & Omaha Cons. 6s of 1930 at par. Assumed by the Chicago, St. Paul, Min- , neapolis & Omaha Ry. Co. Control — Consolidated with the Chicago, St. Paul, Minneapolis & Omaha Ry. Co., which is controlled through ownership of a major- ity of its stock by the Chicago & Nortl^ West- ern Ry. Secured by first mortgage on 1^77.61 miles from St. Croix River to Bayfield, Wis. Underlies — Chicago, St. Paul, Minneapolis & Omaha Cons. 6s and 3%s, which provide for the retirement of this issue. Legal for Savings Banks in Cal., Conn., 954 Me., Mass., Mich., Minn., Mo., N., H., N. J.. N. Y., R. I., vt. and Wis. Usted on the New Tork Stock Exoliange. Market. New York — Hartsliorne & Battelle, Red- mond & Co., Remick, Hodges & Co. Price Range — N. Y. S. B. Jan. 1, '09, to .Tan. 1, '21 1920 Hisll 129% May 22, '09 100% Jan. Low. 101 Deo. 5, "19 95 July NORTHEASXEKN RAILROAD CO. OF SOUTH CAROLINA Cons. 6s. Due Jan. 1, 1933. Dated Jan. 1, 1883. Interest payable Jan. and July 1, at United States Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,836,000 Outstanding 667,000 Exchanged for A. C. 1. R. R. Co. of S. C. Gen. Mtge. Bonds 37.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Metropolitan Trust Co., New Tork. Assumed by the Atlantic Coast Line R. R. Co. Control — The Northeastern R. R. was merged in 1897 into the A. C. L. R. R. Co. of S. C, which was succeeded by the At- lantic Coast Line R. R. Co. Secured by a first mortgage on 101.72 miles of road from Florence to Charleston, S. C. Underlies — ^Atlantic Coast Line R. R. bonds. Bonds are reserved under the A. C. L. Gen. Unify. Mtge. to retire this issue. Legal for Savings Banks in Cal., Conn., Mich., Minn.. N, H., N. J., N. T., R. 1. and Wis; and also Baltimore Trust Funds. Market. New York — Remick, Hodges & Co., Ray- mond M. Smith. Baltimore, Md. — Barroll, Corkran & Co., Jenkins, Whedbee & Poe. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. . Bid. High 125 '11 126% '11 104 Jan. Low. 95 '20 105 '18 95 July NORTHERN CALIFORNIA POWER CO. Consolidated Ref. & Cons. S. F. 5s. Due Dec. 1, 1948. Dated Dec. 1, 1908. Interest payable June and Dec. 1, at U. S. Mortgage & Trust Co., Ne,w Tork, or company's ofBce, San Fran- Tax Status — 2% Federal Income Tax paid by company without deduction. Authorizea Closed mortgage Outstanding (Jan. 1, '21) $4,199,000 In Treasury ■ • • 225,900 Denomination— Coupon, $1,000. Register- able as to principal. Trustee— Union Trust Co.. San Francisco. Redeemable as a whole at 110 and inter- est, Deo. 1, 1916, or any interest date there- after. .^ Sinking Fund — ^Annually, commencmg De- cember 1, 1913, 1% of outstanding bonds for purchasing these or underlying bonds at not over 110 and interest. Bonds so pur- chased are to be kept alive in sinking fund and interest added to the fund, which it is estimated will be sufficient to retire 76% of these bonds by maturity. Maintenance Fund — Supplemental mortgage provides for maintenance and depreciation fund of 15% of gross earnings from June 1. 1911, to maturity of bonds, payable monthly. Assumed by Pacific Gas & Electric Co. (of Cal.). ^ . , Control — The company was incorporated in California In 1908 as a consolidation of the Northern California Power Co., Keswick Electric Power Co., Battle Creek Power Co., Redding Water Co., Redding Electric Light & Power Co., Red Bluff Electric Light & Gas' Co. and the Willows Water & Light Co. and during 1912 purchased the property of The Sacramento Valley Power Co. In Oc- tober, 1919, the property of the company was conveyed to the Pacific Gas & Electric Co. Secured by mortgage upon entire property of company, including 6 hydro-electrio plants of 60,000 h. p., 585 miles of transmission pole lines, of which 288 miles are on pri- vate right-of-way; 318 miles of distribution lines; 47 sub-stations, etc., supplying Shas- ta, Tehama, Butte, Colusa, Tolb, Trinity and Glenn Counties, Cal.; gas plants sup- plying Redding. Red Bluff and Willows, and water works serving padding and Willows, together with about 25,000 acres of land. Franchises are perpetual in the cities. Coun- ty franchises for the use of public highways for transmission lines extend from 1952 to 1966. Prior Liens — $798,000 Northern California Power Co. first mortgage 6s of 1932; $84,000 Battle Creek Power Co. 1st 5s of 1936: $22,000 Keswick Electric Power Co. 1st 5s of 1931; $10,000 Redding Water Co, 53 of 1936, for the retirement of which bonds of this issue have been reserved; $372,700 Sac- ramento "Valley Power Co. 1st 5s of 1929 and $478,000 Sacramento Valley Power Co. 1st & Ref. 6s of 1941. Underlies — Pacific Gas & Electric Co. 1st & Ref. Mtge. under which bonds are re- served to retire this issue. Earnings — See Pacific Gas. & Electric Co. Gen. & Ref. 6s. Listed on the San Francisco Stock & Bond Exchange. Original Market — $1,000,000 offered in 1910 by N. W. Halsey & Co., New Tork, Chi- cago, etc., at 96 and interest: $400,000 of- fered by the same firm in 1911 at 94% and interest. Market, New York — Sutro Bros. & Co. Philadelphia — Samuel McCreery & Co. San Francisco, Cal. — Blyth, Witter & Co., Sutro & Co. Price Range. Jan. 1, '10, to Jan. 1, 'HI 1920 Bid. Ask. Bid. Ask. High 98% '10 9714 '10 81 Jan. 86 Mar. Low. 66 '16 70 '18 7 6 Nov. 79 Dec. (BE NORTHERN CALIFORNIA RAILWAY CO. Isl Ss. Due June 1, 1929. Dated Nov. 1, 1889. Interest payable June and Dec. 1, at Southern Pacific Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $1,074,000 Denomination — Coupon, $1,000, Trustee — California Safe Deposit & Trust Co., San Francisco, Cal. Sinking Fund — Annually, beginning 1889, $10,000, to be invested in securities for the benefit of this issue. Bonds costing $224,- 165 and $4,480 in cash were held in fund on June 30, 1916. Guaranteed principal and interest by the Southern Pacific Co. by endorsement. Control — Merged in 1898 into Southern Pa- cific R. R. Co. Secured by first mortgag-e on ■ 54 miles' of road from Knights Landing* to Oroville, C^li Underlies— Sduthern OPacific R. R. R6f. 4s, dufe 1955, which provide for ^the retirement of this issue. ' . - . . . ILegfal for "^Saving-s' Blanks in Cal., Cbnn., Me.,' Mass., Mich., Minn., N. J., N, Y., R. I„ Vt. and Wis. ; and also Baltimore Ttust Funds. , , ' , Ijisted on the San Francisco Stock and Bonds Exchange. ' Market. New. York — Remick, Hodges & Co.,. Taylor, Smith & Hard. San Francisco— Sutro & , Co. Price Banff e. Jan. 1, '16, to Jan. 1, '31 19S0 Bid; Ask. Bid. Ask. High IQiVz '16 105 '16 ■,90%rApr. 92% Apr. Lpw. 89 '20 92 '20 89 , , Apr. 92 Jan. NORTHERN CANADA EOWEK CO. LTD. 1st 6s. Due Jan. 1, 19138. Dated Oct. 28, 1 91 2. Interest payable Jan. 1 and July 1 at Trustee's office or Na- tional Bank of Commerce, New York. Tax Mtatus — Payment of Federal Income Tax ii6,t assumed by company. Exempt ;froni present or fiiture Canadiati taxes deductible at source. Authorized ■ ?2,000,006 Outstanding (Apr. 1, '21) 1,324,000- . RHu-ed by S. F ; 676,06b' ■ Denomination — ^Coupon, $1,000, or £205 9s 8d and |500, or £102 14s lOd; registerabie as to principal- ■ ■ '- Trustpe-^Toronto General Trust Corpora- tion, Toronto. ' Ked^eiuable on any interest date at 100 and interest upon 2 month's notice. Sinking' Fund — Annually beginning Oct. 15, 19)13, an amount equal to 4 3-10 per, cent of bonds issued to be applied, tp the pur- chase- or redemption of these bonds at not exceeding 100 and interest. Bonds. may be delivered to the Trustee in lieu of cash pay- merits. Bonds acquired are to he kept alive and interest added to this fund. J Organizatibn — Incorporated "in' Ori,ta;rio ' in 191'2 and' took- over' the pr6t)erty' of the porcupine' Power Co., L.td. Gapitaliziitiori. ' ' Outstanding. Common , $6,000,000 Funded debt .-.'.' 1,324,000 Secured by a first' rno^tgage^ on all the property of the 'cpri^pany, ,The property cov- ered includes 2 liydro-el'ectric power sta- tions on the Mattagami River at Sandy Falls anfi Wawaitin, Falls, , 7 and ,16 miles respectivBly fro mTimmlns,' Ontario. These plants have a combined capacity of over 25,Q00'H. P.' and are connected by duplicate traiismissibil' lines to all of the principal mines and towns of the district. years ended bee. Sir ' ' ' , ' Gross. ■ ' Net.' Interest. 1920 $497,212 $414^663 $82,502 1919 474,90iO . 397476. 92,477 1918 402,696 334,112 - 97.884 1917 504,595 436,236. ■• 104,624 1916;; ^77,340 ,428,801 92,4.66 Original Market^-A block offered in, 1,913 by Blodget & Co., New York & Boston, at ,96 and interest; $100^,000 offered April, 1921, by same firm at 87^ an0, interest. NORTHERN CENTRAI- GAS CO. 1st & Ref. 59. Due Aug. 1, 1963. Dated Aug. 1, 1912, interest payable Feb. and Aug. 1. at Electric Bond & Share Co.. New Tork. ^^ , ^ Tax Status — 2% Federal Income Tax paid by company without deduction. Tax* exeriipt in Pennsylvania. Authorized ClCsed mortgage Outstanding 775.000 Denomination — Coupon^ $500 and $1,000. Reglsterable as to principal. Trustee^— Bankers Trust Co., New Tork. Redeemable on any , interest date at 105 and interest ,on 6 days' notice- Assumed by the> , Pennsylvania Power & Light Co. Control— >-Incorp6rat^d in Pennsylvania in 1913. Consolidated Junfe, 1920, with other companies into the I^ennsylvania Power & Light Co. (new company), a subsidiary" of the Lehigh Po-wer Securities ■ Corp. ■ ■ ,',^ Secured by a first ■ mortgage , on r^lanta-sup- piying gas to Milton and Watsontown, .Pa., and the high pressure line, connecting them, and; on line and .p;roperties located between Watsontown and Williamsport, Pa. ; a secr ond mortgage on gas plant in Wtlliamaport, Pa., and a first lien on entire capital stock of Hagerstown (Md.) Lt. & Heat . Co., own- ing pla^t supplying gas tp that , city, this plant being . subject to $291,000, mortgage "bonds. Franchisee are all perpetual. Prior liien — $400,000 "Williamsport Gas Co. 5s, due 1939. Underlies — Pennsylvania Ppwer & L^ght Co. 1st & Refl JVrtge. un|der which bonds are reserved to retire this issue and all prior, liens. ^ £iai*n)ng:s — See' Perinsylvania Power & Light 'Co., 1st & Ref. Mtg'e. ' Original Market— Offered 1912- by H. D. Walbridge & Co., New York, at par aiid interest with 3 5 % bonus of common stock. Market. ;' . , , , i Fhil^delplii'a — Henry D. Boennin'g:"& Co., Reed A. Morgan &Co., Samuel. K. Phillips & Co,, Price Range.' Jan. 1 , as, to Jan. 1^ Bid. ASk. High 80 '17 95 '16 Law: « '20, 70 '20 '21 1930 Eiid. Ask. 93 July 45 May 70 Nov. NORTHERN CENTRAL RAILWAY CO. Cons. Gen. 4^s,, Series ''E.'* Due Apr. 1. 1935. Mortgage dated May 26, ,1874. Dated Apr. 1, 1885. Interest payable Aprv and Oct.i 1, at Treasurer's office, Baltimore. Tax Status — 2% Federal Income Tax paid by .company^ ^ withoiit . .de,di4ction. Tax exempt in ^Pennsylvania and ' Jllaryland. A'nthorized ' , .',$10',0"00,000 Outstanding : t,757^.0O(| Denomination — Coupon, §1,000 or £2db. , Trustee — Fidelity 'Ti-usf Co.. Philadelphia. Guaranteed as to interest by Pennsylvanial R. R. Co., under terms of lease. Organization and ' Control — IncorjJorated in Maryland in 18B4' and is cdntrolled by the Pennsylvania R. R, through ownership' of $14,808,050 of the outstanding stock. Prop- erty is leased to the latter company for ^99 years from Jan. 1, 1911. Capitalization. Outstanding. Common $2T.077,200 Funded debt . . .'' 7,?],5.451 Secured by a direct second mortgage on 14-^.43 miles of road, viz: Miles. Baltimoi*e, Md., to- Marysville. Pa... 9tf,42 Dauphin to Sunbury, Pa 45.39 Hollins to Green Spring Jet., Md....' 8.61 Prior Licns-^$1,600,00'0 Irredeemable 6s is- sued to the State of Maryland. tlnderiies — $3,665,000 Gen. 5s, due 1926, ' Years ended Dec. 31: ' , Income. Int., etc. 1920 $2,550,522 $384,154 1919. . : 2,5S0,324 363,956 19lS. . :. . 2.526,357 .35^,909 Legal for Savings Banks in Cal. . N, H. and R. I.; and also Baltimore Trust Funds. 056 tisted on t±ie Philadelphia and ■ Baltimore Stock Exchanges. f. < Market. i PIiiladelphia^Barnes &. Lofland, Biddle & weniy, Harper & Turner,' Huntoon & QJo., Keed A. Morgan ■& Co., Isaac Starr Jr. & Co., Parsly Eros. & Co. Baltimore, ftltl.— Bar roll, Corkran '& Go., Jenkins. Whedbee & Poe, Mack'ubin, Good- rich & Co., Smith. I^ockhart &, Qo. Price Kange. Jan. X, '09, to Jan. 1, 'ZX 1930 TT- , .r.?'^^- ^sk. Bid. Ask. High 108 '09 104% -IS 90 Dec. 96 Jan. Low. 84 '20 91 '20 84 May 91 May NORTHERN CENTRAL RAILWAY CO. 2nd Gen. 5s, Series "A" and "B.*' Due Jan. 1, 1936. Dated Jan. 1, 1876, and Jan. 1, 1882. In- terest payable Jan. and July 1, at Treasur- er' s office, Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and Maryland. Authorized $4,000,000 OnthtaiMiingr (Jan. 1, '21) "A" $2,564,000 "B" 999,000 3,563,000 Retired by S. F. ("A") 435,000 In Treasury: "A" $1,000 "B" 1,000 2,000 Denomination- — Coupon , $1,000. Trustee — Fidelity Trust Co., Philadelphia, Pa. Sinkingr Fund — $30,000 per annum begin- ning- in 1880 to redeem and cancel bonds of Series A. , No bonds have been redeemed since 1S94 as none have been presented for redemption. Guaranteed as to interest under terms of lease to Pennsylvania R. R. Co. Organization and Control — See Series "E." Secured by a third mortg-ag-e on 144,45 miles of road covered by the lien of the Cons. Gen. 4%s, due 1925. See mileag-e in descrip- tion of that issue. Series "A"^ is further secured by a first lien on $823,000 out of $1,500,000 capital stock of the Elmira & Lake Ontario R. R. Co. Prior Liens — $ 1,500,000 Northern Central Irredeemable 6s owned by the State of Mary- land and $1,757,000 Cons. Gen. 4i/^s of 1925. Earninss — See Gen. 4 '^k s. Legai for Savings Banks in Cal., N, H. and R. I. Listed on the Philadelphia and Baltimore Stock Exchanges. Market. Philadeljihia — Biddle & Henry, Harper & Turner, Huntoon & Co., Reed A. Morgan & Co., Morley, Wood & Co., Parsly Bros. & Co. Baltimore, Md. — Barroll, Corkran & Co., Jenkins, Whedbefe & Poe, Mackubin, Good- rich & Go., Smith, Lockhart & Co. Price Range. Jan. 1, '09, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 114 '09 115 '09 98 Mar. 102 Mar. Low. 90 '20 97 '20 90 Aug. 97 June NORTHERN COMPANY (The) 13-Year 1st Coll. Tr. 8s. Due IMarch 15, 1933. Dated March 15, 1921. Interest payable March 15, and Sept. 15, at Detroit Trust ■Co.. Detroit. Tax Status — 2% Federal Income Tax paid tiy the company without deduction. Authorized $300,000 Outstanding 300,000 957 Denominations — Coupcaa, .$lf00, .,$500 . and $1,000; registerable as to principal. Trustee — Detrpit Trust Co,, , Detroit. KedeemablQ, on any iriterest date on 30 days' notice at 107 to -and. including March 15,. 1)922, at ,1^06. to and including March 15. 1923.1 and theregifter at ^ % less each ye\a^ to anfi including March 15, 1931, and, .th^e- a^ter at 101 to and including Sept. 15, 1932. Sinking Fund — The Northern Assurance Company with the approval of the .Michigan Insurance Commissioner has pledged 5% of its entire premium income from which. < under the terms of the trust indenture, it is required to pay to the trustee in monthly in- stallments sufficient amounts to meet the annual interest charges and sinking fund requirements for the , retirement of these bon^s within 12 years. , At least $15,000 from the sinking fund shall be used by the trustee annually for the purchase of bonds offered in the open market at or below the call price and in the event of there not being sufficient offerings made, the trustee shall then use a sufficient amount of the sinking fund to redeem at least $15,000 each year at par and accrued interest plus the premium, as provided in the trust indenture. Organization — This company has been formed for the financing of the purchase by the Northern Assurance Company of the Ainerican Life Insurance Company of Des Moines, la. Capitalization. Outstanding. Common - $300,000 Funded debt 300,000 Seciu'ity — A direct first lien upon all the assets of the Northern Company amounting to $600,000. The Northern Assurance Com- pany, the purchasing company in this merg- er, has assumed a direct obligation to pay these bonds by consenting and agreeing to the trust indenture given by The Northern Company to the Detroit Trust Company, Trustee. Oi-iginal Market — $ 300,000 offered May, 1921, by Baker, Simonds & Co., Langley, Hildner & Co., at 100 and interest. NORTHERN CONNECTICUT LIGHT & POWER CO. 1st S. F. 6s. Due Dec. 1, 1946. Dated Dec. 1, 1906. Interest payable June 1 and Dec. 1 , at Trustee' s office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Connecticut. Authorized $350,000 Outstanding (Jan. 1, '21) 300,500 Held in S. F 24,500 Reserved for Ext., etc 25,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Connecticut Trust & Safe Deposit Co., Hartford, Conn. Sinking Fund — Annually, beginning Dec. 1, 1911, 1% of outstanding bonds for purchase or redemption of these bonds at not to ex- ceed 110 and interest. If not so purchas- able, fund may be invested in the discretion of Trustee in bonds legal for Connecticut. Organization — Incorporated in Connecticut in 1901 as successor to the Enfield Gas Co. and absorbed the Windsor Locks Elec. Light- ing Co. and the Enfield Elec. Light & Power Co. Capitalization. Outstanding. Common $250,000 Preferred (6%) 260,000 Funded debt 300,500 Secured by first mortgage on electric power plant supplying "Windsor Locks, Enfield, Thompsonville, Warehouse Point, Broad Brook, Conn. Population served, 20,000. Franchises perpetual. Years ended Dee. 31: Bond Gross. Net. Interest. 1920 $258,030 $84,074 $16,250 1919 198,698 84,682 16,250 1918 195,108 80.807 16,149 1917 165,353 67,084 15,8^7 Original Market — First offered in Decem- ber, 1906, by Baker, Aylingr & Co., Boston and Philadelphia, at 101 and interest. Market. New Haven — Chas. W. Scranton & Co. Boston — Baker, Ayllne & Young. Price Rangre 1920 — Bid, 90 Oct.; 78 Nov. NORTHERN ELECTRIC CO., LTD., 1st Mtse. 5s. Due June 1, 1939. Dated June 1, 1914. Interest payable^ June 1 and Dec. 1, in Montreal, New York and London. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstanding: (Jan. 1, 21) 2,963,600 Retired by S. P 536.400 Reserved for Corporate Pur- poses K 6,500,000 Denomination — Coupon, $100, $500 and $1,000. Regristerable as to principal. Trustee — Montreal Trust Co., Montreal. Redeemable as a whole, or in part, for the sinking fund, on any interest date at 105 and interest. Sinking Fund — 2% per annum of all bonds issued, plus interest on bonds retired, to pur- chase bonds at not exceeding 105 and in- terest. If not so purchasable bonds will be drawn. Organization — Incorporated in Canada in 1914. Capitalization. Outstanding. Common $6,000,000 Funded debt ,. 2,963,600 Secured by a first mortgage on two plants in Montreal now in operation and branch houses in Toronto and Calgary. The company is the largest manufacturer of telephone ap- paratus, electric wires, cables and other electrical supplies in Canada, having distrib- uting houses in Halifax, Montreal, Hamil- ton, Windsor, Toronto, London, Winnipeg, Regina, Calgary and Vancouver. Years ended Dec. 31: Gross. Net. Interest. 1920 $882,628 $227,828 1919 87 6,574 185,76 3 1918 $10215,668 91,298 182,302 1917 19,118,978 848,568 186,241 1916 11,749,991 922,449 175,000 1915 7,150,291 294,191 175,000 Original Market — $3,500,000 offered in July, 1914, by Lee, Higginson & Co.. Boston, etc.. and Higginson & Co., London, at a price to yield 5y4%. Market. New York — Joseph Gilman, Samuel Gold- schmidt, T. L. MacDonald, E. & C. Ran- dolph. Philadelphia — McCown & Co. Price Range. Jan. 1, '15, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 95 '15 96 '15 83 Mar. 86% Mar. Low. 70 '20 73 '20 70 Dec. 73 Aug. NORTHERN ELECTRIC STREET RAILWAY 1st 5s. Due June 1, 1957. I>ated June 1, 1907. Interest payable June and Dec. 1, at Anthracite Savings Bank, Wilkes-Barre, Pa. Coupons Purchased — Dec, 1. 1918, and June 1, ] 919, coupons were purchased and held until cancelled. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,200,000 Outstandingr 633,000 Held in S. F 100.000 Pledged Under S. & B. Ist 6s.. 467,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. ' Trustee — Miners' Bank of Wilkes-Barre. Pa. Redeemable on any interest date at 105 and Interest. Sinking Eund — $10,000 per annum to be paid to Trustee on Dec. 1, 1911, and annually thereafter. ' < Assumed by the Scranton & Binghamton Traction Co. Organization and Control — Incorporated In Pennsylvania in 1905. Owns the capital stocks ,of the Dalton Street Ry. Co. (which it leases for 999 years), the Abington Turnpike Co. and the Northern Boulevard Co. All of the stock of the Northern Electric St. Ry. is owned by Northern Elec. Ry., which is controller by Scranton, Montrose & Bing- hamton R. R. Co., all of whose stock is owned by Scranton & Binghamton Ky. The property of the Northern Elec. St. By. is leased for 900 years from July 1, 1910, to the Fcranton & Binghamton Traction Co., which guarantees bond interest and dividends ^ of from S% to 6% on stock. Capitalization, Outstanding. Common $15,000 Funded debt 1,200,000 Secured by a first mortgage on 20 miles from Scranton to Factoryville, Pa., of elec- tric railway. Further secured by pledge of the entire capital stocks of subsidiaries. (See ' 'Organization." ) Underlies — Scranton & Binghamton R. R. 1st 6s of 1960. Market. Scranton, Pa. — J. H. Brooks & Co., Charles E. Robertson, ^V. P. Stetter & Co., Weissenfluh & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 87 '17 95 '15 50 Dec. 69 Mar. Low. 50 '19 58 '20 50 Dec. 58 Dec. NORTHERN ILLINOIS CEREAL CO. 1st 7s. Due July 1, 1924. Dated July 1, 1919. Interest payable Jan. 1 and July 1 at Fort Dearborn Trust & Sav- ings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $250,000 Outstanding 230,000 Retired by S. F 20,000 Purpose of Issue — To refund floating debt and supply working capital. Denomination — Coupon $100, $500 and $1,000; registerable a& to principal. Trustee — Fort Dearborn Trust & Savings Bank, Chicago. Redeemable at par plus a premium equal to, one-half of one per cent, for each complete and fractional year intervening between the date of call and July 1, 1924. Sinking Fund — Annually, on January 1, an amount equal to 33^% of net earnings after taxes and bond interest for the purchase or redemption of these bonds at not over the call price. Bonds so acquired to be cancelled. Organization — Incorporated in Illinois. The Company is engaged in the manufacture of rolled oats and various grain products. The Company sells its products to jol^bers and wholesalers under their own label. Capitalization. Outstanding. Common $724,825 Preferred (7% cum.) 179,310 Funded debt 250,000 Secured by a first mortgage on all prop- erty now owned or hereafter acquired. Under the terms of Trust Agreement the Company covenants that at all times current assets shall equal its entire indebtedness including this issue. The property covered includes real estate owned in fee on which are situated two factories with a capacity of 1,400 bar- rels of rolled oata per day. As of Feb, 6, 1919, physical properties were appraised at 5707.562. Years ended Dec. 31: Gross Sales. 1918 $3,619,911 1917 2.165.003 1916 941.470 1915 964,068 Later earnings not available. Original Market — $250,00 offered July, 1919, by P. "W. Chapman & Co.. Chicago and New York, and Fort Dearborn Trust & Sav- ^ings Bank, Chicago, at 100 and interest. Market. New York — P. W. Chapman & Co. NORTHERN ILLINOIS LIGHT & TRACTION CO. 1st 5s. Due July 1, 1933. Dated July 3, 1903. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,200,000 Outstanding 668,000 Reserved for Ext 532,000 Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — American Trust Co., Boston. Mass. Gaaranty — $403,000 of these bonds are guaranteed principal and interest by the West- ern Railways & Light Co. by endorsement. Organization and Control — Incorporated In Illinois in 1903 aa successor to the Ottawa Ry. Light & Power Co. sold under foreclosure. Entire stock of company is owned ■ by the Western Rys. & Light Co.. which was ab- sorbed in 1913 by the Illinois Traction Co. Capitalization. Outstanding. Common $398,000 Preferred (6% cum.) 216,000 Funded debt 842.000 Secured by first mortgage upon the 6.5 miles of street railway in the City of Ottawa and hydro-electric generating station with 22 miles of transmission lines supplying that city with all electric light and power. Fran- chises for street railway expire 1924, electric light are perpetual. Underlies — $174,000 Gen. 6s of 1938. Years ended Dec. 31: Gross. Net. Interest. 1920 $622,958 $385,509 $43,840 1919 524,318 138,749 49,904 1918 461,888 128,802 50,411 1917 388,191 76,859 53,515 1916 334,221 119,374 53,923 Original Market — Offered in Dec, 1911, by E H. Rollins & Sons, New York, Boston, etc., at 95 and interest, and in 1912, $342,000 guaranteed bonds by Bodell & Co., Providence, R. I., at 97 and interest. Market. New York — Frecl H. Hatch & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Hifi-h 97 '16 102 '16 87 Jan. 93^^ Jan. Low. 77 '20 77 '19 77 Nov. 88 Mar. NORTHERN INDIANA GAS & EI-ECTRIC CO. Ist Ref. 58. Dae AprU 1, 1929. Dated March 2, 1909. Interest payable April and Oct. 1, at FiVst National Bank, New York, at Trustee's office, Chicago, and First National Bank, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding 6,348,000 Reserved for Prior Liens 1,640,500 Reserved for Ext 2.011.500 Denomination — Coupon. $1,000, $500 and $100. Registerable as to principal. Trustee — Central Trust Co. of 111.. Chicago. Redeemable at 103 and interest on any In- terest date upon three weeks' notice. Sinking Fond — ^Annually 1% of outstanding bonds from Feb. 15, 1919, for the purchase or redemption of these bonds at not over 103 and interest. Organization and Control — The Northern In- diana Gas &' Electric Co. was incorporated in Indiana in 1909 as a consolidation of the South Shore Gas & Electric Co., the Indiana Harbor & East Chicago Electric Co., Michi- gan City & Northern Indiana Gas Co., Whit- ing Electric Co., Hammond Illuminating Co., South Bend Fuel & Gas Co, and the Michi- gan City Gas & Electric Co. Later the South Bend & Mishawaka Gas Co. and the Plymouth Lighting Co. were purchased and consolidated. In 1910 purchased the properties of the Gen- ^ eral Service Co. and Indiana Lighting Co. The United Gas Improvement Co. is interested in this company. Capitalization. Outstanding. Common $4,000,000 Preferred (6% cum.) 1,000,000 Funded debt 21,493,500 Secured by mortgage upon entire property of company, including plants supplying gas and electricity in Hammond, East Chicago, Indiana Harbor, Whiting and Michigan City and gas in South Bend, Mishawaka and Plym- outh, Ind. Population served, 397,448. All franchises extend beyond the maturity of these bonds. Prior Liens — $12 3,500 Indiana Harbor & East Chicago Electric Co. 5s of 1927; $180,500 Michigan City Gas & Electric 1st & Cons. 53 of 1937; $680,000 South Shore Gas & Electric Co. Gen. 5s of 1933; $270,000 Michigan City & No. Indiana Gas 1st 5s, due 1933; $200,000 Hammond Illuminating Co. 1st 5s, due 1926, and $10,000 Whiting- Electric Light Co. 1st 5s, due 1923, to retire which bonds of this issu e have been reserved. Also $1,131,000 South Bend & Mishawaka Gas Cons. 5s, due 1926. $280,000 South Bend Fuel & Gas 1st 7s, due 1926, and $115,000 Crawfordsville W. & G. Co. 1st 5s of 1928, for the retire- ment of which provision is not made. Underlies — $6,400,000 Gen. 6s of 1926. Original Market — Offered in 1909 by the C. H. Geist Co., Philadelphia, and $100,000 In 1919 by Baker, Ayling & Co., Boston, Phila- delphia, etc.. on a 5%% basis. Market. Philadelphia — Barnes & Lofland, Bauer, Starr & Co., Arthur J. Bender, Henry D. Boenning & Co., McCown & Co., Samuel McCreery & Co., Reed A. Morgan & Co.. Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93% '16 95 '17 77% Feb. SOVaFeb. Low. 65 '20' 66 '20 65 Oct. 66 Dec. NORTHERN INDIANA RAILWAY Ist Cons. 5s. Due Jan. 1, 1936. Dated Jan. 1. 1906, Interest payable Jan. and July 1, at United States Mortgage & Trust Co., New York. Default— July 1, 1918 and subseauent In- terest. 959 - Tax .status — 2% Federal Incbme Tax paid by company without 'deduetlon. ' ' ' Authorized ' .;..'..■...'.....'.... J $4,000,1900 Outstanding: ..: '... . 588,000 Rbti^ed '.' : ; ■ ff2,'000 I>enoiiiination — Coupon, $1,000. ' ■ ' ' trustee — United States ' 'Mortg:ag"e * & Trust Co.,' -NeW York. ' 'RedeemabJe-^Bonds are subject to call. ' Assumed , by the ChiGagb;' SftUth "Bend ' & Northern ih'diana Ry. Co. ' ' ' ' OdirtroJ — Orgatiized In 1^05 as a consolida- tion of the Indiana Ky. ahii the South Befnd. La Porte '& Michigan City Ry., "a;nd was suc- ceeded in 1907 by the Chibago, ' South' Bend & Northern Indiana Ry. ' Receivership — See Chicago, South Bend & Northerti Indiana Ry. Co. 5s of 1957. ' Secured by mortgage oh about 77 miles of track cortip'rising the street railways df Mlsha- waka, Go^en, South Bend, La Pdrte, Michi- gan City and Elkhart, with iritexurban lines connecting those p'oint;^. Franchise perpetual except the Elkhart, which expires In 1957. Prior IJen — $756,000 Indiana Ry. Ist 5s of 1930, $312,500 La PoHe & Michigan City Traction 1st 5s of 1930. Underlies — Chic, So. ' Bend & No. Ind. Ss due 19 3 7. ^ Bamings — See Chicago, South Bend & Northern Indiana Ry. Co. ' Market. New Yorlt — Pouch & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid. Bid. High 94 '17 TOtAug. Low. 65f '20 65f Oct. par' 'and interest by ElBtoh, Cli-fford' & Co., Ghidagd. ' ■ ' ' ' ' ■ ' 'Market. • < ' Chicago — Eleton & Co.' ' 'New York— ^Berdell Bfos. '■ ' ' Price Kange 1920 — Bid 65, Aslc 75. ^ i NORTHERN IOWA GAS & ELECTRIC CO. 1st 6s. Due Jan. 1, 1934. Dated Jan. 1, 1916. Interest payable Jan. and July 1, at Chicago. Tax Status^2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding (Jan. 1, '21) 944,500 Retired by S. F None Pledged to Secure 8% Notes. . . 214,130 Reserved for Ext 3,841,370 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Central Trust Co. of Illinois. Chi- cago. Redeemable at 103 and interest on any in- terest date on 30 days' notice. Improvement and Sinking Fund — Semi-annu- ally beginning May 1, 1917, 10% of gross earnings for extensions, Improvements, etc., or for the purchase or redemption of these bonds at not over 103 and interest. Organization — Incorporated in West Vir- ginia. Capitalization. Outstanding. Common $425,000 Preferred (7% cum.) 234,500 Funded debt 1,105,500 Secured by a first mortgage on all the prop- erty of the company, including plants supply- ing electricity in Humboldt, Dakota, Eagle Grove, Clarion, Sheldon, Luverne, Corinth, Kanawha and Pocahontas and smaller towns and gas in Eagle Grove, all in Iowa. Prop- erty covered includes hydro-electric plant at Humboldt and steam plants at Clarion and Eagle Grove. Franchises are reported to ex- tend beyond the maturity of these bonds. Tears ended Dec. 31: Gross. Net, Bond Int. 1920 $407,927 $131,934 $57,926 1919 334,179 122,537 51,838 3918 245,998 90,081 44,638 1917 214,528 79,110 40,445 Original Market — Offered March, 1916, at NORTHERN MAINE SEAPORT RAILROAD CO.'R.*^ R. & Temilnal 1st 5s. Diie April 1, 1935. Dated April 1, 1905. Interest payable April and Oct. 1, at Brown Bros. & Co., New York and Boston. Tax Status — .2% Federal Income Tax paid by company without, deduction. ' ' '. Authorized $5,000,000.' Outstanding 4,743,0001 Reserved for Ext * ' 257,000 , Denomination— 7C0UP on, $1,000. Registerable ,as to principal only, or fully registerable. ' 1 Tmstee- — t/nited States . Mortgage & Trust Co., New, York. 1 . : ; 1 Assumed by the Bangor & Aroostook R. R. Co. ■ ' , . Guaranteed principal arid ihterest by the Bangor & Aroostook R. R. Co. by endorse- ment.' ■■ ■ - ■ ■ ' ' '' Organization and Control — Incorporated in Maine in 1904 and in 1905. Mergfed Oct.' 30, 1919, into the Bangor & Aroostook R. R. Oo. Secured by first' mortgage on 57 miles of road, comprising the main line from a con- nection with the Bangor & Aroostook at (South Lagrange to Searsport, Me., and brapche^,! to- gether with extensive terminals at Cape Jplli- son Harbor, ;Me., , , , ,; Jl.eg:al for savings banks in CaL, ,Mis., M.as3-. Wch[, Minn., N. H., N. J., Ore., R. I. and Wis. , Original, Market — $3,;L08,000 off6re,d Feb., 1906. by Brown 'Bros. &,C6., New Xo^,:^, Phila- delphia, etc., at ll4^ and 4nteres,t, ^ , Market. 1 nil New York — Sam'l Goldschmidt, Fred . H- Hatch & Co. Price Range. , » / Jan. 1, '09, to Jan. 1, '31 1920 ., ,. Bid. Ask. Bid. Ask. High 1071.^ '09 109% '09 59 Dec. 62 'Nov. Low. 50 '19 561^ '20 50 Jan. 56Vg Mar. NORTHERN MASSACHUSETTS STREET RAILWAY CO. 1st & Ref. 58, Due May 1, 1943. Dated May 1, 1913. Interest payable May and Nov. 1, at office of Trustee. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding 315.000 Reserved for Prior Liens 245,000 Reserved for Ext 4,440,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — American Trust Co., Boston. Redeemable on any interest date on a 4^?^% basis. Organization and Control — Incorporated in Mass. in 1894 as the Athol and Orange St. Ry., and assumed present title in 1913. Entire stock of company owned by the Massachu- setts Consolidated Railways. Capitalization. Outstanding. Common $350,000 Preferred (6% cum.) 150.000 Funded debt 800,000 Secured by mortgage on 48 miles of track in Orange, Athol, Templeton, Winchendon, Gardner. "Westminster and Fitchburg. Popu- lation served, 80,000. Prior Liens — $185,000 Gardner, Westminster & Fitchburg St. Ry, 1st 5s, due Feb. 1. 1920. for the retirement of which bonds of this issue have been reserved. Note. — As of Jan. 1, 1921, the above Issue had not been paid or extended. Years ended Dec. 31: Gross. Net. Interest. 1920 $266,254 $16,863 •$53,501 1919 258,002 $46,348 $47,538 1918 Not available 1917 247,407 50,676 41.940 •Includes taxes. Orieinal Market — Offered Oct., 1913. by Warner. Tucker & Co.. Boston, etc.. at 96 and interest. Market. Portland, Me. — Maynard S. Bird & Co. Boston — Richardson. Hill & Co.. G. W. Walker & Co. Price Ranee. Jan. 1, '16, to Jan. 1, '21 1920 Bid.- Ask. Bid. AsK. High 35 '19 95 '16 40 Jan. . . Low. 30 '19 40 '20 30 Dec. 40 Dec. trlct. State of New Tork. has valued the property. for capitalization purposes. at $1,625,000. Years ended Dec. 31: Gross. Net. Interest. 1919 $123,000 $114,748 $60,400 Orieinal Market — Offered in May. 1915. by B. H. Rollins & Sons. Boston. New York. Philadelphia, Chicaeo. etc, at 100^ and in- terest. Market. Boston — E. H. Rollins & Sons. New York — E. H. Rollins & Sons. Chicago — E. H. Rollins & Sons. San Francisco — E. H. Rollins & Sons. Price Ranee, Jan. 1, '16, to Jan. 1, '21 Bid. Ask. Hleh 100% '16 103% '16 Low. 89 '18 99H '18 1920 Not Available. NORTHERN NEW YORK POWER CORP. Ist 6b. Due $900,000 serially on January 1 as foUows: 1917, $15,000; 1918, $20,000: 1919-22, $25,000; 1923-5, $30,000; 1926-28, 35,000: 1929-31, .S40,000: 1932-4, S45,00O: 1935-7, $60,000: U38-40, $65,000: and 1955, $1,600,000. Dated January 1, 1916. Interest payable January 1 and July 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company -without deduction. Authorized $2,500,000 Outstanding: 815,000 Matured and Paid 86,000 Reserved for Ext 1,600,000 Denomination — Coupon, 1940 maturity $500: all others, $1,000. Registerable as to prin- cipal only. Trustee — Metropolitan Trust Co., New Tork. Redeemable 1917-23 maturities at 10H4 and Interest; 1923-8 at 102% and interest, 1929-34 at 103% and interest and 1936-40 at 104% and interest. Guaranteed $900,000 as to principal and Interest by The Columbia Mills. Inc.. by en- dorsement. Oreanization and Control — Incorporated in New Tork in 1914. 80% of the stock is owned by The Columbia Mills, Inc., which company is reported to have paid $625,000 for the $600,000 stock. The Columbia Mills. Inc.. Is a large manufacturer of window shades and shade rollers. The company o-wns plants at Mlnetto. N. T.. Chicago. 111.. Wllkes-Barre. Pa.. Detroit and Saginaw. Mich.. Jersey City. N, J., and Somerville, Mass. The plant of the Northern New York Power Corp. is leased to the Niagara, Lockport & Ontario Power Co.. from November 1. 1916-, to December 31. 1940. The average net rental will be ap- proximately $120,000 annually above operat- ing expenses, maintenance, insurance, etc.. but not interest. The Niagara. Lockport & Ontario Power Co. supplies electricity to some 1.000 miles of street and interurban railway lines In northwestern New Tork. Capitalization. Outstanding. Common $600,000 Funded debt 816,000 Secured by a first mortgage on 12,000 horse- power hydro-electric plant on the Oswego Klver at Minetto, N. T.. five miles from Os- wego. The plant was completed November 1. 1915. The power was created at this point by the construction by the State of a dam and lock, forming part of the Barge Canal Works, The company reports that It owns In fee that part of the river bed on which the power house Is constructed, and valuable riparian rights above and below the plant. The Public Service Commission, Second Dis- NORTHERN NEW YORK CTILITltS, INC., 1st & Ret. 5s. Due July 1, 1963. Dated July 1, 1913. Interest payable Jan. 1 and July 1. at First National Bank, New Tork City, or Northern Ne-w Tork Trust Co., Watertown. N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized $10,000,000 Uutstandingr 2.212,000 Pledged to Secure 6% Notes.. 472,000 Retired by S. F 47.500 Reserved for Prior Liens 1,664,600 Reserved for Ext 5,614,000 Denomination — Coupon, $1,000 and $600. Registerable as to principal only. Trustee — Columbia Trusty Co.. New Tork. Redeemable on any Interest date at 106 and Interest. ' Sinking Fund — A sum equal to % of 1% an- nually from July 1. 1916, to 1938, and 1% per annum thereafter, of outstanding bonds, to be applied to the purchase or redemption of bonds at not exceeding 106 and Interest. Improvement Fund — ^At least 7% per annum of gross earnings are to be applied to Im- provements or additions, for which no bonds are to be Issued. Organization — Incorporated In New Tork In 1913 and absorbed the Watertown Light & Power Co. and Carthage Electric Light & Power Co. in 1914. Capitalization. Outstanding. Common $1,034,100 Preferred (7% cum.) 2,152,800 Funded debt 3,808,600 Secured by a first mortgage on a hydro- electric plant and 96 miles of transmission lines and distribution systems supplying Sack- ett's Harbor, Carthage and other towns in Northern New York, and supplying current to companies distributing electricity In Adams, Edwards and other towns. Further secured by a second mortgage on plants distributing gas and electricity In Watertown. N. Y. The hydro-electric plants covered as a first mort- gage Include those which generate over two- thirds of the power used by the company. The property of the company has been valued by the Public Service Commission of the Sec- ond District of the State of New York at $3,100,000. Franchises are without time limit except in some of the smaller places, where they extend beyond 1950. Prior Lien — $1,664,500 (closed) Waterto-wn Lt. & Pr. 1st 6s of 1959, for the retirement of which bonds are reserved under this mortgage. Years ended Dec. 31: Gross. 1919 $1,066,910 1918 989.863 1917 718,669 1916 667,220 191B 606,087 Net. Interest. $489,259 $193,620 466.946 178.154 303,177 148,830 367,601 137.308 284,219 138,960 Original Market — Offered in March, 1915, by E. H. Rollins & Sons. Boston, New York, Philadelphia, etc., at 94 and interest. Market. New York — Martin, Berwin & Co. Price Ranire. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Hig-h 80 '18 97% '16 80 Oct. 84 Mar. Low. 71 '20 75 '20 71 May 76 July NORTHERN OHIO RAILWAY CO. 1st SB. Dne Oct. 1, 1946. Dated October 1. 1895. Interest payable April and Oct. 1. at Chase National Bank. New York. Tax Statas — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,000 Ontstandine 2,600,000 Reserred tor Ext 1,600,000 ProvisionB of Issae — ^Additional bonds are issu^le at the rate of $15,000 per mile. Denomination — Coupon. $1,000. Beiristerable as to principal. Trustee — Central Union Trust Co.. New York. Guaranteed principal and interest by the Akron, Canton & Youn^stown Ry. Co. Organization and Control — Incorporated in Ohio in 1895 as successor to the Pittsburgh. Akron & "Western R. R. Entire common stock is owned by the Akron, Canton & Youngstown Ry. Co., to which the property is leased for 999 years from March 1, 1920. Capitalization. Outstanding. Common $3,680,000 Preferred (5% non-cum.) 647,900 Funded debt 2,600,000 Secured by first mortgage on 162 miles of road from Akron to Delphos, Ohio. liisted on the New York Stock Exchange. Original Market — $2,500,000 offered by Ver- mllye & Co.. New York. Oct.. 1896, at 103 and interest. Market. New York — Constable & Fleming, Fred H. Hatch & Co. Price Ranee — N. Y. S. E. Jan. 1, '06, to Jan. 1, '81 1920 Bid. Ask. High 117 Jan. 17 '00 62% Nov. 82 May Low. 65 Aug. 8, '19 50 Aug. 65 Jan. NORTHERN OHIO TRACTION & UGHT CO. (THE) 1st Cons. 4s and 6s. Due Jan, 1, 1933. Dated January 1. 1903. Interest payable Jan. and July 1, at First National Bank. New York, or "Trustee's office. Cleveland. Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — 4s $6,600,000 6s 1.000,000 $7,600,000 Outstanding- 4s $2,224,000 63 996.000 Pledged under Ist I.len & Ref. Mtge. — 4s $4,276,000 es 4,000 3,220,000 Denomination — Coupon, $1,000. Reglsterabls as to principal. Trustee — Citizens' Savings & Trust Co.. Cleveland, Ohio. Organization — See 1st Lien & Ref. 6s. Secured by a direct mortgage as follows: A first lien on the Gorge power plant (situ- ated on the south side ■ of the Cuyahocra River In the northeastern corner of the city of Ak- ron) with a present installed capacity of 67.000 K. W. : and on 131 miles of street and Interurban railway track from Cleveland to Cuyahoga Falls, Akron' (including Akron street railway systems), and Barberton, and from Cuyahoga Fall^ easterly to Kent and Raven- na, total miles of track, 131. A second lien on lines from Barberton west- erly to Wadsworth, 11 miles; and from Canal- Dover over the westerly side of the loop to New Philadelphia and Ulrichville, 14 miles; total miles of track, 25. A third lien on line from Akron southerly to Canton, 22 miles; and from Navarre south- erly to Canal-Dover and over the easterly side of the loop to New Philadelphia, 23.50 miles, total miles of track, 45.50; and on line from Canton (including Canton street railway sys- tem) westerly to Massillon (including Mas- sillon street railway system) and West Brookfield and from Massillon southerly to Navarre. 48 miles, total miles of track, 48. Prior lilens — Pledged Outstand- (1st. L. & ing Ref. Bs) (public) Canton. Akron Ry. Ist 6s. due March 1, 1922 $855,000 $1,145,000 Canton, New Philadel- phia Ry. 1st. 6s. due . Feb. 1, 1923 .' 666,000 Canton, Akron Consoli- dated Ry. Cons. 5s. due Jan. 1, 1933 1.431.000 779.000 Akron, "Wadsworth & Western Traction 1st 6s. due 1933 200.000 4,280,000 $2,486,000 $2,489,000 Additional bonds, issued under above mort- gages, must be immediately pledged under the First Lien & Refunding mortgage. rnderlles — 1st Lien & Ref. 5s, due 1966, which provides for the retirement of this issue. Earnings — See 1st Lien & Ref. Ea. Xiisted on the Cleveland Stock Exchange. Market. New Yorlc — Fred H. Hatch & Co.. Hoden- pyl, Hardy & Co., B. & C. Randolph, Boston — L. Sherman Adams, Coffin & Burr. Philadelphia — Bauer, Starr & Co. Cleveland — Borton & Borton. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 4s. Bid. Ask. Bid. Ask. High 86 '17 90 '16 70 Jan. 80 Jan. Low. 50 '08 69 '08 50% Dec. 68 June 6s. High 98% '17 100 '16 80 Jan. 86 Mar. Low. 70 '20 76 '08 70 July 70 June NORTHERN OHIO TRACTION & UOHT CO. (THE) 1st Men & Ref. 6s. Due Aug. 1, 1066. Dated Aug. 1, 1916. Interest payable Feb. 1 and Aug. 1, Ip New York or Trustee's offlce, Cleveland. Tax Status — 1% of the 2% Federal Income Tax refunded by company. Authorized Unlimited. Outstanding (Jan. 1, '21) $4,616,000 Pledged to Secure Six-Year 7s. 2,937,500 Pledged to Secure Seven-Yr. 69 5,908,000 Keserred to Retire Prior Ijens 5,709,000 ProTisions of Issue — Additional bonds Issu- able for construction, additions, etc., at 85% of the cash cost provided net earnings for the preceding twelve months are at least twice interest charges on all outstanding bonds. In- cluding underlying bonds and those to be la- sued. Denominations — Coupon, $1,000, $500 and $100. Registerable ($1,000) as to principal only. Registered, $1,000 and multiples, inter- changeable with coupon bonds of $1,000. Trastees — The New York Trust Co., New York, and Citizens' Savings & Trust Co., Cleveland. Redeemable on any Interest date at 106 and interest. Maintenance and Depreciation Fund — Be- ginning with the fiscal year 1916 and annually thereafter 20% of gross earnings. Insurance Reserve — Beginning with the fis- cal year 1916. 4% 'of gross earnings until the fund amounts to $100,000, at which it Is to be maintained for settlement of damage claims and similar liabilities. Organization and Control — Incorporated tn Ohio in 1902 as a consolidation. Over 99% of the common stock of this com- pany has been acquired by the Northern Ohio Electric Corporation. Capitalization, Outstanding. Common $9,000,100 Preferred (6% cum.) 5,451,800 Funded debt 18,143,995 Secured by a direct mortgage as follows; A second Hen on Gorge Power Plant in Ak- ron; and also on lines from Cleveland to Cuyahoga Falls, Akron (including Akron street railway system), and Barberton, and from Cuyahoga Falls ^asteily to Kent and Raven- na, total miles of tiack, 131. A third lien on line from Canal-Dover south- erly over the westerly side of the loop to New Philadelphia and ■Ulrichsville, total miles of track. 14, A fourth lien on lines from Akron south- erty to Canton, 22 miles of track; and from Navarre southerly to Canal-Dover and over the easterly side of the loop to New Philadel- phia, 23.50 miles of track, total miles of track, 50.50; and on lines from Canton west- erly to Massillon and "West Brookfteld, and from Massillon southerly to Navarre, total miles of track, 48. Further secured by pledge of the following underlying bonds: Outstand- Pledged. Ing. Northern Ohio Tr. & Lt. 1st Cons. 43, 1933 $4,276,000 $2,224,000 Northern Ohio Tr. & Lt. 1st Cons. 5s, 1933... 4,000 996,000 Canton, Akron Consol. Ry. Gen. Cons. 63, 1933 1,431.000 779,000 Akron, Wadsworth & Western Trac. 1st 5s. 1933 200,000 None Canton, Akron Ry. 1st 6g, 1922 856,000 1.146,000 With the exception of the Northern Ohio Tr. & Lt. 1st Cons. Mtge., Canton-Akron Consol. Ry. Gen. Cons. Mtge. and the Canton- Akron Ry. 1st Mtge. the above mortgage are closed. Bonds are Issuable under the three open mortgages for refunding purposes only and are to be pledged under this mortgage. Prior Liiens — In addition to the underlying bonds mentioned above, there are $666,000 Canton-New Philadelphia Ry. Ist 6s. duo Feb. 1, 1923. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $10,909,630 $1,928,682 $1,027,639 1919 9,227,840 2,249,715 893,826 1918 7,224,142 1,768,460 765,326 1917 6,389,609 1,812,147 632,069 1916 6,170.442 2,004,463 619,520 1915 3,890;751 1,517,741 628,309 Original Market — $4,000,009 offered Sept., 1916. by the National City Co., New York, at 94 and Interest. Market. New York — Fred H. Hatch & Co., Hoden- pyl, Hardy & Co., National City Co., E. & C. Randolph. Philadelphia — Bauer, Starr & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93 '17 95 '17 77 Jan. 81 Jan. Low. 61 '20 65 '20 61 July 66 Dec. NORTHERN OHIO TRACTION & UGHT CO. 7-Year Secured 6s. Due June 1, 1926. Dated June 1, 1919. Interest payable June and Dec. 1, at New York. Tax Status — 2% Federal Income Tax paid, by company without deduction. Authorized — See "Provisions of Issue.*^ Outstanding $4,726,70(r Provisions of Issue — Additional bonds Issu- able against deposit of cash or against pledge- with the Trutsee of 1st Lien & Ref. 6s in principal amount equal to 125% of principal amount of these bonds issued, provided net. earnings of the company for twelve consecu- tive calendar months ending not more thao 60 days prior to the issuance of such addi- tional bonds shall be at least twice the an- nual bond interest charges. Purpose of Issue — To provide funds to re- tire $2,996,000 Northern Ohio Traction Co. 1st Cons. 6s due July 1, 1919, and $1,450,- 000 N. O. T. & L. Serial 7s due annually to 1928. Denominations — Coupon. $100, $600 and $1,000, Registerable as to principal. Trustee — Bankers Trust Company, New York. Redeemable as a whole or In part at any time upon 3 days' notice at 101 and Interest. Organization — See 1st L^en & Ref. 6s. Secured by a pledge of $5,908,000 of the company's 1st Lien & Ref. es, due August 1, 1966. Earnings — See 1st Lien & Ref. 6s. Original Market — Offered June, 1919, by Na- tional City Company, New York, etc., at $t and interest to yield about 6 % % . New York — Hodenpyl, Hardy & Co., Na- tional City Co. Fliiladelpliia — Samuel McCreery & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ack. High 951,4 '19 96% '19 92 Nov. 93% Feb. Low. 82 '20 85 '20 82 May 85 Dec. NORTHERN OHIO TRACTION & UGHT CO. 6-Year Secured 7fl. Due June 1, 1926. Dated June 1, 1920. Interest payable June 1 and Dec. 1, in New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $2,325,300 Outstanding 2,325,300 Purpose of Issue — To reimburse company for the payment at maturity of an under- lying bond issue, and for recent capital ex- penditures. Denominations — Coupon, $1,000, $600 and 5100. Registerable as to principal. Trustee — Rational City Bank, New York. Redeemable at 101 and interest at any time on 30 days' notice. Sinking Fund — Semi-annually beginninir on Dec. 1, 1920, a sum equivalent to 1% of out- standing bonds. Fund is to be applied to the redemption of these bonds at not ex- ceeding 101 and interest. Organization — See 1st Lien & Ref. 5s. Secured by pledge of $2,937,000 1st Lien & Ref. 6s, due Aug. 1, 1956. Earnings — See let Lien & Ref. 5s. Original Market — $2,000,000 offered in May. 1920, by National City Company, New York, etc., at 96 and interest. Market New York — Hodenpyl, Hardy & Co. Price liang:e Bid. Ask. High 94 June 96 May Low 86 Nov. 90 Nov. NORTHERN OHIO TRACTION & LIGHT CO. (THE) Car Trust 8s. Due $100,000 each Feh, 1 and Aug:. 1, 1925, inclusive. I>ated Aug. 1, 1920. Interest payable Feb. 1 and Aug. 1, at Fidelity Trust Co., Phila- ^ielphia. Tax Status — ^Payment of Federal Income Tav not assumed, by the company. Authorized y $1,000,000 Outstanding 1,000,000 Denomination — Coupon, $1,000; register- able as to principal. Trustee — Fidelity Trust Co., Philadelphia. Kedeenxable on any interest date upon 30 tiays' notice at 101 and interest. Secured by an equipment trust agreement on 20 steel interurban passenger cars, 56 !Peter Witt city passenger cars, and 10 Cleveland type passenger trail cars, costing $1,340,000. Original Market — $1,000,000 offered Aug., 1920, by Casatt & Co., Philadelphia, at 100 and interest. NORTHERN ONTARIO LIGHT & POWER CO., LTD., 1st 6s. Due April 1, 1931. Dated April 1, 1911. Interest payable Jan. and July 1, at Bank of Toronto, Toronto, Ont. ; Bankers Trust Co., New York; and W. P. Bonbright & Co., London, Bng. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $16,000,000 Outstanding M55'5S2 Retired by S. F I'^^'SSS In TreasmT „ . .„ '„„ Reserved for Ext '•^"I'^'l'ln Denomination — Coupon, $500 and $1,000. Begisterable as to principal. Trustee — Toronto General Trusts Corpora- tion. Toronto, Ont. Redeemable on any interest date at par and Interest. . „ , ,c Sinking Fund — Annually begmnmg Oct. 15, 1912, a sum equal to 2%% of bonds there- tofore issued (including bond cancelled by this fund) for the purchase or redemption of these bonds at not over par and interest. Organization — Incorporated in Ontario in 1911 and has acquired the properties of the Cobalt Power and subsidiary companies, the Cobalt Light, Power & Water Co., Ltd., and the British Canadian Power Co., Ltd. Capitalization. Outstanding. Common ''*'^"'22° Preferred (6% cum.) 2,400,000 Funded debt 4,686,600 Secured by a first mortgage on the entire property of the company. Including two hy- dro-eleotrlo plants totaling 6,600 h. p. and a hydraulic air compressor plant of 6,000 h. p. on the Montreal River, six miles from Cobalt; a hydrb-eleotrio plant of 10,000 h. p. on the Matabitchouan River, thirty-flve mils from Cobalt, Ont.: and six auxiliary plants of a total capacity of 6,000 h. p., to- gether with dams, compressed air installa- tions, buildings and transmission lines. The company furnishes electricity and compressed air in Cobalt mining district and vicinity. Years ended Dec. 31: Gross. Net. Bond Int. 1920 $874,521 $573,476 $275,190 1919 814,554 562,110 275,190 1918 891,935 640,036 276,360 1917 905,484 656,614 275,486 1916 804,439 611,309 273,360 Orginal Market — $2,000,000 underwritten by Choates, Son & Co. and British Eleo. Trao. Co., London, and Hanson Bros., Montreal, Oct., 1912. Offered in January, 1916, by A. D. Con- verse & Co,, New York, at 88 and interest. Market. New York — Sam'l Goldschmidt, Fred H. Hatch & Co., Earle A. Miller & Co., E. & C. Randolph. Philadelpliia — Barclay, Moore & Co., Bauer, Starr & Co., Henry D. Boenning & Co., McCown & Co., Samuel McCreery & Co. Price Range. Jan. 1, '13, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 90 '13 92% '14 77 Jan. 84 Jan. Low. 60 '20 64 '20 60 June 64 July NORTHERN PACIFIC-GREAT NORTHERN Joint 15-Year (C. B. & Q. coUateral) Conv. SVzS. Due July 1, 1936. Dated July 1, 1921. Interest payable Jan. 1 and July 1 at office of J. P. Morgan & Co., New York. Tax Status — Payment of Federal Income Tax not assumed. Authorized : . . , $230,000,000 Outstanding (May 25, '21) . . 120,000,000 Converted "IIO, 000,000 •$102,000,000 into Great Northern Ky. Gen. 7s and $8,000,000 into Northern Pacific Ref. & Imp. 6s. Purpose of Issue — To provide for the re- tirement of $215,227,000 Coll. Tr. 4s, due July 1, 1921. Denominations — Coupon, $1,000, $500 and $100; registerable as to principal. Register- ed $1,000 and authorized multiples thereof. C. & R. interchangeable. Trustee — First National Bank of the City of New York, New York. Redeemable as a whole or in amounts of not less than $5,000,000 at 103% and inter- est at any time upon 75 days' notice. Convertible at any time par for par, with- out charge, into Northern Pacific Railway Company Ref. & Imp. 6s, Series "B," due 2047 (callable after 15 years at 110 and in- terest) or Great Northern Railway Co. 15- year Gen. 7s, Series "A," due 1936 (not call- able), or' into the bonds of both issues in any ratio between the two which the holder of these bonds may desire, but not more than $115,000,000 of either of such mortgage bonds will be issuable upon such conversion. Conversion privilege extends up to 15 days before the date of redemption. Security — A joint obligation of the North- ern Pacific and Great Northern Railway Companies and secured by pledge of the fol- lowing securities; Amount. Chicago, Burlington & Quincy R. R. Co. stock •$165,867,400 Northern Pacific Ry. Co. Ref. & Impt. B 6s, 2047 33,000,000 Great Northern Ry, Co. Gen. A 7s, 1936 33,000,000 •Total Issued $170,839,100. Usted on the New York Slock Exchange. Original Market — $230,000,000, offered April, 1921, at 96% and interest by a Syndi- cate comprising the following: Boston— First National Bank, Old Colony Trust Company, National Shawmut Bank, Merrill, Oldham & Co. Chicagro— First Trust & Savings Banlc, Continental & Commercial Trust & Savlnts Bank, Illinois Trust & Savings Bank. Mer- chants Loan & Trust Co., Central Trust Company of Illinois, Harris Trust & Savings Bank, Northern Trust Company, Union Trust Company. Cincinnati^First National Bank, Fifth- Third National Bank. Cleevland— Union Trust Co., Hayden, Mil- ler & Co. Detroit — First National Com.pany, Detroit Trust Co. Minneapolis — Minnesota Loan & Trust Co., -Minneapolis Trust Co., The Wells-Dickey Co. New York — J. P. Morgan & Co., First Na- tional Bank, The National City Company, Guaranty Company of New York, Bankers Trust Co., Lee, Higginson & Co., Harris, Forbes & Co., Kidder, Peabody & Co., Brown Brothers & Co., Dillon, Read & Co., Halsey, Stuart & Co., Spencer, Trask & Co.. Blair & Company Inc. , E. H. Rollins & Sons, White, Weld & Co.. Kissel, Kinnicutt & Co.. Hayden, Stone & Co., Clark. Dodge & Co., J. & W. Seligman & Co., Chase National Bank, National Bank of Commerce, Mechanics & Metals National Bank, American Exchange National Bank, Central Union Trust Co.. New York Trust Co., Equitable Trust Com- pany. Philaclclphia — Drexel & Co., Graham, Par- sons & Co., Cassatt & Co. Pittsburgh -— Union Trust Company of Pittsburgh, Mellon National Bank. St. liouis — The First National Bank in St. Louis, Mercantile Trust Company. St. Paul — First National Bank, North- w^estern Trust Co., Merchants Trust & Sav- ings Bank. NORTHERN PACIFIC RAILWAY CO. Incorporated in 1896 as successor to the "Railroad" company of the same name. The company owns 6,780 miles of road, of which 633 miles are double-tracked, from .Minne- apolis and St. Paul. Minn., to Portland, Ore. , and Seattle, Wash. , and branches to Duluth, Minn. , and numerous other points in Wisconsin, Minnesota, North Dakota. Mon- tana, Idaho. Oregon and Washington. Through stock ownership or lease the company con- trols 366 miles of road additional. Equally with the Great Northern Ry. Co., this company owns practically the entire capital stock of the Chicago, Burlington & Quincy R. R. Co., owning and operating more than 9,100 miles of road between Chicago and St. Paul, Minneapolis, Omaha, Kansas City, Denver and Billings. Mont., where con- nection is made with the Northern Pacific Railway Co., and controlling roads extend- ing from Wyoming to the Gulf of Mexico. In 1914 the company acquired the Gilmore & Pittsburgh R. R. extending 119 miles from Armstead, Mont., to Gilmore. Idaho. The construction of the road is reported to have cost $5,600,000. By building some additional mileage this road can be utilized to shorten the through line of the Northern Pacific Ry. Co. about 140 miles. Capitalization. Outstanding, Common $248,000,000 Funded debt 315,065,000 Years ended Dec. 31: Gross. Net. Int. & Kent. •1919 $30,089,692 $39,656,286 $12,393,704 tl919 100,739,353 19,832.793 2,562,881 •1918 30,089,692 38.222,307 12.305,488 tl918 102,908,259 30,678,681 1,817.418 1917 88.225.726 42,790,602 13,287,816 1916 80,281.343 40.204,288 13,256,277 1915 66.992,429 36,847.805 13.199.655 •Corporate account. t Federal account — standard return not In- cluded. 965 NORTHERN PACIFIC RAILWAY CO. Prior Lien 4b. Dae Jan. 1, 1997. Dated Nov. 10, 1896. Interest payable quar- terly Jan., Apr., July and Oct. 1. at J. P. Morgan & Co., New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding (Jan. 1, '21) $110,132,000 Retired by S. F 11,518,000 Denomination — Coupon, $1,000 and $500. Registerable as to principal, or fully regia- terable. Registered, $100 and multiples. Trustee — Bankers Trust Co., New Tork. Sinking Fund — Annually one-half of the net proceeds from the sales of lands granted but not exceeding $500,000, for the purchase of these bonds at not over 110; bonds so pur- chased to be cancelled. If not so purchas- able, amount is to be applied to the purchase and cancellation of Gen. Lien 3s at not over par. The other one-half of said net pro- ceeds, and any excess over $500,000, is to be set aside annually by Trustee as a cash fund to be used by company for construction or acauisition of securities of controlled com- panies. Secured by direct or collateral lien on 5,482.39 miles of road and on securities as listed below, also on about 5,800,000 acres of land grants. A first lien on 4,770.78 miles — Miles. Ashland, Wis., to Vancouver. Wash. 2, 102. 55 Globe to Portland, Ore 38.87 Pasco t6 Wallula, Wash 13.89 Central Ave., Superior, Wis., to Rice's Point, Duluth, Minn 7.69 Bay Front Lines, Superior, Wis 1.08 Walbridge Line, Wis. and Minn.... 3.25 Broadway to Mississippi St., St. Paul. Minn 1.53 Logan to Garrison. Mont 124.33 DeSemet to St. Regis, Mont 71.42 Auburn to Seattle. Wash - 22.41 Seattle. Wash. , to Internationtl Boundary Line 126.66 Drawbridge Line, Tacoma 1.38 Iron River to Washburn, Wis 33.78 Little Falls to Morris, Minn 87.90 Wadena to Oakes, N. D 149.50 Manitoba Jet., Minn., via Crooks- town to International Boundary Line 190.40 Fertile to Carthage Jet., Minn 54.46 Keywest to Sherack, Minn 6.13 Casselton to Marion, N. D...; 60.13 Fargo to Streetor, N. D 148.61 Fairview Jet. to Bayne. N. D 14.83 Sanborn to McHenry, N. D 62-88 Jamestown to La Moure, N. D 48.51 Independence to Oakes, N. D 15.16 Jamestown to Leeds, N, D 107.48 Carrington to Turtle Lake, N. D 85.03 Oberon to Esmond, N. D 28.08 McKenzie to Linton, N. D 44.20 Laurel to Red Lodge, Mont 44.14 Silesia to Bridger. Mont 19,74 Livingston to Gardiner, Mont 64^27 Sappington to Norris, Mont 20.99 Harrison to Pony, Mont g^gg Whitehall to Adler. Mont 45.73 Sturat to Anaconda, Mont 8.52 Helena to McLellan Spur; Boulder to Hig'h Ore Spur and to Queen Sidinsr. Mont 22.08 Helena to Rimini, Mont 16.37 Clougrh Jet. to MarysvlUe, Mont 12.58 Drummont to Phillipsburg, Mont.... 25.94 Missoula to Darby, Mont 66.37 St. Regis Jet., Mont., to "Wallace, Idaho 68.72 Wallace to Burke, Idaho 6.66 Wallace to Seccess, Idaho B.56 Hauser to Coeur d'Alene, Idaho 13.61 Marshall, Wash., to Lewiston, Idaho 138.67 Pullman, Wash., to Genesee, Idaho.. 27.60 Belmont to Farmington, Wash 5.89 Davenport to Dennys, Wash 18.13 Cle Elum Jet. to Lakedale, Wash.. 7.18 Palmer Jet. to Meeker Jet., Wash.. 33.55 Kanaskat to Kerriston, Wash 16.11 Cascade Jet. to Spiketon, Wash 3,63 Cascade Jet. to Fairfax, Wash 16,94 Crocker to Wingate, Wash 5.44 Orting to Lake Capousin, Wash. . . . 10.03 Tacoma Tide Flats. Wash 1.05 Woodinville to Sallal, Wash 39.17 Snohomish to Everett, Wash 11.38 Black River Jet. to Woodinville, Wash. 24.11 Hartford to Monte Cristo, Wash.... 42.12 Arlington to Darring-ton. Wash 28.08 Wickersham to Bellingham, Wash.... 22.75 Lakeviev? to Gate, Wash 39.90 Centralia to Bay City, Wash 68.59 Elma to Simpson, Wash 10.29 Aberdeen to Moelips, Wash 34.28 Cosmopolis Jet. to Cosmopolis, Wash. 1.89 Chehalis Jet. to South Bend, Wash.. 56.68 Vancouver Jet. to Taeolt, Wash 27.25 A first collateral lien on 633.40 miles — Through deposit of all the bonds and all the capital stock of the Mani- toba Ry. : International Boundary Line to Win- nipeg 65.94 Morris to Brandon 145.24 Souris River Branch, Hilton to Har- ney BO. 94 Portage to La Prairie Branch, Win- nipeg to La Portage 52.64 Hope Farm Branch 2.86 Fair Ground Branch 0.84 Winnipeg Terminal 1.24 Portage la Prairie to Delta 15.05 Portage _ la Prairie to Beaver 20.00 Through deposit of all the bonds and $350,000 (of a total issue of $500,- 000) capital stock of the Minnesota & International Ry. : Brainerd to Grand Falls, Minn 167.42 Funkley to Kelliher, Minn 11.33 A second lien on 178.31 miles — ■ Covered by the first lien of the St. Paul & Northern Pacific Is 6s.... 178.21 Further secured by deposit of the foUov^ing stocks : Pledged. Issued. St. Paul Union Depot Co.. $43, 750 $932,400 Duluth Union Depot & Transfer Co 150.000 300,000 Minnesota Transfer Ry. Co. 7,000 70.000 Northern Pacific Coal Co . . 100,00 Northern Pacific Express Co. 343,000 Prior Ijiens — $7,705,000 St. Paul & Nor. Pac. 1st 6s, due 1923, for the retirement of which bonds of this issue have been re- served. Underlies — Gen. 3s, due 2047, and Ref. & Imp. Mtge., -which provide for the retire- ment of this issue, Ijegal for Savings Banks in Cal., Conn., Mass.. Mich., Minn., N. H., N. J., N. Y., 966 R, I.. Vt. and Wis.; and also Baltimore Trust Funds. „^„ I^isted on the New York. Boston, Phila- delphia, London and Amsterdam Stock Ex- changes. Market. New York — Bi&elow & Co., Simon Borg & Co., Arthur E. Frank & Co., Grange & Co., Herzfeld & Stern, Hodenpyl, Hardy & Co., Kountze Bros., Newborg & Co., Parker & Co., R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Roosevelt & Son, Seasongood, Haas & Macdonald.'Sti-uthers & Hiscoe, Vilas & Hickey. Boston— R. L. Day & Co. Philaaelphia — Barnes & Lofland, Arthur J. Bender, Morley Wood & Co. Price Range— N. Tf. S. E. Jan. 1, 'Oe. to Jan. 1, *21 1920 High 106% Jan. 12, '06 80% Jan. 3 Low. 69 May 20, '20 69 May 20 NORTHERN PACIFIC RAILWAY CO, Gen, ■ lien 3s. Due Jan. 1, 3047, Dated Nov. 10, 1896. Interest payable quar- terly, Feb., Ikfay, Aug. and Nov. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $54,601,500 Held in Treasury 5,398,500 Denomination — Coupon, $1,000 and $500. Registerable as to principal only, or fully registerable. Registered. $100 and multiples. Trustee — Farmers' Loan & Trust Co., New York. Sinking Pund — The balance (which cannot exceed $500,000 per annum) remaining un- applied under the Sinking Fund provisions of the Prior Lien 4s in case they are not purchasable up to 110, will be applied to the purchase and cancellation of these bonds at not over par, or if not obtainable at that price to the purchase of securities legal for New York Savings Banks. Secured by a mortgage on all the property covered by the Prior Lien 43 and subject to the lien of that mortgage. Prior Liens — $7,705,000 St. Paul & Nor. Pac. 1st 6s, due 1923, and $110,132,000 Nor. Pac. Prior Lien 4s. due 1997. Underlies — Ref. & Imp. Mtge. which pro- vide for the retirement of this issue. Legal for Savings Banks in Cal., Conn., Mass., N. H., N. J., N. Y., R. I. and Vt. ; and also Baltimore Trust Funds. I^isted on thc» New York, Boston. Philadel- phia and London Stock Exchanges. Market. New York — Bigelow & Co., Simon Borg & Co., Arthur E. Frank & Co., Granger & Co., Herzfeld & Stern, Hodenpyl, Hardy & Co., Kountze Bros., E. 0. Levinson & Co., New- borg & Co., Prince &. Whitely, Redmond A Co., Roosevelt & Son, Seasongood, Haas & Macdonald, Vilas & Hiekey, Edwin Wolff. Philndelpliia — Barnes & Lofland. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 " 1930 Coupon. High 78^^ Jan. 24, '06 58% Oct 5 Low. 52ys Dec. 16. *19 49% May 12 Registered. High 76 June 25, '06 Not Low. 55 Nov. 19. '19 Available. NORTHERN PACIFIC RAILWAY CO. St. Paul-Dul«th Div. 4s. Due Dec. 1, 1996. Dated June 15, 1900. Interest payable June and Dee. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authori7.ed Closed mortgage. Outstanding (Jan. 1, "21) $2,819,000 •Acquired by company 5,261,000 •Through exchange' for second Liberty 4%s. Retired by S. F 2,339,000 Denomination — Coupon, $1,000. Regiater- able as to principal or fully registerable. Registered, $1,000. Trustee — Guaranty Trust Co., New York. Sinking Fund — Proceeds from sale of all lands covered by the Northwestern Improve- ment Bonds are to be applied to the pur- chase and redemption of this issue at not exceeding lOB and Interest, bonds so acauired to be cancelled. If not so purchaseable to be applied to betterments and additions to the mortgaged property. Secured by "direct mortgage on 243.36 miles of road, viz: First lien on 13.6% miles^ Miles. White Bear to East Minneapolis, Minn. 13.62 Second lien on 64.47 miles — Covered by St. Paul & Duluth 1st Cons. 4s 64.47 Third lien on 165.37 miles — Covered by St. Paul & Duluth 1st Bs and Cons. 4s 165.27 These bonds were also secured by pledge of the entire issue of Northwestern Improve- ment Co. Debenture Bonds, covering lands granted to the St. Paul & Duluth R. R. As these lands were sold and proceeds applied in accordance with the provisions of the Sinking Fund an equal amount of Debentures was cancelled. The original issue amounted to $4,000,000, all of which have been can- celled. Also secured by pledge of $25,000 of the $300,000 stock of the Duluth Union Depot & Transfer Co. Prior lAena — $1,000,000 St. Paul & Dul. 1st 5s, due 1931, and $1,000,000 1st Cons. 43. Underlies — Ref. & Imp. nitge., which pro- vide for the retirement of this issue. Iiegal for Savings Banks in Cal., Conn., Mass., N. H., N. J., N. Y., E. I. and Vt.; and also Baltimore Trust Funds. Iiisted on the New York Stock Exchange. Market. Ne^v Yorlt — Simon Borg & Co., Constable & Fleming, Hartshorne «fe Battelle, Newborg & Co., R. "W. Pressprich & Co., Prince & "Whitely, Redmond & Co., Struthers & His- coe, Taylor, Smith & Hard, Vilas & Hickey. Price Range — N. Y. S. E. Jan. 1, '06. to Jan. 1, '21 . 1920 High 101 Jan. 24, '06 83 Oct. 27 Low. 74 Aug. 2, '18 82% Aug. 30 NORTHERN PACIFIC RAILWAY CO. Ref. & Impv't BItse. Series A, 4%s and B 6s. Due July 1, f.M'i. Dated July 1. 1914. Interest payable Jan. 1 and July 1, at .t. P. Morgan & Co., New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Limited to an amount which, together with all prior debt, less any of these bonds reserved for the retirement of such prior debt, shall not exceed three times the capital stock then outstanding. But cannot be issued above $300,000,000 except to retire prior liens, unless authorized by majority vote of capital stock. Outstanding (May 25, '21) A $20,000,000 B 8,000,000 $28,000,000 Denomination — Coupon, $1,000. Register- able as to principal only. Registered, $1,000, $6,000 and $10,000. C. & R. Interchangeable. Trustees— Gparanty Trust Co. and Wm. S. Redeemable as a whole as follows: Series A on July 1, 1919, or any interest date there- after at 110 and interest; Series B on July 1, 1936, or any interest date thereafter at 110 and interest. „ n soi m Secured by direct mortgage on e,»»i.7» miles of road, viz: A first Hen on 868.54 miles — ,, .o St. Regis to Paradise, Mont 21.69 Taooma to Tenino. Wash., via South Tacoma ...........••>•• 39.49 Deerwood to Orelands, Minn 3.66 Deerwood to the Mines of the Cuyuna Mine Lacs and Duluth-Brainerd Iron Companies '•'° Grand Palls to International Falls, Minn '5-*9 Pingree to Wilton. N. D 92.40 Mandan to Stanton. N. D 62.64 Mandan to Cannon Ball. N. D 42.41 Cannon Ball to Mott, N. D 91.S6 Spring Creek Line, N. D., running from Stanton westerly 68.73 Glendive to Sidney, Mont 54.81 Mission to Wilsall, Mont 22.93 Manhattan to Anceny. Mont 15.16 Arrow to Stltes, Idaho 62.91 Joseph to Grangeville, Idaho 66.78 Snake River Jot. to Riparia. Wash.. 40.97- Connell to Adoo, Wash 60.96' Bassett Jet. to Sohrag, Wash 12.54 Sunnyside Jet. to Grandview, Wash.. 20.09- Cowiche Branch, W^ash B.OT Naohes Branch. Wash 13.07 - Moxee Branch, Wash 8.85- Parker-Zillah Branch, Wash 17.09 Simcoe Branch, Wash 9.91 - Tumwater Branch, Wash 3.90 ■ ■ A second lien on 311.07 miles — Covered by the first lien of: Washington & Columbia River Ry. 1st 4s 167.69 Northern Paciflo-St. Paul-Duluth Di- vision 4s 13.62 Washington Central Ry. 1st , 4s 129.79 A third Heft on 4,835.25 miles — Covered by the first lien of: Northern Pacific Hy. Prior Lien 4a. ..4,770.78 St. Paul & Duluth R. R. First Cons. 4s 64.47 A third collateral lien on 533.40 miles — Covered by the 1st Coll. Lien of Northern Pac. P. L. 4s 533.40 A fourth lien on 343.48 miles — Covered by the first lien of: St. Paul & Northern Pacific Ry. 1st 6s 178.21 St. Paul & Duluth 1st Bs 16B.27 Also secured on various leaseholds and trackage rights and on the company's ter- minals in Minneapolis. St. Paul, Duluth, Su- perior, Portland, Seattle, Tacoma, etc. Also on the greater part of the company's equip- ment, which is not covered by equipment ob- ligations. Further secured by deposit of the follow- ing stocks — Pledged. Issued. Lake Superior Terminal & Transfer Ry. Stk. $148,800 $495,600 St. Paul Union Depot Co. Stock 103,600 932,400 Spokane, Portland & Seattle Ry. Stock. . .20,000,000 40,000,000 Duluth Union Depot & Transfer Co. Stock. . 300,000 300.000 Minnesota Transfer Ry. Co. Stock 7,000 70,000 Northern Pacific Coal Co. Stock 100,000 Northern Pacific Ex- press Co. Stock 343.000 Prior liiens— $187,129,000 (of which $8,- 906,500 are In the company's treasury), as follows: Northern Pacific Ry. Prior Lien 4s of 1997 $110,132,000 Northern Pacific Ry. Gen. Lien 3s of 2047 (a)60, 000,000 Northern Pacific Ry. St. Paul-Du- luth Div. 4s of li)S6 2,819,000 St. Paul & Northern Pacific Ry. Gen. 6s of 1923 7,705,000 St. Paul & Duluth R. R. 1st 5s of 1931 1,000.000 St. Paul & Duluth R. R. 1st Cons. 48 Of 1968 ; 1,000,000 Washington & Columbia River Ry. 1st 4a of 1935 (b)2. 620.000 Washington Central Ry. 1st 4s of 1948 (c)1.853,000 All the above Issues are closed. Treasury bonds: (a) $5,398,600; (b) $2,480,- 000; (c) $1,028,000. The above mortgages are closed and bonds are reserved under this mortgage to retire all prior liens. !LegaL for Savings Banks in Cal., Conn., Me., Mass.. Mich., Minn., N. H.. N. J., N, T.. R. I., Vt. and Wis.; and also Baltimore Trust Funds. Original Market — $20,0 00,000 offered July. 1914, by J. P. Morgan & Co., National City Bank and First National Bank of New York at 97 and interest. Liisted on the New York Stock Exchange. Market. New York — Simon Borg & Co., Sam'l Gold- schmidt. Granger & Co., Kountze Bros., Parker & Co., Prince & Whitely, Redmond & Co., Remick, ],Iodges & Co., Seasongood, Haas & Macdonald, Joseph "Walker & Sons. Boston — R. L. Day & Co. Price Kange — N, Y. S. E. Jan. 1, '18, to Jan. 1, '21 1920 High 91 Dec. 31, '18 82 Nov. 8 Low. 69 May 24, '20 69 May 24 NORTHERN PACIFIC RAILWAY CO. Equip. Tr. 79 of 1920. Due $450»000 each May 15 from 1921 to 1930. incl. Dated May 15, 1920. Interest payable May 15 and Nov. 15 at J. P. Morgan & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $4,500,000 Outstanding 4,50 0,000 Denomination — Coupon, $1,00 0. Registerable as to principal. Trustee — Bankers* Trust Company, New York. Secured by an equipment trust agreement on 31 freight locomotives, 20 switching locomo- tives, 20 passenger locomotives and 360 steel work train cars, costing approximately $6,300,- 000. JjCgal for savings banks in N. H., Ohio and R. I. Original Market — $4,500,000 offered May, 1920, by J. P. Morgan & Company, First National Bank and National City Company. New York, on a 7% basis. Market New York — Simon Borg & Co., Freeman & Co. Philadelphia — Biddle & Henry. NORTHERN PACIFIC TERMINAL CO. OF OREGON 1st 68. Due Jan. 1, 1933. Dated Jan. 1, 1883. Interest payable Jan. 1 and July 1, at Wlnslow, Lanier & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. 9GS AnthoHzed $5,000,000 Outstanding^ (Apr. 14, '21).... 2,377,000 Retired by S. F 1,946.000 Denomination — Coupon, $1,000. RegisterabU as to principal. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at 110 and interest on any In- terest date for sinking fund only. Sinking Fund — ^Beginning Jan. 1 , 1893, a sinking fund sufficient to retire the entire issue on or before maturity. Fund to be ap- plied semi-annually to the purchase or redemp- tion of these bonds at not exceeding 110 and Interest. Bonds so acquired are cancelled. Guaranteed jointly and severally as to inter- est and sinking fund by the Northern Pacific Ry. Co., the Oregon R. R. & Navigation, Co. and the Oregon & California R. R. Co. (con- trolled by the So. Pac. Co.) under terms of lease. Organization and Control — Incorporated Id Oregon in 1882. Controlled by guarantors by ownership of the entire capital stock, which is held by the Trustee until these bonds are retired. Capitalization. Outstanding. Common $3,000,000 Funded debt 2,509,000 Secured by a first mortgage on terminal property located on the Williamette River near Portland, Oregon, comprising 270 acres of land with warehouses, docks, shops, 39 miles of track, 7,900 feet of dock frontage and a Union Passenger Station in Portland. Listed on the New York Stock Exchanges. Market. New York — Simon Borg- & Co. , Ambrose R. Clark & Co., Finlay & Davenport, Joseph Bird Ford, Sam'l Goldschmidt, Hartshorns & Battelle, Prince .& Whitely, Redmond & Co., Remick, Hodges & Co., "Watson, Arm- strong & Co. Price Range — ^N. Y, S. E. Jan, 1, '06, to Jan. 1, '21 1930 High 117 Nov. 14, '06 108 Mar. 26 Low. 1031^ May 20,^20 103% May 20 NORTHERN PAPER MILLS 1st 6&. Due each Nov. 1 as follows: $50,000 each 1921 and 1922; $75,000 each from 1923 to 1928. incl.. and $50,000. 1929. Dated Nov. 1. 1919. Interest payable May 1 and Nov. 1, at First Trust & Savings Bank, Chicago, and First "Wisconsin Trust Company, Milwaukee. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding 600,000 Purpose of Issue — To retire a small bond issue now outstanding, for plant extensions and to increase the working capital of the company. Tmstce — First Wisconsin Trust Company, Milwauicee. Denominations — Coupon $500 and $1,000 ($500 denominations 1926 and 1927 only): reg- Isterable as to principal. Redeemable at 103 and interest on any In- terest date upon 60 days' notice. Sinking and Acquisition Fund — ^Annually, beginning 1920, 2 5 % of company' s surplua earnings after the payment of Federal taxes, to be applied to redeem bonds, other than those bonds maturing, either by purchase in the open market or by call at not to exceed 102 and interest: or for the acquisition of new property of a nature and at a price which shall be approved by the Bankers. Organization — Incorporated in Wisconsin. Business established in 1901. Capitalisation. Outstanding. Common $600,000 Funded debt 600.000 Seenred by a first mortgage on all the assets ?», company, valued as of September 30. 1919. at $2,260,268. Under the provisions of the mortgage net quick assets shall be mamtalned at all times at an amount equal to 100% of the face amount of these bonds outstanding. The company is also required to carry ample insurance against fire and explosion at all times during the life of this Issue on plant and equipment. The company is the largest manufacturer of paper towels and toilet paper in the United States. Plant Is located at Green Bay. Wis. Paper plant has an output of 76 tons of paper per day and sulphite plant has a production of 60 tons per day. 60 tons being used by the com- pany, leaving 10 tons to be sold elsewhere. Original Market — $600,000 offered Novem- ber, 1919, by Taylor, Bwart & Company, Chi- cago, at prices to net from 614% to 6%%, according to maturity. ^, Market Clucag-o — Taylor, Ewart & Co. gen Jot. to Sparkhill. N. T., subject to prior lien at the rate of $30,400 per mile. Prior liien — $664,000 Northern R. B. of N. J. 1st 6s of 1927 for the retirement of which bonds are reserved under this mortgage. NORTHERN RAILROAD CO. OF NEW JER- SEY 1st Ext. 4%s. Due July 1, 1927. Dated July 1, 1887. Extended July 1. 1917 with interest reduced from 6% to 4H%. In- terest payable Jan. and July 1, at Brie R. R. office, 60 Church Street, New York. Tax Status — Payment of Federal Income^ Tax not assumed by company. Authorized $700,000 Outstanding 664,000 Denomination — Coupon, $1,000, $500 and $100. Trustee — United States Trust Co., New Tork. Guaranteed principal and interest under terms of the lease by the Erie R. R. Co. Organization and Control — Incorporated in New York and New Jersey in 1864. In 1899 was leased during its corporate existence to the Erie Railroad at a rental covering all obligations and 4% on the $1,000,000 stock. Capitalization. Outstanding. Common $1,000,000 Funded debt 808,000 Secured by first mortgage on 22 miles of double-track road from Bergen Junction to Sparkhill, N. Y. Underlies — General 4Hs, due 2000, which provide for the retirement of this issue. Market. New York — Taylor, Smith & Hard. NORTHERN RAXI/ROAD CO. OF NEW JER- SEY Gen. 4%s. Due Jan. 1, 2000. Dated January 1, 1900. Interest payable Jan. and July 1, at Erie R. R. office. 60 Church Street. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 154,000 Reserved for Prior Liens 846,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — United States Mortgage & Trust Co., New York. Guaranteed principal and interest under terms of lease by the Erie R. R. Co. Organization and Control — See 1st Ext. 4%s. Secured by a first collateral lien on 4% miles of road from Sparkhill to Nyack, N. T.. being a first lien on the $150,000 Nyack & Northern 1st 7s, which cover said mileage, and a second mortgage on 22 miles from Ber- NORTHERN RAILWAY CO. (of California) Ist 6s. Dae Oct. 1, 1938. Dated Oct. 1. 1888. Interest payable April and Oct. 1, at company's office. New York. Tax Status — ^Payment of Federal Income Tax not assum.ed by company. Authorized Closed mortgage. Ontstandlne $4,800,000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Central Union Trust Co., New York. Sinking Fund — $20,000 per annum, begin- ning 1898, to redeem these bonds or to be otherwise invested. $9,112 in cash, and bonds of the Southern Pacific costing $531,663, were held in this sinking fund June 30, 1916. Guaranteed principal and interest by the Southern Pacific Co. by endorsement. Assumed by the Southern Pacific R. R. Cb. Control — Incorporated in California, and In 1898 was consolidated Into the Southern Pacific R. R. of Cal.. which in 1902 was merged into the Southern Pacific R. R. Co. The entire stock of the latter company la owned by the Southern Pacific Co. Secured by first mortgage on 377.55 miles of road, viz. : Miles. West Oakland to near Martinez 31.03 Benicia to Suisun 16.35 ■Woodland to Tehama 100.87 16th St., Oakland, to Vine St., Berk- eley 6.15 Willows to Fruto 16.84 Elmira to Rumsey 51.22 Napa Jet. to Santa Rosa 37.24 Sacramento to Pl.acerville 61.26 Gait to lone 27.06 Woodbridge to Valley Springs 29.54 Underlies — Southern Pacific R. R. Refund- ing 4s. due 1955, which provide for the re- tirement of tills Issue. Legral for savings banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y. Ore. R. I. Vt. and Wis. ; and also Baltimore Trust Funds. Listed on the New York and San Fran- cisco Stock Exchanges. Market. Nev(^ York — Percy H. Bradshaw, R. W. Pressphich & Co., Sutro Bros. & Co., Vilas & Hickey. San Fi'ancisco — Sutro & Co. Price Bangre — N. Y. S. B. Jan. 1, '07, to Jan. 1, '31 1920 High 112 Feb. 8, '07 SSVs Apr. 8 Low. 91% Apr. 14, '20 91% Apr. 11 NORTHERN REDWOOD LUMBER CO. Ist 6s. Due each Oct. 1, as follows: $62,000 each Oct. 1 and $63,000 each Apr. 1, from Oct. 1, 1921, to April 1, 1935, incl. ¥75,000 Oct. 1, 1935 and April 1, 1936. Dated Apr. 1, 1920. Interest payable Apr. 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,900,000 Outstanding 1,900,000 Purpose of Issue — To retire outstanding bond indebtedness and for the purpose of retiring indebtedness incurred in the re- building of the mill and manufacturing: plant, the purchase of logging equipment and for other purposes. Denominations — Coupon, $1,000 and $600 (1933 and 1931 maturities only). Trustees — Detroit Trust Company, Detroit, Mich., and Ralph Stone. Redeemable upon any interest date upon thirty days' notice at 101 and Interest. Sinking Fund — The mortgage provides that the Northern Redwood Lumber Com- pany shall pay to the Trustee $3.50 per thousand feet, log scale, for all limber cut or removed from the Mad River tract, on which it is now operating, and $2.00 per thousand feet, log scale, for all timber cut or removed from the North Fork tract, such payments to be made quarterly. The cut- ting is to be paid for on the basis of the company's cruise, which shows a total of 1,669,057,000 feet, an amount in excess of the cruise made under the direction of the Detroit Trust Company. The company has the privilege of cutting up to April 1, 1921, not to exceed 50,000,000 feet of timber, without payment to the sinking fund. Organization and Control — Incorporated in California in 1903. The company owns the entire capital stock of the Areata and Mad River Railroad. The railroad connects the company's mills with its docks at Humboldt Bay, a distance of about 11 miles. The en- tire capital stock of the company, with the exception of directors' 'qualifying shares, is owned by the Charles Nelson Company, of San Francisco. Secured by a first mortgage on 24,920 acres of redwood timber land owned in fee simple, and situated in Humboldt County, Cal. The timber is in two tracts, one a tract of 16,780 acres, lying in a solid body and comprising practically the entire water shed of the North Fork of Mad River. The southern edge of this timber is about two and one- half miles from the manufacturing plant at Korbel. The other tract, the one in which the company is now operating, is situated about five miles south of Korbel, with which it is connected by the company's railroad. It is tlie intention of the company to confine its operation for several years to this body of timber. The property covered by this mortgage is valued as follows: 937,000,000 feef Redwood $2,863,000 303,000,000 feet Red Fir 481.000 56,000,000 feet White Fir, Hem- lock and Cedar 56,000 Mills at Korbel and Riverside 550,000 Logging Railroad, Logging Equip- ment, etc 200,000 Total valuation $4,150,000 Lesral for savings banks in Michigan. Original Market— $1,900,000 offered May, 1 9 20, by Detroit Trust Company, Detroit, Mich., at 100 and interest. NORTIIERN STATES POWER CO. (Minne- sota) 1st & Kef. 5s and 6s. Due April 1, 1941. Dated April 1, 1916. Interest payable April and Oct. 1, at New York and Harris Trust & Savings Bank, Chicago. Tax Status-^Payment of Federal Income Tax not assumed by company. Authorized $100,000,000 Outstanding (Apr. 1. *21) 53 $24,567,500 6s 3,000,000 27,567,500 Reserved for Prior Liens. ... 7,323,000 Reserved for Ext 65,109,500 Provisions of Issue — Additional bonds may be Issued for 75% of the actual cost of per- manent extensions and additions, provided net earnings have been twice bond Interest charges, including bonds to be issued, or may be Issued to retire prior lien bonds. Denomination — Coupon, $500 and $1,000. Registerable as to principal or exchangeable for fully registered bonds. Registered, $1,000, $5,000 and $10,000. Trustee— Guaranty Trust Co., New Tork. Redeemable on any interest date prior to and including April 1, 1936, at 105 and In- terest and thereafter at 102% and Interest. Maintenance '.Fund — Annually 12%% of gross earnings for maintenance and repairs or for renewals and replacements. Any part of this fund not so used may be expended for extensions and additions, but such ex- penditures shall not be a basis for issuing new bonds under this mortgage. Organization, Property, etc. — See 10-year 6 % notes. Secured by a lien, either by direct mort- gage or by the deposit of entire outstanding issues of bonds and stocks, on the entire system of the company. Prior Lien — $7,323,000 Minneapolis General eral Electric 1st 5s of 1934 (closed mort- gage). Bonds may be Issued under the lat & Ref. Mtge. to retire this issue. Underlies— $7,805,000 6% Notes, due 1926, and $1,800,000 7% Notes due 1923. Years ended Dec. 31: Gross. Net. Interest. 1920 $11,798,779 $4,466,938 $2,148,470 1919 9,875,934 4,117,313 1,999,056 1918 8,392,664 3,542,974 1,922,714 1917 7,154,509 3,389,781 1,709,838 1916 6,087,153 3,341,657 1,593,128 Listed on the New^ Tork Stock £}xchange. Original Market — Offered, April, 1916, by Harris, Forbes & Co., New York and Boston; Guaranty Trust Co., Wm. P. Bonbright & Co., Inc.. New Tork, and H. M. Byllesby & Co., Inc., Chicago and New Tork, at 96% and interest. $3,500,000 offered by same firms in June. 1917. at 93% and interest. $1,600,000 offered Oct., Iffl9, by same firms at 86 and interest. Market. New York — Babcock, Rushton & Co., H. M. Byllesby & Co., Inc., Sam'l Goldschmidt, Morton Lachenbruch & Co., Martin, Berwin & Co., Earle A. Miller & Co., B. & C. Ran- dolph, Rauscher fe Mackay, Vanderhoef & Robinson. Boston — L. Sherman Adams, H. M. Bylles- by & Co., Moors & Cabot. Philadelpliia — Bauer, Starr & Co., Henry D. Boenning & Co., Paul & Co. Minneapolis — William "W. Eastman & Co. Providence, R. I. — Hornblower & Weeks. Milwaukee — Anuss, Emerich & Co., F. A. Eartlett Co. Price Range — N. Y. S. E. Jan. 1, '17, to Jan. 1, *31 1920 High 99 Jan. 18, *17 85 Jan. 16 Low. 70 July 1, '20 70 July 1 970 NORTHERN STATES POWER CO. (IVQnnfr- sota) 10-Year 6% Notes. Due April X, 1926. Dated April 1, 1916. Interest payable April 1 and Oct. 1. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $12,000,000 Outstanding 7.805.000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Registered, $1,000 and multiples. C. & R. interchangeable In multiples of $1,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 102 and interest prior to April 1. 1921; 101 and Interest thereafter and prior to April 1, 1926, and thereafter at 100 and interest. Option Warrants — The company has out- standing 78.050 Option Warrants which entitle the holders at any time prior tn April 1, 3 924, to exchange each warrant for either one share common stock or one share preferred stock by paying for such stock par plus dividends ill the company's 6% Notes, due 1926, ' at par plus interest: or by paying (or such stock {100 cash per share and aivldenfls, plus the pre- mium for redemption of notes at the time of P^sentation of warrants, said premium being t-h 1'°''^ April 1, 1921, and 1% on and after that date. The original issue of warrants was 80,000, and the holders of 1950 warrants have exercised the right of exchange, resulting in the cancellation of $195,000 6% Notes against the issuance of a like amount of common stock. Organization and Control — Incorporated in Minnesota in 1909 to operate and eventually merge the stock controlled subsidiaries of the Northern States Power Co. of Delaware, which latter company ia a subsidiary of the Standard Gas & Electric Co.. and controls through stock ownership the Minnesota Company. The prop- erties of the system comprise plants supplying electric light and pov/er to more than 290 communities in Minnesota, North Dakota, South Dakota. Wisconsin. Iowa and Illinois; 291 communities are served with electricity; 14 cominunities are served with gas, 6 with steam heat, 5 with street railways and 1 with telephone service. The communities served in- clude Minneapois, St. Paul. Stillwater. Fari- bault, Pipestone, Hutchinson, Montivideo and Mankato, Minn.; Grand Forks, Fargo and Minot, N. D.; Sioux Falls, S. D.: Galena, 111., Platteville, Wis. and Ottumwa, la.. Popula- tion served, about 1,003,000. Installed steam and hydro-electric plants have a generating capacity of 162, 699 h. p.; 'also owns or con- trols undeveloped water powers with an es- timated, capacity of over 146,000 h. p. The company also purchases electric power froin other hydro-electric sources. Capitalization Outstanding Common $6,170,000 Preferred (7% cum.) 20,340,800 Funded debt 44,405,500 Managrement — Eyllesby Engineering & Management Corp., Chicago. Security — A direct obligation of the (;ompany but not secured by mortgage or collateral. The indenture provides that no new mortgages, except the First and Refunding mortgage, shall be placed on existing properties, unless these notes are given a lien on property mortgaged subsequent to the First and Refunding mort- gage or unless the bonds issued under such new mortgages are pledged under such First and Refunding mortgage; additional notes may be issued only to provide part of the cost of constructing steam or hydro-electric plants and acquiring operating public utility properties, and also provides a fund of $250,000 per an- num if earned and after dividends on pre- ferred stock for additions, etc., or retirement of these notes. Prior lien — $7,323,000 (closed mortgage) Minneapolis General Electric 1st 5s of 1934 and $26,567,500 Northern States power 1st & Ref. 5s and 6s of 1941. Earnings — See 1st & Ref. 5s and 6s. Original Market — Offered April. 1916. by the Guaranty Trust Co., Wm. P. Bonbright & Co., Inc.. Spencer "trask & Co.. H. M. Byllesby & Co., Jackson & Curtis. Parkinson & Burr, Kean, Taylor & Co.. Ft. Dearborn Trust & Savings Bank, and Kinsley & Adams, at 99 and interest. Market. New Yorit— H. M. Byllesby & Co., Inc., Martin, Berwin & Co., Earle A. Miller & Co., Rausclier & Mackey, Vanderhoef & Robinson. Boston — H. M. Byllesby & Co.. Moors & Cabot. Philadelphia — Bauer, Starr & Co. Minneapolis, Minn. — William W. Eastman & Co., Morris F. Fox & Co. Price Range. Jan. 1, '16, to Jan. 1, '81 1930 Bid. Ask. Bid. Ask. High 101% '16 101% '16 89 Jan. 92 Jan Low. 76 '20 79 '20 76 Deo. 79 Dec. NORTHERN STATES POWER CO. (J^lnne- Bota) 3-Year S. F. Convertible 7% Notes. Dne Ang. IS, 1923. Dated Aug. 16. 1918. Interest payable Feb. 15 and Aug. 15 in New York or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized $3,500,000 Outstanding (Jan. 1, '21) 1,800,000 Redeemed ■. 200,000 Purpose of Issue — To provide for improve- ments and 'additions. Denominations — Coupon. $100, $500 and $1,000. (Denominations interchangeable.) Reg- isterable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date on 30 days' notice as follows: On or before Aug. 15, 1920, at 102; Feb. 15 and Aug. 15, 1921, at 101; Feb. 15 and Aug. 15. 1922. at 100%, and Feb. 15, 1923, at 100 and interest. ^ Sinking Fund — This fund provides for the re- tirement of $200,000 notes on Aug. 16, 1920, $300,000 on Aug. .15. 1921, and $400,000 on Aug. 15. 1922, by purchase in the open mar- ket or by redemption at not over 100 and in- terest. The operation of this fund will provide for the retirement prior to maturity of 45% of Notes issued. To the extent that any of the remaining authorized notes are herafter is- sued, a similar sinking fund shall be pro- vided. Convertible at any time after Jan. 1, 1918, into 7 % cumulative preferred stock ' or com- mon stock of the Northern States Power Co. (Delaware) at par for Notes and 95 for pre- ferred stock or 100 for the common stock. Organization, etc. — See 10-year 6% Notes. Security — A direct obligation of the com- pany, but not secured by mortgage or col- lateral. The company covenants that as long as any of these Notes are outstanding and unpaid it will not place any new mortgage upon its properties. , Prior Liens — $7,323,000 (closed) Minneapo- lis General Electric Co. 1st 5s of 1934; $26.- 567,500 Northern States Power 1st and Ref. 5s and 6s of 1941. Baminss — See 1st & Ref. 5s and 6s. Original Market — $2,000,000 offered Aug., 1918, by Guaranty Trust Co., Bonbright & Co. and Spencer Trask & Co.. New York, etc., Illinois ! Trust & Savings Bank, and H. M. Byllesby & Co., Chicago. Market. New York — H. M. Byllesby & Co., Inc., Earle A. Miller & Co. Boston — H. M. Byllesby & Co., Moors & Cabot. Price Range. Jan. 1, 'la, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 100 '19 101% '19 98 Jan. 100 Jan. Low. 90 '20 96 '20 90 June' 95 June NORTHERN TEXAS ELECTRIC CO. CoU. Tr. 5s. Due Jan. 1, 1940. Dated Jan. -1, 1910. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding- (Jan. 1, '21) 3,425,000 Retired by S. F 335,000 Reserved for Prior Liens 2,600,000 Reserved for Extension 3,740,000 Denomination — Coupon, $1,000. Registerable as to principal. Keglsterea, $10,000. $6,000 and $1,000. C. & R. interchangeable. Tmstee — Commonwealth Trust Co., Boston. Redeemable at 106 and interest on any in- terest date, as a whole only, or In part for Binkini: fund. Sinldne Fund — 1% annually of outstanding bonds to be applied to purchase or redemption of bonds at not exceeding 105 and interest. Organization and Control — Incorporated in Maine in 1905, and is a holding company own- ing the entire capital stock and participating mortgage bonds of the Northern Texas Trac- tion Co. and the entire capital stocks of the Tarrant County Traction Co. and Arlington Light & Power Co. Capitalization. Outstanding. Common $3,160,000 Preferred (6% non-oum.).., 4,000,000 Funded debt 6,925,000 Alanageineni>- — Stone & "Webster. Secured by pledge with the Trustee of the entire $4,600,000 capital stock of the North- ern Texas Traction Co. and all the $2,024,000 Participating Mortgage bonds of that com- pany, which are a lien subject to the First Mortgage on 93 miles of track, comprising the street railways of Fort "Worth and inter- urban line to Dallas, Texas. Further secured by deposit of all the $999,300 capital stock of the Fort "Worth Southern Traction Co. The latter company has no outstanding bonds. The latter company owns about 67 miles of trilck, principally interurban. Population served, 210.000. Principal franchises in Fort "Worth expire in 1973, and interurban line is on pri- vate right-of-way except on streets of towns through which it passes, where rights ex- pire between 1945 and 1950. The company agrees to acquire any further refunding bonds or stock of the Traction Co. that may be is- sued, and deposit same under this mortgage. The Traction Company can create no indebted- ness other than short term borrowing not to exceed $250,000 except to the Northern Texas Electric Co. and such indebtedness is to be pledged hereunder. Prior Lien — $2,600,000 (closed) Northern Texas Traction 1st 5s, due 1933. Years ended Dec. 31: Gross. 1920 $3,951,550 1919 3,387,854 1918 2,929,760 1917 2,682,113 1916 1,930,321 ♦Interest only. !Listed on the Boston and Louisville Stock Exchanges. Original Market — Olfered in April, 1910. by Parkinson & Burr and Bstabrook & Co., New "York and Boston, at 96 and interest. $1,000,- 000 offered by the same firms -April, 1914, at 96 and interest. Market. New "Vork — Fred H. Hatch & Co. Boston — Ij. Sherman Adams, Stone & "Webster. Price Range. Net. Int. & S. F. $1,415,512 •$299,770 1,237,937 1,045,927 1,136,450 773,243 •299.433 337,789 348,746 346,929 Jan. 1, '15, to .Jan. 1, Bid. Ask. 92 '15 95 '16 68 '20 73 '20 '21 Hie:h Low. 1920 Bid. Ask. 72 Jan. 80 Jan. 68 Oct. 73 Oct. NORTHERN TEXAS TRACTION CO. 1st 6s. Due Jan. 1, 1933. Dated January 1. 1903. Interest payable Jan. and July 1, at Chase National Bank, New York, or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction.^ Authorized and Outstanding $2,600,000 Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — The Citizens' Savings & Trust Co., Cleveland, Ohio. Mnto Redeemable at 106 and Interest Jan. 1, isis. or any interest date thereafter as a whole Organlzatton and Control — Incorporated In Texas in 1874 and is controlled by the North- ern Texas Bleotrlo Co. through ownership of its entire capital stock. Capitalization. °"I?*^??'?fA Common **'!S;'SS; Funded debt 2,600,000 Secured by a first mortgage on the entire property of the company, which includes ap- proximately 92.6 miles of single track com- posed of 36 miles of interurban lines between Fort "Worth and Dallas, 10 miles of local lines in Oak Cliff, Dallas, and il.S miles of city lines in Fort "Worth. See Northern Texas Electric Co. Coll. Tr. 68. Underlies — Northern Texas Electric Co. Coll. Tr 53 of 1940, which provide to retire this Earnings — Northern Texas Electric Coll. Tr. 6s. _ Original Market — Offered in 1906 by N. W. Harris & Co., New York, Boston and Chicaco, at par and interest. Market. New York— Fred H. Hatch & Co. Boston — Stone & "Webster. Baltimore, Md. — Mackubin, Goodrich & Co., Howard R. Taylor & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask High 1001,4 '12 102 '16 83 Jan. 91 Feb. Low. 76 "20 90 '19 76 Dec. 90 Jan. NORTHERN UNION Q\S CO. Ist 68. Due Nov. 1, 1927. Dated Nov. 1, 1897. Interest payable May and Nov. 1, at New York. Tax Status — 2% Federal Income Tax paid by company witKou', deduction. Authorized $1,600,000 Outstanding 1,260,000 Reserved (or Ext 250,000 Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Organization and Control — Incorporated In 1897 in New York. Of the $1,600,000 capital stock $760,000 is owned by the Central Union Gas Co. and $740,000 by the New Amsterdam Gas Co.. aubsidiarits of the Consolidated Gas Co. of New York. Capitalization. • Outstanding. Common $1,600,000 Funded debt 1,250,000 Secured by a first mortgage on plan* includ- ing about 175 miles of mains supplyine eaa to what was formerly the 24th "Ward of New York City (Borough of the Bronx), Popula- tion served, 90,000. Gas is purchased from Central Union Gas Co, Years ended Deo. 31: Gross. Net, Interest. 1920 $2,002,296 def. $683,041 $94,126 1919 1,794,442 def. 170,983 82,466 1918 1,757,692 def. 30,592 78,381 1917 1,573.253 69,739 76,515 1916 1,427,607 267,761 73,759 1916 1,351,073 319,297 73,964 Market. New York — Theodore L. Bronson & Co., Finlay & Davenport, Fred H. Hatch & Co., Lynch & McDermott, Tobey & Kirk. IMce Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101% '16 104 '11 70 Jan. 80 Jan. Low. 60 '20 75 '20 60 May 76 Dec. 972 NORTHERN VIRGINIA POWER COM- PANY, Series "A." Due April 1, 1931. Dated April 1, 1921. Interest payable April 1 and Oct. 1 at the Fidelity Trust Company, Baltimore. Tax Status — 2% Federal Income Tax paid hy the company without dedfction. Authorized $5,000,000 Outstanding 1,200,000 Reserved for Prior L,iens 688,000 ReserTe.d for Extensions 3,112,000 Issuance Restrictions — No further bonds can be issued under this deed of trust ex- cept for the purposes of retiring the uner- lymg bonds at maturity and for additional property and betterments, and then only for 85% of the amount paid for said addi- tional property and betterments, and only then when the earnings of the Company are one and a half times the total interest charges on all the bonds of the Company outstanding and the interest on the proposed Issue. Purpose of Issue — The proceeds of th'S series of bonds will be used for the retire- ment of the Company's outstanding notes and floating debt, made necessary by the large expenditure for imjJrovements and bet- terments already referred to, and also the purchase of the controlling stock of the Potomac Light and Power Company, and to furnish additional capital for improvements and betterments. Denominations — Coupon, $1,000, $500 and $100; re^isterable as to principal. Trustee — Fidelity Trust Company, Balti- more. Redeemable at any time on 60 days' notice at 105 and interest. Maintenance & Depreciation Fund — Annu- ally beginning Jan. 1, 1922 a sum equal to 18% of the gross earnings for the previous calendar year to be set aside for repairs, renewals, maintenanc e and replacements, against which no bonds may be issued under this mortgage. Any unexpired portion of this fund may be used for the purchase or redemption of these bonds. Organization and Control — Incorporated in "Virginia in 1904 as the Winchester and "Washington City Ry. Co. Present name adopted in 1913. Owns the entire Common stock and a portion of the Preferred stock of the Potomac Light & Power Co. All the stock of this company is owned by the Hogerstown and Frederick Railway Co. Secured by a general mortgage on all the property of the company. Additionally se- cured by pledge of all the Common Stock and a portion- of the Preferred Stock of the Potomac Light & Power Co. The property covered by the direct lien of this mortgage includes a hydro-electric plant at Millville and Great Cacapon, West Virginia, with g combined capacity of 5,250 h. p.; also a steam generating plant at Millville of 11,600 h. p., 140 miles of high tension transniission lines to Brunswick, Md., where connectioTi Is made with transmission system of the Hagerstown and Frederick Railway Com- pany. The company does the entire light and power business of Winchester, Berry- viUe, Boyce, Stephens City, Riverton, Vir- ginia; Charles Town. Millville, Shenandoah Junction, HedgesviUe, Berkeley Springs, Great Cacapon, West Virginia; and Hancock, Maryland. The Potomac Light & Power Co. owns a steam generating plant at Martlnsburg and 2 hydro-electric plants on the Potomac River. It serves a territory immediately adjacent to that served by the Northern Virginia Power Company, and its joint oper- ation with Northern Virginia Power Com- pany will undoubedly be of great advan- tage to both companies. Franchises are reported to extend beyond the maturity of the bonds. Prior Liens Outstanding Divisional Bonds $688,000 Potomac Lt. & Pr. Co. 6s 426,000 Years ended Dec. 31: Gross. Net. Interest. 1920 $604,837 $157,382 $40,925 • 1920 410,300 146,207 40,281 •1919 282,955 57,314 36,46S • 1918 504.837 104,272 20,863 • 1917 242,549 119,296 16,475 •1916 196,364 141,472 22,149 •1916 167,139 112,950 19,889 •Years ended June 30. Original Market— $1,200,000; offered April, 1921, by Hansbrough & Carter, Winchester, Va., at 96^ and interest. NORTHERN WESTCHESTER UGHTING CO. Ist Cons. 6b. Due June 1, 1955. Dated June 1, 1905. Interest payable Juna and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized $1,000,000 Ootstanding 618,000 Reserved for Prior Liens 26,000 Reserved for Ext 367, 000 Denomination — Coupon, $1,000. Trustee — Squitable Trust Co., New York. Redeemable at 105 and Interest on any In- terest date. Organization and Control — Incorporated In New York in 1906 and Is controlled by the Westchester Lighting Co, through ownership' of its entire capital stock, which company In turn is controlled by the Consolidated Gas Co. of New York. Capitalization. Outstanding. Common $804,000 Funded debt 643,000 Secured by mortgage upon plants supplylnir lighting in Osslning, Croton, Cortlandt, Mt. Pleasant, Briarcllft Manor, PleasaritvlUe, Sherman Park, Valhalla, Scarborough, New Castle and Yorktown, all In Westchester County. Population served. 40,000. Fran- chises are perpetual except Osslning, which extends for 60 years. Prior Lien— $25,000 Sing Sing Electric Lighting Co. 5s of 1926 for the retirement of which bonds are reserved under this mort- gage. Years ended Dec. 31: Gross. Net. Interest. 1920 $499,885 $92,696 $91,424 1919 410,046 69,990 79,289 1918 377,873 61,353 77,995 1917 331,806 68,907 74,317 292,075 85,278 92,394 1916. Original Market — Offered in 1906 by T. W. Stephens & Co., New York, at 101 and Inter- est, and In 1911 by W. N. Color & Co., New York. Market. New York — Theodore L. Bronson & Co Finlay & Davenport. Price Range. Jan, 1, '09, to Jan. 1, *31 1920 Bid. Ask. Bid. Ask High 97 '12 100 '09 40 Sept. 55 Sept. Low. 40 '20 56 '20 40 Sept. 65 Sept. NORTHUMBERLAND COUNTY GAS & EI^C- TRIC CO. l8t 8. F. 6b. Due Sept. 1. Dated October 2, 1911. Interest parabl* March and Sept. 1, at West & Co.. Fblladel- pbla. , Tax Status — 2% Federal Income Tax paid oy company without deduction. Tax exemnt In Pennsylvania. Anthorized Closed mortgage £»Hfp5"hv"?l -^ J1.139.o!o , «MU-fa by 8. F None. Denomina-tion — Coupon, $1,000 and $500. Registerable as to principal. Trustee — The Philadelphia Trust Co., Phila- delphia, Pa. Redeemable at; 105 and interest on eight weeks' notice as a whole only, or for sinking fund on two weeks' notice. Sinking X'und — 1% of outstanding bonds an- nually from £:!Tit. i, 1922, to Sept. 1, 1931, inclusive; 2%, 1932 to 1936; 2i/6%, 1937 to 1941, and 3% thereat ter, for the purchase or redemption of these bonds at not over 3 05 and^interest. A!:>b.Lniea by the Pennsylvania Power & Lirht Co. Control — Incorporated in Pennsylvania in 1911 as a consolidation of the Edison fiiectric Illuminating Co., the Middle CreeK Electric Co. and the Sunbury Gas Co. of Sunbury, Pa., the United liight & Power Co. of Milton, Pa., and the Lewisburg liight. Heat & Power Co. of Lewisburg, Pa. Merged in 1920 into the Pennsylvania Power & Light Co., a sub- sidiary of the Lehigh Power Securities Co. Secured by hrst inortgai-e on four steam electric plants, one hydro-electric plant and one gas plant, serving without competition the towns of Sunbury, Selinsgrove, North- umberland, Milton, Montan,don, Shamokin X>am, Lewisburg and adjacent territory. Ji'ranchif'es reported perpetual. Underlies — Pennsylvania Power & Light ■Co. 1st & Ref. Mtge. under which bonds ^are reserved to retire this issue. Original Market— $775,000 offered in Dec, 1911, by Henry & West, Philadelphia, at 95 .and interest. Market. Philadelphia — Henry D. Boenning & Co,, -Huntoon & Co., McCown & Co., Samuel Mc- «Creery & Co.,. Reed A. Morgan & Co., Samuel JC. Phillips & Co. JSaltimore, Md. — William E. HoUoway. I'rice Range. Jan. 1, '17, to Jan. 1, '21 1920 Lifl. Ask. Bid. Ask. High 94^ '17 97% '17 77 Mar. 85 Mar. Low. G3 "20 73 '20 63 Sept. 73 Sept. Miniieai>olis- Market. -Wm. W. Eastman Co. NORTIfVYTEST TIGHT & POAY^R CO. 1st Gs. Due July 1. 1933. Dated July 1, 1913. Interest payable Jan- uary 1 and July 1, at Trustee's office and National Park Bank, New York. Tax Status — 2% i'^ederal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding- (Jan. 1, '21) $275,000 Denomination — Coupon, $1,000. Register- able as to principal only. Trustee — Minneapolis Trust Co., Minne- apolis, Minn. Redeemable at 105 and interest on any in- terest date. Sinlung: Fund — On July 1, 1916, and an- nually thereafter to 1921, 1% of outstandinEf bonds shall be retired; from 1921 to 1925, 1^/^%; '1926 to 1930; 2%, and from 1931 to maturity, 2Vi%- Control — In 1917 the Northern States Power Co. (Minnesota) acquired stock con- trol of this company. Secured by a first mortgage on plants sup- plying electricity to Hutchinson, Glencoe, Norwood, Young America, Plato, Lester Prairie, Sliver Lake and Winsted, Minn., which are in the south central part of the state, 35 miles apart, and are served from one plant. Also Pipestone, Edgerton, Tros- ky, Holland' and Woodstock are located in the extreme southwestern corner of the state. „ Earningfs — See Northern States Power Co. Original Market— Offered in March, 1915, by John D. Curtis & Co., New York, Minn- eapolis Trust Co., Minneapolis, at 101 and interest. NORTHWESTERN BELL TELEPHONE CO. 20-Vear 1st 7s, Series A. Due Feb. 1, 1041. Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug. 1, in New York City. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — See "Issuance Restrictions," Outstanding $30,000,000 Issuance Restrictions — Additional bonds of other series may be issued for additional property (including stocks and securitio'v) acquired in connection with the Telephone Company's business, but for a principal amount not in excess of 75% of the actual cash cost of such additional property, pro- vided: * That in no uvent shall the bonds outstand- ing under this mortgage exceed in amount the then outstanding fully paid capital stock and surplus, nor shall the bonds is- sued for storks and securities exceed in amount 10% of the outstanding bonds; and That the 3iet earnings of the Company, available for interest charges after the de- duction of depreciation and taxes, during twelve consecutive months out of fifteen months preceding such proposed issue, shall be not less than one, and three-quarter times the annual interest Charge on the Company's bonded debt then outstanding, including In- terest charges on the bonds proposed to be issued. Such additional bonds as may be issued in the -future may be in different series, with such interest rates and maturity dates (not earlier than February 1, 1941, nor later than February 1, 2020) and with such sink- ing fund and ■ other provisions as the di- rectors may from time to time determine. Purpose of Issue — To repay advances and to provide funds for construction purposes. Denominations — Coupon $1,000, $500 and $100; registerable as to principal. Registered ?1,000, §5,000 and $10,000. C & R. and the several denommations interchangeable. Ti-ustee — New York Trust Co., New York. Redeemable as a whole only on any inter- est date upon 60 days' notice at 107% and interest. Sinking Fund — The Company covenants to pay into the sinking fund for these Series "A" Bonds the sum of $300,000 per annum in semi-annual installments on August 1 and February 1, beginning August 1, 1921. So long as Series "A'' Bonds are purchaseable in the market at or below par and accrued interest, the sinking fund will be used in the purchase of such Bonds in the market, but if such Bonds are not so purchaseable, the moneys held for six months in the sinking fund or in excess of $300,000 may be with- drawn by the Company for capital expendi- tures, not chargeable against income, with respect to property covered or to be covered by the lien of the mortgage. Bonds pur- chased by suchi Sinking Fund will continue to draw interest, which interest will be add- ed to the Sinking Fund. If Bonds are pur- chased for the full amount of the sinking fund payments, not less than $12,000,000 principal amount, of the Series "A" Bonds will be retired during their life, while the portion of the sinking fund not used In the purchase of such Bonds will be In- vested in property against which no bonds under this mortgage will be issuable. Orgranization fund Control — Organized In 1920 as successor to several important com- panies of the Bell Telephone System, oper- ating a comprehensive net work of lines in the States of Iowa, Nebraska, Minnesota, South Dakota and North :Dakota. The en- tire capital stock is owned by the American Telephone & Telegraph Co. , i Capitalization Outstanding Common , $42,150,000 Funded debt 30,000,000 Secured by a first lien upon the entire physical property constituting the telephone plant of the Company in Iowa, Minnesota, South Dakota and Nebraska. The Company covenants not to create any mortgage or other lien upon its telephone plant in North Dakota (in which State the investment la approximately $4,000,000) unless such mort- g-ageg or lien shall specifically secure the bonds issue under this moi-tgage In priority to any other obligations. Years ended Dec. 31: Net. •1920 $3,738,000 1919 4,299,463 1918 3,706,234 1917 ; 3,336,415 1916 3,228,368 •One month estimated. listed on the New York Stock Exchange. Original Market — $30,000,000 offered Jan., 1921, by J. P. Morgan & Co., ICidder Pea- body & Co., Kuhn, Loeb & Co., First Nation- al Bank, National City Co., Bankers Trust Co., Harris Forbes .& Co., Guaranty Company and Lee Higginson & Co., New York, etc., at 96% and interest. Marlcet New York — Ames, Emerich & Co., Hart- shorne & Battelle, T. L, MacDonald, Parker & Co. Flliladelphia — "Wm. Marriott Ca.nby, "El- kins, Morris & Co., Samuel McCreery & Co. Salt T>ake City — Palmer Bond & Mortgage Co. Chicago — Henry S. Henschen & Co. San Diego, Cal. — Blyth Witter & Co. L,onisville, Ky. — Block Fitter & Co., Fidel- ity & Columbia Trust Co., J. J. B. HlUlard & Son. Detroit — "Watling, I,erchen & Co. Kansa«) City — Stern Bros. & Co. NORTHWBSTBRN ELECTRIC CO. 1st 6s. Due May 1, 1935. Dated May 1, 1915. Interest payable May 1 and November 1, in New York, Chicago or San Francisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding (Mar. 1, "21) 5,948,500 Held in S. F 170,000 Reserved for Bxt 4,395,000 Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal only. Trustees — Harris Trust & Sayings Bank and Howard W. Fenton, Chicago. Redeemable on any interest date at 103 and interest. Sinlting I'und — Annually on May 1, begin- ning in 1918, a sum equivalent to 1% of bonds outstanding, payable either in bonds of this issue at par, or In cash, plus Inter- est on bonds in .^inking fund, to be applied to the purcnase in the open market or re' demption by lot of bonds of this Issue bear- ing the highest rate of interest. Orgranization — Incorporated in Washing- ton In 1914. Capitalization. Outstanding. Common . . i •■ ■ ■ . $10,000,000 Preferred (6% cum.) 1,870,300 Funded debt 5,948,000 Secured by a first mortgage on hydro- electric plant with a capacity of about 20,- 000 h.p., recently constructed on the White Salmon River, 65 miles from Portland, Ore.; transmission lines to that city and distribu- tion system. Including 38 miles of under- ground circuit; also two steam plants of 10 000 h.p. each in Portland, Ore., which are used to supply steam heating system supplying about 76 block in the main busi- ness section of Portland. The company fur- nishes current in competition with the Portland Ey., Lt. &»Power Co. Franchises in Portland expire in 1938. Years ended Dec. 31: Gros9. Net. Interest. 1920 $1,503,002 $670,632 $392,425 1919 1,307,726 667,797 313,397 1918 1,037,172 516,491 247,359 1917 893,834 458,805 226,237 Original Market — Offered in June, 1915, by E. H. Rollins & Sons, Boston, New York, Philadelphia, etc.; N. W. Harris & Co., Bos- ton; Harris. Forbes & Co., New York and Harris Trust & Savings Bank, Chicago, at par and interest. $596,000 offered April, 191S, by E. H. Rollins & Sons, at 95 and interest. $150,000 offered by Freeman, Smith & Camp Co., Portland, Ore., in April, 1919, at 97 and interest. Market. Nevi' York — Fred H. Hatch & Co., Barle A. Miller & Co. Boston — Moors & Cabot. Chicago — Merrill, Lynch & Co. Price Range. Jan. 1, '17, to Jan. 1, '«1 1920 Bid. Ask. Bid. Ask High 100% '17 103 "17 87% June 92 Jan. Low. 80 '20 85 '20 80 Dec. 85 May NORTHWESTERN EliEVATED R A I i- ROAD let Ss. Due Sept. 1, 1941. Dated Sept. 1, 1911. Interest payable March 1 and Sept. 1 at Trustee's office or National City Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized 525.000,000 Outstanding (Mar. 1, '21) 12,109,000 Held in S. F. 391,000 Reserved (or Bxt 12,600,000 Denomination — Coupon, $1,000. Register- able as to principal only. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable on any Interest date as a whole or in part for the sinking fund only, at 102 and interest on 30 days' notivie. Sinking Fund — 1% per annum, plus inter- est on bonds in sinking fund, in cash, on' September 1, 1919, and annually thereafter, to be applied to the purchase of bonds upon the best terms obtainable by inviting ten- ders by public adv.3rti3ement, but In no case exceeding 102 and interest. . If not obtain- able at that price, bonds shall be called by- lot. All bonds so acquired to be held alive in sinking fund. Organization and Control — ^Incorporated In Illinois in 1893. Practically all of the stock is owned by the Chicago Slevated Rys. Capitalization. Outstanding. Common $4,946,400 Preferred (6% non-cum.) 4,944,400 Funded debt 17,531,333 Secured by a first mortgage on the elevated road extnding from the loop line in the center of the city near the lake front through the northern part of Chicago and Evanston to Wilmette, with a branch over private right- of-way to Kimball and Lawrence ^ Avenue*; also by a second mortgage on the Union Loop, formerly owned by the Union Elevated R, R, Co. This loop is located In the business cen- ter of Chicago and all elevated trains enter- ing the business district use this line. Fur- ther secured by pledge of $628,000 Union Elevated R. R. 1st 6s. The total mileage operated is 61.61 miles of which 40.64 miles are owned and 16.60 miles are leased from the Chicago, Mil. & St, Paul Ry. Co. during the life of the Northweatem Elevated. R. R. Co.'s franchise. Over S3% of the main line. nUleagq owned by the com- 975 pany Is located on private riirht-of-way. ex- cept where streets are cussed. Elsewhere the company's franchises expire in 1944 and 1945. Prior Xien — $4,472,000 ($528,000 pledged hereunder) Union Ellevated R. R. 1st 58 of 1945. Earnings — See Chicairo Elevated Rys. Co. . Orieinal Market — Offered in Jan.. 1916. by the National City Bank. New York, at a price to yield about 6.70%. (These bonds were orisrlnally deposited as part security for Chi- cago Elevated Rys. notes.) Market. New York — Babcock, Rushton & Co., Sam'l Goldschmidt, E. & C. Randolph, Tobey & Kirk. ' Philadelphia — Henry D. Boenning- & Co.. McCown & Co. CMcag'O — Curtis & Sanger, Halsey, Stuart & Co., Edwin L. Lobdell & Co., Merill, Lynch & Co. Price Range. Jan. 1, '15, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 89 Va '16 92 '15 63 Oct. 70 Nov. Low. 45 '19 50 '19 62 Dec. 54 Dec. NORTHW£:ST£RN GAS lilGHT & COKS CO. (Chicago) Cons. 5s. Due Dec. Ip 19S8. Dated Dec. 1. 1898. Interest payable March 1. June 1, Sept. 1 and Dec. 1, at Trustee's office. Tax Statas — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 OntBtandIng 1,747.000 Denomination— Coupon. $ 5 0. Trustee — Central Trust Co. of Illinois. Chicago. Redeemable at 105 and interest on any in- terest date. Assumed by the Public Service Co. of North- ern Illinois. Control — Incorporated In Illinois in 1902 as a consolidation and in 1913- was merged into the Public Service Co. of Northern Illinois. Secured by mortgage upon the entire prop- erty of company, being subject to the 1st 6s on plants owned by company and subject to the Ref. & Gen. 5s of the Cicero Gas Co. on plants acquired from that company. Prior Liens — $600,000 let 6s, due 1922. and $3,366,000 Ref. & Gen. 6s, due 1932, of the Cicero Gas Co. ITnderUes— P. S. Co. of Nor. III. let ft Ref. Mtg-e. and Debentures. Kaming'5 — See P. S. of Nor. 111. Isf & Ref. Mtg-e. Listed on Chicago Stock Exchange. Original Market — Offered in 1905 by McCoy & Co.. Chicago, at 103 and interest. M^ket. New^ York — Berdell Bros., Halsey, Stuart & Co., Hanson & Hanson. Chicago — John Burnham & Co., Merrill. Lynch & Co., Babcock, Rushton & Co. Price Range. Jan. 1, '17, to Jan. 1. '31 1920 Bid. Ask. Bid. Ask. High 101 '16 1011^ '17 82 Jan. 88 Jan. Low. 70 '20 80 '20 70 Nov. SO Nov. NORTHWESTERN IRON CO. Ist 6s. Dn« each Oct. 1 as follows: 950,000, 1917; 976,000, 1918 to 1939, and $100,000, 1930 to 1034. Dated Oct, 1. 1914. Interest payable April 1 and Oct. 1, at National City Bank, New York, First National Bank. Chicago, or Trus- tee's office, Milwaukee. Tax Status — 2% Federal Income Tax paid by company without dednoCIOiu Authorized $1,500,000 Outstanding (Mar. 1, '21) 1,160,000 Retii-ed by S. F 340.000 Denomination — Coupon. $1,000, $B0O and $100. Redeemable as to principal. Trustee — Wisconsin Trust Co. , Milwaukee, Wis. Redeemable at 103 and interest on any In- terest date In reverse of order of maturity on 60 days' notice. Sinking Fund — 25 cents per ton of all ore owned and mined by the company, payable quarterly, to be applied to the payment of maturities, and any surplus at the end of any year may accumulate for this fund or be ap- plied to purchase or redemption of thestt bonds at not over 103 and interest. Control — Incorporated in Wisconsin In 1854. Merged in 1919 into the Steel & Tube Co. of America. Secured by a first mortgage on all the prop- erty of the company, including 1,465 acres of iron ore lands In Dodge County, Wis., lime- stone quarries. 108 by-product coke ovens, iron ore plant, electric light and power plant and two blast furnaces at Mayville, Wis., with a capacity of 200,000 tons per annum. Ore lands contain 10,000,000 tons of Iron ore. Underlies — $1,000,000 Gen. 7s due annually 1920-1939. i Earnings — See Steel & Tube Co. of America 1st & Coll. Tr. 68. Original Market — $1,500,000 offered by Fea- body, Houghteling & Co.. Chicago, at 100 and Interest. Market. Milwaukee — Edgar, Ricker & Co. Price Rangre Jan. 1, '19, to Jan. 1, *Z1 1920 Bid. Ask. Ask. High 95 '19 SQVj '19 96% Apr. Low. 90% '20 96% Apr. NORTHWESTERN IRON COMPANY Gen. 7s. Due $50,000 each February 1 from 1920 to 1939, inclusive. Dated February 1. 1919. Interest payable Feb. 1 and Aug. 1 in New York and Cleve- land. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding: (Mar. 1, '21) 900,000 Matured and Paid 100,000 Provisions of Issue — ^Additional bonds are Is- suable only for refunding the prior bonds, and at par for 70% of the cost of additions and Improvements to the property covered by the mortgage when available earnings for 12 months preceding have been equal to three times annual Interest on all prior bonds and General Mortgage bonds then outstanding ex- cept that not exceeding $500,000 bonds may be Issued to reimburse the company for property expenditures already made against which no bonds have been Issued provided earnings are sxifflcient to meet the restrictions stated above. All additional bonds shall mature In equal an- nual amounts with final maturity not earlier than 1939. Purpose of Issue — To reimburse the com- pany for improvements and to increase work- ing capital. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — First Trust & Savings Bank, Cleveland. Redeemable as a whole, or by latest serial maturities on any interest date at 105 and interest upon 30 days' notice. Control — See 1st 6s. Secured by a general mortgage on the en- tire property of the company now owned or hereafter acquired. The company covenants to maintain at all times net auicli assets, in excess of current liabilities, as defined in the mortgage, of at least 11,500,000. For description of property covered see 1st 68. _ Prior Hen— $1,160,000 1st 6s 1920-193-t. ±sonaB are reserved under this mortgage to retire this issue. Earnings — See Steel & Tube Co. of Amer- ica 1st & Coll. Tr. 6s. Original Market — J1,000,000 ottered Febru- ary, 1919, by Wm. A. Read & Co., New oTrk, ?«*;■;, ^* ^^^ tollowing prices: 1920 maturity, 100% and interest: 1921 maturity, lOOii and interest and all other maturities at 100 and interest. ^^ Market. Chicago — Brokaw & Co. Price Range 1980— Bid 90, Nov.; Ask, 95, NORTHWESTERN OHIO LIGHT CO. (THE) 1st S. V. Ss. Due Dec. 1, 1955. Dated Deo. 1, 1916. Interest payable June and Dee. 1, at State Street Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — Additional bonds issuable by permission of the Public Utility Coraisslon of Ohio. Outstanding $785,000 Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — State Street Trust Co., Boston. Redeemable at 105 and interest on any in- terest date. Improvement and Sinking Fund — ^Annually, beginning Deo. 1. 1920, an amount sufficient to retire 40% of bonds before maturity. Fund may be used for extensions and improvement which would be a basis for issuance of addi- tipnal bonds, or for purchase or redemption of bonds at not over 105 and interest. Organization and Control — Incorporated in Ohio in 1915 as a consolidation of five electric light companies. Controlled through stock ownership by the Federal Power & Light Co. Capitalization. Outstanding. Common $457,200 Preferred (6% cum.) 165,000 Funded debt 786.000. Secured by a first mortgage on plants sup- plying electric light and power to Urbana, Van Wert, Delphos, Ottawa, LeipsiCj Deshler, Con- voy, Ohio City. Middlepoint. Woodstock, North Lewisburg and other towns in the northwest- ern part of Ohio. Franchises in principal com- munities are reported unlimited as to time and in others, with one exception, cover long periods. Years ended Dec. 31: Gross. Net. Int., etc. 1919 $418,862 $111,919 $56,818 1918 ... 337.361 56,788 63,405 1917 273,331 17,616 37,861 Original Market — $435,000 offered June. 1916, by Hooper, Kimball & Wiliams, Boston. Market. New York — P. W. Brooks & Co., Bdw. W. Glucas, Joseph Gilman. Boston — Chas. A. Day & Co. Price Kange 1920 Bid. Ask. Jlleh 72 June 80 June LQ-nr 69 June 79 July NORTHWESTERN TELEGRAPH CO. 1st Funding 4Vis. Due Jan. 1, 1934. Dated January 1, 1914. Interest payable Jan. and July 1, at Western Union Telegraph Co.. New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $1,600,000 Denomination^ — Coupon, $500. Registerable as to principal. Trustee — Equitable Trust Co., New York. Guaranteed as to principal and interest by the Western Union Telegraph Co. by endorse- ment. Organization and Control — Incorporated In Wisconsin and in 1881 was leased to Western Union Telegraph Co. for 99 years at a rental equal to fixed charges and dividends now amounting to 6% on the $2,500,000 capital stock. Capitalization. Outstanding. Common $2,600,000 Funded debt 1,600,000 Secured by a first mortgage on all the prop- erty of the company, which consists of about 10,000 miles of telegraph and telephone wires, exchanges, stations, rights-of-way, etc., princi- pally in Wisconsin, Minnesota, South Dakota. North Dakota, Iowa, Montana, Michigan and Manitoba. Earnings — Included in those of Western Union Telegraph Co. Ijisted on the New Tork Stock Exchange. Market. New York — Simon Borg & Co., Joseph Gil- man, T. L. MacDonald, Tobey & Kirk. Price Range — N. Y. S. E. Jan. 1, 'ISS, to Jan. 1, '31 1920 Sid. A-Sk High 96% June 4, '12 75 Mar. 80 Mar. Low. 90% Mar. 5. '15 68 Dec 76 Apr. 977 NORTHWESTERN TERMINAIj CO. (Minn.) 1st 6s. Dne ea^ Jan. 1 as fallows: $34,000 from 1932 to 1925, incl.; $45,000 from 1926 to 1930, incl.: $56,000 from 1931 to 1934. incl.. and $469,500, 1934. Dated Jan. 1. 1920, interest payable Jan. 1 and July 1 at Minnesota Loan & Trust Com- pany, Minneapolis. Tax Statas — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt from the Moneys and Credits Tax, in Minnesota. Authorized $6,000,000 Oatstandinir 1,054,500 Reserved for Ext 3,945.500 Purpose of Issue — To provide for construc- tion. FrovtsioDB of Issue — ^Additional bonds may be issued only in amounts not to exceed 65% of the cost of future buildings and improve- ments. Denomination — Coupon, $100, $500 and $1,- 000; registerable as to principal. Trustee — Minnesota Loan & Trust Co., Minneapolis. Redeemable on any Interest date on 45 days* notice at 102 and interest. Organization — Incorporated in Minnesota in 1914 as the Minneapolis Industries Associa- tion. Capitalization. Outstanding. Common $270,200 Preferred (7% cum.) *924.500 Funded debt 1,277,255 •40% paid. Secured by a first mortgage upon about 110 acres of highly developed industrial trackage located on the Minnesota Trans- fer Belt Line Railway, together with extensive Industrial buildings now under construction and all other structures which may be hereafter erected on the prop- erty. The property covered Is located within two miles of the center of MInnapoUs and is the only considerable piece of industrial track- aee in Minneapolis having direct access to the nine railway systems entering the Twin Cities. As of Jan. 1, 1920, the buildings under construction on the property included two ter- minal buildings each 600 ft. by 100 ft. of brick and heavy mill type construction, and a four-story manufactory, 200 feet by 60 feet of reinforced steel and concrete construction. Leases now executed by responsible tenants for a period of years will provide an annual rental of $136,000, and leases for additional space are estimated to bring the total income to $178,000 per year. Valuation of property Jan. 1, 1920: Real estate $825,000 Buildings (under construction) 1,430,000 Total $2,255,000 Under the provision of the trust agreement lands and buildings can be released from the Trust Deed only in accordance with strict conditions designed to protect the interests of the bondholders. Pire insurance to an amount ^quailing at least S0% of the insurable value of buildings must be kept upon the property at all times,- such insurance to be assigned to the Trustee as additional collateral for the protection of the bondholders. Original Market — $ 1,054.500 offered Febru- ary, 1920, by the Minneapolis Trust Company, Wells, Dickey & Co. and Minnesota Loan & Trust Co., Minneapolis, at prices to yield 6.30% on the first four maturities and 6.40% on the remaining maturities. Market. New York — Joseph Bird Ford. Minneapolis — Wells-Dickey Co. Price Rangre 1930 — Bid, 8%; Sept.; Ask, 7%, Aug-. NORTHWESTERN TERMINAL RAILWAY CO. 1st 5s. Due Jaly 1, 1926. Dated July 1, 1906. Interest payable Jan. and July 1, at Trustee's office or at First Na- tional Bank, Denver, Colb. Default^ — Jan. 1, 1918, interest was not paid. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding 2,273,000 Cancelled 72,000 Reserved for Ext 155,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and interest on any in- terest date on eight weeks' notice, from July 1, 1911, to July 1, 1916; at 102 Va and interest thereafter. Foreclosure — Suit was instituted in Feb. . 1920. Organization and Control — Incorporated In Colorado in 1904 and was leased for 99 years to the Denver, Northwestern & Pacific Ry. This company was reorganized in 1912 under foreclosure as the Denver & Salt Lake R. R., which owns the entire stock of the Terminal Railway Co. and leases the property for BO years from Jan. 1, 1914. Rental, interest on bonds, expenses and taxes. Protective Committee— S. M. Perry. Chair- man, Wm. A. Bell, John C. Mitchell, Henry McAllister, Jr., Thos. B. Stearns, with Theo- dore G. Smith, Secretary, care of International Trust Co., Denver, Colo. Depositories, The International Trust Co., Denver, and Bankers* Trust Co., New York, Secured by a first mortgage upon entire prop- erty of company. Including passenger station and freight station, covering 36 acres in the center of Denver, 102 acres right-of-way from this ^iroperty to the city line, and storage yard of 100 acres, 100 acres of freight terminals of Utah Junction, three miles north of Den- ver. Property used by the Denver & Salt Lake R. R. Original Market — $2,025,000 offered in Jan., 1910, by Hallgarten & Co. and Plympton. Gardiner & Co., New York, at 92 and interest. Market. New Yorli — Joseph Bird Ford. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91 '11 94 '10 15f. Jan. 32f. Dec. Low. 15f. '19 32f. '19 NORWALK STEEL CO. 1st 4%s. Due July 1, 1929. Dated July 1, 1910. Interest payable Jan, and July 1, at Guardian Savings & Trust Co., Cleveland, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .. .$1,000,000 Denomination — Coupon, $1,000. Trustee — Guardian Savings & Trust Co., Cleveland. Ohio. Redeemable at SO and interest at any time. Guaranteed as to interest by Crucible Steel Co. of America, on condition that it may pur- chase bonds at any time prior to maturity at 80 and interest. Organization and Control — Incorporated in Maine and in 1910 plants were put in opera- tion and leased to the Crucible Steel Co. Secured by a first mortgage on plant at Norwalk, Ohio. Original Market — $700,000 offered by Robert D. Hall, Pittsburgh, Pa., at 65 and interest in 1912. Market. New York — Babcock, Rushton & So., Sam- uel Goldschmidt. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 43 '17 50 '17 39 Dec. 40 Feb. Low. 25 '19 35 '16 32 Oct. 38 Sept. NORWICH & WORCESTER RAILROAD 30- Year Deb. 48. Due Mar. 1, 1927. Dated March 1, 1897. Interest payable Mar. 1 and Sept. 1, at company's ofiice, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding 1,200,000 Reserved for Ext 800.000 Denomination — Coupon, $1,000. Registered, $1,000. ' Guaranteed as to interest under terms of lease by the New York, New Haven & Hart- ford R. R. Co. Organization and Control — Incorporated In Massachusetts and Connecticut and Connecticut in 1836 as a consolidation. Owns 71.10 miles of road from Groton, Conn., to Worcester, Mass. This property was leased for 99 years from Feb., 1869, to the New England R. R. This lease was assigned to the New York, New Haven & Hartford R. R. Co. In 189 8. Rental, interest on bonds and 8% dividends on $3,000,000 stock. The New England R. R. Co. was merged in 1908 into the New York, New Haven & Hartford R. R. Co. Capitalization. Outstanding. Common $6,600 Preferred (8%) 3,000,000 Security — ^A direct obligation of the com- pany, but not a mortgage. Under the laws of Massachusetts the com- pany may not mortgage its property without equaly securing these debentures. Year ended Deo. 31: }??2 $292,037 $52,59 ^^■■■^ '.. 291.498 51.59 Market. Aew York — Carruthers, Pell & Co. Price Rang^e 1980. Hiffh. Low.. Bid. 86 Jan. 79 Aug. NOVA SCOTIA STEEL & COAL CO., LTD., iBt 59. Due July 1, 1959. Dated July 1. 1909. Interest payable Jan. 1 and July 1, at the Royal Bank of Canada, Halifax, at the Bank of Nova Scotia, Mon- treal, Quebec and Boston, at the Metropolitan Bank, Toronto. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $6,000,000 Outstanding (Apr. 18, '21).... 5,580,232 Retired by S. F. 419,768 Denomination — Coupon, $100, $500 and $1,- 000. Fixed exchange rate, $4.86 2-3 per £. Trustee — Eastern Trust Co., Halifax. Redeemable as a whole or in part the sink- ing fund at 105 and interest. Sinking Fund — Annually, beginning: Jan. 1, 1911. ^ % of outstanding bonds for purchase or redemption of bonds at not to exceed 105 and interest. Bonds so acquired held alive and interest added to this fund. Organization — Incorporated under the laws of Canada in 1901 as successor to the Nova Scotia Steel Co., Ltd. Owns the entire stock of the Eastern Car Co., Ltd., which is erect- ing a plant adjoining the company's property. Capitalization. Outstanding. Common $15,000,000 Preferred (8% cum.) 1,000,000 Debenture Stk. 6% 4,500,000 Funded debt 5,580,232 Control — As of May 1, 1921, this company, the Dominion Steel Corp., Ltd., Halifax Shipyards, Ltd., were being consolidated into the Empire Steel Corp., Ltd. Secured by a first mortgage on 15.000 acres of coal land in Cape Breton, Nova Scotia; 30,000 acres of coal lands near Glace Bay ; 1,280 acres of coal lands near Trenton. N. S.; Iron ore mines at Wabana, N. S.; several de- posits of iron ore in Nova Scotia ; limestone and dolomite properties in Cape Breton, N. S.; blast furnaces, coke ovens, open hearth furnaces at the Sidney Mines, Cape Breton; 33% miles of standard gauge railway in Pictou County, N. S. ; 65,000 acres of timber lands. These properties have been estimated to contain 200,000,000 tons of proven ore and 1,200,000,000 tons of ore reasonably supposed to exist. YearB ended Dec. 31: Gross. Net. Interest. 1920 $19,558,480 $2,376,086 $605,097 1919 . 6.889,942 1,638,712 608,835 1918" .. . 11,525,780 2,328,557 612,065 1917 13,359,114 2,093,336 752,858 1916' " ' . . 11.425,440 2,731,787 627,309 1915; 7,896.375 2.094,169 517,426 Listed on the London and Montreal Stock Exchanges. Original Market — First offered June. 1909, at par and interest by F. B. McCurdy & Co.. Halifax. N. S. Market. New York — B. & C. Randolph, Watson, Armstrong. , Pnce Range. Jan. 1, '16, to Jan. 1, '31 ^.^^^^^ , , Bid. Ask. Bid. Ask. TTiG-h 87% '16 92 '19 80 Mar. 85 Mar. Low 65 '20 73 '20 65 Apr. 73 Feb. NOVA SCOTIA STEEI. & COAL CO. 6% PeP- Net. Int., etc. petual Deb. Stock. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— Amount not limited, but cannot exceed the paid up capital stock of the com- pany. Outstanding $4,000,000 In Treasury 1,000.000 Denomination — Registered $100 or multiples. Trustee — Eastern Trust Co.. Halifax. Redeemable at 105 and interest at any time after July 1, 1919, upon six months' notice. Organlzjation — See 1st 5s. Secured by mortgage upon the entire prop- erty of the company, subject to the First Mort- gage. Prior IJens — $5,580,232 1st 5s, due 1959. Original Market — $1,500,000 offered by Bankers Bond Co., Ltd., F. B. McCurdy & Co^, Halifax, N. S.. at 98 in May, 1913. Offered Mai:ch, 1916, by H. M. Bradford, Halifax. N. S., at 95 and interest. Market. New Yorlt — Hanson & Hanson. Montreal, Can. — H. B. Robinson & Co., Na- tional Bond Co. Piice !Rang:e Jan. 1, '19, to Jan. 1, '21 1930 Bid. Ask. Bid. High. 92 '19 92% '19 92 Jan. Low. 82 '20 92 '19 82 May NOVA SCOTIA TRAMWAYS & POWER CO., LTD., 1st 5s. Due Dec. 1. 1946. Dated Dec. 1. 1916. Interest payable June and Dec. 1, in New York. Montreal and Lon- don. Fixed exchange rate, $4.86 2-3 per pound sterling. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $10,000,000 Outstanding , 2,250.000 In Treasury 400.000 Resei*\'ed for Ext 7,350,000 Provisions of Issue — ^Additional bonds issua- ble for 75% of cost of improvements, etc.. after June 15, 1915 (except that no bonds are issuable against cost of new gas plant), when net earnings are at least twice interest charges on total issue. Denomination — Coupon. $1,000 and $500. Registerable as to principal. Trustees — Union Trust Co., New York, and the Royal Trust Co., Montreal. Redeemable as a whole or in part for sink- ing fund at 105 and interest on any interest date on 60 days' notice. Improvement and Sinking Fund — Annually, beginning Dec. 1, 1917. 1% of bonds issued, to be used either for additions, etc., or the pur- chase or redemption of these bonds at not over 105 and interest. Organization — Incorporated iij Nova Scotia in 1914 and in 1917 acquired the properties of the Halifax Electric Tramways Co., Ltd., and certain water power rights. Capitalization. Outstanding. Common $2,510,000 Preferred (6% cum.) 2,078.000 Funded debt ... 3,250,000 Secured by a first mortgage on the street railway system in Halifax, N. S., comprising 21.2 miles of track. 62 passenger cars, car barns, central power plant, electric distrib- uting system, gas plant with about 42 miles of pipe and on water power lands on the Gas- pereux River, 55 miles from Halifax, capable of a hydro-electric development of 12,000 h, p. A part of the proceeds of this issue Is to be applied to the construction of a hydro-electric plant. 9i7,9, Years ended Dec. 31: Gross. Net. Interest. 1920 $1,461,039 $87,630 $202,526 1919 1,258,502 '211,510 144,619 1918 998,702 259,874 123,900 1917 859,667 241,687 110,080 1916 759,726 332,772 20,889 Original Market — $2,250,000 offered January, 1917, by Lee, Higginson & Co., Potter, Choate & Prentice and Stone & Webster, at 95% and interest. Market. New York — Samuel Goldaclimidt, B. & C. Eandolpli, ITred H. Hatch & Co., Berdell Bros., Lee, Higginson & CO., Merrill, Lynch & Co., Carruthers, Pell & Co., Jenks, Gwynne & Co. , Boston — L. Sherman Adams, Stone & Webster. Price Range. Jan. 1, '17, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 82 '19 97 '17 67 Feb. 70 Feb. Low. 60 '20 62 '20 60 Dec. 62 May NOVA SCOTIA TRAMWAYS & POWER CO., I.TD., S-Year 1% Notes. Due Jnne 1, Dated June 1, 1919. Principal and inter- est (payable June 1 and Dec. 1) payable in gold coin at the Canadian Bank of Commerce, Halifax, Montreal, or New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Ontstandlng 1,000,000 Reserved for Imp 1,000,000 Purpose of Issufr— To provide additional rolling stock and for extensions, etc. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — ^Eastern Trust Co., Halifax, N. S. Redeemable at 101 and interest on June 1, 1920, or any interest date thereafter upon 60 days' notice. . Organization — See 1st 5s. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. Under the provisions of the Trust Agree- ment no mortgage bonds or debentures, ex- cept 1st 6s of 1946, may be issued unless this issue of notes is secured in the same manner as such new issue. Prior liien — , Outstanding. 1st es, 1946 $2,260,000 Earnings — See 1st 6s. Original Market — $1,000,000 ottered July, 1919, by F. B. McCurdy & Co., < Montreal, at 100 and interest. Market. New York — Jenks, Gwynne & Co., Henry Nightingale & Co., Rauscher & Mackay, Pynchon & Co., Merrill, Lynch & Co. Price Itangre. Jan. 1, "19, to Jam. 1, '21 193« Bid. Ask. Bid. Ask. High 91 '20 100 '20 91 Mar. 100 Nov. Low. 90 '20 94 '20 90 Mar. 94 Mar. UltO o OAKLAND (Cal.) TRACTION CO. Gen. Cons. S. F. 5s. Dae Jan. 18, 1935. Dated Jan. 18, 1907. Interest payable Jan. 18 and July 18, at Wells Fargo Nevada Na- tional Bank, San Francisco. Cal. Payment of Interest — Jan. 18, '17. interest was paid on or about April 1, 1918. July 18. '17. interest paid Oct. 31. '18. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $12,000,000 Outstanding: 3,177.000 Fledged 1,843,000 Reserved for Prior laems 6.980.000 Denomination — Coupon, Jl.OOO. Register- able as to principal. Trustee — Union Trust Co., San Francisco, Cal. Redeemable at not to exceed a, 4% basis for ■Inking fund. Sinldng: Fund — Annual payments, beginning Jan. 18, 1913, for the retirement of bonds of this issue at not exceeding 104 and interest. or otherwise for investment, the payment to the fund being as follows: 1913, $30,000; 1914, $50,000; 1915, $70,000; 1916, $80,000; 1917, $5,000: 1919 to 1922, inclusive, $100,000 each; 1923 to 1925, inclusive; $125,000 each; 1926, $180,000; 1927, $300,000; 1928. $255,- 000; 1929 to 1931, inclusive, $250,000 each; 1933, $500,000. Assumed by the San Francisco-Oakland Ter- minal Rys. Co. Control — Incorporated in California in 1906 as the result of a merger of the Berkeley Traction Co. and the Oakland Traction Co. In March, 1912, was consolidated together with the East Shore & Suburban Ry.. the California Ry. and the San Francisco. Oak- land & San Jose Ry., into the San Francisco- Oakland Terminal Rys. Co. Secured by a mortgage on 183 miles of street and interurban railway extending from Oakland, Cal., to East Oakland, Berkeley. Ala- meda, Fruit Vale, San Leandro, Piedmont and Haywood. Prior Liens — $6,552,000 bonds of constituent companies, for the retirement of which bonds are reserved under this mortgage. Listed on the San Francisco Stock & Bond Exchange. Original Market — OfCered in 1911 by Lund- borg-Morgan & Co. , San Francisco and Los Angeles. Market. New York — Bernhard, SchoUe & Co., Mc- Donnell & Co. Los Angreles — Gahn, McCabe & Co. Price Range. Jan. 1, '09, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 95*09 96*09 2 Of Dec. Low. 15 '20 80 '20 ISfJuly 20fJuly OAKLAND TRANSIT CO. 1st Cons. 5s. Due July 1, 1931. Dated July 1, 1901. Interest payable Jan.' and July 1, at "Wells Fargo-Nevada National Bank, San Francisco. Cal. Payment of Interest — Jan. 1, 1917, interest was paid In Nov., 1917. July 1, 1917, interest paid June 1, 1918. Jan, 1, 1918, interest paid Feb. 14, 1919. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,000,000 Outstanding 1,596,000 Retired by S. F 5,000 9S Denomination — Coupon, $1,000. Register- tLoie as -to principal. Trustee — Mercantile Trust Co., San Fran- cisco. Cal. Sinking Fund — ^Annual payments, either in cash or bonds, at their par value, beginnlnff July 1, 1912; 1912 to 1916. $14,000; 1917 to 1918. $210,000, and thereafter $75,000. Fund is applicable to the purchase of these bonds at not over a 4% basis. If not so purchaseable fund may be invested in other securities. Assumed by the S. F.-O. T. Rys. Co. Control — ^Absorbed March, 1912, by the San Francisco-Oakland Terminal Rys. Co. Secured by a Arst mortgage on about 24 miles of street and interurban railway and a second on about 80 miles In and around Oak- land, Cal. Prior Liens — $ 1,375,000 Oakland Transit Co. 6s, due 1918, which this mortgage pro- vides to retire. Underlies — Oakland Trans, Co, 1st Cons. 6s, due 1932, and Oaklad Traction Co.'s Gen. Cons. 5s, due 1933, and Oakland Traction Co. Gen. Cons. Mtge. 5s, due 1935. Bonds under each of these mortgages will in turn retire prior bonds at maturity. Listed on the San Francisco Stock & Bond Exchange. Original Market — Offered by E. H. RolUna & Sons, Boston, at 105 and interest. Market. New York — Bernhard, SchoUe & Co. I^s Augreles — Edwin Kennedy & Co., Cahn, McCabe & Co., Frank & Lewis. Price Range. Jan. 1, '10, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 108 '10 109 '10 35 Dec 4B Dec. Low. 61 '18 621^ '19 O-CEDAR MILLS CO. 1st 7s. Due $6,0,000 annually from Mar. 1, 1931, to 1935, iocl. Dated Mar. 1, 1920. Interest payable Mar. 1 and Sept. 1, at Fort Dearborn Trust & Sav- ings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $300,000 Outstanding: 240,000 Balance Retired. Purpose of Issue — Proceeds will be used to partially pay for the O-Cedar Mills which were recently acquired from another company. Denomination — Coupon, $500 and $1,000. Trustee — Fort Dearborn Trust & Savings Bank, Chicago. Guaranteed principal and interest by the Channell Chemical Company, Chicago. Organization and Control — Incorporated In Delaware January, 1920. Principal products of the company are the 0-Cedar mop and 0-Cedar polish. Owns cotton mills at Coving- ton, Tenn., Controlled through stock owner- ship by the Channell Chemical Company. The latter company has factories and real estate in Chicago and Gary, and manufactures oils, varnishes, polishing fluids, disinfectants, etc. Capitalization. Outstanding. Common $300,000 Funded debt 240,000 Secured by a first mortgage on all the prop- erties of the company. Properties covered in- clude cotton mills at Covington, Tenn., which have a replacement value of $536,000. The entire yarn production of the O-Cedar Mllla, which have in operation 6,448 spindles, is used for O-Cedar Mop. Original Market — $300,000 ofCered May. 1920, by W. G. Souders & Co., Chicago, etc., at prices ranging from 99. B6 to 96.10 and in- terest according to maturity. Market. Grand Rapids, Mich. — W. G. Souders & Co. Price Rangre 1920 — Bid ranging from S5 to 90. O'GARA COAIi CO. iBt Ss. Doe Sept. 1. 1955. Dated Sept. 1, 1905. Interest payable March and Sept. 1, at Equitable Trust Co., New Torlc. Payment of Interest— March, 1918, interest was paid at Columbia Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized , . .$3,000,000 Outstanding (Jan. 1, '21) 2,483,000 Retired by S. P 517,000 Denomination — Coupon, $1,000. Trustee — Equitable Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Sinking Fund — Two cents per ton of coal mined payable in yearly installments on March 1. Organization — Incorporated in July, 1905, in New York. Capitalization. Outstanding. Common $6,000,000 Preferred 1,000,000 Funded debt 2,483,000 Secured by a mortgage on the entire prop- erty of the company, which consists of 22,700 acres owned in fee and about 11,839 acres of leasehold in Saline County, III., estimated to contain 550,000,000 tons of bituminous coal, together with mines having a daily capacity of 15,000 tons. Market. New York — William M. Clarke, Samuel Goldschmidt, Hartshorne & Eattelle, Fred H. Hatch & Co., Morton, Lachenbruch & Co., J. K. Rice, Jr., & Co., Collins, Kalb- fleisch & Co., Watson, Armstrong & Co. Pliiladelphia — McCown & Co., Samuel K. Phillips & Co. Seranton, Pa. — J, H. Brooks & Co., Charles E. Robertson, W. D. Runyon, W. F. Stetter & Co., Weissenfluh & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 81 '10 86 '12 64 Jan. 69% Nov. Low. 20f '16 30f 16 60 June 63 Aug. OGDEN GAS CO. 45-Year 1st 6s. Due May 1, 1945. Dated Nov. 1, 1900. Interest payable May and Nov. 1, at Farmers' Loan & Trust Co.. New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding: 6,000,000 Denomination — Coupon, $1,000; Trustee — Farmers' Loan & Trust Co., New York. Guaranteed as to principal and interest by the Peoples' Gas Light & Coke Co. of Chicago. Organization and Control — Incorporated in Illinois in 1895. Leased for about 38 years from 1907, by the Peoples' Gas Light & Colte Co., Chicago. Capitalization. Outstanding. Common $6,000,000 Funded debt 6,000,000 Secured by a first mortgage on the gas plants and properties of the company located wholly within the city of Chicago, 111., and by deposit of an agreement whereby the Peoples' Gas Light & Coke Co. pledges to purchase this S82 property in 1946 for the sum of $7,000,000 and to turn the money over to the Trustees of thlB mortgage. The franchise expires in 1945. Listed on the Unlisted Dept. of the Chicago Stock Exchange. Market. New Yorlt — Babcock, Rushton & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 12 100 '08 64 Nov. 69 Nov. Low. 62 '20 56 '20 52 Aug. 56 Aug. OGDKNSBURG & LAKE CHAMPLAIN RAIL- WAY CO. 1st 48. Dub July 1, 1948. Dated Dec. 15, 1898. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,400,000 Outstanding 4,400,000 Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Rutland R. R. Co. Control — The O & L. C. R. R. was consoli- dated into the Rutland R. R. Co., in 1901. The control of the latter is held jointly by the N. T. C. R. R. Co. and the N. Y., N. H. & H. R. R. Co. iisecnred by a first mortgage on 118.80 miles of road from Ogdendburg to Rouse's Point, N. Y. Listed on the New York Stock Exchange. Market. ' New Yorlc — Samuel Goldschmidt, Prince & Whitely, Redmond & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 100% Jan. 17, '06 60 Aug. 31 Low. 52 May 17, '20 52 May 17 OGILVEE FLOUR MIIXS CO. 1st 6s, Series "A." Due June 1, 1932. Dated June 1, 1902. Interest payable June and Dec. 1, at Bank of Montreal, Montreal, Que. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized $1,000,000 Outstanding 1,000,000 Denomination — -Coupon, $1,000. Trustee — Royal Trust Co., Montreal. Que. Redeemable on any interest date at 115 and interest. Organization — Incorporated in Canada In 1902. Business founded in 1801. The com- pany's elevators have a combined capacity of 10,688,000 bushels and warehouses 406,000 bbls. Mills have a combined capacity of 21,750 bbls. per day. Capitalization. Outstanding. Common $2,600,000 Preferred (7% cum.) 2,000,000 Funded debt 2,350,000 Secured by a first mortgage on three mills in Montreal and two mills in Winnipeg. Years ended Aug. 31: •Net. 1920 $959,066 1919 1,632,517 1918 1,956,.415 1917 1,368,847 1916 774,270 ♦After interest and war taxes. Listed on the Montreal and Toronto Steele Exchanges. Market. Toronto — A. B. Ames & Co. Montreal — Hew R. Wood Co., National Bond Co., Inc., Hanson Bros. Price Range. Jan. 1, '11, to Jan. 1, '21 1820 Bid. Ask. Bid. Ask. High 113% '11 114 '20 99% Feb. 100 June Low. 92 "20 92% '20 92 Deo. 92 Deo. OGILTIE IXOCK MIIXS CO. 1st 6s, Series "B." Due June 1, 1932. Bated June 1, 1908. Interest payable June and Dto., at Banlt of Montrnal. Montreal, Que. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $750,000 Outstanding 750,000 I>enDmination — Coupon, $1,000. Tmstec — Royal Trust Co. , ' Montreal, Que. Redeemable on any interest date at 115. Organization — See Series "A." Secured by a first mortgage on flour mill located at Fort William and on 33 grain ele- vators located at various points in Manitoba and Saskatchewan, Can. For further descrip- tion of property see Series "A." Garnings — See Series "A." listed — Montreal and Toronto Stock E3x- changes. Orielnal Market — Offered by Bank of Mon- treal at 105 and interest in July, 1908, Market. See Series "A". Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103 '17 104 '20 99 Feb. IOI14 Apr. Low. 92 '20 92% '20 92 Deo. 92% Dec. OGrLTIE FLOUR MILLS CO. Ist Mtge. 6s. Scries "C." Due Jane 1, 1932. Dated Dec. 1, 1913. Interest payable June 1 and Dec. 1, at Bank of Montreal, Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $600,000 Outstandinsr 600,000 Denomination — Coupon, $1,000. Trustee — Royal Trust Co., Montreal, Can. Redeemable on any interest date as a whole at 116 and interest. Organization, Earnings. Etc. — See Series "A" and "B." Secured by a first mortgage on large new mill at Medicine Hat. Alberta, Can.,, and on more than 30 elevators, located in Alberta, Saskatchewan and Manitoba. Earnings — See Series "A." Original Market — Offered in Jan., 1914, by Hanson Bros,, Montreal, at par and interest. Market. See Series "A". Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 106 '16 100 May 100% Feb. Low. 92 '20 100 '19 92 Dec. 100 June OHIO St LITTLE KANAWHA RAILROAD CO. 1st 5s. Due March 1, 1950. Dated March 1. 1900. Interest payable March and Sept. 1. at B. & O. office. 2 Wall Street, New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $228,000 Denomination — Coupon, $1,000, $600 and $100 each. Trustee — Columbia Trust Co., New Tork. Redeemable at 105 and interest on 90 days' notice. Organization and Control — Incorporated In 1900 in West Virginia as successor to the Zaneville & Ohio River Ry. Co. All except a few shares of each class of stock of the Ohio & Little Kanawha B. R. Co. are owned by the Baltimore & Ohio R. B. Co., and pledged under the latter's P.. L. E. & W. Va. Bef. 4s. Capitalization. Outstanding. Common $918,000 Preferred (6% non-cum.) 1,250,000 Funded debt 268,600 Secured by a direct first mortgage on 72.04 miles of road extending from Fair Oaks to West Marietta, Ohio. Refunding— B. & O.-Pitts., L, B. & W. Va. Ref. 4s and B. & O. Ref. & Gen. 6s of 1996 bonds are reserved to acquire the outstanding bonds of this issue. Legal for Baltimore Trust Funds. Market. New York — Samuel Goldschmidt, Ray- mond M. Smith, Pliiladelphia — Barnes & Lofland. Baltimore — Jenkins, Whedbee & Foe. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103 '16 105 '16 90 May Low. 80 '19 90 '19 70 Dec. 80 Dec. OHIO & WESTERN UTILITIES CO. 1st Lien Coll. Tr. 58 and 6s. Due August 1, 1929. Dated November 16, 1914, Interest payable May 1 and November 1, at Chicago Trust Co., Chicago, or P. W. Brooks & Co., New Tork City. Tax Status — 2% Federal Income Tax paid by company without deduction, Pennsylvania State Tax refunded. Authorized $5,000,000 Outstanding — 5s $64,900 6s 660,000 $724,900 Retired by S. F None Reserved for Ext 4,327.000 Denomination- — Coupon, $100, $600 and $1,- 000. Registerable as to principal. Trustee — Logan Trust Co., Philadelphia, Pa. Redeemable — 6-% bonds are redeemable at 110 and interest and 5% bonds at 103 and Interest on any interest date on 4 weeks' no- tice. Sinking Fund — 1 % per annum of bonds out- standing each August 1. from 1918 to 1920. 1%% from 1921 to 1926 and 2% thereafter, to be applied to the retirement of these bonds, at not exceeding 110 for the 6% bonds. Organization — Incorporated in Delaware In November, 1914. Controls the Ft. Scott & Nevada Light, Heat, Water & Power Co., and the Chlllicothe Blec. Ry., Light & Power Co. Capitalization. Outstanding. Common $1,000,000 Preferred (7% cum.) 213,400 Funded debt 1,379,900 Secured by a first lien on the following col- lateral : The entire $460,000 first mortgage bonds and $800,000 stock of the Ft. Scott & Nevada Light, Heat, Water & Power Co., which owns four miles of street railway in Nevada, Mo., and plants supplying electricity, water and gas In that city, and gas in Ft. Scott, Kan., and the territory between Nevada and Ft. Scott. Population served, 34,000. Franchise for artificial gas (which is not being sup- plied) electricity and street railway in Ne- vada expires in September, 1918. Water fran- chises 'n Ft. Scott and Nevada expire In 1933, natural gas In 1930. Natural gas franchises In towns between Nevada and Ft, Scott expire between 1930 and 1932. The company's pipe line between towns is either on private right- of-way or built under perpetual franchises. The entire $76,000 first mortgage bonds and $100,000 stock of the ChlUicothe Electric Ry.. Lt. & Power Co., which owns the plant sup- plying electricity and steam heat in Chillicothe, Ohio, serving a population of 16,000. Fran- chises are perpetual. The company also owns four miles of street railway for which the franchise expires in 1918. As the operation of this road has not proven profitable, and the company is about to abandon it, no value was placed on the street railway property In the acquisition of the property of this com- pany. Xears ended Dec. 31: Gross Net Interest 1919 $253,288 $76,844 $42,846 1918 224,383 69,679 42,846 1917 264,968 110,408 41,466 1916 203,148 76,344 38,224 1916 188.198 76,431 37,469 Original Market — $626,000 6s and Bs offered In December, 1914, by P. W. Brooks & Co. Market. Chicago— Babcock, Eushton & Co., Dodee & Ross. New York — P. w. Brooks & Co., Berdell Bros., George S. Crap & Co. Fhlladelphia — P. W. Brooks & Co. Price Range — 6s. Jan. 1, '16, to Jan. 1, '81 1930 Bid. Ask. Ask. High 90 '18 101 '16 85 Dec. Low. 90 'IS 91 '19 80 May OHIO & WESTERN UTILITIES CO. AN» OHIO UTILITIES CO. Joint 8% Notes. Due $66,500 each Jan. 1 from 19«3 to 1932 inclusive. Dated Jan. 1, 1921. Interest payable Jan. 1 and July 1 in New York. Tax Status — 4% Federal Income Tax paid by the Company. Pennsylvania State Tax refunded. Authorized $750,000 Outstanding: 655,000 Reserved for Corporate Purposes 95,000 Issuance Restrictions — Additional notes is- suable when earnings available for note in- terest for the twelve months next preceding issuance have been at the rate of at least one and one-half times the amount neces- sary to meet the interest on all outstand- ing notes and those to be issued. Denominations — Coupon, $1,000, $500 and $100 (1927, 1927 and 1932 maturities only); rcgisterable as to principal. Trustee — Republic Trust Co., Philadelphia. Redeemable at 102 and interest on 30 days' notice. Orgranization, Properties, Etc. — See Ohio & Western Utilities Co. 1st Lien & Coll. 5s and 63 and Ohio Utilities Co. 1st Lien S. F. 53 and 6s. Security — A direct obligation of the Ohio & Western Utilities Co and the Ohio Utili- ties Co. Prior Liens — Outstanding. Ohio & Western Utilities Co. 1st L. and Coll. 5s and 6s of 1929 $724,800 Ohio Utilities Co. 1st Lien S. F. 5s and 6s of 1946 1,196,000 12 months ended Nov. 30 (combined) : Gross. Net. Interest. 1920.. $888,312 $222,662 $159,055 Original Market — $656,000 offered Jan., 1921, by P. W. Brooks & Co., New York, etc., at 98 and interest. OHIO CENTRAL TRACTION CO. Cons. Bs. Due March 1, 1928. Dated March 1, 1903. Interest payable March and Sept. 1, at Cleveland Trust Co.. Cleveland, Ohio, and National Bank of Com- merce, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $400,000 Outstanding 306,000 Reserved for Prior Liens 96,000 Denomination — Coupon, $500. Registerable as to principal. Trustee — Cleveland Trust Co., Cleveland, Ohio. Redeemable on 30 days' notice at 106 and Interest. Control — Merged in 1907 into the Cleveland. Southwestern & Columbus Ry. Secured by a second mortgage on 29 miles of track between Mansfield and Gallon and be- tween Gallon and Bucyrus. Population served over 50,000. Prior Lien — $95,000 1st Ext. 7s, due Aug. 1 1923 'underlies — C, S. W. & C. 6s of 1927. Earnings — See Cleveland, Southwestern & Columbus Ry. Market. Boston — O. B. Denison & Co., Charles A. Day & Co. Cleveland — Borton & Borton, C. B. Denison & Co. New Haven — H. C. Warren & Co. OHIO CITIES GAS CO. 1% Conv. Notes. Due $2,000,000 each June 1, from 1921 to 1925, Incl. Dated June 1, 1920. Interest payable June 1 and Deo. 1 In New York or Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $10,000,000 Outstanding (July 1, '21) ,. 800,000 Balance Retired. Purpose of Issue — To reimburse the com- pany for expenditures made In connection with the purchase of a large interest in the Okla- homa Producing & Refining Corp., and to re- tire on July 1. 1920, $1,250,000 6% Notes, maturing July 1, 1920, and Jan. 1, 1921. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Company, New York. Redeemable on any interest date on 60 days' notice as a whole or In part by the latest serial maturities, at 102% and interest for notes maturing in four years or more, the redemp- tion price being reduced % % each year, or part, iPss than four years. Convertible at any time prior to maturity or earlier redemption, into 25 shares of com- mon stock of the company (of $26 par or its equivalent) for each $1,000 principal amount of notes at the following prices per share: $45 from July 1, 1920, to May 31, 1921, incl. $46 from June 1, 1921, to May 31, 1922, incl. $47 from June 1, 1922, to May 31, 1923, incl. $48 from June 1, 1923, to May 31, 1924. incl. $49 from June 1. 1924, to May 31, 1926, incl. with a cash adjustment of the difference be- tween the conversion price and $40 per share, and of accrued interest on the notes. The holders of these notes shall have the right to convert them into common stock at any rate more favorable than the above terms, which may be granted to any securities here- after issued by the company. The conversion prices shall also be reduced if the company issues additional common stock under conditions to be specified in the trust agreement. The trust agreement, however, will provide 984 that the prices named above per share may in no event be increased. The company may pay stock dividends at a rate not in excess of 8 % per annum with- out reducing- the conversion price. Organization — Incorporated in Ohio April 21, 1914. Name changed to The Pure Oil Co. on July 1, 1920. Owns the following: subsidiary com,panies, the percentages representing com- pany's stock holdings: 99.77% of The Colum- bus Gas & Fuel Co., 100% of The Federal Gas & Fuel Co.. 100% of The Springfield Gas Co.. 99.61% of The Dayton Gas Co.. 100% of The Mountain State Gas Co.; these companies de- liver natural gas to 115,000 consumers. 100% of the Pure Oil Pipe Line Co. (Ohio). 100% of the Pure Oil Pipe Line Co. (Pennsylvania). 100 7o of the Producers and Refiners Pipe Line Co.; owning- 2,300 miles of pipe line connected to 9,600 wells and operated by 89 pump sta- tions. 52.41% of the U. S. Pipe Line Co.. owning a pipe line for the transportation of refined oils, 1,000 of the Moore Oil Refining Company, compounders of oil and manufac- turers of grease and soap, owning 3 distribut- Inging stations and 15 drive-in stations in Ohio and Indiana. A substantial interest in the Oklahoma Pe- troleum and Refining Corporation and the Union des Petroles d' Oklahoma was purchased in January, 1920. This company in addition to its oil acreage operates a completely equip- ped refinery in Muskogee. Okla., as well as pipe ' lines, casinghead, gasoline plants and distributing stations in Oklahoma. In addition to the properties owned and operated by the above named subsidiary com- panies, The Ohio Cities Gas Company owns and operates oil and gas properties as follows. Nearly a million acres of leaseholds and fea In Ohio, West Virginia, Kentucky. Illinois, Kansas. Oklahoma, Louisiana, Texas, and New Mexico,, of which 63,000 acres are ope- rated leases consisting of over 3,000 produc- ing oil wells; 7 casinghead gasoline plants in Ohio, West Virginia and Oklahoma ; a salt plant in West Virginia, having capacity of 1,000 barrels of salt per day; 6 refineries in Pennsylvania, Ohio, West Virginia and Okla- homa, whose total refining capacity exceeds 25,000 barrels per day; 1,674 tank cars, of which 1,519 are owned and 155 under lease; 41 distributing stations and 25 drive-in sta- tions in Vermont, Ma,ssachTlfeetts, New Jersey, Delaware, Maryland, New York, Pennsylvania, West Virginia and Ohio. Capitalization Outstanding Common (par $25) $47,020,725 Preferred (5%% cum.) 12,683,300 Funded debt 8,000,000 j^ote — On March 19, 1920, an issue of $10.- 000,000 convertible preferred stock was auth- orized l^earing cumulative dividends at the rate of S% per annum. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. Under the provisions of the trust agreement the company covenants as follows: That it shall not place any mortgage or other charge except purchase money mortgages (which in the cast of other than oil producing properties must be payable after the last ma- turity of these notes) upon any of its fixed assets, or permit any such mortgagt or charge to be imposed upon the fixed assets of a sub- sidiary crmpD.ny. The company and its subsidiaries shall at all times maintain their aggregate current as- sets, as defined in the trust agreement, at least equal to the sum of all their direct and contingent liabilities, including these notes, but excluding the $3,124,000 mortgage bonds of 985 subsidiary companies now outstanding, pur- chase money obligations given for acquisition of property and maturing after the last ma- turity of these notes, and contracts given for the purchase of oil producing properties in connection with which no mortgage or note is given. years ended Mar. 31 (consolidated): Gross. Net. Int., etc. 1920 $54,304,090 $10,773,550 $324,953 1919 47,422,890 11.439,872 403,304 1918 39,929,134 12,578,980 477,850 Original Market — $10,000,000 offered May, 1920, by Guaranty Trust Co., New York, Cen- tral Trust Company of Chicago, Illinois, Wra, A. Read & Co., New York, etc., at prices rang- ing from 99 to 96 and interest, according to maturity. 1923 Bid. Ask, Hi&h 94^ Oct. 98% Sept. Low 92 Dec. 94 Dec. High 93 Dec. 97% July Low 92 Dec. 94 Dec. 1924 High 94% Oct. 96 Oct. Low , 92% Dec. 94 Sept. 1925 High 93 Sept. 08 July Low 92 Dec. 94 Dec. Market. New York — T. Hall Keyes & Co., Morton, Lachenbruch & Co., Salomon Bros. & Hutz- ler, Philadelphia — Paul & Co. Chicas:o — Central Trust Co. of Illinois. OHIO CONNECTING KAIL WAY CO. let 4b. Due Sept. 1, 1943. Dated Sept. 1, 1903. Interest payable Mar, and Sept. 1. at Penna. R. K. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authoriaied $2,000,000 Outstanding: 1,887,000 Retired by S. F 113,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Parmer's Loan & Trust Co., New York. Sinking Fund — ^Annually beginning Sept. 1. 1904, 1% of the bonds outstanding, to be applied to their purchase and cancellation at not exceeding par. If bonds are not purchas- able at this price fund shall revert to the company. Guaranteed principal and interest by the Pennsylvania Co. by endorsement. Organization and Control — Incorporated In Pennsylvania in 1886. Property leased by the Pittsburgh, Cincinnati, Chic, & St. L^ Ry. In 1890. for indefinite period. This lease has been assumed by the Pittsburgh, Cincinnati. Chicago & St, Louis R. R. Co., successor com- pany. The rental is based upon the annual average net earnings for the three years ended June 30, 1917. The Pennsylvania Co. owns the entire stock. Capitalization Outstanding Common $2,000,000 Funded debt 1,887,000 Secured by a first mortgage on a bridge over the Ohio River from Pittsburgh (bridge used by P. C, C. & St. L. R. R. and Pitts., Ft. Wayne & Chic.) and upon 9 miles of madn track, 5 miles of second track and 31 milei of sidings. Tvegral for savings banks in Conn. Listed on the New York and Philadelphia Stock Exchanges. Original Market — $2,000,000 offered Oct., 1905, at 104% and Interest by Sailer & Ste- venson, Philadelphia. Market. New York — Ambrose R. Clark & Co., Dun- ham & Co., Redmond & Co:, Raymond M. Smith. Philadelphia — Barnes & Lofland, Biddle & Henry, Henry D. Boenningr & Co., Elklns, Morris & Co., "William W. Fogarty, Harper & Turner, McCown & Co., Reed A. Morgan & Co., Isaac Starr, Jr., & Co. Fittsbiirgrh — R. B. Hutchinson & Co. Price R-ange^ — ^N. Y. S. E. Jan. 1, '13, to Jan. 1, '31 High 96 Feb. 3, '13 Low. 78 Oct. 2, '18- 1920 SO Sept. 3 80 Sept. 3 OHIO ELECTRIC RAILWAY CO. 1st & Bef. 6s. Due Jan. 1, 1930. Dated January 1, 1910. Interest payable Jan. and July 1, at Trustee' s office, Phila- delphia. Default — Jan. 1, 1916 interest. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding 4,200,000 Reserved for Ext 7,500,000 Reserved to Retire Prior Liens 3,250,000 Denomination — Coupon, $1,000. Register- able as to principal. Tnistee-^Fidelity Trust Co., Philadelphia. Redeemable at 105 and interest Jan. 1, 1916, or on any interest date thereafter, on 60 days' notice, as a whole only. Receivership — B. J. Jones was appointed receiver for the entire property January 25, 1921, and J. H. McClure appointed ancillary receiver for the Indiana, Columbus & East- ern Traction Co. and Henry C. Paul, an- cillary receiver for the Ft. "Wayne Van "Wert & Lima Trac. Co. on January 24, 1921, Henry C. Paul, receiver, took over the operation of the Ft. Wayne Van Wert & Lima Trac. Co. on February 1, 1921. Organization — Incorporated May 15, 1907, in Ohio, on Aug. 31. 1907, purchased The Lima & Toledo Traction Co., which owned the line from Lima to Toledo and on Dec. 31, 1909, purchased the Lima Electric Ry. & Light Co., which operates in Lima, Ohio, on Aug. 31, 1907. leased The Fort Wayne, Van Wert & Lima Traction Co., the line from Lima, Ohio, to Fort Wayne, Ind. It also acquired by lease The Indiana, Columbus & Eastern Traction Co., which assigned to it the leases of The Columbus, Newark & Zanesville Electric Ry. Co. On Feb, 1, 1908, it purchased the prop- erty of The Cincinnati, Northern Traction Co. (since dissolved) and acquired from that company its lease of The Cincinnati, Day- ton & Toledo Traction Co. (sold under fore- closure June 30, 1917). Now under direct control and operated by the, Cincinnati & Dayton Traction Co. Including city lines in Zanesville, Newark, Lima, Ohio, and other points the operating mileage of the company is 563.04 miles, ex- tending from Zanesville on the east via New- ark to Columbus, thence through Springfield to Dayton, where connection is made with the Cincinnati & Dayton Traction Co., and from Dayton to Union City, where connection , is made with the Union Traction Co. of Indiana for Muncie, Anderson and Indianapolis, Ind. The lines of the company also extend north from Springfield through Urbana and Belle- fontaine to Lima, and from Lima to De- fiance; to Toledo in Ohio, and Fort Wayne, Ind. Electric light and opwcr business is conducted in the cities of Zanesville, Lima and steam heating plant is operated in Lima. On April 25, 1920, surrendered the lease of the Dayton & Western Traction Co. Capitalization Outstanding Common $8,000,000 Preferred (5% non-cum.) 3,000,000 Funded debt 8,154.200 Secured by a mortgage, subject to prior liens on the entire property owned. Prior Liens — $ 1,250,000 various issues of Lima Electric Rys. & Lt. Co. (maturing 191« to 1925) and $1,470,000 Ft. Wayne. Van Wert & Lima Trac. Co. 5s of 1930. Underlie8^2d & Gen. 5s of 1943. Yeai-s ended Dec. 31: Gross Net •Charges 1920 $5,033,065 $931,321 $1,578,2^4 1919 ;.. 4,606,322 1,383,104 1,588,564 1918 4,098,089 1,211,992 1,551,624 1917 3,705,330 1,295,642 1,719,200 1916 4,130,485 1,775,333 1,776,256 1915 3,703,784 1,573,580 1,807,836 1914 i. 3.853,512 1,717,751 1,779.306 ♦Includes taxes, rentals and interest. 986 OHIO GAS & ELECTRIC CO. (THE) 1st S. F. 6s, Series "A." Due May 1, 1946. Dated May 29; 1916. Interest payable May 1 and Nov. 1, at Redmond & Co.. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Unlimited Ontstandlng $820,600 Held in S. F 25,340 Provisions of Issue — ^Additional bonds may be - issued when net are one and 'two-thirds times the interest on all bonds outstanding, including those applied for and with the ex- ception of $300,000 only for 80% of the cash cost of additions, etc., or in the case of prop- erties physically connected with those owned at not to exceed 60% of the replacement value, omitting depreciation. Denomination — Coupon, $1,000 and $500, Registerable as to principal. Registered, $1,000 and $500 and multiples of $1,000. C. & R. interchangeable. Trustee — Central Union Trust Co., New York. Redeemable at 107% and interest on any in- terest date on 60 days' notice. Sinking Fund — Annually, beginning May 1. 1918, 3 % of outstanding bonds, for their pur- chase or redemption at not over 107 % and interest on 60 days' notice. Organization- — Incorporated In Ohio in 1915, and acquired the properties of the Middletown Gas & Electric Co., Franklin Electric Light Co. , Leetonia Electric Co. , New Lisbon Gaa Co. and Medina Light & Power Co. Capitalization. Outstanding, Common $125,000 Preferred (7% cum.) 264,100 Funded debt 1,100,500 Secured by a first mortgage on gas and elec- tric lighting properties in Middletown and electric properties in Franklin, Springboro, Lisbon and Leetonia, all in Ohio, The com- pany purchases electric power for distribution in Lisbon and Leetonia and natural gas for Middletown. The company has a ten-year municipal lighting contract in Middletown. Population served, 28,000. Underlies — $200,000 Deb. 6a of 1926. Years ended Dec. SI: Gross. Net. Interest. 1920 $759,845 $186,195 $62,421 1919 511,431 123,809 59,943 1918 423,552 122,065 57,046 Original Marlce* — $500,000 offered June, 1916, by Redmond & Co., New York, at 100 and Interest. A block offered by the same firm Feb., 1918, at 95 and interest. A block offered by same firm Feb., 1921, at 88 and interest. Market. New York — Morton, Lachenbruch & Co., Redmond & Co. ProTidence, K. I. — Hornblower & Weeks. Price Range. Jan. 1, '17, to Jan. 1, '81 1980 „_ Bid. Ask. Bid. Ask. High 94 '19 106 "17 93 Feb. 98 Jan. Low. 92 '19 95 '19 85 Deo. 88 Deo. OHIO, INDIANA & WESTERN RAILWAY CO. iBt Preference 5s. Dne April 1, 1938. Dated April 1, 1888. Interest payable Quar- terly, Jan. 1, etc., at Grand Central Ter- minal. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .;.. .$600,000 Denomination — Coupon, $1,000 and $600. Reeisterable aa to principal. Trustee — Central Union Trust Co., New York. Guaranteed aa to interest by the C„ C. C. & St. L. Ry. under terms of lease. Assumed by the Peoria & Eastern By. Co. Control — The Ohio. Indiana & Western Ky. Co. was reorganized under foreclosure in 1890 aa the Peoria & Eastern Ry. Co._ The latter company is controlled through ownership of $6,000,100 of its $9,994,200 stock by the Cleveland, Cinn., Chic. & St. L. Ry. (N. Y. Central Lines). The property is leased to the C, C. C. & St. L. By. until 1940, but oper- ated separately. Secured by a first mortgage on 136.47 miles of road extending from Springfield, Ohio, to Indianapolis and a second mortgage on 201.45 miles of road from Indianapolis, Ind., to Pe- kin. 111. Prior Liens — $985,100 Indiana, Bloomington & Western 1st Pref. 4s of 1940. Underlies — P. & B. Ry. 1st Cons. 43 of 1940, bonds of which issue are reserved to retire this issue at maturity and Income 4s of 1990. Also the C C. C. & St. L. Gen. 4s, as to 137 miles covered by the first lien. Refunding — Bonds are reserved under C C. C. & St. L. Ry. Bef. & Imp. Mtge. to retire this issue. Listed on the New York Stock Exchange. Market. Pittsburgh — R. B. Hutchinson & Co. New York — Carruthers, Pell & Co., Wil- liam Carnegie Ewen, F. J. Lisman. Price Range. Jan. 1, '16, to Jan. 1, '21 1980 Bid. Bid. High 951/2 '16 .76 Feb. Low. 70 '20 70 Apr. OHIO LIGHT & POWER 1st 5s. Due May 1. 1944. Dated May 1, 1914. Interest payable May 1 and Nov. 1, at Trustee's Office, New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding (Jan. 1, '21) $1,176,000 Retired by S. F 32,000 Denomination — Coupon, $1,000. Kegisterable as to principal only. T^uflt^^e — Guaranty Trust Co., New York. Redeemable on May 1, 1919, or any interest date thereafter at 105 and interest. Improvement or Sinking Fund— % % of amount of bonds outstanding payable annually from 1918 to 1923, inclusive, 1% from 1924 to 1928. 1H% from 1930 to 1936, and 2% thereafter, to be applied either to improve- ments and additlonals for which bonds might be issued, or to retire bonds. Control — Incorporated in Ohio in 1911. In 1917 this company, with several others, was merged into the Central Power Co. The name of the latter company was changed on Nov. 20, 1919, to the Ohio Power Co., which com- pany ia a aubaldlary of the American Gas & Electric Co. Secured by a first mortgage on plants sup- plying electricity in the following cities In Ohio: Newark (population 1910, 25.404); Lan- caster (13,093); Tiffin (11,894); Fremont (9,- 939); Fostoria (9.697); Mt, Vernon (9,087): Logan (4,860); Crooksville (3,028;New Lexing- ton (2,659); Shawnee (2,280); and New Straits- ville (2,242). The total population served is approximately 100,000. Company does the street lighting in all cities excepting Newark. The cities served are divided into two groups, Tlflin, Fostoria and Fremont being lo- cated in the northwest section of the atate and the other cities in the south central section. Franchises in several cities are unlimited aa to time, elaewhere none expire prior to 1947. Underlies — Ohio Power Co. lat & Eef. Mtge. under which mortgage bonds are re- served to retire this issue. Earnings — See Ohio Power Co. 1st & Ref. Mtge. Original Market — $1,200,000 offered in Dec. 1914, by Perry, Coffin & Burr and N. W. Har- ris & Co., Boston, Harris, Forbes & Co., New York, and Harris Trust & Savings Bank, Chi- cago, at 90 and interest. Market. New York — Harris, Forbes & Co. Boston — Coffin & Burr, Harris, Forbes & Co., Inc. Price Range. Jan. 1, '16, to Jan. 1, '81 1980 Bid. Ask. Bid. Ask. High 93 '16 98% '17 78 May 87% Feb. Low. 78 '20 80 '20 78 May 80 July 987 OHIO POWER COMPANY (THE), 1st & Ref. S. P. 7s, Series A. Due Jan. 1, 1951. Dated Jan. 3, 1921. Interest payable Jan. 1 and July 1 in New York. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Penn- sylvania State tax refunded. Autliorized Open Mortgage. Outstanding- $15,800,000 Pledged to secure 7%% Notes. 1,889,000 Issuance Restrictions — Additional bonds are issuable for refunding purposes or for extensions, additions, etc., at par for 75% of the cost. Denominations — Coupon, $100, $500 and $1,000; reglsterable as to principal. Coupon, $1,000 exchangeable for fully registered ' bonds. Trustee — Central Union Trust Company. New York. Redeemable on any interest date on sixty days' notice at 107% and- interest to and including Jan. 1, 1926; at 106 and interest to and including Jan. 1, 1931; at 104% and interest to and including Jan. 1, 1936; ,it 103 and interest to and including Jan. 1, 1941; at 101% and interest to and Including Jan. 1, 1949, and at 100% and interest thereafter to maturity. Sinking Fund — Annually, beginning Jan. 1, 1924, an amount equal to 1%% of Series A bonds outstanding, up to and Including Jan. 1, 1936, and thereafter 2% to maturity. This fund is to be applied to the purchase of bonds in the market if obtainable at or under par. Organization and Control — Incorporated in Ohio in 1907 as the Canton Electric Co., name was changed to the Central Power Co. in March, 1916; again changed on No- vember 20, 1919, to the Ohio Power Co. The Company is a consolidation of the Mer- chants Heat, Light and Power Co., the Canton Light, Heat and Power Co., tho Central Heating and Light Co., the Ohio Light and Power Co. and the Sunnyside Electric Co. Owns the 60% of thS capital stock of the Ohio State Power Co. Con- , trolled through stock ownership by the American Gas and Electric Company. Capitalization. Outstanding. Common $2,700,600 Preferred (6% cum.) 2,831,900 Funded debt 18,417,600 Secured by a general mortgage on the en- tire property of the Company, on a part of which it is a first lien. The property cov- ered by this mortgage comprises a large electric light and power generating and dis- tributing system in important manufactur- ing sections of Ohio, with over 1028 miles of transmission and distributing lines and serving the cities of Canton, Newark, Steu- benville and the Ohio River District near Wheeling, W. Va., and in all in over 45 cities and towns in the State. The com- pany's main power station is at Windsor, on the Ohio River near Wheeling, W. Va., one of the largest generating steam turbine plants in the United States. Prior Liens — Outstanding. Canton Electric 1st & Ref. 6s, 1939 $1,316,600 Ohio Light & Power Co. 1st 6s, 1944 1,168,000 Bucyrus Light & Power Co. 1st 5s, 1940 133,000 The above mortgages are closed. Bonds are reserved under this mortgageg for the retirement of the above issues. Years ended Dec. 31: 1920 $7,695,842 $2,477,466 1919 5,496,765 1,920,694 Original Market — $10,000,000 offered Jan., 1921, by Dillon, Read & Co., New York, etc., and Continental and Commercial Trust and Savings Bank, Chicago, at 95^ and in- terest. Market New York — Hannahs, Ballin & Lee, Harts- horne & Battelle, John Nickerson, Jr. Philadelphia — E. R. Barnard, "William Marriott Canby, Samuel McCreery & Co., Townsend, Wljalen & Co., Wurts, Dulles & Co. Salt Lake City — Palmer Bond & Mortgage Co. Los Angeles — Banks, Huntley & Co. San Diego — Blyth, Witter & Co. Louisville, Ky. — Block, Fetter & Co. Brie, Pa. — Erie Trust Co. OHIO RIVER RAILROAD CO. 1st 6s. Due June 1, 1936. Dated March 29, 1886. Interest payable June and Dec. 1, at Baltimore & Ohio R. R. Company's office, 2 Wall St.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 2,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Assumed by the B. & O. R. R. Co. Control — Merged with B. & O. R. R. Co. Secured by a first mortgage on 165.62 miles of road from Benwood, O. (near Wheeling, W. Va.). following the Ohio River through New Martinoburg, Parkersburg, etc., to Point Pleas- ant, W. Va. Underlies — Ohio River R. B. Gen. Bs of 1937, B. & O., P. L. E. & W. Va. System 4s of 1941 and B. & O. Ref. & Gen. Mtge. of 1995, sufficient bonds of which are reserved to retire this issue. 'Legal for savings banks In Conn., Mass., N. Y., Vt.; and also for Baltimore Trust Funds. Listed on the New York Stock Exchange. Market. New York — B. A. Baker & Son, Barstow & Co., Constable & Fleming, Samuel Gold- sehmidt, R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Raymond M. Smith, Taylor, Smith & Hard, Vilas 4 Hickey. Philadelphia — Isaac Starr, Jr., & Co. Baltimore — Barroll, Corkran & Co., Jen- kins, Whedbee & Poe, Mackubin, Goodrich & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 116 May 16, '06 90% Mar. 15 Low. 81 Dec. 30, '20 81 Dec. 30 OHIO RIVER RAILROAD CO. Gen. 5s. Due April 1, 1937. Dated March 10, 1887. Interest payable April and Oct. 1, at B. & O. ofllce, 2 Wall St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 2,941,000 Denomination^ — Coupon, $1,000. Begisterable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Assumed by the B. & O. R. R. Co. Control — Merged with B. & O. R. R. Co. Secured by a first mortgage on 42.19 miles of railroad from Pt. Pleasant to Huntington, W. Va., and by a second mortgage on 166.62 miles of road from Benwood Jet. to Point Pleasant, W. Va. Prior Liens — $2,000,000 1st 5s of 1936. UnderUes— B. & O., P., L. B. &. W. Va. 4a of 1941, and Gen. & Ref. Mtge. of 1995, suffi- cient bonds of which ara reserved to retire thia issue. Tjegal for savings banks in Vt., Conn., Mass., N. Y. and Vt. ; and also for Baltimore Trust Funds. Listed on the New York Stock Exchange. Original Market — Offered Nov., 1911. by Clark, Dodge & Co., New York. Market. New York — E. A. Baker & Son, Redmond & Co., Taylor, Smith & Hard, Vilas & Hickey. Philadelphia — Isaac Starr, Jr., & Co. Baltimore — Barroll, Corkran & Co., Jen- kins, Whedbee & Poe. Price Range — ^N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 High 114% Jan. 20, '00 85 Aug. 90 Jan. Low. 88 Aug. 18, '19 77 Apr. 80 Apr. OHIO SERVICE CO. (THE) 1st S. E. 6s, Se- ries "A." Due Nov. 1, 1937. Dated Nov. 1, 1917. Interest payable May 1 and Nov. 1, at Bankers' Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $15,000,000 Outstanding (Jan. 1, '21) 1,964,500 Retired by S. E 51,000 Reserved for Ext 12,930,500 Reserved for Prior Liens .... 63,600 Denominations — Coupon, $1,000 and $600. Registerable as to principal. Trustee — Bankers' Trust Co., New Yorki Redeemable at 103 and interest on any in- terest date after Nov. 1, 1920, on 60 days' notice. Improvement and Sinking Fund — -Annually, beginning Dec. 1, 1918, to and including Dec. 1, 1927, 1% of outstanding bonds: 1928 to 1932, inclusive, lVi%; 1933 to 1936, inclusive. 988 2% (bonds may be deposited in lieu of cash). One-half of this fund is to reimburse the com- pany for improvements, etc. (100%), and the other one-half (plus any amount not used for improvements) is to be applied to the purchase or redemption of these bonds at not over 103 and interest. Bonds are to be purchased by the trustee privately^ or in the open market or by advertisement for tenders. The trustee shall give preference to the bonds offered by the company. Bonds acauired are to be can- celled. Orffanization and Control — Incorporated in Ohio in 1913 and on Jan. 1. 1915, acquired several public utility properties. The entire common stock is owned by the United Service Co. Capitalization. Outstanding. Common $822,700 Preferred (6% cum.) 606,900 Funded debt 2,018,000 Secured by a mortgage on aii the property now owned or hereafter acquired. The proper- ties covered include electric generating plants with a capacity of 20,000 h. p., of which about 1,900 h. p. is hydro-electric; 135 miles of transmission lines; 10 substations and dis- tributing systems. They supply electric light and power in Cambridge (1,1,327), Coshocton (9,603), New Philadelphia (8,542), Canal Dover (6,621). Urichsville (4,751), Dennison (4,008), and twelve other towns. The company owns heating systems, comprising 12 miles of mains in Coshocton and New Philadelphia. Also owns electric railway properties in Cambridge and between Cambridge, Byesville and Pleasant City, and between Dennison and Urichsville, comprising 14.9 miles of single track, equiva- lent, of which 5 miles is urban. Prior liiens — $67,500 bonds, closed mort- ^gages of constituent companies, for the retire- ment of which bonds are reserved under this mortgage. Years ended Dec. 31 (combined): Gross. Net. Interest. 1920 $1,041,953 $307,407 $130,542 1919 833,044 268,392 126,504 1918 693,315 222,168 122,0fi3 1917 547,028 193,589 110,272 1916 436,327 ' 162,706 102,441 Original Market-— Issued in exchange, par for par for 6% notes, due Nov. 1, 1917, and underlying bonds, through B. H. Rollins & Sons, Boston, etc., and Brooks & Co., Scran- ton. Market. Scranton, Pa. — J. H. Brooks & Co., Charles E. Robertson. Price Kange. Jan. 1, *17, to Jan. 1, '21 1920 Bid. Ask, Bid. Ask. High 97^ '17 100 '17 93 Feb. 95 Feb. Low. 85 '20 90 '20 85 Sept. 90 Sep. OHIO STATE POWER CO. Ist S. E. 6s. Due June 1, 1935. Dated June 1, 1915. Interest payable De- cember 1 and June 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 700.000 Reserved for Ext 2.300.000 Denominations — Coupon. $500 and $1,000. Kegisterable as to principal. Xrustee — Cleveland Trust Co., Cleveland, Ohio. Redeemable as a whole or in part on any Interest date at 105 and interest. Sinking: Fund — Annually, begrinning June 1, 1920, an amount equal to 2% of all out- standing bonds, for their purchase or re- demption at not exceeding 105 and Interest. Organization and Control — Incorporated in Ohio in 1915- as successor to the Sandusky River Power Co., reorganized through receiv- ership. The entire capital stock is owned jointly by the Ohio Power Co. (a subsidiary of American Gas & Electric Co.) and the Lake Shore Electric Ry. Co. Capitalization. Outstanding. Common $600,000 Preferred (6% cum.) 400.000 Funded debt 700.000 Secured by a first mortgage on hydro-elec- tric plant on the Sandusky River at Freemont, Ohio, capacity 3,000 k. w., also a steam plant adjacent to the above plant with a capacity of 15,000 k. w. Original Market — $700,000 offered December. 1915, by Shapker, Waller & Co.. W. G. Sen- ders & Co. and Clarke & So. at 100 and in- Interest. Market New y&rk — Charles E. Doyle & Co. Boston — Moors & Cabot. Chiacgo — Shapker & Co., Babcock, Rush- ton & Co, Pi-ice Range 1930 — Ask. 86. 989 OHIO STATE TELEPHONE CO. (THE) Cons. & Ref. S. F. 5s. Due July 1, 1944. Dated July 1, 1914. Interest payable Janu- ary 1 and July 1, at J. P. Morgan & Co., New York. Interest Provisions — Interest at 3 % first two years; 4% the, third year, and 5% there- after. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania state tax refunded. Authorized $20,000,000 Outstajiding 5,009,000 Reserved for Prior Liens 8,500,000 Reserved for Acauisitions 6,491,000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000 and multiples. C. & R. inter- changeable. Trustee — Bankers Trust Co., New Tork. Redeemable in lots of not less than $500.- 000. at 105 and interest; at 102 and interest If moneys from sale of released property are applied, and 100 and interest for sinking fund. Sinking Fund — Semi-annually, beginning July 1. 1919. One-quarter of 1% of bonds issued for the purchase or redemption of these bonds at not over 100 and interest. Organization — Incorporated in Ohio July, 1914, as a consolidation of a number of inde- pendent telephone companies. In 1915 ac- quired the property of the Peoples' Telephone Co., of Akron, O., and in 1916 acquired a small stock interest in the Indianapolis Tele- phone Co. Also owns all of the stock and 28% of bonds of The Northern Ohio Telephone Co. Leases for fifty years the properties of the Franklin County Telephone Co. and The Mont- gomery County Telephone Co. Capitalization. Outstanding. Common (7% cum.) $5,205,475 Preferred (7% cum.) 6,619,425 Funded debt 14,827.856 Secured by a lien on all the properties of the company now owned or hereafter acquired. The properties covered, including leased and controlled, consist of seventy-on^ local tele- phone exchanges In Ohio, including independent telephone systems in Cleveland, Columbus, To- ledo. Dayton. Toungstown, Akron and Can- ton, such exchanges embracing more than 150,000 stations; also a comprehensive long distance system within and without the State of Ohio, having connection with long distance systems in New York, Pennsylvania, West Vir- ginia. Indiana and Michigan. The company'a longr distance system embraces more than 34.- 000 milea of line wire and serves not only all exchang-es of this company but also substan- tially all other independent exchanges in Ohio, the company having contracts with more than 200 independent telephone companies. Fran- chises are for the most part unlimited as to time; 49.6% of company's wires In underground. Prior Liens — $7,696,700 bonds of cent stituent companies maturing to 1925 (closed mortgages) for the retirement of which bonds are reserved under this mortgage. Years ended Dec. 31: Gross. Net. Interest. 1920 $5,663,519 $1,904,239 $291,781 1919 *3, 358,450 1,959,191 859,482 1918 3,050,136 1,638,302 712,188 1917 3,977,651 1,519,830 627,211 1916 3.689,607 1,473,505 581.200 ♦Includes government compensation for 7 months. Original Market — $5,000,000 offered Janu- ary. 1917, by Bodell & Co.. Providence, Otis Jk Co., Cleveland, and Robert Glendinnlng & Co., Philadelphia, at 93^ and Interest. Market. New York — Joseph Gilm.an, Fred H. Hatch & Co., T. L. MacDonald, Edmund & Charles Randolph. Boston — L. Sherman Adams, C. E. Deni- son & Co. Pliiladelphia — Henry D. Boenning & Co., Blkins, Morris & Co., McCown & Co., Sam- uel McCreery & Co., Samuel K. Phillips & Co. Providence, R. I. — Hornblower & "Weeks. Price Range. Jan. 1, '17, to Jan. 1, '31 1930 High 93% '17 94^^ *17 78 Jan. 85 Jan. Low. 64 '20 68 '20 64 Dec. 68 Dec. OHIO STATE TELEPHONE CO. (THE) 7% Conv. Notes. Due Dec. 10, 1928, Dated Dec. 10, 1918. Interest payable June 10 and Dec. 10 at company's office, Columbus, Ohio, or J. P. Morgan & Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,300,000 Outstanding 1,300.000 Purpose of Issne — The proceeds are to retire underlying bonds and Indebtedness arising out of capital expenditures. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — State Savings Bank & Trust Co.. Columbus, Ohio. Convertible at par, as follows: At any time on or after Jan. 1, 1921, into the company's preferred stock at par; or, at any time on or after July 1, 1922, into the company's Cons. & Ref. 5s, due 1944, at 92h^. with adjustment of interest. A sufficient amount of the latter Issue will be deposited with the Trustee, pur- suant to the indenture. Organization — See Cons. & Ref. 5s. Security — ^A direct obligation tp the com- pany, but not secured by a mortgage. Earnings — See Cons. & Ref. Bs. Original Market — $1,300,000 offered Dec, 1918. by F. R, Huntington, Columbus, Ohio; Otis & Co., Cleveland; W. E. Hutton & Co., Claude Ashbrooke & Co., Channer & Sawyer, Beazell & Chatfield and the Provident Sav- ings Bank &. Trust Co.. Cincinnati, at 98 and interest. Market. New York — Joseph Tllman, T. L. Mac- Donald. Price Range. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '19 101 '19 97 May 100 May Low. 90/20 95 '20 90 June 95 Dec. OHIO STATE TELEPOIONE CO. 7% Conv. Notes. Due $100,000 each Slar, 1 and Sept. 1, from Sept. 1, 1920, to Mar. 1, 1025, inclusive. Dated Mar. 1, 1920. Interest payable Mar. 1 and Sept. 1 at J. P. Morgan & Co.. New Tork. or State Savings Bank & Trust Co., Columbus, Ohio. \ Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $1,000,000 Outstanding (Jan. 1, '21) 801,000 Balance Retired. Purpose of Issue — To retire underlying bonds maturing In 1920, and to reimburse the treas- ury for underlying bonds retired. Denominations — Coupon. $1,^90; registerable as to principal. Convertible at par at any time on and after March 1, 1921, and not later than the date of maturity of the note, for the 5% Cons, and Ref. Mtge. bonds, at 90, with adjustment of accrued interest. Organization — See Cons, and Ref. 5s. Security — ^A direct obligation of the com- pany but not secured by a mortgage. If any additional mortgage is placed upon the prop- erty the company agrees to secure these notes equally with the lien of that mortgage^ Original Market — $1,000,000 offered April, 1920, by Bodell & Co., Providence, etc., and Equitable Trust Co., New York, at prices rang- ing from 99.76 to 96.95 and Interest, accord- ing to maturity. Market New York — Joseph. Tilman, T. L. Mac- Donald. OHIO TRACTION CO. 25-Year 5s. Due March 1, 1936. Dated March 1, 1911, Interest payable Mar. and Sept. 1, at Fidelity Trust Co., Phila- delphia. Tax Status — 2 % Federal Income Tax paid , by company without deduction. Authorized Closed mortgage Outstanding $1,833,359 Held in S. F 666,641 Denomination — Coupon and registered, $1,- 000. Trustee — Fidelity Trust Co., Philadelphia. Redeemable as a whole on March 1, 1916, or any date thereafter, or for the sinking fund on any interest date at 103 and interest. Sinking Fund — $55,100 to, be applied an- nually to purchase of bonds. This will retire the issue by maturity. Bonds acquired are held alive and interest thereon added to fund. Organization — Incorporated in Ohio on May 22, 1905, Has since acquired the entire or nearly all of the stocks of the Cincinnati Traction Co., Cincinnati Zoological Co., Cin- cinnati Car Co. The company also leases the Cincinnati & Hamilton Traction Co. Captalization. Outstanding. Common $8,655,000 Preferred (5% cum.) 8.500,000 Funded debt 4,750,000 Secured by deposit of the capital stocks of the Cincinnati Traction Co., the Cincinnati Car Co., Cincinnati Zoological Co.. etc. The Cincinnati Traction Co. operates 228.82 miles of track passing through most of the principal streets of the city. For full details of property and franchise of Cincinnati Traction Co. see Coll. Tr. 7% Notes. Underlies — $2,250,000 3-Year Coll. Tr. 7% Notes due Jan. 1, 1923. Years ended Dec. 31: Gross. Net. Interest. 1920 $990,976 $949,173 $258,013 1919 1,180,598 1,140,250 160,000 1918 272,438 220,577 179,000 1917 751,225 699,545 197,000 Market. Philadelphia — Henry D. Boennine & Co., Elkins, Morris & Co., Samuel K. Phillips & Co. Price Ran^e. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Hi§rh 99 '16 102 '16 86 Sept. 92 Feb. Low. 80 '20 90 '19 80 Nov. 87 Dec. Ohio Traction Com- pany 5% Bonds, duo 1936, outstand- ing 1,958.000 20,696.950 OHIO TRACTION CO. OF CINCINNATI »- Year CoU. Tr. 7% Notes. Due Jan. 1, 1923. Dated Jan. 1, 1920. Interest payable Jan. and July 1 at Union Savings Bank & Trust Co., Cincinnati. Tax Status — 2% Federal Income Tax paid by the company without deduction. Aathorized $3,750,000 Outstanding 2,250.000 Reserved for Extensions 1,600,000 Provisions of Issue — $1,500,000 additional notes may be issued for future improvements, chargeable to capital accunt upon approval of the Public Utilities of Ohio and the Director of Street Railroads of Cincinnati. Denomination — Coupon, $1,000. Trustee — Union Savings Bank and Trust Company, Cincinnati. Redeemable at 101 and interest at any time on, four weeks* notice. Retirement Fund — ^Annually $650,000 will be paid to the Trustee and applied monthly to the purchase or redemption of these bonds at not exceeding 101 and interest. Notes acquired are to be kept alive and interest added to the fund. Organization — See 5s of 1936. Secured by an agreement pledging 19,989 shares of the capital stock of the Cincinnati Traction Company, 14,995 shares of the cap- ital stock of the Cincinnati Car Company, also the Traction Building in Cincinnati. Addi- tional security also is provided by the pledge of $2,000,000 of the 6% Debenture Bonds of the Cincinnati Traction Compnay. The Ohio Traction Company haa agreed not to mortgage its property or assets during the life of these notes, unless provision Is made to retire same and not to pay any dividends on its preferred or common stock until the 7% notes now to be issued have been retired in full, except as there may be available for such purposes revenues from the Cincinnati Car Company and from the Traction building. The equity of the properties covered by the lien of this indenture have been summarized as follows. Price fixed in Ordinance at which the City of Cincinnati may pur- chase 11 of the street railway properties of the Cincinnati Street Railway Co., and the Cin- cinnati Traction Co $30,856,950 Traction Building located at the southeast corner of Fifth and Walnut Streets in the City of Cin- nati (estimated value) 1,260,000 Tptal $32,106,950 Cincinnati Street Bail- . way Company 6 % Stock Outstanding.. $18, 738,950 991 $11,410,000 Franchise — The company and its subsidiaries operate under a fifty-year grant authorized by the Legislature of the State of Ohio, which became operative on August 13, 1896, extend- ing to April 22. 1946, and has been upheld, as constitutional by the Supreme Court of the State of Ohio. The franchise gave the City of Cincinnati the right to revise all the terms and conditions of the grant at the end of the first period of twenty years: that Is. as of April 22, 1916. The city, exercising its right of revision, did proceed to revise the terms and conditions of the Company's fran- chise, which resulted in the passage, by the City Council of Ordinance No. 263-1918, the validity of which has also been adjudged, es- tablishing the "service-at-cost" plan. In addi- tion, Ordinance No. 253-1918 provides that the operating company shall receive a percentage of any surplus when fares are maintained at low rates, which is an added incentive to economical management and is productive of co-operation between the public and the com- pany. If the Reserve Fund is called upon to make up deficiencies in the ordinance pay- ments, and is thereby reduced to $250,000, the fares are at once increased and remain at the higher rates until all deficiencies of such pay- ments and accruals are paid and surplus earn- ings are provided until the reserve fund again reaches $650,000, when fares are automat- ically lowered. Prior Liens — Outstanding. Cincinnati Street Ry. Co. 6 % Stock $18,738,950 Ohio Traction Co. 5s of 1936 1,894.550 Bamings — See 6s of 1936. Original Market — $2,250,000 offered Febru- ary, 1920. by Fifth-Third National Bank. W. E. Button & Co., Weil-Roth & Co.. Cincin- nati, at 99^ and interest. Market Cincinnati — Fifth-Third National Bank. Price Range 1920. Hig-h. Low, Bid 97% Dec. 99% Feb. ' '" 95 Oct. Ask. OHIO UTILITIES CO. Ist Lien S. F. 6b and 6s. Due Juue 1, 1946. Dated June 1. 1916. Interest payable June 1 and Dec. 1, at P. W. Brooks & Co.. New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Connecticut and Pennsylvania personal property taxes and Massachusetts income tax refunded. Authorized $6,000,000 Outstanding: 6s $896,000 5s 140.000 „ 1,036,000 Unissued 3,964,000 Denominations — Coupon, $100, $600 and $1,- 000. Registerable as to principal. Trustee — ^Republic Trust Co., Philadelphia. Redeemable on any interest date at 103 and Interest for 6s and 107 and interest for 6s. Sinking Fond — ^Annually, from Sept. 1, 1921. to Sept. 1, 1930, inclusive, 1% of outstanding bonds and 1 % % thereafter, for the purchase or redemption of these bonds. Organization — Incorporated In Ohio in 1916 na a holding company. Capitalization. Outstanding. Common $600,000 Preferred (7% cum.) 322,000 Funded debt 1,636,000 Secured by deposit of all the stocks and bonds cf the Circleville Light & Power Co., Delaware Electric Light, Heat & Power Co., Hillsboro Light cSi Fuel Co. and Hillsboro loe & Coal Co. : also a direct first mortgage on the, property of the Gallipolis Eleo. & Power Co. Company supplies electric light and power in Circleville, Gallipolis, Delaware and Hills- boro, O. ; gas in Hillsboro and heat in Dela- ware. Franchises are reported liberal and in most instances perpetual. Years ended l>ec. 31; Gross. 1919 $466,966 1918 488,743 1917 203,916 1916 159,742 1915 144,633 Original Marlcet— Offered June, W. Brooks & Co., New York and Philadelphia. Market. New York — Kiely & Horton, P. W. Brooks & Co. Philadelphia — P. W. Brooks & Co. Bond Net. Interest. $166,046 $48,760 201,474 48,760 87,437 72,706 31,000 62,600 31,000 d June, 1916, by P. I^ce Range. Jan. 1, '18, to Jam. 1, 'Zl 19S0 Ask. Ask. High 95 "18 88 July Low. 88 -20 88 July pledge of entire common stock of Ohio Valley Electric Ry. Years ended Dec. 31: Gross. •Net Bond Int. 1920 $853,435 $286,475 $87,550 1919 766,969 284,555 87,^12 1918 673,797 250,627 84,070 1917 G16,520 271,427 tlll.638 1916 551,382 356,420 tl80,764 *After Taxes, tint. & Taxes. Original Market — Offered Dec. . 1916, by Newburgrer, Henderson & Loeb and Bioren & Co., Philadelphia, and Scott & Co., Wilming- ton; $800,000 offered Jan., 1917, by the Fi- delity Trust Co., Baltimore, at 98 and inter- est. Market. New York — Newburger, Henderson & Loeb. Philadelphia — Newburger, Henderson & Loeb, Bioren & Co. Portland, Me, — Fidelity Trust Co, Price Range. Jam. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Ask. High 94 '17 98% '17 65 Oct. Low. 50 '20 50 Dec. OHIO VALLEY ELECTRIC RAILWAY CO. 30-Year 1st Guar. 59. Dne Dec. 1, 1946. Dated Dec. 1, 1916. Interest payable June 1 and Dec. 1, at Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authoiized $2,200,000 Outstanding 1,675,000 Reserved for Ext 525,000 Provisions of Issue — ^Additional bonds issu- able for 85% of cost of improvements, etc. Denomination — Coupon, $1,000. Registered $1,000. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Redeemable at 102% and interest after Dec. 21, 1921, on any interest date on four weeks' notice. Guaranteed principal and interest by the American Rys, Co. by endorsement. Organization and Control — Incorporated in West Virginia in Aug.. 1899. Present name adopted Feb., 1908. Owns a majority of the stock of the Ashland & Ironton Transfer Co.. operating a ferry. All common' owned by the American Rail- ways Co. and deposited under its Ohio Valley Electric Coll. Tr. 6s of 1961. Capitalization. Outstanding. Common $2,000,000 Preferred (6% cum.) 345,800 Funded debt 1,762,000 Secured by a first mortgage on 46.3 miles of street and interurban railway lines operat- ing as one system in Huntington and Kenova, W. Va., Catlettaburg and Ashland, Ky., and Ironton, O. ; also secured by pledge of a con- tract for the supply of power to the company extending beyond the life of these bonds. Pop- ulation served, 100,000. Franchises in Hun- tington and Kenova extend beyond the ma- turity of these bonds and are reported as sat- isfactory in Ohio and Kentucky. Underlies — American Rys. Co., Ohio Valley Coll, 6s of 1961, which bonds are secured by S92 OHIO VALLEY WATER CO. 1st 58. Due July 1, 1954. Dated July 1, 1904. Interest payable Jan. and July 1 , at Colonial Trust Co. , Pitts- burgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. . .$1,000,000 Denomination — Coupon, $1,000. Trustee — Colonial Trust Co., Pittsburgh, Pa. Organization — ^Incorporated April, 1903. in Pennsylvania. A close corporation. Capitalization Outstandlnsr. Corrimon $999, 97S Funded debt 1,14T).000 Secured by a first mortgage on this com- pany's property. The company supplies wa- ter to Bellevue, McKees Rocks, Emsworth and other towns in western Pennsylvania. Serves about 60,000 population. Franchise perpetual. Prior Liens — $ 160,000 Valley Consolidated Water Co. 6s, due 1918 (a merged company). A financial institution has acquired this is- sue and Is receiving interest; bondholders have been paid off. Market. Philadelphia — Huntoon & Co. Pi-ice Rangre, 1920 — Bid, 55 Dec. OH. WELL SUPPLY COMPANY Ist 6s. Due $150,000 each June 1, from 1930 to 1939, inclusive. Dated June 1, 1919. Interest payable June and Dec. 1, at Pittsburgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorizd $3,000,000 Outstandins: (Jan. 1, '21 2,850.000 Balance Retired. Purpose of Issue — To furnish additional working capital and increase facilities of the company to care for growing demand for its products. Denomination — Coupon, $1,000. Register- able as to principal. Tnistee — Union Trust Company of Pitts- burgh. Redeemable- — ^Bonda due on and after June 1. 1922, redeemable at par and Interest, as a whole or in part, on any Interest date upon 30 days' notice. Slnklnsr Fund — Beglnnlnsr June 1. 1919 $12,600 to be deposited with the Trustee on the first day of each month lor the payment ol each series o£ bonds at maturity. Organization — Incorporated March 18, 1891, In Pennsylvania, suooeedine the Oil Well Sup- ply Co., Ltd. Is the largest manufacturer in the United States of machinery and sup- plies for drilline and operating oil and gas wells. Capitalization. Outstanding. Common $1,500,000 Funded deht 2,860,000 Secured by a first mortgage on the man- ufacturing plants of the company located at Pittsburgh, Oil City and Bradford, Pa.: Os- wego. N. Y., and Poplar Bluff, Mo. Inden- ture provides that the quick assets of the company shall at all times eaual its liabili- ties, including the amount of bonds outstand- ing. Original Market— Offered in May, 1919, by Union Irust Co. of Pittsburgh at par and interest. Market, Pittsbui'firh — Moore, Leonard & Lynch, Stout & Co., The Union Trust Co. of Pitts- burgh. Price Kange 1920 — Bid, 94 Sept. OKLAHOMA GAS & ELECTRIC CO. 1st 58. Due Oct. 1, 1939. JJated Oct. 1, 1909. Interest payable April and Oct. 1, at Trustee's ofiice. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorizedl $5,000,000 Outstanding: 2,788,000 Pledged as Collateral 476,000 Reserved for Ext 1,737.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Harris Trust & Savings Bank, and Albert "W. Harris. Chicago. Redeemable at 102^/^ and interest Oct. 1. 1914, or on any interest date thereafter. Improvement and Sinking !Fund — 3 % of out- standing bonds annually 1910 to 1914 and B% 1916 to 1928. Fund may be used either to retire bonds or to make extensions or re- newals. Organization and Control — Incorporated in Feb.. 1902, in Oklahoma. The Standard Gas & Electric Co. owns the entire common stock (except Qualifying shares). Capitalization. Outstanding. Common $4,600,000 Preferred (7% cum.) 4,000,000 Funded debt 11,288,000 Maruig'enient — Byllesby Engineering & Management Corp., Chicago. Secured by a mortgage on all the property of the company. Franchises expire in 1934. The company owns electric and gas utili- ties, serving Oklahoma City, Britten, Drum- right, El Reno, Enid, Hennessey, Kiefer, Norman, "Waukomis and Yukon, and all the common stock (except qualifying shares), and $1,326,700 of the $1,643,600 Preferred Stock of the Muskogee Gas & Electric Company, controlling and operating the gas and elec- tric utilities in Muskogee and the electric utilities in Fort Gibson and Sapulpa. Underlies — 1st & Ref. Mtge. and Gen. Mtge. Bonds are reserved under the 1st & Ref. Mtge to retire this Issue. Years ended Dec. 31: Gross. 1920 $5,070,656 1919 4,289,674 1918 3,415,659 1917 2,469,287 1916 1,449,619 Original Market — $1,600,000 offered Nov., 1909, by Harris, Forbes & Co., New York and Boston, and Harris Trust & Savings Bank, Chicago. Market. New York — H, M. Byllesby & Co., Inc., Fred H. Hatch & Co. Boston — H. M. Byllesby & Co. Providence, K. I. — Hornblower & Weeks. Mllwaulcee — Morris F. Fox & Co. Price Range. Jan. 1, 'IS, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High . 97 '12 99 '16 80 Aug. 86 June Low. 75 '20 80 '20 75 June 80 June Net. Interest. $1,276,115 $605,198 1,006,830 448,060 821,404 383,281 788,910 310,262 488,871 150,734 OKLAHOMA GAS & ELECTKIC COMPANY 1st & Kef. 7y2S, Series "A." l>ue Feb. 1, 1941. Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug-. 1 at Central Union Trust Com- pany, New York, First National Bank. Bos- ton, or Continental and Commercial Trust' and Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Penn- I sylvania State Tax refunded. Authorized $30,000,000 Outstanding: 6,000,000 Reserved to retire 1st 5s 2,788,000 Issuance Restrictions — The remaining- not exceeding 75% of the cost of additions, ex- tensions or improvements to the bonds may be issued at face value to the properties of the Company or any subsidiaries, but only when net earnings of the Company's system for the twelve months ending within sixty days of the date of application for addi- tional bonds shall have been at least twice all interest charges on these bonds and un- derlying bonds, including interest on bouda to be issued. The Bonds will be issuable in series at such rate or rates as the Board of Directors may determine, but of no earlier maturity than the present issue while that issue is outstanding. Pui-pose of Issue — Proceeds from the sale of these bonds, and from the sale of the bond secured 8% Convertible Gold Notes, due February 1, 1931, and Preferred Stock will provide funds for the retirement of certain underlying Bonds and Notes arid payment of floating debt incurred for exten- sions and additions to the property. Denominations — Coupon, $1,000, $500 and $100; interchangeable and registerable as to principal. Trustee — Central Union Trust Company. New York. Redeemable on any interest payment date upon thirty days' notice, at 107^/^ up to and including Feb. 1, 1926; thereafter at % of 1% less each year up to and including Feb. 1, 1940; and on Aug. 1, 1940, at 100; plua accrued Interest in each case. Maintenance ITund — Under the terms of this Mortgage, the Company covenants that an amount in cash equivalent to 12^% of the company's electric gross earnings and 15% of the company's gas revenue shall be expended or set aside annually for main- tenance and repairs or for renewals or re- placements of its property. Any part of this fund not used for such purposes may be expended for extensions and additions to the properties, such expenditures, however, not to be used as the basis for issuing First and Refunding Mortgage Bonds. The com- pany may also utilize any balance of this fund in the hands of the Trustee for the purchase, redemption or payment of any of its outstanding First and Refunding Mort- gage or underlying bonds. Secured by a general mortgage on all the properties of the Company. For details sea 1st 5s. 093 . . .Erior lAens — Outstanding. 1st 6s, 1929.; ' 52,788,000 Underlies — Outstanding' Conv. 8% Notes, 1931 2,500,000 Note — The above issue is secured by $3,750,000 general mortgage bonds due Feb. 1, 1931. Bai-nings — See 1st 6s. Oi-iginal Market — $6,000,000, offered Feb., 1921, by Bonbrlght & Co., Inc., E. H. Rol- lins & Sons, Spencer Trask & Co., Federal Securities Corporation and H. M. Byllesby & Company, New York, at 95 and interest. OKLAHOMA GAS & ELECTRIC CO. Bonds secured 8% Conv. Notes. Due Feb. 1, 1931. Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug. 1, at New York Trust Company, New York, First National Bank, Boston, or Continental and Commercial Trust and Sav- ings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Penn- sylvania State Tax refunded. Authorized $7,500,000 Outstanding: 2,500,000 Reserved for Corp. Purposes.. 5,000,000 Issuance Restrictions — Additional notes may be issued when General Mortgage Bonds due Feb. 1, 1931, have been pledged with the Trustee in the ratio of 160% of Bonds to 100% of Notes and provided that net earnings for twelve consecutive months within the preceding fourteen months, after deducting all prior annual interest charges, shall have been equal to at least three times the annual interest charge on all Notes out- standing, including those to be issued. Purpose of Issue — Proceeds from the sale of these Notes and from the sale of First & Refunding 7%s, due February 1, 1941. ,and Preferred Stock will provide for thjb retirement of certain underlying bonds and notes and payment of Floating Debt in- curred for extensions and additions to the property. Denominations — Coupon, $1,000, $500 and $100; registerable as to principal. Trustee — New York Trust Co., New Yorls. Redeemable upon thirty days' notice on any interest ■ date up to and including Feb. 1, 1926, at 106, and thereafter at 1% less during each year up to and including Feb. 1, 1930, and on Aug. 1, 1930, at 100, plus accrued interest in each case. Sinldng Fundi — Annually $125,000, payable in semi-annual installments, commencing Aug. 1, 1921, to be applied to the purchase or redemption of these notes at not over the current call price. Notes so acquired are to be cancelled. If additional notes are issued at any time, the annual amount will be in- creased by 6% of the additional issue. Convertible .upon 20 days' notice at any time after Feb. 1, 1922, and until maturity or their earlier redemption into 7% Cumu- lative Preferred Stock on the basis of 107% (or the Notes and 100 for the Preferred Stock with adjustment of interest and divi- dends. Orgranization — See 1st 5s. Secured by a pledge of $3,750,000 General Bortgage Bonds, due Feb. 1, 1931. The col-' lateral issue is secured by mortgage on all the properties of the Company. Prior Liens — Outstanding. 1st 6s, 1929 $2,788,000 1st & Ref. 7%s, 1941 ■ 6,000,00 $8,788,000 Earnings — See 1st 5s. Original Market — $2,600,000, offered by Federal Securities Corporation, H. M. Byl- lesby & Co., Inc., Bonbrlght & Co., Inc., Spencer Trask & Co. and B. H. Rollins &, Sons, New York, at 96% and interest. Market New York — Hartshorne Si Battelle. Boston— 'H. M. BylleSby & Co. Chicago — Henry S. Henschen & Co. Los Angeles — Stevens, Page & Sterling. OKLAUOMA POWER & TRANSMISSION CO. 6-Year Ist 6s. Due July 1, 1933. Dated July 1, 1918. Interest payable Jan, 1 and July 1. at Central Trust Co. of Illi- nois, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 OutstandLDg 325,000 Reserved tor Ext. . .'. 1,676,000 Denomination — Coupon, $1,000, $500 and $100. Trustees — Central Trust Co. of Illinois and 'William T. Abbott, Chicago. Redeemable at 101 and interest on any in- terest date on 30 days' notice. Sulking Fund — Annually, up to 1920 a sum equal to 3% and from 1921 to 1926, includ- Ive, 6% of the Shawnee Gas & Electric Co. 1st 6s outstanding to be used in retiring bonds of that issue. Maintenance and Renewal Fund — Quarter- ly, beginning Oct., 1920, 10% of gross earn- ings from electric light and power business is to be applied to maintaining and renew- ing properties. This fund shall not form the basis for the issuance of escrow bonds or in retiring bonds of this issue. Organization and Control — ^Incorporated In Oklahoma in 1917. Owns 99%% of the capital stock of the Shawnee Gas & Electric Co. and the entire stock of the Seminole Public Service Co. Controlled through stock o-wnership by in- terests identified with the North American Light and Power Co. Capitalization. Outstanding. Common $1,000,000 Preferred (7% cum.) 82,000 Funded debt *1, 626, 500 •Includes subsidiary bonds. Secured by a direct first mortgage on a steam electric station of 4,000 k. w. near Ada, Okla., and 33,000-volt high tension transmission lines connecting the power sta- tion with Shawnee, Seminole, Maud, Harjo, Konawa and RofE, Okla.: further secured by pledge of $338,000 Ref. & Imp. 5s, and $847,600 (or about 89=4%) of the capital stock of the Shawnee Gas & Electric Co. The latter company owns and operates a light and power system in Shawnee and supplies current at wholesale to the towns of McLoud and Tecumseh, and also owns in Shawnee a complete artificial gas plant, the distributing system of which is now being used to distribute natural gaa pur- chased by it from the Oklahoma Natural Gas Co. Prior Liens — $229,500 1st 5s of 1926 and $371,000 ($338,000 pledged hereunder) Ret. & Imp. 5s of the Shawnee Gas & Electric Co.: $271,000 Shawnee Lighting Co. 1st 6s of 1926; $100,000 Ada Electric & Gas Co. let 6 s. Underlies — $518,000 Conv. Notes, due July 1, 1926; $150,000 Deb. 6s. 1923. Original Market — $325,000 offered Sept., 1918, by Powell, Garard & Co.. Chicago, at 93 and Interest. OBXAHOMA RAILWAY 1st & Ref. 6s (Prior Lien). Due Jan. 1, 1938. Dated Jan. 1. 1908. Interest payable Jan; and July 1, at Peoples' Savings & Trust Co., Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid by tlie company without deduction. Authorized $2,600,000 Ontstaadlng 347,000 Fledeed under 1st Ss Ret. Ss of 1941 2,153.000 Denomination — CouDOn, $1,000. Trustee — Safe Deposit & Trust Co., Pitts- burgh, Pa. Redeemable on any interest date on 60 days' notice at 110 and interest. Organization — Incorporated June, 1904, as the Oklahoma City Ry. Name changed 190>7. Aooulred the El Reno Interurban Ry. 1911. Oklahoma Electric Terminal Co. 1913, Nor- man Interurban Ry. 1914, Guthrie, Edmond Electric Ry. and North Conadan Valley Ky. Co. 1916. Capitalization. Outstanding. Common ?3, 800, 000 Preferred (6% cum.) 1,795,900 Funded debt 5,697,000 Secured by a first mortgage on about 60 miles of street railway in Oklahoma City, Okla. (population, 70,000). Company operates about 140 miles of track in Oklahoma City, Bl Reno, etc. Franchises In Oklahoma City are perpetual, subject to the right of the city to buy road after 1932 under certain con- ditions. About two-thirds of the road Is on private right-of-way. Including 34 miles of track in Oklahoma City. Underlies — 1st & Ref. 6s of 1941 and Mtge. 6a. due from 1918 to 1926. Years ended X>ec. 31: Gross. Net. Interest. 1920 $2,048,306 $524,341 $344,334 1919 1,739,545 627,141 326,870 1918 1,294,328 452,761 327,343 1917 1,125,984 463,090 304,'B77 1916 942,106 429,230 278,563 Price Range. Jan. 1, '17, to Jan. 1, '81 1920 Bid. Ask. High 90 '17 Not Low. 75 '18 77 '19 available OKLAHOMA RAILWAY CO. 1st & Ref. 5s. Due Jan. 1, 1941. Dated Jan. 3, 1911. Interest payable Jan. and July 1, at Trustee's office or Harris Trust & Savings Bank, Chicago, 111. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $12,000,000 Outstanding .' . . 4,000,000 In Treasury 691,000 Reserved for Prior Liens 347,000 Resei-ved for Ext 6,962,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Mississippi Valley Trust Co., St. Louis. Redeemable at 105 and Interest Jan. 1, 1921, or on any interest date thereafter. Renewal Fund — 2% of outstanding bonds per annum. Organization — See 1st & Ref. 5s of 1938. Secured by a mortgage on 139.565 miles of street and interurban railway track and comprising 64.208 miles of track In Okla- homa City, Interurban lines to Norman, Guth- rie and Bl Reno and local lines in the last two cities. Further secured by deposit of $2,153,000 1st and Eef. 63 of 1938. Fran- chise in Oklahoma City is perpetual, subject to the right of the city to purchase after 1932. Franchise in Bl Reno expires in 1933, Two thirds of the line is on private right- of-way. Including 35.814 miles of track in Oklahoma City. Prior Liens — $347,000 1st &. Ref. 63 of 1938, for the retirement of which bonds of this Issue have been reserved. Cuderlles — Mtge. 6a, due from 1918 to 1926. Earnings — See Ist & Ret. 68 of 1938. Original market — $2,600,000 offered In April, 1911, at 94% and Interest by Harris, Forbe» & Co., New York; N. "W. Harris & Co., Bos- ton, and Harris Trust & Savings Bank, Chi- cago. Market. New York — Fred H. Hatch & Co. Price Range. Jan. 1, '11, to Jan. 1, 'HI 1920 Bid. Ask. Bid. Asfc. High 951/2 '11 97% '11 60 Dec. 80 Feb. Low. 46 '20 50 '20 45 Aug. 50 Oct. OKLAHOMA RAILWAY CO. Junior Mortgase 6s. Due $15,000 each Jan. 1 and July 1, from Jan. 1, 1918, to July 1, 1926, and $260,000 Jan. 1, 1926. Dated Jan, 1, 1916. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by the ocmpany without deduction. Authorized $600,000' Outstanding (Jan. 1, '21) 395,000 Balance redeemed. Denomination — Coupon, $1,000, $600 and $100. Trustee — Mississippi Valley Trust Co., St. Louis. Redeemable at 101% and interest on any Interest date on 30 days' notice. Organization — See 1st & Ref. 6s of 1938. Secured by a mortgage on all the property of the company subject to underlying bonds. Prior Liens — $347,000 1st & Ref, 6s of 1938 and $3,663,000 Ist & Ref. 6s of 1941. Earnings — See 1st & Ref. 6s of 1938. Original Market — Offered May, 1916, by R. J. Edwards, Oklahoma City, at par and In- terest. Market. St. Louis — Mississippi Valley Trust Co. OKLAHOMA RAILWAY CO. Bond Secured 8% Notes. Due Jan. 1, 1928. Dated Jan. 1, 1921. Interest payable Jan. 1 and July 1 at Mississippi Valley Trust Co., St. Louis. Tax Status — Payment of Federal Income Tax not assumed by the company. Tax exempt in Missouri. Authorized $825,000 Outstanding 460,000. Reserved for CoiT)orate Pui-poses 375.0001 Denominations — Coupon, $100, $600 and $100. Trustee — Mississippi Valley Trust Co., St. Louis. Redeemable at 10 3 and interest .on any interest date. .Convertible into Oklahoma Railway Co. 1st and Ref. 5s, due Jan. 1, 1941, at the rata of 80, or $5,000 of bonds tor $4,000 of these notes. Organization — See 1st and Ref. of 1938. Scciu'ed by pledge of the following securi- ties: Pledged. Okla. Ry. Co. 1st & Ref. 5s, 1941.. $6SO,O'O0p .Guthrie Ry. Co. 1st 6s, 1935 •120,0'0» Guthrle-Edmond Eleo. Ry. 1st 5s, 1936 t600vOO(> ♦Entire amount outstanding. tEntire issue. Earnings — See 1st & Ref. 5s of 1938. Original Market — $825,000, offered Jan- uary, 1921, by Mississippi Valley Trust Co.,, St. Louis, at 98 and interest. OLD BEN COAL CORPORATION 1st 68. Due- $150,000 each June 1 and Dec. 1, ti» June 1. 1937, Inclusive. Dated June 1, 1917. Interest payable Junft 1 and Dec. 1, In Philadelphia. Tax Status — 2% Federal Income Tax paid fcy company without deduction. Pennsylvania State Tax refunded. Anthorized $6,000,000 Outstanding: (Jan. 1, '21) 4,939,000 Jtetired 1,061,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Commercial Trust Co., Fhiladel- X>lila. Redeemable at 102% and interest on any interest date. If bonds are called in part they must be of the last maturity outstand- ing. Sinking Fund — 5 cents per ton on all coal mined, to be applied, first to the serial pay- ments as due, and any excess to be used Cor the purchase or redemption of bonds of the last maturity outstanding at not over J.02% and interest. Organization — Incorporated in Delaware in I'D!?. Capitalization. Outstanding. •Common $4,000,000 Preferred (8% cum.) 4,000,000 iFunded debt 8,439,000 Secured by a first mortgage on all the prop- erty of the company now owned and will be a lien on property hereafter acquired. The company covenants to maintain net quick -assets of not less than $600,000 over and -above all liabilities other than the bonds of 'this issue and Second Mortgage Notes of an tissue of even date. The latter issue may mot exceed in the aggregate $1,900,000. The property covered comprises about 52,000 acres of coal lands, nearly all of which are ownect in fee. The properties are -Situated in Franklin and ■Williamson Coun- ties, 111. Tliere are 10 mines with modern -equipment, with a combined capacity of -about 7,000,000 tons per annum. Underlies — $1,200,000 2d 5s, due $300,000 yeach year to Feb- 1, 1924. i^ear ended Dec. 31 : Gross- "^Net. 1920 $16,080,887 $1,930,175 •^After interest. Original Market — Offered by Cassatt & Co. -and Drexel & Co., Philadelphia. Market. JVew York — Watson, Armstrong & Co- apiiiladelpliia — Arthur J- Bender, Biddle & IT«nry, Elkins, Morris & Co., George N. FleniinK, Graham, Parsons & Co-. Huntoon ■& Co-, McCown & Co., Samuel K. Phillips ■& Co. Price Range. .Jam. 1, '18, to Jan. 1, '31 1920 Bid. Ask. Higll 97% '18 102% '19 Not Low. 94 '19 97% '19 available. lOIiD COLONY GAS CO. (Braintree, Mass.) 1st 5s. Due Dec. 1, 1931. lUrttca Deo. 1, 1911. Interest payable June "an3 Bee. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized ^1'222'SSS Outstanding ???'??2 Keserved for Ext 662,000 Denomination — Coupon, $1,000. Register- at>le as to principal and fully registerable. C. & R. interchangeable. Trustee — Commonwealth Trust Co., Boston, Klass. Organization — Incorporated. Oct., 1908, in Massachusetts, as Plymouth County Gas. liight & Power Co. Present name adopted June 1, 1911- „, Capitalization. Outstandine. Common $364,600 Preferred (6% non cum.) 364,600 Funded debt 684,000 Secured by a first mortgage on plant sup- ■ plying gas to Braintree, Weymouth, Hine- ham, Abington, Whitman and Rockland, Ifass. Franchises are unlimited as to time. Underlies — $246,000 6-Tear Debentures. Years ended June 30: Gross. Net. Interest. 1920 $217,006 $68,509 $37,012 1919 196,307 51,124 36,527 1918 154,233 33,692 32,062 1917 121,013 45,578 25,872 1916 103,038 42,050 22,571 Original Market — Offered by B. M. Farna- worth & Co., at par, Oct., 1913. Market. Boston — Curtis & Sanger, Chas- A. Day & Co., G- W- Walker & Co- Neiv Yorlt— J. S- Stubbs & Go. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. High 98 '16 101 '16 69 Mar. Low- 00 '20 95 '17 60 Sept. OLD COLONY RAILROAD Deb. 3%8. Due July 1, 1932. Dated July 1, 1902. Interest payable Jan. and July 1, at company's office. South Sta- tion, Boston, Mass. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. . .$1,000,000 Denomination — Coupon, $1,000. Registered, $6,000. Assumed by N. T., N. H. & H. R. R. Co. by terms of lease. Organization, Etc. — See Deb. 4s of 1924. Security — See Old Colony R. R. Deb. 4s of 1924. Legal for Savings Banks in Conn., Mass., and Vt. New York— Fred H. Hatch & Co-, Harris, Forbes & Co- Boston — Harris, Forbes & Co., Inc., Blod- get & Co., R. L- Day & Co., Curtis & Sanger, Estabrook & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93 '09 94% '09 73 Feb. 78% Feb. Low. 08 '20 .78% '20 68 Dec- 78% Mar. OLD COLONY RAILROAD Deb. 4s. Due Feb. 1, 1924. Dated Feb. 1, 1894. Interest payable Feb. and Aug. 1. at office of company. South Sta- tion, Boston. Mass. Tax Status — Payment of Federal Income Tax not assumed by company, Autlloriied $3,000,000 Outstanding 3,000,000 Denomination — Coupon, $1,000. Registered, $1,000, etc. Assumed by N. T.. N. H. & H. R. B. Co. by terms of lease. Organization and Control — Incorporated in Massachusetts in 1844: $9,813,200 of the stock is owned by the New York, New Haven & Hartford R. R. and the property leased to that company for 99 years from 1893. A dividend of 7% per annum Is guaranteed on the company's stock. ( Capitalization. Outstanding. Common $22,294,000 Funded debt 13,698,000 Security — Bonds are not secured by any mortgage. Company's lines are of great im- portance, extending from Boston to Brock- ton, Fall River, Provincetown, Newport. R. I., etc. Company owns 533 miles of road and leases 101 miles additional railway and affords connections between Boston and the various steamer lines controlled by the New York, New Haven & Hartford K. R. Co. liSeal for Savings Banks in Conn., Mass., and Vt. lilsted on Boston Stock Exchange. Market. See Deb. S^^s of 1932. Price Ran^e. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '09 102 '09 90 Jan. 93 Jan. Low. 87 '20 92 '17 87 Feb. 92 Nov. OIiI> COLONY RAILROAD Deb. 4s. Dae Dec. 1, 1925. Dated Dec. 1, 1895. 'Interest payable June and Dec, at office of company. South Sta- tion, Boston, Mass. Tax Statn& — Payment of Federal Income Tax not assumed by company. Anthorized and Oatstanding. . .$5,598,000 Denomination — Coupon, $1,000. Regristerable as to principal. Exchangeable for fully regis- tered bonds of $10,000 each. Assumed by N. T., N. H. & H. R. R. Co. by terms of lease. Organization, Etc. — See Deb. 4s of 1924. Security — See Deb. 4s. due 1924. liegal for Savings Banks In Conn., Mass., and Vt. liisted on Boston Stock Uxcbange, Market. See Deb. SVaS of 1932. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '09 102 '09 87 Jan. 90 Jan. Low. 80 '20 87 '20 80 Dec. 87 Aug. OLD COLONY RAILROAD Deb. 4s. Due Jan. 1, 1938. Dated Jan. 1, 1888. Interest payable Jan. and July 1, at office of company. South Sta- tion, Boston, Mass. Tax Status — Payment of Federal Income Tax not assumed by company. Authorizert $4,000,000 Outstamling 4,000,000 Denomination — Registered, $1,000. Assumed by N. T., N. H. & H. R. R. Co. by terms of lease Organization. Etc. — See Deb. 4s of 1924. Security— See Deb. 4s of 1924. Legal for savings banks in Conn., Mass., and Vt. Listed on Boston Stock Exchange. Market. See Deb. S^^s of 1932. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '09 102 '09 75y2 Jan. 80^^ Jan. Low. 68 '20 78i/i '20 68 June 78i4 Mm. OLEAN (N. Y.) ELECTRIC LIGHT & POWER CO. 1st 58. Dae June 1, 1951. Retirement of this issue on or before July 1, 1923, is provided for in 1st & Ref. 5s. Dated June 1, 1911. Interest payable June and Dec. 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $250,000 Outstanding (Jan. 1, '21)....... 57.000 OAvned bv the Bradfoi-d Elec. Co. 144.000 Retired by S. F 49.000 Denomination — Coupon, $1,000. Registerable able as to principal. Trustee — New York Trust Co., New York. Redeemable on any interest date at 106 and interest. Sinking Fund — 5% gross earnings from Jan., 1914, to be used either to purchas* bonds at not over 105 and interest, or for the purchase of new equipment. Organization — See 1st & Ref. 6s. Secured by an absolute first mortgage on plant supplying electricity to Clean and Al- leghery. Population served, estimated at 20,- 000. Company has a coi^tract to light the city until 1921. Franchises perpetual. Underlies — 1st & Ref. 5s of 1943. under which bonds are reserved to retire this issue by July 1, 1923. Earnings — See 1st & Ref. 5s. Original Market — Offered by Miller & Co.» New York, at 95 and interest in June, 1912. Market. New York — Earle A. Miller & Co., Morton Lachenbruch & Co. , Fitzgerald & Harte,. Carruthers Pell & Co. Price Range. Jan. 1, '16, to Jan. 1, *21 • 1920 Bid. Ask. Bid. Asfc. High 91 '16 93 '17 73 June 77 June- Low. fi8 '19 73 '19 OLEY VALLEY RAILWAY CO. 1st 4%8. Due July 1, 1931. Dated July 1, 1901. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding $250,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Real Estate Title Insurance & Trust Co., Philadelphia, Pa. Organization and Control — Incorporated In Pennsylvania in 1900. Entire capital stock: is owned by the Reading Transit & Light Co. Capitalization , Outstanding. Common $250,000 Funded debt 260.00(^ Secured by a ffrst mortgage on 19 mile» electric line extending from Carsonia Park» a suburb of Reading, to Boyerstown, Pa. Years ended Dec. 31: ♦Gross. Net. Interest- 1920 $107,010 $35,571 $11, 31a 1919 91,566 38,968 11, SIS- 1918 83,551 38,402 ll.SlC- 1917 70,845 33,403 11,31S- •Includes other income. Market. Fliiladelpliia — Huntoon & Co., Samuel K-. Phillips & Co. OLIVER TYPEWRITER COMPANY 8% Notes. Due each May 1, as followsr $50,000 1923 and 1924; $60,000 1925, 192« and 1927; $70,000 1928 and 1929; $80,- 0001930; $350,000 1931. Dated May 1, 1921. Interest payable May 1 and Nov. 1, at Merchants Loan & Trust Co., Chicago. Tax Status — 2% Federal Income Tax paidi "by the company without deduction. Authorized $750,000 Outstanding: 750,000 Purpose of Issue — To pay off floating- in- debtedness. Denominations — $5,000, $500 and $100;. Trustee — Merchants Loan & Trust Com- pany, Chicago. Redeemable on 30 days' notice at 100 an* interest, plus a premium of 1% for eacli year or fractional part thereof of the un- expired period prior to maturity, with a. maximum premium of %. Org:anization — Incorporated in Illinois In. 1896. The plant is located at Woodstock, IlL Capitalization. Outstanding. Common $1,896,710 Funded debt 750,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company covenants as follows: Not to mortgage or pledge any of its real property. It may, however, acquire addi- tional property not now owned by it, sub- ject to existing mortgages or the creation of purchase money mortgages on property wherever acquired. Not to pledge or suffer a lien to be cre- ated on any of its current assets or other property. Not to issue any notes or so-called funded obliga.tions running for a longer period than one year from the date thereon. Current assets, as defined in the indenture, are to be maintained to an amount not lesis twice the aggregate of the current liabilities, Including these notes. Years ended l>ec. 31; Net. *Chares. 1920 $254,643 $53,827 1919 475,246 108,716 1918 234.718 59,671 1917 216,064 46,803 ♦Includes interest and Federal Taxes. Original Market— $750,000, offered April, 1921, by Merchants Loan & Trust Co. at 99 and interest. OMAHA & COUNCIL BLUFFS RAILWAY & BRIDGE CO. 1st Cons. 6b. Due Jan. I, 1928. Dated Dec. 1, 1902. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,923,000 Keserved for Ext. ., 77,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Guaranteed as to interest only by the Oma- ha & Council Bluffs St. Ry., under terms of lease. Organization and Control — ^Incorporated In Iowa, 1902. Owns entire stock of the Oma- ha, Council Bluffs & Suburban Ry. and Lake Manawa & Manhattan Beach Ry. Leased until 1947 to the Omaha & Council Bluffs St. Ry. Rental, interest on bonds and $60,- 000 annually. Capitalization. Outstanding:. Common $1,500,000 Preferred (4% cum.) 1,500,000 Funded debt . . . , 1.923,000 Secured by a first mortgage on 33.15 m.iles of main track located mostly in Councoil Bluffs, Ja., together with a toll bridge be- tween that city and Omaha, crossing the Missouri River. Furthe-- secured by deposit of .^600,000 bonds of the Omaha, Council Bluffs and Suburban Ry. Franchises expire in 1946. Original Market — Offered in Oct.. 1909. by Redmond & Co., New York, at 99 and interest. Market. New York — Babcock, Rushton & Co., Sam'l Goldschmidt, Fred H. Hatch & Co., Earle A. Miller & Co., Prince & Whitely, Redmond & Co. Philadelphia — Bauer, Starr & Co., Arthur J. Bender, O. B. I^ansinger & Co. Baltimore — Mackubin, Goodrich & Co. Omaha — Burns, Brlnker & Co., Omaha Stock & Bond FxfhanR-e Tnc. Price Range. Jan. 1. '10, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 99 '10 lot '10 78V2 Feb. 81 Jan. Low 65 '20 70 '20 65 Aug 70 Aug. OMAHA & COUNCIL BLUFFS STREET RAILWAY CO. 1st Cons. 68. Due Jan. 1, 1938. Dated Dec. 1, 1902. Interest payable Jan, 1 and July 1 , at Trustee' s office, or com- pany' s oflace, Omaha, Neb. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding 9,619,000 In Treasury 381.000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Oi^anization — Incorporated in Nebraska. , Leases the property of the Omaha & Council Bluffs Ry. & Bridge Co. until 1947. Capitalization. Outstanding. Common $4,990,000 Preferred (5% cum.) 4,000,000 Funded debt 9,619,000 Secured by an absolute first mortgage on the 132.05 miles of track, comprising the en- tire street railway system of Omaha, Neb. Franchise in Omaha expires in 1928. Years ended Dec. 31: Gross. Net. Int.&Rent. 1920. $4,807,530 $777,877 $630,112 193 9 4,156,175 825,949 631,843 1918 3,344,053 694,416 631,850 1917 3,395,161 1,062,856 631.850 1916 3.253,327 1,131,501 631,850 Origrinal Market — $2,500,000 offered in 1904 at 97^ and Interest by Redmond & Co., New York, and Brvin & Co., Philadelphia. Market. New York — Earle A. Miller & Co., Prince & "VVhltely, Redmond & Co. Baltimore — Mackubin, Goodrich & Co. Omalia — Burns, Brinker & Co., Omaha Stock & Bond Exchange, Inc., The Omaha Trust Co. Price Range. Jan. 1, '09, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 98% '09 100 '13 78 Jan. 81 Jan. Low. 67 '20 71 '20 67 July 71 July ONTARIO POWER CO. OF NIAGARA FALLS (THE) 1st S. F. 5s. Due Feb. 1, 1943. Dated February 2, 1903. Interest payable Feb. and Aug. 1. at Canadian Bank of Com- merce, Toronto and New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $12,000,000 Outstanding 9,527,000 Retired by S. F 1,052,000 Reserved for Ext 1,421,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Toronto General Trusts Corpora- tion. Toronto, Ont. Sinking: Fund — $1.00 per h. p., payable an- nually, will retire a large portion of the issue prior to maturity. If bonds cannot be ob- tained under 110 proceeds are to be invested in United States or British Government bonds. Or^ranization and Control — Charter granted by Dominion of Canada in 1887. Operations were begun in 1905. Entire stock of Ontario Transmission Co. owned and property oper- ated under lease. In 1917 the entire capital stock was acquired by the Hydro-electric Power Commission of Ontario. Capitalization. Outstanding. Common $10,000,000 Funded debt 12,297,000 Secured by a first mortgage on hydro-elec- tric plant of 167,000 h. p., just below Horse- shoe (Niag'ara) Falls on the Canadian side. The Government of Ontario, through its Hydro-electric Power Commission, liaa con- tracted with the company for a large amount of power, distributed among 100 cities and towns of the Province. Also has contract to BUpply electricity to the Niagara, Lockport & Ontario Power Co., supplying a number of cities in New York State. Also sells power to manufacturers and other distributing com- panies. Franchise extends to 2010. Underlies — Debenture 6s of 1921, Years ended Dee. 31: Gross. Net. Interest. 1916 $1,769,711 $1,557,482 $1,008,786 1916 1,606,950 1,347,834 974.2'88 L(ater earnings not available. Listed on the New York Stock Exchange. Original Market — $1,000,000 offered in Dec, 1904, at 98 and interest by Denison, Prior & Co., Boston and Cleveland. Offered in 1906 by same firm at 100 and Interest. Market. New York— J. S. Baiche & Co., E. A. Baker & Son., Earle A. Miller & Co., Watson, Arm- strong & Co. Boston — Blodget & Co., E. A. "Watson & Co. Philadelphia— Barnes & Lofland, Bauer, Starr & Co., Huntoon & Co., Morley, Wood & Co., Samuel K. Phillips & Co. BuiFalo — Citizens Commercial Trust Co., Evers, Reber & Co., Glenny Monro & Moll, N. A. MacDonald & Co., O'Brian, Potter & Co. Schoellkopf, Hutton & Co., Inc. Providence, K. I. — Hornblower & Weeks. Price Range — N. Y. S. E. Jan. 1, '13, to Jan. 1, '31 1930 Hlsh 96% Sept. 10, '13, 85 Jan. 30 Low, 751^ Nov. 1, '20 75% Nov. 1 ONTARIO POWER CO. Or NIAGARA FALLS (THE) Deb. 6s. Due July 1. 1931. Dated June 30, 1906. Interest payable Jan. and July 1, at Canadian Bank of Commerce, Toronto or New Tork. Tax Statns — Payment of Federal Income Tax not assumed by company. Anthorized $3,000,000 Outstanding 2,770,000 Retired by S. F : 230,000 Denomination — Coupon, $1, 000. Regristerable as to principal. Trustee — Toronto General Trusts Corpora- tion, Toronto. Redeemable at 110 and interest on any In- terest date. Sinking Fund — 26c. per horse power sold, to purchase and cancel debentures of this issue. Maximum price to be paid for debentures, un- less special consent is i:iven, 110. Organization and Control — See 1st S, F. 5s. Security — ^As originally issued these bonds were not secured by a mortirag-e, but in Nov., 1914, the company executed a second mortgage on its property, and these bonds are now se- cured by a second mortgage on the property of the company, as described under the 1st 6s of 1943. Prior Lien — $9,527,000 1st 53 of 1943. Eaminj^s — See 1st 5s. Original Market — $2,300,000 offered in May, 1911, by William Salomon & Co., New York, and J. C. Dann & Co.. Buffalo, N. T., at 100 and Interest with a 10 % bonus in capital stock. Market. New York — J. S. Bache & Co., Earle A. Miller & Co. Boston — Blodget & Co., C. E, Denison & Co. Philadelphia — Bauer, Starr & Co. Buffalo — Citizens Commercial Trust Co., Kvers. Reber & Co., Glenny, Monro & Moll, N. A. MacDonald & Co., Schoellkopf, Hutton & Co., Inc. Price Range. Jan. 1, »11, to Jan. 1, 'Zl 1920 Bid, Ask. Bid. Ask. High 97% '19 100 '11 96 May 98% June Low. 90 '20 94 '15 90 Apr. 95% Dec, ONTARIO PULP & PAPER CO.. LTD., (THE) 1st S. F. 6s. Due Dec. 1, 1931. Dated Jan. 1, 1912. Interest payable Jan. and July 1, at Royal Bank of Canada, Toronto and Montreal; Maltland, Coppell & Co.. 54 William St.. and National Park Bank, New Tork, and London and South Western Bank, London, England. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstandingr $1,337,400 Retired by S. F 162,600 Denomination — Coupon, $100, $600 and $1,000, and £20, £100 and £200. Trustee — Royal Trust Co., Montreal. Que. Redeemable by lot at 110 and interest for sinking fund. Sinking Fund — Annually, beginning July 1, 1920, 3% of outstanding bonds to purchase bonds in the open market up to 110 and inter- est, or if not obtainable at that price will draw the same by lot at 110 and interest. Assumed by The Spanish River Pulp & Paper Mills, Ltd. Guaranteed aa to principal and Interest by the Spanish River Pulp & Paper Mills, Ltd. Control — ^Absorbed in 1912 by -the Spanish River Pulp & Paper Mills Co. Secured by a first lien on the company's rights to cut timber, etc., on 2,700 square miles of virgin forest land, containing spruce, poplar, balsam and Jack pine. Area estimated to contain 13,000,000 cords of pulp wood. Also secured on paper mills and a sulphite and ground wood plant at Sturgeon Palls, Ont. Annual capacity, 18,000 tons of sulphite, 36,000 tons of pulp and 20.000 tons of paper. Underlies— ^Spanish River Pulp & Paper Mills, Ltd., Gen. Mtge. under which bonds are reserved to retire this issue. Famines — See Spanish River Pulp & Pa- 'Per Mills. Ltd., 1st S. F. 6s. Market. New York — Edwin & Charles Randolph. Boston — Moors & Cabot. Price Rangre Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Ask. High 102 '19 110 -19 961/2 Nov. Low. 82 '19 88 '20 88 Feb. ONTARIO TRANSMISSION CO.. LTD. (THE) Ist S. F. 6s. Due May 1, 1946. Dated Aug. 16, 1905. Interest payable May and Nov. 1, at Canadian Bank of Commerce, Toronto and New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding 1,574,000 Retired by S. F 426,000 Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Toronto General Trust Corpora- tion, Toronto. Sinking Fund Trustee — Guaranty Trust Co., New Tork. Redeemable at 110 and Interest as a whole only on any interest date prior to May 1, 1916, on six weeks' notice. Sinking Fund — $30,000 annually for the pur- chase and cancellation of these bonds at not over 110 and interest. If bonds cannot be purchased the money is to be invested in se- curities approved by Trustee. Guaranteed principal and interest by the Ontario Power Co. of Niagara. Assumed — Sinking: Fund payments have been assumed by Ontario Power Co. of Niagr- ara Falls. Organization and Control — Incorporated In Canada In 1906. The Ontario Power Co. owns the entire capital stock of the Ontario Trans- mission Co. and leases the property, aeree- Ingr to pay to the same a rental of $2.50 per h. p., the rental not to be less than the Interest and sinking fund on this issue of bonds plus the operating expenses, taxes, etc. Lease was dated 1910 and expires 1960, at which time property may he purchased, pro- viding- payment of the principal of ithls bond issue has been made, or the lessee may extend its lease for another 40 years. Capitalization. Outstanding. Common $1,000,000 Funded debt 1,574,000 Secured by a first mortgage on the proper- ties of the company as follows: (1) Real estate valued at $1,235,724; (2) three-fourths Interest in distributing stations at Niagara Falls and all apparatus on transformer side of bus-bars, valued at $951,751; (3) trans- mission lines, meters and apparatus, valued at $840,859, and on other assets of the com- pany valued at $201,026. Total valuation, $3,229,360. Earnings — See Ontario Power Co. of Niag- ara. Listed on the New York Stock Exchange. Original Market — First offered Nov., 1906, by F. S. Butterworth & Co.. New Haven, Conn., at par and interest. Also offered in 1909 at 95 and interest by Crawford, Patton & Cannon. New York and Philadelphia. Market. New York — Edmond & Charles Randolph. Philadelphia — Huntoon & Co. New Haven, Conn. — Winslow, Day & Stod- dard. Buifalo — Citizens Commercial Trust Co. Price Range — N. Y. S. E. Jan. 1, '14, to Jan. 1, '21 1920 High 95 July 14, '14 75% July 9 Low. 63 Oct. 18, '20 63 Oct 18 Market. New York— W. E. R. Smith & Co. Philadelphia — Arthur J. Bender. Price Range. Jan. 1, '12, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 96 '12 98 '12 70 Jan. 75 Jan. Low. 50 '20 85^4 'IS 50 Dec ORANGE & PASSAIC VALLEY RAILWAY 1st 5s. Due Dec. 1. 1938. Dated Dec. 1, 1898. Interest payable June and Dec. 1 , at New Jersey Title Guarantee ft Trust Co., Jersey City, N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Ontstanding: 750,000 Unissued 167,000 Pledffcd under P. S. Corp. of N. J. Oen. Mtffe 83,000 Trustee — New Jersey Title Guaranty & Trust Co., Jersey City, N. J. Organization and Control — Incorporated in 1898 to acquire the property of the Suburban Traction Co., sold under foreclosure. Leased in Nov., 1903. for 990 years to the Public Service Corporation of New Jersey. The lat- ter company exchanged its trust certificates on the basis of $30 in ctfs. (now paying 6%) for $100 stock and thereby acquired $923,500 of the $1,000,000 stock. Lease was assigned to the North Jersey St. Ry. in July, 1907, which company was consolidated Aug. , 30, 1907, into the Public Service Ry. Co. Capitalization. Outstanding. Common $1,000,000 Funded debt 833,000 Secured by a first mortgage on a line of street railway 10 miles in length extending from the Oranges to Bloomfleld. N. J. (con- necting with Public Service Ry. line to Mont- Clair, Verona, Caldwell, etc.). 10 ORANGE COUNTY PUBLIC SERVICE CORP- ORATION 1st 6s, Series "A." Due June 1, 1939. Dated June 1, 1919. Interest payable June and Dec. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York, and Pennsylvania State Tax re- funded. Authorized Unlimited. Outstanding $1,013,000 Pro\iBions of Issue — ^Additional bonds Issu- able in principal amount 'not exceeding $175,- 000 at any time after August 1, 1919, only when annual net earnings are equal to twice annual interest requirements on all bonds out- standing- and to be issued. Bonds in excess of $1,175,000 may be issued only for 80% of the cost or reasonable value (whichever is less) of any new property, permanent addi- tions, improvements, etc., or for specified securities which the Company may pledge and deposit with the Trustee, but only when net earnings, as defined in the mortgage, for twelve consecutive months within the four- teen months immediately preceding the issu- ance of new bonds, shall have been not less than twice the annual interest requirements on the bonds outstanding and those applied for; and provided, further, that bonds shall be issued against securities pledged and de- posited with the Trustee only to the extent of 15% of the total bonds outstanding. Purpose of Issue — To retire approximately $640,000 mortgage indebtedness of predeces- sor companies and pay the floating debt, for extensions and additions and for other corpo- rate purposes. Denominations — Coupon, $100, $500 and $1,000, registerable as to principal. Trustee — New York Trust Company, New York. Redeemable as a whole or in part on any interest date at 105 and Interest upon 30 days' notice. Maintenance and Improvement Fund — Com- pany covenants that an amount In cash equiv- alent to 12%% of its gross operating revenue shall be expended or set aside annually for maintenance or for renewals and replace- ments. Any part of this fund not used for such purposes shall be deposited with the Trustee and may be used for either the same purposes for which additional bonds may be certified but in respect to which no bonds have been previously or thereafter shall be certi- fied or for the retirement and cancellation of bonds secured by the mortgage. Organization — Incorporated March 25, 1915, in New York and acquired the assets and franchises of Orange County Lighting Com- pany, Orange County Power Company and Port Jervis Light & Power Company, Capitalization. Outstanding. Common $350,000 Preferred (7% cum.) 250>000 Funded debt 1,013,000 Security — ^A first mortgage on the entire property of the company now owned or here- after acquired, including 3,000 h. p. steam turbine plant at Port Jervis. 1,200 h. p. hydro-electric plant at Cuddebackville, and 3,000 h. p. steam electric plant at Middle- town, N. Y. All of these plants are con- 00 nected with 33,000 volt transmission lines with substations at Port Jervis, Cuddebaok- vlUe. OtlBville and Middletown, toeether with complete gas plants and distributing systems at Middletown and Port Jervis. Under normal conditions about 60% of the. electric output la generated by the hydro-electric plant. Com- pany does entire electric light, power and gas business in Middletown and Port Jervis, New Tork and vicinity. Franchises are without time limit with the exception o( the franchise for the town of Mount Hope which expires in 1966. Years ended Dec. 31: Gross. Net. Interest. 1920 $426,697 $121,929 $64,244 1919 361,898 116,579 55,821 1918 305,025 114,101 38,0.51 1917 188,151 50,364 22,783 Original Market — $1,000,000 offered June, 1919, by Bonbright & Co.; New Tork, etc., at 96*/^ and interest. Market. New York — "W. B. E, Smith & Co. Price Rangre 1920 — Ask 87, 85 Oct. OREGON & CALIFORNIA RAILROAD CO. 1st S. F. 5s. Dne Jnly 1, 1927. Dated July 1, 1887. Interest payable Jan. and July 1, at Southern Pacific Co.'s ofBce, New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $20,000,000 OntstamUns 17,576,000 Retired by S. F 2.424,000 Denomination — Coupon, $1,000. Eegisterable as to principal only or fully registerable. Trustee — Central Union Trust Co., New Tork. Redeemable for sinking fund at par and in- terest. Sinking Fund — ^A sum consisting of the en- tire net proceeds from the sale of the lands owned by this company shall be applied to the purchase of these bonds in the open market at or below par. In case the bonds cannot be so purchased they are to be redeemed by lot In amounts of not less than $50,000. Guaranteed principal and interest by the Southern Pacific Co. by endorsement. Organization and Control — Incorporated In Oregon in 1870. The Oregon & Cal. R. R. Co. was leased for 34 years from Aug. 1, 1893, to the Southern Pacific Co., which owns all except $48,000 of its $19,000,000 stock. Capitalization. Outstanding. Common $7,000,000 Preferred (7%) 12,000,000 Funded debt 17,676,000 Secured by first mortgage on 679.91 miles, viz. : Miles. Sast Portland to California State Line. ..367.16 Portland to Corvallis 101.03 Portland to Airlie 74.42 Broadmead to Sheridan 7.19 Springfield Jot. to Tallman 41.05 Albany Jet. to Lebanon 11.38 Lebanon to Woodburn 49.26 Springfield to Natron 6.66 Mohawk Jot. to Wendlins 16.95 Salem to Geer 6.81 Also secured on land grants, of which 2,353,446 acres remained unsold June 30, 1916. Lefi-al for savings banks in Cal., Mich., Minn., N. H., N. J., Ore. and E. I. Listed on the New Tork, London and Am- sterdam Stock Exchanges. Market. New York — E. A. Balcer & Son, Simon Borg & Co., Constable & Fleming,. Dunham & Co.. Sam'l Qoldschmidt, Hartshorne & Battelle. Knauth, Nachod & Kuhne, R. W. Pressprlch & Co., Prince & Whitely, Red- mond & Co., Seasongood, Haas & Mac- dotiaia, Vilas & Hickey. Edwin Wolff. Philadelphia — Daniel & Co., Blkins, Mor- ris & Co., William W. Fogarty. Price Range — ^N. T. S. E. Jan. 1, '19, to Jan. 1, '21 1920 High 106 Nov. 5, '08 93% Jan. 28 Low. 85% Aug. 20, "20 85% Aug. 20 OREGON ELECTRIC RAELWAY CO. Ist Ss. Due May 1, 1933. Dated May 1. 1908. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding 2,000,000 Reserved for Ext 8,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New Tork. Redeemable at 107 and interest as a whole or in part on any interest date. Organization — Incorporated in Oregon, May, 1906. Controlled by the Spokane, Portland & Seattle Ry. Co. (Great Northern Ry. and Northern Pacific Ry., Joint owners), through ownership of entire capital stock. Capitalization. ' Outstanding. Common $1,950,000 Preferred (6% cum.) 200,000 Deferred 380,000 Funded debt 2,000,000 Secured by a first mortgage on 156.26 miles of standard gauge interurban railways, ex- tending from Portland, Ore., to Eugene, 122.31 miles, and branches. Most of line is on pri- vate right-of-way. The company does no street railway business. The company obtains power from the Portland Ry., Light & Power Co. under a contract which expires in 1933 with renewal privileges for another 26 years. Years ended Dec. 31: Gross. 1920 $1,408,856 1919 1,093,142 1918 1,021,696 1917 1,026,963 1916 909,770 Original Market — Offered in Sept., 1909. by N. W. Harris & Co. (now Harris, Forbes & Co.), New Tork. and Perry, Coflln & Burr, Boston, at 9614 and interest, and in 1911 by White, Weld & Co., New Tork and Chicago, at par and interest. Market. New York — Lynch & McDermott, White, Weld & Co. Portland, Ore. — Hall & Co. Price Range. Jan. 1, >13, to Jan. 1, '21 1920 Bid. Aslc. Bid. Ask. 98% '13 101 '13 46 Nov. 60 Dec. 60 '20 30 Jan. 50 Jan. Net. $71,577 36,979 31,840 142,872 83,457 Interest. $525,125 665,6(.ll 652,813 562,003 540,661 High Low. 30 '19 1001 OREGON RAILROAD & NAVIGATION CO. Cons, (now First) 4s. Due June 1, 1946. Dated August 17, 1896. Interest payable June and Dec. 1, at company's office. New Tork, or in Berlin or Frankfort-on-Main, Ger- many. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding $23,380,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New Tork Trust Co., New Tork. Control — In December, 1910, this road was merged with the other Union Pacific lines in Oregon and Washington into the Oregon- Wash- ington R. R. & Nav. Co., all of whose $60,- 000,000 stock is owned by the Oregon Short Line R. R., which is oontrolled through Btoek ownership by the Union Pacific Co. Secnrcd by first mortgage on 1,1S6.15 mllea of road, viz.: Miles. Portland to Huntington, Ore 398.28 Bast Portland to North Portland Jot. via tunnel 6.B3 St. Johns Jet. via St. Johns Peninsula Jet., Ore 7.77 Heppner Jot. to Heppner, Ore 46.37 LtaOrande to Joseph, Ore 83.68 Bolles to Turner,. Wash 26.06 trmatilla via Wallula to Walla Walla, Wash 61.78 Starbuok to Pomeroy, Wash 30.00 Pendleton, Ore., via Riparia and Colfax to Spokane, Wash 261.06 Winona to Seltice, Wash 47.84 Tekoa, Wash., to Burke, Idaho 86.78 Sierra Nevada Jet. to Sierra Nevada Mine, Idaho 4.37 La CroBse to Connell, Wash 53.17 Colfax, Wash., to Moscow, Idaho 28.66 Underlies — Ore.-Wash. R. R. & Nav. Co. 1st & Ref. 4s of 1961. Bonds are reserved under this mortgage to retire this issue. L,eg:al for savings banks in N. H., Ore. and R. I. ; also for Baltimore Trust Funds. Listed on the New York and Boston Stock Exchanges. Market. New York — Simon Borg & Co., Perry H. Bradshaw, Ambrose R. Clark & Co., Sam'l Goldschmiclt, R. W. Pressprich & Co., Prince & Whltely, Redmond & Co., Struthers & His- coe, Seasongood, Haas & Macdonald, Van- derhoef & Robinson, Vilas & Hickey, Ar- thur C. Frank & Co. Baltimore — Erinkman & Co. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 102 Apr. 6, '06 81 . Jan. 6 Low. eSTs July 16, '20 63% July 16 OREGON SHORT LINE R. R. CO. Ist & Cons. 4s. Due Dec. 1, 1960. Dated Dec. 1, 1910. Interest payable June 1 and Dec. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $150,000,000 Held by Union Pacific R. R.. . 41.487,000 Held by Company 3,^87,000 Reserved for Prior Liens 34,422,000 Reserved for Additions, Etc... 70,604,000 Denomination — Coupon, $1,000 (also may be Issued In denominations of $100 and $600). Registerable as to principal or fully register- able. Registered, $1,000, $5,000 and multi- ples. C. & R. interchangeable Trustee — Central Union Trust Co., New York. Secured by direct mortgage on 2.053.04 miles of road, viz.; A first lien on 893.67 miles — Miles. North Kemmerer Jet. to Qualey, Wyo.. 8.38 Mover Jet. to Cumberland, Wyo 16.67 Glencoe Jet. to Glencoe, Wyo 2.35 Glencoe Jet. to Blkol, Wyo 3.46 Montpelier to Paris, Id 9.60 Alexander to Grace, Id ' 6.59 Minidoka to Buhl, Id 74.25 Burley to Oakley, Id 22.06 Rupert to Bliss, Id 72.86 Burley to Marshfleld, Id 9.16 Twin Falls to Rogerson, Id 28.76 Richfield to Hill City, Id 58.26 Near Boise City to Barber Mill. Id 8.49 Nampa to Murphy, Id 30.00 Nampa to Lakeport, Id 128.80 Caldwell to Wilder, Id 11.33 Nyssa, Ore., to Homedale, Id 26.01 Pairette to Emmett, Id 28.69 IC Blackfoot to Mackay. Id , 86.96 Moreland to Aberdeen, Id 28.44 Idaho Falls, Id., to Yellowstone, Mont.. 106.20 Ucon to Menan. Id; 10.28 Sugar City to Snake River, Id 6.78 Ashton to Victor, Id 46.80 Mendon to Logan, Utah 6.92 Ballard Jot. to West Logan Jet., Utah. . 8.13 Brigham to Corinne Jet., Utah 4.09 Corinne. Utah, to Malad, Id 46.38 Five Point Jet. to Five Point, Utah... 1.09 A fourth lien on 'J2.75 miles — Covered by the first lien of the Oregon Short Line Cons. 1st 6s 72.76 A fifth lien on 611.28 miles — Covered by the first lien of the Oregon Short Line 1st 6s 611.22 A sixth lien on 475.40 miles — Covered by the first lien of the Utah & Northern 1st Bxtd. 4s 476.40 Prior Liens — $34,292,000 prior liens: Oregon Short Line 1st 6s, 1922 $14,931,000. Utah & Northern Cons. 1st 5s. 1926 1,672,000 Utah & Northern 1st Extd. 4s, 1933 4,991,000 Oregon Short Line Cons. 1st 5s, 1946 12,328,000 Oregon Short Line Non-cum. In- come A 5a. 1946 316,000 Oregon Short Line Coll. Trust Non- oum. Income B 4s, 1946 66,000 OREGON SHORT LINE RAILWAY CO. Ist 6s. Due Feb. 1, 1922. Dated November 1, 1881. Interest payable Feb. and Aug. 1, at company's office, 120 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding $14,931,000 Denomination — Coupon, $1,000. Registerable as to principal. .'Trustees Named — John F. Dillon and Cyrus J. Lawrence, both deceased. Guaranteed as to interest by the Union Pacific Ry. Co. Control — The Oregon Short Line Ry. Co. was foreclosed and its property sold in 1897 to the Oregon Short Line R. R. Co.. the en- tire outstanding capital stock of which is owned by the Union Pacific B. R. Co. Secured by lirst mortgage on 611.23 miles of road, viz.: Miles. Granger, Wyo.. to Huntington, Ore. (in- cluding 71.43 miles second track). .. .541.18 Shoshone to Ketchum 70.06 Underlies — O. S. L. R. R. Cons. 6s of 1946, O. S. L. "A" and "B" Income Bonds and O. S. L. 1st Cons. 4s of 1960. which latter provide for the retirement of this issue. Legal for Baltimore Trust Funds. Listed on the New York and Boston Stock Exchanges. Market. New York — Simon Eorg & Co., Prince & Whitely, Redmond & Co., Struthers & His- coe, Vilas & Hickev. Pluladclphia — Biddie & Henry. Price Range — N. Y. S. E. Jan. 1, '0«, to ,Iiin. 1, '21 1920 High 120 Jan. 23, '06 101 Jan. 26, '20 Low. 96% June 23, '20 96 »1 June 23, '20 OREGON SHORT LINE RAILROAD CO. Cons. 1st Ss. Due July 1, 1916. Dated March 1, 1897. Interest payable Jan. and July 1, at company's office, 120 Broad- way, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorised Closed mortgage. Outstanding $12,328,000 Denomination — Coupon, $1,000 and $500. Begisterable as to principal. Trustee — Guaranty Trust Co., New York. Organization and Control — Incorporated in 1897 in Utali, as successor to the Oregon Short Line & Utah Northern By. Co. In 1913 acquired the Idaho Northern Ey., and In 1914 the Central Idaho R. R. Co., Salt Lake & Idaho B. R. Co.. Payette Valley B. R. Co., Payette Valley Extension R. B. Co., which companies were subsequently merged. Owns a one-half interest in the Los Angeles & Salt Lake R. R. and controls the Oregon- Washington B. R. & Navigation Co. through stock ownership. Practically the entire stock of this company is owned by the Union Pacific R. R. Co., which company operates the road as a part of its system. Capitalization. Outstanding. Common $100,000,000 Funded debt 124,366,000 Secui-ed by dir,ect mortgage on 1,439.19 miles of road, viz.: A first lien on 352.67 miles — Miles. Oeden to Sandy, Utah 49.34 Sandy to Frisco, Utah 226.07 Ironton to North Spy Mine, Utah 5.46 Lehi Jet. to Tintic, Utah 43.27 Mammoth Jet. to Mammoth, Utah 1.82 Silver City Jet. to Eureka, Utah 3.19 Salt Lake City, Utah, to "West Side Jor- dan Bridge 1.23 Salt Lake Yard Connuction 1.00 Nampa to near Boise City. Idaho 16.41 Clearfield to Syracuse, Utah 4.78 A second lien on 611.23 miles — Covered by the Oregon Short Line 1st 6s 611.23 A third lien on 475.39 miles — Covered by the Utah & Northern let 4s and Cons. 5s 475.39 Prior Uens — $21,694,000 prior liens: Oregon Short Line lat 6s, 1922 $14,931,000 Utah & Northern Cons. 1st 6s, 1926 1,672,000 Utah & Northrrn 1st Bxtd. 4s, 1933 4.991.000 Underlies — The Oregon Short Line Income Series "A" 63 and "B" 4s of 1946 and the new Oregon Short Line 1st & Cons. Mtge. of 1960. which latter provides lor the retirement of this issue. Xlamings — Included in Union Pacific R. B. Co. reports. Listed on the New York and Boston Stock Exchanges. Market. New York — Simon Bor^ & Co., Herzfeld & Stern, Prince & Whitely, Struthers & Hiscoe, Vilas & Hickey. Philadelphia — Isaac Starr Jr. & Co., "Wheeler, Elliot & Mann. Price Range — N. Y. S. E. Jan. 1, '06. to Jan. 1, '21 1920 Hig-h 119 May 23, '06 9 3 Jan. 5 Low. 82 May 26, '20 82 May 26 OREGON SHORT MNE RAIIROAD CO. Non- Cimi. Income "A" 5s. Due July 1, 1946. Dated March 1. 1897. Interest payable Sept. 1, if earned, at company's oiTice, 120 Broad- way, and Old Colony Trust Co.. Boston. These bonds received 4% in 1897 and since then the full 6%. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding $316,000 Of the $315,000 bonds outstanding, $42,600 are owned by the Union Pacific B. B. Co. Denomination — Coupon, $1,000 and $600. Begisterable as to principal. Trustee — Old Colony Trust Co., Boston. Organization, etc. — See Cons. 1st 5s. 10 Secured by mortgage on 1,439.19 miles of road, viz.: A second Hen on 362.57 miles — Covered by the first lien of the Oregon Short Line Cons. 63 3B2.B7 A third lien on 611.23 miles — Covered by the second lien of the Oregon Short Line Cons. 6s 611. 2S A fourth lien on 475.39 miles — Covered by the third lien of the Oregon Short Line Cons. 58 476.39 Prior I/iens — $12,328,000 Oregon Short Line Cons, 6s of 1946; $14,931,000 Oregon Short Line 1st 6s of 1922; $4,991,000 Utah & North- ern 1st Extd. 4s of 1933, and $1,672,000 Utah & Northern Cons, 6s of 1926. Underlies — O. S. L. Inc. "B" 4s and O. S. L. 1st and Cons. 4s of 1960 (owned by Union Pac. B. B.). Also Los Angeles & Salt Lake By. Mtge., which is a prior lien on a portion of the mileage. Market. New York — Simon Borg & Co., Dunham & Co., Charles "W. Place, B. "W. Pressprich & Co., Redmond & Co., Struthers & Hiscoe. Taylor, Smith & Hard, Vanderhoef & Rob- i inson. Vilas & Hickey, Eclwin "Wolff. Philadelphia — Elkins, Morris & Co., Gra- ham Parsons & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Aslc. High 82 '19 103 '17 95^4 Jan. Low. 75 '20 80 '20 75 Nov. 80 Nov. OREGON SHORT MNE RAILROAD CO. Bel. Coll. 4s. Due Dec. 1, 1929. Dated December 1, 1904. Interest payable June and Dec. 1, at company's office. 120. Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding $46,000,000 Denomination — Coupon, $1,000. Begisterable as to principal or fully registerable. Begis- tered. $1,000 and multiples. Coupon and reg- istered interchangeable. Trustee — Equitable Trust Co., New York. Redeemable at 102% and Interest on any interest date upon three months' notice. Guaranteed principal and interest by the Union Pacific B. B. Co. by endorsement. Organization — See Cons. 1st 6s. Secured by deposit of the following securi- ties: 200,000 shares New York Central. .$20,000,000 18.450 shares Chicago. Milwaukee & St. Paul Pfd 1,845,000 87,000 shares Illinois Central.... 8,700,009 40,187 shares Chicago & North- western Com 4, 018, 709 Los Angeles & Salt Lake 4% bonds 27,577,009 $62,140,709 Listed on the New York and Boston StoclK Exchanges. . Original Market — $40,000,000 offered in 190* by Kuhn, Loeb & Co., New York, at 97 and interest. Market. New Yorit — Simon Borg & Co., R. W. Presspric-h & Co.. Prince & "WliitGiy, Red- mond & Co., Seasongood. Haas, Macdonald, Taylor, Smith & Hard, Vilas & Hickey, Arthur B. Franlt & Co. Philadelpliia — Elkina, Morris & Co. Price Kanse— N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 High 97 V2 Jan. 18. '06 86 Jan, 7 Low. 74y2 May 12, '20 74% May 12 OREGON - WASHINGTON KAILilOAD & Earnings — Included in Union Pacific B. R. NAVIGATION CO. 1st & Kef. 4s, Series report. ^ , . „ , ,i„„ "A" and "B." Due Jan. 1, 1961. legal for savings banks m Cal., Minn., Dated January 3, 1911. Interest payable "^-t-^I- ?■ •'■ 3?'*J?- ^-^ , c.t„„,, T3.„h-„o.o .Jan. and .luly 1. at company's office. New ]Listed "n «ie New York Stock Bxchang.e. York or at London. Principal of Dollar ^^^"Voal Market— $25,000^000 ^ered ul Bonds payable in New York and of Sterling May 1911, by Kubn, Loeb & Co., New York, BoSds in London. Interest on Sterling Bonds at 93 and interest and a simultaneous offer .also payable in New York at 14.85 per £ iy^l^il^'S?os^''i%Z^l,T''lI^.'f«^la Toi- vlV.i(-ii« 2«, ITpderal Income Tax naid in November, 1911, by Clarke, Dodge & Co., *y^?^-Si'?;wi?&u?d^eTu'cti^^^^^^^^ ^.J^-^ilT^^Z ^^'t^^^ Authorized $176,000,000 ^^j ^^^ York, and Hambleton & Co., Balti. Outstanding— j^^re and New York, at 86% and interest. A" $35,528,000 Market. "B" 4,328,140 jfg^ York — Simon- Borg & Co., Ambrose ,„ „„,. ,,„ R. Clark & Co., Constable & Fleming, Dun- 1 ■ , .- TT ■ u ■« i?'?5S'?;nS ham & Co., Arthur B. Frank & Co., Sam'l S*K 1"^ JJ"'™ ■^'""'"" ^^'?»t'SSS Goldschmidt, Granger & Co., Herzfeld & Held by Company. . . 253,000 g National City Co., K. W. Pressprich ^•^^fVo^A *° ^"^'"^^ *^°^- ^ .,, ,»n f,nn & Co.. Prince & Whitely, Redmond & Co., of 1946 . . 23,380,000 Roo.sevelt & Son, Strutliers & HiscoG, Schu- Keserved lor Ext 79.765,695 .^^^ ^ Seligmann, Seasongood, Haas & Mac- Denomination — Coupon, Series "A," $1,000 donald, Taylor, Smith & Hard, Vanderhoef and $600, and Series "B," £200 and £100. & Robinson, Vilas & Hiokey, Edwin Wolff. Series "A" bonds are registerable as to prin- Phila,=i i =t nhl^r T?=«?n;1 jointly with other companies and upon 201.13 April 1 and October 1, at Chase National miles of trackage rights. Bank, New York. Prior Liens— $23,380,000 Oregon B. E. & Tax Status — 2% Federal Income Tax paid Navigation Co. Consolidated Mtge. 4s, for by company without deduction. Tax exempt ■which bonds of this issue are reserved. in New York. 1004 Authorized 9600,000 Outstanding: (Apr. 15, '21) 520,000 Balance Retired. Denomination — Coupon. $100. $500 and $1,000. Trustee — Syracuse Trust Co., Syracuse, N. T. Redeemable on any Interest date at 102% and interest. Organization — Incorporated in New York In 1886. Capitalization. Outstanding. Common $600,000 Funded debt 560,000 Secured by a first mortgage on some 15 acres of land on the Oswego River and the new Barge Canal in Fulton, N. T. On this ground are located a power plant and pulp mill and 2 machine paper mills having a combined capacity of 18,000 tons of finished product per year. The completion of the Barge Canal has increased the available water power of the company, which has erected a modern hydro-electric power plant and an additional pulp mill. The company has also contracted for sale of current to a local corporation, which will insure a minimum income of $24,000 per annum. Original Market — Offered in June, 1915, by the Syracuse Trust Co., New York, at par and Interest, Market. Syra«use — The_ Syracuse Trust Co. OTTAWA EI.ECTRIC CO. Ref. 1st 5s. Due June 1, 1933. Dated June 1, 1908. Interest payable June and Dec. 1, at Imperial Bank of Canada, Tronto and Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,125,000 Outstanding 626,000 Pledgred under OttaM'a Lt., H. & P. Ltd. 1st & Coll. Tr. 8s. . 500,000 Denomination — Coupon, $100, $500 and $1,000. Registerable a^ to principal. Trustee — National Trust Co., Toronto. Organization and Control — Incorporated In July, 1894, in Canada as a consolidation of the Ottaw^a Stec. Light Co.. Chaudiere Slec, Light & Power Co. and the Standard Elec. Co. of Ottawa. Controlled by the Ottawa Lt,, Heat & Power Co. through ownership of $1,491,000 of the $1,500,000 capital stock. Capitalization. Outstanding. Common $1,500,000 Funded debt 2,000.000 Secured by a first morterag'e on electric plant supplying Ottawa, Canada, and vicinity. In 1907 the company sold street lighting plant to the city. Underlies — $875,000 Gen. & Ref. 6s of 1940 all pledged under Ottawa Lt., H. & P Co.. Ltd. 1st & Coll Tr. 8s of 1940, under which bonds are reserved to retire this issue. Eamingrs— See Ottawa Lt.. H. & P. Co., Original Market — Offered Feb., 1912, by The Dominion Securities Corp., Ltd., and the Royal Securities Corp.. Ltd., both of Montreal. Market. Toronto — Dominion Securities Corp., Ltd., National Bond Co., Inc. Montreal — Hew R. TVood Co. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Pid. Ask. Bid. High 98 '14 101 '13 Not Low. 97^/^ '16 Available. OTTAWA GAS COMPANY 20-YeaT Ref. 6s. Due March 1, 1939. Dated March 1 , 1919. Interest payable March and Sept. 1, at Bank of Nova Scotia, 1005 Montreal, Ottawa and Toronto; at Bank of Nova Scotia Agency in New York; in New York gold coin; or at the London Joint City and Midland Bank. London, at $4.86 2/3 to- the £1 sterling in English gold coin. Tax Status — Payment of Federal Incom» Tax not assumed by company. Authorized $1,000,000 Outstanding ; . 850.000 ♦Reserved for Prior Lien 150,000 •Additional bonds issued under this mort- gage are to be pledged under Ottawa Lt.». H. & P. Co., Ltd. 1st & Coll. Tr. 8s. Denominations — Coupon $500 and $1,000.. Trustee — Montreal Trust Co., Montreal, Redeemable as a whole or in part at 103 and interest on any Interest date on sixty days' notice. Sinking Fund — ^Annually beginning Marcb. 1. 1922, $20,000, and a further 2% on all interest subsequently issued; also a sum equati to interest on all bonds purchased by the sink- ing fund. Sinking fund may be applied' to- purchase bonds at or under 103 and interest, or to call them. Guaranteed — Unconditionally principal arid' interest by the Ottawa Light, Heat & Power Co., Ltd. Oreanization and Control — Operates under charter granted 1854 by City of Bytown (now Ottawa) and furnishes gas in Ottawa andt Hull. Controlled through stock ownership by the Ottawa Light, Heat & Power Co., Ltd. Capitalization. Outstanding. Common $2,000,000' Funded debt l.OOO.OOO' Secured — Subject to prior lien noted below., a direct mortgage and charge on all prop- erty of the company. Prior tien — $150,000 Cons. 5s, due 1934, to retire which bonds of this issue are reserved. Underlies — Ottawa Lt., H. & P. Co., Ltd. 1st & Coll. Tr. 8s of 1940, under which bonda are reserved to retire this issue. ■ ISanangs — See Ottawa Lt., H. & P. Co.^ Ltd. 1st & Coll. Tr. 8s. Original Market — Offered March, 1919, by Royal Securities Corporation, Ltd., Montreal^ at 101 and interest. Market. New York^Jenks, Gwynne & Co. Montreal — Hew R. "Wood Co.. H. B. Robin- son & Co., National Bond Co., Royal Securi- ties Corp. Price Range Jan. 1, *19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '19 101 '19 80 Nov. 100 Mar.. Low. 75 '20 80 '20 75 June 80 Juno OTTAWA r.IGHT, HEAT & POWER CO., LTD., 1st & CoU. Tr. S. F. 8s, Series- *'A." Due Oct. 1, 1940. Dated Oct. 1, 1920. Principal and interest (April 1 and Oct. 1) payable in gold in New^ York or Montreal. Tax Status — The company agrees to pay interest on these bonds without deduction for any present or future Canadian taxes, or any present or future United States Federal Income Taxes up to 2%, which It may law- fully pay or deduct therefrom at the source-. Authorized $6,000,000 Outstanding: 1,200,00ft Reserved to Retire Underlying: Bonds l,625.00a- Reserved for Ext 3,175,ft00 ■ Issuance Restrictions — The bonds reservedl for extensions may be issued, in any desigr-- nated series and bearing such rate of in-- terest not to exceed 8% as may be deter- mined by the Board of Directors only to- the extent of 75% of the fair value, or ac- tual casli cost, which ever is less of addi-- tional physical properties of a permanent- nature, exclusive of the '"Bronson" planfc. acquired by the company after Oct. 1, 1920, and subjected to the first lien of these t bonds, and for to an amount equal to 80% of the face value of additional. The Ottawa Gas Co. Ref. 6s of 1939 and The Ottawa Electric Co. Ref. 6s of 1940, which may be deposited as security for these bonds, pro- vided The Otawa Gas Co. or The Ottawa Co., as the case may be, shall have acquired additional physical property or made per- manent extensions or additions ag-greg-ating-, at the fair value or actual cash cost, which ever is less, at least 125% of the face value of the bonds so deposited, but in any case only when the combined net earnings of the subsidiary companies for twelve con- secutive months out of the preceding- four- teen months shall have been not less than twice the annual interest charges, including such bonds of subsidiary companies out- standing in the hands of the public and those bonds proposed to be issued. Piui>oses of Issue — The proceeds of $1,- 2;0®,000. bonds will be used to retire $500,000. The Ottawa Electric Co. 1st 5s due, Dec. 1. 192.0, and in payment for the "Bronson" tydro-electric plant of 4,000 11. p. capacity, and for other corporate purposes. DexLominations — Coupon, $1,000 and $500; resisterable as to principal or fully regis- terable. j Trustee — Montreal Trust Co., Montreal. Redeemable as a whole (or in part for sinking fund) on 60 days' notice, on any interest -date on or after Oct. 1, 1921, to and including April 1, 1923, at 107; there- ajfber to and including April 1, 1926, at 105; thereafter to and including" April 1, 1929, at ,102%; thereafter to and including April 1, 1535, at 101; and thereafter at 100. ^inlcmg: JTund — Annually, beginning Oct. 1, 1924, a sum equal to %% of the largest aggregate principal amount of bonds at any time outstanding, including bonds previously 'retired by sinking fund plus an amount «qual to the interest which would have been payable on all bonds previously retired by the sinking fund. This fund is to be applied to he purchase or redemption of these bonds at not over the current call price. Ovgranization — Incorporatecl in Ontario m 1906. Owns the entire capital stocks, except directors' shares, of The Ottawa Electric Co. and The Ottawa Gas Co. Capitalization. Outstanding. Common $3,500,000 Funded debt *2, 825, 000 *Includes subsidiaries. Secured by a first mortgage on the lease- hold premises and the hydro-electric plant of 4,000 h. p. located thereon and known as the "Bronson Plant;" additionally se- •cured by pledge $875,000 (entire issue) The Ottawa Electric Co. Gen. & Ref. 6s, due Oct. 1, 1940, $500,000 Ottawa Electric Co. "Ref. 5s of 1933, and the entire outstanding capital stocks (except qualifying shares) of The Ottawa Electric Co. ($3,000,000) and The Ottawa Gas Co. ($2,000,000). The company covenants that so long as any of the.se bonds are outstanding it will ■not permit The Ottawa Electric Co. and or The Otta-^a Gas Co. to issue any addi- tional capital stock without providing for its deposit as additional security for this issue to create any lien or charge on any of their property or assets, to issue any bonds debentures, notes or other securities other 'than bank loans to provide for cur- rent operating expenses, without providing for the deposit hereunder of such securities. The Ottawa Electric Co. supplies electric light and power in Ottawa, Hull and vicinity and owns three hydro-electric plants of 11 200 h. p. and a steam plant of 7,300 h. p.; also purchases under a 10-year contract a minimum of 3.000 h. P- The Ottawa Gas Co. does the entire gas lousiness in Ottawa and vicinity. Franchises are unlimited as to time. The companies operate without competition ex- cept for a municipality owned electric dis- tributing system. Prior, Liens — Outstanding:. The Ottawa Electric Co. Ref. 5s of 1933 *$625,000 The Ottawa Gas Co. Ref. 6s of 1939 , 850,000 The Ottawa Gas Co. Cons. 53 of 1934 150,000 $1,625,000 *$500,000 additional pledged hereunder. Bonds are reserved under this mortgagee to retire the above issues. All of the above issues are closed except The Ottawa Gas Co. Ref. 6s, and under the provisions of this Indenture additional bonds issued must be pledged hereunder. Year ended Auff. 31 (combined): Gross. Net. Interest. 1920 $1,363,544 $402,792 $185,750 Original Market— $1,200,000 offered Oct., 1920, b V Harris Trust & Savings Bank, Chicago; Harris, Forbes & Co.. New York, and Harris, Forbes & Co., Inc., Boston, at 100 and interest. OTTUMWA (la.) RAILWAY & LIGHT CO. 1st & Kef. 5s. Dae Jan. 1, 1924. Dated January 1, 1906. Interest payable Jan, and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $1,500,000 Outstanding (Jan. 1. '21) 1,098,000 Retired by S. F 133,000. . Resei-^ed for Prior Liens 238,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Trust Co. of Illinois,- Chi- cago. Redeemable at 103 and interest upon four weeks' notice. Sinking Fund — 1% per annum of outstand- ing amount of bonds in aemi-annual install- ments to purchase or redeem bonds at 103 and interest. Bonds so redeemed are to be can- celled. This fund began operation July 1, 1909. Organization and Control — Incorporated in Delaware, 1905, as the successor to the Ot- tumwa Traction & Light Co. All the com- mon stock except q.ualifylng shares is owned by the Northern States Power Co. of Min- nesota. Capitalization. Outstanding. Common $650,000 Preferred (7% cum.) 501,500 Funded debt 1,336,000 Management — Byllesby Engineering & Management Corp., Chicago. Secured by a second mortgage on 13 miles of traction lines in the city of Ottumwa, also on the company's electric lighting and steam heating plants. Company has 86 miles of pole lines and about three miles of steam heating mains. Franchise expires July, 1926. Prior Liens — $238,000 Ottumwa Traction & Lt. Co. 5s of 1921. Years ended Deo. 31: Gross. Net. Interest. 1920 $583,886 $122,658 $107,981 1919 456,267 113,948 90,938 1918 ;. 402,162 135,255 81,300 1917 365,407 142,989- 72,275 1916 360,601 166,574 68,021 1915 329,824 151,071 66,660 1914 324,929 145,802 66,919 Original Market — $450,000 offered in May, 1906, by Breed & Harrison, Cincinnati, at 97 and interest. Offered by Bonbright & Co,, In 1915, on a 5%% basis. Market. FrpH"U^-^'''^~T:^; ^- l^yilesby & Co., Inc., ^^- • -^atch & Co., Lynch & McDermott. Clucagro — H. M. Byllesby & Co. _ ^ Price Range. Jan. 1, '15, to Jan. 1, '4l 1920 Bid. Ask. Bid. Ask. r^^^ r^A.'i'* ^^ '^^ 84 Oct. 89 Jan. J-.OW. ', 0'20 80 '20 70 Dec. 80 May OVAL WOOD DISH COKP. Conv. 8s. Due each June 1 as follows: $50,000 in 1931 and 1922, and $100,000, 1923 to 1929, inclusive. Dated June 1, 1920. Interest payable Xt"^? 1 , and Dec. 1 at Corn Exchangre national Bank. Chicago, or Second Ward Savings Bank, Milwaukee. Tax Status — Payment of Federal Income Tax not assumed by the company. Autlioilzed $1,000,000 Outstauuing: 800,000 Pi-ovisions ol Issue— Additional ?200,000 bonds authorized cannot be sold unless earn- mgs for previous year are three times in- terest charges including new bonds to be sold. Denominations — $1,000 and $500; register- able as to principal. Trustee — First Wisconsin Co., Milwaukee. Keaeemabie on 30 days' notice at a pre- mium of 1% for every year or fraction of a year between call date and date of ma- turity. Conve-i*tible at any time before payment into common stock at the rate of one share of common stock for each $50 principal amount of bonds. Bonds if called may be converted into common ^tock on or before date of payment. Organization — Incorporated in Delaware m 1920. Owns the entire common stock and assets (except Northern Michigan timber lands) of the Oval Wood Dish Co., incor- porated in Ohio in 1884. The Delaware company's plant is located at Tupper Lake, N .Y. Buildings are reinforced concrete and of recent construction. Company manufac- tures wood dishes, clothes pins, and other wooden articles; hardwood building lumber and furniture supplies. Capitalization. Outstanding. Common (no par) 80,000 sh* Preferred (7%) $250,000 Funded debt 931,200 Security — A direct obligation of the com- pany but not secured by mortgage. No ad- ditional mortgage indebtedness may be created without equally securing these bonds, except purchase money obligations which may be incurred for additional property. Prior Lien — $131,200 The Oval Dish Co. 6s. Years ended Dec. 31: Net. 1920 $398,787 Original Market — $600,000 offered in Aug., 1920, by Second Ward Security Co., Chicago, Halsey, Stuart & Co., New York, Boston, Chicago, etc., at 100 and interest. Denomination — Coupon, $500. Kegisterable as to principal. Trustee — Pennsylvania Company for Insur ances on Lives and Granting Annuities, Phila- delphia. Redeemable at 101 and interest on 30 days* notice. Organization — Incorporated in Nevada in 1907. Owns and operates a chain of 34 stores on the Pacific Coast from San Diego, Cal., to Seattle, Wash. Also has two stores in Chicago, one in Milwaukee and one In St. Paul. Also has a manufacturing plant in New York, and a supply house in Chicago. Capitalization. Outstanding. Common $4,000,000 Preferred (8% cum.) 2,296,200 Funded debt 640,000 Security — A direct obligation of the com- pany, but not a mortgage. The company is required to maintain quick assets, equal to 150% of all liabilities during the life of these notes. No mortgage or lien prior to these notes can be created. The company must file each six months with the trustee a report of its earnings and financial position, and each twelve months a detailed audit of its books by certified accountants selected by the Trustee. Pire insurance to the full amount of these notes assigned to the Trustee. Year ended Dec. 31: Gross. Net. Int., etc. 1920 $10,013,102 $621,597 $116,643 Original Market — $800,000 offered April. 1917, by McDonnell & Co., and Knauth-Nachod & Kuhne, New York, and McLaughlin, Young & Bowlan, Pittsburgh, at 101 to 99^ and In- terest according to maturities. Market. San Francisco — Stephens & Co. Price Range. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. High Low. 94 '18 89 '18 101 '19 91 '20 Bid. 971^ Dec. 901^ Sept. Ask. 9 814 Dec. 91 Nov. OWL DRUG CO. (THE) 6% Notes. Due each March 1 and Sept. 1, as follows: $40,000 March 1, 1919, to Sept. 1. 1920, inclusive; $50,000 March 1, 1931, to Sept. 1, 1923, inclusive; $80,000 March 1 and 1933; $85,- 000 Sept. 1, 1933: $90,000 March 1, Sept. 1, 1934, and $95,000 March 1, 1925. Dated March 1, 1917. Interest payable March 1 and September 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $800,000 Outstanding (Jan. 1, '21) 447,000 Retired by S. F JJJ'222 In Xreftsmr 193,000 OXFORD PAPER CO. let S. F. 69. Due July 1, 1930. ' Dated July 1, 1915. Interest payable Jan- uary 1 and July 1, in Portland, Me., or at Lee, Higginson & Co., Boston, New York or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,400,000 Outstanding (Jan. 1, '21) 1,252,000 Betii'ed by S. F 1,148,000 Denomination — Coupon, $ 6 and $1,000, Registerable as to principal only. Registered, $10,000 and multiples. Trustee — Union Safe Deposit &. Trust Co.. Portland, Me. Redeemable on any July 1, at 105 and in-. terest. Sinking Fund — Not less than $100,000 per annum, beginning not later than May 25^ 1916, to be applied to the purchase of bonds at not exceeding 105 and interest. If not so purchasable bonds shall be called. All bonds so acquired to be cancelled. If the company shall pay dividends In excess of 8% on its common stock now outstanding, or sold for cash at not less than par, it must add to this sinking fund an amount equal to such excess over 8%. Organization — Incorporated in Maine In 1899. Owns and operates plants at Rumford, Me., manufacturing book paper, soda pulp and electrolytic bleach. In 1916i purchased jointly with the Bryant Paper Co., of Kalamazoo, Mich., the Nashwaak Pulp & Paper Co., of St. John, New Brunswick. Capitalization. Outstanding. Common $8,740,000 Preferred i'^% cum.) BOO.fflTO Funded debt 2,116,G(;o Secured by a first mortsage on the plants of the company, located at Rumford, Me, These include a paper plant with a capacity of 250 tons per 24-hour day, a sulphite pulp plant, capacity 106 tons per day, a soda pulp plant, capacity 135 tons per day, and an electrolytic bleach plant, capacity 26 tons per day. Further secured on long: term power con- tracts with the Rumford Falls Power Co., for hydro-electric power at reasonable rates, and also on perpetual rights to take a certain amount of water from the Androscoggin River, at its mills. The company owns a 21-year right to cut spruce from a 55,000 acre tract near Quebec, Canada. The plants are insured against fire for $3,533,700. Underlies — 6% "Serial Notes due to 1926. Original Market — Offered in July, 1915, by Lee, Higginson & Co., Boston, New York and Chicago, and Maynard S. Bird & Co., Port- land, Me., at 99% and interest. Market. New York — Watson, Armstrong & Co. Price Range. Jan. 1, *16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 100 '16 104 '16 98 Apr. 100 Apr. Low. 96 '19 100 *19 97 Sept. OXPORB PAPER CO. Serial 6% Notes. Due $75,000 each I>ecember 1, from 1917 to 1935, inclusive, and $300,000 December 1, 1936. Dated December 1 , 1916. Interest payable June and December 1st at Portland National Bank. Portland, Me. Tax Status — 2 % Federal Income Tax paid by company without deduction. Anthorized $875,000 Outstanding (Jan. 1, '21) 564,000 Balance Retii'cd. Denomination — Coupon, $1,000. Redeemable at 102% and interest December 1, 1917, on any interest date thereafter on 30. days' notice. Organization — See 1st S. F. 6s. Security — A direct obligation of the company but not secured by mortgage. These notes were issued to reimburse company for pur- chase of Nashwaak Pulp & Paper Co. For de- tails on property see 1st 6s. Original Market — Offered November, 1916, by Lee, Higginson & Co., New York, etc., and Maynard S. Bird & Co., Portland, Me., at prices yielding from 5% to 5.80% according to maturities. * Market. Boston — Lee, Higginson & Co.. H. I. Nich- olas & Co. Price Rang:e 1930 — Bid, 96; Ask, 99i^. OXFORD PAPER CO. 5-Year 6% S. F. Notes. Due Nov. 1, 1923. Dated Nov. 1, 1918. Interest payable May 1 and Nov. 1, at Lee, Higginson & Co., Bos- ton or New York. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Authorized $500,000 Outstanding: (Jan. 1, '21) 300,000 Retired by S. F '. 200,000 Denomination — Coui-un, $1,000 and $500. Trustee — Lee, Higginson & Co., Boston. Redeemable as a whole or in part, on any Interest date, upon 30 days' notice, at 102 dur- ing 1919; 101 during 1920, 1921 and 1922; and 100^ on May 1, 1923. Sinking Fund — Annually, beginning on or before Nov. 1, 1919, amounts sufficent to re- tire at least $100,000 of these notes each year. Organization — See 1st S. F. 6s. Security — A direct obligation of the com- pany, but not secured by a mortgage. While any of these notes are outstanding the com- pany will not further mortgage any of its plants or permanent property (except so far as after-acauired property may become sub- ject to the company's existing first mortgage, and excepting "purchase money" obligations), without equally securing these notes. Original Market — $500,000 offered Dec, 1918. by Maynard S. Bird & Co., Portland, Me., at 98 and interest. OZARK POWER & WATER CO. 40-Year Ist S. F. 5s. Due Mar. 1, 1953. Dated Mar. 1, 1912. Interest payable Mar. 1 and Sept. 1, at office or agency of the com- pany, New York. Tax Status — 2 % Federal Income Tax paid by the company without deduction. Authorized $6,000,000 Outstanding 2,000,000 Pledged as Part Security for Cities Fuel & Power Co. 3- Year 6% Notes $1,500,000 Reserved for Ext 2,500,000 Provisions of Issue — ^Additional bonds issu- able for 85% of money expended in the acquisi- tion of additional property or for improvements, etc., provided, however, that the Trustee shall not deliver bonds when the total amount of bonds outstanding including those to be re- quested, shall be in excess of the authorized capital stock of the company. Denominations — Coupon, $1,000, $500. $250 and $100; registerable as to principal. Trustees — Empire Trust Co., New York, and Mississippi Valley Trust Co., St. Louis. Redeemable as a whole, or in part by lot, upon four weeks' notice on any interest date at 105 and interest. Bonds when purchased by^ company may be kept alive and draw interest. Sinking- Fund — Sum equal to 1% of out- standing bonds must be set aside yearly, be- ginning March 1, 1922, for purchase of bonds at not more than 105, or call at that figure. In lieu of cash payments, bonds secured hereby, with unmatured coupons attached, will be equivalent to a cash payment of 105 and accrued interest; or commencing Mar. 1, 1921. sinking fund may be satisfied by in- vesting in property or construction a sum per annum equal to 2% of all bonds outstanding, or part in cash and part in property in above named proportion. Bonds kept alive in sink- ing fund. Organization— Incorporated in Missouri in 1911. The Electric Bond & Deposit Co. , a subsidiary of the Cities Service Co. , owns $491,000 of the $2,000,000 First Mtge. bonds. $500,000 Pref. stock and $262,000 Common stock. Capit,ali/.at)on. Outstanding. Common $1,500,000 Pref. (6% eum.) 500.000 Funded debt ^ 3.500.000 Management — Doherty Organization, New York. Secured by a first mortgage on all the prop- erty of the company now owned or hereafter acquired. Company owns and operates a hydro-electric station on the White River near Forsyth, Mo., with five 2250 k. w. 3 ph. 2300 volt 25 cycle generating units each -direct con- nected to a part of 54-inch S. Morgan Smitfc wheels. The transmission system consists o* 50.25 niiles of 66,000 volt transmission line, extending from the hydro electric plant into the City of Springfield, Mo., and 94.75 miles of 66,000 volt transmission line, extending ♦°?i Sprlngfleia to Joplln, Mo., and 16.5 milea The company has a contract with The Bm- or 11,000 volt tranamlosion Hne. pire District Electric Co. whereby the latter Supplies without competition ligrht and power takes all surplus current grenerated and more- t^^u^^^ fierce City and Granby; wholesales over. In event of Interruption of service, sup- to the following:: Ozark Water Power & Light plies Ozark consumers from its Joplin sub-sta- co. supplying Ozark; Springfield Gas & Elec- tion. CoSnty Ligh1:"''w»'t!J? *®?''',?1f'^= Lawrence Franchise in Branson expires Dec. 16, 1987, pfytarAu?oJk,^^lViotSrand° v!?oSa°; mSl ^""^ '" ^^^""^ ^-^" "■ "'^- niolpality of Monett; and to Neosho throueh Market. The Empire District Electric Co. New York — Henry L. Doherty Co. 1009 PACIFIC & EASTERN RAILWAY CO. 1st 6s. Due June 1. 1937. Dated June 1, 1909. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 47,500 Held in S. E 109.400 Fledgred under S. P. & S. Ry. 1st Mtgre 143,100 Reserved for Ext 700,000 Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 105 and interest on any in- terest date after June 1, 1917. Sinking Fund — $20,000 per annum to be ap- plied to the purchase of bonds at not exceed- ing: 105 and interest. Receivership — Wm. F. Turner, president of the Spokane, Portland & Seattle Ry. Co., was appointed receiver in 1919 on application of Columbia Trust Co., trustee. Organization and Control — Incorporated in Oregon in 1907. Controlled by the Spokane, Portland & Seattle Ry. Co. by ownership of $500,000 (entire) capital stock. The Spokane, Portland & Seattle Ry. Co. is controlled jointly by the Great Northern Ry. Co. and the North- ern Pacific Ry. Co. Capitalization Outstanding Common $500,000 Funded debt -. 300,000 Secured by a first mortgage on 33 miles of road from Medford, Ore., to Butte Falls, Ore. The road connects with the Southern Pacific Co.'s line at Medford. It is proposed to ex- tend the line to Bend, Ore., where connection will be made with the S. P. & S. Ry. Co. for Spokane and points east thereof. Market. New York — Hartshorne & Battelle. secured by deposit of all the stocks and bonds of subsidiary companies including those men- tioned under "Org-anization." Underlies — $265,000 6% notes due annually to 1925. Original Market — -Underwritten In 1897 by Manhattan Trust Co., New York, and Old Colony Trust Co., Boston. Listed on the New York Stock Exchange. Years ended June 30: Gross Net Interest 1920 $5,494,884 $654,040 $265,000 al919 5,312,938 794,483 257,500 bl918 5,815,400 1,181,543 267,500 cl917 5,858,494 996,413 274,808 C1919 7,212,557 1,063,393 285,625 a Includes Pacific Coast S. S. Co. opera- tions, b Includes P. C. S. S, operations for 4 months only, c Excludes all steamship op- erations other than expenses incident to clos- ing up P. C. S. S. Co. Market. New York — Ambrose R. Clark & Co., Sam- uel Goldschmidt, E. D. Levinson & Co., Watson, Armstrong" & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 11414 Mar. 12, '06 75 Oct. 15 Low. 65 June 26, '20 65 June 26 PACIFIC COAST CO. (THE) 1st 5s. Due June 1. 1946. Dated December 1, 1897. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .. .$5,000,000 Denomination — Coupon, $1,000. Register- able as to principal. \ Trustee — Bankers' Trust Co., New York. Organization — Incorporated in New Jersey in 1897- as successor to the Oregon Improve- ment Co., whose property was sold under fore- closure. Owns all the securities of the fol- lowing companies: Pacific Coast R. R., own- ing 54 miles of road including line from Seattle to Franklin, Wash., and branches; The Pacific Coast Ry., owning 103 miles of narrow gauge road, including line from" Port San Luis to Los Olivos, Cal., and branches; The Pacific Coast Coal Co., owning coal mines comprising 10,000 acres in King- and Pierce Counties, Wash.; Pacific Coast Engi- neering- Company operating a general repair shop at Seattle; Pacific Coast Steamship Company (non-operating) one-half stock of the Ketchikan Wharf Company. Capitalization Outstanding Common $7,000,000 1st Pref. (5% non-cum.) 1,525,000 2d Pref. (4% non-cum.) 4,000.000 Funded debt 5,000,000 Secured by a direct first mortgage on coal handling plants at Seattle, Tacoma, San Fran- cisco, Portland, Ore., and Juneau and Nome, Alaska; on over 8,000 acres of coal land In Washington, mines, equipment, etc. Further 1010 PACIFIC COAST POWER CO. 1st 5&. Due March 1. 1940. Dated March 1, 1910. Interest payable Mar. and Sept. 1, at Harris Trust & Savings Bank, Chicago, Harris, Forbes & Co., New York, and Boston. Tax Status — 2 % Federal Income Tax paid by company without, deduction. Authorized Closed mortgage Outstanding $3,990,000 Denomination — Coupon, $1,000. Register- able as to principa,l or fully registerable. Trustee — Harris Trust & Savings Bank, Chi- cago. Redeemable at 105 and interest on March 1, 1915, or on any interest date thereafter. Assumed by the Puget Sound Traction Light & Power Co., now Puget Sound Power & Light Co. Control — ^Absorbed in 1912 by the Puget Sound Traction Light & Power Co. In March, .1920, the name of the latter company waa changed to Puget Sound Power & Light Co, Management — Stone & Webster. Secured by a first mortgage on hydro- electric plants and water rig-hts capable of an ultimate development of over 80,000 h. p., located within 20 miles of Seattle, Wash., and further secured by deposit of 64% ($4,125,400) common stock of the Seattle Electric Co. and 72% ($1,637,400) common stock of the Seattle-Tacoma Power Co. The properties of these companies were acquired by the Puget Sound Traction, Light & Power Co. (now Puget Sound Power .^ Ll&ht Co.). Note — The traction properties of the Puget Sound Traction, Light & Power Co., located in Seattle, were sold to the ci^y In 1919. This transaction involved property of the Seattle Electric Co. Underlies — Puget Sound Power & Light Co. Gen. & Ref. Mtge. under which bonds are reserved to retire this issue. EaiTunffs — See Puget Sound Power & Light Co. Gen. & Ref. Mtge. Original Market — $2,000,000, offered 1910, at 97 and interest, by Harris, Forbes & Co., New York and Boston, and Harris Trust & Savings Bank, Chicago. Offered in 1911 by B. B. Smith & Co., Philadelphia. Market. New York — Fred H. Hatch & Co. Boston — L. Sherman Adams, Stone & Webster. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '12 101 '16 77 Dec. 85 Jan. £.ow. 65 '20 74^ '20 65 July 74% Sept. PACIFIC COAST STEEL CO. 1st S. E. 6s. Due Aug. 1, 1931. Dated Aug. 1, 1911. Interest payable Feb. 1 and Ane. 1, at Anglo-California Trust Co., San Francisco. Tax Status — Payment of Federal Income Tax not assumed by company. Authori/.ed $1,200,000 Outstanding 850,000 Unissued 350.000 I>eDomination — Coupon, $1,000. Register- able as to principal. Trustee — Anglo-California Trust Co., San Francisco. Redeemable at 105 and interest on any In terest date. Sinking Eund — $60,000 annually beginning Aug. 1, 1921. Orgranization — Incorporated ' 1909 in Cali- fornia as a consolidation. Capitalization Outstanding Common $434,600 Preferred 434,600 Funded debt 850,000 Secured by a first mortgage on all the prop- erty of the company, including open hearth steel plants in San Francisco. Cal., and Se- attle, "Wash., and rolling mills in Portland. Oregon, producing bar steel, reinforced bars, angles, channels, etc. Capacity 225,000 tons per annum. Original Market — Offered Jan., 1916, by Bankers' Bond & Mortgage Co., Los Angeles, at par and iriterest. Price Range. Jan. 1, '17, to Jan. 1, '21 1930 Bid. Ask. High 95 '17 100 '17 Not Low. 85 '19 available Market. New York — Sutro Bros. & Co. I,os Angrels — Bayly Bros., Citizens Na- tional Bank. San E^-a;ncisco — Sutro & Co. Price Range. Jan. 1, ao, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 107% '10 109% '09 73 Nov. 75 Jan. Low. 66% '18 67% '18 67 Apr. 70 Mar. PACIFIC ELECTRIC RAILWAY CO. 1st 5s. Due Jan. 1, 1942. Dated March 12, 1902. Interest payable Jan. and July 1, at Union Trust Co., San Francisco, Cal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstanding 8,344,000 Ketired by S. E 150,000 Denomination — Coupon, $1,000. Trustee — Union Trust Co., San Francisco. Cal. Sinking Eund — $5,000 annually from Jan. I, 1907, to 1912: $10,000 to 1917; $15,000 to 1922; $20,000 to 1927; $25,000 to 1932; $30,000 to 1937, and $35,000 thereafter. Sinking Fund to be used to purchase bonds of this issue if obtainable at not exceeding par, otherwise to be invested in other securities. Control — Absorbed by the (new) Pacific Elec- tric Ry. Co. The entire capital stock of the latter company is owned by the Southern Pa- cific Co. Secured by a mortgage on about 125 miles of street and interurban railway track in and around Los Angeles, Cal., on most of which these bonds are a first mortgage. ■ Prior Liens — About $1,500,000 6s. Underlies — Pac. Elec. Ry. 1st Ref. 5s of 1961, which mortgage provides for the retire- ment of these bonds. Earnings— See P. E. R. Co. Ref. 6s. Listed on the San Francisco Stock and Bond Exchange. PACIFIC ELECTRIC RAILWAY CO. Ref. Ss. Due Sept. 1, 1961. Dated Sept. 1, 1911. Interest payable Mar. and Sept. 1, at company's office in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $100,000,000 Outstanding: 31,950,000 Reserved for Ref. and Ext 68,050,000 Note — $23,627,000 of outstanding bonds are owned by the Southern Pacific Co. Denomination — Coupon, $1,000. Register- able as to principal only. Trustee — United States Mortgage & Trust Co., New York. Organization and Control— Incorporated in California in 1911 as a consolidation of a number of traction properties in and around Los Apgeles, Cal. Controlled through ownership of entire capi- tal stock by the Southern Pacific Co. Capitalization Outstanding Common $34,000,000 Funded debt 57.845,400 Secured by a mortgage on 617.09 miles of road, comprising 1,093 miles of electric rail- way track radiating from Los Angeles, Cal. Of this mileage 284 are double main track; 725 miles of track are on private right of way and 247 miles on public highways. The com- pany largely purchases power. Prior Liens — $25,895,400 bonds of constitu- ent companies for the retirement of all of which bonds are reserved under this mortgage. Years ended Dec. 31: Gross Net Int., etc. 1919. . . $11,278,016 $1,032,596 $3,800,322 1918. . . 10,331.916 1,843,163 3,591.363 1917. . . 9,267,130 2,566,042 2,441,159 Later earnings not available. Listed on Los Angeles Stock Exchange. Market, New York — McDonnell & Co., John Nick- erson, Jr. Los Angreles — Citizens National Bank, Frank & Lewis, Cahn, McCabe & Co. Price Range. Jan. 1, '19, to Jan. 1, '21 1920 Ask. Ask. High 71 '19 66 Jan. Low 55 '20 55 Dec. PACIEIC ERIHT EXPRESS CO. Equip. Tr. 78. Due $2,272,000 each June 1. from 1925 to 1934 and $2,280,000, 1935. Dated June 1, 1920. Interest payable June 1 and Dec. 1, in New York and Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $25,000,000 Outstanding 25,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed principal and interest jointly and severally by endorsement by the. Union Pacific Railroad Co. and the Southern Pacific Co. Organization and Control — Incorporated In 1907 to provide refrigerator cars for the Union Pacific Railroad Co. and the Southern Pacific Co. , each of which companies own one-half of the outstanding capital stock. Secured by an equipment trust agreement on the following standard equipment used for transporting- fruits and vegetables for the Union Pacific Railroad Co. and Southern Pa- cific Co.: 15,421 refriger&.tlng cars now in use valued at $30,000,000, and 4,000 new refrig- erator cars which will cost $15,826,000. To- tal cost of equipment covered $45,826,000. Original Market — $25,000,000 offered May. 1920, by Kuhn, Loeb & Co., the National City Co., William A. Read & Co., Guaranty Trust Co. of N. T., Kidder, Peabody & Co., all of New York and the Union Trust Co. of Pitts- burgh at prices ranging from 100 to 101 and interest according to maturities. Market. New York — Evans, Stillman & Co., Free- man & Co. Boston — Curtis & Sang-er. Fliiladelphia — Bioren & Co., Brown Bros. & Co., Elkins, Morris & Co., Graham, Par- sons & Co., McCown & Co., MacMeekin & Williamson, Reed A. Morgan & Co., Marley, Wood & Co., Parsly Bros. & Co., Isaac Starr, Jr., & Co. l/ouisville — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Price Rangre 1920. Bid- — % Basis — Ask. High 6.15% Dec. 6.40% Dec. L.OW 7.25% May 6.90% June PACIFIC GAS & ELECTRIC CO. (San Fran- cisco) Gem. & Ref. 58. Due Jan. 1, 1942. Dated December 1, 1911. Interest payable Jan. and July 1, at company's offices, New York or San Francisco. Tax Status — 2 % Federal Income Tax paid by company without deduction. . Tax exempt in California. Authorized $150,000,000 Outstanding: (Jan. 1, '21) 36,542,000 Retired by S. F 815,000 Pleds:ed to Secure 7% Notes. 16,000,000 ♦Reserved for Prior Liens... 49,216,600 ♦Reserved for Ext 46,426,400 •Additional bonds issued under this mort- g'ag:e shall be pledged under the 1st & Ref. Mtge. Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000, $10,- 000 and multiples, C. & R. interchangeable.. Trustees — Bankers' Trust Co. , New York, and O. EUinghouse, San Francisco. Redeemable at 105 and interest in blocks of not less than $500,000 prior to Jan. 1, 1937. and thereafter as a whole at par and interest, on any interest date. Sinking Fund — Semi-annual payments from April 1, 1912, of 1% of all the outstanding bonds of the company, including underlying bonds and bonds held alive in sinking funds, to be applied to the purchase of bonds of this or underlying issues at not exceeding the price at which such bonds are redeemable. Bonds of this issue so acquired are to be cancelled and other bonds acquired are to be held alive. It is estimated that this fund will retire a total, of $38,000,000 bonds at maturity. Organization — Incorporated in California in 1905 and has acquired a large number of gas, electric and water power properties in Central California. Capitalization Outstanding Common $65,700,925 l^t Preferred (6% cum.) 32,376,830 2nd Preferred (6% cum.) 56,800 Funded debt 95,758,600 Secured by a mortgage on the entire property of the coTnpany, comprising 24 hydro-elec- tric arid steam plants, with a combineil capacity of 335,020 h. p., of which 214,377 101 is hydro-electric, 2,227 mfles of transmis- sion lines with 6,147 miles of distribution lines, and 131 miles of underground con- ruits; 84 reservoirs w^ith a storage capacity of 7,002,991,837 cubic feet; 20 gas plants with 3,006 miles of mains; steam heating plants; water distribution systems and pumping stations and 44.14 miles of street railway track in Sacramento. The various plants of the company supply 199 cities and towns with electric light and power; 56 with gas; 21 with water for domestic pur- poses. The company's operations extend into 33 counties, comprising an area of 47,000 square miles, and containing a populati*Dn of 1,845,176. In addition to the operations men- tioned the company serves a large area with water for irrigation. The cities served in- clude San Francisco, Oakland, Sacramento, San Jose, Berkeley, Fresno and Stockton. Franchises are either unlimited as to time or extend with minor exceptions, beyond the ma- turity of these bonds. Prior Liens — About $56,395,000 bonds of constituent companies for the retirement of all of which provision is made in this mort- gage. Underlies — 1st & Ref. Mtge., under which bonds are reserved to retire this issue. Years ended Dec. 31: Bond Gross Net Interest 1920 $34,475,372 $11,935,234 $4,920,436 1919 25,938,372 10,333,560 4,285.S57 1918 22,595,517 10,075,388 4,117,066 1917 19,813.381 8,717,037 4,100,907 1916 18,615,497 8,316,502 3,844,934 1915 18,530,301 8,358,587 3,985,410 1914. : 16,912,688 7,306,582 >,191,40l Listed on the New York Stock Exchange and Unlisted Department Chicago Stock Exchange. Legal for savings bahks in Cal. Original Market — $ 20,000,000 underwritten by J. P. Morgan & Co., and offered in 1911 by N. W. Halsey & Co., and Harris, Forbes & Co., New York, at 92^ and interest; additional $5;000,000 offered in 1912, by N. W. Halsey & Co. at 91% and interest. Market. New York — Babcock, Ruahton & Co., Sam- uel Goldschm,idt, Hartshorne & Battelle, Earl A. Miller & Co., Rauscher & Mackay, Sutro Bros. & Co. Los Angreis — Blankenhorn-Hunter-Dulin Co., Citizens National Bank, Torrance, Mar- shall & Co. San Diego — Blyth, Witter & Co. San Franci.sco — Blyth, Witter & Co., Byone & Co., Sutro & Co. Boston — L. Sherman Adams. Cliicago — Halsey, Stuart & Co. Price Range — N. Y. S. E. Jan. 1, '16, to Jan. 1, '31 1920 High 93% Nov. 20, '16 83 Jan. 14 Low. 72% May 15, '20 72% May 15 PACIFIC GAS AND ELECTRIC CO. (of CaU- fornia) 5-Year 7% Coll. Tr. Conv. Notes. Due May 1, 1925. Dated May 1, 1920. Interest payable May 1 and Nov. 1 in Chicago, New York, or San Francisco. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in California. Authorized $10,000,000 Outstanding 10,000,000 Purpose of Issue — The proceeds of the notes will be invested in additional facilities for the production, transmission and distribution of hydro-electric energy, including developihent of Pitt River water powers and in other ex- tensions, which will result in great economies' by reducing the consumption of fuel oil. Denomination — Coupon, $1,000 and $500. Trustee— Bank of California, N. A.. San Francisco. Redeemable on any interest date at 101 and interest. Convertible at par and interest into (a) niTBt Pref. 6% Cum. stock at 95, at any time prior to April 1. 1925. or (b) into Common stock at 80 on or before May 1, 1932. and thereafter and prior to April 1, 1925, at 85. Organization — See Gen. & Ref. 5s. Secured by pledge of $16,000,000 Gen. & Ref. 5s, due Jan, 1, 1942. Earningrs — See Gen. &. Ref. 5s. Original Market — $10,000,000 offered April, 1920, by Blyth, Witter & Company. San Fran- cisco, Continental and Commercial Trust & Savings Bank, and Halsey, Stuart & Co., Chi- cago, at 97% and interest. Market. New York— Blyth, Witter & Co., John Nickerson, Jr., Sutro Bros. & Co. Los Angeles — Banks, Huntley & Co., Blan- kenhorn-Hunter Dulin Co., Citizens National Bank, J. J. Doran Co., Torrance, Marshall & Co. San Dlegro — Blyth, AVitter & Co. San Fi'ancisco — Ryone & Co., Sutro & Co. Boston — Moors & Cabot. Salt Lake City — Palmer Bond & Mortgage Co. Cliioafi-i>— Halsey, Stuart & Co. Price Rang^e 1920. Bid. High 97% Nov. Low 94 Nov. Ask. 98 Nov. 961^ Dec. PACIFIC GAS & ELECTRIC CO. (San Fi-ancisco) 20-Yeav 1st & Ref. 7s, Series "A." Due Dec. 1, 1940. Dated Dec. 1, 1920. Interest payable June 1 and Dec. 1, in New York or San Fran- cisco. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in California. Authorized — See "Issuance Restrictions.' Outstanding-, Series A $10,000,000 Issuance Restiictions — Additional bonds, not exceeding the authorized bonded indebt- edness of the company (as of Jan. 1, '21, this amount was $160,000,000), are issuable as the Board of Directors of the company may authorize, in series of the same or different date, maturity, interest rate, and redemption provisions as may be determined by said Directors at the time of the original issuance of bonds of each series, subject, however, with respect to all bonds issued thereunder to the restrictive provisions of the Mortgage Bonds of any series may be issued from time to time In the future in principal amounts equal to and. for (1) the acquisition or retirement of underlying bonds, (2) the redemption or retirement of bonds of another series under the new Mort- gage; and (3) 75% of actual and reason- able expenditures for permanent extensions, enlargements and additions to the plants and the properties provided that the con-' solidated net earnings for twelve consecu- tive calendar months, eanding not more than sixty days prior to the application for the issuance of bonds, shall have been not less than 1 % times the annual interest charges on all underlying bonds outstanding in the hands of the public and all First and Refunding Mortgage Bonds outstanding and for the issuance of which application is then made. Pur]>o.se of Issue — The proceeds of $10,- 000,000 Series "A" bonds applied principally to the initial development of the Pit River project amounting to more than 126.500 h p. installed capacity and to reimburse the company's treasury for construction ex- penditures heretofore made. Denominations — Coupon $500 and $1,000; registerable as to principal. Registered $1,000, $5,000 and $10,000. C. & R. inter- changeable. Trustees — Mercantile Trust Co., San Fran- cisco, and National City Bank, New York. Redeemable — Series A bonds on any in- terest date upon 60 days' notice at 110 and interest on or before Dec. 1, 1930, and at 105 and interest thereafter. Sinking Fimd — Semi-annually, beginning in 1921, an amount in cash equal in each case to % % of all underlying bonds out- standing in the hands of the public and First and Refunding Mortgage Bonds issued and outstanding after deduction of sinking fund payments made as required by under- lying mortgages. 'The moneys thus paid into the Sinking Fund of the First and Re- funding Mortgage may only be utilized in the acquisition or redemption and retire- ment of Bonds issued thereunder. General Resene Fund — Annually, begin- ning with the year 1921, the company will either expend or in lieu thereof deposit cash with one of the Trustees in the ag- gregate not less than 4% of the total amount of underlying bonds outstanding in the hands of the public and First and Re- funding Mortgage Bonds issued and out- standing at June 30 of each year. This amount may only be expended for mainten- ance, repairs, replacements and renewals, for the purchase of underlying bonds or First and Refunding Mortgage Bonds, or for ex- tensions, enlargements and additions or re- tained in the business as additional work- ing capital but on account of which in any case no bonds shall have been or may be issued. Organization — See Gen. & Ref. 5s. Secui'ed by a mortgage executed jointly by the Pacific Gas & Electric Co. and the Mt. Shasta Power Corp. and covers the properties of the latter company by a di- rect first mortgage and the properties of the Pacific aGs & Electric Co., now owned nr hereafte racquired, by a general mortggae. The properties of the Mt. Shasta Power Corp. includes a large part of the riparian lands and water rights on the Pitt River and its tributaries in Northern California. The construction of three new hydro-elec- tric plants on the upper tributaries of the Pitt River with a proposed installation of 126,500 h. p., is now in progress. Present plans contemplate the construction of a double-circuit steel tower transmission line located on private right of way for a dis- tance of 250 miles to the lead center of the company's electrical systein for distribution in the San Francisco Bay district. For de- tails of the properties of the Pacific Gas & Electric see Gen. & Ref. 5s. Prior Liens — Outstanding Gen. & Ref. 5s, 1941 *$36. 542,000 5-Year 7% Notes, 1925 10,000,000 Divisional Bonds (closed mort- gages) '**49,654,600 *Does not include $16,000,000 deposited as collateral for 5-year notes and $1,000,000 owned by company. Additional bonds issued under this mortgage must be pledged here- under. **$6,574,600 additional are held alive in sinking fund, and $165,800 are in company's treasury. Bonds are reserved under this mortgage to retire the above issues. Slai-nings — See Gen. & Ref. 5s. Original Market — $100,000 offered Dec, 1920, by The National City Co. and E. H. Rollins & Sons, at 99 and interest. Market. New York — Babcock, Rushton & Co., Blyth, Witter & Co., Kiely & Co., National City Co. TjOs Angeles — Banks, Huntley & Co., Blankenham-Hunter-Dulin Co., Citizens Na- tional Bank, J. J. Doran Co., Stevena, Page & Sterling. San Dieso — Blyth. Witter & Co. San Fi'ancisco — Blyth, Witter & Co., Ryone & Co. PACIFIC GAS & EI>ECTRIC CO. (Phoenix, Ariz.) Ist S. F. 6s, Due Jan. 1, 1931. Dated January 3, 1911. Interest payable Jan. and July 1, at Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,260,000 Outstanding (Feb. 15 ,'21) 1,122,400 Retii-ed by S. F 127,600 Denomination — Coupon, $1,000, $500 and $100. Reeisterable as to principal. Trustee — Central Union Trust Co., New Tork. Redeemable at 105 and interest Jan, 1, 1921, or on any interest date thereafter. Sinking^ Fund — 2% annually of outstanding bonds, from Dec. 1, 1914, to 1921, and 3% annually thereafter .for the purchase or re- demption of these bonds at not over 105 and interest. Bonds acauired to be cancelled. Assumed by the Central Arizona Lig-ht & Power Co. Orgranization and Control — Incorporated in Arizona in 1906 as successor to Phoenix Light & Fuel Co. On Nov. 1, 1920, the ■property of this company was -acquired by the Central Arizona Light & Power Co. ♦Capitalization Outstanding. Common $715,000 ■preferred (7% cum.) 500,000 Funded debt 1,192,000 ♦Central Arizona Light & Power Co. Secured by a first mortgage on plants sup- plying gas and electricity to Phoenix, Ariz. Franchise for gas expires in 1947, electricity In 1936, and for transmission lines are inde- terminate. UnderUes— $70,000 6% Debs. 1924. Years ended Dec. 31: Gross. Net. Interest. 1920 $1,017,721 $308,092 $84,882 1919 738,640 213,799 59,415 1918 571,166 193,709 58.240 1917 429,164 155,346 54,138 1916 396,201 133.195 54.012 1915 364.545 116.117 63.539 1914 357,739 124,423 48,546 Original Market — Offered in 1911. by E. H. Rollins & Sons, Boston and New Tork, at 101 and interest. $246,000 offered April. 1920, by E. H. Rollins & Sons and Bonbright & Co. at 91% and interest. Market. I>os Angreles — Blankenhorn-Hunter-Dulin Co. San Dicffo — Blyth, Witter & Co. San Francisco — Ryone & Co. Providence — Hornblower & Weeks. Price Range. Jan. 1, *16, to Jan. 1, *31 1920 Bid. Ask. Bid. Aflk. High 95 '16 100 '16 87 May 95 Jan. Low. 77 '20 80 '20 77 Dee. 80 Nov. PACIFIC LIGHT & POWER CO. 1st 5s. Due July 1, 1942. Dated September 1. 1902. Interest payable Jan. and July 1, at National Bank of Com- merce, New York, and at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Autlioiized $10,000,000 Outstanding- (Mar. 1, '21) 6,490,000 Retii-ed by S. F 3,281,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., San Francisco. Sinking Fond — Annually, from Jan. 1, 190,5, 2% of outstanding bonds up to Jan. 1, 1910; 1910 to 1942 inclusive, 2^^%, for the purchase of bonds at not more than 110 and interest, or otherwise to be invested in approved securi- ties. Guaranteed — $2,350,000 bonds are guaran- teed principal and interest by the Los Angeles Ry. Corporation by endorsement. Control — ^Absorbed in 1910 by the Pacific Light & Power Corp., whose properties were taken over by Southern California Edison Co. in May, 1917. Secured by a mortgage on all the property formerly belonging to the/ Pacific Light & Power Co., and embraces a steam generating plant at Redondo. Cal., of 53,600 h. p., to- gether with transmission lines to Los Angelea and distribution system in that city. Prior Liens — $229,000 San Gabriel Electric Co. 1st 6s for the retirement of which pro- vision is made in this mortgage. Underlies — Pac. Lt. & P. Corp. 1st and Ref. 5s of 1951. and Southern California Edison Co. Gen. 5s of 1939, Gen. & Bef. 6s of 1944 and Debenture 7s due serially to 1928. Bonds are reserved under the Gen. Mtgre. and the Gen. & Ref. Mtge. to retire this issue. learnings — See Southern California Edison Co. Original Market — Offered in 1902, by N. W. Halsey & Co., New Tork, San Francisco and Chicago. A block offered in Feb., 1916, by Parkinson & Burr, Boston and New York, at 99 and interest. Market. New York — Babcock, Rushton & Co., Hartshorne & Battelle, Earle A. Miller & Co., Rauscher & Mackay, Sutro Bros. & Co., Vanderhoef & Robinson. Los Angreles — Bl an kenbarn- Hunter- Dulin Co., Citizens National Bank, J. J. Doran Co., Stephens & Co., Torrance, Marshall & Co. San Diegro-^Blyth, Witter & Co. Boston — Moors & Cabot Providence — Hornblower & Weeks. Chicag-Q — Halsey, Stuart & Co. Price Range. Jan. 1, *08, to Jan. 1. '21 1920 Bid., Ask. Bid. Ask. High 99% '16 100 '08 89 Jan. i 91 Jan. Low. 79 '13 83 '13 81 July 83 July Guaranteed. High 102% '09 1033^ '09 87 Apr "^ '"" 84 '20 81 Aug. 84 Mar. Low. 81 '20 PACIFIC LIGHT & POWER CORPORATION 1st & Uef. S. F. 5s. Due Sept. 1, 1951. Dated November 20, 1911. Interest payable March and vSept. 1. at Trustee'. "5 office. New York, or Company's office, Los Angeles. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $35,000,000 Outstanding (Mar. 1, '21) 7,110,000 Deposited under Southern Cali- fornia Edison Co.'s Gen. Ss. . 5,000,000 Held in S. F 2,148,000 Denomination — Coupon, $1,000. Registerable as to principal. Registerable, $1,000. C. & R. interchangeable. Trustee — United States Mortgage & Trust Co., New York. Redeemable as a whole or in part for sink ing fund at 10 5 and interest on any interest date on 60 days* notice. Sinking Fund — 1 % annuallyj on Sept, 1, commencing 1914, of all bonds issued, includ- ing bonds reserved for refunding purposes, for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be kept alive and interest added to sinking fund. Control — Incorporated in California in 1910 as euccesaor to the Pacific Li&lit & Power Co. In May, 1917. the properties of this company were taken over by the Southern California Edison Co, Secured by a mortgage on all the property formerly belongrin^ to Pacific Li&ht & Power Corp. See 1st 5s of 1942. Franchises in cities and towns are perpetual. Transmis- sion lines are either on private right of way or under franchises extending to or beyond 1951. Prior Liens — $37,000 Mentone Power Co. 1st 5s; $229,000 Gabriel Electric Co. 1st 6s and $6,490,000 Pac. Lt. & Pow. Co. 1st 5s of 1942, for the retirement of which bonds ai'e reserved under this mortgage. Underlies — Southern California Edison Co. Gen. 5s of 1939, Gen. & Ref. 6s of 1944 and Debenture 7s due serially to 1928. Bonds are reserved under the Gen. Mtge. and Gen. Ref. Mtge. to retire this issue. iEarniDgs — See Southern California Edison Co. Original Market — $10,000,000 offered in Feb- ruary, 1912, at 92 and interest, by Wm. Salo- mon & Co., New Tork, Estabrook & Co., and Parkinson & Burr, Boston and New Tork. Market. New York — Babcock, Rushton & Co., Blyth, Witter & Co., Sam'l Goldschmidt, Fred H. Hatch & Co., Martin, Berwin & Co., Earle A. Miller & Co., .'Sutro Bros. & Co., Watson, Armstrong & Co liOS Ang-eles — Blankenhorn-Hunter-Dulln Co. , Citizens National Bank, J. J. Doran Co., Stephens & Co., Stevens, Page & Sterling, Sarrance, Marshall & Co. San Dieg:o — Blyth, Witter & Co. Boston — L. Sherman Adams, Moors & Cabot. Philadelphia — Bauer, Starr & Co. Price Ranee. Jan 1, '14, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 94 '18 96 '18 86 Jan. 90 Jan. Low. 74^ '20 79 '20 77% Oct. 79 May British Columbia in 1917. Manufacturing operations will begin May, 1917. Controlled by the Crown Willamette Paper Co. through stock ownership. Capitalization. Outstanding:, Common $7,500,00* Preferred (6%) 1,327. SCO Funded debt 5,700,000 Secured by a first mortgage on the following properties : Pulp and paper mills of modern reinforced concrete construction located at Ocean Falls on Cousins Inlet about 360 miles north of Vancouver, B. C, having average daily capacity of 230 tons of newsprint, Kraft paper, sulphite pulp, etc., 30-year leases from the government on over 4,- 000,000 feet of timber located conveniently for logging and fioating to the plant; water rights on the Link River, in the form of licenses from British Columbia for a period of 21 years from Dec. 31, 1914, and Aug. 18, 1915, at a rental of about eight cents per h. p. per year with renewal privilege for same period at same rate; 400 acres of land owned in fee on both sides of the Link River, on which are located mills, town buildings and houses for employees, and also saw mill with a daily capacity of 30 0,000 feet (the company's pres- ent plans do involve lumber operations). The company's plants are located on a landlocked inlet having sufficient depth to float vessela of any size. Underlies — $2,000,000 2d Mtge, Bonds. ' Original Market — Offered Feb.. 1917, by Con- tinental & Commercial Trust & Savings Bank, Chicago, at prices to yield from 5.20% to 6%, Market. Minneapolis — Minnesota Loan & Trust Co. Chicago — Continental & Commercial Trust & Savings Bank. PACIFIC MILLS, LTD., Ist 6s. Due each Feb. 1 as follows: $100,000, 1919 to 1032, inc.: $150,000, 1923 to 1930, inc., and $200,000, 1931 to 1937 inclusive, $500,000, 1938 to 1943, inc. Dated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1, at Continental & Commercial Trust & Savings Bank, Chicago, or Anglo- California Trust Co., San Francisco. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $6,000,000 Outstanding' (Mar. 1, '21) 3,700,00(> Matured and Paid 300.000 ♦Reserved for Additions, etc... 2.000,000 •Issuable for 75% of cost, but not prior to Feb. 1, 1922, except by consent of registrar. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Registrar — Continental & Commercial Trust & Savings Bank, Chicago. Trustee — The Yorkshire & Canadian Trust, Ltd., "Vancouver, B. C. Redeemable on any interest date on four weeks' notice as follows; 103 and interest for first ten years; 102 Vz and interest for next succeeding five years; 102 and interest for next five years and 101 and interest thereafter. Sinking Fund — $2.00 per thousand feet to be used only for the payment of the principal of these bonds. Guaranteed principal and interest by the Crown Willamette Paper Co.. San Francisco, by endorsement. Organization and Control — Incorporated in 1015 PACIFIC POWER & LIGHT CO. 1st & Ref. 58. Due Aug. 1, 1930. Dated August 1, 1910. Interest payable Feb. and Aug. 1, at New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $30,000,000 Outstanding: 9,119.000 Pledg-ed tinder 1st Lien & Gen. Mtgre 1,000,000 Reserved for Ext 19,881,000 Denomination — Coupon, $1,000. Registerable as to principal. Registered, $6,000 or multi- ples. C, and R. interchangeable. International Series — AH bonds so far issued are in "International Series," and can be made payable, principal and interest, as fol- lows: $1,000 Coupon $5,000 Reg'd London £205-4/2 £1,026-0/10 Paris 5,175 fr. 25,875 Berlin 4,200 mks. 21,000 Amsterdam 2,480 gruilders 12,400 Trustee — United States Mortgage & Trust Co., New York. Redeemable as a whole on any interest data on four weeks' notice at 105 and interest up to December 31. 1925 ; at 104 and Interest In 1926; at 103 and interest in 1927, at 102 and interest in 1928, and at 101 and interest In 1929, and to July 21, 1930, inclusive. A por- tion of the issue may be redeemed by lot on the above basis by the use of moneys in the improvement fund. Sinking and Improvement Fund — The com- pany is required to pay the Trustee annually from 1915 to 1919, inclusive, 1%; from 192(> to 1924, inclusive, 2% ; and from 1925 to 1929, Inclusive, 3% of - all outstanding bonds, including underlying bonds, and of any out- standing bonds of corporations, two-thirds of Bank, ChlcaBo, at 93% and Interest. A block whose capital stock is at the time owned by offered December, 1918, by Wm. A. Read & the company and pledged under the mortgage, Co. and White, Weld & Co., at 89% and tn- In case the net earnings of the company for terest. the twelve months ending May 31 in any of , Market, the years from 1926 to 1929, inclusive, equal jj^w York— Ames, Emerich & Co., Bab- or exceed three times the mterest charge on gock, Rushton & Co., Hartshome & Battelle, all bonds outstandmg, then the amount re- Fred H. Hatch & Co., Ea:rle A. Miller & quired to be paid into the improvement fund oo., Rauscher & Mackay, White, Weld & on the next succeeding August 1 need be Co. equivalent to only 2% instead . of 3%. This los Angeles — Blankenhorn-Hunter-Dulin fund may be used for improvements and bet- Co. i terments to the property, or for the redemption San Diego — Blyth, Witter & Co. of bonds of this issue. San Fi'ancisco — Blyth, Witter & Co. Organization and Control — Incorporated in Boston — L. Sherman Adams, Moors & Maine in 1910 to take over the gas, electric Cabot. and street railway properties formerly owned Spolcane — Ferris & Hardgrove. by the Northwestern Corp. of Philadelphia, the Fliiladelphia — Bauer, Starr & Co. Northwest Light & Water Co., the Yakima Portland, Ore. — Hall & Co. Valley Power Co., the Astoria Electric Co.. Alilwaokee — Ames, Emerich & Co., First the Wasco Warehouse Milling Co. and has Wisconsin Co. since acquired other properties. Also owns Price Kange N. X. S. E. all the securities of the Walla Walla Ry. Co. , -i ,io + t i '^i lowk Properties are located in Washington, Oregon r?^\,^' ol''' Mav 9 '12 77% Oct 9 and Idaho Pa,ciflo Power & Light Company g^^h 95 May 9 ,12 ^V^f^"*; jg supplies electric light and power, gas and " ° ' street railway service to Walla Walla. Wash., and Astoria, Ore.; electric light and power, PACIFIC POilTBR & MGHT CO. 1st lien gas and water service to North Yakima, & Gen. 8s. Due Aug. 1, 1930. Wash.; electric light and power and gas ser- Dated Aug. 1, '1920. Interest payable vice to Pendleton, Ore.; electric light and Feb. 1 and Aug. 1, in New York and San power and -water service to Pasco, Kennewick Francisco. and Prosser, Wash. ; gas service to Vancouver, Tax Status — 2 % Federal Income Tax paid Wash.; and electric light and power service by the company without deduction. to The Dalles and Hood River, Ore. It also Authoi-ized Unlimited supplies electric light and power service to 29 Outstanding ..$1,000,000 other communities, and interurban railway Pi-ovisions of Issue — The mortgage under service to 3 communities. The entire common which they are issued provides that addi- stock of the company is owned by the Amer- tional bonds may be Issued thereunder in lean Power & Light Co., which in turn is con- different series, provided, however, that no trolled by the Electric Bond & Share Co.. a new series may be issued maturing earlier subsidiary of the General Electric Co. than the existing series and only when the Capitalization. Outstanding. net earnings of the company for the twelve Common $6,100,000 months preceding shall have been equal to 1st Pref (7% cum) 2'95o'o00 ^^ least twice the interest charges on all Sd Pref " (7% cum ) I'sOo'oOO First & Refuding Mortgage Bonds outstand- FunflPrt' dPht lo'liq'ooD ™s (less those deposited with the Trustee Secured by a' HVst" mortWaie 'oA' hydro elec- ™'J« ''the General Mortgage) and all First ♦-■„ ?,?r^»o LI' ifl!l,^?^;^t^f ?o n?? t , . Lien & General Mortgage Bonds outstanding trio plants and steam plants of 22,016 k. w.; together with those groposed to be issued. 790 miles of distributing pole lines; 616 miles ^..^^ose of Issue— To reimburse the corn- high voltage transmission lines (73 miles un- p^^^y 'j^^ extensions and additions to prop- der construction); 142 miles of gas mains and erties and for other corporate purposes. 76 miles of water mains, together with other Denomination— Coupon $1,000 and $500; property, plants, etc.. serving the towns men- registerable as to principal, tioned above. Further secured by deposit of Trustee— United States Mortgage & Trust the entire capital stock (no bonds outstanding) Co., New York. of the Walla Walla Valley Ry. Co. owning Kedeemable at any time on four weeks' 31.6 miles of electric railway in Walla Walla, notice up to and including Aug. 1, 1925, at Wash., and extending to Milton, Ore. Fran- lOB and interest and 1% per annum less chises are either unlimited in tirile or with ex- thereafter until maturity. ceptions extending well beyond the maturity Organization and Control — See 1st & Ret. of these bonds. The electric franchise in Sun- 5s. nyside, the gas in Lewiston and the water in Seciu'ed by pledge of an equal amount of Prosser expire in 1920. Two unimportant elec- 1st & Ref. 5s of 1930 and by a direct mort- tric franchises expire in 1924. gage on all the property of the company Underlies — 1st Lien & Gen. 8s due Aug. 1. For details see 1st & Ref. 6s. 1930. Pi'ior Liiens — Outstanding. Years ended Dec. 31: 1st & Ref. 6s of 1930 $9,119,000 Gross. Net. Interest. Original Market — $1,000,000 offered Aug., 1919 $2,176,922 $1,049,687 $640,890 1920, by W. C. Langley & Co., New York, 1918 1,868.936 873.084 496,960 and Blyth, Witter & Co., San Francisco, New 1917 1,647,401 863.683 434.387 York, etc., at 98% and interest. 1916 1,461,699 709,987- 400,883 Market "" ]'il'ill Itlilt mill New York-Earl A. Miller & Co. 1314 1,387.686 716.361 385,109 j^^^ Angeles — Blankenhorn-Hunter-Dulln Listed on the New York Stock Exchange. Co. Original Market — Offered in 1910 by White, San Diego — Blyth, Witter & Co. Weld & Co. and Clark, Dodge & Co.. New Portland, Ore. — Hall & Co. York, at 94 and interest, and also offered in Pi'icea Bange 1911, 'by White, Weld & Co., and Wm. A. Read X930 & Co., New York, at 96 and interest. Bid. Ask. About $250,000 offered Nov., 1915, by Ames, High.; 99?i Nov. 100% Nov. Emerich & Co., and Illinois Trust & Savings Low 94 Dec. 98% Aug. 1016 PACIFIC RAILROAP CO. OF MISSOURI Ist Bxt. 4s. Due Aug. 1, 1938. Dated August 1, 1868. Extended Feb. 1. 1887, with interest reduced from 6%. Inter- est payable Feb. and Aug. 1, at office of Mis- souri Pacific R. H., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding $6,996,000 Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Control — Absorbed by the Missouri Pacific R. R. Co. Secured by a first mortgage on 285.51 miles of road from St. Louis to Kansas City. Mo., constituting the main line of the Miss- ouri Pacific System from St. Louis to the west and southwest. Underlies — Pac. R. R. of Mo. 2nd Bxtd. 5s of 1938; M. Pac. 3d Bxtd. 4s of 1938; Mo. Pac. Cons. 6s of 1920; Gen. 4s 1975; and 1st & Ref. 5s of 1959. Bonds are reserved under the latter mortgage for the retirement of these bonds. Ijisted on the New York Stock Exchange. Market. New York — Simon Borg & Co., Percy H. Bradshaw, Sam'l Goldschmidt, E. W. Press- prich & Co., Prince & Whitely, Redmond & Co., Rutter & Co., Seasongood, Haas & Mac- donald, Raymond M. Smith, Struthers & Hiscoe, Taylor, Smith & Hard, Tobey & Kirk, Vanderhoef & Robinson, Vilas & Hickey. Baltimore ■ — Brinkman Whedbee & Poe. Price Range — N. Jan. 1, '06, to Jan. 1, '21 High 105 Jan. 11, '06 Low. 70 July 2, '20 & Co., Jenkins, Y. S. 1930 79% Mar. 4 70 July 2 PACIFIC RAILROAD CO. OP MISSOURI 8d Ext. S. P. 5s. Due July 1, 1938, Dated July 1, 1871. Extended June 10. 1891. with interest reduced from 7%. Inter- est payable Jan. and July 1, at office of Mis- souri Pacific R. R., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $2,673,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Edwin D. Morgan and Joseph Seligman. Sinking Fund — $50,000 annually on or before April 15th, to be applied to the purchase of these bonds at not exceeding par. Bonds so acQuired to be cancelled. Control — Absorbed by the Missouri Pacific R. R. Co. Secured by a second mortgage on 285.51 miles of road from St. Louis to Kansas City. Mo. Prior Liens — Pac. R. R. of Mo. 1st Extd. 4s of 1938. Underlies — Mo. Pac. 3d Extd. 4s of 1938, Mo. Pac. Cons. 6s of 1920. Gen. 43 of 1975, and 1st &. Bef. 53 of 1959. Bonds are reserved under the latter mortgage for the retirement of this issue. Listed on the New York Stock Exchange. Market. ' New York — Percy H. Bradshaw, Sam'l Goldschmidt, Redmond & Co., Taylor, Smith & Hard, Tobey & Kirk, Vanderhoef & Robin- son, Vilas & Hickey. Baltimore — Jenkins, Whedbee & Boe. Price Range — ^N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 High 120% Jan. 25, '06 87 Mar. 22 Low. 76% June 2, '20 76% June 2 PACIFIC RAILROAD CO. OF MISSOURI Ca- rondelet Branch 1st Fxt, 4%s. Due Oct. 1, 1938. Dated October 1, 1873. Extended Sept. 12, 1893, with interest reduced from 6%. Interest payable April and Oct. 1, at office of Missouri Pacific R. R., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $237,600 Denomination — Coupon, $500, Registerable as to principal. Trustees — Jesse Seligman and James Baker. Control — Absorbed by the Missouri Pacific R. R. Co. Secured by a first mortgage on 12.56 miles of road from Kirkwood to Carondelet, Mo, Underlies — Mo. Pac. 3d Extd. 43 of 1938; Cons. 6s of 1920, Gen. 4s of 1976, and 1st & Ref. 63 of 1959. Bonds are reserved under the latter mortgage to retire this issue. Market. New York — Chas. W. Place, Vanderhoef & Robinson. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. High 104 '10 100 '13 77 Jan. Low. 70 '20 90 '17 70 Dec. PACIFIC RAILROAD CO. OF MISSOURI St. Louis City Real Fstate 1st Ext. 6s. Due May 1, 1938. Dated May 1, 1J72. Extended May 1, 1892, interest being reduced from 8 % . Interest payable May and Nov_^ 1, at office of Missouri Pacific R. B., New York. Tax Status — 2% In'ederal Income Tax paid by company without deduction. Authorized $800,000 Outstanding 800,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal only or fully regis- terable. Trustees — R. J. Lackland and Dwight Dur- kee. Secured by a first mortgage on real estate in the City o^ St. Louis; bounded by 7th St., Cerre St., 11th, St. and Poplar St.; bounded by 12th St., Austin St., 14th St., and Ran- dolph St., and on numerous other parcels of real estate in the same vicinity. This prop- erty is located in the heart of the business cen- ter of St. Louis. Underlies — Mo. Pac. 3rd Bxtd. 4s of 1938; Cons. 63 of 1920, Gen. 4s of 1975, and Ist & _ Ref. 5s of 1959. Bonds are reserved under the latter mortgage to retire this issue. Legal for savings banks in Me. and Mo. Market. New York — R. W. Pressprich. Raymond M. Smith, Taylor, Smith & Hard, Tobey & Kirk. Price Range. Jan. 1, '09, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High HI '10 113 '09 90 Jan Low. 80 '17 87 '20 83% Apr, 87 Apr. PACIFIC TANK & PIPE COMPANY 1st S. F. 7s. Due Sept. 1, 1929. Dated Sept. 1, 1919. Interest payable March 1 and Sept. 1 at Guaranty Trust Com- pany, New York, or Savings Union Bank & Trust Company, San Francisco. Tax Status — 2 % Federal Income Tax paid by the company without deduction. Authorized $750,000 Outstanding 750,000 Denomination — Coupon, $1,000; registerable as to principal. Trustee — The Savinirs Union Bank & Trust Company, San Francisco. Redeemable at 102 ^ and interest on any interest date upon 30 days' notice. Sinking: Fund — ^An annual amount sxifflcient to retire $25,000 par value of these bonds an- nually. Organization-; — Incorporated in California. Business established in 1 S 88. The company manufactures wooden tanks for the storage of water, wooden pipe, wooden boxes and various other specialties from wood such as turning's, cross-arms, mill work, etc. Secured by a first mortgag-e on all of the assets of the company including plants in Oak- land and Los Angeles, and a distributing ware- houae in San Francisco. The property covered by this mortgage is appraised at over $800,- 000. Under the provisions of the trust agree- ment the company is required to maintain net quick assets to at least $500,000, and also to keep its buildings, machinery and fixtures adequately insured against loss and damage by fire and its property in thorough repair. Original Market— $750,000 offered Sept.. 1919, by Carstens & Earles, Inc., Seattle, at 100 and interest. Market New York — McDonnell & Co. TjOS Angeles — Drake, Riley & Thomas. Price Kange 1930. Bid. Ask. High 92 Nov. 96 Nov. Low 85 1^ Dec. 91 Dec. the, entire Bell telephone system in Oall- fdrnia, Oregon, Washington and Idaho. Prior Xien — $7,080,000 Home Long Distance Telephone Co. 1st Bs of 1932. Years ended Dec. 31 (consolidated): Interest & Rent. $3,542,54fi 1,452,506 1,929,431 3,065,288 2,700,046 PACIFIC TELEPHONE & TELEGRAPH CO. Ist & Coll. Tr. S. F. 5s. Dae Jan, 3, 1937. Dated January 2 , 1907, Interest payable Jan. and July 2, at United States Mortgage & Trust Co., New York, and at San Francisco. Tax Stains — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Aathorized $35,000,000 Outstanding 32,476.000 Held in S. F 2,524,000 Denomination — Coupon, $1, 000. Register- able as to principal or fully reglsterable. Registered, $1,000, $10,000 and $50,000. C. & R. interchangeable. Trustee — Mercantile Trust Co. of San Fran- cisco. Redeemable at 110 and interest on Jan. 2, 1922, or on any Interest date thereafter. Sinking Fund — Annually five-eighths of , 1 % of the bonds outstanding from Jan. 2, 1912. for the purchase or redemption of these bonds at not over 110 and interest. Bonds so ac- quired to be held alive and interest added to this fund. It is est;imated that this fund will retire $10,000,000 bond.-a by maturity. Organization and Control — Incorporated in California in 1906 as a consolidation. In 1916 the Southern California Telephone Co.. a sub- sidiary, was organized to take over all the tele- phone properties in Los Angeles and vicinity. Controlled by the American Telephone & Telegraph Co. through ownership of a ma- jority of its capital stock. Capitalization. Outstanding. Common $18,000,000 Preferred 32^000,000 Funded debt 50,371,900 Secured by a first mortgage on the Bell Tele- phone system In San Francisco, and a second mortgage on what was formerly the independ- ent telephone system In that city, and a first lien, through deposit of 6% demand notes, on 10 IS Gross. Net. 1920 $36,498,139 $6,470,097 *1919 13,683,360 2,642,327 +1918 15,362,774 3,189,459 1917 24,655,243 5,307,116 1916 21,255,479 4,485,843 ♦Five months ended Dec. 31. tSeven months ended July 31. risted on the New York, Boston and San Francisco Stock Exchanges and Unlisted Dept,, Chicago Stock Exchange. Original Market — Offered in 1909 by J. P. Morgan & Co., Kidder, Peaboy & Co., and In 1910 by Bond & Goodwin and N. W. Harris & Co., New York; and $2,000,000 offered in 1911 by Harris, Forbes & Co., New York, at 99 and interest, $3,000,000 offered Jan., 1914. by Lee, Higginson & Co., Boston, etc., at 98% and in- terest. IVIarket. New York — Joseph Tilman, Hartshorne & Battelle, T. L. MacDonald, Sutro Bros. & Co. Los Angeles — Citizens National Bank. San Diego — Blyth, Witter & Co. San Francisco— Blyth, Witter & Co., Sutro Bros. & Co. Price Rang&— N. Y. S. E. Jan. 1, »16, to Jan. 1, '21 1920 High 102 Sept. 18, '16 . 88% Mar 1 Low. 76% May 20, '20 76% May 20 PACKARD MOTOR CAR CO. 10-Year 8s. Due Apr. 15, 1931. Dated Apr. 15, 1921. Interest payable Apr. 15 and Oct. 15, at Guaranty Trust Co., New^ York. Tax Status — Paym^ent of Federal Income Tax not assumed by company. Pennsyl- vania State Tax refunded. Authorized $10,000,000 Outstanding- 10,000,000 Purpose of Issue — ^To take up current bank .loans which were incurred largely in the fctroduction of the new Sing-le Six car. Denominations — Coupon, $1,000 and $500; interchangeable, and registerable as to prin- cipal. Trustee — Guaranty Trust Co., New York. Redeemable as a whole only on any in- terest elate on 60 days' notice, at 107% and interest on or before April, and at 105 and interest' thereafter. Redemption Fund — The company cove- nants to set aside quarterly sums equal an- nually to 1-10 of the largest amount of these bonds which has ever been outstand- ing, such sums to be used, as far as possi- ble, for the purchase of bonds in the open market at not exceeding 105 and interest. If any quarterly sum is not exhausted by such purchases the balance is to revert to the company. Organization — Incorporated in Michigan m 1909 as successor to a West "Virginia cor- poration oi-agnized in 1900. Capitalization. Outstanding. Common $11,885,100 Preferred 14,789,800 Funded debt 10,000,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company covenants as follows: Not to mortgage or pledge any of its property nor permit any subsidiary com- pany so to de except for pledges of personal property in the ordinary course of business to secure obligations maturing within ,12 months from their date. This provision, however, shall not prohibit purchase money niortgages or other liens not exceeding 75% of the cost of additional property acquired or of new construction upon properties then owned. To maintain aggregate current assets equal to at least 175% of all liabilities, in- cluding these bonds, and total tangible assets equal to at least 250% of all liabili- ties, all as defined in the Trust Agreement. Years ended Aug. 31 : Gross. *Net. 1930 $58,894,525 $9,415,957 1919 55.180,656 11,506,739 1918 50,492.362 12,248,351 1917 40.498,453 6,732,777 'Before interest. Oiiginal Market ■ — $10,000,000; offered April, 1921, by Guaranty Trust Co. of New York, National City Company and Mont- gomery & Co., at 100 and interest. and. to secure the performance of which the entire capital stcok of this company is depos- ited. Iiegal for savings banks in N. H. and R. I. Listed on the New Tork and Chicago Stock :E]xGhaiiges. Original Market — $3,000,000 offered January, 1915,1 by Wm. A. Read & Co. and Kean, Tay- lor & Co., New York, Chicago, etc., the Union Trust Co. and' Merchants Loan & Trust Co., Chicago; First National Bank and Second Ward Savings Bank, Milwaukee; Mercantile Trust Co., St. Louis; Northwestern Trust Co., St. Paul, and Commerce Trust Co., Kansas City, Mo., at par and interest. Market. New York — Anabrose Clark & Co., Con- stable & Fleming, R. "W. Pressprich & Co., Vilas & Hickey. Kochester — Rochester Trust & Safe De- posit Co. Chicago — Merchants Loan & Trust Co. Price Range — N. Y. S. E. Jan. 1, '16, to Jan. 1, '21 . 1920 High 101 Jan. 12, '17 78% Sept. 15 Low. 75 Sept. 3, '20 75 Sept. 3 PADUCAH & ILMNblS RAIT.ROAD CO. 1st 40-Year S. F. 4^s. Due July 1, 1955. ■ Dated July 1, 1915. Interest payable Jan- uary 1 and July 1. in New York and Chicago. Tax Status — Paym,ent of Federal Income Tax not assumed by company. Anthorized $7,000,000 Oatstanding 5,000,000 Reserved for Ext 2,000,000 Denomination — Coupon, $1,000. Registerable as to principal or exchangeable for fully regis- tered bonds. Registered, $1,000 and multiples. Coupon and registered bonds interchangeable. Trustee — Union Trust Co., Chicago. Guaranteed jointly and severally as to principal, interest and sinking fund by endorse- ment by the Chicago, Burlington & Quincy Railroad Co. and the Nashville, Chattanooga & St. Louis Railway. Sinking Fand — Beginning May 1, 1921, an- nual payments sufficient to retire the entire Issue at maturity. The annual payments for the $3,500,000 now outstanding will amount to $100,000 annually. Bonds are to be pur- chased at not exceeeding 102% and interest, or If not so obtainable, to be drawn by lot at this price on the succseding first day of July. Fif- teen days* published notice shall be given o-f any bonds called. Bonds of this issue may be deposited in lieu of all or part cash pay- ments. Bonds acquired by the sinking fund are to be cancelled. Organization and Control — Incorporated in , 1910 in Kentucky. The entire capital stock of the company is owned jointly by the Chicago, Burlington & Quincy Railroad Co. and the 'Nashville, Chattanooga & St. Louis Railway. Capitalization. Outstanding. Common $10,000 Funded debt 5;000;000 Secured by a first mortgage on a double track steel bridge, 5.700 feet in length, across the Ohio River from a point near Metropolis. III. , and on 12 miles of railroad from the Kentucky terminus of the bridge to a point near Paducah, Ky., forming the only direct con- necting link between the lines of Chicago, Burlington & Quincy Railroad Co. and the Nashville, Chattanooga & St. Louis Railway. Further secured by deposit with the Trustee of an operating agreement in which the two companies above mentioned covenant to use the property of this company for the inter- change of passenger, freight and other traffic. 1019 PADUCAH (Ky.) ELECTRIC CO. 5-Ycar 1st Series "A" 5s and Series "B" 6a. Due July 1, 1924. Dated July 1, 1919. Interest payable Jan. 1 and July 1 at State Street Trust Company, Boston. Tax Status — 2% Federal Income Tax paid by the company without deduction. Anthorized $1,000,000 Outstanding: 5s $236,400 6s 499,600 736,000 Reserved for Ext. . . : 264,000 Provisions of Issue — ^Additional . bonds are issuable only when net earnings for the pre- ceding twelve months shall have been twice the interest charges of all outstanding bonds as well as those then proposed to be issued except that $131,600 of escrow bonds can be issued irrespective of the net earnings of the com- p'any. Denomination — Coupon. $1,000, $500 and $100; registerable as to principal, or exchange- able for fully registered bonds of $1,000, $500 and $100 denominations. Trustee — State Street Trust Company. Bos- ton. Redeemable at any time on 30 days' notice at 100 and interest. Organizatjion — Incorporated in Kentucky In 1919, to acquire the electric light, power, gas and steam heating properties formerly owned by the Paducah Traction & Light Company, which wa-' forech'sed. Controls through stock ownership the Paducah Railway Company and Paducah Realty Co. Capitalization. . Outstanding. Common $580,200 Funded debt 1, . 290,400 Management — Stone- & "Webster. Boston, Mass, Secured by a first mortgage on all the prop- erty of the Company, including plants supply- ing electric light and power, gas and steam heat in Paducah, Ky. Property covered in- cludes an electric station with a rated capacity of 2.240 h. p.; gas works, with a daily gen- erating capacity of 490,000 cubic feet; electric and gas distributing system; steam heating mains, serving the central business district. Further secured by a pledge of the entire cap- ital stock except directors' shares of the Pa- ducah Railway Company and Paducah Realty Company. The railway company owns 17 miles 'of standard gauge street railways in Paducah and the realty company owns 7 5 acres of realty and miscellaneous buildings. Popu- lation served over 36,000, Electric franchise expires in 1912. Gas and steam heating franchises not limited as to time. On April 4, 1919, the Paducah Board of Commissions passed a new street railway franchise on the service-at-cost basis. Underlies— $554,400 Deb. 6s, due May 1, 1939. Years ended Dec. 31: Gross. Net. Int. & S. F. 1920 $483,570 $136,338 $75,090 Original Market — $300,000 6s offered Nov., 1919, by Powell, Garard & Co., Chicago, New York, etc.. at 95.75 and interest. IMarket Chicagro — Powell, Garard & Co. Price Rangre 1930 Series "B" 6s Bid. Ask. Hlffh 91 Oct. 94 Oct. Low 88 May Oriffinal Market — $1,000,000 offered May, 1921, by the Merchants Loan & Trust Com- pany and F. B. Hitchcock & Co., Chicago, at prices ranging- from 99.50 to 95.50, ac- cording to maturities. S. F. PAEPCKB PAPER MILI.S COMPANY (The) 1st 7s. Due each Nov. 1 and May 1 as foUows: $40,000 from Nov. 1, 1921 to Nov. 1, 1922, incl.; $45,000 from May 1, 1933 to May 1, 1934, incl.; $50,000 from Nov. 1, 1924 to Nov. 1, 1925, incl.; $55,- 000 from May 1, 1936 to May 1, 1927, incl.; $60,000 from Nov. 1, 1927 to Nov. 1, 1938, incl.; $65,000 from May 1, 1929 to May 1, 1930, incl. and $55,000 Nov 1, 1930. Dated May 1, 1921. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Inconne Tax paid by the company without deduction. Authorized $1,000,000 Outstanding: 1,000,000 Purpose of Issue — To provide in part for additional buildings and cQuipment. Denominations — Coupon, $100, $500 and $1,000; registerable as to principal. Redeemable on any in terest date at 100 and interest and a premium of % of 1% for each 6 months of unexpired life of the bonds, but not exceeding lOS^^ and interest. Guaranteed principal and interest by Mr. Herman Paepcke and Mr. "Walter P. Paepcke. Org-anization — Incorporated in Ohio. The company manufactures fibre and corrugated containers. Seciu'ed by a first mortgage on all the property of the company now owned or hereafter acquired, consisting of a modern steel and concrete two-unit paper mill of 150 tons daily capacity, located in Cincin- nati, Chip, together with power plant and complete fibre and corrugated box factory which, with additions now contracted for. will be of sufficient capacity to utilize the entire product of the paper mill. Property covered is valued at $2,008,000. Output Contract — A Contract between Chi- cago Mill and Lumber Company and The Paepcke Paper Mills Company whereby Chl- eag-o Mill and Lumber Company will operate the property for ten years, paying for the use thereof the sum of $1,500,000 plus taxes, maintenance and insurance. This contract Is deposited with the Trustee and the pay- ments are to be made semi-annually direct to the Trustee and in sufficient amounts to pay interef5t and principal of th'ese bonds as they mature. Yeai'S ended Dec. 31 (Chicago Mill & Lum- ber Co.): Net. 1920 $1,247,697 1919 1.198,639 1918 1,051,658 1917 835,028 PAI>MOLIVE. CO (THE) S-Year 7% Conv. Notes. Due Dec. 1, 1923. Dated Dec. 2, 1918. Interest payable June 1 and December 1 in New York and Milwau- kee. Tax Status — 2% Federal Income Tax paid by company without dedufjtion. Authorized $1,500,000 Outstanding: (Jan. 1, '21) 1,153,200 Retired by S. F 346,800 Purpose of Issue — The proceeds to be used to retire current indebtedness and to provide additional working capital. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Wisconsin Trust Co., Milwaukee. • Redeemable as a whole (but not in part ex- cept with consent of bankers named in inden- ture or through sinking fund) on any interest date on forty-five days' notice, as follows: 103 and accrued interest on or before December 1, 1919; 102 and accrued interest after Decem- ber 1, 1919, and on or before December 1, 1920; 101% and accrued interest after Decem- ber 1, 1920, and on or before December 1, 1921; 101 and accrued interest after Decem- ber 1, ] 921, and on or before December 1, 1922, and 100% and accrued interest after December 1, 1922, and before December 1, 1923. Sinking Fund — The company on or before August 1, 1919, and annually thereafter up to and including August 1, 1922, shall pay to the Trustee in cash, as a sinking fund, an amount sufficient to provide for the retirement at the next succeeding interest date of not less than $150,000 principal amount of the notes outstanding. The cash so paid to the Trustee each year shall include the accrued interest on such principal-amount of notes to the next interest date upon which such notes may be called for redemption, together with the premium applicable to the redemption of notes on such interest date. The moneys in the sinking fund phall be applied by the Trus- tee to the purchase of the notes in the open market at the lowest price then in force. If sufl!icient notes are not thus obtainable to ex- haust the moneys in the sinking fund, the Trustee shall draw by lot, not less than forty- eight days prior to the interest date next fol- lowing- the sinking fund payment, at the call price in force on such interest date, sufficient of notes to exhaust such sinking fund moneys. Convertible par for par at any time on or after December 1 , 1919, into 7 % cumulative preferred stoclc with adjustment of interest and dividends. Notes called for redemption are convertible until 30 days prior to redemp- tion date. Organization — The business of the company was started in Milwaukee in 1864 as a part- nership and was incorporated under the laws of the state of Wisconsin on Leceraber 20, 1894, as the B. J. Johnson Soap Company. In 1917 the name of the Company was changed to The Palmolive Company. DUring 1919 ac- quired the Kaola Co., of Portland, Ore., and Crystal Soap Co. of Milwaukee. The Company manufactures Palmolive Soap, Palmolive Toilet Ppecialties and other brands of soap. Its products are extensively adver- tised. The company's main plant is located at Mil- waukee, Wis. The Canadian plant is located at Toronto and is operated by The Palmolive Company of Canada, Ltd., all of whose stock 1020 except directors' qualifyinfr shares is owned by The Palmolive Co. The Company maintains 21 warehouses throughout the United States and also has 16 branch offiices. Capitalization. Outstanding. Common $1,891,987 Preferred (7% cum.) 1,791,045 Funded debt 1,153,200 Security — A direct obligation of the Com- pany, but not secured by a mortgage. These notes constitute the only funded debt of the Company. The indenture contains the follow- ing covenants: So long as any of the notes are outstanding, it will not, without the prior consent of the bankers named in the indenture, create any mortgage, pledge, Hen, encumbrance or charge superior to the notes upon any of its rights, privileges, franchises, properties (real, per- sonal and mixed), assets, surplus earnings, incoms or profits, nor will it issue, guarantee or endorse any bonds, debentures, notes or other evidences of indebtednes, except as pur- chase money obligations or to evidence tem- porary loans or other indebtedness incurred for current business purposes and maturing within not to exceed one year. During the life of these notes the foregoing rstrictions will also apply to the business and property of The Palmolive Company of Canada, Limited. So long as any of these notes are outstand- ing it will at all times maintain net quick assets (including such as it may own through The Palmolive Company of Canada, Limited) at an amount equal to at least 150% of the principal of the outstanding notes. It win not after December 1, 1918, pay any dividend upon its comm.on stock (other than stock dividends and 3% in cash) except out of net profits earned after September 30, 1918; provided, however, that it may pay a further cash dividend upon its common stock out of the earnings of any period prior to September 30, 1918, if it carries an equal amount to a per- manent surplus account from net profits earned after September 30, 1918. It is, how- ever, expressly covenanted that the Company will not pay any dividends upon its stock, common or preferred, if such payment would reduce the net current assets below the amount stated in the next preceding paragraph. So long as any of the notes are outstanding the Company will not purchase, retire or liquidate any of its common stock, nor will it distribute any amounts carried to permanent surplus ac- count as above provided, nor will it purchase, redeem or retire its preferred stock out of sur- plus or earnings accumulated before September 30. 1918. It will not dispose of any substantial or essential part of its fixed property or proper- ties unless it applies the proceeds to the pur- chase of other fixed prperty or properties of at least equal value or to the sinking fund for the redemption of the notes of this issue. Years ended Dec. 31: Gross. Net. Int. & Taxes. 1920 $16,016,917 $554,225 $245,681 1919 13,814,364 *634,603 1918 9,086,200 1,118,355 682,967 1917 5,955,034 925,269 433,978 1916 4,108,500 375,397 •After taxes, interest, etc. Original Market — $1,500,000 offered Decem- ber, 1918, by Spencer Trask & Co., New York, etc., Bosworth, Chanute & So., Denver, and Morris F. Fox & Co. and Edgar, Ricker & Co., Milwaukee, at 98 and Interest. Market. New York — Hartshorne & Battelle. Milwaukee — Edgar Richer & Co., First Wisconsin Co., Morris F. Fox & Co. 1021 Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100% '19 1021^ '19 99 Mar. 101 >xdr. Low. 94% '20 100 '19 94% June 100 July PAtO VERDE MUTUAL WATER CO. (Blythe, Cal.) 1st 6s. Due $30,000 eacli Feb. 1 from 1921 to 1935, inclusive; and $50,000 in 1936. Dated Feb, 1. 1916. Interest payable Feb. and Aug, 1, at Trustee's office or Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company witjiout deduction. Tax exempt in California. Authorized $500,000 Outstandingr (Jan. 1. '21) 450,000 Reserved for Ext 50,000 Provisions of Issue — ^Additional bonds issu- able for 75% of cash cost of additions, etc. Denomination — Coupon, $100, $500 and $1,- 000. Trustee — Los Angeles Trust & Savings Bank, IjOS Angelas. Kedeemable at 102% and interest on any in- terest date. Organization — Incorporated in California in 1908, as a mutual water company- Capitalization, Outstanding. Common $406,210 Funded debt 450,000 Secured by a first mortgage on water rights and irrigation system covering 40,600 acres of land in the northerly part of Palo Verde Valley, in easterly part of Riverside County. Cal., of which 35,000 acres are under cultiva- tion. Population served, between 4,000 and 5,000. Water is obtained from the Colorado River. Physical properties owned appraised at $1, 15 1, 00 and including water rights, $1,634,000. Unimproved land sells from $100 to $125 per acre; improved, $175 to $300. Original Market — Offered by Wm. R. Staata Co., Los Angeles, etc., April, 1916, on a 6 % basis. Market ^ £.os Angreles — Drake, Riley & Thomas. Price Rangre 1920 — ^Ask 6.50% Sept. PAN-AMERICAN PETKOUBUM & TRANS- PORT GO. 1st laen 10-Year Marine Equip. Conv. 7s. Due Aug. 1, 1930. Dated Aug. 1, 1920. Interest payable Feb. 1 and Aug. 1, in New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $10,000,000 Outstanding: (Jan. 1, '21) 9,455,500 Converted 544,500 Denomination — Coupon, $1,000 and $ 5 0. Trustee — Columbia Trust Co., New York. Redeemable at 105 and interest 'at any time on nine weeks' notice. Sinking Fund — This company covenants to pay the Trustee as a sinking fund a sum of $1,050,000 per annum, payable In semi-an- nual instalments of $525,000 on Feb. 1 and Aug. 1 of each year commencing with Feb. 1, 1921. These moneys are to be used by the Trustee to purchase bonds of this Issue at not over 100 and . interest. If wlthtn 30 daya from the date of each payment sufficient bonds are not available for purchase at not above 100 and Interest, the unexpended balance may be applied in the discretion of the company to the purchase or redemption of the bonds at not exceeding 105 and interest or reverts to the company, upon the subjection by the com- pany to the lien of the mortg'age of additional tanker tonnage at the rate of $100 per ton d. w. capacity. Bonds acquired for the sink- ing fund are to be cancelled. The company Carrying is to be credited on its sinking fund obligation Capacity with the principal amount of bonds retired' Name. (barrels) Built. by conversions. The company may at its George W. Barnes 68,000 1918 election deliver to the Trustee, at the date ?■ A- Sf-""?'"* "'SJ" J2J2 of any sinking fund payment bonds of this J,'.^" ?T'¥?„^;:;; IJ'JSS HJ? issue at the then current market price (no, ^lUSS tre?n^^"!':; i i .• loiSSS III', exoeedmg 100 and interest) m lieu of an Paul H. Harwood 72,000 1918 eauivalent amount of cash. George G. Henry 72,000 1917 Convertible at any time into the Class B Frederic R. Kellogg 70,000 1917 Common Stock of this company at $145 per S. M. Spalding 72,000 1917 share, that is $2,900 principal amount of Harold Walker 70,000 1917 bonds are to be exchangeable for $1,000 par All the foregoing vessels are chartered to value Class B Common Stock (20 shares of the Huasteoa. Petroleum Company, a BUbsl- »_. , l.^ A* *i,„ +*™« «* n^^-.rar- oiary of the Mexican Petroleum Company, litd., $50 par value each) At the time of conver- ^^ Delaware, and are equipped in the mosi sions, a cash adjustment is to be made of ^cdern manner to qualify under the highest dividends declared and accrued interest. If standard olassiflcation for such vessels. The bonds are called for redemption prior to ma- average age of tliese ships 1b about three turity the right to convert is to extend up to years and eight nionths. The company re- 30 days prior to the date fixed for redemption. serves the right to substitute another vessel In the event that this company shall sell or of equal or greater tonnage and value in place issue additional common stock or Class B of any of the above specified steamships. Common Stock (other than the stock issuable The mortgage securing the new bonds pro- as a stock dividend on July 31, 1920, and r'*«» that the company shall cause to be kept other than stock which may be issued in ex- !';="[^'3' 'i^e steamships subjeoied thereto, dur- change for stock of the Mexican Petroleum '"i^ the 1 fe of the bonds, against loss or dam- Co., Ltd.. of Delaware, and also other than age arising from the perils of the sea, in- stock issued upon the conversion of bonds) S,'"<3'ns Are, collision and accident liability, at less than $145 per share, the bondholders The aggregate amount for which all vessels will hive the benent of a reduced conversion fta" be insured payable in the event of total «.!».. n« ^^^-.Ti/iaA ,-T, *-ha in,qoTitiiT.A loss, Shall DO equal to at least 115% of the price as provided in the indenture. principal amount of the bonds of' this issue. Organization — This company was inoor- fmm time jp time outstanding, not exceeding, porated in Delaware in February, 1916, and however, the full insurable vaiue or the ves- lE engaged directly or througSh subsidiaries m sels. Such insurance shall be payable to the the production, transportation, refining ana Trustee, for the benefit of the bondholderg. sale of petroleum and its by-products. At Insurance money paid to the Trustee, in the the time of organization this company ac- event of total loss, unless employed for the quired the following; (1) A majority interest acquisition of new vessels to be subjected to (approximately 51%) of the total outstanding the lien of the mortgage, is to be applied to capital stock of the Mexican Petroleum Com- the purchase of bonds in the open market or pany, Ltd., of Delaware, which was organized to their redemption at 105 and interest, in February. 1907; (2) practically all the cap- The mortgage securing these bonds will fur- ital stock of a subsidiary owning a fleet of 7 ther provide that in case any vessel covered tank steamers with an aggregate of some by the lien of the .mortgage shall be totally 40,000 tons d. w. capacity, and (3) other se- lost owing to any cause not covered by in- ourities representing marketing facilities in surance the company will cause to be subjected South America and oil holdings in California. to the lien of said mortgage a tank steamship. Since that date this company has substantially or steamships, in the same general condition increased its holdings, first, by acquiring ad- and having an equal aggregate dead weight ditlonal amounts of the capital stock of the tonnage, or will pay to the Trustee for the Mexican Petroleum Company, Ltd., of which benefit of the bondholders, an amount of cash it now owns about 71%; second, by greatly equal to $10B per ton for each dead weight enlarging its fleet of tankers which now con- ton of such vessel thus totally lost sists of 23 tankers (owned) with an aggregate „ , tonnage of 192,025 tons d. w. capacity, which j„„„ ss sl^^l'; tl tciv^b?? Alii iS is to be increased by 5 tankers now under "Srigtaai- Ma;klt:i$io.Oo6ooO offered "uly construction, making a total owned fleet of ,„,„ bv a avndirjite hoorlprt il^ -Rioi^ .f ni. 28 steamers with an ag^egate of 243,826 tons vew' vv,Tk »t « ?n\r,? itt!?.Ji ' d. w. capacity: (the actual tonnage in the New York, at 94.50 and interest, service of this company, its controlled and Market affiliated companies at present is 289,305 tona. >ie\v York--Freeman & Co., Hartshorns & and, upon completion of ships under construe- J^attelle, T. Hall Keyes & Co. tion and the delivery of others due under r,AT„ 5^^ l"^^"'^^' Huntley & Co., charter contracts, this total will be increased °'sa„i)i?!^o ^ T^^vt^, wW;.. a n to approximately,376,000 tons); third, by the Buffalo-N A Ma^on/lrl acquisition and development of additional oil pS"elpSia-lSl?T Henry properties in California through , its subsid- Chieag-w— Blair & Co ■^'^'"'■ iaries; and. fourth, by the organization of the Pittsbursrh— Stout & Co., Union Trust Co British-Mexican Petroleum Company, a mar- of Pittsburgh. '-i iiuoi. y^u. keting company operating in Europe, in which LonisvlUe— Black, Fitter & Co the company owns a 50% interest. j.^^^^ ^ ^^^^^ Capitalization. Outstanding. Bi^, j^-^ Common (Par $60) ,.$50,077,200 High 94% Oct. 95 Sept. Common "B" (Par $50) 20,099.230 ^°^ ^^ ^"e- "Dec. Funded debt 11,992,803 PAN--A1IERICAN RAILROAD CO. 1st 5s. Due Secured by a first mortgagte on a fleet of .Jan. 1, ls>34. ten steel tank steamships aggregating about Dated June 1. 1903. Interest payable Jan. 100.670 tons d. w. capacity, providing modern and July 1, at Trustee's office, transportation facilities, for the Mexican Petro- Default — July 1, 1914, and subsequent cou- leum Co.. Ltd., of Delaware, viz.: pons in default. 1012 Tax Status — Information not available. Authorized $2,400^000 Outstanding 2,400,000 Note — $397,000 owned by the National Ry. of Mexico. Denumination — Coupon, $1,000. Resisterable ' as to principal. Trustee — Continental & Commercial Trust & Savings Bank. Chicago. Redeemable at 105 and interest on any in- terest date. Guaranteed as to principal and interest by the National Rys. of Mexico. Control — This company was mersed Into the National Railways of Mexico March 1. 1914. Secured by a first mortgage on 286 miles of road from San Geronlmo, in the State of Oaxaca, to Mariscal, on the border between Mexico and Guatamala. Underlies — Pan-American R. R. Gen. 6b of 1937. which provide for the retirement of this issue. Original Market — $1,00.000 offered in 1906. Mason Lewis & Co., Chicago, and Geo. D. Cook & Co., New York. New York— Fred H. Hatch & Co. l*rice Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90ai 100 '12 10 May 30 May Low. 5 Jan. 15 July 5 Jan. 15 July PAN HANDLE TRACTION CO. 1st 58. Due Oct. 1, 1932. Dated Oct. 1, 1902. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $500,000 Denomination — Coupon, $ 5 and $1,000. Registerable as to principal. Trustee' — Columbia Trust Co., New York. Redeemable at par and interest on any in- terest date on 30 days* notice. Organization and Control — Incorporated in 1900 in "West Virginia. Controlled by the "Wheeling Traction Co.. through ownership of entire capital stock. The latter company is controlled through stock ownership by the "West Penn Railways Co. , a subsidiary of the "West Penn Traction & "Water Power Co., a subsidiary of the Ameri- can "Water "Works & Electric Co. Capitalization v Outstanding Common $500,000 Funded debt 590,000 Secured by a first mortgage on 18.94 miles of electric railway partly on private right-of- way from "Wheeling to Lazearville, W. "Va. Franchises in Ohio County perpetual and in Brooks County extend to 1950. The company purchases power. Market. Wheeling' — Howard Hazlett & Son. Philadelphia — Arthur J. Bender. Redeemable as a whole or in part on any interest date at 102% and interest. Organization — Incorporated in 1917, succeed- ing the Paraffine Paint Company, which was originally incorporated in 1884. Consolidated seven com.panies manufacturing roofing, build- ing papers, paints, box board, etc. Capitalization Outstanding Common (no par) 91,675 shs. Preferred (7% cum.) $5,740,384 Funded debt 1,460,000 Secured by a first mortgage on all the prop- erty of the company. Plants are located at Oakland, Antiooh, Los Angeles and "Vernon, Cal., Sumner, Port Angeles, and Tacoma» "Wash. Years ended Dec. 31: •Net. 1920 $2,010,245 1919 992,771 1918 1,294.611 •After interest. Original Market — $ 750,000 offered June. 1919, at par and interest, by Stephens & Co.» San Francisco, San Diego and Los Angeles. Market San Francisco — Ryone & Co. Price IRaxige Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 6.08% '19 6% '19 8.00% Dec. 7% Nov. Low. 8.50% '20 7% '20 8.50% Nov.- 7% Dec. PARAFFINE COMPANIES, INC. (THE), 1st 6s. Due each Feb. 1, as follows: $50,000 1920 to 1925; $75,000 1926 to 1931; $100,- 000 1932 to 1936; $125,000 1937 to 1938. inclusive. Dated Feb. 1, 1918. Interest payable Feb. and Aug. 1, at San Francisco. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,500,000 Outstanding- (Jan. 1, '21) 1,450,000 Matured and Paid 60.000 Denomination— Coupon, $1,000. Register- able as to principal. Trustee — ^Anglo California Trust Company. San Francisco. 1023 PARAGON REFINING COMPANY Equip. Tr. 6s. Due $37,500 each June 1 and Dec. 1» from June 1, 1920 to Dec. 1, 1929, incl. Dated Dec. 1, 1919.- Interest payable June 1 and Dec. 1, at Guardian Savings & Trust Company, Cleveland. Tax Status — 2% Federal Income Tax paid by the company without deductio.n ■ Authorized $750,000 Outstandixigr (Jan. 1, '21) 675,000 Balance retired. Denomination — Coupon, $1,000 and $500; registered as to principal. TiTistee — Guardian Savings & Trust Com- pany. Cleveland. Redeemable on any interest date at 1 2 % and interest upon 3 days' notice. Organization — Incorporated in Ohio in 1916, and acquired the properties of the Paragon Refining Company of Ohio, which was incor- porated in 1888. The company's refinery, plant and main business office are located at 'Toledo, Ohio. In addition to the refinery, the company owns 350 miles of pipe line in Ohio and 855 producing wells in the Ohio field ; also owns through its subsidiaries about 35 miles of pipe line in Kansas and tank .farms at Burkbur- nett, Texas, and Augusta, Kansas. The com- pany has a refining capacity of 2,700 barrels of crude oil per day. Capitalization Outstanding Common $8,000,000 Preferred (7%) 1,395,000 Funded debt 898,875 Secured by an equipment trust agreement of 377 tank cars of M. C . B. A. construction, and built in accordance with the I. C. C. rules, of which not less than 305 cars are of 10.000 gallons capacity each, 72 cars are of 8,000 gallons each. The total value of this equip- ment is reported as $1,027,696.75, against which the above described certificates are to be issued. Years ended Oct. 31: ♦Gross. tNet. 1920 $12,108,627 $1,165,962 1919 4,116,276 432,986 1918 4,683,141 778,673 1917 3,510,788 618,190 'Includes net profits of . subsidiary com- panies. t After Federal taxes. Original Market — $750,000 offered December, 1919, by Fields Richards & Co., Cincinnati. New York and Cleveland, at prices ranging from 100 to 97.26 and interest according to maturities. Market Toledo — Collin-Norton Co. Price Rangre 1920— Ask 100 Dec; 90 Sept. PARIS-OIII.KANS RAILROAD CO. 6s (For- eigTi Series). Redeemable at par, by drawings, not later than Dec. 1, 1956, Dated Dec. 1, 1920. Principal and interest (J'une 1 and Dec. 1) payable at office of A. Iselin & Co., New York. Tax Status — Exempt from any French taxes, present or future, if held by non- residents of France. Outstanding: 50,000,000 francs. Denomination — Coupon, 1,000 francs. Fiscal As:ent — A. Iselin & Co., New York. Sinlung' Fund — Annualy, beginning iDec. 1, 1921, a gradually increasing" number of bonds, sufficient to retire the entire issue, by Dec. 1, 1956, at par. The amortizatipn table appears on the back of each bond. Convertible — The Company agrees to ex- change any bond of this issue at its Paris office at an ytime prior to the drawing of such bond for redemption without expense for an equal face amount of Paris-Orleans Railroad Company 6 % Bonds (French Series), ■ These French Series Bonds are listed on the Paris Stock Exchange, but holders thereof are subject to French taxes. French Government Guaranty — Pursuant to an agreement between the Com,pany and the French Government, which w^as ap- proved by a law enacted on November 20, 1883, the French Government advances to the Company in each year any amount necessary, in addition to the net income of the Company, to cover the interest on, and amortization of, its bonded indebtedness, and to make an annual distribution on its capital stock of Frs. 56 per share of Frs. 500. Any amounts so advanced are to be repaid with interest at the rate of four per cent, per annum out of any future surplus remaining after payment of the dividend on the Company's capital stock. This agree- ment continues in effect until December 31, 1956 (the end of the concession of the Com- pany), and contains similar provisions for the protection of the bondholders and stock- holders in the event that the Government should take over the Company's property prior to the end of the concession. Org'anization — The Paris-Orleans Railroad Company system covers about 7,800 kilo- meters, or about 4,848 miles. The Com- pany's lines serve the central part of France and provide a direct route between Paris and the important seaports of Bordeaux, Nantes and St. Nazaire. The Companys lines form part of the through lines between Paris and Southern France and Spain. The Compagnie du Chemin de Fer de Paris &' Orleans (Paris- Orleans Railroad Company) was organized in 1838 to operate a railroad line between Paris and Orleans. As a result of subsequent mergers, purchases of other companies and construction of new lines, the Company now owns and operates the second largest railroad system in France. Capitalization Outstanding (francs) Capital stock 192,570,000 Funded debt 3,730,365,250 Security — These bonds are a direct obliga- tion of the Company and rank equally with all of its obligations now outstanding. Original Market — 50,000,000 francs offered February, 1921, by A. Iselin & Co., Halsey, Stuart & Co., Inc., Hemphill, Noyes & Co.. New York, at 92 (equivalent to $65.50 per fr. for 1,000 bond at the prevailing rate of exchange). Market New York — Hemphill, Noyes & Co. ChicasTO — Halsey, Stuart & Co, PARK & TILFOBD Deb. 6s. Due June 1. 1936. Dated June 1, 1906. Interest payable June and Dec. 1, at Lincoln Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding: (Jan. 1, '21) 2,420,000 Balance Retired by S. F. Denomination — Coupon, $500 and $1,000. Trastee — Lincoln Trust Co., New York. Sinking Fund — Began June 1, 1.908, and re- Quirea payments sufficient to retire $40,000 bonds annually to 1916; $60,000 annually to 1926 and $100,000 annually thereafter. Bonds are to be purchased or redeemed at not over 110 and interest. Organization — Incorporated in New York in 1906. Business founded in 1840. The com- pany operates 6 large staple and fancy gro- cery stores in New York City and one in "West End. N. J. Capitalization Outstanding Common $2,250,000 Funded debt 2,420,000 Security — ^A direct obligation of the company but riot secured by a mortgage. The company agrees to maintain net quick assets equal to the par value of bonds outstanding. The com- pany has no outstanding funded debt other than these debentures, and the indentures pro- vides that no mortgage can be placed on any of its property, nor any other bonds or de- bentures issued, without eiving priority to this issue. Original Market — First offered by Mackay & Co., New York, at 105 and interest in Aug.. 1906. Market New York — Hartshorne & Battelle, Mc- Clure, Jones & Reed, J. K. Rice, Jr. & Co., Tobey & Kirk. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 84 '15 87 '15 79 Jan. 84 Jan. Low, 60 '17 70 '17 70 Apr. 75 Apr. 1024 PARKEK^YOUNG COMPANY (THE) 1st 5s. Due $200,000 Aug. 1, 1918: $333,000 each Aug. 1. from 1919 to 1926, inclusive, and $336,000 Aug. 1, 1927. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1, in Boston or New York. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $3,200,000 Outstanding (Jan. 1, '21) 2,334,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 100 and interest on any in- terest date. Sinking Fund — The morterage provides for an annual stumpage charge of $8.00 per M. on spruce, pine and balsam and $6.00 per M. on hemlock and hard wood. After deducting from this stumpage charge the notes currently ma- turing and the value of timber lands acquired within the year and put under this mortgage, the balance is to be used for the purchase or redemption of notes of the longest maturity, or half of the longest and half of the shortest maturity. Two-thirds of the balance of earn- ings after payment of preferred dividends must be added to the sinking fund unless used for permanent additions to the property, and no cash dividends can be paid on the common stock until this mortgage is reduced to $1,500,- .000. For five years prior to Aug. 1, 1917, the amount of timber annually sold by the organi- zation or consumed by its plants averaged more than twice the amount required to meet the demands under this mortg'age. Organization — Organized as successor to the Parker- Young Co., whose business was founded in 18 43, and has acquired the business and assets of the Henry Paper Co. Owns all of the stock of the "Woodstock Lumber Co. and the Posey Manufacturing Co. The company is a large manufacturer of piano sounding-boards, backs and interiors; also deals extensively in lumber and manufactures paper. Capitalization Outstanding Common (no par) 35,000 shs. Preferred (7%) $3,000,000 Funded debt 2,334,000 Secured by a first lien on the principal plants located at Lisbon, N, H., and Orleans. Vt., and timber land holdings of the company and by pledge of the entire capital stock of the- Woodstock Lumber Co., and the Posey Manufacturing Co. The combined timber hold- ings include over 140,000 acres in New Hamp- shire and Vermont. The property includes a modern, 80-ton paper mill, together with a sulphite j and ground wood mill and water powers; also a saw mill with a daily capacity of 125,000 feet. The company owns 400,000,- 000 feet of soft wood and 200,000,000 feet of hard wood. The Posey Manufacturing Co. has for eight years manufactured sounding boards at Hoqulam, "Wash. No .dividends can be paid - on the common stock until the mortgage has been reduced to $1,500,000. Original Market — % 3,200,000 offered Nov. , 1917, by Baker, Ayling & Young, Boston, etc., at prices to yield 6%. Market. Boston — Baker, Ayling & Young. Springfield — Baker, Ayling & Young. Chicago — Baker, Ayling & Young. development of 24,000 h. p.; also on 27 miles , of double circuit steel tower transmission lines to Columbia and sub-station in that city. Earnings — See Columbia Ry.. G. & E. Co. Original Market — Offered by Redmond & Co. and Spencer Trask & Co., New York, March, 1914, at 90 and interest. Offered Oct., 1915, by Redmond & Co., at 87 and interest. Market. New York — Hartshorne & Battelle, Fred H. Hatch & Co., Rauscher & Mackay, Red- mond & Co. ISaltimbre — Wm. E. HoUoway & Co. Philadelphia — Bauer, Starr & Co., Heni-y D, Boenningr & Co., Elkins, Morris & Co., Huntoon & Co., McCown & Co. Pnce Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. -Ask. Bid. Ask. High 86 '16 90 '16 71 Feb. 76 Jan. Low. 54 '20 58 '20 54 Dec. 58 TieQ. PARR SHOALS POWER CO. (THE) Ist S. F. 58. I3ue April 1, 1953. Dated Aug. 1, 1912. Interest payable April and Oct. 1, at 'Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 2,910,000 Held in S. F 90,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Columbia Trust Co., New York, Redeemable at 105 and interest on any in- terest date. Sinking Fund — Semi-annually, .Tan. and July 1, from 1918 to 1951 and on Jan. 1, 1952, one- half of 1% of the total authorized issue for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be held alive and interest thereon added to this fund. It is estimated that this fund will retire 80% of total issue. Ouaranteed as to principal, interest and sinking fund by endorsement by the Columbia Railway, Gas & Electric Co. of Columbia, S. C. Oi^anization and Control — Incorporated in South Carolina. The entire $2,000,000 com- mon stock is owned by the C. Ry., G. & E. Co. , which company does the entire street railway, gas and electric light and power busi- ness in Columbia, S. C. Capitalization Outstanding Common $2,000,000 Preferred (7% cum.) 300,000 Funded debt 2.945,000 Secured by a first mortgage on a hydro- electric plant located on the Broad River about 27 miles from Columbia,, S,. C, with an initial development of .18,000 h. p. and an ultimate 102& PARSONS PULP & LUMBER CO. 1st Serial 6s. Due semi-annually each May and Nov. 1 from Nov. 1, 1913, to Nov. 1, 1924. inclusive. Dated November 1, 1909. Interest payable May and Nov. 1, at Girard Trust Co., Phila- delphia; Central Trust Co. of 111., Chicago, or Bank of Scotland, London, Eng. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $3,800,000 Outstanding (June 1, '20) 1,479,000 Matured and Paid 2,301,000 Reserved for Ext 20.000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustees — Girard Trust Co. and Charles J. Rhoades, Philadelphia. Redeemable at 101 '^ and interest. Sinking Fund — % 3 per thousand feet, log scale, for all timber cut, and 1 cents per cord of wood cut, as a sinking fund to retire the principal of this bond Issue. Should the deposit exceed the amount of bonds maturing In any year, the Trustee is required to pur- chase or call for redemption, at a premium of 1%%, the unmatured bonds to an amount sufficient to exhaust the surplus. Guaranteed as to principal and interest by "William Whitmer & Sons, Inc., of Philadelphia by endorsement. Organization and Control — Incorporated in West Virginia as a consolidation of certain subsidiaries of William Whitmer & Sons. The entire $2,000,000 capital stock is owned by William Whitmer & Sons, Inc. Capitalization. Outstanding. Common $2,000,000 Funded debt 1,479,000 Secured by a first m.ortgage on 100,400 acres of timber land owned in fee and on timber deeds in 63,000 acres containing over 1,700,- 000,000 feet of merchantable timber in West Virginia and North Carolina and on 55 milei of railroad, three saw mills and pulp mill. Original Market — $3,000,000 offered in Feb.. 1910, by A. B. Leach & Co., New York and Chicago; Clark L. Poole & Co. and Devitt, Tremble & Co., Chicago, at par and interest. Market. Pliiladelphia — Arthur J. Bender. Chicago — Central Bond & Mortgage Co. PASADENA & MOUNT LOWE RAILWAY CO. 1st 4s. Due June 1, 1930. Dated 1900. Interest payable June and Dec, 1, at Trustee's office or Chase National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Outstandiiiff 480.000 Owned by Pacific £lec. Ky. Co.. 20,000 Denomination — Coupon, $1,000, Resisterable as to principal. Trustee — Union Trust Co., San Francisco, Cal. Redeemable at 104 and interest on any in- terest date on four weeks' notice. Sinking I^nd — $5,000 annually from 1911 to 1916; $7,500, 1916 to 1921; $10,000, 1921 to 1926. and $12,500 annually thereafter. Guaranteed as to principal and interest by the Los Angeles Ry. Corp. and the Los An- geles & Pasadena Electric Ry. Co. Control — ^Absorbed by the Pacific Electric Ry. Co., which is controlled by the Southern Pacific Co. through ownership of entire capital stock. Secured by a first mortgage on interurban railway between Pasadena and Mount Lowe, Cal. Underlies — Pacific Electric Ry. 1st Ref. 5s of 1961 and Pac. El. Ry. Co. 5s, 1942. Earnings — See Pacific Electric Ry. Co. Market. New York — Bernhard, SchoUe & Co. Xos Angreles — Cahn, McCabe & Co., Frank & Lewis. Price Range 1920 — Ask 75, Dec. PASSAIC & NEWARK ELECTRIC TRACTION CO. 1st 5s. Due June 1, 1937. Dated June 1. 1897. Interest payable Juno 1 and Dec. 1. at Trustee's ofiiee. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 550,000 Unissued 450,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New Jersey Title Guarantee & Trust Co., Jersey City. N. J. Guaranteed as to principal and interest by the Consolidated Traction Co. of New Jersey. Organization and Control — Incorporated in New Jersey in 1895. Controlled by the Consolidated Traction Co. of New Jersey, through ownership of the entire $1,000,000 capital stock, The latter company has leased it sproperty for 999 years from June, 1898, to the North Jersey Street Ry. Co., which latter company was absorbed in 1907 by the Public Service Ry. Co. All obligations under said lease have been assumed by the last named company. Capitalization. Outstanding. Common $1,000,000 Funded debt 550,000 Secured by a first mortgage on 10.78 miles of track from Passaic to Newark, N. J. New York — "W". E. R. Smith & Co. Phxladelpliia — Barnes & Lofland, Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid. Ask. Ask. High 101% '16 102% '16 66 Oct. Low. 60 '20 84 '19 60 Jan. PASSAIC MGHTING CO. Cons. 58. Due May 1, 19S5. Dated May 1, 1895. Interest payable May and Nov. 1, at Guaranty Trust Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $450,000 OntstandlnE 816,000 Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co.» New York. Control — Merged In 1899 Into the Paterson & Passaic Gas & Electric Co. 1026 Secured by a second mortgage on property described under Passaic Gas 1st 6s, w^hich see for further details. Underlies — $4,049,000 Paterson & Passaic Gas & IDlGc. 5. Prior Liens — $50,000 Passaic Gas Co. let Cs. Market. New York — W. E. R. Smith & Co. Price Bange. Jam. 1, '16, to Jan. 1, '21 1920 Bid. Bid. High 100% '16 94 May Low. 92 '18 94 May PATERSON & PASSAIC GAS & ELECTRIC CO. (THE) Cons. 5s. Due Mar. 1, 1949. Dated Mar. 1, 1899. Interest payable Mar. and Sept. 1, at First National Bank, New York, or First NationalBank, Paterson, N. J. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New Jersey. Authorized $5,000,00 Outstanding 4,049,00 Reserved for Prior Oens 951,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Paterson Safe Deposit & ^ust Co., Paterson, N. J. Organization and Control — Incorporated In New Jersey in 1899 as a consolidation of the Peoples' Gas Light Co. of Paterson, Paterson Gas Light Co., the Edison Electric Illuminat- ing Co. of Paterson, Passaic Lighting Co., the Lodi Light, Heat & Power Co. and the Passaic & Bergen Gas Co. The entire property Is leased for 900 years to the Public Service Corp. of New Jersey and the lease on gas properties assigned to the Public Service Gas Co. In 1909- and the lease on the electric properties to the Pub- lic Service Electric Co. in 1 910. Rental, Interest on bonds and 5% $5,000,000 capital stock, of which $269,700 Is owned by the Public Service Corp. Capitalization. Outstanding. Common $5,000,000 Funded debt 6,000,000 Secured by a mortgage on gas and electric plants and distribution systems supplying Paterson, Passaic and surrounding towns with gas and electricity. Franchises are perpetual. Prior Liens — $585,000 Edison Electric Il- luminating Co. Cons. 5s of 1925, $50,000 Passaic Gaa Light Co. 1st 5s of 1922, and $316,000 aPssalc Lighting Co. Cons. 5s of 1925, for the retirement of hwich provision is made in this mortgage. Listed on the New York and Philadelphia Stock Exchanges. Original Msu'ket- — OfCered in March, 1899, by J. & W. Seligman & Co., New York, at 102 5/^ and interest. jMarket. New York — "W. E. R. Smith & Co. Jersey City — Cutwater &. Wells. Philadelphia — Barnes & Lofland, Elkins, Morris & Co., McCown & Co., Morley, Wood & Co. Price Range — N. Y. S. E. Jan. 1. '12, to Jam. 1, '21 1920 Bid. Ask. High 102% July 22, '12 83% Jan. 90 aJn. Low. 98% Dec. 8, '14 70 Dec. 74 Sept. PATERSON EXTENSION BAIUIOAD CO. 1st 5s. Due June 1, 1950. Dated June 1, 1881. Extended In 1910 with interest reduced froto 6%. Interest payable June and Dec. 1, at Erie Railroad Co. of- fice. 50 Church St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $250,000 Outstanding ' 200,000 Cancelled by Sinking Fund fi0,000 Denomination— Coupon, $1,000. Register- able as fo principal. Trustee — Central Trust Co., New York, bulking: Fund — Proceeds from the sale of ail lands to be applied to the redemption of bonds at 105 and interest. Assumed by the New York, Susquehanna & Western R. R. Co. Control— Absorbed by the New York, Sus- quehanna & Western R. R. Co., which is controlled by the Erie Railroad Co. through ownership of a majority of its capital stock. Secured by a first mortgage on three- fourths of a mile of road from Broadway, to Straight St., Paterson, N. J. Undei-lies — N. Y., Susq. & "Western Ref. 5s of 1937, 2d 4%s of 1937, and Gen. 5s of 1940. Market. Philadelphia — Graham, Parsons & Co. PATEKSON RAILWAY CO. Cons. additional notes are issued at any- time. the annual amount shall be Increased by 3% of the additional issue. Organization — See 1st & Ref. 7%s. Secured by pledge of $3,375,000 (entire issued) Gen. Mtge bonds due Nov 1, 1930. The balance issuable under the General Mortgage, $1,125,000 are reserved to , be pledged as collateral for the remaining $750,000 of Notes, and may be issued only for 100% of the cost or fair value, which- ever may be less, of additional property or extensions and improvements against which no First and Refunding Mortgage bonds have been issued. The Notes therefore may be issued only for the equivalent of 66 2-3% of expenditures for extensions, improve- ments, etc. (unavoidable expenditures). The collateral issue Is secured by a direct or collateral lien on all the property of the company. For details of property see 1st & Ref, 7%s. Prior Liens — Outstanding, Young^town & Sharon Ry. Co. 1st 6s 1931 $1,770,650 Sharon & New Castle Rys. 1st L. 5s 1931 218,500 1st & Ref. 7%s 1940 13,000,000 $14,989,000 Original Market — $2,250,000 offered Nov., 1920, by Bonbrlght & Co., and Hollister, White & Co., New York, at 96 and interest. Market New York — Hartshorne & Battelle, Mor- ton, Lachenbruch & Co., L. L. Winkelman & Co. Philadelphia — McCown & Co. Louisville — George T. "Wood & Son. Grand Rapids — Corrigan Co. Price Range 1930 — Bid, 93; Ask, 96. 1041i PENNSYLVANIA POVS'BR & LIGHT COM- PANY 1st & Ref. 7s, Series "A." Du« Peb. 1, 1951. Dated Feb. 1, 1921. Interest payable Feb. land Aug. 1, in New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in Pennsylvania. Authorized .'.Unlimited. Outstanding $8,000,000 Reserved to Retire Pr. Liens. .$12, 329,600 Issuance Restrictions — Additional bonds may be issued to an amount not exceeding 76% of the cost or fair value, whichever is less, of the construction or acquisition sub- sequent to Sept. 25, 1920, of electric light and power and gas property. No bonds may be issued thereunder for other than refunding purposes, unless net earnings, as defined in the mortgage, for 12 consecutive calendar months out of the 15 immediately preceding application for issue, shall have been at least equal to twice the annual interest requirements of outstanding under- lying bonds not deposited under this Mort- gage plus twice (except in respect of cer- tain additional Bonds defined in the mort- gage one and three-quarters times) the an- nual interest requirements of all First and Refunding Mortgage Bonds then outstand- ing and for the issue of which application is made. No Bonds issued under the Mortgage shall mature later than Feb. 1, 1961, and, so long as any Series A Bonds are outstanding, no Bonds maturing earlier than Series A may be issued in excess of 20% of the amount of all Bonds outstanding thereunder, including Bonds for the issue of which application Is made. Purpose of Issue — The proceeds of these Series A Bonds will be used In part for the retirement of ' current indebtedness hereto- fore incurred ' for capital expenditures and "will provide ftindg available for additional construction. Denominations — Coupon, $1,000 and $500; exchangeable and registerable as to princi- pal; registered $1,000 and $5,000, C. & R. interchangeable. Trustee — Guaranty Trust Company, New York. Redeemable on any interest date on thirty days' notice at par and interest, together Tv^ith a preniium of 7%% less % of 1% for each full year of expired life. Renewal and Improvement f\m'd — The Company covenants to pay to the Trustee within sixty days after the close of each calendar year a sum. equal to 5% of the principal amount of all underlying bonds and First and Refunding Mortgage Bonds outstanding (as provided in the Mortgage) at the end of such calendar year, less thB amount of actual expenditures for maiij- tenance, repairs, renewals and replacements during such year, which fund may be with- drawn for further maintenance, repairs, re- newals, replaceemnts and improvements and additions, against none of which shall any First and Refunding Mortgage Bonds be issued. Any unused balance may be used for the retirement of Bonds of this issue or underlying bonds, and after 24 months shall be so used. Organization and Control — Incorporated in Pennsylvania June 4, 1920, and is a consoli- dation of the following companies : The Lehigh Valley Light and Power Company, Northern Central Gas Company, Columbia and Montour Electric Company, Northum-r berland County Gas and Eeltcirc Co., The Harwood Electric Company, The Schuylkill Gas and Electric Company, Pennsylvania Lighting Company and Pennsylvania Power and Light Company (old company). The entire Com,mon stock and Non-cumu- lative Preferred stock is owned by the Le- high Power Security Corporation, a sub- sidiary of the Eletcric Bond & Share Co. Capitalization. Outstanding. Common 310,000 shs. Preferred (7% cum.) 28,817 " Preferred (7% non-cum.) 65,000 " Funded debt $22,329,600 Secured by a mortgage on all the prop- erty of the Company. Additionally secured by pledge of $927,200 Divisional Bonds. The property covered by the direct lien of this mortgage includes electric power, light and gas properties in Eastern Pennsylvania, serving _a, population estimated at 650,000 and including Allentown, Bethlehem, North- ampton and Slatington. The Company owns electric generating stations having a present installed capacity of 71,150 kw., and also owns 12,500 kw. of the 40,812 kw^. capacity of the Allentown plant of another company, which is con- nected with its transmission system. The two principal stations are located at Har- wood, near Hazleton, Pa., and at Hauto, Pa., having 33,000 kw. and 30,000 kw. capacity, respectively. The Company pur- chases fuel Under long term contracts. All the electric properties are inter-con- nected by high voltage transmission lines. The Company's electric distribution systerA consists of 369 miles of high voltage trans- mission lines (11,000 volts or over), and 1,162 miles of distributing lines. The gas porperties consist of 150 miles of mains and eight plants having an aggregate gen- erating capacity of 4.075,000 cubic feet dally and an aggregate holder capacity of 1,271,000 cubic feet, with 1,000,000 cwbic feet additional capacity nearing completion. All lm,portant franchises are without time limit. 1042 Prior Liens — Outstanding. Divisional Bonds ...•$12,329,600 •Closed mortgages. Bonds are reserved under this mortgage to retire the above prior liens. ♦Years ended Dec. 31 (consolidated) : Gross. Net. Interest. 1920 $8,344,932 $2,608,732 t?1.228,4S4 1919 6,650,108 2,063,942 1918 5,420,488 1,736,587 ♦Barniners for all nronerties (excent Hag- erstown Light and Heat Company of "Wash- ington, County, Md. ) now owned or con- trolled by the Pennsylvania Power & Light Company. t Annual interest on Mortgage debt out- standing, including this issue. Original Market — $8,000,000 offered Febru- ary, 1921, by Guaranty Company of New York, Harris, Forbes & Co., Halsey, Stuart & Co., and Brown Bros. & Co., at 92 and interest. Market New^ York — Ames, Emerich & Co., Han- nahs, Ballin & Lee, Hartshorne & Battelle. Philadelphia — Brown Bros & Co., Samuel McCreery & Co., Parsly Bros. Co., EYederick Pierce & Co., Wurts, Dulles & Co. Chicago — Halsey, Stuart & Co. PENNSYLVANIA RAILROAD COMPANY. Incorporated in Pennsylvania in 1846, Of the lines directly operated by the company, 2,774.28 miles are owned, 1,541.66 miles opei- ated under lease and 220.34 miles represent trackage rights. Of this mileage 1,524 milea have double tracks, 478 miles a third track and 437 miles a fourth track. These include lines from the Pennsylvania Terminal in New York, through Philadelphia and Harrisburff to Pittsburgh, from Philadelphia to Potts^le. Pa. ; Sunbury to "Wilkes-Barre, Pa. ; Sunbury to Erie, Pa.; Willi am sport. Pa., to Buffalo. N. r., Pittsburgh, Pa., to Buffalo, N. Y., and numerous branches in New Jersey, Pennsyl- vania and New York. The total mileage of the system east of Pittsburgh is 6,519 miles, and west of Pitts- burgh 6,304 miles. The road east of Pitts- burgh includes the Long Island Railroad, comprising the entire steam railroad system on Long Island, the Northern Central Ry. Co., from Baltimore to Sodus Bay on Lake On- tario, the Philadelphia, Baltimore & Wash- ington R. R., Including lines from Philadelphia to Washington, and practically the entire rail- road system on the Maryland-Delaware-Vir- ginia Peninsula, south of Wilmington, Del. The lines west of Pittsburgh are controlled by the Pennsylvania Company, a holding com- pany, all of whose stock is owned by the Penn- sylvania R, R. Co., but since Jan. 1, 1918, have been operated direct by the Pennsylvania Railroad Company. In addition to the securities of companies operated as a part of the Pennsylvania Sys- tem, the Pennsylvania R. R. Co. owns a large amount of stock of the Norfolk & Western Railway Co., and of the Southern Pacific R. R. Co., the latter having been acquired from the Union Pacific R. R. Co. in exchange for Baltimore & Ohio R. R. Co. stock formerly owned by the Pennsylvania R. R. Co. Capitalization. Outstanding. ^=W::::::;:::;:::::;:;:'^?»;JJ|;^2» Tears ended Dec. 31 (B. & W. Lines): . Gross. Net. Int. & Rent. ;i920.... $229 829,416 $87,666,701 154,866,028 •19" 67.126,464 92,360,370 49 492 271 •1"8 66,992,740 88,594,487 44 623 688 1917... $494,261,038 $127,153,611 $70,652,309 1916. . 443,462,523 148.517,521 72,567.407 193 5. . 374,938,638 122,638,972 ♦Corporate account. CO. Cons. PENNSYLVANIA RAILROAD Mtffe. Dated July 1, 1873. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized Closed mortgase Outstanding (Jan. 1, *21) .... $93,816,260 Out- standing. Due. $2,362,000 May 1, 1943 2.668,380 July 1, 1945 20,000,000 May 1. 1948 5,267.100 May 1, 1948 14,570,000 May 1, 1948 49,000,000 Aug:. 1, 1900 Int. Dated. Rate. May 1, 1893 4% •July 1, 1895 3%% May 1, 1908 4% *May 1, 1908 4% tMay 1, 1908 4% Feb. 1. 1925 4%% •Sterling Bonds. tStamped Dollars. Retired by S. F $2,313,720 Held In Company's Funds 120,020 Interest Payable — $ Bonds maturing in 1919. 1943, 1945 and 1948, at company's office, Philadelphia and New York; £ Bonds maturing in 1945 and 1948 at London Joint City & Mid- land Bank. London, England. Interest _ on Coupon bonds payable semi-annually and reg- istered Quarterly. Denomination — Coupon, $1,000 and £200. Coupon bonds due 1919 are not registerable ; bonds clue 1943 registerable as to principal only; other coupon bonds registerable as to principal only or fully register able. Regis- tered $1,000 and £200 except issues due 1943 and 1945. Coupon bonds due 1948 and 1960 exchangeable for fully registered bonds. Trusteei — Girard Trust Co. . Philadelphia. Sinking Fund — Beginning in the fifth year after the issue of any bonds, 1 % of bonds issued to be applied annually to the purchase of bonds at not exceeding par. If bonds are not purchasable, the fund shall accumulate. Issues of 194S and 1960 have no sinking fund. Secured by direct mortgage on 1»463.54 miles of road in Pennsylvania; S63.31 miles of leasehold, and on real estate, securities, etc., viz: A first lien on 1,003.97 miles — Miles. Pittsburgh to Harrisburg 244.69 Columbia to Philadelphia (Broad St. Station) i . - 80,74 East Liberty to Aspinwall and Guya- suta 4.74 East Pittsburgh to Trafford 5.50 Trafford to Export and Branches 16.76 Shafton to Gratztown 11.04 Monongahela City to Marianna and Millsboro to Besco and Branches.... 23.65 Manor to Claridge 4.82 Beatty to New Alexandria and Branches 15.03 Bradenville to Coke "Works 4.83 Blairsville Intersection to Indiana and Branches 25.43 New Florence to Lockport 4.30 Summerhill to Ashtola and Branches.. 59.56 Ben's Creek. Martin & Sonman Branches 8.94 Galitzin via Hollidaysburg to Peters- burg and Branches 63.00 Altoona to New Portage Jet 6.31 Morrison Grove Jet. to Henrietta and Branches 23.16 Marysville to West Falrview (Jet. with Nor. Cent. Ry.) B.ll Wago Jet. via QuarryvIUe to Parkes- burg 60.54 York to Columbia 12."" 1043 Near Conestoga Jet. via New Holland to Downington 39,20 Thorndale to Morrisville with Connec- tion with Main Line at Glen Loch.. 56,13 Philadelphia (52d St.) via Norristown. Reading and Pottsville to New Boston Jet. with Branches 132.54 Catawissa to "Wilkes-Barre and Branches 62.47 Lines in West Philadelphia and Phila- delphia, viz. ; West Philadelphia Ele- vated Branch. 34th St. Branch, f^ohuylkill River Branch, Delaware Extension, Swanson St. Branch, Gi- rard Point Branch and Schuylkill River Branch Exten 17.75 Other Branches 24.86 A second lien on 370.93 miles — Covered by the first lien of the Cambria & Clearfield Gen. 4s 218.36 Harrisburg, Portsmouth, Mt. Joy & Lancaster 1st 43 52.57 A third lien on 132.13 miles — Covered by the first lien of the follow- ing: Cambria & Clearfield 1st 5s 102.01 Penn & North Wfstern Gen. 5s 30.12 A fourth lien on 56.51 miles — Covered by the first lien of the Clear- field & Jefferson 1st 6s 56.61 Also a lien on 363.31 miles of lease- holds as follows: United N. J. R. R. and Canal Co. 999- year lease from June, 1871: Camden via Bordentown to Trenton and Jersey City and from Bordentown to Raritan Bay at South Amboy, N. J,^, and Branches 160.69 Philadelphia & Trenton R. R. 999-year lease from June, 1871: N. J.-Pa. State Line in Delaware River at Trenton, N. J., to Philadelphia.. 26.61 Connecting Ry. 9 9 9-year lease from Feb., 18 63: Connection with Pennsylvania R. R. at 35th St., Philadelphia, to Connection with Phila. & Trenton R. R. at Frankfort, Phila., and Branches. . . . 35.06 Rocky Hill R. R. & Transportation Co.: Kingston to Rdcky Hill, N. J 2,39 Camden & Burlington County Ry. : Pavonia to Pemberton, N. J. , and Branches 38.77 These leased roads form the Company's line from Philadelphia to Jersey City and Perth Amboy, N. J. Further secured on certain securities and other property of a valuation (Dec. 31, 1919) $53,246,700. Prior Liens — $5,265,000 (of which $1,690,000 are held by the company in sinking or other funds) Cambria & Clearfield R. R. 1st 6s, 1941 $534,000 Cambria & Clearfield R. R. Gen. 4s, 1955 2,000.000 Clearfield & Jefferson Ry, 1st 6s, 1927 1,000.000 Harrisburg, Portsmouth, Mt, Joy & Lancaster R. R. Co. 1st 4s 1943.. 700.000 Pennsylvania & Northwestern R. R. Gen. 5s. 1930 ." 1,021,000 All the above are closed mortgages. Underlies — Gen. Mtge. under which bonds are reserved to retire this issue. Legal for savings banks in Cal., Conn.. Me.. Mass.. Mich., Mo., Minn., N. H., N. J.. N. Y., R. I., Vt. and Wis., and also Baltimore Trust Funds. ; Listed (except sterling bonds) on the New York and Philadelphia Stock Exchanges, Original Market — $49,000,000 4^s offered by the company through Kuhn, Loeb & Co.. at 103% in February. 1916. Market. New York — Barstow & Co., Bigelow & Co., Simon Borg & Co., Arthur B. Frank & Co., Parker & Co., Prince & Whltely, Redmond & Co., Seasongood, Haas & Macdonald, Struthers & Hiscoe, Vilas & Hickey. Pliila4 Jan. 87 Dec. Low. 77 '20 80% '20 77 July SOVa Dec. Morley. Paul & & Co., Sarnines — See Coll. Tr. & Gen. 5s. Underlies— Coll. Tr. & Gen. 6b of 1940 un- der which bonds are reserved to retire this is- sue. Market. Fittsburg-h — Moore, Leonard & Lynch. FENNSITLTANIA WATER CO. 30-Year Coll. Tr. & Gen. 5s. Due Sept. 1, 1940. Dated Sept. 1, 1910. Interest payable March . 1 and September 1 at Union Trust Co., Pittsburgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $4,000,000 Ontstanaing: (Jan. 1, '21) 963,000 In Treasury 887,000 Resen-ed for Prior Liens 960,000 Unissued 1,190,000 Denomination — Coupon, $1,000. Register- able as to principal. Tmstee — Union Trust Co., Pittsburgh. Redeemable on any interest date at 106 and interest. Oreanization — Incorporated In Pennsylvania in 1902 as successor to company of same nkme organized in 1887. Owns the entire capital stocks 'of the Apollo Water Works Co. and Leechburgh Water Works Co. Capitalization. Outstanding. Common $700,000 Preferred (6 non-cum.) 50,000 Funded debt 1,920,000 , Secured by a mortgage on all the property of the company (for detail see 2d 6s) and further secured by pledge of the entire cap- ital stocks of the Apollo Water Works Co. and Leechburgh Water Works Co. Prior Liens — $960,000 2d 5s of 1929. Bonds are reserved under this mortgage to retire both issues. Years ended Dec. 31 (combined): Gross. 1920 $734,696 1919 621,243 1918 632,493 1917 574,440 1916 516,098 PENNSYLVANIA WATER CO. Znd 58. Due April 15, 1929. Interest payable April 15 and Oct. 15, at Mellen National Bank, Pittsburgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $1,500,000 Outstanding 960,000 Cancelled 540,000 Denomination — Coupon, $1,000. Trustee — Union Trust Co., Pittsburgh. Organization — See Coll. Tr. & Gen, 5s. Secured by a mortgage on the property of the company. Including pumping stations at Nadine, East Pittsburgh, Wilmerdlng, and Pitcairn, Pa., with four reservoirs of about 30,000,000 gallons storage capacity, together with 166 miles of mains. The company sup- plies water to a number of communities ad- jacent to Pittsburgh and also to parts of that city. Franchises are perpetual. 1048 PENOBSCOT SHORE LINE RAILROAD CO. 1st 4s. Due Aug. 1* 1920. Dated Aug. 1, 1890. Interest payable Feb. and Aug. 1, at First National Bank, Portland, Me., Second National Bank, Boston, National Park Bank, New York, or at office of com- pany. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .. .$1,300,000 Denomination — Coupon, $1,000. Fully reg- Isterable in lots of $1,000, $5,000 or $10,000. Trustees — Charles E. Patten, Edward A. , Butler and John C. Levensaler. Assumed by Maine Central R. R. Co. at consolidation in 1901. Control — ^Absorbed by the Maine Central Railroad Co. Secured by a first mortgage on 47.13 miles of road from Woolwich to Rockland, Me., and ferry between Woolwich and Bath. Underlies — ^Knox & Lincoln 5s of 1921 and the Maine Central 1st & Ref. 4%s of 1936. Bonds are reserved under the latter mortgage to retire this Issue. Leg-al for saving's banks in Mass., N. Y. and Vt. Market. New York — Sam'l Goldschmidt. Price Range. Jan, 1, '16, to Jan, 1, *21 1920 Bid. Ask. Ask. High 97 '16 99% '16 98 May Low. 90 *17 95 '17 98 May PBNSACOIA & ATLANTIC RALLBOAD CO. Ist 6s. Due Aug. 1, 1981. Dated August 1. 1881. Interest payable Feb. and Aug. 1, at Louiaville & Nashville "• K- Co. "a office. 71 Broadway. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 986,000 Retired by S. r 1.882,000 Id Treasury 132,000 Denomination — Coupon, $1,000. Register- able aa to principal. Trustees — Bdmond D. Randolph and John Cadwalder. Redeemable at 110 and interest on Feb. 1, annually. Sinking Fund — ^Annually from 1899, 1 1-10% of bonds issued, plus 6% of all bonds re- deemed payable in cash or bonds, taken at par. If cash is paid, it shall be applied to the redemption of these bonds at 110 and in- terest. Guaranteed as to principal and interest by endorsement by the Louisville & Nashville R. R. Co. Control — ^Absorbed by the Louisville & Nashville R. R. Co. Secured by a first mortgage on 160.48 miles of road from Pensacola to River Junction, Fla. Xegal for savings banks in Cal., Conn., Mass., Mich., Minn., N. H., N. J., R. I., Vt. and Wis. Usted on the New York Stock Exchange. Market. New York — Prince & Whitely, Redmond & Co.. Taylor, Smith & Hard. Fhlladelphla — Biddle & Henry. Price Range — N. Y. S. B. Jan. 1, '08, to Jan. 1, '21 19a0 High 113 Jan. 28, '08 98 Oct. 25 Low. 97 Dee. 20, '20 97 Dec. 20 Light & Power Co. Railway franchise ex- pires in 1933, and electric is unlimited as to time. Underlies — $281,900 7% notes due Jan. 1. 1921. Years ended Dec. 31: Gross. Net. Int. & S. F. 1919 $643,692 $102,274 $100,486 1918 606,060 146,668 99,923 1917 360,469 146,778 93,668 Later earnings not available. Market. New York — Dunham & Co., Fred H. Hatch & Co., McClure, Jones & Reed. Boston — Coffin & Burr, Stone & Webster. Price Range, Jam. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91% '10 9714 '09 75 Jan. Low. 42 '20 62 '20 42 Oct. 62 Sept. PENSACOLA ELECTRIC CO. 1st 5s. Due Aug. 1, 1931. Dated August 1, 1906. Interest payable Feb. and Aug. 1, at Old Colony Trust Co.. Boston, Mass. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,600,000 Outstanding: (Jan. 1, '21) 1,191,000 Retired by S. P 150,000 Reserved for Ext 159,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co., Boston, Mass. Redeemable as a whole, or in part, for sinking fund, at 105 and interest. Sinking Fund — Annually, beginning Dec, 1, 190(7, 1%% of bonds outstanding for the purchase or redemption of these bonds at not over 106 and interest. Receivership — On Jan. 26, 1920, a Federal Receive" was appointed. Organization — Incorporated in Maine in 1906 as successor to the Pensacola Electric Terminal Co. Owns the securities of the Es- cambia County Electric Light & Power Co. Capitalization. Outstanding. Common $800,000 Preferred (6% cum.) 300,000 Funded debt 1,472,900 Management — Stone & Webster. Secured by a direct first mortgage on the street railway system in Pensacola, Fla.. comprising 21 miles of track, and a first lien on the plants supplying that city with electric light and power, through deposit of the se- curities of the Escambia County Electric 1049 PEOPLE'S GAS & ELECTRIC CO. (Oswego, N. Y.) 1st 5s. Due May 1, 1930. Dated May 1, 1900. Interest payable May and Nov. 1, at New York Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $460,000 Outstanding (Jan. 1, '21) 340,000 Retired by S. F 110,000 Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Redeemable by lot at 106 and interest. Sinking Fund — ^Annually, beginning May 1, 1910, the company shall deliver to the Trustee $10,000 of these bonds for cancellation. The bonds so delivered shall have been acquired by the company within the current year by purchase or redemption at not over 106 and interest. Bonds acquired are to be cancelled. Organization — Incorporated in New York in 1900 as a consolidation of gas and electric properties in Oswego. Capitalization. Outstanding. Common $604,200 Preferred 110,100 Funded debt 663,600 Management — Chas. H. Tenney & Co., Bos- ton. Secured by a first mortgage on the plants supplying gas and electricity to Oswego. N. Y. Underlies — 313,600 Conv. Bs of 1933. Years ended Dec. 31: Gross. Net. Interest. 1920 $346,439 $91,701 $49,082 1919 307,584 91,297 54,303 1918 266,979 84,427 47,970 1917 246,783 79,024 43,447 li)16 231,907 74,122 39,918 Market. New York — Fred H. Hatch & Co. New Haven — H. C. Warren & Co. Boston — Charles H. Tenney & Co. Philadelphia — Samuel K. Phillips & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Aslc. Bid. High 92 '17 96 '17 87 Feb.- Low. 79 '29 87 '19 79 June PEOPLE'S GAS & ELECTRIC CO. (Oswego, N. Y.), Conv. 5% Deb. Due Dec. 1, 1933. Dated Dec. 1, 1913. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $400,000 Outstanding 313,600 Reserved for Bxt 86,400 Denomination — Coupon, $1,000, Register- able as to principal only. Beeiatered. $1,000. Crf & H. interchaneeable. TruBtee — ^American Trust Co., Boston, Mass. Redeemable as a whole only at 100 and In- terest after Dec. 1, 1925. ^ Convertible between Dec. 1, 1915, and Dec. 1, 1925, Into capital stock, par for par. Orgranizatioii — See 1st 5s. Secnrity — These bonds are a direct obliga- tion of the company, but not secured by a mortgragre. The company supplies gas and electricity In Oswego, N. T., and vicinity, A part of its power is purchased from the Ni- agara Transmission Co. Population served. 27,000. FranchiseSi are perpetual. Piior I.ien — $340,000 1st 5s of 1930. Earnings — See 1st 6s. Original Market — $100,000 offered In 1914 by H. C. Warren & Co., New Haven, at 98% and ihterest. Market. ' New Haven — H. 0. Warren & Co. Boston — Charles H. Tenney & Co. Price Range. Jan. 1, '17, to. Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 92 '17 96 '17 89 Oct. 94 Oct. Low. 84 '17 87 '17 90 Sept. PEOPLE'S GAS riGHT & COKE CO. (THE) (Chicago) 1st Cons. 6s. Dne April 1, .. 1843. Dated April 1, 1893. Interest payable April aiid Oct. 1, at Trustee's office. Tax StatuB — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage OatBtanding $4,900,000 , Denomination — Coupon, $1,000. Beglster- able as to principal. Trustee — Central Union Trust Co., New York. Organization — See Ref. 6s. Secured by a first mortgage on the prop- erty of the company as It existed prior to August 1, 1897, and comprising an important part of the gas properties In Chicago. tTnderlies — ^Ref. 5s of 1947 and Gen. & Ref. 6s of 1963. Under both mortgages bonds are reserved to retire this issue. Bond Gross. Net. Interest. 1920 $31,236,335 $2,745,073 $2,364,321 1919 24,543,798 2,548,791 2.366,150 1918 21,873,216 1,150,707 2,366,150 1917 19,632,128 2,110,573 2,375,150 1916 18,069,633 4,569.320 2,387.062 Listed on the New York and Chicago Stock Exchanges. Market. New York — Babcock, Rushton & Co., E. D. Livinson & Co., Earle^ A. Miller & Co. Cliicagro — Curtis & Sanger, Merchants Loan & Trust Co. Price Range — TH. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 123 Feb. 7, '06 89 Sept. 10 Low. 84 Dec. 6, '20 84 Dec. 6 PEOPLE'S^ GAS LIGHT & COKE CO. (THE) (Chicago) Ref. 5b. Dne Sept. 1, 1947. Dated September 1, 1897. Interest payable March and Sept. 1, at Central Union Trust Co., New York, and at Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $40,000,000 Outstanding 20,654.000 Reserved for Prior Liens 19,446.000 Denomination — Coupon, $1,000. Register- able as to principal and fully reglsterable. Registered, $1,000 and multiples, but not con- vertible Into coupon bonds. 105 Trustee — Farmers* Loan & Trust Co., New York. , Organizations-Incorporated In Illinois un- der Special Act in 1856 and in 1897 absorbed the Chicago Gas Light & Coke Co., Con- sumers' Gas Co., Equitable Gas Light & Fuel Co., Illinois Light, Heat & Power Co., Chicago- Economic Fuel. Gas Co., Lake Gas Co. and Suburban Gas Co. In 1897 Mutual Fuel Gas Co. was purchased, and in 1898 was merged into Peoples' Oas Light & Coke Co., as was also Hyde Park Gas Co. In January, 1899, Calumet Gas Co. was acquired, and its out- standing bonds assumed. In Feb., 1 9 07, leased the O&den Gas Co. and Unievrsal Gas Co. for about 37 years, under the terms of which the Peoples' Gas Light & Coke Co. guarantees $6,000, 000 bonds of Ogden Gas Co. The company in 1906 con- tracted for from 1,500,000,000 to 2,000.000,000 feet annually from the By-Products Coke Corp. of South Chicago. Also guarantees the $6,000,000 bonds of the Indiana Natural Gas & Oil Co. in return for that company's supply of natural gas. Capitalization. Outstanding. Common $38,500,000 Funded debt 46,286,000 Secured by a general mortgage on all the property of the company doing all the gas business In Chicago and suburbs. Franchises are perpetual. Prior Liens — $24,020,000 prior liens as fol- lows: $4,900,000 Ist Cons. 6s of 1943; $9,- 929,000 Chicago Gas Light & Coke Co. 1st 6s of 1937; $4,246,000 Consumers* Gas Co. 1st 5s of- 1936; $4,945,000 Mutual Fuel Gas Co. Ist 5s of 1947. Cnderlies — Gen. & Ref. 5s of 1963, which mortgage provides for the retirement of this issue and prior liens. Earnings — See 1st Cons. 6s. Listed on the New York and Chicago Stock Exchanges. Original Market — $3,000,000 offered In 1912 at 102^ and interest, by "Wm. A. Read & Co., New York, Chicago, Boston, Philadelphia, and London. Market. New Yoi'k — Ames, Emerich & Co., Bab- cock, Rushton & Co., Samuel Goldschmidt, Earne A. Miller & Co., Tobey & Kirk. Baltimore^— Jenkins, "Whedbee & Poe. Chicago — John Burnham & Co., Curtis & Sanger, First Trust & Savings Bank, Mer- chants Loan & Trust Co., Merrill, Lynch & Co. Price Range — N. T. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 107% Jan. 3, '06 70^ Oct. 21 Low. 57 Aug. 3, '20 57 Aug. 3 PEOPLE'S GAS LIGHT & COKE CO. (Chi- cago) Gen. & Ref. 5s. Due Dec. 1, 1963. Dated Dec. 1. 1913. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Unlimited. Outstanding $1,712,000 Reserved for Ext 3,288,000 Reserved for Prior Liens 45.250,000 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable on any interest date at 105 and Interest on 60 days' notice. Organization — See Ref. 6s. Secured by a mortgage on all the property of the company subject to prior liens which this mortgage provides to retire. For details of property see Ref. 5s. PHor Lions — $44,574,000 prior liens as fol- lows: $20,554,000 Ref. 6s of 1947; $4,900,000 1st Cons. 6a of 1943; $9,929,000 Chicago Gag Light & Coke Co. 1st 5s of 1937; $4,246,000 Consumers' Gas Co. 1st 5s of 1936, and $4,945,000 Mutual Fuel Gas Co. 1st 5s of 1947. for the retirement of all of which bonds of this Issue have been reserved. Earoinss — See 1st Cons. 6s. Market. New York — Babcock, Huahton & Co. Chicago — Halsey, Stuart & Co. Price Bangre 1930. Bid. Ask. High 69 Oct. 70 Nov. Low 40 June 50 June PEOPLE'S PASSENGER RAILWAY 1st 4s. Bnc Jan. 15, 1935. Dated 1874. extended Jan. 15, 1905. In- terest payable Jan. and July 15, at Land Title & Trust Co.. Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania, Authorized Closed mortgage. Outstanding $219,000 Denomination — Coupon, $1,000. Organization and Control — Incorporated in Pennsylvania in 1873. In 1893 the Peoples' Traction Co. acquired the entire capital stock, 83,000 shares (par $25), paying $70 per share, and leased the property. In 1896 the property was leased to the Union Traction Co. for 998 years. Rental 10% on capital stock. This lease was assigned to the Philadelphia Rapid Transit Co. in 1902. The entire $6,000,000 capital stock of the People's Traction Co. la owned by the Union Traction Co. ' Capitalization, Outstanding. Common $740,000 Preferred 184,056 Funded debt 750,000 Secured by a first mortgage on the prop- erty owned by the Peoples' Passenger Ry., which is known aa the Callowhill St. Divi- sion, as well as on all the real estate owned. The company owna 2.652 milea of track in Philadelphia. Underlies — $285,000 2nd 4s and $246,000 Cons. 4s. Market. Philadelphia — Barnea & Lofland, Biddle & Henry, Morley, Wood & Co. of the Peoples' Traction Co. Is owned by the Union Traction Co, Capitalization. Outstanding. Common $6,000,000 Funded debt 5,433,000 Secured by deposit of the capital stock of the Peoples' Passertger Ry. Co, at the rate of 14 2-7 shares (par $25} for each $1,000 bond. For further details see Ist 6s. Listed on the Philadelphia Stock Exchange. Market. New York — Babcock, Rushton & Co. Pliiladelphia — -Barnes & Lofland. Price Range. Jan. 1, '09, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 99 '09 99% '09 70 Jan. 75 Jan. Low. 53 '20 54 '20 53 Dec. 54 Dec. PEOPLE'S TRACTION CO., PEOPLE'S PAS- SENGER RAILWAY Stock Tr. Ctfs. 4s, Due Feb. 1, 1943. Dated April 15, 1893. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $5,810,000 Outstanding 5,433,000 Retired by S. F 374,000 Denomination — Registered, $1,000. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities. Sinking Fund — Began Feb, 1, 1903. $25,000 per annum, to be applied to the purchase of certificates at not over par, but are not drawn. Guaranteed as to principal and Interest by the Peoples' Traction Co., by endorsement. Organization and Control — Incorporated In Pennsylvania in 1893 and acquired the entire capital stock, 83,000 shares (par $25), of the Peoples' Passenger Ry. Co.. paying $70 per ■bare, and also leased the property of the latter company. In 1896 the property was leased to the Union Traction Co, for 998 years. Rental 10 % on capital stock. This lease was assigned to the Philadelphia Rapid Transit Co, In 1902. The entire capital stock 1051 PEORIA & F^STERN RAILWAY CO. iBt Cons. 49. Due April 1, 1940. Dated Feb, 22, 1890. Interest payable April and Oct. 1, at Grand Central Terminal, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding 8,376,000 In Treasury 124.000 Resened for Prior Liens 1,500,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Central Trust Co.,* New York, and Chas. "W. Fairbanks. Guaranteed as to interest by the C, C. C, & St. L. Ry. Co. under terms of lease. Organization and Control — Incorporated In Illinois, Indiana and Ohio in 1890. $5,000,100 of the $9,994,200 stock is owned by the Cleve- land, Cincinnati, Chicago & St. Louis Ry. Co., which leases the property to April 1, 1940, in consideration of the provision by the C, C, C. & St. L. Ry, Co. of any deficiency In earnings necessary to pay taxes and In- terest on these and underlying bonds. Capitalization. Outstanding. Common $9,996,000 Funded debt 13,959,500 Secured by a direct third mortgage on 122.76 milea of road from Ind.-Ill. State Line, to Pekin, 111.; a second Hen on 136.49 miles of road from Springfield, Ohio, to Indianapolis, Ind,. by the deposit of the entire $5,000,^100 purchase money mortgage covering the road as a second lien; a first lien on 78.61 miles of leasehold rights In road from Indianapolis to 111. -Ind. State Line, and on 8.96 miles of trackage rights from Pekin to Peoria, 111., and 5 miles into Indianapolis, Ind. Prior Liens — $970,500 Indiana Blooming- ton & Western 1st 4s of 1940 and $500,000 Ohio, Indiana & "Western 1st 5s of 1938. Underlies — $4,000,000 Peoria & Kastern Ry. Inc. 4s of 1990. Listed on the New York Stock Exchange. Market. New York — Hirach, Lllienthal & Co., Ray- mond M. Smith, Edwin Wolff. Price Range— N. Y. S, E. Jan. 1, '06, to Jan. 1, '31 1930 High 101 Feb. 8, "06 67 Oct. 7 Low. 40 July 9, '18 47 May 17 PEORIA & EASTERN RAILWAY CO. Income 4e, Due April 1, 1990, Dated Feb. 22. 1890. Interest payable April 1, If earned, at Central Trust Co., New York. Interest Is non-cumulatlve. The full Interest was paid from 1902 to 1908 and In 1910, 1911 and 1913, none In 1909, 1912, 1914, 1916, 1916, 1917. 1918, 1919. 1920. Tax Status — Payment of Federal Incom« Tax not assumed by company. Authorized and Ontstanding. .. .$4,000,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co.. New York. Organization — See 1st Cons. 4s. Secured by a lien junior to that of the 1st Cong. 4s on the property described under that mortgrage. Prior I^ieus — $970,500 Indiana Bloomingtoii & Western 1st 4s of 1940; $500,000 Ohio. Indiana & Western 1st 5s of 1938 and $8,376,000 P. & E. 1st Cons. 4s of 1940. Ijisted on the New York Stock Exchange. Market. New York — E. D. Levinson & Co., Rutter & Co., Vilas & Hickey. Cincinnati — Dudley V. Sutphin. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, *»1 1930 High 80 Jan. 20, '06 36 Oct. 5 Low. lOf Nov. 20, '17 16 July 17 PEORIA & NORTHWESTERN RAILWAY CO. 1st 3^8. Due March 1» 1936. Dated March 1, 1901. Interest payable March and Sept. 1, at Chicago & Northwest- ern Ry. Co. office. 111 Broadway. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. . ..$2,125,000 Denomination — Coupon, $1,000. Fully regia- terable. Registered, $1,000, $5,000 and $10,- 000. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Northweatern Ry. Co. Control — Absorbed by the C. & N. W. Ry. Co. Secured by a first mortgage on 82.98 miles of road from Peoria to Nelson, 111. Underlies — C. & N. W. Ry. 1st & Ref. Mtge., under which bonds are reserved to re- tire this issue. Legal for savings banks in Cal., Mass., Mich., Minn., Mo., N. N. Y., R. I. and Wis. Original Market — Underwritten in 1901 by Kuhn, Loeb & Co., New York. Market. New York — Samuel Goldschmidt, E. Levinson & Co., Charles W. Place, R. Pressprich & Co., Prince & Whitely, Red- mond & Co., Remick, Hodges & Co., Struth- ers & Hiscoe, Vilas & Hickey. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93-V^ '09 94 '16 87 Jan. 87% Jan. Low. 77 '17 , 86 '20 84 July 86 July Conn., Me., H., N. J.. D. W. first track and 122 miles of second and yard tracks from Peoria to Pekin, and Peoria to Hollis, 111. , with terminals in Peoria and Pekin. This road furnishes terminal facilities in Peoria for the proprietor companies and also the C. & Alt., Minn. & St. Louis and P. C. C. & St. L. railroads. Each of these companies pay a fixed rental of $22,500 per annum for the use of these terminals, as well as additional terminal charges. Sufficient of the fixed rental is pledged to pay interest on these bonds. Underlies — 2nd 4%s of 1921 and Debenture 5s. Years ended Dec. 31: Int. & Gross. Net. Rent. *1919 306,513 $304,454 $212,339 tl919 1,479,312 def.323.029 •1918 $306,513 $307,657 $192,992 tl918 1,306,394 def.98,719 14.621 1917 1,206,718 252,766 206,235 ♦Corporate account. tFederal . account — standard return not In- cluded. PEORIA & PEKIN UNION RAILWAY 2d 7s. Due Feb. 1, 1926. Dated Feb. 1, 1885. Extended Feb. 1, 1921, with interest increased from 4%%. Interest payab le May and Nov. 1, at Cen- tral Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction only on the old rate of 4%%. Authorized Closed mortgage. Outstandingr $1,499,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Organization — See 1st 6s. Secured by a second mortgage on property described under 1st 6s (no rental is pledged for this issue). Prior Liens — $1,495,000 1st 6a. Underlies — Debenture 5s. Earnings — See 1st 6s. PEORIA & PEKEV UNION RAILWAY 1st Ext. 7s. Due Feb. 1, 1926. Dated Feb. 1, 1885. Extended Feb. 1, 1921, with interest increased from 6%. In- terest payable Feb., May, Aug. and Nov. 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction only on the previous late of 6%. Authorized Closed mortgage. Outstandingr $1,495,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated in Illinois in 1880. Controlled through owner- ship of its entire stock by the following com- panies: Chi., Peoria & St. L.. 111. Cent., To- ledo, Peoria & West., Chi. & N. W.. C, C, C. & St. L. and Lake E. & W. Capitalization. Outstanding. Common $1,000,000 Funded debt 3,407,000 Secured by a first mortgage on 16 miles of 105 PEORIA, BLOOMINGTON & CHAMPAIGN TRACTION CO. 1st 5s. Due Nov. 1, 1936. Dated Nov. 1. 1906. Interest payable May and Nov. 1, at agency of Merchants* Bank of Canada, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding $280,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Trust Co., Chicago, 111. Redeemable at 105 and interest on any in- terest date on 30 days' notice. Guaranteed principal and interest by the Illinois Traction Co. by endorsement. Control — Absorbed in 1912 by the St. Louis, Springfield & Peoria R. R. Co., which com- pany is controlled by the Illinois Traction Co., through ownership of entire capital stock. Secured by a first mortgage on 38 miles of electric railway track from Bloomington to Peoria, 111. Franchises extend to 1956 in the cities and balance of the road is on private right-of-way. Underlies — St. Louis, Springrfleld & Peoria R. R. 1st Ref. 5s of 1939 and Gen. 5s of 1939. Market. New York — Fred H. Hatch & Co. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '16 1021^ '13 84 Apr. 89 Jan. Low. 75 '20 80 '20 75 Dec. 80 Dec. PEORIA GAS & ELECTRIC CO. 1st 58. Dae Jan. 1, 1923. Dated January 1, 1903. Interest payable Jan. and July 1. at Hodenpyl, Hardy & Co., New Torlc. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding 2,500,000 Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Bankers' Trust Co., New Tork. Redeemable at 105 and interest on any in- terest date on 6Q days' notice. Sinking Fund — 5% of the annual gross earnings, commencing Jan. 1, 1910, which may be applied to pay for additions to prop- erty against which no bonds have been issued, or at the request of the company may be ap- plied to the purchase or redemption of these bonds at not over 105 and interest. Control — Absorbed by the Central Illinois Light Co. , which is controlled by the Union Railway, Gas &. Electric Company. The lat- ter company is a subsidiary of the Common- wealth Power, Railway & Light Co. Secured by a first mortgage on plants sup- plying gas and electric light and power in Peoria. 111. , and suburbs. Gaa franchise ex- pires in 1998 and electric in 1947. Underlies — Central Illinois Light Co. 1st & Eef . 5s, 1943, under which mortgage bonds are reserved to retire this issue. Earnings — See Union Ry., Gas & E31ectric Co. Original Market — $2,000,000 offered in -Feb.. 1904, at 101 and interest by McCoy & Co., and Eversz & Co.. Chicago. Market. New York — Fred H. Hatch & Co., Hoden- pyl, Hardy & Co. Philadelphia — Henry D. Boenning & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 Bid. Ask. High. 100% '15 102 '17 Low. 85 '20 89 '20 1920 Bid. Ask. 93 Jan. 96 Jan. 85 Dec. 89 July PEORIA RAILWAY CO. 1st & Ref. 5s. Due annually Feb. 1, $80,000 in 1916; $85,000, 1917; $95,000, 1918; $100,000, 1919; $105,- 000, 1920; $110,000, 1921; $115,000, 1922; $120,000, 1923; $125,000, 1924; $130,000, 1925, and balance in 1926. Dated June 20, 1906. Interest payable Feb. and Aug. 1, at agency of Merchants' Bank of Canada, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,600,000 '21). 2,354,000 900,000 346.000 Registerable Savings Bank, tion served, 76,000. Franchises in Peoria expire in 1926. Underlies — Gen. 5s of 1926. Original Market — Offered in 1906 by N. W. Halsey & Co., New York, etc., at par and interest. Offered in February, 1915, by Mer- rill, Oldham & Co., Boston, and N. W. Hal- sey &. Co., New York, Boston, Philadelphia, etc., at 96 and interest. Market. New York — Fred H. Hatch & Co., John Nickerson, Jr. Chicagro — Halsey, Stuart & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 961^ '16 99'^ '16 81 May 86 May Low. 65 '20 70 '20 65 Dec. 70 Nov. 1st 4s. payable Bank, Outstanding ( J an. 1 Matured and Paid Reserved for Ext Denomination — Coupon, $1,000. as to principal. Trustee — Illinois Trust Chicago. Redeemable on any interest date at 105 and interest. Guaranteed principal and interest by Illinois Traction Co. by endorsement. Organization and Control — Incorporated, May 5, 1906, in Illinois, as successor to the Central Ry. Co. Entire common stock is owned by the Illinois Traction Co. Capitalization. Outstanding. Common $1,010,000 Preferred (6% cum.) 505,000 Funded debt 3.262,000 Secured by a first mortgage on 52 miles of street railway track in Peoria, 111., with ex- tensions to suburbs; also on amusement parks and real estate valued at $500,000. Popula- 1053 PEORIA RAILWAY TERMINAL CO. Due Jan. 1. 1937. Dated January 2, 1907. Interest Jan. arid July 1, at First National New York. Payment of Interest — July 1, 1915, interest could not be met in full by the P. Ry. T. Co. The C. & A. R. R. Co. advanced the neces- sary amount and retained coupons. The C, R. I. & P. Ry. Co. being in receivership, could not advance its proportion of the deficit. All subsequent interest has been paid by the P. Ry. T. Co. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding : $944,000 Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable as a whole only at 102% and interest on any interest date upon 90 days' notice. Guaranteed jointly and severally as to prin- cipal and interest by the Chicago, Rock Island & Pacific Ry. Co. and the Chicago & Alton R. R. Co. by endorsement. Organization and Control — Incorporated in Illinois in 1906 as successor, through fore- closure, to the Peoria & Pekin Terminal By. Co. The entire capital stock is owned by the Chicago, Rock Island & Pacific Ry. Co. and the Chicago & Alton B. R. Co. Capitalization. Outstanding. Common $1,000,000 Funded debt 2,444,000 Secured by a first mortgage on 8 miles of terminal road between Peoria and Pekin, 111., over private right-of-way, about 13 miles of local lines, a steel drawbridge 1,000 feet long over Illinois River and Union Depot in Pe- kin. Freight business is handled by steam and local passenger business by electricity. Underlies — $1,500,000 1st & Ref. 4%s of 1841, all of which are owned by the C, R. I. & P. Ry. Co. Original Market — Offered in 1907 by E. H. Gay & Co., Boston, at 90 and interest. Market. New York — Joseph Bird Ford, Sam'l Gold- schmidt, Edwin Wolff. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. 35 Jan. 37 Apr. 35 Dec. 37 Apr. Bid. Ask. High 89 '09 91 '09 Low. 35 '18 37 '20 PEORIA WATER WORKS CO. Prior lien 5b. Due May 1, 1948. Dated May 1, 1898. Interest payable May and Nov, 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $800,000 Outstandins 800,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 102^ and Interest on any Interest date on 3 months' notice and at par and interest if the city of Peoria decides to purchase the property. Organization — Incorporated In New Jersey In 1898 as a reorganization of the Feorla Wa- ter Co. Capitalization. Outstanding. Common $300,000 Funded debt 2,799,600 Secured by a first mortgage on plant supply- ing water to Peoria, 111. Population served. 80,000. Franchise granted In 1889 for 30 years and is to be continued If city falls to purchase property. Underlies — 1st Cons. 4s and 5s of 1948, a sufficient amount of which are reserved to re- tire this Issue. Years ended Dec. 31: Gross. 1920 $390,745 1919 1918 1917 Net. $124,117 126,177 123,962 148,694 Interest. $133,674 130,651 128,2S3 122,443 347,989 344,292 341,267 Market. New Yorlc — Fred H. Hatch & Co., Lynch McDermott. Pliiladelplua — Arthur J. Bender. Price Range. Jan. 1, '17, to Jan. 1, '81 1920 High IjOW. Bid. 90 '17 70 '20 Ask. 96 '17 73 '20 Bid. 80 Jan. 70 Dec. PEORIA WATER WORKS CO. Ist Cons. 48 and 5s. Dae May 1, 1948. Dated May 1, 1898. Interest payable May and Nov. 1, at Metropolitan Trust Co., N. T. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized $3,000,000 Outstandine: (Jan. 1, '21) 4s ,$1,400,000 5s 40,000 -6s Retire 6s $1,000. 1,440,000 360,000 800,000 Register- In Treasury- Reserved to of 1948 Denomination — Coupon, iable as to principal. Trustee — Metropolitan Trust Co., New York. Redeemable at 105 and Interest on any in- terest date on 3 months' notice or at par and Interest if city exercises privilege to purchase. Organization — See P. L. 5s. Secured by a mortgage on all the property of the company now owned or hereafter ac- quired. Prior Uens — $800,000 P. L. 5s and $300,000 P. M. 6s of 1943. Earnings — See P. L. 6s. Original Market — Issued to holders of equal amount of 6% bonds of the former Peoria Water Co. in accordance with plan of reor- ganization. Market. New York — Fred H. Hatch & Co., Lynch & McDermott, Philadelphia — Arthur J. Bender. Price Range. Jan. 1, '17, to Jan. 1, '81 1910 4s. 19 20 Bid. Ask. Bid. Ask. High 60 '17 70 '17 52 Jan. 65 Jan. Low. 40 '20 50 '20 40 Sept. 50 Deo. PERE MARQUETTE RAII,ROAD CO. Lake Erie and Detroit River Dlv. Coll. 4%b. Due August 1, 1932. Dated June 15, 1903. Interest payable Feb. and Aug. 1, at office of 'Pere Marquette Ry. Co., 120 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. ' Authorized and Outstanding. .. $3,000,000 Denomination — Coupon, $1,000, Trustee — Guaranty Trust Co., New York. . Assumed by present Pere Marquette Ry. Co. Organization — See Pere Marquette Ry. 1st 5a and 4s. Secured by a first collateral' lien by deposit of $3,000,000 (entire issue) Lake Erie & De- troit River R. R. 1st 6s of 1932 on 199.13 miles of road, viz; Miles. TValkervllle to St. Thomas, Ont 126.95 Sarnia to Rond Eau, Ont 72.18 Underlies — P. M. Ry. 1st 6s and 4s of 1966, under which bonds are reserved to re- tire this issue. Market. New York — Fred H. Hatch & Co., Rutter & Co. Philadelpliia — Morley, Wood & Co., Welsh Bros. Price Range. Jan. 1, '09, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 96 '12 100 '09 82 Jan. 85 Jan. Low. 65 '17 78 '20 75 June 78 July PERE Tr. CoU. MARQUETTE RAILROAD CO. 48. Due Jan. 1, 1923. Ask. Dated January 1. 1903. Interest payable 85 Jan. Jan. and July 1, at office of Pere Marquette 73 Dec. Ry- Co., 120 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $2,870,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — National Trust Co., Ltd., Toronto. Can. Redeemable at par on any Interest date upon six weeks' notice. Assumed by present Pere Marquette Ry. Co. Organization — See Pere Marquette Ry. Ist 5s and 43. Secured by a second collateral lien by de- poist of $1,400,000 (entire issue) capital stock of the Lake Brie & Detroit River R. R. Co. on 199.13 miles df road, covered by the first collateral lien of the Pere Marquette R. R. Lake Brie & Detroit River Div. Coll. 4%s of 1932. which see for detail. Undfr the pro- visions of this indenture a majority of the bondholders may elect directors. Prior Lien— P. M. R. R. L. B. & D. R. Div, 4%s. of 1932. Underlies — P. M. Ry. Co. 1st 5s and 4s. due 1956. under which bonds are reserved to retire this Issue Market. New York— Sam'l Goldschmldt. Price Range. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. 91 '19 93-19 86 Jan 88-19 86 '20 86 July High Low. 1054 PERE MARQUETTE RAILWAY CO. 1st Se- ries "A" 68 and Series "B" 48. Due July 1, 1966. Dated July 1, 1916. Interest payable Jan. 1 and July 1, In New York. Tax' Status — Payment of Federal Income Tax not assumed by company. Authorized $76,000,000 Oatstandlne: — 6a $21,976,000 23 miles of road from Perkiomen Jet. to Emaus, Pa.' (For details see 1st Series 5s.) Filer liien— $797,100 1st Series 5s of 1938. Listed on the Philadelphia and London Stock Exchanges. Market. New York — Hartshorne & Battelle. Philadelpliia — Biddle & Henry, Henry D. ■ Boenning & Co., Brown Bros. & Co., Gra- ham, Parson.'? & Co., Harper & Turner, Hun- toon & Co., Parsly Bros. .& Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 107 '09 108 '09 95 Jan. 98 Jan. Low. 85 "20 95 '20 85 Dec. 95 Mar. PETERSBURG RAILROAD CO. Cons. Class "A" 58. Due July 1, 1926. Dated July 1, 1881. Interest payable Jan. and July 1. at Merchants' National Bank, Richmond, Va. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $868,000 Denomination — Coupon, $1,000, Regiatar- able as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Atlantic Coast Line R. R, Co. Control — Absorbed by the Atlantic Coast Line R. R. Co. Secured by a first motrgage on 68.79 miles of road from Petersburg, Va. , to Weldon, N. C, and branches. Underlies — Petersburg R. R. 2d Mtge. 6&; A. C. L, Cons. 4s of 1952; and Gen. Unified 4r and 4i.^s. Bonds reserved under the lat- ter mortg:age provide for the retirement of this issue at nnaturity. Legal for savings banks in Cal., Conn., Mich.. Minn., N. H.. N. J., N. T., R. I. and 'Wis. ; and also Baltimore Trust Funds. Listed on the Baltimore and Richmond Stock Exchanges. Market. New York — Remick, Hodges & Co. Baltimore — Barroll, Corkran & Co., Jen- kins, Whedbee & Poe. Philadelphia^^Graham, Parsons & Co., Morley, Wood & Co. Price Range. - Jan. 1, '09, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 111-09 1121^*09 93 Jan. 97 Jan. Low. 83 '20 90 '20 83 May 90 May PETERSBURG RAILROAD CO. Cons. Class "B" 6s. Due Oct. 1, 1936. Dated Oct. 1, 1881. Interest payable April and Oct. 1, at Merchants' National Bank, Richmond, "Va, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding .• $800,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New Tork. Assumed by the Atlantic Coast Line R. R. Co. Control — See Class "A" 5s of 1926. Secured by a second mortgage on 68.79 miles of road from Petersburg, Va.. to Wel- don, N. C, and branches. Prior Lien — $868,000 Class "A" 6s of 1926. Underllefl — A. C. L. Cons. 4s of 1952; and Gen. Unified 4s and i^s of 1964. Bonds reserved under the latter mortgage provide for the retirement ,of this- issue 'at maturity. I^eeal for aavlnes banks In Cal., Conn., Milwaukee — First Wisconsin Co.. Minn., N. H., N. J., N. Y. and H. I.; and rrice Bange 1930 — Bid, 94% Dec; Aslli, also Baltimore Trust Funds. 96 Vi Deo. Usted on the Baltimore and Richmond ■ Stock Exchansea. PHBZ COMPANY 7-Year 7% Notes. I>a» Market. jnly 1, 1936. '^ New York — Eemick, Hodges & Co., Taylor, Dated July 1, 1919. Interest payable Jan. Smith & Hard. • and July 1 at Trustee's office, Portland, Ore.. Baltimore — Barren, Corkran & Co., Jen- or U. S. Mortgage & Trust Co., New York, kins, Whedbee & Poe, Mackubln, Goodrich Tax Status — 2% Federal Income Tax pai* & Co. by company without deduction, Fhiladelphia^Graham, Parsons & Co. Authorized - $600,000 Price Ranee. Outstanding 600,000 Jan. 1, '09, to Jan. 1, '21 1930 Purpose of Issue— To retire floating Indebt^ Bid. Ask. Bid. Ask. edness. High 123 '09 127 '09 103 Jan. 107 Jan. Denominations^Coupon, $100, $600 ana- Dow. 97 '20 100 '20 97 July 100 May $1,000, registerable as to principal. . Trustee — Title and Trust Company, Port*- fTlSTEn&yOGK^^^ATimTiCOW-Ye.r '^'iia.°^Me as a whole or in part after 1930. "cDentme ,s. Uue Nov. I, ^^^ ^^^^^ ^^^^ ^^^ interest date at 103 and Dated Nov. 1, 1920. Interest payable May interest. ..,,„,„» „ 1 and Nov. 1, in New York and Milwaukee , Orgamzation— Incorporated 1918 to consoli- Tax Status — 2% Federal Income Tax paid '3^'^ ^^^ properties and busraess of the North- by the company without deduction. "West Fruit Products Company and the Phea»- Autliorizetl $5,000,000 ant Fruit Juice Company of Oregon. Mami- Outstandingr 6^00o!oOO factures fruit juices known as Doju. Apolejji. Purpose of Issue — The entire proceeds of ^"^ Phez. this issue applied to reduce loans Capitalization. Outstanding.". Denominations — Coupon $100, $500 and Common $780,eo»- $1,000; interchangeable- and registerable as Pieferred (7% cum.) 100,000 to principal. Funded debt 600,00* w^u'kee*"^^'"'^' ^^-isconsin Trust Co., Mil- Security— A direct' obligation of the com- Kedeemable at 105 and interest during Pany but not secured by mortgage. The trust the first year and decreasing by % ot" 1% indenture provides that so long as any of for ear-h year thereafter » -- '^ ^" these notes are outstanding no mortgage (ex- Sinking Fund— Annually, beginning Nov. °«P' ^ purchase money mortgage) or other 1, 1921, a sum equal to 5% of the maximum indebtedness running longer than six months, amount of bonds at any time outstanding "lay be incurred, or any lien created upon any ($250,000) for the purchase or redemption of of the property (real, personal or mixed) ot these bonds at not over 101 and interest. the company, except in the ordinary courso Bonds acquired to be cancelled. of business and for the security of short-timo Convertible at any time prior to payment commercial loans. Goods and warehouse re- or call, either as a whole or for sinking oeipts may be pledged to secure short tima fund purposes, into 7% cumulative preferred loans, but never so as to Impair the ratios ot at par and accrued dividends and interest three to one in case of net tangible asset* and for call price to be made in cash. ^nd one and one-half to one in case of net Orsamzat.m,--Incorporatec in Wisconsin n^^i^ ^3,^,, „bich mSst always be maln-^ Manuflcture? Thoe tarnel?"^and" glove 'T'-''-'°T 'm 'tT' V* .*T,"°^^1 o k leather. Plants are located in Milwaukee, ^ "S^'^?.*, Market— Offered July, 1919, by Wis., and Cheboygan, Mich. The tanneries ^f. E. Miller & Company, Portland, Ore., atj have a daily capacity of 12,000 skins, 3,850 Par and interest. hides and 1,000 horse hides. Capitalization OutstandinB PHILADEDPHIA & BAMIMORB CENTRAIa ?rfr^^d-(7%-cum.):::::::::::::'";roS;S§S f'^^'''>^^ co. ist *s. Due n„v. i. Funded debt 6,000,000 Dajcd jSTov. 1. 1911. Interest payable Ma, Security— A direct obligation of the com- ^nd Nov. 1, at Penna. R. R. Co., Phlladel- pany but not secured by a mortgage. Under phla the provisions of the indenture the company ,j,^^ Status— 2% Federal Income Tax pal* ° No"mortgage°exclpi purchase money mort- ^^ c°-P-^ -"hout dedi^tion. Tax exempt: gages, shall be placed on the properties and m Pennsylvama and Maryland. assets of the company without equally Authorized *^5'x25'?2? securing- these cl,ebentures. Net quick assets Outstandine 2,200.000 of the company shall be maintained in an Reserved for Corporate Pur- aggregate amount equal to at least 150% of poses 7,800,»00i all debentures of this issue outstanding, and Denomination — Coupon, $1,000. Registers net tangible assets of 250% of these deben- able as to principal. tures at any time outstanding; also total Trustee — Fidelity Trust Co., Philadelphia^ quick assets of 200% current liabilities. Assumed by the Philadelphia, Baltimore & The company shall issue no obligations -Washington R. R. Co. The bonds also bear running longer than one year, except with ^j^^ endorsed guaranty of that compajiy. the consent of 76% m amount of the deben- Control— Incorporated in Pennsylvania In: ture.s 9"t='^ncling. nffororl not 1881. Merged Sept., 1916, Into the PhlladeH- 19?o"Tv''V*'sT W^l'risin ■ CO., "anT'se^ond Phia. Baltimore & Washington RR Co.. a Ward Securities Co., Milwaukee, White, subsidiary of the Pennsylvania R. R. Co. Weld & Co., New York, and Rutter, Dlndsay Securid by first mortgage on 85.84 miles oTt & Co' Inc., Chicago, at 95 and interest. road, viz: Miles. , j^j^yljg^ West Philadelphia. Pa., to Octoraro. Chicago— Henry S. Heuschen & Co., Rut- Md. .. .^ «2.BB-i tor T.insday & Co., Inc., Second Ward Secur- Wawa to West Chester, Pa S.4*, r5 '„ p„ Erandywine Branch, Pa 1.63- ities 1.^0. jjlg,^ Ferliwood to Newtown Sq,, Pa., and branch 12.19 Ulsted on the Philadelphia Stock Exchangre. Jjceal for savings- banks in Cal.. Conn., Me., Mich., Minn.. N. H., N. Y., R. I. and Wis. Market. :New York — Edwin Wolff. Baltimore — Barroll, Corkran & Co. Philadelpliia — Barnes & Lofland, Biddle & Henry, Henry D. Boennins & Co., Brown Bros. & Co., Daniel & Co., Elkins, Morris & Co., Graham, Parsons & Co., Harper & Turner, Reed A. Morgan & Co., Parsly Bros. & Co. Price Range. Jan. 1, *12, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 98 '12 99 '12 75 Jan. 80 Sept. Low. 65 '20 72 '20 65 June 72 June PHILADELPHIA & CHESTER VALLEY RAILROAD CO. (THE) 1st Preferred 48. Due April 1, 1938. , Dated April 2. 1888. Interest reduced from B% in 1S96. Interest payable April and Oct. 1. at Reading Terminal. Philadelphia. Tax Statns — 2% Federal Income Tax paid iby company without deduction. Tax exempt in Pennsylvania. Authorized $400,000 Outstanding: *280,510 Kesei'ved for Ext 119,490 *$25,000 owned by Reading- Co. Denomination — Coupon, $500. Registerable ■as to principal. Trustee' — Pennsylvania Company for Insur- ances on Liives and Granting Annuities. Phil- adelphia. Guaranteed as to principal and interest by the Reading Company by endorsement. Oriranization and Control — Incorporated in - Pennsylvania in 1888. The Reading- Company owns the entire preferred stock and $489,300 of the $550,000 common stock. Capitalization. Outstanding. Common $550,000 Preferred 205,100 Funded debt 380,510 Secured by a first mortgage on 23.96 miles •of road from Dowington to Bridgeport, Pa. , and branch. Underlies — $100,000 1st Non-Pref. 3s of 1938. Market. Philadelphia — Barnes & Ijofland, Henry D. Boenning & Co., Brown Bros. & Co., Harper & Turner, Huntoon & Co., Parsly Bros. & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92 '16 95 '16 Not Low. 80 '19 85 '19 available Secured by a second mortgafre on road de- scribed under the 1st 4s, Prior Liens — $280,510 1st Preferred 4s of 1938. Market. Phlladelpliia — Henry D. Boenning & Co., Huntoon & Co. Pride Range. Jan. 1, *I6, to Jan. 1, '21 1930 Bid. Ask. HigSi. 92 '16 95 '16 Not availabib Low. 65 '17 PHILADELPHIA & FRANKEORD RAIL- ROAD CO. (THE) 1st 4s. Due Aug. 1. 1923. Dated August 1, 1892. Interest payable Feb. and Aug. 1, at Reading Terminal, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Ontstanding $500,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guarantee Trust & Safe Deposit Co. , Philadelphia. Guaranteed principal and Interest by the Reading Co. Organization and Control — Incorporated in Pennsylvania in 1892. The entire $500,000 capital stock is owned by the Reading Com- pany and the property leased for 9 9 9 years from 1908 to the Philadelphia & Reading Ry. Co. for interest and taxes. Capitalization. Outstanding. Common $500,000 Funded debt 500.000 Secured by a first mortgage on 2.56 miles of road in the city of Philadelphia from Cres- centville to Frankford, Market. Phila& Co., Isaac Starr Jr. & Co., W^elsh Bros.^ Wurts, Dulles & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 113 '17 113% '17 99% Jan. 103 Jan. Low. 90 '20 94 '20 90 May 94 Dec. PHUiADflLPHIA & READING RAILROAD CO, Delaware River Terminal 1st 6a. Dne May 20. 1942. Dated May 20, 1892. Interest payable May and Nov. 20, at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $700,000 Outstanding 600,000 Cancelled 200,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Control — See Extended 1st 5s. Secured by a first mortgage on certain ter- mmal and wharf property in Philadelphia, including piers Nos. 33, 34, 35, 36, 38 and 39 South Wharves, having a frontage of about 685 feet on the Delaware River, Underlies — Reading Co. Gen. 4s of 1997, Bonds are reserved under that mortgage to retire this issue. Market. New York — Raymond M. Smith, Taylor, Smith & Hard. Philadelphia — Barnes & Lofland, Biddle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Elkins, Morris & Co., Geo. N. Fleming, Graham, Parsons & Co., Morley, Wood & Co., Parsly Bros. & Co., Samuel K. Phillips & Co. •^ Price Range. Jan. 1, '09, to Jan. 1, *21 1920 Bid. Ask. ' Bid. Ask. High 112->.l '09 1151/2 '09 99 Jan. 102 Jan. Low. 89 '20 94 '20 89 June 94 June 1060- PHILADELPHIA & READING RAILROAD CO. DelaAvare River Terminal Extn. Pur- chase Money Ist Ss. Due July 1, 1943. Dated July 1, 1892. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized *$1, 222,000 Outstandmg: 534.000 Cancelled 275,000 ♦Reduced to $809,000 under an agreement whereby piers Nos. 22. 23 and 24, South Wharves, Philadelphia, were released from. the lien of the mortgage. Denomination — Coupon , $1,000. Register- able as to principal. Trustee — Guarantee Trust & Safe Deposit Co.. Philadelphia. Control— See Extended 1st 6s. Secured by a first mortgage on terminal properties located on Swanson St.. Delaware Ave.. Davis St. and Catharine St.. in Phila- aelphia. Underlies — Reading Co.-P. & H. C. & I. Gen. 4s of 1997. Bonds are reserved under that mortg-age for the retirement of this Issue. Market. o -fy o^'"'* — Raymond M. Smith, Taylor, Smith & Hard. Phjladelpliia — Biddle & Henry, Henry D. Boenning & Co., Blown Bros. & Co., Geo. N. Fleming, Graham, Parsons & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 _., ^ ^^Birt- Ask. Bid. Aalc. High 112% '09 1131/3-08 99 Jan. 101% Jan. Lovr. 90 '18 100% '18 90 Dec Xisted on the Philadelphia Stock Exchange. Market. New York — Watson, Armstrong & Co. PhilaAlelphia' — Barnes & liOfland, Biddle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Elkins, Morris & Co., Geo. N. Fleming, Graham, Parsons & Co., J. P. Ma- gill & Co., Morley, "VVood & Co., Parsly Bros. & Co., Wurts .Dulles & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. • Bid. High 101 '10 102% '09 78% June Low. 78 '20 86 '19 78 Oct. PHILADELPHIA St READING RAILROAD and the PHILADELPHIA & BEADING COAL & IRON CO. Cons. 48. Due March 1, 1937. Dated August 26. 1882. Extended March 1, 1897, interest being reduced from 5%. Inter- est payable March and Sept. 1, /kt Reading Terminal, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Antilorlzcd Closed mortgage Outstanding $6,766,717 Denomination — Coupon, $600 and $1,000. Hegisterable as to principal. Trustee — The Pennsylvania Company for In- surances on Lives and Granting Annuities, Philadelphia. Guaranty — By the terms of the extension agreement of March 1, 1897, the Philadelphia & Reading Ry. Co.. the Philadelphia & Read- ing Coal & Iron Co. and the Reading Co. Jointly and severally guarantee the interest on the bonds, and the two latter companies alos guarantee the srlncipal. Control — The Philadelphia & Reading Rail- road Co. was succeeded in 1896 through fore- closure by the Philadelphia & Reading Ry. Co. Both the latter company and the Phila- delphia & Reading Coal & Iron Co. were in- corporated in Pennsylvania and are controlled through ownership of their entire capital stock by the Reading Co. Secured by direct mortgage on coal and Iron lands, 31.5.61 miles of road. 276.26 miles of leaseholds, etc., as follows: A first lien on certain coal and Iron lands of the Philadelphia & Reading Coal & Iron Co. A second lien on 167.13 miles — Covered by the first lien of the Impt. 4s, 1947 167.13 A third lien on 148.48 miles — Covered by the second lien of the Impt. 4s, 1947 148.48 Also secured by first lien on 129.16 miles of leasehold, viz: North' Pennsylvania R. R 88.12 Delaware & Bound Brook R. R 30.97 Philadelphia & Chester Branch 10.07 Also securetl by second lien on 276.26 miles of leaseholds — Covered by the first lien of the Impt. 4s. 1947 2176.26 Prior Liens — $9,363,000 Imp. 4s of 1997 and $2,696,000 Ext. 6s of 1933. Underlies — Reading Co. Gen. 4s of 1997. Bonds are reserved under that mortgage to retire this Issue. Legal for sayings banks in Cal., Minn., N. H. and R I. 1061 PHILADELPHIA & WESTCHBSTEK TRAC- TION CO. Gen. 4s. Due Jan. 1, 1954. Dated Jan. 1. 1904. Interest payable Jan. 1 and" July 1, at Trustee's office. Tax Status — 2% Fderal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $1,000,000 Outstanding 634,000 Reserved for Ext 466,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — West End Trust Co.. Philadelphia. Redeemable at 105 and Interest on three weeks' notice. Organization and Control — Incorporated In Pennsylvania |in 1895 and controls through stock ownership the Philadelphia and West Chester Turnpike Road Co. (which controls the Delaware County Passenger R. R. Co.). and Philadelphia. Castle Rock & West Chester Passenger Ry. Co. Leases the Ardmore & Llanerch St. Ry., 3.25 miles, and the Phila- delphia & Garrettford St. Ry.. 11.80 miles. These two last named properties were built as feeders. Controlled through stock ownership by the Eastern Securities Co. Capitalization. Outstanding. Common $1,303,700 Funded debt 634,000 Secured by a first mortgage on 26.11 mllefl of track and, on leases of 24.15 additional miles. The road extends from 63d and Market Sts., Philadelphia, to West Chester, Pa., with branches and feeders. Franchises are per- petual. Years ended Dec. 31: Gross. Net. *Charge8. 1920 $879,647 $301,106 $214,407 1919 818.794 285,173 212,935 1918 630,393 245,766 209,428 1917.: 582,070 296,339 188,562 1916 541,326 276,076 180,074 ♦Interest, rentals and taxes. Original Market — Offered in 1906 at 93 and Interest by Geo. B. Atlee & Co., Philadelphia. Market. Philadelphia — BU^ins, Morris & Co., Henry D. Boenning & On. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '08 92 '08 67 Mar. 65 Mar. Low. 57 '20 65 '20 67 Dec. 65 Dec. PHILADELPHIA & WESTERN (ELECTRIC) RAILWAY Ist 5s. Due July 1, 1960. Dated July 1, 1910. Interest payable Jan. 1 and July 1. at office of Edward B. Smith & Co.. Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $4,000,000 Outstanding 2,630.000 Held in Treasury 370,000 Reserved for Ext 1,000,000 Denomination — Coupon, 11,000. Beeisterable as to principal only. Trustee — PUiladelpliia Trust Co., Philadel- phia. Redeemable at 102% and interest on any in- terest date. Organization — Incorporated In Pennsylvania in 1907. Owns one-half of the capital stock of the Norristown Transit Co., which road con- nects the Lehigh Valley Transit with the P. & W. Ry. Also owns the entire capital stock of the Interborough Electric Lt. & Power Co. Capitalization. Outstanding. Common {4,000,000 Preferred (6% cum.) 2,000,000 Funded debt 2,630,000 Secured by a first mortgage on 17 miles of high speed third rail interurban road from 69th and Market Sts., Philadelphia, to the center of Norristown, Pa., and branch to Strafford, Pa, The company owns one-half of the stock of the Norristown Transit Co., which owns two miles of road in Norristown. These lines combined form part of a through route between Philadelphia and the Lehigh Valley. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $801,162 $267,068 $135,505 1919 732,301 263,638 133,430 *1918 590,301 239,639 140,543 •1917 538,137 271,366 tl31,500 •1916 491,488 256,669 tl31,6'P0 •Tear ended June 30. tBond interest only. Original Market — Underwritten by a syndi- cate headed by B. B. Smith & Co. Market. Fhiladelpliln — Henry D. Boenning & Co., Elkins, Morris & Co., Huntoon & Co., Mc- Cown & Co., Parsly Brcs. & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to .Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100% '16 101% '17 74 Nov. 88 July Low. 70 '20 75 '20 70 Nov. 76 June PHILADELPHIA & WILLOW GROVE STREET RAILWAY 1st 4%s. Due July 1, 1934. Dated July 1, 1904. Interest payable Jan. 1 and July 1, at Land Title & Trust Co.. Philadelphia. Tax Status — 2 % Federal Income Tax paid .by company without deduction. Tax exempt In Pennsylvania. Authorized $1,000,000 Outstanding 1,000,000 Retired by S. F None. Denomination — Coupon, $1,000. Trustee — Land Title & Trust CO., Philadel- phia. Redeemable on any interest date at 105 and Interest on 30 days* notice. Sinking Fund — $10,000 per annum from 1910 to 1914, inclusive; $15,000 to 1919, in- clusive, and $20,000 thereafter. Guaranteed principal and interest by the Philadelphia Rapid Transit Co. by endorse- ment. Organization and Control — Incorporated in Pennsylvania in 1900 as successor, through foreclosure, to the Bucks County Ry. Co. En- tire capital stock owned by the Union Trac- tion Co. and road leased to the Philadelphia Rapid Transit Co, for 999 years from 1904. Capitalization, Outstanding. Common $100,800 Funded debt 1,000,000 Secured by a first mortgage on 17 miles of street railway from Philadelphia city line to Willow Grove Park. This road serves a pop- ulous suburban district and Is a fast line to Willow Grove Park, one of the finest amuser ment parks in America. Eamiiiss — Included in reports of Philadel- phia Repid Transit Co. Original Market — Offered by Newburger Bros. & Henderson (now Newburger, Hender- son & Loeb), Philadelphia, at 103% and in- terest, in July, 1906. Market. Pliila«lelplua — Barnes & Lofland, Morley, Wood & Go. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. - High 80 '16 60 July Low. 60 '19 65 '19 60 July PHILADELPHIA. BALTIMORE & WASHING- XON RAILROAD CO. 1st 4s. Dae Not. 1, 1943. Dated Feb. 1, 1904, April 1, 1911 and Nov. 1, 1913. Interest payable May and Nov. 1, at Penna. R. R. Treasurer's office. New York, and Broad Street Station, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania, Delaware, Maryland and Dis- trict of Columbia. Authorized $20,000,000 Outstanding — Dated. Feb. 1, '04 $10,570,000 Apr. 1, '11 4,600,000 Nov. 1, "13 1,000.000 :$16,070,000 Reserved for Ref 3,930,000 Denomination — Coupon, $1,000. Reglsterable as to principal or exchangeable for registered bonds. Registered, $1,000 and multiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Organization and Control — Incorporated In Delaware in 1902. Sept., 1916, acquired the properties of the Columbia & Port Deposit Ry. Co., Philadelphia & Baltimore Central R. R. Co. and Elkton & Middletown R. R. Co. In 1918 acquired the property of the Eddy- stone & Delaware River R. R. Co. Practically the entire capital stock is owned by the Penn- sylvania Railroad Company. Property is leased to the Pennsylvania R. R. Co. for 999 years from Jan. .1, 1918. Capitalization. Outstanding. Common " $29,838,925 Funded debt 39,969,146 Secured equally with the Phila., Wilming- ton & Baltimore Plain 4s by first mortgage on 226.75 miles of road, viz: Miles. Phila., Pa., to South End of Potomac River Bridge Opp. Washington, D. C. 131.22 West Phila. Elevated and Washing- ton Branches in Phila., Pa 4,63 Bay View Jet. to President St. Station. Baltimore, Md 3.72 Near Bellevue to Near Newport, Del ... 6. 96 Near Newark to Delaware City, Del. . . . 11.82 Bowie to Pope's Creek, Md 48.76 Landover. Md., to Florida Ave., Wash., D. C 6.33 Miscellaneous Branches , 13. 31 Underlies — Debenture 4s due annually to 1924 and $16,000,000 Gen. 6s of OleB (all owned by the Pennsylvania R. R.) under wliich mortgage bonds are- reserved to retire this issue. Year ended Dec. 31: Total Rental. Income. Int., etc- 1920 $3,293,163 $3,294,647 $1,604,944 Legal for savings banks In Cal,, (flonn.. Me., Mass., Mich., Minn., N. H., N. J., N. T.. R. I., Vt. and Wis.: and also Balti- more Trust Funds. Usted on the New York and Philadelphia Stock Exchanges. OrlBinal Market — $10,000,000 offered Dec. 1903, at 104% and interest, by Kuhn, Loeb & Co., New York; $4,600,000 additional offered March, 1911. at 102 and interest, by Speyer & Co.. New York. Kidder. Peabody & Co., Boston, Newburser, Henderson & Loeb, Phila- delphia and New York, and Alex. Brown & Sons. Baltimore. Market. New York— Hartshorne & Battelle, Red- mond & Co., Struthers & Hiscoe, Vilas & Hickey. Baltimore— BarroU, Corkran & Co. Fhiladelpliia — Barnes & Lofland, Bauer, Starr & Co., Arthur J. Bender, Biddle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Elkins, Morris & Co., Wm. W. Fogarty, Graham, Parsons & Co., Harper & Turner, McCown & Co., Reed A. Morgan & Co., Morley, Wood & Co., Parsly Bros. & Co., Isaac Starr & Co., Wurts, Dulles & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. '21 1920 High 110% Feb. 24, '06 82i/s Jan. 29 Low. 78 May 3, '20 78 May 3 PHILADELPHIA, BALTIMOKE & WASHING- TON KAILKOAD CO. Serial Deb. 4s. Dae $500,000 annually from Jan. 1, 1915 to 1924. Dated Jan. 1. 1909. Interest payable Jan. and July 1, at Broad Street Station, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Delaware and Maryland. Authorized $6,000,000 Outstanding- (Jan. 15, '21) 1,600,000 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Kegis- tered, $1,000. C. & R. interchangeable. Trustees — Philadelphia Trust. Safe- Deposit & Insurance Co., Philadelphia. Organization — See 1st 43. Securetl egually with $15,000,000 Gen. 6s, due April 1, 1960, by a general mortgage on all the property of the company, including 414.91 miles of road. Legal for savings banks in N. H. and R. I. Listed on the Philadelphia Stock Exchange. Original Market — $5,000,000 offered in Dec, 1908, by Brown Bros. & Co., and Edward B. Smith & Co., New York and Philadelphia, at prices ranging from 98.94 and interest for 1916 maturities, to 97.60 for 1924 maturities. Market. Fliiladelpliia — Biddle & Henry, Henry D. Boenning & Co., Brown Bros. & Co., Gra- ham, Parsons & Co., Harper & Turner, Reed A. Morgan & Co., Morley, Wood & Co., Parsly Bro.=i. & Co. Price Range. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '19 100 '19 6% to 7% Low 97 '19 less 2 Denomination — Coupon. $1,000. Reglsterabl* as to principal. Trustee — Maryland Trust Co.. Baltimore. Redeemable (stamped bonds) as a whole or in part for sinking fund at 107% and in- terest upon 30 days' notice. Sinking Fund (stamped bonds)^Annually, beginning March 1, 1918, 2% of outstandins- Stamped Bonds for their purchase or redemp- tion at not over 107"% and interest. Bonds so acquired to be cancelled. Organization — See 6% Secured Notes of 1922. Secured by a first mortgage on gas rights in about 90,000 acres of land in southwestern Pennsylvania. Further secured by a first lien on the following stocks: Entire issue, $4,000,000 common stock of the Consolidated Gas CJo., which owns the artificial gas plants in Pittsburgh, and has a perpetual arid exclusive franchise. The coni- pany has also outstanding $2,000,0^0 preferred stock on which the Philadelphia Co. guar- antees dividends of 4% per annum, and $5,- 000,000 1st mortgage bonds on which Interest has been in default since Feb., 1916. Entire issue $2,985,000 stock of the Char- tiers Valley Gas Company, supplying natural'. gas in the southwestern part of Pittsburgh and territory adjacent thereto. Entire issue, $1,600,000 stock of the Alle- gheny County Light Co.. which owns or con- trols plants supplying electricity in Pittsburgh, proper. These plants are subject to .$3,000.- 000 bonds, of which $1,000,000 Allegheny County Light Co. bonds are deposited with. Trustee under this Mortgage and $300,000 Southern Heat, Light & Power Co. bonds are owned by Duquesne Light Co. Company Is leased to the Duquesne Light Co. at a rental equivalent to interest, taxes, operating and maintenance expenses and $150,000 per an- num. The Duquesne Light Co. is paying divi- dends of 8% per annum on $18,226,000. All of the $476,400 stock of the Allegheny Heafing Co. and the $1,000,000 stock of the Philadelphia Co. of W. Va.. both of which companies supply natural gas. Earnings — See 6% Secured Notes of 1922. Listed ($6,616,000 Stamped bonds) on th& Philadelphia Stock Exchange. Original Market — $4,000,000 offered in Feb., 18 99. by Brown Bros. & Co., New York. Philadelphia and Boston, ■ and Alex. Brown & Sons, Baltimore, at 107% and interest. Market. Philadelphia — Barnes & Lofland, Arthur J. Bender, Henry D. Boenning & Co., Brown Bros. & Co., Elkins, Morris & Co., Geo. N: Fleming, Graliani, Parsons & Co., McCown- & Co., J. P. Magill & Co., Parslv Bros. & Co., Samuel K. Phillips & Co, Pittsburgh — Lyon. Singer & Co., Moor.e, Leonard & Lynch, Stout & Co.. Union Trust Co. of Pittsburgh. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 106 '09 106 '09 100 Jan. 100V4 Jan. LoAv. 80 '20 84% '20 80 Nov. 84% Oct. PHILADELPHIA COMPANY 1st & Coll, Tr. 5g. Due March 1, 1949. Dated March 1, 18 99. Interest payable March and Sept. 1, at Brown Bros, & Co.. New York, and Alex. Brown & Sons. Balti- more, Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $6,600,000 Outstanding (Feb. 1, '21) .... 2,727,000 Retired by S. F 3.39,000 Purchased by Md. Trust Co 3,434,000 1061 PHILADELPHIA COMPANY Cons. Mortgage Coll. Tr. 5s. Due Nov. 1, 1951. Dated November 1, 1901. Interest payable- May and November 1, 1901, at Brown Bros. & Co.. New York and Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt, in Pennsylvania, Authorized $22,000,000 Outstanding (Feb. 1, '21) .... 14,167,000 Retired by S, F 981,000 Denomination — Coupon, $1,000. Registerable ns to principal. Trustee — Continental Trust Co., Baltimore. i Redeemable (Stamped Bonds) as a whole or ^In part for sinking- fund at not over 102% and interest on 30 days' notice. Sinking Fund (Stamped bonds) — Annually, ibeginning: Ma^ l, 1918, 2% of outstanding ;Stamped bonds for their purchase or redemp- tion at not over 102 V^ and interest. Bonds -BO acquired to be cancelled. Organization— See 6% 'Sec. Notes of 1922. Secured by a first lien on $11,648,000 out -of $12,000,000 preferred sttfck and $12,361,- 700 out of $15,000,000 common stock of the ■Consolidated Traction Co. of Pittsburgh. Un- der the agreement with the Pittsburgh Rys. -Co. , terminable by either party on three months* notice, the preferred stock, other than *he shares owned by the Philadelphia Co., is receiving dividends of 6 % per annum. The Consolidated Traction Co. does not own any railroad but owns the stocks of several companies and leases their properties. The lines operated by the company include prac- tically all of those in Pittsburgh proper, ex- cept the lines on Second Avenue, and from Union Station on Liberty Ave. and Smith- Held £t. to the South Side. They extend from the business center into the residential section on the East Side to Wilkinsburg, Braddock, Homestead, Duquesne and McKeesport, and embrace more than 225 miles of track. These ■bonds are further secured by a second lien «n the securities described under the 1st & Coll. Tr. 5s. Note. — The Pittsburgh Rys. Co. was placed In the hands of receivers April 23, 1918. Underlies — 1st & Coll. Tr. 5s of 1949. flarnings — See 6% Secured Notes of 1922. I^isted ($13,877,000 Stamped Bonds) on the £*hiladelphia Stock Exchange. Market. Pliiladclphia — Barnes & Lofland. Arthur J. iBender, Henry r>. Boenning & Co., Brown Eros. & Co., Elkins, Morris & Co., Geo. N. Fleming, McCov.n & Co., Morley, Wood & Co., Samuel K. Phillips & Co. ' Pittsbnri^h — Lyon, Sing-er & Co., Moore, I^eonard & Lynch, Stout & Co. Price Range. Jan. I, 'H, to ,laii. 1» '21 1920 Bid. Ask. Bid. Ask. Xligh 100 '11 IO2V2 '11 86 Mar. 90 Mar. r^w. 70 '20 73^*20 70 Aug. 73V2Aug. without equally securing these bonds with any which may be issued under such mortgage. Earnings — See 6% Secured Notes of 1922. Ijistcd on the New York and Philadelphia Stock Exchanges. Original Market — $ 10,000,000 offered In Sept., 1912, by Blair & Co., and Ladenburg. Thalmann & Co., New York, at 97 V& and in- terest. Market, New York— Glidden. Davidge & Co., Sam'l Goldschmidt, Salomon Bros. & Hutzler, Vilas & Hickey. Philadelpliia— Barnes & Lofiand. Pittsburgrh — Lyon, Singer & Co., Moore, Leonard & Lynch, Stout & Co., Union Trust Co. of Pittsburgh. Price Range — N. Y. S. E. Jan. 1, '13, to Jan. 1, '21 1920 High 98 Nov. 29, '12 92 Oct. 28 Low. 78 Mny 1, '18 85 May 20 rHILADEtPHIA COMPANY Conv. Deb. 5s. Due May 1, 1922^ Dated May 1, 1912. Interest payable May and Nov. 1 . at Blair & Co. , New York or London. Tax Status — 2% Federal Income Tax paid fcy company without deduction. Tax exempt in Pennsylvania. Authorized $10,000,000 OutstamUns' (Feb. 1, '21) 9,794.000 Converted 206.000 Denomination — Coupon, $1,000, or £205-15-2. Rc'Sisterable as to principal. Trn.stee — New York Trust Co., New York. Redeemable at 102 2 3 and interest on any interest date upon 45 days' notice. Convertible into 6% cumulative preferred stock at par. The company covenants that it will not create any stock ranking with or prior to this 6% cumulative preferred stock, ■without the consent of the holders of two- thirds of the amount of such stock outstand- ing. Organization and Control — See 6% Sec. Motes of 1922. Security — A direct obligation of the com- pany but not secured by a mortgage. The company covenants that it will not make any new mortgage upon its property or assets, 10 PHILADEIiPHIA COMPANY 3-Year 6% Se- cured Notes. Due FebruaJT 1» 1922. -Dated February 1, 1919. Interest payable February 1 and August 1. in New York, Bos- ton, Chicago and Pittsburgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $15,000,000 Outstanding- (Feb. 1, '21) 9,580,000 Retired by S. F 420.000 Reserved for Corporate Pur- poses 5.000,000 Purpose of Issue— To provide for the retire- ment of $7,000,000 5V^% notfs due April 2, 1919, and $1,957,000 Convertible Debenture 5s. due August 1, 1919. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Registered, $1,000. Coupon ($1,000) and Registered inter- changeable. Trustee — Union Trust Co., Pittsburgh, Pa. y Redeemable at any time on 60 days' notice, at 101% and interest prior to February 1, 1920; at 101 and interest February 1, 1920, and prior to February 1, 1921. and at 100% and interest on and after February 1, 1921. Sinking Fund — On the basis of $10,000,000 of these notes outstanding the sinking fiinds for the retirement of the Company's funded debt aggregate $789,000 per year, of which $400,000 per year must be applied to the pur- chase or redemption of these notes at not ex- ceeding the current redemption price. Notes so acquired to be cancelled. If the entire $15,000,000 authorized notes are issued, total sinking funds will amount to $989,000 per year, of which $600,000 will be applicable for the retirement of these bonds. Organization and Control — Incorporated in Pennsylvania in 1884 as successor to Empire Contract Co., incorporated in 1871. The Com- pany controls through stock ownership a num- ber of subsidiaries, supplying natural gas and electricity to Pittsburgh and vicinity and also the traction systems in and around that city. The principal natural gas subsidiaries are: The Philadelphia Co. of "W. Va.; Chartiers Valley Gas Co. ; Union Gas Co. of ]\IcKees- port; Allegheny Heating Co., and Pittsburgh & AVost Virginia Gas Co. The principal artificial gas subsidiaries are the Consolidated Gas Co. of the City of Pitts- burgh; Allegheny Illuminating Co. and South Side Gas Co. The principal traction subsidi- aries are the Pittsburgh Railway Co.; Consoli- dated Traction Co.; United Traction Co. of Pittsburgh; Seventeenth Street Incline Plane Co. ; Pittsburgh & Beaver Street Ry. Co. ; Beaver Valley Traction Co. and Morningside Electric. Street Railway Co. The principal electric subsidiaries are the Duquesne Light 64 Co.; Pittsburgh-Beaver Light Co.; Pennsyl- vania Light & Power Co.; Beaver County Light Co. and Midland Electric Light & Power Co. Among other subsidiaries are the Equitable Coal & Coke Co. ; Equitable Auto Co., Equitable Sales Co., Equitable Real Es- tate Co., Equitable Towing & Transportation Co., and Philadelphia Oil Co. Controlled by the United Railways Invest- ment Co. of San Pranclsco, through owner- ship of $24,555,000 common stock. Capitalization. Outstanding. Common $42,943,000 1st Pref. (5% non-cum.) 1,442,450 2d Pref. (6% cum.) 14,531,150 Funded debt 36,268,000 Secured by pldege of $20,000,000 1st Rei. & Coll. Tr. 5b, dated February 1, 1919, and due February 1. 1944. Additional notes are issuable on deposit of additional bonds of the same issue and in the ratio of 200 in bonds for each 100 in notes. Provision of Issue of First Refunding and Collateral Trust 5s. Authorized— $100,000,000. Pledged as Security for Notes.... $20,000,000 Reserved as Security for Future Notes 10,000.000 Issuable against Present Proper- ties 5,000,000 Reserved to Retire Deb. 53, 1922.. 9,794,000 Reserved to Retire 1st & Coll. 5s, 1949, and Cons. Coll. 5s, 1951.. 20,369,000 Provision is also made for the issue of these bonds par for par to retire the outstand- ing funded debt on the Duquesne Light Com- pany. The remainder of the authorized issue, together with any bonds not required for the above purposes, may be issued for 66 2/3% of the cost and fair value of additions and Im- provements made after February 1 , 1919, to the gas, oil or coal properties of the Company and Its subsidiaries, or for 85% of the cost and fair value of additions and improvements made after February 1, 1919, to the properties of the Duquesne Light Company or other sub- sidiary electric light and power companies; all under carefully guarded restrictions and only when net earnings, as defined in the mortgage available for fixed charges for the 12 months Immediately preceding are at least twice the annual interest charges on the outstanding funded debt, including interest on the Bonds sought to be issued. Secur;-d equally with $9,794,000 Conv. Deb. 5s of 1922 by mortgage upon all the natural gas properties, transmission lines and dis- tribution systems owned in fee by the Philadel- phia Company, and upon all securities (with certain unimportant exceptions) of companies ' engaged in production, transmission or dis- tribution of natural gas. artificial gas, elec- tric light and power, oil, coal and coke; nbw owned or hereafter acquired by the Philadel- phia Company, including specifically: A first lien, through deposit of entire first mortgages to be created and pledged as col- lateral (subject only to $750,000 Pittsburgh &r "West Virginia Gas Company 6% Serial Bonds, due $150,000 annually to October 1. 1923, and $1,200,000 Equitable Coke Company Two-Year 6% Notes, due 'semi-annually 1920 and 1921, the retirement of which is provided for out of the proceeds of the $5,000,000 re- served Three-Tear 6% Secured Gold 'Notes i now unissued), upon the entire, properties of the following gas, oil,' coal and coke compa- nies, whose entire capital stocks are also pledged under the First Refunding and Col- lateral n rust Mortgage Bonds: 1. The Pittsburgh & West Virginia Gas Company, which operates all of the Phila- delphia Company's system of properties in 1066 West Virginia producing, transmitting and distributing natural gaa. 2. The Equitable Gas Company which leases from the Philadelphia Company and operates the natural gas distributing system in the city of Pittsburgh. 3. The Philadelphia Oil Company, whic)v takes over and produces oil as a by-product from the natural gas wells of the Philadelphia Company system. 4. The Equitable Coal & Coke Company, owning coal property and doiny; a coal min- ing and distributing business. The total value of the property above enumerated amounts to at least $33,000,05© as above stated, against which there are prior liens on parts of the property amounting to- ?1, 240, 000 the retirement of which is pro- vided for out of the proceeds of unissued^ Three- Year 6% Secured Notes. Also a first lien upon: 1. The entire $18,226,000 Common Capital- Stock of the Duquesne Light Company. This stock is now paying dividends at the rate of- 8% per annum. The Duquesne Ligfht Co. has $31,718,500 funded debt and $5,941,000' Preferred Stock outstanding. Alao a lien upon other securities and asset^- of the Philadelphia Company, representing in- vestments ' in natural and artificial gas pro- ducing, transmission and distribution systems,; valued at over $50,500,000 subject only to tire Company's First Mortgage and Consolidated! Mortgage bonds outstanding, aggregating: $16,894,000. Prior liiens — Outstanding. - ist & Coll. Tr. 5s, 1949 $2,727. 001>- Cons. & Coll Tr. 5s, 1951 14,167,00ft 1919-23 450,000^ Equitable Coke Co. 5s, 1920 600,000 ■$17,944,00C*' ♦Closed mortgages. Years ended Dec. 31 (consolidated): ' Gross. Net. fCharges. 1919 $13,774,500 $8,651,541 $4,855,477' *1918 9,636,415 6,500,734 3,067,181 *9 months only, flncludes rentals, depre- ciation, interest, improvement and exten- sions. Original Market— $10,000,000 offered Feb- ruary, 1919, by Lee, Higginson & Co., New York, etc., and the First National Bank, Ne-w York, at 96^^ and Interest. Market. New \''ork — Earle A. Miller & Co Cleveland — Prichard-Casler Co. Scrnnton — Weissenfluh & Co. Boston — Curtis & Sanger. rhiladelpliia — Parsly Bros. & Co. Pittsburg'h — Lyon, Sing-er & Co., Moore^ Leonai'd & Lynch, Uuion Trust Co. of Pitts— brugh. Price Ran lie Jan. 1, '19, to Jan. 1, '21'^ 1920 High IjOW. Bid. 98 '19 91 '20 Ask. 98 Va '19 9 21/:; '20 Rid. di\% Oct. 91 Julv Ask. 9714 Oct. 92% July- PHII.ADELPHIA ELECTRIC CO. (THE) (or Pennsyharia) Ist S. F. 4g and .^s. Dae Oct. 1. 1966. Dated Oct. 1, 1916. Interest payable April' 1 and Oct. 1. in Philadelphia. Tax Status — 2% Federal Income Tax paid' by company without deduction. Tax exempt in Pennsylvania. Authorized: 5a SnH,328.300 4s 1,671,700 $6 0,0 00,000' Outstanding: 5s $36,663,300 4s 1,671.700 38,335,000^ Reserved for Ext 12,500,000 Vledffed for Bank T^oans 3,665,000 Pledged to Secure 6%Notes(5s) 5,600,000 Denomination — Coupons, 81,000, $500 and 4100. Registerable as to principal. Regis- -tered $1,000, $500 and $100. C. & R. $1,- 000) interchanireable. $500 and $100 bonds assregatlng: $1,000 are exchangeable for $1,000 bonds, coupon or registered. Trustee — Land Title & Trust Co., Philadel- phia. Redeemable — Es, at 110 and interest; 4s, at 105 and interest, on Oct. 1, 1921, or any interest date thereafter on six weeks' notice. Sinking Fund — ^Annually, beginning August 15, 1921, $212,000, of which $205,000 is for the purchase or redemption of 5s- at not over 105 and interest and $7,000 for 4s at not over 100 and interest. Bonds so acquired to be kept alive and interest added to this fund. Organization — Incorporated in Pennsylvania In 1902 and in 1917 acquired under a plan of readjustment all the properties of the Phila- delphia Electric Co. of New Jersey. Capitalization. Outstanding. Common $29,965,075 Funded debt 50,835,000 Secured by a first mortgage on all the prop- erty of the company, real and personal, now owned and operated in the City of Philadel- phia, and are further secured by a deposit with the Trustee of $1,976,700 of Edison Elec- tric Stock Trust Certificates maturing April 1, 1946, out of a total authorized and out- standing Issue of $1,994,300 and by all the said Stock Trust certificates which the com- pany may hereafter acquire; also by a pledge under the mortgage of 20,000 shares of the capital stock of The Edison Electric Light Company of Philadelphia being all the au- thorized and outstanding stock of that com- pany, subject to the pledge thereof with the Trustee under the trust agreement securing said Edison Electric Stock Trust Certificate and also by all property hereafter acquired by the company, except shares of stocks and securities of other corporations other than said Edison Electric Stock Trust Certificates and said stock of The Edison Electric Light Company of Philadelphia, The company owns all the electric light and power plants and distribution systems in Philadelphia, except the plant of The Edison Electric Light Co. The company sells a large part of the power acquired to the Philadel- phia Rapid Transit Co. Also sells power to Pennsylvania Railroad Co. The company operates under an Ordinance of Select and Common Councils of the City of Philadelphia, dated 1902, whereby permis- sion is granted to it, its successors and as- signs, to enter upon, open and use all the streets and alleys of the City of Philadelphia for the purpose of constructing, maintaining and operating underground conduits, erecting poles and wires overhead, etc., for the pur- pose of furnishing light, heat or power, de- rived from electricity, to the public and to private individuals and corporations in the City of Philadelphia. This Ordinance con- tains no limit as to time. Years ended Pec. 31 (consolidated): Gross. Net. * Charges. 1920 $19,734,235 $5,375,197 $12,474,938 1919 16,014,257 5,244.064 3918 14.503,851 4,628.209 1917 12,100,769 4.455,553 1916 10.260,072 4.775.097 rental, amortization. 2,605,027 2,595,815 2,437,359 1,981,046 renewals. Original Market — Offered C5s) February, 1917, by Brown Bros. & Co. and Drexel & Co., at prices, to yield about 4.86%. $1,500,- 000 6s, offered June. 1918, by Harris, Forbes & Co.. at 93 and interest. $1,500,000 63 of- fered Feb.. 1919, by Drexel & Co. and Brown Bros. & Co., Philadelphia, at 94 and interest. Market. Philadelphia — Thos. A. Biddle & Co., Bid- die & Henry, Brown Bros. & Co., Elkins, Morris & Co., Geo. N. Fleming, Wm. W. Fogarty, Huntoon & Co., McCown & Co., J. P. Magill & Co., Reed A. Morgan & Co.. Morley, Wood & Co., Parsly Bros. & Co., Welsh Bros. l*rice Raiigre J^n. 1, '17, to Jan. 1, '31 19^0 5s Bid. Ask. Bid. High 101% '17 1021^ '17 95% Sept. Low. 80 '20 81 1/2 '20 80 Oct. Ask. 96 Sept. 81% Oct. •Interest, •etc. Listed on the Philadelphia Stock Exchange. 1066 PHILADELPHIA ELECTRIC CO. 2-Yr. 6% Secured Notes. Due Feb. 1, 1933. Dated Feb. 1, 1920. Interest payable Feb. 1 and Aug. 1, in Philadelphia and New York. Tax Status — 2 % Federal Income Tax paid by the company without deduction. Tax ex- empt in Pennsylvania. Authorized $15,000,000 Outstanding 12.500,000 Reserved for. Corp. Purp 2,500,000 Provisions of Issue — The $2,500,000 reserved notes may be issued only as additional Phila- delphia Electric Co. 1st S. F. 5s are pledged under this mortgage to an amount equal to 150% of notes, issued and provided that the net earnings of the system for the preced- ing 12 months shall be equal to at least twice the annual interest charges . on the then out- standing funded debt, including the notes ap- plied for. Purpose of Issue — The* proceeds of the pres- ent issue of $12,500,000 notes will be used in part for the retirement of the $7,500,000 2 Year 6 % notes of the Philadelphia Electric Company, maturing Feb. 1 , 1920. The bal- ance will be employed to cover in part the construction costs of various extensions and additions being made to the system, more particularly the new Delaware River power stations of the Philadelphia Electric Com- pany, located at Beach and Palmer Streets, Philadelphia, with its initial 60,000 k. w. ca- pacity. Denomination — Coupon, $1,000 and $500; reg- isterable as to principal and interchangeable. Trustee — Girard Trust Co., Philadelphia. Redeemable as a whole or in amounts of not less than $500,000 on four weeks* notice at 101 and interest at any time prior to Feb. 1. 1921, and on and after Feb. 1, 1921. at 100 ^ and interest. Organization — See 1st S. P. 4s and 5s. Secured by pledge with the trustee of the following SEcurities: $5,500,000 of the First Mortgage 5% Sink- ing Fund Bonds of The Philadelphia Electric Company; All the $12,500,000 outstanding 6% Mort- gage (practically First Mortgage) Bonds of the Dflawarc County Electric Company, and all additional bonds which may be issued un- der this mortgage ; All the $3,692,800 Capital Stock (excepting directors' shares) of the Delaware County Electric Company, and any additional shares of stock which may be issued. The mortgage securing the First Mortgage 5% Sinking Fund Bonds of The, Philadelphia Electric Company is a first lien on the en- tire property of the company in the City and County of Philadelphia. Througrh the pledge of the Delaware County Electric Company 6% Mort&age Bonds, these notes will be secured by a first collateral lien, subject to $300,000 of outstanding: closed mortgage linderlying bonds, on the entire prop- erty of the Delaware County Electric Company (including the Chester Power Station). Earnings — See 1st S. F. 4s and 5s. Original Market — $12,500,000 offered Janu- ary, 1920, .by Drexel & Co., Philadelphia; Brown Bros. & Co. and Harris, Forbes & Co., at 97% and interest. Market New York — Salomon Bros. & Hutzler. Erie— Chas. Messenkopf & Co. Philadelphia — Thos. A. Biddle & Co., Henry D. Boenning & Co., Brown Bros. & Co., Elkins, Morris & Co., Graham, Parsons & Co., Huutoon & Co., McCowfi & Co., Samuel McCreery & Co., Reed A. Morgan & Co., Morley, "VV'"oods & Co., Wurts, Dulles & Co. Pittsburgh — Union Trust Co. of Pittsburgh. Price Raiigre 1930 High 97% Jan. 98 Jan. Low 91^ July 921^ July Pini^DET.PHIA, HARRISBURG & PITTS- BURGH RAIUROAD CO. (THE) Ist 5s. Due Oct. 15, 1935. Dated Oct. 15, 1890. Interest payable April and Oct. 15, at Reading Terminal, Philadel- phia, Tax Status — 2% Federal Income Tax paid by company without deduction. Tajc exempt in Pennsylvania. Authorized $2,000,000 Outstanding *2,000,000 *$1,472,000 owned by Reading Co. Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Reg- istered, $1,000. Trustee — The Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed as to principal and interest by the Philadelphia & Reading R. R, by endorse- ment which guarantee was assumed by the Philadelphia & Reading Ry. Co. Organization and Control — Incorporated in 1890 in Pennsylvania. The Philadelphia, Har- risburg & Pittsburgh R. R. was leased for 999 years, in 1800. to the Philadelphia & Reading R. R. Co., which lease was assumed by the Philadelphia & Reading Ry. Co. Rental is 5% on stock ($2,000,000), interest and taxes. The entire capital stock is owned by the Reading Company. Capitalization. Outstanding. Common $2,000,000 Funded debt 2,000,000 Secured by a first mortgage on 45.83 miles of road from Harrisburg to Shippensburg, Pa., and spurs. A large amount of soft coal from Virginia and West Virginia is handled over this line, which connects with the Western Maryland Railroad at Shippensburg. The importance of this line has lately been in- creased by the contract between the Bethle- hem Steel Corporation and th Davis Coal & Coke Co. , which calls for the furnishing to the steel company of a minimum of 2,000 tons and a maximum of 6,000 tons of coal per day for 2 years. All of this coal will prob- ably pass over this line, as the P. & R. Ry. is the only railroad into S. Bethlehem from this direction. I^egal for savings banks in Cal. , Conn. , Me., Mich., Minn., N. H., N. J., R. I. and Wis. 10 Market. New Ifork — Chas. W. Place, Raymond M. Smith, Taylor, Smith & Hard. Philadelphia — Biddle & Henry, Henry D. Boenning & co., Brown Bros. & Co., Gra- ham, Parsons & Co., Huntoon & Co., Heed A. Morgan & Co., Morley, Wood & Co., Par- sly Bros. & Co. Price Range. Jan. 1, *09, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 109 '09 110 '09 94 Jan. 95 June Low. 90 '17 87 '20 90 Dec. 87 Feb. FHIIiADEIiPHIA, NEWTOWN & NEW YORK RAXIiROAD CO. (THE) 1st ds and 3s. Due Oct. 1. 1943. Dated October 1, 1892. Interest payable April and Oct. 1, at Reading Terminal, Phila- delphia. Tax Status — '2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized : $1,600,000 Outstanding — 5s $1,092,300 3s 507.000 *«j 5gg 3Qg *$1, 096,100 are owned by the Read'ing'co. Denomination — Coupon, $1,000. Registerablo as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Guaranteed — The 3% bonds are guaranteed by the Reading Company by endorsement In consideration of the reduction in the rate of interest. Note. — The guarantee of the Philadelphia & Reading R. R. endorsed on the bonds was not assumed by the Philadelphia & Reading Ry. or the Reading Co. Organization and Control — Incorporated in Pennsylcania in 1876. $382,450 of the $400,- 000 preferred stock and $638,100 of tho $1,226,000 common stock is owned by the Reading Co. Capitalization. Outstandins. Common $1,125,000 Preferred 400,000 Funded debt 1.599.300 Secured by a first mortgage on 22.22 miles of road from Philadelphia (Third and Berks Sts.) to Newtown, Pa., and from Newtown Jet. on the P. & R. Ry. to OIney. This line forms part of the "Short Line" between Phila- delphia and New York. The charge of the 3% bonds upon the earnings of the company is prior to that of the 6% bonds. liisted on the Philadelphia Stock SiXchange. Market. New York — Taylor, Smith & Hard. Pliiladelphia — Biddle & Henry, Henry D. Boenning & Co., Huntoon & Co., Parsly Eros. & Co., Welsh Bros. Price Range. Jan. 1, '15, to Jan. 1, *21 1930 Bid. Ask. Eld. Ask. High 751^ '16 80 '15 731^ Jan. Low. 40 '20 70 '19 40 Nov PHILADELPHIA RAPID TRANSIT CO. CoU. Tr. 5s. Due Feb. 1, 1957. Dated December 15, 1908. Interest payable Feb. and Aug. 1. at Trustee's office. Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding (Jan. 1, '21) 4,580,000 Retired by S. F 420,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Pennsylvania Company for Insur- ances oil Lives and Granting Annuities, Phila- delphia. 67 Redeemable as a whole at 106 and Interest on any interest date on six weeks' notice, or for sinkingr fund at same price. Sinking Fund — ^Annually $34,300 plus Inter- est on bonds already retired from Peb. 1, 1912, to be applied to the purchase or redemption of these bonds at not over 105 and interest. Organization — See S. F. 5s of 1962. Secured by pled&e of the capital stocks of the following companies: $392,960 of $760,000 "West Philadelphia Passenger Ry. Co., $186,- 418 of $925,000 Union Passenger Ry. Co., $400,000 Catherine & Bainbridge Streets Ry. Co.. $35,250 of $200,000 Philadelphia & Darby R. R. Co.. $4,050 of $475,000 Philadelphia City Passenger Ry. Co., $835 of $334,529 Thir- teenth & Fifteenth Streets Passenger Ry. Co.. $1,427 of $310,157 Philadelphia & Gray's Ferry Passenger Ry, Co., $296,000 of $600,000 Empire Passenger Ry. Co.. $1,122,800 Twenty- second St. & Allegheny Ave. Passenger Ry. Co., $1,000,000 Lehigh Ave, Ry. Co., $60,000 Philadelphia, Cheltenham & Jenkintown Pas- senger Ry. Co., $14,700 of $299,381 Heston- viUe, Mantua & Fairmount Passenger Ry. Co. common stock and $239,000 of $533,900 Hestonville, Mantua & Fairmount Passenger Ry. Co. preferred stock; also $234,698 Cath- arine & Bainbridge Streets Ry. Co. certificates of indebtedness, and $2,221,696 Twenty-second St. & Allegheny Ave. Passenger Ry. certifi- cates of indebtedness. , Some of the above securities are owned by the Union Traction Co. and the Philadelphia Traction Co. and were borrowed as collateral for these bonds, the Philadelphia Rapid Tran- sit Co. pledging to the two companies the en- tire capital stock of the Market Street Ele- vated Passenger Ry. Co. ' EaxningB — See S. F. 5s of 1962. Listed on the Philadelphia Stock Exchange. Original Market — $2,500,000 offered in 1908 by Drexel & Co.. Philadelphia, at 101 and in- terest. Market. Philadelphia — Henry D. Boenning & Co., McCown &Co., J. P. Magill & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '09, to Jan. 1> '21 1920 Bid. Ask. Bid. Ask. High 102% '09 102% '09 75 Jan. 79 Feb Low. 65 '20 691^ '20 65 Aug. 69^^ Dec. PHILADELPHIA RAPID TRANSIT CO. 50- Year S. F. 5s. Due March 1, 1962. ' 'Dated March 1, 1912. Interest payable March and Sept. 1, at Trustee's office. ■ Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $10,000,000 Outstanding: (Jan. 1, '21).... 9,835.000 Retired by S. F 165,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co. , Philadel- phia. Redeemable as a whole on March 1, 1917, or on March 1 of any year thereafter at 105 and interest or for sinking fund at same price. . Sinking Fund — Annually $35,000, plus an amount equal to the interest on bonds retired by this fund, beginning Jan. 15, 1917. for the purchase and redemption of outstanding bonds at not more than 105 and interest. Guaranteed as to principal, interest and sinking fund by the Union Traction Co. Organization — ^Incorporated in Pennsylvania In 1902 and leased the properties of the Union Traction Co. for 999 years at an annual rental Increasing from 3% to 6% ($1,800,000) at the present time on its $30,000,000 capital stock. The Philadelphia Rapid Transit Co. controls either through stock ownership or leasehold all the surface, elevated and street railway lines in the city of Philadelphia and about 40 miles of track outside the city limits. The entire system comprises about 662.69 miles of track. In March. 1912, the company entered Into a slO-year contract with the Philadelphia Electric Co. for additional power. Capitalization. Outstanding. Common $29,991,660 Funded debt 27,867,000 Secured by pledge of the company's equity In the Market Street Elevated Passenger Ry. Co. -..and comprising the leasehold Interest in the latter company's property and its entire $2,800,000 capital stock and subject to its $10,000,000 1st 4s due May 1, 1958, which are guaranteed principal and interest by the Phila- delphia Rapid Transit Co. Franchises are perpetual, but on or after June 30. 1957, the city may purchase all the company'^ leaseholds, franchises and property at the company's actually paid-in capital of $30,000,000 and the city has the right to sell or assign this option. All franchises for fur- ther lines are to be first offered to the Rapid Transit Co. Ihe city has the right to three mr-mbers on the board of directors and to share eaually in all profits after 6% per an- num has been paid on the stock. A sinking fund to be taken out of gross receipts will amount to $30,000,000 at the end of 50 years and enable the city to acquire the property. The present rate of fare cannot be changed without the consent of both parties. Prior Lien — $10,000,000 Market Street Ele- vated Passenger Ry. 1st 4s of 1955. Years ended Dec. ai: Gross. Net. tCharges. 1920 538,807.354 $10,205,175 $9,823,110 1919 3(1,039,519 11,645.690 9.929,814 1918 31,704,428 11,334,856 9,800,040 1917 29,726,927 12,609,388 9,745,703 tincludes interest, rentals, and sinking funds. Original Market — $2,000,000 offered In March. 1912, by Drexel & Co., Philadelphia. Market. Philadelphia — Henry D. Boenning & Co., Elkins. Morris & Co., Morley. Wood & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1. '21 1920 Bid. Ask. Bid. Ask. High 97 '16 98 '16 82 Jan. 85 Jan. Low. 58 '20 62 '20 58 Dec. 6 2 Dec. PHILADELPHIA RAPID TRANSIT .^CO. Kquip. 5s» Series '*C.*' Due $81,000 semi- annually Nov. 1 and May 1, to May 1, 1925> inclusive. Dated May 1, 1913. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,944,000 Outstandinjr (Jan. 1, '21) 729,000 Balance Retired. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Fidelity Trust Co.. Philadelphia. Redeemable as a whole only at 102% and interest on any interest date on 45 days* notice. Secured by an equipment trust agreement on 500 Double Truck *'Near Side" Closed Vestibule Cars, costing $2,453,025. of which amount the company paid about $600,000 In cash. Original Market — Offered in May.- 1913, by Brown Bros. & Co., New York, Philadelphia and Boston, at prices to yield B.09%. Market. Pliiladelphia — Arthur J. Bender. Brown Bros, & Co. PHILADELPHIA SUBURBAN GAS & ELEC- TRIC CO. 1st & Ref. 5s. Dae Feb. 1. 1960. Dated February 1, 1910. Interest payable Feb. and Aug. 1. at Trustee's office. Phila- delphia, Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $10,000,00,0 Outstanrting- 7,183,000 Reserved for Prior Liens 2,817,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 105 and interest Feb. 1. 1915, or any interest date thereafter on 60 days' notice. Guaranteed as to principal and interest by the American Gas Co. by endorsement. Orsranization and Control— The coinpany was Incorporated in Pennsylvania in January, 1910, as a consolidation of a number of smaller companies. Controlled by the American Gas Co. through ownership of all outstanding capi- tal stock and operated by that company. Capitalization. Outstanding. Common $4,585,500 Preferred 800,000 Funded 'debt . ^ 11.680.000 Secured by a mortgage on plants supplying gas and electricity in the greater part of the territory immediately adjacent to Philadelphia and including the district south of the city to the Delaware State Line and including Ches- ter, Middleton, Ridley, Darby, Springfield. Tinicum, Sharon Hill, Landsdowne, Clifton Heights, Aldan, Ridley Park. Glenolden, Eddy- Stone, Media, Upland, Swarthmore, Morton, etc., in Delaware County; Coatsville, Cain Valley and East Fallowfield, in Chester County; Ambler, Pottstown, Glenside, Jenkin- town. Hatboro, Rockledge, Abington, Chelten- ham, Springfield, Moreland, Whitemarsh, Gwynedd, Lansdale, North "Wales, etc.. In Montgomery County. Population served, 150,- OOO. Of the 40 franchises controlled by the company all with one or two minor exceptions are perpetual and exclusive as regards gas. Prior Liens — $2,817,000 prior liens, viz.: $1,547,000 Suburban Gas Co. of Philadelphia 6s of 1952; $373,000 Jenkintown & Chelten- ham Gas Co. 1st Ref. 5s of 1933; $265,000 Huntington Valley Light & Power 1st 5s of 1947; $295,000 Chester County Public Service Co. 1st 5s of 1941; $150,000 Consolidated Schuylkill Gas Co. 1st 6s of 1929; $60,000 Schuylkill Valley Illuminating Co. 1st 5s of 1923; $127,000 Phila. Suburban Gas 5s of 1931. Bonds of this issue are reserved to re- tire elU of the above issues and they must be paid at maturity and cannot be extended. Underlies — $2,800,000 50-Year Gen. 6s, all of which are pledged to secure 3-Tear Conv. secured 6s. Tears ended Dec. 31: Gross. 1&19 $2,806,248 1918 2,475,814 1917 1,931.889 1916 1,574,614 1915 1,3^48,605 Net. $847,244 595,545 572.182 621.192 621.761 Market. Fhiladelp]ii£i — Barnes & Lofland, Bauer, Starr & Co., Arthur J. Bender, Biddle & Henry, Bioren & Co., Henry D. Boenning- & Co., Elkins, Morris & Co., Geo. N. Fleming, Huntoon & Co., O. B. Lansinger & Co., Mc- Cown & Co., Samuel McCreery & Co., J. P. MagiU & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. HIgrh 99 '16 100 '16 80^ Jan. 81^ Jan. Low. 63 '20 62% '20 63 June 62i4 June PHILADELPHIA SUBURBAN GAS & ELEC- TRIC CO. 3-Year Conv. S. F. 6s. Doe Dec. 1, 1932. Dated Dec. 1. 1919. Interest payable June 1 and Dec. 1, In Philadelphia. Tax Status — 2% Federal Income Ta^ paid by the company without deduction. Tax ex- empt in Pennsylvania. Authorized $2,160,000 Outstanding 1.680,000 Reserved for Corporate Purposes 480.000 Purpose of Issue — To provide funds to re- tire' $681,500 American Gas Company 1-year 7% notes and $850,000 -American Gas Com- pany Coll. Tr. Bs, due June 1. 1920. -Trustee — Pennsylvania Company for In- surance on Ijives and Granting Annuities, Philadelphia. Redeemable at 101 and interest. Guaranteed — Principal and interest by the ■American Gas Company by endorsement. Convertible at any time into 50-year Gen. Mtge. 0% bonds at 92 and interest. If bonds should he called holders of called bonds will be given $30 to convert their bonds if they So desire. Sxnlmig; Fund — Tlie company agrees to re- tire on June.l, 1921, $75,000 par value of this issue and $75,000 additional every three months thereafter at 101 and interest. Org-anization — See l.st & Ref. 5s. Secured by pledge -of $2,800,000 50-Year Gen. 6s. The $480,000 bonds unissued can only be issued by deposit with the Trustee of $800,000 additional Gen. Mortgage 6s. Prior Liens. Outstanding. 1st & Ref. 5s, 1960 : $6,383,000 Also prior liens thereto. Eaming:s — See 1st & Ref. 5s. Original Marlcet — $1,680,000 offered Janu- ary, 1920, by Bioren & Company, Philadel- phia, at 97 and interest. Market. Fliiladelpliia — Henry D. Boenning & Co., Geo. N, Fleming, Frederick Pierce & Co. Price Itange 1920 — Bid 85 July, Ask 90 July. Amount. $1,000,000 930,000 1,000,000 Interest. $518,434 495,283 471,460 423.286 408.273 Original Market — OfEered in 1910, by E. B. Smith & Co., and Henry & West, Philadelphia, at 9^2 ^k and interest. OfCered in 1913 by Wlstar & Stokes, Bioren & Co. and Henry & West at 94 and Interest. 1069 PHILADELPHIA, WILMINGTON & BAL- TIMORE RAILROAD CO. 4s. Due 1922 to 1932. Date. Interest Dates. Due. 1887 M. & N. 1 Nov. 1, 1922 1891 J. & J. 1 Jan, 1, 1926 1S92 A, & O. 1 Oct. 1, 1932 Tax Static — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania, Delaware and Maryland. Denomination — Registered, $1,000. Control — Merged into the Philadelphia. Baltimore & "Washington R. R. Co. in 1902. Secured equally with $16,070,000 P., B. & W. R. R. 1st 4s on 226.75 miles of road from Philadelphia to "Washington, and branches. These bonds were not originally secured by a mortgage, but when the P., B. & W. R. R. Co. executed its mortgages these bonds were equally secured thereunder, as provided for In the indenture under which they were issued. Underlies — $15,000,000 Gen. 6S of 1960 (all owned by the Pennsylvania R, R. Co.) under which bonds are reserved to retire this Issue. Retnnduig; — Bonds are reserved under the Interest, by Wm. Salomon & Co., New Tork; Philadelphia,, Baltimore & Washington 1st and $4,000,000, ofCered 1908, at 96 and Inter- 4s to retire this issue. est, by the same i^rm. I«sral for savings banks In Cal., Conn., Market. Me., Mass., Mich., Minn., N. H., N. J., N. New York — Arthur E. Frank & Co., Sam'l T., E. I., Vt. and Wis. ' Goldschmidt * lasted on the Philadelphia Stock Ex- Cincinnati— Dudley V. Sutphln. change (except those due 1926). Boston — ^Pond Co. Market. Price Ranse— N. \. S. E. Baltimore— Barron, Corkran & Co. ?^"l^' .^'S?,' 1? ''^i Vn?"^ .., i®^*i ,., rhiladelphia— Barnes & Lofland, Biddle & High 97% Nov. 19, ■ 08 43 Sept. 27 Henry, Henry D. Boenning & Co., Brown Low. 35% Dec. 27, "20 35% Dec. 27 Bros. & Co., Graham, Parsons & Co., Harper „ ,,„ „ „„„ „^„„r^rr^ ^^^r^.-^r^r & Turner, J. P. Magill & Co., Seed A. PHOBNIX MANtJrACTURrNG COMPANY Morgan & Co., Morley, Wood & Co., Parsly Is* 8s. Due as follows: $15,000 each Bros. & Co Aug. 1 and Feb. 1 Irom 1901 to IflaS, Price Banire inclusive; ¥20,000 each Aug. 1 and Feb. .an. 1, .08, to .an 1, -.l ; 19.0 J i^T^^^xn.^'"' '""•' *^'"*« ^'"'- Tai,i i=v -Di.^ A»i Dated Feb. 1, 1921. Interest payable Feb. High lOoTlO 101 -OS 93% Nov. ge^'jan. i^t^efand"^' ' ^' ''"*°" '"'"'' Company, Low. 92 '20 95-20 92 Aug. 95 Aug. "^ Tax Status— 4% Federal Income Tax paid High 103 -09 '^"^"^^g Jan. 92 Jan. ''VulhorizX"'' """""' ^'""""""isSO 000 LOW. 84 -20 90-18 84 Nov. 90 Aug. ^^."It^i't^^^Sg ' ! ! ! ! ! ! ! i ! ! ! ! ! ! ! ! ! ! ! sIS.'ot? Tii^v, in? 3/ -no ini-no oc to„ oo t=„ PiuDOso of Issne — To reduce floating in- Sl,':"l*-2? "o'2°0 'I Dec! 80 De": debteclncss and provide additional working . Denominations — Coupon, $1,000, $500 and PHIUPPINB RAILWAY CO. 1st 4s. Due $100. ., ,,r at -a^^A July 1 1937 Trustee — Union Trust Co. and W. M. Bald- Dated May 1, 'l907. Interest payable Jan. win, Cleveland. „t m^ and July 1, at Trustee's office, Amsterdam Kedeemable on any interest date at 102 and London ^nd interest. Tax Status— 2% Federal Income Tax paid Sinking Fund— Monthly payments suffl- by company without deduction. cient to meet the next interest and principal ' Authorized $15,000,000 payments. _ , ^ . Outstanding 8,549,000 Orgarazation— Incorporated m Wisc-onsin Outstanding (Jan. 1, -21) 8,549.000 in 1875. Business established m 1861. Com- Keserved for Bxt 6 449 000 pany manufactures saw-miU machinery and „ ■ ... „ "■ „ „„„ 'tj i„t ,. various machine tools used in the manufac- Denommation— Coupon, $1,000. Register- ^ ^^^ repair of motors. able as to principal °r fully reglsterable. Capitalization. Outstanding. Kegistered, $1,000. C. & R. interchangeable. rnmmnn JSOl SOD Trustee— Bankers' Trust Co., New Tork. Fu^SJa debt 350000 Kedeemable as a Whole at 110 and in^^^^^^^^^^ S^m-^ by ' a flVsV rnVrigage 'on ' all land '''sS^i'''^a^t%''o?lVrZ''f^tS^^^% ^a?^if"a?au"Std^'^"''''"^"' "°" °""''' '"" *"'''- tL°W /lV'2l''to"ma:tuHty"musrbe sel apart UnderThe provisions of the indenture the C'^sinkinsT find before^'dWmends are Saw company covenants not to pay dividends o?i the s?ock for the nurchase or 1-ederai- °^er and above 5% of all stock issued prior ?1nn „f hnnds' 4 not over 110 Ind interest *« this bond issue, so long as any of the Gnaranteel ll ?o interest by endorsement b™E'lttsbur^h,. rRys. oGen. '^5s^ , ^:..,,'.,^. r. : ; Original Market — Offered in May. 1902, at 106 and Interest by the Mellon National Bank and the Union Trust Co., both of Pittsburgh. Market. Philadelphia — Bauer, Starr & Co., Henry D. Boenninff & Co., McCown & Co. Pittsburgrh — Moore, Leonard & Lynch, Ed- ward A. Owens & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103% '09 104 '09 65%fDec. 60f Apr, Low. 50 f'18 56f '20 50 f May 56f Dec. PITTSBURGH Si LAKE ERIE RAII/ROAD CO. 1st 6s. Due Jan. 1, 1928. Dated Jan. 1, 1878. Interest payable Jan. and July 1, at Treasurer's olfice, Pittsburgh, Pa. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. ... $2,000,000 Denomination— Coupon, $1,000. Trustee — Safe Deposit & Trust Co., Pitts- burgh. Organization and Control — Incorporated in Pennsylvania in 1876. $17,993,100 of the $35,985,600 stock is owned by the New York Central R. R. Co. The P. & L. E. R. R. owns 75.38 miles of road, as described below, and operates under lease or trackage agree- ments 146.08 miles additional from Pitta- burgh to Connellsville and Brownsville. Pa., and branches. Capitalization. Outstanding. Common $35,986,600 Funded debt 6,123,729 Secured by first mortgage on 75.38 miles of road (includes 67.99 miles of second track, 48.17 miles of third track and 44.58 miles of fourth track), viz: Miles Pittsburgh, Pa., to Hazelton, Ohio (in- cludes 64.62 miles second track, 49.98 miles third track and 44.68 miles fourth track 64.62 New Castle Branch 2.93 Ellwood Southern Branch ,[ 4^24 Koppel Branch ' 1^34 Lowellviile Branch , , , o!38 Lake Shore Branch (double track) 1.23 Toungstown Branch (double track) 0.64 Underlies — 2nd 53 of 1928. Years ended Dec. 31: .,,.,« Gross. Net. Int. & Rent. •1919 $8,980,219 $10,171,599 $4,298,915 "" 3,805,226 tl919 28,034,18- •1918 8,980,219 tl91S 32,992,273 1917 25,621,654 1916 24,043,163 1915 18,196,068 1914 15,597,365 1913 19,644,111 •Corporate account. 9,544,051 11,940,692 8,084,180 12,700,125 9,651,475 6,658.595 8,999,188 392,092 2,718,662 293,131 2,122,482 2,57S,777 2,082,696 1,676,176 2,166,451 JP<74 tFederal account — standard return not in- cluded. Legal for savings banks in Conn., Me., Mich., Minn., Mo., N. H.. N. J., N Y and Wis. Market. r,,™T/° stock of the Allegheny River Mining Co. Years ended Dec. 31: Gross. Net. Int., etc. *1920 $1,125,462 $712,593 •1919 602,305 691,285 '1918 1,264,602 685,398 tl91S $1,343,607 143,868 13,612 1917 1,150,805 1,172,994 622,805 •Corporate account. tFederal account — standard return not In- cluded. Original Market — $3,000,000 offered In March, 1910, by Hallgarten & Co., New York, at 94% and interest. Market. New York — Samuel Goldschmidt. Philadelphia — Harper & Turner. Price Bange. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92 '11 94 '14 60 Jan. 60 Deo. Low. 60 '19 54 '20 60 Dec. 64 Sept. 1075 FITTSBUBGH Si SHAWMUT BAILBOAD CO. (THE) 10-Year 5% Collateral Trust Notes. Due May 1, 1927. Dated May 1, 1917. Interest payable May 1 and Nov. 1, at Columbia Trust Company of New York City, Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In Pennsylvania. Authorized $8,760,000 Outstanding 7,260,000 Purpose of Issue — To provide funds to re- tire $5,897,000 Demand Notes. Also notes aggregating $2,862,160.94, and other current Indebtedness. Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000. C. & R. Interchangeable. Trustee — Columbia Trust Co., New York. Bedeemable at 101%. and interest on any interest date. Organization — See 1st 5S. Secured by pledge of J7,,000,000. 1st Mort- gage 6 % Bonds of The Pii^fs^urgh &• Shawmut Railroad Co., and $3,000,000 ;:Face Amount 1st- Mortgage 5% Bonds o} Allegheny River Mining Company, dated May 1. 191^, redeem- able May 1, 1942, and six locomotives, 600 coal cars and six cabooses, valued at $600,- 000. * Earnings — See 1st 6s. Original Market — $7,260,000 offered March 1, 1917, by The Columbia Trust Co. ■ PIXTSBUKG & SHAWMTJT BAIIiROAD CO. (THE) Equip. 6s. Dae $10,000 each May 1 and Nov. 1, 1922. Dated November 1, 1912. Interest payable May and November 1, at office of Trustee. Tax States— 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Aathorized $200,000 Outstandlngr (Jan. 1, '21) 40,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Columbia Trust Co.. New York. Secured by an equipment trust agreement on 250 steel hopper bottom coal cars, costing: $260,250. of which $50,260 was paid in cash. Market. ' See Equip. 5s, dated Feb. 1, 1917. PITTSBURGH .& SHAWMCT RAILROAD CO. (THE) Equip. 5s. Due $23,000 eacli May and Not. 1, to Nov. 1, 1923. Dated November 1, 191G. Interest pay- able May 1 and November 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $460,000 Outstanding: — (Jan. 1, '21) 138,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Secured by an equipment trust agreement on 500 steel hopper-bottom coal cars, costing $678,200, of which $118,200 was paid In cash. Market. See Equip. 5s, dated Feb. 1, 1917. PITTSBCRGH & SHAWMUT RAILROAD CO. (THE) Equip. Ss. Due $30,000 each May 1 and Nov. 1 to Nov. 1, 1924. Dated Nov. 1, 1914. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $600,000 OutstEnfllns (Jan. 1, '21) 240,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Columbia Trust C^o., New York. Secured by an equipment trust agreement on 750 steel hopper-bottom coal cars, costing $717,376, of which $144,376 was paid In cash, Marltet. See Equip. 5s, dated Feb. 1, 1917. PITTSBURG & SHAWMUT RAILROAD CO. (THE) Equip. 5s. Due $13,000 each July 1 and Jan. 1 to Jan. 1, 1927. Dated Sept. 15. 1916. Interest payable July 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Tax ex- empt In Pennsylvania. Authorized $260,000 Outstandine: (Jan. 1, '21) 156,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Secured by an equipment trust agreement on 250 steel hopper-bottom coal cars, costing $363,573, of which $103,573 was paid in cash. Market. See Equip. 5s, dated Feb. 1, 1971. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $140. OOq Outstanding: (Jan. 1, '21) 91,000 Balance Retired. Denomination — Coupon, $1,000, Trustee — Columbia Trust Co., New York. Secured by an equipment trust agreement on 100 steel underframe gondola cars, costing $204,495, of which $64,495 was paid In cash. Market. New Yorlv — Evans, Stillman & Co., Free- man & Co. Pliiladelphia — Blddle & Henry, PITTSBURGH Ss SHAWMUT RAILROAD CO. (THE) Equip. 5s. Due $7,000 each Oct. 1 and Apr. 1 to Apr. 1, 1927. Dated Feb. 1, 1917. Interest payable Oct. 1 and Apr. 1, at Trustee's office. 107 \ PITTSBURGH & WEST END PASSENGER RAILWAY 1st 5s. Due July 1, 1928. Dated July 1, 1892. Interest payable Jan. and July 1. at Colonial Trust Co., Pitts- burgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $500,000 Outstanding 343,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Title & Trust Co.. Pitts- burgh, Pa. Organization and Oo'ntrol — Incorporated in Pennsylvania. The entire capital stoqk is owned by and the property leaseil to the Pittsburgh Rys. Co.. which is the operating company for the street railway lines of the Philadelphia Company and is controlled by the latter company through ownership of its en- tire capital stock. The Pittsburgh Rys. Co. was placed in the hands of receivers April 23, 1918. Capitalization. Outstanding. Common $1,500,000 Funded debt 343.000 Receivership — See Pittsburgh Railways Co. Gen. 5s. Secured by a first mortgage on 19.62 miles of street railway, viz. : On Fifth Ave. , from Market St. to Penn Ave., to the Point Bridge over the Monongahela River to Carson Street on the South Side. On Carson Street from Smithfleld St. to the City Line at Marlow St. : also in Pittsburgh proper on Liberty Ave. from Fifth Ave. to Fancourt St. to Penn Ave. and on the South Side on Steuben Ave. from Carson St. to a connection with the Pittsburgh, Crafton & Mansfield Railway at Chartiers Ave.: on S. Main Street from Carson St. to Wabash Ave. to a connection with the West End, Mt. Washington & Banks- vllle St. Ry. at Woodstock Ave., In the 20th Ward, and from Woodstock Ave. on McCartney St. and the Noblestown Road to a connection with the Pittsburgh, Crafton & Mansfield St. Ry. at City Line. This road gives the Pitta- burgh Rys. Co. access to the southwestern part of Pittsburgh and the territory adjacent thereto, including the boroughs of McKees Rocks and Carnegie. Underlies — West End Trac. Co. Cons. 6a of 1938 and Southern Trac. Co. 5s of 1950, Pitta- burgh Hya. Gen. 6s of 1963 and Income De- bentures (all owned by the Philadelphia Co.). Earnings — See Pittsburgh Rys. Geri. 6s. Listed on the Pittsburgh Stock Exchange. Market. Pittshurg:h — Moore, Leonard & Lynch Ed- ward A. Owens & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bill. Ask. High 99 'IB Not Low. 66f'19 98 '17 available riTTSBUBGH & WESTMOBELAUD COAI< CO. 1st 68. Dne Nov. 1, 1926. Dated Nov. 1. 1905. Interest payable May and Nov. 1, at Trustee's office. Tax Statns — 2% Federal Income Tax paid by company -without deduction. Tax exempt ill Pennsylvania. Aathorized {2.500,000 Outstanding- (Mar. 1, '21) 390,000 Retired by S. F 1,610,000 Denomination — Coupon, Jl.OOO. Resisterable as to principal. Trnstee — Girard Trust Co., Philadelphia. Redeemable as a -whole at- 105 and interest or in part for sinking fund at par and in- terest. Sinkine Fand — 10 cents per ton of run-of- mine coal and a minimum payment of $100,000 per annum payable In monthly installments for the purchase or redemption of these bonds at not over par and interest. Assumed by the Pittsburgh-Westmoreland Coal Co. Control — ^Absorbed In 1907 by the Pitts- burgh-Westmoreland Coal Co. In Jan.. 1917, the properties of the latter company were purchased by the Midvale Steel & Ordnance Co. for $9,000,000. Secured by a first mortgage on about 5,320 acres of coal lands in Westmoreland County, Pa. Properties are located on the main line and a branch of the Monongahela Dlv. of the Pennsylvania R. R. Underlies — Pittsburgh-Westmoreland Coal Co. 1st S. F. 6s of 1947. which provide to retire this issue. Original Market — $2,000,000 offered 1908 at 97 and interest by Henry & West, Philadel- phia. Market. New York — Hartshorne & Battelle, Wat- son, Armstrong & Co. Fhlladelphla — Barnes & Lofland, Biddle & Henry, Henry D. Boennlng & Co., Brown Bros. & Co., George N. Fleming, Samuel K. Phillips & Co. Price Range. Jan. 1, '15, to .Ian. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '19 liO-w. SO '15 100 '19 90 '15 Bid. 99 Apr. 90 July 100 Nov. 95 July PITTSBURGH, AttEGHENY & MANCHES- TER TRACTION CO. Ist 5s. Due Oct. 1, 1930. Dated Oct. 1, 1890. Interest payable April and Oct. ,1, at Fidelity Title & Trust Co., Pittsburgh. Tax Statns — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania, Authorized and Outstanding. .. .$1,500,000 Denomination — Coupon, $1,000. Trustee — Fidelity Title & Trust Co., Pitts- burgh. Pa. Organization and Control — Incorporated In Pennsylvania. Controlled by United Trac. Co. of Pittsburgh through ownership of the entire capital stock and 950-year lease of property. All of the common stock of the United Trac- tion Co. of Pittsburgh is owned by the Pitts- burgh Rys. Co., and the property is operated under an agreement by the Pittsburgh Rys. Co., terminable on three months' notice by either party, under which the Pittsburgh Rail- ways Co. pays operating expenses, mainte- nance, taxes and interest. April 23, 1918, the Pittsburgh Rys. Co. -was placed in the hands of receivers. Capitalization. Outstanding. Common $3,000,000 Funded debt 1,500,000 Secured by a first mortgage on about 19 miles of street railway in Pittsburgh, mostly In what was formerly Allegheny. The Una extends from Penn Ave. in Pittsburgh proper on Federal St. over the Allegheny River to Ohio Ave., to Western Ave., to Allegheny Ave., to Pennsylvania Ave., to Beaver Ave., to Island Ave., to Preble Ave., to Lecky Ave,, to Brighton Road in the 27th Ward of Pitts- burgh. Also on Reliance St., fnom Federal St. to Scotland St., to South Ave.; South Ave., from Federal St. to Allegheny Ave., to West- ern Ave., Cremo St., from South Ave. to Reedsdale St., to Beaver Ave,, to Pennsyl- vania Ave,, Allegheny Ave., from Pennsyl- vania Ave. to Franklin Ave., to Fulton St., to Columbus St., to Beaver Ave., and several small branches. Practically all of this road is located in the 21st and 22nd Wards, on the north side of Pittsburgh. Franchise is perpetual. Underlies — United Trac. of Pittsburgh Gen. 63 of 1997. Earnings — See Pittsburgh Rys. Co. Gen. 6a. Usted on the Pittsburgh Stock Exchange. Market. Philadelphia — Henry D. Boenning & Co. Pittsbui'gh — Moore, Leonard & Lynch, Ed- ward A. Owens & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 Bid. Ask. High 106 '09 107 '09 Low. 40f '20 68%f'19 1920 Bid. eorsept. 4 Of Nov. 1077. PITTSBURGH, BBSSEMBK & LAKE ERIE RAILROAD CO. (THE) Cons. 1st 6S. Dne Jan. 1, 1947. Dated January 1, 1897. Interest payable Jan. and July 1, at Trustee's office. New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $10,000,000 Outstanding 6,437,000 Reserved for Prior Liens 3,663,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — United States Trust Co., New York. Guaranteed as to interest under terms of the lease, by the Bessemer & Lake Erie R. R, Co. The fulfilment of the terms of this lease are guaranteed by the Carnegie Steel Co. Organization and Control — Incorporated In Pennsylvania and Ohio in 1896. Leased for 999 years to the Bessemer & Lake Erie R. R. Co. The entire capital stock of that company is owned by the United States Steel Corpora- tion. Capitalization. Outstanding, Common $10,000,000 Preferred (6% cum.) _.... 2,000.000 Funded debt 12,260,000 Secured by direct mortgage on 178.27 miles of road, viz.: A first lien on 41.98 miles — Miles. Bessemer to Butler, Pa 40.60 Goft-Kirby Jet. to Goff, Pa 1.48 A second lien on 16.58 miles — Covered by the first lien of the Pitts., Shenango & L. E. Cons. 1st 5s 10. 6t A third lien on 119.71 miles — Covered by the first lien of the Pitts., Shenango & L. B. 1st 6s 119.71 Also secured on leaseholds on 21.61 miles and trackage rights on 13.17 miles. Prior Liens — $2,989,000 of the Pittsburgh, Shenango & Lake Erie 1st 5s of 1940 and $574,000 of the Pittsburgh, Shenango & Lake Erie Cons, of 1943: provision for re- tirement of both these prior liens is made in this Issue. Listed on the Piitsbursh Stock Exchange. Market. New York — Samuel Goldschmidt, Redmond & Co. Philadelphia — Arthur J. Bender. Graham, Parsons & Co., Harper & Turner, J. P. Maglll & Co., Reed A. Morgan & Co., Parsly Bros. & Co., Samuel K. Phillips & Co., Isaac Starr, Jr., & Co., Wurts, Dulles & Co. Pitssbiu'grh — Lyon, Singer & Co., R. B. Hutchinson & Co., Moore, Leonard & Lynch, Stout & Co., Edward A. Owens & Co., Union Trust Co. of Pittsburgh. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 117 09 118 '08 90 Jan. 91 Dec' Low. 81 '20 86% '20 81 Dec. 86% Nov. PITTSBURGH BREWING CO. 1st 6s. Due Feb. 4, 1949. Dated Feb. 4, 1899. Interest payable Jan. and July 1, at Fidelity Title & Trust Co., Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Anthorized $6,600,000 Outstanding (Oct. 31, '20) 3,576,000 Repurchased and held 607,000. Held in S. F 54,000 Retired by S. I? 2,082,000 Unissued 181,000 Denomination — Coupon, $1,000. Trustee — Fidelity Title & Trust Co., Pitts- burgh, Fa. Sinking Fund — $25,000 semi-annually Jan. and July 1, to redeem bonds. In 1912 all bonds In sinking fund were cancelled, and all bonds hereafter acquired are to be cancelled, but the interest on them is still to be paid into the sinking fund. Organization — Incorporated in Pennsylvania In 1899 as a consolidation. Capitalization. Outstanding. Common $5,962,250 Preferred (7% cum.) 6,100,100 Funded debt 3,576,000 Secured by a first mortgage on a large num- ber of breweries located in -Pittsburgh and vicinity, with a capacity of 1,500,000 barrels of beer per annum. Years ended Oct. SI: Bond Gross. Net. Interest. 1920 $1,858,288 def.$299,017 $296,300 1919 6,673,925 1,650,569 319,140 1918 8,845,932 1,890,561 319,140 1917 ■. 7,663,428 1,126,990 319,140 1916 6,555,829 1,190,256 319,140 liisted on the Pittsburgh Stock Exchange. Marlset. Pittsburgh — Lyon, Singer &o Co., Moore, Leonard & Lynj^. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102% '09 104 '09 75 Jan. 75% Jan. Low. 43 '17 49 17 45 Sept. 49 Sep. PITTSBURGH, CANONSBURG & WASHING- TON RAILWAY CO. 1st 6s. Due July 1, 1937. Dated July 1, 1907. Interest payable Jan. 1 and July 1, at company's office, Pittsburgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized and Outstanding $760,000 Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — Safe Deposit & Trust Co., Pitta- burgh. Redeemable at 106 and interest on any in- terest date. Guaranteed as to principal and interest by endorsement by the Washington & Canone- burg By. Co.; also guaranteed principal and interest by the Pittsburgh Kys. Co. Organization and Control — Incorporated In Pennsylvania. Leased to the Washington & Candnsburg By. Co. for 30 years from June, 1907, which company is controlled through ownership of its entire capital stock by the Pittsburgh Rys. Co., and its property is oper- ated under an agreement by the Pittsburgh Bys. Co. P., C. & W. Ry. Co. is also owned by the Pittsburgh Rys. Co. April 23, 1918, the Pittsburgh Rys. was placed in the hands of receivers. Capitalization. Outstanding. Common $79,600 Funded debt 760,000 Secured by a first mortgage on 12 miles of interurban railway from a junction with the Pittsburgh & Charleroi St. Ry. about one mile south of Castle Shannon to Canonsburg. This line forms part of the road between Pittsburgh and W^ashlngton, Pa. The road is largely on private right-of-way and fran- chises are perpetual elsewhere. FamingB — See Pittsburgh Rys. Gen. 5s. Market. Philadelphia — Henry D. Boenning & Co., Samuel K. Phillips & Co. Pittsburgh — Moore, Leonard & Lynch, "William P. Lempley & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. .A.sk. Bid. Ask. High 93 '16 96 '16 60 65 Low. 50fl9 70f'19 PITTSBURGH, CHARTIERS & YOUGHIO- GHENY RAILWAY CO. Gen. 4s. Due April 1. 1932. Dated April 1, 1892. Interest payable April and Oct. 1, at Company's office, Pittsburgh. Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,000,000 Outstandinjr 154,000 Retired by S. F 168,000 Purchased and Cancelled 68,000 Reserved for Ext 620.fl00 Denomination — Coupon, $1,000. Trustee — Fidelity Title & Trust Co., Pitta- burgh, Pa. Sinking Fund — 1% annually of bonds out- standir,g to be applied to their purchase at not exceeding par. If not so purchasable the fund shall revert to the company. ^ Guarantee — Of the bonds issued $169,000 were guaranteed principal and interest one- half by the P. & L. B. R. B. Co. and one- half by the P., C, C. & St. L. Ry. Co Organization and Control — Incorporated In Pennsylvania in 1881. The entire capital stock is owned jointly by the Pittsburgh, Cincinnati, Chicago & St. Louis R. R. Co., a subsidiary of the Pennsylvania R. R. Co., and the Pittsburgh & I,ake Erie R. R Co. a subsidiary of the New York Central R. R. Co. Capitalization. Outstanding, Common $1,390,000 Funded debt 164,000 Secured by a first mortgage on the 19.86 miles of road from McKees Rocks to Beech- mont. Pa., and branches. Market. Philadelphia^ — Biddle & Henry, Isaac Starr, Jr., & Co. Pittsburgh — Moore, Leonard & Lynch. Price Ranee. Jan. 1, '16, to Jan. 1, '81 iBao Bid. Ask. Bid. Higrh 96^4 '16 98% '16 80 Jan. Low, 77 '20 96% -IS 77 Dec. PITTSBURGH, CINCINNATI, CHICAGO & ST. lOUIS RAII.WAY (now Railroad) Cons. 4yzs, 4s and 3V&S. Dated. Interest Payable. Due. Oct. 1, 1890 A&O Cot. 1, 1940 Apr. 1, 1892 A & O Apr. 1, 1942 Nov. 1, 1892 M&N Nov. 1, 1942 Nov. 1, 1895 M & N Nov. 1, 1945 Aug. 1, 1899 P&A Aug. 1, 1949 Deo. 1. 1903 J & D Dec. 1, 1953 Nov. 1, 1907 M&N Nov. 1, 1957 Feb. 1, 1910 F&A Feb. 1, 1960 Aug. 1, 1913 F & A Aug. 1, 1963 Mav 1, 1914 M&N May 1, 1964 Retired by Outstanding;. Series. Sink's Fund. $9,733,000 A 4%s $267,000 8,528,000 B 4%s 253,000 1,370,000 C 4J/2S 3,000 4,008,000 D 4s 1,112,000 1,757,000 B sy^s 10,241,000 9,518,000 P 4s 482,000 7,945,000 G 4s 2,055,000 2,373,000 H 4s 627,000 6,791,000 I 4yas 209,0m) 3,490,000 J 4y2S 4,000 $55,519,000 $15,253,000 Cadiz Jet. to Cadiz, Ohio 7.94 Rendcomb Jot. to Hamilton Jet., OWo. .. 24.48 New River Jot., Ohio, to Richmond Div. Jot.. Ind , 39.27 Indianapolis to Jeffersonville, Ind 108.46 Ohio Falls to New Albany, Ind.. 4.61 Columbus to Madison, Ind 44.95 Columbus to Cambridge City, Ind 62.01 C. C. 0.99 2.68 4.19 Interest payable dates as above, at Penn- sylvania R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania, West Virginia, Indiana and Illinois. Authorized Closed mortgage Outstanding: (Jan. 1, '21) $65,519,000 Retired by S. F 15,253,000. . Denomination — Coupon, $1,000. Registerable as to principal. ' Trustee — Farmers' Loan & Trust Co., New York. Sinking Fnnd — 1% per annum of the bonds outstanding, plus the interest on bonds al- ready redeemed, to be applied to the purchase of these bonds at not exceeding par. If not so purchasable the fund reverts to the com- pany. Assumed by the Pittsburgh, Cincinnati, Chi- cago & St. Loula R. R. Co. Guaranteed as to principal and interest by the Pennsylvania Co. by endorsement and as to interest by the Pennsylvania R. R. Co. under ternis of lease. Control — The Pittsburgh, Cincinnati, Chi- cago & St. Louis Railway Co. (old company) was Incorporated in Pennsyl- vania. West Virginia, Ohio, Indiana and Illi- nois in 1890. December 30. 1916. the Pitts- burgh, Cincinnati, Chicago & St. Louis Rail- road Co. was Incorporated in same states, under agreement of merger and consolidation, effective Jan. 1. 1917, of following roads: Pitts., Cin., Chi. & St. Louis Ry., Vandalia R. R., Pittsburgh, Wheeling & Kentucky R. R., Anderson Belt Ry.. and Chicago. Indiana & Eastern Ry. The lease of the Little Miami R. R. to the Pittsburgh, Cincinnati, Chicago & St. Louis Ry. and the lease of the Terre Haute & Peoria R. B. to the Vandalia R. R. have been assumed by the consolidated com- pany. Secured (all the above series equally) by direct mortgage on 1,143.68 miles of road, viz.: A first lien on 683.45 miles — Miles. Pittsburgh, Pa., to Columbus, Ohio 189.72 New Cumberland Jet. to Chester, "W. Va 22.19 1079 Rosslyn to Lewis Run Jet., Pa Connecting O. C, Ry. and P. & St. L. Ry . P.urgettstown to Atlasburg, Pa Junction with Burgetts Br. to Cherry Vy., Pa 3.99 •Tunction New Albany Br. with Main Line, JefEersonville, Ind 1.51 T,angeloth to Studa. Pa 6.56 A second lien on 620.83. miles — Covered by the first lien of the follow- ;ng: Chic. St. L. & Pitts. R. R. 1st Cons. 58, 1932 681.52 Chartiers Ry. Co, 1st 3%s, 1931 38.71 Prior liiens — 51,492,000 Chic, St. Louis & Pitts. R. R. Cons. 5s, 1932, for retirement of which bonds of this issue have been re- served and $626,000 Chartiers Ry. 1st 3%s, 1931, which are practically all held by the Pennsylvania R. R. Co. in Insurance or Re- serve Funds. U^dei'lies — Pittsburgh, Cincinnati, Chicago & St. Louis B. R. Co. Gen. Mtge. under which bonds are reserved to retire this issue and all prior Hens. liegai for savings banks in Me., Mich., Minn., N. H., N. J., R. I. and Wis.: and also Baltimore Trust Funds. I/isted on the New York and Philadelphia Stock Sxchanges and Series "A," "B" and "D" on the London Stock Exchange. Market. Hew York — Simon Borg & Co., Dunham & Co., Arthur E. Frank & Co., Hartshorno & Battelle, Hodenpyl, Hardy & Co., Prince & W^hltely, Redmond & Co., Seasongood, Haas & Macdonald, Taylor, Smith & Hard, Watson, Armstrong & Co. Philadelphia — Barclay, Moore & Co., Barnes & Lofland, Biddle & Henry, Henry D. Boennlng & Co., Brown Bros. & Co., Elklns, Morris & Co., William M. Pogarty, Ciraham, Parsons & Co., Harper & Turner, J; P. Magill & Co.. Reed A. Morgan & Co., Morley, Wood & Co., Parsly Bros. & Co., SamueL K. Phillips & Co., Isaac Starr, Jr., & Co. Pittsburg:!! — Moore, Leonard & Lynch. Price Kange— N. Y. S. B. Jan. 1, '06, to Jan. 1, '8X 1920 Series. ' High. Low. A 112% Feb. 2, '06 74% Aug. 13, B 112% Jan. 12, '06 " C 106% Dec. 30, '10 D 100% Mar. 7, '07 E 98 Sept. 18, '09 , Aug. 21, '11 Feb. 18, '09 Jan. 23, '17 Mar. 14, '17 F G H I J 911 102 97 103? 101% Jan. 19, '16 79% July 31, 80 Apr. 14, '20 78 Aug. 23, '20 72% May 21, '20 82% Apr. 13, '20 73% June 15, '20 82% Dec. 9, '20 76 May 26, '20 96ys Oct. 18, '19 '20 PITTSBURGH, CINCINNATI. CHICAGO & ST. T.OUIS R. B. CO. Gen. 5s, Series A. Dne June 1, 1970. Dated June 1, 1920. Interest payable June 1 and Dee. 1, at the company's office, Pitts- burgh or New York. Foreig:n Exchange — In case of the issue of bonds payable In foreign money only, the equivalent thereof in United States gold coin shall, for all purposes of this Indenture, be determlnecl as. follows: One pound Sterling shall be deemed to be the equivalent of $4.8665; and 5.18 French francs, or 4.20 German marks, or 2.475 Holland guilders, shall be deemed to be the equivalent of $1.00. In case of the issue of bonds pay- able only In other foreign currencies, and In case ox issue of bonas payable in Unite-i States gold coin and in foreign money in the alternative, reasonable rates of exchange shall be determined by the Board of Direc- tors at the time of issue thereof. Tax Status — Payment of Federal Income tax not assumed by the company. Tax ex- empt in Pennsylvania, Ohio, West Virginia, Inriiana and Illinois. Authorized — Limited so that the amount thereof at an yone time outstanding, to.- ' gather with all outstanding prior debts of the company, after deducting therefrom the bonus leserved under the provisions of this Indenture, to retire prior debts at maturity, shall not exceed three times the then out- standing paid up capital stock of the com- pany. Outstanding $20,000,000 Keserved for Ext 31,242,000 Resea-ved for Prior L.iens 75,573,000. . Provisions of Issue — Additional bonds may be issued, in series. All bonds of one and the same series at any one time outstand- ing shall be substantially identical in re- spect of the date of maturity, the rate of Interest, the place or places of payment, which may be in a foreign country or coun- tries, the currency or currencies in which the same are payable, and as to the privi- leges, if any, of exchangeability into other bonrls, or of convertibility into stock, and as to the terms of redemption ,if redeemable, but m respect to these and other features the bonds of one series may differ from those of another series, but no bonds shall be isHUed hereunder which by their terms shall mature prior to the date of maturity of any of the prior lien bonds (see below) listed in the indenture, or any bonds issued and then outstanding secured by this in- denture, or specifically reserved to be issued hereunder. Purpose of Issue — $20,000,000 issued to the Pennsylvania Company for loans of an equal amount to P. C. C. & St. L. Co. for capital expenditures. Denominations — Coupon $1,000, $500 and $100; registerable as to principal. Regis- tered $1,000, C. & R. interchangeable. Trustee— Union Trust Co., Pittsburgh. Guai-anteed principal and interest by the Pennsylvania R. R. Co. by endorsement. - Ors:anization and Control — The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Co. (old company) was incorporated in Penn- sylvania, West "Virginia, Ohio, Indiana and Illinois in 1890. December 30, 1916, the Pittsburgh, Cincinnati, Chicago & St. Louis Railroad Co. was incorporated in same states, under agreement of merger and con- solidation, effective Jan. 1, 1917, of follow- ing roads: Pitts., Cin., Chi. & St. Louis Ry., Vandalia R .R., Pittsburgh, "Wheeling & Kentucky R. R., Anderson Belt Ry., arid Chicago, Indiana & Eastern Ry. The lease of the Little Miami R. R. to the Pittsburgh, Cincinnati, Chicago & St. Louis Ry. and the lease of the Terre Haute & Peoria R. R. to the Vandalia R. R, have been assumed by the consolidated company. The purpose of the consolidation was to obtain the benefits resulting from the operation, accounting, financing and general administration of these properties as a united corporation. The consolidated company assumed the out- standing indebtedness of each of the con- stituent companies with the exception of $500,000 Chicago, Indiana & Eastern Ry. Co. 1st 5s (a;il owned by the Pennsylvania Co.), which were exchanged at 50 for stock of the new company. The $1,00,000 stock of the Chicago, Indiana & Eastern Ry. Co. received merely a nominal amount ($100) of stock of the new company. The company owns 1,853 miles of road and operates unrier contract and jointly with other roads 546 1080 miles additional. Of the line owned, 638 miles are double tracked, 113 miles has third track and 40 miles fourth track. Leaeed for 999 years from Jan. 1, 1931, to the Pennsylvania R. R. Co. at a ^rental sufficient to cover fixed charges and divi- dend rate of 4% per annum on the stock for five years, a^nd thereafter at the rate ° As^'of Dec. 31, 1919, $65,117,155 of the $84,860,111 ocmmon stock was owned by the Pennsylvania Co., which -is controlled through ownership of its entire capital stock by the Pennsylvania R .R. Co. Capitalization. Outstanding. Common $84,860,111 Funded debt 95.573,000 Secured by a direct mortgage on all the property now owned or hereafter acquired by the proceeds of the bonds issued here- under, and including 1,853.79 miles of road, Pi'lor luiens — Outstanding. Cons. A 4%s, 1940 $9,733,000 Cons. B 4y2S, 1942 8,528,000 Cons. C 4y2S, 1942 1,376,000 Cons. D 4y^s, 1945 4,008,000 Cons. E SVaS, 1949 1,757,000 Cons. P 4s, 1953 9,518,000 Cons. G 4s, 1957 7,945,000 Cons. H 4s, 1960 2,373,000 Cons. I 41/28, 1963 6,791,000 Cons. J 4^s. 1964 3,490,000 Total Cons. Mtge. Bonds $55,519,000 Chiacgo, St. L. & Pitts. Cons. 5s, 1932 ! 1,463,000 Chartiers Ry. 1st 3%s, 1931 625.000 Vandalia oCns. A 4s, 1955 9,705,000 Vandalia Cons. B 4s, 1957 6.362,000 Terre Haute & Indianapolis Cons. 1st 5s, 1925 1.899,000 Total Prior Liens $75,573,000 Under the provisions of this mortgage the above mortgages are closed and the bonds may not be extended at maturity. Also bonds are reserved under this mortgage to retire the above issues. Years ended Dec. 31 (consolidated) : Gross. Net. Int. & Rent. •1920 $45,777,292 $12,564,270 $8,380,643 *1919 11,334,094 12,000,300 7,656,892 *Corporate account. Ijisted on the New York Stock Exchange. Original Market — $20,000,000 A 5s offered in 1920 by the Pennsylvania Co., par fojr par, for minority stock of the P. C. C. & St. L. R. R. Co. Market. New York — Kountze Bros., Newborg & Co., William G. Orton & Co., Taylor, Smith & Hard. Philadelpliia — Barclay, Moore & Co., Barnes & Lofland, Thomas A. Biddle & Co., Biddle & Henry, Brown Bros. & Co., Car- stairs & Co., Daniel & Co., William W. Fogarty, Harper & Turner, Reed A. Mor- gan & (ilo., Parsly Bros. &, Co., Isaac Starr, Jr., & Co., J. W. Thompson & Co. Pittsburgh — Edward A. Owens & Co., Union Trust Co. of Pittsburgh. Price Range — N. Y. S. E. 1920 I-Iigh 86 Nov. 10 Low 74^ Aug. 17 PITTSBURGH, CLEVELAND & TOLEDO RAILROAD CO. iBt Gs. Dae Oct. 1, 1922. Dated October 2, 1882. Interest payable April and October 1, at B. & O. office, 2 Wall St.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,400,000 Outstanding 441,000 Deposited with Trustee of P., L. E. & W. Va. Ref. 4s 1.959,000 Denomination — Coupon. $1,000. Reglsterable as to princlBal. TruBtee— Central Union Trust Co.. New Tork. Guaranteed as to interest by Pittsburgh & Western Ry. Co. and by B. & O. R. R., Jointly antl severally by endorsement. Organization and Control — Incorporated In Pennsylvania and Ohio In 1882. OJ the com- pany's mileage, 36.86 miles lying wholly in Ohio has been acquired directly and i," now owned by the B. & o. R. R. Co. and 9.86 miles lying wholly in Pennsylvania has been acQulred directly and is now owned by the Pittsburgh & Western Ry. Co. The entire stock of the latter company is owned by thj B. & O. R. K. Co. Secured by a first mortgage on 63.08 miles of road, viz.: Jliles. New Castle Jet., Pa., to Ohlo-Pennsy! ■ vania State Line 9.86 Ohio-Pennsylvania State Line to New- ton Falls, Ohio 32. 7S Newton Palls to Lowery. Ohio..' 14.67 Cuyahoga Palls to Akron. Ohio 4.0C Connection at Girard. Ohio 0.9o Also on equipment. Underlies — B. & O.-P., I,. B. & "W. Va. 4s of 1941; Ref. & Gen. 63 of 1996, and Conv. 4%s of 1933. Under both of the former mort- gages bonds are reserved to retire this issue. liegal for savings banks in Cal., Conn., Me.. Mass.. Mich., Minn., Mo.. N. H.. N. J., N. T... R. I., Vt. and Wis.: and also Baltimore Trust Funds. Listed on the New Tork Stock Exchange. Market. New York — Simon Borg & Co., Raymond M. Smith, Taylor, Smith & Hard. Philadelphia'- — Morley, -Wood & Co., Parsly Bros. Co. Price Range — N. Y. S. B. \ Jan. 1, '06, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 113% Jan. 17, '11 96 Jan. 98 Mar. Low. 99yg Mar. 6, '18 91 Peh. PITTSBURGH COAr, CO. Midland Coal Co. Purchase 1st 6s. Due May 15. 1932. Dated May 15, 1912. Interest payable May and Nov. 16, at Union Trust Co., ■Pittsburgh. Pa. Tax Status — 2% Pederal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,200,000 Oiitstandinsr (Jan. 1, '21) 550,000 Retired by .S. F 650,000 Denomination — Coupon, $1,000. Trustee— Uhion Trust Co.. Pittsburgh, Pa. Redeemable at 102 '^ and interest on any in- terest date upon 4 weeks' notice. Sinking Fund — A minimum amount of $50,- 000 per annum for the purchase or redemption of these bonds at not over 102^,^ and interest. Organization — See Deb. 5s of 1931. Secured by a first mortgage on 4,736 acres ot coal land' in M'ashington County, Pa. Farnings — See Deb. 6s. Original Market — First offered by Pittsburgh Trust Co.. Pittsburgh, Pa., at par and In- terest in Oct., 1912. Market. New York — Watson. Armstorng & Co. Plttsbiu'sh — Lvon. Singer & Co., Moore, Leonard & Lynch, Union Trust Co. of Pitts- burgh. Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High lOOVi '16 102 '17 99 Jan. 100% Jan. Low. 86 '20 94 '20 86 Sept. 94 Oct. PITTSBURGH COAIi CO. OF FENNSTD- VANIA Deb. 58. Due July 1, 1931. Dated July 1, 1911. Interest payable Mar. and Sept. 1, at Trustee's ofjice. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $6,350,000 Outstanding (Jan. 1, '21) 3,331,500 Redeemed 3,018,500 Denomination — Coupon, $500 and $1,000, Trustee — Union Trust Co., Pittsburgh, Pa. Redeemable at par and Interest in numeric cal order on any interest date. Organization — Incorporated in Pennsylvania In 1904. Reincorporated In Pennsylvania in 1915 and absorbed the Monongahela River Consolidated Coal & Coke Co. Capitalization. Outstanding. Common $32,169,200 Preferred (6% cum.) 36,000,000 Funded debt 15,806,991 Security — A direct obligation of the com- pany but not secured by a mortgage. Years ended Dec. 31; Gross. Net. •Charges. 1920 $48,690,589 $14,302,505 $3,369,790 1919 37,303,131 8,090,897 3,631,181 1918 49,608-,827 13,040,161 4,033,2£ff 1917 50,025,017 18,469,548 4,392,797 •Includes depreciation and interest. Original Market — Issued in exchange for stock of Monongahela River Consolidated Coal & Coke Co.. $1,000 in bonds for each 25 sharei of preferred stock. Market. New Yorlt — Redmond & Co., Watson, Arm- strong & Co. Philadelphia — Carstairs & Co. Pittsburgh — Lyon, Singer & Co., Moore, Leonard & Lynch, Edward A. Owens & Co,, Union Trust Co. of Pittsburgh. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 High Low. Bid. 99% '16 77% '20 Ask. 100% Bid. 90 Aug. 77% Nov. Ask. 98 Mar. 88 Dec. riTTSBUBGH 1081 COAL CO. OF PBNNSTU VANIA Shaw Purchase Ist S. F. 68. Due Jan. 1, 1935. Dated Jan. 1, 1910. Interest payable Jan. and July 1, at Trustee's offlce. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. - Authorized $1,500,000 Outstanding (Jan. 1, '21) . . 642,000 Retired by S. F 858,000 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Union Trust Co., Pittsburgh. Redeemable at 102^ in numerical order on four weeks' notice. Sinking Fund — Ten cents per ton of run-of- mine coal mined but never less than $Q0,000 per annum, for the purchase or" redemption of these bonds at not over 102% and Interest, Guaranteed as to principal and Interest by endorsement by the Pittsburgh Coal Co. of New Jersey (dissolved). Organization, etc. — See Deb. 5s. Secured by a first mortgage on 3,250 acres of Pittsburgh seam coal and 410 acres of surface land, together with mining plants, equipment, etc., located In North Fayette and Pindley Townships in Allegheny County and Robinson Township. Washington County. Earnings — See Deb. 5s. Original Market — First offered by the Union Trust Co., Pittsburgh. Market. Pittsburffh — Lyon, Sing-er & Co., Moore, Leonard & Lynch, Stout & Co., Union Trust Co. of Pittsburgh. PITTSBURGH COAI^DOCK & WHARF CO. 1st S. F. 5.4b. Due April 1, 1938. Dated April 1, 1912. Interest payable April end Oct. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $3,500,000 Outstanding- (Jan. 1, '21) 2,518,000 KetJred by S. F 982,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., Pittsburgh. Redeemable on any interest date at 102% and interest, bonds to be drawn by lot. Sinking Fund — $100,000 April 1, 1913, and $50,000 each. Oct. 1 and April 1 to and in- cluding April 1, 1920, and $75,000 semi-an- nually thereafter, for the purchase or redemp- tion of these bonds at not over 102 ii and in- terest. It is estimated that this fund will retire this issue at maturity. Guaranteed as to principal and interest by endorsement by the Pittsburgh Coal Co, of Pennsylvania. Organization aud Control — Incorporated in Minnesota to finance and construct dock prop- erties in and around Duluth, Minn. Con- trolled through stock ownership by the Pitts- burgh Coal Co. of Pennsylvania, which is controlled by the Pittsburgh Coal Co. of New Jersey. Capitalization. Outstanding. Common $500,000 Funded debt 2,643.000 Secured by a, mortgage on two docks at Duluth, Minn., and one at Allouez Bay, Su- perior, Wis. A fueling dock is being erected at Lime Island in the St. Mary's River. These properties are necessary adjuncts to the oper- ations of the Pittsburgh Coal Co. Replace- ment value is reported in excess of $4,250.- 000. Earnings — See Pittsburgh Coal Co., Deb. Bs. 1S31. Original Market — First offered by the Union Trust Co. and Moore, Leonard & Lynch, Pitts- burgh. Market. New York — Watson, Armstrong & Co. Pittsburgh — Moore, Leonard & Lynch, Union Trust Co. of Pittsburgh. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 1013^ '16 103 '17 97 Mar. 103 Mar. Low. 96 '17 102% '16 PITTSBURGH, CRAFTON & MANSFIELD STREET RAILWAY CO. 1st 5s. Due July 1, 1924. Dated July 1, 1894. Interest payable Jan. and July 1, at Pittsburgh Trust Co.. Pitt»- burgh. Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Outstanding .- $176,000 Denomination — Coupon, $1,000. Trustee — Pittsburgh Trust Co., Pittsburgh, Pa. Organization and Control — Incorporated in Pennsylvania. Controlled through stock own- ership by the Pittsburgh Rys. Co., which is the operating company for the trolley lines of the Philadelphia Co. April 23, 1918, the Pittsburgh Rys. Co. was placed In the hands of receivers. Capitalization. Outstanding, Common $500,000 Funded debt 176.000 Secured by a first mortgage on the street railway lines from Steuben St. in the 20th Ward of Pittsburgh (West End) on Chartiers to Jetters St., to Farnia St., to Ladoga Ave. St., to Renfrew St., to Berry St. (Borough of Ingram) to Catherine St., to Bonnett St., to Union Ave. (Borough of Crafton), to W. Steu- ben St. , to Noble Ave. , to Ridge Ave. , and on W. Steuben St. (Borough of Crafton) to Ingram Ave., to Station St. (Borough of Thorn- burg). Also on Noblestown Road from the Pittsburgh City Line to Barr Ave. (Borough of Crafton), to Ridge Ave., to Idlewood Ave., to Bell St. (Chartiers Tshp.), to Main. St. (Borough of Carnegie), to Fourth Ave., to Chartiers Creek. This includes all of the principal street railway lines operated by the Pittsburgh Rys. Co. in the territory adjacent to Pittsburgh on the southwest. Underlies — West End Traction Co. Cons. 58 of 1938. Southern Trac. Co. 58 of 1950, Pitts- burgh Rys. Gen. 6s of 1953 and Income De- bentures of 1953. liisted on the Pittsburgh Stock Exchange. Market. Philadelphia — Henry D. Boenning & Co., McCown & Co. Pittsbrugrh — Moore, Leonard & Lynch, William P. Lempley & Co. Price Range. Jan. 1, '17, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 100 '17 101 '17 65 75 Low. 55f' 19 96^ 'IS 1082 PITTSBURGH CRUCIBLE STEEL CO. 1st 5s. Due $250,000 annually, from March 1, 1916» to March 1, 1945. Dated March 1, 1911. Interest payable Mar. and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $7,500,000 Outstanding: (Mar. 15, '21) 6,000,000 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co. of Pittsburgh. Pittsburgh, Pa. , Guaranteed as to principal and interest by the Crucible Steel Co. of America. The Cruci- ble Steel Co. has no bonded debt and cove- nants that it will not mortgage any of. its property, create any lien thereon or issue any scrip in lieu of dividends, until these bonds have all been paid; and that until $3,750,000 of these bonds have been retired, it will main- tain its current quick assets at all times at one and one-half times its liabilities except the guarantee of this issue and of issues of the St. Clair Steel Co., St. Clair Furnace Co., the Clairton Steel Co. and the interest on the bonds of the Norwalk Steel Co. Organization, and Control — Incorporated in Pennsylvania in 1911 to take over the plant of the Midland Steel Co. The company is con- trolled by the Crucible Steel Co. of America through ownership of its entire capital stock. Capitalization. Outstanding. Common $5,000,000 Funded debt 6,000,000 Secured by a first mortgage on all property and franchises of the company, including mod- ern blast furnace in Midland, Pa. , covering 423 acres of land also on the property of the Midland Limestone Co. , comprising 418 acres of surface land and 130 acres of limestone and stone crusher located at Walford Station. Lawrence County, Pa. OrifiriDal Market — Offered In Jan.. 1911. by the Union Trust Co. and Darr & Moore (now Moore, Leonard & Lynch), of Pittsburgh, at par and Interest. Market. New York— Eednnond & Co., Tobey & Kirk. PittsbuTffli — I>yon, Singer & Co., Moore, Leonard & Lynch, Union Trust Co. of Pitts- burgh. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '16 102 '16 88 Mar. . 95 Dec. Low. 88 '20 92, '20 88 Mar. 92 Mar. PITTSBURGH. HARMONY, BUTtER & NEWCASTtB RAILWAY 1st 5s. Due Jane 1, 1936. Dated June 1, 1906. Interest payable June and Dec. 1, at Union Trust Co., Pittsburgh. Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania, Authorized $3,600,000 Outstanding 2,900,000 Keserved for Ext 600,000 Denomination — Coupon, $1,000. Registerable ae to principal. Trustee — Union Trust Co., Pittsburgh, Pa. Organization — Incorporated *in Pennsylvania in 1910 aa a consolidation. Controi — June 16, 1919, the Pittsburgh-But- ler & Harmony Consolidated Railway & Power Co. was incorporated in Delaware to acquire the property of the Pittsburgh, Harmony, Butler & New Castle Railway, Pittsburgh, Mars & Butler Railway, Harmony Electric Company and the North Pittsburgh Realty • Company. Secured by a first mortgage on about 75 miles of electric railway, of which 13 miles ia double-tracked, from Pittsburgh to New- castle and Butler, Pa. Cars operate into Pittsburgh over the tracks of the Pittsburgh Bys. Co. ^ Years ended Nov. 30: Gross. Net. Int.&Tax. 1920 $1,297,259 $337,130 $208,879 1919 1,109,428 280,307 202,218 1918 870,349 212,666 190,55'0 1917 812,021 278,810 188,613 1916 714,829 286,657 176,720 Market. Pliiladelphia — Henry D. Eoenning & Co., McCown & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 9S '16 100 '16 65 75 Low. 87 '19 S8 '19 Pa., and mileage in Pittsburgh, Pa, These Itnes furnish terminal facilities In Pittsburgh for the B. & O, R. R. Underlies— $300,000 2d 6s of 1922. Refunding — Bonds are reserved under the Baltimore & Ohio-Pitts., L. E. & W. Va. Ref, Mtge. B. & O. P. J. M. D. Mtge, and B. & O. Ref. & Gen. Mtge. to acquire the outstanding bonds of this issue. Listed on the New York and Pittsburgh Stock Exchanges. Market. New York — Charles M^. Place. Fhilatlelphia^ — Harper & Turner. Pittsbm-gh — Moore. Leonard & Lynch. Price Range — ^N. Y. S. E. Jan. 1, '10, to Jan. 1, *31 1930 High 112 Va Dec. 29, '10 98% Feb. Low. 112 Nov. 3, '1-1 95 Mar. PITTSBURGH JUNCTION RAILROAD 33 58. Due July 1. 1933. Dated April 2, 1894. Interest payable Jan, and July 1, at Baltimore & Ohio R. R. office, 2 Wall St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized Closed mortgage. Outstanding $243,000 Deposited under Pitts. J. & M. D. 3%s 57,000 Denomination — Coupon, $1,000, Principal may be registered. Trustee — The Bankers' Trust Co.. New York. Organization and Control — See 1st 6s. Secured by a second mortgage on the prop- erty described under the 1st 6s above. Prior Liens — $1,440,000 Pitts. Jet. 1st 6s of 1S22. Refunding — Bonds are reserved under the Baltimore & Ohio-Pitts., L. B. & "W. Va. Re- funding Mortgage B. & O. P. J. M. D. Mtge. and B. & O. Ref. & Gen. Mtge, to acquire the outstanding bonds of this Issue. Listed on the Pittsburgh Stock Exchange. Market. New York — Redmond & Co. Pittsburgh — Moore, Leonard & Lynch. Price Range. Jan. 1, '10, to Jan. 1, '31 1930 Bid. Ask. Bid. High 102 '10 102 3^ '12 90 Jan. Low. 85 '17 1021/^ '12 85 June PITTSBURGH JUNCTION RAILROAD 1st 6s. Due July 1, 1933. Dated July 5, 1882. Interest payable Jan. and July 1, at Baltimore & Ohio R. R. office, 2 Wall St.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized Closed Mortgage. Outstanding $934,000 Deposited under B. & O., P. J. & M. D. 3^9 606.000 Denomination — Coupon, $1,000. Registerable 8-s to principal. Trustee — Bankers* Trust Co., New York. Organization and Control — Incorporated In Pennsylvania In 1881. The entire capital stock is owned by the Baltimore & Ohio R, R. Co. Secured by a first mortgage on 6% miles of road from Laughlln, Pa., to Willow Grove, 1083 PITTSBURG, McKEESPORT & CONNKLLS- VILLE RAILWAY 1st Cons. 5s. Due Jan 1, 1931, Dated Jan. 1, 1901. Interest payable Jan. and July 1, at Colonial Trust Co., Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $3,500,000 Outstanding 2,912,000 Reserved^for Expenses 500,000 Reserved for Prior Lien 88.000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Colonial Trust Co.. Pittsburgh, Pa. Control — Incorporated in Pennsylvania In 1901, as a consolidation. Merged with other companies Into the new West Penn Rys. Co., June, 1917. Secured by a mortgage on 81 miles inter- urban and street railways in and around Connellsville, Greenburg and Unlontown, Pa. Franchises are perpetual. Prior Liens — $88,000 bonds of "V^ersailles Traction Co.. to retire which bonds of this issue have been reserved. Underlies — West Penn. Rya. Co. Ist Ss, due 1931. Earnings — See "West Penn Rys. Co. Liisted on the Pittsburgh Stock Exchange. Original Market — First offered by Pittsburgh banking houses at 102 ^ and interest, A Bmall block was offered Feb., 1914, by Rob- ert Glendinning & Co., Philadelphia, at 103% and Interest. Market. Philadelphia — McCown & Co., Samuel K. Phillips & Co. Pittsburgh — T^yon, Singer & Co., Moore, Leonard & Lynch, Stout & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 105 '09 106 '09 72 Oct. 85 Feb. Lo-w. 70 '20 75 '20 70 Dec. 75 Dec. PITTSBURGH, McKEESPORT & GREENS- BURG RAILWAY Ist 5s. Due July 1, 1931. Dated July 1, 1901. Interest payable Jan. and July 1, at Harrisburg Trust Co., Harris- burg, Pa. , and Manufacturers* Trust Co. , Providence, R. I. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized and Outstanding. $1,500,000 Denomination — Coupon, $1,000. Registerable ae to principal. Trustee — Harrisburg Trust Co., Harrisburg, Pa. Control — Merged June 16, 1917. with other companies into the West Penn. Rys. Co. Secured by a first mortgage on 30 miles of electric railway from Hunker, through Greens- burg and Jeanette. to Trafford City, where connection is made to Pittsburgh. Through cars are operated over this line from all points on the lines of the West Penn. Traction & Water Power Co. to Pittsburgh. Franchises are perpetual and about two-thirda of road Is on private right-of-way. Underlies — West Penn. Rys. Co. 1st 5s of 1931. Earnings — See West Penn. Rys. Co. 1st 5a. Listed on the Pittsburgh Stock Exchange. Market. Pliiladelphia — Samuel K. Phillips & Co., Carstairs & Co. Price Range. Jan. 1, 'OS, to Jan. 1, '31 1920 7^id. A.sk. Bid. Ask. High 991/2*08 100 '08 50 60 Low. 50 '11 68 '14 Capitalization. Outstanding. Common $3,959,650 Funded debt j 3,250,000 Secured by a first mortgage on 61 miles of road, of which 58 miles are double-tracked, from Pittsburgh to Connellsville, Pa., and the Dickerson Branch. Through trains are oper- ated over this road, in connection with the Western Maryland R. R., between Baltimore, Pittsburgh and Chicago. Underlies — 2nd 63 of 1934. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., R. I. and Wis. Listed on the New York and Pittsburgh Stock Exchanges. Market. New York — Hartshorne & Battelle, Charles W^. Place, Redmond & Co., Raymond M. Smith, Taylor. Smith & Hard. Vilas & Hickey, Watson, Armstrong & Co. Philadelphia — Biddle & Henry, Henry D. Eoenning & Co., Elkins, Morris & Co., Har- per & Turneri McCown & Co., Parsly Bros. & Co., Samuel K Phillips & Co. Pittslmrgrli — R. B. Hutchinson & Co,, Moore, Leonard & Lynch. Price Range — 'S, Y. S. E. Jan. 1, '09, to Jan. 1, '21 - 1930 Bid. Ask. High 130^ Jan. 28.'09 103% Jan. Low. 13014 Jan/ 28,'09 98 Dec. 98 Aug. PITTSBURGH. McKEESPORT & YOUGHI- OGHENY RAILROAD CO. 1st 6s. Due July 1, 1933. Dated July 1, 1882. Interest payable Jan. and July 1, at Union Trust Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized and Outstanding. .. .$2,250,000 Denomination — Coupon, $1,000. Trustee — Chauncey M. Depew. Guaranteed jointly and severally as to prin- cipal and interest by the Lake Shore & Mich. So. Ry. Co. (now New York Central R, R.) and the P. & L. E. R. R. Co. The obligation of the Lake Shore & Michigan Southern has been assumed by the New York Central R. R. Co. Organization and Control — Incorporated In Pennsylvania in 1881. In addition to the mileage described below, the company owns 39 miles of road from Belle Vernon Jet. to Brownsville. Pa., and branches. Leased for 999 years to the Pittsburgh & Lake Brie R. R. Co. 108 PITTSBURGH, McKEESPORT & YOUGHI- OGHENY RAILROAD CO. 2d «s. Dm July 1. 1934. Dated July 15, 1884. Interest payable Jan. and July 1, at Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,750,000 . . Outstanding 1,000.000 Reserved for Prior Lien 600,000 Denomination — Coupon, $1,000. Trustee — B. P. Stephenson. Guaranteed jointly and Severally as to prin- cipal and interest by the Pittsburgh & Lake Erie R. R. and the Lake Shore & Michigan Southern Ry. Co. by endorsement. The obligations of the Lake Shore & Michi- gan Southern have been assumed by the New York Central R. R. Co. Organization and Control — See 1st 6s. Secured by a second mortgage- on prop- erty described under the 1st 6s above. Prior Liens — $2,000,000 1st 63 of 1932. Legal for savings banks in N. H. and R. 1. Listed on the New York and Pittsburgh Stock Exchanges. Market. New 'York — Charles W. Place, Redmond & Co., Raymond M. Smith, "Watson, Arm- strong- & Co. Philadelphia — Biddle & Henry, Henry D. Boenning ^ Co., Graham. Parsons & Co., Ha'-per & Turner, Parsly Bros. & Co. Pittsburgh — Moore, Leonard & Lynch. Price Range — N. Y. S. E, Jt»n. 1, *11, to Jpn. 1, '21 1920 High 12314 Mar. 28. '12 95M JunelS Low. 9514 June 16, '20 95% June 16 PITTSBURGH (Pa.) RAILWAYS CO. 4a-Year Gen. 5s. Due April 1, 1953. Dated March 31, 1913. Interest payable April 1 and Oct. 1, at Guaranty Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $20,000,000 Outstanding 2,539,000 Owned by Philadelphia Go 571,000 4 In Treasnry 3,461,000 Reserved to Retire Sonthem ' Traction 1st Ss 4,000,000 Reserved for Ext 9,429,000 Denomination — Coupon, $1,000. Register- able as to principal. Tmstee — Guaranty Trust Co., New York. Redeemable at 105 and Interest on any in- terest date. Organization and Control — Incorporated In Pennsylvania in 1871 as the Surety Contract Co. and. in October, 1900, the name was changed to the Southern Traction Co., which company acquired the entire capital stock of the West End Traction Co. in 1900. The en- tire capital stock of the Southern Traction Co. was acquired by the Philadelphia Co. in 1901 and its name changed to Pittsburgh Railways Co. The company directly owns 4.7244 miles of street railway and operates under leases or operating agreements 600.24796 miles street railway in and around Pittsburgh, Pa. Receivers were appointed April 23, 1918. Capitalization. Outstanding. Common $2,600,000 Preferred ^.BOO.OOO Funded debt 23,766,633 Secured by a direct mortgage on 4.7244 miles of track in Pittsburgh, and a collateral Uen on 70.5926 miles of track in and around Pittsburgh owned by various companies. Prior Ijlens — The following issues are prior in lien either by direct mortgage or by prior r-ledge of securities pledged hereunder: Outstanding. Southern Traction Co. 5s, 1950 $4,000,000 West End Traction Co. Cons. 5s, 1938 981,000 Pittsburgh & West End Passenger Ry. 5s, 1922 343,000 Pittsburgh, Grafton & Mansfield St. Ry. 1st 5s, 1924 176,000 Coraopolis & Neville Island Bridge Co. 1st 6s, 1926 4,000 Total $6,504,000 Underlies — $10,000,000 Income Bonds due 1963. Years ended Mar. 31: Gross. Net. 'Int.&Renl tl919 $16,487,624 $2,720,993 $4,025,466 1918 13,249,823 3,128,422 3,529,479 1917 13,184,430 4,468,394 3,494,680 1916 12,123,276 4,587,824 3,363,637 1915 11,670,091 3.776,156 3,345,417 •Not including Interest on Income Bonds. tTear ended Dec. 31. Market. Plriladelphla — Brown Bros. & Co. Pittsburgh — Moore, Leonard & Lynch, Stout & Co. 11TTSBURGH ROtlS CORPORATION 1st Gonr. 6b. Dae Jnly 1. 193%. Dated Aug. 1, 1917. Interest payable Jan. 1 and July 1, at Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding- (Jan. 1, '21) 771,000 Ketli-ed by S .P 229,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Philadelphia Trust Co., Philadel- phia. , Redeemable at 105 and interest on any In- terest date on 60 days' notice. Convertible into common stock at par after Jan. 1, 1918. Sinking Fund — Annually, $25,000 plus In- terest on bonds acquired ior the purchase or redemption of these bonds at not over 105. and interest. The mortgage also provides for an additional sum equal to one-half of net earnings after a 7% dividend on pre- ferred stock, the fund, however, not to ex- ceed $150,000 in any one year, and when $500,000 bonds have been acquired for the sinking fund no fund is required except $25,- ' 000 annually plus interest on bonds acquired. Organization — Incorporated In Virginia July. 1917, as successor to the Seaman-Sleeth Co., established in 1857. The company manufac- tures chilled and sand iron rolls and pinions used in rolling mills. Capitalization. Outstanding. Common $1,500,000 Preferred (7% cum.) 500,00* Funded debt 771,001 Secured by a first mortgage on all the prop- erty of the company. The company's plant is located in Pittsburgh, Pa., and covers an area of 153,000 square feet. Replacement cost of plant and equipment, together with pig iron and scrap metal on hand, estimated as $1,- 625,930. Real estate appraised at $363,146. Year ended Dec. 31: Gross, Net. Interest. 1920 $2,458,704 $321,824 $35,285 1919 2,126,642 234,789 31,644 Original Market — $1,000,000 offered July, 1917, by Wm. Morris Imbrie & Co., New York and Chicago. Market. Philadelpliia — Henry D. Boenning & Co.. Blkins, Morris & Co., McCown & Co. Pittsburgh — Edward A. Owens & Co. Price Range. Jan. 1, '18, to .Tan. 1, '81 1920 Bid. Ask. Ask. High 94 '19 98% '19 96 June. Low. 86 '18 93 '18 95 Apr. PITTSBURGH, SHAWMUT & NORTHERN RAILROAD CO, Receivers' Certlflcates. Dated Outstanding Due Rata June 1, 1917 $15,000 June 1, 1919 6% Aug. 1, 1917 1,500,000 Aug. 1, 1919 6% Sep. 1, 1917 200,000 Sep. 1, 1919 «% Mar. 1, 1918 876,000 Mar. 1, 1920 6% Interest on all issues payable semi-annually from date of bonds. Note — These certificates were extended to the above dates from time to time as they nratiired. 'I'ax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Denomination — Coupon, $1,000. Trustee— Columbia Trust Co., New York. Redeemable on any interest date at par and interest. Organization and Earnings — -See 1st 63. Secured by a first mortgage on 172 miles of railway and 26,000 acres of coal land de- scribed under 1st 5s and 1st 4s. Underlies — 1st 5s and Ref. 4s. Original Market — Issue of June, 1917, first offered by Charles H. Jones & Co., New York. Issue of Aug., 1917, by Kidder, Peabody & Co., Boston and New York, in 1910 at 96% and interest. Issue of 1916 by William Salo- mon & Co., and Rhoades & Co. of New York, at 97.84 and interest. Mai'ket New York — William O. Orton & Co. Price Range in, 1, '19, to Jan. 1, '21 1920 1918 Bid. Ask. Ask. igh 85 '19 96 '19 70 Jan. ow. 85 '19 75 '19 50 Dec. PITTSBCKGH. SHAWMUT & NORTHERN RAILROAD CO, 1st 5s. Hue Feb. - 1, 1949. Default — Interest has been in default since 1906. Dated Feb. 1. 1899. Interest payable Feb. 1 and Aug, 1. Authorized $12,000,000 Outstandingr 164,000 Deposited under P. Si S. R. R. Co. 1st 6s of 1969 68,000 Exchanged for Ref. 1st 4s of 1952 6,836,000 Denomination — Coupon, $1,000.' Register- iible as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 110 and interest any time. Organization and Control — Incorporated in Pennsylvania and New York in 1899. Placed in receivers' hands in 1906. The lease of the Pittsburgh & Shawmut K. R. expired in 1916 and. that property is now independently oper- ated. No plan of reorganization has as yet been proposed. Capitalization. Outstanding. Common $16,000,000 Funded debt 14,491,600 Secured by second mortgage on 159.97 miles of road, viz; Miles. Hyde, Pa., to Wayland Jet.. N. Y 144.61 Hazelhurst to Kasson, Pa 4.81 Olean to Prosser, N. Y 9.01 Weedviile to Brown's Run Mine, Po' . . 1.&4 and on about 10,000 acres of coal lands in Elk County, Pa. Prior Xiens — $2,590.,000 receivers' certifi- cates. Foreclosure of Prior liien — The Pacific Im- provement Co. (of California), which owns $660,000 bonds of the old Central New York & Western R. R. Co. have " been restrained from foreclosing on the 76 miles of road be- tween Olean and Wayland. Justice Taylor in Special Term of the Supreme Court at Buffalo on Jan. 8, '18, in restraining the Improvement Co., required the Railroad Co. Cor its re- ceiver) to furnish a bond for $400,000 to pro- tect the Improvement Co. against loss through postponement of its right to foreclose and also to pay $1,600 into court to cover the cost of readvertising the sale. The bond issue In question originally amounted to $960,000, but $217,000 were bought in and believed to have been cancelled and $83,000 are held by Re- ceiver Frank Sullivan Smith personally. Underlies — Ref. 1st 4a of 1962. Market. New York — Tobey & Kirk. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. High 60 '11 66 '09, 6f Jan. Low, 2f '20 7f 'IS 2f Dec. PITTSBURGH, SHAWMUT & NORTHERN RAII/ROAD CO. Ref. l8t 4s. Due Feb. 1, 1952. Dated February 1, 1902. Interest payable Feb. and Aug. 1, Defaults— Interest has been In default since 1906. Antliorized $15,000,000 Outstanding in Hands of Public 2,538,600 Deposited under the Pitts. & Shawmut 1st 5s 11.963,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — <::entral Union Trust Co., New York. . Organization — See 1st Bs. Secured by a third mortgage on road de- scribed under tho 1st 6s above and a second 108i mortgage on 12 miles of road from Paine Jet, to Cardiff, Pa. Further secured by a second mortgage on 16,000 acres of coal land in Blk and Clearfield Counties, Pa. Prior Uens — $164,000 1st 5s on the railroad property and $2,690,000 receivers' certifleate* on the entire property. Market. New York — Wolff & Stanley. Fhiladelpliia — George N. Fleming. Pittsbui'grh — William P. Lemley & Co. Wlieeling, W. Va. — Greer & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Ask. High 40f'10 42f'10 5f June Low. If 18 2f'18 2fJan. PITTSBURGH, SHENANGO & lAKE EEIB RAILROAD CO. (THE) 1st 5s. Due Oct. 1, 1940. Dated October 1, 1890. Interest payable A.pril and Oct. 1, at Trustee's otBce. Tax Stains — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $3,000,000 Outstanding 2,989,000 Unissued 11,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Guaranteed as to Interest under terms of the lease of the Pittsburgh, Bessemer & Lake Brie R. R. Co. to the Bessemer & Lake Erie R. R. Co. The fuinUment of the terms of this lease are guaranteed by the Carnegie Steel Co. Control — Absorbed by the Pittsburgh. Besse- mer & Lake Brie R. R. Co. Secured by first mortgage on 119.71 miles of road, viz: Miles, Butler to Wallace Jet., Pa 106.47 Branchton to Hilliards, Pa 10.40 Mercer Jet. to Mercer, Pa 0.82 Allegheny Jet. to Argentine. Pa 2.02 The line from Butler to Wallace Jet. Is double tracked. Underlies — Pittsburgh. Shenango & Lake Erie Cons. 1st 6s of 1943, and Pittsburgh, Bessemer & Lake Eri^ Cons. 1st 6s of 1947. Bonds are reserved under the P., B. & L. E. Cons. Mtge. to retire this issue. Legal for savings banks in Me. and Mo. Listed on the New York and- Pittsburgh Stock Exchanges. Market. New York — Samuel Goldschmidt, Charles W. Place, Redmond & Co., Remick, Hodges & Co., Raymond M. Smith, Taylor, Smith & Hard. Pliiladelphia — Blddle & Henry, William W. Pogarty, Graham, Parsons & Co., Harper & Turner, McCown & Co., Reed A. Morgan & Co., Parsly Bros. & Co., Samuel K. Phil- lips & Co., Isaac Starr, Jr., & Co., Wheeler, Elliot & Mann, Wurts, Dulles & Co. Pittsburgh — Lyon, Singer & Co., R. B. Hutchinson & Co., Moore, Leonard & Lynch. Price Range— N. Y. S. E. Jan. 1, '0ec. 31: Gross. Net. Int.&Taxes. •1920 $622,647 $197,219 $45,284 1919 555.000 186,000 45,000 1918 421,766 125,372 39,694 1917 318,002 114,075 31,250 1916 264,3-83 105,788 28,682 ♦Year ended June 30. Original Market — $400,000 offered Feb., 191 S. by Harris, Forbes & Co., Inc.. Boston, at 100 and interest. Market Boston — Arthur Perry & Co. Providence — Hornblower & Weelcs. Price Kang:e Jan. 1, *19, to Jan. 1, '31 1920 Bid. Aslc. Bid. Ask. High 99 '20 104% '19 99 Mar. 104% Feb. Low 101 '20 99 Mar. 101 Mar. Market. New York— W. E. R. Smith & Co. Price Bange. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. High 102-16 1031^ *16 ■ Not Low. 85 '19 89 '19 available PIiAINFI£LD GAS & ELECTRIC LIGHT CO. Gen. 5s. Due April 1. 1940. Dated April 1, 1900. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Statns — 2% Federal Income Tax paid by company without deduction. Tax exempt In New Jersey. Anthorized $600,000 Outstanding 600,000 Denomination — Coupon, $1,000. Register- able as to principal. Tmstee — Guaranty Trust Co., New York. Control — Merced Into the Somerset, Union ft Middlesex LiErhtiner Co. The last-named company la leased to the Public Service Corp. of New Jersey for 900 years from Dec. 31, 1903. which company agreed to pay all ex- penses, taxes, interest and dividends on stock. In 1909 that part of lease relating to gas property was assigned to Public Service Gas Co. an din 1910 that relating to electricity to the Public Service Elec. Co. The entire stock of these companies Is owned by the Public Serv. Corp. of N. J. Secured by a first mortgage on the gas and electric properties In Plainfleld, N. J. Underlies — Somerest, Union & Middlesex Lighting Co. 1st 4s of 1943, which provide to retire this issue at maturity. PLAINFIELD-UNION WATER CO. Ref. Ut 5b. Doe May 1, 1931. Dated April 10, 1911. Interest payabls March and Sept. 1. at National State Bank. Elizabeth, N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Anthorized $3,000,000 Outstandiug 760,000 Retired by S. F None Reserved for Corporate Purposes 2,250,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Union Trust Co., New- ark. Bedeemable on May 1, 1916, or any interest date thereafter at 105 and interest. Slnldng Fnnd — The mortgage provides that $10,730 is to be deposited with the Trustee semi-annually May 1 and Nov. I. Organization— Incorporated in New Jersey in 1C06 as a consolidation of the Plainfleld Water Supply Co. and the Union "Water Co. Capitalization. Outstanding. Common $1,144,600 Funded debt 7e0,00t Secnred by a first mortgage on plant sup- plying water to Plainfleld. N. J., and 14 surrounding towns, under perpetual charter. Also supplies water to Elizabethtown Water Co., which furnishes water In Elizabeth, N. J. Franchise is perpetual. Years ended Dec. 31; Gross. 1918 $295,145 1917 284,497 1916 279,749 1915 266,576 Later earnings not availaiDle. Market. Newark — J. S. Rippel, Fidelity Union Trust Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. High 102 '16 103 '16 Low. 97 '17 98% '18 Net. InterMt. $166,910 t383,J8« 177,6*8 38.300 189,982 38.300 180.916 37.768 Not avallablt PIATTSBURG (N. T.) GAS ft EI^KCTKIO CO. 1st 58. Due Sept. 1, 1939. Dated Sept. 1. 1909. Interest parabi* March 1 and Sept. 1, at Trustee's office. Tax Statns — 2% Federal Income Tax paM by company without deduction. Tax exempt in New York. Authorized $600,000 Outstanding 360,000 Reserved for Ext 140,000 Denomination — Coupon, $1,000. Reelater- able as to principal, Tmstee — Bankers' Trust' Co.. New York, Organization — Incorporated in New York in 1908 as a consolidation of gas and electric properties. Capitalization. Outstandlnc. Common $126,000 Preferred 100.00* Funded debt 360.000 Secured by a first mortgage on plants bup- plying gas and electricity in Plattsburg, N. Y. Property Includes two hydro-eledtric plants on the Saranao River with a combined capacity of 1.300 h. p. Population (1918) 11,138. Franchise in Plattsburg is perpetual. Tears ended Dee. 81: Gross. Net. Interest. 1820 $193,592 $45,679 $23,932 1919 167,376 49,434 23,371 1918 162,508 28,484 22,670 1917 157,057 48,404 20,856 1916 126,946 27,138 20,249 Original Market — Offered In Nov., 1909. by Perry. Coffin & Burr, Boston, at 97 &nd, Inter- CBt. Market. Boston — Coffin & Burr. Price Banee. Jan. 1, '15, to Jan. 1, "Zl 1930 Bid. Ask. Ask. . High 90 '15 95 '17 79 Dec. Low. 84 *16 88 '16 79 Dec. PXEASANT VAIiliEY COAI. CO. 1st S. F, 5s. Due July 1, 1928. Dated July 1, -1898. Interest payable- Jan. and July 1-, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,260,000 Outstanding: 809,000 Retired by S. F 441,000 Denomination — Coupon, $1,000. Reffister- able as to principal. Trustee — Guaranty Trust Co., New Tork. Redeemable as a whole or in part for the sinking fund at 115 and interest on any in- terest date on 90 days' notice. Sinking Fund of two cents per ton of coal mined and sold, to be deposited with the Trus- tee within 30 days of every January, April, July and Oct. 1, to be applied March 1 an- nually, when $11,500 is available, to the pur- chase or redemption of these bonds at not over 115 and interest, or at company's discretion, to the purchase of additional lands or Improve- ments. Organization and Control — Incorporated In Utah. Controlled by the Utah Fuel Co. through ownership of Its entire capital stock, which company In turn is controlled by the Denver & Rio Grande R. R. Co. through ownership of its entire capital stock. Capitalization. Outstanding. Common $2,000,000 Funded debt 809.000 Secured by a first mortgage on all coal mines, other lands, property, machinery, buildings, etc., including 21,000 acres of land, estimated to contain 136,500,000 tons of coal; four operating mines with a capacity of lOO-.OOO tons of coal a month, and buildings, equip- ments, ovens, etc. Underlies — Utah Fuel Co. 1st 6s, due 1931. Famings — See Utah Fuel Co. Listed on the New York Stock Exchange. Market. New Yoric — Hartshorne & Battelle, Fred H. Hatch & Co., Watson, Armstrong & Co. Philadelphia^ — McCown & Co. Price Range. Jan. 1, '09, to Jan. 1, 'Zl 19^0 Bid. Ask. Bid. Ask. High 95 '10 102 '09 80 Nov. 83 Jan. Low. 70 '17 80 '17 70 Dec. 80 Dec. POCAHONTAS CONSOLIDATED COLLIBR- tES CO. 1st S. F, 5s. Due July 1, 1957. Dated July 1. 1907. Interest payable Jan. and July 1. at New Tork Trust Co., New Tork, or at office of company. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized $?0. 000.000 Outstanding: (Jan. 1, '21) 3,956,100 Retired by S. F. 2.043,900 Beserred for Additionst etc 14,000,000 Provisions of Issue — ^Additional bonds issu- able for 70% of cost of new property or 70% of the cost of not less thah 51% of 'tll» ' stock of other companies, provided bonds ' of ' this Issue become a first lien on property ot" stock purchased and that stock is full paia and non-assessable. Denomination — Coupon, $1,000. $500 and $100. Registerable as to principal. Trustee — New Tork Trust Co., New Tork, Redeemable at 105 and interest on any In- terest date upon six weeks' notice. Sinking Fund — S% cents per ton (of 2,24t pounds) of coal mined for the purchase or redemption of these bonds at not over 10ft and Interest. All bonds so purchased or re- deemed to be cancelled. Organization — Incorporated in Virginia in 1907 and acquired the properties of the Poca- hontas Consolidated Co. and merged the Poca- hontas Collieries Co. Name changed March 24, 1917. to Pocahontas Fuel Co., Inc. Own«' all the stock of the Pocahontas Navigation Co., Inc. Capitalization. Outstanding. Common $4,520,000 Preferred (6% cum.) 2,571.700 Funded debt 3,956,100 Secui'ed by a first mortgage on 14 mining plants 33,000 acres of coal lands leased from, the Pocahontas Coal & Coke Co. and on ^11 a.cres of coal land owned in fee. All property is located in Virginia and West Virginia. Leases or renewals are for a period of 100 years from July 1, 1901, sub- ject to a royalty of 10 cents per ton on all coal mined. The mines have about 225 miles of steel track, 100 haulage locomotives and 4,000 coal mine cars. Company, uses hydro-electric current under contract, but has its own plants of 10,000 h. p. Average, annual output, about 3,0000,000 net tons. Listed on the New Tork Stock Exchange. Original Market — $1,500,000 offered In Mar^ 1909, at 89 and Interest by Redmond & Co., New Tork. and $1,068,000 o^ered In Aug., 1912. by Henry & West, Philadelphia, at 8S- and Interest. Market. . Ne^v York — Prince & Wliitely, Redmond & Co., Vilas & Hickey, Watson, Armstrong & Co. Philiulelpliia — Biddle & Henry, Graham,, Parsons & Co. Price Range — N. Y. S. E. Jan. 1, '12, to Jan. 1, '21 1920 High 95% Jan. 17, '17 82 J^ Mar. 23" Low. 80 May 13, '20 80 May 13 POOLE ENGINEERING & MACHINE CO. OF^ MARYLAND 1st Ref. Conv. 68. Due Jul|j 1, 1926. Dated July 1, 1916. Interest payable Jazih- 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paidi by the Company without deductions. Authorized $1,000, 000< Outstandingr (Mar. 1, '21) 247,000> Held in S. F 149,000 In Treasury 104,000 Reserved for Prior Lien 500,000 Denomination — Coupon. $1, 000. Register^ able as to principal. Trustee — Equitable Trust Co., Baltimore, Redeemable at 105 and interest on any In- terest date on 60 days' notice. Sinking Jund— Annually , $30,000 for th»- purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to- bo kept alive and interest added. It is esti- mated that this fund will retire about $390. 00»- bonds of this issue prior to maturity. Convertible into stock of the company at any time prior to May 1, 1917, at 125 or eight shares of istock for one bond. 1091 Orsanization — Incorporated In Maryland In 1914 as successor to Poole EjngineeriniT & Machine Co. Business established in 1843. The company manufactures machine-molded ffearlnss. pulleys, power-transmission facili- ties, mortars, guns, g:un carriages, turret racks, paths, machinery for battleships and sliells. The entire capital stock is owned by the Poole Engineering & Machine Co. of Dela- ware, incorporated Nov. 29, 1916. whose con- stituent properties also Include Poole & Fer- guson, Poole & Hunt and Robert Poole & Sons Co. Capitalization. Outstanding. Common . . . ; $500,000 Funded debt 710,000 Secured by a mortgage on plant located at Woodberry, Md., with a replacement value approximating $3,000,000. Prior Lien — $463,000 30-year 1st Mtge. b6nds, due 1944. 3^ ears ended June 30: tNet. 1920 def. $563,482 *1919 1,016,292 1918 674,515 1917 2,279,778 ♦Includes Poole Engineering & Machine Co. of Delaware, and Maryland Pressed Steel Co. not included in other years. tAfter interest. Original Market — $600,000 offered Aug., 1916, by Poe & Daviea, Baltimore, and Luke, Bank & Weeks. New York. Market. New York — Morton Lachenbruch & Co., Mann, Pell & Peake, Holmes, Bulkley & War- drop, T. Hall, Keyes & Co., Wm. C. Orton. Baltimore — Poe & Davies. Price Range. Jan. 1, 'n, to Jan. 1, 'al 1920 Bid. Ask. Bid. Ask. High 90 '17 100 '19 65 May 82 June Low. 65 '20 75 '20 65 May 7S"May Market. New York — Percy H. Bradshaw, Redmond & Co.( Raymond M. Smith, Struthers «fe Hls- coe, Taylor, Smith & Hard. Philadelphia — Henry D. Bpennlng & Co., Elkins, Morris & Co., Wm. W. Fogarty, Graham, Parsons & Co., Huntoon & Co., Morley, Wood & Co., Parsly Bros. & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 111% '12 112 '11 90 Jan. 94 Dec. Low. 80 '20 94 '20 80 Nov. 94 Dec. PORT READING RAILROAD CO. Ist Bs. Due Jan. 1, 1941. . Dated January 1, 1891. Interest payable Jan, and July 1, at Reading Terminal, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New Jersey. Authorized and Outstanding. .. .$1,600,000 Denomination — Couppn, $1,000. Reelster- tlble as to principal or fully registerable. Trustee — The Pennsylvania Company for In- 'Surances on Lives and Granting Annuities, -Philadelphia. Guarantee — The guarantee of the old Phila- delphia & Reading R. R. Co. has not been assumed either by the P. & R. Ry. Co. or the Jleading Co. Organization and Control — Incorporated In "New. Jersey in 1890. The entire capital stock of The Port Reading R. B. Co. is owned by the Reading Company. $1,666,000 being de- posited under its General 4s of 1997 and $440,000 under its Jersey Central Col. 43 of 1961. Capitalization. Outstanding. Common $2,000,000 Funded debt 1,600,000 Secured by a first mortgage on 21 miles of road extending from Port Reading Jot. to Port Reading, N. J., and branch. This line affords the P. & R. Ry. Co. access to its ex- tensive tidewater terminals at Port Beading, N. J., from which port the company ships a large amount of hard and soft coal to New York and New England points. No passenger service Is operated over the line. . Listed on the J'hiiadelphla Stock Exchange. 109 POKT WBNTWOBTH TERMINAL COKP. 1st Conv. S. F. 8s. Due Oct. 1, 1950. Dated Oct. 1, 1920. Interest payable Oct. 1 and April 1. Tax Status — 2% Federal Income Tax paid by the company without deduction. The company also agrees to pay any state and municipal taxes on account of principal or interest 'to an amount not exceeding one- half of one per cent, of the principal each year. Authorized $2,000,000 Outstanding 1,000,000 Reserved for Ext 1,000,000 Denominations — $1,000 and $600; register- able as to principal. Trustee — Equitable Trust Co., New York. Redeemable as a whole or in part on any Interest date at 125 and interest, on 30 days' notice, unless previously converted. Siiilungr Pund— The company shall set aside from earnings, beginning Oct. 1, 1930, an annual sinking fund of 3% the par value of the bonds outstanding. Convertible on any interest date into real estate on the basis of the principal amount of the bonds in real estate at the prices under "Profit Sharing" for various parcels, the location of real estate to be at the op- tion of the company. Proilt Sharing.:— Land may not be sold for less than the stipulated prices for different parcels,^ which are respectively $200, $760 and $1,500 per acre, aggregating a minimum price of $2,786,260 for the terminal property. From the cash received from land sales an amount equivalent to these values must be used for the calling of bonds by lot at 125%. 25 % of the net cash received above these respective amounts shall be distributed at the end of each fiscal year pro rata among the bondholders, outstanding as of that day, which will be collected through prdflt-shar- mg coupons attached to each bond. Receivership— In March, 1921, Chas. --B. Gay, of Savannah, and Thos. B. Felder, of New York, were appointed receivers. Organization — Incorporated in New York m 1916 and operates an industrial terminal. The Industries below named are already 1°,!^^^'''^ ™ *'''® Terminal. They own about 400 acres of land and five miles of industrial railroad in addition to the holdings of the company. Savannali Sugar Refining Corporation, Port Wentworth Lumber Company, Atlantic Paper & Pulp Corporation, Terry Shipbuild- ing Corporation, The Savannah Creosoting Company, Globe Barrel Works, Savannah & Atlanta Railway. Secui-cd by a first mortgage on the 2,640 acre industrial, railway and steamship terminal and town at Port Wentworth, about SIX miles from Savannah, Georgia, In- cluding four miles of harbor frontage, four- teen miles of Industrial tracks, town facili- ties with improved roads and streets, water, sewers, electric light, cheap electric power, hotels, stores, schools," etc. Besides ' the railway, a trolley line and concrete road connect Port Wentworth with Savannah, and the foregoing serve a population of ap- proximately 3,000 residents at the Terminal. Origrinal Market — $1,000,000 September, 1920, by Imbrie & and interest. Market. New Yoi-k — Joseph Bird Ford. offered Co., at (n 102 PORTIAKD & OGDENSBURG RAILWAY COj l8t 4%s. Dae Nov. 1, 1928. Dated Nov. 2, 1908. Interest payable May and Nov. 1, at Second National Bank. BoB- tcn. and First National Bank, Portland. Me. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorlzed $3,000,000 OntstandinE 2,119,000 Unissued 881,000 Denomination — Coupon, $1,000. Register- able as to principal, Resristered, $1,000, $B,- 000 and $10,000. Trustee — Boston Sate Deposit & Trust Co., Boston. Guaranteed principal and Interest by en- dorsement by tbe Maine Central R. R. Co. Assumed by the Maine Central R. R. Co. under terms of lease. Organization and Control — Incorporated In Maine and New Hampshire in 1886. Leased to the Maine Central R. R. Co. for 999 years at a rental eauivalent to interest, taxes, maintenance and 2% on the stock and the payment of all indebtedness. Capitalization, i Outstanding. Common $4,392,638 Fimded debt 2,119,000 Secured by a first mortgage on 101.79 miles of road^ from Portland, Me., to Lunenberg, Vt. This road forms part of the line between Portland and the White Mountain resorts, Montreal and Quebec. Legral for savings banks in Conn., Mass. and Vt. Original Market — $2,119,000 offered in May, 1908, by Kidder, Peabody & Co, R, L. Day & Co. and Estabroofc & Co., Boston, at 104% and Interest. 1067 Market. New Tork — Carruthers, Pell & Co., Lee, Higginson & Co., Abraham & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 Bid. Ask. Bid. Higll ]08'09 1091/2 '09 88 Jan. Low. 80 '17 87 '20 80 Dec. 1920 Ask. 91% Feb. 87 June PORTIiAKD & RUMFORD FALLS RAILWAY CO. Cons. 1st 4s. Due Nov. 2, 1926. Dated Nov. 2. 1896. Interest payable May and Nov. 1, at Old Colony Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized $1,000,000 Outstanding: (Jan. 1, '21) 855,000 Retired by S. F 145.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co., Boston. Slnldng Fund — Two-thirds of one per cent. Of par value of all bonds issued to be applied annually to purchaee of these bonds at not over par and interest. If bonds are not so purchaseable. fund shall be invested in ap- proved securities. „ , ^ . Guaranteed as to Interest by Portland & Elimford Falls R. R. under terms of lease. Organization and Control — Incorporated In Maine in 1890. Leased to the Portland & Rumford Falls R. R. Co. for 1,000 years at a rental eauivalent to interest and sinking fund on bonds, 8% per annum on $2,000,000 stock, $300 for organization expenses and taxes. The latter company is leased for 999 years to the Maine Central R. R. Co. at a rental of $328,- 000 per annum. This latter lease provides that upon the maturity of any bonds of leased com- panies the Maine Central R. R. Co. will upon reauest of the Portland & Rumford Falls R. R. Co. guarantee any bonds issued for refunding purposes. Capitalization. Outstandinr. Common $_2, 000,009 Funded debt 1,705,000 Secured by first mortgage on 64.64 miles of road, viz. : . Miles. Rumford Jet. to Rumford, Me 62.74 Canton to Livermore, Me 10.27 Upper Yard Switch to Old Rumford Sta- tion, Me 1.6t Legral for savings taanlcs in Conn., Me., Mass., Mich., Minn., N. J. and "Wis. Market. New York — ^Burgess, Lang & Co., Estabrook & Co., Carruthers, Pell & Co., Blodget & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. High 97 '10 100 '11 85 Jan. Low. 04 '20 97 '09 64 Aug. PORTLAND & RUMFORD FALLS RAILWAY CO. Deb. S. F. 4s. Due Aug. 1, 1927. Dated Aug. 2, 1897, Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Incom» Tax not assumed by company. Authorized and Outstanding $350,000 Denomination — Coupon, $600 and $1,000.- Trustee — Fidelity Trust Co., Portland, M«. Slnldng Fund — Annually, on or before Jnljr 1, $6,000 to be Invested by the Trustee In ■»- curities legal for Maine savings banks. Guaranteed as to interest by the Portland ft Rumford Falls R. R. Co. under terms of lease. Control — See Cons. 4s of 1926. Security — ^An obligation of the company, ' but not secured by a mortgage. These debenti^res win be equally . secured with any new mort- gage placed on the property of the company. Legal for savings banks in Me. Market. Portland, Me. — Beyei- & Small. Price Range, '21 1920 Bid. 84 Jan. 81% Apr. Jan. 1, '09, to Jan. 1, Bid. Ask. High 97 '10 97 '09 Low. 75 '17 85 'H PORTLAND & RUMFORD FALLS RAILWAY CO. Coll. Tr. 4s. Due Feb. 1. 19S4. Dated Feb. 1. 1904. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorlzed $500,000 Outstandingr (June 1, '21) 241,000 Held in S. F 258,000 In Treasury 1,000 Denomination — Coupon, $500 and $1,000, Trustee — Fidelity Trust Co., Portland. Me. Redeemable at par and interest on any Feb. 1, beginning 1924; redeemable until then for sinking fund on any Feb, 1 at 105 and' In- terest. Sinking Fund— Annually, on Jan. 2, $10,00t in cash or these bonds of an equal face value. The company may purchase bonds at privats sale at less than 105 and interest and deposit same with Trustee In lieu of cash payments If not so purchasable the company shall caU bonds by lot for payment on Feb. 1, at 105" and interest. Bonds so acquired shall be kept alive and held by the Trustee and shall not be sold or transferred so long as the company makes no default under this mortgage, and such a percentage of the ffonds deposited as •security^ tor this issue shall be liberated to 'the company as the amount of bonds of this ilasue held in sinking fund bears to the whole am .unt of bonds secured. Guaranteed as to interest by the Portland ■M Rumford Falls R. R. Co. under terms of lease. Control and Other Details — See Cons. 4 '26. Secnrcd by deposit of $291,000 Oxford Paper 'Co. 1st 63 of 1930., $46,000 American Tele- phone & Telegraph Coll.' Tr. 6s of 1946 and 4602.60 cash. I^eeal for -savings banks in Me. and N. H. Market. New York — Burgess, Lang & Co., P. H. Hatch & Co. Boeton — Burgess, Lang & Co. Fhiludelphia — S. K. Phillips & Co. Portland, Me. — Beyer & Small. •" Price Bansr, Jan. 1, 'XS, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. I-Iigh 99 '12 102 '16 92 Jan. 95 Jan. liow. 86 '18 90 '18 90 Dec. 92 Dec. PORTLAND (Me.) EI.,ECTRIC CO. 1st S. F. 58. Due Aug. 1, 1926. Dated August 1, 1906. Interest payable Feb. and Aug. 1, at' Trustee's office. Tax Status — 2% Federal Income Tax paid hy company without deduction. Authorized $1,600,000 Outstanding- (Jan. 1, '21) 1,148.000 Held in S. F 362,000 Denomination — Coupon, $1,000. Registerable «a to principal. Trustee — Portland Trust Co., Portland, Me. Redeemable at 110 and interest on any In- terest date on five weeks' notice, as follows: Nos, 1 to 125. on Aug. 1, 1911. or any interest date thereafter; Nos. 126 to 250. on Aug. 1, 1916, or any interest date thereafter; Nos. 251 to 375, on Aug. 1, 1921, or any interest date thereafter. Sinking Fund — Beginning Aug. 1. 1911, and ■emi-annual payments thereafter, in an amount equal to 1% of bonds outstanding, and includ- ing any bonds purchased or redeemed as pro- vided above. Controi — The company was incorporated on July 1. 1906, and formerly controlled the light- tjlK and power business In Portland, Me., and owned ail the capital stock of the Consoli- dated Blectric Ijight Co. and controlled through ownership of the common stock of the Port- land Ijighting & Power Co. These companies were merged July, 1912, with the Cumberland County Power & Ijight Co. Management — B. W. Clark & Co., Philadel- phia. Secured by a first mortgage upon a hydro- electric plant of 4,00~0 h. p. capacity, situated on the Saco River, about 20 miles from Port- land. Further secured by deposit of the en- tire common stock of the Portland Lighting & Power Co. and all the capital stock of the Consolidated Blectric Light Co. of Maine. The former collateral company owned a hydro- electric plant on the Presumpscot River and ttie latter company owned generating plants and distributing system in Portland, Me. Franchises perpetual. Prior Lien — $500,000 Portland Lt'g. & P. 1st B.xt. 7s of 1931 and $600,000 Consolidated Electric Lt. Co. 1st 4i^s of 1926. Underlies — 1600,000 2d 6s of 1926 (deposited UB security for the company's $600,000 pre- ferred stock) and Cumberland Co, Power & Light 1st & Ref. 6s, due 1942, which provide for the retirement of this issue. Earninss — See Cumberland County Power & Light Co. Ist & Ref. Mtge. Original Marlcet — $400,000 offered In July, 1»06, by A. B. Leach & Co., New York, Boa ton and Chicago. An additional block offered by the same firm in 1910 at par and Interest. Market. New York — Berdell Bros., Carrutliers, Pell &. Co. Bustoii — L. Sherman Adams. 1094 PORTLAND FLOURING MILLS CO. 16- Year 1st ,S. F. 8s. Due Feb. 1, 1936. Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug. 1, at Security Savings and Trust Co., Portland, Bank of California, N. A., San Francisco, and Bank of California, N. A., Seattle. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $3,000,000 Outstanding: 3,000,000 Puriiose of Issue — To retire bank ' loans and to provide additional working capital. Denominations — Coupon, $500 and $1,000. Trustee — Security Savings & Trust Co., Portland. Redeemable on any interest date on 30 days' notice at 105 and interest. Sinicing- Fund — Annually an amount suffi- cient to retire $100,000 par value of these bonds. Ox'ffanization — Incorporated in Oregon in 1884. The company is one of the larkest manufaoturer.s "of flour in the Northwest. Tlie company markets its products imd^r the name of "Olympic," "Snowflake" and "P. F. M. Best." Capitalization. Outstanding. Common $1,500,000 Preferred (7%) 1.000,000 Funded debt 3,000,0110 Secured by a first mortgage on all the assets of the company, including land, build- ings, machinery and equipment. The company has 11 plants located in the states of Oregon and Washington, with the 3 prmoipal plants at Portland. Tacoma and Everett. Company's capacity is in excess of 10,000 barrels daily. 70% of the com- pany's output is represented by the straight milling of flour. The company also owns and operates a cereal plant at Portland. Under the provisions of the indenture the company covenants as follows: It will at all times maintain an excess of current assets over current liabilities, equal to at least 126% of the face value of these bonds outstanding. It will keep its buildings, iriaohinery and factories adequately insured against loss and damage by fire. It will preserve its properties in thorough repair afid will make all improvements and proper- replacements thereof. Years ended June 30: •Net. 1920 $1,150,694 1919 615,118 1918 817,759 1917 1,183,684 1916 347,914 •After all Federal taxes. Original Market — $3,000,000, offered Feb- ruary, 1921, by Blyth, Witter & Co., San Francisco, New York, etc., at 100 and in- terest. Market New York — Blyth, Witter & Co. I,os Angreles — Banks. Huntley & Co.- San Dieffo — Blyth, Witter & Co. San Fiancisco — Ryone & Co. PORTLAND (Ore.) GAS A COKE CO. 1st A Ref. 6s. Due Jan. 1, 1940. Dated January 1, 1910. Interest payable Jan. and July 1, at United States Mortgas* £ Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized tlS.OOO.OOO Outstanding (Jan. 1, '21) 6,409,000 Pledffea Under 1st Lien & Gen. Mtgre 800,000 ♦Re-senred for Ext 7,420,0QO ♦Additional bonds Issued under thia mort- gage are to be pledged under the 1st Lien & Gen. Mtge. Denomination — Coupon. $1,000. Reglaterable aa to principal. Trnstee — United States Mortgaee & Trust Co.. New York. Bedeemable at 110 and Interest on Jan. 1, 1S20, or any Interest date thereafter. Improvement Fund or SinldiiE Fnnd — The company shall pay to the Trustee for a special Improvement fund on January 1 of each year. 1»16 to 1919, Inclusive, 1%: on January 1 of each year, 1920 to 1924, inclusive, 2%; on January 1 of each year. 1926 to 1939, in- clusive. 3%; in each case of the total amount of bonds of the company then outstanding. If the net earnings for the twelve months ending on November 30 of any of the years 1924 to 1938. both inclusive, shall equal or exceed three times the Interest charges on all the First & Refunding Mortgage and Portland Gas Company bonds outstanding, then only 2% in- stead of 3% need be paid into the Improvement fund in the next year. Thia improvement fund may be used either as a sinking fund for the purchase of bonds outstanding under the mort- gage at not exceeding 110 and Interest or to pay for permanent extensions and improve- ments against which no bonds can be issued. Organization and Control — Incorporated In Oregon in Jan.. 1910, and took over the prop- erties of the Portland Gas Co. and the Bast Portland Gas Light Co., and is controlled through ownership of entire common stock by the American Power & Light Co.. which Is in turn controlled by the Electric Bond & Share Co.. the latter being controlled by the General Klectric Co. Capitalization. Outstanding. Common $3,000,000 Preferred (7% cum.) 2,734,000 Funded debt 7,580,000 Secured by a mortgage on plants supplying Portland, Ore., and vicinity with gas. (Also wholesales gas to the Pacific Power and Light Co. for its Vancouver, Wash., service.) Fur- ther secured by the deposit of $379,000 Port- land Gas Co. 1st Es, 1950. Franchises are nnlimlted as to time. Company sells gas wbolesals to the Pacific Power & Light Co. for Vancouver, Wash. Prior Lien — $371,000 Portland Gas Co. 1st Es of 1961 (closed mortgage), for the retire- ment of which bonds are reserved under this mortgage. Underlies — 1st Lien & Gen. Mtge. Years ended Dec. 31: Net. Interest. 1919 .. $2,186,367 $947,606 $361,626 1918 ,. 1,797,461 796,307 361,747 1917 .. 1.361,160 607,752 336,0i; 1916 .. 1,274.140 614.746 323,227 1916 .. 1,246,532 611,266 302,202 Original Market — $2,600,000 offered in June, IJIO. by N. W. Harris & Co. and White. Weld & Co., New York and Boston, at par and Interest. Market. New York — Fred H. Hatch & Co., Berwin & Co., Barle A. Miller & Co, Weld & Co. Portland, Ore. — Hall & Co. Boston — L. Sherman Adams. Milwauliee — First Wisconsin Co. Martin, White, Price Jan. 1, 'IS, to Jan. 1, Bid. Ask. High 100 '12 101 '12 Low. 72 '20 74 '20 Banse. •gl 1980 Bid. Aslc. 84 Jan. 88 Jan. 72 Oct. 74 Aug. PORTLAND (ORE.) PANY 1st Lien GAS & COKE COM- & Gen. 7s, Series of 1940. Due Jan. 1, 1940. Dated Jan. 1, 1921. Interest payable January 1 and July 1 in New York. Tax Status — 2 % Federal Income Tax paid by the company without deduction. Authovij^ed Open mortgage Outstanding $8,000,000 Issuance Restrictions — Additional bonds may be issued upon the pledge with the Trustee of an equal principal amount of the company's 1st and Refunding Mortgage 5% bonds, provided, however, that the net earnings of the company for the preceding twelve months shall have been equal to at least one and three quarters times the an- nual interest charges on all First and Re- funding Mortgage bonds and underlying bonds in the hands of the public, and all First Lien and General Mortgage bonds, out- standing, including those proposed to be is- sued. Additional bonds may also be Issued in different series, provided, however, that no new series may be issued maturing earlier than any then existing series if the aggre- gate principal amount of earlier maturing series would thereby exceed 25% of the total principal amount of all First Lien and General Mortgage bonds then to be out- standing. Purpose of Issue — To provide for new construction. Denomination — Coupon, $1,000; register- able as to principal. Trustee — Bankers' Trust Co., New York, and B. W. Jones. Redeemable on first day of any month on 4 weeks' notice, in blocks of not less than $250,000 at 107% and interest to and In- cluding Jan. 1, 1924; 105 and interest there- after to and Including January 1, 1931, and at a premium becoming % ofl% less each year thereafter to maturity. Organization — See 1st & Ref. 5s. . Secured by pledge of an equal principal amount of 1st & Ref. 5s due 1940 and by a general mortgage on the entire property of the company. For description of properties and collateral issue see 1st & Ref. 5s. Prior Uens Outstanding. Portland Gas Co. 1st 5s, 1951 $371,000 Portland Gas & Coke Co. 1st & _ .„_ „„, Ref. 53, 1940 6,409,000 Earnings — See 1st & Ref. 5s. Original Market— $800,000, Series of 1940, offered Feb., 1931, by Harris, Forbes & Co., at 96 and interest. Market New York — Harris, Forbes & Co., Low, Dixon & Co. Portland, Ore.— Hall & Co. Boston — Harris, Forbes & Co., Inc. Oliicago — Harris Trust & Savings Bank. 1095 PORTLAND (Ore.) GAS CO. 1st Ss. Due Aug. 1, 1961. „ „ ^ Dated Aug. 1, 1901. Interest payable Feb. and Aug. 1, at Security Savings & Trust Co.. Portland, Ore., or Franklin Trust Co., Brook- lyn. N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $750,000 Outstanding 371,00« Pledged under F. O. & C. Co. Jst & Ref. Mtge 379,000 Control — Absorbed by the Portland Gaa ft Coke Co. Secarea by a first mortEase on plant Bupply- ine eas In Portland, Ore. Population, 266,000. Franchise perpetual. Cnderlles — Portland Gas & Coke 6s of 1940, which mortvase provides for the retirement of this issue and also 1st Lien & Gen. Mtge. Earnings — See Portland Gas & Coke lat tc Ret. es. Market. New York — Fred H. Hatch & Co., Berdell Bros. Portland, Ore. — Hall & Co. Philadelphia — S. K. Phillips & Co. Price BanEe. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103 '13 104 '08 85 Oct. 90 Oct. Low. 85 '20 90 '20 85 Oct. 90 Oct. PORTIAND (Ore.) GENERAI. ELECTRIC CO. iBt 58. Due July 1. 1936. Dated July 1, 1906. Interest payable Jan. and July 1, at Harris, Forbes & Co., N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortEaEe. Outstanding: (Jan. 1, '21) $7,624,000 Retired by S. F 476,000 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable as a whole at 107^ and Inter- est on any Interest date on four weeks' notice. Sinking Fund — 1% annually of outstandlnE bonds on May 1, begiimlnE 1916, for the pur- chase or redemption of these bonds at not over 107^ and Interest. Assumed by the Portland Railway, Lisht & Power Co. Control — Incorporated In Oregon In 1892 and In 1906 was absorbed by the Portland Railway, Light & Power Co. Management — ^E. W. Clark & Co.. Phila- delphia. Secured by first mortgage on water power station on the Willamette River at Oregon City, Ore,, with 779 acres of land and riparian rights for 3% miles, and 600 acres additional In Clackamas County, 2 steam stations and 3 sub-stations, transmission lines, etc.. supply- ing electric light and power In Portland, Salem, Silverton, Woodburn and Oregon City, Ore., and Vancouver, Wash., together with 12 miles of street railway in Salem. The com- pany sold its gas plant in Salem. In Portland its electric business is now subject to compe- tition. Franchises are without time limit. Underlies — Portland Ry., Light & Power 1st ft Kef. 6s, due 1942, which provide for the retirement of this issue. Earnings — See Portland Ry., Lt. & P. Co. Listed on the New York Stock Exchange. Original Market — $4,000,000 offered In June, 1906, by N. W. Harris & Co. and Perry, Coffin A Burr, Boston, etc., at 103% and Interest. Market. New York — Fred H. Hatch & Co., Earle A. Miller & Co. Portland, Ore. — Hall & Co. Boston — L. Sherman Adams. Providence — Hornblower & Weeks. Pliiladelphia — Samuel K. Phillips & Co. Price Range — N. T. S. E. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. High 101 Deo. 29, '16 83 Jan. 94 Jan. Low. 901/4 Jan. 31, '17 68 Dec. 72 Deo. Tax Status — Payment, of Federal Incom* Tax not assumed by company. Authorized Closed "ort"^'- Outstanding $600,000 Denomination— Coupon, $1,000. Trustee — American Trust Co., Boston, UaM. Redeemable on any interest date at the following prices (plus interest in each case). On or before April 1, 1926 at 105; after Anril 1. 1926, and on or before April 1. 1928, 103; after April 1, 1928 and on or be- fore April 1, 1929 at 102; and after April 1, 1929 and on or before April 1, 1930, at Control— In 1912 the property of this com- pany was acquired by the Cumberland County Power & Light Co. Management — ^E. W. Clark & Co., Philadel- phia. , ^ ,_ Secured by a first mortgage on plant supply- ing electricity In Portland, Me., and suburbs. Property Includes a hydro-electric plant on the Presumpscot River 14 miles from Port- land, and transmission lines to that city. Population served, 80,000. Franchise perpet- ual. Underlies — Cumberland County Power & Lt, Co. 1st & Ref. Bs of 1942. Under this mort- gage bonds are reserved to retire this Issue. Earnings — See Cumberland County P. & Lt, Co. 1st & Kef. 5s. Original Market — The extension was un- derwritten by Chas. W. Gilman & Co., Port- land, Me. Market. Boston — Hornblower & Weeks, Geo. A. Fer- nald & Co. , „ „ New York — Hornblower & Weeks, F, H. Hatch & Co. Portland, Me. — Chas. W. Gilman & Co., Fidelity Trust Co., Beyer & Small. Chicago — ^Hornblower & "Weeks. PORTLANO (Me.) LIGHTING & POWER CO. Ist Ext. 7s. Due April 1, 1931. Dated April 1, 1901. Extended April 1, 1921, with interest increased from 4^:%. In- terest payable April 1 and Oct. 1, at Ameri- can Trust Co., Boston. 1096 PORTLAND (Me.) RAILROAD 1st Cons. SH». Due July 1, 1951. Dated July 1, 1901. Interest payable Jan. and July 1, at Portland Trust Co., Portland, Me. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 1,600,000 Deposited under First Lien and Consolidated Mortgage 1,400,000 Denomination — Coupon, JBOO and $1,000. Registerable as to principal. Trustee — Portland Trust Co,, Portland, Me. Redeemable after July 1, 1931, at par and interest. Guaranteed as to Interest under terms of lease by the Cumberland County Power & Light Co. Organization and Control — Incorporated In Maine In 1860. Present name adopted in 1863, In 1915 acquired the properties of a number of subsidiaries. Leased to the Cumberland County Power & Light Co. for 99 years from Feb. 1, 1912. Rental, operating expenses and fixed charges, Capitali;iation. OutstandlnE. Common $1,999,000 Funded debt 3,669,000 Management — E, W, Clark & Co., Phila- delphia. Secured by a first mortgage on 106.0 mllei of street and Interurban railway track. In- cluding the entire street railway systems In Portland and South Portland, Me., with su- burban lines to Westbrook, Gorham, South Windham. Cape Elizabeth, Saco. Old Orchard and Yarmouth, where connection is made with the lines of the Lewlston, Augusta & Water- vlUe Street Ry., an affiliated company. Popu- lation served being abount 80,000. Franchise In Portland expires In 1938. Other franchises •re mostly without limit as to time; none ex- pire prior to 1938. Underlies — 1st Lien & Cons, is ot 1946. under Which mortgage bonds are reserved to retire this Issue. Earnlnes — See Cumberland County Power & Light Co. Ist & Ret. 6s. Market. . Boston — Hornblower & Weeks, Hayden. Stone & Co. Portland, Me. — Fidelity Trust Co., Beyer & Small, Maynard S. Bird & Co. New York — Hornblower & Weeks. F. H. Hatch & Co. Chicago — Hornblower & Weeks. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 87 '10 91 '10 70 Jan. 7 2 Jan. Low. 40 '20 45 '20 40 Dec. 45 Dec. POBTIANI) (Me.) RAII,BOAD CO. First Uen & Cons. 5s. Due Not. 1. 1945. Dated Nov. 1, 1915. Interest payable May and Nov. 1, at Trustee's office. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $7,600,000 Ontstandlng 1,969,000 Keserred for Prior Liens 1,600,000 Reserved for Ext 3,941,000 Denomination — Coupon, $500 and $1,000. Reglsterable as to principal. Trostee — New York Trust Co., New York. Redeemable at 105 and Interest on any in- terest date on 60 days* notice. Guaranteed as to Interest under terms of lease by the Cumberland County Power & Light Co. Organization and Control — See 1st Cons. SMis. Management — D. W. Clark & Co., Phila- delphia. Secured by a general mortgage on 106.6 miles of street and Interurban railway track in and .around Portland, Me. Further secured by deposit of $1,400,000 Cons. 3%s of 19B1. Many franchises are un- limited as to time. Franchises in Portland sxplre in 1938: none expire prior to 1938. Prior Uen — $1,600,000 1st Cons. 3^s of 1951 which this issue provides to retire. Barnlngs — See Cumberland County Power & Light Ist & Ref. 6s. Original Market — Offered in Nov., 191B, by A. B. Leach & Co., New York, Philadelphia, Boston, etc., and Charles H. Oilman & Co., Maynard S. Bird & Co., Merrill Trust Co. and Fidelity Trust Co., all of Portland, Me., at 97 and Interest. Market. Portland — Beyer & Small, Fidelity Trust Co., Union Safe Deposit & Trust Co. Bangor — Merrill Trust Co. Price Range, Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '17 101 '17 SO Jan. 85 ,Ian. Low. 59 '20 62 '20 59 Deo. 62 Dec. PORTLAND (Ore.) BALL WAY CO. 1st & Ref. S. F. OS. Due Nov. 1, 1930. Dated Nov. 1, 1905. Interest payable May and Nov. 1. at Kedmond & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Ontstandtoff (Jan. 1, '21) $7,408,000 Held in S. t 1,115,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — New York Trust Co., New York, Redeemable at 106 and Interest on any in- terest date on 60 days' notice. Sinldng: Fund — Annually on Nov. 1 not less than $64,900 to and including Nov. 1, 1919, and $82,300 annually thereafter to ma- turity for the purchase or redemption of these bonds at not over 105 and interest. Bonds so redeemed to be kept alive and Interest added to sinking fund. Oontrol^Absorbed in 1906 by the Portland Ry., Lt. & Pow. Co. Management — B. W. Clark & Co.. Phila- delphia. Secured by a mortgage on 140 miles of street railway track in Portland, Ore. Of this mileage this mortgage is a first lien on over 75 miles. Property covered by this mortgage includes 5 car barns and 9 acres of land In Portland: Shaw's Island, near Portland, containing 940 acres: 5,000 acres of timber land and valuable water - rights. Some of the lines are on private right-of- way and principal franchise for other lines expire in 1932 and 1933. Prior Lien — $1,290,000 (closed) Cons. 4s of 1930, of City & Suburban Ry. Co. Underlies — Portland Ry., Lt. & Pr. 1st & Ref. 6s of 1942, and Gen. Mtge. dated Sept. 2, 1918 (the entire issue $4,000,000 are pledged to secure 7% notes). Bonds are reserved un- der the 1st & Ref. mortgage to retire this Issue. Bamings — See Portland Ry. & Lt. & P. 1st & Ref. 5s. Listed on the New York, Louisville and Philadelphia Stock Exchanges. ' Original Market — Offered in Nov., 1905, by Redmond & Co., New York, at par and in- terest. Market. New York — Fred H. Hatch & Co., Barlo A. Miller & Co., Redmond & Co., Watson, Armstrong & Co. Baltimore — Jenkins, Whedbee & Poe, Stein Bros., Howard R. Taylor & Co. Portland, Ore.— Hall & Co. Fliiladelphia — Bauer, Starr & Co., Arthur J. Bender, BIddle & Henry, Henry D. Boen- nlng & Co., B. W. Clark & Co., Huntoon & Co., McCown & Co., Samuel McCreery & Co., Morley, Wood & Co., Samuel K. Phillips & Co. LonisTille — J. J. B. Hllllard & Son. Price Range — ^N. Y. S. E. Jan. 1, '07, to Jan. 1, '21 1920 High 101% Apr. 24, '07 68 Oct. 29 Low. 69 Aug. 13, '20 59 Aug. IS PORTLAND (Ore.) "RAILWAY, LIGHT & POWER CO. 1st & Ref. S. F. Conv. 5s. Dne Feb. 1, 1942. Dated Feb. 1, 1912. Interest payable Feb, and Aug. 1, at Lee, Higginson & Co., Boston; Columbia Trust Co.. New York: Fidelity Trust Co., Philadelphia, and Higginson & Co., Lon- don. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized $76,000,000 Outstanding (Ma^ 1, '21) 14,836,400 Held in S. F 2,228,600 Fledged Under 1st Lien & Kef. Mtge 6,700,000 Reserved for Ext 33,423,000 Denomination — Coupon, $1,000, $600 and $100. Registered $50,0(10, $10,000, $6,000 and $1,000, interchangeable C. & B. Trustee — Fidelity Trust Co., Philadelphia. Redeemable at 105 and interest as a whole on Feb. 1, 1922, or on any Interest date thereafter, upon 6 days' notice. 097 Convertible at any time upon 10 days' no- at 96 and interest. $1,064,000 offered by tha tloe into common stock of the company at a same firm April, 1914, at 93% and Interest, price eaual to amount paid in on such stock Market. plus $10 premium per $100 share. As the New York — Sam'l Goldschmidt, F^'ed H. stock is now $75 paid In the present rate of Hatch & Co., Morton Lachenbruch & COj, conversion Is $8B in bonds for each share Earle A. Miller & Co., Watson, Armstrone & of stock. Co. Sinking rund-1% annually. May 1, from ^^^j^otT&clb^ 1915 to 1926. inclusive, and 1%%_ from 1927 ^^elphia— Barnes & Lofland, Bauer, to 1941. of total amount of bonds issued, to gtarr & Co., Biddle & Henry, Henry D. be applied to the purchase or redemption of Boenning & Co., E. W. Clark & Co., Elkins, these bonds at not over 105 and interest. Morris & Co., Huntoon & Co., McCown & Bonds in sinking: fund to be kept alive and Co., Samuel McCreery & oC, Morley, Wood Interest added to fund. & Co., Samuel K. Phillips & Co. ' Organization — The company was incorpor- Price Range — ^N. T. S, ^• ated in Oregon in 1906 as a consolidation Jan. 1, '12, to Jan. 1, '31 oc../ of the Portland Railway Co., Portland Gen- High 96 Oct. 16, '12 56% Nov. 65% Jan. erai Electric Co. and the Oregon Water Power Low. 61 Nov. 3, '19 48 Dec. bi uec. & Ry. Co. Also controls through stock own- ership the Willamette Valley Southern R.V.. POKTtAND (ORE.) KAIL,WAY, UGHT & which owns 36 miles and the Yamhill Eleo- POWER CO. 25-Year 1st Lien and Kef. trie Co. Miles of track owned, 297.04; op- TVaS Series "A." Due JMay 1, 1946. erated only, 10.9 miles; stock controlled, 35 Dated May 1, 1921. Interest payable May miles. Total, 343.3 miles. 1 and Nov. 1, at National City Bank, New Capitalization. Outstanding. °^^ tSatus— 2% Federal Income Tax paid Common $11,260,000 ],„ (jjg company without deduction. Pennsyl- Ist Pref. (.6% cum.) 5,000,000 vania State Tax refunded. 2d Pref. (6% non cum.) 6,000.000 Authorized Open mortgage. Funded debt 36,612,400 Outstanding $4,500,000 Management— E. W. Clark & Co., Philadel- Issuance Restrictions— Additional bonds -ju.n are issuable m series with the same or dif- o * J ,. X AT. ^i ferent rate of interest, dates, maturities Secured by mortgage upon the entire prop- ^^"J^r^aiS^^ion provisions as mky be deter- erty of the company which owns 297.07 miles mined by the Board of Directors of the of track of which 184 miles are city lines Company, subject, however, to the restrio- and comprising practically all the street rail- tiye provisions of the Mortgage. Bonds of ways in Portland and 113 miles of interurban any series may be issued from time to time lines, 10 generating plants, 5 of which are in the future in principal amounts equal to hydro-electric of 42,880 k. w. and 5 steam and for the acquisition or retirement of all of 22,000 k. w., supplying light and power bonds secured by prior mortgages, outstand- in Portland and Oregon City. Ore., and Van- Ing with the public on May 1. 1921, or for couver. Wash., and street railway, gas and *-^^ retirement of bonds of another series electric plants in Salem. Ore. Of the prop- '^.^"ed under the new mortgage. Bonds may ertv coverpd thiq morte-nee 1.,ro/i ^cn nnn a9 ™(ioo „<• „«« !!„„„ -„j hands of the public and all First Lien and served, 360,000. 42 miles of city lines and Refunding Mortgage Bonds outstanding and the larger part of the interurban lines are on fo^ the issuance of which application is private right-of-way. Principal railway fran- made. chises in Portland expire In 1932; light and Denominations — Coupon, $600 and $1,000; power in Portland and Salem are perpetual registerable as to principal. Registered and In Vancouver expire in 1927. The com- $1,000, $6,000 and multiples of $6,000. O. & pany is now subject to competition in its H. interchangeable. electricity business in Portland. Trustee — National City Bank, New York. Prior Lien— $7,524,000 Portland General Redeemable on any interest date upon 30 Elec. 1st 5s, due 1936, $7,408,000 Portland '^ff^ ?^*"^^1 ^i o,i "'^ '°t^i n- /. i„7tt=? Ry. 1st & Rel. 6s, due 1930, and $1,290,000 ^1'^'' t,^*^^,^\ J?, ' interest P„'f rftir^^^^^n^^f w^W.vi'V,^ "".Mf"', ""• Staktal'l^d-Seini-annually beginning the retirement of which bonds of this issue sept. 1, 1921, cash payments equal to at have been reserved. ,^3^3^ $225,000 but in no event less than 1%% rndcrUes — 1st Lien & Eef. Mtge. under of the aggregate amount of the First Lien which bonds are reserved to retire this issue. and Refunding Mortgage Bonds and bonds Listed on the New York Stock Exchange. secured by prior mortgages outstanding in Years ended Dec. 31: the hands of the public on the respective Gross Net Int etc dates of payment. Such moneys shall be 1920 $9,664,615 •$2,813,074 $2,101,615 utilized tirst, in the purchase of First Lien 1919 8.691,001 2,639,848 2,269 971 and Refunding Mortgage Bonds of any series 1918 7,669,389 2,540,094 2 218 187 ^.t or below the then existing redemption 1917 .6,023,610 2,446,917 2,162,052 prices, or, if during a non-callable period 1916 5 48S 110 2 444 866 2 178 258 ■"'"'' respect to any particular series, at ^r *A'fter rentals ' ' ' 'below certain specified prices; and second, „ . . , .« , i .,» «„„ „„„ „ ,..,.. iu the redemption of bonds of such series as Original Market — $16,000,000 offered Feb., are then subject to redemption. In tile 1912, by Drexel & Co., Philadelphia, and event that no bonds are then redeemable and Lee, Higginson & Co.. New York. Boston, etc., the Sinking Fund moneys are not exhausted 1098 ?/ j» purchase of bonds, within the price limits specified, the balance of any such moneys remaining unexpended may be re- imbursed to the company for construction expenditures, against which no bonds may be issued. In the case of Series "A" bonds during the first ten years, the Sinking Fund moneys may be utilized in the purchase but not redemption of such bonds up to 107% and accrued interest. Organization — See 1st & Ref. 5s. becnred by a general mortgage on all the property of the company. Additionally se- cured by pledge of $6,700,000 1st & Ref. 5s Additional bonds Issued under this latter mortgage are to be pledged hereunder. Prior Liens — Subject to 1st & Ref. 5s of 1942 and prior Hens thereto. Bonds are reserved under this mortgage for the retirement of all prior liens. Earnings — See 1st & Ref. 6s. Original Market — $4,500,000, ofEered May, 1921, by the National City Company, New Tork, etc., at 96 and interest. PORTLAJJD (ORB.) RAILWAY, LIGHT & POWER CO. 5-Year 8% Notes. Due Mar. 1, 1986. Dated March 1, 1921. Interest payable March 1 and Sept. 1 at Title & Trust Co., Portland, Ore. Tax Status — Payment of Federal Income Tax not assumed by the Company. Authorized $2,000,000 Outstanding 1,117,000 Reserved for Corp. Purposes. . 883,000 Denominations — Coupon, $1,000 and $500: reglsterable ($1,000 only) as to principal. Registered $100, $500 and $1,000. Trustee — Title & Trust Co., Portland, Ore. Redemmable as a whole only on any in- terest date at the following prices and in- terest: Sept. 1, 1921 or March 1, 1922, 102%; Sept. 1, 1922 or March 1, 1923, 102; Sept. 1, 1923 or March 1, 1924, 101%; Sept. 1, 1924 or March 1, 1925, 101 and Sept. 1, 1925, 100%. Organization — See 1st & Ref. 5s. * Security — A direct obligation of the com- pany but not secured by a mortgage. Eamings^See 1st & Ref. 5s. Original Marltet — $1,000,000, offered April, 1921, by company and placed among its em- ployees and customers. Controlled by the Maine Central R. R. Co. through ownership of the entire capital stock. Capitalization Outstandln« Common $1,200,000 Funded debt 5,545,000 Secured by a first mortgage on the freight and passenger terminals In the cities of Port- land, South Portland and "Westbrook, Me., comprising 23 miles of main track, 9 miles of second track and 56 miles of sidings, in- cluding a belt railroad, union passenger sta- tion, freight station, warehouse, storage build- ings, round houses, etc., and 534 acres of real estate. Legal for savings banks In Conn., Me. and yt. Year ended Dec. 31: Gross. Net. Int. & Rent. 1920 $437,489 $447,679 $390,692 Origiaal Market — $4,600,000 offered in Nov.. 1912, by Kissel, Kinnicutt & Co., F. S. Mose- ley & Co., and Kidder, Peabody & Co., Wm. A. Read & Co., Blodget & Co.. New York, at 92 and interest; $806,000 5s offered May, 1919, by Kidder, Peabody & Co., Boston and New- York, and R. L. Day & Co., Boston, at 91?i.. Market. New York — Finlay & Davenport, Josephi Bird Ford. Price Range. Jan. 1, '12, to Jan. 1, '21 19S0 Bid. Ask. Bid. Ask. High 91% '12 92% '16 84 Dec. 88 Dec- Low. 66 '20 70 '20 66 Dec. 70 Deo> PORTLAND (Me.) UNION RAILWAY STA- TION CO. S. P. 48. Due, Series "A," July 1, 1937; Series "B," Jan. 1, 1929. Dated Series "A" 1887; Series "B" J889. Interest payable January and July 1, at Fidel- ity Trust Co., Portland, Me. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $300,000 Outstanding ("A," Jan. 1, '21).. 162,000 ("B") 78,000 $240,00O Held in S. P. ("A") $38,000 ("B") 22,000 PORTLAND (Me.) TERMINAL CO. Ist 4s. $60,000 Due July 1, 1961. Denomination- — Coupon, $1,000. Dated July 1, 1911. Interest payable Jan. Trustee — Boston Safe Deposit & Trust Co.. and July 1, at New York, Boston and Trus- Boston, tee's office. Sinking Fund — $2,000 per annum for Series Tax Status — 2% Federal Income Tax paid "A" and $1,000 per annum for Series "B" to by company without deduction. be applied to the purchase of bonds at lOS Authorized $10,000,000 ^^<1 interest; if not so purchasable to be Outstanding— otherwise Invested. 4g $4,600,000 Guaranteed Erinoipal and Interest by the 6s " ' 805,000 Boston & Maine R. R. and the Maine Central R. R. Co. Jointly. $6,305,000 Control — See Portland Terminal Co. 1st 4s. Reserved for Ext 4,696,000 Security — A direct obligation of the ^om- Denominatlon— Coupon, $1,000. Registerable "^^^'^.^.I^* not secured by a mortgage as to principal. Registered, $1,000, $6,000, ^^Earnings-See Portland Terminal Co. 1st $10,000, $60,000. C. & R. Interchangeable. ' Market Trustec^Fidelity Trust Co., Portland, Me. jjew York— Joseph Bird Ford, Carruthers. Guaranteed as to prmcipal and mterest by Peii & Co. the Maine Central B. R. Co. by endorsement. Organization and Control — Incorporated in PORTO RIC AN- AMERICAN TOBACCO CO. Maine in Feb., 1887, as the Portland Union 10-Year 8s. Due May 15, 1931. Railway Station Co., and name was changed to Dated May 15, 1921. Interest payable May- present title in March, 1911. Company is 15 and Nov. 15 at National City Bank, operated for the Joint benefit of the Mains New York. , , „ Central and Boston & Maine Railroads. Un- „, Tax htatus— Payment of Federal Income der the company's charter these roads must s^^tJ'S.i^Tf'"^^^^ company. Pennsylvania, pay sufficient to pay all expenses, interest on Authorized S3 onn nno- bonds and 5% on capital stock, such pay- Outstanding !! .'i.' ! 3'ooo'oo0 ments to be considered part of operating ex- Purpose of Issue— To fund floating' debt penaes of the railroad companies. and to increase working capital. 1099 Denominations — Coupon, |500 and $1,000; jegisterable as to principal. Trustee — National City Bank, New York, Redeemable as a "whole only on 30 days' notice at 107% on or before May 15, 1926, -and at 105 thereafter. Sinking- Fund — Semi-annually, beginning Nov. 15, 1921, a sum sufficient to purchase $150,000 face amount of bonds if obtainable at prices not exceeding 105 and interest. If bonds are not so obtainable, any unex:pired balance is to revert to the company. All bonds acquired are to be cancelled. Orgranization — Incorporated in New Jersey in 1S99. Business established in 1897. The Anaerican Tobacco Company up to the time of its dissolution held 66% of the capital stock of this company. The company is «. large manufacturer of cigars and cigarettes. Among the company's best known brands are Ricoro, La Restina, Portina, La Tunita and Kl Toro. Capitalization Outstanding Common *$6,316.400 Funded debt 3,000,000 ♦Includes scrip and fractional shares. Secured by pledge of the entire capital stock of the Porto Rican-American Tobacco Co. of Porto Rico and by pledge of about 50% of the capital stock of the Porto Rican Leaf Tobacco Co. The remainder of the capital stock of the Porto Rican Leaf To- bacco Company is owned by the American Cigar Company, a subsidiary of the Ameri- can Tobacco Company. Under the provisions of the indenture the company covenants as follows: The company or its constituent companies will not mortgage or pledge any of its or their fixed assets without providing for the priority of payment of these bonds and will not consolidate or merge with any corpora- tion other than a constituent company, with- out providing for the prior redemption of these bonds. The company and its constituent com- panies will at all times maintain an excess of current assets over current liabilities equal to at least 200% of the face value of these bonds then outstanding, and will maintain current assets in an aggregate amount equal to at least 175% of all liabili- ties, including these bonds. The company will not declare or pay any dividends except out of income earned sub- sequent to January 1, 1922, and in no event will pay and dividends which reduce cur- rent assets to an aggregate amount less than at least 200 % of the amount of all liabilities, direct or contingent, including these bonds. Year ended Dec. 31: Net 1920 $1,272,371 Original Marlcet — $3,000,000 offered May, 1921, by National City Company at 100 and Interest. PORTO RICO RAII.WAY CO., LTD. Ist 5b. Due Nov. 1. 1936, Dated Nov. 1, 1906, Interest payable May and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. AuthoHzccI $3,000,000 Outstanding (Jan. 1, '21) 2,497,500 Retired by S. F 502,500 Denomination — Coupon, $500. Registerable a.a to principal. Trustee — Montreal Trust Co.. Montreal and Toronto, Canada. Redeemable at 105 and interest on any in- terest date. Sinldne Fund— -Annually 1% of bonds Issued plus interest on bonds cancelled, for the pur chase or redemption of these bonds at not m exceeding 105 and Interest. Bonds ao ac- quired to be cancelled. Organization — Incorporated in Canada, in 1906, and has acquired the San Juan Light & Transit Co., Porto Rico Power & Light Co- and Caguas Tramway Co., controlling the electric railway and electric light and power business of San Juan, San Turce and Rio Piedras, together with the lighting systems of a number of cities and towns in the east end of the Island, Capitalization Outstandinff Common $3,000,000 Preferred 17% cum.) 1.000.000 Funded debt 3,787,167 Secured by a first mortgage on the electric railway, lighting and water power business in the city of San Juan, Porto Rico, and also San Turce and Rio Piedras, including nine miles of electric road from San Juan to Rio Piedras and an 18 mile extension, operated by steam-meter gauge, from Rio Piedras to Caguas. Population served 150,000. Fran- chises expire well beyond the maturity of the bonds. Underlies — £265,000 Ref. Gen. 5s of 1962, under which bonds are reserved to retire this issue. Years ended Dec 31 (consolidated): Gross. Net. Interest. 1920 51,402.736 $617,554 $191,463 1919 1,129.782 459,543 193,883 1918 1,035,955 446,629 196,200 1917 902,393 401,211 198,417 1916 829,057 421,972 200,533 Listed on the Montreal and Toronto Stock Exchanges. Original Market — Offered by the Unlon~ Bank of Halifax, J. C. Mackintosh & Co., Halifax and St. John and by the Royal Securities Corp.. Montreal, Market. New York — Lvnch & McCermott, Berdell Bros., Alfred P. Ingold & Co. Boston^H. C- Spiller & Co. Montreal — Balfour, White & Co. Price Range. Jan. 1, 'IZj to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96 '12 99 '12 82 June 82% Feb. Low. 45 '20 55 '20 45 Dec. 55 Dec. PORTO RICO RAILWAYS CO., LTD. Ref. Gen. 5s. Due May 1, 1962. Dated May 1, 1912. Interest payable May 1 and Nov. 1, at Trustee's office or London. Fixed ejcchange rate $4.86% to the £. Tax Status — Payment of Federal Income Tax mt assumed by company. Authorized £1,500,000 Outstanding ($1,289,667) 265,000 Reserved for Prior Liens 513,200 In Treasury 129.000 Denomination — Coupon,- £ 10 0, Registerable as to principal. Trustee — Montreal Trust Co., Montreal. Redeemable aa a whole or in part for the Sinking Fund at 105 and interest any time. Sinking Fund — Annually beginning Nov. 1, 1937, 1% of bonds issued plus interest on bonds redeemed, to be applied to the purchase or redemption of these bonds at not exceeding 105 and interest. Organization — See 1st 6s. Secured by a mortgage on all the property of the company, subject to 1st 53 of 1936. l^ior Lien— $2,497,500 1st 5s of 1936, for the retirement of which bonds of this issue have been reserved. Earnings — Pee 1st 5s. Original Market — £200,000 offered May. 1912, at £92 10s per £100 bond by the Royal Securities Corp., London and Montreal. Market. Montreal— Royal Securities Corporation, I-.td. PORTO RICO TELEPHONE CO. 1st 68. Due Dec. 1, 1944, Dated December 31, 1914. Interest payable June 1 and December 1. at Truatee'a offices In New York, Montreal and San Juan. P. R. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,200,000 OutstanclinK" 827,900 Held in S. F 16,600 Reserved for Ext 365,600 Denomination — Coupon, $100, $500 and $1,000. Reg-isterable sia to principal only. Trustee — Montreal Trust Co., Montreal. Redeemable as a whole, or in part, for the sinking fund, at 105 and interest. Sinking Fund — An amount equal to 1% of outstanding bonds, annually from 1918 to 1920 inclusive, lVi% from 1921 to 1925 inclusive and 2% thereafter. Bonds acquired are kept alive and interest added to this fund. Organization — Incorporated in Delaware- in 1914. Capitalization. Outstanding. Common $600,000 Preferred (8% cum.) 290,000 Funded debt 827,900 Secured by a first mortgage on practically the entire private telephone system in Porto Kico. The company serves 6 4 cities and towns, and has 800 miles of long distance lines. The Insular Government maintains a few telephone lines In territory not served by this company and arrangements have been made for the interchange of business. Fran- chise extends to 1964, and provides that the Government shall have the right to purchase the property at the expiration of twenty years, or any subsequent ten-year period, the price t» be based on the value of the property as ^a "going concern." Years en ded Dec. 31: Gross. Net. Interest. 1919 $344,321 •$83,313 1918 314,652 138,760 $64,066 1917 301,877 135,683 60.648 1916 267,283 114,663 42,708 •After interest. Original Market — Offered in January, 1915, by William Morris Imbrie, New York and Chi- cago, and J. C. Mackintosh & Co., Halifax, N. S.. at par and interest with 10% bonus in common stock, or at 96 and interest without the bonus. Market. New Vorli — Joseph Gilmann, T. L. Mac- Donald. Price Ban^e. '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. 90 '19 100 '16 90 Jan. 95 Jan. 80 '19 83 '20 80 Dec. 83 Deo. Jan. 1, High Low. Control — ^Absorbed in 1911 by the Atlantic Shore Ky., which operates a total of 96 mlle» of road, from Portsmouth, N. H.. to Bldde- ford, Me., forminB part of a chain of electric railway lines from Boston to Portland. Receivership — The Atlantic Shore Ey. Co. was placed in hands of receivers Nov., 191B, after defaulting its Ref. Inc. 43. Separate Receiver — ^W. G. Meloon, Ports- mouth. N. H.. was appointed May 1. 1917. The property iB being operated independently. Secnred by a mortgage on 42 miles of elec- tric railway connecting Portsmouth. N, H., with Kittery and Dover, N. H., and South Berwick and York Beach, Me. Population served, 38,000. Prior Liens — $67,000 2nd 6s of 1925 and $200,000 Portsmouth, Kittery & Tork St. Ry. 1st 6s of 1917. Underlies — Gen. 6a of 1931 and Ref. Income 4a of 1941 of the Atlantic Shore Ry. Co. Bonds are reserved under the latter mortgage for the retirement of this issue. Year ended Dec. 31; Int.. Gross. Net. Tax., etc. 1918 $169,623 $20,593 $86.81» Market. Boston — Chas. A. Day & Co., Goburn, Kit- tred^e & Co. Price Rangrc 1920 — Ask 90. PORTSMOUTH, GREAT FAI/I/S & CONWAY RAILROAD CO. Ist 4%B. Dne June 1, 1937. Dated June 1, 1877. Interest payable June and December 1. at Boston & Maine R. R. Co. office, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Aothorizcd and Oatstandine $1,000,000 Denomination — Coupon, $500 and $1,000. Trustees — George B. B. Jackson and Ed- ward W. Hooper: both deceased. No successi- ors have been appointed. Assnmpd by Boston & Maine R. R. Co. Control — Absorbed by Boston & Maine R. R;. Co. Secured by a first mortgage on 73.15 miies'- of road from Jewett. Me., to North Conway,. N. H. Underlies — Boston & Maine R. R. Mtgei- dated Jan. 1, 1919, under which bonds are re- served to retire this issue. Listed on the Boston Stock Exchange. Market. Boston — Estabrook & Co., Harris, Forbes & Co. New York — Hornblower & "Weeks, Esta- brook & Co. Chicago — Hornblower & Weeks, Trust & Savings Bank. Price Range. Jan. 1, '09, to Jan. 1, '31 1929 Bid. Ask. Bid. High 106% '09 1071/2 '11 70 Jan. Low. 65 '18 96 '13 66 Dec. Harris PORTSMOUTH, DOVER & YORK STREET PORTSMOUTH (Ohio) STREET RAILROAD S RAILWAY 1st 4%s. Dne June 1, 1923. LIGHT CO. 1st 6s. Due $25,000 each Jnly Dated June 1, 1903. Interest payable June 1, from 1918 to 1934, and $75,000 in 1936, and Dec. 1, at State Street Trust Co., Boston, Dated July 1, 1914. Interest payable Jan. Mass. 1 and July 1. in New Tork. Default — Jan. 1, 1916, and subsequent in- Tax Status— 2% Federal Income Tax paid tcrest. by the company witliout deduction. Tax Status — Payment of Federal Income Authorized $500,000 Tax not assumed by company. Outstanding (.Jan. 1, '21) 400,000 Authorized $650,000 Balance Retired. Oatstandlng • 450.000 Denomination — Coupon, $100. $600 and Unissued 200,000 $1,000. Registerable aa to principal. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co.. New Tork. Trustee — State Street Trust Co., Boston, Redeemable on any interest date at 102% Mass. ^^^ interest on 3 days' notice. Redeemable at 105 and Interest. Organization — Incorporated in Ohio in 1893. 1101 Lieases 2^ milea of road from the Ohio Valley Traction Co. Capitalization. Outstandinsr. Common $260,000 Preferred (6% cum.) 250,000 Funded debt 400,000 Secured by a first mortg^age on 14 milea of street railway track in and around Ports- mouth, Ohio, and on plant supplying: electricity in that city and vicinity. Population served, 30. COO. Street railroad franchise in Ports- mouth expires in 1937 and- electricity in 1939. Franchisc-iii Sciotoville expires in 1931. Years ended Dec. 31: Gross. Net. Interest. 1919 $490,124 $105,691 $26,146 1918 467,059 125,195 27,624 1917 439,543 163.052 18,180 Original Market — Offered in Jan., 1915, by John Nickerson, Jr., New York and St. Louis, and Baker, Aylins & Co., Boston, at 100 and interest for ll'lS 20 maturities and 101 for the remaining maturities. Market. Philadelplna — H. D. Boenning & Co. , S. K. Phillips & Co. New York — John Nickerson, Jr. irrice Uang:e 1920— Bid 86. Oct.; Ask 94, Oct. FOTOMAC KLECTRIC POWER CO. let 6s. Dne Jane 1, 1929. Dated June 1, 1904. Interest payable June *nd Dec. 1, at Commercial Trust Co. of New Jersey, Jersey City, N. J. Xax Statns — 2% Federal Income Tar volun- tarily assumed by company. Authorized Closed mortgage, Oatstandingr $1,700,000 Denomination — Coupon, $1,000. Trustee — Commercial Trust Co. of New Jer- sey, Jersey City, N. J, Redeemable on any interest date at 110 and Interest on three months' notice. Organization and Control — Incorporated In the District of Columbia in 1896. In 1902 ac- Qulred the property of the United States Elec- tric Lighting Co. and In 1912 acquired a two- thirds interest in an undeveloped water power at Great Falls on the Potomac River. The company generates power Jointly with the Washington Ry. & Electric Co. Controlled through ownership of entire capi- tal stock by the Washington Ry. & Electric Co. Capitalization. Outstanding. Common $5,750,000 i*referred 250,000 Funded debt 11,350.000 Secured by a first mortgage on two power plants and eight sub-stations with a com- bined capacity of over 150,000 h. p. and dis- tribution system supplying Washington. D. C, and vicinity with electric light and power. Franchises are perpetual. Underlies — Cons. Ss of 1936, which mort- gage provides for the retirement of this Is- sue; Gen. Imp. Deb. 6& of 1926 and Gen. 6s of 1923. Earnings — See Gen. 6a. Listed on the Washington Stock Exchangre. Original- Market — Offered In 1904 by Everaz & Co., Chicago, at 101 and interest. Market. New York— Fred H. Hatch & Co. naitimore — Jenkins, Whedbee & Foe. Washington, D. C, — Crane, Parris & Co. Phllact. 1. 191S. Interest payable April and Oct. 1. at office ot Company In New York. Extension Plan — The principal of these bonds was extended for 10 years; cash was paid for coupons, which matured on Oct. 1. 1914, April 1, 1916, and Oct. 1, 1916, and scrip, bearing interest at 6% for the remain- ing six coupons. Such scrip secured by the surrendered unpaid coupons, and payable in 10 years with the right of prior redemption. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized — $16,000 per mile ot road. Outstanding $499,000 Held in S. F 101,000 Denomination — Coupon, $1,000. Begister- able as to principal. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date at 110 and interest. Sinking Fund — 5% of gross earnings per annum to be invested in bonds at not exceed- ing 110 and Interest. Bonds so acquired are kept alive and interest applied in like manner. Guaranteed as to principal and interest by Compania Metalurgia Mexicana. Organization and Control — Incorporated un- der the laws of New York and received a special charter from the Mexican Gov't. Com- pany Is -exempt from taxes and Import duties for 16 years and has ccncessions to 1986, when the road will become the property of the Mexican Gov't. Capitalization; Outstanding. Conunon $200,000 Funded debt 499,000 Secured by a first mortgage on 38 miles of railroad from San Luis Potosi to Alveraz Hacienda, Mex., at the rate of $15,800 per mile. Market. New York — ^Wm. C. Ewen, Hanson & Han- son, F. H. Hatch & Co. Price Ran^re Bid Aak. High 55 June 65 June Low. 55 June 60 Aug. High 10414 '17 Low. 78 '20 81% '20 92 Jan. 78 Nov. 92 July 81% Nov. 1103 POTTEB COAX & COKE CO. (THE) Ist ■ Serial 6s. Due each Nov. 1 as follows; $15,(H)0, 1917 to 1919 inc.; S20,000, 1921 to 1927 Inc., and $25,000, 1928 to 1031, inc. Dated Nov. 1, 1916. Interest payable May and Nov. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $300,000 Outstanding: (Jan. 1. '-21) 240,000 Balance Betired. Denomination — Coupon, $1,000. Beglster- able as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 101 and interest. If called In part the bonds so called must be of last maturity outstanding. Sinking Fund — ^Annually, 10c. for each gross ton of coal mined and shipped and 16c. for each net ton of coke manufactured and shipped. Organization — Incorporated In Pennsylvania July, 1916, and acquired its property from the estate of Joseph Wharton. Capitalization. Outstanding. Common $300,000 Funded debt 240,000 Secured by a first mortgage on 1,601 acres of Freeport Seam Coal and 1.661 acres of Kittaning Seam Coal, situated at Coral, In- diana County, Fa., 10 miles from the Blalrs- TlUe Intersection of the main line of the Penn- sylvania Railroad; also on 333 acres of sur- face land, 8 6 houses. 300 coke ovens and equipment. Property is estimated to contain 17,000,000 tons of recoverable coal, and is re- ported owned in fee. Output for 1918 reported as 100^160 tons of coke and 29,167 tons of coal. Original Market — $300,000 ofCered Dec. . 1916, by Townsend. Whelen & Co., Philadel- phia, at 100 and Interest. Market. Philadelphia — Townsend, Whelen & Co. POXJGHKEEPSIE & WAPPINGEBS FAIXS RAILWAY CO. 1st 6s. Due Jan. 1, 1958. Dated Jan. 1. 1918. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $2,000,000 Outstanuing (Jan. 1, '21) 586,000 Ketli-ed by S. F 10,000 Reserved for Ext 1,200,000 Denomination — Coupon, $100, $500 and $1,- 000; regristerable as to principal. Trustee — Equitable Trust Co., New Tork. Redeemable on any Interest date at 105 and interest upon six weeks' notice. Sinking Fund — ^Annually on Jan. 1, a sum eaual to 1% of outstanding bonds. Organization — Incorporated 1893, as a con- solidation of various street railway lines in and suburban to Poughkeepale. In June, 1917, the name of the company was changed to Poughkeepsle & Wapplngers Falls Ry. Co. Capitalization. Outstanding. Common $750,000 Funded debt 596,000 Secured by a first mortgage on all the property of the company. Ihe property cov- ered includes 19.48 miles of track in Pough- keepsle, N. Y., and extending to Wapplngers Falls. Franchises are without time limit. Tears ended Dec. 31: f'nOSS. 1920 $263,423 1919 231,617. 1918 196,404 1917 207.067 Net. Int., etc. ?12,614 $42,516 37,795 48,828 25,184 38,161 33,470 39,441 POWEI^L RIVER CO., LTD., Isl 6s. Due an- nnally each Jan, 1 as follows; 1Q19 and 1920, $250,000; 1921 to 1923, $300,000; 1924, $350,000; 1925, $349,000; 1926, .S3SO.O0O; 1!)37, $400,000; 1928, $336,000; 1929, $14,000. Dated January 1, 1913. Interest payable Jan. and July 1, at Cont'l & Com'l Trust & Savings Bank. Chicago. Tax Status — Payment of Fedofal Income Tax not assumed by company. Anthorized $6,000,000 Oufstandins 2,699,000 Retired 1,201.000 Reserved tor Ext 1,100,000 Denomination — Coupon, $1,000 and $500. Resisterable as to principal. Trustee — Yorkshire & Canadian Trust, Ltd., .Vancouver, B. C. Redeemable at 105 and Interest on any in- terest date upon 60 days* notice. Slnklne Fnnd — $2 for each 1,000 feet of ail timber cut; this fund to be applied to the re- tirement of this issue. Guaranteed principal and interest by D. F. Brool<8, A. S. BroolM and M. J. Scanlon by endorsement. Oreanli'tlon; — Incorporated 1911 In British Coiumb Capitalization. Outstanding. Common $3,600,000 Funded debt 2,699.000 Secured by a first mortgage on all the prop- erty of the company. Including a hydro-eleo- tric plant of 24,000 h. p., with ultimate ca- pacity of 34,000 h. p.. modern fireproof con- crete paper mills, ground wood and sulphite pulp mills: leasehold rights in over 136,000 acres of tim.ber land, on which are located over four billion feet of saw timber and vast additional amount of pulp wood timber and about 3,000 acres of land owned in fee on both sides of Powell River. The above prop- erty is valued at $9,000,000. The company is one of tlie largest manufactures of news- print paper on the American continent. The plant is located at Powell River. British Co- lumbia, about 80 miles north of Vancouver. ^ Favorable tidewater location of property en- ' ables company to manufacture and market product at a low cost. The leases run for 30 years from Sept. 4, 1914, and are renewable for similar periods on the terms "which may prevail at the date -of expiration of the pres- ent lease. The company pays the Govern- ment under present lease 2c. per acre annu- ally and about 35.7c. per 1,000 feet of timber used for pulp wood. Original Market — $3,500,000 offered at 100 and interest in January. 1913. by the Con- tinental & Commercial Trust & Savings Bank, and McCoy & Co., Chicago, and the Missis- sippi Valley Trust Co., St. Louis, A. B. Leach & Co., Chicago, New Tork and Boston. Market. Minneapolis — Minnesota Loan & Trust Co. Milwaukee — Marshall & lisley Bank. Chicago — Babcock, Rushton & Co. Boston — lEstabrook & Co. New York — Bstabrook & Co. Price Range. Jan. 1, '15, to Jan. 1, '31 Bid. Ask. Bia. High 99 '17 102 '16 8.76% Sept 6.50% Apr. Low. 99 '17 99 '16 6.50% Apr. 192« Ask. POWER TRANSMISSION CO. 1st & CoU. Tr. Is. Doe Jan. 1, 1922. Dated Jan. 1, 1920. Interest payable Jan. 1 and July 1, at Citizens' & Southern Bank, Atlanta, y tlie company may be kept alive and re- l.?sued. Organization and Control — Incorporated In Delaware In December. 1919. Entire capital stock owned by the Cities Service Company, Capitalization. Outstanding. Common $200,000 Funded debt .... 200,000 Secured by a iirst mortgage on all the property of the company, and additionally se- cured by deposit with the Trustee of common ■took of the Cities Service Company in an amount at market value equal to at least 133 1-3% of the principal amount of bonds outstanding-, wliich margin must be main- tained. The company operates about thirty-one miles of 44,000-volt three-phase transmis- sion line, which runs from the system of the Montgomery Light & Water Power Company at Montgomery to Hillside, con- necting at that point with the new transmis- which extends from its Lock Twelve power station to Selma, Ala. This company has entered into a contract w^ith the Montgom- ery Light & Water Power Company, also a subsidiary of the Cities Service Company, un- der which it will receive a revenue of $30,000 per annum, plus all operation and maintenance charges. Original Market — $200,000 offered Feb., 1920, by the Securities Sales Company, At- lanta, Ga. Capitalization. Outstanding. Common $100,000 Funded debt 236,000 Secured by a first mortgage on company** property. Supplies electricity and gas to Prescott, Ariz. Franchises expire 1952, Years ended Deo. 81: Bond Gross. Net. Interest, 1919 $129,887 $38,808 $14,227 1918 104,718 32,135 14,426 1917 88.076 31,876 14,603 1616 69,911 22,312 14,750 Market. New York — Hanson & Hanson. , PhUadelphIa— S. K. Phillips & Co. Price Range. Jan. 1, 'IS, to Jan. 1, *31 1920 Bid. Aslt. Bid. Ask. High 90 '13 95 '1 9 87 Jan, 95 Jan. Low. 85 '16 90 'IG 87 Dec. 95 Dec. PKBSCOTT & SASTBRN RAILROAD CO. Ist 68. Dae April 1, 192S. Dated April 1, 1898. Interest payable April and Oct, 1, at A. T. & S. F. Ry. office. New York. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Ontstandlng 224,000 Fledged under Gal.-Ariz. Line Ist & Ref. AVsa 151,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co. , New York. Control — ^Absorbed by the California, Ari- zona & Santa Fe Ry. Co., which is controlled through stock ownership by the Atchison, To- peka & Santa Fe Ry. Co, Secured by a first mortgage on 26.4 miles of road from Prescott & Eastern Jet. to Mayer, Ariz. Underlies — ^A.. T. & S. F. By. Cal.-Arlz. liines 1st & Ref. 4%s. ** Bonds are reserved under that mortgage for the retirement of this issue. Market. New York — Wolff & Stanley, Carruthers, Pell & Co. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. High 99% '17 100 '17 90 Feb. Low. 90 '19 98% '17 90 Feb. PRESCOTT GAS & ELECTRIO CO. 1st 6s. Due July 1, 1940. Dated July 1, 1910. Interest payable Jan. and July 1, at Bonbright & Co., Inc., New York and London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Ontstnndins: 236,000 Retired by S. F 14,000 Reserved for Bxt 250,000 Denomination — Coupon, $500 and $1,000. Tmstee — Columbia Trust Co., New York. Redeemable at 105 and interest. Sinking Fund — May 15, 1915, to 1919, 1% per annum of all bonds issued; 1920 to 1939, S% plus 6% on all bonds cancelled. Guaranteed principal and Interest by The Arizona Power Co. Organization and Control — Incorporated June, 1910, In Maine, Purchased from the Prescott Elec. Co. plants, furnishing light and power to Prescott, Ariz. Controlled by The Arizona Power Co. through ownership of en- tire capital 'stock. PRICE (ED. V.) & CO, 7% Notes. Due eadi May 1. as follows : $167,000, 1921| $166,000, 193!3, and $167,000, 1933, Dated May 1, 1920. Interest payable May 1 and Nov. 1, at First Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $600,000 Outstanding 600,000 Purpose of Issne^To fund current Indebted- ness and Increase working capital. Denomination — Coupon, $1,000; reglsterabla as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable at 101 and interest on any in- terest date upon 60 days* notice. Organization — Incorporated in IlllnoiB. Business established In 1896. Company man- ufactures clothing and is one of the largest wholesale merchant tailoring organizations In the United States. Security — ^A direct obligation of the com- pany and a Joint obligation of Edward V. Price & Co., and Edward V. Price. Under the provisions of the trust agreement, the company covenants as follows: Not to place any mortgage or lien on its property now owned or hereafter acquired while this issue of notes remains outstanding. To maintain at all times quick assets of at least 150% of total liabilities including notes issued hereunder. Year ended Dee. 31: Net. 1919 $616,310 Later earnings not available. Original Market — $ 500,000 offered May, 1920, by First Trust & Savings Bank, Chi- cago, at prices ranging from 100 to 98% and Interest according to maturity. Market Chlcagro — Fisrt Trust & Savings Banlc. Price Kangre 1920 — Ask 7.50% — 7.00%. 1105 PRICE BROS. & CO.. LTD., 1st 5s. Dae Nov. 1. 1040. Dated Nov. 1, 1910. Interest payable May 1 and Nov. 1, at Bank of Montreal. Fixed rate of exchange, $4.86 2-3 to the £1. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized $6,000,000 Outstandingr (Mar. 1, '21) 4,978,016 Retired by S. F 1,021.513 Denomination — Coupon, $100, $500 and $1,- 000. Also £20, £100 and £200. Reglsterabla as to principal. Trnstiee — Montreal Trust Co., Montreal. Bedeemable at 102^ and Interest as a whole on and after Nov. 1, 1915, and in part for stnklns fund. Sinking Fnnd — Beginning May 1, 1915, and annually thereafter 2% of bonds Issued plus Interest on bonds redeemed through sinking fund for the purchase or redemption of these bonds at not over 102% and Interest. OrganLtatloD — Incorporated 1904 in Quebec, Canada. Reincorporated in October, 1920. The company manufactures wood pulp, paper, etc. Owns the entire capital stock of the Price Porritt Pulp & Paper Co., the Jonguiere Pulp Co., and the Shipshaw Power Co. Capitalization Outstanding. Common $4-2,683,aOD Funded debt -. 5,078,015 Secured by a first mortgage on all prop- erty of the company now owned, including about 4,176,000 acres j)f timber and pulp-wood lands located in the Province of Quebec. Lands contain 3,000,000,000 feet of standing timber and about 20,000,000 cords of pulp- wood, also about 15 mills, warehouses, em- ployees' dwelling houses, logging railroad with eauipments, power plants, etc. Plants and properties fully insured against fire. In- surance policies deposited behind this mort- Vears ended Feb. 28: Bond Net. Interest. •1921 $1,136,449 $139,992 1920 2,05S,782 419,976 1919 1,493,961 419,976 1918 1,374,782 419,976 1917 1,240,485 419.688 ♦4 months only (new company). lilsted on the Montreal and London Stock Exchanges. Original Market — £1,000,000 offered in Nov., 1910, by Boyal Securities Corp., Montreal, Toronto, etc., and Parrs Bank, London, at 86 and interest, Market. New York — B. & C. Randolph. Montreal — Mackenzie & Kingman. Price Range. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 83 '19 86% '19 82 Mar. 87 Mar. Low. 72 '20 76 '20 72 Oct. 75 July PRINCESS IKON CORPORATION 1st Serial Ts. Dae $100,000 annually from Feb. 1, 1919, to Feb. 1, 1923. Inclusive. Dated Feb. 1, 1918. Interest payable Aug. 1 and Peb. 1. at Trustee's ofllce. Tax 'Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. AntlioTlzed (500,000 Outstanding: (Feb. 1, '21) 200,000 Preferred (S% cum.) 486,100 Benomination — Coupon, $1,000. Trustee— Commercial Trust Co.. Philadel- phia. Redeemable at 102 and Interest on 30 days' notice. Organization — This company acquired the properties formerly owned by the Princess Furnace Co., the Callle Mining Co. and the Circle Ore Co., all located at Glen Wilton. Botetourt County, Va. Capitalization. Outstanding. Common $1,600,000 Preferred (8% cum.) 486,100 Funded debt 200,000 Secured by a first mortgage on all the prop- erty of the company. The property covered comprises a complete and modern blast fur- nace of 100 tons dally capacity, valued at $500,000: 1446 acres of land, of which 40 UC acres are of limestone and the balance esti- mated to contain over 1,600,000 tons of brown hematite Iron ore of high quality, valued at $1,500,000. 10 months ended Dec. 31: „ ^ Bond Gross. Net. ^ Interest. 1920 .- $1,301,499 $196,148 $17,500 Original Market — $500,000 offered Feb., 1918, by Frazler & Co., Philadelphia, at prices to yield from 8% on first three maturi- ties: S%% on 4th maturity and 894% on 6tli maturity. PRINCETON & NORTH WESTERN EAIIi- WAY CO. 1st S%s. Due Jan. 1, 1986. Dated Jan. 1, 1901. Interest payable Jan. and July 1, at Chicago & Northwestern Com- pany's ofilce. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,100,000 Outstanding 1,940.000 Held in C. & N. W. S. F.'s 160,000 Denomination — Coupon, $1,000, Register- able as to principal. Registered, $1,000, $6,- 000 and $10,000. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Northwestern Ry. Co. Control — ^Absorbed by the Chicago & North "Western Ry. Co. Secured by first mortgage on 100.42 miles of road,' viz: Miles. Princeton to Marshfleld, Wis 85.69 Grand Kaplds to Nekoosa, Wis 6.88 Red Granite Jet. to Red Granite, Wis.. 7.86 Underlies — C. & N. W. Ry. 1st & Ref. Mtge. of 2037, under which bonds are re- served to retire this issue. Legal for savings banks in Cal., Conn.. Me.. Mass., Mich., Minn., Mo., N. H., N. J.. N. T., R. I., Vt. and Wis. Original Market — $1,940,000 offered In July, 1901, by Kuhn, Loeb & Co, New York, at a price to net 3.30%. Market. New York — Sam'l Goklschmidt, Chas. W. Place, R. W. Pressprich & Co., Remlck, Hodges & Co., Struthers & Hiscoe. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93% '09 95 '17 87% Jan. 89 Dec. Low. 82 '18 85 '20 82% July 85 Aug. PROCTER & GAMBLE CO. (THE) 1% Serial Notes. Due $5,000,000 each March 1 from 1919 to 1923, inclusive. Dated March 1, 1918. Interest payable March 1 and Sept. 1, at Guaranty Trust Co. and National City Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $25,000,000 Oi'fst.tndins- (Jan. 1, '21) 16,000,000 Balance Retired. Purpose of Issue— Proceeds of this issue were used to take up the Company's bank loans, amounting to $18,600,000, and for other corporate purposes. This financing has been arranged in connection with the increased cost of raw materials and enlarged produc- tion under wai conditions. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co.. New York. Redeemable on any Interest date upon 30 days' notice as a whole, or in aeries. In which event It must call for redemption all the notes of one or more of the series last ma- turing. at 103 for Notes with 4 years or more to run; 102 for Notes with 3 years or more but less than 4 years to run; 101% for Notes with 2 or more but less than 3 years to run; 101 for Notes with one year or more but less than two years to run; 100^/^ for Notes with less than 1 year to run. The Notes are also subject to redemption, in part, by lot at above prices in the event of the sale of any substantial or essential part of the properties. Organization — Incorporated in Ohio in 1906, succeeding a New Jersey corporation of the same name incoirporated In 1890, and acquired the soap, candle oil and glycerine business of Procter & Gamble Established in 1937. The Company and its subsidiaries are the largest producers in the United States of soapa^ glycerine and foodstuffs manufactured from vegetable fats, such as cottonseed and cocoanut oils. Its best known products are Ivory Soap and Crisco, The Procter & Gamble Company owns the entirrt common stocks (except directors* qual- ifying shares) of the Procter & Gamble Manu- facturing Company, The Procter & Gamble Distributing: Company, The Procter & Gamble Distributing Company of Canada, Ltd., The Procter & Gamble Transportation Company and The Buckeye Cotton Oil Company. The plants of the Company and its subsidiaries. In addition to twelve cotton seed oil mills in the South, are located at .Ivorydale, Ohio; Macon, Ga.; Kansas City, Kans.: Port Ivory, Staten Island, N. Y., Dallas, , Tex., and Hamilton, Ontario; all plants are modern, well constructed and advantageously located. Capitalization. Outstanding. Common $20,521,167 1st Pref. (8% cum.) 2,250,000 2d Pref. (6% cum.) 9,816,100 Ptmded debt 15,000,000 Security — ^A direct obligation of the Com- pany, but not secured by a mortgage. The Indenture contains the following covenants: The Company will not mortgage or pledge any of its assets or suffer or permit any con- stituent company to mortgage or pledge any of its assets. The Company and its constituent companies will at all times maintain current assets in an aggregate amount equal to at least twice the amount of all direct liabilities and all contingent liabilities as guarantor of the obli- gations and ■ for dividends of any corporation, all as defined in the Trust Agreement. The Company will not sell or lease, or per- mit any constituent company to sell or lease, any substantial or essential part of its fixed properties, unless It applies or arranges for the application of the proceeds of any such sale to the redemption of Notes, or to the acquisition of fixed property or properties of at least equal value. The Company will not consolidate or merge with any corporation (other than a present constituent company), unless prior thereto It secures these Notes by a closed first mortgage and lien on all Its property and the property of its constituent companies. Years ended June 30: Gross. *Net. 1920 $188,800,668 $4,191,057 1919 193,392,044 7,325,532 1918 176,920,519 9.719,804 1917 128,549,649 7.066.494 1916 88.113.506 6,216,053 1915 70.790.906 4,835,992 1914 65,822,079 4,247,706 1913 55.913,796 3,813,111 •After interest, etc. Original Market — $26,000,000 offered March, 1918, by the Guranty Trust Co., The National 1107 City Co. and The First National Bank, New York, at the following prices for respective maturities: 99%, 99%, 98%. 97% and 97 and interest. Market. New Yorlt— J. S. Bache & Co., T. Hall Keyes & Co. Cincinnati — Beazell & Chatfield. Cleveland — Prichard-Casher Co. Boston — Curtis & Sanger. Pliiladelphia — Parsly Bros. & Co. Chicag-o. . John Burnham & Co. Liouisville — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Grand Rapids — Hilliker, Perkins, Everett & Geistert. Price Range. Jan. 1, '18, to Jan. 1, *21 1920 1921 Bid. Ask. Bid. Ask. High 1021^ 103 '19 100% Jan. lOlJan. Low 98% '18 99 Dec. 100 May 1922 Bid. Ask. Bid. Ask. High 103 103% '19 101% Jan. 102^ Jan. Low. ... 971^ '18 99 Aug. 99% Dec. 1923 ' Bid. Ask. Bid. Ask. " High 104 1041^*19 102% Jan. 103 Jan. Low. ... 97 '18 98% Aug. 99% June PRODXJCEKS & REFINERS CORPORA- TION XO-Year S. E. 8s. Due June 1, 1931. Dated June 1, 1921. interest payable June 1 and Dec. 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. Authorized , . . . .$5,000,000 Outstanding: 3,000,000 Resei-ved for Corp. Purposes.. 2.000,000 Issuance Restrictions — Additional bonds are issuable for the acquisition of additional properties subsequent to June 1, 1921, at not to exceed 70% of cost, provided: the con- solidated net earnings for the preceding twelve months, or the average for the three preceding fiscal years, have been three times the annual interest on the total bonds out- standing, including those to be issued; and total consolidated net assets, including pro- ceeds of the bonds to be issued, are equal to at least three times the total first mortgage bonds outstanding, including those to be issued. Pui'pose of Issue — To fund floating indebt- edness; to provide additional working capi- tal and to provide funds for additions and improvements to existing facilities. Denominations — Coupon, ?1,000, $500 anfl ?100; registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemamle on any interest date on 30 days' notice at 110 and inteerst. Sinking' Eund — Semi-annual payments as follows: Before June 1 of each year, an amount equal to 10% of the net profits for the six months ending on the preceding De- cember 31 ; likewise before December 1 of each year, an amount equal to 10% of such net profits for the six months ending on the preceding June 30. The first payment is due before December 1, 1921. These semi-an- nual payments are to be applied, on June 1 and December 1 next succeeding each pay- ment ,to the redemption of the Bonds by lot at 110 and interest. The minimum amounts, payable semi-annually, shall be sufflcient to retire at 110 and interest on December 1, 1921, not less than l-20th of the Bonds then outstanding, and on June 1, 1922, not less than l-19th of the Bonds then outstanding, etc., so that the whole issue will be retired at or before maturity at 110 and interest. Stock Purchase Warrants — Each bond Is- sued carries a detachable warrant entitling the holder to subscribe on or before June 1, 1931, to Common Stock of the Company at par (payable either in cash or in Bonds taken at their principal amount and ac- crued interest) at the rate of 11,000 pax value Common Stock for each $1,000 face amount of Bonds. The holder of $1,000 face amount of these Bonds is thus entitled to subscribe at par to 20 shares of the Com- pany's Common Stock of the par value of $50 each. Corresponding warrants are at- tached to $500 and $100 Bonds. Organization — Incorporated in Wyoming in 1917. The operations of the company, including its subsidiaries, comprise the production of crude oil, chiefly in the Mid-Continent and Wyoming fields: the refining of this oil into gasoline and other petroleum products; and the marketing of these petroleum products. Operates about 230 retail filling stations and some 80 wholesale bulk stations (of con- cerns in which this company is interested either through stock ownership or sale con- tracts) located in Oklahoma, Iowa, Minne- sota, Illinois, Indiana, Kentucky, Tennessee, Colorado, New Mexico and other states. Th"^ company also derives income from gas pro- ducing properties. Capitalization. Outstanding. Common $17,004,890 Preferred (7% cum.) 2,961,950 Funded debt 3,135,000 Secured by a direct first mortgage or a first collateral lien on all fixed properties and securities of other companies whether now owned or hereafter acquired. The indenture contains the following pro- visions: That the company shall not declare or pay any dividends on its Common Stock unless the consolidated quick assets then equal 200% of the consolidated current lia- bilities; that the company will not, in any fiscal year, pay any dividends on its Com- mon Stock in excess of 5% unless, after providing for such dividend, the consolidated net quick assets are equal to at least the total face amount of the Bonds outstanding. The properties covered by the direct lien of this mortgage include refineries, pipe lines, oil producing properties and the prop- erties covered by the collateral lien include stocks of a subsidiary owning 450 tank cars which are subject to $123,750 Equipment Trust Notes on 100 cars. The properties covered by the liens of this mortgage are valued at $20,000,000. Years ended May 31 •Net. +1921 J2,197,671 1920 ? 2,254,795 1919 388.332 •After Federal Taxes. tlO months ended March 31. Original Marliet — $3,000,00'D, offered June, 1921, by a syndicate headed by Blair & Co., New York, etc., at 96 % and interest. PEOSPECT PARK & CONEY ISLAND BAn> ROAD CO. Ud (now Ist) 4%s and 6s. Doe Feb. 1, 1936. Dated Jan. 18, 1886. Interest payable Feb. 1 and Aug. 1, at U. S. Mortgage & Trust Co.. New York. These bonds were originally Issued at 6s, but $340,000 were reduced to 4%% In con- sideration at a guarantee as to principal and intrest by the Long Island R. R. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $600,000 Outstanding — ...«„„« i'Ae $340,000 SB 160.000 $600,000 Denomination — Coupon, $1,000. Register- able as to principal and fully reglsterable. Tmstee — Bankers' Trust Co., New York. Guarantee — $340,000 iMe are guaranteed as to principal and interest by the Long Island R. E. Co. Control — See Prospect Park & Coney Island Income 6s. Receivership — See Brooklyn Rapid Transit Co. Secured by a first mortgage on 914 miles of main track, 9 miles of second track and 8% miles of sidings. $80,000 of the 6% bonds are owned by the Long Island R. R. Underlies — 3d mtge. 4%s and 6s and In- come 6s. Market. New York — Theodore L. Bronson & Co.. Win. Carnegie Ewen. Price Range. Jan. 1, '18, to Jan. 1, ':il 1920 , 4%s. Bid. Bid. High 80 'IS Not Low. 70 '19 available 63. High 90 '18 Not Low. 85 '19 available PEOVIDENCB & SPRINGFIELD RAILROAD CO. 1st 6s. Due July 1, 19Z2. Dated July 1. 1892. Interest payable Jan. and July 1. at Lincoln National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $760,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co.. New York. Assumed by the New York, New Haven & Hartford R. R. Co. Guaranteed principal and interest by the New York & New England R. R. Co.. suc- ceeded in 189 5 by the New England R. R. Co. Latter company merged into the New "York, New Haven & Hartford R. R. Co., 1908. Control — Merged into the New York, New Haven & Hartford R. R. Co. on Oct. 30, 1906. Secured by a first mortgage on 27.23 miles of main track from Providence to Douglas Jot.. R. I. ITnderUes — N. Y., N. H. & H. R. E. 1st & Ret. Mtge. under whcih bonds are reserved to retire this issue. Listed on the New York Stock Exchange. Market. Providence — Hornblower & 'Weeks. Price Range — N. Y. S. E. Jan. 1, '14, to Jan. 1, '21 1930 Bid. High 99% Dec. 16, '14 75 July Low. 99% Dec. 16, '14 66 Dec. PROVIDENCE & WORCESTER RAILROAD CO. 1st 4s. Due Oct. 1, 1947. Dated June 1, 1897. Interest payable April 1 and Dot. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $1,600,000 Denomination — Coupon. $1,000. Trustee — Rhode Island Hospital Trust Co.. Providence, R. I. Organization and Control — Incorporated in Massachusetts and Rhode Island in 1846 as a consolidation. Leased to the N. Y.. N. H. & H. R. R. Co. tor 99 years from July 1, 1893, at a rental of 10% on $3,600,000 stock, interest on bonds and $6,000 annually for various or- erantzation expenses. Capitalization. Outstandlngr. Common $3,600,000 Funded debt 1,600,000 Secured by a first mortgage on 50.60 milea of road extending from Providence, R. I., to Worcester, Mass., and branch extending from East Providence, R. I„ to Valley Falls, R. I. I-iCgral for savings banks in Conn., Mass. and R. I. liisted on the Boston Stock Exchange. Market. New York — Carruthers, Pell & Co. Providence — Hornblower & Weeks. Price Range. Jan. 1, '15, to Jan. 1, '31 1920 Bid. Ask. Bid. High 94 '15 9478 '16 72 Jan. Low. 60 '72 89 'IS 60 Dec. PROVIDENCE (R. I.) GAS CO. 5-Year Conv. 7% Notes. Dne Jan. 1, 1933. Dated Jan, 1, 1918. Interest payable July 1 and Jan, 1, in Providence, Tax Statns — Payment of Federal Income Tax not assumed by company. Anthorlzed $2,100,000 Outstanding: (Jan. 1, '21) 1,865,450 Converted 234,550 Denominations — $50, $100, $1,000 and $10,- 000. Redeemable at 102 and interest on any in- terest date on or after Jan. 1, 1920. par face value of notes. Convertible on or before Jan. 1, 1920, Into common stock in the ratio of one share of stock of the par value of $50 for each $60 Organization — Incorporated in Rhode Islana in 1847. Supplies gas to Providence and sur- rounding towns. Capitalization. Outstanding. Common $7,600,000 Funded debt 1,865,450 Security — A direct obligation of the com- pany but not secured by a mortgage. The company has no other funded debt. Years ended Dec. 31: Gross. Net, Interest. 1920 $3,084,777 $1,049,038 $208,195 1919 2,532,965 518;246 192,287 1918 2,281,882 203,863 92,456 19-17 1,808,926 535,576 29,147 1916 1,629,272 670,605 65,736 Original Market — Offered to stockholders of record Dec. 22, 1917. at 100 and Interest In the proportion of $60 of notes for each 3 shares of $60. Market. Providence — Brown, Lisle & Marshall, Hornblower & Weeks. Guaranteed as to principal and Interest by the New York, New Haven & Hartford R. R. Go. by endorsement. Assumed by the N. T., N. H. & H. R. R. Co. Exchangre Privilegres — Hold ers of these bonds have been offered N. Y., N. H. & H. R. R, Deb. 4s of 1957 in exchange for their holdings on a par for par basis. Control — The Providence Securities Com- pany was chartered in Connecticut in 1883 In the name of the New England Loan & Trust Company, its name being changed to the present title on January 11, 1907. In January, 1908, all Its estates and property, including the capital stock of The Rhode Island Company, were sold to The New Eng- land Navigation Company, which company assumed all its liabilities, including the Providence Securities Debentures. In May, 1908, The New England Navigation Com- pany transferred Its holdings of the Rhode Island Company capital stock to the New Haven Company, and by agreement dated Mayl, 1914, the New Haven Company as- sumed payment of principal and interest of the Providence Securities Debentures. Pur- suant to Federal Decree in 1914, the stock of The Rhode Island Company was conveyed to Trustees appointed by the court and has since then been sold. Security — A direct obligation of the Se- curities Company, but not secured by mo^'t- gage. The Securities Company was ac- quired as a subsidiary of The New York, New Haven & Hartford Railroad Company to hold the stocks and bonds of the Rhode Island Securities Company, which latter Company controlled the Rhode Island Com- pany which operated a large street railway mileage in the State of Rhode Island. The Providence Securities 4s were exchanged for the stocks and bonds of the Rhode Island Securities Company, which latter Company was dissolved. At present the Providence Securities Company has no assets. Orisrinal Market — $3,500,000 offered In Mar., 1907, by Kissel, Kinnicutt & Co., and Clark, Dodge & Co., New York, and Parkin- son & Burr, Boston and New York, at 88 and interest. Market. New York — Fred H. Hatch & Co.. Car- ruthers, Pell & Co., Tucker, Anthony & Co., Berdell Eros., Wolff & Stanley. Price Kang-e— N. Y. S. E. Jan. 1, *0T, to Jan. 1, '21 1920 High 90 July 15, '07 46 Oct. 28 Low. 30 Nov. 24, '19 32 Feb. 21 PKOVIDlf jVCE SECURITIES CO. 50- Year Deb. 4s. Due May 1, 11*57. Dated May 1, 1907. Interest payable May and Nov. 1, at Equitable Trust Co., New York, and N. Y., N. H. & H. R. R, Co. office, New Haven. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $19,910,000 Outstanding (May 1, '21) 7,541,000 Exchanged for N. Y., N. H. & H. K. R. Deb. -Is of 1957 9,217,000 Cancelled 3,152,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $10,000. Registered bonds exchangeable for . Coupon Bond. Redeemable at 105 and interest May 1, 1917, or any interest date thereafter on eight weeks' notice. PROVIDENCE TERMINAIi CO. 1st 4s. Due March 1, 1956. Dated March 1, 1906. Interest payable March and Sept. 1, at New York; First Na- tional Bank, Boston, and Second National Bank, New Haven. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,500,000 Outstanding 4,000,000 Kesei*ved for Ext 3,500,000 Denomination — Coupon, $1,000. Registered, $5,000. Ti'ustee — Rhode Island Hospital Trust Co., Providence, R. I. Assumed by the New York, New Haven & Hartford R. R. Co. These bonds also bear the endorsed guarantee of the latter com- pany. Control — Absorbed by the Ne'w York, New Haven & Hartford R. R. Co. Secured by a first mortgage on railroad from the Union Station, Providence, to a connection with the tracks of the Providence & Worcester R. R. Co. at East Junctfon, R. I., about three miles, which is double- tracked, and on the terminal facilities and passenger station of said company at Provi- dence, R. I. , a tunnel 5,000 feet in length 09 and a drawbridge acroaa the Seekonk River. This line affords the N. T., N. JI. & H. R. R. Co. a direct entrance into Providence from Pall River, New Bedford and other points in southeastern Rhode Island and Massa- chusetts. Underlies— N. T., N. H. & H. R. R. 1st & Ref. Mtge. under which bonds are reserved to retire this issue. listed on the New York Stock Exchange. Origrinal Market — $1,000,000 offered in 1906 by the Rhode Island Hospital Trust Co. and Richardson & Clark, Providence. Market. New York — Joseph Bird Ford. Providence — Hornblower & "V\"eeks. Price Rang'e. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. High 101 '09 102 '10 67% Jan. Low. 67 '19 85 '15 67 Oct. PROVIDBNT LOAN SOCIETY OF* NEW YORK 20-Year 4^s. Due Sept. 1, 1921. Dated September 1, 1901. Interest payable March and Sept. 1, at Society's office, 346 Fourth Ave., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding (Jan. 1, '21) 1,363,000 Fui-chased and Cancelled 637,000 Denomiuation — Coupon, $500 and $1,000. Registerable as to principal. Trustees of Society — George F. Baker, Jr., Robert W. de Forest, Percy H. Jennings, George S. Brewster, Mortimer L. Schiff, James Speyer, Otto T. Bannard, Morgan J. O'Brien, Dwight "W. Morrow, V. Everit Macy, Percy A. Rockfeller, William Sloane, Harold T. White, Henry L. de Forest, Frederick H. Ecker, all of New York. Redeemable at 102% and interest on three months' notice. Orgranization — Incorporated In New York ih IS 9 4. Security — A direct obligation of the com- pany but not a mortgage. Company operates 13 loaning offices In Greater New^ York. Bonds were issued to provide funds to loan. The amount of bonds outstanding cannot be in excess of four times the amount of the Certificates of Con- tribution of the Society outstanding. The $8,400,000 Certificates of Contribution which Bear 6% annual interest were issued at par. The Society owns buildings, unencumbered by mortgages, at 4th Ave. and 25th St., 736 7th Ave., Lexington Ave. and 124th St., 409 Grand St., Courtland Ave. and 148th St., 180 East 72nd St., 2365 Sth Ave., and 223 East Houston St., New York; Cor. Smith & Liv- ingston Sts., 24 Graham Ave., and Rockaway and Pitkin Ave., Brooklyn. These buildings, together with one at 186 Eldridge St. and another at 55 Chambers St., New^ York, which are rented, are operated as loaning offices. Years 1920.. 1919. . ended Dec. 31: Gross. $1,718,497 1,511,3G0 Net. $1,047,793 868,573 771,693 871,019 857,693 Interest. $599,20« 519,414 1918 . 1,374,980 496,933 1917.. 1916.. 1,314,494 1,319,291 507,741 522,059 Listed on the New Yorlc Stock Exchange. Original Market — Speyer & Co. Market. New York— Fred H. Hatch & Co. Price Range — N. Y. S. B. Jan. 1, 'OC, to Jan. 1, '21 1920 Bid. 96 Jan 90 H Feb, PROVINCIAL LIGHT, HEAT & POWER CO. 1st 5s. Due Sept. 1, 1946. Dated Sept. 1, 1906. Interest payable March and Sept, 1 at Trustee's office, or at the Canadian Bank of Commerce, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,500,000 Outstanding (April 2. '21) 1.314,000 Retired by S. F 186,000 Denomination — Coupon, $1,000 or £200 9s 8d. Trustee — National Trust Co., Montreal. Redeemable at 105 and interest on any in- terest date. Sinldng: Fund — Annually 1% of outstand- ing bonds from Sept. 1,^ 1911, to Sept. 1, - 1928; 11-3% thereafter. Bonds so acquired are kept alive and interest added to this fund. Guaranteed as to principal and interest by endorsement by the Montreal Lt., Ht. & Pr. Co. under a contract which provides that during the life of the bonds the guarantor w^ili take the power at such a price as will equal operating expenses, interest and sink- ing fund charges. Organization and Control — Incorporated in 1901 as successor to the Canadian Electric Light Co. Company is controlled by the Montreal Light, Heat & Power Co. through ownership of $475,000 of the $500,000 stock. Capitalization. Outstanding. Common $500,000 Funded debt 1,314,000 Secured by a first mortgage on the com- pany's property, frpnchises, etc. Company owns rights to use surplus w^ater of the Soulanges Canal, Prov. of Que. The pow^er is conducted to Montreal by a high voltage transmission line. Franchises expire in 1963, but may be extended indefinitely. Original Market — First offered by the Do- minion Securities Corp., Ltd., Montreal, at 102 and interest. Market. New York — Berdell Bros., Jenks, Gwynne & Co., Pynchon & Co., Hanson & Hanson, John Nickerson, Jr., H. S. Thorne & Co. Montre^ — Nesbitt, Thomson & Co. Price Range 1920 — Bid, 74 Mar. ; 72 Apr. High Low. 99 Mar. 17, 85 Mar. 27. Ask. 100 Jan. UIO PUBLIC IJGHT & POWER CO. 1st S. F. 5s. Due Febi-uary 1, 1945. Dated February 1, 1915. Interest payable February I and August 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding 1,261.000 Pledged to Secure 7% Notes 650.000 Pledged to Secui*e Banlc Loans. 189,000 Denomination — Coupon, $100 and $1,000, Registerable as to principal only. Trustee — Industrial Trust Co., Providence, B. I. Redeemable on any interest date at 106 and interest. Sulking Fund — Beginning January 1, 1918, 10% per annum of net earnings, after pay- ment of interest, to be applied to retire- ment of bonds. Organization and Control — Incorporated In Massachusetts in 1915 as a consolidation of several existing companies. On Feb. 1, 1919, the Southern Cities Utilities Co. acquired contiol of a majority of the common stock. Capitalization. Outstanding. Common $3,000,000 Preferred (6% cum.) 638,000 Funded debt 2,100,000 Secured by a first mortgage on four hydro- electric plants and transmission lines and distribution systems supplying electricity in 30 towns and cities located in the south cen- tral part of Tennessee and northern Ala- bama. The principal cities served are TuUa- homa, Rockwood, Winchester, Shelbyvllle, South Pittsburgh and Lewisbury. Franchises Authorized Open mortgage are reported as perpetual, and in the larger Outstanding (Jan. 1, -21) $18,926,000 towns exclusive for either 20 or 30 years. Fledged to Secure Notes 7,335,000 Years ended Jan. 31: Reserved for Prior liens.... 11,090,400 ,„.„ Gross. Net. Interest Denomination — Coupon, tl.OOO, Registerable "?» Hlj-i''^ $83,153 $63,000 as to principal. ^'l; 144,674 43,678 63,000 Trustee— Illinois Trust & Savings Bank, Chl- Original Market — Offered in May, 1915, by cago. Stranahan & Co., Providence, E. I., and Bedeemablo at 110 and interest on October Sawyer, Noble & Co., Blmlra, N. T., at 90 1, 1921, or on any interest date thereafter and Interest, with a 40% bonus of common on 60 days' notice. ■^ iw t f Depreciation Reserve Fond — Annually, be- ve^^^^<,t^^ -nr -cT „r 1 „ ,L ^ Binning with December 31, 1917. a deprecla- So™denc^Lr?oriTs^&T?„" ^ °°- "™ ■•■==^"° *""« '« *° «>e maintained out of j-roviaence faMtorius & Co. earnines, amounting to 2% of all bonds out- Pnce Range. standing for the previous six months, which Jan. 1, '16, to Jan. 1, 'Zl 19S0 are not issued to refund underlying bonds Bid. Ask. Bid. Ask. protected by Sinking Fund or Depreciation High 85 '17 921,^ '16 70 Jan. 80 Jan. Reserve provisions in the mortgages securing Low. 46 '20 50 '20 46 Nov. 60 July them. . . Organization — The company was organized PIJBIJC SBIBVICE BUILDING CO. (THB) 1? ll^l;^ and acquired the properties of the (Baltimore) 1st 5s. Due August 1, 1940. North Shore Electric Co., the Economy Light Dated August 2, 1915. Interest payable * Power Co., the Chicago Suburban Light & Feb. 1 and Aug. 1, at Trustee's office. Power Co., the Illinois Valley Gas & Electric Tax Status — 2% Federal Income Tax paid Co., the Kankakee Gas & Electric Co. and the by company without deduction. Northwestern Gas, Light & Coke Co. The Authorized $900,000 company operates In 15 counties in the north- Outstanding 900io00 eastern part of the State of Illinois, practlc- Denominatlon— Coupon, $500 and $1,000. *"^,,!t?!r^""?"5.„*^?i?*^/^-„,^*'"°^ " combined Registerable as to principal only. population of 759,666 (1910 census— Chicago Trustee — Mercantile Trust & Deposit Co., excluded). The company serves gas, electric- Baltimore. ■"• heating and domestic water to the entire Redeemable on any interest date at 105 suburban territory tributary to the city of and interest. Chicago. Includes Waukegan, Evanston, May- Sinldng Fund— Not less than $10,000 per wood. Blue Island, Chicago Heights, Harvey, annum, beginning Feb. 1, 1921, or a sum Riverside, etc. equal to one-eightieth of the par value of r»o«4*.aii.,n*i«« ^ x x .a, the largest amount of bonds which shall at r,„„^i'''"''*"°°- °i',*S*???'?fA any time have been outstanding. ?,°"'i"™., ■ '//^ $12,063,600 Guaranteed as to principal and interest by S'"^'?''?^^ i^^" cum.) 8,332,300 endorsement by the Consolidated Gas, Elec- Funded debt 38,266,400 trio Light & Power Co. of Baltimore. Secured by a first mortgage on all the prop- Oraginzation and Control — Incorporated in erty formerly belonging to the Illinois Val- Maryland in 1915. The entire common stock ley Gas & Electric Co., the Chicago Sub- is owned by and the property Is leased lor urban Light & Power Co. and the Evanston Stiv^isTU^ dTv^de°£i^^""^ ^='''^"^^=' '^^'''' ^^« ^°- sL'criS;d.^raddltlortrb5n?°st interest and dividends. ^^^.^^ ^y ^ mortgage lien on all fixed prop- Capitalization, Outstanding. erty of the company, shares in the lien repre- Common $439,000 sented by the deposited underlying bonds. i^nleTdebr" loolll ^"O' Liens-$U,090,400 bond.s of constitu- Funded debt sou.uuo ^^j companies not Including the $3,466,00* Secured by a first mortgage (subject to one bonds deposited hereunder, viz.: $1,864,000 1st ■mall ground rent) on a lot 84 by 120 feet 6s of 1922 and $1,676,600 1st & Ref. 58 of at the southeast comer of Liberty and Lex- 1940 of the North Shore Electric Co.: $171,- ington Streets. Baltimore, and on a twenty- 000 La Grange Water, Light & Power Co. 1st story ofiioe building erected thereon. The 6s; $10,000 6% Water Fund Ctfs. of La building is used for the executive, oommer- Grange, III. $1,364,000 Economy Lt. & Pow. cial, engineering and merchandise departments 1st 5s of 1956; $209,400 Kanakee Gas & of the Consolidated Gas, E'lectric Light & Electric 1st & Ref. 5s of 1930; $121,500 Cltl- Power Co. of Baltimore, and for retail shops zens' Gas Co. 1st 5s of 1932; $72,000 Pontiac and general office purposes. Light & Water Co. 1st 5s; $600,000 Cicero Original Market — Offered in October, 1916, Gas Co. 1st 6s of 1922; $3,365,000 Cicero by J. S. Wilson, Jr., & Co., Baltimore, at 102 Gas Co. Ref. & Gen. 6s of 1932: $1,747,000 and Interest. Northwestern Gas, Light & Coke Co. Con*. Market. 6s of 1928; $8,000 Stark County Power Co. Baltimm'e— Jenkins, Whedbee & Poe, ^^ °* ^^^h Bonds are reserved under this Smith, Lockhart & Co., J. S. Wilson, Jr. & "ST'Pff to retire all prior liens. Qj, Underlies — Debenture 68 of 1919-22. Price Range 1980 Years ended Dec. 31: Bid. Ask. Gross. Net. Interest. High 82 Aug. 88% Dec. 1920 $11,415,088 $3,277,171 $1,911,394 Low 88 Aug. 1919 9.086,226 •3,248,913 1,902,707 1918 -. 9,218,884 3,632,930 1,784,797 U17 8,797,765 3,488,431 1,614,867 PUBLIC SERVICE CO. OF NORTHERN IL- 1916 7,783,157 3,274,673 1,497 818 LINOIS Ist & Ref. 68. Due Oct. 1, 19S6. 1915 6,903,228 3,153,867 1,492,280 Dated October 1, 1911. Interest payable 1914 6,656,898 3,000,214 1,461,462 April and Oct. 1. at Chicago. 'After depreciation. Tax Status — 2% Federal Income Tax paid Listed on .the Chicago Stock Exchange by company without deduction. Pennsylvania Original Market — $4,600,000 offered In Dec State tax refunded. 1911, by N. W. Halsey & Co.. New York and Chicago, and Russell, Brewster & Co., ChlcaEO and New York, at STA and Interest. An addi- tional $3,300,000 offered in April, 1912, at 99% and interest by the same firm. Market, New Yprk — Martin, Berwin & Co., Earle A. Miller & Co., B. & C. Randolph. Philadelphia — Lloyd & Palmer. Chicago — Curtis & Sanger, Halsey, Stuart & Co. Price Ranee. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99% '12 99% '12 79 Jan. 821/2 Jan. Low. 64 '20 66% '20 64 July 66% July PUBLIC SEKVICE CO. OF NORTHEEN ILLINOIS Deb. 6s. Due $1,000,000 each March 1 from 1918 to 1923, inclusive. Dated March 1, 1917. Interest payable Sept. 1 and March 1, In Chicagro. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding: (Mar. 1, '21j . . . . 1,000,000 Balance retired. Denomination . — Coupon, $1,000, $500 and $100 (1918 maturity, $1,000 only). Register- able as to principal. Trustee — Illinois Trust & Savings Bank. Chicago. Redeemable as a whole or any entire ma- turity on any Interest date on a 6% Income basis. Organization — See Ist and Ref. 6fl. Security — ^A direct obligation of the com- pany but not secured by a mortgage. While the debentures are outstanding the company cannot create any new mortgages on the property now owned arid cannot issue any bonds except under its First and Refunding Mortgage. Prior Liens — $18,926,000 1st & Ret. 6s, due 1956, and- $14,556,400 prior liens thereto. ^Earnings — See 1st & Ref. 5s. Original Market — Offered February, 1917, by Halsey, Stuart & Co., Russell, Brewster & Co., Lee. Higginson & Co., McCoy & Co„ Illinois Trust & Savings Bank, Fort Dearborn Trust & Savings Bank, Chicago, at 101.45, 101.41, 101.37, 100.88 and 101.07, for respec- tive maturities. Market. New York — A. H. Bickman & Co. Chicago — Halsey, Stuart & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1920 Ask. Ask. High 99 '19 99 Dec. Low. 97% Feb. PUBLIC SERVICE COMPANY OF NORTH- EEN ILLINOIS 3-Yr. 6% Collateral Notes, Series "C." Due Sept. 1, 1922. Dated Sept. 1, 1919 (Indenture dated Oct. 1, 1917). Interest payable March 1 and Sept. 1, in Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized '. $2,600,000 Outstanding : 2.600.000 Purpose of Issue — To retire $1,600,000 Series "A" notes maturing Oct. 1, 1919, and to re- imburse the company for expenditures made or to.' be made for improvements, betterments and extensions. Denomination — Coupon, $1,000, $500 and 1100. Reglsterable as to principal. Trustee — Illinois Trust & Savings Bank. Chicago. Redeemable at any time upon 30 days no- tice at IOOV2 and accrued interest if redeemed before March 1, 1922, and at 100 and in- terest on or after that date. Organization — See 1st & Ref. 6s. Secured by pledge of the company's 1st & Ref. 53, due 1966 in the ratio of $133 1-3 par value of pledged bonds for each $100 par value of notes issued. Earnings — See 1st & Ref. 6s. Original Market — $2,500,000 offered October. 1919, by Halsey. Stuart & Co., Chicago, etc., at 98 and interest. Market. New York— A H. Bickman & Co., W. B. R. Smith & Co. Milwaukee — First Wisconsin Co. Chicago — Halsey, Stuart & Co. Price Range 1920 Bid. High 99 Nov. Low 89 Sept. Ask. 100 Nov. 92 May PUBLIC SERVICE COMPANY OF NORTH- ERN ILLINOIS 3-Yr. 6% Coll. Notes, Series "D." Due Feb. 1, 1923. Dated Feb. 1, 1920. (Indenture dated Oct. 1, 1917.) Interest payable Feb. 1 and Aug. 1, in Chicago. Tax Status — 2% Federal Income Tax paid ■ by the company without deduction. Authorized $1,750,000 Outstanding 1,760,000 Purpose of Issue — To provide in part for the payment of $1,773,000 6% Notes, due Feb. 1, 1920. Denomination — - Coupon. $1,000, $500 and $100. Registerable as to principal. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable at any time upon 30 days* no- tice at 100% and Interest before Aus. 1. 1922. and at 100 and Interest on and after that date. Organization — See 1st & Ref. 5s. Secured by pledge of $133 1-3 par value of 1st and Ref. 5s for each $100 par value of notes issued, the bonds thus being pledged at 75. Additional notes may be issued only upon pledge of said bonds in like ratio. Earnings — See 1st & Ref. 6s. Original Market — $1,750,000 offered Janu- ary, 1920, by Halsey, Stuart & Co., Chicago, New York, etc., at 97.34 and interest. Market New York — A. H. Bickman & Co. Chicago — Halsey, Stuart & Co. Detroit — Joel Stockard & Co. Price Range 1920 Bid. Ask. High 97% Feb. Low 90 Nov. 92 Dec. 1112, PUBLIC SERVICE COMPANY OF NORTH- ERN ILLINOIS 10-Year 8% Collateral Notes, Series "A". Due Sept. 1, 1930. Dated Sept. 1, 1920. Interest payable March 1 and Sept. 1, in Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized. . . .See "Provisions of Issue." Outstanding $1,000,000 Provisions of Issue — Additional notes may be issued upon pledge of 1st & Ref. 6s of 1926 In like ratio. Pui'pose of Issue — ^To reimburse the com- pany for expenditures for the retirement of obligations underlying its Refunding Mort- gage and for permanent improvements and additions to its property. Denominations — Coupon, $1,000, $500 and $100, interchangeable and registerable as to principal. TiTistee — Illinois Trust & Savings Bank, Chicago. Redeemable at any time on 30 days' notice at 105 and interest on or before Sept. 1, 1923, tliereafter at 104 and interest on or before Sept. 1, 1925, thereafter at 103 and Outstanding. Deposited. Interest on or before Sept. 1, 1926, there- United EI. Co. of N. J.$20, 000,000 }19, 604.600 after at 102% ^nd interest on or before Public Serv. Ry. Co.. 48,750,000 47,479,000 Sept. 1, 1927, thereafter at 102 and interest Orange & Passaic Val- on or before Sept. 1, 1928, thereafter at 101% ley Ey . 1,000,000 923.600 and interest on or before Sept. 1, 1929, and thereafter at 100 and interest. $69,750,000 868,007,000 in th^^rat^o'-ornfil al S ^.^A^M fino'o? I" «>« Trust Deed it'* stipulated that'the notes isllied ^'""'^^ Pledged shall not be increased in Bkmungss-^See 1st & Hef 6s amounts nor shall any new liens be placed Original ]Mavket^Jl,000,6oO offered at 100 ""O" ">« properties whose stocks are here in Sept., 1920, by Halsey, Stuart & Co., Chi- deposited, except to take up existing bonds, cage, Ne"w York ■ etc and other indebtedness now outstanding. The 't,_; ' ,>_„__ North Jeresy St. Ry.. the Bliz., Plainfield & irice nange ^^^^^ Jersey Ry. and the Jeresy City, Hobo- B13 . j^g^ ken & Paterson St. Ry. have been merged High 99% Oct. 100 Sept. ^^*° *^® Public Service Rys., which is the Low .' 92 Oct.* 96 Dec' subsidiary operating the various electric rail- ways 'controlled, leased or owned by the Pub- PUBT.IC SFRVICE COMPAQ OF NOBTH- f^.lfjf.^.'i^^^o^Tiy.l 5?7,4t9,Oo'o° ca°X" Mareh 1 W?6 "'^" " ^*°* °' "'^ ^- ^- ^'^- "^^^ ''^^" substituted. Mfroh*! a^ni'^Sent J^f^' PhS.'/^n^ payable Sri™na?"M^ai-ke't— bfobo.OOO offered Jan,, oSx Status 2ec. 31 (consolidated): Gross. 'Net. 1920 $72,318,087 $6,495,137 1919 59,136.763 5,366,407 1918 52,997,839 6,103,110 1917 47,291,342 6,579,707 1916 42,648,775 7,040,872 1915 37,471,228 6,938,217 Int., etc. $4,276,739 4.351.506 4,282,680 4,202,307 4,099,005 3,966,965 1114 •After subsidiary charges. liisted on the New York and Philadelphia Stock Exchanges. Orleinal Market — $8,000,000 offered in Nov., 1909, by J. P. Morgan & Co., New York, and Drexel & Co., Philadelphia, at 96% and in- terest; $13,860,000 in 1911 by the same firms at 94 and interest: $7,000,000 offered March, 1913, at 92 and interest by Clark, Dodge A Co., New York, and Fidelity Trust Co., New- ark, N. J. Market. New York — ^Hartshorne & Battelle. Philadelphia — Elklns, Morris & Co., Mor- ley. Wood & Co. I'rice Kangf — W. Jan. 1, *11, to Jan. 1, '31 High 96 lA Jan. 27, '11 Low. 54% Dec. 4, '19 S. K. 1930 69% Oct. 26 56 Dec. 31 PtJBUC SEKVICE CORPORATION OF NEW JERSEY 3-Year Secured Convertible 7% Notes. Due March 1, 1922. Dated March 1, 1919. Interest payable Mar. 1 and Sept. 1, at Fidelity Trust Co.. Philadel- phia, "or at the agency of the company in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Aathonzed $12,500,000 Outstanding: (Jan. 1, '21).'... 12,440,600 Converted 59,400 Purpose of Issue — The proceeds of these notes and 510,000,000 new 8% preferred stock (offered to stockholders at par) to pay off ma- turing- notes, discharge floating- debt and pro- vide additional working- capital. Approximate- ly $32,060,000 has been expended on extensions and betterments in the last five years; $5,500,- 000 of this amount has been financed by the , sale of bonds, the remainder being represent- ed by $7,500,000 notes maturing March 1, 1919, $5,000,000 common stock of the cor- poration, and short term loans, etc. Denomination — Coupon, $100, $500, $1,000 and $5,000, interchangeable. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable on 60 days' notice, at a pre- mium of one per cent, for each year, or any part thereof, of unexpired life, in each case -vith accrued interest. Convertible at any time prior to December tl, 1921, or UDtil any earlier redemption. Into 8% Cumulative Preferred fctock on the basis of luO% for the Notes and 101%% for the Stock, with adjustment of interest and divi- dends, upon 30 days' previous notice to the corporation of each such election to convert. Or£ranization — See Gen. 5s. Secured by pledge of $13,941,000 Gen. 5s, due Oct. 1, 1959, and $5,000,000 capital stock of the Public Service Electric Co. The balance of the stock of the latter com- pany is pledged under the Gen. 5s. No pledged securities may be released from the Hen of the Notes except upon conversion into Preferred Stock or upon redemption and cancellation of Notes or upon the deposit of cash with the Trustee for such redemption and cancellation, whereupon the proportionate amount of each class of pledged security may be released. Kaming:s — See Gen. 5 s. Original Market — $12,500,000 offered Febru- ary, 1919, by Bonbright & Co., New York, etc.; Townsend, Whelen &. Co., Philadelphia, and Fort Dearborn Trust & Savings Bank, Chicago, at 98^ and interest. Market. New York — Morton, Lachenbruch & Co., Barle A. Miller & Co., J. K. Rice Jr. & Co., Salomon Bros. & Hutzler, W. E. R. Smith & Co. Philadelpliia — Henry D. Boenning & Co.. Elkins, Morris & Co., Graham, Parsons & Co., McCown & Co., Samuel McCreery & Co., Paul & Co., Samuel K. Phillips & Co. Price Kangre Jan. 1, *19, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High i98 '19 981^ '19 88 Jan. 89 Jan. Low. 80 '20 81 '20 80 Aug. 81 Sept. 1116 PUBLIC SERVICE NEWARK TBRMINAI* RAILWAY 1st 68. Due June 1, 1955. Dated June 1, 191B. Interest payable Jtme 1 and December 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Pennsylvania State tax re- funded upon application within 60 days of payment of tax. Authorized and Oatstandinir. .. .$5,000,000 Denomination — Coupon, $1,000. Registerable as to principal only. Tnistee — Fidelity Union Trust Co., New- ark, N. J. Redeemable as a whole at 105 and Interest on June 1, 1920, or any interest date there- after, or for the sinking fund at 102% and interest. Sinking Fund — ^Annually, on April IB, begin- ning in 1920, $30,000^ plus interest on bonds in sinking fund, to be applied to the retirement of bonds at no'c exceeding 102% and Interest. Guaranteed jointly and severally as to prin- cipal, interest and sinking fund by the Public Service Ry. Co. and the Public Service Cor- poration of New Jersey by endorsement. Control — Incorporated In New Jersey. Merged Jan., 1916. with the Public Service Ry. Co. Secured by a first mortgage on a nine-story office and terminal building, located at Park Place and Pine St., in the heart of the busi- ness section of Newark, N. J. This station is utilized as a distributing point for urban and interurban trafnc and also as an office building for the operating subsidiaries of the Public Service Corporation of New Jersey. Earnings — See P. S. Corp. of N. J. Gen. 68. Original Market — Offered in June, 1915, by Drexel & Co., Philadelphia; Fidelity Trust Co., Newark, and Clark, Dodge & Co., New Yorlc* at 95% and interest. Market. New York — Joseph Bird Ford, W. B. R. Smith & Co. Pliiladelphia — Bauer, Starr & Co., Henry D. Boenning & Co., Elkins, Morris & Co., Graham, Parsons & Co. Price Range. Jan. 1, '16, to Jan. 1, Bid. Ask. « High 100 '16 101 '16 Low. 70 '20 72*20 '31 1930 Bid. Ask. 83 Jan. 87 Jan. 70 Dec. 72 Dec. (Evansville, Ind-) Due January 1» Interest payable PUBLIC UTILITIES CO. 10-Tear Ist & Ref. 6s. 1939. Dated January 1, 1919. July 1 and January 1 in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,430,000 Outstanding: 3,000,000 Pledged Under Southern Indi- ana Gfas & Electric Co. 1st Lien & Kef. Mtge 1,000,000 Reserved for Prior Liens *1,430,000 * Additional bonds issued are to be pledg-ed under Southern Indiana Gas & Elec- tric 1st Lien & Ref. Mtge. Denomination — Coupon, $1,000, $500 and $3 00. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable on January 1, 1924, and on any Interest date prior thereto at 102 and interest, and on. any interest date thereafter at 101 and Interest. General Reserve Fund — The company must either expend in each calendar year beginning with the year 1919, or deposit In cash with the Trustee in a General Reserve Fund, an aggregate amount equivalent to the sum of 20% of gross earnings derived from the rail- way properties. 15% of gross earnings derived from the electric light and power properttea and 12% oC erosa earnings derived from the sas and steam heating properties and of all other income. The aggregate amount* as above calculated, may only be expended for mainte- nance, repairs, replacements and renewals, for tlie purchase or cancellation of bonds of this issue, and underlying bonds,, or for ex- tensions, enlargements and additions to the property, provided that such expenditures for extensions, enlargements and additions shall otherwise be proper as a basis for the issu- ance of bonds, but, on account of which, no bonds shall have been or shall be issued -ex- cept as the General Reserve Fund is reim- bursed to the extent of moneys used or with- drawn therefrom for such expenditures. Organization and Control — See Southern Indiana aGs & Electric Co. 1st Lien & Ref. Mtge. Secured by a first mortgage on a portion of the interurban railway and on steam heating system In EvansviUe, and by a direct general mortgage on all the remaining property of the company. The property covered includes plants sup- plying electricity, gas and steam heat in Evansville, street railway system in the lat- ter city comprising 37 miles of track: and 32 miles of interurban railway track extending from Evansville to Princeton and Patoka, Ind, The company also does an electric light and power business in several nearby communities. The company operates under an Indiana in- determinate permit. Certain portions of the Interurban mileage is on private right of way. Prior Liens: Outstanding. Evansville Elec, By. 1st 4s of 1921. .$1,200,000 Evansville & Princeton Trac. 1st 5s 1923 $270,000 Evansville Gas & El. Lt. 1st & Ref. 6s 1932 1,160,000 Total $1,430,000 The above mortgages are closed and bonds are .reserved under this mortgage to refund the above issues at a par for par basis. Underlies — $336,000 Debenture 6s, due 1942 and Southern Indiana Gas ■& Electric Co., 1st Lien & Ref. Mtge. under which bonds are reserved to retire this issue. Earning's — See Southern Indiana Gas & Electric Co. 1st Lien & Ref. Mtge. Original Market — $3,000,000 offered Janu- ary, 1919, by the National City Co., New York, etc., on a 6.66% basis. Market. Cliicago— H. T. Holtz & Co., F. H. Hatch & Co. Price Kang-e Jan. 1, '19, to Jan. 1, '21 1930 Bid. Ask. Ask. High 95 '20 96 '20 89% May Low 80 '20 76% Mar. mately associated with the financing and oper- ation of such corporations and propertiea, particularly those of electric light and gal companies, ahe acquisition of common stocks is preferred. Messrs. H. M. Byllesby & Co. of Chicago and the General Electric Co. in- terests are in control of the property. Capitalization. Outstanding. Common $1,000,000 Preferred (7% cum.) 600,000 Funded debt 600,000 Secured by deposit of the following' col- lateral said to be valued at upwards of $660.- 000. Par Value. American Gas & Elec. Co., stock $60,000 Amer. Power & Lt. Co., com. stock. . 100,000 Appalachian Power Co., pfd. stock. . 100,000 Bufl'alo General Electric Co.. stock. . 100,000 Butte Elec. & Power Co., com. stock. 100,000 Helena (Mont.) Lt. & By. Co., com. stock 80.000 Pac. Gas & Elec. Co.. com. stock.... 100,000 Philadelphia Elec. Co., common stock 60,000 Southern Cal. Edison Co 100,000 Total par value $780,000 The trust indenture provides that the mar- ket value of the collateral for these notes must be at least 26% in excess of the par value of notes outstanding. The company has the right to withdraw the collateral and make substitutions therefor, subject to the approval of the Trustee. Years ended Feb. 28: Gross. Net. Interest. 1920 $222,827 $211,260 $72,608 1919 160.361 141.344 76,670 1918 145,656 136,224 69,179 1917 176,146 164,192 64,431 1916 131,668 122.881 78,8»« Original Market — $600,000 offered in 1912 at 101 and interest by .Tackson Curtis, Boston and New York. Market. Bof^ton — Jackson & Curtis. Price Range 1920 Bid. Ask. High 90 Aug. 96 Aug. Low 85 Nov. 94 Nov. PUBLIC UTrLITIES COKP. 6% Secured Notes, Dne April 1, 1922, . Dated April 1, 1912. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2 % - Federal Income Tax paid by company without deduction. Authorized and Outstanding $500,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co.. Boston. Redeemable at 10?% and interest on four weeks' notice. Organization — The company was incorpor- ated Jan.. 1910, in Maine. The company Is chartered to invest, do a general brokerage business and deal In securities and proper- ties. Its policy has been to confine Its transac- tions principally to the securities of public service companies and the directors are Intl- 1116 PTJBUC UTIUTY DEBENTTIKE CORPORA- TION 20uYear Deb. 6s. Due AprU 1, 1933. Dated April 1, 1913. Interest payable April and Oct. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding 1,000,000 Denomination — Coupon. $1,000. Organization and Control — This company was formed in 1913 for the purpose of buying and Belling the securities of public service corporations and of acquiring an interest In syndicates formed for the purpose of under- writing and disposing of securities in such corporations. The Board of Directors is made up of men interested in public utility com- panies, including Stone & Webster, Bertron, Griscom & Co., J. G. White & Co., etc. The corporation will not engage in the opera- tion of any properties, but will be strictly an investment company, following the same gen- eral lines as the Scotch and English invest- ment corporations. Security — These are debenture bonds and are not secured by mortgage. Original Market — First offered in 1913 In blocks of $1,000 Debentures, $500 6% pre- ferred stock and $600 common stock at $1,415 and Interest by Wm. Morris Imbrle & Co., New York and Chicago, and by C. E. Mitchell & Co., New York. Market. New York — Berwin & Co., H. W. Martin, Bdwin Baucker. Price Ranee. Jan. 1, '16, to Jon. 1, '21 i-jid. Ask. 73 '16 76 '17 72 '17 High Lew. 60 '19 1920 Bid. Ask. 60 70 55 65 PUEBLO & SUBURBAN TRACTION & lilGHTING CO. let Sg. Dne Oct. 1, 192%. Dated Dec. 1, 1902. Interest payable April and Oct, 1, at Guaranty Trust Co., New Tork, or Trustee's office. Tax Status — 2% Federal Income Tax paid ■by company without deduction. Authorized Closed mortgage Ontstandinsr (Jan. 1, '21) $1,647,000 Retireel by S. T? 657,000 Denomination — Coupon, $1,000. Register- able as to . principal. Trustee — International Trust Co., Denver, Colo. Redeemable at 104 and interest on any in- terest date. Sinking Fnnd — $60,000 annually, to be ap- plied for tlie purchase or redemption of these bonds at not over 104 and interest. Control — Incorporated 1902 as a consolida- tion of the Pueblo Traction & Ltg. Co., the Pikes Peak Power Co. and the La Junta Elec. Ltg. Co. In 1911 consolidated into the Arkansas Valley Ry., Lt. & Power Co., together with the Colo. Lt. & Power Co.. Gold Belt Cons. Elec. Co., etc. The opera- tion of these properties is in charge of Byl- lesby Engineering & Management Corp. of Chicago, and they are controlled by tlie Standard Gas & Elec. Co., a holding com- pany. Secured by a first mortgage on the power plant, transmission lines, etc., serving in Cripple Creek District and points adjacent to Pueblo and on the traction lines In Pueblo. Franchises in Cripple Greek District expire in 1921 to 1936; in Pueblo, electric expires in 3 930 and the street railway In 1940. Prior liiens — $970,000 Pueblo Traction & I.tg. Co. 1st 5s. Underlies — ^Arkansas Valley Ry., Lt. & Power Co. 1st Ref. 5s, due Nov. 1, 1931. Earnings — See Arkansas Valley Ry., Lt. & Pr. Co. Original Market — Offered In 1911 by H. F. Bachman & Co., Philadelphia. Market. New York— Fred H. Hatch & Co., Lynch & McDermott, Denver — International Tru.st Co., Wm. C. Packard, Vail, Glascoe & McSmelin. Price Range. Jan. 1, '1.5, to Jan. 1, '81 1900 Hi;?h Low. Bid. 88 '17 86 '20 Ask. 100 '19 93 '20 Bid. 97 Jan. 86 Dec. Ask. 99% Jan. 93 Aug. Colorado in 1902 as successor to the Pueblo Gas Light Co. The Cities Service Co. owns 49.866% of common stock. Capitalization. Outstanding. Common $300,000 Funded debt 618,000 Management — Doherty Organization, New Tork. Secured by a first mortgage on plant sup- plying gas to Pueblo, Colo. Franchise expires in 1936. Underlies — S. F. Bs, due 1928, which mort- gage provides for the retirement of this la- sue. Market. New York— F. H. Hatch & Co. Price Kangre 1980 — Ask 90. PUEBLO (Colo.) GAS & FUEL CO. (THE) 1st Ext. 6s. Due Sept. 1, 1983. Dated Sept. 1. 1902. Extended Sept. 1, 1917, with interest increased from 5% to 6%. Interest payable March 1 and Sept. 1, at Trustee's office, or First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized '**"''!?S Outstanding 507,000 Denomination— Coupon, $1,000. Register- able as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on any interest date at 102% and interest upon 60 days' notice. Organization and Control — Incorporated In PUGET SOUND ELECTRIC RAILWAY CO. 1st Cons. 6s. Due Feb. 1. 1938. Dated February 2, 1903. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding (Jan. 1, '21) $3,291,000 Retired by S. F 973,000 Denomination — Coupon, $1,000. Reeisterable as to principal. Trustee — Old Colony Trust Co., Bostonl Redeemable as a whole at 110 and interest on any interest date on two months' notice. Sinking Fund — 'Annually, from January 1, 1907, 1% of all bonds certified, plus S% per annum on bonds so purchased, to be used to retire bonds at not over 107 and interest. Bonds so purchased are to be cancelled. If bonds are not obtainable at 107, funds are to be invested In securities apporved by Trus- tee. Organization and Control — Incorporated in New Jersey in 1902 to reorganize and take over the Seattle-Tacoma Interurban Ry. Co. Owns the entire stock except directors' shares of the Tacoma Ry. & Power Co. Practically the entire stock of this compEmy is owned, by Puget Sound Power & Light Co., successor to the Puget Sound Traction, Light & Power Co. Capitalization. Outstanding. Common $3,600,000 Preferred (6% non-oum.) 1,126,000 Funded debt 3,291,000 Secured by~a first mortgage on 65 miles of Interurban railway between Tacoma and Seat- tle, Wash. The line is almost entirely on private right-of-way. Further secured by a first Hen on the entire $2,000,000 stock and $264,000 of the $1,500,000 bonds of the Ta- coma Ry. & Power Co. and all of the stock of the Pacific Traction Co. Prior Liens — $1,236,000 Tacoma Ry. ft Power Co. 1st 6s, for the retirement of which bonds of this issue are reserved. Underlies — Puget Sound Power & Light Co. Gen. & Ref. Mtge. under which bonds are reserved to retire this Issue. Earnings — See Puget Sound Power & Light Co. Gen. & Ref. Mtge. Listed on the Boston Stock Exchange. Market. New York — Dunham & Co., Sam'i Gold- schmldt, Fred H. Hatch & Co. Boston — Stone & Webster. Piiila^ielpliia — Henry D. Boenning & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '18, to Jan. 1, '81 1980 Bid. Ask. Bid. Ask. High 99% '18 100% '18 74 Feb. 80 Jan. Low. 56 '20 63V2 '20 55 Dec. 63% Dec. 1117 PUGET SOUND POWER CO. 1st 68. Due June 1, 1933. Dated June 1, 1903. Interest payable June and Dec. 1, at Trustee's ofilce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortiraee Outstandinjf (Jan. 1, *21) $2,766,000 Ketired by S. F 498,000 Denomination — Coupon* $1,000. Register- able as to principal. TruHtee — Old Colony Trust Co.. Boston. Redeemable at 110 and interest on any In- terest date as a whole (or in part for slnk- Ins turd) upon 70 days' notice. Sinking Fund — Annually, 1% of outstanding bonds, began in 1906, and is payable March 1, retiring bonds at not over 110 and interest. Guaranteed as to principal, Interest and ■Inking fund by the Seattle E\ec. Co. Assumed, by the Puget Sound Power & Lig-ht On. Control — The Seattle Electric Co.» a ■ sub- aidiary of the Puget Sound Power & Light Co., owns the entire stock of the Puget Sound Power Co. The properties are managed by the Stone & Webster Management Association. Secured by a first mortgage on the entire property of the company, which owns and operates a hydro-electric plant on the Puyallup River, near Kepowsin, southeast of Tacoma. Supplies power to various traction and power companies (Seattle Elec. Co., Puget Sound Elec. Ry. and Pacific Coast Power Co.), owned by the Puget Sound Power Ss Light Co. Underlies — Seattle Elec. Co. Cons. & Ref. 5s, due 1929 ,and Pug-et Sound Power & Light Co. Gen. & Ref. Mtge. under which bonds are reserved to retire this issue. £]aming:s — See lipuget Sound Power & Liglit Co. Gen. & Ref. Mtge. Market. Ne^v York — Babcock, Rushton & Co., Dun- ham & Co., Hartshorne & Eattelle, Fred H. Hatch & Co. Baltimore — Howard R. Taylor & Co. Providence — Hornblower & Weeks. Boston — L. »»Shernian Adams, Blodget & Co., Moors & CtiDot, Stone & Webster, E. A. Watson & Go. FhlladelpMa — Henry D. Boenning & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High IOOVj, '09 102 -12 80 Jan. 85 Jan. Low. 57 '20- 61 '20 57 Dec. 61 Dec. FUGKT SOUND POWER & LIGHT CO. 5- Year 8% Notes. Due Sept. 1, 1925. Dated Sept. 1, 1920. Interest payable May 1 and Sept. 1, at any bank in the Puget Sound district. Tax Status — 2 % Federal Income Tax paid by the company without deduction. Authorized $2,000,000 Outstanding 1.000,000 Reserved for Corp. Purposes.. 1,000,000 Pui*pose of Issue — To provide for larger facilities for the development and distribu- tion of power. Denominations — Coupon, $100, $500 and ■ $1,000; registerable as to principal. Tmstee — Dexter, Horton Trust & Savinges Banlt, Seattle, Wash. Redeemable as a whole only on any i^tter- est datp on 40 days' notice at the following Ing prices and interest: 104 if called on March or Sept. 1, 1921; at 103 in 1922; &t 102 in 1923; at-101 in 3924; and at lOOVa if called oh March 1, 1925. Organization — See Gen. & Ref. Mtge. Security — A direct obligation of the com- pany but not secured by a mortgage or collateral. Earnings— See Gen. & Ref. Mtge. Original Market— $1,000,000 offered Sept., 1920, by the' company direct to private in- vestors at 100 and lutcio.-L 1118 PUGET SOUND POWER & LIGHT CO. Geu, & Ref. 7y>s. Series "A." Due May 1, 1941. ^, ,, Dated May 2. 1921. Interest payable May 1 and Nov. 1 in Boston, New York and Chicago. -^ Tax Status — 2% Federal Income Tax paid by the company without deduction, Penn- sylvania State tax (4 mills) refunded. Authorized Open mortgage. Outstanding $13,734,000 Issuance Restrictions — Series "A" of this issue is closed at $13,734,000 and bonds of other series cannot be issued against present property or against property created out of the proceeds of the City of Seatle Munici- pal Street Railway Bonds. Additional bonds may be issued for not over 75% of the cost or fair value, which- ever is less, of additional property, exten- sions, etc., under the carefully guarded pro- visions of the mortgage indenture which re- quire, among other things, that the net earnings for the preceding year shall have been at least one and three-quarters times the annual interest charges on all under- lying and divisional bonds and General and Refunding Mortgage bonds outstanding, in- cluding those then proposed to be issued. FuiTJose of Issue — To provide for the re- tirement of $13,676,500 three- year 7% notes, due June 1, 1921. Denominations — Coupon, $1,000 and $500; registerable as to principal or exchangeable for fully registered. Registered $1,000 and multiples. Trustee — Old Colony Trust Co., Boston. . Redeemable on any interest date prior to and including May 1, 1926 at 105; there- after decreasing % % annually to 101 cu Nov. 1, 1933; and thereafter to and includ- ing May 1, 1940 at 101 and thereafter at 100, plus interest in each case. Sinking Fund — Annually .beginning March 10, 1923, $400,000 for the purchase of Series "A" bonds at not exceeding the current call price. If sufficient bonds cannot be so purchased, the balance remaining may be expended for extensions, additions and im- provements to the company's property own- ed in fee at not to exceed 75% of the fair value or cost thereof, whichever is less. Bonds acquired by this fund are to be cancelled. Maintenance Fund — The company agrees to expend, or to set aside for maintenance and renewals, annually beginning with Jan- uary 1, 1921, 13% of its gross revenue from operations. This provision is subject to re- vision every three years by agreement or arbitration. Any deficiency will be treated as a deluction from bondable construction. Organization — Incorporated originally Jan. 19, 1912, in Maine, as Puget Sound Traction, Light & Power Co.; reincorporated July 9, 1912, in Massachusetts; name chang- ed to Puget Sound Power & Light Co. March 22, 1920. Purchased and consoli- dated the properties formerly owned by the- Seattle Electric Co., Pacifis Coast Power Co., Puget Sound Power Co., Seattle-Tacoma Power Co. and Whatcom. County Ry. & Light Co. Owns most of the capital stock of the Puget Sound Electric 'Ry. Co. and the entire capital stock of the Pacific North- west Traction Co., which owns the capital stock of the Puget Sound International Ry. & Power Co. (lessee of Everett Ry., Light & M-ater Co.). Capitalization Outstanding Common - $20,112,005 Preferred (6% cum.) 14,793,633 Funded debt •41,118.000 ♦Includes subsidiaries. Secured by a mortgage covering substan- tially all property now or hereafter owned by the company, except securities hereafter acquired but not ^Tiade the basis of the isaue of General and Refunding Mortgage Bondp. subject to the various underlying mortgage liens. Additionally secured or pledged |l3,- 734,000 City of Seattle Municipal Street Railway 5% bonds maturing $400,000 March 1, 1923, $833,000 March 1. 1924 to 1938, in- clusive, and $839,000 March 1, 1939. The proceeds received by the company from the sale or payment of these munici- pal street railway bonds m,ay be used only for Sinking Fund requirements and or for the retirement of the Company's General and Refunding Mortgage Bonds of "Series A" and or for 75% of the cost or fair value, whichever is less, of additional property owned in fee to be covered by the General and Refunding Mortgage. The properties of the company include generating plants w^lth a present installed capacity of 155,450 h. p., of which 109,000 h. p. is hydro-electric and 46,450 h. p. is steam ; about 697 miles of high tension , transmission lines ; comprehensive diatrl- "bution systems in the various cities and tow^ns, and the electric railroad systems (street and Interurban), comprise about 282 miles, m.easured as single track, and 590 cars. / The company does the greater part of the commercial electric light and power busi- ness in the Puget Sound district of the State of "Washington, Including the cities of Seattle, Tacoma, Eellingham and Everett. The company, principally through subsidi- aries, does a part of the electric railway business in the same territory except in Seattle, where the street railway lines are owijed and operated by the city which pur- Chases power from the company. The company's electric light and power properties form a system serving an area of over 3, 000' square miles and having a population estimated to exceed 575,000. Franchises — In Seattle lighting franchises expire In 1952. In Tacoma principal rail- way franchise expires In 1939, power in 1930. In Bellingham principal railway franchise expires in 1941, minor railway in 1934, elec- tric light and power in 1940, gas in 1941. In Everett railway franchses expire in 1944 and 1950; lighting in 1950. Interurbans Cp- erate chiefly over private right of way. Prior IJens Outstanding Everett Ry., Lt. & Water 1st Cons. 5s, 1925 $160,000 Everett Ry., Lt. & Water Cons. 5s, 1941 929,000 Pacific Coast Pr. Co. 1st 5s, 1940 3,990,000 Puget Sound Elec. Lt. 1st Cons. 5s, 1932 3,.291,000 Puget Sound Pr. Co. 1st 5s, 1933 2.766.000 The Seattle Elec. Co. 1st 5s, 1930 3.445,000 The Seattle Elec. Co. Cons. & Ref. 5s, 1929 5,442.000 The Seattle-Everett 1st 5s,- 1939 2,823,000 The Seattle Lt. Co. 1st 5s, 1921 323,000 Tacoma Ry. & Pr. Co. 1st 5s, 1929 1,236,000 Whatcom Ct. Ry. & Lt. Co. 1st 5s. 1935 1,355.000 Total $25,760,000 The above mortgages are all closed and bonds are reserved under this mortgage to retire all of the above issue at maturity. Years endecl Dec. 31: Gross. Net. Int. & S. F. 1920 $10,000,430 $5,056,547 $2,638,103 *1919 9,770,686 3,848.463 2,204,372 1918 11,774,780 3,974.408 t2.243.911 1917 9,454,861 3,600,842 1,979,061 ♦Seattle Street Railway system sold to city of Seattle March 3. 1919. tinterest only. Original Market — $13,734,000; offered April 1921 by Lee, Higginson & Co., Harris Forbes & Co., Estabrook & Co. and Stone & Web- ster at 97% and interest. 1118 Q QUANAH, ACME & PACIFIC KArLWAY CO. 18( 6s. Bne Oct. 1, 1939. Dated Oct. 1, 1909. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized Closed mortirage Outstanuing (Jan. 1, '21) 5147,000 Exchanged for St. I..-S. F. Ry. Prior Iden Bonds and De- posited 1,611,000 Denomination — Coupon, (1,000, Register- able as to principal. Trustee — American Trust Co., St. Louis. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Guaranty — Tlie St. Louis & San Francisco R. R. Co.. whicli was foreclosed, guaranteed to pay off or redeem these bonds at 106 and Interest on or before July 15, 1921, and also guaranteed all interest. Organization and Control — Incorporated in Texas in 1909. The St. Louis-San Francisco Railway Co., successor through foreclosure to the St. Louis & San Francisco R. R. Co., owns $100,000 entire capital Steele of the com- pany. Capitalization. Outstanding. Common i $100,000 Funded debt 1,7S8,000 Secured by first mortgage on 78.92 milea of road from Quanah to MacBain, Tex, Underlies — $100,000 capital stock of this company and $1,611,000 bonds of this issue are deposited under the St, L,-S, F. Ry. Prior Lien Mtge. — Mai'ket New York — Carruthers. Pell & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Higll 85 '17 90 '17 70 Feb. 78 Feb. Low. 75 '19 76 '20 75 Juno QUEBEC-JACQITES CARTIER ELECTRIC CO. 1st Bet. Ss. Due Dec. 1, 1931. Dated Dec. 1, 1901, Interest payable June and Dec. 1, at company's office, Quebec, The Interest due Dec. 1, 1913, paid in the latter part of February. Interest due Dec, 1, 1914, was paid in the middle of Feb., 1915, Subse- quent interest, including Dec. 1, 1915, has been paid. * Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding 849,000 Unissued 151,000 Denomination — Coupon, $100 and $1,000, Reglsterable as to principal. Trustee — Equitable Trust Co., New York, Redeemable at 110 and interest at any time upon six weeks' notice. Organization and Control — Incorporated in New Jersey in 1902. Controlled through own- ership of practically entire stock by the Quebec Ry.. Lt., Ht, & Power Co. Capitalization. Outstanding. Common $640,000 Funded debt 849,000 Secured by a first mortgage on property of company, consisting of a hydro-electric plant located about 20 miles from Quebec, together with transmlssloned distribution lines: also on a steam generating plant in Quebec, Fran- chise to supply electricity to Quebec is per- petual. Population served, about 112,000. Underlies— Quebec RV.. Lt., Ht. & Power Co. Cons. 6s. under which issue the stock of this company Im deposited as part security. 112 Earnings — Quebec Ry., Lt., Ht. & Pow. Co. Cons. 6s. Market. New York— Miller & Co., Edmund & Charles Randolph. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. High 70 '19 77 '19 70 Feb. Low. 55 '16 58 '15 70 Feb. QUEBEC, MONTMORENCY & CHARLEVOIX RY, 25-Year 6s. Due June 1, 1923, Dated June 1, 1898. Interest payable June and Deo. 1, at Montreal Trust Co., Montreal, Can.; Union Bank of Canada and Royal Bank of Canada, Quebec, Can. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,600,000 Outstanding 2,600,000 Denomination — Coupon, $100, $600 and $1,- 000. Reglsterable as to principal. Trustee — Montreal Trust Co., Montreal, Can, Organization and Control — Chartered In 1881 and road opened in 1889, Name changed to Quebec Ry., Lt. & Pow. Co. in 1899. The entire capital stock is owned by the Quebec Ry.. Lt., Ht. & Pow. Co. Capitalization. Outstanding. Common $2,600,000 Preferred (7% cum.) 760,000 Funded debt 2,600.000 Secured by a first mortgage on the 47 miles of street and interurban railway lines, power plants, electric lighting properties and other assets of the company, which is the principal operating company of the Que. Ry., Lt., Ht. & Power Co. Note — The Dominion Government has con- tracted to purchase a substantial part of the property covered by this mortgage and to as- sume this issue and the $1,000,000 ea, due 1923, Underlies — Q. Ry„ Lt., H. & P. Cons. 6a of 1939, under which mortgage bonds are re- served, to retire this issue. Earnings — See Quebec Ry., Lt„ H. & P. Cons. 6s. Market. New York — Miller & Co. Price Range. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 85 '19 86 19 83 Mar. 87 Mar. Low. 75 '19 81 '20 75 Oct. 81 Mar. QUEBEC RAILWAY, UOHT, HEAT & POW- ER CO., LTD., Cons. 30-Year 5s. Due Dec, 1, 1939. Dated Dec, 1, 1909. Interest payable June and Dec. 1, at Montreal and London, Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized $10,000,000 Outstanding 6,459.900 Reserved for Refunding 3,411,000 In Treasury 1.129,100 Denomination — Coupon, $1,000, $500 and $100. Reglsterable as to principal. Trustee — Montreal Trust Co.. Montreal, Redeemable at 105 and interest on any In^ terest date. Organization — Incorporated In Canada in 1909 and owns practically the entire capital stocks of the companies mentioned below Capitalization. Outatandllw, Common $9,999,600 Funded debt 11,046,000 $640,000 100.000 150,000 Secnred by deposit ot the followlns securi- ties: Stocks. Pleased. Issued. Quebec-JacQues Cartler Power Co $635,000 Frontenac Gas Co 95,000 Quebec Gas Co 150,000 Quebec Ey., Ijt. & Pr. Co. common 2,500,000 2,500,000 Quebec Ry., Lt. & Pr. Co. preferred 750,000 750,000 Canadian Blectrlc Lt. Co. common 190,800 190,800 Canadian Electric Lt. Co. preferred 140,700 140,700 $4,461,500 $4,471,500 Bonds. Quebec Gas Co. 1st 5s ot 1927 $300,000 $300,000 The Quebec Ry.. Lt. & Pwr. Co. owns a water power plant of 7,000 h.p. 6 miles from Quebec; electric light and power system and street railway system, coraprlsinE 17 miles ot track in that city, together with about 30 miles of interurban railway. The Dominion Government has contracted to purchase the interurban railway and to assume $2,500,000 Quebec, Montmorency & Charevoix Ry. 6s due 1923. The Quebec-Jacaues Cartler Co. owns water power plant of 4.000 h.p. 20 miles from Quebec and steam plant of 2,200 h.p. in Que- bec. The Canadian Electric Light Co. owns water power plant of 3,000 h.p. 8 miles from Quebec and supplies several towns with elec- tricity. The Quebec Gas Co. owns gas plant In Quebec. The Frontenac Gas Co. owns gas plant In Quebec. Prior tJens — $2,600,000 Quebec, Montmor- ency & Charlevoix Ry. 5s ot 1923 and $849,000 Quebec-Jacaues Cartler Blectric Co. 1st Ret. 5s ot 1931. 'Charges. $647,174 726,102 696,910 706,526 723,447 Years ended June 30: Gross. Net. 1920 $2,372,034 $602,471 1919 2,077,621 660,828 1918 1,797,853 792,217 1917 1,332,031 906,912 1916 1,713,732 938,850 •Includes taxes. Ijisted on the Montreal and Toronto Stock Exchanges. Market. New York — Miller & Co., Edmund & Charles Randolph. Price Bange. Jan. 1, '19, to Jan. 1, '«1 1980 Bid. Ask. Bid. Ask. High 70 '19 70 '20 63 Mar. 70 Mar. Low. 53 '20 55 '20 53 Aug. 65 Aug. QUEENS BOROUGH (N. T.) GAS & EliEO- TBIC CO. Gen. Be. Due July 1, 1952. Dated July 1, 1902. Interest payable Jan. and July 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorizeii $2,000,000 Ontstanding 1,600,000 Reserved for Prior Uens 400,000 Uenomlnatioii — Coupon, $1,000'. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Organization — Incorporated in New York in 1902 as a consolidation of the Queens Bor- ough Electric Light & Power Co. and the town of Hempstead Gas & Electric Light Co. The company supplies all ot Fifth Ward, Borough ot Queens (Greater New York City) and a portion of Nassau County as follows: In- wqod, Lawrence, Cedarhurst. Woodmere, Hew- lett, Valley Stream, Lynbrook, Malveme. Oceanside and East Rockaway. Capitalization. Outstanding. Common $2,000,000 Funded debt 2,000,000 Secnred by a mortgage on the entire prop- erty of the company subject to existing prior liens. Franchises are perpetual except one in Nas- sau County which expires In 1954. Friar I/lens — $250,000 Queens Borough Elec. Lt. & Pr. 1st 6b of 1928 and $160,000 Town of Hempstead Gas & Elec. Light 1st 5s of 1941. Bonds are reserved under this mortgage to retire both Issues. Tears ended Dee. 31: Gross. Net. Interest. 1920 $1,513,435 $352,075 $186,717 1919 1,188,323 333,771 174,106 1918 925,595 102,517 170,748 1917 860,384 137,103 145,852 1916 819,476 216,460 134,566 Original Market — Offered Sept., 1909, at 9* and interest by Wm. A. Read & Co., New York and Chicago. Market. New York — Finlay, Davenport, Sam'l Gold- schmidt, Fred H. Hatch & Co., Tobey & Kirk. Price Range. Jan. 1, '12, to Jan. 1, 'gl 1920 Bid. Ask. Bid. Ask. High 98% '12 100 '13 64 Mar. 70 Feb. Low. 60 '20 70 '19' 60 Sept 70 Sept. QUEENS BOROUGH ELECTRIC LIGHT ft POWER CO. let Ss. Due Oct. 1, 19S8. Dated Oct. 1. 1898. Interest payable April and Oct. 1, at Equitable Trust Co., New York. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized and Ontstanding $250,000 Trustee — Equitable Trust Co., New York. Control — ^Absorbed by Queens Borough Gas & Electric Co. Secnred by a flrst mortgage on electric lighting plant located at Far Rockaway. L. I., and supplying electric light, etc.. to the 5th ward. Borough ot Queens, Greater New York, and a portion ot Nassau County. Franchise perpetual. Underlies — Queens Borough Gas & Elec. 5b, bonds of which are reserved to retire this Issue at maturity. Earnings— See. Q. B. G. & B. Gen. 6s. Market. New York— Fred H. Hatch & Co. 1121 QUEENS COUNTY WATER CO. Gen. 6s. Dne Jnne 1, 1940. Dated July 1, 1910. Interest payable Juns and Dec. 1, at Guaranty Trust Co., New York Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding 702,000 Reserved tor Ext 798,000 Denomination — Coupon, $600 and $1,000. Trustee— Guaranty Trust Co.. New York, Redeemable on any interest date at 106 and interest. Organization — Incorporated In New York. Capitalization. Outstanding. Common $1,060,000 Funded debt 702,600 Secnred by a first mortgage on plant sup- plying water to Far Rockaway, Arveme, Cedarhurst, Lawrence, Rockaway Beach, and other towns on Long Island near New York. Market. New York — Sam'l Goldschmidt, Carruthers Pell & Co., Hepburn & Co., Webb & Co. Boston^H. O. SpiUer & Co., Chas. A. p^y & Co. Price Banee. Jan. 1, '17, to Jan. 1, '81 1980 Bid. Ask. Bid. Ask. High 90^4 '17 96 '17 65 Nov. 70 Nov. Low. 60 '20 68 '20 60 Nov. 68 Oct. Frice Banee. Jan. 1, '10, to Jan. 1, '21 WZO Bid. Ask. Bid. „ Ask. High 99 '10 100 '10 88 Jan 90 Aug. Low. 80 '19 80 '20 80 July QUXMAHONIMO COAI. CO. Ist 68. Pne July 1. 1936. Dated July 1, 1906. Intereat payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized ll.COO.OOO Outstandingr (Jan. 1, '21) 663,000 Ketired by S. I". 397,000 ,TJnis$ued 440,000 Denomination — Coupon, $1,000. Beglater- able as to principal. Tmstee — Philadelphia Trust Co., Philadel- phia. 'Redeemable at 101 and Interest on any In- terest date. Sinking Fund — 6 cents a ton (minimum (16,000) until April 1, 1916. and 10c per ton (minimum $41,000, a year) thereafter. Organization — Incorporated 1903 In Penn- eyivania. Capitalization. Outstanding. Common $600,000 Funded debt 663,000 Secured by a first Hen on entire property of the company located in the Somerset-Quema- honlng Coal Field, Somerest County, Pa. Property consists of 8,100 acres of soft coal lands, estimated to contain over 36,000,000 tons of marketable coal. Six coal mines, with an output of about 600,000 tons per annum, are operated. Life of property estimated at over 70 years. Market. New York — Dunham & Co., Watson, Arm- stronf? & Go. Fhiladelphia — Arthur J. Bender, Henry D. Boenning & Co., Ellcins, Morris & Co., Lloyd & Palmer, Samuel K. Phillips & Co. Price Banse. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96% '19 102 '17 95 Oct. 100 Dec. Low. 90 '17 95 "20 94 Dec. 96 Dec. aUINCY (ni.) GAS & ELECTRIC CO. iBt 68. Due Sept. 1, 1929.' Dated Sept. 1, 1899. Interest payable March and Sept. 1, at Chase National Bank, New York, and in Chicago. Tax Status — 2 % Federal Income Tax . paid by company without deduction. Authorized and Outstanding. .. .$600,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Illinois Trust & Savings Bank. Chicago. Redeemable at 110 and interest. Control — Absorbed by the Quincy Gas, Elec- tric & Heating Co., the latter company being controlled by the National Gas, Elec. Lt. & Power Co., through ownership of a majority of the stock. Secured by a first mortgage on plants sup- plying gas and electricity in Quincy, 111. See also Q. O. E. & H. 1st Cons. 6b. Underlies — Quincy Gas. Elec. & Heating Co. 1st Cons. 6s of 1936, a sufficient amount of which are reserved to retire this issue at maturity. Original Market — Offered by Mason, Lewis & Co., at lOS'A and Interest In Sept., 1899. Market. New York — Fred H. Hatch & Co. Pliiladelplila — Bauer, Starr & Co., Samuel K. Phillips & Co. QUINCT (lU.) GAS, ELECTRIC & HEATING CO. 1st Cons. 68. Due Sept. 1, 1936. Dated Sept. 1, 1906. Intereat payable March and Sept. 1, at Union Trust Co., De- troit. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,400,000 Reserved for Prior Lien 600.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Union Trust Co. and Gerald J. McMeehan. Detroit, Mich. Redeemable at 106 and Interest any Interest date. Organization and Control — ^Incorporated In Illinois In 1906 as successor to Quincy Gas & Electric Co. Controlled, by the National Gas, Electric Light & Power Co., through ownership of the entire $2,000,000 capital stock, which Is deposited under latter com- pany's Coll. Tr. 6a. Capitalization. Outstanding. Common $2,000,000 Funded debt 2.000,000 Secured by a mortgage on plknta supplying Quincy, 111., with electricity, gas and steam heat. Gas franchises are perpetual, electric franchisa expire 1941 and steam heating fran- chises in 1928. Prior Llen^$600.000 1st Ea of 192S (Q. G. & E. Co.). Original Market — ^Flrst offered by H. W. Noble & Co., Detroit, at 96 and Interest. Market. New York — Fred H. Hatch & Co., Morton, Lachenbruch & Co. Fbiladelphla — Bauer, Starr & Co. Frice Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91% '10 95 "10 76 Jan. 77 July Low. 70 '18 76 '20 75 Dec; 75 July QUINCY SIABKET REALTY CO. Ist 6b. Due May 1, 1964. Dated May 1, 1914. Interest payable May 1 and Nov. 1. Tax Status — Payment of Federal Income Tax not assumed by company. Massachu- setts Income Tax paid by company. Authorized and Outstanding. .. .$1,600,000 Denomination — Coupon, $1,000. Trustee — State Street Trust Co.. Boston. Mass. Redeemable on May 1, 1924, or any Interest date thereafter, as a whole or for the sink- ing fund at 106 and interest. Sinking Fund — $16,000 annually on May 1, beginning 1924, to retire bonds, estimated to retire issue by maturity. Guaranteed as to interest and sinking fund by the Quincy Market Cold Storage & Ware- house Co. by collateral agreement. Organization— A voluntary association under the laws of Massachusetts. Secured by a first mortgage on real estate and warehouses In Boston, owned by the Quincy Market Cold Storage & Warehouse Co. Original Market — Offered In July, 1914, by Blake Bros. 8c Co. and Bdgerly & Crocker, Boston, at 106 and Interest. > Market. Boston — Burroughs & Co. R RACINE WATER 00. iBt 6s. Doe Nov. 1, lasi. Dated Nov. 1, 1901. Interest payable May anJ Nov. 1, at Farmers* Loan & Trust Co., New York. Tax Statns — ^Payment of Federal Income Tax not assumed by company. Authorized $1,200,000 Ontstandlne 1,121,000 Denomination— Coupon, $1,000. Trustee— Farmers' Loan & Trust Co., New , York. Redeemable at par and Interest. Organization and Control — Incorporated in Wisconsin In 1886, for 60 years. AH of the stock is owned by the American Waterworks & Electrlo Co. Secured by a first morteagre on plant sup- plylns -water to Racine, Wis. Population served, 43,000. Flant Sold to City— On April 30. 1919, the property covered by the Hen of this mortsase was sold to the City of Racine, subject to the lien of this mortsaEre, for $104,000. The city does not assume the Indebtedness represented by these bonds. Market. New York — Carruthers, Pell & Co., Berdell Bros. Scranton, Pa. — J. H. Brooks & Co. Boston — Pond & Co., Ohas A. Day & Co. ^Vheeling, W. Va. — Greer & Co. Price Ranee. Jan. 1, '09, to Jan. 1, 'gl 1920 Bid. Ask. ■ pid. Ask. High 97 '09 100 '10 89 Jan. 90 jan. Low. 70 '18 80 '18 76 Dec. 80 Dec. RAIL & RnrEB COAI. CO. Ist 58. Due April 1. 1038. Dated April 1, 1908. Interest payable Apr. and Oct. 1, at FldeUty Title 4 Trust Co., Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid by company -without deduction. Antborlzed $2,500,000 Outstanding: 1,951,500 Retired by S. V. and otherwise. 648,600 Denomination — Coupon, $600 and $1,000. Trustee — Fidelity Title & Trust Co., Pitts- burgh, Pa. Redeemable on and after April 1, 1918. at 106 and Interest. Sinking Fund — 6 cents per ton of lU-lnch coal. Organization — Incorporated In West Virginia In 1907. Capitalization. Outstanding. Common $2,000,000 Funded debt 1,961,600 Secured by a first mortgage on 32,000 acres of coal in Belmont County, Ohio. Annual out- put 1,600,000 tons. Market. New York — Watson, Armstrong & Co. Pittsburgh — Moore, Leonard & Lynch. Friee Range. Jan. 1, '15, to Jan. 1, '21 1920' Bid. Ask. Bid. Ask. High 92 '15 95 '15 90 Jan. 96 Feb. Low. 83 '17 89 '17 85 Feb. 90 Aug. RAILROAD SECURITIES CO. IlllnoiB Central 4% Stock Certificates, Series "A." Dno Jan. 1, 1952. Dated Jan. 1, 1902. Interest payable Jan. and July 1, at Company's office. New York. Irterest Is cumulative but Is payable only It dividends received on shares pledged are sufll- clent. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding 8,000,000 Denomination — Registered, $1,000. Trustee — United States Trust Co., New York. Redeemable at 105 and Interest on any Interest date. If less than the entire amount are redeemed, bonds must be drawn by lot. Organization and Control — Incorporated in New Jersey In 1896. Present title adopted--ln 1900. Practically the entire capital stock of the company Is owned by the Union Pacific R. R Co. Secnred by a first Hen on $8,000,000 capital stock of the Illinois Central R. R. Co. These bonds are payable at maturity In shares of stock of the Illinois Central R. R. Co.. of an equal par value. Dividends of 7% are now being paid on the stock of the Illinois Central H. R. Co. Usted on the New York Stock Exchange. Original Market — $8,000,000 offered in April. 1902, at 94% and interest by Kuhn, Loeb & Co., New York. Market. New York — Finlay & Davenport, Sam'l Goldschmidt, Hartshorne & Battelle. Philadelphia — Biddle & Henry. • Price Range, Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '06 65 May 70 May Low- 49 '20 52 '20 49 Mar. 52 Mar. 1123 RAILWAY & IiIOHT SECURITIES CO. CoU. Tr.vS. F. 68. (1st Series). Due May 1, 1936. Dated May 1, 1906. Interest payable May and Nov. 1, at Trustee's ofilce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 OutstandinBT (Jan. 1, '21) 164,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Old Colony Trust Co.. Boston. Redeemable at 103 and Interest on 21 days' notice. Sinking Fund — $10,000 per annum from May 1, 1910, to May 1, 1916: $16,000 from May 1. 1915, to May 1, 1920; $20,000 from May 1. 1920, to May 1, 1925; $27,000 from May 1, 1926. to May 1, 1936, for the purchase or re- demption of bonds at not exceeding 103 and Interest. Organization and Earnings — See 2nd Series 6s. Secured by deposit with the trustee of the following: $250,000 bonds, $126,000 Whatcom County Ry. & Light Co. 1st 6s 1936. $126 - 000 Paduoah Traction & Light Co. Coll Tr 6s of 1936. The latter Issue has been rel placed by reorganization securities. Original Market — First offered by Estabrook A Company, Boston, In November, 1906. Market. See 2d Series. Price Range. Jan. 1, '19, to Jan. 1, '21 192» Bid. Ask. Ask. High 93 '17 97 '17 95 ?i Low. 87 'IS 92% '19 77^ RAILWAY & I.IOHT SECURITIES CO. CoU 1939 ^" ^' "* "* ®''''"'" ""' M«J^ "; Dated May 1, 190S. Interest payable Hat and Nov. 1, at Trustee's ofllce. Tax Status — 2% Federal Income Tax pais by company without deduction. Authorized {600,000 Uutstandingr (Jan. 1, '21) 436,000 Balance Retired. Denomination — Coupon, {1,000. Resiater- able as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 103 and interest on '21 days' notice. Sinking Fund — $10,000 per annum from May 1, 1914. to May 1, 1919: $16,000 from May 1, 1919, to May 1, 1924: $20,000 from May 1, 1924, to May 1, 1929: $27,000 from May 1, 1620. to May 1. 1939. for the purchase or re- demption of bonds at not exceeding 103 and interest. - - Oreanization — Incorporated in Maine, Dec, 1904, as an investment company. Capitalization. Outstandlne. Common $1,000,000 Preferred (6% cum,) 1,600,000 Funded ^debt 2,070,000 Secured by deposit with the trusted of the following $611,000 bonds: $113,000 Pensaoola Electric Co. 1st 6s of 1931; $76,000 Whatcom County By. & Light Co. 1st 6s of 1936: $98,000 Houghton County Traction Co. Ist Cons. Es of 1937: $125,000 Cleveland. Paineaville & 3!sate™ E. R. Oo. 1st Cons. 7s of 1923- and $126,000 Columbus Electric Co. 1st Coll. Tr. 6s of 1933. The right to substi- itute specified collateral is reserved to the com- pany. Ifears ended Dec. 31; Net. Interest. 1920 $264,728 $100,251 1919 279,340 105,413 iSlS 282,338 110,794 1917 304,225 114,0I!9 1916 267,960 103,874 Original Marlcet — First offered in July, 1909, at par and interest by Estabrook & Co., and Parkinson & Burr, both of Boston and New York. Market. Boston — Estabrook & Co., Stone & Webster, New York — Estabrook & Co., Stone & Web- ster. Price Range. Jan. 1, '16, to Jan. 1, '»1 1980 Bid. Ask. Ask. High 96 '16 98 '16 78 LoAV. 87 '19 . 92% '19 77% RAII,WAY & I,IOHT SECURITIES CO. CoU. Tr. Ss (3rd Series). Due Nov. 1, 1939. Dated November 1, 1909. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 OutstamlinB: fJan. 1, '21) 280,000 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 103 and interest on any in- terest date. Sinking Fund, . Organization and Earnings — See Second Series 6s. Secured by a first lien on $375,000 bonds as follows: $76,000 Columbus Electric Co. 1st Coll. Tr. 6s, $42,000 Paducah Trac. & 1st Coll. Tr. 6s: $76,000 Pensacola Elec- tric Co. 1st 6s; $75,000 Cleveland. PalnesvlIIe & Eastern B. B. 1st Consol. 7s and $108,000 Lalke Shore El. By. Gen. 5s. Market. See 2d Series. RAILWAY & MGHT SKCCRITLBS CO. CoU. Tr. 5s (4th Series). Due May 1, 1942. Dated May 1, 1912. Interest payable May and Nov. 1, at Old Cblony Trust Co., Boston, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstahdiher (.Tan. 1, '31) 243,000 Balance Retired. Denomination — Coupon. $1,000. Eegisterable as to principal. Trustee — Old Colony Trust Co., Boston. Mass. Redeemable as a whole on any interest date at 103 and: interest on 21 days' notice. Sinking Fund — $10,000 annually from 1917 to 1922, $16,000, 1923 to 1927, $20,000 1928 to 1932 and $2'7,000 1932 to 1942, to pur- chase or redeem bonds at not exceeding 103 and Interest. Organization and Earnings — See 2nd Series 63. - ■ . '■ , . . Secured by deposit of following bonds of a total par value of $340,000; $50,000 Cons. Power & Lt. Co. of S. Dakota Ist Cons. 6s, 1929; $160,000 Key West Elec. Co. 1st 6s, 1966; $140,000 Lake Shore Electric Gen. 5a 1933. Original Market — First offered by Stone & Webster, Boston, etc., to yield more than 6% la Sept., 1912. Market. See 2d ^ries. Price Range. Jan. 1, '16, to Jan. 1, 'Zl 1920 Bid. Ask.' Ask. High 96y2 '16 97 '17 78 Low. 89 '18 95 '18 77 RAILWAY & LIGHT SECURITIES CO. CoU. Tr. S. F. 6s (6th Series). Due May 1, 1944. Dated May 1, 1914. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income' Tax paid by company without deduction. Authorized $500,000 Uutstaiuling: (Jan. 1, '21) 412,000 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 103 and interest on 21 days'' notice. Sinking Fund — $10,000 per annum from May 1, 1919. to May 1, 1924; $16,000 from May 1, 1924. to May 1, 1929: $20,000 from May 1, 1929, to May 1, 1934; $27,000 from May ,1, 1934. to May 1,. 1944, for the purchase or re- demption of bonds at not exceeding 103 and Interest. Organization and Earnings — See 2nd Series 6s. Secured by deposit with the trustee of the following $582,000 bonds; $100,000 Beaumont Trac'.lon Co. 1st Es, 1943; $45,000 Coloiado Power Co. Ist 63. 1953: $60,000 Great North- ern Power Co. 1st 5s, 1936; $100,000 Missis- sippi Power Co. 1st 5b. 1961; $60,000 Pacific Lt. & Power Corp. 1st & Ret. Es, 1951; $96,- 000 Sydney & Glace Bay By. Co., Ltd., lat Es. 1932; $50,000 Tenneaaee Power Co. 1st Es, 1962; $41,000 Twin City Lt & Tr. Go. 1st 6s, 1935: $60,000 Western Ohio By. Co, lat Es, 1921. Original Market — First ottered by Stone & Webster. Boston, to yield more than 6%, in May, 1914, Market. See 2d Series. Price Ranke. Jan. 1, '17, to Jan. 1, '81 Bid. Ask. High 93 '17 97 '17 Low. 89 '18 91 '19 1920 Ask. 77 77 RAILWAY & lilGHT SECURITIES CO. Coll. Tr. S. F. 6s (6th Series). Dae Not. 1, 1946. Dated Nov. 1, 1916. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding- (Jan. 1, '21) 496,000 Balance retii-ed. Denomination — Coupon. $1,000. Reelsterable as to principal. Trustee— rOld Colony Trust Co., Boston. Redeemable at 103 and interest on 21 days' notice. Sinking Fund — $10,000 per annum from Nov. 1. 1921, to Nov. 1, 1926; $15,000 from Nov. 1. 1926; to Nov. 1, 1931; $20,000 from Nov. 1, 1931, to Nov. 1, 1936; $27,000 from Nov. 1, 1936, to Nov. 1, 1946, for 'the purchase or redemption of bonds at not exceeding 103 and interest. Organization and Eaming:s — See 2nd Series 6b. Secured by deposit with the Trustee of the following $621,000 bonds; $100,000 Beaumont Traction Co. 1st 53,. 1943; $76,000 Great West- em Power Co. 1st 6s, 1946; $50,000 Great Northern Power Co. 1st 63, 1936; $75,000 Keo- kuk Electric Ry. & Pr. Co. 1st 5s, 1923. 1924, 1926; $60,000 Pacific Light & Power Corp. 1st and Ref. 5s, 1951; $46,000 Sydney & Glace Bay Ry. Co., Ltd., 1st 6s, 1932: $76,000 Ten- nessee Power Co. 1st es, 1962; $60,000 Helena Lt. & Ry. Co. 1st 5s, 1925; $100,000 liauren- tide Power Co., Ltd., 1st 6s 1946. Orisinal Market — First offered by Stone & Webster, Boston, to yield more than 5% In November, 1916. Market. See 2d Series. Price Banse. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Ask. High 93 '17 97 '17 77^ Low. 89 '18 91 '19 77% RAINET-WOOD COK£ CO. Ist 6s, Due $250,- 000 each July 1 from 1920 to 1929. in- clusive. Dated July 1, 1S19.- Interest payable Jan. 1 and July 1. in Chicago or New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $3,750,000 Outstanding 2,250,000 Matured and Paid 250,000 Reserved for Ext 1,250,000 Provisions of Issue — ^Additional bonds issu- able to pay 75% of the actual cost and fair value of additions, extensions and permanent improvements to the plant of the company. Such bonds, if Issued, shall mature after July 1, 1929, and shall not be redeemable until after all the $2,600,000 first issued, have been paid or redeemed. Denomination — -Coupon, $1,000, except that bonds maturing July 1, 1926, may also be had In denominations of $500 and $100; register- able as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable In whole or In part on any In< terest date on 60 days' notice, but not less than all of any one maturity to be called at onfe time, and if less than the entire issue is called, bonds of the latest are to be called ii: first. Redemption prices: If called within the first year before maturity, 100% and interest; for each additional year to elapse before ma- turity an additional premium of ^ of 1 per cent, is to be paid. Guaranteed principal and interest. Jointly and severally, by the Alan Wood Iron & Steel Co,, and Koy A-- Rainey, Grace Ralney Rogers and Paul J. Ralney, Individually and as trus- tees under the will of W. J. Rainey. Organization and Control — Incorporated In Pennsylvania. The stock of this company la owned eciually by Alan Wood Iron & Steel Co., and W, j". Rainey, Inc. Secured by a first mortgage on all property of the company now owned or hereafter con- trolled. The property covered Includes two ba tteries each of 56 by-product coke ovens (Koppers type) of, size to coke 2,000 tons of coal per day on a 16-hour coking basis, to- gether with, necessary plant and eauipment for coal handling, coal storage, coal charging and coke drawing, and a suitable plant for refin- ing of benzol, toluol and ammonia products. ' The company also has direct connection by a 20-inch gas line for conveying Its surplus of approximately 12,000,000 cubic feet of gas per day to the plant of the Alan Wood Iron & Steel Company in the immediate vicinity, which plant it is believed w^ill have constant use for the gas surplusage and tar produc- tion of about 540,000 gallons per month in the heating and refining operations at its blast furnaces and steel plant. The property is located on a tract of 36.88 a'^res adjoining the Blast Furnace Depart- ment of the Alan Wood Iron & Steel Company in the Immediate vicinity of Bridgeport and Norristown to the north and Conshohocken and West Conshohocken to the south, about 16 miles from Philadelphia. The Rainey- Wood Coke Company is man- aged by W. J. Rainey, Inc., and by the Alan Wood Iron & Steel Company. W. J. Rainey, Inc., operates valuable coal properties in the best of the Connellsville coking coal district. The interests of the three organizations are well served by the arrangement for obtain- ing unlimited supplies of coal under a 20- year contract from the Rainey Estate. This coal will be coked by the Rainey- Wood Coke Company and delivered to the Alan Wood Iron & Steel Company and to blast furnaces and foundries in the East. The Alan Wood Iron & Steel Company's plant comprises three modern blast furnaces of a total combined monthly capacity of about 42,000 tons and 12 modern 65 to 76-ton open hearth furnaces and sheet mills, plate mill, billet and blooming mill. Original Market — $2,500,000 offered August, 1919. by A. G. Becker & Co., Ames, Emerich & Co., and First Trufet & Savings Bank, Chi- cago, at 100 and interest. Market. New York — Ames, Emerich & Co., J. H. Holmes & Co., Watson, Armstrong & Co. Pliiladelphia^ — Elkins, Morris & Co. Chicago — First Trust & Savings Bank, A. G. Becker & Co. Pittsburgh — The Union Trust Co. of Pitts- burgh. Price Range 1920 Bid. Ask. High 7%% 7% Low 8 %-3 8% RAINEY-WOOD COKE CO., INC., Equip. Tr. iVzs. Due $100,000 each Aug. 1, from 1931 to 1930. incl. Dated Aug. 1, 1920. Interest payable Aug. 1 and Feb. 1, at New Tork Trust Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $1,000,000 Outstanding 1,000,000 Denomination — Coupon, $1,000. Ke^sterable aa to principal. Trustee — New Torls Trust Co., New York. Redeemable upon any interest date at a premium of 1 % for each year or fraction thereof of unexpired life. Not less than all of one maturity shall be called at any one lime, and if less than the whole issue is called the notes of th© last maturity shall be first called. Guaranteed jointly and severally aa to prin- cipal and interest by Alan Wood Iron & Steel Co. and "W. J. Rainey, Inc. Orgranization — See 1st 6b. Secured by an equipment trust agreement on 400 new all-steel coaZ cars. Pennsylvania R. R. standard design, class H-25, .of 70 tone capacity, manufactured by the Cambria Steel Company, and costing approximately $1,410,- 000. Original Market — $1,000,000 offered in July, 1920. by A. G. Becker & Co. and Ames, "Em- erich & Co., New York, etc., and Elkina. Morria & Co. and Graham, Parsons & Co., Philadelphia, at prices ranging from 99.53 to 98.28 and interest, according to maturity. Market New York — Ames, Emerich & Co. Philadelphia — Elkins, Morris & Co., Mor- ley. Wood & Co. Chicag-o — A. G. Becker & Co. Milwaukee — Ames. Emerich & Co. Price Rang:e 1920 Bid. Ask. High 98 100 Low 95 97 RAJLKIGH & AUGUSTA AIR tlNE RAIL- ROAD CO. 1st 6». Due Jan. 1, 1026. Dated Dec. 23, 1885. Interest payable Jan. and JiHy 1, at Continental Trust Co., Balti- thore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding:. . .$1,000,000 Denomination — Coupon, $1,000. Ti'ustees — Charles M. Robinson, Charles Chauncey Savage and John W. Graham. AsBomed by Seaboard Air Line Railway Go. Control — Merged in 19 01 into the Seaboard Air Line Railway, which company was merged into Seaboard Air Line Ry. Co. in 1915. Secui*ed by a first mortgage on 96.80 miles of road from Raleigh to Hamlyt, N. C. Underlies — Seaboard Air Line 1st 4s of 1950; Ref. 4s of 1959; Adjustment Bs of 1949; tst & Cons. 6s of 1945, under which mortgage bonds are reaerved to retire -this issue, and the Adjmt. 5s of 1949. ]>gal for Baltimore Trust Funds. Listed on the Baltimore Stock Exchange. Market. Baltimore — Barroll, Corkran & Co., Brink- man & Co., Jenkins, Whedbee & Poe. Price Range. Jan. 1, '09, to Jan. 1, *31 1920 Bid. Ask. Bid. Ask. High 119 '09 119 '10 100 Jan. 102 Feb. Low. 88^ '20 101% 'IS 88%Apr. ... Trustee— -Baltimore Trust Co., Baltimore. Redeemable at par and interest on any in- terest date on 60 days' notice. ^ ^ *». Guaranteed principal and interest by t^e Seaboard Air Line Ry. Co. by endorsement. Organization and Control— Incorporated in North Carolina and South Carolina In 190&» The entire capital stock is owned by the Sea- board Air Line Ry. Co. and deposited under its 1st & Cons. Mtge. Capitalization. Outstanding. common $574,600 Funded debt 1'„P**"m ** Secured by a first mortgage on 45.70 miles of road from Lumberton, N. C. to Marion, S, C, and branch. Underlies— Cons. 4s of 1956. Bonds, are reserved under that mortgage to retire this issue. The interest on this issue is a charge against the earnings of the S. A. L. Ry. Co. prior to the interest on' its $25,000,000 Ad- justment Income Bonds. Provision for the retirement of this issue is also made under the S. A. L. Ry. Co. 1st & Cons. 6s. " Original Market— $100,000 ofCered in Dec. 1911, by Middendorf. Williams & Co., Balti- more, and J. L. Williams & Co., Richmond. Va., at 86 and interest. Market. New York — Carruthers, Pell & Co., Pynrh- on & Co., S. P. Larkin & Co., Wolff & Stan- ley. Philadelphia — Isaac Starr, Jr., & Co., H. D. Boenning & Co. B^timore — Norman J. Polack. Price Range Jan. 1, '19, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask.. High 43% '20 65 '19 43% Nov. 60 Feb. Low. 35 '20 45 '20 35 Feb. 45 Dec. RALEIGH & CHARLESTON RAILROAD Cons. 4s. Due Feb. 1, 1956. Dated Feb. 1, 1906. Interest payable Feb. and Aug. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 200,000 Reserved for Ext 450,000 Reserved for Prior Liens 350,000 Denomination — Coupon, $200 and $1,000. Registerable as to principal. Trustee — Baltimore Trust Co., Baltimore, Md. Redeemable at par and interest on any In- terest date. Guaranteed principal and interest by the Seaboard Air Line Ry. Co. by endorsement. Organization, Etc. — See 1st P. L. 4s. Secured by a mortgage on 45.70 miles of road from Lumberton, N. C, to Marion, S. C. Prior Lien — $350,000 1st 4s. Underlies — Interest on these bonds is a charge against the earnings of the Seaboard Air Line prior to that of its $25,000,000 Ad- justment Income bonds. Provision for the retirement of this issue is made under the S. A. L. Ry. Co. 1st & Cons. 6s. Market. New York — Hanson & Hanson, Wolff & Stanley. Baltimore — Norman J. Polack. BAXEIGH & CHARLESTON RAILROAD CO. Ist Prior Lien 4s. Due Feb. 1, 1956. Dated Feb. 1, 1906. Interest payable Feb. and Aug. 1, at Trustee's offiec. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $350,000 Denomination — Coupon. $200 and $1,000. Registerable as to principal. RALEIGH & GASTON RAILROAD CO. 1st 5b. Due Jan. 1, 1947. Dated Jan. 1, 1897. Interest payable Jan. and July 1, at Continental Trust Co., Balti- more. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $1,200,000 $1,000. Bedster- Seaboard Air company was Line By. Co. Denomination — Coupon, able as to principal. Tmstee — The Mercantile Trust & Deposit Co., Baltimore, Md. A.8Bumed by the Seaboard Air Line Rail- way Co. Control — Absorbed by the Line Railway in 1901, which merged into the Seaboard Air In 1916. Secured by a flrst mortgage on 98,74 miles of road from Weldon to Raleieh, N. C„ and Roanoke Jet., N. C, to Roanoke, Va. Underlies — Seaboard Air Line Ist 4s of 1950; Ref. 4a of 1969; Adjmt. 6s of 1949; Ist & Cons. 63 of 1945, under which mortgagre bonds are reserved to retire this issue and Adjmt. 63 of 1949. Legal for Baltimore Trust Funds. Listed on the Baltimore Stock Exchange. Market. New York — Raymond M. Smith, Taylor, Smith & Hard. Fhiladelphia — Isaac Starr, Jr., & Co. Baltimore — Barroll, Corkran & Co., Brink- man & Co., John D. Howard & Co., Jenkins, Whedbee & Poe, Howard R. Taylor & Co. Price Range. Jan. 1, '08, to Jan. 1, '81 1980 Bid. -Ask. Bid. Ask. High 109 '11 112 '09 90 Jan. 96 Feb. Low. 73 '20 76 '20 73 Aug. 76 Aug. RALISIGH & SOUTHPORT RAILWAY let 68. Due June 1, 1965. Dated June 1. 1905. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Statns — 2% Federal Income Tax paid by company without deduction. Anthorized $2,000,000 Ontstanding: 374,000 Reserved for Prior Lien 137.000 Reserved for Ext 1,485,000 Denomination — Coupon, $1,000. Register- able as to principal. Tjmstee — Columbia Trust Co.. New Tork. Assumed by the Norfolk Southern R. R. Co. Control — Absorbed by the Norfolk Southern R. R. Co. Secured by a first mortgage on 33.17 miles of road from Raleigh to Lillington. N, C. Prior Lien — $137,000 Raleigh & Cape Fear Ry. 1st 6s of 1943. Underlies — Norfolk Eouthern 1st & Ref. 6s of 1961. under which bonds are reserved to retire this issue. Listed on the Baltimore Stock Exchange. New York — Fred H. Hatch & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. High 103 '09 105 '12 70 Dec. Low. 60 '20 80 '19 60 Jan. EALIIIGH & SOUTHWESTERN RAILWAY CO. 1st 4s. Due July 1, 1936. Dated July 1, 1906. Interest payable Jan. and July 1, at C. & O. Ry. office, New Tork. Tax Statns — 2% Federal Income Tax paid by company without deduction. Anthorized .' $1,500,000 Outstanding? 786,000 Retired by S. F 74,000 Reseryed for Ext 40,000 Reserved for Corp. Purposes.. 600,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Trust Co.. New York. Sinking Fund — ^Annually 1% of all bonds Issued, beginning Nov. 1. 1911. to purchase these bonds at not exceeding par and inter- est: bonds so purchased to be cancelled. If not so purchasable, fund shall be invested !n approved securities. Assumed by the C. & O. Ry. Co. Uuaranteed principal and interest by the C. & O. Ry. Co. by endorsement. Control — ^Absorbed by the Chesapeake A Ohio Ry. Co. in 1910. Secured by a first mortgage on 36.80 miles of road from Raleigh, W, Va., southward to Beaver Creek, W. Va. Underlies — C. & O. Gen. Fd'g & Imp. 6s of 1929; Conv. 4%s of 1930; 1st Lien & Imp. Ba. all of which are deposited to secure Conv, 6s of 1946. Original Market — Offered In 1910 by Potter, Choate & Prentice, White, Weld & Co., New York, Chicago and Boston, and H. P. Taylor & Co., Pittsburgh and New York. Market. New York — Hartsborne & Battelle. Philadelphia — Isaac Starr, Jr., & Co. Price Range. Jan. 1, '11, to Jan. 1, '81 1920 ■ ■ Bid. 65 Aug. 60 Jan. Bid. Ask. High 86 '11 92 '18 Low. 60 '17 70 '18 1127 RALSTON PtJRINA COMPANY 6% Notes. Dae each March 1 as follows: $300,000, 1921 to 1924. inclusive, and $800,000 1925. Bated March 1, 1919. Interest payable Mar, 1 and Sept. 1, at the Mechanics-American Na- tional Bank, St. Louis, or its agencies in New York and Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstandine . . .■ 2,000,000 Purpose of Issue — To retire bank loans and other indebtedness which have been Incurred to provide the increased working, capital nec- essary to take cape of enlarged volume of business. Denomination — Coupon, $1,000. Register - able as to principal. Trustee — St. Louis Union Trust Co., St. Louis. Redeemable upon 30 days' notice on any In- terest date, as a whole or in series next ma- turing, at the following prices, with accrued' interest: 102%, 5 years or more to run. 102, 4 years or more, but less than 5 years to run, 101%, 3 years or more, but less than 4 years to run. 101, 2 years or more, but less than 3 years to run. 100%, 1 year or more, but less than 2 years to run. 100, less than one year to run. Organization — Incorporated in Missouri, Business established in 1893. The company manufactures cereals and flour and scientifi- cally prepared animal feeds for cows, chickens, hogs, horses, etc. Capitalization Outstanding Common $2,000,000 Preferred (67o cum.) 496,000 Funded debt 2.000,000 Security — ^A direct obligation of the company, but not secured by a mortgage. The company has no mortgage indebtedness and these Notes constitute its only funded indebtedness. Under the terms of the Trust Agreement t)xe company covenants that: It will not mortgage or pledge any of Its assets while these notes are outstanding un- less prior to or contemporaneously therewith all the notes then outstanding shall be paid and cancelled. It will at all times, so long as any of these notes are outstanding-, main- tain its quick assets as defined in the Trust Agreement, at an aggrregate amount equal to at. least one and one-half (1%) times all cur- rent liabilities, including all of these notes at the time outstanding. It will maintain insur- ance upon all of its property of such nature as is commonly insured, to a reasonable insurable value thereof. Years ended Sept. 30: Net. 1918 $517,190 1917 403,965 •1916 281,400 *9 months only. Later earnings not available. Original Market — $2,000,000 offered March,. 1919 by William' R. Compton Co., St. Louis, New York, etc.; Smith, Moore & Co., and Mark C. Steinberg & Co., St. Louis, and White, Weld & Co., New York, Chicago and Boston, on a 6.76% basis. Market. New York — E. A. Baker & Son, Gotham National Banfi, Ernest Smith & Co., Alfred P. In&old & Co. St. liOnis — Wm. R. Compton Co. Buffalo — Citizens Commercial Trust Co. Price Rangfe 1920 Bid. Ask High 90 94 Lonr. 89 93 RAND McNAIXY CO. Mtge. 5%s. Bne annn^ly each June 1, $50,000, 1919 to 1933, Inclnsive. $55,000* 1934 to 1925; $60,000, 1926 to 1927; $65,000, 1928 and 1929; and $70,000. 1930 to 1931. Dated June 1, 1916. Interest payable June and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized s $750,000 Outstanding (Mar. 1, '21) 650,000 Balance Retired. Denomination— Coupon, $1,000 (all maturi- ties), $600 (1S24 to 1931. Inclusive) and $100 (1926 to 1931, inclusive). Registerable as to principal. Trustee — Merchants* Loan & Trust Co., Chi- cago. Redeemable at 103 and interest on any in- terest date on 30 days* notice. Organization — Incorporated in Illinois In 1873 as successor to business established in 1856. The company has established a large publishing and prlnti^ig' business. Capitalization. Outstanding. Common $1,000,000 Funded debt 650,000 Secured by a mortgage on the company's ten-story building and leasehold estate at the corners of Clark, Harrison and La Salle Streets, Chicago, comprising 60,806 square feet. The company occupies six floors and leases the remainder. Original Market — $750,000 offered June, 1916. by the Merchants* Loan & Trust Co.. Chicago, at 101 and interest. Sinlcingf Fund — Annually an amount suf- ficient to retire this isslie at or before ma- turity. Fund is to be applied to the pur- chase or redemption of bonds at not over 105 and interest Organization and Control — Incorporated in New Jersey in 1889, Leased June, 1893, to th9 Newark Passenger Ry. Co. Rental, fixed charges and 11%% dividend on the capital stock. This lease was transferred to the New Jersey Traction Co. and then to the Consoli- dated Traction Co. The property of the latter company Is leased to the Public Service Ry. Co. for 999 years, which company is con- trolled by the Public Service Corp. of New Jersey through stock ownership. Capitalization. Outstanding. Common $504,000 Funded debt 500,000 Secured by a first mortg-ag-e on 11.86 miles of street railway track on important streets in the city of Newark. N. J. Market. New York — W. E. Smith & Co. RAPID TRANSIT STREET RAILWAY CO. 20-Year 1st Ext. 8s. Due AprU 1, 1941. Dated 1891. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status— Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $500,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Union Trust Co., New- ark, N. J. Redeemable at 105 and interest on any in- terest date. 112 RARITAN REFINING CORPORATION Pap- ticipating lO^Yr. 7s. Due Aug. 15, 1929. Dated Aug. 15, 1919. Interest payable Feb. 16 and Aug. 15, In New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding: (Jan. 1, '21) 650,000 Reserved for Ext 350.000 Purpose of Issue — The proceeds of $650,000 were used to build an oil refining plant. Denominations — Coupon, $1,000, $600 and $100; registerable. Trustee — Bankers* Trust Co.. New York. Redeemable at 120 and Interest on any in- terest date on 30 days' notice. Sinking Fund — Annually, a sum eQual to 10% of the net earnings (after taxes, depreci- ation and bond interest) for the purchase or redemption of these bonds at not over 120 and interest. Participating Privilege — ^Under the inden- ture to secure the bonds the company cove- nants that on or before March 1 of each year it will pay to the Trustee a sum equal to 20% of the net earnings (after deductinfr sinklns fund requirements) for the previous calendar year, which amounts are to be distributed to holders of these bonds In pro rata payments on Feb. 15 — in addition to the stated semi- annual interest payments. Orgranization and Control — Incorporated In Delaware in 1919. Controlled by the Eastern Potash Corporation. Secured by a first lien on an oil refinlne plant near New Brunswick, N. J., with an annual capacity of over 2,000,000 barrels of gasoline anci fupl oil. Original Market — $650,000 offered Sept., 1919, by Hellwig & Reutter. New York, at 95 and interest; $100,000 offered February, 1921, by the company at 100 and interest. Market. New York — E. A. Baker & Son, Carruth- ers, Pell & Co., Didrichsen Bros.. H. L. P. Van Sant. Price Rangre 1920— Ask 97% Mar, 90 Aug. RARITAN RITER RAILROAD 1st 6s. Due Jan. 1. 1939. Dated Jan. 1, 1889. Interest payable Jan. and July 1, at New Jersey Title Guarantee & Trust Co., Jersey City. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $460,000 Denomination — Coupon, $1,000. Registerable _as to principal. Trustee — New Jersey Title Guarantee ft Trust Co., Jersey City. N. J. Organization — Incorporated In New Jersey In 1888. Capitalization. Outstanding. Common $840,000 (Funded debt 400,000 Secured by a first mortgage on 23.2 miles of railroad from New Brunswick to Soutli Amboy, N. J., and branches, licars ended Dec. 31: Gross. Net. Int., etc. 1920 5575,820 J135,957 $75,842 1919 536,517 162,135 21,839 1918 1,362,148 589,452 124,629 1917 772,114 336,683 97,046 liCgral for savings banlcs in Oal., Micli., Minn., N. J. and Wis. market. New Yoi-k — Fred H. Hatch & Co., Clias. ,W. Place. Fhiladelpliia; — Graham. Parsons & Co. Price Kange. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. High 111 '11 llSVi '14 80 Dec. Low. 80 '20 100 '19 80 Dec. BEADING & COI.rnVIBIA BAILBOAD CO. Ist Cons. 4s. Dne March 1, 196%, Dated March 1, 1912. Interest payable Mar. and Sept. 1, at Reading Terminal, Fhila- delphia. Tax Status — 12% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $850,000 Outstanding 'SSO.OOO •$698,000 by the Reading Co. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Guaranteed as to principal and interest by ti]fi Reading Co. by endorsement. Organization and Control — Incorporated in Pennsylvania in. 1859. Owns all of the stock of the Reading, Marietta & Hanover R. R. Co. and operates the 6 miles of road from Marietta Jet. to Chickles, Pa., owned by that company. The Reading Co. owns $788,200 of the $968,373 stock and the entire $1,160,000 debentures of the Reading & Columbia R. R. Co. Capitalization. Outstanding. Common $958,373 Funded debt 2,000,000 Secured by direct mortgage on all the prop- erty of the company, 54.03 miles of road, viz. : Miles. Columbia to Sinking Springs 40.22 Jfanheim to Mt. Hope 6.91 Lancaster Jet. to Lancaster 7.90 Legal for savings banlis in Mich., Minn, and N. J. Market. New York — Simon Borg & Co. Philadelphia — Arthur J. Bender, Henry D. Boenning & Co., Brown Broa & Co., "Wm. G. Fogarty, Graham, Parsons & Co., Huntoon & Co., Reed A. Morgan & Co., Morley, "Wood & Co., Parsly Bros. & Co., Isaac Starr, Jr., & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 64 '20 85^2 '19 64 Sept. 70 Sept. Low. 64 '20 70 '20 64 Sept. 70 Sept. BEADING * WOMBLSDOBF BUECTBIO BAIL WAT 1st 68. Due Jan. 1, 1925. Dated Jan. 1, 1895. Interest payable Jan. and July 1* at Colonial Trust Co., Reading, Pa. Tax Statns — 2% Federal Income Tax paid 112! by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding: $400,000 Denomination— Coupon. $100, $600 and $1,- 000. Trustee — ^Real Estate Title Insurance ft Trust Co., Philadelphia. Control — Incorporated in Pennsylvania In 1894. Merged Aug., 1917, with several other companies into the new Reading Transit * Light Co.. which Is controlled through stock ownership by the Eastern Power & Light Corp. Secured by a first mortgage on about 14 miles of electric railway. Underlies — Reading Transit & Light Oen. & Ref. 6s of 1947. Usted on the Philadelphia Stock Exchange. Market. New York — Simon Borg & Co. Philadelphia — Arthur J. Bender. Price Bange. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Aslc. Bid. Ask. High 102 '11 103 '13 90 Jan. 95 Jan. Low. 85 'IS 00 '20 ^ Dec. 90 Dec. BEADING BELT BAILBOAD 1st 4s. Dne Sept. 1, 1960. Dated September 1, 1900. Interest payable March and Sept. 1, at Reading Terminal, Philadelphia. Tax Statns — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding. .. .$750,000 Denomination — Coupon, $1,000. Register- able as to principal or fully reglster^ble. Trustee— Girard Trust Co., Philadelphia. Guaranteed as to principal and Interest by the Reading Co. by endorsement. Organization and Control — Incorporated In Pennsylvania In 1900. The Reading Belt S. R. was leased for 999 years in 1902 to the Philadelphia & Readlns By. Co. The Reading Company owns the entire capital stock of the Reading Belt R. R. Capitalization Outstanding. Common $750,000 Funded debt 760.000 Secured by a first mortgage on 7.78 mllea of belt railroad in and around Reading. Pa. Legal for savings ba.nks in Conn., Mich., Minn, and N. J. Market. New York — Simon Borg & Co. Philadelphia — Biddle & Henry, Henry D. Boenning & Co., Graliam, Parsons & Co., Huntoon & Co., Reed A. Morgan & Co., Morley, "Wood & Co:, Samuel K. Phillips & Co., Isaac Starr, Jr., S' Co., "Welsh Bros. Price Bange. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. High 95 '16 98 '16 Not Low. 84 '18 98 '16 available BEADING COMPANY Jersey Central Coll. 48. Due April 1, 1961. Dated April 1, 1901. Interest payable April and Oct. 1. at J. P. Morgan & Co., New York, ' and a"c Philadelphia. Tax Statns — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $45,000,00 Outstanding 23,000,000 Issuable for Acquiring Addi- tional Central K. K. of N. J. Stock 22,000.000 Denomination — Coupon. $1,000. Register- able as to principal or fully reglsterable. Registered $1,000. C. & R. Interchangeable. Trustee — Pennsylvania Co. for Insurahces on Lives and Granting Annuities. Philadelphia. Redeemable at 106 and Interest on any In- terest date upon six months' notice. OrKanlzatlon — See Gen. 4s. ' Secured by a first lien on the toUowins •took, viz: Pledeed. Issued. Central R. R. of N. J.$14,E04.000 $27,436,800 Perklomen R. R 1,495,000 1,500,000 Port Readlns R. R...; 440,000 2,000,000 $16,439,000 $30,936,800 The Central R. R. Co. of N. J. owns 372 miles of road from Jersey City to Bayslde and Bivalve, at the southern end of New Jer- sey, and to PhllUpsburg. N. J., controls 29 miles be branches and leases 192 miles of road from Phillipsburs to Wilkes-Barre and Scranton, Pa., and controls extensive anthra- cite coal properties. This road furnishes an entrance into New York for the Philadelphia ft Reading Ry. Co. and the Baltimore & Ohio R. R. Co. Dividends on the stock are beins paid at the rate of 12% per annum. The averasre annual earnings applicable to divi- dends in the^ast four years exceeded 20% on the stock. The Perklomen R. R. Co. owns 38.23 miles of road from Perkion^en Jet. to Emaus, near AUentown, Pa. Dividends of 7% per annum are being paid on this stock, and average earnings applicable to dividends have been equal to more than 12% per annum on the stock. The Port Reading R. R, Co. owns 21.16 miles of road from Manvllle to Port Reading, N. J., affording the tidewater outlet on New York Harbor. Since 1909 annual dividends of 12% have been paid on this stock. The company covenants not to sell or en- cumber any of the stock pledged hereunder, that it will exercise its voting rights so as to retain majority control (where stock pledged is a majority of the Issue), and that it will not permit any increase of same. Iitsted on the New York and Philadelphia Stock Bxcbanges. Years ended Dec. 31: I Net. •Deductions. 1919 ;15,648,729 $6,277,427 1918 16,792,961 6.998,613 1917 16,696,168 5.915,926 1916 5.077,162 5.633,966 •Taxes, rentals and interest. Original Uarket — $23,000,000 offered In Feb.. 1901, at 94 and Interest by J. P. Mor- gan ft Co., New York, and Drexel & Co., Philadelphia. Uarket. New York — Simon Eorg & Co., Arthur E. Frank & Co., Hodenpyl, Hardy & Co., New- born & Co., Redmond & Co., Struthers & Hiscoe. Philadelphia — ^Barnes & Lofland, Biddle & Henry, Brown Bros. & Co., Elkins, Morris & Co., Harper & Turner, McCown & Co., J. P. Magill & Co., Reed A. Morgan & Co., Morley, Wood & Co., Parsly Bros. & Co., Isaac Starr, Jr., & Co., Wheeler, Elliot & Mann. Price Bangs — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, 'Zl 1980 Coupon. High 101% Mar. 17, '06 96 Oct. 27 Low. 72 Apr. 22, '20 72 Apr. 22 BEADING COMPANY WUmlngton & Northern B. B. Stock Trust 4% Certificates, pay- able when redeemed. Dated March 1, 1900. Interest payable March, June, Sept. and Deo. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid ■by company without deduction. Tax exempt in Pennsylvania. 113 Aathorized 'MKJ Oatstanding ;.^'^'^'" Denomination— Registered. $1,000. ■ Tmstee— Glrard Trust Co., Philadelphia. Redeemable at 106 and Interest on 30 dayr notice. Organization — See Gen. 4s. „ .. • Secnred by deposit with the Trustee of $1 496 400 out of $1,600,000 capital stock Of the Wilmington & Northern R. R. upon which 3%% dividends are guaranteed by the Phila- delphia & Reading Ey. Co. under 999 years' lease. The W. & N. R. R. Co. owns 90.44 miles of road, of which 40 miles are double- tracked from Birdsboro, near Reading, Pa., to Wilmington, Del., subject to mortgage at the rate of $4,400 per mile. I/isted on the Philadelphia Stock Exchange. Original Market — Offered in 1904 at par and Interest by Drexel & Co.. Philadelphia. Market. New York — Simon Borg & Co. ■ Philadelphia — Biddle & Henry, Henry D. Boenning & Co., Huntoon & Co., Parsly Bros. & Co. Price Bange. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '10 85 Jan. .. Low. 60 '20 66 '20 . 60 Deo. 66 Deo. BEADINO CO. AND TBOi PHELADELPHIA ft BEADING COAI, Si IRON CO. Gen. 48. Due Jan. 1, 1997. Dated January 6, 1897. Interest payable Jan. and July 1, at J. P. Morgan & Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Aathorized $136,000,000 Outstanding' (Jan. 1, '21)... 93,269,000 Held in Treasury 2,711,000 Retired by S. T 10,194,000 Reserved for Prior Liens... . 2S,826,00(^ Denomination — Coupon, $1,000. Registerable as to principal only or fully registerable. Reg- istered, $1,000. $6,000 and $10,000. Trastee— Central Union Trust Co., New York. Sinking Fund — In any year in which divi- dends are paid upon its preferred or common stock, the Reading Co. shall also pay to the Trustee as a sinking fund five cents per ton upon all coal mined in the preceding year from the lands owned by the Coal Co. Thi« sum shall be applied to the purchase of these bonds at not exceeding par. If bonds are not so purchasable fund shall be invested in se- curities legal for New York Savings Banks. Organization — Incorporated in Pennsylvania, in 1871 as the Excelsior Enterprise Co. Pres- ent title adopted in 1896 when the company acquired all of the property of the P. & R. R. R Co., with the exception of its railroad and appurtenances which were acquired by the Philadelphia & Reading Railway Co., and all of the property except coal and iron lands and their equipment, of the Philadelphia & Read- ing Coal & Iron Co. The company now con- trols through ownership of their entire capital stocks companies owning 2,218 miles of road. The company also owns the entire capital stock of the P. ft R. C. & I. Co. Capitalization. Outstanding. Common $69,994,700 1st Pref. (4% non-cum.) 27,991,200 2a Pref. (4% non-cum.) 41,970,650 Funded debt 118,612,016 Secnred under a Joint mortgage of the Read- ing Co, and the Philadelphia & Reading Coal & Iron Co. on a first lien on the entire $20,- 000,000 F. & R. Ry. Co. purchase money mortgage 6s, which are secured by a first Hen on ' 30 milea of branch and connecting Fhila. & Chester Valley R. R- lines, a third mortgaee on 167 miles of road from Auburn to RockviUe, Lebanon Jet. to Brookside, Locust Summit to Herndon. Locust- dale to St. Nicholas and branches, subject to prior liens at the rate ot $38,100 per mile, and a fourth mortgage on 147 miles of road from Philadelphia to Mt. Carbon and from Reading to Harrisburg, subject to prior liens at the rate of (66,400 per mile. The entire capital stock, $42,481,700 of the P. & R. Ry. Co. is also deposited under this mortgage, as Is practically the entire $8,600,000 capital stock of the P. & R. Terminal R. R. Co., which owns the Reading Terminal and ap- proaches in Philadelphia, subject to $8,600,000 bonds. Further secured by a first lien on the leasehold interest of the Philadelphia & Read- ing Ry. Co. in about 600 miles of road, and a first lien on $19,500,000 other stocks and $14,260,000 bonds of subsidiary companies of the Reading Go. These bonds are also se- cured by a second mortgage on about 100,000 acres of coal land in the anthracite coal fields of Pennsylvania and a first lien on the stocks and bonds of several coal companies, owned by the P. & R. C. & I. Co. The following is a detailed list of the se- curities mentioned above: The Reading Company pledges the follow- ing security: Ail real estate acquired from the old Philadelphia & Reading R. R. Co.; all its rolling stock and equipment, rail and marine; and all property acquired with pro- ceeds of this issue or appurtenant to the mortgage premises, together with the follow- ing securities: Allentown R. R. Stock $1,071,400 Atlantic City R. R. 1st Cons. Mtge. Bonds Atlantic City R. R. Pfd. Stock. . Atlantic City R. R. Common Stock Catasauqua & Fogelsville R. R. Stock Catawissa R. B. 1st Cons. Mtge. Bonds Catawissa B. R. 1st Pfd. Stock. . Catawissa R. R. 2d Pfd. Stock. . . Chester & Delaware River B. B. Stock (entire issue) City of Phila. 3%s. 1921 City of Phila. 3%s. 1934 Colebrookdale B. R. Bonds Colebrookdale R. R. Stock Danville & Shamokin R. R. Stock Delaware River Ferry Co. of N. J. Stock (entire issue) East Mahanoy R. R. Stock East Pennsylvania R. R. Stock . . ' Gettysburg & Harrisburg Ry. Bonds . . .' Gettysburg & Harrisburg Ry. Stock Middletown & Hummelstown R. R. Ftock (entire issue) Mill Creek & Mine Hill Nav. & R. R. Stock Mine Hill & Schuylkill Haven R. B. Stock Mt. Carbon & Pt. Carbon B. B. Stock Norristown Jet. B. R. Stock (en- tire issue) North East Pennsylvania B. R. Stock North Pennsylvania R. R. Stock.. Peoples' Ry. Bonds Peoples' Ry. of Pottsville Stock. . . Perkiomen R. B. Bonds Philadelphia Belt Line R. R. Pfd. Stock Phila. & Chester Valley B. B. Pfd. Bonds 39,000 998,550 2,595,000 261,626 186,000 11,400 16.,600 247,600 100,000 400,000 693,400 276,600 245,000 490,000 280,000 1,271,450 18,000 535,000 170,000 47,600 81,000 37,600 17,600 Non-Pfd. Bonds 47,000 Phila. & Chester Valley R. B. Pfd. Stock -205,100 Phila. & Chester Valley R. B. Com. Stock 460,000 Phila. & Prankford E. E. Stock (entire issue) 498,960 Phila., Harrisburg & Pittsburgh B. R. Bonds 1,472,000 Phila., Harrisburg & Pittsburgh R. B. Stocks (entire issue) 1.996,000 Phila., Newton & New York B. B. Bonds 849,100 Phila., Reading & Pottsville Tele- graph Co. Bonds 200,000 Phila., Reading & Pottsville Tele- graph Co. Stock 18,450 Phila. & Reading Ry. 6s. 1997 20,000,000 Phila. & Reading Ry. Stock (en- tire issue) 42,476,700 Phila. & Reading Coal & Iron Stock (entire issue) 7,9^5,000 Phila. & Reading Terminal R. R. Stock (entire issue) 8,497.500 Pickering Valley R. R. Bonds 332,300 Pickering Valley R. R. Stocks... 60,000 Port Reading R. R. Stock (en- tiro issue) 1,665,000 Reading & Columbia R. R. Bonds. 1,046,000 Reading & Columbia R. R. Stock.. 786,000 Reading Iron Co. Stock (entire issue) 998.000 Rupert & Bloomsburg B. R. Stock (entire issue) 48,000 Schuylkill & Lehigh R. R. Bonds. 109,000 Schuylkill & Lehigh E.'-B. Stock (entire issue) 598.000 Schuylkill Navigation Co. Loan, 1872 1,685,690 Schuylkill Navigation Co. Loan. 1882 3,940,646 Schuylkill Navigation Co. Loan, 1880 228,000 Schuylkill Navigation Co. Loan, 1896 1,181.000 Schuylkill Navigation Co. Boat & Car 1,320,050 Schuylkill Valley Navigation & B. R. Stock 61,000 Shamokin, Sunbury & Lewisburg B. R. Stock (entire issue) 1,996,000 Slatington R. R. Stock 19,500 Swedes Ford Bridge Co. Stock. . . 9,000 Tamaqua, Hazleton & Northern R. R. Bonds 300,000 Tamaqua, Hazleton & Northern R. R. Stock (entire issue) 295,000 Trestle Realty Co 181,600 $112,768,861 Note. — The $8,497,600 stock of the P. & R. Terminal B. B, is subject to prior pledge under the P. & R. R. B. Terminal 5s. due 1941. The P. & R. Ry. 6s, due 1997, are a lien, subject to $26,325,717 prior liens, upon prac- tically all the property and leaseholds of the Philadelphia & Reading Railway. The Coal & Iron Company pledges all Its coal lands, iron lands and real estate; all railroads, branches and sidings; all coUeriea, buildings and the following securities: 316.000 Bonds. Stocks. 670,960 Preston Coal & Imp. Co 63.600 Fulton Coal Co 317,635 161,100 Locust Gap Imp. Co. 624.920 Tremont Coal Co. . . 900,000 6s 2,967.850 78,000 Mammoth Vein Coal & Iron Co 209,000 8s 603.860 26.000 Delaware Coal Co. . 259.160 Prior Ijiens — This mortgage provides tor the retirement of the following Issues aeBregat- Ing $27,384,717. Fhlla. & Reading Coal & Iron Co., Phila. & Reading R. R. Coll. 4a, 1932 $870,000 P. & R. R. R. Bxtd. 1st 5s, 1933.. 2,696,000 P. & R. R. R.-P. & R. Coal & Iron Co. Cons. 4s, 1937 6,766,717 P. & R. R. R.-Term.' 6s, 1941 8,600.000 P. & R. R. R.-Delaware River Term. 6s, 1942 600,000 P. & R. R. R.-Delaware River Term. Extn. 6s, 1942 634,000 P. & R. R. R. Impt. 4s, 1947 9,328,000 Ijegal for Baltimore Trust Funds. Zjisted on the New York and Philadelphia Stock Exchanges. Original Market — $18,000,000 offered In 1911 by J. P. Morgan & Co., New York, and Drexel & Co., Philadelphia, at prices to yield 4%%. Market. New York — Simon Borg & Co., Arthur E, Franic & Co., Granger & Co., Newborg & Co., Prince & Whitely, Redmond & Co., Struthers , & Hiscoe. Philadelphia — Biddle & Henry, Blkins, Morris & Co., Harper & Turner, J. P. Ma- gill & Co., Paraly Bros. & Co., Reed A. Mor- gan & Co., J. W. Thompson & Co., Wheeler, Elliott & Mann. St. I.«uis — Francis Bros. & Co. Price Range — N. T. S. B. Jan. 1, '06, to Jan. 1, '81 1920 High 102% Jan. 9, '06 88 Nov. 4 Low. 71 Apr. 21, '20 71 Apr. 21 READING COMPANT Eauip. Tr. 4%s, Series "F." Dae S300,000 each Jan. 1 and Jnly 1 to Jnly 1, 19%6, Inclnslve. Dated Jan. 1, 1916. Interest payable July 1 and Jan, 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in Pennsylvania. Anthorized $6,000,000 . Outstanding- (Jan. 1, '21) 3,300,000 Balance Retired. Trustee — Pennsylvania Co. for Insurances on Lives & Granting Annuities, Philadelphia, Secured by an equipment agreement on the following equipment contracted for in 1916, costing $7,623,601, viz.: 60 Mikado type Locomotives. 6 Mallet type Locomotives. 5 Pacific type Locomotives. 2,600 Steel Hopper Coal Cars. 1,000 Steel Underframe Box Cars. 500 Steel Underframe Gondola Cars, 20 Steel Passenger Cars. 10 Steel Combination Passenger and Bag- gage Cars. Original Market — $4,800,000 offered August, 1918, by Drexel & Co., Philadelphia, on a 6% basis. Market. See Series "G." READING COMPANY Eanlp. Tr. 4%8, Series "G." Due $450,000 each Jnly 1 and Jan- nary 1, to January 1, 1937, inclnslTe. Dated January 1, 1917. Interest payable July 1 and January X. at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in Pennsylvania. Authorized $9,000,000 Ontstanrttnff (.Tan. 1, '21) 5,400,000 Balance Retired. Trustee — Pennsylvania Company for Insur- ance on Lives and Granting Annuities, Phila- delphia. Secured by an equipment agreement on the following equipment contracted for during the 11 latter part of 1916 and early part of 1917, and costing about $12,061,723: 20 Consolidation type Locomotive*. 26 Mallet type Locomotives. 10 Pacific type Locomotives, 2,000 Steel Hopper Coal Cars. 1,000 Steel Underframe Box Cars. 1.000 Steel Underframe Gondola Cars. 40 Steel Passenger Coaches. 10 Steel Combination Coaches. Original Market — $7,200,000 offered Febru- ary, 1919. by Drexel & Co., and Townsend, Whelen & Co., Philadelphia, on 614% basis. Market. New York — Simon Borg & Co., Evans, Stillman & Co., Freeman & Co. Pliiladelphia — Biddle & Henry, Brown Bros. & Co., Elkins, Morris & Co., Morley, Wood & Co., Paisly Bros. & Co. BFJUINGTON TYPEWRITER CO. 1st ConT. 6s, Due $550,000 annually Jan. 1, 1917 to 1926, Inclusive. Dated Jan. 1, 1916. Interest payable Jan- uary 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New York State. Authorized $7,500,000 Outstanding (Jan. 1, '21) 1,487,500 Retired 2,793,500 Held in S. F 2,000 Converted 1,217,000 Reserved for Ext 2,000,000 Denominations — Coupon, $500 and $1,000. Registerable as to principal and exchangeable for fully registered bonds which are recon- vcrtlble. Trustee — Columbia Trust Co., New York. Redeemable as a whole or in part by earliest serial maturities at 102% and Interest on any interest date upon six weeks' notice. Convertible after Jan. 1, 1918, into first pre- ferred cumulative 7% stock, which will be redeemable at 110 and dividends. If bonds are called for redemption conver- sion privilege remains in force to 21 days prior to redemption date. Organization and Control — Originally Incor- porated in 1893 in New Jersey as the Union Typewriter Co. Reincorporated in New York 1909. In 1913 changed name to Remington Typewriter Co. after taking title to the plants of controlled companies, viz. : Wychoff, Sea- mans & Benedict, Yost Writing Machine Co., American Writing Machine Co., Monarch Typewriter Co., Smith-Premier Typewriter Co. and Densmore Typewriter Co. Company's plants are located at Ilion, N. Y., Flushing, L. I., Syracuse, N. Y., and Bridgeport, Conn. Control of the company is vested In a votlnc trust consisting of five voting trustees. Capitalization. ■ Outstanding! Common $10,000,000 1st Pref. (7% cum.) 5,217,000 2d Pref. (8% cum.) 6,000,000 Funded debt 1,650,000 Secured by a first mortgage on the entire property of the company, including real estate, buildings, machinery and equipment, replace- ment value appraised December, 1916, at $4,990,000. Current assets as of June 30, 1916, amounted to over $9,900,000. Total value of physical property and current assets $14,900,000. Years ended Dec. 31; Net. Dep'n Bond Int. 1920 $2,026,885 $351,900 $96,526 1919 3,327,458 300,200 116.549 1918 2,469,031 286,500 264,000 1017 2,256,134 282,000 297.000 1316 2,$15,946 278,100 322,387 1915 1,127,667 324,797 273,761 Original Market — $6,600,000 offered Janu- ary, 1916, by 'Wm. A. Head & Co., New fork, Boston, etc., on the following basis: }l\l~i)^^'- 1918—6%, 1919—6%%, 1920 to 1 y 2 fa — 6 % . „ , Market. Boston— Wm. A. Read & Co. New York — F. H. Hatch & Co., L,. A. Nor- '°5ii.^- * C- Randolph, Wm. A. Read & Co. Utica — W. D. Ivyon & Co. Price Ranee. Jan. 1, '17, to Jan. 1, '21 19«0 Bid. Ask. Bid. Ask. High 100 '17 102% '17 98 Jan. 100 Jan. Low. 92 '18 94 '18 95 Dec. 100 Dec. BEayO POWBB, UGHT & WATER CO. 1st Cons. 6s. Uue July 1, 1944. Dated July 1, 1904. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. . Authorized Closed mortgage. Ontstandinff ( Jan. 1, '21) $378,000 Held in S. 1? 72,000 Reserved for Prior Uens 210.000 Trustee — Mercantile Trust Co., San Fran- cisco, Cal. Redeemable at 110 and interest, decreasing at 100% and Interest. Sinking I'und^l.2% of bonds issued per annum, payable April 1, increasing to 1.7% by maturity. Oi'ganization and Control — Incorporated in Nevada in 1904. Controlled by Sierra Pacific Electric Co. through ownership of entire capital stock. The Sierra Pacific Electric Co. is under the management of Stone & "Webster. Capitalization. Outstanding. Common $1,000,000 Funded debt 697,000 Secured by mortgage on plants supplying electricity and water to Reno, ' Nevada. Franchise expires in 1954. Prioi' liiens — $211,000 Nevada Power, Light & Water 1st 6s of, 1932. Years ended Dec. 31 (Sierra Fac. El.): Gross. Net. Int.&S.F. 1920 $779,244 $339,718 $72,448 1919 681,891 302,139 71,229 1918 721,297 366,537 82,696 1917 681,133 363,437 81,949 Market. New York — Hartshorne & Battelle, Fred H. Hatch & Co. Piice Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. High 100 '12 103 '08 Not Low. 90 '16 102 '13 available BEMSSEiLASSR £ SARATOGA RAILROAD 20- Year 1st 6s. Due May 1, 1941. Dated May 1, 1921. Interest payable May and Nov. 1, at Delaware & Hudson Com- pany's office, 32 Nassaii Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding 2,000,000 Denomination — Coupon, $1,000. Register- as to principal. Registered $1,000, $5,000 and $10,000, C. & R. .interchangeable. Trustee — United States Mortgage & Trust Co., New York. Guaranteed as to interest under tei'ms of lease and by endorsement by the Delaware & Hudson Co. Orgranizatlon and Control-*— Incorporated in New York In 1832. The Delaware & Hudson Co. owns $800,000 of the $10,000,000 stock and leases the property into perpetuity at a rental equivalent to interest, taxes, mainte- nance expense, 8% per annum on the stock and $1,000 per year for organization ex- penses. „ . .. J, • Capitalization. Outstanding. Common $10,000,000 Funded debt 2,000,000 Secured by a first mortgage on 148.65 miles of road owned in fee, and on 40.61 miles of leaseholds on lines which are en- tirely free from mortgage, and on which no prior lien mortgage may be placed; also on all other property now owned or hereafter acquired, viz. : A first lien on 148.65 miles — Troy to Ballston, N. Y 24.37 Saratoga Springs to Whitehall, N. Y. .. 40.73 Whitehall, N. Y., to New York-Ver mont State. Line 6.63 Rutland, Vt., to Eagle Bridge, N. Y... 62.46 Fort Edward toj^ake George, N. Y 14.46 This road forms a part of the D. & H. Co.'s main line from Scranton, Pa., and Binghamton, Albany and Troy, N. Y., along Lake Champlain to Montreal, Canada. Legal for savings banks in Cal., Conn., Me., Mich., Minn., N. J., N. Y., R. I. and Wis. Listed on the New York Stock Exlhange. Original Market — $2,000,000 offered May, 1921, by Kuhn, Loeb & Co. at 103% and interest. Market. New York — Redmond & Co., Remlck, Hodges & Co., Taylor, Smith & Hard. 1133! RBFIIBLIC IRON & STIiEL CO. 10-30 Year S. F. 6s. Due April 1, 1940. Dated April 1, 1910. Interest payable April and Oct. 1, at Central Trust Co., New York. Tax Status — 2% Federal Income Tax paid. by company without deduction. Authorized $25,000,000 Outstanding (Jan. 1, '21) 12,510,000 Retired by S. F 6,86S,00(h Purchased and Held by Com- pany 491,000 Reserved for Ext 5,131,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Registered, $1,000, $5,000 and multiples ot $5,000. C. & R. interchangeable. Trustees — Central Union Trust Co., Now York, and Geo. W. Davison. Redeemable for sinking fund at 105 and interest on any October 1, or as a whole on any Interest date beginning April 1, 1920, upon eight weeks' notice. Sinking Fund — $250,000 in cash or these bonds at face value annually on April 1, and in addition an amount equal to 2 % % of all bonds issued over $10,000,000. The sinking fund is to be increased by the excess amount whenever the annual production of ore from the mines owned or leased by the company exceeds $500,000. This sinking fund is to be applied to the purchase of these bonds at not over 105 and interest, or to their re-., demption as above. Bonds so acquired to be cancelled. Organization — Incorporated in New Jersey In 1899. The company owns rolling mills and factories at Youngstown, Ohio, 6 plants; B. Chicago, Ind. ; Moline, 111., and Muncie, Ind. ; blast furnaces at YoungstOTvn, 2 plants, 6 stacks: Sharon, Pa., 1 stack; Newcastle, Pa., 1 stack, and Thomas, Ala., 3 stacks; ore mines at Virginia, Minn., 3 mines; (Gil- bert, Minn., 2 mines; Iron River, Mich., 2 mines: Negaunee, Mich., 3 mines; Keewatin, Minn., Kinney, Minn., and Birmingham, Ala.^ 5 mines; coal mines and coke plants at Re- public, Gans and Martin, Pa., and Birming- ham, Ala., 4 plants, and limestone quarries at Birmingham, Ala. The annual capacity- of the plants exceeds 1,000,000 tons of fin- ished products and 1,170,000 tons of pig Ironi - per annum. Capitalization. Outstanding. Common $30,000,000 Preferred (7% cum.) 25,000,000' Funded debt 13,474,000 Secured by . a first mortgage on all of the- property of the company as described above* and on securities of numerous subBldiarles. Tears ended Dec. 31: Gross. Net. Interest. 1920 $76,34S,220 $8,354,489 $737,!l67 1919 46,872,345 2,874,699 733,403 1918 76,224,110 8,630,110 738,182 1917 78,325,461 16,616,632 759,335 1916 62,844,018 15,647,900 868,737 lilsted on the New York Stock Exchanse. Oiieinal Market— $6,000,000 offered In 1910 by Hallsarten & Co., ana J. & W. Seligman & Co., New York; $2,000,000 in Sept., 1912. by Blair & Co., at market. Offered In April, 1916, by Blair at Co., at 93 and interest. Market. New York — Finlay & Davenport, Arthur E. Frank & Co., Sam'l Goldsohmidt, J. H. Holmes & Co. St. Louis — Francis Bros. & Co. Pittsburgrli — Moore," Leonard & Lynch, stout & Co. Price Ranee — ^N. Y. S. E. Jan. 1, '13, to Jan. 1, '21 1920 High 102% Nov. 21, '16 96 Jan. 6 Low. 80% June 1, '29 80% June 1- Co., Geo. H. Burr & Co. and A. B. Leach & Co., Inc., New York, etc. Market. New York — Morton Laohenbruch & Co., Salomon Bros. & Hutzler, Hanson & Hanson. Price Kanse Jan. 1, '19, to Jan. 1, '21 1920 Due 1921. Ask. Bid. 100 '19 94 June 98 '20 92 Nov. Due 1922. 100 '19 93 June 95 '20 90 Nov. Due 1923. 100 '19 92 June 99% Apr. 92 '20 89 July 92 Sept. High Low. High Low. Bid. 99 '19 92 '20 98% '19 90 '20 Ask. 98 June 98 Nov. 98 June 95 Nov. High Low. 98% '19 89 '20 Dne Oct. 1, EEPUBLIC MOTOR TRUCK CO., INC., Ist & Coll. Tr. 7s. Due each Nov. 1, as fol- lows: $500,000, 1920; $500,000 1921; $1,000,000, 1922, and $1,000,000, 1923. Dated November 1, 1918. Interest payable May 1 and Nov. 1, in New York. * Tax Status — 2% Federal .Income Tax paid bv company without deduction, Aathorized $3,000,000 Outstanding (Jan. 1, '21) 2,600,000 Matured and Paid 500,000 Purpose of Issue — To reduct current float- ing indebtedness and to provide additional working capital. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Bankers' Trust Co., New York, and Guardian Saying.=) & Trust Co., Cleveland. Redeemable in whole or in part, on any in- terest payment date, on thirty days' notice at the following prices, plus accrued interest: 102 for notes with 4 years or more to run from redemption date. 101^ for notes with 2 years or more but less than 4 years to run. 101 for notes with 2 years or more but less than 3 years to run 100 1/^ for notes With less than 2 years to run. Organization — The business of the company was established in 1913, the corporate form being changed in 1916 from Michigan to New York. The company owns the entire common stock of the Torbensen Axle Company and through that company contrels the Powelok Co., a gear manufacturing company at Cleveland. It also owns the capital stock of the Republic Truck Sales Corp. Capitalization. Outstanding. Common (no par) lOO.OOOshs. Preferred (7% cum.) $830,200 Funded debt 2,500,000 Secured by a first mortgage on all the fixed assets of the Republic Motor Truck Co., Inc., now owned or hereafter acauired and by pledge of the entire common stock of the Tor- T?enaen Axle Co. The plant of the Republic Company is lo- cated at Alma, Mich., and has an expanse of approximately 40 acres; the Torbensen Axle Company has a plant at Cleveland, Ohio, oc- cupying 4 acres, and the Powelok Co., a plant at Cleveland, which occupies 2% Prior Men — The Torbensen Axle Co. has outstanding $740,000 7% preferred stock, and $23,000 purchase money obligations. Original Market — $3,000,000 offered Decem- ber 1918, at 99%, 99. 98% and 98 and Inter- est for respective maturities by Hallearten & 11S4 BBTSOF MINING Ctt 1st 5s. 1925. Dated Jan. 1, 1895. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,500,000 Outstanding (Jan. 1, '21) 491,000 PuTCliased & Held by Inter- tional Salt Co 2,009,000 Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Orgranization and Control — Incorporated In New York in 1886. Controlled by the International Salt Co. through ownership of the entire capital stock. Capitalization. Outstandlngr. Common $2,501,000 Funded lebt 2,500,000 Secured by a first mortgage on 640 acrea of land and mining works and plants at Livonia, Grelgsvllle and Retsof, N. Y. Underlies — International Salt Co. 1st Cona. Coll. Tr. 6s. Earnings — See International Salt Co. Market. New York — Hartshorne & Battelle, Fred H. Hatch & Co., Morton Lachenbruch & Co., J. K. Rice, Jr., & Co., Tobey & Kirk. Scranton, Va. — J. H. Brboks & Co., Charles E. Robertson, W. F. Stetter & Co., Weissen- fluh & Co. Price Rangre. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 68 '17 73 '18 76 Dec. 80 Dec. Low. 53 '17 67% '16 67 June 72 Nov. REYNOLDS (B. J.) TOBACCO CO. S-Year 6% Notes. Due Aug. 1, 1922. Dated Aug. 1, 1919. Interest payable Feb. 1 and Aug. 1, at Bankers' Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $15,000,000 Outstanding: 15,000,000 Purpose of Issue — To provide working capital. Denomination — Coupon, $1,000; register- able as to principal. ■Trustee — Bankers' Trust Co., New York. Redeemable on any Interest date on 30 days' notice at the following prices and In- terest: 102, having two years or more to run: 101, Having one year or more to run, but less than two years to run; 100%, Hav- ing less than one year to run. Organization — Incorporated In New Jersey In 1899. Manufactures and sells plug, twist and smoking tobacco and cigarettes. Manufacturing plants located at Winston- Salem, N. C, Jersey City, N. J., Louisville, Ky., and Richmond, Va. Leaf plants at Danville, South Boston & Martinsville, Va., Lexington, Maysville and Springfield, Ky., Mount Airy, Reidsvllle, "Wilson, Hender- son and Rocky Mountain, N. C. Capitalization. Outstanding- Common $10,000,000 Common New "B" 50,000,000 Preferred (7% cum.) 20,000,000 Funded debt 15.000,000 Security — A direct obligation of the Com- pany, but not secured by a mortgage. The Company has no mortgage indebtedness. Under the terms of the Trust Agreement the Company covenants that it will not mort- gage or pledge any of its real or personal property, except United States Government obligations; that It will not sell any of Its real estate, plants, brands, trade-marks or patents, unless it pays over to the Trustee cash to the amount equal to the cash value received from such sales, to be used to pur- chase notes in the open market, or applied to the redemption of these notes and tliat quick assets shall* at all times be main- tained In a sum equal to at least twice„the amount of notes outstanding and all other liabilities, except notes secured by United Stat-es Government obligations. Years ended Dec. 31: *Net. 1920 $10,691,293 1919 11,272,753 1918 7,042,763 1917 10,340,345 ♦After- all charges and Federal Taxes. Origrinat Market — $15,000,000 offered Au- gust, 1919, by Bankers Trust Co., and Bern- hard, SchoUe & Co., New York, and Wa- chovia Bank & Trust Co., Winston -Salem, N. Co., at 100 and Interest. Market. New York — T. Hall Keyes & Co., Salomon Bros. & Hutzler. Boston — Curtis & Sanger. Philadelplila — McCown & Co. I^nisville, Ky. — Fidelity & Columbia Trust Co. Price Kan^e 1920 Bid. Ask. High 99% Feb. 100 Jan. Low 95 Sept. 95% May, RICHI^AND PUBLIC SERVICE COMPANY (THE) 2- Year 7% Secured Notes. Due Mar. 15, 1922. Dated Mar. 15, 1920. Interest payable Mar. 15 and Sept. 15, at Union Trust Com- pany, Chicago. Tax Status — 2% Federal Income Tax paid by the company' w^Ithout deduction. Authorized $1,500,000 Outstandinsr 850,000 Reserved for Ext 650,000 Provisions of issue — Additional notes may be issued only by pledging additional bonds In the amount of $1,500 par value of bonds for each $1,000 par value of notes, when net earnings for a period of twelve consecutive calendar months, ending only sixty days prior to the issuance of such additional notes, shall have been at least twice the total annual interest charges on bonds and notes then outstanding In the hands of the ) public, and all additional notes to be Issued. Denomination — Coupon, $100, $500 and $1,000. Trustee — Union Trust Company, Chicago. Redeemable on 2S days' notice on the 15th of any month on or prior to Mar, 15, 1921. at 102 and interest, and thereafter before maturity at 101 and Interest.' Orgranization and Control — Incorporated In Ohio in 1917. On April 1, 1918, acquired the properties of the Mansfield Public Utility & Service Company, Mansfield Electric Light & Power Company and Mansfield Gas Light Company. , ^. ^ x. Controlled through ownership of entire capital stock by the Cities Service Company- Capital! nation. Outstanding. Common , ' -^'^iMii Funded debt 1,925,000. Secured by pledge of $2,O00,a00 - of a 1135 total outstanding of $2,7*2,000 First & Ref. 5s, due Oct. 31, 1937. This latter issue is se- cured by a first mortgage on electric plant at Melco, Ohio, and a general mortgage on the remainder of the property of the com- pany, which includes the electric ligiit, power and street railway system in Mans- field, Ohio, the Interurban railway between Mansfield and Shelby, and a gas distribution system supplying- natural gas in Mansfield. The company also furnishes electric cur- rent to the local company at Ashland, Lon- donville and Perrysville, Ohio. The properties of the company comprise: A steam power station of SO.OOO k. w.,- about 12 miles from Mansfield; - - ■ ' A high tension transmission system of 52 miles ' extends to th-e- conipany's subSLtatloh at Mansfield, and to the sub-station of thQ' Ashland Gas & Electric Company 'at Ash- land; also feeds system, of Ohio Power Co.j An electric distribution eystenj at Mana- field and Lucas. An Interurban railway system, 11 miles In length, connecting' Mansfield with Elhelby, In- cluding passenger and freight depot at- Mansfield. ' , ' A city railway system of 11.22 miles in, the City of Mansfield, together with bam and shops. , ," , ■ , ' A gas distri,bution system of 37-41 raileS^ of mains for the distribution of natural gas,' which is supplied to the - company by the- Mediua Gas & Fuel Company. - ' ' The franchises are without tfhie limit or extend beyond the maturity of these notes. - Company also supplies the towns of Lon-' donvilUe and Perrysville, Ohio, . through a. distributor. Prior Xlens — Outstanding.. Citizens Electric Railway, Light & Power 1st 6s. 1923 $200,000 Car Trust 7s. due Serially to Nov. - 1, 1923 24,000 Year ended Dec. 31: - ■ -i Gross. Net. Interest. 1920 $1,154,308 $295,503 $147,100 1919 893,428 224,616 108,840 Original Market — $ 850,000 offered Mar. . 1920, by Ames. Emerlch & Co., Chicago, New York and Milwaukee, at 98% and Interest. ' Market New York — Ames, Bmerich & Co. Price Range 1920~Ask 98.20, 97% Nov. RICHMOND & ALLEGHENY RAILWAY CO. 2nd Cone. 4s. Dae Jan. I, 1989. See Chesapeake & Ohio Ry., Richmond & Allegheny Div. Ist Cons. 4s, 1989. RICHMOND & DANTILLE RAILROAD CO. Deb. 5s. Due April 1, 1027. Dated April 1, 1882, Interest payable April and Oct. 1, at J. P. Morgan & Co., New York. Originally 6% Income bonds, but in- terest reduced and made a fixed charge in 1895. Tax Status — Pasonent of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $3,368,000 Denomination — Coupon, $1,000, Trustee — Central Union Trust Co., New York. Control — Acquired under foreclosure sal* in 1894 by the Southern Ry. Co. Secured by first mortgage on 140 miles of road from Danville to Richmond, Va. I Underlle^-^Southem Ry, Cons. Bs of 1994, under which bonds are reserved for the re- tirement of this Issue and Dev. & Oen. 4s of 1050. Xiegal for Baltimore Trust Funds. listed on 'the New York Stock Exchange. Market. New York — Sara'l Goldschmidt, Chas. W. Place, Prince & 'Whitely, Redmond & Co., Raymond M. Smith, Taylor, Smith & Hard, Vilas & Hickey. . Baltimore — Barroll, Corkran & Co., Brink- man & Co., Jenkins, Whedbee & Poe, How- ard R. Taylor & Co. Price Banee — ^N. 1. S. E. Jan. 1, '06, to Jan. 1, 'gl 19«0 High H4y2 Feb. 13, '06 91 Oct. 29 Low. 87% Nov. 19, "20 87% Nov. 10 KICHMOND & UECKLEMBCBO BAILBOAD CO. 1st 4b. Due Nov. 1, 1948. Dated November 1, 1898. Interest payable May and Nov, 1, at J. P. Morean & Co., New Tork. Tax Statns — 2% Federal Income Tax paid by company without deduction. Antiiorized and OntstandinE $315,000 Denomination — Coupon, $1,000. Trastee— Virginia Trust Co;, Richmond. Gaaranteed as to Interest under terms of lease by the Southern Ry. Co. Oreanization and Control — Incorporated In Vlreinla in 1876. Leased In 1898 to the Southern Ry. Co. for 60 years at an annual rental equal to the interest and taxes. Of the $362,703 capital stock of the Richmond & Mecklenburg R. R. Co. the Southern Ry. owns $300,000, all but $600 of which is pledged under its Dev. & Gen. 4s. Capitalization. Outstanding. Common $362,703 Funded debt 31g.000 Secured by a first mortgage on 31.30 miles of road from Keysville to Clarksvllle. Va. Befnnding — ^Bonds are reserved under the Southern Ry. Dev. & Gen. 4s of 1966 to re- tire this issue. Usted on the New York and Richmond Stock Exchanges. ' Market. New TTork — Carruthers, Pell & Co. Philadelphia — Henry D. Boenning & Co. Baltimore — Barroll, Corkran & Co. Price Bange — N. T. S. E. Jan. 1, '08, to Jan. 1, '21 1920 High 75 Oct. 7, '08 60 Feb. 17 Low. 60 Feb. 17, '20 60 Feb. 17 Baltimore — Barroll, Corkran & Co., Jen- kins, Whedbee & Poe. Price Bange, Jan. 1, '09, to Jan. 1, '21 Bid. Ask. High 104 '09 Low. 70 '20 100 '17 1920 Bid. 85 Jan. 70 July BICHMOND & FETEBSBUBO BAILBOAD CO. Cons, (now 1st) 4%b. Dae April 1, 1940. Dated April 1, 1890. Interest payable April and Oct. 1, at Brown Btos. & Co.. New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized Closed mortgage Outstanding $300,000 Denomintalon — Coupon, $1,000. Register- able as to principal, or fully registerable. Trustee — Central Union Trust Co., New York. Assumed by the Atlantic Coast Line R. R. Co. Control — ^Absorbed In 1900 by the Atlanltc Coast Line R. R. Co. Secured by first mortgage on 26.88 miles of road, viz; Miles. Richmond to Petersburg, Va 22.33 Clopton to James River, Va 4. 65 Underlies — ^A. C. L. Cons. 4s of 1962, Gen, Unified 4s and 4Hs. Bonds are re- served under the Gen. Unified mortgage of the A. C. L. R. R. Co. to retire th^s issue. Ijegal for savings banks in Cal.. Conn.. Mich., Minn., N. H.. N. J.. N. Y., R. I. and Wis; and also Baltimore Trust Funds. Market New York — Remick, Hodges & Co., Taylo--, Smith & Hard. Philadelphia — Isaac Starr, Jr. & Co. ii; BICHMOND, FBEDEBICKSBUBO & POTO- MAC BAILBOAD CO. Cons. VAs. - Dne April 1, 1940. Dated April 1, 1890. Interest payable April and Oct. 1, at Central Union Trust Co., New York, or Company's office, Richmond. Tax Statns — 2% Federal Income Tax paid by company without deduction. Anthorized Closed mortgage Ontstanding $600,000 . Denomintalon — Coupon, ' $1,000. Register- able as to principal, or fully registerable. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated in Virginia in 1834. In Feb., 1920. absorbed the Washington Southern Ry. $947,200 of the $1,316,900 common stock is owned by the Richmond-Washington Co. Capitalization. Outstanding. •Common $4,916,900 Guar. stk. 6 % ' 19,300 Funded debt 7,180,000 •Includes the equivalent of conmion stock in dividend obligations. Secnred by a second mortgage on 81.92 miles of road (double track) from Richmond to Quantico, Va., branch, and terminals in Richmond. This line forms a part of the only railroad between Richmond, Va., and Wash- ington, B. C. All passenger and freight traf- fic from points on the Atlantic seaboard south of Richmond to Washington, Baltimore, Phila- delphia, New Tork and points north thereof, passes over this road. Prior Liens — $600,400 R., F. & P. Guaran- teed Mtge. 6% & 7% stocks. Underlies — Gen. 3^s of 1943 which provide to retire this issue and which are all deposited under the Richmond-Washington Col. 4s of 1943. Years ended Dec. 31: Gross. Net. Int. & Rent. ♦1919 $1,136,673 $1,146,971 $601,176 •1918 1,137,374 1,236,447 448,138 1917 6.249,407 2,109,960 741,649 1916 3,721,202 1,769.667 660.C3« •Corporate account. Listed on the Richmond Stock Exchange. Legal for Baltimore Trust Funds. Market. Philadelphia — Wm. W. Fogarty, Isaac Starr, Jr. & Co. Baltimore — Barroll. Corkran & Co., Jen- kins, Whedbee & Poe. Price Bange. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High lOG '09 108 'OS 87 Jan. 96 Jan Low. 78 '20 84 '20 78 Sept. 84 Sept. BICHMOND LIGHT & BAILBOAD CO. (Staten Island, N. Y.) 1st Coll. Tr. 4b Dae Joly 1, 1952. Dated July 1. 1902. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $2,600,000 Reserved for Ext 300,000 nenomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New Tork. Receivership — John J. Kuhn was appointed on April 28, 1920. Organization — Incorporated in New York in 1902 as a consolidation. The company also owns the entire capital stock ($100,000) and bonds ($75,000) of the New Jersey & Staten Island Ferry Co.; also $260,000 stock of the New York Investment & Improvement Co. Capitalization. Outstandioe. Common $2,871,760 Funded debt 2,267.600 Secured by a first mortgage on 19 miles of electric railway from South Beach to Howland Hook and branches from Bichmond Ave. to Bulls Head and Clove Road; 12 miles of sec- ond track and sidings and plant supplying the Borough of Richmond, New Tork City, with electricity. Franchises are perpetual. Years ended June 30: Gross. Net. Int. & Rent. 1920 $567,907 $336,713 $175,9-48 1919 491,578 289,143 165,754 Market, New Ifork — Finlay & Davenport, Fred H. Hatch & Co. Price Range. Jan. 1, '15, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 63^4 -16 76 '15 45 Jan. '60 Sept. Low. 35 '20 47 '19 35 June 50 June BICHMOND IXtCOMOTrrE & MACHINE WORKS Cons. 6s. Dne April 1, 1929. Dated April 1, 1889. Interest payable April and Oct. 1. at 30 Church Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $760,000 Ontstandlne 432,000 Retired 318,000 Xmstee — Central Union Trust Co., New Y(jrk. Assumed by American Locomotive Co. Control — Absorbed by American Locomotive Secured by a first mortgage on the plant located at Richmond, Va., formerly belonging to the Richmond Loco. & Mach. Works, cover- ing 41 acres of ground. Market. New Tork — Spencer Trask & Co.. F. H. Hatch & Co. Price Range. Jan. 1, '18, to Jan. 1, '81 1920 Bid. Ask. High 96^4 '18 101 '18 Not. Low. 95 '19 97 '19 Available. Co., the Atlantic Coast Line R. B. Co., the Southern Ky. Co.. the Chesapeake & Ohio Ry. Co., the Seaboard Air Line By. and the Baltimore & Ohio B. R. Co., by endorsement. Organization and Control — Incorporated in New Jersey in 1901, and owns $947,200 of the $1,316,900 voting common stock of the Rich- mond, Fredericksburg & Potomac R. B. Co. Controlled through the ownership of one- sixth of its capital stock by each of the fol- lowing companies; Fenna. B. R. Co., At- lantic Coast Line B. B. Co., Southern By. Co.; Chesapeake & Ohio By, Co.. Baltimore & Ohio B. B. Co. and Seaboard Air Line By,. The company controls the only railroad be- tween Washington, D. C, and Bichmond, Va., forming an Important connection between the roads extending north from the former and south from the latter city. 11 Capitalization. Outstanding. Common $2,670,000 Funded debt 10,000.000 Secured by collateral lien (practically a di- rect mortgage) on 112.96 miles of road, viz. ; A first collateral lien on 31.04 miles — . By deposit of $4,000,000 (entire Issue) Washington-Southern By. 1st 4s, 1943: South end of Long Bridge near Wash- ington, D. C, to Quantico Jet., Va., (double track) . .' 31.04 A third collateral lien on 81.92 miles — By deposit of $2,680,000 (entire issue) Bichmond. Fredericksburg & Poto- mac K. B. Gen. SHb which cover this mileage by a third lien — Elba Bichmond to. Quantico, Va. (double track) 78.66 James Blver Branch 3.27 Also secured by deposit of the following stock: Deposited. Issued. Washington - South- ern By. stock $4,000,000 $4,000,000 Richmond, Freder- icksburg & Poto- mac R. R. common stock 947,200 1,316,900 Richmond, Freder- icksburg & Poto- mac R. B. divi- dend obligations .. 2,680,000 3,600,100 RICHMOND-WASHINGTON COMPANY CoH. Tr. 4s. Dne June 1, 1943. Mortgage dated June 1, 1903. Interest payable June and -Dec. 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $11,000,000 Outstamling •10,000,000 •Issued in series, but all series being equally secured, viz: Series. Dated. Amount. A Aug. 15. 1903 $4,000,000 Nov. 16. 1903 B June 1. 1904 2.600.000 C June 1. 1905 2,000,000 D Dec. 1, 1906 1,000.000 E Dec. 2, 1912 • 500,000 Reserved for Corporate Pur- poses $1,000,000 Denomination — Coupon, $1,000. Register- able as to principal or exchangeable for regis- tered bonds. Registered, $1,000 and multi- ples. C. & R. interchangeable. Trustee — New York Trust Co., New York. Redeemable at 106 and interest on any In- terest date on 90 days' notice. Guaranteed Jointly and severally as to prin- cipal and Interest by the Pennsylvania R. R. 11 ^ $7,627,200 $8,917,000 Prior Liens — $600,400 Richmond, Freder- icksburg & Potomac Guaranteed Mortgage t% and 7% stocks and $500,000 Cons. 4^8 of Legal for savings banks In N. H. and B. I,; and also Baltimore Trust Funds. Original Market — $2,500,1D00 offered by Kuhn, Loeb & Co. in 1904; $2,000,000 offered by Lee, Higglnson & Co., Boston, Henry & West, Philadelphia, and Clark, Dodge & Co,, New York, Oct., 1906, at 103% and Inter- est; $1,000,000 offered by Lee, Higglnson A Co. and Henry & West, in 1907. Market, New York — Simon Borg & Co., Fred H. Hatch & Co., Struthers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey. Philadelphia — Biddle & Henry, Henry D. Boenning & Co., Brown Bros & Co., Elkins, Morris & Co., Wm. W. Fogarty, Graham, Parsons & Co., Morley, Wood & Co., Wheel- er, Elliot & Mann. Baitiomre — Brinkman & Co., Jenkins Whedbee & Poe, Howard R. Taylor & Co. Price Range, Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100% '09 102% -09 82% Jan. 83 Mar. Low. 70 '19 84 '20 70 Jan. 74 Nov. 37 BINDGE LAND & NAVIGATION CO. 1st 5s. Dae Feb. 20. 1926. Dated Feb. 20, 1906. Interest payable April 20 and Oct. 20, at Los AnGreles Trust Co., Los Angreles, Cal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,500,000 Uutstanding (Feb. 15, '21) 1,143,000 Ketlved by S. I' 357,000 Reserved for Prior Iears ended Dec. 31; Gross. Net. Int.&Rent. •1919 $144,366 $149,645 $186,691 tl919.> 706,925 17,734 24,284 •1918 144,366 159,970 183,894 ■fl918 651,612 57,830 33,727 1917 633,120 187,407 204,174 191G, 685,971 176,445 198,458 •Corporate account. tPederal account — standard return not In- cluded. . Listed on the New York Stock Exchange. Market. New York — A. F. Ingold & Co., F. J. Lis- man & Co., Carruthers, Pell & Co. Price Range— N. X. S. E. Jan, 1, '09, to Jan. 1, '21 1920 Guaranteed High 80 Apr. 19 '09 29% Dec. 20 Low. 6114 Apr. 26, '11 15 Dec. 8 EIO GRANDE WESTERN RAILWAY CO. 1st Trust 4s. Due July 1, 1939. Dated July 1, 1889. Interest payable Jan. and July 1. at Guaranty Trust Co., New Tork, Tax Status — Payment of Federal Income Tax not assumed by company. . Authorized Closed mortgage. Outstanding $15,190,000 In Treasury 10.000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000, $6,000 and $10,000. C. & B. Interchangeable. Trustee — Central 'Union Trust Co. New Tork. Assumed by the Denver & Bio Grande R. R. Control — Absorbed by the Denver & Rio Grande B. R. Co. The latter company was placed in the hands of receivers in Jan., 1918. Secured by first mortgage en 411.49 miles of road, vlzj : Miles. Crevasse to Ogden 314.61 Colton to Soofield 16.97 Midvale to Bingham 14.23 Thistle Jot. to MantI 61.63 Potter's Quarry Spur 6.05 Underlies — Bio Grande Western 1st Cons. 4s of 1949; Denver & Rio Grande 1st & Ref. 5s of 1955. under which mortgage bonds are re- served to retire this issue, and the D. & B. G. Cum., Adj. 7s of 1932. Earnings — See Denver & Rio Grande B. R. 113 Listed on tbe New Tork and London Stock EiXchanges. Original Market — $6,000,000 otCered In June, 1901, at 96 and interest by Kuhn, Loeb & Co. and Spencer Trask & Co., New York. A block offered December, 1918, by Tilney, Ladd & Co., New Tork, at 74 and interest. Market. New Yoric — Constable & Fleming, Hirsoh, Liilienthal & Co., Vanderhoef & Robinson, Vilas & Hiclcey. Fhilatielphiai — Morley, Wood & Co. Price Eance — N, Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 100 Jan. 22, '06 68^4 Oct. 11 Low. 58 Feb. 14, '20 58 Feb. 14 BIO GRANDE WESTERN RAILWAY CO. iBt Cons. 48. Due April 1, 1949. Dated April 1, 1899. Interest payable April and Oct. 1, at Guaranty Trust Co.. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding $16,080,000 Held in Treasury 1,396,000 Denomination — -Coupon, $1,000. Registerable as to principal, or fully registerable. Regis- tered. $1,000 or multiples. Trustee — Guaranty Trust Co.. New Tork. Redeemable at par on any interest date up- on six months' notice. Assumed by the Denver & Rio Grande R. R. Co. Control — See Ist 4s. Secured by direct mortgage on 732.69 miles of road, viz.: A first lien on 321.20 miles — Miles. Penitentiary to Park City 29.03 Spurs in and around Park City 4.68 Provo to Heber 26.00 Mounds to Sunnyside 17.38 Sunnyside to Mines 0.48 Soofield to Clear Creek 6.61 Roper to Penitentiary 3.26 Dalton to Lark 3.58 Boy to Hooper 4.02 Welby to Garfield 16.»4 Bingham Branch to Extension 12.29 Manti 'to Marysville 70.88 Springville to Silver City 43.71 Salina to Nioche 20.00 Loline Jet, to Corprum 11.93 Nephi to Manti 42.U Spurs 10.2^ A second lien on 411.49 miles — Covered by the first lien of the Bio Grande Western 1st Tr. 4s 411.49 Also secured by deposit with the Trustee of $10,000,000 total capital stock of the Utah Fuel Co. Prior Liens — $15,190,000 Elo Grande West- ern 1st 4s of 1939. Underlies — Denver & Rio Grande Cum. Adj. 6s of 1932 and Ist and Bef. Ss of 1965. Bonds are reserved under the latter mortgage for the retirement of these bonds. Listed on the New Tork Stock Exchange. Original Market — $1,500,000 offered in 1899 by Spencer Trask & Co., New Tork, and Lee,- Higginson & Co.. Boston, at 87^ and interest^ Market. New York — Ponoh, & Co., Struthers & His- coe, Vanderhoef & Robinson, Vilas & Hickey. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 92 Jan, 20, '06 56 Got. 1» Low. 47 Dec. 11, '19 47% Deo. 29 RIORDON COMPANY, LTD., 20-Year S. T. 1st & Ref. 8s, Series "A." Due Dec. 1, 1940. Dated Dec. 1, 1920. Principal and Interest (June 1, and Deo. 1) payable in gold In Boston or Montreal. Tax Status — 2% Federal Income Tax paid by tlie company without deduction. Authorized $30,000,000 Outstanding: "A" 6,500,000 Reserved for Prior liiens.... 8,694,100 Reserved (or Ext 15,194,100 Issuance Restrictions — Additional Bonds of any series may 'only be issued: (1) To retire a like amount o( 30-year .6% First Mortgage Debentures and or ten- year 6% General Mortgage Gold Bonds of the Eiordon Pulp & Paper, Company, Ltd,, exclusive of such bonds retired by thei rslnk- ing funds. (2). To the aggregate amount of {2,433,- 000 on discharge of the respective purchase money mortgages oh certain timber lands, representing 662-3% of their cost. (3) For 662-3% of the actual cost or fair value, whichever is less, of additional physical property acquired after October 31, 1920, less depreciation and then, under this and the preceding provision, only when net earnings as defined in the trust deed shall have been not less than two and one-half times the annual interest requirements of the entire bonded debt, including bonds pro- prosed to be issued. In computing additional physical prop- erty for the issuance of additional bonds, timber limits may be included only to the extent of 25% of the aggregate value of all such property. Purpose of Issue — $6,500,000 Series "A" issued in connection with the acquisition and construction of the Fipana plant. Denominations — Coupon $1,000 and $500; registerable as to principal. " Registered Jl.OOO or multiples thereof. Trustee — Montreal Trust Co., Montreal. Redeemable on 60 days' notice on any in- terest date to and including Dec. 1, 1930, at 110; thereafter to and including Dec. 1, 1935, at 107%; thereafter to and including Deo. 1, 1936, at 105; thereafter to and in- cluding Dec. 1, 1937, at 104; thereafter to and including Dec. 1, 1938 at 103; thereafter to and including Dec. 1, 1939 at 192; there- after at 100; plus accrued interest In each Sinking Fund — Annually, beginning March 1, 1922, sums equal to the following percent- ages of the total bonds certified to date of payment (all dates being inclusive): 2%%, 1922 to 1924; 3%, 1926 to 1928; 3%%, 1929 to 1932; 4%, 1933 to 1936; i%%, 1937 to 1940. To this fund shall be added further an- nual payments beginning March 1, 1922, equal to 20% of any excess of the net earn- ings as defined in the trust deed over twice the annual interest and sinking fund re- quirements of this and underlying issues, provided, however, that the maximum of all sinking fund payments shall not exceed double the fixed sinking fund payment of such year. The Company's earnings for 1920 would, by a considerable margin, insure the maximum sinking fund. Money so paid to the Trustee must be applied to the redemption by purchase or call of bonds of this issue, except that the Company has the option of making pay- ments to the Trustee in bonds at cost, but not greater than the call price. Depreciation Fund — In addition to the sinking fund provisions the trusts deed pro- vides for adequate charges for depreciation of timber lands and for depreciation of the Company's plants and properties. It is provided that the Company shall charge de- pletion of present timber lands at the rate of $1,000 for each 1,000 feet of softwood cut, and of future timber lands in proportion to their cost prices. It Is further provided that the Company shall charge for depreciation and obsolescene each year at least 3% of 1140 the original cost of all property except lands, leases and license; less actual ez-' penditures for renewals, replacements and substitutions but not repairs. Organization — Incorporated in Canada In June, 1920, and acquired the entire proper- ties and assets of the Riordon Pulp & Paper Co., Ltd., and the Kipana Compatiy, Ltd., iitcluding over 60% of the capital stock of the Ticonderoga Pulp & Paper Co., manu- facturers of soda pulp and high grade boolc papers, and the entire capital stock of the Gatineau Company, Ltd.,. which owns 7,940 chantable and easily accessible cedar, pop- lar and hard woods. The Company controls by lease, in its own right or through subsidiaries, undeveloped water powers estimated to have an ultimate capacity of 245,000 h. p., of which 160,001) h. p. is held by the Riordon Company, Ltd., in its owo right but may be freely released from the lien of the mortgage in the inter- ests of the Company. The 10,000 h. p. de- veloped hydro-electric power, including the 7,200 h. p. installation at Kipawa and any further developments of these powers, can not be so released from the lien of the mortgage. The principal mills of the Riordon Com- pany, Ltd., are located on the Ottawa River at Hawkesbury and at Kipawa. The Com- pany also operates a bleached sulphite pulp mill adjacent to the Welland Canal at Mer- rltton, Ontario, where in 1867 the Company gained its reputation for quality after (build- ing the then best equipped mill in America. The Kipawa Mill properties, on which these bonds are secured by a first mortgage, contain modern and efficient bleached sul- phite pulp plants with a present capacity of 45,000 tons per annum now being in- creased to 75,000 tons per annum. - The' properties are located on the upper Ottawa River, on a branch line of the Canadian Pa- cific Railway, with 40,000 available hydro- electric horsepower at the mill, of which 7,200 h. p. has been developed, and an abun- dance of pure water for manufacturing pro- cesses under a head of 200 feet. Logs taken from the Company's timber limits above the Kipawa Mill require but one season to be delivered to this plant. Called. Outstanding. Common $27,000,000 Conv. Pref. (7% cum.) 10,000,000 1st Pref. (8% cum.) 10,000,000 Funded debt 15,194,100 Secured by a direct first mortgage on the Kipawa property. Including the pulp, bleach- ing, and electrolytic plants, the 7,200 h. p. hydro-electric development and Kipawa town .together with leasehold rights, on 9371,4 square miles of timber lands; and further secured by a mortgage on the en- tire property formerly owned by the Riordon PUIp & Paper Co., Ltd., and by a mortgage on leasehold rights on 1,995 square miles of timber -lands. The company covenants to subject all after acquired physical property to the lien of the mortgage. These bonds will further constitute a fioating charge up- on the total assets of the company, includ- ing securities owned and liquid assets. Prior Lien— Outstanding. Riordon Pulp & Paper 1st 6s, 1942. $1,901,100 Eiordon Pulp & Paper Gen. 6s, 1929 4,000,000 Purchase Money Mtge. on Timber Limits 2,793,000 $8,694,100 The above mortgages are closed and bonds are reserved hereunder to retire all of the above issues. Original Market — $6,500,000 offered Dec 1920, by Harris. Forbes & Co.. Coffin & Burr. Inc., E. H. Rollins & Sons, Parkinson & Burr, and Royal Securities Corp.. New York, etc., at 99 and interest. Market New York — Harris, Forbes & Co. Boston — Coffin & Burr. E. H. Rollins & " Sons. Milwaukee — Investors Finance Corp. RIORBON PtTLP & PAPER CO., LTD., let Deb. 6s. Dne at 105% on Jane 30* 1942. Dated June 30, 1912. Interest payable June 30 and Dec. 31, at Royal Bank of Canada, Montreal, and at Parrs Bank, Ltd., London. Fixed rate ol exchange, $4.86 2-3 to the £. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $2,600,000 Outstamlin? 1,910,400 Retired by S. F 442,700 In Treasury 146.900 Denomination — Coupon, $100. $500. $1,000 and $6,000. Registered as to principal. Trustee — Montreal Trust Co., Montreal and London. Redeemable at 105 and Interest on and after June 30, 1917, on six months' notice, and for Sinking Fund on and after July 1, 1914. Sinking Fund — Beginning July 1, 1914, an annual amount sufficient to retire these bonds at -or before maturity. Bonds to be pur- chased or redeemed at not to exceed 105 and Interest. Control — See Gen. S. F. 6s. Secured by a first mortgage on 1,184 square miles of timber rights on the Rouge River, under license from the Province of Quebec. Annual rental $6.50 per square mile and dues on all timber cut. The following plants: pulp mill at Hawkesbury, Ont., capacity 54,000 tons bleached and unbleached annually; pulp mill at Merritton, Ont., capacity 9,000 tons bleached sulphite; water power on old Welland Canal; lumber mills at Calumet, L'Annoncia- tion and St, Faustine, Que. , with an annual capacity of 25.000,000 feet B. M. per annum; and valuable water power rights near the mouth of the Rouge River, partially developed and capable of utiimate development of 20,000 electrical h. p. Underlies — Gen. S. F. 6s of 1929 and Rior- don Co., Ltd., 1st & Ref. Mtge. under which bonds are reserved to retire this issue. Listed on the Montreal Stock Exchange. Original Market — $750,000 offered in June, 1912, at 97 and interest by Parrs Bank, Lon- don; $500,000 offered in Oct.. 1912. at par and Interest, by N. B. Stark & Co., Toronto, Market. Boston — Coffin & Burr. Montreal — Nesbitt, Thomson & Co., Ltd. Price Range. Jan. 1, *19, to Jan. 1, 'ai 1920 Bid. Ask. Bid. Ask. High 95 '19 100 '19 93 Oct. 97 Mar. Low. 78 *20 82 '20 78 Aug. 82 June BIORDON PULP & PAPER CO. (THE) 10- ¥eaT Gen. S. F. 6s. Due January 1, 1929. Dated January 1, 1919. Interest payable July 1 and January 1, at the International Trust Co., Boston, and Imperial Bank of Canada, Montreal or Toronto. Tax Status — 4% Federal Incom.e Tax paid by cninpanv. Authorized $4,000,000 Outstanding 4,000.000 Purpose of Issue — The company will acquire from the proceeds of this financing, together with other funds provided by the company, not less than $5,000,000 par value of 7% cumu- lative preferred stock, and a majority of the common stock of the Kipawa Company, Lim- ited. Denomination — Coupon, $1,000 and $500. Reglsterable as to principal. 114 Trustee — Royal Trust Co., Montreal. Redeemable on 60 daya' notice at the fol- lowing prices and accrued interest: 105 to Dec. 31, 1926: 102 to June 30, 1927; and 101 thereafter. Sinking Fond— Annually, beginning January 1, 1922, amounts sufflclent to retire by pur- chase or call,' $100,000 par value of these bonds in 1922. $125,000 in 1923, $150,000 In 1924, $200,000 i£ 1926, $250,000 In 1926, $276,000 in 1927 and $300,000 In 1928. This sinking fund will retire $1,400,000 bonds be- fore maturity. Control — Merged in June, 1920, into the Riordon Company, Ltd. ' Secured by direct mortgage upon all freehold and leasehold lands and waterpower rights and concessions, with minor exceptions, all timber licenses and leases and all buildings, plants and machinery, now owned or here- after acquired by the company, and by direct lien upon 2,424 shares of the capital stock of the Ticonderoga Pulp & Paper Company, and not less than $5,000,000 par value of pre- ferred stock and a majority of the common stock of the Kipawa Company, Limited, and by a floating charge on all the other assets and properties of the company. The company covenants that additional securities of the Kipawa Company, Limited, will be issued only for new property or working capital. The company also covenants to continue to hold a majority of the capital stock of the Ticon- deroga Company and a majority of the com- mon stock of the Kipawa Company. The company owns a sulphite pulp mill at Hawkesbury, Ontario, with a capacity of 54,- 000 tons of bleached and unbleached sulphite pulp a year; a sulphite pulp mill at Merriton, Ontario, with a capacity of 9, 00 tons of bleached sulphite pulp a year; and several lumber mills in the Province of Quebec, with a total capacity of 26,000,000 feet b. m. a year. The Hawkesbury plant of the company is located at the confluence of two great wat- erways, the Ottawa and the Rouge rivers, thereby Insuring to the company for all time the most economical possible transportation facilities for getting logs to its plants from the water-sheds of these rivers. The company has recently constructed at Hawkesbury a bleaching plant designed to bleach about 100 tons of sulphite pulp a day. The company controls about 1,300 square miles of timber limits on the Rouge River, Quebec, which empties into the Ottawa River about sixty miles west of Montreal. These limits are held under licence from the Prov- ince of Quebec. The Ticonderoga Pulp & Paper Co. owns a soda pulp mill at Ticonderoga, N. T., with a capacity of 18,000 tons a year and mills for the manufacture of high-grade book papers with a capacity of 16.000 tons a year. The Kipawa Company, Ltd., as of January 31, 1919. had under construction at Lake Temlskaming, Quebec, a bleached sulphite pulp mill with a capacity of 30,000 tons of bleached sulphite pulp a year; together with electrolytic plant, bleachery, acid plant, and all neces- sary appurtenances. The company Is also In- stalling the initial unit, with a capacity of 3.600 h. p., of a hydro-electric development with an ultimate capacity of over 26,000 h. p. Prior Liens — $2,165,000 let 6s of 1942. Underlies — Riordon Co. , Ltd. 1st & Ref. Mtge. under which bonds are reserved to retire this issue. Original Market — $4,000,000 offered Janu- ary, 1919, by Wm. A. Read & Co., Coffin & Burr, E. H. Rollins & Sons and Parkinson & Burr, at 96 and Interest. Market. New York — Miller & Co., Edmund & •Charles Randolph. Price Bance. Jan. 1, '19, to Jan. 1, '21 1980 Bid. Ask. Bid. ASk. High 95 '19 99 '19 84 Mar. 98 Mar. Low. 80 '20 83 '20 80 Aug. 83 Aug. BIVEBSIDi: (N. J.) TBACTION CO. let 6s. Dae Jane 1, 196D. Dated June 1, 1910. Interest payable June 1 and Deo. 1, at West End Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorized {1,500,000 Oatstandlne 1,600,000 Denomination— Coupon, $1,000. Resristerable as to principal. Trastee — West End Trust Co., Philadelphia. Bedeemable at 110 and interest on any in- terest date. Guajrantecd as to interest under terms of lease by the Public Service Ry. Co. of New Jersey. Organization and Control — Incorporated In New Jersey in 1910 aa successor through re- orgranlzatlon to the Camden & Trenton Ry. Co. Owns $19,760 of the $20,000 capital stock of the Cinnaminson Electric Lt. & Power Co., Riverton, N. J., and the entire $50,000 capital atock of the Bordentown (N. J.) Electric Co. The property of the company is leased to the Public Service Ry. Co. of New Jersey for 999 years from Apr. 1, 1912. Rental, interest on bonds, also dividends on both common and preferred stock. Capitalization. Outstanding. Common $747,160 Preferred (6% cum.) 266,600 Funded debt ^ 1.600,000 Secured by a first mortBaee on 31 miles of electric railway from Riverton, N. J., to the busiiiess center of Trenton, N. J., and new power house near Burlington. N. J. The road on which these bonds are secured con- nects the lines of the Public ServiceTly. Co. in Northern New Jersey with those controlled by that company in Camden and its vicinity, and furnishes that company with a through line between Camden and New York. Also secured by deposit of all of the stocks and bonds on electric plants supplying River- side, Beverly, Edgewater Park, Riverton, Palmyra and West Palmyra, and other towns in Burlington Co. and Bordentown, N. J. Franchises are perpet-ual. New York — Fred H. Hatch & Co., W. E. R. Smith & Co. Phlladelpliia — Huntoon & Co. Price Banee. Jan. 1, '16, to Jan. 1, '21 .1920 Bid. Ask. Bid. Ask. High 93% '16 95 '16 70 Jan. 75 Jan. Low. 45 '20 43 '20 45-Oct. 43 Dec. KIVOU KEAIiTY COMPANY 1st Leaseliold 8s. Dae each Sept. 1 as follows: $60,000 1921, $44,000 from 1922 to 1931, incl. Dated Sept. 1. 1920. Interest payable quarterly, March 1, June 1, Sept. 1 and De- cember 1, at Ohio Savings Bank & Trust Company, Toledo. Authorized $500,000 Outstanding 500,000 Pnrpo.se of Issue— To refund $150,000 6% bonds and to retire notes and accounts pay- able as well as to make substantial Improve- ments In the company's properties. Denomination — Coupon, $1,000 and $500 (Deo. 1. 1931, maturity only). I 1 Trustee — Ohio Savings Bank and Trust Co., Toledo. Redeemable at 105 and interest on any interest date In the reverse order of the maturities. Sinking Fund — A sinking fund equal to the succeeding year's interest and maturity shall be created before any dividends may be declared on the common stock of either The Rivoli Realty Company or The Sun and James Amusement Company. ■ Weekly deposits shall be made with the Trustee sufficient to cover the week's pro- portion of both principal and Interest, taxes and sinking fund. The entire amount of rentals is pledged for such deposits. Guaranteed principal and interest by The Sun and James Amusement Company. Secured by a first mortgage on all the buildings, valued at ,$1,108,000 and further secured by a leasehold valued at $450,000. Total value of property covered estimated at $1,558,000. The company's properties are situated in the heart of the retail and theatre district, at the corner of St. Clair and Jackson streets, in Toledo. The buildings include seventeen stores and two theatres on land fronting 300 feet on St. Clair Street and 120 feet on Jackson Street The company holds the land under a renewable 99-year lease at a flat rental of $30,000 per year. The lease gives the company the privilege to purchase the property at any time after 1944 for $900,000. The Toledo Real Estate Board has appraised the present value of the land at $1,040,000. . ^ ^ Income — The company's net receipts from rentals are at the rate of $133,000 a year under existing leases at reasonable rents, and in addition to these rentals. The Sun and James Amusement Company is earning at the rate of $137,000 a year. Original Market — $500,000 offered Febru- ary, 1921, by Breed, Elliott & Harrison, Cin- cinnati, at 100 and Interest. BOANOBa: (Va.) GAS MGHT -CO. Ist 5s. Due April 1, 1927. Dated April 1, 1912. Interest payable April and Oct. 1. at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Aothorized $2,000,000 Outstanding 744.000 Beserved for Ext 1,266,000 Denomination — Coupon, $1,000. Regiaterable as to principal. Trustee — Philadelphia Trust Co., Philadel- phia. Bedeemable as a whole at 102 and Interest on any interest date on four "weeks' notice. Organization — ^Incorporated in Virginia In 1912. Capitalization. Outstanding. Common- $1,000,000 Preferred (6% non-cum.) 400^000 Funded debt .' 744.009 SecuTcd by a first mortgage on plant sup- plying gas In Roanoke, Va. Franchises ex- pire September, 1928. Original Market — $600,000 oflTered in 1912 by Cassatt & Co., Philadelphia, and Baker, Ayllag & Co., Boston, at 96^ and interest. Market. Pliilndelphia — Henry D. Boenning & Co., Samuel K. Phillips & Co. Price Bange. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92 '15 96% '15 77 Jan. Low. 60 '20 60 '20 50 Nov. 60 Nov. 142 ROANOKE RAIIiWAY ft IXECTBIG GO. Cons. 6s. Due Feb. 1, 1963. Dated Feb. 1, 1903. Interest payable Feb. and Aue. 1. at Real Estate Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mort^aere. Oiitstnmlins: $606,000 Betlred by S, F 69.000 Denomination — Coupon, $1,000. Re^sterable as to principal. Tmstee~-Heal Elstate Trust Co.. Philadel- phia. Sinking Fund — 1% of outstandlnsr bonds an- nually until Feb. 1, 1920. and 1^% there- after. Organization and Control — ^Incorporated in Virginia in 1898. All of the stock is owned by the Roanoke Traction & Lierht Co., a sub- sidiary of the American Ry. Co, Capitalization. Outstandinff. Common $600,000 Funded debt :... 680.000 Secured by practically a first mortgrage on the street railway system In and around Roa- noke,' Va., comprising 32 miles of rpad and on a part of the plant and distribution system supplying that territory with electricity. Prac- tically ail of the franchises are perpetual. Population served, 45,000. Prior Liens — $58,000 5s, due 1949. Underlies — i^oanoke Trac. & Lt. 6s of 1958 secured in part by deposit of all of the stock of the Roanoke Ry. & Elec. Co. Years ended Dec. 31: Gross. Net. 'Charges. 1919 $1,039,793 $472,414 $407,708 IfflS 877,684 384.591 346.124 1917 757.816 35B.473 312.187 1916 682,121 344.594 300.581 * Includes taxes, interest, rentals, sinking funds, etc. Market. Pliiladelpliia — Henry D. Boenning & Co., Samuel K. Phillips & Co. IWce Racee. Jan. 1, *16, to Jan. 1. '31 1930 Bid. Ask. High 93 '17 100*16 Low. 93'17 96'17 Not Available. BOANOKF TRACTION ft LIGHT CO. Ist ft CoU. Tr. 5s. Dae Aug. 1» 1958. Dated August 1. 1908. Interest payable Feb. and Aug. 1, at Baltimore or Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,000,000 Outstanding: 2,146,000 Retired by S. F 19,000 Reserved for Prior Liens 670,000 Reserved for Fxt 165,000 Denomination — Coupon, $1,0 00. Registerable as to principal. Trustee — Baltimore Trust Co., Baltimore. Redeemable at 105 and interest on any in- terest date. Sinldng Fund — 1% annually of outstanding bonds from Feb. 1, 1919, to 1928, and 1%% thereafter, to be applied to the purchase or redemption of these bonds at not over 105 and Interest. Organization and Control — ^Incorporated in Virginia in 1908. Practically the entire capi- tal stock Is owned by. the American Rys. Co. Capitalization. Outstanding. Common '. $1,000,000 Funded debt 2,146,000 Secured by a first mortgage on a part of the power plant supplying electricity to Roa- noke, Va.. and adjacent territory, and on undeveloped water powers in the vicinity of 11 that city. Further secured by a first Hen on all of the stock of the Roanoke Ry. A Elec. Co. (for details Of that company's property, see Cons. 6s). Prior Liens — $622,000 Roanoke Ry. & Elec- tric Co. 1st Cons. 6s of 1953. and $58,000 1st 5s of 1949, for the retirement of which bonds of this issue have been reserved. Years ended Dec. 31: Gross. Net. Interest, 1919 $387,108 $381,725 $134,218 1918 290,772 290.635 127,17» 1917 303,026 302,848 99,869 1916 230,986 230.804 100.SS8 Original Market — $200,000 offered In Feb.. 1910. at 96 and interest by Bloren & Co.. Philadelphia. Market. New York — Sam' I Goldschmidt. Price Banse. Jan. 1, '12, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 92V2 '13 96 '12 80 Aug. Low. 45 *20 67 '20 45 Aug. 67 Dec. ROBBINS ft MYERS COMPANY 6% Serial Notes. Due $500,000 each Sept. 1, 1920 to 1934* inclusive. Dated Sept. 1, 1919. Interest payable March and Sept. 1, at Trustee's office. Cleveland, or Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 OufcstaniiLing: (Jan. 1, '21) 2,000,000 Matured and Paid 500.000 Purpose of Issue — To retire floating debt. Denomination — Coupon, $500 and $1,000, registerable as to principal. Trustee — First Trust & Savings Bank. Cleveland. Redeemable as a whole or in blocks of not less than $500,000 on any Interest date upon 30 days' notice upon payment of a premium of U of 1% for each 6 months between the date of redemption and the date of matur- ity, with a minimum premium of % of 1%. Organization — Established 1878 In the foun- dry business and specialize in the manufac- ture of small electric motors. Company is said to be the largest manufacturer in this line in the world! Capitalization, Outstanding. Common $1,250,000 Preferred (7% cum.) 2,218,900 Pundefl debt 2,000.000 Security — ^A direct obligation of the com- pany, but not secured by mortgage. This Issue constitutes the company's only funded obligations outstanding in the hands of the public. Note agreement provides that the company will not mortgage or pledge any of its fixed assets w^ithout providing for pay- ment of these notes, and will not consolidate or merge with any corporation unless prior to such consolidation or merger, it secures the said notes then outstanding by a closed first mortgage and pledge on all of Its property. The company will, at all times, maintain net current assets equal to at least 150% of the maximum amount of notes outstanding at any one time, and will always maintain Its net tangible assets, before deducting this note Issue, at an aggregate amount equal to at least 300% of the maximum amount of notes outstanding at any one time. To insure the present surplus remaining In the business, the company will not declare or pay any cash dividend on its common stock except out of earnings subsequent to December 31. 1918. \The company will not sell a part of its fixed assets having a value of $500,000 or mors unless it applies the proceeds of such sale to the purchase of fixed assets at least equal In value to the property sold, or to the redemp- tion of the notes of this issue. Tears ended DeG<. 31: Sales. .1920 $10,663,245 1919 9,203,570 1918 6,961,076 1917 6,758,334 •1916 3,885,257 •Fourteen months. Original Market — Ottered Ausust, 1919, by the Maynard H. Murch Company, Cleveland, Bonbrig'ht-Herrlck Company, Cleveland, and Illinois Trust & Savines Bank, Chicaeo, at prices to yield from 6% to 6.35% for various maturities. Market. New York — ^Kissel, KInnioutt & Co. Chicaso— Illinois Trust & Savings Bank. Price Rang:e 1930 — Ask 6.76% Feb. ROCECESTEB & PITTSBURGH COAI. & IBON CO. Helvetia Property Parcbase Money 1st 68. Dne May 1, 1946. Dated May 1, 1896. Interest payable May and -Nov. 1, at A. Iselin & Co., 36 Wall Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized $1,100,000 Outstanding' (Jan. 1, '21) 582,000 Retired by S. P 518,000 Denomination — Coupon, {1,000. Heeiaterable as to principal. Trustee — Central Union Trust Co., New York. Redeemable for sinking fund upon four weeks' notice at 110 and Interest, on any Nov. 1. Bonds so redeemed to be cancelled. Sinking Fund — Four cents per ton of coal mined from the property covered by this mort- Baere durintr each year ending May 1, to be applied to drawing by lot these bonds at 110 and Interest on the following Nov. 1. Organization and Control — See Deb. 5s. Secured by a first mortgage on about 1,700 acres of coal lands and on coal rights in about 5,500 acres In Jefferson and Clearfield Counties, Pa. Further secured by a first lien on $450,000 stock of the Mahoning Valley R. B. Co., owning two miles of road from Stan- ley to Helvetia, Pa. The railroad is leased in perpetuity to the Buffalo, Rochester & Pitts- burgh Ry. Co. at an annual rental of $16,000 per annum. famines — See Debs. 5s. Listed on the New Tork Stock Exchange. Market. New Tork — Sam'l Goldschmidt, Watson, Armstrong & Co. Price Range, Jan. 1, '12, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 100 '12 102 '17 88 Jan Low. 73 '20 79 '20 73 Dec. 79 Deo. ROCHESTER & PITTSBURGH COAI, & IRON CO. Ist S. V. 4%s. Dne Aug. 1. 1932. Dated August 1, 1902. Interest payable Feb. and Aug. 1, at A. Isclln & Co., 36 Wall Street, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Antliartzed $2,000,000 Outstandinc . . .'. 1,142,000 Held in S. F 858,000 Denomination— Coupon, $1,000. Reglsterable as to principal. / Trustee — Guaranty Trust Co., New Tork. 11 Redeemable on any interest date at 106 and Interest upon six weeks' notice. Sinldng Fnnd — Commencing Dec. 1, 1907, five cents per ton of coal mined during each year ending June 30, with a minimum pay- ment of $60,000, to be applied to the purchase of these bonds at not exceeding 105 and in- terest; bonds so purchased to be held alive and interest thereon added to annual stnklns fund. Organization and Control — See Deb. 6s. Secured by a first mortgage on about 8,300 acres of land and coal rights in Clearfield, Jef- ferson and Indiana Counties, Pa., and the Adrian Furnace property at Falls Creek, Pa, Further secured by a first lien on $400,000 Cons. Coal & Iron Co. 1st 4%a of 1932: $248,- 500 of $250,000 capital stock of the Indiana Coal Co.: of $1,497,900 of $1,600,000 capital stock of the Jefferson & Clearfield Coal & Iron Co. The Adrian Furnace property may be re- leased from the lien hereof upon retirement of $600,000 of these bonds. Earnings — See Deb. 6s. Market. New York — Dunham & Co., Hartshome & Battelle, Fred H. Hatch & Co., Watson, Armstrong & Co, Philadelphia) — Henry D. Boenning & Co., Elking, Morris & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, "11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '19 88 Jan. 90 Nov. Low. 73 '20 79 '20 73 Dec. 79 Dec. ROCHESTER & PITTSBURGH COAL & IRON CO. Deb. 68. Dne $60,000 each May and Nov. Ist to Nov. 1, 1918, Inclusive, and $75,000 each May and Nov. 1, thereafter, to Nov. 1, 1928, inclnsive. Dated May 1, 1912. Interest payable May and Nov. 1. at A. Iselin & Co., 36 Wall Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Antborized $2,000,000 Ontstandinsr 488,000 Matured and Paid ,... 1,212,000 Held in Treasury 300,000 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 101 and Interest on any Inter- est date on one month's notice. Organization and Control — Incorporated In Pennsylvania in 1881. The entire capital stock is owned by the Mahoning Investment Co., and deposited under the Buffalo. Rochester & Pitts- burgh Ry. Company's General Mortgage. The Mahoning Investment Co. is controlled by the same interests as the Buffalo, Rochester A Pittsburgh By. Co. Capitalization. Outstanding. Common $4,000,000 Funded debt 2,220,000 Security — ^A direct obligation of the company but not secured by a mortgage. No mortgage may be placed upon any property without securing these bonds equally with bonds that may be issued under such mortgage. For description of property see 1st 4%b and Helvetia 1st 5a. Tears ended Dec. 31: Gross. Net. Interest. 1919 $4,020,314 $385,770 $134,28$ 1918 9,656,538 2,472,943 146,142 Market. New York — Watson, Armstrong & Co. Philadelphia — Samuel K. Phillips & Co. BOCHESTBR & PIXTSBUBGH BAII.BOAD CO. Cons. 1st 6s. Dne Dec. 1, 1928. Dated December 1, 1882. Interest payable June ana Deo. 1, at A. laelln & Co., 36 Wall Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In Pennsylvania. Anthorlzed , .Closed mortgage. Oatstandlne $3,920,000 Denomination — Coupon, tl.OOO. ReBisterable as to principal. Trustee — ^Unlon Trust Co., New York. Assumed by the Buffalo, Rochester & Pitts- burgh Ry. Co. • Control — ^Absorbed by B. R. & P. Ry. Co. Secured by a direct mortgage on %34.33 miles of road, viz.: A first lien on 234.33 miles — Miles. Buffalo to Ashford, N. Y 46.16 Rochester to Salamanca, N. T. 109.34 East Salamanca to Howard Jot., Pa... 20.72 Clarion Jet. to A. & W. Jot., fa 69.11 Underlies — ^B.. R. & P. Gen. 6s and Cons. i'Aa. Bonds reserved under' the latter mort- gage provide for the retirement of this issue. Legral for savings banlts in Cal., Conn., Me., Mich., Minn., N. H., N. J., N. Y., Ore. R. I. and Wis. Usted on the New York Stock Exchange. Market. New York — Remick, Hodges & Co., Struth- ers & Hiscoe, Taylor, Smith & Hard, Wat- son, Armstrong & Co. Philadelphia — Samuel K. Phillips & Co. Price Bange — ^N. T. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 128 Va Feb. 23, '06 100. Jan. 6 Low. 97% June 15, '20 977s June 15 current from the Niagara, tario Power Co. Years ended Dec. 31: Gross. 1920 $1,176,535 1919 1,014,146 1918 883,655 Lockport & On- Net. Interest. $268,318 $123,065 212,879 123,106 128,191 122,709 Original Market — Depositing- bondholders of Rochester, Syracuse & Eastern B, B. Co. 1st 6s received 60% in bonds of this Issue, 50% In preferred stock and 20% in common stock, together with $100 in cash per $1,000 bond for overdue interest to May 1. 1917. Market. New York — Wm. M. Clarlt, Sam'l Gold- schmidt, Fred H. Hatch & Co. Boston — C. E. Denison & Co, Syracuse — Hudson & Eddy, First Trust & Deposit Co. Price Bange. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. High 02 '19 63 '20 Low. 49 '20 63% '20 Bid. Ask. seVz Dec. 63 Dec. 49 Mar. 63 "A Sept. BOCHESTER & SYBACUSE BAHiBOAD CO., INC., 1st Conv. 68. Due May 1, 19S7. Dated May 1. 1917. Interest payable Nov. 1 and May 1 at Trustee's office or Lee, Hig- fflnson & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $6,000,000 Outstanding 2,600,000 In Treasury 600,000 Reserved for Ext. (80%) 2,000,000 Denominations — Coupon, $1,000 and $600. Registerable as to principal. Trustee — First Trust & Deposit Co. of Onon- daga, Syracuse, N. Y. Bedeemable at 105 and Interest on any in- terest date on or after May 1, 1922, on six weeks* notice. Convertible on May 1, 1919. and at any time thereafter and prior to May 1, 1929. Into preferred stock par for par. This provision may be terminated by merger with any other company, or If the property is leased to any other company. Organization — Incorporated in New York, Sept. 17, 1917. and acquired the property of the Rochester, Syracuse & Eastern Railroad Co. through foreclosure. Capitalization. Outstanding. Common ....$1,600,000 Preferred (6% cum.) 2,600,000 Funded debt 2,500,000 Management — Peck-Shannon-Cherry, Inc. , Syracuse. Secured by a first lien on all the property of the company now owned or hereafter ac- quired and including 80 miles of double- tracked interurban railway from Rochester to Syracuse. N. Y, The entire road, except In towns. Is on pri- vate right-of-way. Franchises In towns are perpetual. The company purchases electric 1146 BOCBESTEB (N. Y.) BAILWAY & XIOHT CO. Cons. 6s. Due July 1, 1964, Dated June 15, 1904. Interest payable Jan. and July 1, at office of M. S. Barger. Treas- urer, Grand Central Terminal, New York, or Trustee's office, Rochester. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Anthorlzed $16,000,000 Ontstanding 11,881,000 Reserved for Prior Liens 2,100,000 Reserved for Ext ; 19.000 Cancelled 2,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Security Trust Co.. Rochester, N. Y. Bedeemable at 110 and interest on any In- terest date upon 90 days' notice. Organization and Control — ^Incorporated in 1904 in New York. In 1905 a majority of the stock was acquired by the Mohawk Valley Co., a subsidiary of the New York Central R. R. Co.. and in 1909 the railway properties were transferred to the New York State Rys. which assumed their bonds and issued to this company $4,600,000 New York State Rys. Ist Cons. 4%s since redeemed for cash. During 1917 the company merged the Canan- daigua Gas Light Co.. Despatch Heat, Light & Power Co. and Eastern Monroe Electric Light & Gas Co. The property and fran- chise, other than the electric railway prop- erty, of the Ontario Light & Traction Co., was also acquired. On Nov. 10. 1919, the name was changed to Rochester Gas & Electric Corp. Capitalization. Outstanding. Common $7,248,200 1st Pref. (6% cum.) 2,997.800 2d Pref. (7% cum.) 1,616,100 Funded debt 17,099,500 Secured by a general mortgage on plants supplying gas and electricity In Rochester, N. Y., and vicinity. Population served, 345,- 000. Franchises are perpetual. Prior I/lens — $700,000 Rooh. Gas & Blec. Imp. 4%s of 1921, and $1,400,000 Municipal Gas & Elec. 1st 4 Vis of 1942. Underlies — Gen. 7s of 1921. Years ended Dec. 31: Gross. 1920 $7,175,458 1919 6.928,656 1918 5,919,128 1917 4,971,264 1916 4,283,271 Net. Int. & Tax. $2,614,698 $1,760,352 2,685.191 2,524,134 2,012,912 1,970,034 1,748,140 1,691,374 1,183,221 1,028,876 Idsted on ' the Philadelphia and Bocheatep Stock Exchanges. Orieinal Market — $1,244,000 offered in March, 1910, at par and Interest by N. W. Harris & Co., New York and Boston, and Harris Trust & Savingrs Bank, Chicago; S826.- 000 offered In March, 1911, at 161 and inter- est by the same firm; $624,000 offered Jan., 1916, at 100 and interest. Market. New York — J. S. Bache & Co., Glidden, Daridge & Co., Hode^pyl, Hardy & Co., Martin, Berwin & Co., Barle A. Miller & Co., Edmund & Charles Randolph. Boston — L. Sherman Adams. FhiladelpMa — E. R. Barnard, Bauer, Starr & Co., Henry D. Boenning' & Co., . McCown & Co. Louisville, Ky, — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Buifalo — Schoellkopff-Hutton & Co., Inc. • Rochester — Ford & Enos, William H, Fox- all & Co. Price Ban^e. Jan. 1, '13, to Jan. 1. '31 1930 , Bid. Ask, Bid. Ask. High 1011^ '12 102 '12 7fl Mar. 86 Feb. Low. 70 '20 73 '20 70 Dec. 73 Sept. BOCHCSTER (N. Y.) BAII.WAY & LIGHT CO. 3-Year Gen. 78» Series "A." Dae Sept. 1, 1931. Dated Sept. 1» 1918. Interest payable March 1 and Sept. 1 In New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Tax exempt In New York. Authorized $6,000,000 Outstandingr . . . *. 3,900,000 tiRissued ■ 2.100,000 Denomination — Coupon, $1,000 and $600. Registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable as a whole, on sixty days' no- tice, at 103 and interest on or prior to Sept. 1, 1919; at 102 and interest prior to Sept. 1, 1920; and at 101 and inetrest thereafter. Organization, etc. — See Cons. Ss. Secured by a direct mort^rase on the entire property of the company. Prior Liens— ni. 881, 000 Cons. 5s of 1954 and prior liens thereto. While bonds of this issue are outstanding no additional prior lien bonds may be issued. Barnlngrs — iSee Cons. Bs. OriiTlnal Market — $3,900,000 offered Sept., 1918, by J. P. Morgan & Co., First National Bank, National City Co. and Harris, Forbes & Co., at 98 and Interest. Market. New York — Earle A. Miller & Co. Louisville, Ky. — Fidelity & Columbia Trust Co. Bnffalo — Citizens Commercial Trust Co., Schoellkopf, Hutton & Co., Inq. Price Ban^e. Jan. 1, *1D, to Jan, 1, '31 1930 Bid. Ask. Bid. Ask. Hi&h 100 '19 101% '19 99% Apr. 100 Feb. Low. 91% '20 94% '20 91% Dec. 94% Dec. ROCHESTER (N. Y.) RAILWAY CO, 1st Cons, 5s. Due April 1, 1930. Dated April 1, 1890. Interest payable April 1 and Oct. 1, at Grand Central Terminal, Tax Statns — 2%. Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding: (Jan. 1, '21) $2,663,000 Retired by S. F. 37,000 ' Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers' Trust Co., New York. Sinldng Fand — ^At least $26,000 annually 11^ from net earnings for the retirement of thii Assumed by the New York State Rya. Control — Absorbed by the New York State Rys. The latter company is controlled by the N. Y, C. R. R. Co. throush ownership of a majority of capital stock. Secured by a first mortgage on practically the entire street railway system in Rochester, N. Y., comprising- 60 miles of road, of which 56 miles of double-tracked, and on about 15 miles additional. Franchises are per- petual. Underlies — 2nd 6s of 1933, and New York State Rys. 4%a of 1062. Bonds are reserved under the latter mortgage to retire this Issue. Earnings — See New York State Rys. Listed on Columbus, Philadelphia and Rochester Stock Exchanges. Original Market— Offered In 1902 at 112% and Interest by N, W. Halsey & Co.. New York, and Merrill, Oldham & Co., Boston. Market. New York — Fred H. Hatch & Co., Tobey & Kirk. Pliiladelpliia — Bauer, Starr & Co., Henry D. Bo'enning- & Co., Geo. N. Fleming. Louisville, Ky. — Fidelity & Columbia Trust Co.. J. J. B. Hilliard & Son. Rochester — Ford & Enos, Rochester Trust & Safe Deposit Co. Price Range. Jan. 1, '09, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 107-09 110 '10 75 Dec. 80 Dec. Low. 70 '20 75 '20 70 June 75 June ROCETBSTER RAILWAY CO. 2nd 5a. Due Dec. 1. 1933. Dated Dec. 1, 1893, Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstandingr $1,499,000 Denomination — Coupon, $1,000. Register able as to principal. Trustee — Security Trust Co., Rochester, N. Y. Assumed by the New York State Rys. Co. Control — See Ist Cons. 6s. Secured by a lien Junior to that of, the Ist Consol. 5s on the property described under that issue. Prior Liens — $2,6^3,000 1st Cons. 5s of 1930. Underlies — ^New York State Rys. 4%s of 1962. Bonds are reserved under that latter mortgage to retire this issue. Eaminga^—See New York State Rya. Co. 4%8. Market. New York— Fred H. Hatch & Co. Pliiladelpliia — Bauer, Starr & Co. Louisville, Ky. — Fidelity & Columbia Trust Co., J. J. E. Hilliard & Son. Rochester — Ford & Enos. Price Range, Jan. 1, '09, to Jan. 1, *31 1920 Bid. Ask. Bid. Ask. High 103 '09 106 '10 SO Mar. Low. 58 '20 67 '20 58 Nov. 67 Dec. ROCKFORD & FREEPORT ELECTRIC RAIL- WAY 1st 58. Due May 1, 1933. Dated May 1, 1903. Interest payable May and Nov. 1, at A. B. Leach & Co., New York or Chicago. Tax Status — PasTnent of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstandingr (Jan. 1, '21) ?523,000 Retired by S. F. 102.000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trnstee — Continental & Commercial Trust ft Savings Bank, Chicago. Redeemable at 106 and Interest, Sinking Fund — 5% of gross earnings o( Freeport Division annually, beglnnlns Feb. 1, 1910. Assnmed by the Sockford & Interurban Ry. Co. Control — ^Absorbed by the Eockford & In- terurban Ry. Co. All of the stock of that company la owned by the Union Ry., Gas & Blec. Co., a subsidiary of the Commonwealth Power Ry. & Lt. Co. Secured by a first mortgage on 28 miles of electric railway from Kockford to Freeport, 111. Line is built on private right-of-way except in cities. TTnderlles — Rockford & Interurban 6s of 1922. Earnings — See Rockford & Interurban Ry. Co.. 1st 6s. Original Market — Offered by Farson, Leach & Co., Clalcago. New York, etc., in April, 1904. Market. New York — Farson, Son & Co., Hodenpyl, Hardy & Co. Philadelphia — Bauer, Starr & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 93 '16 9714 '12 85 Nov. 90 Nov. Low. 80'17 SO '20 80 Feb. Outside of cities the road Is located on prl. vate right-of-way. Prior Liens— $523,000 Rockford & Freeport Electric Ey. 1st 5s of 1923 and J955,000 Rockford, Belolt & Janesville B. R. 1st Ea of 1930. Years ended Deo. 31; Gross. Net. Int., etc. 1919 $1,296,490 (348,986 $214,980 1918 1,034,616 208,106 212,697 Later earnings not available. Original Market — $100,000 ottered in Janu- ary, 1903, by Farson, Leach & Co., New York, at 101 and Interest; also offered In Nov., 1912, by Farson, Son & Co., New York and Chicago, at 96 and Interest. $230,000 offered by Hodenpyl, Hardy & Co., Inc., at 96 in Feb., 1913, Market. New York — Farson, Son & Co., Hodenpyl, Hardy & Co. Philadelphia — Bauer, Starr & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '12,' to Jan. 1, '21 1920 Bid. Ask. Ask. High 94 '12 98 '12 76 Mar. Low 76 '20 76 Mar. ROCKFORD & INTERURBAN RAILWAY CO. let 6s. Doe Oct. 1, 1922. Dated October 1, 1902. Interest payable April and October 1, at First National Bank, New York, and at "Trustee's ofHce. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,000,000 Outstaiidingr (Jan. 1, '21) 1,695,000 Held in S. F 497,500 Unissued 807,500 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 and interest on any in- terest date upon 30 days' notice. Sinking Fund — ^Annually, 6% of the gross earnings of the system, exclusive of the Rock- ford & Freeport, and Eockford, Belolt &. Janesville divisions, to be applied to the pur- chase of these bonds'. Bonds so acquired are held alive and Interest added to the sinking fund. Assumed — $1,116,000 by the Rockford City Traction Co. which operates local lines In Bockford. Organization and Control — Incorporated in Illinois in 1899. The company operates 35 miles of street railway In Rockford and 75 miles of interurban railway radiating from that city. All of its stock is owned by the Union Ry., Gas & Electric Co., a subsidiary of the Commonwealth Power, Ry. & Lt. Co. Capitalization. Outstanding. Common $2,000,000 Preferred (6% cum.) 2,000,000 Funded debt 2,073,000 Secured by a first mortgage on 36 miles of street railway, comprising the entire local •ystem in Rockford. 111., and on 13 miles of Interurban railway between that city and Bel- videre. Also secured by a second mortgage on 61 miles of Interurban railway between Bockford and Freeport, 111., and Rockford and JanebviUe, Wis. Franchises in cities cztehd beyond the maturity of these bonds. 1147 BOCKFORD, BELOIT & JANESVILLE BAH/- WAY 1st 6b. Due Oct. 1, 1930. Dated Oct. 1, 1906. Interest payable April and Oct. 1, at Continental ft Commercial Trust & Savings Bank, Chicago, and First National Bank of New York, Tax Status — 2% Federal Income Tax paid by company "without deduction. Authorized Closed mortgage Outstanding: (Jan. 1, '21) $956,000 Held in S. F 45,000 Denomination — Coupon, $1,000. Beglater- able as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicagcf. Redeemable at 102% and interest. Sinking Fund — 2% of gross earnings of this division annually, beginning June 30. 1916. Guaranteed principal and Interest by the Rockford & Interurban Ry. Co. Control — ^Absorbed by the Rockford & In- terurban Ry. Co. All of the stock of that company Is owned by the Union Ry., Gas ft Flee. Co., a subsidiary of the Commonwealth Power, Ry. & Lt. Co. Secured by a first mortgage on 36 miles of electric railway between Eockford, 111., and Janesville, Wis. Built on private right-of- way, except in cities where franchise extends for from 20 to 69 years. Population served, 82,000. Underlies — ^E, ft I. Ry. 6s of 1922. Earnings — ^Rochester & Interurban Ry. Ist 6s. Market. New York — Farson, Son & Co., Hodenpyl, Hardy & Co. Philadelphia — Bauer, Starr & Co., Samuel K. Phillips & Cn. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95 '11 97% '11 65 Dec Low. 65 '19 75 '19 63 July BOCKFOBD (111.) ELECTRIC CO. 1st & Ret. 6s. Due March I, 1939. Dated March 1, 1909. Interest payable Mar. and Sept. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,600,000 Ontstandingr (Jan. 1, '21) ^,684,000 Ketired by S. F 53,000 Denomination — Coupon, $1,000. BeglBter- Co.', H. D. Boennlng Ik Co., S. K. Phillips able as to principal. Trustee— Guaranty Trust Co., New Topk. Redeemable at 10.5 and interest on any In- terest date on four weeks' notice. Sinking Fnnd — 1% annually of outstanding bonds, payable in cash or these bonds taken at 106 and interest, beerinnlns March 1, 1914,' cash fund to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds acQulred to be cancelled. Improvement Fond — 1% annually of out- atandine bonds, beginnins March 1, 1919. Payments not expended during the year to ' be added to the sinking fund. Organization and Control — Incorporated in Illinoia in 1896. Present title adopted in 1907. Controlled by the American Gas & Elec- tric Co. through ownership of the entire capital stock, which company is controlled by the General Electric Co. interests. Capitalization. Outstanding. Common ....■....' $1,500,000 Preferred (6% cum.) '. . 439,200 Funded rlebt 1,684,000 Secured by a first mortgage on plants sup- plying electricity and steam heat in Hockford. Illinois. Franchise extends to 1958. Tears ended Dec. 31: Gross. Net. Int., etc. 1919 $997,434 $354,367 $112,176 1918 923,284 346,631 110,000 1917 749,639 366,467 112.095 1916 629,556 331,278 111,562 1916 548,263 317,001 109,195 Original Market — Offered in 1909 by Miller & George, Providence, R. I., at 98% and in- terest; also offered in March, 1912, by Wm, A. Read & Co.. New York, etc., at 96% and in- terest. Market. New York — Dunham & Co., Fred H. Hatch & Co. Boston — L. Sherman Adams. Philadelphia — Henry D. Eoenning & Co., Samuel K. Phillips & Co. Providence — Hornblower & Weeks. Milwaukee— First "Wisconsin Co.. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98% '17 100 '16 87 Jan. 92 Jan. Low. 75 '20 81 '20 75 Dec. 81 Deo. ROCKFORD (m.) GAS I.IOHT & COKE CO. Ist 6s. Due March 1, 1950. Dated March 1, 1900. Interest payable March and Sept. 1, at Girard Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized and Outstanding $600,000 Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Guaranteed principal and interest by Amer- ican Gas Co. Organization and Control — Incorporated in Illinois In 1861. Controlled by American Gas Co. through ownership of all stock. Capitalization. Outstanding. Common $300,000 Funded debt 1,621,000 Secured by a first Hen on plant supplying gas to Rockford, 111. Franchise is without time limit. ITnderlleg — $1,021,000 1st Ref. & Cons. 6b. Market. New York — E. & C. Randolph, Berdell Bros., J. S. Farlee & Co., F. H. Hatch & Co. Philadelphia — Bioren & Co., E. B. Smith & & Co. Wilmington — Geo. F. BlSBell. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97% '16 100 '17 90 Aug. liow. 65 '20 75 '20 65 Nov. 75 Nov. ROCKFORD (lU.) GAS UGHT & COKE CO. 1st Ref. & Cons. 6s. Due March 1, 1969. Dated March 1, 1909. Interest payable March and Sept. 1, at Central Trust Co. of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refimded. Authorized $2,600,000 Outstanding 1,021,000 Resei-ved for Prior Liens 600,000 Reserved for Kxt 879,000 Denomination — Coupon, $1,000. Trustee — Central Trust Co. of Illinois. Chi- cago. Guaranteed as to principal and Interest by American Gas Co. Organization and Control — See 1st 6s. Secured by second mortgage on property described under 1st 5s. Prior liiens — $600,000 1st 5s. Original Market — $300,000 offered Deo., 1916, by Bioren & Co. and B. B. Smith & Co., Philadelphia, at 96% and interest. Market. FliUadelphla — B. W. Clark & Co., Boen- nlng, Garrison & Co., Bioren & Co., E. B. Smith & Co. New York — ^F. H. Hatch & Co. Wilmington — Geo. P. Bissell. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Ask. High 96% 'IG 98% '17 55 Dec. Low. 85 '19 55 Dec. ROCKHHX, COAX, & IRON CO. 20-Year 1st Coll. S. F. 6s. Due March 1, 1940. Dated March 1, 1920. Interest payable Mar. 1 and Sept. 1, at Pennsylvania Co. for Insurances' on Lives and Granting Annuities. Philadelphia. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in Pennsylvania, Authorized $3,600,000 Outstanding (Apr. 12, '21) 2,914,000 Retired by S. F 86,000 Provisions of Issue — ^Additional bonds can only be issued for 86% of the cost of per- manent improvements or betterments and ad- ditions and then only if the net earnings are equal to at least twice the amount re- quired for the sinking fund (including inter- est) on the bonds issued and those to be is- sued. Denominations — Coupon $500 and $1,000; reglsterable as to principal. Trustee — Pennsylvania Company for Insur- ance on Lives and Granting Annuities, Phila- delphia. Redeemable on any interest date at 102 and interest. Sinking Fund — ^Annually $260,000 payable in semi-annual instalments of $130,000 for the payment of interest charges and a slnls- ing fund for the purchase or redemption of these bonds at not over 102 and interest. If additional bonds are issued the amount of these payments shall be Increased by an amount sufficient to pay the increased interest charges and retire the additional bonds by maturity. Organization and Control — Incorporated in Pennsylvania In lfi20 to acquire through merger the properties now owned and oper- ated by the RocIchlU Iron & Coal Company and substantially all of the outstanding bonds and capital stock of the East Broad Top Railroad & Coal Company. All of the common stock of the company is owned by Madeira, Hill & Company of Phila- delphia, who operate the property. Capitalization. Outstanding. Common (no par) .-. 20,100 shs. Preferred (8% cum.) $2,000,000 Funded debt 2,914,000 Secured by a direct first mortgage on the properties and improvements n6w owned by the Rockhlll Iron & Coal Company, appraised at $2,850,000. Also secured by pledge of substantially all of the outstanding bonds and stock of the Hast Broad Top Railroad & Coal Company. The properties of this latter com- pany are appraised at $2,175,000, Total val- uation of both properties are estimated at $5,025,000. ^ Under the provisions of the mortgage any additional bonds and . stocks issued by the collateral company are to be pledged under this mortgage. The company owns In fee simple about 19,709 acres of land in Huntingdon, Bed- ford and Fulton Counties, Pennsylvania, of which about 13,089 acres are in the East Broad Top Coal Field. Mr. B. "V. d'lnvIUiers estimated that there are 6,500 acres of proven coal lands, from which there should be about 40,000,000 tons of coal recoverable, and that m the remaining coal acreage there should be 20,000,000 additional tons of coal recover- able under profitable mining conditions. This property has been producing coal for over forty years and has now in operation six mines with an annual capacity of about 600,000 gross tons. Coal shipments are made over the lines of the ^ast Broad Top Railroad and Coal Company, which owns about 50 miles of nar- row gauge main track railroad, with 21 miles of sidings, and adequate equipment consist- ing of 11 locomotives and 408 freight and passenger cars. Tears ended Dec. 31 (combined): Grose. tNet. •1919 $1,846,136 $445,802 1918 2,300,811 576,943 1917 2,132,157 686,477 Later earnings not available. •Ten months only. tAfter all taxes. Original Market — $3,000,000 offered March, 1920, by Brown Brothers & Co., and W. H. Ne wbold' s Son & Co. . Philadelphia, at 96 and interest, Market New York — Hartshorne & Battelle. Philadelphia — Brown Bros. & Co., Gra- ham, Parsons & Co. ^ Price Rangre 1920 Bid. Ask. High 96 Mar. Low. 90 Sept. 91 Oct. Redeemable at 105 and interest on any In- terest date. . Orgranizaiion and Control — Incorporated in New Hampshire in 1901, the entire $1,000,000 common stock is owned by the New Hamp- shire Electric Railways. Capitalization. Outstanding. Common ?l,000.0a0 Preferred (7 % non-cum. ) 500,01)0 Funded debt 750,000 Secured by a first mortgage on all the property of the company, subject to an in- denture g-iven to the Massachusetts North- eastern Street Railway Co. to secure per- formance of its contract with that company, . The company owns a steam-power plant on the tidewater in the city of Portsmouth, N. H., of 14,050 h. p. capacity and supplies that city and the neighboring towns of Newcastle, Rye, North~Hampton, Greenland and New- ingham, N. H., and Kittery and Eliot, Me., witli electric light and power. The company also owns ninety miles of high tension trans-, mission lines, mostly on private right-of- way, together with transforming stations,, etc. The greater part of the company's business consists in supplying power to a number of street railways and electric light- ing companies under long term contracts. Years ended June 30: Gross. Net. ici20 $720,728 $104,471 1919 519,003 35,920 1918 423,277 40,946 1917 351,297 100,357 1916 298.144 97,241 Original Markei^Offered July, 1916, by Merrill, Oldham & Co., Boston, at 97% and interest. A block offered by the same firm July, 1917, at 92 1^ and interest. Market. Boston — Merrill, Oldham & Co. Fi'ice Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 83 '19 92% '17 50 60 Low. 83 '19 89% '19 ROCKINGHAM COUNTY LIGHT & POWER CO. Mortgage 5s. Due July 1, 1936. Dated July 1, 1916. Interest payable Jan- uary 1 and July 1, In New Tork and Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authoi-ized ^ $1,000,000 Outstanding 750,000 Reserved for Ext 250,000 Denomination— Coupon, $1,000. Register- able as to principal. Trustee — New York Trust Co., New Tork. - - 114 ROCK ISLAND & PEORIA RAILWAY CO. Cons. 1st 6s'. Due July 1, 19^5. Dated July 1, 1885. Interest payable Jan. and July 1, at First National Bank, New Tork. Tax Status — Payment of Federal Income T^ax not assumed by company. Authorized Closed mortgage Outstandingr $450,000 Denomination — Coupon, $1,000. Elxchange- able for registered bonds. Registered, $5,000. Ti'ustee' — Metropolitan Trust Co., New Tork. Control — Absorbed by the Chicago, Rock Island & Pacific Ry. Co. Secured by first mortgage on 112.51 miles of road, viz: Miles. Rock Island to Peoria, 111 90.54 Milan to Cable, 111 21.97 tJnderUes — C, R. I. & P. 1st Ref. 4s. Bonds are reserved under the 1st & Ref. mortgage to retire this issue. Market. New^ York — F. J. Lisman & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '09. to Jan. 1, '21 1930 Bid. Bid. High 120 '09 95 Jan. Low. 90 '20 90 Dec. ROCK ISLAND, ARKANSAS & LOUISIANA RAILROAD CO. 1st 4%9. Dae March 1, 1934. Dated March 1, 1910. Interest payable March and Sept. 1, at First National Bank, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $30,000,000 Outstanding 11,000,000 Held in Treasury 1,966,000 Keserved for New Mileage... 8,489,000 Keserved for Additions 8,546,000 ..Denomination — Coupon, $100, $600 and $1,000. Registerable ($600 and $1,000) as to principal. Registered, $500, $1,000, $B,000 or multiples of $5,000. C. & R. interchangeable. Trustee — Bankers' Trust Co., New York, Redeemable as a 'w^hole at 105 and interest of any interest date upon 60 days' notice. - Guaranteed principal and interest by the Chicago, Rock Island & Pacific Ry. Co. by .endorsement. Organization and Control — Incorporated in Arkansas and Loui-siana in 1905. The entire capital stock is owned by and property leased for 999 years to the Chicago, Rock Island & Paciiic Ry. Co. Capitalization. Outstanding Common $1,768,000 Funded debt 11,000,000 Secured by first mortgage on 363.67 miles of road, viz: Miles. Haskell, Ark., to Eunice, La 264.91 Tinsman to Crossett, Ark 43.28 Main Line "T" at El Dorado, Ark.... 0.21 Malvern to Kent, Ark 54.75 Connections with St. L., I. M. & So. Ry. at Camden, Ark. .% 0.52 Also secured on 39.36 miles of track- age rights, Packton to Pineville, La. 35.20 Alexandria, La., to Red River Bridge 2.69 At Alexandria 1.47 Jjisted on the New York and London Stock Exchanges. Original Market — Offered in March, 1910, by Speyer & Co., New York, at 96 and interest. Market. New York — Dunham & Co., Sam'I Gold- schmidtT Hartshorne & Battelle, Hlrsch, Lilienthal & Co., Struthers & Hiscoe, Season- good, Haas & Macdonald, Vanderhoef & Robinson, Vilas & Hickey. Philadelphia — Biddle & Henry, Carstairs & Co., Elkins, Morris & Co., Geo. N. Flem- ing. Pi-ice Range — ^N. T. S. B. Jan. 1, '10, to Jan. 1, '21 1920 High 95% Mar. 28, '10 69 Oct 4 Low. 54% May 15, '16 58% Feb. 10 BOCK ISLAND-FRISCO TBRMTNAL BAII> WAY CO. 1st Bs. Due Jan. 1, 1927. Dated Jan. 2, 1907. Interest payable Jan. and July 1, at Mercantile Trust Co., St. Louis, Mo., or Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding 3,390,000 Keserved for Ext 1,610,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Mercantile Trust Co., St. Louis. Guaranteed jointly and severally as to prin- cipal and interest by the Chicago, Rock Island & Paciftc Ry. Co. and the St. Louis & San Francisco R. R. Co. (now St. LouU-San Fran- cisco Ry. Co., by endorsement. Orcanlzatlon and Control — Incorporated in Missouri In 1906. The entire capital stock Is owned Jointly by the guarantors and the property leased to them. Capitalization. Outstanding. Common $600,000 Funded debt '. 3,390,000 Secured by a first mortgage on terminal facilities, located on three large tracts of land In St. Louis, Mo. Original Market — $3,000,000 offered In Mar., 1907, at 102% and Interest by First National Bank of Chicago, A. G. Edwards & Sons, and the Mercantile Trust Co., ot St. Louis. Market. New York — Finlay & Davenport, Joseph Bird Ford, Sam'I Goldschmidt, Ghas. W. Place, Edwin Wolff. St. Louis — Stix & Co. Price Bange. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102 '10 10334 '10 82% Sept. 86 Sept. Low. 71 '20 76 '20 71 Feb. 76 Feb. BOCKIiAND (N. Y.) LIGHT Ss POWER CO. 1st 6b. Dae Nov. 1, 1938. Dated Nov. 2, 1908. Interest payable May 1 and Nov. 1,'at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New York, Anthorized $1,000,000 Uuistanuing (Jan. 1, '21} 848,000 Keserved for Ext 152,000 Denomination — Coupon. $1,000. Register- able as to principal. . Trustee — Guaranty Trust Co., New York. Organization — Incorporated In New York In 1899. Controls through stock ownership the Rockland Electric Co. of New Jersey. Capitalization. Outstanding. Common $1,156,300 Preferred (6% cum.) 100,000 Funded debt 1,004,600 Management— Ghas. H. Tenney & Co., Bos- ton. Secured by mortgage on plants supplying electricity throughout Rockland County, N. T.. and on plant supplying gas to Nyack, N. Y., and vicinity. A large part ot the franchises are perpetual, and of the remainder none matures prior to 1941. Prior Lien — $156,500 Rockland Electric Co. 1st 6s ot 1963. Tears ended Dec. 31: Gross. Net. Int., etc. 1920 $500,094 $178,759 $87,670 1919 409,882 162,184 79,008 1918 345,343 120,720 76,256 1917 337,026 135,607 58,736 1916 306,165 130,196 58,348 Original Market — $600,000 offered Dec, 1908, at par and Interest by Perry. Coffin ft Burr, Boston, and Harris, Forbes & Co.. Bos- ton and New York. Market. New York — Fred H. Hatch & Co. Boston — Coffin & Burr, Moors & Cabot, Chas. H. Tenney & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '15 99 '15 75 Jan. 88% Feb. Low. 70 '20 75 '20 70 July 76 Dec. ROCRTILLE GAS Ss ELECTRIC CO. Ist Ss. Doe May 1, 193S. Dated May 1, 1906. Interest payable May and Nov. 1, at Equitable Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstanding. ...-. .$300,000 Trustee — Equitable Trust Co., New York. Redeemable on and after May 1, 1916, at 107% and Interest. Control — Absorbed by the Rockville-WllU- mantlc Lighting Co. Secured by a first mortgage on plants suih plying gas and electricity In Rockville, Conn,, and vicinity. Including a steam generatlDir plant. Electricity Is not being generated, but la purchased and distributed by this com- pany. Franchise perpetual and exclusive. Underlies — $250,000 Boclcville-Willlmaiit*« Deb. 68 o{ 1923. Earnings — See RockvlUe-Willimantio Llebt- Ine Co. Oiiginal Market — Offered by H. C. Warren ft Co., New Haven, Conn., at 102 and Inter- est in Atig., 1906. Market. Now York — Fred H. Hatch & Co. New Haven — H. C. 'Warren & Co., Inc. Price Bance< Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Ask. High 90 '18 101 '17 85 Low. 90 '18 93% '19 73 EOCKVILIE-Wri.I.IMANTIC MGHTING CO. 6% Debentnres. Due Jan. 1, 1923. Dated July 1, 1913. Interest payable Jan. and July 1. at Mechanlca Bank, New Haven. Conn. Tax Status — Payment of Federal Income Tax not assumed by company. Tax free In Connecticut. Anthorized (260,000. . Oatstandlng 250,000 Denominations — Coupon, $500 and $1,000. Trustee — The Union & New Haven Trust Co.. New Haven. Conn. Redeemable on any interest date at 102^ and interest on 60 days' notice. Organization — Incorporated in Connecticut In 1909 with special powers and perpetual franchises to carry on the business of sup- plying gas, electric light and power in coun-* ties of Windham and Tolland, Conn. The company has acquired the properties 'of the Hockvllle Gas & Electric Co. and the Willl- mantic Gas & Electric Co. and owns steam, electric and gas plants at Rockvllle and WllUmantic and water power plant at Staf- ford Springs. The company also owns a high tension transmission line on its own right- of-way to the Massachusetts border where it connects with the transmission line of the New England Power Co. Capitalization. Outstanding. Common $228,000 Preferred (6% cum.). 300,000 Funded debt 850,000 Security — A direct obligation of the com- pany, but not secured by mortgage. The in- denture provides that if any further mortgage is placed upon the property these debentures are to participate in the security of any such mortgage upon equal terms with all the other evidences of indebtedness; also that payment can be demanded at the option of the holder of these debentures, at par and Interest out of the drat proceeds of any mortgage bonds that may be hereafter issued. Prior Uens — $300,000 Rockvllle Gas & Elec- tric lat 5s, due May 1, 1936, and $300,000 Willimantlc Gas & Electric 1st 5s, due Jan. 1, 1923. Years ended Dec. 31: Gross. Net. Int., etc. 1919 $286,604 $87,472 $61,198 1918 256,427 66,550 50,763 1917 219,111 76,468 44,426 Original Market — A block offered July, 1916. by H. C. Warren & Co., New Haven, Conn., at par and Interest. Market. New Haven — H. 0. Warren & Co., Inc. Price Range 1920 Bid. Ask. High 95 97% Low .90 95 ^ ROCKY MOUNTAIN COAIi & IRON CO. Isl 58. Due May 1, 1961. Dated May 1, 1901. Interest payable May and Nov. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Anthorized Closed mortgage Oulslanuiner (Jan. 1, '21) $308,000 Retired by S. F 442,000 Denomination — Coupon. $1,000. Trustee — Columbia Trust Co., New York. Sinking Fund — Annually, on or before May 1, 6 cents per ton of 2,000 pounds of mer- chantable coal mined: the entire proceeds from the sale of land; $2.00 per 1,000 feet on all common merchantable timber, and 10% on the selling price at the mill on all second class lumber. Minimum annual payment. $16,000. This fund is to be applied to the purchase or redemption of these bonds at not over 100 and interest. Bonds acquired are to be cancelled. Guaranteed as to principal and interest by the Colorado Fuel & Iron Co. Organization and Control — ^Incorporated In Colorado. Controlled through stock owner- ship by the Colorado Fuel & Iron Co. Capitalization. Outstanding. Common $3,000,000 Funded debt 308.000 Secured by a first mortgage on 264.000 acres of coal, timber, agricultural and grazing lands, being that part of the Maxwell grant lying in Colorado. Market. New York — Sam'l Goldschmidt, Hart- shorne & Battelle, Watson, Armstrong & Co. Philadelpliia — Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to Jan. I, '21 1920 Bid. Ask. Bid. Ask. High 89% '19 90 '16 88 Nov Low. 77 '20 80 '20 77 Oct. 80 Nov. ROGERS (WM. A.) I.TD., 1st 68. Due each Feb. 1 as follows: $36,000, 1918 to 1922, inc.; $40,000, 1923 to 1927. inc., and $46,000, 1928 to 1932, Ine. Dated Feb. 1. 1917. Interest payable Feb. 1 and Aug. 1, at Bank of Nova Scotia. New York, Chicago, Toronto or Montreal. Tax Statns — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized $900,000 Outstanding (Mar. 1, '21) 397,000 In Treasuiy 63,000 Matiu'ed and Paid 140,000 Reserved for Ext 300,000 Provisions of Issue — ^Additional bonds issu- able for 66 2-3% of the cost of additions to fixed assets when net earnings for previous two fiscal years have averaged three times Interest charges on bonds outstanding and to be issued. Denomination — Coupon. SI, 000. Registerable aa to principal. Registered, $1,000. C. & B. interchangeable. Trustee — Bankers' Trust Co.. Buffalo. N. Y. Redeemable as a whole at 105 and Interest on Feb. 1, 1920, or any Interest date there- after on 60 days* notice. Organization — Incorporated in Ontario In 1901 and is a consolidation of Wm. A. Rogers of New York, established in 1890; the Niagara Silver Co. of Niagara Falls, N. Y.. established in 1893, ^nd B. E. Wood Cutlery Co. of North- ampton, Mass. In December, 1917, purchased the business of Simeon L. and George H. Rog- ers Co. of Hartford and Wallingford, Conn. Also owns 2,500 shares (50%) of the common stock of Canadian Wm. A. Rogers, Ltd. The company manufactures and sells silverplated fiatware and hollowware and cutlery. Capitalization. Outstandine. Common $1,500,000 Preferred (7% cum.) 1,122.800 Funded debt 432,000 Secured by, a first mortgage on real estate, water power, factory and equipment at North- ' ampton, Mass.; factory, plant and eauipment at Niagara Palls. N. T., and branch ofBoe equipment at New York and Chicago, valued at $918,939. Net current assets as of Dec. 31, 1916, $1,163,371. Total net assets (not in- cluding proceeds of this issue), $2,082,310. Years ended Dec. 31: Net. Bond Int. 1919 , t$526.383 1918 def.B,209 $«74,226 1917 81,856 19,422 1916 190,649 191B 164,810 Later earnings not available. 'Interest on bonds and bank loans. tAfter Interest. Original Marlcet — $600,000 ofCered March, 1917, by A. E. Ames & Co., Toronto, at 100 and interest. Market. Toronto — ^A. E. Ames & Co. New York — E. & C. Randolph. Pittsbnrgh — B,. W. Evans & Co. Piice Range Jan. 1, '19, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 95 '19 95 '20 90 Mar. 95 Mar. Low. 83 '19 85 '19 90 Mar. 95 Mar. Original Market — $4,500,000 offered In, March, 1910, by William Salomon & Co. and Brown Bros. & Co., New York; on a 5.30%, B.60% basis, and $400,000 ottered January, 1912, by Brown Bros. & Co., on a BV4% basis. Market. - New York — J. H. Holmes & Co. Philadelphia — Brown Bros. & Co. BuiTalo — Citizens Commercial Trust Co., Bvers, Reber & Co., O'Brian, Potter & Co., Sehoeilttopf, Hutton & Co., Inc. Price Range. Jan. 1, '14, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 95?4'19 102 '16 SO Feb. 87 May Low. 75 '14 80 '20 75 July 80 Oct. ROGERS-BROWN IRON CO. 1st & Bef. 5s. Dne at 103% and interest. Dne $21S,000 annually to Jan. 1, 1920: £214,000 annual- ly to Jan. 1, 1940. Dated January 3, 1910. Interest payable Jan. and July 1, at Bankers* Trust Co., New- York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt "in New York. Authorized $8,000,000 OutstandJnsr (Jan. 1, '21) 4,008,000 Betii-ed 1,939.000 Denomination — Coupon. $600 and $1,000. Registerable as to principal. Trustee — ^Bankers' Trust Co., New York. Redeemable at 102% and interest on any Interest date on 60 days' notice as a whole or for sinking fund on July 1, annually. Sinking Fund — 25 cents per ton of ore mined from the ore lands at Hibbing, Minnesota, be- ginning Jan. 1, 1913, with a minimum equal to the amounts required to meet the maturing serial installments. Payments in excess of the minimum requirements must be applied on July 1 of each year to the redemption by lot of bonds at 102% and Interest. Organization and Control — ^Incorporated In New York in 1909. Controlled by partners of Rogers, Brown & Co. Capitalization. Outstanding. Common $5,000,000 Preferred (7% cum.) 1,660,000 Funded debt 6,571,000 Secured by a first mortgage on about 30 acres of land, two new furnaces and other equipment, adjoining the plant at Buffalo; and by a second mortgage, equally with $1,600,000 Buffalo & Susquehanna Iron Co. debentures on the entire plant formerly belonging to the latter company. Prior Ijens — $1,600,000 Buffalo & Susque- hanna Iron Co. Serial 1st Es of 1932. Years ended Dec. 31: Net. Dep'n, etc. Int. & S. F. 1920 $936,739 $1,061,875 $647,675 1919. ,. I,a56,070 722,740 •676,922; •Includes rentals and royalties. 116 ROGUE RITER (Ore.) EI.ECTRIC CO. Prior I>ien Ss. Due July 1, 1937. Dated July 1, 1907. Interest payable Jan. and July 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $700,000 Ontstfnding 625,000 Retired by S. F 75,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Guaranty Trust Co.. New York. Redeemable at 106 and interest on six weeks' notice. SInldng Fund — Beginning July 1, 1909, $7,000 per annum for the purchase of bonds at not to exceed 105 and Interest or redemption of bonds in numerical order at same price. - Control — Incorporated in Oregon In 1907. Merged in 1911 into the California-Oregon Power Co. The latter company was unable to meet In- terest on its 1st & Ref. 5s in Jan., 1916, and bondholders agreed to waive interest for five years. A reorganization plan has been adopted which will not disturb this Issue or other underlying bonds. Secured by a first mortgage on hydro-elec- tric plant on the Rogue River In Oregon, trans- mission lines and distribution systems supply- ing electricity in Central Point. Gold Hill, Grant's Pass, Jacksonville and Medford, Ore. (population, 18,000), and to companies for dis- tribution in Ashland, Phoenix and Talent (pop- ulation, 8,000). Bonds numbered ■ from 1 to 260 have priority over other bonds of this issue. Years ended Dec. 31 (C.-O. P. Co.): Bond Gross. Net. Interest. 1919 $724,418 $273,922 $284,800 1918 498,979 132,020 284,800 1917 487,916 268,109 284,800 1916 426,101 106,220 284,800 Original Market — Offered In Oct., 1909, by E. H. Rollins & Sons, New York. Boston, etc., at prices yielding 6%% to 6%j $100,000 of- fered by the same firm In Aug.. 1911. Market. New York — Taylor & White, Hanson & Han- son, F. H. Hatch & Co. Price Range 1920 — Bid 60 Dec; Ask 08 Dec. BOIAND PARK KLEC. & WATER CO. 1st 6s. Due February 1, 1937. Dated February 1, 1907. ■ Interest payable February 1 and August 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without. .deduction. Authorized .' $400,000 Outstanding 300,000 Denomination— Coupon, $1,000. Registerable as to principal. Trustee — Continental Trust Co., Baltimore, Md. Onaranteed as to principal dnd Interest by the Consolidated Gas, Electric -LiBht & Power Co. of Baltimore. Oreanlzation and Control — Incorporated in Maryland in 1904. All of the stock is owned by the Consolidated G. B. L. & P. Co. of Baltimore, which leases the electric plant. Capitalization, Outstanding. Common $26,000 Funded debt .' 300,000 Secured by a first mortgage on plants sup- plying electricity and water to Lake Roland and other suburban communities In the vicin- ity of Baltimore. E/arnings — See Consolidated Gas Electric Light & Power Co., Gen. 4%s. Market, Baltimore — Mackubin, Goodrich & Co., J, S. Wilson Jr. & Co. BOUiAND PAPER CO., L.TD., Ist 6s. Due July 1, 19S7. Dated July 2, 1912. Interest payable Jan. and July 2, at Bank of Montreal, Montreal and Toronto, Can. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $600,000 Outtitanding (Jan. 1, '21) 386,500 Ketired by S. F 113,600 Denomination — Coupon. $600 and $1,000. Trustee — Royal Trust Co.. Montreal. Can. Sinking Fund — 2% per annum of outstand- ing bonds, beginning in 1915, to be applied to the purchase or redemption of these bonds at not exceeding 105 and interest. Organization — Incorporated In Canada in 190t. Capitalization. Outstanding. Common $760,000 Funded debt 386,600 Secured by a first mortgage on two large paper mills operated by water power. One Is located at St. Jerome, the other at St. Adele, both in Canada. Original Market — Offered by C. Meredith & Co., Montreal, Can., and London, Eng., at par and interest in Aug., 1912, Market. Montreal — J, M. Robinson & Sons. C, B. Meredith & Co., Hew R, Wood & Co. Price Range 1980 — Bid 90 Mar.; Ask 96 Mar. BOrPU NAVIGATION & COAl CO. Ist 7b. Due $133,000 each March 15, from 1920 to 1929, and $134,000, 1930 to 193t Dated March 15, 1919. Interest payable March and September 16th at Trustee's office, San Francisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized $2,000,000 Outstantiing (Jan. 1, '21) 1,624,000 Balance retired. Purpose of Issue — Proceeds to pay balance of indebtedness incurred In purchase of ves- aels. Denominations — Coupon, $100, $600 and $1,000. Trustee — Anglo-Callfornla Trust Co.. San Francisco. Redeemable as a whole or In part on any Interest date upon thirty days' notice at 102Vi. Organization — Incorporated In California In 1914. Company owns and operates steamships on the Pacific Coast, also Is engaged In whole- sale coal business. Capitalization. Outstandln*. Common $260,000 Funded debt 2,000,000 Secured by a first mortgage on all the prop- erty of the company. Including three steamers of 2,760 tons dead weight, two steel sailing vessels and one steel barge, 3,500 tons each, one three-masted barkentine and two four- masted barkentines. Original Market — Offered March, 1919, by Anglo & London Paris National Bank, San Francisco, and Blankenhorn-Hunter-Dulin Co., Los Angeles, at par and interest, - Market. IjOs Angeles — Citizens National Bank, Stevens, Page & Sterling. Price Range ~ 1920 Bid. Ask. High 8.60% Nov. 7.50%Nov. Low 8.75% Dec. 7.60% Dec. ROME. WATEETOWN & OGDENSBUBQ RAIIiROAD CO. let Cong. 68, 48 and 3%s. Due July 1, 1922. Dated July 1, 1874, Extended November 4, 1891, with Interest reduced from 7%. Interest payable April and Oct. 1, at Grand Terminal Station, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding — 6s $9,076,000 4s 419,000 3%s 600,000 $9,995,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., N. Y. Assumed by the New York Central ' R. R. Co. Control — Absorbed by the New York Central R. R. Co. Secured by first mortgage on 411.62 miles of road, viz. : Miles. Syracuse to Norwood. N. Y 148. 04 Rome to Richland, N. Y 45.32 Suspension Bridge to Pulaski, N. Y.... 175. 27 Watertown Jet. to Cape "Vincent, N. T. . 24.10 DeKalb Jet. to Ogdensburs, N. Y 18.89 Also secured on the railroad bridge of the company In the City of Oswego, N. Y., In- cluding appurtenances, realty, etc, TTnderliee — N. Y. C. & H. R. R. R. 3%» of 1997; Cons. 4s of 1998; Lake Shore Collat- erals; Michigan Central Collaterals and De- bentures secured by the Cons. Mtge.. and Bef. & Imp. 4 Vis of 2013. Under latter mort- gage bonds are reserved to retire this issue. Liegal for savings banks in Cal., Conn., Me., Mass.. Mich., Minn., Mo., N. H.. N. J., N. Y.. R. I.. Vt. and Wis. I^isted (6s) on the New York Stock Ex- change. Market. New York — E. D. Levinson & Co., Chas. W. Place, Prince & Whitely, Redmond & Co., Remick, Hodges & Co., Taylor, Smith ft Hard, Vilas & Hickey, Philadelphia^-Parsly Bros. Price Range — N. X. Jan. 1, '06, to Jan. 1, '21 High 118 Mar. 3, "06 Low. 95 May 15, '20 & Co. S. E. 1920 98 Nov. 12 95 May 16 BOME (N. T.) GAS, ElECTBIC UGHT A POWEB CO. 1st 5b. Due June 1, 19S1. Dated 1901. Interest payable June and Deo. 1, at Union Trust Co., Detroit, Mich, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $400,000 Denomination — Coupon, (1,000. ReElaterable Price Banse. as to principal. Jan- L '!«. to Jan- 1. '81 „ ,, 19?« , , TruBtee— Union Trust Co.. Detroit. Mich. a?%„ ii^°M« ».; w=,, bb-tS; Organization and Control— Incorporated In High 65 19 105 16 |f Majr 66 Dec New York In 1901. Controlled by National Low. 62% '20 65 20 62% Deo. 66 July Gas, Electric Iilsht & Power Co. throush own- ership of entire capital stoclE. BOPEjB (GEO. D.) CORP. let 1b. Due each Capitalization. Outstanding. Bgo. 1, as follows: $50,000, 192% and Common t400.000 i9gs; $75,000, 1924 and 1985: $100,000, Funded debt 900,000 1936 and 1927. Secured by a first mortgaBe on plants sup- Dated Deo. 1, 1919. Interest payable June plying gas and electricity to Rome, N. T. and Dec. 1 at Central Trust Company of IIll- Franchiae perpetual. no's. Chicago. „„ „ ^ , ^ Underlies — 5600,000 1st Ref. 6s of 1936. Tax Status — 2% Federal Income Tax paid under which bonds are reserved to retire this by the company without deduction. Iggug Authorized $1,000,000 Tears ended Dep 31- Outstanding 460,000 Years ended Vtc.^. Reserved Ifor Ext 660,000 ,010 tcn« Tic to9 All MQ ?!)(! PTovlslons of Issue — Additional bonds may \l\l 483638 89 708 74043 be issued for 76% of the actual cash cost and ,XJ« 447'674 83499 46871 '^'"^ value of permanent improvements, ex- 1916.::::; 369;i67 88:269 20:969 tensions and addition when net earnings for '"'^° oui,,j.v,i oa,<,<,9 <,»,•»> twelve months immediately preceding a period Market. of three months prior to the issuance of said New York — Fred H. Hatch & Co. bonds are equivalent to 2% times the interest Price Range. requirement on all bonds outstanding and Jan. 1, *16, to Jan. 1, *31 1920 those to be issued. Additional bonds are to Bid. Bid. have annual maturities to and including 1031. High 93 '16 78 July Purpose of Issue — The proceeds of the $450.- Low. 70 '20 70 Mar. 000 bonds now oustanding are to be used for the acquisition of 46 acres of land located on BOMB (G».) RAILWAT & UGHT CO. 1st four lines of railroad, and for the construo- S P 6s Due April 1 1946 thereon of a modern manufacturing plant. Dated April 1. 1916. Interest payable April "^""2^*'""— 'r°™°''i "'"'"'• , t,,- ■ 1 and Oct. 1. at Spencer Trask & Co.. New . chT^lo " Company of Illinois, ^°i5:»^°L»i:?f'°l'5 °SflL.-i T„„„~. rp., „»M Bedseinable on any interest date upon 60 h7p^mn»nt^hS,t^»*,o«on aay=' notice at 100 and interest for bonds due by company without deduction. 1522 and 1923; at 191 and interest for bonds Anthonzed $3,000,000 ^^^ ^gg^ ^^^ jj25; at 102 and interest for Outstanding .^^. o frS'SXS bends due 1926 and 1927. Reserved for Ext -•••••••-,- 2.160,000 Organization— Incorporated in Illinois. Com- Provlsions of Issue— Additional bonds issu- p^^y manufactures the "Eclipse" gas stoves able for 80% of cash, cost of improvements, ^^3 also one of the largest and most varied etc., when net earnings for 12 consecutive ,[,,^3 ^j pumps, including hand pumps, wind- months of preceding 14 months are twice in- mill pumps, oil pumps, rotary force pumps, terest charges on total issue. etc. They are maihed under the trade name Denominations — Coupon, $600 and $1,000. "Trahern." Company's plant is located at Registerable as to principal. Rockford, 111. Trustee — Fidelity & Columbia Trust Co., Capitalization Outstanding. LiOUisville. Common $1,000,000 Redeemable at 106 and Interest on any In- Funded debt 460,000 terest date on 60 days' notice. Secured by a first mortgage upon the prop- Improvement and 'Sinking Fund — ^Annually. erty of the company now owned or hereafter beginning Oct. 1, 1917, 1% of outstanding acquired. Under the provisions of the trust bonds to be Invested In permanent improve- agreement the company covenants to maintain ments, etc., or for the purchase or redemption at all times net quick assets equal to the of these bonds, at not over 105 and Interest. amount of bonds outstanding under this mort- Bonds acquired to be cancelled. giage. The property covered by this mortgage Organization — Incorporated In Georgia In includes manufacturing plants at Rockford, III. 1906. Original Market — $450,000 offered January, Capitalization. Outstanding. 1920, by A. B. Leach & Co.. New Tork, Chi- Common $650,000 cago, etc., at 100 and interest. Preferred (7% cum.) 100.000 Market. Funded debt 860.000 Chicago — A. B. Leach & Co. Secured by a first mortgage on all the prop- erty of the company Including plant supply- ROSITA COAL & DUKE CO. 6-Tr. S. P. 6s. Ing electric light and power in Rome, Ga., Due Nov. 1, 1924. and 12 miles of street railway line In that Dated Nov. 1, 1919. Interest payable May city. Franchises extend to 1986. and Nov. 1. at Guaranty Trust Co., New Tork. Tears ended Dec. 31: Tax Status — 2% Federal Income Tax paid Bond by the company without deduction. Gross. ■ Net. Interest. Authorized $1,326,000 1920 $291,621 $78,165 $42,500 Outstandlngr (Mar. 1, '21) 1,021,500 1919 242,905 72,465 42,500 Retired by S. P 279,600 1918 200,496 59,292 42,600 Denominations — Coupon $1,000 and $600; 1917 181,709 60,737 42,600 registerable as to principal. 1916 189,790 81,472 40,422 Tmstee — Guaranty Trust Co., New Tork. 1915 179,449 86,291 37,600 Redeemable at any time upon 30 days' no- Original Market — $860,000 ottered June, tlco at 100 and interest. 1916 by Spencer Trask & Co., New Tork, etc.. Sinking Fund — Semi-annual payments begln- at 96 V4 and Interest ning May 1, 1920, of a total amount of $265,- Market. 000 per annum (or 20% of the original Issue) New Yorlt^Fred H Hatch & Co. for the purchase or redemption of these bonds 1154 , at not over 100 and interest. Bonds so ac- quired to be cancelled. Guaranteed — Principal and interest by the American Smelting & Refining Company Y.y -en- dorsement. Organizatioa and Control — Incorporated in 1919 for the purpose of acquiring the capital slock of the Compania Carbonifera de Sabinas, of which it now owns in excess of 96%. The latter company is engaged in mining of coal and manufacture of coke at Ro3ita, State of Coahiiila, Mexico, and owns or leases the sub- > soil rights underlying about 35.000 acrfis of land, of which about one-sixth has been pros- pected, resulting in an estimated coal reserve of 50,000,000 tons. Controlled through stock ownership by the " American Smelting & Refining Company. Capitalization Outstanding Common (no par) 1,000 shares Funded debt $1,021,500 Secured by pledge of the entire capital stock of Compania Carbonifera de Sabinas. Original Market — $1,273,000 offered Novem- ber, 1919, by Montgomery & Co., Philadelphia, New York, etc., at 96% and interest. Market. New York — Hartshome & Battelle, Morton Lachenbruch & Co., Watson, Armstrong & Co." Price Rang:e Bid. High 95 Jan. Low.- 89 Nov. 1920 Ask. 97 Jan. 91 May ROWIAND POWER CONSOLIDATED COL- liERIES COMPANY (THE) 1st 6s. Due each Oct. 1, as follows: $175,000, 19^0; $150,000 each 1921 and 1922; $125,000 1923; $100,000, each 1924. 1925 and 1926. Dated October 1, 1919. Interest payable April 1 and Oct. 1, at Guara.ntee Trust & Safe Deposit Company, Philadelphia. Tax Status — 4% Federal Income Tax paid fay the company. Pennsylvania State Tax re- funded. Authorized $1,000,000 Outstanding 900,000 ♦Reserved - f or Corporate Purposes $100,000 *To mature Oct. 1, 1927, if issued. Redeemable at 100 and Interest at any time. Purpose of Issue — To acquire new properties, pay bank loans and to provide adiitional work- ing capital. Denomination — Coupon $1,000; registerable as to principal. Trustee — Guarantee Trust & Safe Deposit Company, Philadelphia. Redeemable at 105 and interest, on any in- terest date upon 21 days' notice. In the event of bonds being redeemend in part they Eitall be of the last maturity outbtandiiifr. Sinking Fund — Quarterly payments of amounts eaual to 15c per ton on all coal mined from the properties of the company. This fund shall be first applied to the payment of the principal of the bonds as they severally mature, and in the event of any excess moneys remaining in the sinking fund such excess shall be applied to the purchase or redemption of these bonds at not exceeding 105 and m- terest. Bonds so acquired to be cancelled. Maintenance Fund — The company agrees to cieate a maintenance fund and to pay to the Trustee monthly 25 cents a ton on all coal mined from its properties by stripping opera- tions and 10 cents a ton on all coal mined from its properties by shaft operations, the funds to be applied to the malntenantce and upkeep of the equipment used respectively in Its stripping operations and shaft operations, Any moneys in said funds not so expendecfc shall be applied anually to the redemption at 105 and interest of the bonds of the latest maturities outstanding unless said bondis caxfc be purchased In the open market at a lower- price. "" Organization— Incorporated In Indiana. Capitalization Outstanding Common $1,805, 00(>- Preferred (7%) 320,00ft Funded debt 900,00* Secured by a first mortgage on all of the- property now owned or hereafter acquireck Under the provisions of the trust agreement the company covenants to maintain at all times net quick assets of not less than $250,-> 000. Company controls 3,966 land acres witjk 2,899 acres of unmined coal, all of which is- owned in fee except 30 acres, which are held' under favorable leases, together with sufflctent surface lands for its stripping properMes and! for the operation of its shaft mines. Proper- ties are situated in Owen, Greene, Sullivan and Clay Counties in Indiana, and are under- laid with good merchantable coal. All of thtk properties are reached either by the Monon,. the P. C. C. & St. L., the C. & E. I., Chicago^. Terre-Haute and Southeastern or the lUinoia-- Central Railroads. The lands operated by the company are In- seven different tracts. At the present time- seven stripping and three shaft mints are in. operation, which during the year of 1918 pro- duced a total of 820,000 tons, 566,000 tons' being shipped froin stripping mines and 254,- 000 tons from shaft mines. A valuation of $1,824,674 has been placed on the coal land and equipment, and recov- erable coal has been estimated at about 18»— 649,580 tons. Original Market — $900,000 offered Januaryi- 1920, by Cassatt & Co., Graham, Parsons & Company, Philadelphia, and Wortlilngton,. Bellows & Company, Cleveland, Ohio, on £^ 7 % basis. Market. Philadelphia — Graham Parsons & Co. ROYSTJEK GTTANO CO. (F. S.) 20-Year tst S. F. 8s. Due June 1, 1941. Dated June 1 , 1921. Interest payabjj^ June 1 and Dec. 1 at First National Bank, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. . ' ' Authorized $3,000,000 Outstanding: 2,500,000 Reserved for Corp. Purposes. . . . $500,000. ■ Issuance Restrictions — Additional Bonds' Issuable when net earnings of the company and its subsidiaries for ' the 4 fiscal yearA preceding have averaged 3 times the an- nual interest charges on the bonds out- standing and those proposed to be issued. Purpose of Issue — To fund current Indebt- edness. Denominations — Coupon, $1,000, $500 and $100; registerable as to principal. /Trustee — First National Bank, New York. Redeemable on 60 days' notice on any in- terest date on or .before June 1, 1922, B.t 107% and interest, and on any interest dat* thereafter until maturity at 107% and In- terest less % of 1% for each twelve montbe^ or part thereof, elapsed after June 1, 1921. Sinking: Fund — Semi-annual payments be- ginning June 1, 1922 sufficient to retire- through purchase or redemption annually 5% of the maximum amount of bonds fS- sued. Bonds so acquired to be cancelled. Organization — Incorporated in Virginia. Manufactures and sells chemical fertllizera- and allied products. Business established; 1885. 1155 Capitalization. Outstanding. Gommon $1,473,800 Preferred 1,000,000 :Funded debt 2,500,000 Secui-ed by a first mortgage on real estate, plants and equipment directly owned by the company. Additionally secured by a pledge of the company's holdings of stock in its various subsidiaries. Under the provisions of the indenture the •company agrees that the properties of sub- sidiaries are to be kept free from mortgages except purchase -money mortgages and mort- gages subject to which property is here- Atter acquired and also agrees to maintain at all times net quick assets of itself and Us subsidaries at an amount at least equal to 150% of the first mortgage bonds at the time outstanding. The plants owned and operated by the ^OTnpany and its subsidiaries are 17 in nuih- ber, being situated at Norfolk, Va., Colum- bia, S. C, Toledo, Ohio, Lynchburg, Va., Spartanburg, S. C, Montgomery, Ala., Tar- fcoro, N. C, Macon, Ga. , St. Louis, Mo. , Charlotte, N. C, Columbus, Ga., Portsmouth, "Va., Washington, N. C, Baltimore, Md., Birmingham, Ala, The company owns and operates in the State of Florida phosphate mines contain- ing large deposits of phosphate rock w^hich it is estimated are sufficient to supply this ■company with its basic raw material for at least twenty years. Years ended June 30: Net. 1920 $3,577,444 191S 2,147,383 1918 2,384,027 1917 742,663 1916 1,086,965 Onginal Market — $2,500,000 offered June, 1921, by Hambleton & Co., Baltimore: Scott & Stringfellow, Richmond; Federal Securi- ties Corporation, Chicago, at 99 and interest. RUBEKOID COMPANY (The) 1st 15-Year S. F. Ss. Due May 1, 1936. Dated May 1, 1921. Interest payable May 1 and Nov. 1 at Chase National Bank of New^ York or Central Trust Co. of Illinois, Chicago. Tax Statns — 2% Federal Income Tax paid by the company w^ithout deduction. Penn- sylvania State Tax refunded. Authorized $1,500,000 Outstanding 1,000,000 'Keserved for Ext 500,000 3f ssDiince Restrictions — A dditional bonds TTiay "be issued only for 50% of the cost or leasonable value, whichever is less, of addi- tions and improvements to the property of the company when net operating income of the company for twelve of the preceding fourteen months shall have been at least three times the annual interest charges on bonds outstanding and those proposed to "be issued. Purpose of Issue — To reduce current in- Denominations — Coupon, $100, $500 and ;jl,000; registerable as to principal. aVustee — Chase National Bank, New York. ^Redeemable at 107^/^ and accrued interest on any interest date up to and including May 1, 1922, the redemption premium de- creasing % of 1% per annum thereafter. Sinkingr Fund — Semi-annual payments, be- ginning May 1, 1922, sufficient to retire each year until 19 28, 5% of the greatest amount of bonds at any time outstanding, such percentage to be- increased to 7%% thereafter. Orgtuilzation — Incorporated In New York in 1886, as Standard Paint Co. Present ■name adopted in March, 1921. The company ;¥nTi:nufac turps preservative and Insulating paints, varnishes and water proof com- pounds, felt base "prepared" roofing and shingles. Owns a m,ajority of the capital stock of The Paraffine Companies, Inc. Capitalization. Outstanding, Common $4,996,200 Funded debt 1,000,000 Secured by a first mortgage on the com- pany's plants and equipment located at Bound Brook, N. J., and Joliet, III. Additionally secured by pledges of 27,552 shares of Preferred and 51,510 shares of Common stock of The Paraffine Companies, Inc., constituting the controlling interest in that company which is engaged in a similar industry on the Pacific Coast. Under the provisions of the indenture the company covenants to maintain net current assets equivalent to the amount of bonds of- this issue outstanding and to pay no divi- dends on its capital stock which will reduce net current assets to less than~125% of bonds of this issue outstanding. If any of the pledged stock of The Paraffine Com- panies, Inc., is sold, the proceeds thereof will be paid to the Trustee to be used in the retirenient of these bonds. Years ended Dec. 31: •Net. 1920 $535,962 1919 272,015 1918 397,459 1917 415,744 1916 337,750 ♦After Federal taxes. Original Market — $1,000,000; offered May, 1921, by Central Trust Company of Illinois, Chicago, at 100 and interest. 1156 EtJEPING LEATHER CO. (FRED). 6% Serial Notes. Due $500,000 each July 1, from 1920 to 1924, inclusive. Dated July 1, 1919. interest payable Jan. and July 1, in New York and Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,500,000 Outstanding 2,600,000 Denominations— rCoupon, $1,000. Also cou- pon $500 and $100 in 1922 maturity only. Trustee — 'First Trust & Savings Bank, Chi- cago. Redeemable on any interest date as a whole, or any entire maturity, at 103 and Interest. Organization — Established 1854 and incor- porated 1904 in Wisconsin. Company is one of the largest tanners in its line in the United States. Owns modern plant at Fond du Lac, "Wis., covering 3.46 acres and having a floor space of 340,670 sauare feet. Capacity 80,000 pcunds trimmed weight per day. Company owns also 4.16 acres of unoccupied land ad- joining and a fine office building. Maintains selling branches or warehouses in Chicago, New York, Cincinnati, Milwaukee, St. Louis, San Francisco and Northampton, Eng. Capitalization Outstanding Common $1,500,000 Funded debt. . . .'. 2,500,000 Security — ^A direct obligation of the com- pany but not secured by mortgage. The Trust Agreement provides that so long as any of the notes are outstanding: The company will at all times maintain its current assets, as defined In said Trust Agree- ment (including such current assets of its sub- sidiary corporations) to an aggregate amount equal to at least one and one-half times all its liabilities, including all liabilities of its sub- sidiary corporations and including this issue- of Notes outstanding. Neither the Company nor any of its sub- sidiaries shall mortgage or pledge any of their property or assets now owned or hereafter acquired. Neither the Company nor any of its sub- Bidiaries shall issue, guarantee or endorse any ether tends, debentures, long time notes or similar securities. Duplicate monthly balance sheets and state- ments of earnings shall be furnished the bank- ers, and once each year the company will file with the bankers a complete audit of its ac- counts by certified public accountants selected by the bankers. The company shall not declare or pay any dividend on its common stock, except with the consent, in writing, of the bankers. Original Market — Offered June, 1919, by A. G. Becker & Company, Ames, Emerich & Com- pany and the First Trust & Savings Bank, all of Chicago, at prices to yield from 6% to 6.60% for the various maturities. Market New York — Ames, Emerich & Co. RUMFORD FAIXS &' RANGELEY LAKES RAIIiROAD CO. l8t S. F. 5s. Due Oct. 1, 1937. Dated Oct. 1, 1897. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $400,000 Outstanding 325,500 - Held in S. F 74.500 Denomination — Coupon, $500 and $1,000. Rcgisterable as to principal. Trustee — Old Colony Trust Co., Boston. Sinking Fund — $3,000 per annum to pur- chase bonds at a price to be agreed upon; or if not so purchasable, to be invested in se- curities which are legal investment for sav- ings banks in Massachusetts. Guaranteed as to interest under terms of lease by the Maine Central R. R. " Co. ■ Organization and Control — Incorporated in Maine in 1894. Controlled by Portland & Rumford Falls Ry. Co,, through stock own- ership. The latter company ia leased for 1,000 years to P. & R. F. R. R. Co., the property of which is leased for 999 years to Maine - Central R. R. Co., which ia controllfed by Boston & Maine R. R. Co, through stock own- orship. Capitalization Outstanding Common $300,000 Funded debt 660,500 Secured by a first mortgagre on 27 miles of road from Rumford Falls to Bemis, Me., and Houghton branch. Underlies — $300,000 4s of 1923. Xiegal for savings banks in Me. Market New York— Fred H'. Hatch & Co. Price Range Jan. 1, '17, to Jan. 1, '21 Bid. Hi&h 80 '19 Low. 70 '17 1920 Bid. 73 Dec. 73 Dec. RUMFORD FAIXS & RANGEUEY TAKES RAILROAD Mtee. 4s. Due Nov. 1, 192S. Dated Nov. 2, 1903. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 'Payment of Federal Income Tax not assumed by company. Authorized $300,000" Outstanding 300.000 Denomination — Coupon, $500 and $1,000. Xrustee — Union Safe Deposit & Trust Co., Portland, Me. Redeemable on any interest date at 102% on three weeks' notice. ' Guaranteed as to interest under terms of lease by the Maine Central R. R- Co. Organization — See 1st S. P. 5s. Secured by a mortgage on 35.97 miles of road, viz. : A first lien on 8.97 miles — Miles.. Bemis to Oauassoc, Me 8,97 A second lien on 37 miles — Rumford Falls to Bemia 27.0©' Prior Liens — $4,000,000 1st 5s of 1937. Legfol for savings banks in Me. RUMFORD FALLS (Me.) POWER CO. 1st S. F. 46. Due Oct. 1» 1945. Dated October 2, 1905. Interest payablo April 1 and October 1 at Trustee's office. Tax Status — iPayment of Federal Incoma Tax not assumed by company. Authorized $1,000,00* Outstanding: (Jan. 1, '21) 932,000' Held in S. F 68,000' Denominatiom-^Coupon, $1,000. Resisterabl» as (to principal. Xrustee — ^Union Safe Deposit & Trust COiV Portland, Me. Redeemable on interest date at 10& and in- terest. Sinking Fond^$10,000 per year, beginninff Oct. 1, 1915, payable in cash or bonds at par. If paid in cash. Trustees shall apply sazne ta redemption of these bonds at 105 and Interest. Organization — See Gen. 4%3. Secured by a first mortgage on hydro- electric plant supplying electricity to the Rum- ford Falls Light & "Water Co. Underlies— $1,300,000 Gen. 4%a of 192* and $520,000 5% serial notes due annually to July 1, 1922, inclusive. Market New York— Fred H. Hatch & Co. Price Range '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Asfc. 90 '15 93 '16 ?8 Mar. - 90 Mar. 88*17 90 '16 Jan. 1, High Low. 11B7 RUMFORD FALLS (Me.) POWER CO. Gen. 4%s. Due Dec. 1, 1929. Dated Dec. 1, 1909. Intereat payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Ontstanding -. . 1^300,000 Reserved for Ext 700,000 Denomination— Coupon, $1,000. Registerablo as to principal. Trustee — State Street Trust Co., Boston. Redeemable at 100 and interest on ahA after Dec. 1, 1919. Organization and Control— 'Incorporated Ini Maine and controlled by same Interests a» Portland & Rumford Falls Railroad. Capitalization. Outstanding. C(mmon $l,000.O0<> Funded debt 2,8'20,00O- -Secured by a second mortgage on hydt-o- electric plant supplying electricity to the Ruin- ford Falls Light & Water Co., which owns- the plant for the distribution of electricity in Rumford Falls, Me. The company furnishes water power to the plant of the International Pa'per Co. at Rumford Falls, which is one of the: largest paper mills in America. Further secured (the $1,300,000 oustanding only> by a first lien on $750,000 8% stock of the P. & R. R. Ry. Upon the redemption of any of the present ' outstanding bonds, a proportionate amount ot this stock may be released from the mort- gage. The P. & R. F. Ry. is leased to the P. & R. F. R. R. for 1,000 years at an annual rental of 8 %■ dividends and interest charges. The latter is leased for 999 years to ther Maine Central R. R. Co. Prio-r l4ens — $1,000,000 4a of 1945. Underlies — $520,000 Q% serial notes clu«» annually to July 1. 1922, inclusive. Ori^nal Market— Offered in Jan., 1910, by Jthe Portland Trust Co., Portland, Me. Offered in' April, 1915, by Perry, Coflin & Burr, Bos- vton, at 96 and interest. Market New York— Fred H. Hatch & Co. Boston — Chas. A. Day & Co. Price Range .Jan. 1, '16, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. JHigh 94 '16 97% '16 73 Dec. 77 Dec. .Low. 73 '20 77 '20 73 Dec. 77 Dec. liBUTIiAND-CANADIAN RAILJIOAB CO. 1st 4s. I>ue July 1, 1949. Dated July 1, 1899. Interest payable Jan. ■and July 1, at Old Colony Trust Co.,- Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. * Authorized $1,350,000 Outstanding 1,326,000 Owned by Rutland R. R 25,000 Denomination — Coupon, $1,000. Registerable :as to principal. Trustee — Old Colony Trust Co., Boston. Assumed by the Rutland R. R. Co. Control — Absorbed by the Rutland R. R. Co. (For further details see 'Rutland R. R. 1st Cons. 4i^s.) Secured by a first mortgage on 41.85 miles of road from Burlington, Vt., crossing Lake •Champlain to Canada-New York State Line and branch to Rouse's Point, N. Y. A large part of the road is built on islands in Lake Champlain. Usted on the New York and Boston Stock Sixchanges. Market New York^Fred H. Hatch & Co. Pries Ransa— N. Y. S. E. ■Jan. 1, '07, to Jan. 1, 'Zl 1920 High 95 Feb. 26, '07 eO^^ Nov. 24 Xrf)w. 53 Feb. 4, '20 53 Feb. 4 BUTIiAND RAILROAD CO. 1st Cons. 4%s. Due July 1, 1941. Dated July 1, 1891. Interest payable Jan. and July 1, at Grand Central Terminal, N. Y. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $3,500,000 Outstanding 3,494,000 Denomination — Coupon, $1,000. Registerable a? to principal. Trustee — United States Trust Co., New York. Organization and Control — Incorporated in 1867 in Vermont. The company owns 39Y miles of road, and leases 18 miles. These Jines extend from Bellows Falls, Vt. , and Chatham, N. Y. , to Burlington, Vt. , and Tioyan Jet., Quebec, just across the United States-Canadian boundary. The N, Y., N. H. & n. R. R. Co. owns $2,352,050 and the New York Central R. R. Co. owns $2,341,750 of "the preferred stock. Capitalization. Outstanding. Common $188,900 T»referred (7% cum.) 8.955,400 "Funded debt 10,667,300 Secured by a first mortgage on 120.23 ■miles of road from Burlington to Bellows "Falls. Vt. Years ended Dec. 31: Gross. •1919 $1,051,350 Legal for savings banks in Cal. and Maine. Listed on the New York and Boston Stock Exchanges. Original Market — OfCered in 1900 by B. H. Rollins & Sons, Boston, New York, etc. Market. New York — Ambrose R. Clark & Co., Sam'l Goldschmidt. Boston — L. Sherman 'Adams. Price Raofie— N. Y. S. E. Jan. 1, '08, to Jan. 1, '21 1920 High 103 Sept. 16, '08 71^ Nov. 4 Low. 67 Jan. 27, '19 71% Nov. 4 Net. Int. & Rent $564,734 578.734 ■tl919 4.838,634 250,084 «1918 1.023,883 1,141,880 698,406 tl918 4.540,589 49,446 1917 4.325,369 1,058,997 611,248 1916 4,035.666 1,335,099 692,037 1915 3.549.591 1,066,803 600,633 *Corporate Income Account. tPederal Income Account; standard , return jmot included. BITTLAND RAILROAD CO. £aaip Tr. 4%a. I>ae annually $34,000 each May 1st to and including 1927. Dated May 1, 1912, Interest payable May and Nov. 1, at Trustee's ofHce, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Oatstandin^ (Jan. 1, '21) 238,000 Balance Retired. Denomination — Coupon, $ 1,0 0. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Control and Sarnings — See 1st Consol. 4^s. Secured by an equipment trust agreement on 500 steel freight box cars, 6 locomotives and 4 steel passneger cars. Legral for savings banks in Ohio. . Original Market — Offered in 1912 by B. H. Rollins & Sons, New York, at prices to yield 4.25% to 4.65%, according to maturity. Market. New York — Eraus, StiUman & Co., Free- man & Co. Philadelphia — Biddle & Henry. 1158 RUTL AND (Vt.) RAILWAY, LIGHT & POWER CO. 1st S. F. 5s. Dae March 1. 1946. Dated March 1, 1906. Interest payable March and Sept .1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $2,000,000 Ontstandingr 1,960,000 Retired by S. F 40.000 I>enominatlon — Coupon, $1,000. Registerable aa to principal. Registered, $1,000. Trustee — Lincoln Trust Co., New York. Redeemable at 110 and interest on any In- terest date in amounts of not less than $50,000. Sinking Fund — %' of 1% annually of out- standing bonds from March 1, 1916, to 1923; 1% from 1923 to 1930; 1%% from 1930 to 1938, and 2% thereafter, to be applied to the purchase or redemption of these bonds at not over 110 and interest. Bonds so acquired to be cancelled. Organization and Control — Incorporated in Vermont in 1906 as a consolidation. Prac- tically all of the stock is owned by the Gen- eral Gas & Electric Co. Capitalization. Outstanding. Common $1,700,500 Preferred (7% cum.) 107,000 Funded debt 1,960,000 Management of the W. S. Barstow Mgt. Ass'n, Inc., New York. Secured by a first mortgage on 28 miles of street railway, including the local system in Rutland, Vt., and lines to nearby towns, and on plants supplying gas and electricity in the same territory. The company controls valu- able water power sites and generates its power by hydro-electric plants. Franchises are per- petual. Xearg ended Dec, 31. Gross Net Interest 1920 $589,641 $132,899 $99,413 J919 509.766 147,692 108,278 1918 436,229 114,520 1917 399,427 90,796 Orieinal Market — $1,500,000 offered in Dec., 1908, by Redmona & Co., and W. A. Read & Co.; New Tork, and Warner. Tucker & Co., Boston, at 95 and ipterest. Market. New York — Fred H. Hatch & Co., McClure, Jones & Reed, Redmond & Co., Vanderhoef & Robinson. Boston — Moors & Cabot. Price Ranee. Jan. 1, '16, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. Hlgll S3 "16 88 '16 51 Oct. 63 Aug. Low. 44 '20 49 54 '20 44 Sept. 49% Aug. EUTIiAND, TOLTJCA & NOBTHEEN BAII/- KOAD Ist 48. Ihie Oct 1, 1930. Dated Oct. 1, 1910. Interest payable April and Oct. 1, at Northern Trust Co., Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and OotatandinK $226,000 Denomination — Coupon, $100 and $1,000. Reglsterable as to principal. Trustee — Northern Trust Co., Chicago. Bedeemable — On any interest date on 90 days' notice. Guaranteed as to principal and interest by the Chicago & Alton R. K. Co. . Organization and Control — Incorporated In Illinois in 1909. leased for 999 years to the Chicago & Alton R. R. Co.. wMch company owns the entire $97,000 capital stock. Capitalization. Outstanding. Common $97,000 Funded debt 225,000 Secured by a flrst mortgage on 26.97 miles of railroad from Granville to Rutland, 111. Original Market — Offered by Eversz & Co., Chicago, in Aug., 1911. Market. New York — Finch & Tarbell, F. J. Lisman & Co., Lynch & McDermott. Price Range. Jan, 1, '16, to Jan. 1, '81 1980 Bid. High 76 '16 Not available Low. 40 '17 11E9 s SACRAMENTO GAS CO. let 6s. Dae each Oct. 1; $6,000 from 1917 to 1921; $10,000 from 1932 to 1924: $15,000 from 1925 to 1939 and $120,000 in 1940. Dated Oct. 1. 1915. Interest payable April 1 and Oct. 1, in San Francisco and New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In California. Aathorized $1,600,000 Outstandinsr (Jan. 1, '21) 3'80,000 Matured and Paid 20,000 Unissued 1,100,000 Denomination — ^All maturities coupon $1,- 000. Registerable as to principal only. 1940 maturity also includes coupon bonds of $100 and $600 reeisterable as to principal only. Trustee — AnErlo-California Trust Co., San Francisco. Redeemable at 103 and interest on any In- terest date. Sinking Fund — ^A sum equal to 1%% of all bonds issued in excess of $400,000, payable annually in cash or bonds at par, cash pay- ments to be applied to purchase of bonds in open market at not exceeding 103 and In- terest, or, if not so purchasable to redemp- tion of bonds by lot at 103% and interest. Oreanization — Incorporated in California In 1897. Capitalization. Outstanding. Common $429,100 Funded debt 380,000 Secured by a first mortgage on plants sup- plying a mixture of artificial and natural gaa to Sacramento and artificial gas to Lodi, Cal. The two towns are some 40 miles apart and the plants are independent of eeich other. The company owns eight natural gas wells In the vicinity of Sacramento. The company's franchises are without limit as to time, under constitutional rights, but It has franchises in Sacramento City extending to 1947, in Sacra- mento County to 1959 and in Lodi to 1956. Years ended Dec. 31: Gross. $247,996 228.705 185,776 156.034 Ii^al for savings banks in Cal. Original Market — Offered in November, 1915, by E. H. Rolllna & Sons, Boston, New Tork, Chicago, etc., at par and Interest. Market, New York — Suti'o Bros. & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '16 108 '17 SQi^-Nov. 89% Nov. Low. 76 '20 S6% '20 76 Dec. 86% Dec. 1920. 1919. 1918. 1917. Net. Int., etc. 163,692 $27,036 67,231 26,794 66,617 27,656 66,765 30,387 SACRAMENTO VAI^LEY POWER CO. let 6s. Due May 1, 1939. Dated May 1, 1909. Interest payable May and Nov. 1, at Anglo-California Trust Co., San Francisco. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $600,000 Uutstandine: (Jan. 1, '21) 372,700 In Treasuiy 27,300 Retb-ed by S. P 100,000 Trustee — ^Anglo-California Trust Co., San Francisco. Redeemable In 1919 or thereafter at 105 and interest. Sinking Fund — 2%% per annum of bonds outstanding from May 1, 1912. Bonds acquired are to be kept alive and Interest added to this fund. AsBomed by the Paclflc Gas & Electric Co. of California. Control — Absorbed by Northern California Power Co. Consolidated In 1912. The latter company was merged into the Pacific Gas A Electric Co. of California In Oct., 1919. Secured by a first mortgage on two hydro- electric plants, water rights and transmission lines In Shasta County, Cal.- Underlies — S. V. P. 1st & Ref. 6s of 1941; Northern Cal. Power Co. Cons. Ref. & Cons. 5s of 1948, and Pacific Gas & Electric Co. 1st & Ref. Mtge. under which bonds are re- ■ served to retire this issue. Earnings — See Pacific Gas & Electric Co, Gen. & Ref. 6b. Market. 1-.OS Ang-eles — Citizens National Bank. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 85 '19 99 '15 89 Nov. 92 Nov. Low. 77 '20 81 '17 77 Dec. 82 Dec. 1160 SAFE-CABINET CO. (THE) 1st Conv. 7b. Due each May 1, as follows : $50,000 19Z1 to 1928, inci.; $100,000 1924 to 1927, and $150|000 1928 td 1930, inci. Dated May 1, 1920. Interest payable May 1 and Nov. 1, at Central Trust Company of Illi- nois, Chicago, National Park Bank, New, York, or First National Bank, Marietta. O. Tax Status — 2% Federal Income "Tax paid by company without deduction.. Authorized $1,600,000 Oiitstandins: (Jan. 1, '21) 1,200,000 Reserved for Ext 300,000 Provisions of Issue — ^Additional bonds may be Issued only when net earnings for twelve months Immediately preceding date of issue shall have been equal .to five times the Interest of all bonds outstanding, and those proposed to be Issued. Bonds reserved for future Issue will, if issued, mature $50,000 annually May 1, 1924, to May 1, 1929. and $200,000 May 1, 1930. • Purpose of Issue — To provide funds for the purchase of the property of the Victor Safe A Lock Co. : to retire outstanding obligations.. In- cluding $400,000 note's; and to provide addi- tional working capital. Denominations — Coupon, $1,000, $500 and $100; reglsterable as to principal. Trustee — First National Bank, Marietta, Ohio. Redeemable as a whole or in part in reverse of maturity, on any Interest date at 1^2% and Interest on 60 days' notice. Convertible at 107% and interest Into 7% cum. Pref. stock at par and accrued divi- dends, at any time, provided notice of exer- cise of conversion privilege be given to the company not less than 9 days before the date of maturity of bonds to be converted. Organization — Incorporated in 1906 In Ohio, and manufactures fire resisting steel cabinets and safes. Trade mark of product ' 'Safe- Cabinet." In 1920 acquired the entire plant and business of the Victor Safe & Lock Co, of Cincinnati, Ohio. The latter company was organized In 1885 and manufactures a com- plete line of bank and office vault doors, safety deposit boxes, key and combination locks and burglar resisting chests. Plants are located at Marietta and Cincinnati, O. Capitalization. Outstanding, Common $850,000 Preferred (7% cum.) 1,450,000 Funded debt 1,200.000 Secured by a first mortgage on all the real estate, machinery and equipment of the com- pany both at Marietta and Cincinnati. The property at Marietta conalata of seven acrea In the city proper with direct track connection to the Baltimore & Ohio and Pennsylvania railroads, and Improved with bulldlnss havlnsr a manufacturing floor area of about 200,000 square feet. The property at Cincinnati con- sists of 17 V4 acres in the best industrial sec- tion of the city with buildings having a manu- facturlne area of about ISO.OOO square feet. Years ended Dec. 31: Gross. Net. 1920 $4,898,407 $734,326 1919 2,133,466 466,766 1918 1,284,817 123,965 1917 1,227,500 69,938 Original Market — $1,000,000 ottered May, 1920, by Elston & Co., Chicago, etc., at prices ranging from 99.29 to 94.86 and Interest, ac- cording to maturity. Market. Chicas:o — Paul H. Davies & Co., Elston & Co. I*rice Bangre 1920 Bid. Ask. High 95 100 Low 90 94.85 SAFETY INSTTLATED WIKE & CABI/E CO. l8t 68. Doe May 1, 1»4S. Dated May 1, 1902. Interest payable Feb., May, Aug, and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,260,000 Outstandine: (Jan. 1, '21) 1,033,000 Retired by S. F 217,000 Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — Columbia Trust Co., New Tork. Redeemable on any Interest date at 105 and interest. Sinking Fund — ^Annually, within ten days of Feb. 1, the sum of $10,000 payable out of net earnings for the purchase or redemp- tion of these bonds at not over 106 and in- terest. Bonds acquired are to be cancelled. Organization — Incorporated In New Jersey in 1902. Capitalization. Outstanding. Common $750,000 Funded debt 1,033,000 Secured by a flrst mortgage on plant at Bay- onne, N. J., where the company manufactures seamless rubber insulations, cables, etc. Market. New York — Fred H. Hatch & Co. Price Range. Jan. 1, '17, to Jan. 1, 'Zl ■ 1920 Bid. Ask. Bid. Ask. High 78 '19 85 '17 85 Apr. 90 Apr. Low. 77 '20 82 '19 17 Aug. 82 Aug. SAGINAW-BAY CITY RAILWAY Ist & R«f. Ss. Due March 1, 1936. Dated March 1, 1910. Interest t>ayable March and Sept. 1, at Hodenpyl, Hardy & Co., Inc.", New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding: 1,520,000 Reserved for Prior Men 610,000 Reserved for Ext •. . . . 2,861,000 Denomination — Coupon, $1,000. Kegister- able as to principal. Trustee — Michigan Trust Co., Grand Baplds, Mich. - Organization and Control — ^Incorporated in Michigan in 1910. All of the stock is owned by the Commonwealth Power Hy. & Lt. Co Capitalization. Outstanding. Common $2,600,000 Funded debt 2,113,000 Secured by a first mortgage on street rail- ways In Bay City, Mich., and second mort- ^ gage on street railways In Saginaw, Mich., and Interurban lines between Bay City and Saginaw. Total 64 miles of track. Fran- chises expire between 1923 and 1937 and some are perpetual. Prior Liens — $584,000 Saginaw Valley Trao. 1st Bxt, Ts of 1923. Years ended Dec. 31: Gross. Net. 1919 $742,215 $74,229 1918 684,131 33,824 1917 689,477 146,076 1916 601,627 192,398 Later earnings not available. Market. New York — B. & C. Handolph. FiiUadelphia — E. W. Clark & Co. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Ask. High 90 '11 95 '11 68 June Low. 70 '17 80 '17 68 June SAGINAW TAXLBY TRACTION CO. 1st Ext. 78. Dne Feb. 1, 1933. Dated Jan. 10, IS 99. Extended Feb. 1, 1920, with Interest increased from 6% to 7%. Interest payable Feb. and Aug. 1, at Boston Safe Deposit & Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In Michigan. Anthorized $860,000 Outstandingr (Jan. 1, '21) 584,000 Retired by S. F 266,000 Denomination — Coupon, $1,000. Begister- able as to principal. Trustee — ^Boston Safe Deposit & Trust Co., Boston. Mass. Sinking Fund — Under the extension agree- ment the company agrees to deposit $76,000 in three instalments to be used to acquire bonds at not exceeding 101 -and Interest. Bonds so acquired to be cancelled. Control — Absorbed by Saginaw-Bay City Ry., all of whose stock Is owned by the Com- monwealth Power, Ry. & Lt. Co. Secured by a first mortgage on the street railways in Saginaw, Mich., and Interurban line between that city and Bay City. Fran- chises expire in 1923 and 1937 and some are perpetual. 17nderlle»— Saginaw-Bay City Ry. 1st A Bef. 5s of 1936. Market. New York — Hartshorne & Battelle, Fred H. Hatch & Co. 1161 SAGUBNAY PUlP & POWER COMPANY 6^^. Due each July 1, as follows: 1921, $100,000; 1922, $106,000; 1923, $111,600; 1924, $118,000; 1926, $242,600; 1926,$253,000; 1927, $262,500; 192S, $273,- 600; 1929, $285,600: 1930, $297,600; 1931, $311,000; 1932, $326,000; 1933, $339,0001 1934. $2,476,000. Dated June 1, 1919. Interest payable Jan. and July 1. Principal and interest payable in gold coin at The Molsons Banlc, Montreal ana Quebec, The Banque D'Hochelaga, Mon- treal and Quebec, and The National Park Bank of New Tork, New Tork, U. S. A. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $6,500,000 Outstanding 5,500,000 Purpose of Issue — To consolidate under a single issue the bonds and other securities of the group of Chicoutimi Companies owned by Saguenay Pulp & Power Company and to Ha Bay at terminal ot Boberval-Saguenay provide additional working capital. Railway. Pulp is shipped from Chiooutlml The proceeds of the $6,500,000 of bonds district for the Roberval-Saguenay Railway of the Sasuenay Pulp & Power Co. will be to Port-Alfred and loaded direct into seagoing used for the purchase from North American vessels of the largest tonnage. Pulp & Paper Companies trust and the Timber Limits covered by First Mtge. es- Chicoutimi Pulp Co. of $1,600,000 First Mtse. timated to contain 8,300,000 cords of pulp bonds of the Chlcoutiml Pulp Co. and from wood. the said trust of $300,000 First Mtge. bonds Original Market — Offered June, 1919, by of the Saguenay Light & Power Co., from "Versailles, Vidricaire, Boulais, Limited, Rene Saguenay Securities Co., Ltd., $1,170,000 T. Leclerc, Credit Canadien, Inc. Beausolell, First Mtge. bonds of the Saguenay Light & Limited, Provincial Securities Limited, L. Q. Power Co., and to pay debts of Chicoutlml Beaubien & Cle., McCuaig Bros. & Co., the Pulp Co., and" its subsidiaries, and the cost Molsons Bank and the Bank of d'Hoohelaga, of completing the Pont Arnault plant. Montreal, at par and Interest. Denominations — Coupon, $100, $500 and •^T^ste'^The^Cro^ TrSsfcSmpany Mon- ST. ANDREWS BAY tUMBER COMPANY tr^l t-rowu Trust company, Mon- ^^ Serial 7s, Series "A." Dne $135,000 ^oj.—.u. .» mo „».! ■»«.„■> ™ „..« <., each Jane 1, 1980, to 1929, tnclnslve. Redeemable at 102 and interest on any in- -rk^TT j -T i inin t«^« .,* v.i„ T..«a tt>^^„t- A^*a ..T.»,. on Ar.'.T^' «»+!».. Dated June 1, 1919. Interest payable June n^J,filt,^l\loJ«J^. ?n,?p' loii hv a°d Dec- 1- at Empire Trust Company, New ,h»^»^? nj;;! ?r !L s,J,",™=.v ^„w»? York, Citizens & Southern Banlc, Atlanta, change of name to the Saguenay Power securities Sales Company, Atlanta. Company, organized under the laws of Que- j„ Status— 2% Federal Income Tax paid bee, and proposes to acQulre control through ,^ company without deduction, ownership of entire capital stocks or a con- . i,_ . ^ ^ i trolling interest in the capital stocks of the Authorized .......... ..Open mortgage. Chiooutlml Pulp Company, St. Lawrence S"**''*^''"5 £tS- ^^' ^^ ^^Ifi-nSS Pulp & Lumber Corp., the Chlcoutiml Free- ^»i"**„?"* ^""^ i?l'?SS hold Estates, Ltd., the Roberval-Saguenay kITw^ S^' « "■ii-' fiinon Ry., the Saguenay Light & Power Company tietaea "y a. 3!^ bi.uuu and the Chlcoutiml Port Company. These Provisions of Issue — ^Additional bonds Issu- companles comprise the largest group of pulp able for new timber properties acauired at mills in the world. 80% of cash cost thereof, provided this does Capitalization. Outstanding. "<>» exceed $6.00 per thousand feet of stump- Common $6,000,000 age. , , ,,_ Preferred (6% cum.) 3,600.000 Purpose of Issue— To complete the payments • Funded debt 6 500 000 made to the Alien Property Custodian for Secured by pledge ' of ' the "following' seouri- ^^^ property covered and to provide funds for (jgg. ^ Improvement, etc. * ' Denominations — Coupon, $1,000 for all ma- Chicoutiml Pulp Co. 1st 6s, due turlties, $500 for 1922-1929 maturities, $100 July 1. 1943. . . $2,670,000 for 1924-1929 maturities. Saguenay Light & Power Co. 1st 7s, Trustee — Citizens & Southern Bank, At- due July 1, 1944 1,600,000 lanta. Roberval-Saguenay Ry. 1st 7b, due Redeemable on any Interest date upon 60 July 1, 1966 1,330,000 days' notice at 106 and Intetest, provided First Mtge. 80,619 acres freehold that eaual amounts of the next and last due timber lands 1,126,000 maturity are called at the same time. Chlcoutiml Pulp Co. 6% Cum. pre- Sinking Pnnd — Quarterly payments to Trus- ferred atk 3.000,000 tee of sum eaual to $6.00 per thousand feet Chicoutimi Pulp Co. common stlc... 4,000,000 cut of all timber subject to the lien ot this Saguenay Light & Power Co. com- mortgage. This sum may be Increased to ™on stk 1,600,000 jio at the discretion of the bankers and the Roberval-Saguenay Ry. preferred Trustee. These payments shall constitute a stk 800,000 redemption fund which must be applied solely Roberval-Saguenay common stk 1,200,000 to the payment of principal of these bonds Chicoutimi Port Co. common stock 121,000 at or before maturity. To be additionally secured by deposit in Organization — Incorporated in Delaware cash with the Trustee In five annual con- May, 1919, and acquired property formerly secutive installments of $100,000 each, be- owned by -the German-American Lumber Binning June 1, 1919, by the Saguenay Pulp Company, Millvllle. Fla. & Power Company, to provide a reserve fimd Capitalization. Outstanding. for the benefit of these bonds, the same to Common $3,600,000 be used in accordance with the terms of the Preferred (8% cum.) 600,000 Trust Deed. Funded debt 980,509 Properties — Chicoutimi Pulp Company is Secured by a first mortgage on all prop- the largest shipper of wood pulp in the ®rty of the company now owned or here- world, having output ot 400 tons of pulp ^*ter acquired, including 176,810 acres of per day. Water powers owned 4B.000 h. p.. Y'^'f™ timber owned in , fee simple and Of Which 30,000 b. p. are now developed and llfl£iT^it?^'lZ^t Totloto'olV ?leP*ot Sasja^nay Light & Power Company supplies ^Se.^'^.f'^i^a : ""l^'loc^'^otTv'^l! electric light and power to various com- over 300 dwellings; mills at Millviile, Foun- munities in the Chicoutimi district. Water tain, Sherman and Moorehaven, Fla., and powers owned or under lease have capacity other equipment. The appraised ' value of of 160,000 h. p. and hydro-electric power these properties is over six and a halt mil-, stations have capacity of 9,200 h. p. lion dollars. Roberval-Saguenay Railway owns and oper- Company covenants that it will not de- ates 88 miles of main lines, with sidings, Clare or pay any cash dividends on its com- Btatlons, etc. mon stock during the life of these bonds. Chicoutimi Port Company owns storage Original Market — Offered May, 1919, by plants, wharves, etc., of Port-Alfred on Ha Securities Sales Company, Atlanta, 6a., at 1162 prices to yield from 7% to 7.50% (or various maturities. Market. New York— Edwin Baucker & Co. Atlanta, Ga. — Securities Sales Co. Price Kangre- 1920— Bid 8.75%, Ask 8.26%. ST. CLAIR COUNTY GAS & EI,EOTBIC CO. Ist Cods. Ss. Dne March 1, 1969. Dated March 1, 1909. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding 1,842,000 Reserved for Prior UenB 661,000 Reserved for Ext 2,497,000 Denomination — Coupon, {1,000. Beslster- able as to principal. Trustee — Central Trust Co. of IlUnolB, Chi- cago, III. Guaranteed principal and Interest by the American Gas Co. by endorsement. Orgranlzatlon and Control — ^Incorporated In Illinois in 1907. All of the stock is owned by the American Gas Co. Capitalization. Outstanding. Common $3,600,000 Funded debt 2,603,000 Secured by a first mortgage on the gas plant of the company, located on 11 acres of land between East St. Louis and Belleville, 111., and a second mortgage on the plants for the distribution of gas in those cities, and on plant supplying Belleville with electricity. Gas franchises are perpetual: electric fran- chise expires in 1932. Prior Uens — $398,000 East St. Louis Gas Lt. 1st 6s of 1922 and $263,000 Belleville Gas & Elec. 1st 6s of 1922, for the retire- ment of which bonds of this issue are re- served. ^ Original Market— Offered in Sept.. 1909, by Spencer Trask & Co., New York, etc., at 93% and Interest and also offered In £hila- delphia by Wurts, Dulles & Co. Market. New York — Fred H. Hatch & Co., Lynch & McDermott. Philadelpliia — Bauer, Starr & Co., Henry D. Boenning & Co., Samuel K. Phillips & Co. Price Range, Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94 '12 9ti '12 60 Jan. 65 Jan. Low. 44 '20 60 '20 44 July 60 July ST. CLAIR FURNACE CO, 1st 68. Due $100,000 annnally each Aug, 1 to 1939, iuGlusive. Dated Aug, 1, 1901. Interest payable Feb. and Aug. 1, at Colonial Trust Co., Pitts- burgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstandins: (Jan. 1, '21) $1,880,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. _ Trustee — ^Pittsburgh Trust Co., Pittsburgh, Pa. Guaranteed aa to principal and interest by the Crucible Steel Co. of America and the United States Steel Corp, Control — Absorbed by the Clalrton Steel Co. Ail of the stock of this company Is owned by the United States Steel Corp, Secured by a first mortgage on about 50 acres of mill property on the vrest bank of the Monongahela Kiver, including three blast furnaces and comprising a complete plant for the manufacture of pig iron. Market. New York— Fred H. Hatch & Co., Red- mond & Co., Tobcy & Kirk, Watson, Arm- strong & Co. Philadelphia — Samuel K. Phillips & Co. Pittsburgh — Lyon, Singer & Co., Moore.. Leonard & Lynch, Stuarf & Co., Edward A. Owens & Co., Union Trust Co. of Pittsburgh- Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99% '17 103 '17 5':60% 6.30% Low. 96 '18 98 '19 6.00% 5.75% ST, CliAIR, MADISON & ST, LOUIS BELT: RAILROAD Ist 4b. Due Jan, 1, 1961. Dated Jan, 1, 1901. Interest payable Jan.. and July 1, at St. Louis Union Trust Co..- St. Louis, Mo. Tax Status — Payment of Federal Incom» Tax not assumed by company. Authorized $800,000- Outstanding 746,260- Held in Treasury B4,760- Denomination — Coupon, $1,000, Register- able as to principal. Trustee — St, Louis Union Trust Co,, St:. Louis, Mo, Redeemable at 105 and Interest, Control — Absorbed by Missouri & Illinois Bridge & Belt R. R. Co., which is controUea through stock ownership by C, C C. & St. L. Ry,, Lou. & Nash. R, R., Mo. Fac. R. R., C, R. I. & P. By., M., K. & T. Ry.» Chi. & B. Ill, R. R.. Vandalla R. R., Wa- bash Ry., Chi., Peoria & St. L. Ry. and R. & O. R. R. Secured by a first mortgage on bridge 2,10(^ feet long over Mississippi River between Al- toUt. 111., and West Alton, Mo., and two mlle» of track constituting the approaches. Market. New York — Carruthers, Pell & Co., F. J. Lisman & Co. St. Louis — Whitaker & Co., A. G. Edwards & Sons. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 70 '17 85 '16- 60 Jan. 66 Nov- Low. 67 '20 63 '20 57 Dec. 63 Sept. ST. CLAIR STEEL CO. 1st 5s. Due $100,~ 000 annually each Jan, 1, to 1925, in- clusive. Dated Jan. 1, 1901. Interest payable Jan.. and July 1, at Union Trust Co., Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid: by company without deduction. Authorized Closed mortgage. OutstandinB: (Jan. 1, '21) $600,000' Balance Retired. Denomination — Coupon, $1,000. Register^ able as to principal. Trustee — Union Trust Co., Pittsburgh, Pa. Guaranteed as to principal and interest byr the Crucible Steel Co., of America and th& United States Steel Corp. Control — Absorbed by the Clalrton Steel Co. All of the stock of the latter company i» owned by the United States Steel Corp. Secured by a first lien on an important part of the Clalrton Works of the United State* Steel Corp. ' Market. New York — Fred H. Hatch & Co., J. H;. Holmes & Co., "Watson. Armstrong & Co. Philadelphia — Samuel IC. Phillips & Co. Pittsburgh — Lyon, Singer & Co., Moore,. Leonard & Lynch, Union Trust Co. of Pitts- burgh. Price Banse. JFan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Ask. IHleh 101 '16 98 Jan. ;Low. 96% '18 99% -18 96 Feb. «T. ClOUD PUBUO SBBVICB CO. 1st 68. Dne Nov. 1, 1934. Dated November 1, 1914. Interest pay- able May 1 and November 1. Tax Statns — 2% Federal Income Tax paid ., 120 B'way, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $760,000 Penom. — Coupon and Registered, $1,000. Trustee — Equitable Trust Co., New York. Guaranteed as to principal and Interest by endorsement by the St, Paul Gas Light Co. Organization — Incorporated in Wisconsin in i4 1899. Practically all the stock is owned by the American Llslit & Traction Co. The en- tire output of the company U delivered to the St. Paul Gas Light Co. Capitalization. Outstanding. Common $2,600 Ftmded debt 760.000 Secured by a first mortgage on a hydro- electric plant of 6,000 h. p. at Apple River Falls, 27 miles northeast of St. Paul, 24 miles transmission line and 3 miles ot under- Eround conduits into St. Paul, together with modem power houses, transforming plant, reservoir 2% miles in length, and dam of modern construction, etc. Franchises are perpetual. Original Market — $760,000 offered In 1901 at 101 and Interest by Emerson McMUlln & . Co., New Tork, and H, L. Crawford & Co., Chicago and New York. Market. New TTork — Fred. H. Hatch & Co. Minneapolis — "Wells-Dlckey Co. St. Paul — Gates, White & Co. Philadelphia — Henry D. Eoenning & Co. Price Bange. Jan. 1, '15, to Jan. 1, '21 1920 Eld. Ask. Bid. Ask. High 93% '17 95 '16 84% Oct. 88 Oct. Low. 75 '20 82 '20 75 Dec. 82 Aug. ST. JOHNSBUBY & LAKE CHAMFI,AIN BAILBOAD CO. Ist 68. Dae March 1, 1944. Dated March 1. 1894. Interest payable March and Sept. 1, at Company's ofQce, Bos- ton. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $2,600,000 Outstanding 1.328,000 Owned by B. Si M. B. B. and B. & t. E. B. Corp •1,172,000 *No interest is being paid on these bonds, but is accumulating as a lien against the property, which lien will be prior to that of the principal in the event of the coupons not being paid prior to maturity. Denomination — Coupon, $1,000. ^Register- able as to principal. Trustee — American Trust Co., Boston. Gnaranteed as to the $1,328,000 held by the public, principal and interest, by the Boston & Maine R. R. Organization and Control — Incorporated in 1880 in Vermont. A majority of the common stock is owned by the Boston & Lowell R. R. Corp., which is leased to the Boston & Maine B. R. The Maine Central R. R. Co. leases the line 'between Lunenburg and St. Johns- bury, Tt. Rental, $20,000 per annum, with provisions for additions and betterments. Capitalization. Outstanding. Common $2,462,449 Preferred (6% non-cum.) 1,164,400 Funded debt 2,600,000 Secured by a first mortgage on 120.66 miles of road from Lunenberg to Swanton, Vt., and North Concord to Victory, Vt. The road extends across the northern part of Vermont, forming part of a through line from Port- land. Me., to Lake Champlaln. Market. New Tork — F. H. Hatch & Co., Carruthers, ST. .JOSBFH & GBAND ISLAND BAILWAT CO. Ist 48. Due Jan. 1, 1947. Dated Jan. 1, 1897. Interest payable Jan. and July 1, at Central Union Trust Co.. New York. Tax Statns — 2% Federal Income Tax palA by company without deduction. Anthorized $6,»»0.»00' Ontstandlns 4,000,090 Beserved for Ext I.e High 97 Apr. 20, '09 64 Dec. 3 Low. 65 May 11, '20 ■ 65 May 11 Fell & Co. Price Bange. Jan. 1, '10, to Jan. 1, '21 Bid. Ask. High 120 '10 Low. 25 '20 75 '19 1920 Bid. 50 Dec. 25 Feb. ST. JOSEPH (Mo.) OAS CO. Ist 68. Dust July 1. 1937. Dated July 1, 1897, Interest payable Jan. and July 1, at Emerson McMillin & Co.. Neir York. Tax Statns— Payment of Federal Incomat Tax not assumed by company. Authorized and Outstanding. .. .$1,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Tmstee — Guaranty Trust Co., New York. Bedeemable on any interest date at 110 and Interest. Organization — Incorporated in Missouri in 1897. Over 99% of the stock is owned by th* American Light & Traction Co. Capitalization. Outstandlnr. Common $l,009,OOO Funded debt l.OOO.OOS Secured by a first mortgage on artificial gas plant and on distribution system, througb which the company Is supplying natural ga» purchased from the Kansas Natural Gas Co. Franchise perpetual. Population served. 80 - 000. Earnings — Not reported. Market. New York — Fred. H. Hatch & Co. Price Range, Jail. 1, '09, to Jan. 1, '31 1980 Bid. Ask. • Bid. . Ask. High 9G '09 100 '09 67 Feb. 75 Feb. X.OW. 67 '17 60 '20 60 July ST. JOSEPH (Mo.) RAILWAY, UGHT, BEAT & POWER CO. 1st 58. Dae Not. 1, 1937. Pated November 1, 1902. Interest payable Slkay *ina Nov. 1, at oflloe o( Company in. St. Jd^epb, Mo., or at Redmond & Co., New TTdrk, Tax Status — 2% Federal Income Tax paid 'toy tire company without deduction. Anthorized and Ontstandine {6,000.000 Denomination — Coupon, $1,000. Beslster- ■ «ble as to principal. Trustee — Equitable Trust Co., New York, and Missouri Valley Trust Co.. St. Joseph, Mo. Organization and Control — See 1st & Kef. «■. Secured by a first mortgagre on about 48 miles of street railway track, comprising the entire system in St. Joseph, Mo., and on plant supplying electricity and steam heat til' St. Joseph, Mo., and on 260 acre amuse- 'tnent park. Franchise for principal street -s'iAi'lway. lines and electricity have no time Hmlt. Franchise for heating expires 1944. <)ther street .railway franchises expire be- tween 193B and 1958. Underlies — 1st & Ref. S. F. 68 of 1946, iihder which' bbnds are reserved to retire this issue, ■' "Eimlngs^See 1st & Ref. 6s. lii^ted on the New York, Louisville and Pbil^idelphia Stock Exchanges. " Oifleinal Market — ^$3,600,000 offered by -Redmond & Co., New York, and Graham & Co., Philadelphia, in Jan., 1903. at 102% and interest. Market. New "Kork — Henry I,. Doherty & Co., Fred H. Hatch & Co., Morton Lachenbruch & Co., Reflmond & Co. Louisville — Fidelity & Columbia Trust Co. Philadelphia — Bauer, Starr & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, 'ZO 1930 Bid. Ask. High 103% Oct. 31, '06- 65% May 80 Jan. Lo-vv. 95 ]\[ar. 31, '16 60 Oct. 62 Aug. ST. JOSEPH QUO.) RAILWAY, UGHT, HEAT Si power CO, 1st & Ref, S, F. 69. ^ Due July 1, 1946, X>ated July 1, 1916. Interest payable Jan. ^ and July 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $16,000,000 Outstanrting- (Jan. 1, '21).... 696,000 Retired by S. F 56,000 Reserved to Retire Prior Liens 5,000,000 Reserved tor Ext 9,249,000 Denomlnatlon^Coupon,- $1,000, $500 and 4100, Reglsterable as to principal. Trustee — Bankers' Trust Co,, New York, and Mississippi Valley Trust Co., St, Louis. Redeemable on any interest date at 102% and interest. Bonds so acquired may be kept alive and draw interest. Improvement and Sinking Fund — Annually, 1% of outstanding bonds to be applied to the purchase or redemption of bonds of this Issue at not over 102% and interest or to the pur- chase of First Mortgage Bonds at not over 105. In lieu of cash payments company mav ^deposit bonds of this issue at 102%, or Ist 5s at 105: or the company may expend upon Its property for construction, additions, ac- 11( aulsltlon's, etc, annually 2% of bonds out- standing, or part In cash on the 1% basis and part In property on the 2% basis. Bonds of this issue acquired by this fund are to be cancelled, but First Mortgage bonds are held alive and Interest added to fund. Supplemental Sinking Fund — So long as any First Mortgage Bonds are outstanding and not held by Trustee, an additional sum eaual to 1 % of outstanding ijonds must be set aside to be applied for their purchase or re- demption as above, or the company may ex- pend this amount In construction. Payment of such additional sum may be satisfied by deposit of 1st 5s or bonds of this issue. For all First Mortgage Bonds retired through this supplemental sinking fund the company shall be entitled to receive from the Trustee an amount of bonds of this issue equal to 86% of the First Mortgage ' Bonds retired. Organization and Control — Incorporated in 189 6 in Missouri as a consolidation of the St. Joseph Traction & Lighting Co., People's Ry.. Lt. & Pwr. Co., Citizens' By. Co., Union Railway Co., St. Joseph & Lake Ry. Co.. and Wyatt Park Ry. Co. Also owns the en- tire capital stock of the St. Joseph & Savan- nah Interurban Ry. Co. Controlled by the Cities Service Co, through stock ownership. Capitalization. Outstanding. Common $3,600,000 'Preferred (6% cum.) 1,660,000 Funded debt 5,695,000 •Dividends guaranteed by Cities Service Co. Secured by a first collateral lien on 11.6 miles of interurban railway from St. Joseph to Savannah, Mo., through pledge on the en- tire capital stock (no bonds outstanding) of the St. Joseph & Savannah Interurban Ry. Co.. and a direct second mortgage on the property covered by the first lien of the 1st 6s of 193 7. which see for detail. Prior Lien — $6,000,000 1st 6s of 1937, for the retirement of which bonds are reserved under this mortgage. Years ended Deo. 31: Gross. Net. Bond Int. 1920 $2,481,764 $222,512 $284,750 1919 2,053,384 288,645 284,800 1918 1,688,284 395,748 287,550 Original Market — Offered Sept.. 1916, by A. B. Conant & Co., Boston, at 94% and in- terest, * Market. New York — Prince & Whitely. ST. JOSEPH (JIo.) WATER CO. 1st 59, Due April 1, 1941. Dated April 1, 1901. Interest payable April and October 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized and Outstanding $2,600,000 Denomination — Coupon, $1,000, Trustee — The Farmers' Loan & Trust Co., New York, and Frank K. Roberts, St, Joseph, Mo. Redeemable at par and Interest on any In- terest date. Organization and Control — ^Incorporated In Missouri in 1879 for 60 years. Controlled by the American Water Works & Electric Co Capitalization. Outstanding. Common $3,260,000 Funded debt 3,486,000 Secured by a first mortgage on plant sup- Plying water to St, Joseph, Mo. Water Is obtained from the Missouri River and filtered Population served, 80,000. Underlies — Mtge. 6s of 1949, a sufficient •mount of which are reserved to retire this l«ue. Xears ended Dec. 31: ,„„„ Gross. Net. Int., et& 15?° $370,166 $153,-634 $186,457 1919 355,062 167,050 185,100 191S 358,125 169,910 184,200 1917 333,352 194,640 183,284 1916 320,141 207,173 182,082 OrUlnal Market — Offered in 1*01 br H. U. Fayion A Co., Portland, Me. Market. New York — otto Billo, Pred H. Hatch & Co. Price Banee. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bta. Ask. High SI '17 821^ '17 70 Feb. 73 Feb. Low. 69 '20 68 '20 59 Nov. 68 May BT. liAWREMCE & ADIRONDACK BAILWAT CO. iBt Ss. Doe Jal7 1, 1^96. Dated July 1, 1896. Interest payable Jan. and July 1, at New York Trust Co., Mew York. Tax Status — 2% Federal Income Tax raid by company without deduction. Authorized and Ontstandlng $800,000 Denomination — Coupon, $1,000. Resister- abel as to principal. Trustee— New York Trust Co., New York. Guaranteed as to interest to 1937 under terms of lease by the New York Central R. B. Co. Organization and Control — Incorporated in 1896 in New York and , Canada. The entire capital stock is owned by the New York Cen- tral R. R. Co., which operates the road under a lease for 21 years from Jan. 1, 1916. Rental, interest on bonds. Capitalization. Outsfandin&r. Common , $1,615,000 Funded debt 1,200,000 Secured by first mortgage on 43.07 miles of road, viz: Miles. Malone, N. Y., to Valleyfield, Can 30.17 Beaubarnois to Adirondack Jet., Can, . 12.90 This line affords the New York Central R. R. an entrance into Montreal. Underlies — St. L,. & A. 2d 6s of 1996. Listed on the New York Stock Bxchanffe. Market. Ne'tv York — Simon Borg & Co., Constable & Fleming, Sam'l Goldschmidt. Pittsburgh — R. B. Hutchinson & Co. Price Bange— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask: High 122 Jan. IS, '06 82% Jan. 85 Dec. Low. 97% Oct. 30. '16 65 July 76 July 'ST. lAWBENCE & ADIRONDACK BAH/- WAY CO. 2d 6s. Due Oct. 1, 1996. Dated Oct. 1, 1896. Interest payable April and Oct. 1, at Bqultable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstandlng $400,000 Denomination — Coupon, $1,000. Refflster- able as to principal. Ohustee — Equitable Trust Co., New York. Guaranteed as to interest to 1937 under terms of lease by the New York Central R. R. Co. Control — See 1st 5s above. Secured by a second mortgage on the road described under the let Ss above. Prior Xlens— $800,000 St. L>. ts A. 1st 6a of 1996. lilsted on the New York Stock Exchange. Original Market — $100,000 offered in Feb.. 1901, at a price to net over S% by Domlnick t Dominick, New York. 1167 New York — auanet. Simon Borg & Co., Sam'l Gold- Schmidt. Price Bange— M. Y. S, B. Jan. 1, '08, to Jaii. 1, '21 1920 Bid. Ask. High 125 Feb. 3, '08 70 Nov. 87 Aug. Low. 103 Nov. 28, '16 68 Aug. 84 Feb. ST. liAWBENOE PCI,? & LUMBER COBF. 1st S. P. 6s. Due $150,000 each Feb. 1 from 1916 to 1932, Inclusive, and Sl.- 460,000 in 1933. Dated Feb. 1, 1913. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York and Pennsylvania State tax refunded. Authorized $4,000,000 Outstanding (Mar. 1, '21) 2,993,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girartl Trust Co., Philadelphia. Redeemable on any Interest date in numeri- cal order at 103 and interest. Slnldng Fund — $3.00 per 1,000 feet of tim- ber cut and $1.00 per cord of pulp wood, to be applied to the retirement of maturing bonds and the redemption of other bonds of this issue at not over 103 and interest. Organization and Control — Incorporated in New York in 1913. Controlled by North American Pulp & Pa- per Companies through stock ownership. Capitalization. Outstanding. Common (no par) 40,000 shs. Bounded debt $2,993,000 Secured by a first mortgage on 3,000 acres of land, mills, wharves, etc., and timber rights of 630 square miles, located on the north shore of the Bay of Chaleura, near the Gulf of St. Lawrence, in Quebec. It is esti- mated that these lands contain more than 1,000.000,000 feet of lumber, Original Market — $3,000,000 offered in 19U at par and interest by Pingree, McKinney ft Co., Boston; Lawrence Barnum & Co. and White ft Co., New York, and Chandler ft Co., Philadelphia. Market, New York — Martin, Berwin & Co. Philadelphia — Samuel K. Phillips & Co. Chicago — Central Bond & Mortgage Co. Price Bange. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High Low. 90 '17 50 '18 100 "17 58 '18 70 Nov. 68 May 85 Jan. 65 May ST. I/AWBENCB SUGAB REFINERIES, LTD., 1st 6s. Dune June 1, 1932. Dated June 1, 1912. Interest payable Juno and Dec. 1, at Canadian Bank of Commerce, Toronto and Montreal, Can. ; New York and London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding 1,669,500 Held in S. P 330.600 Denomination — Coupon, " $500 and $1,000. Reglsterable as to principal. Trustee — Imperial- Trust Co., Montreal. Redeemable at 110 and interest on any in- terest date. Sinking Fund — 2% per annum of bonds out- standing, together with interest on all bonds retired by sinking fund. Fund is applied to retire bonds at not exceeding 110 and interest. Organization — Incorporated in Canada in 1912 and took over the business of the St. LawTence Susar Reflnlns Co^, Ltd., catab- llabed In 1S7S. Capitalization. Outstandlnc. Common tl.EOO.OOO Preferred '(7% cum.) 760.000 Funded debt 1,776,000 Secnred by a first mortsase on aiwar rafin- crles and land with water frontaee, located In tbe warehouse district of Montreal, Can. Orlstnal Market — First offered b7 A. S. Ames & Co., Toronto, Can,, at 101 )i and Interest In Aur., 1912. Market. New York — Carrutbers, Fell A Co. Toronto— A. S. Ames & Co., Canada Se- curities Corp., litd. Montreal — Mannins Bros, ft Co., Canada Securities Corp., Canada Industrial Bond Co.. Hew B. Wood Co. Frlee Banse. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Aak. Bid. Aak. High 90 '18 97 '16 91% Dec. Low. 77 '20 90H '20 77 Feb. 90% Oct. ST. liOUIS A CAIRO BAHJCOAD CO. Ist 4s, Due Jan. 1, 1031. Dated April 1, 1880. Interest payable Jan. and July 1, at Farmers' Iioan & Trust Co., Mew York, Tax Statns — ^Payment of Federal Income Tax not assumed by company. Antborlzed and Ontstandlns. ...(4,000,000 Denomination — Coupon, {600 and $1,000. Tnutees — F. A, Horsey and Guaranty Trust Co., New York, Gnaranteed as to interest by the Mobile & Ohio R. R. Co. by endorsement, Assnmed by the M. & O. H. B. Co. Control — ^Absorbed by the Mobile & Ohio B. R. Co. in 1913, Secured by first mortgage on 158.83 miles of road, viz: Miles. Bast St. Louis to Cairo, HI 161.00 Millstadt to Millstadt Jet., HI 7.28 Underlies — M. ft O. St. Ij. Dlv. 6a of 1927. Tjegal for savlnffs banks In Me., Mich., Minn., N. H., N. J. and Wis, lilsted on the New York Stock Bzchanse. Market. New York — Coustabie & Fleming, Sam'l Goldschmidt, Hartsborne & Battelle, R. "W. Pressprich & Co., Taylor, Smith & Hard, Vilas & Hickey, Edwin Wolff. Philadelphia — Eiddle & Henry. Fittsburg-h — R. B. Hutchinson & Co. Price Kanse— N. T. B. E. Jan. 1, '06, to Jan. 1, '21 1920 Higll 98% Juno 6, '06 77 Oct. 25 Low. 68 Apr. 29, '21 68 Apr. 29 ST. LOUIS & SAN FRANCISCO BAILBOAD CO. Central Div. 1st 4b, Dae April 1, l»ii9. Dated April 1, 1899. Interest payable April and Oct. 1, at Bankers' Trust Co., New York. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgase Ontstandingr (Jan. 1, '21) $46,000 Plertsred under P, L. Mtjre 1,917,000 Denomination — Coupon, $1,000. Beclster- able as to principal. Tmstee — New York Trust Co., New York. Redeemable at 102% and Interest on any Interest date upon three months' notice. Secured by a mortgage on 215.31 miles of road, viz: A first morteaee on 108.20 miles of road from Sapulpa to Oklahoma City. Okla.: a second morteaee on 112.05 miles of road from Seneca, Mo., to Sapulpa, Okla. Prior Liens— $611,000 St. L. ft S. F. South- western DIT. 1st is of 1947. UnderUea — St. L.-S. F. Rr. P. L. 4b of 1950. under which mortsase bond! are n- served for the retirement of this issue Adj. (■ of 1966 and Income 6a of 1960. Market. New York — Simon Borg & Co., Raymond M. Smith. Price Banse. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. High 86% '16 90 '16 Not Low. 76 '17 90'16 available ST, LOUIS-SAN FRANCISCO BAILWAT GO. Issues are cronped alphabetically on ral^ seqaent paces. ST. LOUIS & SAN FRANCISCO BAILBOAD CO. Southwestern Div. let 58. Due Oct. 1, 1947. Dated Oct 1, 1897. Interest payable April and Oct. 1, at Bankers Trust Co., New York. Tax Statns — Payment of Federal Inpome Tax not assumed by company. Authorized Closed mortgage Ontstandingr (.Tan. 1, '21) $425,000 Pledged under P. L. Mtge 1,075,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable at par and interest on any in- terest date upon six months' notice. Control — Succeeded in 1916 by the St. Louis & San Francisco through Tbreclosure. Secured by a first mortgage on 112.06 miles of road from Seneca, Mo., to Sapulpa. Okla. Und^lles — St. L. & S. F. Cent. Div. 4s of 1929; St. D.-S. F. Ry. P. L. 4s and 6s of 1960, under which bonds are reserved for the re- tirement of this issue, and Adj. 6s of 1956 and Income 6s of 1960. Listed on the New York and Boston Stock Exchanges. Market. New York — Clias. TV.. Place, Prince & Whitely, Redmond & Co., Raymond M. Smith. Price Ran^e — N. Jan. 1, '11, to Jan. 1, '21 High 101% Feb. 17, '11 Low. 89 Mar. 22, '16 Y. S. B. 1920 Bid. 80 Jan. 65 Aug. 11S8 ST. LOUIS & SAN FRANCISCO RAILROAD CO. Cons. 4s. Due July 1, 1996. Dated July 1, 1896. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax, rot assumed by company. Authorized Closed mortgage. Outstanding (Jan. 1, '21) $349,605 Cancelled 6,983,000 Pledged under P. L. Mtge 1,208,300 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Secured by direct mortgage on 1,174.76 miles of road. Viz. : A first lien on 188.27 miles — Cuba to Salem, Mo., and Branches. Winkler to De Camp, Mo Beaumont, Kan., to Blackwell, Okla Rogers, Ark., to Grove, Okla 47.16 Oklahoma City Terminal Ry 1.50 Also Bridge Across the Arkansas River at Van Buren 0. 84 A second lien on 658.94 miles — Covered by the first Hen of the St. L. & S. F. Gen. 6s and 6s 668.94 A third lien on 327.64 miles — Covered by tlie first lien of following; Miles . 62.69 . 6.85 79.73 Miles St. 1,. & S. F.-Mo. & Wn. Div. lat 6a. 82.23 St, L.. & S. F. Coll. Tr. 6s., 100.82 St. L,., Wioh. & Westn. lat 6s 144.49 A second lieu on the- Becurities pledgred un- der the Collateral Tr. 6a of 1987 coverine 64.40 miles. Also a first uxarteaee on certain eauipment purchased since July 1, ^896. Also secured by pledge of First MortBaea Bonda of the following companies: St. L,., Ark. & Tex, Ry. of Mo $467,000 St. L., Ark. & Tex. Ry. of Ark. 4.. 667,000 Poplin Ry 267,000 $1,301,000 Prior liens— $34,518,000 (inoludea bonds pledged and P. L. Mtgie.) prior liens as fol- lows: St. L. & S. F. M. & Wn. Div. 1st 6s 1919 $877,000 S. L. & S. F. 1st Tr. 6s 1920 779,000 St. L. & S. P. Gen. 5s and 63 1931. 29,976,000 St. I,. Wich. & Weatn. 1st 63 1919. 1,787,000 St. L,. & S. F. Coll. 6s 1987 1.099,000 Underlies — St. L.-S. F. P. L. 4s and Cs of 1950, under which mortgage bonds are re- served for the retirement of this issue; Adj. 6s of 1955 and Income 6a of 1960. Usted on the New York and Beaton Stock Exchangee. Market. New York — Simon Borg & Co., Constable & Fleming, Arthui B. Frank & Co., Sam'l Goldachmidt. Newborg & Co., Raymond M. Smith. Price Kange— N. Y. S. E. Jon. 1, '09, to Jan. 1, 'HI 1980 High 96% Feb. 16, '09 67 Oct. 16 Low. 67 Oct 16, '20 67 Oct. 16 ST. XOT7IS & SAN I-BANCISCO BAIIiBOAD CO. — ^Kansas City, I'ort Scott & Memphis i% Preferred Stock Trust Certificates. Due Oct. 1, 1921. Dated Oct. 5, 1901. Interest payable quar- terly, Jan. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $16,000,000 Ontstandingr (Jan. 1, '21) 5,312,700 Fledged under P. I/. Mtge. . . 9,637,300 Denomination — $100. Trustee — Bankers' Trust Co., New York. Redeemable at 100 and accrued dividends at any time on 30 days' notice. Secured by deposit of one share of Kansas City, Ft. Scott & Memphis Ry. Co. preferred stock for each trust certificate issued in lieu thereof. IJsted on the New York and Boston Stock Exchanges. Market New York — Simon Borg '& Co. ST. I/OUIS & SAN FRANCISCO RAILROAD CO. Equip. Tr. 6s, Series "S." Due $74,000 semi-annnaUr on April and Oct. Ist each year to Oct. 1, 1923. Dated October 1, 1911. Interest payable April and Oct. 1, at Company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,776,000 Ontstandingr (Jan. 1, '21) 444,000 Balance Retired. Denomination — Coupon, $1,000: Trustee — Guaranty Trust Co., New York. Secured by an equipment trust agreement on 20 Pacific locomotives, 12 switching locomo- tives, 4 steel buffet cars, 9 steel dining cars, 26 steel passenger cars, 17 steel baggage and mall cars and 600 steel underframe refrig- erator cars, costing $1,968,834, of which $192,- 834 was paid in cash. Legal for savings banks in Ohio. Original Market— 0«ered in 1911 by the Guaranty Trust Co., New York, at par and interest. Market. New York — Simon Borg & Co., Evans, Stlllman & Co., Freeman & Co. . . Philadelphia — Biddle & Henry, Graham, Parsons & Co. ST. I.OUIS A SAN FRANCISCO RAILWAY CO. Gen. Ss A 8g. Doe Jnljr 1, 1931. Dated July 1. 1881. Interest payable Jan. and July 1. at Bankers' Trust Co., Nnr York. Tax Statns— Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding — 6s $3,669,000 fa 6,703,000 $9,362,000 * Fledged under F. L. Mtge.— 6s 6,488,000 4,126,000 2,000 1169 Pnrchased and Cancelled. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — United States Trust Co., New York. Control — Absorbed by the St. Louis & San Francisco Railroad Co. In 1916 the latter company was succeeded through foreclosure by the St. Louis-San Francisco Ky. Co. Underlies — St. L. & S. F. Cons. 4s of 1996; St. L.-S. F. By. P. L. Mtge., under which mortgage bonds are reserved to retire this Issue, and Adj. 6s of 1966 and Income - f.eld to St. Louis. Population served, Spring- field, 55,000: remaining territory, 17,000. The road Is built entirely on right-of-way, except in cities, where franchises extend to or beyond 1952. Underlies — S. L., S. & P. R. R. Co. 1st & Ref. 5s of 1939 and Gen. 5s. Bonds are re- served under the former mortgage to exchange for bonds of this issue. Original Market — First offered by Julius Christensen & Co., Philadelphia. Market. New York — Dunham & Co., Vanderhoef & Robinson. Philadelphia — Henry D. Boenning & Co., Samuel K. Phillips & Co. Price Range, Jan. 1, '35, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 100 '17 103 '15 92 Feb. 95 Feb. Low. 80*20 86^-20 80 Sept. 86% Jan. CO, $1,731,500 $1,100,000 Underlies — St. L. & S. F. Cons. 4s of 1996; S. L.-S. P. Ry. P. L. 4s and 5s of 1950, un- der which bonds are reserved for the retire- ment of this Issue; Adj. 6b of 1955 and Income 6s of 1960. Market. New Yorw — Simon Borg & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. High 102 '09 105 '10 Not Low. 70 '17 90 '14 available ST. LOUIS & SPBINGFIEU) BAILWAY CO. 1st 5s. Due Deo. 1, 1933. Dated Dec. 1, 1903. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding: (Jan. 1, '21) $210,000 Held in S. F 241,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 107 and Interest on 60 days' notice. Sinking Fund — 10% of net earnings of pre- ceding 12 months annually, commencing Dec. 1170 ST. LOUIS & SUBURBAN RAILWAY I'st Cong. Ss. Due Feb. 1, 1921. Dated May 27, 1891. Interest payable Feb, 1 and Aug. 1, at Trustee's office. Refanlt — As of May 1, 1921, these bonds had not been paid off or extended. , Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding 21000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — American Trust Co., Boston. Redeemable at 105 and interest on any in- terest date. Control — ^Absorbed in 1906 by the United Rys. of St. Louis. Beoeivership — See United Railways of St. Louis Gen. 1st 4s.' Secured by a first mortgage on 39 miles of street railway {measured as single track), ex- tending from the center of St; Louis at 6th and Locust streets to Florrisant. The com- pany has fifteen miles of private right-of-way, largely within the city. Franchise expires In 1936. ' Underlies — Gen. 53 of 1923; U. Rys. Gen 1st 4s of 1934, and St. L. Transit Co. Imp. 5s of 1924. Famines — See United Rys. Co. Gen. 1st 4s. Listed on the St. Louis Stock Exchange. Original Market — $600,000 offered in Janu- ary, 1915, by Altheimer & Rawlings Invest- ment Co. ahd Mississippi Valley Trust Co., St, Louis, at 99 and interest. Market. New York — Babcock, Rushton & Co., Mor- ton Lachenbruch & -Co. St. Louisa-Mark C. Steinberg & Co., Stix & Co. / Price Range. Jan. 1, '09, to Jan. 1, '21 Bid. Ask. High 104% '10 105 '09 Low. 90 '19 93% '19 1920 Not available ST. LOUIS & SUBURBAN RAILWAY CO. Gen. 5s. Due April 1, 1923. ' Dated, April 1, 1903. Interest payable April and Oct. 1, at Trustee's office. Default— April 1, 1921, Interest was not paid when due. rax status — 2% Federal Income Tax paid by the company without deduction. Authorized $7,500,000 Outstanding 4,500,000 Reserved for Prior liiens 2,000,000 Cancelled 1,000,000 Denomination — CouKon, $1,000. Registerabie as to principal. Trustee — Mississippi Valley Trust Co., St, Louis, Mo. Redeemable at 105 and interest on any in- terest date. Guaranteed — Principal and interest , by the United Rys. Co. by endorsement. Protective Committee — The following com- mittee requests deposits: Herman C. Stifel, A. C. F. Meyer, Sidney H. March, Wm. G. Lackey and John L. Johnston. Depositary, Mississippi Valley Trust Co., St. Louis. See United Rys. Co. of St. Louis Gen. 4s. Control — Absorbed in 1906 by the United Rys. Co. of St. Louis. The latter company la controlled by the North American Company. Secured by a morteage. on r07 miles of street railway, of which 40 miles are in the City of St. Louis. 10 miles of the lines within the city and 50 miles outside of the city are on private right-of-way. Further se- cured by deposit of $1,000,000. St. Louis & Merrimac Ry, Co. 1st Mtge. bonds, secured on 18 miles of track acquired May, 1916, by ex- change for a like amount of this issue. The lines in the city include a road into the center of the business district. Franchises in the city expire in 1936. Prior Liens — $1,987,000 1st 5s of 1921. Underlies — U. Rys. of St. L. Gen. 4a of 1934 and St. L. Transit Imp. 53 of 1924. Saniings — See United Rys. Co. Listed on the St. Lpuis Stock Exchange. Original Market — First offered in 1903 at 97 and interest by the Mississippi Valley Trust Co., St. Louis, Mo. Market. New York — J. S, Bache & Co., Morton Lachenbruch & Co. St. Louis — Mark C. Steinberg & Co., Stix & Co. Price Range. Jan. 1, *09» to Jan. 1, '31 1930 Bid, Ask. . Bid. Ask. High 95% '09 96 '09 50 Apr. 53 Apr. Low. 441^ '20 46 '20 44'^ Dec. 46 Dec. ST. LOUIS BREWING ASSOCIATION 1st 6s. Ihie July 1, 1939. Dated June 1, 1914. Interest payable Janu- ary 1 and July 1, at Trustee's office, or New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $4,500,000 Outstandingr (Sept. 30, '20)... 4,025,300 Retired by S. r 474,700 Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal only. Trustee — ^Mississippi Valley Trust Co., St. Louis, Mo. Redeemable on any interest date at 105 and interest upon 30 days' notice. Sinking Fond — $50,000 bonds per annum, purchasable in the open market at not exceed- ing 105 and interest or drawn by lot if not so purchasable and cancelled. OrEranization — Incorporated in Missouri in 1889. All of the stock is held IiT'trust for the St. .LK)uis Breweries, Ltd., an English cor- poration. Capitalization. Outstanding. Common $5,088,624 Funded debt : 4,025,300 Secured by a first mortgage on all of the company's property in Missouri and a first col- lateral lien, through the deposit of first mort- gages, on all of the property in Illinois. These plants include 18 breweries, an ice plant and four depots and a malt house, of which 3 breweries and 1 ice and cold storage plant were being operated as of Sept. 30, 1920. Original Market — OfCered in 1914 by the Mis- sissippi Valley Trust Co., and' Otheimer & Rawlins Investment Co., St. Louis, in exchange for maturing bonds, holders making the ex- change receiving $20 in cash in respect to each $1,000 bond exchanged. Market. St. Louis — Mark C. Steinberg & Co., Stix & Co. Price Ranee. Jan. 1, '16, to Jan. 1, 'SI 1920 Bid. Ask. Bid. Ask. Hig-h 84% '20 86^^ '16 84% Dec. 86 Dec. Low. 58 '19 63 '19 75 June 80 June 1st 7s. Due April Interest payable P. Morgan & Co., ST. LOUIS BRIDGE CO. 1, 1929. Dated April 1, 1879. April and Oct. 1, at J. New Tork, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $5,000,000 Denomination — -Coupon, $500 and $1,000 and £100 and £200. Registerable as to prin- cipal. Trustees — Jacob C. Rogers and Charles. B. Tracy, Boston. Guaranteed by the Terminal R. -R. Associa- tion of St. Louis as to principal and interest by endorsement. It is agreed in the lease that the interest on these bonds is a charge against the income of the Terminal R. R. Association prior to all other charges except interest on the $7,000,000 Ist 4y2S. Organization and Control — Incorporated in Missouri in 1878. All of the common stock is owned by and the property leased in per- petuity to the Terminal R. R. Association of St. Louis at an annual rental equivalent to 6% dividends on first preferred and 3% on second preferred stocks and interest on out- standing bonds, together with $2,500 organ- ization expenses. The lessee agrees to redeem or refund bonds at maturity. Capitalization. Outstanding. Common $2,500,000 1st Pref. (6% guar.) 2,490,000 2d Pref. (3% guar.) 3,000,000 Funded debt 5,000,000 Secured by a first mortgage on bridge and approaches 6,430 feet long over the Mississippi River between St. Louis, Mo. , and Bast St. Louis, 111. Origlutal Market — Offered originally by Drex- el, Morgan & Co., New Tork, Market New York — Simon Borg & Co., Finlay & Davenport, Sam'l Goldschmidt, Kountze Bros., Raymond M. Smith. St. Louis — Mark C. Steinberg & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 135 '10 13S '10 102 Mar. 107 H Jan. Low. 99 '20 102% '20 99 Dec. 103% Oct. 1171 ST. LOUIS CAR CO. 1st 68. Due May 21, 1923. Dated May 21, 1903. Interest payable May and Nov. 21, at Mississippi Valley Trust Co., St. ]U)ui3, Mo. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 858,000 Held in Treasury. . . . : 142,000 DenominatioD — Coupon, $500 and $1,000. Trustee — Mississippi Valley Trust Co., St. Louis, Mo Redeemable at 105 and Interest on any in- terest dae. Oreanization — Incorporated In Missouri In 1887. In 1903 acquired the Laclede Car Co. The company has also absorbed the Kobusch Automobile Co. Capitalization. Outstandlngr. Common $ 100, ODD Preferred (7% cum.) 1.560,000 Funded debt 858,000 Secured by a first mortgage on plant for the manufacture oJ^ cars, trucks and railroad sup- plies, located in St. Louis, Mo. Market. St. Louis — Mark C. Steinberg & Co. Price Range. Jan. 1, '09, to Jan. 1, *21 1920 . Bid. Ask. Bid. Ask. High 95 '12 100 '12 90 Jan. 95 Jan. Low. 60 '09 60 '10- 85 Nov. 92% Dec. ST. LOUIS COKE & CHEMICAL CO. 1st Conv. 8s. Dae as follows: £60,000 Dec. 1, 1931, and $600,000 each June 1 from 1923 to 1925, incl. Dated June 1, 1920. Interest payable June 1 and Dec. 1, at Continental & Commercial Trust & Saving's Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $3,000,000 Outstanding 2,500,000 In Treasury 500,000 Purpose of Issue — The proceeds of these notes will be used to complete the com- pany's plant, to purchase additional equip- ment and to provide additional working capital. Denomination — Coupon, $1,000 and $500; registerable as to principaL Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemiable upon 60 days' notice at 100 and interest plus % % premium for each full six months' period from date of . such re- demption to maturity. In event of redemp- tion prior to maturity of less than the total Issue, the earlier maturities shall be retired first. Convertible at Mississippi Valley Trust Company, St. Louis, on any interest date up to and including the date of payment at maturity on the basis of four shares of pre- ferred and one share of common stock of the company for each $400 par value of notes. Organization and Control — Incorporated in Illinois in 1920 for the purpose of construct- ing and operating the Roberts' By Product Coke Ovens. The Americ'an Coke & Chemi- cal Co., owners ot the Roberts patents, and from whom this company gets its license under the Roberts -patents, has agreed not to Issue any other license for the construc- tion and xjperation of merchant coke ovens or coke oven plants to supply merchant Iron blast furnace plants in the St. Louis Indus- trial Zone, under the aforesaid,* patents. The St. Louis Industrial Zone Is assumed to be a circle fifty miles in diamenter with its cen- ter at the middle of Eada Bridge. The American Company reserved the right, how- ever, to issue such licenses should the St. Louis Company fail, within nine months after reasonable showing, to contract for such additions to Its plants as may be nec- essary to take care of the existing demand In the aforesaid district which Its then ex- isting plant cannot supply. If the American Company grants any license in the aforesaid zone for other than merchant ovens or merchant blast furnace purposes, it must then pay to the St. Louis Company one-half of. the money received by It for the license. • . , ^ The American Coke & Chemical Co, owns a majority of the. outstanding common stock of this company. Capitalization Outstanding Common $1,000,000 Pref. (8% cum.) 5,250,000 Funded debt 2,500,000 Secnred by a first mortgage upon all of the company's fixed property. The company is erecting a 500-ton blast furnace and 80 Roberts By-Product Coke Ovens east of and ' adjacent to Granite City, 111. The plants upon completion have been valued at $10,- 000,000. The com.pany has entered Into contracts with the National Enamel & Stamping Com- pany under which that company agrees to take for five years all of the iron and by- pioduct tar and all of the gas required in its Granite City steel works up to the entire capacity of the St. Louis Coke & Chemical Company's plants. The price for iron under the contracts is to be adjusted monthly and is to fluctuate with the Chicago - price of basic pig iron delivered at Granite City. The National jCompany will thereby receive molten metal at cold metal prices for use in Its open hearth furnaces. Similarly, the prices fixed for tar and gas are made to vary with the coal miners' wage scale in the Illionis district. Original Market — $1,500,000 offered In July, 1920, by Brown Bros. & Co., New York; Studebaker Bros., Ltd., Chicago, and Mississippi Valley Trust Co., St. Louis, at 100 and interest. Market St. Louis — Mississippi Valley Trust Co. ST. LOXTIS COUNTY GAS CO. (THE) Ist 68. Due Apra 1, 1951. Dated April 1, 1912. Interest payable April a nd Oct. 1 , at North American Company' s office, 30 Broad St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $30^000,000 Outstanding 727,300 In Treasury 31,800 Pledged to Secure Notes.... 260,000 Reserved for Ext 29,005,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustees — ^Harris Trust & Savings Bank, Chicago, and Festus J.' Wade, St. Louis. Redeemable at 105 and interest. on any in- terest date upon four weeks' notice. Organization and Control — 'Incorporated in Missouri in 1912. Controlled by the North American Co. through ownership of its entire capital stock. Capitalization. Outstanding. Common $700,000 Funded, debt ; 995,000 Secured by a first mortgage on plants sup- plying gas to a number of cities and towns in the vicinity of St. Louis, Mo. Part of the gas sold Is purchased from the Laclede Gas Co. Population served, 60,000. Principal franchise is reported to extend' to 1954. Years ended Dec. 31 Gross. 1919 $460,573 1918 403,165 1917 324,601 1916 272,479 •After depreciation. Original Market — $700,000 offered In May. 1912, by Harris, Forbes & Co., New York; N. "W. Harris & Co., Inc., Boston, and Harris Trust & Savings Bank, Chicago, at Car and interest. Market. New York — Harris, Forbes & Co., Jacob Zellar, Boston — Harris, Forbes & Co., Inc. Chicago— Harris Trust & Savings Bank, Chicago. St. lionis — Mark C. Steinberg & Co. •Net. Interest. $120,162 $60,037 84,702 49,377 108,974 46,613 89,697 40,307 Y , Price KaQEe. Jan. 1, '16, to Jan. 1, '«1 1920 Bid. Ask. Bid. Ask. High 94 -16 99 '16 65 65 Low. 50 "20 84 '19 50 60 ST. LOUIS, IRON MOUNTAIN & SOUTHERN RAKLWAY CO. Unifying. Si Ret. 4s. Doe July 1, 1929. Dated J-jly i, 1899. Interest payable Jan. and July 1, at Mo. Pac. R. R. office, New Tork. Tax Statns— 2% Federal Income Tax paid by company without deduction. Alltllarized Closed mortgage Uutstanduigr $30,551,000 Denomination — Coupon, $1,000. Registerable as to principal only or fully registerable. Reg- istered, $1,000 and multiples. Trustees — Metropolitan Trust Co., New ■Sork, and Walker Hill, St. Louis. Asnmed by the Missouri Pacific R. R. Co. Control — Incorporated in Missouri and Ar- kansas in 1874. In March, 1917, the Missouri Pacific R. R. Co. was incorporated in Missouri as successor, through foreclosure to , the Missouri Pacific Ry Co. and St. L., I. M. & S. Ry. Co. Secured by direct mortgage on 2,038.52 miles of road, viz. : A Brst lien on 612.06 miles — Miles. Luna to Crossett, Ark ' . . . . 50.93 Pfeiffer Quarry Spur, Ark 4.78 Coal Mine Spur, Ark 33 Coal Hill Boh. Jet.' to Coal Hill, Ark.. 4.18 St. L.-S. F. Connection to Junction of Bridge Track, Ark 3.86 Greenwood Jet. to Pt. Smith Bch. Jet. Ark 6.49 Connection at Ft. Smith and Green- wood, Ark 40 Connection at Little Rock, Ark 25 North Little Rock, Ark., to Coffeyville, Kan 322.86 Coffeyville Wye Track, Kan 21 Bl Dorado, Ark., to Vidalia, La 159.67 Hope to Nashville, Ark 25.72 Connections at Vidalia, La 36 Wye Connections near Smithton to Pike City, Ark 33.03 A second lien on 1,426.46 miles, being the mileage covered by the first lien of the St. L., I. M. & S. Ry. Gen. Cons. & Land Grant 5s, except the line from Pine City to Brinkley, Ark., 23.04 miles, and from Helena to Clar- endon, Ark., 47.56 — a total of 70.60 miles. Also secured by deposit of the following se- curities; Texas & Pacific 2d Income 6s,2,000 $23,703,000 Baring Cross Bridge Co. 1st 7s.... 200,000 Little Rock Jet. Ry. stk .'. 397,100 American Refrigerator Transit stk. 285,100 Prior Mens — $43,030,000 St. L., I. M. & 3. Ry. Gen. Cons. & Land Grant 63, 1931. Underlies — Mo. Pac. R. R. 1st & Ref. Mtge. and Gen. "4s of 1975. Bonds are reserved under the former mortgage to retire this Issue. Listed on the New York Stock Exchange. Market. New York — Constable & Fleming, Hlrsch, Lilienthal & Co., R. "\V. Prcssprich & Co., Struthers ,& Hiscoe, Vanderhoef & Robinson, Vilas & Hickey. Chicago — Seconr'i Ward Securities Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 93% May 28, '06 76 Jan. 7 Low. 61 Aug. IS, '15 66 July 30 ST. LOUIS, IRON MOUNTAIN Si SOUTHERN RAILWAY CO. Gen. Cons. Ry. & Land Grant 5b. - Due April 1, 1931. Dated March 15, 1881. Interest payable April and Oct. 1, at Missouri Pacific R. R. office, New York. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding (Jan. 1, '21) $42,924,000 Retired by S. V 1,869,000 Denomination — Coupon, $1,000. Registerable as to principal. Trnstee — Bankers' Trust Co., New York. Sinking Fund — The net proceeds of all sales of land are to be applied, either to pay in- terest on these bonds when net earnings are insufficient; or, if net earnings are sufficient to purchase bonds at not exceeding 110; but If bonds are not so purchasable, payments may be applied to current interest on this issue. Gnaranteed — $6,984,000 of these bonds were guaranteed as to principal and Interest by the Missouri Pacific Ry. Co. (foreclosed) by en- dorsement. Control — See Unifying & Ref. 5s. Secured by first mortgage on 1,497.06 miles of road, viz. : Miles. St. Louis, Mo., to Baring Cross Bridgtf" Connection, North, Ark 345.18 Baring Cross Bridge Connection, South, Ark., to Texarkana, Ark 144.86 Kirkwood' Spur, St. Louis, Mo 28 St. L. S. W. Ry. Crossing, Paragould, Ark., to M. H. & L. Connection, near New Latour, Ark ' 106.88 M. H. & L. Connection near North Mc- Gehee, Ark.; to Halley, Ark 9.00 Mineral Point, Mo., to Potosi, Mo 3.73 Bismarck to Belmont, Mo 120.04 Allenville to Jackson, Mo 16.39 Poplar Bluff to Birds Point, Mo 70.12 Neeleyville to Doniphan, Mo 20.62 Little Rock to McGehee, Ark 101.69 McGehee to Alfevandria, La 189.97 Camden Branch Junction, Gurdon, to £11 Dorado, Ark 65.94 Connection at Pine Bluff, Ark., with line of P. B. & W. Ry 32 Knobel to St. L. S. W. Crossing, Para- gould, Ark , 21.04 New Latour to Helena, Ark 11.29 Bald Knob to Bridge Junction, Ark 87.37 Bridge Junction to Briark, Ark 64 Helena to Clarendon, Ark 47.56 Pine City to Brinkley, Ark : 23.04 Connections at ' Dermott and McGehee, Ark 60 Trippe Jet. to Arkansas City, Ark 7.77 Halley to Warren, Ark 45.10 Diaz to Cushman Branch Connection, Ark 29.16 Batesville Spur, Ark. 54 Cushman Branch, Ark 9.67 Ft. Smith Branch Connection to Green- wood, Ark 17.64 Connection at Monroe, La 63 Also secured on the entire ($593,800) capital stock of the Arkansas Central R. R., owning 41.80 miles of road from Ft. Smith to Paris, Ark., upon which no bonds are outstanding. Also secured on the 103,615 acres remaining unsold of the Cairo and Fulton Land Grant. Underlies — St. L., I. M. & So. Ry. Unifying & Ref. 4s of 1929 and Missouri Pacific R. R. Co. 1st & Ref. Mtge. and Gen. 4s of 1975. Bonds are reserved under the 1st & Ref. Mtge. to retire this issue. Legal for savings banks in Minn,, Mo. and also Baltimore Trust Funds. Listed on the New Tork Stock Exchange. Market. New York — Hartshorne & Battelle, Na- tional City Co., R. W, Pressprich & Co., Prince & Whitely, Roosevelt & Son, Struth- ers & Hiscoe, Vanderhoef & Robinson, Vilas & Hickey. St. T>ouJs — Francis Bros. & Co. Price Range — N. T. S. E. Secured by an equipment trust agreement on Jan. 1, '06, to Jan. 1, '81 1980 17 locomotives, 2 pile drivers and 1 derrick. High 117% Jan. 20, '06 94% Jan. 3 Original Market — $399,000 offered In June, Low. 84 May 21, '20 80 May 21 1913, at 99.78 to 98.24 by 'Tbwnsend Whelen — ^— ^— ^■^— & Co., Philadelphia. ST. rOUIS, IRON MOUNTAIN & SOUTHERN , leg-al for savings banks in Ohio. RAILWAY CO. River and Gulf Dlv. Ist ' iwo,.i,»f 4s. Due May 1, 1933. g „ . , Ma'Ket. Dated May 1, 1903. Interest payable May series %. ??l?l5tnrrlw»v* Mpw°v„'rv^°"'° ^' ^' °*'*°®' ST. MUIS, IRON MOUNTAIN & SOUTHERN T^Stato^2% Federal Income Tax oaid RAILWAY CO. Eauip. Tr. 6s, Series "Z." by company ^ho^utdeducHon ""* »»« $145 000 each . May and Nov. 1 to oStStag- ■.•.•.•.■.■.■.•.■.:. ■".'"^^^IsTs'lfofo Dat2J-Niv"rim"Tnterest payable May Denomination — Coupon, $1,000. Registerable ^"° ^°'^- !• ^' company's office, 166 Broad- as to principal. Registered, $1,000 and mul- '"^' '^T! I°"^'«„ „ , , , tlples. C. & E. interchangeable. ^^^ Status— 2% Federal Income Tax paid Trustees— Bankers' Trust Co., New York, by company without deduction, and William K Bixby Authorized $2, 900,000 Organization, and Control- See Unifying & Outstandmg; (May 1, '21) 146,000 Ref 4s DO'iimce Ketirea. ■ soured by direct or collateral mortgage on S*™*'???""'',-?""'?™' "^'"'•, ^ ,789.38 miles of road, viz. : „ Trustee— Central Union Trust Co., New A first Men on 778.88 miles. Miles. "„ i„ „ r^, . .. ' ,„ Des Peres Bridge Junction to top of in- Redeemable as a wlrtjle at any time on 60 oline, Mo ' 64 ^^Z^' notice. Top of incline to Dupo Junction, 111.,.. 4.12 , Secured by a conditional bill of sale on 11 Vulcan to southern connection, 111 2.32 locomotives, 21 passenger cars, 900 steekun- Valley Junction to Thebes, 111 119.33 derframe stock cars, 600 steel underframe flat M. H & L connection near New cars and 2,000 steel underframe gondola cars, Lato'ur, to M. H. & L. connection, costing $3,235,736.85, of which $336,736.86 near McGehee, Ark 81. 80 ™^= P^'^ i" o^sh. Halley, Ark., to Clayton Junction, La.. 140.61 jfsal for saymgs^nks in Ohio. Gorham to Benton, 111 40 58 Original Market — OfEered in 1911 by Speyer Bush to East CarterviUe, 111 10.48 * ^o.. New York, on a 5.20% basis. Marion to Johnston City, 111 8.93 Market. Connections at Herrin, Johnston City See Series 4. and CarterviUe, 111 2. 16 ■ ■ Herrin Branch connection to M. & J. C. ST. LOUIS, IRON MOUNTAIN & SOUTHERN connection. III : 4.81 RAILWAY CO. Equip. Tr. 6s, Series "3." Thebes Bridge connection to Thebes, 111. 1.32 Due $85,000 each March 1 and Sept. 1 to Connections at Thebes, 111 11 March, 1923, and $28,000 Sept. 1, 1983. Eudora, Ark,, to Eppa, La 37.61 Dated March 2, 1914. Interest payable Cushman Branch connection. Ark., to March 1 and Sept. 1, at Trustee's office. Carthage, Mo 239. 40 Tax Status — Payment of JPederal Income Crane to Springfield, Mo 35.27 Tax not assumed by company. C. R. I. & P. connection, near Bridge Authorized $472,000 Junction, to Marianna, Ark 42.83 Outstanding: (June 1, '21) 122,000 A first collateral lien on 17,10 miles — Balance Retired. Througfti pledge of $l,000,00p (entire Denomination — Coupon,^ $1,000. Registerable issue) Union Ry. Co. of Memphis Fii;st as to principal. Mortgage Bonds — In and around Mem- Trustee — Philadelphia Trust, Safe Deposit & phis, Tenn 17.10 Insurance Co,, Philadelphia. Also-secured by deposit of $1,000,000 West- Guaranteed principal and interest by the St. em Coal & Mining Co. First Mtge, Bonds of Louis, Iron Mountain & Southern Ry. Co. 1933 and $299,600 capital stock of the Coal Secured by an eauipment agreement on 25 Belt Electric Ry. locomotives, costing $524,264, of which Underlies — Missouri Pacific R. R. 1st & Ref. $62,264 was paid in cash. Mtge. and Gen, 4s of 1975. Bonds are re- Legal for savings banks in Ohio.* served under the former mortgage to retire ' Orig)inal Market — -$472,000 offered Feb., this issue. 1914, by Townsend Whelen & Co., Philadel- Legal for savings banks in Me. and Mo. phia, at prices to yield 4.80%. Listed on the New York Stock Exchange. Market. Market.- See Series 4. New York — Sam'l Goldschmidt, Hirach, Lllienthal & Co., Prince & Whitely, Red- ST. LOUIS, IRON MOUNTAIN & SOUTXCERN mond & Co., Struthers & HIsooe, Vander- RAILWAY CO. Eauip. 6g, Series "4." hoef & Robinson, Vilas & Hiokey. Due $80,000 each June 1 and Dec. 1, from Price Range — N. Y. S. E. June 1, 1915, to Dec. 1, 1924. Jan. 1, '06, to Jajl. 1, '81 1980 Dated Dec. 1, 1914. Interest payable June High 96 Feb. 28, '06 73 Oct. 6 1 and Dec. 1, at Trustee'a office. Low. 51 Aug. 2 7, '16 63% May 4 Tax Status— Payment of Federal Income Tax not assumed by company ST. LOUIS, IRON MOUNTAIN & SOUTHERN Authorized oUIS-SAN FRANCISCO BAIIiWAY CO. Frior Men Series "A" 4b, "B" Sb, and "O" 68. Dated. Due. "A" July 1. 1916 July 1, 19B0 ^ July 1, 1918 July 1, 19^0 O" July 1, 1918 July 1, 1928 laterest payable January and July 1, at Trustee's offlce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $260,000,000 OntBtandlns — "A" 4s $86,198,650 "B" 5s 24,950,000 "C" 6s 10,598,000 _ „ , _ 121,746,660 Held In Tmst for Befnnd- ing ("A") Held In Insnranee Beserre — "A" S90,000 "B" 50,000 7,109,850 140,000 9,765,600 1,423.000 9,484,000 Beserred for Corporate Pur- poses Beserved for Befnndinc EanU)- ment Oblleatlons Beserved for Gen. 6b & 6b... . Beserred for Ext., etc 70,063,000 Beserred for Baolpment 30,268,000 Denomination — Coupon, $100, t260, $600 and $1,000. Reerlsterable as to principal. Beelstered, $1,000, $6,000 and $10,000. C. & R. ($1,000) interchanEeable. Tmstee— Central Union Trust Co., New York, and Daniel K. Catlln. Bedeemable — Series "A" at par and Inter- est and Series "B" at 106 and Interest on sixty days' notice. SlnMng Fond — No slnkins fund is provided for Series "A," "B" or "C." OrEanlzation — ^Incorporated August, 1916, as a reorEanizatlon under foreclosure of the St. Louis & San Francisco Ballroad Co. The company leases the Kansas City, Fort Scott A Memphis Hallway, and- operates either di- rectly or throush subsidiaries a total of 5,204 miles of road, of which 3,549 miles are owned In fee. 1,665 miles are controlled throueh ownership of substantially all the capital stock, and 206 miles are operated under track- see rights. Capitalization. Outstanding. Common $60,447,000 Preferred (6% non-cum.) 7,500,000 Funded debt 282,940,676 Secured upon the entire property of the company, railroad, equipment, appurtenances, leaseholds, trackage rights, securities, etc., and on all property hereafter acauired with the proceeds of this issue, the Adjustment Mortgage bonds or the Income Mortgage bonds. A first lien on 1,630.59 miles — Miles. Oklahoma City to south bank of Bed River near Eldorado, Okla 174.85 • Bolivar to Kansas City, Mo 146.90 Blaekwell to south bank of Red River near Davidson, Okla. : Sapulpa, Okla. , to connection with M., K. & T. Ry. at State Line Jet 192.65 ScuUIn to Sulphur Springs, Okla 8.72 West Tulsa to Avard, Okla 17B.26 Gulf Jet. to LeaohvUle, Ark 118.20 Van Duser to Gibson, Mo 56.00 Zalma to Aquilla, Mo 18. 40 Kenneth to Hayti. Mo 18. 30 Warden to Deering, Mo 12.10 Clarkten to Maiden, Mo.; 7.30 Hope to Ardmore, Okla 210.10 Kiersey to Texas Jet., Okla 9.24 PayettevIUe, Ark., to Okmulgee, Okla,. 143.90 IITT A first collateral lien on iZi.ZB miles by deposit of . total Issues as fol- lows: (St. IjOuIs, San Francisco & Texas Ry.)— Texas State Line to Ft. Worth, Tex. . 63.89 Red River to Vernon, Tex 12.76 (Brownwood North & So. Ry.)— Brownwood to May, Tex 17,66 (St. L. & S. F. Ry. Trust 6s, 1920) Monett, Mo., to Fayettville, Ark 71.18 Carl Jet, Mo., to Oirard, Kan 29.14 Litchfield Jet. to Litchfield, Kan 60 (St. L., Wichita & Western Ry. 1st 6b, 1919) — Oswego to Wichita, Kan 144.91 (St. L. & 8. F.-Mo. & Western Dlv. Ist 6s, 1919) — Fierce City, Mo., to Oswego, Kan 72.91 Oronogo to Joplln, Mo 9.S2 A second lien on 917.39 miles — (Covered by the first lien of Cons. 4s, 1996) — Sapulpa, Okla., to Oklahoma City, Okla 104.09 In Oklahoma City 1.60 Bridge Across Arkansas River at Van Buren 1.34 Rogers, Ark., to Grove, Okla.......... 47.16 Beaumont Jet., Kan., to Blaekwell, Okla ; 79.T« Cuba to Salem, Mo., and Branches.... 69.64 (Covered by first , lien on N. W. Dlv. Ist 48, 1930) — Wichita to Ellsworth, Kan 106.40 (Covered by the St. L., Mem. tk 8. B. R. R. 1st 4s, 1962) — S. JB. Jet, Mo., to Luxora, Ark 241.70 Mingo, Mo., to Hoxle, Ark 73.90 Cape Girardeau to Hunter, Mo 93.00 Hayti to Grassy Bayou, Mo 16.70 Tailpoosa to Warden, Mo 10.70 (Covered by first lien of Coll. Tr. 6s of 1987)— Springfield, Mo., Belt Line 2.93 Red River, Okla., to Paris. Tex 16.94 Jenson to Mansfield, Ark 18.34 Pittsburgh to Weir City, Kan 10.48 Patrick to Pettigrew, Ark 16.71 (Covered by first lien of the Chester, Perryville & St. Genevieve 1st 6a. 1919) — Perryville to Cape Girardeau, Mo..,.. 18.23 A third lien on 769.67 miles — St. Louis to Seneca, Mo .'..,. 326.28 Seneca, Mo., to Sapulpa, Okla 111.22 Granby to Granby Mines, Mo 1.60 Springfield to Bollva. Mo 38.79 Springfield to Chadwlok, Mo 34.86 PayettevIUe, Ark., to Red River, Okla.. 214.61 Fayetteville to Patrick, Ark 26.61 Joplln to Carl Jet., Mo 6.70 Also Becnred on $16,660,000 common stock (entire issue) on $7,683,400 preferred stock (total issue, $16,000,000) and on the leasehold of the ■ company in the Kansas City, Fort Scott & Memphis Ry., which owns or con- trols 1,211 miles of road. This Interest Is subject to the K. C, F. S. & M. Ry.'s bonded indebtedness of $54,919,670. The company agrees that this bonded debt shall at no time exceed $75,000,000. Also secured on 205 miles of trackaga rights. Also secured by deposit of the following securities : Bonds and Obligations. Pledged. Issued. St. Louis & San Fran. Ry.— Mo. & Western Dlv. 1st 6s, 1919 $875,000 Trust 5s, 1987 1,027,000 $1,099,000 Oen. 6a. 1931 6,488,000 12,291,000 Underlies— Cumulative Adjustment 6s of Gen. 6b, 1931 4,126,000 7,807,000 1956 and Income 6a of 1960. Northwestern DIv. 1st listed on the New York Stock Eixchanse. 4s, 1930 1,291,000 1,300,000 Eamingis— See Cum. Adj. 6s, 1966. St. Loula & San Fran. Original Market — Offered In 1916 under plan R» R.— " of reorganization to holders of securitlea of Cons. 4s, 1996 . 1,208,300 1,558,000 the old St. L,. & S. F. R. R. $8,616,000 B. 6a Southweatem Dlv. 1st offered November, 1916, by Lee, Hleglnson & _ 5s, 1942 1,076,000 1,600,000 Co. and Guaranty Trust Co. at 90 and inter- Cent. Dlv. lat 4a, eat. $10,698,000 Series "C" 6s offered Deoem- _ 1929 ^ 1,917/000 1,962,000 ber, 1918, by Lee, Higginson & Co., New York, Kansas City, Ft. Scott Boston, etc., and Guaranty Trust Co., New * Memphis 4% York, at 96 and interest. -^ cMs. ...^ 1,622,400 15,000,000 Market -^s ern Bi"""* * New York-Arth^B. Frank & Co., Sam-1 ■n-irj c„ lo-io — , „„„ „.. Goldschmidt, Granger & Co., Herzfeld & M„^toiJ^v\5"-i;-.i-- l."3,000 Stern, Hirsch, Lilienthal & Co., Kountze Muskogee City Bridge Bros, E. D. Levinson & Co., Wm. O. Orton _. . Co.— First 5s, 1942 73,000 100,000 & Co., Parker & Co., Prince & Whitely, Red- cnester, PerryvlUe & raond & Co., Roosevelt & Son, Schumann, Ste. Genevieve Ry. — Seligmann, Seasongood, Haas & Macdonald, First 6s, 1919 31,800 129,800 Vilas & Hickey, J. S. Baohe & Co., Simon Quanah, Acme & Pac. Borg Co., Newborg & Co. Ry- — First 6s 1,611,000 1,928,000 PhUadelphiar^Elkins, Morris & Co., Mor- St. Louis, San Fran. & ley, Wood & Co., Parsly Bros. & Co. Tex. Ry. — First 4s.. 200,000 St. I.oais — Francis Bros. .SS: Co. Pt. Worth & Rio Grande Frioa Bansa N. Y. S. B. _ . I'y— ^'•s' 4s 1928 3,276,000 4,467,000 Jan. 1, '16, to Jan. 1, '21 1990 Red River, Tex. & South- 4s "A." ern Ry. First 4s 816,000 High 73% Nov. 6, '16 ' 64% Oct. 5 Blackwell, Enid Sc Tex. Low. 52 Apr. 30, '20 52 Apr. 30 Ry.-=-Fir8t 48 173,000 5a, "B." The Brownwood North High 90% Nov. 2, '16 77% Oct. 6 ft South By. — ^Flrst Low. 62% Apr. 30, '20 62% Apr. 30 6l 91,000 6s, "C." St. Louis, Memphis A High 91% Oct. 5, '20 '- 91% Oct. 5 Southeastern R. R. Low. 81 Apr. 24, '20 81 Apr. 24 First 4s, 1962 9,025,000 9,188,000 Wejt Tulsa Belt Ry.— ST. I,OiriS-SAN FRANCISCO RAILWAY CO. First 6b 30,500 Cnmnlative Adjustment Mtee. 6s, Series Capital Stock A. Due July 1, 19S5. Pledged. Dated July 1. 1916. Interest payable (from Kansas City, Ft. Scott & Memphis Ry. available net income) April 1 and Oct. 1, at Co.— company's office, 120 Broadway, New York. Preferred $8,164 900 Payment of interest — 6 % Interest ia being Ft. Worth & Rio Grande Ry. Co.. 2,928i300 Paid as of June 1. '21. St. Louis, San Fran. & Texas Ry. Tax States — 2% Federal Income Tax paid Co 804,000 by company without deduction. The Brownwood North & South Authorized $76,000,009 Ry. Co 225,000 •Outstanding: (Jan. 1, '21) 39,219,643 Terminal Railroad Assn. of St. 'An additional $1,328,175 have'been Issued Louis 205,800 to reorganization managers to be applied in Birmingham Terminal Co 25,000 part for the refunding, payment or acduisition Kansas (3ity Terminal Ry. Co 600,000 of $6,312,700 St. L. & S. F. R. R. — Kansas Wichita Union Terminal Ry. Co. . . 200,000 City, Fort Scott & Memphis preferred stock Frisco Refrigerator Line 5,000 trust certificates. Frisco Constructimi Co. ......... 6,000 Denominations— Coupon, $100, $260, $500 Wesr'?ulta'^^el?RrSo ''■°°-- 25'So2 ^"^ "''""•• R«slsterable as to principal. MVTit„2_s!.,?L.f ;;■■♦>,■»■■ >Mi™.™'?i ^°'^^^ "» denomination less than $1,000 are h.fS.^f^!,^!^^ * following In exchangeable in aggregate of $1,000 for coupon hands of pubUo: .,„„„„„„ bonds of $1,000 denomination. It- L I I F §tn iJ iSn '^'fiS^'nSS Trustees-Bankers' Trust Co., New York, at' T * I F r™; ?, iMfi iiS'SS? ^"a Edward F. Swinney. it: L. 1 1. F. "so^uihweste n- biV. '"■'"' , Tf'r^'VWZ^^^ 'o"?:^'^^' °" ^"^ '"°- 5s 1947 426 000 July 1 on 60 days' notice. St. L. & S. F.' Central' Di'v. '4s,'i929 46;000 Orgaidzation— See Prior Lien Mtge. S. L. & S. F. Northwestern Dlv. Secured by a mortgage on all the property 4s, 1930 '..-. 5,600 "' 'he company, subject to the liens of the St. L. & S. F. Coll. 5s, 1987 72!000 "Prior Lien Mortgage" and prior llena thereto. Muskogee City Bridge Co. 1st 6b, '^"^ details see Prior Lien Mortgage. 1942 27,000 Prior liens — $121,746,660 Prior Lien 4s, 6s St. Louis, Memphis & Southeastern a,nd 6s, and also the liens prior thereto. 1st 4s, 1952 23,000 Underlies— Non-Cum. Inc. 6s of 1960. Ft. Worth & Rio Grande Ry. 1st listed on the New York Stock Exchange. 4s, 1928 ^-I'i'SSS Years ended Dec. 31: Quanah, Acme & Pacific 1st 6s 147,000 Gross Net tlnterest _ »„, ,,, Bi7nnK !JSP $13,415,510 $13,939,762 $14,091,814 .Total ......,...........$11,647,005 ^1919 82,202,919 16.371,702 1,104 593 Also eauipment trust obligations amounting .igig 13,316,571 13 011017 12 886 430 to $1,427,000, Oct. 1, '19. tl918 72,476,313 10,737,409 12!886!430 Sufficient bonds of this Issue have been re- 1917 69,6'76,667 15,661,163 12,813 365 served to retire all of the above, also $7,138,- •Corporate account. ' 900 Trust Certificates for Kansas City, Ft. tFederal account — standard return not In- Scott & Memphis Ry. pref. stock and $3,425,- eluded. 000 underlying bonds. tinciudes income bonds' interest. 1178 „ Market. T .t?^^ York— Herzfeia & Stern, Hlraoh, Lilienthal & Co.. J. S. Bache & Co., Simon Borg & Co., Newborg & Co. Price Bange— N. Y. S. B. . High 89% Nov. 1, -le 70 Oct. 6 Low. 54 Dec. 26, "17 56 ii Apr. 28 ST. I.OmS-SAN FBANCISCO RAILWAY CO. Income Mtge. 6s, Series "A." Dne July Dated July 1, 1916. Interest payable Oct. 1, out of the available net income of the com- pany for the fiscal year ended June 30, after Interest payment on the Cumulative Adjust- ment 6a and ia not cumulative. Payment of Intercst-^6% per annum is being paid as of June 1, 1921. Tax Stains — 2% Federal Income Tax paid by company without deduction. Anthorized $75,000,000 OutStandmg 36,192,000 Denominations — Coupon, $100, $600 and $1,000. Registerable as to principal. Xrnstee — Union Trust Co., New York, and Fay Herndon Smith, St. Ixjuia. Redeemable — Seriea "A" on any Oct. 1 or April 1 at 100 and unpaid accrued intereat to the preceding June, and 6% interest from said June 30 to -:.-,ce of redemption on 60 days' notice. Organization — See Prior Lien Mtge. Secured by a mortgage, junior in lien to the Prior Lien Mortgage and the Cumulative Ad- justment Mortgage, on all the property of the company. Prior Liens — $121,746,650 P. L. 4s, 5s and 63, $39,219,643 Cum. Adj. 6s, also liens prior thereto. I/isted on the New York Stock Exchange. Market. ' New York — Granger & Co., Herzfeld & Stern, J. S. Bache & Co., Simon Borg & Co., Newborg & Co. Price Range — N. Y. S. B. Jan. 1, '16, to Jan. 1, 'ai 1920 High 66 Nov. 1, '16 60 Sept. 30 Low. 39 May 19, "16 39ya Feb. 6 ST. ix>t;is socthwbstbbn baii,way COMPANY. Incorporated in 1891 in Missouri. The com- pany owns 616 miles of road from St. Louis, Mo., to Texarkana, Tex., and branches, and controls through ownership of the entire cap- ital stock of conipanies owning the road, 699 miles of road and. leases 227 miles. The com- pany also has trackage rights over some 241 miles of road. These lines extend from St. Louis, Mo., to Fort Worth, Tex., with nu- merous branches. Capitalization. Outstanding. Common $16,600,000 Preferred (5% non-oum.) 20,000,000 Funded debt 64,134,250 Years ended Dec. 31. Net. Int. & Rent $4,570,653 $3,224,744 Groaa. •1919 $3,910,914 tl919 20,661,163 •1918 3,910,914 tl918 19,588,761 1917 17,309,657 1916 13,850,130 •Corporate account. tPederal account — standard return not in- eluded. 2,264,205 4,296,369 4,594,359 7,169,500 5,438,929 628,793 3,436,717 653,972 3,698,902 3,216,764 ST. I/OUIS SOUTHESCN RAILROAD CO. 1st 4b. Dne Sept. 1, 1931. Dated Sept. 1, 1886. Intereat payable March and Sept. 1, at Illinois Central office, New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $538,000 Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Control — Merged into the St. Louis, Alton & Terre Haute R. R. Co. in 1897. The latter company was merged into the Illinois Central R. R. Co. in 1904. Secured by a firat mortgage on 22.93 milea of road from Pinckneyville to Murphysboro, 111. Underlies — 111. Cent. St. Louis Div. & Ter- minal 3a and 3'As and Ref. 4s of 1955. Under both of the above mortgages bonds are re- served to retire this issue. Usted on the New York Stock Bxchange. Market. ' New Yorlc — Simon Borg & Co. Price Ranss — ^N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. High 98 July 27, '08 77 Feb. 82% Feb. Low. 77% Aug. 29, '19 , 64 Apr. 79 Mar. 1179 ST. IX>UIS SOUTHWESTERN RAIt.WAY CO. Isi Cons. 4s. Dne June 1, 1932. Dated June 1, 1902. Interest payable June and Dec. 1, at Equitable Trua Cn,, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $25,000,000 Outstanding 22,261,760 Reserved to Acquire 2d Mtge. Income 6s 2,738,260 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. C. & R. interchane OriBinai Market — Offered September, 1916, Sied on" he New York "stock Exchange. ^^ '^'^V^^'Z^l^^'r^^^ir^tZ ^'"''- ™ " *■"" basis for average maturities. Market. Market. New Yorii— Simon Borg & Co., Arthur B. j^g^ York— Simon Borg & Co., Evans, Frank & Co , R. W. Pressprich & Co., gtiliman & Co., Freeman & Co. Hooseyelt & Son. Phlladelpliia — Graham, Parsons & Co. St. Louis — Francis Bros. & Co. Price Range — ^N. Y. S. B. ST. LOUIS, SPBINGFIBLD & PEORIA KAIL- Jan. 1, '06, to Jan. 1, '21 1920 ROAD Igt & Ret. Ss.. Dae Dec. 1, 1939. High 89 June 7, '06 60% Nov. 3 Dated September 1, 1909. Interest payable Low. 39% Apr. 19, '20 39?4Apr. 19 June and Dec. 1, at Chase National Bank, _ New York, or Trustee's office. ST. LOUIS SOUTHWESTERN RAILWAY Tax Status — 2% Federal Income Tax paid ' CO. Special Eanip. Tr. 68, Series "C." by company without deduction. Due $33,000 each June 1 and December 1, Anthorized $16,000,000 to June 1, 1923, IncluslTe. Outstanding (Jan. 1, '21) 6,115,000 Dated June 1, 1913. Interest payable June Reserved for Prior Liens.... 636,000 1 and December 1, at Trustee's office. Reserved to replace Gen. Ss 1,862,000 Tax Status — 2% Federal Income Tax paid Reserved for Ext 6,388,000 by company without deduction. Denomination — Coupon, $1,000. Registerable Authorized $1,700,000 as to principal. Registered, $1,000 and mul- Outstandlng (Jan. 1, '21) 165,000 tiples. C. & R. interchangeable. Balance Retired. Trnstee — Illinois Trust & Savings Bank, Chl- DeDomination — Coupon, $1,000. Register- cage, able as to pirncipal. Redeemable at 105 and interest on any In- Trugtee — Philadelphia Trust Co., Phlladel- interest date, phia. Guaranteed as to principal and Interest by Guaranteed principal and interest by the the Illinois Traction Co. by endorsement. St. Louis Southwestern Ry. Co. by endorse- Organization and Control — Incorporated tn IQent. Illinois in 1909. All of the common stock is Secured by an eauipment trust agreement owned by the Illinois Traction Co. on 20 locomotives, 6 steel underframe parlor Capitalization. Outstanding. and dining cars, and 200 steel underframe 2.°'^'"'!?. ; ' V;u; ^ *S'S2?'2S2 coal cars P"'^'- -^ ^^^' cum.) 2,836,000 Legal for savings banks in Ohio. ^-^f- "^'' (5% cum.) lU'SSS Market. Funded debt 8,612,000 See Series "F" ' Secured by a first mortgage on about 85 _; miles of interurban railway from Mackinaw ST. LOUIS SOUTHWESTERN RAILWAY CO. *<> Ji'"""'"' Staunton to Venice and Staunton Eauip. Tr. Ss, Series "E." Due $85,000 *", HiUsboro, and a second mortgage on 12« each Oct. 1 and April 1, to AprU 1, 1924, miles of interurban railway from Peoria to inclnsive ■ Bioomington and Lincoln to Carlinville, all Dated April 1, 19l4. Interest payable April jn Illinois. Through cars are operated be- and Oct 1 at 'Trustee's office tween Peoria and St. Louis, entering the lat- Tax Status— Payment of Federal Income ter city over a bridge owned by a subsidiary Tax not assumed by the company. company of the Illinois Traction Co. The Authorized $1,700,000 distance between the cities is 173 miles, and Outstanding 217,000 the running time is six and one-half hours. Balance Retired. This is as fast as the time on one of the Trustee — Guaranty Trust Co., New York. steam roads, and only one hour longer than Redeemable on any interest date at par and the time taken by the other road. The steam interest. railroads operate only one train a day in each Secured by an eauipment agreement on 1,- direction, while this company operates seven, 600 steel underframe box cars; 400 steel un- including a sleeping car. The road is built on derframe at cars and 100 steel underframe private right-of-way, except 17 miles in cities, and steel frame coal cars, costing $1,900,- where franchises extend at least to 1953. 000 of which $200,000 was paid in cash. Prior Liens — $210,000 St. Louis & Spring- 1181 fleld By. 1st 6s of 1933; $14S,000 Springfield & Northwestern Traction Bs of 1936 and $280,000 Peoria, Bloomington & Champaign Traction 1st Bs of 1936. Bonds are reserved under this mortgage to retire the above issues. Underlies — Gen. Bs of 1939. Years ended Dec. 31. Gross. Net. 1920 $3,046,S19 {663.664 1919 2,434,166 666,891 1918 1,936,439 329,181 1917 1,833,461 680,761 1916 1,639,669 486,807 liiBted on the Chicago Steele Exchange. Original Market — Offered in Jan. 1910, by N. W. Halsey & Co, New Yorlt, etc., at 99 and interest. Market. ' New York — Fred H. Hatch & Co., Earle A. Miller & Co., John Nickerson Jr. Philadelphia — Bauer, Starr & Co. Price Bange. Jan. 1, '13, to Jan. 1, 'Zl 19S0 Bid. Ask. Bid. Ask. High 97 '13 100 '13 63 Jan. 66 Jan. Low. 61 '20 63 '20 61 Deo. 63 Deo. Interest. J430,717 460,303 469,363 440,273 440,723 ST. liOUIS TRANSIT CO. Guar. Imp. 20-Year 5s. Ihie Oct. 1st, 1924. Dated October 1, 1904, Interest payable April and Oct. 1, at Bankers Trust Co., New Tork, or Trustee's office. Payment of Interest — On June 7, 1919, the receiver was authorized by the Court to pay all interest due on these bonds. Tax Status — Company refunds the Federal Income Tax up to 2%. Authorized $10,000,000 Outstanding 9,790,000 Cancelled 210,000 Denomination— Coupon, $1,000. Registerable as to principal. Trustee — ^Mercantile Trust Co., St. Louis, Mo. Guaranteed principal and interest by the United Rys. Co. of St. Louis, by endorsement. This guarantee is secured ijy a lien on the property of the company junior to that of the U. Rys. of St. Louis Gen. 4s. Organization and Control — The company was organized in 1899, and leased the United Rys. of St. Louis, but on Oct. 31, 19 04, through a readjustment, the lease was cancelled and the United Rys. Co. re-entered upon the operation of its property Nov.- 1, 190 4, and the $17,- 264,300 stock of the Transit Co. was ex- changed for common stock of the United Rys. Co. at the rate of $600 of Transit Co. stock for $200 United Rys. Co. stock. In 1916 the Circuit Court of St. Louis held the United Kys. Co. and several individuals liable to this company for unpaid subscriptions to Its stock to the amount of $11,000,000. The United Rys. Co is controlled by the North American Co. through ownership of a ma- jority of its capital stock. Keceiversliip — See United Rys. of St. Louis Gen. 4s of 1934. Protective Committee — The following com- mittee invites deposits: Edwin M. Bulkley, chairman; Edwards Whitaker, F. J. Lisman. Charles S. Ludlam, George L. Edwards, with W. Lome Soovil, 25 Broad St., New Tork. Secretary, and Bankers' Trust Co.. New Tork, and Mercantile Trust Co., St. Louis, deposi- taries. See also United Rys. Co. of St. Louis, Independent Protective Committee — Holders of the above bonds are reduested to deposit s»me under a bond-holders agreement to be dated April 22, 1919, by the following com- mittee: , « .per William P. Gest, Chairman, Le Hoy w. Baldwin, Oscar Fenley, Harrison Nesblt, J. C Van Riper, with T. Homer Atherton, Secre- tary. N. B. Corner Broad and Chestnut Streets, Philadelphia. Depositary, Empire Trust Company, New Tork City. Sub-Depos- itaries, Fidelity Trust Company, Philadelphia, American Trust Company, St. Louis, Mo., Fi- delity & Columbia Trust Company, Loulaville, Ky. Secured by a general mortgage on the entire streeet railway system In St. Louis and vicin- ity, including 461 miles of track, of which 350 miles are in the city. Population served. 700,000. Franchises expire between 1936 and 1948. Prior IJens — United Rys. of St. Louis Gen. 4s of 1934 and liens prior thereto. ' ^Earnings — See United Rys. Co. listed on the New Tork and St. Louis Stock Exchanges. Original Market — $1,000,000 offered In 1906 at 97% and interest by Harvey Fisk & Sons, New Tork. Market. New York — J. S. Bache & Co., Sam'l Gold- schmidt, Morton Lachenbruch & Co. Pliiladelpliia — Arthur J. Bender, Brown Bros. & Co., Morley, Wood & Co. St. Louis — Mark C. Setinberg & Co. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. High 96% Apr. 12, '06 37 Jan. 41 Jan. Low. 50 Feb. 14, '17 22 Sept. 24% Sept. ST. IA}VIB, TROY & EASTERN RAZLROAD CO. (THXl) 1st 6s. Due Dec. 1, 1924. Dated Dec. 1, 1904. Interest payable June and Dec. 1, at Mississippi Valley Trust Co., St. ,Louis, Mo. Tax Status—Payment of Federal Income Jax not assumed by company. Authorized and Outstanding $500,000 Denomination — Coupon, $600. Registerable as to principal. Trustee — Mississippi Valley Trust Co., St. Louis, Mo. Guaranteed principal and Interest by Mer- chants & Manufacturers Investment Co., by endorsement. Organization and Control — Incorporated in Illinois in 1899. All of the stock is owned by the Merchants & Manufacturers Invest- ment Co. Capitalization. Outstanding. Common $850,000 Funded debt 646,000 Secured by a first mortgage on 19 miles of railroad from East St. Louis to Troy, m., operated for freight traffic only. Company leases 7 miles from Formosa to Edwardsviile, III. Years ended Dec. 31: Gross. Net. Interest. 1919 $469,964 $66,429 $57,181 1918 694,168 335.594 80,417 1917 565,662 249,651 61,922 1916 430,097 236,424 57,335 Market. New York — Carruthers, Pell & Co. ST. MlUiS, 1962. MAURICE VAM;EY COTTON LTD., 1st S. P. 6s. Due June 1, Dated June 1, 1912. Interest payable June and Dec. 1. at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $2,600,000 Outstanding (Mar. 1, '21) 1,434,200 Held in S. F 65,800 Unissued 1,000,000 Denomination — Coupon, $100, $600 and $1,000. Registerable as to principal. Trustee — Quebec Savings & Trust Co., Mon- treal. lUS Bedeemable on ana after June 1, 1918, at 106 ana interest, Slnkine Fund — Annually 1% of outatanaing bonaa beginning June 1, 1918, for the pur- ehase or reaemption of these bonds at not over 106 and Interest. Bonas bo acquired to be held alive ana interest adaea to this fund. Orgtinization and C!ontrol — Incorporated in Canada in 1912 as a subsidiary of the Wa- basso Cotton Co., Ltd., formed in 1908 and controlling a large output of knit goods and yarns. Capitalization. Outstanding. Common {1,260,000 Funded debt 1,434,200 Secured by a first mortgage on new plant at Three Rivers, P. Q., with 900 losms and 60,000 spinaies. This plant was built to manu- facture fine white cotton lawns, etc., for- merly imported.^ Original Market — Offerea in Aug., 1913, by the Quebec Bond Co., Ltd., Montreal and Toronto, and Greenshields & Co., Montreal, at 96 and interest with 40% bonus of common stock. Market. Montreal — Balfour, White & Co., Ex-- change Securities, Ltd. Toronto — Manning Bros. & Co. Price Range, Jan. 1, '19, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 76 '19 84 '19 72 Mar. 75 Mar. Low. 40 '17 71 '20 69 Nov. 71 Nov. ST. PAUL & DUI.UTH BAILROAI) CO. 1st 6s, Due Ang. 1, 1931. Dated July 1, 1881. Interest payable Feb. and Aug". 1, at J. P. Morgan & Co., Ne^v York. Tax Status — Payment of ^Federal Income Tax not assumed by company. Antliorized and Outstanding $1,000,000 Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Northern Pacific By. Co. Control — ^Merged with tjie Northern Pacific By. Co. in June, 1900. Secured by a first lien on 165.27 miles of road, viz.: Miles. St. Paul to Thompson (near Duluth), Minn 137.73 Carlton to Cloquet, Minn 6.95 Wyoming to Taylor's Falls, Minn 20.59 Underlies — 1st Cons. 4s of 1968; and North- ern Pacific, St. P. Dul. Div. 4s, and Ref. & Imp. 4% 3. Under the latter mortgage bonds are reserved to retire this issue. T^egral for savings banks in Conn., Mass., Mich., Minn., Mo., N. J., N. T., Vt. and Wis.; and also Baltimore Trust Funds. lasted on the New York Stock Exchange. Market. New Tork — Barstow & Co., Ambrose R. Clark & Co., Sam'l Goldschmidt, R. W. Pressprlch & Co., Prince & Whitely, Red- mond & Co., Remick, Hodges Co., Taylor, Smith & Hard, Vilas & Hickey. Price Kange— N. Y. S. B. Jan. 1, '07, to Jan. 1, '81 1920 Bid. Ask. High 117% July 18, '07 94% Jan. 97% Jan. Low. 97 Feb. 3, '19 90 Feb. 93% Dec. ST. PAUIi & DUIiUTH BATLBOAD CO. 1st Cons. 4s. Due Jnne 1, 1968. Dated June 1, 1898. Interest payable .June and Dec. 1, at J. P. Morgan & Co., New Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed Mortgage Outstanding ■ $1,000,000 Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Northern Pacific By. Co. Control — See Ist 68. Secured by direct mortgage on 229.74 miles of road ,viz. : A first lien on 64.47 miles — Miles. Thomson to Duluth, Minn, (including bridge over St. Louis River) 14.33 West Superior Branch 3.74 Smithville to Fond du Lac, Minn 12.20 Bush City, Minn., to Grantburg, Wis. ..17. 04 Gronlgen to Banning, Minn 4,42 White Bear Lal(e to Stillwater, Minn 12.74 A second lien on 165.27 miles — Covered by the first lien of the St. Paul & Duluth 1st 6s 166.27 Also secured on $126,000 (total Issue $300,- 000) capital stock of the Duluth Union Depot & Transfer Co. Prior Liens — $1,000,000 1st 6s of 1931. Underlies — Northern Pacific St. Paul-Dul. latter mortgage bonds are reserved for the Div. 4s and Ref. A Imp. 4%s, unaer which retirement of this issue. Legal for savings banks in Conn., Mass., N. J., N. Y. and Vt. Listed on the New York Stock Exchange. Market. New Yorlt — Prince & Whitely, Remick, Hodges & Co., Raymond M. Smith, Struthers & Hisooe, Taylor, Smith & Hard, Vilas & Price Ranee — N. Y. S. E. Jan. 1, '00, to Jan. 1, *Z1 19Z0 Bid. Ask. High 100% Jan. J.O. '06 68^4 Jan. 70 Aug. Low. 68 Sept. 18, '17 60 May 65 Aug. U88 ST. PAUL & KANSAS CITY SHORT LINZi RAILROAD CO. 1st 4%s. Due Feb. 1. 1941. Dated February 23, 1911. Interest payable Feb. and Aug. 1, at First National 'Bank, New York, or Speyer Bros., London. Tax Status — 2 % Federal ' Income Tax paid by company without deduction. Authorized . . . .^ $30,000,000 Outstandinsr • 9,930,820 Held in Treasury 2,757,000 Reserve for New Mileage 10,000,000 Reserve for Imp 7,312,180 Denomination — Coupon, $1,000 and $500; £200 and £100. Begisterable as to principal or fully registerable. Begistered, $500, $1,000, $5,000 and multiples of $5,000, or £100. £200, £1,000 or multiples of £1,000. C. & R. inter- changeable. Sterling bonds are exchangeable for Dollar bonds at a fixed rate of $4.85 per £ Sterling. Trustee — Bankers' Trust Co., New Tork. Redeemable as a whole only at 105 and In- terest on any interest date on 60 days' notice. Guaranteed principal and interest by the Chicago, Rock Island & Pacific By. Co. by endorsement. Organisation and Control — Incorporated in Iowa in 1911. The C, R. I. & P. By. Co. owns the entire capital stock, and leases the road for 99 years from 1913. Capitalization. Common Funded debt 9,930,820 Secured by a first mortgage on 183.93 mile^ of road from Clear Lake Jet. to Des Moines, la., 118.39 miles, and from Carlisle to Allen- ton, la., 64.54 miles. Also a first lien on terminal property at Manly Jet., Mason City and East Des Moines, la. The company has trackage rights from Mason City to Manly, la., over the Chicago Great Western B. RJ and from East Des Moines, through Des Outstanding. $50,000 Moines to Carlisle, over the C, R. I. & P. Ry. liisted on the New York and London Stock Exchanges. Original Market — $10,000,000 offered Feb., l&ll, at 931^ and interest by Speyer & Co., New York, and Speyer Bros., Ix)ndon, and First Trust &Savings Bank, ChiQagfo. Market. New York — Simon Borg & Co., Coffin & Co., Finlay & Davenport, R. W. Pressprich & Co., Seasongood, Haas & Macdonald, Struthers & Hiscoe, Vilas & Hickey. Prifio Ranffs— N. Y. S. E. Jan. 1, '12, to Jan. 1, *21 1920 High 91% Apr. 15, '12 69 Oct. 22 Low. 58 May 5, '21 58 May 5 ST. PAUL & NORTHERN PACIFIC RAIL- WAY CO. 1st 6s. Due February 1, 1923. Dated June 1, 1883. Interest payable. Cou- pon Feb. and Aug. 1; registered Feb., May. Aug. and Nov. 1, at J. P. Morgan & Co. , New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed Mortgage Outstanding (Jan. 1, '21) $7,705,000 Retired by S. I* 298,000 Denomination — Coupon, $1,000, Registerabto as to principal or fully registerable. Regis- tered, $1,000. Truste&^Central Union Trust Co., New York. Sinking Fund — The proceeds of land sales shall be invested in these bonds at a price not exceeding 120; bonds so purchased to be can- celled; if not so purchasable, proceeds shall be held as a sinking fund for payment of this issue at maturity. Assumed by the Northern Pacific Ry. Co. Control — Merged with the Northern Pacific Ry. Co. in 1896. Secured by first mortgage on 178.21 miles — Miles. St. Paul to Staples, Minn 139.31 Little Falls to Brainerd, Minn 32.91 St. Anthony Park to 20th Ave. So. Minneapolis, Minn 2.57 Terminal Yard to Northtown Jet., Minneapolis, Minn 3.42 Also secured on land grants in Minnesota, of which there remain unsold 1,989.96 acres as of Deo. 31, 1920. Underlies — Nortnern Pacific Prior Lien 4s of 1997, and Gen. Lien 3s of 2047 anenominatilon — Coupon, $1,000. Registerable na to principal Loan • & Trust Co., New Trustee — Farmers' Tork. Bxchaneeable lor 1st Cons. 6s of 1934, ai lOB for these 63 and par for the 6s. Controlled through stock ownership by Twin City Rapid Transit Co. Secured by a first mortgage on valuable real estate and Important street railway lines and franchises in St. Paul, Minn. Underlies — Ist Cons. 6s of 1934: Cons. Cable 6s of 1937 and Minneapolis Street Ry. & St. Paul City Ry. Cons. 6s of 1928. Earnings — See Cons. 6s of 1934. Market. Sllnneapulis — Drake Ballard Co. St. Paul — Gates, White & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 111 '17 112% '17 95 Jan. Low. 80 '20 90 '20 80 July 90 July ST. PAUL CITY RAILWAY let Cons. 69. Jtue Oct. 1, 1934. Dated Oct. 1, 1884. Interest payable April and Oct. 1, at Farmers' Loan & Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not a.ssumed by the company. Authorized $1,000,000 Outstanding 466,000 Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New Tork. Control — See 1st 6s. Secured by a mortgage on a portion of the street railway lines in St. Paul, Minn. For further details see 1st 6s above. Prior Liens — $224,000 1st 6s. Underlies — Cons. Cable 5s of 1937 and M. St. Ry. & St. P. C. Ry. Cons. 63 of 1928. Years ended Dec. 31 (T. C. R. T. Co.): Gross. Net. Int. & Rent 1920 $12,986,406 $2,114,397 $1,115,298 1919 11,493,478 1,922,081 1,133,729 1918 9,711,195 1,770,770 1,079,468 1917 10,207,713 2,567,997 1,029,947 1916 10,214,469 3,251,737 1,014,190 Market. ' Minneapolis — Drake-Ballard Co. St. Paul — Gates, White & Co. Mich., Minn., Mo., N. H., N. J., N. T., R. I. and Wis. Price Range, Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. High 118 '10 118 '12 Low. 80 '20 90 '20 Bid. 95 Jan. 80 July ST. PAUL EASTERN GRAND TRUNK RAH/- WAY CO. 1st Wzs. Dne Jan. 1, 1947. Dated Jan. 1, 1913. Interest payable Jan. ind July 1, at C. & N. W. Ry. Company's office. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,120,000 Outstanding 1,120.000 Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $6,000 and $10,000. C. & R. interchangeable. Trustee — Central Union Trust Co., New Tork. Assumed by the C. & N. W. Ry. Co. Control — ^Merged in 1913, with the C. & N. W. Ry. Co. Secured by a first mortgage on 56 miles of road from Oconto to Cllntonville, Wis., to- gether with 4 miles of spurs. Underlies — Chicago & N. W. By. 1st and Bef. Mtge. of 2037, under which, bonds are reserved to retire this issue. Legal for savings banks in Cal., Conn., Me.. Mich., Minn., Mo., N. H., N. J., N. T., R. I. and Wis. Listed on the New York Stock Exchange. Original Market — Underwritten Jan., 1913, by Kuhn, Loeb & Co., New York. Market. New York — Redmond & Co., Remlok, Hodges & Co., Prince & Whitely. Fhlladelpliia — Daniel & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 . Bid. Ask. Bid. Ask. High 98^ '16 100^4 '16 SiM June 87y2 June Low. 79 '20 83 '20 79 Dec. 83 Dee. ST. PAUL GAS UGHT CO. Gen. 5s. Das March 1, 1944. Dated March 1, 1894. Interest payable March and Sept. 1, at Bmerson- McMlllln & Co., 120 B'way, New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstanding 6,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New Tork Trust Co., New Tork. Organization and Control — Incorporated la Minnesota in 1866. Owns a majority stock interest in the Edison Light & Power Co., the 'St. Paul Light, Heat & Power Co. and the East Side Electric Co. The entire capital stock is owned by the American Light & Trac- tion Co. Capitalization. Outstanding. Common $4,350,000 Funded debt 5,000,000 Secured by a first mortgage on plants sup- plying gas and electricity in St. Paul; Minn. Franchise expires in 1932. Original Market — $650,000 offered by Wm. A. Bead & Co., May, 1916, at 99% and in- terest. $600,000 offered June, 1918, by Hal- sey, Stuart & Co., Chicago, etc.,- at 88% and interest. Market. New York — Earle A. Miller & Co. Minneapolis — Drake-Ballard Co., Wm. W. Eastman Co., Wells-Dickey Co. St. Paul — Gates, White & Co., Merchants Trust & Savings Bank. Chicagro — Halsey, Stuart & Co. Price Range. Jan. 1, '16, to Jan. 1, '81 1980 Bid. Ask. Bid. Ask. High 99% '16 100% '16 83 Jan. 87% Feb. Low. 63% '20 69 '20 63% Sept. 69 Nov. Ask. 90Juiy ST. PATJI,, MINNEAPOLIS & MANITOBA BAILWAT CO. Cons. 6s, 4%s & 4s. Dae Joly 1. 1933. Dated May 1, 1883. Interest payable Jan. and July 1, at Great Northern Ry. Company's office, 32 Nassau Street, New York. Tax Status — ^Payment of Federal Incoms Tax not assumed by company, Aathorized Closed mortcaca Ontstandlne — es $11,844,000 4%s 20,862,000 4s 7,997,000 1186 $42,203,000 Retired by S. T 7,797,000 DenomlnaUon — Coupon, $1,000. Beglster- able as to principal only, or fully register- able. Registered, $1,000. Trastee — Central Union Trust Co.-. New Tork. SlnUne Fund — Proceeds of all land sales are pledged to the payment of Interest and to the redemption of principal of these bonds at lowest market price. Bonds purchased are to be cancelled. Assnmed by the Great Northern Ry. Co. Control — Merged into the Great Northern Ry. Co. in 1907. Secured by direct mortgage on 2,541.70 miles of main lines and branches and 129. 82 miles of second, third, fourth and fifth A- first lien on 2,641.36 miles — Miles. St. Paul, Minn., to International Boundary north to Noyes, Min. . . . 392.64 Bast St. Cloud to Hinckley, Minn 66.60 St Cloud to Willmar, Minff. 65.68 Sauk Center to Park Rapids, Minn. . . . 90.96 Barnesville, Minn., to Grand Forks, N. D.' 100.02 Grand Forks, N. D., to International Boundary north of Neohee, N. D. .. 81.35 Minneapolis, Minn., to Aneta, N. D. . 328.82 Clearwater Jet. to St. Cloud, Minn 63.10 Casseiton to Larimore, N. D 74.87 Fosston to Redland, Minn 46.24 Crookston to Red River at Bast Grand Forks, Minn.- 24.64 Mlnn.-N. D. State Line at Grand Forks to Jf. D.-Mont. State Line 360.64 Elk River to Milaca. Minn 31.79 Spur to Dam St Cloud. Minn 2.B7 East St. Cloud to Sauk Rapids. Minn.. 2.43 BvansviUe to Tintah. Minn 32.01 Fergus Falls to Pelican Rapids, Minn 21.58 Re4 Lake Falls to Thief River Falls, Minn 20.14 St. Hilaire to Wylie. Minn 7.49 Hopkins Jet. to Hopkins. Minn 3.57 Spring Park Jet. to Hutchinson, Minn.. 43.90 Benson,. Minn., to "Waterton, S. D. . . 91.94 Morris to Lake Traverse, Minn 48.60 Tarmouth, Minn., to Ellendale, N. D. . 105.07 Rutland, N, D., to Aberdeen, S. D 63.91 Wahpeton, N. D., to Moorhead, Minn.. 43.48 Moorhead to Redland, Minn 66.05 Addison to Chaffee. N. D 11.78 Mason Jot. to Portland Jet., N. D 32.62 Grafton to Walhalla. N. D 48.10 Larimore to Hannah. N. D 94.95 Church's Perry to St. John. N. I> 56.31 Rugby Jet. to Bottineau. N. D 38.95 A second lien on 3.47 miles — Covered by the first lien of the Min- neapolis Union Ry. 1st 5s and 6s, 1922 2.47 Also secured on land grants, of which there remain unsold 65,267 acres. Also a first lien on the following eecurl- ties: Pledged. Issued. St. Paul Union Depot Co. Stock $103,600 $932,400 Minnesota Transfer Ry. Stock 7,000 70,000 Piror Liens — $2,800,000 Minneapolis Union Ry. 1st 5s and 6s of 1922 on the 2.47 miles under the second lien thereof. Underlies — Great Northern Ry. 1st & Ref. 4%s of 1961, under which mortgage bonds are reserved for the retirement of this is- sue and also Gen. Mtge. Xeeal for savings banks In Cal., Conn., Me., Mass., Mich.. Minn.. N. H., N. J., N. T., R. I., Vt. and Wis.; also for Balti- more Trust Funds. Usted on the New York Stock Exchange. Original Market — Offered, $2,916,000 4s in 1910 by Clark, Dodge & Co., New York, White, Weld & Co., New York and Chicago, and Blodget & Co., New York and Boston. Market. New York — Barstow & Co., Simon Borg & Co., Sam'l Goldschmidt, Hodenpyl; Hardy & Co., E. D. Levinson & Co., Parker & Co., R. W. Pressprich & Co., Prince & Whltely, Redmond & Co., Remick, Hodges & , Co.', Seasongood, Haas & Macdonald, Struthers & 1186 Hisooe, Taylor,' Smith & Hard, Vanderhoef & Robinson, Vilas & Hickey, Edwin Wolff. Frlee Range— N. X. S. E. Jan. 1, '06, to Jan. 1, 'HI 1920 6i. High 137% Jan. 31, 'OB 105% Jan. 26 Low. 96% June 2, '20 96% June 2 4Ub. High 112% Jan. 27, '06 92 Jan. 7 ■ Low. 83% June 2, '20 83% June 2 4a. High 100 Apr. 14, '10 Low. 80% Deo. 30, '20 88% Jan. 22 80% Dec. 30 ST. PAUL, MINNEAPOLIS & MANITOBA RAILWAY CO. Montana Extension let 4s. Due June 1, 19ST. Dated June 1, 1887. Interest payable June and Dee. 1, at Great Northern Ry. Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $10,185,000 Deposited under Pacific Ex- tension Mtge. $11,502,000 - Denomination — Coupon, $1,000. Register- able as to principal only, or fully register- able. Registered, $1,000 and $6,000. Trustee — Central Union Trust Co., New York. Assumed by the Great Northern Ry. Co. Control — Merged in 1907 into the Great Northern Ry. Co. ' ISecui'ed by direct mortgage on 1,084.91 miles of road, viz: A fil'st lien on 834.95 miles — Miles. N. D.-Mont. State Line to South Side of Sun River, near Great Falls 412.25 Great Falls to Old Sand Coulee Jet. . . 1.18 B. & M. Smelter Branch, Great Falls. 6.01 Pacific Jet. to Idaho State Line 401.33 Columbia Falls to Kalispell 14.90 Rexford to North Switch 0.28 A second lien on 249.96 miles — Covered by the first Hen of the Mont. Cent. 1st 5s and 6s 249.98 Prior Liens — $10,000,000 Montana Central 5s and 6s of 1937. Underlies — St. P., M. & M. Pacific Exten- sion 4s and the Great Northern 1st Ref. 4%s of 1961, under which mortgage bonds are reserved for the retirement of this issue and also Gen. Mtge. Legal for . savings banks In Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt. and Wis; and also Balti- more Trust Funds. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Constable & Fleming, Hodenpyl, Hardy & Co., R. W. Pressprich & Co., Princo & Whitely, Red- mond & Co., Remick, Hodges & Co., Ray- mond M. Smith, strutliers & Hisooe, Vilas & Hickey, Edwin Wolff. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '31 1980 Coupon. High 104% Jan. 18, "06 83% Jan. 19 Low. 76% June 2, '20 76% June 2 ST. PAUL, JUNNBAPOLIS & MANITOBA RAILWAY CO. Pacific Extension 1st 4s. Due July 1, 1040. Dated July 1, 1890. Interest payable Jan. and July 1, at Company's office, New York, and at Baring Bros., London. Principal and interest payable In Sterling at the rate of $4.8484 per £. Tax Statu»^-Payment of Federal Income Tax not assumed by company. Anthoiized £6.000,000 Ontstandtngr 6,854.100 Denomination — Coupon, £100 and £1,000 each. Registerable as to principal, or fully reBlsterable. ReBiatered, £1.000 and £6.000. Tmstee — Central Union Trust Co., New York. AsBiuned by the Great Northern Ry. Co. Control — Merged into the Great Northern Ry. Co. if> 1907. Secured by direct mortgage on 849.13 miles of road, viz; A first lien on 43%.63 miles — Miles. Idaho-Mont. State Line near Newport to Evrett, Wash 432.62 A secona lien on 416.51 miles — Covered by the first Hen of the St. P., M. & M.-Mont. Ext. 1st 4s 416.51 Also a first lien by deposit hereunder on $11,602,000 (out of $21,687,000 St. P.. M. & M.-Mont. Ext. Ist 4s) secured upon 1,086.25 miles of road in Montana. Prior Uens — $10,186,000 St. Paul,. Minn. & Manitoba-Montana Ext, 4s, 1937. Underlies — Great Northern 1st & Ref. 4%a of 1961, under which mortBagre bonds are re- served for the retirement of this issue and also Gen. Mtge. I^Bal for savings banks In Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H.. N. J., N. T., R. I.. Vt. and Wis.; and also Balti- more Trust Funds. IJsted on the New York and London Stock Exchanges. Original Market — £1,000,000 offered in 1905 at 104^ and interest by Clark, Dodge & Co. and First National Bank, New York; also in Jan., 1910, £2,000,000 by Baring Bros. & Co. . - London. Market, New York — Simon Borg & Co., Hartshorne & Battens, Hodenpyl, Hardy & Co., R. W. Pressprich & Co., Prince & Whitely, Remick, Hodges & Co., Seasongood, Haas & Mae- donald, Raymond M. Smith, Struthers & Hiscoe, Vanderhocf & Robinson, Vilas & Hickey. Price Range — ^N. Y. Jan. 1, '11, lo Jan. 1, '21 High 92% Mar. 28, '11 Low. -77 ■ Oct. 23, '19 S. E. 1920 83 Mar. 23 82 Mar. 19 ST. PATTL UNION DEPOT 1st 6s. Due May 1, 1930. Dated May 1. 1880.. Interest payable May and Nov. 1, at Central Union Trust Co., New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Oatstanding $250,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co.. New York. Guaranteed as to Interest by controlling companies (see below). Organization and Control — Incorporated in 1879 In Minnesota, for 100 years. All of the stock Is owned equally by the Northern Pa- cific Ry.; Chi., Mil. & St. Paul Ry.; Gt. Nor. Ry.; Chi., St. P., Minn. & O. Ry.; Chi. Gt. West. R. R. ; C, B. & Q. R. R. ; Minn., St. P. & S. Ste. M. Ry. : Minn. & St. L. R. R. and C, R. I. & P. Ry- These are all of the railroads entering St. Paul. Capitalization Outstanding Common .., $932,400 Funded debt 10,000,000 Secured by a first mortgage on a Union Station In St. Paul, Minn., with nine miles of terminal track. Underlies — Cons. 4 and 5s of 1944; 5-year 51^% notes and S^^-year 7% notes of 1923. Market. New York — Joseph Bird Ford, Ghas. W. Place, Raymond M. Smith. St. Paul — Gate-s White & Co. PhilaUelphia^Blkin.s. Morris & Co. Price Range. Jan. 1, '12, to Jan. 1, •-! 1920 Bid. Ask. Bid Ask. High 113 '12 113% '17 92 96% Low. 92% '18 102% '19 90 ST. PAUL UNION DEPOT Cons. 48 and Ss. Due May 1, 1944. Dated May 1, 1894. Interest payable May and Nov. 1, at Northwestern Trust Co., St. Paul, Minn. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $600,000 Outstanding — 6s $160,000 4s 100,000 $260,000 . 260.000 Reserved for Prior liiens..., Organization, etc. — See 1st 6s. Secured by a second mortgage on prop- erty covered by the lien of the Ist 6s. Denomination — Coupon, $1,000. Tmstee — Northwestern Trust Co., St. Paul, Minn. Guaranteed as to Interest by controlling companies. (For details, see 1st 6s above.) Prior Uens — $260,000 1st 6s. Underlies — 5-year 5%% notes of 1923 and 3% year 7% notes of 1923. Market. New York— Chas. W. Place, Fred H. Hatch & Co. St. Paul— Gates, White & Co. Price Range. ,Ian. 1, '09, to Jan. 1, '21 ] 1920 4s. Bid. Ask. Bid. Ask. High 90% '17 100 '09 65 75 Low. 70 '19 88% '17 6s. High 105% '17 107% '17 72 80 Low. 82 '19 98% '14 CO. ST. PAUL UNION DEPOT (THE) 5- Year 6%% Guaranteed Notes. Dne De- , cember 15, 1923. Dated Dec. 16, 1918. Interest payable June 15 and Dec. 15 in New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction, Anthorized $8,000,000 Oatstandine 8,000,000 Purpose of Issue — The proceeds of this is- sue to b""e used in part in the retirement of fioatins Indebtedness, heretofore incurred In acquiringr land for the. Terminal- and for con- struction work and in part in providing the company with funds to complete its program for 1919. Denomination — Coupon, $100, $1,000 and $5,000. Registerable as to principal. Tmstee — ^Northwestern Trust Co., St. PauU Minn. Redeemable as a whole at 101 and Interest- on any Interest date on 60 days' notice. Guaranteed principal and Interest, Jointly^ and severally, by endorsement by the follow- ing companies: Chicago, Milwaukee & St. Paul Rallwajr Co. Chicago, St. Paul, Minneapolis & Omaha. Railway Co. Chicago, Burlington & Quincy Railroad Co. Minneapolis, St. Paul & Sault Ste. Maria Railway Co. Great Northern Railway Co. Northern Pacific Railway Co. 1187 Chlcaeo Great Western Railroad Co. Minneapolis & St. Louis Railroad Co. Chicago, Rock Island & Pacific Railway Co. Organization, etc. — See 1st 6s. Security — ^A. direct obligation of the com- pany but not secured by mortgage. Ihe trust indenture provides that while these notes are outstanding no security will be created rank- ing ahead of these notes. Prior I/lens — $260,000 1st 6s of 1930 and $260,000 Cons. 43 and 6s of 1944. Original Narlcet — $8,000,000 offered Decem- ber, 1918, by J. P. Morgan & Co.. First Na- tional Bank, Kuhn, Loeb & Co. and National City Co., New Tork, at 99 and Interest. Market, New York — T. Hall ICeyes & Co., Salomon Bros. & Hutzler. liOuisville — Fidelity & Columbia Trust Co., J. J. B. Milliard & Son. Minneapolis — Drake, Ballard Co., Wm. W. Eastman Co., Wells-Dickey Co. St. Paul — Merchants Trust & Savings Bank. Philadelphia — Reed A. Morgan & Co. Chicago — Curtis & Sanger. Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99J4 '19 100 '19 98 Jan. 100 Dec. Low. 91% '20 93 '20 91% June 93 June ST. PAUL UNION DEIPOT CO. (The) 3% Years 7% Guaranteed Notes. Due De- cember IS, 1923. Dated June 24, 1920. Interest payable June 15 and December 15 in New York. Tax Status — 2% Federal Income Tax paid by company witliout deduction. Authoi-ized $1,500,000 Outstanding 1,500,000 Purpose of Issue — The proceeds of this is- sue to be used in providing the company with funds to complete its program for 1920. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Northwestern Trust Co., St. Paul, Minn. Guaranteed principal and interest, jointly and severally, by endorsement by the fol- lowing companies: Chicago, Milwaukee & St. Paul Railway Co. Chicago, St. Paul, Minneapolis & Omaha Railway Co. Chicago, Burlington & Quinoy Railroad Co, Minneapolis, St. Paul & Sault Ste. Marie Railway Co. Great Northern Railway Co. Northern Pacific Railway Co. Chicago Great Western Railroad Co. Minneapolis & St. Louis Railroad Co.' Chicago, Rock Island & Pacific Railway Co. Orgranization, etc. — See 1st 6b. Security — A direct obligation of the com- pany but not secured by mortgage. The Irust indenture provides that while these mates are outstanding no security will be 'Created ranking ahead of these notes. Prior Liens — $250,000 1st 6s of 1920 and :$250,000 Cons. 4s and 6s of 1944. Original Market — $1,500,000 offered priv- ately July, 1920, by J. P. Morgan & Co., Kuhn, Loeb & Co., First Wisconsin Banit and National City Co., New Tork, at 98% and interest; Market I/ouisviUe — Fidelity & Columbia Trust Co. Minneapolis — Drake-Ballard Co., Wm. W. Eastman Co. St. Paul — Merchants Trust &. Savings Bank. ST. FAUI, DNION STOCK YARDS CO. l8t 6b. Due Oct. 1, 1946. Dated Oct. 2, 1916. Interest payable April ' 1 and Oct. 1, at St. Paul. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Minnesota. Authorized $2,600,000 Outstanding (Jan. 1, '21) 1,406.000 Retired by S. F 160,000 Pledged under 3-Year Notes.... 934,000 Depomlnatlon — Coupon,, $1,000. Beglsterable as to principal. Trustee — Northwestern Trust Co., St. Paul, Minn. Redeemable at 103 and Interest Oct. 1, 1921, or any interest date thereafter on 90 days' notice. Sinking Fund — ^Annually, beginning Oct. l7 1917, 2% of bonds certified for the purchase or redemption of these bonds at not exceeding 103 and interest. Bonds so acquired are to be cancelled. Organization — Incorporated In Minnesota In 1886. Capitalization. Outstanding. Common $2,600,000 Jj^unded debt 2.153,000 Secured by a first mortgage on all the prop- erty of the company. The property covered includes 230 acres of land, modernly equipped stock yards located In South St. Paul, on the - Mississippi River, and 18 miles of railroad track. All the railroads entering St. Paul have access to the yards. Years ended Dec. 31; Gross. Net. Interest. 1919 $1,276,981 $400,676 $74,934 J918 1,084,823 408,524 76,000 1917 802,093 371,100 76,000 1916 791,298 363,254 93,525 Original Market — $200,000 offered Sept., 1916. by Wight. Kibbee & Co., St. Paul, at 100 and interest. Market. Minneapolis — Diake, Ballard Co., Wells- Dickey Co. St. Paul — Gates, White & Co., Merchants Trust & Savings Bank. Price Range Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '17 101% '17 Not Low. 90 '19 96 '19 Available. 1188 ST. PAUL UNION grrOCK YARDS COM- PANY 3-Year 6% Secured Notes. Due May 1, 1932. Dated May 1, 1919. Interest payable May and Nov. 1, at Merchants' Trust & Savings Bank, St. Paul. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $747,000 Outstanding 747 qqq Denominations — Coupons, $100, $60o' and $1,000. Registerable aa to principal. Trustee-— Merchants' Trust & Savings Bank. St. Paul. Minn. Redeemable upon 46 days' notice at 102 on Nov. 1. 1919 and May 1, 1920. and at 101 on Nov. 1. 1920 and May 1. 1921. Organization — See 1st 6b. Secured by pledge of $934,000 face value 1st 63, due Oct. 1. 1946. which bonds are a first mortgage on the entire property of the company. Earnings — See 1st Sa. ,o?r**1,"'^,;r '"?'''**— '2*'''""' ottered May, q? WnP ^i^*°-°'." T^""' * SavlngB Bank wii toV^"?,''"** ^"^ * T»T»t Co.. and Wells-Dlckey Co., Minneapolis, at par ^d Market. Minneairolls — Weus-Diekey Co, at. Paul — Merchants Trust & Savings Bank. Price Rcuigre 1920— Ask 97 ^i Nov. ST. PETERSBURG (Florida) LIGHTING CO. 1st. es. Dae June 1, 1945. Dated June 1, 1916. Interest payable June 1 and December 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Aathorized $760,000 Ontstandins 600,000 Keseryed for Kxt is ,uu Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Philadelphia Co. lor Insurances on Lives and Granting Annuities, Philadelphia. Redeemable as a whole or for the sinkinsr fund after June 1. 1920. at 105 and interest. Sinking Fqnd — 1% per annum o{ outstand- ing bonds from June 1. 1920 to 192B, inclu- sive. 1%% from 1926 to 1930 and 2% from 1931 to 1945. Organization and Control — Incorporated in Florida in 1899 as St. Petersburg Electric St. & Ft. Co.; name cKanged to present title in 1916. Controlled through stock ownership and operated by the General Utilities & Operating Co. of Baltimore, Md. Capitalization. Outstanding. Common $260,000 Preferred (7% cum.) 160,000 Funded rlpht 600,000 Secured by a first mortgage on steam gen- erating plant and distribution system supply- ing electricity in St. Petersbiirg, Fla. The company has a ten-year city lighting contract. Franchise expires in 1996. As the city is a winter resort the population in the winter months Is much larger. Tears ended Dec. 31: Gross. Net. 1920 $25, ,602 $71,574 1919 186,299 64,048 1918 153,402 39,137 1917 136.131 61,573 Original Market — $300,000 offered 1916, by Henry & West, Philadelphia, and interest. Market. New York — Lynch & McDermott. Fhiladelpliia — Kenry D. Boenning &; Co. Price Range Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95 '16 100 '17 80 Jan. 90 Jan, Low. 58 '20 82 '19 58 Dec. 85 Apr. Interest. $35,125 31,426 28,007 23,693 in July, at 97% SALEM & PENNSGROTE TRACTION CO. 1st 20-Year 6s. Due Dec. 1, 1936. Dated Dec. 1, 1915. Interest payable June 1 and Dec. 1, at Trustee's. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax refunded In Pennsylvania. Antliorized $750,000 t»ut.sti>ii' mp- ( -'n. 1, '21) ..'S.W'O Retired by S. F 33,700 Denomination — Coupon, $100, $600 and $1,000. Begisterable as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities. Redeemable on any interest date at 100 and' Interest. Redemption Fund—Beginning July 1, 1917, all net earnings after interest, but not ex- ceeding $60,000 in any one year for the pur- chase or redemption of four-fifths of these bonds and one-fifth of second mortgage bonds. Payments to be reduced to 2% of outstanding bonds when one-half of second mortgage bonds and all but $226,000 of these bonds have been retired. Conve^ible-^-Bondholders of called or ma- turing bonds have privilege of all cash or half cash and half stock in the company. Organization — Incorporated in New Jersey In 1916. CapitalizatlAn. Outstanding. Common , $187,600 Funded debt 491,700 Secured by a first mortgage on the entire property of the company and including about 14 miles of electric railway from Pennsgrove Ferry through new villages developed by the E. I. du Pont de Nemours & Co. plants through city of Salem, N. J. . Underlies — $93,000 20-Tear 2nd S. F. 6s of 1936. Years ended Dec. 31: Bond Interest. $29,502 29,502 31,601 31,479 1920 $140,499 def. $17-929 1919 143,998 def. 31,480 1918 231,341 82,884 1917 190,536 57,212 All fare divisions in operation from May 1, 1917. Original Market — Offered by Martin & Co., Philadelphia. March. 1916. Market. Phliadelphia — Huntoon & Co. Price Range Jan. 1, '18, to Jan. 1, '21 Ask. High 95 'is Low. 7934 '19 1920 Not Available. SAUNA (Kan.) LIGHT. POWER & GAS CO. 1st 7s. Due May 1, 1923. Dated May 1, 1930. Interest payable May 1 and Nov. 1, at Union Trust Company, Chi- cago. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $1,600,000 Outstanding: (Jan. 1, '21) 550,000 In Treasury 850,000 Reserved for Ext 100,000. Purpose of Issue — To provide funds for the retirement of $490,000 6% bonds maturing May 15, 1920. and for other corporate pur- poses. Provisions of Issne— ^Additional bonds may be issued to reimburse the company for not exceeding 80 % of the actual and reasonable cash expenditures for perrtianent extensions, additions and improvements made subse- quently to Mar. 1. 1920 to its present prop- erty and equipment, provided that the net earnings of the company for twelve months immediately preceding shall have been at least twice the annual interest charges on all bonds outstanding, including those for which application is made. Denomination — Coupon, $100. $500 and $1,000. Registerable as to principal. Trustee — Union Trust Co., Chicago. Redeemable upon 30 days' notice at any time prior to Nov. 1, 1921, at 102 and inter- est, and thereafter at any time prior to Nov. 1, 1922 at 101 and interest, and thereafter and prior to maturity at 100 and interest. Organization and Control — Incorporated in Kansas in 1910. Controlled through stock ownership by the Cities Service Company. Capitalization. Outstanding. Common $500,000 Funded debt 5^0,000 Secured by a first mortgage upon all the properties now owned or hereafter acquired by the company. Properties covered include plants siapplylng gas. electric light and power In Salina, Kan. Franchises extend to Novem- ber 26, 1939. Years ended Dec. 31: Gross. Net. Interest. 1S20 $420,211 $141,540 •$38,500 1919 316,763 110,247 42,957 •Bond interest only. Orlsinal Market — $600,000 offered May, 1920, by Ames. Bmerlch & Co., New York, etc., at 97% and Interest. Market New York — Anries, Emerich & Co. Milwaukee — Ames, Emerich & Co. Chicagro — Taylor, Bwart & Co. SAliINi: COUNTY COAI, CO. Ist 6s. Due Oct. 16, 1933. Dated Oct. 16, 1908. Interest payable April IB and Oct. 16, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstandine 719,500 Retired by S. F 66.000 Denomination — ^^Coupon, $500 and $1,000. Begisterable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cagro. Redeemable at 103 and interest on any in- terest date. Sinking fand — The mortgage provides for a sinking fund on all coal mined for the pur- chase or redemption of these bonds at not over 103 and interest Organization — Incorporated in Illinois in 1907. Capitalization. Outstanding. Common $768,600 Preferred (7% non-cum.) 250.000 Funded debt 719,500 Secured by mortgage on all the property of the company, comprising 9.200 acres owned or under 99-year lease. 1.000 acres in small holdings adjacent to the properties, together with mining equipment. The company oper- ates three mines. Property is located near Harrisburg. 111. Original Market — $400,000 offered Oct., 1910, by W. W. Armstrong Co., Aurora, 111., at 100 and interest. Market. New York — "Watson, Armstrong & Co. Price Range Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. High 80 '19 103 '19 80 Feb. Low. 80 '19 103 '16 80 IMar. of these bonds at not over 101 and Interest. Bonds so acquired to be cancelled. 'Control — Incorporated in Illinois in 1915. In 1918 prpperty of this company was acquired by the Southern Illinois Light & Power Co. Secured by a first mortgage on all the prop- erty of the company. The company owns electric generating plants In Du Quoin, Eldo- rado, Nashville, Sparta, Chester and Pinok- neyvlUe, III., together with 91. B miles of trans- mission and distribution lines and artificial ice plants in Du Quoin, Nashville. Sparta, Chester and PlnckneyviUe. In addition to the towns mentioned the company serves Enfield, Equality, Ridgeway, St. Johns. Coulterville, Ashley, Addieville, Huegely and other towns. Franchises in Sparta and Pinckneyville ex- pire in 1921 and 1926, respectively; a ma jority of them run to 1933 or a later date, and the balance beyond the maturity of these bonds. Underlies — Southern Illinois Light & Power Co. 1st 6s of Jan. 1. 1931. Earnings — See Southern Illinois Light & Power Co. 1st 6s. Original Market^Offered Oct., 1916, by Bul- lard, Hetherington & Co., Chicago, at 100 and interest. Market. MilAvaukee — Edgar, Ricker & Co. Boston — Chas. H. Tenney & Co. SALINE ELECTRIC CO. Ist S. F. 6s. Due Sent. 1, 1926. Dated Sept. 1, 1916. Interest payable Mar. 1 and Sept. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding (Jan. 1, '21) 677,800 Retired by S. F 24,000 Reserved for Ext. 2,398,200 Denomination — Coupon. $100, $500 and $1,000. Registerable as to principal and in- terchangeable. Trustee — Illinois Trust & Savings Bank, Chicago. Assumed by the Southern Illinois Light e: Power Co. Redeemable at 101 and interest on any in- terest date on 60 days' notice. Sinking Fund — Annually, beginning Nov. 1. 1917, an amount either in cash or In bonds of this issue at par, an amount equal to not less than 1 % ' of bonds issued. The cash fund is to be applied to the purchase or redemption 119 SALISBURY & SPENCER RAILWAY 1st Be. Due May 1, 1945. Dated May 1, 1905. Interest payable May and J^ov. 1. at Michigan Trust Co.. Grand Rapids, Mich., and Equitable Trust Co.. -New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized $1,000,000 Outstanding 836,000 In Treasury 56,000 Reserved for Ext 108.000 Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Michigan Trust Co., Grand Rapids, Mich. Redeemable at 105 and interest on six months' notice. Guaranteed principal and interest by the North Carolina Public Service Co. Organization and Control — Incorporated in North Carolina in 1859. Present name adopted in 1903. Majority of stock owned by and property leased to North Carolina Public Service Co. Capitalization. Outstanding. Common $400,000 Funded debt 836,000 Secured by a first mortgage on 9.40 miles of street railway track In Spencer, Salisbury and Concord, N. C, and plants supplying gas and electricity in Salisbury, Spencer and East Spencer, N. C. Franchises run for 60 years from 1901. Company has ten-year city con- tracts for lighting in Spencer and Salisbury and fifteen-year contract for lighting in East Spencer. Earnings — See North Carolina Public Service Co. Original Market — First offered by H. F. Bachman & Co., Philadelphia, at par and interest. Market. New York — Martin, Berwin & Co. Price Range Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 92 '17 99% '17 6 6 Jan. 69 Jan. Low. 65 '20 69 '20 65 Dec. 69 Jan. SAUttON BIVEB POWER CO. iBt 6b. Due Ane. 1, 1962. Dated August 1, 1912. Intereat payable Feb. and Aue. 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New York. AntlioTized $6,000,000 Outstanding: (Jan. 1, '21) 4,084,000 Held in S. F 316,000 Denomination — Coupon, {1,000. Reelster- able as to principal. Trustee— Columbia Trust Co.. New York. Bedeemable at 110 and Interest on any In- terest date on six weeks' notice. Sinking Fun* — 1% of bonds issued per an- num, beginning Aug. 1, 1916, to be applied to the purchase or redemption of these bonds at not exceeding 110 and Interest. All bonds so acquired shall be held alive in sinking fund and Interest added thereto. Guaranteed principal and interest by the Niagara, Lookport & Ontario Power Co. by endorsement. ^ Control — Incorporated- In New York in 1906. Merged Jan., 1918, into the Niagara, Lockport & Ontario Power Co. Secured by a first mortgage on 8.000 acres of ground, 42 miles from Syracuse, on the Salmon River, and hydro-electric plant of 35,000 b. P. and transmission line to Syra- cuse. Underlies — Niagara, I.ockport & Ontario Power Co., Ref. Mtge., under which bonds are reserved to retire this issue. ' Earnings — See Niagara, Lockport & On- tario Power Co. Original Market — Offered In Sept., 1912, by Wm. Salomon & Co., New York, and J. C. Dann & Co., Buffalo, at 91 and interest. Market. New York — Babcock, Rushton & Co., New- ton G. Chase, Dunham & Co., Hartshome & Battelle, Fred H. Hatch & Co., Lynch & McDermott, Martin, Berwin & Co., Edmund & Charles Randolph. BnfTalo — Citizens Commercial Trust Co., Evers, Reber & Co., N. A. MacDonald & Co., O'Brian, Potter & Co., Sohoellkopf, Hut- ton & Co., Inc. Providence — Brown, Lisle & Marshall, Hornblower & Weeks. Boston — L. Sherman Adams, Blodget & Co., Moors & Cabot. Philadelphia — Bauer, Starr & Co., Arthur J. Bender, Henry D. Boenning & Co., "Wm. W. Fog:arty, McCown & Co., Parsly Bros. & Co., "Welsh Bros. Price Sanee. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91 '17 100% '17 80 Mar. 88 Mar. Low. 73% '20 76% '20 73% Apr. 76% July SALT I/AKE & OGDBN RAILWAY CO. 1st 6s. Dne Feb. 1, 1934. Dated Feb. 1, 1909. Interest payable Feb. and Aug. 1, at Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,600,000 Reserved for Ext 600,000 Denomination — Coupon, $1,000 and $600. Heglsterable as to principal. Trustee — Harris Trust & Savings Bank, Chicago. , Bedeemable as a whole at 106 and Interest on any interest date. Organization — Incorporated In Utah In 1896. Name changed to Bamberger Electric B. K. Co. in Aug., 1917. Owns 60% of the stock of the Salt Lake Terminal Co. and with 11 the Salt Lake & Utah R. R., -which owns the other 60% of stock, operates the property un- der a 60-year lease. These two companies Jointly and severally guarantee principal and Interest on lessor's First Mortgage Bonds. Capitalization. Outstanding. Common $1,000,000 Preferred (6%) 600,000 Funded debt •1,760,000 •Includes guaranteed bonds. Secured by a first mortgage on 36 miles of Interurban railway from Salt Lake City to Ogden, Utah. Practically the entire road ' la built on private right-of-way. Elsewhere shortest franchise extends to 1965. Years ended Dec. 31; Bond Qross. Net. Intereat. 1918 $499,626 $149,904 $75,000 1917 509,796 199,407 76,000 1916 464,171 164,780 76,000 Original Market — Offered in 1911, by Har- ris Trust & Savings Bank, Chicago, Harris, Forbes & Co., New York, and N. W. Harris & Co., Inc., Boston, at 98% and interest. Market. New York — Fred H. Hatch & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Ask. High 96% '17 98 '16 86% Feb. Low. 82% '20 82% Nov. SALT LAKE St UTAH (ELECTRIC) RAIL- ROAD Ist 6s. Dne April 1, 1944. Dated April 1, 1914. Interest payable April 1 and Oct. 1. at Trustee's office, or First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized {9,954,300 Outstanding 1,360,100 Reserved for Ext 8,604,200 Denomination — Coupon, $100, $600 and $1,- 000. Registerable as to principal only. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on any Interest date at 102 and interest. Sinking Fund — A sum eauivalent to 1% per annum of outstanding bonds from 1919 to 1923, 1%% 1924 to 1933 and 2% thereafter, to be applied to the retirement of these bonds. Organization — Incorporated In Maine In 1912. Owns 60% of the stock of the Salt Lake Terminal (bo. and with the Bamberger Electric R. R. Co.. which owns the other 50% of the stock, operates the property under a 50-year lease running to December, 1963. These companies Jointly and severally guar- antee principal and interest on lessor's first mortgage bonds. Capitalization. Outstanding. Common $3,000,000 Preferred (7% cum.) 2,022,400 Funded debt *2. 666, 422 •Includes guaranteed subsidiary bonds. Secured by a first mortgage on 67 miles of Interurban railway from Salt Lake City to Payson, Utah; 9 miles branch from Granger to 'Magna; also a lien on equipment and all other property of the company. A large part of the road is on private right-of-way. Franchises in Utah County and Prove extend to 1960, in Snlt L^ke City and Oountv to 1962, and in Lehl City and American Fork and Pleasant Grove to 2010, and to 2012 In SpringvUle, Spanish Fork and Payson. In addition to the property covered by thia mortgage, the company operates one mile of track In Salt Lake City, owned by the Salt Lake Terminal Co. 91 Years ended Dec. 31: - , Gross. Net. Interest. 1920 $884,995 $318,344 1919 717,026 251,428 1918 640,020 171,617 1917 487,926 171,153 Original Market — Offered In Jan., 191B, by E!. H. Rollins & Sons, Boston, New York, etc.. at 98 and interest. $260,000 offered March, 1916, by International Trust Co., Denver, at 100 and interest. Market. Denver — International Trust Co. Salt Lalce City — Palmer Bond & Mortgage Co. Price Bangre. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '16 86 Feb. 94 Feb. Low. 86 '20 90 '20 86 Feb. 90 Dec. SATT I/AKB CITY UNION DEPOT & RAIXr ROAD 1st 5s. Dae Nov. 1, 1938. Dated Nov. 1, 1908. Interest payable May 1 and Nov. 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anttiorlzed $1,600,000 Oatstandlne 992,000 Sedeemed 108,000 Reserved for Ext 400,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers' Trust Co., New York. Bedeemable on May 1, 1923, or any interest date thereairter. at 106 and interest. Oreanizatlon and Control — Incorporated In Utah in 1907. The $200,000 stock is eaually owned by the Denver & Rio Grande R. R. Co. and the Western Pacific Ry. Co. Capitalization. Outetandinr. Common $200,000 Funded debt 992,000 Secui-ed by a first mortgage on Union pas- sengrer station and approaches in Salt Lake City. Market. New York — Joseph Bird Ford, Rutter & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97% '10 100 '10 87 Jan. 92 Jan. Low. 80 '17 78 '20 70 Dec. 78 Dec. vested annually In bonds of this Issue, or ex- pended for capital account. Organization — Incorporated in Utah In 1891, as Saltair Railway Co. In 1892 name changed to Salt Lake & Los Angeles Railway Co. Present name adopted October, 1916. Capitalization. Outstanding. Common $750,000 Funded "debt 664,000 Secured by a first mortgage on all the prop- erty of the company comprising 17 miles of electric road from Salt Lake City, Utah, to the property of the Saltair Beach Co. on Salt Lake; terminal property in Salt Lake City, comprising fifteen acres; also a first mortgage on the Saltair Beach Co."s poperty, compris- ing 1,600 acres fronting one and one-quarter miles on Salt Lake and on steel frame structure built in the lake. The road does both a, freight and passenger business and has physical connection with the Denver & Rio Grande, Oregon Short Line, Western Pa- cific and Los Angeles & Salt Lake. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $186,043 $29,082 $50,646 1919 150,208 66,406 45,826 1918 114,419 16,958 12,978 Original Market — $300,000 offered Febru- ary, 1917, by C. F. Childs & Co., Chicago, to yield 6.76%. Market. Cliicago— C. F. Childs & Co. Salt Lake City — Palmer Bond & Mortgage Co. BAIT I,AKE, GARFIEIiD & WESTERN RAILWAY CO. 1st 6s. Dne each Sep. tember 1 from 1919 to 1941, inclusive. Dated September 1, 1926. Interest payable March 1 and September 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Antliorized $600,000 Outstanding (Feb. 11, '21) 293,000 Matured and Paid 7,000 Reserved for Ext 300,000 Provisions of Issue — Additional bonds issu- able for 80% of cost of extensions, etc., when net earnings for the previous year are twice iziterest on bonds outstanding and to be issued. Denominations — Coupon, $100, $500 and $1,- 000. Trustees — Continental & Commercial Trust & Savings Bank, Chicago, and Zion's Savings Bank & Trust Co., Salt Lake City. Redeemable in reverse numerical order at 104 and Interest on any Interest date on sixty days' notice. . Maintenance Fund — 22% of gross earnings monthly for maintenance and renewals. An additional 3% monthly for accident reserve fund. Residual cash balances may be In- 119 SALT LAKE (Utah) TERMINAL CO. 1st 6s. Dne June 1, 1935. Dated June 1, 1915. Interest payable June 1 and Dec. 1, at Bankers' Trust Co.,' New York, and International Trust Co., Denver, Colo. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 OutstaT-rins" :^50,000 Reserved for Ext. (80%) 660,000 Denomination — Coupon, $100, $600 and $1,- OOO. Registerable as to principal only. Trustee — International Trust Co., Denver, Colo. Redeemable on any Interest date at 102 and Interest on 36 days' notice. Sinking Fund — Annually 1% of issued bonds from 1920 to 1924, 1>4% from 1926 to 1929, and 2% 1930 to 1934. inclusive, for the pur- chase or redemption of these bonds at not over 102 and interest. Bonds acquired to be cancelled. Guaranteed as to principal and interest jointly and severally by the Bamberger Elec- tric B. R. Co. and Salt Lake & Utah R. R. Co. Organization and Control — Incorporated In Utah in 1913. The stock Is owned in equal parts by the Salt Lake & Ogden Ry. Co. and the Salt Lake & Utah R. R. Co. and the property leased to these companies for 60 years to Dec. 31, 1963. Capitalization. Outstanding. Common $150,000 Funded debt 360,000 Secured by a first mortgage on terminal property In Salt Lake City. Utah, consisting of four and one-half blocks of double track and two blocks of single track on First West St., from near South Temple St. to Sixth South St., with passenger and freight ter- minals in the business section of the city The northern end of the line makes connec- tion with the Bamberger Electric R. R. Co.- and the southern end with tl\e Salt Lake & Utah R. R. Co. Passenger terminals Include 90.000 square feet, and freight terminals 109,000 square feet. The terminals are one block apart. The road la built to handle the heaviest traffic. Franchise granted In January, 1914, runs for 50 years. Orlslnal Market — Offered In October, 1916, by the International Trust Co., Denver, at 101 and Interest. Market, New York — Joseph Bird Ford. Denver — International Trust Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1900 Bid. Ask. Bid. High 102 'le 103 -17 Not liow. 90 '19 95 '18 available SAN ANGELO (Texas) WATER, UOHT & POWER CO. 1st 6s. Due Eeb. 1, 1934. Dated Feb. 1. 1912. Interest payable Feb. and Aug. 1, at Continental & Commercial Trust & Savings Bank, Chicago, and First National Bank, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Anthorized $760,000 Outstanding 442. 500 Retired by S. F 20,500 Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on any interest date, as a whole, at 105 and Interest. Sinking Fund — 1916 to 1919, 1%% of out- Btandins bonds per annum; 1920 to 1924, 2%%; 1926 to 1928, 3%; and 1929 to 1933, *%. Organization and Control — Incorporated In Texas in 1884. Entire common stock and $75,000 of preferred stock owned by the In- terstate Electric Corporation. Capitalization. Outstanding. Common '. . . .$400,000 Preferred 100.000 Funded debt 442,600 Secured by a first mortgage on plant sup- plying water and electricity to San Angelo, Texas. Franchise expires in 1957. Earnings included in those of Interstate Electric Corp. Original Market — $470,000 offered In 1912 at par and interest by Spitzer. Rorick & Co. and A. E. Fitkin & Co., New York. Market. New York — Fred H. Hatch & Co. Capitalization. OutstandlnB. Common $1,000,000. Funded debt •17,644,000 *Does not Include $3,898,000 income bonds clue July 1, 1920, and $8,837,473 various is- sues of short term notes. Secured by first mortgage on 729.29 miles of road, viz: Miles. San Antonio to Houston 242.36 Yoakum to Waco 171.51, San Antonio to Kerrville 70.30 Austin Jet. to Lockhart 54.34 Kenedy to Corpus Christi 88.97 Skidmore to Falfurrias 80.41 Rockport to Gregory 21.40 The mortgage provides that It shall be se- cured on all extensions until the total mileage subject to Its lien Is 800 miles. . Usted on the New York Stock Exchange. Original Market— Ottered In 1893 by Heldel- bach, Ickelheimer & Co,, J. Kennedy Tod & Co., Speyer & Co. and Hallgarten & Co., New York. Market. New York — Simon Borg & Co., Ambrose R. Clark- & Co., Dunham & Co., Flnlay & Davenport, Arthur E. Frank & Co., Harts- horne & Battelle, Rutter & Co., Vilas & Hickey, Edwin Wolff. I'liiladelphia — Wm. W. Fogarty. Price Range — 'S. Y. S. E. Jan. 1, '09, to Jan. 1, '31 1920 High 92% Feb. 11, "09 641-J, Oct. 11 Low. 541/3 Sep. 10,.'18 64% Mar. 3 SAN ANTONIO & ARANSAS PASS RAIL- WAY CO. Ist 4b. Due Jan. 1, 1943. Dated December 20, 1892. Interest payable Jan. and July 1. at Trustee's office. Tax Status — -Payment of Federal Income Tax not assumed by company. Anthorized $21,600,000 Ontstanding 17,644,000 Reserved for Ext 2,700,000 Cancelled under order of Rail- road Commission of Texas. . 1,356,000 Denomination — Coupon. $1,000. Register- able as to principal. Registered. $1,000. Trustee — Central Union Trust Co. New York. Guaranteed as to principal and interest by the Southern Pacific Co. by endorsement. Organization and Control — Incorporated for BO years in Texas in 1884. The Southern Pacific Co. formerly owned a majority of the stock, but in 1903 the Railroad Commission -held this control to be illegal. 119 SAN ANTONIO BELT & TBRMINAI, BAILr WAY 00. 5-Year Ist 6s. Due April 1, 1924. Dated April 1, 1919. Interest payable April 1 and October 1 In St, Louis or New York, Tax Status — Information not available. Authorized $1,850,000 Ontstanding 1,850,000 Purpose of Issue — To retire $1,750,000 3-Year 1st 6s, due April 1, 1919, and to partly cover cost of Improvements. Ddhomination — Coupon, $1,000, Trustee — Mercantile Trust Co,, St. Louis. Redeemable on any Interest date at the fol- lowing prices with interest, viz: April 1, 1919, to April 1, 1920, at 102 April 1, 1920, to April 1, 1921, at lOlVi April 1, 1921, to April 1, 1922, at 101 April 1, 1922, to April 1, 1924, at 100% Guaranteed principal and interest, by the Receiver of the Missouri, Kansas & Texas Railway under orders of the United States 1 )istrict Court for the Eastern Division of th« Eastern District of Missouri and by the Be^ ceiver of the Missouri, Kansas & Texas Rail- way of Texas under orders of the United States District Court for the Northern Dis- trict of Texas. These orders provide that said Courts will reserve jurisdiction of the prop- erties for the purpose of enforcing compliance with these guarantees. Organization and Control — Incorporated In Texas in 1912. All the capital stock out- standing except 9 shares directors' stock. The property is leased to the Receiver of the Missouri, Kansas & Texas Railway of Texas. Rental, Interest and expenses. Capitalization. Outstanding. Common $117,400 Funded debt 1,860,000 Secured by a first mortgage on all the prop- erty of the company. Including freight and passenger terminals, terminal yards and real estate. As of March, 1919, the terminals represented an actual cash Investment of $2,462,000. Original Market— $1,850,000 offered March, 1919, by the Mercantile Trust Co, and the MlBslesippl Valley Trust Co. of St. Louli at 98% and Interest. Market. New York — Joseph Bird Ford. St. I.oiiis — Stix Co. Price Range Jan. 1, '19, to Jan. 1, 'HI 19^0 Bid. Ask. Bid. Ask. High 97% '19 98% '19 92 Oct. 98% Oct. Low. 90 '20 95 "20 90 Deo. 95 'Sep. SAN ANTONIO WATER SUPPIY CO. Ist & Bet. S. F. 68. Dne Ane. 1, 1933. Dated August 1, 1908. Interest payable Feb. and Aug. 1, at New York or St. Louis. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorlzed {2,500,000 Outstandiuii' 1,274,000 Held In S. F 226,000 Reserved for Prior Liens 1,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Mississippi Valley Trust Co., St. Louis. I Redeemable at 105 and Interest ob Aug. 1. 1913, or on any interest date thereafter on three months* notice. Sinking Fnnd — $24,000 per annum, com- mencing Aug. 1, 1913, payable $12,000 semi- annually Feb. and Aug, 1, for the purchase or redemption of these bonds at not exceed- ing 105 and Interest. Bonds so redeemed to be kept alive and interest added to sinking fund. Organization — Incorporated In Texas in 1906 as successor to the San Antonio Water Works Co. Capitalization. Outstanding. Common $1,599,100 Funded debt 1,500,000 Secured by a first mortgage on the part acquired since 1906 and a second and third mortgage on the remaining parts of the plant supplying water In San Antonio, Texas, In- cluding some 70 acres of land, 19 artesian wells, and three pumping stations. Fran- chise expires in 1956. Prior Liens — $999,000 1st and 2nd 6s of 1922 of The San Antonio Water Works Co. for the retirement of which bonds of this Is- sue have been reserved. Years ended Dec, 31: I Gross. Net, Interest. 1920 $645,768 $327,047 $135,177 1919 590,517 294,363 136,850 19IS 612,501 325,876 139,828 1917 541,648 321,058 135,651 1916 468,801 299,806 139,589 Original Market — $1,047,000 offered in May. 1911, by Wm. A. Read & Co., New York and Chicago, and A. G. Edwards & Sons. New York and St. Louis, at 91 and Interest. Market. New York — Hartshorne & Battelle. St. Louis — Stix & Co. Price Range. Jan. 1, '16, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 91% '16 97 '17 86 Jan. 90 Jan. Low. 75 '19 80 '19 78 Dec. 82 Dec. Denomination — Coupon and registered, $1,- 000. Trustee — Los Angeles Trust & Savings Bank, Los Angeles, Cal. Redeemable at 105 and interest. Sinking Fund — The company agrees to pur- chase or redeem bonds of this issue annually Sept. 1, as follows: $12,000, 1913 to 1916, inc.; $13,000, 1916; $14,000, 1917; $15,000, 1918 to 1927, inc.; $37,000, 1928 to 1930, inc.; $38,000, 1931 to 1932, inc. Bonds are to bo purchased or redeemed at not over 105 and interest. Control — ^Absorbed by the Pacific Electric Ry. Co. Ail of the stock of this company is owned by the Southern Pacific Ry. Co. Secured by a mortgage on 40 miles of elec- tric railway in Rediands, San Bernardino, Col- ton and Highlands, Cai. Franchise provides for payment by company of 2% of gross earn- ings of lines built under franchises granted since Jan. 1, 1899. Prior Li)ens — $121,000 bonds of constituent companies. Underlies — Pac. BI. By. Ref. 5s of 1961. Earnings — See Pacific Electric By. Co. Market. Los Angreies — Citizens National Bank. Price Rangre 1980 Bid. Ask. High 75 Nov. 81 Oct. Low 70 Nov. 75 Nov. SAN BERNARDINO VALLEY TRACTION CO. 1st & Ref. 6s. Due Sept. 1, 1933. Dated Sept. 1, 1903, Interest payable March and Sept. 1, at Los Angeles Trust & Savings Bank, Los Angeles, Cal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding: (Mar, 1, '21) 720,000 Retired by S. F 113,000 Unissuea 167,000 1194 SAN DIEGO (Cal.) CONSOLIDATED GAS & ELECTRIC CO. Ist 5s. Due March 1, 1939. Dated March 1, 1909. Interest payable March and Sept. 1, at Trustee's ofHce. Tax -Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized Closed mortgage Outstanding $5,130,000 Pledged to Secure 6% Notes 688,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Harris Trust & Savings Bank, Chicago, and Los Angeles Trust Co., Los Angeles, Cal. Redeemable at 105 and interest on any in- terest date. Depreciation and Renewal Fund — 3 % per annum of the outstanding bonds from 1910 to 1914, inclusive, and 5% from 1915 to 1938, inclusive, to be applied to replacements and renewals of the plants and properties. Organization and Control — Incorporated in California in 1905. Controlled by the Stand- ard Gas & Electric Co. through ownership of ail of the common stock. Capitalization. Outstanding. Common $2,972,100 Preferred (7% cum.) 1,470,200 Funded debt 8,430,000 Management — Byllesby Engineering and Management Corp., Chicago. Secured by a first mortgage on gas and elec- tric generating plants and comprehensive dis- tributing systems, supplying San Diego, Coro- rado Beach. National City and vicinity. Fran- chises are unlimited as to time. Underlies — 1st & Ref. 6s, due March 1, 1936. Years ended Dec. 31; Gross. Net. Interest. 1920 $2,661,046 $883,427 $295,780 1919 2,257,265 758,871 309,652 1918 2,185,739 702,848 -292,124 1917 1,602,174 727,017 266,516 1916 1,541,490 729,112 245,205 Legal for savings banks in Cal. Original Market — $1,660,000 offered in April, 1909, at 98 by N. W. Harris & Co., New York, and Harris Trust & Savings Bank, Chi- cago: also offered by the same bankers In Dec, 1912, at 98i^. Market. New York— Fred H. Hatch & Co.. Earle A. Miller & Co., Sutro Bros, & Co. Boston — H. M. Eyllesby & Co. Philadelphia — Samuel K. Phillips & Co. Lros Angeles — Citizens National Bank. San Llegro — Blyth, "Witter & Co., Stephens & Co. Price Bangre. Jan. 1, *10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. 97 ^A '10 99 '11 86 Jan. 89 Jan. High Low. 75 '20 78%' 75 June 7Si^ Dec. SAN DI£:G0 (Cal.) CONSOLIDATED GAS & ELECTRIC COMPANY 1st & Ref. 6s. Dae March 1, 1939. Dated March 1, 1921. Interest payable March 1 and Sept. 1 at Harris Trust & Sav- ings Bank, Chicago, and Bank of California, San Francisco. Tax Status — 2% Federal Incormc Tax paid by tlie company without deduction. Tax exempt in California. Authorized $50,000,000 Outstanding .-. 2,750,000 Reserved for Ext 47,250,000 Issuance Restrictions — Additional bonds is- suable for 7 5 % of the cost of extensions and additions providing net earnings for the preceding twelve months hrave been at least 1% times the annual interest charge on all bonds outstanding, including underlying bonds and those then proposed to be issued. Denominations — Coupon, $1,000; register- able as to principal. Trustees — Harriy Trust & Savings Bank, Chicago, and Bank of California, San Fran- cisco. Redeemable at 105 and interest on any interest date prior to March 1, 1926; there- after at 104 and interest on and prior to March 1. 1929; thereafter at 103 and inter- est on and prior to March 1, 1932; there- after at 102 and interest on and prior to March 1, 1935; thereafter at 101 and inter- est on and prior to September 1, 1938. Special Trust Fund — The Mortgage pro- vides that the Company shall deposit an- nually with the Trustee cash equal to 2% of total par value of bonds outstanding (in- cluding underlying bonds) which may be withdraw^n for permanent extensions and additions for w^hich no bonds naay be issued, or for the redemption of First and Re- funding Mortgage Bonds. Credit will be allowed for permanent extensions and addi- tions for which cash lias been withdrawn, under the depreciation and renewal fund of the First Mortgage. Organization — See 1st 5s. Secured by a first mortgage on power plant of 8,200 k. w. capacity, formerly owned by the San Diego Gas & Electric Co. and by a generaTlhortgage on the remaining property of the company. For details see 1st 5 s. Prior Liens — Outstanding Ist 5s, 1939- $5,818,000 Earnings — See 1st 5s. Original Market — $2,7500,000, offered May, 1921, by Harris Trust & Savings Bank, Chi- cago, and Harris, Forbes & Co., New York, etc., and Blyth, Witter & Co., San Fran- cisco, at 87 and interest. SAN DIEGO (Cal.) CONSOLIDATED GAS & ELECTRIC CO. Coll. Tr. 6% Gold Notes. Duo July 1, 1923. Dated July 1, 1918. Interest payable Jan- uary and July 1 at Trustee's office, San Diego (Cal.). Tax Status — 2% Federal Income Tax paid by company without deduction. Tax^ exempt in California. ~ Authorized $1,100,000 Outstanding 550,000 Reserved for Corp. Purposes. . . 550,000 Denominations — $50, $100, $500 and $1,000. Trustee — Southern Trust and Cdmraerce Bank, San Diego (Cal.). Redeemable as a whole or in part on any ir.terest date cm. 30 days' notice, at 102 and interest. Organizatioii^ etc. — See 1st 5s. Secured — A direct obligation of the company and secured by deposit with the trustee of $688,000 1st 5s. due 1939. Earnings — See 1st 5s. Original Market — Offered in August, 1918. by the Southern Trust and Commerce Bank, San Diego (Cal.) at 97% and interest. Market. Boston — H. M. Byllesby & Co. Los Angeles — Banks, Huntley & Co. San Diego — Blyth, "Witter & Co., Stephens & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97^ '20 101 '20 97 H Mar. 101 Jan. Low. 88 '19 98 "20 96 Jan. 98 June SAN FRANCISCO & SAN JOAQUIN VALUBY RAILWAY CO. 1st 5s. Due Oct. 1, 1940. Dated October 1 , 1896. Interest payable April and Oct. 1, at the A, T. & S. F. Ry. office, New Tork, and Union Trust Co., San Francisco. Tax Status — Payment qf Federal Income Tax not assumed by company. Authorized $6,000,000 Outstanding: (Jan. 1, '21) 5,946,000 Retired by S. F 47,000 In Treasury 7,000 Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Redeemable for sinking fund beginning Jan. 1. 1916, at 110. Sinking Fund — From Jan. 1, 1916 to 1920, 1% of net profits per annum; 2% per annum to 1925; 3% per annum to 1930; 4% per an- num to 1935, and 5% per annum thereafter, for the purchase or redemption of these bonds at not exceeding 110 and interest. Control — Absorbed by Atchison, Topeka & Santa Fe Ry. Co. in 1901. Secured by a first mortgage on 374.60 miles of road in California, viz. : Miles. Bakersfield to Ferry Point (opposite San Francisco) 306.53 Corcoran to Cal wa 68.07 This line affords the Atchison, Topeka & Santa Fe an entrance into San Francisco and other cities in Central California. Underlies — Atchison, Topeka & Santa Fe Gen. 4s of 1995 and Adjmt. 4s of 1995. Listed on the San Francisco Stock & Bond Exchange. I^egal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., R. I., Vt. and Wis. Market. New York — Sam'l Goldschmidt, Sutro Bros. & Co. Los Angeles — Citizens National Bank. Price Range. Jan. 1, '09, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 117 '09 1171^ '09 98 Jan. 101 Jan. Low. 87 '20 92 '20 87 June 92 May 1196 SAN FRANCISCO ELECTRIC RAILWAYS Ist 5s. Due Jan. 1, 1933. Dated July 1. 1909. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding: 1,065,000 Retired by S. F 351,000 Kesen-ed for Ext , 8,584,000 Denomination — Coupon, $1,000. Regristerable as to principal. Trustee — Union Trust Co. , San Francisco, Cal. , Redeemable at 105 and interest on any in- terest date. Sinking Fund — Annually from Dec. 31, 1914, $100,000 to 1918: $150,000, 1919 to 1925, in- clusive, and $200,00 thereafter, for the pur- chase or redemption of these bonds at not over 105 and interest on other approved se- curities. Ors:anization and Control — Incorporated in California in 1909. All of the stock of this company is owned by the California Ry. & Pr. Co., a subsidiary of the United Rys. In- vestment Co. The property was formerly leased to and operated by the United R.R. of San Francisco. This lease was cancelled through the reorganization by foreclosure of the leasee. Capitalization. Outstanding. Common $10,000,000 Funded debt . ." 1,065,000 Secured by a first mortgage on property and franchises formerly of the Park Side Electric Ry. and the Visitacion Vall'ey Electric Ry. in San Francisco, Cal. lasted on the San Francisco Stock and Bond Exchange. Market San Francisco — Sutro & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1930 Bid. Ask. Ask. High 50 '19 60 '19 60 Apr. Low 60 '20 00 Apr. Prior I>iens — $489,000 Pacific Gas Improve- ment 4s of 1930, $606,000 Edison Li&ht & Power 5s of 1921; $1,052,500 Metropolitan Gas Corp. 5s of 1941 and $165,000 Mutual Electric Lt Co. 5s of 1934. Underlies— Pac. Gas & Elec. Gen. & Refg. , 5s of 1942, which provides to retire this issue. Eamiaes — See Pacific Gas & Electric Co. Illegal for savings banks in California. Original Market — Offered in 1911 by Harria» Forbes & Co,, New York, Harris Trust & Savings Bank, Chicago, and N. W. Harris & Co., Boston, at 94 and interest. Market. New York — Fred H. Hatch & Co., Earle A. Miller & Co., Sutro Bros. & Co. Ivos Angeles — Citizens National Bank. Price Range. Jan. 1, '16, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 97% '16 98 '16 83% Mar. 86 Jan. Low. 73 '20 80 '20 73 July 80 May Not Callable. High 85 '19 88 '19 80 Jan. 85 Jan. Low. 71 '20 73 '20 71 Dec. 73 Dec. SAN FRANCISCO GAS & ELECTRIC CO. - Gen. -Was. Due Nov. 1,, 1933. Dated Nov. 1, 1903. Interest payable May and Nov. 1, at Union Trust Co., San Fran- cisco, or Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized. Closed mortgage Outstanding (Jan. 1, '21) $6,657,000 Retired by S. F .. 1,500,000 Held in Other Sinlung Funds. . 95,000 Retired and Deposited under P. G. & E. Gen. Mtge. . ; 105,000 In Treasury 4,000 Denomination — Coupon, $i;000. Registerable as to principal or fully registerable. Trustee — Union Trust Co. of San Francisco. Redeemable at 105 and interest for sinking fund only. Bonds numbered from 1 to 4000 inclusive only are callable'. Sinking Fund of $105,000 annually to re- tire bonds numbers 1 to 4000," inclusive, at 105 and interest. Assumed by the Pacific Gas & Electric Co. Control — Incorporated in California in 1896. Absorbed in 1911 by the Pacific Gas & Electric Co. Secured by a first mortgage on both the gas and electric generating plants and five of the electric .sub-stations, together with a large portion of the company's distributing systems, and a general mortgage on the remaining prop- erty of the company. These plants supply gas and electricity in San Francisco, Cal., and include a steam plant with a present rated capacity of about 86,000 h. p., nine sub-sta- tions, all of fireproof construction, and oil gas plants with a total daily capacity of 32,000,000 cubic feet, with seven holders with a total capacity of 10,840,000 cubic feet. The company has a total of 812 miles of gas mains serving all sections of the city. Franchises perpetual. The company has com- potition in the electric business. 119i SAN FRANCISCO, NAPA & CALISTOGA RAILWAY CO. 1st S. F. 6s. Due Dec. 1, 1936. Dated Nov. 20, 1911. Interest payable June and Dec. 1, at Trustee's olfice or E. H. Rol- lins & Sons, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. _ ." Authorized $1,000,000 Outstanding (Jan. 1, '21) 547,000 Held in S. F 53,000 In Treasui-y 33,000 Reserved tor Kxt 367,000 Denomination — Coupon, $100, $500 and $1.- 000. Regjisterable as to principal. Trustee — Mercantile Trust Co., San Fran- cisco, Cal." Redeemable at 10 5 and interest any interest date. ^ Sinking Fund — Annually beginning 1914, 1% of outstanding bonds to be applied to the pur- chase or redemption of these bonds at not to exceed 105 and interest. Bonds so acquired to be held alive and interest added to this fund. Organization — Incorporated in California in 1911. Capitalization. Outstanding. Common $731,700 Funded debt 1,146,100 Secured by a first mortgage on 44.5 miles of electric' railway from Calistoga to Vallejo, Cal., where it connects with steamers for San Francisco. 21 miles of road are on private right-of-way. Franchises expire in 1952 or later. The company purchases power from the Great Western Power Co. Underlies — $599,100 Income Deb. 5s. Years ended Dec. 31: Gross. Net. Interest, 1920 $345,813 $127,728 $63,111 1919 338,704 132.438 63,679 1918. ...... 326,915 164.559 64.203 1917 245.390 96.725 65,829 1916 212,443 70,101 67,106 Original Market — ^^$600, 000 offered Dec. . 1911. by E. H. Rollins & Sons, Boston and New York, at 102 and interest. Market. New York — E. H. Rollins & Sons, Bern- hard, SchoUe & Co., McDonnell & Co. Philadelphia — E. H. Rollins & Sons, S. K. Phillips & Co. Los Angeles — Frank & IjcwIs. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 89 '19 100 '16 85% Sept. Low; 60 '20 73 '20 60 Mar. 73 Mar. SAN FRANCISCO, OAKLAND & SAN JOSE CONSOLIDATED RAILWAY CO. Gen. Cona. S. F. 5s. Due May 19, 1938. Dated May 19, 1908. Interest payable May ana Nov. 19, at company's office, Oakland, Cai., or Wells Pargo Nat'l Bank, San Fran- cisco. Payment of Interest — ^Jan., 1917, coupons of the various issues of the San Francisco- Oakland Terminal Rys. will be paid as rap- idly as funds permit. The company not being able to meet May 19, 1917, coupons of this issue and July, 1917, coupons of other issues, a syndicate of San Francisco banks have agreed to purchase them. Bondholders de- siring to sell their coupons may do so on or after the maturity date at the Mercantile Trust Co., San Francisco. Coupons must be accompanied by a bill of sale, together with income tax certificates. This action is taken pending settlement of franchise In Oakland. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $7,500,000 Outstanding 3,000,000 Reserved for Prior Liens 4,600,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., San Francisco, Cal. Sinking Fund commences May 19, 1915, which it is estimated will retire $4,345,000 of these bonds before maturity. Annual payments increase from $35,000 in 1915 to $400,000 in 1937 for the purchase or redemption of bonds at not over a 4 % basis. Assumed by the San Francisco-Oakland Ter- minal Rys. Control — Incorporated in California in 1908 as a consolidation. In March, 1912, the prop- erties of this company were taken over by the San Francisco -Terminal Rys. Reorganization — Plans are under way for the complete readjustment of the outstanding securities of the San Francisco-Oakland Ter- minal Rys. Secured by a mortgage on about 35,18 miles of street railway track (16.67 miles of road) in Oakland and interurban extensions from that city; also on five ferryboats connecting railway at Oakland with San Francisco and including piers, etc. Franchises expire in 1951 and 1.960. Prior Liens— $3,000,000 San Francisco, Oak- land & San Jose Ry. 1st 5s of 1933 and $1,500,000 2nd 5s of 1933, for" the retirement of which bonds are reserved under this mort- gage. Years ended Dec. 31: CS. F.-O. T. Rys.) Gross. Net. Interest. 1919 $5,793,501 $809,638 $1,112,666 1918 5,100,030 882,925 1,095,963 1917 4,578,620 1,045,734 1,099,573 Listed on the San Francisco Stock and Bond Exchange. « Original Market — $1,500,000 offered In 1912 by Smith-Tevls-Hanford Co. (now Tevis-Han- ford & Co.), New Tork, at 93i^ and interest. Market. New York — ^Lynch & McDermott, Sutro Bros. & Co. Los Angreles — Citizens National Bank. Price Range. Jan. 1, '09, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 95 '10 961^ *09 20 Dec. 40 Dec. Low. 20 '20 27 '20 20 Dec. 27 Dec. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in California. Authorized $3,000,000 Outstanding 840,000 Reserved for Ext 2,160,000 Provisions of Issue — ^Additional bonds can only be issued to reimburse the company for not to exceed 75% of the actual and reason- able cash expenditures for permanent exten- sions and additions to the property, provided, that net earnings for the preceding twelve months after deducting the amount necessary to retire the next serial maturity have been at least twice the annual interest charges on all bonds outstanding including those to be issued. It is further provided that If any of these bonds are issued, the bonds so issued shall mature not later than January 1, 1940, and not earlier than the last maturity of the then outstanding serial issue (present issue). The company is required immediately to ex- pend $300,000 upon improvements to the prop- erty and for new equipment, against half of which expenditure no bonds can be issued: Purpose of Issue — ^The proceeds of the $840,- 00 bonds now outstanding were applied as follows : $162,000 for the payment of principal and In- terest on first lien accounts of re- organized property. 49,000 for the payment of 'non-assenting bondholders. 545,000 additions and betterments and work- ing capital. Registerable SAN FEANCISCO-SACRAMENTO RAILROAD CO. Ist 6b. Dae $43,000 each Jan. 1, from 1931 to 1940, inclnsive. Dated January 1, 1920. Interest payable Jan. 1 and July 1 In Chicago or San Fran- $756,000 Denjomination — Coupon, $1,000. as to principal. Trustee — Union Trust Company, San Fran- cisco. Redeemable by lot as a whole or in part, last maturities first, on any Interest date at 102 and interest. Organization — Incorporated In California In January, 1920, aa 'successor through reorgan- ization of the Oakland, Antioch & Eastern Railway Company. Capitalization. Outstanding. Common $6,213,500 Preferred (7% cum.) 1,242,700 Funded debt 840,000 Secured by a first mortgage on all of the property of the company comprising an elec- tric passenger and freight railroad of about 100 miles of main and branch lines, extending from Oakland to Sacramento, Cal. Through trains are operated over the Key Route tracks in Oakland, connecting Berkeley with ferries to and from San Francisco. The road is lo- cated largely on private right-of-way. Fran- chises without exception extend beyond the last maturity of the bonds. Power is pur- chased from the Great "Western Power Co. Years ended Dec. 31 (consolidated): Gross. Net. Interest. 1920 $1,309,622 $197,443 $46,704 •1919 1,167,889 290,210 174,181 *01d company. Legal for savings banks In Cal. Original Market — $840,000 offered Jan., 1920, by E. H. Rollins & Sons, Harris Trust" & Savings Bank, and Blyth, Witter & Co. at prices ranging from 99.76 to 91.83 and In-- terest according to maturity. Market. New Tork — Sutro Bros. & Co. Los Angreles — Citizens National Bank- San Diegro^Blyth, Witter & Co. Price Range 1930 — Bid 8:50%, Ask 7.509S Dec. SAN FHANCISCO TERMINAL 1st 4s. Due AvT. 1. 1950. See Southern Pacific Co., San Francisco Terminal 4a. SAN JOAQUIN AGRICULTURAL CORP. 1st 6s. Due July 1, 1927. Dated Ju.y 1, 1919. Interest payable Jan. 1 and July 1 at Saving-s Union Bank & Trust Co., San Francisco, or Guaranty Trust Co., New Torlt. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in California. Authorized $500,000 Outstanding 500,000 Denomination — Coupon, $1,00 0. Trustee — Savings Union Bank & Trust Co., San Francisco. Redeemable at 102 and interest. Sinking Fund — Annually beginning 1921, amounts sufficient to retire $140,000 of this issue one year before maturity. Organization — Incorporated in California. Capitalization. Outstanding:. Common $500,000 Funded debt 500,000 Secured by a first mortgage 13,760 acres of land in what is known as the Chowchilla Ranch in Madera County, California, lying be- tween the cities of Fresno and Merced and near the towns of Madera and Chowchilla. The Chowchilla Pacific Railroad extends from the Southern Pacific to within about two miles of the property. The entire tract is underlaid by a vast body of underground water which Is available for irrig'ation either through pumping or artesian flow. Land in this dis- trict is adapted to alfalfa, grain and fruits. In addition to agricultural development the ranch carries a large herd of cattle. liegal for savings banks in Cal. Original Market — $ 500,000 offered August, 1519, by Stephens & Co., San Francisco, etc., at 100 and interest. Market. Los Angeles — Citizens National Bank. Price Range 1920 Eld. Ask. Hi&h 88 "Dec. 94 Dec. Low 87 Dec. 90 Nov. 1st 5s; 838,000 Bakersfield & Kern Electric Ry. 1st 5s of 1931. Underlies — San Joaquin Lt & Pr. Corp. 1st & Ref. Mtge and Unifying & Ref. Mtge. Bonds are reserved under each mortgage to retire this issue. Earnings — See S. J. Lt. & P. Corp 1st & Ref. 6s and 5s of 1950. Market. San Francisco — Ryone & Co., Sutro & Co. Los Angeles — Blankenhorn-Hunter-Dulln Co., Citizens National Bank, Tarrance, Mar- shall & Co. San Diego — Blyth, Witter & Co, Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 100% '16 101 '16 84 Jan. 88 Jan. Low. 75 '20 80 '20 75 May ^80 Dec. SAN JOAUUIN LIGHT & POWER CO. 1st 59. Due June 1, 1945. Dated 1905. Interest payable June and Dec. 1, at Union Trust Co., San Francisco, Cal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorizecl Closed mort^ag'e Outstanding: (Jan. 1, *21) $2,484,000 In Treasury 16,000 Held in S. E 39,000 Denomination — 'Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co. , San Francisco, Cal. Redeemable at 110 and interest. Sinking Fund— June 1. 1010, to 1919, ll^% Tper annum of outstanding bonds; 1920 to 1940. 2%. Control — Absorbed by San Joaquin Lt. & Pr. •Corp. Secured by a mortgage on hydro-electric Tjlants, steam generating plants and gas plants isupplying Bakersfield and Kern, Cal., and ether towns in the vicinity and street railway V.V.QB in Bakersfield and Kern. The trans- mission lines embrace 500 miles of line and the distribution system includes some 400 miles and 20 sub-stations. Franchises In cities are perpetual, elsewhere extend beyond life of bonds. ^ Prior Liens — $25,000 San Joaquin Power Co. 1st 5s; $73,000 Power, Transit & Light Co SAN JOAQUIN LIGHT & POWER CORPO- RATION 1st & Ref. S. F. Series "A" 6s; Series *'B" 5s and 68; and Series **C" 6s, Due Auff. 1, 1950. Dated August 1, 1910. Interest payable Feb. and Aug. 1, at -Trustee's office. New York. Tax Status — 2% Federal Incame Tax paid by company without deduction. Tax exempt in California. Authorized $25,000,000 Outstanding: (Jan. 1, '21) — "A" 6s 11,341,000 "B" 5s 799,000 "B" 6s 2,125,000 "C" 63 6,075,000 10,340.000 Pledged to Secure Conv. 8s — C 6s 2,625,000 Repurchased and Held — A 6s. 18,000 Held in S. P. "A" 6s 141,000 Reserved for Prior TJens 2,829,000 Reserved for Ext 9,047,000 Denomination — Coupon, $1,000. Registerable as Co principal. Registered, $1,000. C. & R. interchangeable. Trustee — Equitable Trust Co., New York. Redeemable — Series "A" at 102% and in- terest and all other series at 105 and interest, on any interest date. Sinking Fund — $100,000 on Aug. 1. 1915, $145,000 per annum from 1916 to 1919, in- clusive; $150,000 from 1919 to 1924, inclusive; 2% % of outstanding bonds annually from 1925 to 1930; 3% to 1934; 3%% to 1939; 4% to 1944, and i%% thereafter. One-half of the payments may be applied to additions and the remainder to the retirement of Series "A" bonds if they can be purchased at not exceed- ing 1021/^ and interest; and if not, to Series "B" bonds at not exceeding 105 and interest. Bonds acquired to be kept alive and interest added. Organization — Incorporated in Cal. in 1910 as a consolidation of San Joaquin Light & Power Co., Power, ^Transit & Light Co. of Bakersfield, and Merced Falls Gas & Electric Co. The Midland Counties Public Service Corp., controlled in same Interest, purchases all of its power from this company. Capitalization. Outstanding. Common $11,000,000 Prior Pref. (7%) 1,500,000 Preferred (6% cum.) 6,500,000 Funded debt 25,199,000 Secured by a general mortgage on 5 hydro- electric plants a steam reserve plant in Fresno, and a modern steam turbine plaftt In Betteravia, having a combined capacity of 67,210 h. p.; on 740 miles of high-tension transmission lines, 33 substations, 2.605 miles of distributing lines, supplying electricity for lighting, power and pumping purposes through- out the San Joaquin Valley. Cal., including the cities of Merced, Madera, Fresno, Selma, Han- ford and Bakersfield. and about 50 towns and small cities; also on eaa plants supplying Bakerafield, Kern, Merced and Selma; street railway systems in Bakersfield and Kern and plants supplying water for domestic purposes In Selma and Madera. The company is con- structing another hydro-electric plant on the San Joaquin River with a capacity of 40,000 h. p. which is to be completed in October, 1920. Franchises in cities are without time limit; outside corporate limits, with two exceptions, extend beyond the life of the bonds; about one talf total length of transmission lines are on private right-of-way. Prior Liens — $2,484,000 S. J. Lt. & P. Co. 1st 5s of 1945; $25,000 S. J. Power Co. 1st 5s $69,000 Power Transit & Lt. Co.. and $31,000 Bakersfield & Kern Electric Ry. 1st 5s. Bonds are reserved under this mortgage to retire the above issues. Underlies — Unifying & Ref. Mtge. under which bonds are reserved to retire this issue. Years ended Dec. 31 (combined) Gross. Net. Int. & Dep. 1920 $4,340,906 $2,371,816 $2,371,816 1919 3,292,740 1,259.295 1,259,295 1918 2,614.740 1,147.039 1,147,038 Original Market — Series *'A" 63 offered in 1910 by N. W. Halsey & Co. at 101 and In- terest; Series *'B" 5s offered by same firm in 1911 at 93 and interest; $1,000,000 Series "C" Gs offered by National City Co. in June, 1918, at 95 and interest, and $3,600,000 Series "C" 6s offered Nov., 1919, by Cyrus Pierce & Co., Blythe, Witter & Co., and Security Mortgage Co., Los Angeles, at 99 and interest. Market. New York — Fred H. Hatch & Co., Sutro Bros. & Co. San Francisco — Blyth, Witter & Co., Ryone & Co., Stephens & Co., Sutro & Co. Chicagro — Halsey, Stuart & Co. I^s Angeles — Banks, Huntley & Co., Elankenhorn-Hunter-Dulin Co., Citizens Na- tional Bank, J. J. Daran Co., Drake. Riley & Thomas, Stephens & Co., Torrance, Mar- shall & Co. San Bieg-o— Blyth. TVitter & Co. Price Range. Jan. : I, '17, to Jan. 1, '21 1980 Series "A" 6a. Bid. Aslc. Bid. Ask. High 103 '17 10314 '17 95 Feb. 97 Feb. Low. 85 '20 92 '20 Series "B" 85 Nov. 6s. 92 Dec. High 97 '19 99 '19 951^ Jan. 99 Jan. Low. 85 '20 87 '20 Series "B" 95 Dec. 5s. 87 Dec. High 82 '19 94 '18 74 Nov. 76 Nov. Low. 64 '18 75 '20 Series "C" 70 Oct. 6a. 75 Oct. High 1011/3 '17 103 -17 96 Jan. 100 Jan. Low. 85 '20 88 '20 85 June 88 Sept. SAN JOAQUIN UGHT & POWER COKP. Unifying & Kef. 7s. Due $400,000 eacli March 1 from 1922 to 1926, inclusive, and $5,000,000 March 1, 1951. Dated March 1, 1921. Interest payable March 1 and Sept. 1 at Union Trust Co., San Francisco, and Union Banlc and Trust Co., Los Angeles. * ^ ,^ Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in California. Autliorized *1^S'SS2'SS2 Outstanding' 7,000,000 Keserved for Prior Liens 15,674,000 Reserved for Extensions.... 127,326,000 Issuance Restrictions — Bonds may be is- sued under the mortgage in such series of the same or different date, maturity, inter- est rate, redemption and convertible pro- visions as may be determined by the board of directors at the time of the origmal Is- suance of bonds of each' series. The re- strictions under which bonds may be issued are that bonds shall not be issued for an amount exceeding 75% of the actual cost of additions or betterments, and then only when the net earnings of the corporation for 12 consecutive months out of the pre- ceding IS months, shall have been not less than 1% times the amount necessary to pay interest on all bonds of the corporation, including underlying and divisional bonds then outstanding and those for which oer- tiflcation has been requested. Bonds of any series may also be issued from time to time in principal amount for the purpose of the acquisition or retirement of under- lying bonds, or the redemption or rfetire- ment of bonds of another series under the new mortgage (except the $2,000,000 serial bonds maturing from 1922 to 1926, inclu- sive, which under the terms of the mort- gage are to be paid out of earnings or from the sale of securities junior to this mort- gage. Purpose of Issue — These bonds are issued to refund floating debt accumulated in the construction of the Buttonwillow and Kern Canyon power houses, and new substations, transmission and distribution lines, and to reimburse the corporation for moneys ex- pended therefor, and to pay $2,000,000 par value of Convertible Debentures which have been called tor payment. It is estimated that the proceeds from this bond issue will be sufflcient to provide 75% of the cost of betterments now in progress and to be completed by June 30, 1921, Denominations — Coupon, $1,000, $500; reg- isterable as to principal or fully register- able. C. & R. interchangeable. Trustee — Equitable Trust Co., New York. Redeemable — Series of 1961 on 30 days' notice on any interest date at 107% and interest up to and including March 1, 1931, and at 105 and interest thereafter. Sinking Fund — Annually beginning March 1, 1927, an amount equal to 2% of the par value of the largest amount of bonds at any time outstanding, including all under- lying or divisional bonds. At the request of the corporation the Trustee may divide this sinking fund into two equal parts; one part for the redemp- tion of the bonds secured hereunder, or bonds of mortgages senior thereto; the other part at the request of the corpora- tion may be invested by the corporation in new construction, extensions and better- ments against which no bonds may be is- sued. The corporation may credit its sink- ing fund with any payment made under the terms of the sinking fund of any mort- gage senior hereto. Organization — See 1st and Ref. Mtge. Secured by a general mortgage on all the property of the company. For details of property see 1st & Ref. Mtge. Prior Liens — Outstanding 1st & Ref. 5s, 1950 $799,000 1st & Ref. 6s, 1950 12,166,000 San Joaquin Lt. & Pr. Co. 1st 6s, ^ 1945 2,484,000 San Joaquin Pr. Co. 1st 6s, 1942.. 25,000 Power Transit & Lt. Co. 6s, 1933. 69,000 Bakersfield & Kern Elec. Ry. 1st 5s, 1931 31,000 $15,674,000 Bonds are reserved under this mortgage to retire the above issues. "With the ex- ception of the First Refunding Mortgage, all of the above mortgages are closed. /Ad- ditional bonds Issued under the First & Re- funding Mortgage are to be pledged under this mortgage as soon as they are Issued and certified. Slamings — See 1st & Ref. Mtge. Original Market — $7,000,000, offered Mar., 1921, by Cyrus Pelrce & Co., Blyth, Witter & Co., Banks, Huntley & Co., Los Angeles, etc., at prices to yield 8%, 7%%, 7%%, 7%%, 7%% and 7.20% for respective ma- turities. SAN JOAQXJtN UGHT & POWER CORP. Conv. CoU 7s, Series "D" Ss. Due Nov. 1, 1935. ^, „ Dated Nov. 1, 1920. Interest payable May 1 and Nov. 1, at the Union Bank & Trust Co. of Los Angeles and at the Bank of California N. A., San Francisco, Oal. Tax .Status — 2% Federal Income Tax paid by company -without deduction. Authorized J5,000,000 Outstanding 2,625,000 Unissued 2,375,000 Purpose of Issue — To refund floating debt accumulated in the construction of the Kerckhoff Power Plant on the San Joaquin River, and the addition to the steam plant in Eakersfield. Denominatioil — Coupon $1,000 and $500. Trustee — Union Bank & Trust Co. of Los Angeles. Redeemable on any interest date at 104 and interest upon 60 days' notice. Convertible at 100 and interest into 1st & Hef. Series C 6s at 95 and interest. Orgranization — See 1st & Ref. Mtge. Secured by pledge of an equal amount of 1st & Ref. C 6s. iEamingrs — See 1st & Ref. Mtge. Original Market — Offered Oct., 1920, by Cyrus Peiroe & Co., Blyth, Witter & Co. and Banks, Huntley & Co., at 100 and accrued interest. Price Rangre 198» Bid. Ask. High 100 Nov. 101 Dec. Low 98% Oct. 100 Oct. Market New York — Blyth, Witter & Co., Sutro Bros. & Co. ■ San Francisco — Blyth, Witter & Co., Ryone & Co., Stephens & Co. LiOS Angeles — Banks, Huntley & Co., Blankenhorn-Hunter-Dulin Co., Citizens Na- tional Bank, J. J. Doran Co., Drake, Riley & Thomas, Stephens & Co., Torrance, Mar- shall & Co. San Diego — Blyth, Witter & Co. SAN PJEDBO, U)S ANGEIiBS & SALT LAKE RATLBOAD CO. 1st Is. Due July 1, 1961. Dated July 1, 1911. Interest payable Jan, and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $70,000,000 Outstanding "'69,022,000 Reserved for Ext 12,947,000 •$28,626,000 owned by the Oregon Short Line R. R. Co. Denomination — Coupon, $1,000. Registerable as to principal.' Registered, $1,000 and mul- tipleB. ' ■ Trustee — Guaranty Trust Co., New Tork. Redeemable as a whole at 105 and interest on any interest date on 90 days' notice. Sinking Fund — $10,000 annually for the pur- chase or redemption of these bonds at not over par and interest. Organization and Control — Incorporated in Utah in 1901 and name changed to Los An- geles & Salt Lake R. R. in Aug., 1916. In 1903 acquired part of the Oregon Short Line in Utah. Controlled through stock owner- ship by the Orgeon Short Line R. R. Co., which Is similarly controlled by the Union Pacific R. R. Co. Capitalization. Outstanding. Common $25,000,000 Funded debt 69,022,000 iectared by direct mortgage on all the prop- erty of the company, including 1,02S.3S miles of road, as follows: Miles. Los Angeles, Cal., to Salt Lake City, Utah 681.14 Sandy to Lynn, Utah 120.68 Bast San Pedro to Los Angeles, Cal.. 27.11 Lehi Jet. to Boutler, Utah 43.48 Milford to Newhouse, Utah 23.37 Los Angeles to Millard Canyon 14.31 Tintio Branch 11.51 Glendale Jot. to Verdugo, Cal 7.11 Claiente to Pioohe, Nev 32.72 Alameda St. to Hobart 1.47 Buena Vista to Jordan River 2.36 Moody to Waters, Utah 1.63 Delta to Lucerne, Utah 13 ; 34 Maopa to St. Thomas, Nev 21.64 Other Branches and Spurs 21.48 Total 1,023.35 The mortgage is a direct first lien on all of the above mileage except the following lines, which were purchased in 1903 from the Oregon Short Line and upon which it is sub- ject to the prior liens given below: Miles. Sandy to Frisco, Utah 226.07 Lehi Jet. to Tintio, Utah 43.27 Ironton to North Spy Mine, Utah...._ 5.46 Manmouth Jet. to Manmouth, Utah. . 1.82 Silver City Jot. to Eureka, Utah 3.19 Also secured on 131 miles of trackage rights. Prior liens — $12,328,000 Oregon Short Line Cons. 6s, 1946; $272,500 O. S. L. Inc. A 5s, 1946, and $25,000 O. S. L. Ino B 4s, 1946. Market. New Tork — Sam'l Goldschmidt, Fred. H. Hatch & Co., Vilas & Hickey. Price Range. Jan. 1, '16, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 66 '16 67 Nov. 64 May Low. 60 "20 55 '20 50 May 55 May 1200 SANDUSKY FOUNDRY & MACHINE CO. 5- Year 1st S. F. 7s. Due AprU 1, 1935. Dated April 1, 1920. Interest payable April 1 and October 1 at United States Mortgage & Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by the company without. deduction. Authorized $270,000 Outstanding (Feb. 1, '21) 231,000 Retired by S. F. .' 39,000 Purpose of Issue — These bonds were issued to acquire the property and assets of the old company. Denomination — Coupon, $500 and $1,000. Trustee — United States Mortgage & Trust Co., New Tork. Redeemable at 105 and interest. Sinking Fund — ^Annually a sum equal to 25% of all net earnings after interest and taxes, with an annual minimum amount fixed at $26,260. It Is likewise further stipulated that a full payment will be provided for the retirement of $25,000 of bonds on or before Oct. 15, 1924. This fund is to be applied to the purchase or redemption of these bonds at not exceeding 105 and Interest. Organization — Incorporated in Ohio in 1920 for the purpose of purchasing and reorganiz- ing the old Sandusky Foundry & Machine Com- pany, established in 1904. Capitalization. Outstanding. Common (no par) 3,872 sha. Funded debt .■ $231,000 Secured by a first mortgage upon the prop- erty of the new company, consisting of a large modern machine shop, one of the largest mod- ern brass and bronze foundries in the coun- try, completed in 1918, fully equipped with melting furnaces and patented casting machin- ery, office building, store .rooms, etc. The plant is located in Sandusky, Ohio. The plant. equipment and land were valued in 1919 at over $470,000. Additionally secured by the Millspaush Patents in this country and Canada. Invest- ments to come under this mortgage represent an interest in licensee companies. As of March 23, 1920, no licenses had been received. The Millspaugh mechanical casting processes are used for making bronze castings, particu- larly those of tubular form. The company manufactures machinery for the paper industry in the United States and Canada. Under the terms of the mortgage net quick assets must at all time be maintained at a mmimum of 50% of the amount of bonds put-standingr. The mortgage further re- quires the company to carry insurance on Us property at all times to an amount ex- ceeding the amount of bonds issued and out- standing. Yeaa* ended Dec. 31: Net. 1919 $119,683 Original Market — $270,000 offered by Ham- bleton & Company, Baltimore and New York, at 98 and interest. Market New York — Hambleton & Co. SANDUSKY, FREMONT & SOUTHERN RAIIiWAY CO. (THE) lat 5s. Due July 1, 1936. Dated July 1, 1906. Interest payable Jan. and July 1, at First National Bank, New York, or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 645,000 Reserved for Ext 1,355,000 Denomination — Coupon, $1,000. Registerable as to principal. TFUstee — Union Trust Co., Cleveland. Guaranteed principal and interest by the Lake Shore Electric Ry. Co. by endorsement. Organization and Control — Incorporated in Ohio in 1906. All of the stock is owned by the Lake Shore Electric Ry. Co. Capitalization. Outstanding. Common $2,000,000 Funded debt 645,000 Secured by a first mortgage on 20 miles of electric road from Sandusky to Fremont, Ohio, and forms a part of one of the routes be- tween Cleveland and Toledo and Detroit. The road is built on private right-of-way. Years ended Dec. 31: Gross. Net. Interest. 1920 $151,096 $24,488 $32,250 1919 126,209 27,838 32,250 1918 111,071 17,193 32,250 1917 98,615 25,709 32,250 1916 92.716 31,322 32,250 Original Market — OfEerea In 1912 by Law- rence Barnum & Co., at 91% and interest. Market. New York — Taylor & White. Price Range. Jan. 1, '08, to Jan. 1, '21 1930 Bid. Ask. . Bid. Ask. High 87 '12 95 '08 30 Dec. 32 Dee. Low. 30 '19 32 '20 32 Dec. SANDUSKY (O.) GAS & BXECTRIC CO. 1st Bef. & Imp. 6s. Due Mar. 1, 1945. Dated March 1, 191B. Interest payable Mar. and Sept. 1, at Trustee's oflSce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstandinsr 883,000 Held in S. F 17,000 Reserved for Prior IJens 40,000 Reserved for Ext 1,060,000 Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Fidelity Trust Co., Philadelphia. Redeemable on any interest date or for the sinking fund at 103 and interest. Sinking Fund — Beginning in 1918, annually on Jan. 1, 1% of outstanding bonds, so long as not more than $1,000,000 bonds are out- standing, and 1^% when more than $1,000,- 000 bonds are outstanding, to be applied to the acquisition of bonds. Bonds acquired by the sinking fund are to be held alive and interest added to the sinking fund. Organization and Control — Incorporated in Ohio in 1899 and is controlled through stock ownership by the General Gas & Electric Co. Capitalization. Outstanding. Common $500,000 Preferred (7% cum.) 100,000 .Funded debt 947,000 Management — The W. S. Barstow Mgt. Assn.. Inc., New York. Secured by a mortgage on plants supplying gas and electricity in Sandusky, Ohio. Popu- lation served, about 24,000. Franchises are reported by the company to be without limit as to time. Prior lilen — $40,000 1st 6s of 1929. Years ended Dec. 31: RIDA & WESTERN RAIL- WAY CO. 1st 5s and 6s. Due April 1, 1934. Dated April 1, 1884. Coupon interest pay- able April and Oct. 1, at United States Trust 'Co., New York; registered interest at Safe Deposit & Trust Co., Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. 1205 SAVANNAH GAS CO. 1st 58. Due Sept. 1, 192a. Dated March 1, 1904. Interest payable Mar. and' Sept. 1, at Pennsylvania Co. for Insur- ances on Lives and Granting Annuities. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,750,000 Outstanding: (Jan. 1, '21) 965,000 Held in S. F 382,000 In Treasury 83,000 Reserved for Ext 320,000 Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities. Redeemable at 105 and interest. Sinkine: Fund — Annually, begjinning June 1, 1905, a sum equal to 1^ % of outstanding bonds for their purchase or redemption at not over 10 5 and interest. Bonds acauired are held alive and interest added to fund. Guaranteed principal and interest by the United Gas Improvement Co. Organization — Incorporated In Georgia. Pres- ont name adopted in 1903. The United Gaa Improvenrent Co. is interested in this company Capitalization. Outstanding. Common $550,000 Preferred (5% cum.) 450,000 Funded debt 1.347,000 Secured by a first mortgage on plant sup- plying gas to Savannah, Ga. Market. New York — Dunham & Co. Philadelphia — Bauer, Starr & Co., Henry D. Boenning- & Co., Brown Bros. & Co., El- kins, Morris & Co., Huntoon & Co., McCown & Co., Reed A. Morgan & Co., Morley, Wood & Co., Samuel K. Phillips & Co. Price Ran^re. Jan. 1, '16, to Jan. 1, *31 1930 Bid. Ask. Bid. Ask. High 104 '16 106 '16 96 Sept I^ow. 91 '20 96 '20 91 June 96 Nov. 5s of 1952, under which mortgage bonds are reserved to retire this Issue. Earnings — See Savannah Electric Co. Market. Baltimore — Mercantile Trust & Deposit Co, Boston — Stone & Webster, New York— F. H. Hatch & Co. SAVANNAH - NEW YORK TRANSPORTA- TION CO. iBi 68. Due $17,000 each May 1 and $18,000 each Nov. 1, from May 1, 1917, to Nov. 1, 1926, inclnsive. Dated Nov. 1, 1916. Interest payable May 1 and Nov. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $350,000 Outstanding: (Jan. 1, '21) 190,000 Matured and Paid 140,000 Retired by S, F 20,000 Denomination — Coupon, $1,000. Keglsterable as to principal. Trustee — Fidelity Trust Co., Baltimore. Redeemable at 101 and Interest. Sinking Fund — (In addition to serial pay- ments) Annually, beginninir March 1 , 1918, 10% of net earnings after interest and depre- ciation charges for the purchase of these bonds at not over 101 and interest or call at that price in inverse relation to maturity. Organization — Incorporated In Delaware In 1913 as the Hilton-Dodge Transportation Co. Present name adopted May, 1916. The com- pany is engaged in the business of ocean tow- ing and barge transportation on the Atlantic Coast. Capitalization. Outstanding. Common $350,000 Funded debt 190,000 Secured by a first mortgage on the com- pany's fleet, valued at ^$750,000. The mort- gage provides for adequate Insurance. OrigiuEtl Market — Offered Feb. , 1917, by Mellor & Petry, Philadelphia, at prices to yield from 4.60% to 6%. Market. Philadelphia — Lloyd & Palmer, Samuel K. Phillips & Co. SAVANNAH. THUNDERBOLT & ISLE OF HOPE RAILWAY CO. 1st 48. Due July 1. 1947. Dated July 1, 1897. Interest payable Jan. 1, April 1, July 1 and Oct. 1, at office of Trustee, New York, Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $1,250,000 OntBtandln? 1,000,000 Cancelled 250,000 Denomination — Coupon, $1,000. Keglsterable aa to principal. Trustee— Central Union Trust Co., New York. Assumed by the Savannah Blectrlc Co. Control — Merged Into the Savannah Electric Co. Dec. 1901. Secured by a first mortgage on 19 miles of street railway track In Savannah, Ga., and extending Into the suburbs. Underlies — Savannah Electric Co. 1st Cons. 1206 SA^VYEK BISCUIT CO. 1st 8s. Due $125,- - 000 each Jan. 1, from 1933 to 1930, in- clusive. Dated — July 1, 1920. Interest payable Jan. 1 and July 1 in Chicag-o or New York. Tax Status — 2% Federal Income Tax paid by -company without deduction. Authorized $1,000,000 Outstanding 1,000,000 Purpose of Issue — To increase working capital and provide funds for new plant. Denominations — Coupon, $1,000, $500 and $100, registerable as to principal. ($500 for 1926 to 1930 m.aturities inclusive, and $100 for 1925 and 1930 maturities only.) Trustees — The Peoples Trust & Savings Bank of Chicag-o and John C Armstrong-, Chicago. Redeemable as a whole, or in part in the order of series first maturing, on any inter- est date, upon 60 days' published notice, at 100 plus a premium of % of 1% for each full year or fraction thereof remaining until maturity. Organization — Incorporated in 1901. Com- pany manufactures staple and fancy crack- ers, cookies, sugar wafers, chocolate en- robed goods, etc. Manufacturing plants are located in Chi- cago and New York. In Chicago, the com- pany owns in fee 43,656 square feet of land improved with two modern fully equipped reinforced concrete factory buildings w^ith brick walls, one four stories and one five stories high, having a total of 202,000 square feet of floor space. The company recently purchased a factory site having an area of 60,000 square feet, in Degnon Ter- minal section pf Long Island City. Capitalization Outstanding Common $2,500,000 Funded debt 1,000,000 Secured by a closed first mortgage upon entire property of the company. Under the provisions of the indenture the Company covenants; (a) that it will maintain total tangible assets as therein defined in an amount at least double its total liabilities, includmg these bonds, and, (b) that it will maintain current assets in an amount at least equal to its total liabilities, including these bonds. Original Marlcet — $1,000,000, offered Stpt., 1920, by Halsey, Stuart & Co., New York, Boston, Chicago, etc., at 100 and interest. Market New York — Halsey, Stuart & Co. Chicago — Shapker & Co,, Halsey, Stuart SAWYER-MASSEY CO., LTD., 1st S. F. 6». Due April 1, 1927. Dated April 1, 1912. Interest payable April 1 and Oct. 1, at Canadian Bank of Com- merce, Toronto, Montreal and London. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Outstanding (Jan. 1. '21) $423,484 Held in S. P 376,100 Denomination — Coupon, $100. $500 and $1,000. Keglsterable as to principal or fully registerable. C. & K. Interchangeable. Trustee — National Trust Co., Toronto. Redeemable as a whole at 105 and interest on six weeks' notice, or annually for sinking fund on and after April 1, 1913. Sinldng Fund — Annual payments, beginnlnsr April 1, 1913, sufficient in amount to redeem all bouda outstandlns at maturity, to be ap- plied to the purchase or redemption annually or a fixed amount of bonds at not exceeding 105 and interest. Orsanlzation — Incorporated in Canada in 1910. Capitalization. Outstanding. Common $1,600,000 Preferred (7% cum.) 1,500,000 Funded debt 423,484 Secnred by a first mortgage on plant cover- ing 16 acres of ground at Hamilton, Ont., where the company has been engaged in the manufacture of agricultural engines and road machinery for 81 years. ITears ended Nov. 30: Net. Bond Int. 1920 1223,816 ?32,826 1919 99,282 35.709 1918 def. 141,736 38,667 3917 117,423 50,381 1916 72,208 50,381 *Net loss before interest. Original Market.^$760,000 offered April, 1912, at lOO and interest by the Dominion Securities Corp., Ltd., Toronto, Montreal and London. Market. Toronto — The Dominion Securities Corp.. Ltd. Montreal — National Bond Co., Inc., Hew R. Wood Co. Price Range Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '20 96 '20 90 Dec. 96 Sept. Low. 80 '19 90 '19 80 Aug. 90 Aug. SAYRB ELECTRIC CO. 1st Ss. Sue AprU 1, 1947. Dated April 1, 1907. Interest payable April and Oct. 1. at Girard Trust Co.. Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $750,000 Outstanding 284,000 Held In S. F 34,500 Fledged 12,600 Reserved for Waverly Electric Lt. & P. Co. Bonds 40,000 Reserved for Ext 379,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Tmstee — Miners' Bank of Wilkes-Barre. Pa. Redeemable at 105 and interest on any in- terest date. Sinking Fnnd — $2,500 annually from 1912 to 1917; $6,000 annually from 1917 to 1922, and 1% of outstanding bonds annually thereafter, but not less than $5,000 any year. Organization and Control — Incorporated in Pennsylvania in 1906 and owns the entire capi- tal stock of the Waverly Electric Light & Power Co. Entire capital stock is owned by the General Gas & Electric Co. and the prop- erty managed by W. S. Barstow & Co.. Inc., New Tork. Common $150,000 Capitalization. Outstanding. Funded debt 324,000 Preferred (6% cum.) 100.000 Secured by a first mortgage on plants sun- plying electricity in Sayre, Athens and South Waverly, Pa. Franchise In Athens is per- petual, in Sayre expires in 1957 and in South Waverly in 1942. Years ended Dec. 31: •Gross. Net. Int., etc. 1919 $137,190 $37,168 $20,548 1918 135,876 29,736 20,092 1917 108,334 34,883 17,746 •Includes other income. Listed on the Philadelphia Stock Exchange. Original Market — $210,000 offered in Feb., 19iJ. by Meikleham & DInsmore, New York. Philadelphia and Boston, at 94 and Interest. Market. Philadelphia — Barclay, Moore & Co., E. R. Barnard, Bauer, -Starr & Co., Paul & Co. Price Range Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94 '17 98 '17 75 Apr. 80 Apr. Low. 63 '20 67 '20 63 Dec. 67 Dec. SCHENECTADY St DUANESBURGH RAIL- ROAD CO. Ist 68. Due Sept. 1, 1924. Dated September 1. 1874. Interest payable March and Sept. 1, at Delaware & Hudson Company's ofilce, 32 Nassau Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $500,000 Denomination — Coupon, $1,000, $500 and $100. Trustees — Thomas W. McCamus and Walter T. L. Sanders. Guaranteed as to Interest by the Delaware & Hudson 'Co. by endorsement. Control — Merged into the Delaware & Hud- eon Co. Secured by a first mortgage on 13.71 miles of TOad from Schenectady to Duanesburgh. N. Y. This road forms part ' of a through line between Binghamton. N. Y., and Scran- ton,. Pa., and Saratoga Springs. N. Y., and points north thereof, allowing for freight des- tined for points north of Saratoga to avoid passing through Albany. Underlies — Delaware & Hudson 1st & Ref; 4s of 1943. Bonds are reserved under the latter mortgage to retire this issue. Legal for savings banks in Cal., Conn.. Me., Mass., Mich., Minn., N. H., N. J., N. Y., B. I., Vt. and Wis. Market. New York — Hartshorne & Battelle, Chas. W. Place, Remick, Hodges & Co. Price Range Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 117% '12 118% '12 101% Mar. 10b Mar. Low. 90 '20 100 '20 90 Aug. 100 Aug. 1207 SCHENECTADY (N. Y.) RAILWAY CO. Ut SB, Series "A." Due March 1, 1946. Dated March 1, 1916. Interest payable March 1 and Sept. 1. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In New York. Authorized $20,000,000 Outstanding 2,676,000 Reserved for Corporate Pup- poses ,-744, 000 Issuable for Cash Cost of Ext. r.580.000 Provisions of Issue — Additional bonds in ex- cess of $5,000,000 are issuable for permanent extensions, etc., at not over 80% of cash cost and only when net earnings for 12 con- secutive months of the" previous 14 months have been equal to at least 1% times inter- est charges on bonds outstanding and to be Issued, Denomination — Coupon, $1,000. Registerable as to principal. Tmstee — United States Mortgage & Trust Co., New York. Redeemable at 102^ and Interest on any In- terest date on and after March 1, 1919. Organization and Control — Incorporated In New York in 1896. 60% of the capital stock is owned by the Delaware & Hudson Co. and 50% by New York State Railways, a sub- sidiary of the New York Central R. R. Co. Capitalization. Outstanding. Common $4,100,000 Funded debt 2,676,000 Secured by a first mortg'agre on 115 miles, single track equivalent, of street and Inter- urban railway and including the entire street railway system In Schenectady, N. T.; 9.8 miles double track line to the city limits of Albany; 10.65 miles double track line to Watervliet, and 11.94 miles double track line to Ballston Spa. Also operates 6.46 miles of double track line under traffic agreement with the Hudson Valley Co, from Ballston Spa to Saratoga Springs, and enters Albany and Troy under trackage agreement with the United Traction Co. Total miles operated, 140 single track equivalent. Franchise, with minor ex- ceptions, are without limit in point of time and Interurban mileage is partly over pri- vate right-of-way. Years ended Dec. 31: Gross. Net. •Charges. 1920 $1,905,312 $276,858 $244,008 1919 1,664,282 287,871 242,168 1918 1,427,778 181,652 239,419 1917 1,447,151 462,061 • 236.900 1916 1,329,583 465.109 226,039 ♦Includes taxes, rentals and interest. Original Market — Offered Feb. , 1916, by Perry, Coffin & Burr and Harris, Forbes & Co., Boston and New York, at 101 and inter- est. Market. New Tork — Harris, Forbea & Co., Fred H. Hatch & Co., Lynch & McDermott, Rauscher & Mackay. Boston — Harris, Forbes & Co., Inc. Chicago — Harris Trust & Savings Bank. Price Range Jan. 1, *16, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 101 '16 1021^ '16 70 Aug. 75 Aug. Low. 50 '20 54 '20 50 Dec. 54 Dec. rank ahead of these notes either in security or' priority of payment. The company shall not borrow more than $25,000 without express permission of the Trustee and Wright-Swan & Company. All leases and stocks In other companies now owned or In the future formed or con- trolled are to be deposited with the Trustee. Insurance to the extent of $300,000 to be carried on the President and Vice-President In favor of the noteholders, and deposited with the Trustee for their protection. A nominee of Wright-Swan & Company Is to be placed on the Board of- Directors and to be retaine^i on sair' Boa^rl ns long as any of these notes remain outstanding. The company will not sell or dispose of the fixed property or stock of its subsidiary companies in whole or part, and will not guarantee any loans, notes or leases of other Individuals or companies without the consent of the Trustee and of Wright-Swan & Com- pany. Year ended Dec. 31; Net. 1919 $106,648 Original Market— $300,000 offered Mar., 1920, by Wright-Swan & Co., Denver, Colo., on a 7^% basis. SCHOLTZ MUTUAL DRUG CO. 7% Secured Notes. Due each Feb. 15, as follows: $50,000 1922, $60,000 1923. 1924 and 1925, and $70,000 1926. Dated Feb. 15, 1920. Interest payable Feb. 15 and Aug. 15. in Denver or New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Exempt from Colorado city, county and state taxes. Authorized ,. . .$300,000 Outstanding 300,000 Purpose of Issue — To provide cash payments required in connection with the acquisition of the assets and business of The Scholtz Drug Company, and to provide working capital for the consolidated companies. Trustee — International Trust Company, Den- ver. Redeemable on any interest date at 102 and interest. Convertible par for par into 8% Preferred stock of the company with a bonus of ten shares of common stock with each $100 of preferred stock. Organization — Incorporated In Colorado in 1920 as a consolidation of the Mutual Drug Co. and the Scholtz Drug Co. The con- solidated company owns and operates four- teen stores, of which nine are In Denver and five are located in Northern Colorado at Gree- ley. Loveland, Longmont, Windsor and Brighton. At Greeley the company operates a complete candy factory. It also owns and operates Its own laboratory. Secured by a first mortgage on all the prop- erty of the company now owned or hereafter acquired. Under the provisions of this inden- ture the company covenants as follows: No security shall be issued which shall 120S SCHULZE BAKING CO. 1st 6s. Due as fol- lows : $40,000 each Aug. 1, 1920, to 1922, incl.; $45,000, 1923; $75,000, 1924; $70,000, 1935; $89,500, 1926; $70,000, 1927 and 1928, and $235,500, 1929. Dated Aug. 1. 1914. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by the r-ompanv without deductinn. Authorized $2,000,000 Outstanding (Jan. 1, '21) 735,000 Matured and Paid 200;000 Reserved for Ext 1.065,000 Denomination — Coupon. $100. $500 and $1,000. . Trustee — Fort Dearborn Trust & Savings Bank. Chicago. Redeemable on any Interest date at 102% and interest. Organization — Incorporated in Illinois in 1893. Capitalization. Outstanding. Common $1,565,000 Preferred (7% cum.) 2,000.000 Funded debt 735,000 Secured by a first mortgage on plants of the company located as follows: 4 plants in Chi- cago, 1 each in Kansas City, Cincinnati, Omaha, Grand Rapids, Detroit and Des Moines. Original Market — $ 600.000 offered in July, 1914, by the Ft. Dearborn Trust & Savings Bank, Chicago, at par and interest. Market. Chicago — Fort Dearborn Trust & Savings Bank. SCHUTLKHX & LEHIGH RAILROAD CO. (THE) 1st 4s. Due May 1, 1948. Dated May 2. 1898. Interest payable May and Nov. 1, at Reading Terminal, Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $600,000 Outstanding *600,000 •$109,000 owned by Reading Co. Denomination^ — Coupon, $1,000. Reglsterable as to principal or fully registerable. Trustee — The Pennsylvania Co. for Insur- ances on Lives and Granting Annuities. Phila- delphia. Guaranteed as to principal and Interest by the Reading Company by endorsement. Oi^anization and Control — Incorporated in Pennsylvania in 1880. The entire capital stock la owned by the Reading Co. and the property leased for 999 years to the Philadelphia & . Reading R. R. Co., lease assumed by the Philadelphia & Reading Ry. Co. Rental, $27.- 000 per annum and taxes. Capitalization* Outstanding. Common $600,000 Funded debt 600,000 Secured by a first mortgage on 47.67 miles of road from Reading to Little Run Jet. The road connects at Little Run Jet. with the Le- high "Valley R. R, I.es:al for savings banks in Me., Mich., Minn., N. H., N. J. and K. I. Market. Philadelphia — Henry D. Boenning & Co., Graham, Parsons & Co., Huntoon & Co.. Reed. A. Morgan & Co., Isaac Starr, Jr. & Co. Pri.ce Kange Jan. 1, '19, to Jan. 1, '21 ' 1930 Bid. Ask. Bid. High 84 '19 90 '19 72 May Low. 73 '20 72 May SCHTJlTLKrLL RIVER BAST SIDE RAIL- ROAD CO. 1st 4s. Due June 1, 1925. Dated Dec. 1, 1903. Interest payable June and Dec. 1, at B. & O. office, 2 "Wall St.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $5,000,000 Outstanding 5,000.000 Denomination — Coupon, $1,000. Principal may be registered, or fully reglsterable. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed principal and interest by the B, & O. R. R. Co. by endorsement. Organization and Control — Incorporated In Pennsylvania. The Baltimore &■ Ohio R. R. Co. owns entire $2,500,000 capital stock out- standing w^hlch is subject to the lien of B. & O. Ist Mtge. 4s. Capitalization, Outstanding. Common $2,500,000 Funded debt 5,000,000 Secured by a first mortgage on 9.45 miles of track in and near Philadelphia. This road affords the B. & O. R. R. Co. important ter- minal facilities in Philadelphia and a con- nection with the Philadelphia & Reading Ry., over which passes all B. & O. traffic for New York. Refunding — Bonds are reserved under the B. & O. Ref. & Gen. Mortgage to refund the bonds of this issue. "Legal for savings banks in Conn., Mass. an ft v- liisted on the Philadelphia Stock Exchange. Original Market — Offered in 1903 by Brown Bros. & Co., New York. Philadelphia arid Boston. Market. Philadelphia — Barnes & Lo Aland, Brown Bros. & Co., Elkins. Morris & Co., Wm. W. Fogarty & Co., Graham, Parsons & Co., Harper & Turner, Huntoon & Co., McCown & Co-, J. P. Magill & Co., Reed A. Morgan & Co., Morley, Wood & Co., Parsly Bros. & Co., Isaac Starr, Jr. & Co. Price Range. Jan. 1, '08, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 102^/6 '08 1021/^ '08 92 Nov. 94 Nov. Low. 85 '17 88% '19 87 May 88% Aug. ^ 12 SCIOTO VALLEY & NEW ENGLAND RAI]> ROAD CO. 1st 4s. Due Nov. 1, 1989. Dated Nov. 1, 1889. Interest payable May and Nov. 1. at Bankers* Trust Co.. New York, or at company's office, Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by compny. Authorized and Outstanding. .. .$5,000,000 Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Norfolk & "Western Ry. Co. Control — Merged with the Norfolk & "West- ern Ry. Co. Secured by a first mortgage on 127.46 miles of road from Columbus to Coal Grove. Ohio, near the Ohio River. This road .affords the N. & "W. Ry. an entrance into Columbus, Ohio, and the southern coal fields of that state. Underlies — Norf. & "West. 1st Cons. 4s of 1996, under which mortgage bonds are re- served for the retirement of this Issue; and the Norf. & "West. Div'I 1st Lien & Gen. Lien 4s of 1949. I^gal for savings banks In Cal., Conn., Me., Mass. . Mich. , Minn. , Mo. , N. H. , N. J. . N. Y., R. I., Vt. and "Wis.; and also Balti- more Trust Funds. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., R. W. Pressprich & Co., Prince & "Whitely, Stru- thers & Hiscoe, Vilas & Hickey. Philadelphia — Henry D. Boenning & Co., Brown Bros. & Co., Graham, Parsons & Co., Huntoon & Co., "Wheeler, Elliott & Mann. Price Bange^-N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 103 Apr. 7, '06 77 Jan. 16 Low. 69 July 19, '20 69 July 19 SCIOTO TALLEY TRACTION CO. let Ss. Due Sept, 1, 1923. , Dated Sept. 1, 1908. Interest payable March and Sept. 1, at Harris Trust & Sav- ings Bank, Chicago. 111. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,-000 Outstimdins: 1,4^S.0C\0 Retired by S. F 142,000 Reserved for Ext 2.400,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Harris Trust & Savings Bank, Chicago. Sinking Fund — 1% per annum of bonds outstanding from 1913 to 1917 and 2% per annum thereafter. Organization — Incorporated in Ohio in 1899 and road opened Aug. 1, 1904, Capitalization. Outstanding. Common $1,800,000 1st Pref. (5% cum.) 489,300 2d Pref. (5% cum.) 1,200.000 Funded debt 1.458.000 Secured by a first mortgage on 70 miles of third rail electric railway between Cblumbua and Lancaster and Columbus, Circleville and Chillicothe, Ohio. Population served, Colum- bus, 185,000; remaining territory, 55.000. Practically all the Interurban lines are on private right-of-way and franchises for re- maining lines extend beyond 1923. Years ended Dec. 31: Gross. Net. Interest. 1919 $818,188 $178,620 $73,978 1918 1,023.108 269.287 75,498 1917 744.232 248,887 76.543 I^isted on the Cincinnati Stock Exhange. Original Market — First offered by Harris Trust & Savings Bank, Chicago: N. W. Har- ris & Co., New York and Boston, at 96^ and Interest In September, 1906. Market. New York — Harris, Forbes & Co. Boston — Harris, Forbes & Co., Inc. Pliiladelphia — Huntoon & Co. Chicaffo — Harris Trust & Savings Bank. Price Range, Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Higll 99 '10 101 '09 89 Sept. 95% Sept. Low. 85 '18 88 '20 86 May 88 May SCRANXON & PITTSTON TRACTION CO. iBt 6b. Dae Oct. 1, 1923. Dated Oct. 1, 1893. Interest payable Aug. and Oct. 1, at Merchants' Union Trust Co., Philadelphia. Tax Statas — ^Payment of Federal Income Tax not assumed by company. Tax exempt In Pennsylvania. Aathorized ■ (625,000 Oatstandlng 'SES.SOO •$60,000 owned by American Rys. Co. Denomination — Coupon, $600 and $1,000. Registerable as to principal. Tmstee — Merchants' Union Trust Co., Phila- delphia. Guarantee — The bonds not owned by the Scranton Ky. Co. are guaranteed as to prin- cipal and Interest by that company. Control — ^Absorbed' by Scranton Ry. Co., which is controlled by American Rys. Co. by ownership of entire capital stock. Secured by a first ' mortgage on 13 miles of electric railway connecting Scranton, Pitts- ton and Avoca, Penna. Population served, 176,000. Underlies — Scranton Ry. Gen. 6s of 1920 and 1st & Ref. 6s of 1947. Earnings — See Scranton Ry. Co. Market. Scranton — Weissenfluh & Co. Philadelphia — Wm. W. Fogarty, Samuel K. Phillips & Co. Price Range. Jan. 1, '09. to Jan. 1, '21 1920 Bid. Ask. High 106 "09 112 '09 Not Low. . 96 '18 100 '17 available Secnred by a second lien on practically the entire capital stock, $1,848,750, and the en- tire issue of $5,000,000 1st Mortgage Bonds of the Lackawanna & Wyoming Valley B. R. Co., which company owns 23 miles of double track interurban railway on private right-of- way, from Wilkes-Barre to Scranton, enter- ing the business centers of each city. Popu-- •latlon served, 200,000. The company is re- ported as doing 90% of the passenger business between the two cities. Prior Iiien — $858,000 Lackawanna & Wyom- ing Valley Rapid Transit Co. Coll. Tr. 6s of 1951 secured by a first lien on collateral . mentioned above. Underlies— Coll. Tr. 6s of 1934. Years ended Dec. 31: Gross. Net. Bond Int. 1920 $362,705 $352,665 $207,812 1919 412,819 403,168 208,750 1918 310,243 303,232 209,600 1917 305,489 300,246' 210,000 1916 321,295 316,760 210,000 Original BJarket — $2,000,QOO offered by Har- ris, Forbes & Co., New Tork and Boston, and Perry, Coflin & Burr, Boston, in May, 1914, at 95^ and interest. Market. New York — Fred H. Hatch & Co. Scranton — Weissenfluh & Co. Philadelphia— Henry D. Boenning & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to Jan .1, '21 1920 Bid. Ask. Bid. Ask. High 95 '16 97 '16 70 Aug. 73 Nov. Low. 68 '20 71 '20 68 May 71 Nov. SCRANTON Si WILKES-BARRE TRACTION CORP. 1st Ref. 5s. Due Aug. 1, 1951. Dated July 1, 1913. Interest payable Feb. 1 and Aug:. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. ^ Antllorized $3,000,000 Outstandiner 2,064,000 In Treasury 24,000 Reserved for Prior Liens 858,000 Held in S. F 64,000 Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date at 106 and interest. Sinking Fund — % % of bonds outstanding and reserved for refunding, plus interest on bonds which have been acquired by the fund, is to be paid annually on Nov. 1, beginning 1917, for the purchase or redemption of these bonds at not exceeding 105 and interest. Organization — Incorporated in Virginia in 1913 as a reorganization of the Lackawanna «, Wyoming Valley Rapid Transit Co. fore- closed. Controls the Lackawanna & Wyom- ing Valley R. R. Co. Capitalization. Outstanding. Common $1,600,000 Preferred (7% cum.) ''S'SSS Funded debt ' ' JslO SCRANTON & WIUtES-BARRB TRACTION CORP. Coll. XT. S. F. 68. Due April 1, 1934. Dated April 1, 1914. Interest payable April 1 and Oct. 1 at New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Pennsylvania State tax refunded. Authorized $1,000,000 Outstandiner 954,000 Held in S. F 46,000 Denomination — Coupon, $1,000. Regl^erabla as to principal. Trustee — Guaranty Trust Co., New Tork. Redeemable at 100 and interest' on any in- terest date. Sinking Fund — Annually, comimenclng March 1, 1916, a sum in cash equal to 1% of all bonds issued, or $10,000 in bonds. Interest on bonds held in the sinking fund shall be added to these payments. Fund to be ap- plied to the purchase or redemption of these bonds at not over 100 and interest. Bonds acquired are kept alive. Organization — See 1st Ref. 6b. Secured by a third collateral lien on the securities pledged under the 1st Ref. 53. Prior Uens — $2,064,000 Spranton & Wilkes- Barre Traction Co. 1st Ref. 5s of 1951 and $858,000 Lackawanna & Wyoming Valley Rapid Transit Co. Coll. Tr. 6s of 1951. Earnings — See 1st Ref. 5s. Original Market — $1,000,000 offered April, 1914, by Bioren & Co., Philadelphia, at 9« and interest. Market. Scranton — Weissenfluh & Co. Pliiladelphia — Samuel K. Phillips & Co. Price Ranee. Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 89 '19 63 July 70 July Low. 89 '19 63 '20 70 '20 SCRANTON (Pa.) BliE^TBIC CO. 1st & Bet. (Now 1st) 69. Due July 1, 1937. Dated July 1, 1907. Interest payable Jan. and July 1, at Harris, Forbes '& Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $10,000,000 Outstanding: (Jan. 1, '21) 5,803.000 Retired by S. r 993,000 Reserved for Ext 3,204,000 Denomination — Coupon, $1,000. Regiaterable an to principal. Trustee — ^United States Mortgage & Trust Co., New York. * Redeemable at 110 and interest on any in- terest dale. Sinlcing Fund — 2% annually of outstanding bonds, beginning July 1, 1910. Organization and Control — Incorporated in Pennsylvania in 1907 aa a consolidation. All of the common stock is owned by the Ameri- can Gas & Electric Co., which is controlled by Interests identified with the General Electric Co. In 1913 the S. B. Co. acquired the property of the Economy Light, Heat & Power Co., supplying steam heat in Scranton.^ Capitalization. Outstanding. Common $2,500,000 Preferred (G% cum.) 2,069,000 Funded debt 6,803,000 Secured by practically a first mortgage on the plants supplying electricity in Scranton, Carbondale, Dunmore, Avoca. and other towns In Lackawanna County, Penna. Further se- cured by a first lien on all of the stock and bonds of the Lackawanna Light Co. Fran- chises are perpetual, with one exception, which expires in 1935. Underlies — 10-year 6% secured not^s due Jan. 1, 1931. Years ended Dec. 31; Gross. ' Net. Int., etc. 1920 $3,374,480 $1,029,673 $403,710 1919 2,789,382 975,308 416,976 1918 2,176,873 875,216 397,355 1917 1,686,424 842,392 377,411 1916 1,451,029 808,547 318,137 Original Market — Offered in 1910 by N. W. Harris & Co., New York. Boston, etc., at par and interest, $234,000 offered in Aug., 1912, by Harris, Forbes & Co., New York, N. W. Harris & Co., Boston, and Harris Trust & Savings Bank, Chicago, at 103 and interest. $659,000 offered by Harris. Forbes & Co., April, 1919, at 95 and interest. New York— Fred H. Hatch & Co.,' Hoden- pyl. Hardy & Co., Barle A. Miller & Co. Scranton — .T. H. Brooks & Co., Charles E. Robertson, "Weissenfiuh & Co. Providence — Hornblower & Weelcs. Philadelphia — Barclay, Moore & Co., Barnes & Lofland, Bauer, Starr & Co., Henry D. Boenning & Co., Elkins, Morris & Co., C. Clothier Jones & Co., McCown & Co., Samuel McCreery & Co., J. P. Magrill Co., Reed A. Morgan & Co., Parsly Bros. & Co. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Asli. Bid. Ask. High 102% '12 104 '11 81% July 91% Feb. Low. 76 '20 81% '20 76 Oct. 81% Dec. Year 6% Notes due Oct. 1, 1922, and pro- vide for other corporate purposes. Denominations — Coupon, $1,000 and $500. Registfei^ble as to principal. Tmstee — Bankers Trust Co., New York. Redeemable on any interest date on 60 days' notice at 105 and interest up to Sept. TO. 1921, and on Sept. 30 each year there- after at % point less each year. OTgranization and Control — See 1st & Ref. 5s. Secured by a mortgage on all the property of the company now owned or hereafter acquired. Prior Men — $5,803,000 1st & Ref. 6s. Due 1937. -Earnings — See 1st & Ref. 5s. Original Market — $1,000,000 offered Sept,, 1920, by Edward B. Smith & Co.i and Elkins, Morris & Co., Philadelphia, at 99% and in- terest. aiarket Sci-anton — J. H. Brooks & Co., Charles E. Robertson, "Weissenfiuh Sc Co. Philadelphia — McCown & Co., Reed A. Morgan & Co., Parsly Bros. & Co. SCRANTON (Pa.) GAS * WATER CO. 1st 5s. Due Jan. 1, 1923. Interest payable Jan. 1 and July 1, at First National Bank, Scranton, Pa. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $1,000,000 Denomination — Coupon, $1,000. Beglsterable as to principal. Trustee — ^Lackawanna Trust & Safe Deposit Co.. Scranton, Pa. Redeemable at par and interest any interest date. Organization — Incorporated in Pennsylvania in l854. The company owns all of the entire $1,329,750 stocks of twenty subsidiary water companies, which own plants supplying water in Scranton and numerous communities in that locality, subject to $1,625,000 bonds. Capitalization. Outstanding. Common $4,000,000 Funded debt ♦3,871,000 •Includes $1,625,000 subsidiary bonds. Secured by a first mortgage on plants sup- plying gas in Scranton, Hyde Park, Dunmore. Pa., and other cities and towns in the vicin- ity. Underlies — $600,000 Deb. 6s of 1935, and $640,000 Deb. 6s of 1939. liisted on the Philadelphia Stock Exchange. Market. Scranton — J. H. Brooks & Co., Chas. E. Robertson, \V. D. Runyon, Weissenfiuh & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 • Bid. Ask. Bid. Ask. High 102% '16 103% '16 95 Dec. 96 Dec. Low. 90 '20 97% '18 90 Aug SCRANTON (PA.) BtBCTRIC CO. 10-Year Secured 8s. Due Jan. 1, 19S1. Dated Oct. 1, 1920. Interest payable April 1 and Oct. 1, in New York. Tax Statu.s — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,000,000 Outstanding 1,000,000 Purpose of Issue— To pay off $613,000 S- SCRANTON (Pa.) GAS Si WATER CO. Deben- ture 5s. Due April 1, 1930. Dated April 1, 1900. Interest payable April and Oct. 1, at First National Bank, Scranton, and Lackawanna Trust & Safe Deposit Co., Scranton. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized and Outstanding $400,000 Trustee — Lackawanna Trust & Safe Deposit Co., Scranton. Redeemable at par and interest. Organization — ^See 1st 6s. Security — A direct obligation of the com- pany but not secured by a mortgage. For details see 1st 5s. Market. Scranton — J. H. Brooks & Co., Charlea E. Robertson, Weissenfluh & Co. Price Range. Jan, 1, '16, to Jan. 1, '21 1920 ' Bid. Ask. Bid Ask. High 102^ '16 103 '16 94 Nov. 96 Nov. Low. 90 '20 91 '20 90 Aug. 91 Nov. SCRANTON (Pa.) GAS & WATEm. CO. Deben- ture 5s. Due Jan. 1, 1935. Dated Jan. 1, 1905. Interest payable Jan. and July 1, at First National Bank, Scranton, Pa. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvapia. Authorized and Outstanding $600,000 Trustee — Lackawanna Trust & Safe Deposit Co., Scranton, Pa. Redeemable at par and interest. Orgamzation — See 1st 5s. Security — A direct obligation of tho com- pa,ny, but not secured by a mortgage. For details see 1st 5s. Market. Scranton — J. H. Brooks & Co., Chas. E. Robertson, Weissenfluh & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid Ask. High 102 3^ '16 103 '16 89% July 90 Nov. Low. 87% '20 89 '20 87% Nov. 89 Dec. Secured by a mortgage on 102 miles of street railway in Scranton, ue each Feb. 1, as fol- lows: $64,300, 1921; $51,600, 1922; $88,- 000, 1923; $75,000, 1924, and $337,000, 1925. Dated February 1, 1910. Interest payable J^eb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed Mortgage Outstanding (Jan. 1, '21) $616,000 Balance Retired. Trustee — Mercantile Trust Co., St. Louis. Denomination — Coupon, $500. Registerable as to principal. Redeemable at 102% and interest on any Interest date upon 30 days' notice. Organization — Incorporated in Missouri In 1899. Name changed to Scullin Steel Co. in 1915, a close corporation. Capitalization. Outstanding. Common $1,600,000 Funded debt 616,000 Secured by a first mortgage on plant occupy- ing 100 acres of land in St. Louis, Mo. A rolling mill with a capacity of 10,000 tons per month, and costing about $2,000,000, was built in 1920. Net quick assets must al- ways Tdc at least one-half the amount of out- standing bonds, Yeaxs ended Dec. 31: Net. Interest. 1920 $548,984 ' $35,657 1919 V 883,671 38,830 1918 634,321 41,937 1917 755,825 44,880 Later earnings not reported. Original Market — $600,00,0 offered in March, 910 at 100 and interest by the Mercantile Trust Co., St. Louis; $500,000 offered In Jan- uary, 1913, at the same price. Market. St. r.ouis — Mercantile Trust Co. SEABOARD & ROANOKE RAHiBOAD CO. 1st 5b. Due July 1, 1926. Dated July 1, 1886. Interest payable Jan. and July 1, at office of Blair & Co., 24 Broad St., New York. _ Tax Status— Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $2,600,000 1213 SEABOARD AIR UNE RAILWAY COMPANY. Incorporated in Virginia In 1900 as Seaboard Air Line By. In Jan., 1908, on the application of the company, receivers were appointed, who operated the property until 1909, when, the finances of the company having been read- justed, the property was returned to the com- pany for operation. On Oct., 1915, the Sea- board Air Line Ry. and the Carolina, Atlantic & Western Ry. were consolidated into the Seaboard Air Line By. Co. The company owns 3,393.20 miles of road and operates 3,461.34 miles from Richmond and Norfolk, Va., to Columbia, S. C; Sa- vannah, Ga., and Jacksonville and Tampa, Fla., with branches to Wilmington and Dur- ham, N. C; Atlanta, Columbus and Albany, Ga. : Birmingham and Montgomery, Ala., and numerous points in North and South Carolina, Georgia, Florida and Alabama. Capitalization. Outstanding. Common , $37,019,400 Preferred 23,931,400 Funded debt _ 130,213,600 Years ended Deo. 31: tint. & Gross. Net. Bent. •1919 $6,923,051 $7,228,701 $6,997,377 tl919 41,183,532 2,254,571 386,611 •1918 6,923,278 7,079,253 6,854,762 tl918 38,923,106 4,237,703 579,312 1917 30,345,146 7,629,257 6,775,190 1916 26,184,487 7,889,431 6,277,420 •Corporate account. tFederal account — standard return not in- cluded. j:lncludes interest on Adjustment Ss. SEABOARD AIR LINE RAILWAY CO. — FLORIDA CENTRAL & PENINSULAR RAILROAD CO. 1st (Extended) 6b. Due July 1, 1923. Dated July 12, 1388. Extended at ma- turity July 1, 1918, Interest being Increased from 5%. Interest payable Jan. 1 and July 1 in New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $3,000,000 Outstanding 3,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Secured by a first mortgra&e on 574.18 miles of road. viz. : Miles. Pernandina to Cedar Keyea, Pla 155.70 Jacksonville to River Jot., Fla 209.08 Yulee to Jacksonville. Fla 25.60. Wado to Plant City, Fla 132.94 Drifton to Monticello, Fla 4.38 Tallahassee to St. Marks, Fla 20.35 Wildwood to Tavares, Fla 22.00 Sumterville Jet. to Sumterville, Fla. . 2.23 Silver Spirnga Jet. to Silver Springs, Pla 1.90 Underlies — Florida -Central & Peninsular R. R. lat Ext. 63 o( 1930. lat Cons. Ss of 1943. and Seaboard Air Line Ry. 1st 4s of 1950. Ref. 4s of 1969. Adjust. 6s of 1949. 1st and Cons. 6s of 1945. Bonds are reserved under the S. A. L, 1st and Cons, mortgase to retire thla issue. Ijegal for Baltimore Truat Funds. liisted on the New York Stock Exchange. Original Market — The extension of this is- sue was underwritten June, 1918. by the National City Co. and Guaranty Trust Co., New York, Market. New York — Simon Berg & Co., Sam'I Gold- schmidt, Roosevelt & Son. Philadelphia — Biddle & Henry. Frice Range— N. Y. S. E. Jan. 1, '1», to Jan. 1, '21 1920 High 100% Feb. 28, '19 98 Oct. 15 liow. 90 Nov. 5, '20 90 Nov. 5 SEABOARD AIR MNB RAILWAY CO — At- lanta-BirmiDgham Division Co. 1st 4it. Due May 1, 1933. Dated May 1, 1903. Interest payable March 1 and Sept. 1, at Blair & Co., New York. Tax Statas — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $6,910,000 Denomination — Coupon, $1,000. Register able as to principal. Trustee — Columbia Trust Co., New Yorlt. and Frederick Eldridge. Control — The Atlantlc-Birming-ham Air . Line Ry. was merged into the Seaboard Air Line Ry. in 1909. Secured by first mortgage on 217.57 milea of road, viz. : Miiea Howells (near Atlanta), Ga., to Bir- mingham. Ala 163.21 Rockmart to Cartersville, Ga 22.84 Coal City to Pell City, Ala 8.66 Jacksonville to Tredegar, Ala 3.29 Spurs 19.62 This road affords the Seaboard Air Line Ry. an entrance into the Birmingham coal and iron territory. Also secured on trackage rights over the Western & Atlantic Ry. from Howella to At- lanta, Ga., 3 miles. Underlies — Seaboard Air Line Ry. Ret. 4s of 1969, lat & Cons. 63 of 1946, under which bonds are reserved to retire this issue, and Adj. Income 63 of 1949. Ijisted on the New York Stock Exchange. Market. New York — Simon Borg & Co., Prince & Whitely, Redmond & Co., Vanderhoef & Robinson. Price Range — ^N. T. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High Low. 97 Jan. 24, '06 52 Aug. 23, '20 67 Oct. 30 52 Aug. 23 SEABOARD AIR MNE RAILWAY Ist 4s. Due AprU 1, 1950. Dated April 1, 1900. Interest payable April and Oct. 1, at ofBce of Blalr & Co., 24 Broad St., New Yorlt. 1214 Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized ; '. Closed mortgage Outstanding $12,776,000 Pledged under Ref. Mtge 27,000,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully register- able. Registered, $1,000 and multiples. Trustee — The Continental Trust Co. of Bal- timore. Redeemable on any interest date at par and Interest upon three months' notice. Secured by direct mortgage, on 2.485.44 miles of road, viz. ; A first lien on 279.91 miles — Miles. Acca, Va., to Norlina, N. C 102.10 Hamlet, N. C, to Columbus, S. C 106.88 Frankllnton to Louisburg, N. C 10.00 Montcure to Pittsboro, N. C 11.20 Lawrcnceville to Logansville, Ga 10.33 Belt Jot. to Howells, Ga 8.10 Lewiston, N. C. to Va. State Line 32.30 A second, lien on 1,535.95 miles. Covered by the first lien of the follow- ing: Carolina Cent. 1st Cons. 4s 1949 271.03 Durham & Northern 1st 6s, 1928 41.40 Georgia & Alabama Cons. 63, 1946.... 398.78 Georgia. Carolina & Northern 1st 6s.. 266.10 Raleigh & Augusta Air Line 1st 63. 1926 96. SO Raleigh & Gaston 1st 5s, 1947 98.74 South Bound R. R. 1st 6a, 1941 138.55 Florida Central & Peninaular 1st Cons. 5s. 1943 141.37 Georgia & Alabama Terminal 1st 5a, 1948 8.08 Seaboard &. Roanoke 1st 6s, 192( 81.3^ A third lien on 95.40 miles — Covered by the first lien of the Florida. Cent. & Peninsular lat Extn. 6s, 1930 96.40 A fourth lien on 574.18 miles — Covered by the first lien of the S. A. L.-Fla. Cent. & Peninsular 1st Ext. 63, 1923 674.18 F'lrther secured by deposit with the Trustee of the following securities. Deposited. Issued. Durham & Northern Ry. 1st 6s. 1928 $50,000 $150,000 Georgia & Alabama Ter- minal Co, capital stock 300,000 300.000 Seaboard & Roanoke R. R. Deb. 6a 405,000 690.000 Richmond - Washington Co. capital stock 446,000 2,670,000 Prior Liens — $30,042,000 prior liens as lol- lowa: Carolina Cent. R. R. 1st 4s. 1949 .. $3,000,000 Durham & Northern Ry. 1st 63. 1928 100,000 S. A. L.-Fla. Cent. &. Peninsular R. R. Ist'Ext. 63, 1923 3,000,000 Florida Cent. & Peninsular R. R. Ist Extn. 63, 1930 392,000 Florida Cent. & Peninaular R. R. 1st Cons. 6s, 1943 4,372,000 Georgia & Alabama Ry. Cons, 63, 1945 6.086,000 Georgia & Alabama Terminal Co. 1st 6s, 1948 1,000,000 Georgia. Carolina & Northern Ry. lat 6a, 1929 6,360,000 Raleigh & Auguata Air Line R. R. 1st 6s, 1926 1.000.000 Raleigh & Gaston R. R. lat 6a. 1947 1,200,000 Seaboard & Roanoke R. R, 1st 6s, e Hi^-a' ■••.=•;,• 2,600.000 South Bound R. R. Co. lat 6s. 1041. 2,033,000 Underlies— Ref. 4a, Adj. 6a and lat A Cons. 63 of 1945. Bonda are reserved under the latter mortgage to retire this issue. lilsted on the New York, Philadelphia, Bal- timore and Riclimond Stock Bxchanse's. Market. New York — Simon Borg & Co., Arthur B. Franlc & Co., Prince & Whitely, Struthers & Hiscoe, Vanderhoef & Kobinson, Vilas & Hickey. Price Banse— N. T. S. E. Jan. 1, 'OB, to dan. 1, '21 High 92 Jan. 17, '06 Low. 43% Mar. 2, '08 Stamped. High 90 .Tan. 2, "12 Low. 49% July 8, '20 1920 66 V6 Dec. 14 5B Feb. 18 61 Jan. 13 49%, July 8 SEABOARD AIB UNE BAIIiWAY Bet. 4b. Dne Oct. 1, 1959. Dated Oct. 1. 1909. Interest payable April and Oct. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $126,000,000 Ontstandlne 19,360,000 Deposited nnder Ist & Cong. 6s 36,661,000 *BeBerved for Prior liiens and Extensions 66,898,000 •All bonds so issued will be pledged under the 1st & Cons. 6s of 1946. Denomination — Coupon, $100, $500 and $1,- 000. Kegisterable as to principal only. Registered, $1,000, $5,000, $10,000 and mul- tiples of $10,000. The $500 and $1,000 cou- pon bonds are fully registerable. C. & K. bonds of the denomination of $600 and $1,000 are interchangeable. Trustees — New York Trust Co. and Mor- timer N. Buckner. Redeemable as a whole on any interest date at 105 and interest upon 90 days* notice. Secured by direct mortgage on 3,047.35 miles of road, viz. : A first lien on «78.a8 miles — Miles. Dickinson to Oxford, N. C 4.61 Spence to Great Falls, S. C 21.43 St. Mark's Jet. to Waylonzo, Pla 38.83 Plant City to Welcome, Pla 13.13 Starke to Wannee, Fla 66.76 Early Bird to Dunellon, Pla 14.40 Buda to Norville, Pla 9.84 Sdison Jet. to Agrioola. Pla 1:5.34 Pruitville to Venice, Pla 16.63 Connection with Campe Ky. to Ivernesa, Pla 16.23 Keysville to Nichols. Fla 4.70 Mulberry to Pembroke, Pla 17.16 Bartow to Baynard 22.04 Spurs 30.32 A second lien on 563.50 miles — Covered by the first lien of the following: S. A. L. 1st 4s of 1950 279.91 S. A. L. Atlanta-Birmingham 1st 4s of 1933 283.59 Covered by the first lien of the Florida West Shore 1st 6s of 1934. A third lien on 1,536.95 miles — Covered by the second lien of the S. A. L.. 1st 43 of 1950 1,636.96 A fourth lien on 95.40 miles — Covered by the third lien of the S. A, L. -1st 4a of 1960 9B.40 A fifth lien on 574.18 miles- Covered by the fourth lien of the S. A. L. 1st 4s of 1960 574.18 Also a first lien upon $27,000,000 (of a total issue of $39,776,000) S. A. L, lat 4s of 1950 and a second lien on the securities described under the S. A. L. 1st 4a of 1960. Further secured by a first Hen on lease- hold interest In 67 miles of road from Mel- drim to Lyons, Ga. The mortgage provides that all bonds to be iasued' under the First Mortgage shall be de- posited hereunder. Prior Liens— Subject to $49,482,000 prior liens, viz : , S. A. L. 1st 4s, 1950 $12,775,000 Prior liens thereto 30,042,000 Florida West Shore Ey. 63, 1934. . . 755,000 S. A. L. Atlanta-Birmingham 4a, 1933 '. 6,910,00» These are all closed mortgages and suffi- cient of the 1st & Cons. 6s are reserved to retire them. Underlies— Ad]. 6a of 1949. ■ Bef unding — Bonds are reserved under the 1st & Cons. Mtge^ to retire this issue. Listed on the New York, London and Am- sterdam Stock Exchanges. Original Market — $19,000,000 offered in April, 1911, by Blair & Co. and Ladenburg, Thalman & Co., New York, at 83% and in- terest. Market. New York — Simon iiorg & Co., Hirsoh, Lilienthal & Co., Struthers & Hiscoe. Price Bange — ^N. Y. S. E. Jan. 1, '12, to Jan. 1, '21 1920 High S3 Jan. 2, '12 49 Jan. 19 Low. 36 Dec. 24, '19 36% Dec. 24 SEABOABD AIR LINE BAILWAY Adjust- ment 68. Due Oct. 1, 1949. Dated October 1, 1909. Interest payable, if earned, on Feb. 1 and A-Ug. 1. from Aug. 1, 1910, at office of Blair & Co., 24 Broad Street. New Yprk City. Cumulative from Nov. 1, 1909, and payable in installments of not less than 1 % % . Interest Payment — Interest at the rate of 6% is being regularly paid on this issue. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $26,000,000 Outstanding 25,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Fidelity Truat Co., Baltimore, and Van Lear Black. Bedeemable as a whole at par and interest. If any, on any Interest date upon 90 days' . notice. Secured by a lien Junior to that of the Re- funding Mortgage on the property described under that issue. Prior Liens — 1st 4s, Ref. 4s and prior liens thereto. Interest on the 1st & Cons. 6a is , a charge on the income of the com- pany prior to intereat on this Isaue. Listed on the New York, Richmond, London and Amsterdam Stock Exchanges. Market. New York — Simon j^org & Co., Vanderhoef & Robinson. Pliiladelnhia — .1. W. Thompson & Co. Price Bange — ^N. Y. S. E. Jan, 1, '12, to Jan. 1, '21 1920 High 841/2 Jan. 8, '12 45 Oct. 6 Low. 30 Feb. 14, '20 30 Feb. 14 SEABOARD AIR LINE BAILWAY CO. Ist & Cons. 6s. Series "A." Due Septem- ber 1, 194S. Dated September 1, 1916, Interest payable March 1 and September 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding 27,777,600 Pledged to Secure 7% Notes. 1,500,000 Pledged for Loans 15,443,000 Held in Treasui'y 500 Reserved for Prior Liens.... 72,153,000 Reserved for Ext 183,126,000 . Denomination — Coupon, $100, $500 and $1,- 000. Registerable aa to principal. Regis- tered, $1,000, $5,000, $10,000 and authorized multiples. Coupon and ReBistered Inter- chaneeable. .„„,. Trnstee — Guaranty Trust Co. and William C. Cox. New York. Redeemable as a whole or in lots of not less than $1,000,000 at 107% and interest on any interest date. Secured by a direct mortgage on 416 miles ot road, viz: A first Uen on 416 miles — Miles. Hamlet, N. C, to Hutchinson's Island Line at 264 36 70 of 17 $36,661,000 760,000 30JI00 260,000 260.000 (Savannah). Ga. Connections with A. C. L. Lanes to Georgetown. S. C. Poston to McBee, S. C..:.... Hartsville to Sumter. S. C . . . Lydia to TimmonsviUe. S. C. Also secured by deposit (total issue, $60,611,000) Seaboard Air Line Ry. Ref. 4s. 1969. This mortgage will also be secured on all Ref. 4s hereafter Issued. Also secured by deport of the followins stoclt; Deposited. Issued. Raleigh & Charleston R. R. $674,600 $674,500 Tampa Northern R. R 760,000 Tampa Union Station Co.. 10.000 Tampa & Gulf Coast R. R.. 260.000 East & West Coast Ry 260.000 The Tampa & Gulf Coast and the East & West Coast are subject to prior pledge with the Continental Trust Co.. Baltimore. Prior Uens — The $30,607,000 Seaboard Air Line Ref. 4s. 1959, deposited under this issue are subject to $49,482,000 prior liens. See description of Ref. 4s, 1959. No more of these prior liens may be issued unless t^ey are pledged hereunder and sufficient of these bonds are reserved to retire them at maturity. Sufficient of these bonds are also reserved to retire the following: Tampa Northern R. R, 1st 6s, 1936. $1,268, 000 Macon, Dublin & Savannah ~ R. R. 1st Bs, 1947 1,506,000 Raleigh & Charleston R. R. 1st F, L. 4s. 1966 350.000 Raleigh & Charleston Cons. 4s, 1956 200,000 Listed on the New York Stock Exchange. - Original Market — Offered by the Guaranty Trust Co.. National City Bank and William A. Read & Co., New York, and Harper & Turner, Philadelphia, at 99% and interest in De- cember, 1915, Market. New York — Simon Borg & Co., Dunham & Co., Sam'l Goldschmidt, Hodenpyl, Hardy & Co., T. Hall Keyes & Co., Morton, Lachen- bruch & Co., McClure, Jones & Reed, New- borg & Co., Prince & Whitely, Struthers & Hiscoe, Vanderhoef & Robinson. Philadelphia — Barclay, Moore & Co., J. W. Thompson & Co. Price Range. Jan. 1, '16, to Jan. 1, 'gl 1920 Bid. Ask. Bid. Ask. High 99% '16 100 '16 67% Nov. 61 Jan. Low. 41% '20 42% '20 41% Deo. 42% Dec. Secured hy pledge of $1,500,000 1st & Cons. 6s, due 1945, or In the principal amount ol 133 1-3% of notes outstanding. Original Market— $4,000,000 offered Sept., 1917, by the National City Co. at 98 and In- terest. Market. Uew York — Simon Borg & Co., Vanderhoef & Robinson. SEABOARD AIR MNE RAILWAY CO. Bauip. 4%s, Series "O." Due $103,000 each Jan. and July IS to July 15, 1928, in- clusive. . , ^ Dated July 15. 1912. Interest payable Jan. and July 16, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,060,000 • Outstanding (Mar 1, '21) 309,000 Balance Retired. Denomination — Coupon, $1,000, Trustee — Bankers' Trust Co., New York. Redeemable as a whole at 102% and in- terest on any interest date on 40 days' notice. Secured by an equipment trust agreement on 26 locomotives, 10 passenger coaches, • dining cars, 14 combination passenger and baggage and mail and baggage cars. 3 ex- press cars. 2 steam cranes, 1,000 box cars, 200 coal cars and 25 caboose cars, costing $2,300,681, ot which $240,681 was paid In cash. Legal for savings banks in Ohio. Original Market — Offered In 1912 by Wm. A. Read & Co., New YorK. Market. See Series "S." SEABOAKD AIR LINE RAILWAY Extend- ed 7% Secured Notes. Due Sept. 15, 1923. Dated Sept. 16, 1917. Extended Sept. 16, 1919, for one year; again extended Sept. 15, 1920, holders receiving $750 in cash and $250 in these notes. Interest payable March 1 and Sept. 1, in New York. Tax StatoB — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding 1,000,000 Denomination — Coupon, $1,000, Beglner- able as to principal. TruBtee — Guaranty Trust Co., New York. Redeemable at 100% and Interest aj any time on 30 days' notice. SEABOARD AIR LINE RAILWAY CO. Eaolp. 6b, Series "F." Due $95,000 each Feb.' and Aug. IS to Aug. 15, 19S3, inclusive. Dated August 15, 1913. Interest payable Feb. 16 and Aug. 15. at Blair & Co., 24 Broad St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,900,000 Outstanding (Mar. 1, '21) 476,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Eauitable Trust Co., New York. Redeemable as a whole at 102% and In- terest on any interest date on 40 days' no- tice. Secured by an eauipment trust agreement on 46 locomotives, 10 steel passenger cars, 6 dining cars, 2 express cars, 600 box cars, 250 flat cars and 250 coal cars, costing $2,373,- 282, pf which $473,282 Was paid In cash. Legal for savings banks in Ohio. Original Market — $1,900,000 offered In July, 1913, on a 6% basis by Brown Bros. & Co., New York, Philadelphia, etCj and the Eauita- ble Trust Co. and Kean, Taylor & Co., New York. Market, See Series "S." SEABOARD AIR LINE RAILWAY CO. Equip. 68, Series "Q." Due $72,000 each Jan. 1 and July 1 to July 1, 1924. Dated July 1, 1914. Interest payable Jan. 1 and July 1. In New York and Philadelphia. Tax Statns — ^Payment ot Federal Income Tax not assumed by company. Authorized $1,440,000 Outstanding (Mar. 1, '21) 504,000 Balance Retired. Denomination— Coupon, $1,000. Trustee — Glrard Trust Co., Philadelphia. Guaranteed principal and interest by the Seaboard Air Line Ry. Co. by endorsement. Secured by an equipment trust agreement on 45 steel pasaenser cars, 325 steel under- frame ventilated box cars and 25 locomotives, costine $1,600,000, of wblcb $160,000 was paid in cash. Legral for savings banks in Ohio. / Orlslnal Market — $1,440,000 offered in June, 1914, by Harris, Forbes & Co., New York; N. W. Harris & Co., Boston, and Harris Trust & Savings Bank, Chicago, on a 3%% to 4.56% basis for 1916 to 1917 maturities and on a 4.60 basis for other maturities. Market. See Series "S." SEABOARD AIR lilNB BAILWAT CO. Eanip. Tr. 4%s, Series "R." Dne $36,- 000 semi-annually each Jan 1 and July 1 from Jan.. 1917, to July 1, 1926, iu- clnsive. Dated July 1, 1916. Interest payable Jan. 1 and July 1, in New York and Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $600,000 Outstandingr (Mar. 1, '21) 275,000 Balance Retired. Denomination — Coupon, $1,000^ Reglster- abel as to principal. Guaranteed principal and Interest by the Seaboard Air Line Ry. Co. by endorsement. Secured by an eauipment trust agreement on 6 mountain type locomotives, 16 all-steel express cars, 60 steel frame, steel underframe caboose cars, 2 steel electric motor cars and 6 all-steel dining cars costing about $600,000, of which the company paid $90,000 in cash. IiC^al for savinsrs bank.=5 in Ohio. Original Market — $500,000 offered June, 1916, by Harris, Forbes & Co., New York and Boston, at prices to yield from 3.50% on first maturity to 4.46% on last eleven maturities. Market. See Series "S." Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorized $360,009 Uutatandlng '350,000 •$42,000 owned by the Reading Co. Denomination — Coupon, $1,000 and $X00> Regiaterable &s to principal. Trustee — Girard Trust Co., Philadelphia. Control — Absorbed by the Atlantic City R.. R. Co., which is controlled by the Reading Company through ownership of practically the entire capital stock. Secured by a first mortgage on 68.15 miles of road, viz; Miles. Wlnslow Jet. to Cape May, N. J 55.80 Tuckahoe to Sea Isle City, N. J 12.36 This road affords the Reading System ac- cess to the seashore resorts of New Jersey- south of Atlantic City. Underlies — Seacoast K. R. Series "A" Gen. 6s, Series "B" es of 1948, and Atlantic City R. R. 1st Cons. 4s of 1951. Bonds are re- served under the latter mortgage to retire, this issue. Iiccsl for savings banks in Me, Market. Philadelphia — Biddle & Henry, Parsons & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 Bid. Ask. High 111 '16 114 '10 Low. 85 '18 103 '13 SEABOARD AIR LINE RAILWAY CO. Eanip. Tr. 6s, Sertes "S." Due 580,- 000 each June 1 and Dec. 1 from June 1, 1918, to Dec. 1, 1927, Inclusive. Dated Deo. 1, 1917. Interest payable June 1 and Dec. 1, in New York and Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,200,000 Onstanding: (Mar. 1, '21) 840,000 Balance Retired. Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Commercial Trust Co., PhiladeU phia. Guaranteed principal and interest by the Seaboard Air Line Ry. Co. by endorsement. Secared by an equipment agreement on 16 Mallet type and 10 Santa Fe type locomotives, costing $1,718,730, of which the company paid $618,730 in cash. I.pffal for savings banks in Ohio. Original Market — $1,200,000 offered Decem- ber, 1917. by the Guaranty Trust Co. and the National City Co., New York, at prices to yield from 6%% to 7% for various maturi- ties. Market. New York— Simon Borg & Co., Stillman & Co., Freeman & Co. ^^ „ , Philadelphia— Biddle & Henry, Graham, Parsons & Co. SEACOAST RAILROAD CO. Prior Lien Ss. Due AprU 1, 1948. Dated April 30, 1898. Interest payable April and Oct. 1, at Reading Terminal, Phila- delphia. Graham-^, 1920 Bid. 90 Apr. 85 May SEARS & NICHOLS CANNING CO. (The) 1st S. F. 8s. Due AprU 1, 1929. Dated April 1, 1921. Interest payable April 1 and Oct. 1 at Otis Safe Deposit Co., Cleveland, and The Ohio Savings Bank &- Trust Co., Toledo, and the Central Trust Co. of Illinois, Chicago. Tax Status — 4% Federal Income Tax paid by the company. Authorized $750,000 Outstandinjf 750,000 Purpose of Issue — To provide working- capital. Denominations — Coupon, $1,000, $500 and $100; registerable as to principal, Trustee — Ohio Savings Bank & Trust Co., Toledo. Redeemable annually at the following- prices and interest on and after Oct. 1, 1922; at 104%; Oct. 1, 1923, 104y2; Oct. 1, 1924, 104 1^; Oct.'l, 1925, 104; Oct. 1, 1926, 103%; Oct. 1, 1927, 103%; Oct. 1, 1928, 103^4. Sinking I^Sind — Annually beginning Oct. 1, 1922, amounts sufficient for the purchase or redemption of these bonds as follows: $50,- 000 Oct. 1, 1922 at hot over 104%; $50,000 Oct. 1, 1923at not over 104%; $76,000 Oct. 1, 1924 at not over 104%; $76,000 Oct. 1, 1925- at not over 104; $100,000 Oct. 1, 1926 at not over 103%; $100,000 Oct. 1, 1927 at not over 1031/2; $150,000 Oct 1, 1928 at not over 103%. Organization — The company is a consoli- dation of plants and properties of the C. E. Sears Company, established in 1873, the Sears & Nichols Company established in 1887, and the Scioto Canning Company, es- tablished in 1900, and has recently pur- chased the plants and properties of the J. T. Polk Company, Indianapolis, Ind., estab- ' Wished in 1873, making tlie. Company the largest canners of vegetables exclusively. In the United States. Its products include Tomatoes, Corn ,Peas, String Beans, Kidney Beans, Lima Beans, Beets, Succotash, Chili Con Came, Hominy, Pumpkin, Spinach, Sweet Potatoes, Kraut, Tomato Catsup Chili Sauce and Oven-Baked Beans. Capitalization. Outstanding. CJommon $985,760 Preferred 1,090,900 Funded debt 975,000- 1217 . ^cnred by a first mortgage on all the property .of the company. Under the pro- visions of the indenture the company cove- nants! -as follows: . . The Trust Deed provides that no dividends tshall be paid on the common stock unless, after payment of all bond interest and Sink- ing Fund, preferred stock dividends and such common stock diivdends. Net Current Assets shall equal 100% of the amoufit of bonds then outstanding. The Trust Deed provides that fire insurance payable to the •Oiiio Savings Bank & Trust Company, To- ledo, Ohio, Trustee, to be carried in the amount of $1,500,000. Quarterly statements and annual audits shall be furnished to the Ohio Saving's Bank & Trust Company, To- ledo, Ohio, Trustee, and to Otis & Co., bankers, Cleevland, Ohio, and Powell, Ga- xard & Co., bankers, Chicago. The properties of the company include 19 plants located -in the North Central Belt, ,,at Amaaida, Ashville, Canal Winchester, Chilli- cothe, Circleville, Frankfort, Morrall, Stouts- ville and Washington, C. H., Ohio; Arling- ton, Barlow, Columbus and Wicklilfe, Kenr tucky, Dupont, Grennwood and New Casitle, Indiana; and Pentwater, Michigan. General dffiicBS, ChiUicothe, Ohio. The properties are appraised as follows: X.aJid $142,121.82 Uuadtnss ' 1,080,641.74 Eqiii^m-ent 1,282,057.42 'Total $2,504,820.98 TTnderlies - Outstanding 2nd 8s $225,000 XMffinal Market — $750,000; offered April 1, 1921, by Powell, Garard & Co.. at 9 9 Mi and interest, and Otis & Co., Cleveland. «KARS ROEBUCK CO. 1st 7s. Due 1921 to 1923, as foUows: $16,500,000 Oct. 15, :i921; $16,500,000 Oct. 15, 1922; $17,000,- OOO Oct. 15, 1923. Dated Oct. 15, 1920. Interest payable Aprii 15 and Oct. 15, in New York at the Ohase National Bank, or in Chicago, at the SFirst National Bank. Tax Status — 2% Federal Income Tax paid fcy company without deduction. Authorized (Outstanding: iPiLrpose of Issue — To reduce current in .$50,000,000 . 50,000,000 ^ebtedness. Denominations — Coupon, $100, $500, $1,000; registerable as to principal. S'rustee — Chase National Bank, New York. Redeemable on 60 days' notice on Oct. 15, 1.921, or any interest date thereafter at a premium of 1% for the two-year notes vrhenever redeemed and for the three-year ■notes of 2% if redeemed on Oct. 15, 1921, of 1%'% if redeemed on April 15, 1922, and of T% if redeemed thereafter. Ors'anization — Incorporated in 1906 in rWew^ York as successor to an Illinois cor- 'poration of the same name — the latter firm established in 1884 — Company carries on a large mail order business — Company's main -warehouses located in Chicago, Dallas, Se- sattQe, Philadelphia. '^Capitalization Outstanding Common ^^^lii^ ... Preperred '(7% cum.) 8,000,000 Funded d^m 50,000,000 Secnrity — A direct obligation of the com- pany but not secured by a mortgage. Under the -provisions of the indenture the company covenants to maintain quick assets to an amount equal to at least 1^ times all liabilities, including these notes, and mot to create any mortgage or other lien ex- cept purchase money mortgages, upon any assets of the company. Years ended Dec. 31: Gross. *Net. 1920 $233,856,872 $12,334,006 1919 233,982,584 24,952,444 1918 191,665,829 23,262,892 1917 165,897,608 19.002,811 *After Interest. Original Mai'ket— $50,000,000 offered Oct., 1920, by a syndicate composed of Chase Se- curities Corp., Goldman, Sachs & Co., Leh- man Bros., of New York, and A. G. Becker & Co., First Trust & Savings Bank, Conti- nental and Commercial Trust and Saving's Bank, Illinois Trust & Savings Bank, of Chicago, 111., at prices ranging from 99.20 to 98.41, according to maturities. Mai'ket New York — Ames, Emerich & Co., J. S. Bache & Co., T. Hall Keyes & Co., Salomon Bros. & Hutzler, Seasongood, Haas & Mac- donald. Rock Island — Litten & Roberts. X-ouisville — Block, Fitter & Co., Hilliard & Son. Detroit — Joel Stockard & Co., Lerchen & Co. Grand Rapids — Corrigan Co., Perkins. Everett & Geistert. Buffalo— N. A. MacDonald & Co. Boston — Curtis & Sanger. Pittsburgli — Continental Trust Co., Moore, Leonard & Lynch, Dernier — Bankers Trust Co. Kansas City, Mo. — W. S. Sylvester Invest- ment Co. Pliiladelphia — Blkins, Morris & Co., Reed A. Morgan & Co. Chicago — John Burnham & Co., Blair & Co., Curtis & Sanger, First Trust & Savings Bank, Henry S. Henschen & Co., Illinois Trust & Savings Bank, Merchants Loan & Trust Co., Tilden & Tilden, Union Trust Co. Cincinnati — Fifth Third National Bank. St. Louis — Mark C. Steinberg & Co. Cleveland — Prichard-Casler Co., Stanley & Bissell. Los Angeles — Stevens, Page & Sterling. Erie — Charles Messenkopf & Co. Salt Lake City- — Palmer Bond & Mortgage Co. Milwaukee — Ames, Emerich & Co. J. J. B, Wattling, Hilliker, SEATTLE CONSTRUCTION AND DRY DOCK CO. 1st & Gen. 6s. Due Jan. 1, 1922. Dated January 1, 1912. Interest payable Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $1,250,000 Outstanding ■. . . 1,000,000 Cancelled 150,000 Beserved for Ext 100,000 Denomination — Coupon, $1,000 and $100. Res:isterable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 102 1^ and interest on any in- terest date on six weeks' notice. Control — Incorporated in New Jersey in 1911. On May 31, 1918, the property of this company was purchased by the United States Shipping Board Emergency Fleet Corporation. Secured by a first mortgage on a new dry- deck and second mortgage on remainder of plant at Seattle, Wash., where the company is engaged in shipbuilding. Prior Lien — $1,500,000 Moran & Co., 4%s of 1926. Original Market — $1,000^000 offered in Feb., 1912, by BertrcMi, Griscom * Jenks, New York and Philadelphia, at par and interest with a bonus of B0% in common stock. Market. New York— Fred H. Hatch & Co. Seattle — Oscar P. Dix Co. Philadelphia — Bauer, Starr & Co. 1218 Price Ranee. Jan. 1, »16, to Jan. 1, '31 Bid. Ask. High 96 '19 97 '18 Low. 83 '20 87 '20 1930 Bid. Ask. 85 Apr. 92 Mar. 82 Dec. 87 Dec. SBATXJuE ELiECTKIC CO (THE) 1st S. F. 5s. Due Feb. 1, 1930. I>ated February 1, 1900. Interest payable Feb. and Ausr. 1. at Trustee's ufflce. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage OntstanOinsr (Jan. 1, '21) ?3,445,O0O Held in S. F 1,555,000 Denomination — Coupon, $1,000. Registerablo as to principal. Trustee — Boston Safe Deposit & Trust Co., Boston. Redeemable at 110 and interest on any in- terest date. Sinking Fund — 1% annually of bonds cer- tified, payable Feb. 1st. Assumed by the Fuget Power & Light Co. (successor to Puget Sound Traction, Light & Power Co. Control — Absorbed by the Puget Sound Traction, Light & Power Co., which company was reincorporated March 22, 1920, as the Puget Sound Power & Light Co. Secured by a first mortgage on plant supply- ing electricity in Seattle, Wash., and on 193 miles of street railway track in Seattle and vicinity. Power is obtained from a hydro- electric plant not covered by this mortgag-e, but this mortgage is secured on four steam generating plants. Railway franchise expires in 1934, electric franchise in 1952. Substituted Security — ^The Railway lines in the city of Seattle, covered by the second lien of this mortgage, were sold to the City of Seattle, March 31, 1919. Substituted security is City of Seattle 5% Serial bonds. Underlies — Cons. & Ref. 5s of 1929, and Puget Sound Power & Light Co. Gen. & Ref. Mtge. under which bonds are reserved to retire this issue. Earnings — See Puget Sound Power & Light Co. Gen. & Ref. Mtge. Listed on the Boston and Louisville Stock Exchanges. Original Market — Offered in 1900 at 98^ and interest by Lee, Higginson & Co., Boston, New York, etc. Market. New York — Dunham & Co., Sam'l Gold- schmidt, Hartshorne & Battelle, Fred H. Hatch & Co., Watson, Armstrong & Co. Boston — L. Sherman Adams, Blodget & Co., Coffin & Burr, Curtis & Sanger, Moore & Cabot, Stone & Webster. PhiladelpMa — Elkins, Morris & Co., Gra- ham, Parsons & Co., Samuel McCreery & Co. Price Range. Jan. 1, *09, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 106 '09 1071/^ '09 87 Jan. 92 Jan. Low. 78 '20 83 '20 78 Oct. 83 Aug. SBATTIiB ELECTRIC CO. (THE) Cons. & Ref. S. F. 5a, Doa Aus. 1, 1989. Dated August 1, 1907. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding (Jan. 1, '21) $5,442,000 Held in S. F 993,000 Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. C. & R. Interchangeable. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on any In- terest date in amounts of not less than $600,- 000 or smaller amounts for sinking fund. Sinkmg Fund— On and after Oct. 1, 1909, 1% annually of the total amount of outstand- ing bonds to be used in purchasing these honaw Sit not over 105 and interest. Assumed by the Puget Power & Light Co. (successor to Puget Sound Traction, Light & Power Co.). Control — See 1st 5 s. Secured by a mortgage junior to that secur- ing the 1st 53,' on the property described under that issue above. Further secured by a first lien on all of the stock of the Puget Sound Power Company which owns the hydro -electric plant supplying the company with power, and on all of the stock of the Seattle-Everett Traction Co. , which owns 6 miles of inter- urban railway between Seattle and Everett, Wash., principally on private right-of-way. The railway franchises expire in 1934, and the electric franchise in 1952. The Seattle- Everett interurban line- is chiefly on private right-of-way; none of its franchises expire before 1950. Substituted Security — See 1st S. F. 5s. Prior Liens — $3,573,000 Seattle Electric Co.. 5s of 1930, $335,000 Seattle Ry. Co. 5s of 1921 and $2,841,000 Puget Sound Power Co. 5s of 1933. Underlies — Puget Sound Power & Light Co. Gen. & Ref. Mtge. under which bonds are reserved to retire this issue. Earnings — ^See Puget Sound Power & Light Co. Gen. & Ref. Mtge. Original Ma.rket — $1,500,000 offered in June, 1907, by Lee, Higginson & Co., N. W. Harris & Co., Inc., and Bstabrook & Co., New York, at 92 % and interest ; $2,500,000 offered in May, 1908, by the same firm at 9 3 14 and interest, and $2,721,000 offered in Jan., 1911, at 98% and interest. Market. New York — Dunham & Co., Sam'l Gold- schmidt, Hartshorne & Battelle, Fred H. Hatch & Co., Earle A. Miller & Co. Providence — Hornblower & Weeks. ' Boston — L, Sherman Adams, Blodget & Co., C. E. Denison & Co., Moors & Cabot, Stone & Webster. Philadelphia — McCown & Co. Price Range, Jan. If '09, to Jan. 1, Bid. Ask. High 99% '09 101 '17 Low. 75 '20 77 '20 21 1920 Bid. Ask. 85 May 88 Jan. 75 Oct. 77 July 1219 SEATTUE XIUQCTRIC CO. — Seattle-Everett 1st 5s. Ihie March 1, 1939. Dated March 1, 1909. Interest payable Mar. and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed Mortgage Outstanding (Jan. 1, '21) $2,823,000 Held in S. F 277,000 Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000 and $10,- 000. C. & R. interchangeable. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on any In- terest date on 30 days' notice. Sinking Fund — Annually, commencing March 1, 1914, 1% of outstanding bonds for the pur- chase or redemption of these bonds at not over 105 and interest. Bonds acauired to be kept alive and interest added to fund. Guaranty — The Pacific Northwest Traction Co. has agreed to pay the principal, interest and sinking fund payments on these bonds, and has mortgaged its entire property as se- curity. Assumed by the Puget Sound Power & Light Co. (successor to Puget Sound Traction, Light & Power Co.). Control — ^Absorbed by the Pacific Northwest Traction Co., which company has been merged into the Puget Sound Power & night Co. Management — Stone & Webster Management Assn. Secured by a first mortgage on 65 miles of interurban railway from Seattle to Everett, Wash., and from Bellingham to Mt. Vernon and Sedro-Wooley, Wash. Further secured by a first lien on the $200,- 000 (entire issue) capital stocli; of the Pueet Sound International Ry. & Power Co., ana $600,000 (entire outstanding) Cons. 6s of 1941 of the Everett Hy., Light & Water Co., which latter company owns the local street railway In Everett, and plants supplying that city with electricity and water. Franchises in Everett expire in 1944 and 1950, inBellinghaniin 1941. Underlies — Puget Sound Power & Light Co. Gen. & Ref. Mtge. Kamings — See Puget Sound Power & Light Go. Gen. & Ref. Mtge. Original Markert — $1,600,000 offered in April, 1909, by Lee, Higginson & Co., New York, Boston, etc., at 98^ and interest; $l,600,00l( offered by same firm in May, 1911, at 98 and interest. Market. New York — Dunham & Co., Sam'l Gold- schmidt, Fred H. Hatch & Co., Earle A. Miller & Co. Boston — L. Sherman Adams, Stone & Webster. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98% '10 100 '09 75 Jan. 82 Feb. Low. 63 '20 70 '20 63 July 70 June SBATTtE lilGHTING CO. Bef. 68. Due Oct. 1, 1949. Dated October 1, 1909. Interest payable April and Oct. 1, at Harris, Forbes & Co., New York, or at Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $10,000,000 Outstanding: (Jan. 1, '21) 6,976,600 Retired by B. I" None Reserved for Prior Liens 358,000 Reserved tor Ext 3,666,500 Provisions of Issue — ^Additional bonds issu- able for 80% of cash cost of improvements provided net earnings are 1% times interest charges on outstanding bonds of this issue, in- cluding those to be issued and also including underlying bonds. l>eQoniination — Coupon, $500 and $1,000. Registerable at to principal. Trustee — Harris Trust & Savings Bank, Chi- cago. Kedeemable at 102% and interest on any interest date. Sinking !Fand — $100,000 per annum from 1910 to 1915, to retire bonds of this issue, or to reimburse the company for expenditures on account of permanent extensions and ad- ditions, for which no bonds may be issued. Organization — Incorporated in Washington in 1904. Capitalization. Outstanding. Common $3,000,000 Preferred (6% cum.) 1,000,000 Funded debt 8,559,600 Secured by a second mortgage on plant sup- plying gas to Seattle, Wash., and vicinity. Franchises perpetual in Seattle: to 1951 In Ballard. Prior liiens — $358,000 1st 5s of 1944. Underlies— $2,226,000 1st 6s of 1944. Xears ended Deo. 31: Bond (jross. Net. Interest. 1920 $2,013,580 $499,417 $473,350 1919 1,736,293 447,612 441,842 1918 1,666,535 649,917 412,046 1917 1,113,754 497,183 404,812 1918 1.016,59a .490,102 402,522 Original Market — $1,200,000 offered In Dec. 1909, at 97 Vi and interest; by N. W. Harri* & Co., New York and Boston, and the Harris Trust & Savings Bank, Chicago; $107,000 of- fered in February, 1915, by the same firms at 91^ and interest. Market. New York — Harris Forbes & Co., Glidden. David & Co. Cbicagro — Harris Trust & Savings Bank. Boston — L. Sherman Adams, Chas. A. Day & Co., Harris, Forbes & Co., Inc. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96 '11 98 '11 78 Nov. 82 Jan. Low. 63 '20 65 '20 63 Aug. , 65 Nov. SEATTIiE UGHTING CO. 10-Year Gen. S. F. 78. Dae Jnly 1, 1929. Dated July 1, 1919. Interest payable ta,n. 1 and July 1, at Central Trust Co. of Illinois. Chicago, or at First National Bank, New York. - 1 Tax Status — 2% Federal Income Tax paia by the company without deduction. Antborized $2,260,000 Ontstandlngr (Jan. 1, '21) 2,225,000 Retired by S. F 25,000 Purpose of Issue — To retire $2,000,000 De- benture 6s due Jan. 1, 1920, and for corpo- rate purposes. Denomination — Coupon, $1,000 and $600. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 101 and interest on any Interest date upon 60 days' notice. Sinking Fund — Annually, an amount suffi- cient for the purchase or redemption of at least $26,000 bonds of this issue. Bonds so acquired to be cancelled. Organization — See Ref. 6 s. Secured by a general mortgage on all the property of the Company. Prior liien— Outstanding. 1st 53 1944 $358,000 Ref. 6s 1949 6,976,500 Earnings — See Ref. 6s. Original Market — $2,250,000 offered July. 1919, by H. T. Holtz & Co., Chicago, at am, and interest. Market Philadelphia — Arthur J. Bender. Clilcago — H. T. Holtz & Co. Price Rangre Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Ask. High 96 '19 98% '19 96% June Low 89 '20 89 Nov. 1220 SECOND AVENUE RAULROAD CO. (NEW YORK, N. Y.) 1st Cons. Ss. Due Feb. 1, 1948. Dated Jan. 20, 1898. Interest payable Feb. and Aug. 1, at Trustee's office. Default — Aug. 1, 1908, and subseauent In- terest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,000,000 Outstanding 6,631,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by tht Metropolitan Street Ry. Co. by endorsement. The latter company was foreclosed and its properties taken over by New York Railways Co. Dec. 31, 1911. Organization — Incorporated in New York In 1853. Leased in 1898 to the Metropolitan St. Ry. Co. Lease was not assumed by the New York Railways Company. Placed in receiver's hands In 1908. Secured by a second mortgage on 14 miles or street railway, of which 12 miles are dou- ple-tracked. The road extends from the Har- lem River at 129th St. on 2nd Ave. to Hous- ." ?'■ '° Chrystie St. (continuation of 2nd Ave.) -to Grand St. to the Bowery to Worth ?oy*i:°o,^''°^'^™'^5'| *™"" *!>« Harlem Elver at l.S6th St. on 1st Ave. to 69th St., with track- age to 2nd Ave.; from 92nd St. on Avenue A to 86th St. to 2nd Ave. and on Stuyvesant St. and Astor Place from 2nd Ave. to Broadway and all real estate and eauipment. The Sec- ond Ave. Elevated Line parallels the road on Second Ave. from 129th St. to 23rd St. Con- nection is made at 92nd St. and Ave. A with the Astoria Ferry for Long Island. The franchises are perpetual. The Public Servloo Commission of New York, Ist Dist., has placed a value of $5,750,000 on the property of the company as follows: Railway lines 53,616,000, real estate $1,690,000 and e^^ to the purchase or redemption of theso Oen. 6s. • bonds at not over 106 and Interest. Bonds ^J^?*^ T ^^^ Philadelphia and Baltimore acquired to be cancelled. Stock Exchanges. v„uuio Organization — Incorporated In West Vlr- Market. ^'"'a '« 1909. New York— Morton, Lachenbruch & Co ^ Capitalization. Outstanding. Philadelphia— Barnes & Lofiand, Henry D ^ommon $800,000 Boepning & Co., McCown & Co. ' Preferred (7% cum.) 760,000 Pittsburgrh — Moore, Leonard & Lynch, Ed- l^unded debt 663,000 ward A. Owens & Co. Secured by a first mortgage on 160 acres Price Range. °' cement and shale rock lands, and 160 Jan. 1, '08, to Jan. 1, '21 1920 ^rSl.vf,,.^^ w'°?r^' '^°'^' ^°^ cement plant Bid Ask Bid Ask Berkeley. W. Va. High 107 '08 107%' '10 63%'Dec. 55 Sept. Underlies— $366,000 2nd 6s of 1932. Low. 60f. '18 65 f. '18 48 Nov. ,„?"*'""■ Marked— $660,000 offered Dec. "OS' by^J- S. Wilson, Jr.. & Co., Whetan, _ „„ «»„„ „ . „ ^■'. " Lanahan (now Lanahan & Co.), and BECUBITIES CO. OP NEW YORK Cons. 4b. Hambleton & Co.. all of Baltimore at 98% Series "A" and "C." and interest, with a bonus of 30% common Dated Sept. 1, 1899. Interest payable stock of the company. March 1 and September 1. at Company's Market, office, 24 Broad St., New York. Baltimore — J. s. Wilson Jr & Co Tax Status — Payment of Federal Income Price Range. ' Tax not assumed by company. Jan. 1, *ie, to Jan. 1, *2i 1920 Anthorized — ^An amount eaual to 6 times Bid. ^I^j the amount of capital stock. -"'fh 95 '18 54 j^^ Ontstandlng $3,000,000 ^ow. 90 ig 94 Nov. Denomination — Registered. $100, $600 and ■ . $1,000. SELZNICK CORPORATION 10-Year 8% Redeemable as a whole at 106 and inter- \o^- Tr. .s. p. Notes. Due Jan. 1, 1931. est on any interest date. , »„rt t ,i„ ?' 1' n"^}' i"t<=res,t payable Jan. Organization— Incorporated In New York In ^ ^""^ Vt' tn«^'^ i? S ^.'".^■'"'a. New York. 1899 and absorbed the Eaultable Securities t,y^'^L%f^^^^''' J.^.T leauSil^.'"'' ^"'^ Co. .^ . . ,. Authorized S2 ono nnn Capitalization. Outstanding. Outstanding .2 000000 Common $1,700,000 Denomination — Coupon $1,000, $500' and Funded debt 3,000,000 $100. " • . *■)"" ana 1222 Trustee — The York. Bank of America, New Redeemable on 30 days' notice as follows: 105 on or before Jan. 1, 1922; 104^4 after Jan. 1 192 2and before Jan. 1, 1923; and thereafter at 104 less H of 1% for each calendar year elapsingr subsequent to the calendar year 1923; plus interest in each instance. Sinkingr. Fiind— Annually, on or before January 1, 1922, and each succeeding year plus or net earnings $100,000, which, to- gether with all interest received thereon,' shall remain on deposit with the Trustee until used for the purchase, redemption, re- tirement or payment of these Notes. Organization — Organized in 1916. Controls through entire stock ownership the Selznick Pictures Corp., Select Picture Corp., Republic Distributing Corp., Select Pictures Corp., Ltd., of Canada, Selznick Studios, Inc., and CKY Film Corp. The Company and its sub- sidiaries produce and distribute motion pic- tures. Capitalization. Outstanding. Common (no par) 662,000 shs. Funded debt $2,000,000 Secnred by pledge of not less l^han 51% of the capital stock of Select Pictures Corp., Selznick Pictures Corp., Republic Distribut- ing Corp., Selznick Studios, Inc., CKT Film Corp, and Select Pictures Corp., Ltd. The Company agrees to maintain net cur- rent assets in an aggregate amount equal to at least twice the aggregate principal amount of these Notes at any time out- standing. 9 months ended Oct, 3: Net. 1920 $1,155,319 Original Market — $2,000,000 offered Jan., 1921, by Utica Investment Co., Utica, N. T., at 100 and interest. Price Bance. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 89 '19 92 '20 88 Aug. 92 Aug. Low. 69 '16 72 '16 77 June 82 Juna SEN SEN CHICIiBT CO. 80-Tear S. T. 6s. Dae Jnne U, 1B29. Dated June 14, 1909. Interest payable June and Dec. 1. at Guaranty Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Pennsylvania State Tax refunded. AothoTlzed $2,700,000 Outstanding- (Jan. 1, '21) 2,047,500 Retired by- S. V 652,600 Denomination — Coupon and registered, $500 and $1,000. Heeisterable as to principal. Tmstee — Guaranty Trust Co., New Tork. Redeemable for the -sinking fund at 107^ and interest at any time. Sinking Fand — $50,000 per annum to be applied to the purchase of bonds at not ex- ceeding 107%. Control — Incorporated in Maine in 1909. The American- Chicle Co. acquired the prop- erty and assets of this company In 1914. Secnred by a first lien on all trade marks and securities of the company, including the entire capital stocks of T. B. Dunn Co., Rochester, N. T. ; Frank H. Fleer & Co., Inc., Philadelphia; Curtis & Son Co., Portland, Me.; The Grove Co., Salem, Ohio; Frank H. Fleer ft Co., Toronto; C. R. Somerville & Co., Lon- don, Ont., and After Dinner Gum Co., Roch- ester, N. T. These companies are engaged In the manufacture of chewing gum. Earnings — See American Chicle Co. 6% Notes. Market, New York — Hartshorne &' Battelle, H. Hatch & Co., J. K. Rice, Jr. & Co. Fhiladelpliia — Arthur J. Bender. SENECA COPPER CORPORATION S-Tear Conv. Deb. 8s. Due April 15, 1925. Dated April 15, 1920. Interest payable April 15 and Oct. 15 at office of company, 11 B'way., New Tork. Tax Status — Payment of Federal Incoma Tax not assumed by Company. Authorized $500,009' Outstanding 500,009' Purpose of Issue — The proceeds of these bonds are to be used for extension and de- velopment of the property and equlppinff- same. Denominations — Registered $100, $500- and'. $1,000. Redeemable at 110 and interest at any- time on 30 days' notice. Convertible after April 15, 1922 (or earlier^ if authorized and allowed by la-w) into oom*- mon shares of the corporation the basis oft five common shares for each $100 bond. Organization — Incorporated in New Torlt ■ in 1916 to acquire control of the stock of" the Seneca Mining Company (since dis- solved), previously held by the Calumet & Hecla Mining Company. Capitalization Outstanding- Common (no par) 250,000 shs. Funded debt 200,000 shs. Security — A direct; obligation of the Com— pany but not secured by a mortgage. Earnings — None reported. It is expected Company will begin production in 1921. Listed on the Boston Stock Exchange. Original Market — ynderwritten Marcb*. 1920, by Lewisohn Bros., New Tork; Tucker, Hayes & Bartholomew, Boston, and offereff to stockholders at par. Market Boston — Millett, Roe & Hagen, Tucker*. AntI;iony & Co. Chicago — Cokins & Co. New York — Otto Billo, Ernest Smith & Co., Millett, Roe & Hagen, Tucker, Anthony & Co. Fred 1223 SHAFFER OIL & REFINING CO. 1st Conv. S. F. 6s. Due Jnne 1, 1929. Dated June 1, 1919. Interest payable June and Dec. 1, In New Tork and Chicago. Tax Status — 2% Federal Income Tax pal* by company without deduction. Anthorized $15,0ft0,»»0 Outstanding (Jan. 1, '21).... 10,496,800 Retired by S. F 1,893,300- Pledged to Secure 7% Notes.. 2,530,500- In Treasury 79,400 Purpose of Issue — To acquire the oil proiK erty of the C. D. Shaffer partnership, Tbeta Oil Company, the Consumers Refining Com.. pany and for working capital and construc- tion. Denomination — Coupons, $100, $500 and $1,- 000, registerable as to principal. Registered;. $1,000, $5,000 and $10,000. C. & S. ixtf terchangeable. Trustees — Continental & Commercial Trust & Savings Banlt. Chicago, and "W. P. Kopf, Redeemable in whole or in part for the sink- ing fund on four weeks' notice at 103 and in- terest for the first 5 years, 102% and Interest for the following 2% years and thereafter- at 102 and interest. Sinking Fund — Beginning Dec. 1, 1919^ semi-annual payments to the Trustee equal ta the foUowihg percentages of $12,000,000 prin,. clpal amount of this Issue: Dec. 1, 1919, to June 1, 1921, incl. 4% Dec. 1, 1921. to June 1, 1923, Incl. 4%%, Dec. 1, 1923, to June 1, 1925, Incl. 6% Dec. 1, 1925. to June 1, 1927. IncI. 5%% Dec. 1. 1927, to Dec. 1, 1928, Incl. 6% On above basis not less than $12,506,666 will be provided for retirement of this issue before maturity. Any further Issues of these Bonds will be retireable in a similar manner. AH bonds purchased or redeemed through this fund to 'be cancelled. Convertible — ^At any time before maturity at par Into participating preferred 7 % cu- mulative stock of the company at 105, subject to adjustment of interest and dividends. If called for payment convertible privilege ex- tends to the day before redemption date. Guaranteed principal, Interest and sinking fund by endorsement of Standard Gas and Electric Company, which owns a controlling stock interest in the company. Organization and Control — Incorporated in Delaware, 1919, to acquire the oil interests of C. B. Shaffer. Controlled through owner- ship of a majority of the common stock (which has sole voting power) of Standard Gas & Electric Company, Capitalization. • Outstanding. Common (no par) 200,000 shs. Preferred (7% cum.) $11,000,000 Funded debt 12,179,300 Secured by «, first lien on the company's entire system of oil properties, either by direct first mortgage or through deposit of first mortgage collateral. The Trust agree- ment covers all properties now owned or hereafter acquired. Property covered in- cludes 8,284 acres in proven oil territory with 461 producing oil wells of approxinaate- ly 3,100 barrels average daily production and 19 producing gas wells, also 202,216 acres of undeveloped oil lands in Oklahoma, Kansas, Louisiana, Montana, Texas and Arkansas. The pipe lines comprise 125 miles of gathering lines and 52 miles of main pipe 11 ne connecting the production in Oklahoma with the company's modern re- finery of aol ut 6,000 barrels daily capacity,, 25 steel stoi xge tanks of total capacity 1,- 375,000 barrels, and 633 modern steel tank cars. Also 6 Casinghead gasoline plants which extract gasoline from the gas pro- duced by the company's wells. The re- fined ' products are marketed through the ■company's own organization and that of an allied concern through 173 Distributing Sta- tion located in 164 towns in ten states. Year ended Dec. 31 : Gross. *Net. Interest, 1920 $12,194,242 $3,696,674 $727,929 ♦Before depreciation, etc- Origlnal Market — Offered May, 1919, by Montgomery & Company, New York and Phil- adelphia; Bonbright & Company and H. M. Byllesby & Company, Inc., New York, Chicago, «tc., at 95 and Interest. Market. New York — E. A. Baker & Son, H. M. Byllesby & Co., Inc., Martin, Berwin & Co., Vanderhoef & Robinson. ILonisTiUe — Block, Fetter & Co. Bostou^ — H. M. Byllesby & Co., Moors & Cabot. Philadelphia — Henry D. Boenning & Co., Elkins, Morris & Co., McCown & Co., Samuel McCreery & Co., Montgomery & Co. Chicago — John Burnham & Co. St. liOuis — Mark C. Steinberg & Co. Price Rang-e Jan. 1, '19, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 92 '19 96 '19 88 Jan. 95 Jan. Low. 721^ '20 76 '20 72^ Dec. 76 Aug. SlLAiFFEB, Olli AND REFINING CO. Se- cured 7% Conv. S. F. Notes. Due June 1, 1923. Dated June 1, 1920. Interest payable Juno 1 and Dec, in Chicago or New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $2,000,000 OutstandincT (Jan. 1, '21) 1,687,000 Retired 313,000 Purpose of Issue — The proceeds of these notes will provide funds for a refinery, trans- portation and marketing extensions, and de- velopment of leases. Denominations — Coupon, $100, $500 and $1,000; registerable as to princi'pal ; denom- inations interchangeable. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable upon 30 days' notice at 101% and interest during the first year, and 101 and interest during the second year, and there- after at 1001^* and interest. Convertible at par into 1st Mtge. Conv. S. F. 6s, due June 1, 1929, at 87%. These bonds are in turn convertible at par into participating' Pref. 7% Cum. stock at 105. Cash adjustments of fractions and accrued in- terest and dividends will be made in accord- ance with the note and bond indenture. Stock Purchase Warrant — Each note is ac- companied by a negotiable warrant entitling the holder thereof to purchase common stock (without par value) of the company, in even share lots at any time prior to June 1, 1923, on the basis of fifteen shares for each $1,000 note at S66 2/3 per share. Sinking Fund — Semi-annual payments of amounts equal to the following percentages of the $2,000,000 face amount of this issue: 8% Dec. 1, 1920. $160,000; 8% June 1, 1921, S160,000; 10% Dec. 1, 1921, $200,000; 12% June 1, 1922, $240,000; 12% Dec. 1, 1922, $240,000. To meet sinking fund requirements, pledged bonds may be tendered to or retired by the Bond Sinking Fund. This fund shall be used only for the retirement of notes of this Issue by purchase or call at not over the current redemption price. Notes acqulrea are to l>6 cancelled. Organization — See 1st Conv. S. F. 6 a. Secured by pledge of $2,530,500 1st Conv. S. F. 6s, due June 1, 1929. lEarnlngs — See 1st Conv. S. F. 6a. Original Market — $ 2,000,000 offered June, 1920, by Montgomery & Co.. Philadelphia and New York: H. M. Byllesby & Co., Inc., Illinola Trust & Savings Bank, The Merchants IjOan and Trust Co., Fort Dearborn National Bank, Chicago, at 97% and interest. Market New York — H. M. Byllesby & Co., Inc., Hartshorne & Battelle, Morton, Lachenbruch & Co., Vanderhoef & Robinson. Boston — H. M. Byllesby & Go. Cliicagro — Child & Levering, Illinois Trust & Savings Bank. 1224 SHAFFER Ori. & REFINING CO. Conv. 8% Notes. Dwe $1,000,000 May 1. 1922; $1,3.50,000 May 1, 1923; $1,250,000 May 1, 1924. Dated May 1, 1921. Interest payable quar-. terly on May 1, Aug. 1, Nov. 1 and Feb. 1, New York or Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylva-nia State Tax refunded. Authorized $3,500,000 Oatstandin£r 3,500,000 Purpose of Isstie — To provide funds for re- finery, transportation and marketing exten- sions and deevlopment of leases. Denominations— Coupon, $100 $500 and 51,000; registerable as to principal. Trustee — Continental & Comemrcial Trust & Savings Bank, Chicago. Redeemable on 30 days 'notice at 105 and interest. Sinking Funtl — Each month, commencing Oct. 31, 1921, and ending March 31, 1924, an* amount in cash equivalent to 1% of the total notes outstanding at the time of such deposit and not preivously called for re- demption. Convertible upon 10 days' written notice to the Trustee at 100, into Participating Pre- ferred 7% Cumulative stock at 85. Organization — See 1st S. F. 6s. Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture no additional mortgage (except Purchase Money mortgages) shall be placed upon the property of the company unless these notes shall toe secured equally with the obligations issued under such mortgage. ^ £aming-s — See 1st Conv. S. F. 5s. Original Market — $3,500,000, offered May, 1921, by H. M. Byllesby & Co., Inc., New York, etc., at 99.06, 98.45, 98.18 for respec- tive maturities. SHAMOKIN, SUNBUBY & LEWISBURG BAILBOAI> CO. 1st 4s. Due July 1, 1935. Dated May 1, 1882. Extended on May 1, 1912, with interest reduced from 5%. Interest payable May and Nov. 1, at Reading Termi- nal, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,000,000 Outstanding *1, 000, 000 *$937,000 owned by the Reading Co. Denomination — Coupon, $1,000. Registerable $1,000 Trustee — 'The Pennsylvania Company for Insurances on Lives and Granting Annuities. Philadelphia. Guaranteed as to principal and interest by the Reading Co. by endorsement. Also guaran- teed as to interest under terms or lease by the Philadelphia & Reading Ry. Co. Organization and Control — Incorporated m Pennsylvania in 1882. All of the stock is owned by the Reading Co. and the property was leased for 999 years from 1883 to the Philadelphia & Reading K. R., which lease was assumed by the Philadelphia & Reading Ry. Co. Rental, interest on bonds and 6% on stock. Capitalization, Outstanding. Common $2,000, OOo Funded debt 2,000,000 Secured by a first mortgage on 32.11 miles of road from Shamokin to West Milton, Pa. This road forms part of the maine line of the Philadelphia & Reading Ry. "between Philadel- phia and Willi amsp or t. Pa. Underlies — $1,000,000 S., S. & L. 2d 6s or 1925. Legal for savings banks in Cal., Conn., Me., Mich., Minn., N. H., N. J., R. I. and Wis. Listed on the Philadelphia Stock Exchange. Market. Philadelphia — Henry D. Eoenning & Co., Graham, Parsons & Co., Harper & Turner, Huntoon & Co., Morley, Wood & Co., Parsly Bros. & Co., Isaac Starr, Jr. & Co. Price Range. Jan. 1, '16, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 94-16 Not Low. 80 '17 94 '19 Available. SHAJMOKIN, SUNBURY & LEIWI9BURG RAILROAD CO. 2d 6s. Du© July 1, 1925. Dated July 1, 1890. Interest payable Jan. and July 1. at Reading Terminal, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding $1,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — The Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed as to interest under terms or lease by the Philadelphia & Reading Ry. Co. Control — See 1st 4s above. Secured by a second mortgage on 32. 12 miles of road from Shamokin to West Milton, Pa. Prior Liens — $1,000,000 Shamokin, Sunbury & Lewisburg R. R, 1st 4s of 1925. Listed on the Philadelphia Stock Exchange- Market. Philadelphia — Biddle & Henry, Henry Dl Boenning & Co. , Graham, Parsons & Co.». Harper & Turner, Huntoon & Co., Reed A. Morgan & Co., Parsly Bros & Co., Isaac Starr, Jr. & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 118 '09 118 '12 97 May 101 May Low. 95 '17 101 '19 95 Dec SHANE BROS. & WILSON CO., INC., 6% Notes. Due $50,000 each Jan. 1, from 1921 to 1930, inclusive. Dated Jan. 1, 1920. Interest payable Jan. 1 and July 1 at National City Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $500,000 Outstanding (Mar. 1, '21) 450,000 Matured and Paid 50,000 Purpose of Issue — To fund floating indebted- ness and to provide additional working cap- ital. Denomination — Coupon and registered $1,000 and $500. Trustee — National City Bank, Chicago. Redeemable at 101 and interest on any in-' terest date. SinkinsT Fund — Annually 25% of net earn- ings (less the regular maturity) shall be de- posited with the Trustee to be applied to the purchase or redemption of these notes. Organization — This company has been in. continuous operation in the flour milling busi-^ ness for more than 25 years. For many years- the business was confined to the east with, mills at Philadelphia. Pa., and blending plant at Buffalo, N. T. In recent years mills have been purchased at Hastings, and Shakopee,' Minn. The company's principal product is a flour marketed under the trade name ' 'King- Midas." Security — A direct^ obligation of the com- pany, but not secured by a mortgage. Under the provisions of the trust agreement the com- pany covenants as follows; To maintain at all times 140% of net quick assets and 200% of net tangible assets. No mortgage or loan can be created while this issue is outstanding and no obligation of any kind whatever can be placed prior to these notes. Balance sheet; and statement of earnings must be deposited at regular intervals with the Trustee. The- company is required to carry flre insurance at least equal to the face amount of outstanding notes and the policies are to be assigned to the Trustee for the benefit of noteholders. Not more than 50% of net earnings applicable to dividends can be paid to stockholders after deducting from net earnings, 25% to be used to retire notes of this issue. iTears ended Dec. 31 : Gross. Net. Interest. 1919 $10,852,647 •$302,339 t$30.000 1918 9,809,935 228,725 1917 9,077,102 286,124 1916 4,356,263 156,128 * 2 months estimated. t Maximum, interest charges on these notes. Later earnings not available. Original Market — $500,000 offered Jan. 1920, by King, Hoagland & Co., Chicago, at prices ranging from 99% to 95^ and interest ac- cording to maturity^ Market. Minneapolis — Gold-Stabeck Co. :SHAKON & NEW CASTUE RAILWAYS 1st Lien 5s. Ihie July 1, 1931. Dated July 1, 1901. Interest payable Jan. «,nd July 1, at New York Trust Co., New "York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorizecl $500,000 Outstanding: (Jan. 1, '21) 215,000 Ketired by S. F 135,000 Pledfired 150,000 I>cnomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Redeemable on any interest date at 115 and interest. Sinking Fund — 1 % per annum, of outstand- ing bonds from 1906 to 1915 and 1%% there- after to be applied to the purchase of bonds to yield at least S%%, bonds to be kept alive in the fund and interest added thereto. Control — Incorporated in New Jersey and owns all of the stocks and bonds of the Sharon & New Castle Ry. Companies of Penn- sylvania and Oliio. Is controlled by owner- ship of its entire capital stock by the Penn- sylvania-Ohio Electric Co., which is controlled through stock ownership by the Republic Ry. & Lt. Co. Secured by a first collateral lien by pledge of entire issues of stocks and bonds on about 3© miles of street and interurban railway from New Castle to Sharon and Sharpsville. Pa. Between cities road is on private right- of-way; elsewhere franchises are perpetual. Samings — See Republic Ry. & Lt. Co. Original Market — First offered by Lawrence Barnum & Co., New York, at 102 and interest in Nov., 1901. Market. New York — Dunham & Co., Watson, Arm- strong & Co, Fhiladelphia — Bauer, Starr & Co., Henry JD. Boenning & Co., Graham, Parsons & Co., Samuel K. Phillips. Price Ranee. Jan. 1» '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '09 102 '08 82 Dec. 90 Sept. liOW, 80 '20 921^ '08 80 Oct SHARON RAIIiWAY CO.' 1st BVzb, Due Jan. 1, 1937. Dated June 1 , 1889. Extended June 1, 1919, with interest increased from 4%%. In- terest payable June and Dec. 1, at Farmers' lioan & Trust Co., New York. Tax Status — 2% Federal Income Tax paid l>y company without deduction. Tax exempt in Pennsylvania. Authorized Closed mortgage Outstanding $164,000 I>enomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., New York. Organization and Control — Incorporated in I*ennsylvania in 1873. Leased for 900 years tTOxa 1900 to the Nypano R. R. Co. at a Tental equivalent to interest on bonds and 6% per annum on stock. In 1901 the property was sublet to the Erie R. R. Co. Capitalization. Outstanding. Common $1,203,650 Funded debt 164,000 Secured by a first mortgage on 16.02 miles of road from Pymatuning to West Middlesex, ta., and branches. Refunding-^Bonds are reserved under the Brie R. R. Cons. Gen. Lien 4s of 1996 to retire this issue. Legral for savings banks in Mich., Minn., N. J. and Wis. Market. Philadelphia— Sam' 1 K. Phillips & Co. SHARON STEEL HOOP C. 30-Year 1st S. F. 8s. Due March 1, 1941. Dated March 1, 1921. Interest payable March 1 and Sept. 1 in New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $10,000,000 Outstanding 5,000,000 Reserved for Corp. Purposes. . 5,000,000 Purpose of Issue — Proceeds will be used to retire all underlying bonds, to reimburse the treasury for expenditures for additions and improvements, and to provide addition- al working capital. Issuance Restrictions — The remaining bonds may be issued at par* for additions and improvements at not to exceed 66 2-3% of cost thereof and only when average an- nual profits after depreciation, applicable to interest charges, have been equivalent for the three years, immediately preceding to at least three times aggregate annual interest charges on all of these bonds out- standing and those then to be issued. Denominations — Coupon, $1,000 and $500; registerable as to principal. Trustee — United States Mortgage & Trust Co., New York. Redeemable at 107% and interest on 30 days' notice. Sinking: Fund — rAnnual amounts sufficient to retire $250,000 par value of bonds by purchase in the open market at or below 107% and interest or by lot at that price. This fund will retire all of this issue by maturity. Organization — Incorporated in Pennsyl- vania in 1900. Manufactures pig iron, steel ingots, blooms, billets, sheet-bars, hoops, bands, strips, sheets, plates, steel stamp- ings and fire-proofing materials. Owns the entire capital stock of the Youngstown Iron and Steel Company. Capitalization Outstanding Common $9,500,000 Funded debt 5,000,000 Secured by a first mortgage on the entire physical property of the company now owned (including property of subsidiaries wholly owned but excepting some unoccu- pied acreage and property used for em- ployees' homes), together with all property hereafter acquired by the? company. Prop- erties covered have been appraised at S16.- 000,000. Year ended Dec. 31: Net. 1920 $2,044,693 Original Market — $5,000,000. offered Mar., 1921. by Dillon, Reed & Co., New Y"ork, etc., at 100 and interest. Market New York — Hartshorne & Battelle, Dillon, Read & Co., Clark, Childs & Co., Hanson & Hanson. Chicago — Northern Trust Co., Stevenson Bros. & Perry. 8HAWIKIOAN COTTON CO., I-TD., let 6b. Due Dec. 1, 1949. Dated Dec. 1, 1909, Interest payable June and Dec. 1, at Trustee's office or at Canadian Bank of Commerce, London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,500,000 Outstanding (Mar. 1, '21) 987,500 Retired by S. F 178,500 Unissued 1,334,000 DenomiuaMon — Coupon, $500 and $1,000. Registerable as to principal. Trustee — National Trust Co., Montreal. Redeemable at 105 and interest. Sinktnsr Fund — Beginning June 1, 1913, an amount sufficient to redeem not less than $10,000 par value of bonds per annum. This sum is to be increased as further bonds are issued, until annual amount equals $40,000, and is to be applied to the purchase or re- demption of "bonds at not exceeding 105 and interest. Organization and Con*Tol — Incorporated in Canada in 1909. The Wabasso Cotton Co.. Ltd., owns $937,050 of the capital stock. Capitalization. Outstanding. Common $1,000,000 Funded debt 1,187,500 Secured by a first mortgage on plants lo- cated at Shawinigan Falls, Quebec, where the company is engaged in the manufacture of cotton yarns. The company owns the Oxford Knitting Co, of Woodstock, Ontario. Years ended June 30: Net. Dep'n $176,241 $40,208 155,989 90,208 156,635 67,418 Market — $100,000 offered Nov. 1911, by Hanson Bros,, Montreal, at 95 and ■interest with 20% bonug of stock. Market. Boston — B. A. Watson & Co. Price Rangre 1930 — Ask 84 Dec. 1920. .1 1919 1918 Original Bond Int. $60,925 62,190 3.300 SHAWINIGAN WATER & POWER CO. Cons. 1st 56. Due Jan. 1, 1934. Dated Jan. 1, 1904. Interest payable Jan. and July 1, at Bank of Montreal, Montreal, and New York, or Bank of Scotland, liondon. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstandingr (Jan. 1, '21) 3,824,500 Held in S. F 1,175.500 Tru9te« — Royal Trust Co., Montreal. Redeemable at 110 and interest on three months' notice. Sinking Fund — 1 % of outstanding bonds -per annum since June 1, 1909, to be applied to the purchase of bonds at not exceeding 110 and interest. Bonds so acquired to be held alive and interest added to sinking fund. Organization — Incorporated in Quebec under a special charter in 1898. The Company controls, through entire stock ■ownership, the following companies: Conti- nental Heat & Light Co. , which distributes electric light and power in the territory south of the St. Lawrence River. E31ectric Service Corporation, which distributes electric li^t and power in the city of Shawinigan Palls and vicinity. North Shore Power Co., which ■distributes electric light and power in the city of Three Rivers and the district between Three Rivers and Quebec. Laval Electric Co., which distributes electric light and power in terri- tory between the city of Montreal and Shawinigan Falls. Three Rivers Traction Co., which owns and operates the street railways in the city of Three Rivers. Canada Carbide Co., Ltd. Canadian Electro Products Co., Ltd., The Canadian Electrode Co., Ltd. 1227 The Company also owns all of the out- standing bonds and a majority of the out- standing stock of the Public Service Corpora- tion of Quebec, which distributes electric light and power in the city of Quebec and vicinity. The Company is the largest stockholder of the Montreal Light, Heat & Power, Consoli- dated, which controls through ownership gf substantially the entire capital stock; (a) Montreal Light, Heat & Power Co., which purchases a large amount of power from this- Company and distributes the greater part of the electricity used in Montreal and vicinity, and (b) Cedar Rapids Manufacturing & Power Co,, which owns a hydro -electric plant of 110,000 developed horsepower on the St. Lawrence River, 30 miles above Montreal, connected withi the Montreal Light, Heat & Power Co. Tbe Shawinigan Company also owns the entire capital stock of the Shawini- gan Falls Terminal Railway Co. , which con- nects the manufacturing plants and the railr ■ roads entering Shawinigan Palls: Capitalization. Outstap.ding. Common $20,000,000 Funded debt 16,324,500 Secured by a first mortgage on all the prop- erty of the company, now owned or hereafter acquired. The company owns, or controls, on the St. Maurice River water powers of a ca- pacity of 643,700 horsepower, of which 333,700 is developed and now in use and 310.000 is undeveloped. It also owns about 800 miles of high tension transmission lines, including lines to Montreal and the city of Quebec. It is now constructing an additional transmission line to Montreal (85 miles) and is installing 50,000 additional horsepower. It, furnishes electricity to more than 5 com- munities, comprising substantially all the larger citieg and manufacturing districts in 'the Province of Quebec, covering a terrltorjr of approxiniately 100 miles, south, west and east from Shawinigan Palls, including Montreal (85 miles), Quebec (75 niiles), Three Rivers (20 miles), Sherbrooke (about 125 miles), and the Asbestos mining district around Thetford (about 100 miles). The total population of the territory served is about 1,500,000. The plants, are of modern fireproof con- struction, buildings being of stone, brick, con- crete and steel on solid rock foundations, and the properties and equipment generally are of the latest ahd most approved type of elec- trical construction. The transmission lines are chiefiy of modern, steel-tower construc- tion, and for the most part are on the Com- pany's private rights-of-way. Underlies — 1st Ref. Mtge., under which mortgage bonds are reserved to retire this issue. Years ended Dec. 31: Gross. Net. Interest. 1920 $3,943,359 $2,525,544 $716,507 1919 3,727,045 2,430,858 657,115 1918 3,621,074 2,335,053 824,959 1917 2,902,210 2,149,363 698,503 1916 2,325,783 1,897.945 544,208 liisted on the London Stock Exchange, Original Market — First offered by A. B. Leach & Co., New York, Chicago, Boston, etc., and in England by the Bank of Scotland, London. Market. New York — Aldred & Co., Ltd.. Sam'l Goldschmidt, Hartshorne & Battelle, Fred H. Hatch & Co., Alfred P. Ingold & Co., W. J. Minsch & Co., Inc., Edmund & Charles Randolph. Providence — Hornblower & "Weeks. Boston — L. Sherman Adams, Moors & Cabot, Paine, "Webber & Co., Pond Co. Philadelphia — Bauer, Starr & Co., Brown Bros. & Co., Joseph "W. Gross & Co., Paul & Co. Price Range. imposed by any taxing authority in Canada Jan. 1, '16, to Jan. 1, 'HI 1920 for bonds field by residents of the United I^ia. Ask. Bid. Ask. States . High 104% '16 106 '16 92 Apr, 94 Apr. Authorized JB0,00O,000 Low. 79 '20 71 '20 79 Dec. 81 Deo. Outstanding: (Mar. 2, 21) — : A 5%s $6,000,000 8HAWINI0AN WATEK & POWER CO. (THE) C 6s 2,600,000 6-Yr. 7%% Secured Conv. Notes. Due „ ^ ^ ^ o _ ^"::;i;~ s,500,ooo i_i_ , ibSr ■ Pledged to Secure Notes — July 1» IVJSO. _, *■- 5 334 Qoo Dated July 1. 1920. Principal and interest RMerved foi-'Kefundiiis! ! ! ! ! . sisOCOOO (Jan. 1 and July 1) payable in New York City Keilrved tol Ext. . 30 666 000 in U. S. gold coin or at the holders' option tteservea lor ^xi. . . . V^ ' „ in Montreal in Canadian Bold coin. Issuance Kestections— Except mtlie case tJel^ l^?i^^^dXc1?L°'fof' S°o?e^' h\1^ 'b"; cLirsf^dfi^tfo^nar b^o^n^ r^J^y'^^^^'^fssu^^d terest without deduction for notes held by „„j ^^^^ ^^^ earnings of the company for residents of the United States for present or ^j^g jj months within 16 months prior to future taxes of any nature imposed by any gugji issue shall have been at least twice tax authority in Canada, or for normal United the annual interest charges of the com- States Income Taxes up to 2%. pany, including interest on the bonds then Authorized (4,000,000 proposed to be issued. After the total Outstanding 4,000,000 amount of bonds issued amounts to $20,- Pumose of Issue— To pay all present debt 000,000 (including bonds used or reserved and to provide for construction work sched- to retire underlying securities), the remain- uled for 1920 der of tlie authorized bonds may be issued. Denomination- Coupon. $1,000 and $600. ^°^, ""' exceeding 80% of the cost of ad- Registerable as to principal. ditional property or securities acquired. ■ Trustee — Guaranty Trust Co., New York. Purpose of Issue — $5,476,261 Series "A" Redeemable as a whole or In part out of bonds were Issued to retire an equal amount any sinking fund moneys received from call of outstanding perpetual consolidated mort- of collateral, or any interest date on 60 days' gage debenture stock of the company and notice at lOB and Interest during 1921: 104 *fe, "g'^-i^/ were °s?uel as c?lla?eVa! fo? and interest during 1922: 103 and interest jfooO^o'^T^® Notes? fnd'''$2,6°o",M'o'^1eries during 1923: 102 and interest during 1924: f.^^,, .^^re is?ued to pay all floating debt and and thereafter at 101 and interest. provide for new construction. Convertible at the office of the Trustee in _ „•*■„„ r. „ „ »i nnn «cnn. -„~ New York City, at any time between July 1. i^t^TblTSs to S^TnciZ" leHes' •■!" -bonf; 1921, and July 1, 192B, both dates inclusive, Irrrelisferable as to both principal ?nd into the company's first ref. mtge. S. F. gold Sterelf Principal and bonds of series "B" 6s, maturing July 1, Trustee — Montreal Trust Company, Mon- 1950, at a price to yield 6%% (computed from treal. the nearest date of the bonds) with a cash Redeemable — Series "A" ^ipon 60 days' adjustment of interest and discount. If called notice as follows: at 110 and interest before for redemption the notes may nevertheless be Jan. 1, 1930, at 105 on and after Jan. 1, converted if presented at least ten days before 1930, and before Jan. 1, 1940, and at 103 the redemption date. thereafter. Organization — See Cons. Bs. Series "O" after July 1, 1926, at 105 and Seenred by pledge of $6,334,000 (133 1-3%) interest the first 14 years, 104 during the face value of the company's 1st Kef. S. F. 6s, ???'.,^ .'"^^^'"S;, ^"^ during the next 5 years, series "B," due July 1, 1950. For details lifj'"''''^ *^ "^''* ' ''^^''^ ^""^ "^ *''^"- apa 1 of ■Rdf TW+o-p alter. T»^«J: Ti™ «Q »77 nnn n«-r,o c^^^ i„*.-> i:„ Sinking: Fond — Annually beginning Dec. A.Z^r. If™— |3.877.000 Cons, (now lat) 6s. g^^ 1932, an amount equal to 1% of all out- w«\ti;^l' Q=o r.«„= K= standing bonds to be applied to the pur- ^arnlngs— See Cons. 6s. chase or redemption of these bonds at not Original Market — $4,000,000 ofCered June, exceeding the current call price. 1920, by Brown Bros. & Co., Lee, Higginson Organization — See Cons. 1st 5s. & Co., Alexander Brown ■& Sons, and Jackson Secured by a general mortgage on lands, & Curtis, at 97.65 and interest. ■water powers, dams, power houses, trans- Market mission lines, etc., and on aU such prop- New York — Fred H. Hatch & Co., W. J. erty acquired in the future from the pro- Minsch & Co., Inc. ceeds of any bonds of this issiie. Also se- Milwaulcee — First Wisconsin Co. cured by pledge with the Trustee of sub- Boston — L. Sherman Adams, Coburn, Kit- stantially all of the mortgage bonds and tridge & Co., Curtis & Sanger, Jackson & stock of distributing and manufacturing Curtis, Moors & Cabot. companies controlled by the company, and Philadelphia — Joseph W. Gross & Co., also by a floating charge on all assets of Parsly Bros. & Co. the company present and future. For de- Price Range tails of the property covered see Cons. 5s 1930 "Bond Descriptions." Bid. Ask. Prior Xiens — Outstanding High 100 Dec. 101 Dec. Cons. 1st 5s, 1934 $3,824,500 Low. 97 July 97% June Bonds are reserved under this mortgage ^^_^^_____ to retire the above issue. framings — See Cons. 1st 5s. SHAWINIGAN WATER & POWER COM- Original Market — $2,500,000 Series "C" 6s PANY (The) 1st Ref. S. F. Series "A" offered March, 1921, by Brown Brothers & 5^s, Series "B" and "C" 6s. Due July Co., Lee, Higginson & Co., Alex. Brown & 1, 1950. Sons and Jackson & Curtis, at 90% and Dated Series "A" Dec. 1, 1919, Series "B" interest. July 1, 1920, and Series "C" Jan. 1, 1921. Market Principal and interest (Series A June 1 and New York — Aldred & Co., Ltd., Newton G. Dec. 1. Series C Jan. 1 and .Tuly 1), pay- Chase, Fred H. Hatch & Co., Alfred F. In- able in New York City, in United States gold & Co., W. J. Minsch & Co.. Inc. gold coin or at the holder's option in Mon- Boston — L. Sherman Adams, Coburn, Kit- treal In Canadian gold coin. tredge & Co., Moors & Cabot, Paine, Web-r Tav Status — Payable without deduction ber & Co., E. A. Watson & Co. for present or future taxes of any nature Philadelphia — Joseph W. Gross & Co. 1228 Higrh. Low.. Price Range 1920 Bid. Ask. 84y3 Nov. 86 Nov. 76 Sept. 79 Sept. SHEBOYGAN ELECTRIC CO. Ref. & Imp. 6s. Due July 1, 1946. Dated July 1, 1916. Interest payable Jan. 1 and July 1, at Trustee's office or New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,682,000 Outstanding- (Jan. 1, '21) 1,556,600 Reserved for Prior Liens 101,500 Exchanged and Cancelled 24,000 Denomination — Coupon, $1,000 and $500. Reeisterable as to principal. Trustee — ^Wisconsin Trust Co., Milwaukee. Redeemable at 105 and interest on July 1, 1921, or any interest date thereafter. Sinking Fund — Semi-annual payments Jan. 1 and July 1 as follows; 1% per annum of outstanding bonds from Jan. 1, 1920, to 1930, Inclusive; 1%%. 1931 to 1940; 2%, 1941 to 1945. This fund may be used to retire these bonds at not over 105 and interest or for im- provements. Control — Incorporated in Wisconsin in 1916 as a consolidation. Absorbed in 1917 by the Eastern Wisconsin Electric Co. Management — Kelsey, Brewer & Co., Grand Rapids, Mich. Secured by a mortgage on plant supplying electric light and power in Sheboygan and on 33 miles of street and interurban railway in and around that city. The company sells power to local distributing companies in She- boygan Falls, Plymouth and Elkhart Lake, Wis. , and operates under a twenty-flve year lease the line between Plymouth and Elkhart Lake, Electric light and power business in Sheboygan Is operated under a' Wisconsin in- determinate permit; street railway franchise is perpetual. Total population served, about 40,000. Prior Liens — $101,500 Sheboygan Ry. & Electric Co. Ref. & Imp. 5s of 1926, for the retirement of which bonds of this issue are reserved. Underlies — Eastern Wisconsin Electric Co. 1st & Ref. 5fl of 1947, under which bonds are reserved to retire this issue. Earnings — See Eastern Wisconsin Electric Co. Original Market — Offered Oct., 1916, by the Wisconsin Trust Co., Milwaukee, at 96% and Interest. Market. New York — Morton, Lachenbruch & Co. Milwaukee — First Wisconf^in Co. Boston — Paine. Webber & Co. Price Range. Jan. 1, '17, to Jan. 1, *21 1930 Bid. Ask. Ask. High 95-17 97 '17 84% Nov. Low. 84 '19 86 '18 79% Nov. SHEFFIELD IRON CORPORATION Ist 16- Year S. F. 6s. Due Sept. 1, 1933. Dated Sept. 1, 1917. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized 51.100,000 Outstanding 550,000 Retired by S. F None. Reserved for Ext 550,000 Denominations — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Bankers* Trust Co., New York. Redeemable at 106 and interest on any In- terest date on 30 days* notice. Sinking Fund — Annually, beginning Nov. 1, 1918, an amount from net profits (groBS com- bined earnings, less all operating expenses, in- cluding taxes, insurance, adequate expendi- tures for maintenance and allowance for de- preciation) for the first twelve of the fourteen calendar months immediately preceding such date , sufficient to retire at least $100,000 principal amount of these bonds at not over 105 and interest. Under the provisions of the indenture the operation of this fund may be waived on the written assent of holders of 75% of outstand- ing bonds; unless waived no dividends shall be declared or paid by the company in any year unless and until the company shall have re- tired at least $100,000 in principal amount of bonds for that year and each preceding year from the date of this indenture; after making the required payment the Board of Directors shall not declare or pay a dividend in excess of 6% per annum on the common stock of the company until all the bonds are retired. Organization — Incorporated in New York Aug. 15, 1917, as successor through fore- closure of the Sheffield Coal & Iron Co. Capitalization. Outstanding. Common (no par) 20,500 shs. Preferred (7% non-cum.) $675,000 Funded debt 550,000 Secured by a first mortgage on all the prop- erty of the company now owned or hereafter acquired. The property covered includes the following: Seventy acres of land at Sheffield. Ala., and furnace plant thereon owned in fee; 6,604 acres of ore properties in Alabama and Tennessee owned in fee ; mineral rights in 6,815 additional acres of land in Alabama and Tennessee; 40 acres of land and 300 beehive coke ovens at Jasper, Ala. , owned in fee, using coal from the Pratt Consolidated Coal Co. Annual capacity of the furnace plant has been unofficially reported as 100,000 tons of foundry and forge pig iron. The properties have not been actively operated since 1910. The proceeds from the $550,000 bonds were used to rehabilitate the plant. Original Market — Underwritten and placed privately by Luke, Banks & Weeks, New York, New York — Chas. E. Doyle & Co., Harts- horne & Battelle. Chicago — Fort Dearborn Trust & Savings Bank. Price Range 1920 Bid. Ask. High 100 Dec. Low 72 Nov SHERBROOKE RAILWAY & POWER CO. 1st Cons. S. F. 5s. Dae July 1, 1940. Dated July 1, 1910. Interest payable Jan. and July 1, at any Eastern Township branch of the Canadian Bank of Commerce, Canada, or at London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,600,000 Outstanding 1,012,000 Retired by S, F , 109,000 In Treasury 10,000 Pledged 369,000 Denomination — Coupon, $500. Registerable as to principal. Trustee — Montreal Trust Co., Montreal, Can- ada. Redeemable as a whole or for sinking fund at 105 and Interest on and after July 1, 1916. Sinking Fond — Annually, beginning July 1, 1916, 1% of all bonds Issued, plus Interest on bonds which have been cancelled, to be applied to the purchase or redemption of these bonds at not exceeding 105 and interest. Organization and Control — Incorporated in Canada in 1910 and controlled through owner- ship of sractlcally all Its common stock by the Southern Canada Power Co., Ltd. Capitalization, Outstanding. Common $1,127,000 Funded debt 1,112,000 Secured by a mortgage on 10 miles of street railway in Sherbrooke, Que,, and three miles of interurbah line connecting that city with Lennoxville, and on plant supplying those cities and other towns In the vicinity with electricity, including two hydro-electric plants. Franchises expire in 1950, but city has the right to take over property in 1930, Prior Uen — $100,000 Sherbrooke St. Ry. 1st Es of 1927. Earnings — See Southern Canada Power Co., litd. OTlginal Market — $600,000 offered in June, 1910, by HcCualg Bros., Montreal, at 95 and interest with a bonus of 40% stock. Market. Montreal — ^Nesbitt, Thomson & Co., Ltd., H. B. Robinson & Co., National Bond Co., Inc., Hew R. Wood Co. Price Rangre Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. High 98 '19 60 Feb. Low. 60 '20 98 '19 60 Feb. SKERIDAN-PIAZA UOTESL 1st 6s. Due as follows: $S0,O0O, Dec. %3, 19^1; $30,000, Jnne 23, 1922: $36,000, Dec. S3, 1922: $40,000, each, Jnne 23, 1923: Deo. 23, 1923, and Jnne 23, 1921; $50,000, Dec. 23, 1924; $66,000, Jnne 23, 1925: $60,000, each, Dec. 23, 1925, Jnne 23, 1926, Deo. 23, 1926, Jnne 23, 1927: Dec. 23, 1927 and Jnne 23, 1928: $65,000, each, Dec. 23, 1928, and Jane 23, 1929, and $1,700,000, Dec. 23, 1929. Dated Dec. 23, 1919. Interest payable Dec. 23 and June 23, in Chicago. Tax Statas — 2% Federal Income Tax paid by company without deduction. Aathorized $2,500,000 Ontstanding 2,600,000 Denomination — Coupon, $100 (of all matu- rities, commencing June 23, 1925), $500 and $1,000; registerable as to principal. Redeemable at 102 and interest in reverse numerical order. Sinldng Fund — Monthly one-twelfth of the amount required annually for payment of in- terest and maturing' bonds. Secured by a first mortgage on fireproof hotel building to be erected on the northeast corner of Sheridan Road and Wilson Avenue on the ground 225 X 130, twelve story and basement, stone, brick, steel, reinforced concrete con- struction. The hotel will have 512 separate rooms with private bath, ten stores and twelve oIHces. Original Market — $2,500,000 offered March, 1920, by H. O. Stone & Co., Chicago, at 100 and interest.. SHBEIDAN-WYOMING COAt CO. 1st S. F. 78. Dne $20,000 monthly from April 1, 1920 to Oct. 1, 1034, incl. Dated Feb. 10, 1920. Interest payable July 1 and Jan. 1, at First National Bank, Chi- cago, and Chase National Bank, New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Anthorized $3,600,000 Outstanding (Jan. 1, '21) 3,300,000 Matured and Paid 200,000 Purpose of Issne — To fund all indebtedness of the company. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Tmstee — First Trust & Savings Bank, Chi- cago. Redeemable in the reverse of numerical order on 60 days' notice on any Interest date at 106 and interest. Sinking Fand — The mortgage provides for a sinking fund of five cents per ton on all coal mined; any surplus left In the sinking fund at the end of any year may, at the option of the company, be allowed to remain in the sinking fund or may be used to purchase bonds in the open market, or to retire them at 105 and ac- crued interest.' Organization and Control — Incorporated in Delaware in January, 1920, and has acquired the coal mining properties of the following companies : Sheridan Coal Company, Acme Coal Com- pany, Carney Coal Company, Monarch Coal Company, Kooi Coal Company, and Amalga- mated Development Corporation. TBe United States Distributing Corporation owns all of the common stock and the entire issue $3,500,000 of debentures. Capitalization. Outstanding. Common (no par) 80,000 shs. Funded debt $7,000,000 Secured by a first lien on the company's coal properties In Sheridan County, Wyoming, comprising approximately 14,000 acres of coal, of which 11,250 acres, both land and coal, are owned in fee simple, and about 2,760 acres are held under lease. It is estimated that this property contains 650,000,000 tons of mer- chantable coal. .A valuation of $3,892,000 has been placed on this coal, being at the rate of slightly over one-half cent per ton, as against royalties of from five to ten cents per ton being paid on coal in this district. The company owns seven operating mines, electrically equipped, capable of producing 5,000,000 tons of coal per year. The company also owns 875 well-built cottages besides hotels and store buildings and auxiliary equipment of all kinds. The mines are directly connected with the main line of Chicago, Burlington & Quincy Railroad. The company's coal resources are reported to be sufficient for an operation of over 100 years. There are three varieties of mining in the district, viz. : shaft, drive and slope. Original Market — $3,500,000 offered March, 1920, by Pe^,b'ody, Houghteling & Co., Chicago, at par and interest. Pttice Range 1920 — Ask 7.50% Dec. 1230 SHERMAN, SHRETBPOKT & SOUTHERN RAILWAY CO. 1st 5s. Dne Jnne 1, 1943. Dated June 1, 1893. Interest payable June and Dec. 1, at company's' office, 61 Broadway, New York. Defanlt — Dec. 1, 1915, and subsequent Inter- est. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized Closed mortgage. Ontstanding $1,689,000 Deposited under M., K. & T. 1st Mortgage 2,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee— Central Union Trust Co., New York. Guaranteed principal and Interest by the M., K. & T. Ry. Co. by endorsement (now In receivership). Assumed by the Missouri, Kansas & Texas Ry. C6. of Texas. Control — Merged in 1901 Into the M., K. & T. of Texas (now in receivership). Protective Committee — R. Walter Leigh, chairman; Secretary, Jos.. S. Dale, 62 Will- iam St., New York. Depositary, Columbia Trust Co., New York. Secured by a first mortgage on 181.72 miles of road from McKinney to Wascom, Tex. The company leases the road from "Wasoom to Shreveport, La., 17 miles, for 26 years. I/isted on the New York Stock Exchange. Oiisinal Market — {500,000 offered In Nov., 1900, at 97% and interest by H. W. Poor & Co., New York. Market. New York — Wm. C. Orton & Co. Price Eange— N. T. S. B. Jam. 1, '09, to Jan. 1, '31 High 110% Apr. 22, '09 Low. 12f'2D 20f'20 1920 Bid. Ask. 32f Oct 12fjan. 20f Jan. SHBRWIN-WIM.IAMS CO. OV CANADA, LTD., (TH£) let & Ref. S. T. 68. Dae Jnly 1, 1941. Dated July 1, 1911. Interest payable Jan. and July 1. at Bank of Montreal, New York, Montreal or London. Tax Statas — Payment of Federal Income Tax not assumed by company. Anthorlzed {4,000,000 Outstanding 1,754,3D"0 Retired by S. F 265,600 In Treasury 21,300 Reserved for Prior Liens 408,800 Reserved for Ext 1,660,000 Denomination — Coupon, $100, $600 and $1,000. Tmstee — Koyal Trust Co., Montreal, Can- ada. Redeemable at 110 and interest on any in- terest date after July 1,1921, Sinldng Fnnd — 2% per annum, commencing July 1, 1916, of all outstanding bonds, plus interest on aii bonds redeemed or purchased, to be applied to the purchase or redemption of these bonds at not over 110 and interest. Organization — Incorporated in Canada in 1911 as a consolidation. Capitalization. Outstanding. Common $4,000,000 Preferred (7% cum.) 3,426,000 Funded debt •. 2,094,967 Secured by a first mortgage on plant cover- ing four acres in Montreal, Canada, on which are located 16 buildings, and a second mort- gage on a second plant in Montreal and oxide mine at St. Malo, Quebec, and on plant cover- ing four acres in London, England. The com- pany manufactures paints and varnishes and has branch oi9ces and warehouses in Toronto. "Winnipeg, Calgary, Vancouver and Halifax, Canada, and Bydney, Australia. prior Liens — $340,667 Canada Paint Co, iBt 5s of 1920, for the retirement of which bonds of this issue have been reserved. Tears ended Ang. 31: Net. Interest. Dep'n. 1920 , .. $1,281,339 $126,194 $87,235 1919 990,919 130,071 125,831 1918 . .. 1,162,951 128,581 121,024 .1917 945,273 133,082 80,746 1916 846.944 136,470 76,710 Listed on the Montreal Stock Exchange, Original Market — Offered in Feb., 1912, by Spencer Trask & Co.. New York, on about a € % basis. Market. New York — Fred H. Hatch mund & Charles Randolph. Price Range. Jan. 1, '15, to Jan. 1, '81 Bid. Ask. Bid. Ask. High 99 '16 101^^ '16 95 Mar. 100 June Low 84 '20 90 '20 84 Mar. 90 Sept. Co., Ed- 1920 eHORE LIGHTING CO. 1st 68. Dae April 1, 1951. Dated April 1, 1911. Interest payable April and Oct. 1, at Fidelity Trust Co., New York lax Statas — 2% Federal Income Tax paid by company without deduction. Anthorized and Ontstanding $400,000 Denomination— Coupon, $600. Trustee — Fidelity Union Trust Co., Neir York. Gaaranteed principal and interest by tli* Public Service Corp. of New Jersey. Organization and Control — Incorporated in New Jersey In 1911. All of the stock !• owned by the Public Service Corporation of New Jersey. Gas properties leased to Fublla Service Gas Co. and electric properties to Pul>- lic Service Electric Co., rental being- all charges and 6% per annum on stock. Capitalization. Outstanding. Common $112, 00» Funded debt 4D0,00a Secured by a mortgage on plants supplying gas and electricity to Bed Bank and Soutli Amboy, N. J., and vicinity. Franchise' In; Red Bank is perpetual. Market. New Yorli — W. "B. R. Smith & CO.. Price Range. Jan. 1, '16, to Jan. 1, '21 198a' Bid. High 93 '16 Low. 91 '17 Not available. SHREVEPORT BRIDGE & TERMINAL CO. (THE) l8t 6s. Dne Ang. 1, 1956. Dated August 1. 1906. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $600,000 Outstanding 460,000 Denomination — Coupon, $1,000. Regl^terabl* as to principal. Trustee — St. Louis Union Trust Co., St. Louis. Guaranteed principal and Interest by St* Louis Southwestern Ry. Co. by endorsement. Organization and Control — Incorporated in Louisiana in 1897. Controlled by the St. Louis Southwestern Ry. Co. through ownership ot entire $60,000 capital stock. Capitalization. Outstanding. Common ^60,00(^ Funded debt 460,000^ Secured by a first mortgage on the bridg» over the Red River at Shreveport, La., to- gether with approaches. Original Market — $360,000 offered Nov., 1906, at 101% and interest by A. G. Edward* & Sons and the Commonwealth Trust Co.» both of St. Louis. Market. New York — Pinlay & Davenport, Joseplk Bird Ford., Fred H. Hatch & Co. St. Louis — Stix & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98% '10 101 '09 75 Nov. 83 Nov. Low. 50 '17 62 '19 60 June 65 Juna 1231 SHREVEPORT GAS, ELECTRIC LIGHT • POWER CO. 80-Year 68. Due Oct. 1. 1928. Dated Oct. 1, 1902, Interest payable AnrO and Oct. 1. at Central Trust Co. of Illlnola. Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding (Jan. 1, '21) 369,500 Retired 130,000 Denomination — Coupon, $600. Trustee — Central Trust Co. of Illinois, Chi- cage. Redeemable at 105 and interest. Sinking Fund — ^Annually, beginning Oct. 1» 1917, 2% of outstandiniT bonds for the pur- chase or redemption of these bonds at not over 105 and Interest. Bonds acaulred are cancelled. Control — ^Absorbed by the Southwestern Gas & Electric Co. .Secured by a first mortgagre on plant sup- plying natural gas and electricity to Shreve- port. La. Population served, 30,000, Natural gas franchise runs beyond 1932; artificial gas and electricity to 1987. Underlies — Southwestern Gas & Elec, 1st & Ref. 6s and Deb. 6s. Earnings — See Southwestern Gas & Electric Co. Market, Chicago — Babcock, Kushton & Co., H. T. Holtz & Co. Milwaukee — Morris F. Fox & Co. PhUadelphia — S. K. Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. High 9TV2 '17 Not T.OW. 93 '17 97 '16 available SHRBVEPORT (ta.) RAILWAYS Ist 68. Due each Joly 1, $10,000 1918 and 1919, $15,000 1920 and 1921, $20,000 1922 to 1927, $25,000 1928 to 1932, $30,000 1933 to 1937, $25,000 1938 to 1942, $20,000 1943, and $210,000 1944, TTnissned bonds are dae $5,000 1925 to 1937, $15,- 000 1938 to 1942, $20,000 1943, and re- mainder of issne 1944. Dated July 1, 1914. Interest payable Jan. 1 and July 1,^ at Trustee's office. Tax Statas-^2% Federal Income Tax ^aid by company without deduction. Authorized $3,000,000 Outstaiidins (Jan. 1, '21) 766,000 Matured ami Paid 35,000 Reserved tor Ext 2,200,000 Denomination — Coupon, $1,000 (except $50,- 000 $500 bonds and $20,000 $100 bonds due 1944). Registerable as to principal. Trustee — Hibernla Bank & Trust Co., New Orleans, La. Redeemable on July 1, 1918, or any interest ^ate thereafter at 103 and interest. Maintenance Fund — Monthly after J^ly 1, 1914, a sum eaual to 12% of gross earn- ings. Organization — Incorporated in Louisiana in 1914 as successor to Shreveport Traction Co. Capitalization. Outstanding- Common $1,000,000 Funded debt 765,000 Secured by a first mortgage on street rail- ^way system in Shreveport, La., comprising 32 miles of track and equipment. Franchises extended in 1912 to 1954. Years ended Dec. 31 1920. 1919. 1918. 1917. 3916. Gross. $662,840 447,656 322,775 312,642 9,403 Net. $146,487 152,471 102,320 88,210 92,786 Int,, etc. $41,325 44,570 46,866 47,663 45,432 Original Market — Offered In July, 1914, by the Illbernia Bank & Trust Co., New Orleans, at prices to yield 5.15%. Market, New Yorlc — Redmond & Co. Price Range, Jan. 1, '17, to Jan. 1, '21 1930 Bid. .N-sk. "Rid. A.sk. High 98 '17 101 '17 85 Mar. 96 June Low. 85 'IS 90 '20 86 June 90 Dec. CO. SD-Year 69. Due SHtTLTS BREAD March 1, 1940. Dated March 1, 1910. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by com.pany without deduction. Authorized $3,000,000 Uutstauamg- (Apr. 15, '21) 2,500,000 Retired by S. F 400,000 In Treasury 100,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Peoples' Trust Co., Brooklyn. Redeemable at par and Interest, Sinking Fund— Monthly payments equal to at least $50,000 per annum for the purchase or redemption of these bonds at not over 100 and interest. Organization — Incorporated in New York In 1910 as a consolidation of several bread bak- eries in and around New York City. Capitalization. Outstanding. Common $4,964,000 Funded debt 2,500,000 Secured by a mortgage on the bakeries and other property of the company, including four bakeries in Brooklyn, three in New York, one in Mount Vernon, N. Y,, and two in Hoboken. The real estate of the company is valued at more than $3,000,000 and includes ground and buildings at 23-29 Jackson St., 269.^73 Monroe St., 372-376 Madison St., 328-336 and 337 75th St. and e2d St. & West End Ave., Manhattan, New York; new plants at Jamaica, L. I.; 166th St, & Park Ave., Bor- ough of Bronx, New Y^rk, and .Staten Island, New York, Market. New York — Geo. S. Crap & Co., F. H. Hatch & Co., McDonnell & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. A.sk. High 88 '16 Not Low. 82 '17 93 '18 available SIERRA & SAN FRANCISCO POWER CO. Ist 58. Due Aug. 1, 1949. Dated August 1, 1909. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized $30,000,000 Outstanding 7,500,000 Reserved for Ext 22,600,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Registered, $1,000. C. & R. interchangeable. Trustee — United States Mortgage & Trust Co., New York, Redeemable at 110 and interest on any in- terest date. Guaranteed as to interest by the Pacific Gas & Electric Co. under terms of lease. Organization and Control — Incorporated in California in 1909 and took over the Stanis- laus Electric Power Go. and the Tuolomne Water Power Co., both foreclosed. In Oct., 1917, purchased La Grange Division of the Yosemite Power Co. The property acquired comprises a water right on the Tuolumne River near Indian Bar, a water conduit 17 miles long and a 900 k. w. hydro-electric plant at La Grange, a transmission and dis- tributing system and the electric lighting and industrial power business in Stanislaus County east of the San Joaquin River south of the Tuolumne- River and north of the Merced River, including the towns of Tur- lock. Denair, Ceres, Hughson, Hickman, Wa- terford and La Grange. Controlled by the California Ry. & Power Co. through ownership of entire $20,000,000 capital stock, which company is In turn con- trolled by the United Railways Investment Co. 1231 December 31, 1919, Sierra & San Francisco Authorized '5"5?S'SSS Power Co. leased its operating properties to Oatstanding 8,463,000 the Pacific Gas & Electric Co. for a period In Treasnry 37,000 of 15 years. Denomination — Coupon and reglBtered, $1,- Under the terms of the lease the lessee^ 000. is to assume all fixed charges and also set Trustee — Columbia Trust Co., New York, aside a small amount for bond discount. Guaranteed as to Interest by the Pacific Rental for the year ended Dec. 31, 1920, (jas & Electric Co. under terms of leise. ?50,000; 1921, $60,000; 1922, ?100,000, and Organization— See 1st Ba. $150,000 annually thereafter. Secured equally with $1,000,000 Series "A" Capitalization. Outstanding. ^ ,„ ^ second mortgage on property de- Co™™™, • • *?S'S2S'SSS Boribed under 1st 5s above. Funded debt 17.000.000 p^^ Uens— $7,600,000 1st 5s. Secured by a first mortgage on nydro-elec- Earnings See 1st 5s. trie plants in Tuolumne County, Cal., 140 Market. miles from San Francisco, and on a steam jj^^ York — Barle A. Miller & Co., Rau- plant in San Francisco, and on about BOO scher & Maokay, Sutro Bros. & Co., Tuolser. miles of transmission lines. The company Anthony & Co. furnishes all the power used by the United Boston — Moors & Cabot. Railroads of San Francisco under a forty- San Jfi'ancisoo — Blyth, Witter & Co. four year contract, dated 1910. Philadelplii^^Henry D. Boenning & Co., Underlies — $9,463,000 2d mortgage Bs and Welsh Bros. 6s of 1949. I'OS Angelea — Citizens National Bank. liisted on the New York Stock Exchange. San Diego — Blyth, Witter & Co. Orisinai Marlcet — $6,600,000 offered in July, , Price Range. 1910, by N. W. Harris & Co., New York, Bos- Jan. 1, '16, to Jan. 1, '21 1920 ton and Chicago, and Perry, Coffin & Burr, ,?,'Aio ^o^m'» Aa^^^' cA?" ■Rnotnn at OtV, and interest High 46% '16 62 '16 49 Dec. 52 Mar. Boston, at 93% ana interest. ^^^ 2^ ,^g ^^ .^^ 43 June 60 Aug. Market. New Yorit— Sam'l Goldschmidt, Fred H. SIMMS OIL COMPANY Equip. Tr. 6s, Series Hatch & Co., Earle A. Miller & Co., Sutro «j^^,> ..3^,, a„a ,.().., jjue as foUows: Bros. & Co., Tucker, Anthony & Co., Vander- Series "A"— $17,000 eacli Aug. 1, 1921, hoef & Robinson. Nov. 1, 1921, Feb. 1, 1921, May 1, 1982! Boston — L. Sherman Adams, Moors & $18,000 each Aug. 1, 1922, Nov. 1, 1922 Cabot, Arthur Perry & Co. and Feb. 1, 1923; Series "B" — $16,000 San Francisco — Blyth, Witter & Co. ju„e 1, 1921, $17,000 each Sept. 1, 1921, Pluladelplua — Henry D. Boenning & Co., jy^^ 1_ j^jgl^ March 1, 1922; $18,000 each McCown & Co., Welsh Bros. , „ , June 1, 1922, Sept. 1, 1922, Dec. 1, 1922, IMS Angeles — Citizens National Bank. March 1, 1923; Series "C" — $17,00 Oeach San Diego — Blyth, Witter & Co. j„ly 1^ 1921, Oct. 1, 1921, Jan. 1, 1922, Price Bange— N. T. S. B. April 1, 1922, Jan. 1, 1923, April 1, 1923. Jan. 1, '16, to Jan. 1, '21 1920 Dated Jan. 16, 1920. Interest payable Bid. Ask. quarterly on various dates according to the High 92% Oct. 27, '16 76 Jan. 84 Jan. date of the issue at Central Union Trust Co., Low. 79 May 12, '19 65 Oct. 66^i Sept. j^;^^ York. . Tax Status — 2% Federal Income Tax paid .,.«„«. .. aA-ii.T -co A -KT^Tann nnnnrn rn by the company without deduction. SIERRA & SAN FKANCISCp POWER CO. ^Authorized $607,000 2d 6s, Series "A." Due January 1, 1949. Outstanding (May 1, '21) 401,000 Dated Jan. 1. 1909. Interest payable Jan. Matured and Paid 206,000 and July 1, at Trustee's office. Denomination — Coupon, $1,000. ' Tax Status — 2% Federal Income Tax paid Trustee — Central Union Trust Co., New by company without deduction. York. Authorized and Outstanding. .,, .$1,000,000 Organization and Control — The Simms Denomination — Coupon, $1,000. Register- Petroleum Co., of which the Simms Oil Co. able as to principal. is an integral part, controls oil leaseholds Trnolee Columbia Trust Co., New York. in Texas, Oklahoma and Louisiana, aggre- Guaranteed as to interest by the Pacific gating 560,000 acres of land, and has a com- rn^ & Electric Co under terms of lease. plete organization for the production, refin- nr^nlratloih— See Ist 68. ihS and marketing of petroleum and its SU^fl e^lly with $8,500,000 Series products. It owns 38 tanks for oil storage .,Jt*!^^ t?oro,.nLTnorte-aee on property having capacity of 65,000 barrels each, 479 "B" bonds by a second mortgage on property ^q o|,„tgallon steel tank ears, 192 miles of described under tlieiatos. pjp^ jj^^^ ^^^ controls the Miliken refinery Prior Lien — J'.SO".!""'- at Arkansas City, Kansas, having a daily _ , „, ,?*•,„„„ j^ r^n TTon capacity of about 2,200 barrels. Production New York— Tucker, Anthony & Co., Van- of'^^n ig reported to be about 4,200 barrels derhoef & Robinson. pgj. (jay ^ San Francisco— Blytli, Witter & Co. Secured by an equipment trust agreement San Diego — Blvth, Witter & uo. ^^ 3^^ all steel tank cars of 10,000 gallons Price Ranee. capacity, costing $802,910, of which com- Jan. 1, '16, to Jail. 1, '21 -a,^ i„t pany paid $401,910 in cash. Bid. Ask Bid. Ask original Market— $401,000; offered April, High 56 '19 67 16 .V.°?*- ?? t"ii 1921, by Merrill, Lynch & Co., New York., Low. 41 '17 44 '17 50 Aug. 51 June etc., on an 8.25% basis. STFRBA & SAN FRANCISCO POWER CO. SIMONS (ERNEST) IttANOT-ACTURING CO. 9? B« Series "B." Due Jan. 1, 1949. 1% Conv. Notes. Due January 1, 1925. Ti,Sia Jan 1 1909. Interest payable Jan. Dated January 1, 1920. toterest payable „flT^lv 1 at Trustee's office. Up to Jan. 1, January 1 and July 1, at Farmers' Loan ft ??i(i interest may be paid either In cash or Trust Co., New York. inids IntlresT was paid In bonds and an Tax Status— 2% Federal Income Tax paid S^mmt eoull to interest Invested In the com- by the company without deduction. l^T;^r^y in 131S and in cash since Authoriz^d^ ! i ] ! ! i ! i".: ! ! i i ! ! ! ! ! i*?^?',??!! '^tU Status— 2% Federal Income Tax paid Porpose of Issue— To refund current In- by company without deduction. ^^^ debtedness. Denomination — Coupon, $1,000, $600; regis- Purpose of Issue — The proceeds of thlB Is- terable as to principal, sue are to be used In connection with carry- Tmstee — Farmers' Loan & Trust Co.. New ing out a comprehensive plan of extensions, York. including the development of oil properties: Redeemable on any Interest date at the the enlargement of some of the present re- following prices and interest lor various cal- fineries to bring them up to the existing endar years: 102V4, 1920; IDS, 1921; 101%, Pipe line capacity: the acguisitlon of addl- 1922: 101, 1923 and 100^, 1924. tlonal tankers and other transportation faciU- Slnklng Fond — Company will retire each ties; and to provide additional working cap- year by purchase or call 10% of the largest ital reaulred by the increaslns volume of amount of notes outstanding. It Is estimated business. These expenditures will better oo- that 40% of this issue will be retired before ordinate tjie various branches of the enter- maturity through the operations of this fund. prise and strengthen Its position as a world Convertible, par for par, into 8% cu- wide factor in the trade, mulative preferred stock of the company. Denominations — Coupon, $100, $500 and $1.- The preferred stock Is preferred both as to ooo and multiples of $1,000; registerable as assets and dividends, and will be entitled to to principal in denominations of $1,000 and receive 110%, and accrued dividends in event multiples thereof. of llQuidation before any distribution may be Trustees — Chase National Bank and Cen- made In common stock, and also may be re- tral Union Trust Co., New York, deemed at the office of the company on any Redeemable on 60 days' notice at 105 and dividend date at 110 and Interest. interest If redeemed on or prior to May 15, Organization — Incorporated in New York in 1921, and thereafter at 1% less for each year 1902, Business established in 1872. The or part thereof elapsed after May^ 16, 1921. company Is a large manufacturer of sheets, except that In case notes are issued with pillow cases and nightwear. The company stock purchase warrants attached, these notes 1b now operating four plants, the principal not accompanied by their appurtenant war- plant being at Port Chester, New York, and rants will be redeemable at par and interest. other plants at Mooers and Keeseville, New Sinking Fnnd — The company will covenant York, and Norwalk, Conn. to pay the trustees not less than $2,000,000 Capitalization. Outstanding. on Jan, 1 and July 1 of each year commencing Common $1,000,000 with Jan. 1, 1921. These sums, aggregating Preferred (8%) 130,000 at least $18,000,000, are to be paid as a sink- Funded debt 780,000 ing fund to purchase the notes at not over Secnrity — ^A direct obligation of the com- 100 and interest. If witl^in 60 days from the pany, but not secured by a mortgage. date of each payment the notes are not avail- Under the terms of the Indenture the com- able for purchase at 100 and Interest, the un- pany covenants as follows: expended balance reverts to the company. Not to place any mortgage or lien on its The company is to be entitled to be credited plants or physical assets, except that it may on its sinking fund obligation with the princi- acQuire other property subject to purchase pay amount of notes retired by conversions, money mortgage: or with the proceeds received by the company To maintain current assets, as defined in upon the exercise of the purchase warrant the Indenture, in an amount at least one privilege. Notes acquired for the sinking and one-half times (150%) all current liabili- fund are to be cancelled. If, as provided be- tles. Including all of these notes outstanding, low, more than $50,000,000 notes shall ^be and issued the sinking fund is to be correspond- Not to hypothecate or pledge any of its ingly increased, assets, including raw materials, merchandise. Convertible at any time until 30 days prior Investments, or accounts receivable. to maturity, at the option of the holder, on Prior liiens — Outstanding. the following basis: Bach $1,000 note to be Purchase Money Mtge $30,000 exchangeable for 10 shares (par $100 each) Original Market — $750,000 offered February, 8% Cumulative Sinking Fund Preferred Stock 1920. by George H. Burr & Co., New York. (new issue) and 2% shares of the Common Chicago, etc., at 100 and Interest, Stock without par value with an adjustment Market *°^ accrued interest on the notes and divi- -, ,, , T I. ,.T- , T dends on the preferred stock at the time of New York — John Nickerson, Jr. conversion Chlcaso— Geo. H. Burr & Co. Organization— Incorporated in New York in September, 1919, as a consolidation of the SINCIAIR CONSOtlDATBD OH CORP. 6- Sinclair Oil & Refining Corporation, Sinclair Year Secured 7%% Conv. Notes. Due """ Corporation and Sinclair Consolidated May 15, 1986. Oil Corporation. Dated May 15, 1920. Interest payable ^"® company is engaged through its sub- May IS and Nov. 16 In New York. sidiaries in producing, transporting, refining Tax Status — 2% Federal Income Tax paid ^"3 marketing petroleum and its by-products, by the company without deduction, Pennsyl- ^ Capitalization. Outstanding, vania State tax refunded. £°";'"?J'„<"° P'Y' 3,909,944 shs. Authorized $75,000,000 S''^*;, 'i'^ S^™' $247,700 OutsSing (Jan. 1, •21) . . . , 47,504;000 ^""""^'1 debt 53,713,229 Retired by S. F 1.971.000 Secured by pledge with the trustees of all . In Treasury 277,300 the capital stocks and other securities of Converted 247,700 subsidtary companies now owned or hereafter Reserved for Corporate Pur- acquired. poses 26,000,000 The company may not, and will not, permit Provision of Issue — The remaining $26,- any subsidiary to create any liens unless de- 000,000 notes shall not be issued unless the posited under the trust agreement excepting net earnings as defined in the Indenture for liens on marine equipment and tank cars the last preceding fiscal year or the average and purchase money obligations, of such net earnings for the last three pre- The corporation and subsidiaries own (1) ceding fiscal years shall equal at least four a 90% interest in leases on approximately times the annual Interest on the total amount 600,000 acres in the principal oil fields In of these notes outstanding. Including the addi- Kansas, Oklahoma, Texas, Louisiana and tlonal notes proposed to be Issued. Wyoming, about 30,000 acres being what U termed produclns acrease, the balance belns reserved for future development; (2) leases on over ' 160,000 acres scattered through the heavy and light oil districts of Mexico: some 6,200 acres of which is under development, the balance being reserved for future devel- opment; (3) long-term concessions for the ex- clusive exploration of approximately 1.000,000 acres in Costa Bica and approximately 1,- 280,000 acres in Panama; (4) a substantial Interest in a concession covering approximately 76,000 square miles in Angola, Africa. Actual drilling and exploration work has commenced on all these concessions. The production from the properties in the United States is con- sidered settled and stable, the oil at this time being produced from approximately '1,860 wells. From the properties In Mexico the company is producing and exporting in its own facilities approximately 20,000 bar- rels of oil per day and has a potential pro- duction of approximately 100.000 barrels per day. In addition, the corporation has a sub- stantial interest in the Mexican Seaboard Oil Co., which is now producing and selling ap- proximately 36,000 barrels of oil per day. The pipe line system is of modern construc- tion, aggregating about 2,800 miles of trunk and gathering lines, extending throughout practically all the oil producing districts of Kansas, Oklahoma and North Texas, and pro- ducing daily about 65% of all the light grade crude oil produced in the United States. The. main trunk line extends from the Kanger Helds In Texas to East Chicago. Ten modem refineries with an aggregate daily capacity in excess of 46,000 barrels of crude oil. manufaoturing practically all the by-products of petroleum, are located at East Chicago. Kansas City. Chanute, CofEeyvlUe. Vinita, Muskogee, Cushlng, Houston, New Orleans, and Wellsville, N. T. In addition, ten plants are owned and operated for the manufacture of gasoline from casing-head gas, with a capacity of 46,000 gallons per day. The distributing facilities include 4.234 tank ears; a fleet of approximately 60.000 tons deadweight capacity (including 17.330 tons under charter), which will be increased to 136,000 tons upon completion of tankers now being constructed; an extensive system of marketing stations in 20 states through- out this country; bulk-oil terminal facilities for the wholesale trade on the Atlantic sea- board and Gulf ports; similar facilities at Havana and other ports in Cuba; also estab- lished selling agencies in Europe, In Cuba the company is a large distributor of fuel oil. Tears ended Dec. SI (consolidated): Gross. Net. •Charges. 1920 ... $166,648,932 $36,580,415 $5,192,198 1919 76,970.958 22.670,898 3,069,662 •Interest and Federal Taxes. Usted on the New York Stock Exchange. Original Market — $60,000,000 offered April, 1920 by Kissel, Kinnlcutt & Co., Blair & Co., Inc.,' Montgomery & Co.. Wm. A. Bead & Co., J & W. Seligman & Co., Spencer Trask & Co . White, Weld & Co.. New York, etc., and First Trust & Savings Bank and Illinois Trust & Savings Bank, Chicago, at 98 and Interest. Market New Yorlt — Babcock, Rushton & So., T. Hall Keyes & Co., .=!alomon Bros. & Hutzler, Seasongijod, Haas & Macdonald. Ix>uisviUe— Black, Fetter & Co. Detroit — Watling, Lerchew & Co. Salt I-alte City— Palmer Bond & Mortgage Po Philadelphia — McCown & Co., Montgomery A- C^n T'tVUl & Co. Chicairo — John Burnham & Co.. Blair & Co .Curtis & Sanger, Fidelity Trust & Say- Illinois Trust & Savings Bank, Tiiden & Tllden, Wittekind & Co. Pittsburgh — Stout & Co. Price Range 1920 Bid. Ask. High 98 July 9SVi Aug. Low 87 Dec. 87 % Deo. SINCr,AIK REFINING CO. Equip. Tr. 68, Series "B," due as follows: $111,000 Nov. 1, 1920; $172,000 May 1, 1921; $173,000 Nov. 1, 1921; $174,000 May 1, 1923; $176,000 Nov, 1, 1922; $177,000 May 1, 1923. Dated May 1, 1920. Interest payable May 1 and Nov. 1 at Fort Dearborn Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,043,000 Outstanding (May 2, '21) 700,000 Matured and Paid 343,000 Denomination — Coupon, $1,000. Trustee — Port Dearborn Trust & Savings Bank, Chicago. - Secured by an eauipment trust agreement on 500 all steel tank cars of 10,000 gallons capacity each (costing $1,391,250, of which amount $691,250 was paid in cash by the company). Original Market — $700,000, offered April, 1921, by Marrill, Lynch & Co. and Freeman & Co., on an 8.25% basis. SIOUX CITY Si PACmC BATLKOAD CO. 1st Sy^B. Due Aug. 1, 1936. Dated Aug. 1, 1901. Interest payable Feb. and Aug. 1, at Chicago & Northwestern Com- pany's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $4,000,000 Outstanding 4,000,000 Denomination — Coupon, $1,000. Fully reg- isterable. Registered, $1,000, $5,000 and $10,- 000. Trustee — Farmers' Loan & Trust Co.. New York. Assumed by the Chicago & Northwest. Ry. Co. Control — ^Merged into the Chicago & North- western Ry. Co. in 1903. Secured by a first mortgage on 121.58 miles of road, viz. : Miles. Sioux City to California Jet., la 69.81 Blair to Fremont, Neb 31.77 Moviile to Sargents Bluff, la 20 . 0'O ^Underlies — Chicago & North Western E. R. 1st & Kef. Mtge. under ■which bonds are re- served to retire this issue. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn.. Mo., N. H., N. J., N. Y., R. I., Vt. and Wis. Original Market — Offered in 1901 by Kuhn, Loeb & Co., New York. Market. New York — Simon Borg & Co., Ohas. W. Place, R. W. Pres.sprich & Co., Remick, Hodges & Co. Price Range, 1920 Ask. High 90% '09 92 '12 741,4 Jan. 78% Nov. Low. 68 '20 83 '20 68 May 73 Dec. Jan. 1, '09, to Jan. 1, '21^ Bid. Ask. ^ Bid. tag's Bank, First Trust & Savings Bank, 1235 SIOTfX CITY (la.) SEBYIGE CO, 1st & Bef. S. F. 5s. Due Jan. 1, 1928. Dated January 1, 1910. Interest payable Jan. and July 1. at Chase National Bank, New York, or Trustee's office. Tax Statue — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding (Jan. 1. '21) 2,141,000 Retired by S. F 230,000 Reserved for Bxt 2,629,000 Deiwmination — Coupon, $1,000. Registerable as to principal. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable at 105 and interest on any in- terest date upon four weeks' notice or any July 1st for sinking fund. Improvement and Sinking- Fund — Annually on May 1, 1915, 550,000; 1916, $50,000; 1917, {60,000; 1918, $70,000; 1919, $80,000; 1920, $80,000; 1921, $90,000; 1922, $90,000; 1923, $100,000; 1924, $100,000; 1926, $110,000; 1926, $120,000; 1927, $130,000, lialf of which is to be applied to the purchase or redemption of bonds annually on July 1, at not exceeding 105 and interest, and the balance to be ap- plied to permanent extensions and improve- ments. Bonds so redeemed to be cancelled. Orgranization' — Incorporated in New Jersey In 1905 as successor to the Sioux City Traction Co. Capitalization. Outstanding. Common $2,000,000 Funded debt 2,141,000 Secured by a first mortgage on plant sup- plying electricity and steam heat in Sioux City, la., including a new generating station, and the 51 miles of street railway compris- ing the system in that city. Population served, 61,774. Seven miles of the railway is on private right-of-way. Some of the fran- chises, granted in 1889, expire in 1939, while others, granted in 1908, expire in 1933. Years ended Dec. 31: Bond Gross. Net. Interest. 1919 $1,302,290 $337,543 $160,435 •1918 976,627 208,938 111,301 •1917 927.279 366,496 108,140 •Tears ended May 31. Original Market — Offered in June, 1910, by N. W. Halsey & Co., New York, etc.. at 97 and interest, and by the 1st Nat'l Bank, Mil- waukee, in June, 1914, at 97 and interest. $880,000 offered June, 1919, by Halsey, Stuart & Co., Chicago and New York, at 89 and interest. Market. New York — Halaey. Stuart & Co., Hanson & Hanson. Philadelphia — Sam'l K. Phillips & Co. Chicago — Halsey, Stuart & Co. Milwaukee — F. A. Bartlett Co. New York — Halsey, Stuart & Co. Kansas City, Mo. — Stern Bros. & Co. Chicag:o — Halsey, Stuart & Co. Price Range. Jan. 1, '13, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 96 '13 99 '13 89 Mar. Low. 65 '20 70 '20 66 Dec. 70 Dec. Capitalization. Outstanding. Common $1,387,600 Preferred (6% non-cum.) 1,460,700 Funded debt 1,268,000 Secured by a first mortgage on stock yards and buildings covering 150 acres of ground in Sioux City, la. The property is located about one mile and a half from the center of the city and includes railroad rights-of- way to various packing houses. Years ended Dec. 31: Gross. Net. Interest. 1920 $982,333 $377,872 $75,392 1919 967,164 406,323 83,108 1918 874,534 382,284 81,04t 1917 719,393 371,140 71,852 Original Market — Offered July, 1911, at 96% and interest by the Port Dearborn Trust & Savings Bank, Chicago; offered Jan., 1912, at 96 and interest, by Blodget & Co., New York and Boston. Market. New York — Fred H. Hatch & Co., Morton Lachenbruch & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96 '16 97 '17 85 Mar. 87 Mar. Low. 75 '15 84% '20 84% Sept. SIOTJX CITY (lA.) TBLBPHONB CO. 6s Due March 1, 1924. Dated March, 1904. Interest payable Mar. and Sept. 1, at Central Trust Go. of Illinois, Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $500,000 Outstanding 482,000 In Treasury / 18,000 Denonunation — Coupon, $200, $500 and $1,000; registerable as to principal. 'Trustee— Central Trust Co. of Illinois, Chicago. Redeemable at 105 and interest. Organization — Incorporated in Iowa In Capitalization. Outstanding. Common t(;nn nnn Funded debt ....::::::::.;:: 482000 „ J^*""/*. ?'' ^^ *"■=' mortgage on an ' in- pendent telephone system in and around bioux Gity, la. Franchise expires in 1929. Years ended Dec. 31: 101S .„?/?^^- Net. Interest. "" $315,024 $76,490 $34,801 tSiR ■,■ • • hot available ili" 243,579 75,966 33,959 1315 219,637 67,797 33,731 Do^Sd ^"^^ ~ •'°^^^^ Oilman, T. L. Mao- Price Range 1920 Tiio-i, ^''J- Ask. f'i" 85 June 95 June ^°^ 80 Deo SIOUX CITY (la.) STOCK YARDS CO. (THE) 1st Ref. 5s. Due July 1, 1930. Dated July 1, 1910. Interest payable Jan. and July 1, at Trustee's office or at Blodget & Co., New York and Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,268,000 Reserved for Ext 624,000 Resei-ved for Prior Liens 208,000 Denomination — Coupon or registered, $1,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeeniable at 105 and interest on three months' notice. Organization — Incorporated in Iowa in 1894 and acquired the property and business of the Union Stock Yards Oo. Controls Yankton (S. D.) Stock Yards Co. 1236 SKENANDOA COTTON CO. 7% S. F. Notes »ie ?200,000 each June 1, from 1925 to 1 Fj'i*^''^"^^ ^I i?^"- Interest payable from l^a^ Deo. 1, at First National Bank, Utica. by^t'c%"pVn^y^wi^ro^ur'de^SS?trn.'^^^''^'"> ^Sis'-t'^dlSg •:::;::: »-«»ms« wo^r caSltah™"-'"" ''™^'^^" '^Mltlonal ^^Denonunation— Coupon, $1,000, $600 and UtTc™* N*"?^"®'^* County Trust Company, Redeemable on 60 days' notice, as fol- '°^s:, At 103 and interest on or before June J' J 2 52' ^"2 ^^^ Interest on or before June lb27 ' ^""^ "^ ^""^ Interest after June l! Sinkingr Fund — Annually, beginning June 1, 1921, a sum equal to 3% of the notes outstanding for the purchase or redemption or these bonds at not exceeding the current call price. Orgranization — Incorporated in New York In 1881. The company's principal office and factory are located at XJtica, N. T. Its busi- ness is the manufacture and sale of cotton yarns. At the present time the company has 70,000 spindles in operation. Company's product is sold largely to knit goods mariu- zacturers. Capitalization. Outstanding. Common $1,000,000 Funded debt 1,000.000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of this indenture the com- pany covenants as follows: Not to mortgage or pledge during the life of these notes or any part thereof, any of Its assets now owned or hereafter acquired, excepting pledges of warehouse certificates or other property to secure temporary loans In the usual and ordinary course of business, and purchase money mortgages, unless provision Is made for the payment of the whole of this issue then outstanding. Not to create any evidence of indebted- ness having an ^qual or prior lien with this issue, except customary borrowings on Its notes and com,mercIal paper in the ordinary course* of business. To Tnaintain total net quick assets In an amount equal to 150 % of the principal amount of this issue outstanding, and In the event of net quick assets falling below 150% no dividend shall be paid on any out- standing stock of the company until net quick assets shall again equal 150 % of notes outstanding. Tears ended Dec. 31: Gross. Net. Interest. 1919 $319,846 $254,010 $70,686 1918 .*. 417,517 271,457 68,263 1917 199,374 173,858 43,478 1916 180,019 160,908 29,506 1915 261,583 150,183 24,633 Original Market — $1,000,000 offered May, 1920, by trtlca Investment Co., Utica, N. T., at 100 and interest for all maturities. Market Utica — Douglas M. Ross Co. SliOSS-SHEFFIEUD STBEI. Ss IKON CO. 10-Tr. S. F, 6% Notes. Due Aug. 1, 19189. Dated Aug. 1, 1919. Interest payable Feb. 1 and Aug. 1 in New York. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $6,000,000 Outstanding 6.000,000 Purpose of Issue — From the proceeds of these Notes, $2,060,000 will be deposited in escrow with the Central Union Trust Com- pany for the payment at maturity, with in- terest, on February 1, 1920, of like amount of First Mortgage Bonds. This M^ill leave the Company's plant and properties entirely free and clear of any encumbrances. The balance of the proceeds will be used for completing the erection of by-product coke ovens, for building a central power station, for electrifying coal mines, and for other general improvements. The Company is spending $6,000,000 on by- products coke ovens, including a portion of the central power station, $1,500,000 for the electrification of coal and ore mines, and $1,500,000 additional for the acquisition of additional ore properties and for other Im- provements, making the total expenditures for these purposes $12,500,000, of which amount $6,000,000 (this issue) represents the only funded debt incurred. Denominatinn — Coupon, $1,000. Registerable as to principal only and Interchangeable. Trustee — Central Union Trust Co., N. Y. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking Fund — ^Annually, beginning Aug, 1, 1912, the Company will pay to the Trustee $300,000 for the purchase or redemption of these Notes at not exceeding 105 and interest. Bonds acquired are to be cancelled. Organization — Incorporated in 1899 iii New Jersey as a consolidation of several other companies. The Company owns six modern blast furnaces, with a daily capacity of 1,500 ton» foundry or basic pig Iron; also a new stack and cast shed with complete equipment for handling ore; 11 well-developed coal mines on four of the best-known seams of coal in Alabama, with dally capacity of 6,500 to 7.000 tons of coal; 5 red ore mines with daily ca- pacity of 3,000 tons hard and soft red ore; 5 ore-washer plants with complete equipment. Including 15 steam shovels, 20 donkey loco- motives, with narrow-gauge track mining cars, where it produces 1,500 tons of brown hema- tite ore daily; 1 dolomite quarry, fully equipped, with capacity of 700 tons of stone daily. All of the plants are located in the Birmingham and Sheffield districts of Ala- bama. Capitalization. Outstanding. Common $10,000,000 Preferred (7% non-cum.) 6,700,000 Funded debt 6,000,000 Security — ^A direct obligation of the Com- pany but not secured by a mortgage. Under the provisions of the Trust Agree- ment, so long as any of these Notes are out- standing, the Company will not mortgage any of its real or personal property, but this pro- vision shall not prevent the Company from creating or giving purchase money mortgages or other purchase money liens on property to be hereafter acquired by the Company or the acquisition of property by tha Company subject to mortgage, liens or encumbrances thereon then existing, or the pledging by the Company, as security for loans made to it in the regular and current conduct of business of accounts re- ceivable or other liquid assets or of any stock, bonds or other securities owned by the Company or of any of its products. Years ended Dec. 31: Net. Dep'n. 1919 $3,276,198 $502,213 1918 ".. 3,692,568 577,997 *1917 3,370.614 665,741 tl916 2,230,000 * 13 months, t Year ended Nov. Original Market — $ 6 , Q, offered July, 1919, by Lehman Brothers and Goldman, Sachs & Co., New York, at 97% and interest. Market. New York — Babcock, Rushton & Co., Fin- lay & Davenport, Sam'l Goldachmidt, Ed- mund & Charles Randolph, Salomon Bros. 6 Hutzler. Boston — Curtis & Sanger. Chicagro — Merchants Loan & Trust Co. Price Range 1930 Bid. Ask. High 92% Jan. 97% Jan. Low. .' 81 Dec. 84 Dec. Interest. $259,158 142,500 227,500 239,325 30. SMART-WOODS, LTD., 1st 6&. Dae $30,000 each Aug!. 1, from 1917 to 1931 inclusive, ' and $35,000 from 1933 to 1931 inclasive. Dated Aug. 1, 1916. Interest payable Aug. 1 and Feb. 1, at Peabody, Houghteling & Co., Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Balance Retired. Authoi-ized $500,000 Outstanding 410,000 Denomination — Coupon, $1,000 and $600. Reg'isterable as to principal. Trustee — The Koyal Trust Co., Montreal. Orgranization — Incorporated in Canada in 1912 as a mei^er of the Smart Bag Co., of Montreal, and Woods, Ltd., of Ottawa. Name changed March 1, 1918, to Woods Manufac- turing Co., Ltd. Company manufactures jute and cotton bags, tents, tarpaulins, etc. Con- trols the Renfrew Knitting Mills. Capitalization. Outstanding. Common $1,718,600 Preferred (7% cum.) 1,546,500 Funded debt 410,000 Secured by a first mortgage on all the prop- erty of the company, including plants at Mon- treal, Toronto, Hull, Winnipeg and Welland. By the provisions of the mortgage the com- pany is required to maintain its net working capital a.t a minimum of $750,000 during the life of these bonds and maintain a special re- serve fund double the amount necessary to meet interest and principal of the bonds be- coming due during the next fiscal year. Years endled Dec. 31: *Net. Bond Int. 1919 $639,812 $26,650 1918 642.201 27,450 1917 580,072 29,250 1916 401,551 7,417 ♦After war tax, depreciation, etc. Original Market — Offered Aug., 1916, by Peabody, Houghteling & Co., Chicago, at par and interest except first and second maturities, Which were offered respectively on a 5% and ^V2% basis. Market. Montreal — National Bond Co., Inc. SMITH (A. O.) CORPORATION 5-Year 6% S. F. Notes. Due Oct. 1, 1934. Dated Oct. 1, 1919. Interest payable April 1 and Oct. 1, in New York or Milwaukee. ' Tax Status — 2 % Federal Income Tax paid by the company without deduction. Authorized $3,300,00^ Outstanding 3,300,000 FuriMse of Issue — ^Proceeds applied in part payment for additions to plant and eauipment. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — First Wisconsin Trust Co., Mil- waukee. Redeemable on any interest date on 30 days' notice at 103 and interest to and including Oct. 1, 1921, and thereafter the redemption price decreasing % of 1 % for each succeed- ing six months. Sinking Fund — ■ Semi-annually, beginning July 31, 1922, $250,000, to be applied to the purchase or redemption of these notes, at not exceeding the redemption prices. Organization — Incorporated in New York in 1916 as successor to a company of the same name* incorporated in 1904 to take over the business and assets of the Federal Manufac- turing Co. The company is a large manu- facturer of pressed steel automobile and motor truck frames. Also manufactures other pressed steel shapes, drop forgings, axle housings, etc. Capitalization. Outstanding. Common (no par) 100,000 shs. Preferred (7% cum.) $2,469,400 Funded debt 3,300,000 Security — A direct obligation of the com- pany, but not secured by a mortgage. The company has no funded debt and under the provisions of the Trust Deed no funded debt having priority over these notes, or ranking equally with them, can be issued during their life. The Trust Deed further provides that the company will maintain total net assets. after deducting all liabilities. Including de- preciation, reserves, of at least 250 7o of the outstanding notes. Years ended July 31: Net. Interest. 1920 $958,284 $165,000 1919. 3,111,901 1918 2,495,226 Original Market — $3,300,000 offered Septem- ber, 1919, by Wm. A. Read & Co., New York, etc., at 97 Vi and interest. Market. New York — Babcock, Rushton & Co. Milwauiwe — First Wisconsin Co. Philadelphia — McCown & Co. Chica^ro — Second Ward- Securities Co. Price Rangre 1930 "Rifl A.sk High 96 % Jan. 98 % Jan. L.OW 88 Nov. 86 Dec SMITH PAPER MILLS (HOWARD). LTB., Ut S. F. 6s. Due Jane 1. 1934. Dated June 1, 1919. Interest payable June and Dec. 1. Principal and interest payable in gold at Royal Bank of Canada, Montreal and Toronto, and agency of the bank in New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,500,000 Outstanding 800.000 In Treasury 700,000 Additional bonds issuable for 75% of cost of property extensions, only if net earnings for preceding fiscal year are three times in- terest on bonds outstanding and to be issued. Purpose of Issue — To retire outstanding bonds, repay Bank advances for capital ex- penditures already made, and provide for re- quired plant extensions and additional working capital. Denominations — Coupon, $100, $500 and $1,000, registerable as to principal. Trustee — Montreal Trust Company, Mon- treal. Redeemable — On any interest date upon 60 days' notice at 105 and interest. Sinking- Fund — Annually on June 1 sums equal to the following percentages of out- standing bonds plus a sum equal to the an- nual interest on bonds retired by this fund, viz.: 2%, 1921 to 1923 inclusive; 3%, 1924 to 1926 inclusive; 4%. 1927 to 1929 inclusive and 5%, 1930 to 1933 inclusive. This fund is to be applied to the purchase or redemption of these bonds at not over 105 and Interest. Bonds so acquired to be cancelled. Organization^ — Incorporated in 1912, suc- ceeding Howard Smith Paper Company, Ltd. In 1916 acquired paper mill of Edwin Crab- tree & Sons, Ltd., of Crabtree Mills, Que. In Oct., 1919 purchased the entire capital stock of the Toronto Paper Mfg. Co., Ltd., with mills at Cornwall. Ont. On Jan. 1, 1920. the Howard Smith Paper Mills, Ltd., was in- corporated as successor company. Company manufactures high-grade sulphite bond and writing papers. Capitalization. Outstanding. Common ..." $4,000,000 Preferred (8% cum.) 1,600,000 Funded debt 2,489,800 Secured by a first mortgage on entire prop- erty of the company now owned or hereafter nois. Que., of brick construction, with daily capacity of 50,000 pounds, and mill at Crab- tree Mills, Que., of daily capacity of 70,000 , pounds. Years ended Dec. 31: Net. Dep'n. Bond Int. 1919 $437,990 $94,509 $35,210 1918 257,241 71,243 17,730 1917 204,262 27,949 11,150 238 OriKinal Market — Offered May. 1919, by Nesbitt, Thomson & Co., Ltd., Montreal, and A. E. Ames & Company, Toronto, at 93 and interest to yield 6%%. Market. Toronto — A. B. Ames & Co. Montreal — The National Bond Co., Inc. Price IRsmge Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91^ '20 95 1/^ '20 91 M. July 95^ Oct. Low 93 '19 93 June SMITH PAPER MILLS, LTD. (HOWARD) 1st Ref. S. F. 7s. Due Jan. 2, 1941. . Dated Jan, 2, 1921. Principal and inter- est (Jan. 2 and July 2) payable at the Royal Bank of Montreal or Toronto, or at the office of Aldred & Co.. Ltd., New York, in New York funds at the option of the holder. Tax Status — Paym^ent of Federal Incom,e Tax not assumed by company. Authorized $7,000,000 Outstanding 1,000,000 Reserved for Prior Liens l-,490,000 Reserved for Corp. Purposes.. 4,510,000 Issuance Restrictions — Of the escrow^ bonds for corporate purposes, $530,000 are issuable against balance to become due on timber limits; $430,000 issuable for purposes of the company as directors may from tim.e to time determine; the remaining $3,500,- 000 issuable only for the construction of plants or property or for additions, im- provements or betterments upon property of the company and only for an amount of principal equal to 75% of the actual cost or fair value to the company of such ad- ditional plant or property. Purpose of Issue — $1,000,000 issued to pro- vide for the completion of extensions to the plants of the company and to provide fur- ther working capital. Denominations — Coupon, $l,ffOO, $500 and $100; reglsterable as to principal. Trustee — Montreal Trust Company, Mon- Redeemable on any interest date on 30 days' notice at 105 and Interest. Sinking Fund — Annually heglnning Jan. 1, 1923, a sum equal to 2% of the total amount of bonds outstanding, to be applied to the purchase or redemption of these bonds at not exceeding 105 and Interest. Organization — See 1st 6s. Secured by, a general mortgage and charge on the entire assets of the com- pany. For details of property see 1st 63. Prior Liens — Outstanding 1st 6s 1934 $800,000 Toronto Paper Mfg. Co., Ltd. 1st 6s, ]^942 689,800 Balance due on timber limits 580,000 $2,069,800 The above mortgages are closed and bonds are reserved under this issue for their re- ^^^Note— Holders of the first two prior lien issues have been offered the privilege of exchanging their bonds par for par for bonds issued under this mortgage. Bonds so acquired are to be pledged hereunder. Earnincrs — See 1st 6s, Original Market— $1,000,000; offered Mar., 1921. by Alfred & Co., Ltd., New York, etc., at 83 and interest. Market Philadelphia — Joseph W. Gross & Co. Tax Status — 2% Federal Incbme Tax paid by the company without deduction. Authorized $500,000 Outstanding 300,000 Reserved for Corporate Purposes.. 200,000 Purpose of Issue — To reimburse the com- pany for the purchase of the real estate, to provide for tt*=' construction of the plant, for the purchase of equipment, and to furnish ad- ditional working capital. Denomination! — Coupon, $1,080. Trustee — Empire Trust Company, New York. Redeemable at any time at 102 and interest on 60 days' notice. Sinking- Fund — Annually a sum equal to at least 33 1-3% of net earnings after deducting interest on notes, taxes, etc. This fund is to be applied to the purchase or redemption of these notes at not exceeding 102 and interest. Sinking fund may in the discretion of the di- rectors be increased if conditions warrant.. Organization — Incorporated In Delaware, 1919. The company Is engaged In the manu- facture of metal automobile bodies. Plant is located in Springfield, Mass. Capitalization. Outstanding. Common (no par) 10,000 shares Funded debt 1 . .$300,000 Security — A direct obligation of the company but not secured by mortgage. This note issue constitutes the only funded' indebtedness of the company. Under the provisions of the trust agreement no further obligation (ex- cepting current borrowings and purchase money mortgages) can be contracted during the life of these notes. Original Market — $ 300.000 offered Novem- ber, 1919, by Amerlcus J. Leonard, New York, and Tlfft Brothers, Springfield, Mass., at 95 and interest. Market. Springrfteld — Tlfft Brothers. Price Rangre 1920 Ask 95 Dec. SMITH-SPRINGFIELD BODY CORP. 6-Yr. 78. Due Nov. 1, 1925. Dated Nov. 1, 1919. Interest payable May 1 and Nov. 1, at Empire Trust Company, New York. 1239 SODEN & COMPANY (G. A.) 8% Notes. Due each May 1 as follows: $10^000 from 19Z2 to 1926, $20,0(M) from 1927 to 1931, and $100,000 1932. Dated May 1, 1921. Interest payable May 1 and Nov. 1 at Chicago Trust Co., Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $250,000 Outstanding' 250,000 Purpose of Issue — In Sept., 1920, the com- pany acquired the building at the southeast corner of Franklin and Randolph Streets under a 99-year lease. The entire proceeds of this Issue will be expended in' the re- modeling and, improvement of this building. Denominations — boupon, ?1,000 and $500. Trustee — Chicago Trust Co., Chicago. , Redeemable In amounts of $25,000 on any interest date up to and including May 1, 1920, upon 60 days' notice at 105 and inter- est and thereafter at 1% less each succeed- ing year. Organization — Incorporated in Illinois in April, 1919, to take over the business form- erly conducted by G. A. Soden & Co. and Bernadette, Joseph & Co., wholesale jewel- ers. Business established in 1886. The com- pany sells exclusively by mall to dealers throughout the country, diamonds, watches, jewelry, sterling silver, plated ware, etc., of standard makes. Capitalization Outstanding Common $800,00 First Preferred (7% cum.) 360,000 Second Preferred (8% cum.) 400,000 Funded -debt 250,000 Security — A direct obligation of the com- pany but not secured by a mortgage. ' Under the provisions of the indenture the company covenants as follows: ' Not to mortgage or pledge any of its as- consolidated with the General Ohenucal Co^, sets without providing for priority payment The Barrett Co. and National Aniline & of these notes. Chemical, Co. into the Allied Chemical & To maintain net quick assets equal ,to at Dye Corporation. ^ ^ j, least 300% of the principal amount of these Solvay & Cie agree that none of -the fore- notes outstanding. going collateral can be withdrawn while Original Market — $250,000, offered May, any of these bonds are outstanding, and that 1921, by the Chicago Trust Co., Chicago. they will pledge additional collateral if, as , and when necessary, to the end that at all times the market value of the aggregate SODUS BAY & SOUTHERN RAIUCOAD CO. collateral shall be not less than 150% of 1st 5s. Due July 1, 1924. the outstanding issue. As of Oct. 1, 1920, Dated 'July 1, 1884. Interest payable Jan. the net assets of Solvay & Oie were re- and Julr 1, at Penna. E. R. Co., New York ported as in excess of $70,000,000. , and Philadelphia. Listed on the New York Stock Evchange. Tax Status— 2% Federal Income Tax paid Original Market — $10,000, ottered October, By Company without deduction. Tax exempt 1820, by the Guaranty Company of New in New ork. York, National City Co., Harris, Forbes & Authorized and OntstandinB $600,000 Co., Harris Trust & Savings Bank and Kid- Denomination— Coupon, $1,000. der. Peabody & Co. at 100 and interest. ^ustee-Central Union Trust Co., New ^ew york-Hartsho?ne'& Battelle, T. Hall Assumed by the Elmira & Lake Ontario ^l^^^^f a^^y oT'^^oioS''i?olTjlttS°r: ^■cSntr'^S-Consolidated with two other com- p.^^^ «-P^a-Carrigan^ Co., Hi.liker, panies in 1886 into the Hlmira & Lake On- Chlcaso Fidelity Trust & Savings Bank. tario R. R. The entire capital stock of the • Price Range latter company is owned by the Northern 1920 Central Ry. Co., and property is operated by Bid. Ask. the Pennsylvania E. , R. Co. High 100 Nov. 100% Nov. Secured by a first mortgage on 34.06 miles Low 98% Dec. 99^ Dec. of road from Stanley to Sodus Point, New K°''H;, 7J"^^ ^,?^^. ^°,^^^ '??''* J"* "'^ H?^ °' SOLTAX COLLERIES CO. Ref. & Div. 6%8. the Northern Central Ry. Co. from Baltimore jy^^ March 1 1931. to Lake Ontario. Uated March 'l, 1911. Interest payable tist^ on the New York and Philadelphia jj^^.^^ ^^^ g^Pt j' Stock Exchanges. j.^^ Status— 2 % Federal Income Tax paid Market. {,y company without deduction. New York — Raymond M. Smith, Carruth- Authorized Closed mortgage. ^"■^iii^i^'i t ^■°- ??'"'° ^°^S- , ^ o Outstanding $728,000 Philadelphia— Henry D. Boenning & Co. Denomination— Coupon, $600 and $1,000. ■, .-.^ ^ -.^^"i ™°®''' ,„„„ Registerable as to principal. Jan. 1, '16, to Jan. 1, '81 1920 Trustee— Bankers' Trust Co., New York. HiB-h qn'?7 qi^'i'fi sst?; cii V ^n^t Organization and Control— See Joint Gen. Ss. Low SO •18 87-20 80 D?? 87 ^' S,w Secured by a mortgage on 2,260 acres of Low. 80 18 87 20 80 Deo. 87 July ^^^^ ^j ^^1^,^ j_3„(, ^^^ ^^^^ j^n^g^ and two fully equipped mining plants, at Big Sandy SOIjVAY & CIB 7-Year Secured 8s. Due and Marytown, W. Va. Also by a first lien Oct. 1, 1927. on leasehold Interest in 3,400 additional acres. Dated Oct. 1, 1920. Principal and inter- of which 2,200 are underlain with coal, this est (April 1 and Oct. 1> payable in United land being located at Kingston, W. Va. Com- States gold coin at National City Bank, pany has coal supply contracts with Solvay ^%S' ^gi'^1 „„ -^ ^ , T n, ,. Process Co. and By-Products Co. Corp. Tax Status— 2% Federal Income Tax paid Underlies— S. C. Co. and Kingston Land Co. by the company without deduction. Also T.._t r-m fSs of 1<14(; exempt from any present or future tax im- S„Jff„ ' a°; Z,Z.: p™ o. posed by the Kingdom of Belgium, or any Earnings— See Jo^t Gen. 6s. taxing authority therein. .^^ ..r , t^ ^ tt tt '.. ,. i^ ^ ttt ,. Authorized $10,000,000 , ^™ Yorlc— Fred H. Hatch & Co., Watson, Outstanding 10,000,000 Armstrong & Co. Denominations— Coupon, $1,000, $500 and Syracuse— Syracuse Trust Co. $100; registerable as to principal. , , „„ .^ rnco Kange. Trustee — National City Bank, New York. Ja"' 1' 'Ifi. to Jan. 1, 21 1920 Redeemable on any interest date after ,,. ,_ „?',?•„ ,„„^f; oo t nAv'' Oct. 1, 1923, on 30 days' notice at a prem- High 98 '16 103 '17 ^8 Jan. 95 Mar. ium of 1% for each year or portion of year Low. 88 19 9^ JU /b i-tec. y,i Jan. between the date of redemption and ma- turlty. SQXiVAY COLLIERIES CO. AND KINGSTON Organization — Solvay & Cie is a Belgian LAND CO. Joint Gen. 6s. Due May 1, trading association founded in 1863, and 1945. through its ownership of stock of American Dated May 1, 1916. Interest payable May and English companies operating under the i and Nov 1 Solvay Process and through direct owner- t^x Status— 2% Federal Income Tax paid ship of plants In Belgium, France, Spain ^ Cnmnanv without deduption and Italy is the largest manufacturer in the AutEz^d without deduction. world of soda ash (carbonate of soda) and Ontstandino-' 'rTat;' T ''^i i 1 s^TOnn its derivatives. Also has very extensive in- tj, tV1^,™C ^^ ' ' "' '^J'SSS ^r America'ln7il'u7ope"' ''°''' °"'" '""""'"^ Reser"eTS^ Retire Notes! 1 1 1 1 ! esi.OOO "'stc^e'd^ by" s^ecifl^c- pledge of 351,694 |«%^«a f"- W« ^»'- '28,000 shares of the common stock of the Allied Reserved for Imp... 206,000 Chemical & Dye Corporation, on ■ deposit Reserved for Acquisitions 1,705.000 with the Trustee, which was received in ex- Denominations — Coupon $500 and $1,000. change for 93,823 common shares of The Registerable as to principal. Solvay Process Co. and 20,707 common Trustee — Bankers' Trust Co., New York, shares of the Semet-Solvay Co. under the Redeemable at 110 and interest on and af- plan whereby these two companies were ter May 1, 1920. 1240 Sinking Fund — Annual payments sufficient to redeem bonds at maturity. An additional pay- ment is to be made in case tonnage exceeds the proportionate quantity mined. Organization and Control — The Solvay Col- leries Co. was incorporated in West Virginia in 1900 as the Big Sandy Coal & Coke Co. Present name adopted in 1910. Owns all the $200,000 stock of the Kingston Land Co. Ex- cept 42 shares the entire capital stock of the Collieries company is held by The Solvay Process Co., the Semet-Solvay Co. and the By-Products Coke Corp. Capitalization. Outstanding. Common $1,649,800 Funded debt 2,420,000 Secured by a mortgage on the coal mining properties of the companies, consisting of 2,295 acres at Marytown and Big Sandy, one group, and 7.801 acres at Kingston and "Westerly, a second group, all held in fee; also a third group near Welch, W. Va., consisting of leased lands at Warwick, Harvard and Ork- ney mines, at whicl| ownership of buildings, mine plant and equipment rests with the Sol- vay Collieries Co., and in this same group a new mine, Exeter, is being developed; also a fourth group, comprising the Tolland mine (leased), near Orinoco, Ky. Capacity in 1918 1,730,000 net tons per annum which is ex- pected to be increased to 2,350,000 net tons per annum by the end of 1920. Prior Lien — $72 8,000 Ref. & Dev. 5 ¥23 of 1931. Years ended Dec. 31: Net. Dep'n. Int., etc. 1920 $1,024,319 $228,066 $176,570 1919 533,200 1^6,492 100,381 1918 653,261 331,794 122,981 1917 443,138 136,675 114. 88-^ 1916 210,770 95,848 77,293 Original Market — $500,000 offered in 1917 by the Syracuse Trust Co. at 103 and interest. Market. Syracuse — First Trust & Deposit Co., Syra- cuse Trust Co. Price Rang:e Jan. 1, '19, to Jan. 1, '21 1920 Ask. Ask. High 98 '19 88 Dec. Low. 88 '20 88 Dec. SOLVAY PROCESS CO. Ist 5s. Due Aug. 1, 1938. Dated Aug. 1, 1908. Interest payable Feb. and Aug. 1, at Rhode Island Hospital Trust Co., Providence, R. L, Brown, Shipley & Co., London, Eng. ; and Societe Generale de Bel- gique, Brussels, Belgium. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $4,000,000 Outstanding 4,000.000 Denomination — Coupon, $1,000 and $10,000. Registerable as to principal. Trustee — Rhode Island Hospital Trust Co., Providence, R. I. Redeemable on Aug. 1, 1923, or any interest date thereafter at 105 and interest. Sinking Fund — Annually, beginning Aug. 1, 1909, the sum of $71,320 which with interest at 4% will equal $4,000,000. Payments shall be proportionately reduced upon the redemp- tion or cancellation of any bonds. If the com- pany shall on or after Aug. l, 1923, redeem any of these bonds, the Trustee shall pay to the Company such sum as shall be repre- sented by bonds prepaid or cancelled. This fund shall be invested and reinvested by the Trustee in such Interest bearing securities as the company, with the consent of the Trustee, shall direct, and the fund shall remain pledged to be applied to the redemption of the principal of these bonds as they shau mature. ThR company may redeem any and all bonds oi* or after Aug. 1, 1923, or any interest dat& at 105 and interest. The company shall give notice to the Trustee, stating serial numbers of bonds which are to be redeemed. Bonds acquired are to be cancelled. Organization — Incorporated in New Tork in 1881. Capitalization. Outstanding. Common $22,500,000 Funded debt 4,000,000 Secured by a first mortgage on the plants at Solvay, near Syracuse, N. T., and Detroit, Mich. The company is engaged in the manu- facture of soda ash and its by-products. Market. New York^ — Carruthers, Pell & Co., Van- derhoef & Robinson. Syracuse — First Trust & Deposit Co., Syra- cuse Trust Co. .Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 991^ '17 101 '17 84% Nov. 87% Feb. Low. 80 '20 84 '20 Aug. 84 Aug. SOMMERS (G.) & CO. 7% Notes. Due $166,- 000 each Nov. 1, and May 1, from Nov. 1, 1921, to May 1, 1935, incl., and $173,000 Nov. 1, 1935. Dated May 1, 1920. Interest payable Quar- terly Feb. 1, May 1, Aug. 1 and Nov, 1, at Merchants Trust & Savings Bank, St. Paul. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $1,500,000 Outstanding 1,500,000 Denomination — Coupon $50o, !f 1,000, $2,500, $5,000 and $10,000, Trustee — Merchants Trust & Savings Bank, St. Paul. Redeemable in whole or m part on any In- terest date at 102 and interest upon 30 days* notice in the inverse order of their maturity. Organization — Incorporated in Minnesota in 1904. Business established in 1882. The company deals in general merchandise at wholesale, including dry goods, house fur- nishings, toys, stationery, candy, automobile supplies, notions, ready-to-wear clothing, crockery, furniture, talking machines, shelf hardware, etc., selling exclusively to retailers. It occupies its own store building, having a floor area of 202,600 square feet, and owns a concrete fireproof warehouse with an area of 151,000 square feet, also leases a number 01 additional wareTiouses. In addition, they own and operate a box factory, garage, and main- tain a fleet of trucks, teams and automobiles. Permanent show rooms are maintained in Des Moines, Iowa, and Billings, Montana. Em- ployes number 820 at the present time. Capitalization. Outstanding. Capital stock $1,177, 500 Funded debt 1,500,000 Secwrity — A direct obligavton of the com- pany but not secured by a mortgage. Tho company covenants that no mortgage shall be placed on its property except purchase money mortgages and mortgages for additions and improvements to buildings owned by it ; and that it will not pledge nor hypothecate any of Its property as security for these obligations. The company will maintain quick assats equal to twice the current amount of outstanding indebtedness. Original Market — $1,500,000 offered May, 1920, by Merchants National Bank and Mer- chants Trust & Savings Bank, St. Paul, at prices ranging from 99.72 to 97.78 and inter- est, according to maturity. SOMERSET RAILWAY CO. Cons, (Now 1st) 4s, Due July 3. 1950. Dated July '2, 1900. Interest payable Jan. and July 2, at National Shawmut Bank, Bos- ton. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $420,000 Outstanding 172,500 In Maine Cent. R. R. Treasury. 247,500 Denomination — Coupon, $500 and $1,000. Trustee — ^Maine Trust & Banking Co., Gardi- ner, Me. Assumed by the Maine Central R. B. Co. Control— See 1st & Ref. ^4s. Secured by a first mortgage on 42.03 miles of road from Oakland to Bingham, Me. TTnderlies — Somerset By. 1st and Bef. 4s 01 1955. Z,eg:al for savings banks in Conn., Me., " i., N. T. and Vt. SOMISCSET RAH.WAY CO. 1st & Bet. 4s. Due July 1, 1955. Dated July 1, 1905. Interest payable Jan. and July 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by Company. Authorized $1,600,000 Outstanding 864,000 Reserved for Prior Iilens 420,000 Reserved for Corporate Pniv poses 216,000 Denomination]] — Coupon, $1,000. Trustee — ^American Trust Co., Boston. Assumed by the Maine Central B., B. Co. Control — Merged, 1911. into the Maine Cen- tral B. R. Co. Secured by mortgage on 913.04 miles of road, viz. : Miles. A first lien on 49.96 milei^^ Austin Jot. to Kineo Station, Me 49.96 A second lien on 42.08 miJles-^ Covered by the first lien of the Cons. 4s 42.08 Prior lien — $172,500 Somerset Ry. Cons. 4a of 1950. Liegal for Savings Banks in Conn., Me., mass, and "Vt. Original Market — First offered by George A. Fernald & Co., Boston. Slarket. Boston — B. L. Day & Co. Portland, Me. — Beyer & Small. Price Range. Jan. 1, '15, to Jan. 1, '21 1980 Bid. Ask. Bid. High 84 '16 95 '15 70 Jan. Low. 70 '19 83 '15 70 Dec. SOMSBSST, UNION & MTDDIiESBX LIGHT- ING CO. Ist 4s. Due Dec. 1, 1943. Dated Dec. 1, 1903. Interest payable June and Deo. 1, at Fidelity Trust Co., Newark, N. J. Tax Status — ^Payment of Federal Income Tax not assumed by Company. Tax exempt in New. Jersey. Auborized $2,760,000 Outstanding ♦1,974.481 Unissued 775,519 ♦$673,182 pledged under Public Service Corp. of New Jersey Gen. mtge. Denomination-^Coupon, $1,000. Reglsterablb as to principal. Trustee-^Fldellty Trust Co., Newark, N. J. Organization and Control — Incorporated In New Jersey in 1903. Leased in 1903 to Pub- lic Service Corp. of New Jersey for 900 years, rental being all Interest and taxes and dividends on stock increasing to 4% in 1911 and thereafter. LegCse of gas properties as- signed to Public Service Gas Co., of electric plants to Public Service Electric Co. Capitalization. Outstanding. Common $1,060,000 Funded debt 3,274,481 Secured by a mortgage on plants supplying gas and electricity to Somerville, Plainfield and New Brunswick, N. J., and vicinity. Popula- tion served, 60,000. Prior Iiienjs — $1,300,000 bonds of merged companies. Market. New York— W. E. B. Smith & Co. Philadelphia^Arthur J. Bender. Price Range. Jan. 1, '08, to Jan. 1, '31 1920 Bid. Aslc. Bid. Ask. High 81 "12 83 '12 65 Feb. 75 Feb. Low. 60 '20 65 '08 60 Apr. 70 Apr. SOUTH & NORTH ALABAMA RAILROAD CO. Cons, (now 1st) 5s. Due Aug. 1, 1936. Dated April 10, 1886. Interest payable Feb. and Aug. 1, at L. & N. olBce, New Tork. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $10,000,000 Outstanding 9,292,000 In Treasury of L. & N. R. K. Co 208.000 Deposited with Farmers' Loan & Trust Co. as Security for Georgia R. R. Lease 600,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New Tork . Guaranteed principal and Interest by the Louisville & Nashville R. R. Co. by endorse- ment. Assumed by the L. & N. B. R. Co. Control — Incorporated in Alabama in 1854. Absorbed in 1914 by the L. & N. R. R. Co. Secured by a first mortgage on 200.46 miles of road, viz. ; Miles. Decatur to Montgomery, Ala 18 Kogeland to El Vista, Ala 0.98 Fedora to Indio, Ala 2.95 ■ Helena to Acton. Ala 7.60 JBlmore to Wetumpka, Ala 6.23 Underlies — Gen. Cons. 6s of 1963, under which mortgage bonds are reserved to retire this issue. Legal for Savings Banks in Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., R. I., Vt. and "Wis. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Arthur E. Frank & Co., Chas. "W. Place, Roosevelt & Son, Percy H. Bradshaw, R. "W. Pressprich & Co., Prince & "Whitely, Redmond & Co., Remick, Hodges & Co., Raymond M. Smith, Taylor, Smith & Hard, Vilas & Hickey. Louisville — J. J. B. Hilliard & Son, "W. L. Lyons & Co. Philadelphia — Isaac Starr, Jr., & Co., "Wheeler, Elliot & Mann. Price Bang©— N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 . 1920 High 116% Feb. 10. '09 96 Oct. 9 Low. 90% Nov. 15, '20 90% Nov. 15 SOUTH & NORTH ALABAMA RAILROAD CO. Gen. Cons. 50-Year 5s. Due Oct. 1, 196S. Dated October 1, 1913. Interest payable April 1 and October 1, Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorization $26,000,000 Outstanding 7,400.000 Held by L. & N 3.277,000 Reserved for Prior Liens 10,000,000 Reserved for Ext 4,323,000 Denomination — Coupon, $1,000. Registerable as to principal or exchangeable for registered bonds. Registered, $1,000, $5,000, $10,000 and $60,000. C. & R. interchangeable. Trustee — United States Mortgage & Trust Co., New York. Guaranteed as to principal and interest by the Louisville & Nashville R. R. Co. by en- dorsement. Asanmed by the L. St. N. R. R. Co. Organization — See Cons. 5s. Secured by a second mortgage on the 200.46 miles of road covered by the first lien of tne Cons. 5s. Prior laen— $10,000,000 Consol. Bs of 1936. liBgal for Savings Banks in Cal., Conn., N. H. and R. I. Listed on the New York Stock SIxchange. Original Market7-$7,400,000 ofEered at 104% and interest in 1914 by J. P. Morgan & Co., National City Bank and First National Bank, New York. Market. New York — Simon Borg & Co., Arthur E. Frank & Co., Roosevelt & Son, Percy H. Bradshaw, Hartshorne & Battelle, R. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Rutter & Co., Taylor, Smith & Hard, Vilas & Hickey. liouisville — J. J. B. Hilliard & Son, W. L. Lyons & Co. Philadelphia — Isaac Starr, Price Range — N. Y, Jan. 1, '14, to Jan. 1, 'SI High 105 Apr. 1, -14 Low. 76% July 1, '20 Jr., & Co. S. B. 19«0 85% Oct. i 76% July SOUTH BEND & SQSHAWAKA Ond.) OAS CO. Cons. 5b. Dne Jan. 1, 1926. Dated Jan. 2, 1906. Interest payable Jan. 1 and July 1, at Central Trust Co. of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $2,000,000 Outstanding 1,131,000 Reserved for Prior Idens 280,000 Trustee — Central Trust Co. of Illinois and "W. Irving Osborne, Chicago, 111. Redeemable on any Interest date at 106 and Interest on three weeks' notice. ■ Assumed by Northern Indiana Gas & Elec- tric Co. Control — Absorbed in 1911 by the Northern Indiana Gas St. Electric Co., by merger. The United Gas Improvement Co. is interested in latter company. i ^ ■ Secured by a first mortgage on plant supply- ing gas in Mishawaka and River Park, Ind., and a second mortgage on plant supplying gas in South Bend, Ind. Prior liien — $280,000 S. B. Fuel St. Gas Co. Ext. 7s of 192S. Underlies — Northern Indiana G. & .E. 1st Ref. 6s. of 1929. Original Market — First ofEered by Cramp, Mitchell & Shober, Philadelphia. Market. Philadelphia — Arthur J. Bender, Huntoon & Co., Reed A. Morgan & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. 98 '09 99 '11 75 Nov. 88 Feb. 65 '20 75 '20 65 July 75 July High Low. Trustee — Harris Trust & Savings Bank, Chicago. Gnaraneed as to principal and interest by the Indiana Ry. Co., which has been absorljed by the Chicago, S. Bend & Nor. Ind. R. K. Co. Redeemable at 107% and interest. Sinking Fund — $6,000 annually plus interest on bonds in sinking fund for purchase or re- demption of these bonds at not over 107% and interest. This fund became operative Jan. 1, 1907. Control — Merged into the Southern Michigan Ey. Co. Secured by a first mortgage on 35 miles of electric railway from South Bend, Ind., to St. Joseph, Mich. Population served. 100,000. Franchises in South Bend are perpetuail: in Niles expire between 1932 and 1936: in Berrien Springs in 1935, and in St. Joseph in 1930. Underlies — Southern Michigan Ry. Co. 1st Cons. 5s of 1931, under which mortgage bonds are reserved to retire this ;^sue. Years ended Dec. 31 (S. M. Ry.): Gross. Net. Interest. 1920 $334,349 $104,306 $58,068 1919 288,135 115,740 58,200 1918 209,642 72,639 58,866 1917 234,299 95,194 59,232 1916 232,980 99,748 58,960 Original Market — First offered by N. "W. Harris & Co. (now Harris, Forbes & Co.), New York; N. W. Harris & Co., Boston, and Harris Trust & Savings Bank, Chicago. Market. New York — Vanderhoef & Robinson, Tay- lor & White, Alfred F. Ingold & Co.. Wm. Carnegie Ewen. Chicagro — Central Bond & Mortgege Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Ask. High 93 '16 97 '16 92% Feb. Low. 88 '20 88 Jan. SOUTH BEND & SOUTHERN MICHIGAN RAILWAY CO. 1st 5s. Due October 1, 1927. Dated Oct. 1, 1902. Interest payable. Ap;'!! and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $750,000 Oatstanding- (Jan. 1, '21) 643,000 Held in S. l' 107,000 Denomination — Coupon, $1,000. Reglsterable as to principal. SOUTH BEND HOME TELEPHONE CO. 1st 6s. Due July 15, 1932. Dated July 15. 1902. Interest payable Jan, and July. 15, at Citizens' Loan, Trust & Sa-v-, ings Co., South Bend, Ind. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $400,000 Outstanding 373,000 Retired by Sinking Fund 27,000 Denomination' — Coupon, $500 and $1,000. Trustee — Citizens' Loan, Trust & Savings Co., South Bend, Ind. Redeemable at 105 and interest. Sinking Fund — 2 % % annually of outstand- ing bonds; began in 1908. Assumed by Indiana Bell Telephone Co. Control — Merged into the Ceneral Union Tel- ephone Co. The property of the latter com- pany was conveyed to the Indiana Bell Tele- phone Co. in 1920. The latter company is controlled by the American Telephone & Tele- graph Co. through stock ownership. Secured by a first rportgage on a telephone system furnishing local and toll service in and between South Bend, Mishawaka, New Car- lisle. River Park and Granger, Ind. Popula- tion served, 82,000. Franchise expires in 1937. Underlies — let Gen. 6s of 1935, which pro- vide to retire this issue. Market. New York — Joseph Oilman, T. L. Mac- Donald. Price Range. Jan. 1, '16, to Jan. 1, Bid. Ask. High 96 '17 102 '16 Low. 76 '20 83% '20 21 1920 Bid. Ask. 7« Oct. 85 Nov. 75 Deo. 83% Augr. SOUTH BOUND RAILROAD CO. 1st 5s. Due PhUadelphla — Biddle & Henry, Brown April 1, 1941. Bros. & Co., Elkin, Morris & Co., Graham, Dated May 1, 1891. Interest reduced from Parsons & Co., Samuel K. Phillips & Co. 6%. Interest payable April and Oct. 1, at ' „ "2*®/'^?^i;' '^^ 'laon Blair & Co., 24 Broad Street, New York, or ?»"•'•,'„??,' I? /""J- .„'» ^"^ oo -n^^ qi v Dop at Trustee's office. P'^'^ ^°F^ S^"' J- S? I? ?,fiv S7^ ?uvl Tax Status— Payment of Federal Income Tax Low. 95 Nov. 13, '07 85 July 87% Juyl not assumed by Company. Authorized Closed mortgaee. SOUTH CAROUNA UGHT, POWER & RAII/- Outstanding $2,033,000 WAYS CO. Ist S. F. 6s. Dne May 1, Denomination — Coupon, $1,000. Registerable 1937. as to principal. Dated November 1, 1912. Interest payable Trustee — The Mercantile Trust & Deposit Co. May and Nov. 1, at A. B. Leach & Co., Inc., of Baltimore. jje^ York. Assumed by the Seaboard Air Line Railway. Xax Status — 2% Federal Income Tax paid Control — Merged in 1901 into the Seaboard _^y company without deduction. Pennsylvania Air Line Ry. The latter company has been state tax refunded. consolidated into the Seaboard Air Line Ry. Authorized $5,000,000 Co- ^ Outstanding ■.!.■.'.'.' ! 3,497,000 Secured by a first mortgage on 138.55 miles jjj, Treasury ■• 155,000 of road from Savannah, Ga., to Columbia, Reserved for Ext 1,348,000 S. C. This road forms a part of the main line Denomination — Coupon, $1,000. Registerable of the S. A. L. Ry. , connecting the northern g^s to principal. and southern lines "of the system. Trustee New York Trust Co., New York. Underlies — S. A. L. lat 4s of 1950; Refund- Redeemable as a whole or in part for sink- ing 4s of 1969; 1st & Cons. 6s of 1945, a jjjg jun|j ^t io5 and interest on any interest sufficient amount of which is reserved to retire date upon 60 days' notice, this issue and Adjt. 6s of 1946. Improvement and Sinking Fund — Beginning I,egal for Baltimore Trust Funds. Nov 1, 1916, and annually thereafter, a sum Listed on the Baltimore and Richmond Stock eQual to 1% of all bonds outstanding, either Exchanges. in ^ash or in bonds at 106 for the purchase or Market. redemption of bonds at not exceeding 105 and New York — Sam'l Goldsohmidt, Taylor, interest. Bonds so aCQUired to be cancelled. Smith & Hard. Extensions and additions to the property be- Philadelpliia — Graham, Parsons & Co., ing deemed to the advantage of the bondholders Isaac Starr, Jr., & Co. as well as the company itself, the mortgage Price Range. provides that their acauiaition may be in lieu Ton 1 '! iQ»n °^ any sinking fund payment to the amount of Jan. 1, WS. to <">"■ 1' -il IS-i" their actual cost, when the facts and costs of High 10i%'12 110 '11 93% Jan. 95 Mir. l^^ additions are properly certified to the Trus- Low. 73 '20 77 '20 73 May 77 May tee and have not been made the basis tor the issuance of any bonds or any other sinking ' fund payment, provided the new property be- SOUTH CAROLINA & GEORGIA RAILROAD comes subject to the lien of the mortgage. CO. 1st 5%s. Due May 1, 1929. Receivership — In February, 1921, G. B. Dated May 12, 1894. Extended May 1, 1919. Tripp, General Manager, and J. B. Lee were and interest increased from 6% to 51^%. appointed receivers on petition of the Gen- Interest payable May and Nov. 1, at J. P. oral Electric Co. on a claim of $15,358. It Morgan & Co., New York. was alleged that the company's floating in- Tax Status— Payment of Federal Income debtedness exceeded $289,616. Tax not assumed by company. Organization — Incorporated in Massachusetts Authorixed Closed mortgage in 1912 as a consolidation. Outstanding $6,260,000 Capitalization. Outstanding. Denomination-Coupon, $1,000. Registerable °°3f,°^a ii\; i:lmy///. ! '. I '. '/. '. '. :^^'70oTol as to principal. TTundert rtpht 4 147 000 Truste^Central Union Trust Co.. New ^"g^eurtS^ by a krsi ' moVtgage on iydro-electric Redeemabl^On any interest date at 107% fi!y°\?il,^'°°°i:tS;.'-nlf.?!?f" Z???'?,' T*.'„" , intprpst lary steam generating plant or 4,500 d. p, in ^..l._„-.j-„-.'j -,i.j^„j«^i o«^ <«*-ar«B*- i,x, c!„«+u Spartanburg, 70 miles of transmission linea r? bIhw^^ f?„ hv'^^irtn?i,^em together with sub-stations, etc., supplying elee- ^rI^i^Jl,?lJ^>^^f^Tf^^k..r. T,„ r,. trie light and power in Spartinburg, Gaftney, oiinrr^riii9rth'^e%rri'c™piS;-s?:oS t°^^"!:,^:'Tiifr,,fir^ri.^-Ztroi''^?i' If th^'tn'R^'Sf' °' """■' "" °^'^ ^^ '""^ '- '- Sp=ar?anh\\'g"lr s?rtet'Sdrt'e°rurirn Seccared by a first mortgage on a40.S» miles i-^Hway system of 21 miles operating in and of road viz ■ Miles around Spartanburg and further secured on ^i,„^i ^l n +« A^c-i.c-o nr. mR 09 large undeveloped water powers. Franchises gran*vu5^?o?oiuS.bta."r"c.°":;:::"6:ro -u"''°^'^' *° '^''''^ "^^""^ """^""'^ °' Kingville to Camden, S. C 37.10 ^°^=- ^^^^ p^„_ g^. Underlies — Southern Ry., Carolina Divi- Gross. Net. Interest. sion, Gen. 4s of 1962, all of which are de- 1920 $696,665 $266,425 $227,949 posited under the Southern Ry. Deb. & Gen- 1919 692,746 288,770 212,T97 era! 43. , ^ 1918 666,776 256,113 194,232 Refunding — Bonds are reserved under the 1917 523,613 192,579 172,632 Southern Ry. Deb. & Gen. 4s to retire this 19I6 433,983 178,704 153,006 issue. Listed on the Pittsburgh Stock Exchange. Listed on the New York Stock Exchange. Original Market — $3,000,000 offered in Janu- Orlginal Market — $2,126,000 offered May. ary, 1913, by A. B. Leach & Co., New York, 1919, by Bull & BIdredge, New York, at 99% Boston and Chicago, at 92% and interest, and interest. Market. Market. New York — Lynch & McDermott. New York — Simon Borg & Co., Sam'l Fhilsulelphia — Wm. W. Fogarty, Samuel Goldsohmidt, Raymond M. Smith. K. Phillips & Co. 1244 Price Range. Jan. 1, '17, to Jan. 1, 'HI Bid. Ask. High 85 '17 90 '17 Low. 61 '20 70 '18 1980 Bid. Ask. 70 Jan. 85 Mar. 61 May SOUTH CAKOIJNA UGBT, POWER & RAILr- WATfS CO. 3-Year 1% Notes. Doe Sept. 1, 1921. Dated, Sept. 1, 1918. Interest payable Mar. 1, June 1, Sept. 1 and Dec. 1, in New Tork. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $750,000 Outstanding 650,000 Purpose of Issue — To provide for the pay- ment ,of floating indebtedness and for new working capital. Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Redeemable on any interest date at 103 in the years 1918 and 1919, 102 in 1920 and 101 until June 1, 1921. . Organization, etc. — See let S. F. 68. Security — A direct obligation of the com- pany but not secured by a mortgage or col- lateral. Earnings — See 1st 63. Original Market — $460,000 offered Oct., 1918, by A. B. Leach & Co., New York, Chicago, etc., at 97% and interest. Aiarket. Chicago — A. B. Leach & Co. Price Rang:e Jan. 1, '19, to Jan. 1, 'HI Ask. 98% '19 91 '20 Inc. High Low. 1920 Ask. 98 June 91 Oct. SOUTH FERRY RATLRGAD 1st Ss. Due April 1, 1919. Dated April 1, 1889. Interest payable April and October 1, at Treasurer's office, New York Railways Co., New York. Default — Principal was not paid when due. Tax Status — Payment of Federal Income Tax not assumed by Company . Authorized and Outstanding $360,000 Denomination — Coupon, $1,000. Control — ^Absorbed by New York Railways Co., which is controlled by Interborough Con- solidated Corp. Receivership — See New York Railways Co. Protective Committee — C. W. Beall and P. C. KrauthofC, with Frederick S. Burroughs, Secretary, 56 William St., New York. De- pository, Central Union Trust Co., New York, 1st K., B. & Ref. 4s. Secured by a first mortgage on one mile of street railway from South Ferry to Church and Vesey Sts., New York City. Underlies — New York Rys. 1st R. B. & Ref. 4s of 1942. which provide to refund this Issue and Adj. 53 of 1942. Earnings — See N. Y. Rys. Co. Market. New York — Pouch & Co., Hepburn & Co., Wm. Carnegie Ewcn, Fred H. Hatch & Co. Price Range, Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99% '16 101 '17 20fJan. 35fJan. Low. lOf Dec. 20f Aug. lOf Dec. 20f Aug. BOUTH GEORGIA BAILWAT CO. (THE) Ist 68. Dne Jan. 1. 1923. Dated Jan. 1. 1903. Interest payable Jan. and July 1. at Hanover National Bank, New Tork. or company's office, Quitman. Ga. Tax Status — Payment of Federal Income Tax not assumed by Company. Anthorlzed $260,000 ODtBtandinr 199,000 Keserved for Ext 61,000 Denomination — Coupon, $1,000.- Reslster- able as to principal. Trustee — Chatham Bank & Trust Co., Sa- vannah, Ga. Organization — Incorporated In Georgia In 1896, and name changed to present one in 1902. Capitalization. Outstanding. Common $68,000 Funded debt 199,000 Secured by a first mortgage on 61 miles' of road from Adel, Ga., to Greenville, Fla. The company also leases the property of the West Coast Ry. Co., comprising 31 miles from Greenville to Hampton Springs, Fla. Total mileage operated, 82. Years ended Deo. 81; Int. Gross. Net. & Rent. 1920 $342,962 $74,149 $63,648 1919 299,166 82,719 38,633 1918 243,447 63,184 43,214 1917 242,391 85,479 48,076 1916.. 218,587 54,600 37,809 Original Market — Offered June, 1911, at 94 and interest by Mlddendorf, Williams & Co., Baltimore. Market. Baltimore — Jenkins, Whedbee & Poe. SOUTH JERSEY GAS, EIOECTRIC & TRAC- TION CO. Ist Ss. Dne March 1, 19S3. Dated March 1, 1903. Interest payable March and Sept, 1. at Trustee's ofQce. Tax Status — ^Payment of Federal Income Tax not assumed by Company. Tax exempt In New Jersey. Authorized $15,000,000 Ontstandlng 9,386,000 Owned by P. S. Corp 3.607.000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Union Trust Co., New- ark, N. J. Organization and Control — Incorporated In New Jersey in 1900. Leased for 900 years to the Public Service Corp. of N. J. The leases of the gas properties, electric properties and traction properties have been assigned to the respective operating companies of the P. S. Corp. of N. J. The lease provides for the payment of Interest, taxes, etc., and dividends at the rate of 8% per annum on the com- pany's stock. None of the stock of the South Jersey G., B. & T. Co. Is owned by the P. S. Corp. of N. J. The S. J. G., E. & T. Co. owns all of the stock of the Camden, Glouces- ter & Woodbury Ry, which owns a street rail- way system of 28 miles from Camden through Gloucester to Mantua and Blackwood. Capitalization. Outstanding. Common $6,000,000 Funded debt 14,992,000 Secured by a first mortgage on plants sup- plying gas and electricity in Camden, Mt. Holly. Woodbury, Haddonfield, Gloucester. Moorestown, MerchantviUe, Collingswood, Pennington, Lawrenceville, Bordentown, Edge- water Park, Beverly, Riverton, Riverside and Palmyra, N, J., and a second mortgage on plants supplying gas and electricity in Trenton and gas In Burlington, all in New Jersey. Prior Uens — $2,000,000 Trenton Gas & Electric Co. 1st 6s of 1949 and $100,000 Bur- lington Gas Light Co. 1st 53 of 1921, for the retirement of which bonds of this issue have been reserved. Original Market — $7,563,000 offered In 1904, by Henry & West, Philadelphia, and Elsele & King, Newark, N. J., at 101 and interest. Market. New York — Lynch Sc McDermott, W. E. R. Smith & Co. Jersey City — Cutwater & Wells. 1245 Fhiladelphia — Arthur J. Bender, Blkins, Morris & Co., Huntoon & Co., MoCown & Co., Samuel McCreery & Co., Morley, Wood & Co., Samuel K. Phillips & Co. • Price Ranee. Jam. 1, '10, to Jan. 1, 'gl- 1920 Bid. Ask. Bid. Ask. High 100 '10 101 '16 70 Jan. SO Jan. Low. G5 '20 68 '20 65 Dec. 68 Dec. SOUTH PACIFIC COAST BALLWAY CO. Ist 4s. Dne July 1, 1937. Datea July 1, 1887. Interest payable Jan. ana July 1, at oflloe of Southern Paciflo Co.,^ New York. Tax Statns — Payment of Federal Income Tax not assumed by Company. Authorized $5,600,000 Outstandingr (June 16, '21) 3,808,000 Betirea by S. F 1,692,000 Denomination — Coupon, $1,000, Tmstee — Farmers' Loan & Trust Co., New Tork. Slnklne Fond — $250,000 annually, beginning July 1, 1912, in Quarterly installments, for the purchase of these bonds at not exceeding par and interest. If not purchasable at this price, to be invested in securities legal for Trustees. Guaranteed principal and interest by the Southern Paciflo Co. Organization and Control — ^Incorporated In California in 1887.. The entire capital stock of the South Pacific Coast Ry. Co. is owned by and its property leased for flfty-flve years from 1887 to the Southern Paciflo Co. Rental, interest on bonds, taxes and sinking fund re- quirements. Capitalization. Outstanding. Common $6,000,000 Funded dert 3,808,000 Secured by a first mortgage on 96.713 miles (10 miles double-tracked) of road, viz; Elmhurst to College Park (Main Line). 32.83 Alameda Mole to Oakland (14th St.). . 4.16 College Park to Santa Cruz 34.77 Campbell to Almaden Crossing 9.12 Felton to Boulder Creek 7.50 Newell Creek to Shingle Mills 1.64 And also the ferryboat line from San Francisco to Alameda Mole. A portion of this line forms part of the main line of South- ern Pacific Co. between San Francisco and Los Angeles. l^egal for savings banks in Cal.. Mich., Minn,, N. H. and N. J. Listed on the New York Stock Exchange. Market. NeW York^ — Simon Borg & Co., Dunham & Co., Hartshorne & Battelle, Prince & White- ly, Redmond & Co., Sutro Bros. & Co. Price Range — ^N. Y. S. K. Jan. 1, '09, to Jan. 1, '21 1920 Hi§:h 97 Apr. 26, '16 83 July 26 Low. 80% Aug. 13, '20 80% Aug. 13 Capitalization. Outstanding. Common $2,760,000 Preferred (6% cum.) 260,000 Funded debt 3,386;000 Secured by a mortgage on plants supplying water to some twenty-five communities located south of Pittsburgh, Pa. Prior Mens — $600,000 St. Clair Water Co. 1st 6s of 1924 and $600,000 Chartiers Valley Water Co. 6s of 1927, Years ended Dec. 31: Gross. Net. Int., etc. 1920 $638,733 $236,388 $188,647 1919 550,348 251,186 175,914 1918 682,244 276,817 166,782 1917 605,697 283,314 160,315 1916 459,624 296,201 167,034 Original Market — First offered by Munici- pal & Corporation Securities Co., Pittsburgh, at par and interest in May, 1906. Market. New York — Otto Jaillo. Philadelphia — Huntoon & Co., McCown & Co., Samuel K. Phillips & Co. Pittsburgrh — Continental Trust Co., Moore, Leonard & Lynch, Stout & Co., Wm. P. Lempley & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96 '16 97 '17 67 73 Low. 79 '18 98 '18 SOUTH PITTSBURGH WATER CO. 68. Due Aug. 1, 1966. Dated Aug. 1, 1906. Interest payable Feb. and Aug. 1, at Colonial Trust Co., Pittsburgh, Pa. Tax Statns — 2% Federal Income Tax paid by Company without deduction. Tax exempt in Pennsylvania. Authorized $6,000,000 Outstanding (Jan. 1, '21) 2,386,000 Reserved to Retire Prior JAene. . 1,000,000 Reserved for Imp 1,614,000 Denomination — Coupon, $600 and $1,000. Trustee — Colonial Trust Co., Pittsburgh. Redeemable at par and interest. Organization and Control — Incorporated in Ptensylvania in 1904, A majority of the common stock Is owned by the American "Wa- ter Works & Electric Co. 1U« SOUTH SHORE & BOSTON STREET RAIL- WAY 1st 6s. Dne Aug. 1, 1929. Dated Aug. 1, 1899. Extended - Aug. 1, 1919. Interest payable Feb. and Aug. 1, at American Trust Co., Boston, Mass. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding 336,000 Unissued 665,000 Denomination-^Coupon, $1,000. Trustee — American Trust Co., Boston, Mass. Redeemable until Feb. 1, 1924, at 103 and Interest, thereafter at 101 and interest. Assumed by Eastern Massachusetts Street Ry. Co. Control — ^Absorbed by Bay State Street Ry., which Company was succeeded through fore- closure by the Eastern Massachusetts Street Ry. Co. in 1919. Secured by a first mortgage on 69 miles of street railway. Underlies — Eastern Massachusetts Street Ry. Co. Ref. Mtge. under which bonds ..are reserved to retire this issue. , Earnings — See liiastern Massachusetts Street Ry. Ref. Mtse. * Market. Boston — L. Shernian Adams. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. High 100 '09 101% '13 Not Low. 40 '19 100 '16 available SOUTH SHORE GAS & ELECTRIC CO. Oen. 68. Duo Dec. 1, 1933. Dated December 1, 1903. Interest, payable June and December 1, at Central Trust Co. of 111., Chicago. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $2,000,000 Outstanding 680,000 Reserved for Prior liiens 236,000 This mortgage has been closed except for refunding. Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Central Trust Co. of Illinois, Chi- cago, and Lawrence O. Murray. Redeemable at 106 and interest on any in- Market, terest date upon 60 days' notice. New York — Babcock, Rusliton & Oo. Assmned by the Northern Indiana Gas & Chicagro — Curtis & Sanger, Halsey, Stuart Electric Co. & Co., Edwin L. Bodell & Co. Control — Merged in 1909 Into the Northern Price Ranee, Indiana Gas & Electric Co., in which company Jan. 1, '09, to Jan. 1, '21 1920 The United Gas & Improvement Co. Is Inter- Bid. Ask. Bid. Ask. ested. " High 96% '09 96% '09 66 Mar. 69 Jan. Seenred by a first mortgage on plants sup- ^°^- 5' '^° 61 '20 59 Aug. 61 Aug. plying gas and electricity in Indiana Harbor, East Chicago and Robertsdale, Ind.; elec- SOUTH '£UBA WATER CO, Cong, 6b, Dae tricity in Hammond, Ind., and gas in Whiting. Jnly 1, 1B3S. Ind., and a second mortgage on plants sup- Dated July 1, 1893. Interest l)ayable Jan. plying gas in Hammond and electricity in and July 1, at Farmers' Loan & Trust Co., Whiting. New York and office of company, San Prior lAeaa — 5210,000 Hammond lUuminat- Francisco. . _ , , , ing Electric Light Co. 1st 6s of 1913-1926 '^a* Status — ^Payment of Federal Income and tl3,000 Whiting Electric Light Co. 1st Tax not assumed by Company. 6s of 1923, for the retirement of which bonds Authorized $1,600,000 of this issue have been reserved. Outstanding (Jan. 1. '21) 1,434,000 Underlies — Northern Indiana Gas & Electric Held In S. F. (Allied Oom- Co. 1st Bef. 6s of 1929, a sufflolsnt amount „»''"».«»)■■■ -^ i;-^^^-- ^^■"'"' of wMch bonds have been reserved to retire Denomination— Coupon, $1,000. this issue, Tmstee — Farmers' Loan & Trust Co., New Original Market — $160,000 offered In Aug.. ^°^'^'- ., .,'.,„ , , ^ 1906, at 97 and interest by Crawford, Dyer & Redeemable at 110 and interest. Cannon Xnow Crawford, Patton & Cannon). Assumed by Pacific Gas & Electric Co. New york: $200,000 offered May, 1907, at 96 Control— Absorbed by Pacific Gas & Bleo. and interest by H. T. Holtz & Co., Chicago, °°i °' California. Market. ' Secured by a first mortgage on all the prop- Philadelpliia— Wra. W." Fogarty, Reed A. ^"^'^ formerly owned by the company, corn- Morgan & Co., Samuel K. Phillips & Co. prising 18 storage lakes and reservoirs. 12 Price Range, distributing reservoirs, over 600 miles of ca- Jan. 1, '15, to Jan. 1, '21 1920 nal and pipe lines and 46,000 acres of land Bid. Ask. Bid. Ask. with rights. These plants supply water to High 98% '16 99^i '15 70 Oct. 76 Oct. Nevada City, Grass Valley, ' Auburn, New- Low. 65 '20 72 '20 65 Aug. 72 Sept. castle, Penryn, Loomls, Redding, RosevlUe, Brown's Valley, Dutch Plat, Alta and Towle, SOUTH SUDE KLEVATBD RAILKQ^D CO. located in Nevada, Placer and Tuba Counties, Ist 4%B. Due July 1, 1924, Cal. Population served, 25,000. Dated July 1, 1904, Interest payable Jan. Underlies — Pacitic Gas & Idiec. Gen. & Ref. and July 1, at Trustee's office. 5s of 1942 and 1st «& Ref. Mtge. Bonds are Tax Status — Payment of Federal Income reserved under latter mortgage to retire this Tax not assumed by Company. issue. .^ „ „ „, ^ . „ Authorized and Outstanding $8,000,000 „ ''^'l"'??*^!^® Pacific Gas & Electric Co. Denomination — Coupon, $1,000. Register- x'J' 4.S1 _ Vi, ^ -nt™ -it-™!, a*„„i, -n^.-ho,,-. able as to principal. listed on the New York Stock Exchange. ChTc"Sof*in!'""°'° '''■"'' ^ ^""^' °^°''' New York-Fred H Hatch & Co., Sutro Redeemable at 106 and interest any intejest Bros. & Co. p^j^g Hanee. ^*I?- .4. J ^ i , T X .. , Jan. 1, '13, to Jan. 1, '21 ' 1920 Orgamzation and Control — Incorporated In 3i^ Ask Bid Ask Illinois in 1897 as successor through fore- High 106 '13 107% 'is 96 Jan. 100 Feb. closure to the Chicago & South Side Rapid Low. 92 '20 95 '20 92 Deo. 95 Deo. Transit B. R. Co. thr'i°,lS°"t'o''ck oCrsWp''^" ^''™''^ ^'"" *^°- SOUTHEAST & ST. MUIS RAHWAI CO. ^Ca^StahzatloSr'"""'- Outstanding. ..^K^'l^.J^'J^Zt.k^n^ Common $10,231,400 I^L^JfJ^i L*t ^^fi" b"° ?; ^L, «. Funded debt 8,659,334 Southeast & S t. Louis Ry. Co. Ist 6s. Secured by a first mortgage on 15 miles of double-tracked elevated electric railway from SOUTHEAST & ST. liOUIS RAILWAT CO. Congress St. on State St. to 3 9th St. via pri- 23 Ss. Due March 1, 19S0. vate right-of-way to 63d St. and on 63d Bt. See Louisville & Nashville B. B., South- from S. Park Ave. to Jackson Park Ave., with east & St. Louis By. Co. 2d 38. branches via private right-of-way from 39th St. and Indiana Ave. to the lake front at 42d SOUTHERN BEIX TELEPHONE A TVSI^B- St., and from 69th St. via private rlght-of- GRAPH CO. Ist S. F. 6b. Due Jan. 1, way to State St. to 69th St. to 63d St. to 1941. Loomls St. and on private right-of-way from Dated January 2, 1911, Interest payable 63d St. to 69th St. The Company leases from Jan. and July 1, at Bankers' Trust Co., Now the Chicago Junction B. B. Co. two miles of York, double-tracked elevated railway from its line Tax Status — 2% Federal Income Tax paid at 39th St. to the Chicago Stock Yards on prl- by Company without deduction. vate rii;ht-of-way. At Congress St. connects Authorized $60,000,000 with loop line, over which cars run through Outstandingr (Jan. 1, '21) 16,302,600 the center of the retail section of Chicago. Retired by S. F 1,697,600 Franchises expire In 1938. Reserved tor Corporate Pup- Earnings — See Chicago Elevated Rys. poses 3,400,00.0 I/isted on the Unlisted Department of the Reserved for Ext 28,600,000 Chicago Stock Exchange. Denomination — Coupon, $600 and $1,000. Original Market — Offered In Oct., 1904, by Beglsterable as to principal or fully reglster- N. W. Halsey & Co., New York, Chicago, able. Registered, $600, $1,000, $6,000 and ^etc., at 103 and Interest, multiples of $5,000. C. & R. Interchangeable. 1247 Trnstees — ^Bankers' Trust Co., New York, and John H. Faraona, Redeemable as a whole only at lOS and in- terest on Jan. 1, 1916, or on any interest date thereafter on elsht weelcs' notice. Sinking Fond — ^Annually on December 1, 1% of the bonds issued, to be applied to the purchase and cancellation of bonds at not ex- ceeding par and interest. If bonds are not purchaseable payment shall be credited to fol- lowing: year. Organization and Control — Incorporated In New York in 1879. Practically the entire capital stock is owned by the American Tel. & Tel. Co. Capitalization, Outstanding. Common $30,000,000 Funded debt 16,310,375 Secured by a first mortgage on the entire Bell Telephone system in North and South Carolina, Georgia, Alabama and Florida. Population served, 10,000,000. Further se- cured by a first lien on $980,700 stock of local companies and $11,076,500 of the $11,080,160 stock of the Cumberland Tel. & Tel. Co., which owns the Bell System in Southern Illi- nois and Indiana, Kentucky, Tennessee, Mis- sissippi and Louisiana, subject to $16,000,000 bonds. Dividends have been paid on this stock continuously from 1892, and from 1909 to 1913 at the rate of 8% per annum; 1914, 7%: 1916 and 1916 6s. The physical property of the Southern Bell Tel. & Tel. Co. is valued at more than $21,000,000, and of the Cumber- land Tel. & Tel. Co. at more than $29,000,000. Years ended Dec. 31: Interest, Gross. Net. Rent, etc. 1920 $12,474,458 $2,172,460 $1,369,220 •1919 4,875,640 . t2,841, 478 1,023,728 ±1918 5,067,982 1,393,342 657,697 1917 8,009,403 2,674,601 1,065,001 1916 7,340,075 2,815,956 1,069,641 1915 6,712,745 2,619,826 1,042,342 ^Excludes all revenues accrued to, and ex- penses borne by, the U. S. Govt, for the Fed- eral control period from Jan. 1, '19, to July 81. '19. tincludes $973,511 Government compensa- tion. tSeven months ended July 31. LlBted on the New York and Boston Stock exchanges. Original Market — $10,000,000 ottered in 1910 by Kidder, Peabody & Co., and N. W. Harris & Co., New York and Boston, at 96 and interest. $3,000,000 also offered in Sep- tember, 1912, by the Robinson-Humphrey- Wardlaw Co., Atlanta, Georgia. Market. New York — Simon Borg & Co., Joseph Gil- man, Hartshorne & Battelle, T. L. Mac- Donald. Price Range— M. Y. S. E. Jan. 1, '16, to Jan. 1, 'SI 1920 High 102 Oct. 30, '16 85% Jan. 13 Low. 78% June 12, '20 78 1^ June 12 SOUTHERN BOULEVARD RAHiROAD Ist 6b. Doc Jnly 1, 1946. Dated July 1, 1895. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Antliorlzed and Ontstanding $250,000 Denomination — Coupon, $1,000. Tmstee — Central Union Trust Co., New York. Ooaranteed by the Union Ry. Co. Organization and Control — Incorporated in New York in 1885. All of the stock is owned by the Third Avenue Ry. Co. by stock owner- ship. Capitalization. Outstanding. Common $260,000 Funded debt 260,000 Seonred by a first mortgage on 6 miles of double-track street railway In the Borough of the Bronx, New York City. Years ended June 30: Gross. 1919 $225,561 1918 211.916 1917 178,697 19ie 231,966 •Includes interest, taxes. Market. New York — Lynch & MoDermott, Wm. M. Clarke, Wm. Carnegie Bwen, Hepburn & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 90 '08 100 '14 35 Dec. 60 Jan. Low. 30 '20 60 '19 30 July 60 Dec. Net. •Charges. $6,647 $44,481 47.843 66,067 7,882 61.907 86.436 49,270 etc. SOUTHERN CAUTORNIA EDISON CO. Oen. 68. Dae Nov. 1. 193B. Dated Nov. 1, 1909. Interest payable Jan. and July 1, at Bankers' Trust Co., New York: Harris Trust & Savings Bank, Chicago, or Los Angeles Trust & Savings Bank, Loa An- geles. 'Tax Status — 2% Federal Income Tax paid by Company without deduction. Tax exempt in California. Authorized $30,000,000 Ontstanding 13,360,000 Note. — Under the terms of the Gen. & Bef. 6s no more of these bonds may be issued un- less deposited thereunder. Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Harris Trust & Savings Bank, Chicago, and Loa Angeles Trust & Savings Bank, Los Angeles. Redeemable at 105 and interest on any In- terest date. Improvement and Sinking Fund — Annually 2% of the amount of bonds outstanding under this mortgage and underlying mortgages to be deposited with Harris Trust & Savings Bank for expenditures on account of permanent ex- tensions and additions, for which no bonds may be issued, or to retire outstanding bonds of this issue or prior liens. Organization — See Gen. & Ref. 6s. Secured by a general mortgage on all the property of the company. For details see Gen. & Ref. 6s. Further secured by the de- posit of $9,462,000 underlying bonds. Fran- chises are unliniited as to time. Prior Liens — $20,623,000 prior liens, viz: Edison Elec. Co. 1st & Ret. 6s of 1922 $2,668,000 Edison Elec. Co. 1st 5s, 1929 38,000 Edison Elec. Co. 6s of 1927 19,000 Pacific Light & Power Corp. lat Eef. 6s, 1951 7,110,000 Pacific Light & Power Co. 1st 6s, 1942 6,490,000 San Gabriel Elec. Co. 1st 6s, 1928.. 229,000 Mentone Power Co. 1st 6s, 1931.... 37,(06 Ventura County Power Co. 6s, 1936 630,000 Mt. Whitney Power & Electric 1st 6s, 1939 ' 3,402,000 Underlies — Gen. & Ref. Mtge. under which bonds are reserved to retire this issue and all prior liens. Earnings — See Gen. ft Ref. 6s. Ijegal for savings banks in Cal. and R. I. Original Market — First ottered Dec, 1909, at 97% and interest by N. W. Harris & Co., Boston, and Harris, Forbes ft Co., New York, and Harris Trust & Savings Bank, Chicago, E. H. Rollins & Sons, Boston, New York, etc., and Perry, Cofiln ft Burr, Boston, tl.- 000,000 ottered Dec, 1911. by the above firms, at 96% and interest. $618,000 ottered In January, 1915, by Harris, Forbes & Co., New or redemption of these bonds or the pur- York, N. W, Harris & Co., Boston, Harris cliase of underlying bonds. Trust & Savings Bank, Chlcaeo, and B. H. OisanlzatloD — Incorporated In California In Bollins & Co., Boston, New Tork, Chlcaso, 1909. In 1917 acquired the properties of the etc., at 92 and Interest. Pacific LlEht & Power Corp. and Ventura Market County Power Co. and in June, 1920, the pyWa?i?*'/'ct, \StiS^ B^e^in ft'^C?.: l^a^sttr^'n'^B Co "' aSd° s'ante" Bart'ara I Earle A. Miller & Co., A. W. H. Munford ?,fwh»„^„^„°°" ^^ ®^ Barbara & Bauseher & Mackay, Sutro Bros & Co., Van- ouDuroan Ky oo. derhoef & Robinson. Capitalization. OutatandlnK- Providence — Brown, Lisle & Marshall, Common {17,641,272 Hornblower & Weeks. lat Pref. (6% cum.) 4,000,000 Boston — L. Sherman Adams, CofHn & 2d Pref. (6% cum.) 12,029,900 Burr, Moors & Cabot, Arthur Perry & Co., Funded debt 66,705,000 ^■s™¥?^°c3s™-5?;vnnB a. Co c!tpr>T,»na * Secnrefl by a direct mortgage on all the ^^San JJTancisco— Ryone & Co., Stephens & property of the company: also by deposit bf Philadelphia— McCown & Oo. ^.^"^ '?^ °' *-^° ^^°°^ °* **■« Santa Barbara Chicagro— Merrill, Lynch & Co. Jiiectric Co. IjOS Angeles — Blankenhorn-Hunter-DuUn The properties of the company and sub- Co., Citizens National Bank, J. J. Doran Co., sidiaries include 18 hydro-electric plants Drake, Riley & Thomas, Stephens & Co., with an aggregate capacity of 219,500 h. p. Torrance, Marshall & Oo. and 7 135,200 h. p. Also 1,500 miles of high- San Diegro — Blyth, Witter & Co. tension transmission lines, 143 sub-stations Price Bange. ^""^ 6,500 miles of distributing lines. Water .Tan 1 'Ifi tn .Ian 1 '21 iQ!)n properties are operated in Ventura County. Jan. 1, 16, to Jan. 1, 21 j,,/*^* .„^ The company supplies electricity in 233 Hi^h 98 'is ts'ie ssliTima qOTan cities and towng, either directly or at whole- Low 71'19 76 '19 76^ Deo 78 Dec fale. the most important being Los Angeles, iMW. IX IS /o 19 7biS Deo. 7XDec. Passadena, Riverside, San Bernardino, Santa ■ Barbara, Long Beach, Santa Monica, Red- S017TEEBN CALIFORNIA KDISON CO. lands, Oxnard, Ventura, Vlsalia, Tulare and Gen. & Bef. 25-Year 6g, "Series of 1919." Porterville. -The City of Los Angeles has the Due Febmarv 1 1944 right to purchase the local distributing sys- -Dat^ July 1 1917 Bearlne Interest from *^™ °* ^^^ company for $11,000,000, plus ex- B-JhS,!?^ 1 1010 T„*S.ttr^.i?Ml i-A^ penditures for extensions subsequent to July f^S A,^2 ; .S^ 'm= J v„,t' ^Sf-^^J^ fJ'^il 1' "19- « tl>« ''"y exercises the right tb and Aug. 1, In New York, Chicago or Los aurohase it agrees to purchase power for a Angeles. »_ „ , . _ long term from the company. Tax Status— 2% Federal Income Tax paid gale of Plant to City— An agreement has by Company without deduction. Tax exempt been reached between the City Council of '" .*'?i"5,"''?' .......... ^™ Angeles and this company whereby the ADthorized >....,..... .$136,000,000 latter has agreed to sell its distributing ays- Outstanding (Mar. 1,_'21)... 25,718,000 tem to the City for $11,000,000. ^SrilfS 1^; wS'"' ^™*- ■ ■ ■ «'I??'SSS The pfoposed purchase contract was ap- ^^^^J^I ¥^^^^'i^k-;^Ar:tJ^Jll'3L. '"•o->'«a by the voters at the general election ProviBions or Issne — The mortgage proviaes h.i,* Tuna i iqiq for a total authorized lasud of $136,000,000. nera june a. i3i». Bonds of difeerent series may be issued, but _, ^J?"^ ^i,'";.^;~*?''^il','""' Pnor liens, viz: only upon the retirement of the bonds of pre- Southern California Edison Gen. 5s ceding series. No additional underlying bonds _°f 1939 ................ ...$13,360,000 can be Issued unless pledged as additional ^°'!™.„f' ^<'- '^°- 1^' * ^^'- ^^ „ ..„ ... IIVI'IIX '""" °'"'^*' ''"" «"*"°^'"« ^°"- Edfson Eiec:ci;-i-sV,6s-of-i929::: '''Is;"?" ■"TscrSw bonds may be Issued for only 75% |«ffl™ g-^ ^o- |?„°f »27 . . 19,000 of expenditures for acauisitions, extensions RpP ?, of iq-il 7 n noon and additions to the Company's properties, p^X Light & piweVcii'isi'bs ^•"''■°°" provided net earnings for the preceding twelve ^f jg^j g ^jq qqq months have been at least one and three- gan Gabriel' Eiec.' Co! ' I's't 6s of quarters times the annual interest charges on 192s 229000 all mortgage bonds outstanding. Including In- Mentone Power'co! ist 6s of 1931 37^000 terest on those bonds for which application is Ventura County Power Co. 6s of made. Escrow bonds may also be issued. igsg 630,000 ue $117,000 each Dec. 1 to 1924. Dated June 1, 1914. Interest payable June 1 and Dec. 1, at Trustee's office, Philadelphia, or company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by Company. Aathorized $1,170,000 Outstanding: (May 1, '21) 468,000 Balance Retired. Denomination — Coupon, $1,000. Kegisterable as to principal only. Trustee — Commercial Trust Co., Philadel- phia. Redeemable as a whole Dec. 1, 1919, or any Interest date thereafter at 102^ and interest on 90 days' notice. Guaranteed principal and interest by the Southern Pacific Co. by endorsement. Secured by an equipment trust agreement on 20 passenger and 10 switching locomotives, 50 steel passenger coaches and 24 electric motor coaches, costing' about $1,384,942, of which $214,942 was paid in cash. Original Market — Offered In Dec, 1914, by Kuhn, Loeb & Co., New Tork. Legral for savings banks in Ohio. Market. See Series "E". SOUTHERN PACIFIO CO. Eaulp. Tr. 78, Series "E." Due $1,250,000 each June 1, from 1924 to 1935, inolusive. Dated June 1 , 1920. Dividends payable June 1 and Dec. 1, in New Tork City. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $15,000,000 Outstanding 15,000,000 Denomination — Coupon, $1,000. Registerable aa to principal. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed principal and dividends by en- dorsement by the Southern Pacific Company. Secured by an equipment trust agreement on new equipment costing approximately $ 2 2 , - 500,000, and including 10 Mikado type loco- motives, 15 passenger locomotives of Pacific type, 6 10-wheel locomotives, 24 switching lo- comotives, 2 electric locomotives, 20 steel passenger coaches, 3 steel baggage cars, 6 electric motor coaches, 20 interurban electric motor cars, 16 steel electric trailer coaches, 9 8 electric ' 'one-man' ' passenger coaches, 2,000 composite steel and wood box cars, 500 automobile cars, steel underframe, 1,000 com- posite steel and wood stock cars, 1, 000 com- posite steel and wood flat cars, 250 steel bal- last cars, 65 caboose cars, and 15 heavy freight locomotives of two-ten-two type. H-egral for savings banks in Ohio. Original Market — $15,000,000 offered June, 1920, \iY a syndicate headed by Kuhn, Loeb & Co., New Tork, at prices ranging from 100 to 101 and interest according to maturity. Market New Tork — Beverly Bogert & Co., Simon Borg Sn Co., Evans, Stillman & Co., Hart- shorne & Battelle. liouisville — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Boston — Curtis & Sanger. Philadelphia — Biddle & Henry, Eioren «& Co., Brown Bros. & Co., Morley, Wood & Co., Wurtes, Dulles & Co. SOUTHERN PACIFIC CO. Equip. Tr. 4V2S, Series *'D." Due $511,000 each May 1 from 1917 to 1926, inclusive. Dated May 1, 1916. Interest payable May 1 and Nov. 1, at Trustee's office, Philadelphia, or company's office. New Tork. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $5,110,000 Outstanding: (June 1, '21) 2,555,000 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co. , Philadel- phia. Redeemable as a whole at 102^ and Interest on May 1, 1921, or any interest date there- after upon 90 days' notice. Guaranteed principal and interest by the Southern Pacific Co. by endorsement. Secured by an equipment agreement on ?T) Mikado passenger locomotives, 1,788 single- sheathed box cars, 199 tight bottom gondola cars, 59 8 fiat cars, 700 single deck stock cars, 600 single-sheathed automobile cars, 300 oil tank cars, 10 steel baggage cars, 20 steel combination baggage and postal cars, 18 steel coaches, 2 steel combination coach and bag- gage cars, costing d.bout $6,016,138. Legral for savings banks in Ohio. Market* See Series "E". 1259 SOUTHERN PACIFIC RAILROAD CO. Ist Ref. 4s. Due Jan. 1, 1955. Dated Jan. 3, 1905. Interest payable Jan. and July 1, at 165 Broadway, New Tork. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $160,000,000 ♦Outstanding 143,831,500 Retired by S. F 183.000 ♦Includes $6,426,500 owned by Southern Pa- cific Co. and $14,568,000 by Union Paclfio R. R. Co. Denomination — Coupon, $500 and $1,000. Registerable as to principal or fully register- able. Registered, $500 and multiples. C. & R. interchangeable. Trustee — Eauitable Trust Co., New Tork. Redeemable at 106 and interest on any in- terest date upon three months' notice. Sinking Fund — $12,000 per annum from 1908 to be applied to the purchase and redemption of these bonds. Guaranteed principal and interest by the Southern Pacific Co. by, endorsement. Organization and Control — Incorporated In 1902 in California. All of the stock is owned by and the road leased for 50 years to the Southern Pacific Co. Capitalization. Outstanding. Common $160,000,000 Funded debt 158,017,000 Secured by a mortgage on 3,108.54 miles of road as follows: A first lien on 752.13 miles — Mllei, South Vallejo to Sacramento, Cal 60.09 Davis to Knight's Landing, Cal 18.61 Napa Junction to Calistoga, Cal 34. 6S Berkeley, Vine St., to Thousand Oaks, Berkeley, Cal 1.14 Berkeley-Ellsworth Jet. to University Campus, Cal 1 . 72 Berkeley-California Jet. to Thousand Oaks, Cal 3.44 Berkeley-Ninth St. Jet. to Thousand ■ Oaks, Cal 4.9ii Oakland-16th St. to 14th St 2.35 Citrus to Fair Oaks, Cal 2,14 San Pablo to Richmond Transfer, Cal.. 2.06 Wyo to Hamilton, Cal 11.21 Rossi to Stratton, Cal 8.2& Smeltzer to Stanton Jet., ,Cal 4.6Z Colorado Jet. to Pothales, Cal 12.33 Peart to Haword, Cal 1,88 Wing-o to Ramal, Cal 2.08 Buchli to Union, Cal 8 . 6* Tuma, Ariz,, to East Bank Rio Grande River, Texas 561.37 Benson, Ariz., to New Mexico & Arizona Jet 0.65 Nand Jet. to Mission Jet.. Cal 0,42 Ramon to Radum, Cal 9.5l> Hayfield to Masona Jet 0. 02 A second lien on 2*116.88 miles — Covered by the first lien of S. P. R. B. (of Cal.) 1st Cons. 5s 1,686.49 Covered by first lien of Northern Ry. 1st 53 377.52 Covered by first lien of Northern Cali- fornia Ry. 1st 5s...' 58.87 A third lieon on 239.54 miles — Covered by the first lien of the S. P. Branch Ry. 1st 6s — San Miguel to Sangus, Cal. 239.54 The road from Mojave to The Needles, for- merly leased to the Atchison, Topeka & Santa Pe Ry. Co., was sold to that company and was released from the lien of this mortgage. Prior Liens— $13,485,500 prior liens as fol- lows: South. Pac. Branch Ry. lat 6s, 1937 $3,533,000 So. Pac. R. R. (of Cal.) 1st Cons. 5s, 1937 4,127,500 Northern Ry. 1st 5s, 1938 4,751, OOi; North. Cal. Ry. 1st 5s, 1929 1,074,000 Bonds are reserved under this mortgage to retire the prior lien issues and they may not be increased. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H.. N. J., N. T., R. I., Vt. and "Wis; and also Baltimore Trust Funds. B. B. — 822 Usted on the New York, San Francisco and Amsterdam Stock Exchanges. Original Market — Underwritten, $82,000,000 In 1905 and 1906, by Speyer & Co. and Kuhn, Loeb & Co., New York; $14,000,000 offered in Oct., 1908, by Kuhn, Loeb & Co., Speyer & Co. and the National City Bank, New York, at 94^ and interest. Market. New Torlc — Bigelow & Co., Simon Borg & Co. , Ambrose R. Clark & Co. , Arthur E. Prank & Co., Grang-er & Co., Hartshorne & Battelle, Hodenpyl, Hardy & Co., Kountze Bros., Newborg & Co., Parker & Co.. R. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Roosevelt & Son, Seasongood, Haas & Macdonald, Struthers & HIscoe, Joseph Walker & Sons, Edwin Wolff. Philadelpliia — Arthur J. Bender, Morley, Wood & Co. San FraJicisco — Sutro & Co. Price Range — N. Y. S. E, Jan, 1, '06, to Jan. 1, '21 1920 High 97% June 26, '06 79% Jan. 5 Low. 68 May 18, '20 68 • May 18 SOUTHERN PACIFIC RAILROAD CO. Of CALIFORNIA 1st Cons. 5s. Due Nov, 1, 1937. Dated Sept. 15, 1893. Interest payable May and Nov. 1, at company's office. New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized Closed mortgage Outstanding $4,127,500 • Redeemed 24,524,500 Denomination — ' Coupon, $500 and $1,000. Registerable as to principal only or fully reg- isterable. Trustee — Central ynioH Trust Co. , New York. Redeemable — Bonds so stamped are redeem- able at 1071^ and interest on any interest date on six months' notice. Sinking Fund — $20,000 per avmum between the years 1898 and 1912, and $120,000 per year thereafter, to be applied to purchase of these bonds, or to be invested in other securi- ties; also proceeds of land sales to be applied to the purchase and cancellation of thesw bonds at the lowest price ofEered. This fund was discontinued in 1905 as 86% of the out- standing bonds had been redeemed and can- celled. Guaranteed principal and interest by the Southern Pacific Co. by endorsement. Control — ^Absorbed by the Southern Pacific R. R. Co. in 1902. Secured by a mortgage on 1,926.03 miles of road aa follows: A first lien on 1,685.49 miles — Miles. 3d St. to 7th & Penn. Ave., S. F., Cal. 1.17 6th St., San Fran., to San Miguel, Cal 207,39 Baden to South San Francisco, Cal.... 1.60 Carnadero to Tres Pinos 18.30 Montalvo to Burbank , 69 . 4a Near Martinez to Yuma 702.17 Kerman to Fresno 14.41 Lick to New Almaden 7.77 Aptos to Loma Prieta 3.70 Watsonville Jet. to Santa Cruz 20.52 Del Monte Jet. to Lake Majella 19.56 Spreckles Jet. to Spreckles 2.82 Surf to Lompac 10.36 Guadalupe to Betteravin 3.62 Avon to San Ramon 20.27 Madera to Italian Swiss Colony 3.91 Stockton to Merced 72.05 Peters to Milton 11.78 Bereuda to Rayoned 21.10 Fresno to Famosa Jet 102 . 61 Fresno to Friant 24.14 Goshen Jet. to Exeter 16.76 Armona to Alcalde 44.32 Oil Jet. to Ainrof 6.21 Treadwell Jet. to Porq.ue iJ . 40 BakersviUe to Olig 50.06 Ventura Jet, to NordhofC 15 .13 Burbank to Chatsworth Park 21.58 Clement Jet. to Sentons 7.86 Sentons to Port Los Angeles 10.01 Home Jet. to Soldiers' Home 2.97 IjOs Angeles to Point Fermin 27.ro Thenard to Alamitos Beach 4.28 Florence to Santa Ana 28 . 48 Santa Ana to Newport Beach 10.79 Newport Beach to Stanton Jot 10.73 Studebaker to Whittier 5.91 West Anaheim to Los Alamitos 10 .23 West Anaheim to Anaheim Jet 2.91 Miraflores to Tustin J 10.98 Shorb to Ducarte 13.72 Shorb to Pasadena 4.83 Bassett to Pomona 17 .* 40 Pomona to Chino 4! 60 Chino to Ontario 5 ! 31 Declez to Declezville 2i65 Riverside to San Bernardino 12.60 Rodlands Jet. to Crafton... 7.19 1260 A second lien on 239.64 miles — Covered by first lien of Southern Paciflo Branch Ky. 1st 6s— San Miguel to Sangus, Cal .239.54 Prior liien — $3,533,000 Southern Paciflc Branch Ry. 1st 6s of 1937. Underlies — 1st Eef. 4s of 1956, under which mortgage bonds are reserved to retire this issue. Legal for savings banks in Cal., Conn., Mass., Me., Mich., Minn., Mo., N. H., N. J., N. T., H. I., Vt. and Wis.; and also Baltimore Trust Funds liisted on the New York and San Francisco Stock Exchanges. Market, New York — Simon Borg & Co., Constable & Fleming, Arthur B. Frank & Co., Sam'l Goldschmidt, Hartshorne & Battelle, R. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Remick, Hodges & Co., Roose- velt & Son, Raymond M. Smith, Taylor, Smith & Hard. Fhiladelpliia — Arthur J. Bender. San Francisco — Sutro & Co. Price Range — N, Y. Jan. 1, '12, to Jan. X, 'Zl High 119 Jan. 3, '12 Low. 96 Apr. 9, '20 1920 96 Apr. 9 96 Apr. 9 SOUTHERN POWER CO. 1st 6s. Doe March 1, 1930. Dated March 1, 1910. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $10,000,000 Outstanding 7,000,000 Reserved tor Ext 3,000,000 Denomination — Coupon, $1,000. Hegisterable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Redeemable as a whole at 105 and interest on any interest date. Organization — Incorporated In New Jersey in 1905. Controls through stock ownership the Catawaba Power Co., "Western Carolina Power Co. and owns a substantial Interest in the stock of the Great Falls Power Co. Capitalization. .Outstanding. Common $4,000,000 Preferred (7% cum.) 6,00O,00C Funded debt 7.000,000 Secured by a first mortgage on hydro-electric developments, with a combined capacity of 118,000 h. p., and steam plants with 44,000 h. p., located In the vicinity of Charlotte, N. C and on transmission lines to Charlotte, Salisbury, Greensboro and Wlnston-Salem, N. C, and Gafney, Spartansburg and Green- ville, S. C. The company sells power to over 200 cotton mills. The water power and sub-station sites are owned in fee and pole locations are either owned in fee or are se- cured under perpetual easements. Years ended Dec. 31: Bond Interest. $350,000 350,000 Market. New York — Barle A. Miller & Co. ^ Providence — Hornblower & Weeks. Milwaukee — Investors Finance Corp. Boston — L. Sherman Adams, Arthur Perry & Co. Philadelphia — Henry D. Boennlng & Co., McCown & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '16 102% '16 89 Jan. 91 Jan. Low. 75 '20 80 '20 75 Aug. 80 Aug. Gross. •Net. 1919 $4,368,487 $787,962 1918 4,046,786 672,970 •After depreciation. Original Market — $3,000,000 offered In March. 1910, at 98% and interest by National City Bank and Harris, Forbes & Co.. New York; N. W. Harris & Co. and Perry, Coffin & Burr, Boston, and Harris Trust & Savings Bank, Chicago. $1,000,000 offered by same firms in May, 1911, at par and Interest, and $1,000,000 offered in Dec, 1912, at par and Interest. $12,000,000 offered In June, 1915, by the same firms at 99 and Interest. 1261 SOUTHERN PUBLIC UTILITIES CO. 1st & Ref. 58. Dne Jaly 1, 1943. Dated July 1. 1913. Interest payable Jan. 1 and July 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by ■ company without deduction. Authorized $30,000,000 Outstanding 4,487.000 Reserved for Prior Liens 1,833,500 Reserved for Ext 23,679,600 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000, $B,- 000 and $10,000. C. & R. interchangeable. Trustee — Farmers' Loan & Trust Co., New York. Redeemable on any Interest date at 106 and Interest upon 12 "weeks' notice. - Organization — Incorporated In Maine in, 1913 as a consolidation. Capitalization. Outstanding". Common $7,500,000 Funded debt 6,276.600 Secured by a first mortgage on plants sup- plying gas and electricity in Greenville, S. C., and on street railway In that city, on plants supplying electricity in Hickory. Thomasville. and Reidsville, N. C, and Chester and Greer, S. C and eight smaller towns. Further se- cured by a second mortgage on plants sup- plying gas and electricity in Charlotte and Winston-Salem. N. C. and Anderson. S. C, and on street railways In those cities. The street railways Include a total of 70 miles pf track. Franchises are either perpetual or ex- tend with one unimportant exception beyond the life of the bonds. Prior Liens — $1,789,600 (closed mortgages), prior Hens, viz: $313,000 1st 5s ot 1929 and $462,000 Ref. & Ext. 6s of 1936 of the Char- lotte Electric Ry. Co.; $466,000 Fries Mfg. & Power Co. 1st 6s of 1940; $249,500 Anderson Water, Light 6 Power Co. 1st & Eef. 6s of 1922; $64,000 Wlnston-Salem Power Co. 1st 68 of 1936, and $266,000 Greenville-Carolina Power Co. 1st 6b of 1936. Years ended Dec. 31: Gross. 1920 $3,621796 1919 2,816,358 1918 2,501,762 1917 1,860,813 Legal for savings banks In R. I. Original Market — Offered in 1916 by Illlnolg Trust & Savings Bank, Chicago, and William Morris Imbrie, New York, at 96 U and In- terest. Market. New York — Joseph Gilman. Boston — L. Sherman Adams, Moors &■ Cabot. Price Bange. Bond Net. Interest. $909,992 $315,110 630,284 316,860 861,046 316,860 757,584 311,260 Jan. 1, '16, to Jan. 1, ' Bid. Ask. High 93% '17 97 '16 Low. 60 '20 71 '20 21 1920 Bid. Ask. 74 Nov. 75 July 60 July 71 July SOUTHEEN RAILWAY COMPANY. Incorporated in Vireinla in 1894. The com- pany operates 7,102.56 miles of road from Washinirton, D. C. : Richmond and Norfolk, Va., to Charleston, S. C: Atlanta, Columbus, Savannah and Brunswick, Ga. : Knoxville, Chattanoo&a and Memphis, Tenn. ; Birmingham and Mobile, Ala., and Columbus, Miss., and from Danville and Lexington, Ky., to Louis- ville, Ky. ; Evansville, Ind., and St. Louis, Mo., with branches to all of the principal cities In North and South Carolina and Georgia and many in other Southern States. Of the lines operated, 4,341.01 miles are owned. The com- pany also controls through lease or stock ownership 2,79.3.71 miles of road from Mobile, Ala., to St. Louis, Mo.: Chattanooga, Tenn,, via Birmingham and Tuscaloosa to Meridian, Miss.: Columbus, Miss., to Greenville, Miss.: Macon, Ga., to Jacksonville and Palatka, Fla. ; Mountain City, Tenn., to St. Charles, Va. ; Bulls Gap, Tenn., to Moccasin Gap, Va., and numerous branches. Jointly with the Louisville & Nashville R. R. Co. the Southern Ry. Co. controls the Chicago, Indianapolis & Louisville Ry. Co., which owns 610 miles of road from Louisville to Chicago and branches. Capitalization. Outstanding. Common $120,000,000 Preferred (6% non-cum.) 60,000,000 Funded debt 245,530,600 ¥ears ended Dec. 31: Gross. Net. Int. & Rent. 1920 $126,339,239 $18,306,483 $16,689,334 «1919 18,663,893 20,884,020 18,746,759 tl919 129,787,812 11,926,698 1,314,988 •1918 18,663,893 20,832,627 18,132,420 tl918 126,574,297 30,976,626 1,684,765 1917 90,716,569 29,810,162 15,772,746 1916..... 75,564,652 26,749,861 15,226,656 tFederal account — standard return not in- cluded. ''Corporate account. Price Range — ^N. Y. Jan. 1, '06, to Jan. 1, '21 High 116% Feb. 7, '06 Low. 81% nee 28, '20 ;. E. 1920 90 Dec. 3 81% Deo. 29 SOUTHERN RAILWAY CO. East Xenn. Reorg. Bs. Due Sept. 1, 1938. Dated October 2, 1894. Interest payable March and Sept. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized and Ontstandlng. .. .$4,600,000 Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Trustee — Central Union Trust Co., New York. Secured by mortgage on 990.12 miles of road, viz: A second lien on 364.8'? miles — Miles. Covered by the first lien of the Bast Tenn., Va. & Ga. Cons. 63, 1956 364.87 A third lien on 625.25 miles — Covered by the first lien of the following: Alabama Cent. 1st 6s — Selma to York, Ala 76.50 Bast Tenn., Va. & Ga. Cons. Bs, 1930. 548.75 Also a first lien on $661,200 of the $1,- 122,200 stock of the Knoxville & Ohio R. R. Co. Prior liens — $1,000,000 Alabama Central 1st 6s of 1918 (pledged under 1st Cons. Mtge.), $3,106,000 Bast Tennessee, Virginia & Geor- gia 1st 53 of 1930 and $12,770,000 East Ten- nessee, Virginia & Georgia Cons. 6s of 19B6. Underlies — The Southern Ry. Cons. 6s of 1994, which provide for the retirement of this Issue, Dev. & Gen. 6s of 1966. Legal for Baltimore Trust Funds. Listed on the New York Stock Bxchange. Market. New York— Simon Borg & Co., Sam'l Gold- schmidt, R. W. Pressprich & Co., Prince & Whltely, Struthers & Hiscoe, Taylor, Smith & Hard. SOUTHERN RAILWAY CO. Mobile & Ohio Coi. Tr. 4b. Due Sept. 1. 1938. Dated March 1, 1901. Interest payable March and Sept. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax- paid by Company without deduction. Authorized $9,600,000 Outstanillng 8,356,000 Reserved to Acaulre M. & O. Gen. 4s 1.144,000 Retired by S. F None Denomination — Coupon, $1,000. Register- able as to principal or exchangeable for fully registered bonds. Registered, $1,000, $6,000, $10,000 and multiples of $10,000. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest for sinking fund on any interest date. Sinking Fund — The company may use or cause to be used, any money paid to the trustee under the sinking fund of the M. & O. Gen. 4s (deposited), for the purchase or re- demption of these bonds at not over 10 6 and interest. Bonds acquired are to be cancelled. Secured by deposit with the Trustee of an equal amount of $9,600,000 Mobile & Ohio Gen. 4s. These bonds are secured by a fourth mortgage on 472 miles of road from Mobile, Ala., to Columbus, Ky., and a second mort- gage on 63 miles of road from South Colum- bus to East Cairo, Ky. This road Includes the main line of the M. & O. R. R. Co. from Mobile to the Ohio River. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Sam'l Gold- schmidt, Granger & Co., Prince & "Wliltely. Price Range — ^N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1920 High 98% Feb. 6, '06 66% Oct. 6 Low. 50 May 26, '20 50 May 26 SOUTHERN RAILWAY CO. Mobile & Ohio 4% Stock Trust Certificates. Dividend Payments — ^Aprll and Oct. 1, by check from J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Outstanding $6,670,200 Denomination — ^Registered, $100. Trustee — Guaranty Trust Co., New York. Secured by a first lien on an equal amount of the $6,016,800 stock of the Mobile & Ohio R. R. Co. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Pouch & Co. 1^62 SOUTHERN RAILWAY CO. St. Louis Dlv. 1st 4s. Dne Jan. 1, 1951. Dated Jan. 1, 1901. Interest payable Jan. - and July 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding 12,473,000 In Treasury 27,000 Reserved tor Ext 2,600,000 Denomination — Cgupon, $1,000. Register- able as to principal or fully registerable. Registered, $1,000, $B,000 and multiples. C. & R. interchangeable. Trustee— Illinois Trust & Savings Bank, Chicago, 111. Secured by mortgage on 398.28 miles of road, viz: A arst Uen on 157.11 miles: Bast St. Louis, 111., to the Indiana State Line near Mt. Carmel 146.71 Venice & Carondelet Belt In East St. Louis 6.86 ana other branches aggreeatinB 3.64 A flrst collateral Uen on 236.17 miles, be- ins a flrst lien on the entire issue of $5,000,- 000 flrst morteage bonds and practically the entire $1,000,000 capital stock of the Southern Ry. Co. of Indiana. New Albany, Ind., to the Ind. Ill State Line near Mt. Carmel 118.28 Rookport Jot. to Eockport, Ind 16.1'; Jasper to Evansville, Ind 64,22 Lincoln City to Cannelton, Ind 22,72 Jasper to French Lick, Ind 24,80 Underlies — ^The Southern Ey. Dev. & Gen. 4s of 1956. Bonds are reserved under the latter morteaee to retire this issue. Usted on the New Tork Stock Exchange. Original Market — $10,750,000 offered in Jan., 1901, by J. P. Morgan & Co., New Tork, at 97% and Interest. Market. New York — Simon Borg & Co., Percy H. Bradshaw, Ambrose E. Clark & Co., Con- stable & Fleming, E. "W. Pressprich & Co.,' Prince & Whitely, Eedmond & Co., Roose- velt & Son, Struthers & Hiscoe, Taylor, Smith & Hard, Vilas & Hlokey. Price Range — ^N. T. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 99% Jan. 24, '06 70^ Oct. 11 Low. 61% June 18, '20 61% June 18 SOUTHERN BAILWAT CO. Ist Cons. Ss. Dne Jnly 1, 1994. Bated October 2, 1894. Interest payable Jan. and July 1, at J. F, Morgan & Co., New Tork. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $120,000,000 Outstanding 72,809,000 Reserved lor Prior tiens. . . . 41,491,000 Reserved for Acanisitlon of Stock of North Carolina B. B. and Atlanta & Cliarlotte E. R 6.700,000 Denomination — Coupon, $1,000. Eeglster- able as to principal and fully registerable. Registered, $1,000, $6,000 and $10,000. Trustee — Central Union Trust Co., New Tork. Secured by direct lien on 3,440,63 miles of road; by collateral lien on 664,07 miles; by pledge of leasehold interests on 488.06 miles. Further secured by deposit of securities listed below. A flrst lien on 1,627.91 miles — Miles. Clarkesvllle, Va., to Durham, N. C... 66.10 Pomona to North Wilkesboro, N. C 100.15 Morristown to Corryton, Tenn 39.60 Coster to Cumberland Gap, Tenn 63.66 KnoxvlUe to Walland, Tenn 26,21 Clinton to Harriman, Tenn 30.44 Lula to Athens, Ga 38.93 North Eome, Ga., to Attalla, Ala 61.30 Atlanta to Ft. Valley. Ga 102. 30 Wilton to Valley Creek Jet., Ala,... 37.28 Marion Jet. to Akron, Ala 63.00 Okolona to Calhoun City, Miss 37.82 Charlotte, N. C, to Augusta, Ga.... 190.49 Richmond to West Point, Va 39.00 Statesvllle to Taylorsvllle, N. C 20,36 Statesville to Charlotte, Nl C 46.29 Salisbury to Paint Bock, N. C 186.50 Morristown, Tenn., Cut-off 2,97 Asheville to Murphy, N. C 122.60 Pinners Point, Va., connection with A. 0. L. R. R 0.66 Badham, Ala., spur 6.C0 1263 Spur near Aden, Ala., to Galloway Coal Co 0.69 Seymour, Ala., Piper spur 3.91 Ardella to Hansell. Ala 2.90 Spring Garden, Ala., to Ala. & Ga. Iron Co 4,49 Henry Ellen, Ala., to Tenn. Coal, Iron & R. R. Co 1.02 Littleton to Porter. Ala 7.70 Qurnee Jet. to Blocton, Ala 14.30 Villa Rica, Ga., to Va.-Car. Chemical Co 2.92 Near Newcomb. Tenn., to Woolridge- Jelllcoe Coal Co 2.08 La Follette to Vasper, Tenn 11.30 Chattanooga, Tenn., connection with C, N, O. & T. P. Ey 0.49 Embreeville Jet. to BmbreevlUe, Tenn. 13.00 North Charlotte, N. C, Cut-off 1.20 Goldsboro, N. C, Cut-off 1.55 Oxford to Henderson, N. C 12.76 Leftwich Jet. to Durmid Jet., Va 6.44 Round Hill to Bluemont, Va 4.03 Bull's Gap to Eogersville, Tenn 14.10 Manchester Jet. to Rocketts, Va 1.00 Columbia to Greenville, S. C 143.52 Anderson to Belton, S. C 9.98 Hodges to Abbeyville. S. C 11.68 A flrst collateral lien, and practically a flrst direct lien, on 521.62 miles, by deposit of the following entire issues of flrst mortgage bonds: Miles. Alabama Central R. R. 1st 6s, 1918 $1,000,000 — Selma to Ala 95-00 Danville & Western Ry. 1st 6s. 1936, $1,051,000— Stokesland to Stuart, Va 70.37 Leaksvllle Jet. to Leakesville, N. C. 7.68 Elberton Southern Ry. 1st 5s, 1968, $250,000 — Elberton to Tocca, Ga.... 60.60 High Point, Randleman, Asheboro ft So. 6s of 1939, $402,000— High Point to Asheboro, N, C 26,80 North Carolina Midland R. R. 1st 6s, 1931, $801,000 — MooresvlUe to Wln- ■ston-Salera, N. C 63.62 Piedmont R. R. lit 68. 1928, 1600,- 000 — Danville, Va., to Greensboro, N. C 48,80 Southern Ry. in Kentucky 1st 6s. 1996, $2,797,000 — Louisville to Cincinnati Southern Jct„ Ky. 82.47 Lawrenceburg to Lexington, Ky 23.72 Norton to Burgin, Ky 3.82 Versailles to Georgetown, Ky 16.74 Tadkin E. R. 1st 6s, 1930, $616,000 — Salisbury to Norwood, N. C 41.00 A second lien on 489.13 miles — Covered by the following: Georgia Pacific 6s 296.61 Virginia Midland Gen. 68 0.40 Washington, Ohio & Western 4s 60.12 Richmond & Danville 63, 1927 140.00 KnoxvlUe & Ohio Cons. 4s 3.10 A second collateral Hen. and practically a second direct lien, on 237.56 miles, by deposit of $200,000 (entire Issue) of Southern Ry. In Mississippi 5s of 1995, which are subject to Georgia Pacific 6s of 1922. Mileage Is as follows: Miles. Greenville, Miss,, to MIss.-Ala. State Line 179.76 Itta Bena to Webb, Miss S4.60 Stoneville to Percy, Miss 21.20 A third Uen on 616.46 miles — Covered by the following: E. Tenn., Va. & Ga. Cons. 68 and E. Tenn. Reorg. 6s 164.87 KnoxvlUe & Ohio 6s and Cons. 4s 66.80 Virginia Midland E 6s and Gen. 6«. . 112.89 Virginia Midland F Ss and Gen. 6s.. 72.40 A fonrth lien on 808.03 miles — Covered by the followine: Ala. Cent. 63; B. Tenn., Va. & Ga. Cons. 63 & Keors. 6s 76.60 E. Tenn., Va. & Ga. 1st 63. Cons.- 5s & Keorg. 63 548.76 Vlrsinia Midland D 6s; Gen. 6s 182.78 Also secored by leaseholds on 488.05 mileSf viz: North Carolina R. R. — Goldsboro to Charlotte and CaralelEh, N. C 224.34 Atlanta & Charlotte Air Line Ry — Charlotte, N. C, to Atlanta, Ga 263.08 Athens, Ga., Belt Line 0.63 Also Becnred by deposit of the following bonds, amountluET to $15,850,400* which cover property included above, but which have ma- tured and are held as additional security, pending satisfaction of the mortgages: Alabama Central B. R. 1st 6s of 1918 Jl.000,000 Charlotte, Columbia & Augusta 'R. R. 6s of 1909 1,999,600 Charlotte, Columbia & Augusta R. R, 7s of 1902-10 600,000 Richmond & Danville R. R. Cons. 6s of 1916 6,997,000 Virginia Midland Ry. Ser. A 6s of 1906 699.900 Virginia Midland Ry. Ser. B 63 of 1911 1.898,000 Western North Carolina Cons. 6s of 1914 3.866.000 Also secured by deposit of the following bonds, aggregating $2,686,275: Alabama Central R. R. Income $1,365,275 Columbia & Greenville R. R. 1st 6s, 1916 76,000 KnoxviUe & Ohio R. R. Cons. 4s. 1963 600,000 Fledlpont R. R. 2d 6s, 1928 600,000 Virginia Midland Ry. Ser. B 5s, 1926 1,000 Washington, Ohio & Western 1st 4s, 1924 226,000 Also secured by deposit of the following stocks, aggregating $16,372,600: Fledged. Issued. Ala, Great Southern R. R. Pfd $1,726,000 $3,380,350 Ala. Great Southern R. R. Ordinary 4,640,060 7,830,000 Asbeboro & So. R. R. 212,600 249,900 High Point, Randleman, Asheboro & Yadkin R. 212,600 249,900 Knoxville & Ohio R. R. . 660,100 To be delivered when released from lien of B. Tenn. Reorg. 6a, 1938 661,200 1,222,200 Mobile & Birmingham R. jl. pfa 20,600 900,000 Mobile & Birmingham R. R. Com 880,400 900,000 North Carolina Midland R R 787,600 4,000,000 Ore' Belt R. R 30,000 30,700 Southern Ry. in Kentucky 998,200 1,000,000 Virginia Midland Ry 6,164,400 6,000,000 Tadkin R. B 464,450 625,000 Note — The KnoxviUe & Ohio R. R. and Vir- ginia Midland B. R. have been merged into Southern Ry. Co. Secnred also by deposit of the following: Chesapeake S. S. Co., Baltimore City — Capital Stock $400,000 Chesapeake S. S. Co., Baltimore City Income Ctfs. of Indebtedness, 6%. 260,000 Chesapeake S. S. Co. of Baltimore City — Promissory Note 96,126 (The Chesapeake S. S. Co. Is controlled by Atlantlo Coast Line H. R. and So. Ry.). 1264 3,368,000 950,000 1,774,000 1,310,000 4,859,000 Prior Idens — $41,322,000 for the retirement of which bonds are reserved. B. Tenn., Va. & Ga. B. R. 1st 6s, j^g3Q _' $3,106,000 E. Tenn.i'vaV &'Ga. B. R. Cons. 5a 1966 12,770,000 So By E. Tenn. Beorg. 5s, 1938.. 4,600,00.0 Ga. Pac. By. 1st 6s, 1922 ^SS°'"SJ KnoxviUe & Ohio B. B. 1st 6s, 1925 2,000,000 Richmond & Danville B. B. 63. 1927 Va. Midland By. Ser. D 6s, 1921.. Va. Midland By. Ser. B 63, 1926.. Va. Midland By. Ser. F 6s. 1931.. Va. Midland By. Gen. 5s, 1936 Washington, Ohio & Western B. B. 1st 4s. 1924 1,026,000 Underlies — Dev. & Gen. 4s of 1956. liCgal for Baltimore Trust Funds. Listed on the New York and Bichmond Stock Exchanges. Original Market — $2,000,000 offered In Mar., 1911, , by Potter, Choate & Prentice, White, Weld & Co. and Kissel, Kinnicutt & Co., New York, at a price to yield over 4%%. Market. New York — Simon Bore & Co., Granger & Co., Herzfeia & Stern, Prince & Whitely, Redmond & Co., Boosevelt & Son, Struthers & Hiseoe, Vilas & Hickey. Cincinnati — Dudley V. Sutphin. Philadelphia — J. W. Thompson & Go. St. Louis — Francis Bros. & Co. LouisvlUe — Block, Fetter & Co., Fidelity & Columbus Trust Co., J. J. B. Hilliard & Son, Geo. T. Wood & Son. Price Range— N. "S, Jan. 1, '06, to Jan. 1, '21 High 119% Feb. 15, '06 Low. 77 May 21, '20 S. E. 1920 90 Oct. 21 77 May 21 SOUTHERN RAILWAY CO. Dev. & Gen. 48. Due April 1, 1956. Dated April 18, 1906. Interest payable April and Oct. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $200,000,000 Outstanding 61,333,000 Pledged to Secure 6% Notes. . 43,600,000 In Treasury 10,874,000 Reserved for Tarlous Purposes •84,293,000 •For additions, etc.: to retire equipment ob- ligations and certain prior liens for which Cons. 53 are not reserved: to acquire securi- ties, etc. Denomination — Coupon, $1,000. Reglsterable as to principal or fully reglsterable. Regis- tered, $1,000 and multiples. C. & B. inter- changeable. Trustee— Guaranty Trust Co., New York. Secured on all the property, securities, lease- holds, etc., covered by the Southern Ry. 1st Cons. 5s, but being a lien subsequent thereto. Also secured on any and all other property of the company hereafter acquired with the pro- ceeds of these bonds. Also secnred on additional property not sub- ject to the 1st Cons, 6s, as follows: A second lien on 180.68 miles — Miles. Covered by the first lien of the follow- ing: So. By., Aiken Br. 1st 4s 23. BT So. Ry., St. Louis Div. 1st 4s 157.11 A third lien on 259.05 miles — Covered by the first lien of the So. Ry., Mem. Div. 1st 53, and by the second lien of the So. Ry., Mem. Div. 2d 53.259.06 A first collateral lien auid practically a first direct lien on 240.29 miles, being secured by deposit of the entire Issues of first mortgage bonds covering same: Miles. Walhalla to Anderson. S. C 34.02 Anderson to Belton, S. C 9.95 Bushnell to Fontana, N. C 13.90 Hyde, Tenn., to point on main stream, Ciear Pork Creelt, Ky 11.21 Elizabetli to Kerg Mill,, Miss 17.10 Percy to Riohey, Miss 10.56 Itta Bena to Belzoni, Mias 26.80 Bnsley, west to point near Warrior River, Ala 22.73 Parrish, east to point near Warrior River, Ala - 9.24 Coal Creek spur, Ala 1. 46 Maryville to Chilhowee, Tenn 25.30 Cornelia, Ga., to Franklin, N. C 68.00 A second collateral lien on 236.17 mile^— Covered by the first collateral lien of the So. Ry., St. Louis Div. Ist 4s 236.17 A third collateral lien of 34.10 miles — Covered by the first collateral lien ol the So. Ry., Mem. Div. 1st 5s, and by the second collat. lien of the So. Ry., Mem. Div. 2d 6s. Also secured (subject to the So. Ry., Mem. Div. 1st 6s, and So. Ry., Mem. Div. 2d 5s) on the road from Stevenson, Ala., to Chatta- nooga, Tenn. (under construction). Also secured by deposit of bonds as follows: Deposited. Issued. Georgia Southern & Fla. 1st Cons. 4s $2,000,000 $3,200,000 Northern Ala. Ry. P.' L. es 360,000 350,000 Northern Ala. Ry. Gen. Lien 5s 1,013,000 1,300,000 Roswell Railroad 1st 6s 77,000 136,000 Southern Ry. Mem. Div. 2d 6s 1,500,000 1,600,000 Southern Ry., Caro. Div. Gen. 43 6,000,000 5,000,000 St. Johns River Term. Co. 1st 4s 1,000,000 1,200,000 Further secured on certain equipment of thtt company, subject to equipment trusts. Prior liens^Subject to $133,818,200 prior liens as follows: Southern Ry. Cons. 5s, 1994 $72,963,200 Prior Liens to Southern Ry, Cons. 6s, 1994 41,322,000 Southern Ry,, Aiken Branch 1st 4s, 1998 160,000 Southern Ry. St. Louis Div., 1st 4s, 1951 12,500,000 Southern Ry., Memphis Div. 1st 6s, 1996 6,883,000 Southern Ry., Memphis Div. 2d 5s, 1996 (entire issue) all deposited hereunder 1,500,000 listed on the New York and Richmond Stock Exchanges. Original Market — $21,333,000 ottered in Mar., 1909, by J. P. Morgan & Co., the First Na- tional Bank and the National City Bank, New York, at 79 and interest. , Market. New York — Simon Borg & Co., Arthur E. Frank & Co., Herzfeld & Stern, Hirsch, Lili- enthal & Co., Parker & Co., Roosevelt & Son, Struthers & Hiscoe, Vilas & Hickey. Atlanta — Trust Co. of Georgia. Philadelphia — Morley, Wood & Co. liOuiaville — Block, Fetter & Co. Price Range — N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 1920 High 85 July 15,'09 65 Oct. 7 Low. 53 May 21, '20 63 May 21 $10,940,000 $12,686,000 Also secured by deposit of railroad stocks aggregating $12,161,900, including Georgia Midland Ry., $998,900; Georgia Southern & Florida 1st pfd.. $177,700; 2d pfd., $309,000, and fjommon, $1,691,500; Northern Alabama Ry., $1,513,400, and Southern Ry., Carolina Div.,- $4,17.4,700. Also secured on stocks of terminal and sta- tion companies, aggregating $1,613,100. Also secured on leasehold interest in 1,325.26 miles, viz.: Miles. Southern Ry., Carolina Div 758.03 Mobile & Birmingham R. R 150.35 Richmond & Mecklenburg R. R 31.30 Georgia Midland Ry 97.88 Atlantic & Danville Ry 267.69 Lockhart R. R 13.81 Whitney Co 6.20 Also secured on trackage rights, 336.83 miles — Miles. Atlanta Terminal Co 0.60 Phila., Balto. & Wash. R. R. — ^Wash- ington, D. C, to south end of Potomac Bridge, Va 2.14 Washington Terminal Co 1.26 Washington Southern Ry. — South end Potomac Bridge to Seminary Jet., Va. 6.70 Augusta & Summerville R. R 0.49 Louisville & Nashville R. R. — Cumberland Gap, Tenn., to Mlddles- boro, Ky 4.<1 Halsey Branch, north of Jellico Yard, to Hyde, Tenn 9.22 Atlantic Coast Line R. R. — Pinners Point, Va., to Selma, N. C. ..164.38 .Central Jet., Ga., to Jacksonville Ter- minal property line, Jacksonville, Fla 152.08 Jacksonville Terminal Co 1.47 Chattanooga Station Co 0. 64 Savannah Union Station Co 4.48 Baltimore & Ohio Southwestern R. R. — New Albany, Ind "•'".„ 1265 SOUTHERN RAILWAY CO. Memphis Div. Ist 6s. Due July 1> 1996. Dated March 4, 1898. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status— 2% Federal Income Tax paid by Company without deduction. Authorized $8,000,000 Outstanding 6,883,000 Reserved for Ext 1,117,000 Denomination — Coupon, $1,000, Registerable as to principal or fully registerable. Regis- tered, $1,000 and multiples. Trustee — Guaranty Trust Co., New York. Secured by a direct or collateral first lien on 293.1S miles of road, viz.: A first lien on 259.05 miles — Miles. Memphis, Tenn., to the Tenn.-Miss. State Line, near Chewalla, Tenn.... 86.70 Miss. -Ala. State Line, near Margurum, to Stevenson, Ala 150.96 Moscow to Somerville, Tenn 13.10 Tuscumbia to Sweetwater, Ala 8.30 A first collateral lien on 34.10 miles of read — Miss. -Tenn. State Line, near Chewalla, to the Miss.-Ala. State Line, near Margurum, being a first lien upon all the bonds and practically entire capital stock of the Memphis & Charleston By. of Miss. Also secured upon the road now under con- struction from Stevenson, Ala., to Chatta- nooga, Tenn., being a first lien on all the bonds and practically the entire capital stock of the Memphla-Chattanooga Ry. Co. ITnderlies — Southern Ry. Memphis Div. 2d 6a of 1996 (all of which are deposited under the S. Ry. Dev. & Gen. 4s) and the Dev. & Gen. 4s of 1956. Bonds are reserved under the latter mortgage to retire this issue. liisted on the New York Stock Exchange. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Constable & Fleming, Sam'l Goldsohmldt, Fred H. Hatch & Co., Prince & Whitely, Redmond & Co., Roosevelt A Son, Struthers & Hiscoe, Taylor, Smith & Hard. Vilas & Hickey. Philadelphia — Morley, Wood & Oo. Price Ranee — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 119% June S, '06 90 Mar. 20 Low. 71% June 26, '20 71% June 26 SOUTHERN RAILWAY CO. Aiken Branch Ist 4s. Due July 1, 1998. Dated September 1, 1898. Interest payable Jan. and July 1, at J, P. Morgan & Co., New Tork. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized Closed mortgage Outstanding $150,000 Denomination — Coupon, $500. Trustee — ^Metropolitan Trust Co., New Tork. Secured by a first mortgage on 23.57 miles of road from Aiken to Edgefield, S. C. Underlies — Southern Ky. Dev. & Gen. 4s of 1956. Bonds are reserved Under the latter mortgage for the retirement of this issue. Market. New York — Simon Borg & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 70 '15 72 '16 60 Deo Low. 60 '19 62% '20 50 Jan. 52% June SOUTHERN RAILWAY CO. 3-Year 6% Se- cured Notes. Dae March 1, 1922. Dated March 1, 1919. Interest payable March 1 and Sept. 1, in New Tork and Chicago. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $25,000,000 Outstanding 26,000,000 Purpose of Issue— To retire $25,000,000 2- Tear 5% notes maturing March 2, 1919. Denomination — Coupon, $1,000. Registerable as to principal or exchangeable for fully reg- istered notes. Eegistered $1,000, $6,000 and $10,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 101 and interest upon 60 days' notice. Secured by pledge of $43,600,000 Develop- ment and General Mortgage 4s, due 1956. Original Market — $26,000,000 offered Febru- ary, 1919, by Halsey, Stuart & Co., Chicago, New Tork, etc., and Continental & Commer- cial Trust & Savings Bank, Chicago, at 99% and interest. Market. New York — Simon Borg & Co., T. Hall Keyes & Co., Salomon Bros. & Hutzler, Sea- songood,- Haas & Macdonald. Atlanta — Trust Go. of Georgia. Kansas City, Mo. — Stern Bros. & Co. Cincinnati — Fifth-Third National Bank, Boston — Curtis & Sanger. Fhiladelphia — Barclay, Moore & Co., Daniel & Co., Isaac Starr, Jr. & Co. Chicago — Halsey, Stuart & Co. IxiuisvUle — Block, S'etter & Co., Fidelity & Columbia Trust Co., Geo. T. Wood & Son. Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '19 lOOVi '19 96 Oct. 98% Jan. Low. 9Hi '20 91% '20 9H4 June 91% June SOUTHERN RAILWAY CO. Eauip. Tr. 4%9, Series "P." Due $7&,000 each June and December 1, to December 1, 1921, Incln- sive. Dated December 1, 1911. Interest payable June and December 1, at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $1,600,000 Outstanding (June IS, '21).... 76,000 Balance Retired.. Denomination — Coupon, $1,000. Registerable as to principal. Xtmstee — ^Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Guaranteed principal and interest by the Southern Ry. Co. by endorsement. Secured by an equipment trust agreement on 1,700 steel gondola cars, 500 steel underframe box cara and 260 steel flat cars, costing $1,- 807,000, of which $307,000 was paid in cash. Legal for savings banks in Ohio. Market. See Series "S." SOUTHERN RAILWAY CO. Equip. Tr. 4%S, Series "Q." Due $7S,000 each Dec, 1 and June 1, to June 1, 1922, inclusive. Dated June 1, 1912. Interest payable June 1 and December 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $1,500,000 Outstanding (June 16, '21) 150,000 Balance Retired. Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — ^Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. " Guaranteed principal and interest by the Southern Ry. Co. by endorsement. Secured by an equipment trust agreement on 45 locomotives, 36 passenger train cars, 426 box cars and 100 flat cars, costing $1,808,130, of which $308,130 was paid in cash. Legal for savings banks in Ohio. Market. See Series "S." SOUTHERN RAILWAY CO. Equip. Tr. 59, Series "R." Due $88,000 each February 15 and August 15, to August 15, 1923, inolusive. Dated Auglust 15, 1913. Interest payable February 15 and August 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $1,760,000 Outstanding (May 1, '21) 440,000 Balance Retired. Denomination — Coupon, $1,000. Beglaterable as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Guaranteed principal and interest by the Southern Hy. Co. by endorsement. Secured by an equipment trust agreement on 26 locomotives, 1,220 steel double drop bottom gondola coal cars, 500 steel hopper bottom coal cars and 150 steel underframe stock cars, cost- ing $2,200,248, of which $440,248 was paid In cash. Legal for savings banks in Ohio. Original Market — $1,760,000 ottered in Aug., 1913, on a 6%% basis by Potter, Choate & Prentice. Market. See Series "S." SOUTHERN RAILWAY CO. Equip. Tr. 5s. Series "S." Due $215,000 each Oct. and April 1, to April 1, 1924, InclnslTe. Dated April 1, 1914. Interest payable April and Oct. 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $4,300,000 Outstanding (May 1, '21) 1,290,000 Balance Retired. Denomination — Coupon, $1,000. KcBlsterable as to principal. Trustee — Pennsylvania Co. for InauranceB on Lives and Granting Annuities, Philadelphia. Guaranteed principal and interest by the Southern Ry. Co. by endorsemeiii;. Secured under terms of equipment lease cov- ering 45 Mikado type freight engines, 15 Pacific type passenger engines, 15 switching engines, 3,250 thirty-ton steel underframe ventil»l<«4 box cars. oOO fifty-ton steel flat cars, 100 uiu:l underframe stock cars, 2 5 steel underframe poultry cars, 200 cabooses, 2 dynamometer cars, 35 passenger coaches, 5 passenger bag- gage cars, 4 dining cars, 5 mail bagjgage cars and 6 baggage express cars. Total cost of thiis equipment is $6,422,885, of which $1,122,885 was paid in cash by the railway company. Legral for savings banks in Ohio. ' Original Alarlcet — First offered by Drexel & Co., Philadelphia. Market, New York — Simon Borg & Co., Evan.s, Stillman & Co., Freeman & Co. Fluladelplua — Biddle & Henry, Brown Bros. & Co., Graham, Parsons & Co., Reed A. Morgan & Co., Morley, Wood & Co., Samuel K. Phillips & Co. steel center sill plain box cars, costing $6,- 051,908, of which amount the company paid $951,908 in cash. Legal for savings banks in Ohio. Original Market — First offered by Drexel & Co., Philadelphia. Market. See Series "S." SOUTHERN RAILWAY CO. Equip. Tr. 4Vas, Series "T." Due $235,000 each Nov, ana May 1, to May 1, 1926, inclusive. Dated May 1, 1916. Interest payable May and Nov. 1, at Trustee's office. Tax Statufr^Payment of Federal Income Tax not assumed by Company. Authorized $4,700,000 OutstniLdingr (June 1, '21) 2,350,000 Balance Retired. Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed principal and interest by the Southern Ry. Co, by endorsement. Secured by an equipment atireement on 30 Santa Fe type freight locomotives, 15 Moun- tain type passeiJStir locom.otives, 26 steel pas- senger cars, 10 steel passenger and baggage cars, 10 steel mail and baggage cars, 10 steel baggage and express cars, 5 steel club cars, 1,500 50-ton flat bottom steel gondola cars, 1,007 30-ton steel center sill plain box cars, 500 30-tori steel center sill plain auto cars and 100 caboose cars, costing $5,633,000, of which the company paid $933,000 in cash. Legral for savings banks in Ohio. Original Market — First offered by Drexel & Co., Philadelphia. Market. See Series "S," SOUTHERN RAILWAY CO. Eauip. Tr. 4^8, Series "0." I>ue $355,000 each May 15 and Nov. 15, to Nov. 15, 1936, inclusive. Dated Nov. 15, 1916. Interest payable May 15 and Nov. 15, at Trustee's office, Philadel- phia. „ Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $5,100,000 Outstanding: (June 1, '21) 2,805,000 Balance Retired. Denomination — Coupgn, $1,000. Reglsterable as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed principal and interest by the Southern Ry. Co. by endorsement. Secured by an equipment agreement on 25 Santa Pe type freight engines and tenders, 8 Mountain type passenger engines and tenders, 1 2 Mallet articulated compound freight en- gines, 1,300 60-ton steel flat bottom gondola cars, 100 steel center sill caboose cars, 200 steel underframe stock cars and 1,235 30-ton 1267 SOUTHERN SIERRAS POWER CO. (THE) 1st S. F. 6s. Due Sept. 1, 1936. Dated Sept. 1, 1911. Interest payable Jan. and July 1, at Guaranty Trust Co., New York, Chicago, and Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized Closed mortgage Outstanding: (Jan. 1, '21) 1,833,000 Retired by S. F 84,500 Owned by Nev.-Cal. Elec. Corp. 732,500 Denomination — Coupons, $100, $500 and ?1,- 000. Reglsterable as to principal. Trustee — International Trust Co., Denver, Colo. Redeemable at 105 and interest on any in- terest date upon 60 days' notice. Siidcing Fund — Beginning Jan. 1, 1917, 20% of the net earnings, after the deduction of fixed charges, for preceding six months, must be set aside as a sinking fund for the pur- chase or redemption of these bonds at not over 105 and interest. The company shall not pay dividends on its capital stock in excess of 6% per annum, unless at the same time it shall deposit with the trustee for the sinking fund a sum equal to the, aggregate amount of any dividend so declared and paid in excess of 6 % said payment into the sinking fund to be concurrent with the payment of said divi- dend. Guaranteed principal and Interest by the Nevada-California Power Co. Organization and Control — Incorporated in Wyoming in 1911. Controlled by the Nevada- California Electric Corp. through ownership of its entire capital stock. Secured by a first mortgage on two hydro- electric plants near Bishop, Calif., with an aggregate capacity of 5,000 k. w., and a steam generating plant of 9,000 k. w. at San Bernardino, a high tension steel tower double transmission line running from Bishop to San Bernardino. Calif, (connecting at Bishop with the transmission line of the Nevada-California Power Company), also wooden pole transmis- sion line from San Bernardino to El Centro, Calif., and Yuma, Ariz., together with distri- bution system throughout Owens Valler. Inyo County, Calif., and in the cities and towns throughout Riverside and San Bernardino Counties. At Bishop the company contracts the surplus power of the Nevada-California Power Co., wholesales power to Holton Power Co. ; also has an agreement for Interchange ol power with the Southern California Edison Co, (physical connection at Colton, Calif.). Underlies — 1 st & Ref . 6 s of 1966, all of which are deposited under the Nevada-Califor- nia Electric Corp. 6s of 1946, under which bonds are reserved to retire this Issue. Earnings — See Nevada-California Electric Corp. Original Market — $2,000,000 offered In July, 1912, by the Continental & Commercial Trust & Savings Bank, Chicago; TJssIng, Scoville & Co., Pittsburgh, and A. B. Leach & Co., New York, at 10 and interest. Offered in June, 1914, by Boettcher, Porter & Co., Sweet, Causey, Foster & Co. and International Trust Co., Denver, at 99 and interest. Market. New York — Babcock, Rushton & Co., Fred H. Hatch & Co. Denver — Boettcher, Porter & Co., Boa- worth, Chanute & Co., International rust Co. Denver — Boettcher, Porter & Co. Philadelphia — Henry D. Boenning & Co. liOS Angreles — Citizens National Bank. Price Banse. Jan. 1, '18, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 102 '17 103 '16 96 Apr. 98 Jan. Low. 84 '20 89 '20 84 Oct. 89 Oct. SOUTHERN TRACTION CO. (Fittsbarsb, Pa.) 1st & Coll. Tr. 6b. Sne Oct. I, 1950. Dated Oct. 1, 1900. Interest payable April and Oct. 1, at Trustee's office. Default — Oct. 1, 1918, interest. Tax Status — 2% Federal Income Tax paid by Conipany without deduction. Tax exempt in Pennsylvania. Authorized $4,000,000 Outstanding 4,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., Pittsburgh. Control — Incorporated in 1900 in Pennsyl- vania. Name changed to Pittsburgh Rys. Co. In 1901. Operates all ot the street railway properties of the Philadelphia Company in and around Pittsburgh, Pa. All ot the stock is owned by the Philadelphia Co. In 1913 the company sold its power plant to the Duquesne Light Co., another subsidiary of the Phila- delphia Company, and is now buying power from that company. Receivership — Receivers were appointed for the Pittsburgh Railways Co. April 23, 1918. Foreclosure Proceipdings — Bondholders have begun legal proceedings for the foreclosure of mortgage securing the above issue. Protective Committee — T. H. Given, H. C. McBldowney, Jas. C. Chaplin, all of Pitts- burgh, and F. R. Welsh, Philadelphia, with R. S. Wilson, Secretary, Farmers Deposit Trust Co., Pittsburgh, and the Union Trust Co. and Farmers Deposit Trust Co., Pitts- burgh, and Fidelity ' Trust Co., Pmiadelphia, Depositaries. Secured by a third mortgage on street rail- way lines from Fifth Street on Penn. Ave. to Water St. over the Point Bridge to Carson St. to westerly boundary of city: on Fifth Ave. from Market St. to Penn. Ave. : on Carson St. from Smithfield St. Bridge to the Point Bridge; on Steuben St. from Carson St. to Chartiers Ave. : on Main St. from Carson St. to Wabash Ave. to WoodviUe Ave. to Woodstock St. and on McCartney St. from Wabash St. to Nobles- town Road to City Line. Further secured by a first lien on 50,000 shares of preferred stock and 50,000 shares of common stock ot the West End Traction Co., which controls the road described above; the entire capital stock (120 shares) ot the Virginia Ave. St. Ry. Co., owning road on Virginia Ave. from Kearsarge St. to Shiloh St. (in 19th Ward of Pgh.); entire capital stock (100 shares) ot the Car- negie Bridge Co. and the entire capital stock Issues of the following companies, which have never built or operated any roads, or obtained any franchises; McKees Rocks & Ingram St. Ry. Co., 400 shares; McKees Rocks & Neville's Island St. Ry. Co., 300 shares; Grafton & Chartiers Valley St. Ry. Co., 120 shares, and Pittsburgh, BanksviUe & Mt. Lebanon St. Ry. Co., 400 shares. Further secured by the sec- ond lien on the following stocks, in each case the entire issue, subject to the West End Trac- tion Co.'s General 6s; 30,000 shares Pitts- burgh & West End Passenger Ry. Co., which owns the road described In the first paragraph above, subject to $343,000 bonds; 2,000 shares Pittsburgh, Neville Island & Corapplis St. Ry. Co., which owns the street railway from Pltts- burgh-McKeea Rocks boundary In McKees Rocks on Munson St. to Catherine St. to Helen 126S St. to George St. to Island Ave. (Stowe Town- ship) to Neville Island, across Island from north to south and over bridge to mainland, and ~ to Corapolis, also on Chartiers Ave. (In McKees Rocks) to Singer St. to-Dorman St. to Broadway to Park St. Chartiers Ave., the above described railway being free from debt.; 10,000 shares Pittsburgh, Crafton & Mansfield St. Ry. Co., owns street railway .from Steuben St. on Chartiers Ave. (20th Ward," Pittsburgh) through Ingram and via Idlewood Ave. (Crafton) and Main St. to Carnegie, and on Noblestown Road from the Pittsburgh City Line (20th Ward) to junc- tion with above line at Ridge Ave. and Bradford Ave. in Grafton, subject to $176,- 000 bonds (for detail of route, see descrip- tion of that issue); 600 shares Carnegie, Heidelberg & Bridgeville St. Ry .Co., owning a street railway from Carnegie to Heidelberg and Bridgeville; 240 shares West End, Mt. Washington & BanksviUe St., Ry., owning street railway from Woodville Ave. on Woodstock Ave. to Kearsagre St. (19th Ward), and 229 shares Corapolis & Neville Island Bridge Co., owning a bridge over the Back Channel of the Ohio River at the north end of Neville Island, The lines ou which these bonds are secured include prac- tically all of those south of the Ohio River and west of the junction of the Mononga- hela and Allegheny Rivers, as well as an important line into the heart of Pittsburgh. There is no provision in the mortgage pro- hibiting the companies whose stocks are de- posited hereunder froni mortgaging their properties. Prior laens — $981,000 West End Traction Co. Gen. 5s of 1933, $176,000 Pittsburgh, Grafton &Mansfleld St. Ry. 1st 5s of 1924; $343,000 Pittsburgh & West End Passenger Ry. 1st 5s of 1922, and $4,000 Corapolis & Neville Island Bridge Co. 1st 6s of 1925, Underlies — Pittsburgh Rys. Co. 6% Income Debentures, all owned by the Philadelphia Co., and Pittsburgh Rys. Co. Gen. 5s of 1953. Eamingrs — See Pittsburgh Rys. Co. Gen. 5s. Market. Fliiladelphia — Barnes & Lofland, Henry D. Boenning & Co., Huntoon & Co., Mc- Cown & Co., Samuel IC Philips & Co. Pittsburgll — Moore, Leonard & Lynch, Price Banse. Jan. 1, '08, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Aslt. High 101% '08 102^4 '19 29fDeo. 33t Dec. Low. 21f '20 26f '20 21t Feb. 26 1 Apr. SOUTHERN TRANSPORTATION CO. 10-Year 1st Marine Equip. S. IE*. 7s. Due Feb. 1, 1930. Dated Feb. 1, 1920. Interest payable Feb. 1 and Aug. 1, at Commercial Trust Company, Philadelphia. Tax Status — 2% Federal Income Tax paid by Company without deduction. Pennsylvania State Tax refunded. Authorized $1,600,000 Outstanding (Jan. 1, '21) 1,35^,000 Retired by S. T 150,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Company. Phila- delphia. Redeemable as a whole or in part by lot at 102 and interest on any interest date. Sinking Fund — Semi-annually, beginning Au- gust, 1920. $75,000 lor the purchase or re- demption of these bonds at not over 102 and interest. Bonds so acquired are to be can- celled. Organization — The company tor many years has been engaged in the coastwise transporta- tion trade, and transports coal, lumber, ce- ment, plaster, piling, mine props, sugar, chem- icals, fertilizers, railroad Iron, pig iron, pulp- wood, railroad ties and general bulk commodi- ties. c^rff"***^ ^^ ^ ^^^* mortgage upon: 11 barges, 3.500 tons each; 3 standard IBO ft. steel sea tugs, approximately 1,000 ^h. p. each; 5 con- verted barges, 3,750 tons each, having a totai estimated present construction cost of $5,690,- "00, a.nd estimated pre-war cost of $3,510,000. The vessels are modern in every respect. Just having been completed. Their rating by the American Bureau of Shipping Is Class Al, In addition to the property covered by this mortgage, the company owns 93 barges and 12 tugs, also two shipyards with marine rail- ways and shipways for the construction of additional barges and steam tugs, and fully equipped, including machine shops for the re- pair of the company's vessels. Original Market — $1,500,000 offered March. 1920, by William A. Read & Co., New York, Boston and Chicago, at 99 and interest. Market New York — Dillon, Read & Co. Philadelphia — Barnes & Lofland. SOUTHEKN tITILITtES CO. Ist S. F. 6s. Due April 1, 1933. Dated April 1, 1913. Interest payable April 1 and Oct. 1, at Guaranty Trust Co., New Tork and London, or at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Pennsylvania tax refunded. Authorized $20,000,000 Outstancliiiff (Jan. 1, '21).... 2,300,000 In Treasui-y 764,000 Held in S. F 145.000 Reserved for Prior laens 53,500 Reserved for Ext 16,737,000 Denomination — Coupon, $1,000. (Mortgage provides for $500 bonds also.) Fully register- able in amounts of $10,00». Trustee — United States Mortgage & Trust Co., New York. Redeemable on any interest date at 105 anct interest, Sinlung Fund — Beginning April 1. 1916, sum equal to 1% of outstanding bonds to be applied to retirement of bonas, and like amount to be expended for additions and bet- terments for which no bonds may be Issued. Bonds acquired are to be kept alive and in- terest added to sinking fund. Improvement Fund — ^Annually, beginning In 1915, the company must expend an amount equal to ^ of 1% of outstanding bonds for additions or extensions to the physical prop- erty against which no bonds shall lie Issued. Organization — Incorporated in Florida In 1913. Capitalization. Outstanding. Common $2,970,100 Prior Pref. (S% cum.) 60,226 Preferred (7% cum.) 1,505,000 Funded debt 2,822,600 Management — J. G. White Management Corp., New York, Secured by a first mortgage on the plants of the following companies, located in Florida and Georgia: Arcadia Ice & Electric Co., Cor- dele Electric Co., supplying Cordele and Tifton, Ga.; Crystal Ice Co., Sanford, Pla. ; Fernan- dina Ice Co., Fort Lauderdale Ice & Light Co., Ft. Myers Ice & Electric Co., Lake City Ice Co., Lakeland Ice Co., Live Oak Ice & Electric Co., Manatee Electric Co., Miami Ice & Cold Storage Co., City Ice & Cold Storage Co., Palatka Ice Co., Pensacola Ice Co., Punta Gorda Ice Co., St. Augustine Jce Co., Sanford Ice & Water Co., Tarpon Springs Ice & Electric Co., Tifton Ice & Power Co., Titus- ville Ice Co., Palatka Gas, Light & Fuel Co.. Okeechobee Ice Co. and Warrington Ice Co. Also secured by a second mortgage on prop- erty of the Ariston Ice & Electric Co., West 1269 Palm Beach, Fal., and Sanford Light & Fuel Co. The combined population served is about 160,000. Prior Liens — $26,000 Sanford L. & F. Co.. and $20,000 Ariston Ice & El. Co. bonds. Underlies $254,100 Conv. Deb. 7s of 1922. Vcars ended Dec. 31: \ Gross. Net. Int., etc. 1920 $2,591,727 $438,014 $214,862 1919 1,976,743 257,227 252,851 1918..* 1,554,484 168,366 185,970 1917 1,260,240 334,615 232,302 1916 1,163.356 378,912 184,997 Original Market — Offered in April, 1915, by Engineering Securities Corporation, New York and Chicago. Market. New York— Fred H. Hatch & Co. Fhiladelphia — E. R. Barnard, Henry D. Boenning & Co., McCown & Co. Price Range. Jan. 1, '17, to Jan. 1, *31 1930 Bid. Ask. Bid. Ask. High 98*17 100 '17 79 Jan. 83 Jan. Low. 70 '20 75 '20 70 June 75 Sept. SOUTHERN UTILITIES CO. Conv. Deb. 7% Notes. Due July 1, 1922. Dated April 1, 1919, Interest payable April and October 1, in New York. Tax Status — -2% Federal Income Tax paid by the Company without deduction. Pennsyl- vania State Tax refunded. Authorized $500,000 Outstanding (Jan. 1, '21) 254,100 Redeemed ' 245,950 Purpose of Issue — To pay floating debt and provide for additions to plants. Denominations — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Columbia Trust Company, New York. Redeemable as a whole or In part after April 1. 1920, at 101 and interest. Convertible upon maturity at the option of the holder at par into 7% preferred stock at par with a bonus of 25% in common stock. Organization — See 1st S. F. 6s, due 1933, t Security — A direct obligation of the company out not secured by mortgage. Prior Liens — $2,300,000 1st S. F. 6s, due April 1, 1933, and $246,000 prior liens thereto.- Earnings— See Southern Utilities Co., 1st S. F. 6s. Original Market — Offered April, 1919, by Battles & Company, Philadelphia, at 97 and interest. SOUTHERN WISCONSIN EIiECTRIC CO. 1st 6s. Due Jan. 1, 1936. Dated Jan. 1, 1916. Interest payable Jan. and July 1. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $1,000,000 Outstandingr 462,100 Reserved for Ext 537,900 Provisions of Issue — Additional bonds issu- able for 75% of expenditures for improve- ments, etc. , when net earnings for 1 2 con- secutive months in previous 1 4 months are equal to at least 1 2-3 times interest on bonds outstanding and to be issued. Denominations — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustees — Central Trust Co. of Illinois, Chi-, cago, and "William T. Abbott. Redeemable at 102% and interest on any interest date on 60 days' notice. Depreciation and Renewal Ennd — ^Annually, beginning 1919, the company is required to spend a sum equal to at least 5% of annual gross earnings derived from the mortgaged property either for permanent Improvements, or for the purchase or redemption of these bonds at not over 102% and interest. Bonds acquired to be cancelled. Organization and Control — Incorporated In Wisconsin in 1915. The entire capital stock is owned by the Middle West Utilities Co. Capitalization. Outstanding. Common $136,100 Preferred 37,000 Funded debt 462,100 Secured by a first mortgage on plants sup- plying electric light and power In Lake Geneva, Walworth, Delavan, Genoa Junction, Darien, Williams Bay, Pontana, Clinton, Sharon and Zenda, Wis. The company also wholesales power to the McHenry County Light & Power Co., serving Richmond and Hebron, 111., and to the Chicago, Harvard & Geneva Lake Ry. Co., operating 13 miles of interurban lines. The company purchases all its power from the Wisconsin Gas & Electric Co. under % long term contract that runs to June 1, 1936, and provides lor five-year renewal periods there- after. The rate for current is on a sliding scale between Ic and 1.25c per k. w. h. and the company in 1917 was using about 600 k. w. of the 1,000 k. w. called for in the contract. The company operates under an in- determinate permit from the State of Wis- consin. Years ended Dec. 31: Gross. Net. Interest. 1920 $273,577 $46,331 $31,047 1919 171,572 58.069 28,499 1918 142,593 45,971 26,326 1917 157,245 49,535 25.052 1916 119,396 34,907 18,559 Original Market — Offered Feb., 1917, by the First National Bank and Morris F, Fox it Co., Milwaukee, at 100 and interest. Market. Milwauliee — First Wisconsin Co., Morris F. • Fox & Co. Milwaukee Elec. Ry. & Light Co., the income from which is alone sufllclent to pay all oper- ating expenses, depreciation and fixed charsea. Original Market — Offered in 1910 by Devitt, Tremble & Co., Chicago, etc., and the Mil- waukee Trust Co., Milwaukee, on about a 5V4.% basis. $500,000 offered In 1912 on a 5.40% basis by Devitt, Tremble & Co. and McCoy & Co., Chicago. Market. New York — Babcock, Rushton & Co. Providence — Sartorius & Co, Philadelphia — Samuel K. Phillips & Co. Price Range. Jan. 1, '14, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 91 '14 94 '14 68 Dec. 75 Dec. Low. 60 *19 61 '20 60 July 61 Sept. SOUTHERN WISCONSIN POWER CO. 1st S. F. 5s. Dne Oct. 1. 1938. Dated October 1, 1908. Interest payable April and Oct_. 1, at Continental & Commer- cial Trust & Savings Bank, Chicago. 111. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,500,000 Outstanding- (Jan. 1, '21) 2,2l7,000 Retired by S. F. 145,000 Reseri'ed for Kxt.., 138,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee^ — The Continental & Commercial Trust & Savings Bank and Frank H. Jones, Chicago. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking Fnnd^On July 20, 1914, and an- nually thereafter, to and including July 29, 1923, a sum eaual to 1% of outstanding bonds and 1%% annually thereafter, payable in cash or these bonds at par. If payment is in cash It shall be applied to the purchase or redemp- tion of these bonds at not over 105 and inter- est. Bonds so redeemable to be cancelled. Organization and Control — Incorporated In Wisconsin in 1906. A substantial majority of the capital stock Is owned by the North West Utilities Co. and is pledged under that company's 6% Serial Notes. Capitalization. Outstanding. Common $1,500,000 Funded debt 2.235,000 Secured by a first mortgage on a hydro- electric plant of 10,000 h. p. capacity on the Wisconsin River at Kilbourn, Wis., and on a duplicate transmission line 70 miles long to Watertown. Wis. The company has long term contracts for the sale of practically its entire output. Including one for 26 years with the 1270 SOUTHWEST MISSOURI (EtECTRIC) RAIL- ROAD Gen. & Ret. Ss. Dne Sept. 1. 1931. Dated Sept. 1 . 1906. Interest payable March and Sept. 1, at Harrisburg Trust Co., Harrisburg, Pa., or National Bank of Com- merce, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Ontstanding 1,027,000 ^Rese^ved for Prior Liens 1.350,000 Reserved for Ext 2,623,000 Denomination — Coupon, $1,000. TroBtee — Harrisburg Trust Co., Harrisburg, Pa. Organization— Incorporated in Missouri In 1906. Capitalization. Outstanding. Common $3,500,000 Funded debt 2,377.000 Secured by a first mortgage on 20 miles and a second mortgage on -66 miles of electric rail- way In and between Carthage. Webb City, Oronora, Purcell. Alba. Prosperity. Johnstown, Duenweg and Joplin, Mo., and Galena. Kan. Prior Liens — $200,000 Webb City Northern Elec. R. R. 1st 6s of 1923 and $1,150,000 Southwest Missouri Elec. Ry. Ref. & Ert, 5s of 1923. Years ended Ang. 31: Gross. Net. Interest. 1919 $953,876 $356,013 $128,330 1918 741,727 345.981 125,388 1917 747'.820 333,861 114.536 1916 811,562 443,845 112.500 1915 584.129 285.892 112,500 Market. New York — Fred H. Hatch & Co. Price Range. Jan. 1, '09, to Jan. 1, »21 1920 Bid. Ask. Ask. High 101 '09 102 '10 80% Mar. Low. 75 '18 8OV2 '20 80^ Mar. SOUTHWEST MISSOURI ELECTRIC RAIL- WAY CO. Ref. & Ext. 5s. Due Sept. 1, 1923. Dated Sept. 1. 1903. Interest payable March and Sept. 1, at National Bank of Com- merce. New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $1,500,000 Ontstanding , 1,150,000 Denomination — Coupon, $1,000. Trustee — Harrisburg Trust Co., Harrisburg, Pa. Control — Absorbed by Southwest Missouri B. R. Co., in 1906. Secured by a first mortgage on 46 miles of electric railway between Galena. Kan., and Carthage, Joplin and Webb City. Mo. Popu- lation served, 70,000. Underlies — *'R. R." Gen. & Ref. 5s of 1942 a sufficient amount of which are reserved to retire this issue. Earnings — See "R. R." Gen. & Ref. Bs. Market. New York — Louis Levenson, Babcock, Rushton & Co., John Nickerson Jr., Geo. S. Crap & Co.. P. H. Hatch. Fluladelphia — Samuel IC Phillips & Co. Price Ranee. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Ask. High 101 '09 102 '10 86 Low. 85 '19 92 '18 72 SOUTHWESTERN BELIi TELEPHONE CO. 5-Tear 7% Conv. Notes. Due April 1, 1925. Dated April 1 , 1920. Interest payable April 1 and Oct. 1 in New York. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $60,000,000 Outstanding (Jan. 1, '21) 24,896,400 Converted 103,600 Beserred for Corporate Pur- poses 25,000,000 Purpose of Issue — ^Proceeds from the sale of this issue (notes) together with proceeds from the sale of $4,500,000 additional com- mon stock to the American Telephone & Tele- graph Co. will be used for new construction and for the reduction of floating debt. Denomination — Coupon, $1,000, $500 and $100, interchangeable; registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable on 60 days' notice on any in- terest date at 103 and interest on or before April 1, 1922; at 102 and interest thereafter and on or before April 1, 1924; and at 101 and interest thereafter. Convertible par for par into 7 % cumula- tive preferred stock of the company at any time on or before maturity or redemption, with adjustment of accrued interest and divi- dends. If called for redemption, notes may be converted up to and including the redemp- tion date. Organization and Control — Incorporated in Misosuri in 1882. As of Jan. 1, 1921, a merger was being affected, ' whereby this company will directly own and operate the properties of the Bell Telephone System through the states of Missouri, Kansas, Ar- kansas, Oklahoma and Texas, which for many years it has owned or controlled through subsidiary companies. The company also owns the entire capital stock of the Southwestern Bell Telephone Co. (of Illi- nois), which owns and operates the Bell Tele- phone System property in East St. Louis, III., and over 90% of the capital stock of the Dallas Telephone Co. The American Telephone & Telegraph Com- pany owns a 11 the common stock except di- rectors qualifying shares. Capitalization. Outstanding. Common $60,000,000 Preferred (7% cum.) 103,600 Funded debt 26,163,150 Secnrity — A direct obligation of the com- pany, but not secured by a mortgage. Under the provisions of the trust Indenture the com- pany covenants as follows: The company will not mortgage or pledge any of its property, or increase any existing Indebtedness thereon, or permit any of its subsidiary companies to mortgage or pledge any of their properties, but this shall not prevent the acquisition of property by means of purchase money mortgages. And no sub- sidiary shall negotiate loans except from the company. The maximum indebtedness of the company 1271 (Including all outstandins notes t>f this Issue and any Indebtedness to the American Tele- phone & Telegraph Co. and all underlying bonds not outstanding) shall at no time exceed $50,000,000, except that additional borrow- ings may be made, provided that such bor- rowings are specifically subordinated as to both principal and interest to these notes. Current liabilities to the extent that they are offset by current assets are not to be In- cluded in this restriction and amounts owed to the company by Its subsidiaries shall not be considered current assets In determining this relationship. Prior Liens — $1,266,750 bonds of subsidiary companies. Year ended Dec. 31: Gross. Net. Int. & Rent. 1920 $32,762,324 $7,484,414 $3,433,617 Original Market — $25,000,000 offered April, 1920. by Guaranty Trust Co.. New York, and Morton & Co.. New York. Kidder,. Peabody & Co.. Boston and New York. Halsey, Stuart & Co., New York and Chicago, and Illinois Trust & Savings Bank, Chicago, at 97% and interest. Marlcet New York — ^Ames, Emerlch & Co., E. A. Baker & Son, Joseph Gilman, Hodenpyl, Hardy & Co., T. Hall Keyes & Co., T. L. MacDonald, Salomon Bros. & Co. Louisville — Fidelity & Columbia Trust Co.. J. J. B. Hilliard & Son. Kansas City, Mo. — W. C. Sylvester Invest- ment Co. Omaha — Omaha Stock & Bond Exchange. Inc. Cleevland — Prichard-Casler Co. Erie — Erie Trust Co. Boston — Curtis & Sanger, Moors & Cabot. Salt Lake City — Palmer Bond & Mortgage Co. Philadelphia — Bioren & Co., Elkins, Mor- ris & Co. Chicagro — Fidelity Trust & Savings Bank, Halsey, Stuart & Co., Illinois Trust & Sav- ings Bank. St. Iionis — Mortgage Trust Co., Mark C. Steinberg & Co. Milwaukee— ^First Wisconsin Co. San Diego — Blyth. "tvitter & Co. Price Kange 1»20 Bid. Ask. High 96% May 97% Ap.r Low. 90 Dec. 92 Dec. SOUTHWESTERN COAL & IMPROVEMENT CO. Ist 6b. Due July 1, 1939. Dated July 1. 1889. Interest payable Jan. and July 1, at M., K. & T. Ry. Company's office, 61 Broadway. New York. Default — J an. . 1916, interest and sinking fund. Tax Status — ^Payment of Federal Income Tax not assumed by Company. Authorized $1,000,000 Outstandins: (-Tan. 1, '21) 743,000 Retired by S. F 267,000 Denomination — Coupon, $1,000, Register- able as to principal. Trustee — Farmers' Loan & Trust Co., New York. Redeemable for sinking fund at 125 and In- terest. Sinking Fund — One-half of 1% of outstand- ing bonds payable semi-annually, Jan, and July 1, to be applied to the punchase of bonds at not exceeding 125 and interest when directed to do so by the Board of Directors. Assumed by the M., K. & T. By. Co. Control — ^Absorbed by the Missouri, Kansas & Texas By. Co., now in hands of receivers. Secured by a first mortgage on coal land leases in Oklahoma, and on about 2,350 acres of coal land owned In Cherokee Co., Kan., to- Kether with plant and equipment; also secured by deposit o^ all the {305,000 capital stock and all the $1,000,000 Denison & Washita Valley Ky. Co. Ist 6s. Orleinal Market — $600,000 offered In 1901, by Lawrence Barnum & Co., New York, Phila- delphia, etc., at 125 and interest. Market. New York— Fred H. Hatch & Co., Wm. C. Orton & Co., Watson, Armstrong & Co., Hartshorne & Battelle. Price Banee. Jan. 1, '09, to Jam. 1, '21 1980 Bid. Ask. Bid. Ask. High 113 '09 116 '09 50 60 Low. 20f. '19 42f. '17 30 35 Chicagro — H. T. Holtz & Co., Taylor, Ewart & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 931i'12 94^14 '12 80 Jan. 87 Jan. . Low. 67 '20 71 '20 67 Oct. 71 Nov. SOtTTHWESTEBN GAS & BLEGTBIC CO. 1st & Ret. S. F. 5s. Due Ausnst 1, 1932. Dated October 1, 1912. Interest, payable Feb. and Aug:. 1, at Central Union Trust Co., of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by Company without deduction. Anthoilzed $7,600,000 Outstanding (Jan. 1, '21) 3,587,000 Betired by S. F None. Reserved for Prior Ijens 813,000 Reserved for Ext 3.100,000 Denomination — Coupon, $500 and $1,000. Reglsterable as to pirncipal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 102^/4 and interest on any Interest date. Sinldng Fnnd — $75,000 per annum from Oc- tober 1, 1913, to 1922, and $60,000 annually thereafter. This fund is to be applied to re- tiring these bonds, or for extensions, enlarge- ments and additions, on account of which no new bonds may be issued. Organization — Incorporated In Delaware in 1912 and acquired the properties of the Shreveport Gaa, Electric Light & Power Co., Texarkana Gas & Electric Co. and Caddo Gas & Oil Co. Capitalization. Outstanding, Common $2,242,000 Preferred (7% cum.) 1,174.000 Funded debt 6,096,000 Secured by a first mortgage on part of the plants and a second mortgage on the re- mainder of the plants supplying gas and electricity In Shreveport. La., and Texarkana, Tex.-Ark. These plants include artificial gas plants and natural gas wells: the company at present is supplying natural gas. The company plans to build an artificial gas plant 80 located that both cities may be served by the one plant. Further secured by a mort- gage on the street railway system in Tex- arkana. Franchises in Texarkana expire in 1952. Electric franchise in Shreveport expires In 1987, gas franchise in 1930. Prior tiens — $369,600 Shevreport Gas Elec- tric Lt. & Pow. 1st 5s of 1922 and $443,600 Texarkana Gas & Electric Co. 1st 63 of 1930. Bonds are reserved under this mortgage to retire both issues which are also closed. Underlies — beb. 6s of 1922. Tears ended Dec. 31: Gross. Net. Bond Int. 1920 $2,213,188 $652,826 $309,742 1919 1,646,190 465,230 300,160 1918 1,369,076 438,281 292,949 1917 1,219,920 501,820 ■ 289,341 1916 .'.. 1,078,988 465,782 273,701 Original Market — $2,133,000 offered In No- vember, 1912, by Cooke, Holtz & Co., Na- tional City Bank and Union Trust Co., Chi- cago, at 93% and interest. Market. New York — Earle A. Miller & Co. Philadelphia— MoCown & Co. 127 SOUTHWESTERN GAS & ELECTRIC COM- PANY Mtge. Deb. 68. Due Dec. 1, 1922. Dated December 1, 1912. Interest payable June 1 and December 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $2,000,000 Outstanding 1,696,000 Beserved for Corporate Purposes 306,000 Denomination — Coupon, $600 and $1,000. Reglsterable as to principal. Trustee— Central Trust Co. of Illinois, Chi- cago, Bedeemable on any interest date at 101 and Interest. Organization — See 1st & Ref. 5s. Secured by a mortgage junior to that of the 1st & Ref. 6s on the property described under that issue above. Prior Liens — $4,400,000 1st & Ref. 5s and also prior liens thereto. Earnings^ — See 1st & Ref. 6s. Original Market — $1,000,000 offered by S. M. Earling & Co., Chicago, in 1913 at par and interest. Market. Philadelphia — Arthur J. Bender. Chicago — H. T. Holtz & Co. Price Bange. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95 '16 99 '17 90 Feb. 97% Mar. Low. 80 'IS 88 '17 85 Feb SOUTHWBSTEBN POWER & UOHT CO. 1st Lien 5s. Due June 1, 1943. Dated June 1, 1913. Interest payable June 1 and December 1. at Trustee's office. Tax Status — 2% Federal Income Tsix paid by Company without deduction. Authorized Open mortgage Outstanding $3,797,000 Betired by S. F None Pledged to secure 8% Notes.. . . 4,250,000 Denomination — Coupon, $100, $500 and $1,- 000. Reglsterable as to principal only or fully reglsterable. Trustee — Bankers' Trust Co,, New York. Bedeemable on June 1, 1918, or any interest date thereafter at 106 and interest. Sinking Fund — Annually on June 1, 1% from 1918 to 1922, 1%% 1923 to 1927 and 2% thereafter, of oiitstanding bonds, to be ap- plied to the purchase of bonds at not ex- ceeding 105 and interest, or for Improvements and additions. Organizations and Control — Incorporated in Maine in 1922 as a holding company and does not operate any properties. It controls through stock ownership the Texas Power & Light Co., the Fort Worth Power & Light Co., El Paso Gas Co., Galveston Gas Co., Wichita Falls Electric Co., Wichita Falls Water Co., West Texas Electric Co., Sweet- water Ice & Cold Storage Co., Paris Transit Co., International Electric Co., Eagle Pass Water Co.. The Hutchinson Gas & Fuel Co,, and Newton Gas & Fuel Co. All of the sec- ond preferred and common stocks are owned by the Southwestern Utilities Corp., which la controlled by the American Power & Light Co., a subsidiary of the Electric Bond & Share Co. Capitalization. Outstanding:. Common $15,125,000 let Pref. (7% cum.) 3,923.000 2d Pref, (7% cum.) 464,000 Funded debt 7,047,000 Secured by a first lien on plants supplying electricity in "Wichita Falls, Sweetwater, Bie Spring: and Eagle Pass, Texas and Piedras Negras, Mex., water in Wichita Falls and Eagle Pass, ice in Sweetwater and the street railway system in Pans, Tex., by the deposit of the entire capital stock and bond issues of seven companies owning" the properties. Further secured by a first lien on all of the common stock of the Texas Power &. Light Co. which owns plants supplying gas and electricity in Erownwood, Cleburne, Deni- Bon, Paris and "Waco, Texas, and electricity In Bonham. Gainesville, Hellsboro, Lancaster, Palestine, Sherman, Taylors, Temple, Tyler and- Waxahachie and numerous smaller towns In centr^-l and northern Texas. Franchises expire from 1936. Further secured by a first lien 93 % of the common stock of the Ft. W. Power & Lt. Co. which owns plant sup- plying electricity to Ft. Worth, Texas. Fran- chises expire in 1937. Further secured by a first lien on all of the common stock of the Kl Paso Gas Co. owning plants supplying gas and electricity in El Paso, Tex., and Juarez, Mex., serving a population of 40,000. Gas franchises extend to 1944. electric to 1917. Xears ended Dec. 31 (consolidated): Gross. Net. Interest. 1919 $6,482,819 $1,118,614 $318,411 1918 5.691,777 799,432 289,869 1917 4,677,378 879.793 259,603 Original Market — $933,000 offered at 91^ and interest in October, 1913, by N. W, Hal- sey & Co., New York, etc. Market. New York — Earle A. Miller & Co. • Boston — Moors & Cabot. Fhiladelpliia — Bauer, Starr & Co., McCown & Co., Samuel McCreery & Co., Frederick Pierce & Co. Chicag-o — Halsey, Stuart & Co. Price Ranee. Jan. 1, '16, to Jan. 1, '31 Bid. Ask. 921,4 '17 94 '16 66 '20 70 '20 1920 Bid. Ask. 75 Jan. 86 Jan, 66 Oct. 70 Oct. the annual interest charges on all First Lien Thtriy-Tear 5 % Gold Bonds and Bond Secured Gold Notes, outstanding in the hands of the public, including the Notes about to be issued. Purpose of Xssae — The proceeds from the sale of $2,000,000 Series "A" Notes provided funds for extensions and Improvements and for other corporate purposes. Denomination — Coupon, $1,000, $500 and $100. Jlegisterable as to principal. Trustee — The Bank of America, New York. Redeemable on any interest date upon 60 days' notice at 103 and interest up to and in- cluding Aug. 1, 1922; thereafter at 102 and In- terest up to and including Aug. 1, 1924, and thereafter at 101 and interest. Organization and Control — See 1st Lien Bs. Secured by pledge of $2,000,000 First Lien 30-year 5s due June 1, 1943, and $2,000,000 General Lien Bonds due Aug. 1, 1925 (with the right of the company to deposit cash in whole or in part in lieu of First & Lien 30-Year 6b). For details of property, etc., see First Lien 30 -Year Bs. Sarnings — See 1st Lien 5s. Original Market — $2,000,000 offered August. 1920, by Bonbrigbt & Co., Inc., and Halsey, Stuart & Co., New York, etc., at 98 and In- terest. Market Boston — Moors & Cabot. Philadelphia — McCown & Co. Chicagro — Halsey, Stuart & Co. Price Range 1920 Bid. Ask. High 97% Aug. 98 Aug. Low 90 Dec. 95 Dec High Low. SOUTHWESTERN POWER & LIGHT CO. 5-yeaer 8% Secured Notes, Series *'A." Dae August 1, 1935. Dated August 1, 1920. Interest payable, Feb, 1 and Aug. 1, at Bank of America, Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $6,000. OOj) Outstanding 2.000.000 Reserved for Corporate Pur- poses 3,000,000 Provisions of Issue — The remaining $3,000,- 000 principal amount of Notes may be of Series "A" or may be issued in series having different provisions as to interest rate, redemp- tion price and maturity date (except that no series except the Series "A" shall mature on or before August 1, 1925) upon pledge with the Trustee of the company's First Lien Thirty- Year 5% Gold Bonds due June 1, 1943, and General Lien Bonds, due August 1, 1926, in the ratio of 100% of each class of bonds (or cash in lieu of First Lien Thirty-Year 5% Gold Bonds) to each 100% of Notes, and pro- vided that Combined Net Earnings of the com- pany and of the subsidiary companies, whose securities are all pledged under the First Lien Thirty- Year 5% Gold Bonds and Bond Secured months* period within the preceding fourteen months shall have been equal to at least twice 1273 SOUTHWESTERN POWER & LIGHT CO. 20-Year 8% Bond Secured Notes, Series . Due Jan. 1, 1941. Dated Jan. 1, 1921. Interest payable Jan. 1 and July in New Tork. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Penn- sylvania State Tax refunded. Authorized — See "Issuance Kestrictions." Outstanding .$1,250,000 Issuance Restrictions — The authorized amount of Bond Secured Gold Notes is $5,- 000,000, of which $2,000,000 are Series "A" and $1,250,000 Series "B." The remaining $1,750,000 principal amount of Notes may be of Series "B" or of series having different provisions as to interest rate, .redemption price and maturity date (except that no future series shall mature prior to January 1, 1941), and may be issued upon pledge with the Trustee of the Company's First Lien Thirty-Year 5% Gold Bonds due June 1, 1943 and General Lien Bonds m,aturing on the same date as the Bonds are pledged, in the ratio of 100% of each class of Bonds (or cash in lieu of First Secured Notes, for whose security they Lien Thirty-Year 5% Gold Bonds) to each 100% of Notes, and provided that combined net earnings of the Company and of the subsidiary companies whose securities are all pledged under the First Lien Thirty-Year 5% Gold Bonds, for a twelve months' period within the preced- ing fourteen months shall have been ectual to at least twice the annual interest charges on all First Lien Thirty-Year 5% Gold Bonds and Bond Secured Gold Notes, out- standing (not including First Lien Bonds deposited with Trustee as security for Bond Secured Notes) including the Notes about to be issued. Purpose of Issue (Series B) — The proceeds from the sale of these $1,250,000 Twenty- Year- 8% Bond Secured Gold Notes, Series "B," will provide funds for extensions and Improvements to the properties of the sub- sidiary companies and for other corporate purposes. Denominations — Coupon $1,000, $500 and $100; registerable as to principal. Trustee — Bank of America, New York. Redeemable on 60 days' notice upon any Interest date at 105 up to and including Jan. 1, 1926; theerafter at % of 1% less each, two years up to and including Jan. 1, 1940; and on July 1, 1940, at 101; plus accrued interest in each case. Organization and Control — See 1st Lien 5s. Secured by pledge of $1,250,000 1st Lien 5s of 1943. iEamings — See 1st Hen 5s. Original Market — $1,2500,000 offered Jan., 1921, by Bonbright & Co., Inc., and Halsey, Stuart & Co., New York, etc., at 97 and in- terest. Market Milwaukee — Investors Finance Corp. Chicago — Halsey, Stuart & Co. 1920 Price Banee. Jan. 1, '09, to Jan. 1, '21 ^ , Bid. Ask. Bid. Ask. High 104^ '09 105 '09 100% Jan. 100% Feb. Low. 94 '20 96 '20 94 Dec. 96 Dec. SPANISH-AMERICAN IRON CO. 1st S. F. 6s. Due July 1, 1927. Dated July 1, 1907. Interest payable Jan. and July 1 , at Guaranty Trust Co. , New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized $5,000,000 Outstanding (Jan. 1, '21) 1,754,000 Retired by S. F ,... 3,246.000 Denomination — Coupon. $1,000. Reffiater- able as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 102% and interest on any Interest date and for sinking fund at 100 and interest. Sinking Fund — 3 cents per ton payable monthly, to be applied each Jan. and July to the redemption of these bonds at not to ex- ceed 100 and interest. Minimum payments to 1998 shall be sul^cient to retire $275,000 bonds, and $240,000 In 1927. Guaranteed as to principal, interest and sinking fund by endorsement by the Penn-- sylvania gteel Co. of New Jersey (dissolved). Assnmed by the Bethlehem Steel Co. Oreanization and Control — Incorporated in West Virg-inla. Controlled by the Bethlehem Steel Co. through ownership of $2. 400. 000 (entire) capital stock. Capitalization. Outstanding. Common $2,400,000 Funded debt 1,754,000 Secured by a first mortgage on 27,870 proved acres of ore land at Mayarl, Cuba, owned in fee and as mining rights. Estimated to contain 600,000.000 tons of iron ore of es- tablished quality, and upon 20 miles of rail- road and other equipment. The company had a contract running to 1928 with the Penn- sylvania Steel Co. (assumed by Bethlehem Steel Co.) under which the latter company agrees to purchase sufficient ore and at such prices as will enable the Spanish-American Iron Co. to pay the Interest and sinking fund payments of this Issue. This contract has been subjected to the lien of the mortgage. ITnderlles — Bethlehem Steel Co. Purchase Money & Imp. 5s of 1936 a sufficient amount of which are reserved to retire this Issue. listed on the Philadelphia Stock Exchange. Orifrinal Market — $1,000,000 offered In Aug., 1907, at 98% and Interest by Lee, Higgin- Bon & Co., Estabrook & Co., both of Boston, New York, etc., and Henry & West of Phila- delphia. Market. New Xorlt — -Watson, Armstrong & Co. Philadelphia — BIddle & Henry, Henry D. Boenningr & Co., Brown Bros. & Co., Elkins. Morris & Co., Graham, Parsons & Co., Lloyd & Palmer, McCown & Co., Morley, Wood & Co., Parsly Bros. & Co., Samuel K. Phillips & Co. SPANISH RIVER PITLP & PAPER MIIXS, liTD., 1st S. F. 6s. Due Dec. 1, 1931. Dated Dec. 1, 1910. Interest payable Jan, 1 and July 1, at Royal Bank of Canada, Montreal, and branch offices; National Park Bank and Maltland, Coppell & Co., New York; also at London & Southwestern Bank, London, Fixed rate of exchange, $4.86 2-3 per £. Payment of Interest — Interest payments were resumed on all bonds, including Lake Superior Co., Sept. 1, 1916, and Jan. 1, 1917. Notes representing deferred interest were paid in March, 1920. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,500,000 Outstanding: (Jan. 1, '21) 2,226,240 Retired by S. F 273,760 Denomination — Coupon, £100 ($486.66) and £200 ($973.32). Registerable as to principal. Trustee — Montreal Trust Co., Montreal. Redeemable at 110 and interest on any In- terest date. Sinking Fund — Annually on and after 1912 3% of outstanding bonds to be applied to the purchase or redemption of bonds of this Issue, at not exceeding 110 and Interest. Sinking Fund postponed In 1914 for five years, begins again in 1919. Organization — Incorporated In Ontario In 1911. In 1912 acquired the properties of the Ontario Pulp & Paper Mills, Ltd. , owning mills at Sturgeon Falls. Ont., and timber concessions on 27 square miles In Ontario, sub- ject to $1,399,100 bonds, which were assumed. In 19.13 acquired the entire capital stock of the Lake Superior Paper Co. It also guaran- tees principal and interest of the latter com- pany's $5,000,000 1st 6s of 1941. Capitalization. Outstanding:. Common $8,995,500 Preferred (7% cum.) 8,571,493 Funded debt *13,655.133 ♦Includes subsidiaries* bonds. Secured by a mortgage on a pulp mill with a daily capacity of 140 tons of dry pulp, and a 21-years' concession from the Province of Ontario from Oct. . 1909. to cut timber on 6,000 acres of land. In December. 1914, the following resolu- tions were unanimously adopted by the bond- holders: 1. Sanctioning and assenting to certain proposed modifications or alterations of the rights of the holders of the 6% First Mort- gage Sinking Fund Gold Bonds of the company against the company and against its property and of the provisions contained in the said Trust deeds for the purpose of postponing the payment of the interest on the said bonds falling due in the years 1915 and 1916 until October 1, 1922, or until previously thereto the company shall give six calendar months' , notice of its intention to pay the same and of cancelling for a period not exceeding five years commencing with the year 1914 the operation of the provisions contained in the said trust deed and the said supplemental trust deed of October 2, 1911, releatlngr to the formation of a sinking fund for the re- demption of the said bonds and otherwise as expressed In the draft supplemental trust deed referred to in the next following resolution. 2. Authorizing Montreal Trust Company as such Trustee as aforesaid to concur In and execute a supplemental trust deed, embodying such modifications In the terms of the d^:aft which will be submitted to the meeting. 1274 •3. Authorizing Montreal Trust Company as •uch Trustee as aforesaid and all other nec- essary parties to concur to and execute all such further assurances, Instruments and aoouments as may be necessary for giving effect to the resolutions passed by the meet- In?. Prior Lien— $1,337,400 Ontario Pulp & Pa- per Co. 1st 6s of 1931. Cnderiies — Mtge. Lien 63 due annually to Sept. 1, 1929, inclusive, and Gen. Mtge. Under the latter mortgage bonds are re- served to retire this issue. ITears ended June SO (consolidated): Net. Dep'n. Interest. 1920 $3,915,051 $594,620 $768,362 1919 2,757,964 501,068 799,975 1918 1,729,231 344,137 807,519 1917 2,177,734 269,821, 718,409 liisted on Montreal and LiOndon Stock Ex- changes. Original Market — $1,300,000 offered In Mar., 1911, at 97% and Interest by the London & Southwestern Bank, London, and the Dominion Bond Co., Montreal; $800,000 offered in Nov., 1911, by the Dominion Bond Co. Market. New York — Hartshoi-ne & Battelle. Montreal — Mackenzie & Kingman. Boston — Moors & Cabot. Price Bange. Jan. 1, '18, to Jan. 1, 'gl 1930 Bid. Ask. Bid. Ask. High 99 '19 101 '19 98 Feb. 99 Mar. Low. 75 '18 81 'IS 79 Aug. 83 Aug. SPANISH BITER PULP & PAPER MILLS, LTD., Mortgage Lien 68. Dae S195.0OO each Sept. 1, from 1920 to 1928, in- clnslve, and $1,745,000 Sept. 1, 1929. Dated Sept. 1, 1919. Principal and interest payable (Mar. 1 and Sept. 1) at the First National Bank, Chicago, the Royal Bank of Canada, Montreal, and the American Ex- change National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Oatstnnding (Jan. 1, '21) $2,205,840 Purpose of Issue— To refund maturing obli- gations and to supply additional working cap- ital. Denominations — Coupon, $1,000 and $500; reglsterable as to principal. Trustee — Montreal Trust Company, Mon- treal. Redeemable in reverse of numerical order on interest dates at 105 during the first three years: 103 during the next three years and thereafter before maturity at 102 and Interest. Organization — See 1st S. F. 6s. Secured by direct mortgage on all the prop- erty now owned or hereafter acquired, and Including water power rights, timber limits, and pulp and paper mills of an annual ca- pacity of 200,000 tons. Plants are located at Sturgeon Falls. Sault Ste. Marie, and Espan- ola, Canada. Prior Liens — Outstanding. Spanish Blver Pulp & Paper, 1st S. F. 6s, 1931 $2,226,240 Ontario Pulp & Paper Co., lat S. F. 6s, 1931 1,337,400 Lake Superior Paper Co., 1st 6s, 1941 4,885,633 Total $8,449,273 Under the provision of this mortgage no further bonds may be Issued under any of the above mortgages. Earnings — See 1st S. F. 6s. Original Market — $3,600,000 offered Octo- ber, 1919, by Peabody, Houghtellng & Co., 1275 Chicago, at prices ranging from 99.68 ■ to 96.41 and interest, according to maturities. SPANISH RrVEK PULP & PAPER MILLS, LTD. (Tlie), Gen. 8s, Series "A". Doe Marcli 1, 1941. Dated March 1, 1921. Interest payable March 1 and Dec, 1, at the Boyal Bank of Canada, Montreal and Toronto. T^x Status — ^Payment of Federal Income Tax not assumed by company. Autliorized $20,000,000 Outstanding 3,000,000 Bes'd for Funding Purposes.. 10,655,133 Keserved for B3rt 6,344,867 Issuance Restrictions — Additional bonds may be issued to the amount of 50% of capital expenditures made on the property of this company and the Lake Superior Paper Company, Ltd., and then only when the combined net earnings of both com- panies after making provision for prior In- terest maintenance, depreciation and other charges for the preceding fiscal year amount to not less than three times annual interest charges on any general mortgage bonds then outstanding and proposed to be issued. Redeemable on any interest date at the following prices and accrued interest: at 110 to May 1, 1924; at 107 thereafter to May 1, 1926; at 106 thereafter to May 1, 1928; at 105 thereafter to May 1, 1930; at 103 there- after to May 1, 1932; at 103 thereafter to May 1, 1934; at 102 thereafter to May 1, 1936; at 101 thereafter to May 1, 1938; there- after at 100'. Sinluug Fund — Annually beginning May 1, 1924, a sum equal to 2% of Series "A" bonds outstanding, together with an amount equivalent to the annual interest charges on all Series "A" bonds redeemed. This fund is to be applied to the purchase or redemp- tion of these bonds at not exceeding the current call price. Orgranization — See 1st S. F. 6s. Secured by a direct mortgage and charge on all the properties, plants, tiraiber limits and -water powers of the company now owned or hereafter acquired by the com- pany, and 'by a floating charge on all other assets now owned or hereafter acquired. For details of property see 1st S. F. 6s. Prior Liens — Outstanding Spanish Elver Pulp & Paper Mills 1st 6s, 1931 $2,122,580 Spanish River Pulp & Paper Mills, Ltd., 6% Serial Notes, 1921-29.. 2,309,500 Ontario Pulp & Paper Co., Ltd., 1st 6s, 1931 .. 1,337,400 Lake Superior Paper Co. 1st 6s, 1941 4,885,633 Total $10,655,113 The above mortgages are all closed. Bonds are reserved under this mortgage to retire the above Issues. Earnings — See 1st S. F. 6s. Original Market — $3,000,000, offered Feb., 1921, by the Royal Securities Corporation, Ltd., Montreal, etc., at 99 and interest. SPABTANBUBG, UNION & COLUMBIA BAILROAD CO. Ist 48. Due Jan. 1, 1995. Dated November 11, 1895. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and OntBtandlug. .. .$1,000,000 Denomination — Coupon, $1,000. Register- able as to principal or fully reglsterable. Trustee — Central Union Trust Co., New York. Guaranteed as to Interest by Th^ AshevlUe & Spartanburg R. R. Co. by endorsement. The latter company certified that Its guarantee iB additionally secured by a first mortgage on Its railroad and also by the guarantee of the Southern Ry. Co. to pay its obliiration in this respect. Control — The property of this company was purchased in 1896 by the Asheville & Spar- tanburg Ry . Co. , which was consolidated in 1902 into the Southern Ry.. Carolina Division, ail of whose stocks and bonds are owned by and road leased to the Southern Ry. Co. Secured by a first mortgage on 133.83 "hiiles of road, viz: Miles. Alston to Spartanburg, S. C 67,93 Spartanburif Jet., S. C, to Blltmore, N. C 66.90 Underlies — $5,000,000 Southern Ry., Caro- lina Division, Gen. 4s of 1952. all of which ard deposited under Southern ' Ry. Dev. & General 4s. Bonds are reserved under the latter mortgage to retire this issue. Market. New York — Taylor, wmitli & Hard. Price Range. Jan. 1, '08, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High S4 '20 90 '08 77 Oct. 80 July Low. GO '17 80 '19 68 Dec SFERRY FLOUR CO. 1st 6s. Dae Feb. 1, 1934. Dated Feb. 1, 1919. Interejst payable Feb. 1 and Aug. 1, at New York or Anglo-Cali- fornia Trust Co., San Francisco. Tax Statns — 2% Federal Income Tax paid by company without deduction. Antkorized $3,000,000 Outstandingr (Feb. 1, '21) 2,900,000 Ketirca by S. F 100,000 Purpose of Issn&— Issued to retire $1,600,000 30-year 6s, which were called for payment May 1, 1919, and also to provide for additions, etc. Denomination — Coupon, $1,000. Beglster- able as to principal. Tmstee — ^Anglo-California Trust Co., San Francisco. Redeemable at 102% on any interest date upon 30 days' notice. Sinking Fund — $100,000 of these bonds are to be retired annually. Organization — Incorporated In California In 1892. Capitalization. Outstanding. Common $5,400^000 Preferred (7% cum.) 600.000 Funded debt 2,900,000 Secured by a first mortgage on all the prop- erty of the company. Under the provisions of the trust agreement the company is required at all times to maintain an excess of current assets over all current liabilities equal to at least 125% of these bonds outstanding. The property covered Includes plants in Spokane, Creston and Taconia, Wash. ; Qgden, Utah ; Stockton, "Vallejo, Fresno and Los Angeles, Cal. Years ended June 30: Gross. Net. 'Charges. 1920 $51,371,336 $2,371,773 $1,284,13(1 1919 39,287,650 3,058,640 1,595,612 1918 38,926,450 1,751,685 542,840 1917 22,624,983 1,992,976 347,6'88 •Includes depreciation. Interest, etc. Original Market — $3,000,000 offered Febru- ary, 1919, by National City Co., New York, etc., and Blyth, Witter & Co., San Francisco, at 98 and Interest. Market. New York — Sutro Bros. & Co. San Francisco — Ryone & Co., Sutro & Co. San Dieffo— Blyth, Witter & Co. Pi'ice Rang-e Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '19 103 '19 100 Apr. lOQi^ Apr. Low. 92 '20 94 '20' 92 Dec. 94 Deo. 1276 SPICFR MANUFACTURING CORP. 6% Notes. Due $600,000 each Oct. 1, from 1920 to 1924, inclusive. Dated Oct. 1. 1919. Interest payable April 1 and Oct. 1, at Guaranty Trust Company, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. New York State Incpme Tax paid by Company. Authorized $3,000,000 Outstanding 3.000.000 Purpose of Issue — Proceeds from the sale of this issue will be utilized in part for the pur- chase of the Parish Manufacturing Corp. and over 85% of the capital stock of the Sheldon Axle & Spring Company, Denomintaion — Coupon, $1,000; registerable as to principal. Trustee — Guarantee Trust Company. Redeeuiable as a whole or in series (in which latter case the series first maturing must be redeemed) on any interest date upon sixty days' notice, at the following prices and ac- crued interest. 102% for notes having 4 years or more to run. 102 for notes having 4 years or more to run but not less than 4 years. 101 % for notes having 2 years or more to run but less than 3 years. 101 for notes having 1 year or more to run but less than 2 years. 1 % for notes having less than 1 year to run. Organization — Incorporated in Virginia In September, 1916. In 1919 acquired the busi- ness and assets of the Parish Manufacturing Corp. and 85% of the capital stock of the Sheldon Axle & Spring Co. The original com- pany is a large manufacturer of universal joints and shafts for automobiles and motor trucks and its plants are located In South Plalnfield, N. J., and Pottstown, Pa. The Sheldon Axle & Spring Company is a large manufacturer of axles and springs, this plant being located at Wilkes-Barre, Pa. The plants of the Parish Manufacturing Corp. are lo- cated at Reading. Pa., and Detroit. Mich., and are engaged In the manufacture of frames for automobiles and trucks, as well as rear axle housings, mudguards, aide housings, dashers, etc. Capitalization. Outstanding, Common ino par) 31,750 shs. Preferred (8% cum.) -. $3,000,000 Funded debt 3,281.000 Security — ^A direct obligation of the com- pany, but not secured by a mortgage. The trust agreement contains the following pro- visions: The company shall not create any mortgage or pledge upon or against any of its property (including property of its subsidiary companies), except purchase money obliga- tions against properties which may hereafter be acquired; the company shall maintain quick assets at least equal to the amount of the notes of this issue outstanding, and all other liabilities and obligations of the corporation (excepting purchase money obligations and notes of this Issue having more than four years to run) and will not pay any dividends upon its comm.on stock which would reduce such quick assets below 1% times the amount of all such obligations. Years ended Dec. 31 (consolidated): Net. 1919 $3,147,093 1918 3,495,817 1917 2.083,313 1916 1.570,551 Original Market — $3,000,000 offered October, 1919, by Merrill, Lynch & Co.. New York, etc., and Casaatt & Co., Philadelphia, at prices ranging from 99% to 96% and interest according to the maturity. Market. New York — Vanderhoef & Robinson, Mer- rill, Lynch & Co., Montgomery & Co. PhUadelphia — Graham, Parsons ft Co., West & Co., Montgomery & Co. Chicago — Merrill, Lynch & Co., Fort Dear- born Trust & Savings Bank, Johnson, Peck & Co. SPOKANE DRY GOODS COMPANY AND DRY GOODS REALTY COMPANY Deb. 8$. Due $50,000 each June 1 from ISSZ to 19:36, incl. Dated June 1, 1921. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — Information not available. Anthorized $250,000 Outstanding 250,(00 Purpose of Issue — To retire current bank loans and provide a* Register- able as to principal. Trustee — State Savings Bank & Trust Co., Columbus, Ohio, Bedeemable as a whole or in part for the sinking fund, at 105 and Interest on any in- terest date. Sinking Fund — 2% of outstanding bonds an- nually from Feb. 1, 1914, to 1919. 3% from 1919 to 1924, and 4% from 1924 to 1929 to be applied to the purchase or redemption of these bonds at not exceeding 106 and interest. Organization and Control — Incorporated in Ohio in 1908. Entire stock is owned by the Commonwealth Power, By. & Lt. CJo. Capitalization. Outstanding. Common $1,000,000 Preferred (6% cum.) 521,500 Funded debt 1,452,000 Secured by a first mortgage on plant sup- plying electricity in Springfield, Ohio, Fran- chise expires in 1933, Underlies — Gen. & Ref. 6s. 1933. Earnings — See Gen. & Ref. 6s. Listed on the Columbus Stock Exchange. ^ Original Market — $300,000 offered In Dec, 1910, by O'Connor & Kahler, New York and Chicago, and Hayden, Stone & Co., New York, Boston, etc., at 97% and interest: $60,000 offered In Jan., 1912, by P. W. Brooks & Co., New York and Boston, at 98 and interest. Market. New York — Hodenpyl, Hardy & Co. Price Bange. Jan. 1, '14, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98"% '16 100 '16 94 Feb. 95 Apr. Low. 80 '20 88 '20 80 Apr. 88 July SPBINGFIELD (Ohio) LIGHT. HEAT & POWER CO. Gen. & Bef. 6s. Dne April 1. 1933. Dated April 1, 1913. Interest payable April 1 and Oct. 1, In New York and London. Tax Statns — Payment of Federal Income Tax not assumed by company. Antborlzed $6,000,000 Olltstail(Ung 840,000 Beserved for Prior Uens 612,000 Reserved for Ext 3,548,000 Denomination — CouDon, $1,000. Beslster- able as to principal only. Trustee — Michigan Trust Go. and Noyes L. ~Arery, Grand Rapids, Mich. Redeemable on any interest date at 105 and Interest. Orgranization, Control Property — See 1st 5s. Secured by a second mortgage on the prop- erty described under the Ist 6s. Prior Lien — $612,000 Ist 6s of 1929. Tears ended Dec. 31: 1920. 1919. 1918. 1917. 1916. Gross. $999,169 765,563 611,876 499,542 382,308 Net $246,454 270,534 202,464 122,162 181,723 Int., etc. $69,959 73,737 71,314 65,217 66,975 Legral for savings banks in R. I. Orlslnal Market — Offered in 191B by H. F. Bacbman & Co., Philadelphia and New York, at 92^ and interest. A block offered April, 1916, by Hodenpyl, Hardy & Co.. Inc., New York, at 93 and Interest. Market. New York — Hodenpyl, Hardy & Co. Price Ranee. Jan. 1, 'IG, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Hig-h Low. 93 '17 76 '19 95 '16 76 '19 S3 Jan. 75 Aug. 86 Jan. 76 Aug. SPBINOFIEIJ) (m.) BAXLWAT, & UGHT CO. Coll. Tr. 6s. Due June 1, 1933. Dated June 1, 1903. Interest payable June and Dec. 1, at Trustee's office, and at Hod- enpyl, Hardy & Co., New York, and St. W. Clark & Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding 3,076,000 Fledged under Union By., Gas & Electric Co. 6% Notes 1,100,000 Reserved for Prior Liens 750,000 Beserved for Ext 75,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity & Columbia Trust Co., Louisville, Ky. Redeemable at 107% and interest on any Interest date upon 60 days' notice. Control — Incorporated in New Jersey in 1903, to acouire the securities of the public utility companies operating in Springfield, 111. Merged into the Union Ry., Gas & Bl. Co., a subsi- d'ary of the Commonwealth Power, Ry. & Lt. Co. Secured by a first lien through deposit of stocks and bonds on the plants supplying gas, electricity and steam heat in Springfield, III., and a second lien on 43.24 miles of street railway, including the entire local system in that city by the deposit of the entire stock and 1st mortgage bonds of the Springfield Gas & Electric Co.. and the entire stock and General & Ref. Mtge. bonds of the Bprlngfleld Consolidated Ry. Co. Gas franchise is per- petual: electricity and steam heat expire in 1921 and street railway In 1928. The latter provides for the payment to the city of 2% of gross earnings annually to 1918 and 4% til 6 T" 63, ft 6 r Prior ijen — $760,000 Springfield Cons. Ry. 6s of 1933. Earnings — ^Included with Union By.. Gas & Electric Co. I/igted on the Columbus and Louisville Stock Exchanges. Original Market — Offered by King, Hodenpyl & Co., New York (now Hodenpyl, Hardy & Co.), and B. W. Clark & Co., Philadelphia. Market. New York — J. S. Bache & Co. Louisville — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Fhiladelpbia — Bauer, Starr & Co., Henry D. Boenning & Co., Samuel McCreery & Go. Price Ranee. Jan. 1, '09, to Jan. 1, '21 High Low. Bid. 97% '09 60 '18 Ask. 98 '09 05 '19 1920 Bid. Ask. 70 Oct. 80 Dec. 62 Dec. 75 Oct SPBINOIXELD (Mo.) RAILWAY & LIGHT CO. Ist Lien S. F. 6s. Due May 1, 1926. Dated May 1, 1911. Interest payable May and Nov. 1. at Trustee's office. New York, Old Colony Trust Co., Boston. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $7,000,000 Ontstandingr (Jan. 1, '21) 2,125,600 Held in S. F 2472,500 Reserved for Ext 4,402,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 102 and Interest as a whole only, or for sinking fund on any interest date. Sinking Fond — ^Annual cash pasonents as fol- lows: 1% of outstanding bonds in 1913: 1%"% 1914: 1%%, 1915; 2%, 1916 and 1917: 2%%. 1918 to 1920 inol. : 2%%, 1921 and 1922. Pay- ments to be applied to the purchase or re- demption of these bonds at not exceeding 102 and interest. Bonds so acquired to be kept alive in sinking fund and interest thereon added to said fund. Organization and Control — Incorporated in Maine in 1905. Owns the entire capital stocks of the Springfield Traction Co. and Springfield Gas & Electric Co. The entire common stock is owned by the Federal Light & Traction Co. Capitalization. Outstanding. Common $1,100,000 Preferred (7% cum.) 750,000 Funded debt 2,125,500 Secured by practically a first Uen on 23 miles of street railway, constituting the entire system in Springfield, Mo., and on plants sup- plying gas, electricity and steam heat in that city, by the deposit of all of the securities of companies owning the properties. The compa- nies whose securities are deposited hereunder may not issue any additional securities, ex- cept to the Springfield Ry. & Lt. Co., which company must subject any securities so issued to the lien of this mortgage. Electricity franchise is perpetual: street railway expires in 1944, steam heating in 1936, and gas in 1929. Years ended Dec. 31: Gross. Net. Interest 1920 $1,090,788 $329,671 $126,858 1919 939,293 330,477 128,929 1918 781,470 240,312 129.331 1917 675,443 129,583 124,082 1916 556,698 177,773 108,770 Original Market — $2,000,000 offered in. May, 1911, by Lee, Higginson & Co., New York, Boston and Chicago, at 96 and interest. Market. New York — Dunham & Co., Fred H. Hatch & Go. Boston — L. Sherman Adams. Philadelphia — Bauer, Starr & Co., Mc- Cown & Co. Price Range. Jan. 1280 1, '11, to Jan. 1, '21 Bid. Ask. High 95% '11 98 '11 Low. 70 '18 77 '20 1920 Bid. Ask. 80 Jan. 85 Jan. 74 Oct. 77 Sept SFBINGFUXD (Ohio) RAILWAY CO. iBt Ss. Due $12,000 each Sept. 1 to 1983; $27,- 500 1924 to 1934, and remainder in 1935. Dated May 1, 1914. Interest payable March 1 and Sept. 1, at Real Estate Title Insurance & Trust Co., Philadelphia. Tax Status — Payment ol Federal Income Tax not assumed by company. Peflnsylvanla State Tax refunded. Anthorized $6,000,000 Outstanding (Jan. 1, '21) 1,243,500 Matured and Paid 87,500 Reserved for Ext 3,669,000 Denomination — Issues of 1914 to 1923, $500 and $1,000; 1924-34, $1,000; an^ 1935, $100, $500 and $1,000. All registerable aa to prin- cipal only. Trnstee — Real Estate Title Insurance & Trust Co., Philadelphia. Redeemable on any interest date at 102 and interest. Sinl(ine Fund — 1% per annum of all bonds in excess of $1,250,000 outstanding from 1914 to 1923 and 2% thereafter, to he applied to purchase or redemption of bonds at not over 102 and interest. Organization and Control — Incorporated in Ohio in 1892. Practically all of the stock is owned by the American Rys. Co. Capitalization. Outstanding. Common $1,000,000 Preferred (6%) 600,000 Funded debt 1,243,000 Secured by a first mortgage on 34 mil^s of street railway in Springfield, Ohio, together with steam generating plant and equipment. Franchises, granted in 1913, extend to 1938. At any time after 1918 the city may purchase the property at a price at least equal to the lien then outstanding bonded debt, plus 10% ol the appraised value of the property as of that date, the city being given the option of paying or assuming the bonds. Years ende^ Dec. 31: Interest Gross. Net. & Taxes. •1919 . .. $688,495 $146,266 $137,965 ♦1918 ... 460,798 105,534 146,939 •1917 ... 463,560 138,369 125,535 1916 ... 417,317 143,919 128,090 •Includes non-operating income. Original IVIarlcet — $1,244,000 offered in May, 1914, by E. H. Rollins & Sons, Boston, New York, etc., at 100 and interest to 98 and in- terest for 1914 to 1923 maturities, 97% and interest to 95% and interest, for 1924 to 1934 maturities, and 96 and interest lor 1935 maturity. Market. Clucago— Halsey, Stuart & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. 92% '16 95 '17 82 '18 Not available High Low. SPKLNOnELD (Mass.) STREET RAILWAY CO. iBt 4s. Due April 1, 1923. Dated April 1, 1903. Interest payable April 1 and October 1, at Trustee's office. Tax Status — Payment ol Federal Income Tax not assumed by Company. „ , , Authorized °'°^^'^.'?2^'„®?f ^ Outstanding • • • • • .51,700,000 Denomination— Coupon, $1,000. Registeraoie as to principal. ,^ „ m ^ Trustee— Springfield Safe Deposit & Trust Co., Springfield, Mass. » ., . Organization and Control — Incorporated in Massachusetts in 1868. and has absorbed the Western Massachusetts Street Railway Co. f-Dec 31 1909), which company absorbed the Wo?onock Street Ry. Co. (Dec. 30 19.09), which latter company had absorbed tne «.ign- land Street Ry. Co. (May 18, 1895); and the Springfield & Eastern Street Ry. Co. (D.eo. 1, 1910), which company was organized under the name ol Palmer & Monaon Street Ry. Co. The company is controlled through stock own- ership by the Springfield Railway Companies. Capitalization. Outstanding. Common $4,654,700 Funded debt ; 2,332,300 Secured by a mortgage on^ all the property of the company, including 198.03 miles of street railway track owned and .38 miles ol trackage rights, including the street railway system in Springfield, Mass., and surroundinE towns, as follows; A first mortgage on 100.89 miles of track, viz. : Miles. Springfield 68.75 Agawam 10.97 Chicopee 11.94 East Longmeadow 2.^8 Longmeadow 6.09 Liudlow 86 A second mortgage on 97.14 miles ol track, viz. ; Miles. Brimfleld 10.16 Huntington 1.18 Monson 8.21 Palmer 16.83 Russell 6. 80 Ware 3.61 Wilbraham 5.72 Westfield 20.08 West Springfield 24. 66 Prior Liens — Outstanding. Western Mass. Street Ry. 1st 5s, 1926 $200,00(1 Springfield & Eastern Street Ry. 1st 63 330,000 Total $500,000 The above mortgages are closed. Bonds are reserved under Rel. & Gen. Mtge. to retire all prior liens. Underlies — Rel. & Gen. Mtge., due 1940, under which bonds are reserved to retire this issue. Years ended Dec. 31: Gross. Net. Interest. 1920 $3,805,564 $583,752 $146,087 1919 3,067,513 394,725 148,443 1918 2,588,461 226,467 179,564 1917 2,495,234 14,490 147,181 Original Market — $200,000 offered In Sept., 1913-, at 94% and interest by William R. Read & Co., New York. 1281 SPBINGFIZXD (Mo.) WATER CO. 1st 6s. Due Amr. 1, 1936. Dated June 1. 1906. Interest payable Feb. and Aug; 1, at St. Louis Union Trust Co., St. Louis, Mo., and American Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $700,000 Outstanding: (Jan. 1, '21) 659,000 Retired by S. F 41,000 Denomination — Coupon, $500 and $1,000, Reg^isterable as to principal. Trustee — St. Louis Union Trust Co., St. Louis, Mo. Redeemable at 106 and Interest. Sinking Fund — Semi-annually, commencing Nov. 1, 1907, 1% of gross income in cash or in these bonds taken at their current market prices, not exceeding 105 and interest. Cash paynaents to be applied to the purchase or redemption of those bonds at not over 105 and interest. Bonds acquired to be can- celled. $4,000 acquired during 1917. Orgranization — Incorporated In Missouri as Springfield Water Co. ; reincorporated in Maine in 1911 as Springfield City Water Co. Capitalization. Outatandlne. Common (800,000 Preferred (7% own.) 810,000 Funded debt 759,000 Secured by a flrit mortsrase on plant lup- plylne water to Sprinefleld, Mo., and vicin- ity. Franchlie perpetual. Tears ended Dec. SI: Gross. Net. Interest. 1920 $197,593 {76,588 {39,319 1919 170,121 71,442 40,132 1918 146,633 65,494 39,466 1917 149,245 62,794 39,075 1916 154.605 79,809 36,617 Market. New York— Fred H. Hatch & Co. Boston — Geo. A. Fernald & Co. Price Kange 1920 — Bid 70 Dec, SPBINGFEEXD (Pa.) WATBK CO. 1st 68. Due July 1. ISiiii. Dated 1892. Interest payable Jan. and July 1, at Columbia Ave, Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $460,000 Outstanding 413,000 Denomination — Coupon, $100, $500 and $1,- 000. Trustee — Columbia Avenue Trust Co., Phila- delphia. Guaranteed principal and interest under terms of lease by the SpringHeld Consolidated Water Co. OrsranizatiOQ, etc.-— See Cons. 6s, Secured by a first mortgage on extensive system of water works in suburbs of Philadel- phia. See Cons. 63 below. Underlies — Cons. 5s of 1926 a sufficient amount of which are reserved to retire this issue. Market. Philadelphia — Barnes & Lofland, Graham, Parsons & Co., S. K. Phillips & Co. SPBINGITEU) (Pa.) WATER CO. Cons. 58. Due Sept. 1, 1926. Dated Sept. 1. 1896. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $3,000,000 Outstanding 2,307,000 Reserved for prior liens 693,000 Denomination — Coupon, $100, $200, $600 and $1,000. Trustee — Columbia Avenue Trust Co., Phila- delphia. Guaranteed as to principal and Interest un- der temjs of lease by the Springfield Consoli- dated Water Co. ^ganization and Control — Incorporated in Pennsylvania in 1886. Leased for 99 years from Sept., 1908, to the Springfield Consoli- dated Water Co., the leasee agreeing to pay the principal and interest of bonds of the lessor and all taxes, etc., and to issue bonds at par for the purchase at par of the stock of the company. Capitalization, Outstanding. Common $1,600,000 Funded debt 2,906,000 Secured by a mortgage on plants supplying water to numerous suburbs of Philadelphia, located to the south and west of that city. Population served, about 36,000. Prior I/iens — $186,000 Bryn Mawr Water Co. 1st Ext. 6s of 1934 and $413,000 Spring- fleld Water Co. 1st 6s of 1922. Market. New York— Fred H. Hatch & Co. Philadelphia — Samuel McCreery & Co. Price Bance. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99% '18 69 Apr. 70 Feb. Low. 64 '20 65% '20 64 Feb. 65% July STAFFORD, INC. (S. S.) aO-Year 1st Ref. 8a. Due June 1, 1940. ^ Dated June 1, 1920. Interest payable June 1 and Deo. 1. in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $300,000 Outstanding 300,000 Purpose of Issue — The proceeds of these bonds will be used to retire floating indebted- ness, to furnish additional working capital and to provide extensive additions to plant and equipment. Denominations — Coupon, $1,000 and $500; registerable as to principal. Trustee — Columbia Trtfst Co., New York. Redeemable after 60 days' notice on any Interest date at 110 and interest. Orglanization — The company is a large man- ufacturer of writing ink, adhesives, carbon papers and typewriter ribbons. Business es- tablished in 1858. Capitalization. Outstanding. Common (no par) 2,600 shs. Funded debt $896, TO* Secured by a first mortgage on all the as- sets of the corporation subject only to an existing real estate mortgage of $90,000 not yet due, and which the management plans to retire at maturity. Under the provisions of the trust agreement the company covenants to maintain at all times net aulck assets at an amount which shall be equal to at least 150% of the out- standing bonds. The company further agrees to set aside annually a special reserve funleg:o — Blyth, Witter & Co. Price Bangle Jan. 1, '19, to Jan. 1, 'SI 1920 Bid. Ask. Bid. Ask. High 97 '19 101 '19 97 Nov. 100 Mar. Low 98, '19 98 Dec. STANDARD ELECTRIC CO. OF CAU- EORNIA Ist 6s. - Due Sept. 1. 1939. I>ated September 1, 1899. Interest payable March and Sept. 1, at Bankers' Trust Co., New york, and Company's office, San Fran- cisco. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized $5,0007000 Outstanding: (Jan. 1. '21) 2,071,900 Retired and deposited under Cal. G. & E. and Pao. G. & E. Mortgages . . 2,601.000 Held Aliv^e in Various Sinking Funds 327,100 Denomination — Coupon, $1,000 and $100. Trustee — Savings Union Bank & Trust Co., San Francisco. Guaranteed principal and interest by the California Gas & Electric Corporation by en- dorsement. _ Assumed by the Pacific Gas & Elect iC Co. Control — ^Absorbed in 1904, by the Califor- nia Gas & Electric Corporation, wLlch com- pany has since been consolidated with the Pacific Gas & Electric Co. Secured by a first mortgage on hydro-electric plant on Blue Lake in Amador County, Cal., and transmission lines to San Francisco, Oak- land, Stockton, San Jose and other cities In that vicinity. Further secured by a second mortgage on plant supplying water in Stock- Prior Liens — $713,000 Blue Lakes "Water Co. 1st 6s of 1938. „ ™, . . n Underlies — California Gas & Electric, Corp. Unifying & Ref.. 5a of 1937, and Pacific Gas & Electric Co. Gen. & Ref. 5s of 1942 and Ist & Ref. Mtge. Bonds are reserved under the last two mortgages to retire this Issue. Earnings— See Pacific Gas & Electric Co. Gen. & Ref. Mtge. ^ , , ^ , Legal for savings banks in Cal. Market. Los Angeles— A. B. Lewis & Co. Price Range. Jan. 1, '17. to Jan. 1, 'Zl ^.^^^^O Bid. Ask. Bid. „ Ask. High 97 -18 100 '18 86 Mar. 90 Mar. Low 83 '20 85 '20 83 Dec. 85 Jan STANDARD EQUIPMENT CO. M.tge. 8s. Due $50,000 each Apr. 15 and Oct. 15 from Apr. 15, 1023 to Oct. 15, 1935, incl. Dated Apr. 15, 1920. Interest payable Apr. 15 and Oct. 15 at Superior Savings & Trust Company, Cleveland, Ohio. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized $300,000 Outstanding 300,000 Purpose of Issue — To provide 601,700 Years ended Dec. 31: Retired by S. F 10,300 Gross. Net. InterMt. Provisions of Issue — Additional bonds issu- 1920, $2,461,806 def.$332,559 $89,100 able for 80% of the cost of improvements, 1919 2,148,244 def. 30,810 84,239 •tc, when net earnings for twelve months 1918 2,060,681 106,270 71,861 preceding are at least twice interest charges 1917 1,912,010 339,186 70.791 on bonds outstanding and to be issued. 1916 1,823,986 548,919 72,330 Denomination — -Coupon, $100, $600 and Market ^^■^\ Registerable as to princi_pal. New York— Finlay & Davenport. Tobey & Trnstee — Girard Trust Co., Philadelphia. Kirk. Redeemable at 105 and interest at any time Price Range. on 30 days' notice. Jan. 1, '09, to Jan. 1, '31 ' 1920 Depreciation Fund — ^Annually 6% of gross Bid. Ask. Bid. Ask. earnings. Such expenditures shall not be High 105 '11 109% '09 78 Nov. 81 Nov. made the basis of the further issuance of Low. 77 '19 83 '19 76% Auff. bonds. Sinking Fund — Annually as follows: % % of STANDARD MILLING CO. 1st 58. Dae Not. outstanding bonds from July 1. 1917, to July 1, 1930. 1, 1921, inclusive; 1% July 1, 1922, to July 1, Dated November 1, 1900. Interest payabls 1940, inclusive, and 1%% of bonds outstanding May and Nov. 1, at Metropolitan Trust Co., from July 1, 1941, to July 1, 1945, inclusive. New York. Fund to be applied to the purchase or re- Tax Status — 2% Federal Income Tax paid demptlon of these bonds at over 105 and in- by company without deduction. terest. Authorized $6,260,000 Organization and Control — Incorporated In Outstanding (Jan. 1, '21) 2,593,000 1899 in New Jersey and in 1913 absorbed the Retired iiy S. F 871,000 Atlantic Highlands Gas Co. In 1916 absorbed In Treasury (repurchased) .... 46,000 the Freehold Gas Light Co. Cancelled 1,338,000 Controlled through stock ownership by the Reserved for Prior Liens 1,448,000 Monmouth Shore Gas Co. Denomination — Coupon, $1,000. Registerable Capitalization. Outstanding. as to principal. Common $189,000 Trustee — Equitable Trust Co., New York. Funded debt 601,700 Sinking Fund — Mortgage provides for sink- Secured by a first mortgage on all the prop- ing fund of $45,000 per annum, erty of the company, including plants supply- Organization and Control — Incorporated In ing gas to Atlantic Highlands. Freehold, High- New Jersey, in 1900, as a holding company, lands, Rumson, Middletown, Keansbure, Key- Reincorporated in 1916 to acquire the assets port, Matawan and other communities in Mon- of the old company and the Colonial Flour mouth County, N. J. The comjany's plant is Milling Co. situated in Atlantic Highlands from which gas Capitalization. Outstanding. is distributed through 121.9 miles of mains. Common $7,405,642 Franchises are either perpetual or extend to Preferred (6% non-cum.) 6,488,'000 1960. Funded debt 4,166,500 Years ended Deo. 31: Seonred by a first mortgage on the plants Gross. Net. Int., etc. owned in fee including one mill at Buffalo, 1919 $186,352 $31,608 $37,498 N. Y.. with a daily capacity of 2,200 barrel* 1918 163,364 25.844 36,422 of flour, seven at Minneapolis. Minn., capacity 1917 133,233 64,217 36,710 18,000 barrels and two at Superior. 'Wis., with 1916 131,470 67,561 38.40! a capacity of 6,000 barrels, on warehouses in 128S Minneapolis, and a warehouse and eight con- crete grain bins In Suoerior and 7 concrete srain bins In Kansas City, which are all being -operated. Further secured by a first Hen on the fol- lowing securities Bntlre capital stock (reported to have cost $3,637,106) and $868,000 of the $2,316,000 1st mtge. bonds of the Hecker-Jones-Jewell Co. The company owns a mill in New York City, with a dally capacity of 8,500 barrels of flour daily and a warehouse on Staten Island, Entire capital stock (repbrted to have cost «2,145,860) of the Northwestern Consolidated Milling Co., owning five mills at Minneapolis, with a daily capacity of 18,600 barrels, free from mortgage debt. Entire capital stock (reported to have cost ^1,575,000) of The Southwestern Milling Co., Inc., owning 2 recently completed mills in Kansas City, Kan., with a capacity of 7,200 barrels, free from debt. Prior Ijens — $1,448,000 Hecker-Jones-Jewell Co. 1st 6s of 1922. UnderUes — $71,000 Conv. Debt. 6s of 1926. Years ended Aug. 31 (consolidated): Net. Int., etc. 1920 $2,413,315 $132,223 1919 2,145,683 149,389 1918 2,131,072 199,845 1917 1,785,609 207,312 1916 1,584,888 147,043 IjiBted on the New York Stock Exchange. Market. New York — Hartshorne & Battelle, J. H. Holmes & Co., McOlure, Jones & Reed. Price Range — N. Y. S. E. Jan. 1, '13, to Jan. 1, '81 1920 High 101 Feb. 16, '17 93% Jan. 8 Low. 73 Dec. 9, '20 73 Dec. 9 STANDAJRD Oil COMPANY OF CALI- FORNIA 10-Year Debenture Ts. Due Jan. 1, 1931. Dated Jan. 1, 1921. Interest payable Peb. 1 and Aug. 1, in New York and San Fran- cisco. Tax Status — Payment of Federal Income Tax. not assumed' by the company. Authorized $25,000,000 Outstanding 25,000,000 Purpose of Issue — To provide funds for 1921 extensions and improvements and to increase working capital. Denominations — Coupon, $1,000; register- able as to principal. Trustee — Equitable Trust Co., New York. Redeemable as a whole on any Interest date on 30 days' notice at 105 and Interest, If redeemable on or prior to Aug. 1, 1921, and thereafter at % of 1% less for each lialf year, or part thereof elapsed after Aug. 1, 1921. ginldngr Fund — Annually, beginning Jan. 1, 1922, $500,000 for the purchase of these bonds at not over 100 and interest. If suf- ficient bonds are not so purchasable during the year, the unexpended balance to revert to the general funds of the company. Organization — Incorporated In California In 1879 as the Pacific Coast Oil Co.; pres- ent name adopted In 1906. The company Is producing from its own wells in the United States over 100,000 barrels a day. and as such is the largest producer of crude oil in this country, and is one of the largest re- finers and distributors of petroleum and Its products in the world. ^ ^ ^ Capitalization Outstanding Common *2?'?I„'xl? Funded debt • 26,000,000 Sccnrlty — A direct obligation of the com- pany but not secured by a mortgage. The trust agreement provides that the company will not issue any obligations having pri- ority over this issue. 1287 listed' on the New York Stock Exchange. Original Market — $25,000,000, offered Dec. 1920, by Wm. A. Read & Co., Blair & Co., Equitable Trust Co., New York, Continental & Commercial Trust & Savings Bank, Chi- cago, and Anglo & London Paris National Bank, San Francisco, at 100 and interest. Market New York — ^Ames, Emerich & Co., Beverly Bogert & Co., T. Hall Keyes & Co., Parker & Co., Salomon Bros. & Hutzler, Season- good, Haas & Macdonald. Denver — Boettcher, Porter & Co. LonisTille — Black, Fetter & Co., Fidelity & Columbia Trust Co., J. J. B; HllUard & Son. Kansas City, Mo. — Stern Bros. & Co. Bnffaio^N. A. MaoDonald & Co. Boston — Curtis & Sanger. Detroit — Joel Stockard & Co. San Francisco — Ryone & Co. Frie — Charles Messenkopf & Co. PhiladelpMa' — BIddle & Henry, Elklns, Morris & Co., Parsly Bros. & Co. Chicago— Blair & Co., Curtis & Sanger, Henry S. Henscheu & Co., Illinois Trust & Savings Bank, R. D. Vilas & Co. I/os Angeles — Banks, ■ Huntley & Co., Blankenhorn-Hunter-Dulln Co., Drake, Riley & Thomas. San Diego — Blyth, Witter & Co. STANDARD OIL CO. OF NEW YORK Debenture Ts. Due $4,000,000 each Jan. 2 from 19%S to 1930, incl., and $6,000,- 000 Jan. S, 1931. Dated Jan. 2, 1921. Interest payable Jan. 2 and July 2, at Equitable Trust Co., or Blair & Co., Inc., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $30,000,000 Outstanding 30,000,000 Denominations — Coupon, $1,000, $500 and $100; registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable on any interest date on and after Jan. 2, 1926, at 106 and interest; If less than the entire issue should 'be called for redemption the longest outstanding ma- turities are to be called first. Organization — See Deb. 6%s. Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the Indenture the company covenants that it will not create any mort- gage on or pledge of its properties unless these debentures shall share equally and ratably in " the lien of such mortgage or pledge, but this shall not apply to purchase money mortgage or pledges of personal property to secure temporary loans in the usual course of business and shall not re- strict the acquisition of additional property subject to lien or mortgage. Earnings — See Deb. 6%s. Original Market — $30,000,000, offered Dev., 1920, by Blair & Co., Equitable Trust Co. and Wm. A. Read & Co., New York, etc., and Merchants' Loan & Trust Co. and Illi- nois Trust & Savings Bank, Chicago, at 100 and interest. Market New York — ^Ames, Emerich & Co., Beverly Bogert & Co., T. Hall Keyes & Co., Parker & Co., Salomon Bros. & Hutzler, Season- good, Haas & Macdonald. Louisville — Black, Fetter & Co., Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. BufTala — N. A. MacDonald & Co. Brie — Charles Messenkopf & Co. Boston — Curtis & Sanger. Philadelphia — Biddle & Henry, Elklns, Morris & Co., Reed A. Morgan & Co., Mor- ley. Wood & Co., Parsly Bros. & Co. Chicago — Blair & Co., Curtis & Sanger, Fidelity Trust & Savings Bank, Illinois Trust & Savings Bank. Pittsburgh — Continental Trust Co. Milwaukee — Ames, Emerich & Co.- Luluth, together with all wharfs and buildings. Underlies — Chicago, St. Paul, Minneapolis & Omaha Cons. 6s and 3V4b of 1930 and De- bentures. liCgal for savings banks in Cal., Conn., Me., Mich., Minn., Mc, N. H., N. J. and Wis. ; and al.so Baltimore Trust Funds. Usted on New York Stock Exchange. Original IMarket — $1,600,000 offered In April, 1911, by Rhodes & Co., New Tork, at 109% and interest. Market. New. York — Redmond & Co., Remick, Hodg-es & Co., Vilas & Hickey. Diduth — Philip L. Ray & Co. Price Range — N. Y. S. Jan. 1, '16, to Jan. 1, '21 High 106 Va Nov. 0, Low. 95 May 22, 1920 Bid. 100% Mar. 79% Dea SUPERIOR (Wis.) WATER, LIGHT A POW- ER CO. Ist S. F. 48. Dne May 1. 1931. Dated May 1, 1901. Interest payable May and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding: (Jan. 1. '21) 1,611,000 Held in S. F 279,000 In Treasury 110,000 Reserved for Ext 100,000 Denomination — Coupon, $1,000. Trustee — U. S. Mortgage & Trust Co., New Tork. Redeemable at 103 and Interest at any time. Sinking Fund — ^Annually, beginning May 1, 1910, 1% of bonds outstanding plus interest of bonds redeemed to be applied to the pur- chase or redemption of bonds at not exceed- ing 105 and interest. Organization — Incorporated In Wisconsin In 1889 and is a consolidation. Capitalization. Outstanding. Common $600,000 Preferred (6% cum.) 500,000 Funded debt 1,711,000 Secured by a first mortgage on plant sup- plying Superior, Wis., with gas, water and electricity. Population served, about 60,000. Company purchases gas from Zenith Furnace Co. of Duluth'. Gas and electric franchises are perpetual. Water franchise expires in 1917, with 30-year renewal privilege. Underlies — ^Bef. 5s of 1929 and 1st Cons. 5s of 1966. Tears ended June 30: Gross. 1920 $631,943 1919 667,536 1918 609,325 1917 433,434 •Includes Interest, sinking fund, tlon and amortization. Orl^nal Market — $200,000 offered Nov., 1909, at 81 and interest by Richmond & Co., New Tork, and Warner, Tucker & Co., Boston. Market. New York — Hartshorne & Battelle, Lynch & McDermott, Prince & Whitely, Redmond & Co. Duluth— Philip L. Ray & Co. Fliiladelpliia — Samuel McCreery & Co. Net. *Deductiong. $289,238 $136,776 264,694 239,846 209,999 140,826 141,018 142,695 deprecla- Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 84 '16 90 '16 72 Jan. 76 Jan. Low. 60 '08 ' 75 "20 65 Dec. 75 Aug. SUSQUEHANNA, BL00MSBUB6 & BER- WICK RAILROAD Ist 6b. Dne Oct. 1, 1962. Dated Oct. 1, 1902. Interest payable April and Oct. 1, at Fidelity Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding $700,000 Denomination— Coupon, $1,000. Registerable as to principal only. Trustee — Fidelity Trust Co., Philadelphia. Assumed by the Pennsylvania B. B. Co. Control — Incorporated In Pennsylvania in Pennsylvania In 1902. The property of this company was acquired by the Pennsylvania B. B. Co. in April, 1918. Secured by a first mortgage on 41.83 miles of railroad from Watsontown to Berwick, Pa., and branch. Underlies — Pennsylvania B. B. Co. Gen. Mtge. of 1965, under which mortgage bonds are reserved to retire this Issue. Legal for savings banks In Cal., Conn., Me., Mass., Mich., Mo., N, H., N. J., N. T., B. I., Vt. and Wis.; and also Baltimore Trust Funds. Marlcet. Fhiladelpliia — Henry D. Boenning & Co., Wm. W. Fogarty, Reed A. Morgan & Co., Samuel K. Phillips & Co., " & Co. Price Range. Jan. 1, '15, to Jan. 1, '21 Bid. Aslc. High 98% '15 103 '15 Low. 60 '17 76 -17 Isaac Starr Jr. 1920 Not available 1299 SUSQUEHANNA SILK MILLS 6% Notes. Dne Sl.OOO.OOO each April 1, from 1082 to 1926, inclusive. Dated August 16. 1919. Interest payable April 1, 1920, and thereafter Oct. 1 and April 1, at National City Bank, New Tork. Tax Status — ^Payment of Federal Incom* Tax Is not assumed by the company. Penn- sylvania State Tax refunded. Authorized $4,000,000 Outstanding 4,000,000 Purpose of Issue — Three-fourths of the proceeds will be used to purchase raw ma- terials and supplies, and the other one-fourth to complete the construction of new buildings, and to purchase new eauipment. Denomination — Coupon, $1,000; register- able as to principal. Trustee — Central Union Trust Co., New York. Redeemable on any interest date upon 30 days' notice, as a whole or in blocks of not less than $500,000 (in which event It must call ~for redemption notes of one or more series last maturing) upon payment of a premium of ^ % for each six months be- tween the date of redemption and the date of maturity. Organization — Incorporated in New Tork In 190.8. Business established in 1896. The company is a large manufacturer of silk mixed goods woven in the raw at Sunbury, Milton, Jersey Shore, Northumberland, Lew- istown and Huntingdon, Pa., and Marlon, O. Capitalization. Outstandlngr. Common $600,000 Preferred 2,500,000 Funded debt 4,000.000 Security — A direct obligation of the com- pany, but not secured by a mortgage. These notes constitute the only funded debt out- standing in the hands of the public. The provisions of the Trust Agreement In- clude the following- covenants: The company and its constituent com- panies will not mortgage or pledge any of its or their fixed assets without providing for priority of payment of these notes, and that the company will not consolidate or m,erge with any corporation other than a constituent company, unless, prior to such consolidation or merger, it secures the said Notes then outstanding by a closed first m.ortgage and pledge on and of all its property, real and personal. The company and its constituent com- panies will not sell any substantial or essen- tial part of Its or their fixed assets, unless It applies the proceeds of such sale to the purchase of fixed assets at least equal in value to the property sold, or to the re- demption of notes of this issue. The company and its constituent com- panies will keep all its and their property in thorough repair and adequately insured. The company will at all times maintain the excess of its current assets, including the current assets of its constituent com,-- panies, over all its and their current l\a- bilitiee, equal to at least 150% of the aggre- gate principal amount of th e notes then outstanding; and will always maintain net tangible assets at an aggregate amount equal to at least 300% of the aggregate amount of the outstanding notes. The company will not declare or pay any cash dividends on its Common Stock, ex- cept out of earnings subsequent to Decem- ber 31, 1918. Original Market — $4,000,000 offered Aug- ust, 1919, by The National City Co., New York, etc., at 99%, 99%, 97% and 97% and interest for respective maturities. Market. New York — Edwin Bancker & Co., Na- tional City Co., E. A. Baker & Son. Chicago — National City Co., Chicago Trust Co. St. touis-T-Whitaker & Co. SUTTER BASIN CO. Land Mortgage 80. Due each Feb. 1 as follows: ' $600,000, 1933 to 1925, incl.; $700,000, 192S ; $760,- 000, 1027 and 1928; $1,000,000, 1929, and $1,000,000 Dec. 1, 1929. Dated Aug. 1, '1920. Interest payable Feb. 1 and Aug. 1, In Chicago, New York and San Francisco. Tax Status — 2% Federal Income Tax not assumed by company. Tax exempt In Cali- fornia. Authorized $6,000,000 Ontstandins 6,000,000 Purpose of Issao — To reduce fioating in- debtedness Incurred In' the reclamation and development of the property. Denomination-— Coupon, $1,000, $500 and $100. Reglsterable as to principal. Trustees — Continental & Commercial Trust & Savings Bank, Chicago, and (co-trustee) California Trust & Savings Bank, Sacra- mento, Cal. Redeemable on any interest date at 101 and intejrest. Guaranteed principal and Interest by J. Ogden Armour. Organization — Incorporated In California In April, 1913. Capitalization. Outstanding. Common $6,000,000 Funded debt 6,000.000 Secured by a mortgage covering the com- pany's holdings of 45,654 acres of land lying within Reclamation District No. 1500 and 9,468 acres within the Sutter By-Pass (which Is an artificial channel created to carry off surplus overflow waters) In Sutter County, California, at the confluence of the Sacra- mento and Feather Rivers, approximately 22 1300 miles above the city of Sacramento. The 45,- 654 acres are completely reclaimed In ac- cordance with the general Flood Control Plan adopted by the United States Govern- ment and the State of California. Addition- ally secured by pledge of all of the stock of the Sutter Basin Improvement Company, which owns approximately 5,268 acres lying without District No. 1500 but adjacent thereto, and all of the stock of Sutter Basin Company, of which approximately 60% is owned by Mr. J. Ogden Armour and mem- bers of his immediate family, the remain- ing 40% being owned by his associates in the management of the Sutter Basin Com- pany. The mortgage provides for the release of lands based upon a scale of payments to the trustee sufficient to provide substantially 50% in excess of the entire amount of the bonded debt. If land is sold, the entire amount necessary to release shall be de- posited with the trustee to be used either for the retirement of the piincipal of bonds, or for the acquirement of other real prop- erty within District No. 1500, which must be subjected to the lien of this mortgage. The 55,122 acres owned by the company have been appraised by a qualified, disinter- ested appraiser at a total valuation of ap- proximately $17,000,000. This, figure does not give consideration to the lands of Sutter Basin Improvement Company. Sutter Basin Company has no other mortgage indebted- ness, and the present mortgage is a first Ifen on the lands described, except only In respect to a lien represented by an assess- ment for reclamation purposes against all lands lying within the District. Sutter Basin Company's share of this assessment amounts to approximately $3,850,000. The entire amount of the assessment, plus simi- lar assessments against other lands, not owned by this company lying within the District, has been funded into an issue of approximately $5,000,000 District No. 1500 bonds, none of which m.ature prior to Janu- ary 1, 1930. Similar assessments which may be made against tlie lands from time to time, may, under the laws of the State, be funded into bonds maturing over a period of twenty years and, therefore, are not bur- densome. There are no assessments against the By-Pass acreage. Years ended Dec. 31 (combined) : *Net 1919 $761,784 1918 545,777 •Before depreciation and interest. Note. — The yeah 1920 will be the first year of operation with construction work entirely completed, including the irrigation system. Original Market — $6,000,000 offered Auf., 1920, by Continental & Commercial Trust ft Chicago, New York, etc., and Blyth. Witter & Co., San Francisco, at 100 and Interest. IMarket New York — Babcock, Rushton & Co. San Fi>ancisco — Blyth, Witter & Co. Chicago — Halsey, Stuart & Co. , San Diego — Blyth, Witter & Co. I.os Angeles — Citizens National Bank, J. J. Doran Co., Drake, Riley & Thomas, Tor- rance, Marshall & Co. Price Range 1920 Bid. Ask. 99% Dec. 100% Dec. 99 Aug. 100 Aug. High Low. SWEETWATER WATER CORP. Ist 6s. Due 915,000 each Jan. 1 from 1931 to 1930» Inclusive; $26,000 each Jan. 1 from 1931 to 1930* InoluBlve, and 976,000 Jan. 1. 1940. Dated Jan. 1, 1920. Interest payable Jan. ■■ and July 1, at Los Angeles Trust & Sav- Inea Bank, Los Angeles, and Anglo-Califomla Trust Co., San Francisco. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt In California. - Authorized $600,000 Outstandinff (Feb. 16, '21) 435,000 Reserved for Ext 150,000 Matured and Paid 15,000 Provisions of Issue — Under the terms of the trust deed, the company shall not create any further indebtedness in the form of a bond laaue or debenture, nor shall it be en- titled to draw down from the remaining- issue of bonds, unless the earnings of .the com- pany for the year prior to the issuance of additional bonds shall be in excess of one and three-fourths times the interest charges on all bonds then outstanding and those proposed to be Issued, and additional bonds shall only be Issued for seventy-five per cent (75%) of ad- ditions, improvements and betterments of the company. The remaining $150,000 of bonds authorized but not issued are all of the last maturities, i. e., 1940. Denomination — Coupon, $500 and $1,000. Trustees — Los Angeles Trust & Savings Bank, Los Angeles, and Anglo-California Trust Co., San Francisco. Redeemable on any interest date at 102% and interest. Organization — Incorporated in California In 1902 as the Sweet wfvTor Water Co. Present name adopted in 1 :15 h. Capitalization. Outstanding. Common $r,000,000 Funded debt 435,000 Secured by a first mortgage upon all the assets of the company consisting of the dis- tributing system in National City and .the City of Chula Vista, and certain territory contiguous thereto, all in San Diego County, together with real estate, rights of way, Sweetwater Dam, weirs, head-gates, and other irrigation works. The company owns fee to the lands used as the Sweetwater Reservoir. Outside of the cities of National City and Chula Vista, the rights of way lor pipe lines were obtained years ago, many of them during the '80*s, by reservation in 'deeds; others were obtained by prescription and easement over lands served. . The water supply is obtained by Impound- ing the flow of the Sweetwater River, a stream that has its source in the Cuyamaca moun- tains 60 miles east of the reservoir and drains an area of 182 square miles. Filings on this stream were made In 1886 and subsequently, none of which filings have ever been con- tested. The territory served by this company is ap- proximately 4,000 acres, located in the cities of National City and Chula Vista, and the Sweetwater Valley. Rates are subject to the jurisdiction of the railroad commission. Years ended Dec. 31: Gross. Net. Interest. 1920 $111,258 $42,044 $27,791 1919 105,991 45,998 1918 99,025 41,360 Legal for savings banks in Cal. Original Market — $450,000 offered In April. 1920, by Blankenhorn-Hunter-Dulin Co. , Los Angeles, San Francisco, etc., at 100 and inter- est. SWIFTSURE OIL TRANSPORT, INC., Conv. Guar, 7% Notes. Due as follows: $336,- 000 each Oct. 1, 1921, and Jan. 1» 1922; $420,000 each Apr. 1 and July 1. 1922; $462,000 each Oct. 1, 1922, and Jan, 1, 1923; $504,000 each Apr. 1 and July 1, 1923; and $977,000 Oct. 1, 1923. Dated Apr. 1, 1920. Interest payable Apr. 1301 1 and Oct. 1, at Old Colony Trust Company, Boston. Tax Status — 2% Federal .Income Tax paid by the company without deduction. Authorized $4,421,000 Outstanding 4,421,000 Purpose of Issue — The proceeds of this is- sue are to be used in connection with the purchase through the United States Shipping Board of seven new steel tank steamships, each of 12,000 tons deadweight capacity. Denomination — Coupon, $1,000. Trustee — Old Colony Trust Company, Bos- ton. Redeemable in the reverse of numerical order on any interest date on 90 days' writ- ten notice, at a premium of ^ of 1% for -each year notes have to run. Interest due April 1 and Oct. 1 of each year. Guaranteed principal and interest, jointly and severally, by the France & Canada Steam- ship Corp. of New York, and the France & Canada Steamship, Ltd., of Montreal. The guarantor companies operate fifteen freighters of their own, and forty freighters under char- ter, and own and control sufficient crude oil to keep the new steel tankers of the issuing company operating to capacity for two years to come. Converi;ible — The noteholder has the right at and before maturity to convert into the common stock at $90 per share; that is on the basis of 10 shares for each $900 in notes. The noteholder also has the right to convert into preferred stock at $100 per share; that is on the basis of 10 shares for each $1,000 in notes. Organization and Control — Organized to ac- quire seven new steel tank steamships. Con- trolled through stock ownership by the France & Canada Steamship Corp., which is con- trolled through stock ownership by the Franco & Canada Steamship Co., Ltd. Capitalization. Outstanding. Common (no par) 160,000 shs. ♦Preferred (no par) 40,000 shs. Funded debt $4,421,000 •Preferred as to dividends up to $8, and as to assets up to $110 per share. Callable on 30 days' notice at 110 and accrued dividend. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. The first of the seven vessels to be acquired from the proceeds of this note Issue will be deliv- ered in February, 1921, and one each month thereafter so that the entire fieet Is expected to be in operation by Aug. 1, 1921. Original Market — $ 4,421,000 offered June, 1920, by Peabody. Houghteling & Co., Chicago, on an 8% basis. Price Kangre 1920 — Ask 8.00% Dec. SWIFT & CO. 1st 5s. Due July 1, 1944. Dated July 1, 1914. Interest payable Jan- uary 1 and July 1, in New York and Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $50,000,000 Outstanding- (Oct. 1, '20) 29,591,000 Retired by S. F 3,779,000 Reserved for Corporate Pur- poses 1,630,000 Reserved for Add 15,000.000 Denomination — Coupon, $600 and $1,000. Hegisterable as to principal. Registered, $1,000 and $10,000. C. & R. ($1,000) inter- changeable. Trustee — First Trust & Savings Bank and Emile K. Boisot, Chicago. Redeemable at 102^ and Interest upon any interest date on 3 months' notice. Sinking Fund — ^Annually, beginning July 1, 1915, an amount In cash or bonds of this issue equal to 2% of all bonds Issued. The cash fund Is to be applied to the purchase or redemption of these bonds at not over 102^ and interest. Bonds acquired are to be can- celled. Organization — Incorporated in Illinoia in 1886, as successor to O. F. Swift & Co. Capitalization. Outstanding. Common $150,000,000 Funded debt . .'. 94,591,000 Secured by a first morteaee on all of the packinsT houses and other property of the com- pany located in Chicairo. E. St. Louis, S. Omaha, Kansas City, S. St. Joseph, S. St. Paul, New York, Philadelphia, Denver, Mil- waukee and St. Iiouis, and distributing branch houses In many other important cities. The company covenants not to reduce its surplus below $25,000,000 and to maintain net auick assets equal to the amount of bonds outstand- Ins. Tears ended Nov. 1: Net. 1920 $5,170,382 1918 13,870,181 1917 21,157,277 ♦After all charges including Federal taxes. liiBted on Boston and Cbicaso Stock Ex- changes. Orieliial Market — OfCered to stockholders and holders of maturing bonds at 96 and Interest. $10,000,000 offered in February. 1915, by Potter, Choate & Prentice and White, Weld A Co,, New York, and First Trust & Savings Bank, Chicago, at 96 and interest. Market. New York — Ames, Emerich & Co., Bab- cock, Rushton & Co., J. S. Bache & Co., Hartshorne & Battelle, Tobey & Kirk. liOuisviUe — Fidelity & Columbia Trust Co. Flliladelpliia — Wm. W. Fogarty. Chicago — John Burniiam & Co., Curtis & Sanger, First Trust & Savings Bank, Mer- chants Loan & Trust Co. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102 '17 102^ '17 90 Jan. 91 ajn. Low. 82 '20 82^ '20 82 June 82% Dec. SWIFT & CO. 5-Year 7% Notes. Due Oct. 15, 1925. Dated Got. 15, 1920. Interest payable April 15 and Oct. 15, at Illinois Trust & Savings Bank, Chicago, dr at American Ex- change National Bank, New York. Tax Status — 2% Federal Income Tax paid by tiie company witliout deduction. Authorized $40,000,000 Outstanding: 40,000,000 Pui'pose of Issue — To reduce present cur- rent indebtedness of the company. Denomination — Coupon, $1,000, $500 and $100; registerable as to principal. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable on 30 days' notice as follows: On April 15, 1921, at 102 and interest, and at %% (of par) less each six months there- after to Oct. 16, 1924, and on April 15. 1925, at 100% and interest. Organization — See 1st 53. Secimty — A direct obligation of the com- l>any but not secured by a mortgage. Under the provisions of the indenture the company covenants as follows: Not to place any now mortgages, except purchase money mortgages for the acquisi- tion of additional properties shall be placed on the property and assets of Swift & Co.; this provision, however, shall not prevent the emission of the authorized and unissued 1st Mtge. 5% Bonds, and the execution of such supplemental mortgages as may be required under terms of said first mortgage. To maintain at all times its current assets equal to an aggregate amount of at least one and one-half times ail its current liabili- ties, plus the amount of these notes out- standing. Prior Liens — Outstanding 1st 6s, 1944 $29,591,000 Bantlings — See 1st 6s. Oi-iginal Market — $40,000,000 offered Oct., 1920, by First Trust & Savings Bank, Illi- nois Trust & aSvings Bank, Harris Trust & Savings Bank, Merchants Loan & Trust Co., Continental & Commercial Trust & Sav- ings Bank, all of Chicago, and Guaranty Company of New York, at 97% and interest. Marlcet New York — Ames, Emerich & Co., Bab- cock, Rushton & Co., J. S. Bache & Co., Hartshorne & Battelle, T. Hall Keyes & Co., Morton Lachenbruch & Co., Salomon Bros. & Hutzler, Seasongood, Haas & Macdonald. Kock Island — Litten & Roberts. Louisville — Block, Fetter & Co., Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Grand Rapids — Carrigan Co. Kansas City, Mo. — Stern Bros. & Co., W. C. Sylvester Investment Co. Boston — Curtis & Sanger. Detroit — Joel Stockhard & Co., Nicol-Ford & Co., Inc. Omaha — United States Trust Co. Denver — Bankers Trust Co. Pittsburgh — Moore, Leonard & Lynch. Pliiladelphia — Wm. W. Fogarty, Huntoon & Co. Chicago — Blair & Co., Curtis & Sanger, Paul H. Davis & Co., Fidelity Trust & Sav- ings Bank, First Trust & Savings Bank, Henry S. Henschen & Co., Illinois Trust & Savings Bank, Merchants Loan & Trust Co., State Bank of Chicago, Tilden & Tilden, Union Trust Co., Wittekin & Co. -Minneapolis — Wm. W. Eastman Co. Los Angeles — Drake, Riley & Thomas. San Diego — Blyth, Witter & Co. Bulfalo — N. A. MacDonald & Co, Mllwaulcee — Ames, Emerich & Co., First Wisconsin Co. Price Range 1920 Bid. Ask. High 97% Oct. 97% Nov. Low 91% Dec. 92 Dec. Doe BYRACTTSE (N. Y.) GAS CO. Ist 68. Jan. 1, 1946. Dated Jan. 1, 1896. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. . ..$2,600,000 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Guaranty Trust Co., New York, Guaranteed principal and interest by the Syracuse Lighting Co. by endorsement. Organization and Control — Incorporated In New York. AH the capital stock is owned by the Syracuse Lighting Co. The Syracuse Light & Power Co. owns a majority of the capital stock of the latter company. The United Gas Improvement Co. is Interested In the Syracuse Light & Power Co. Capitalization. Outstanding. Common $1,975,000 Funded debt 2,600,000 Secnred by a first mortgage on the property formerly owned by the Syracuse Gas Company which Includes the gas plant in the City of Syracuse and the Baldwlnsville Natural Gas plant with a pipe line to Syracuse. Underlies — Syracuse Lighting Co. 5s of 1951; Ext. & Imp. 63 of 1929 and Deb. 6l of 1927 and Syracuse Light & Power Co. Tr. 63 of 1954. Earnings — See Syracuse Lighting Co. 6s. Coll. 1st 1302 Orlslnal Market — First ottered by Battles & Co., Philadelphia. _, Market. New York— Fred H. Hatch & Co., Hoden- pyl. Hardy & Co., Earle A. Miller & Co., i1?.? * Whltely, Redmond & Co. „ Pniladelphia — Bauer, Starr & Co., McCown & Co., Reed A. Morgan & Co., Samuel K. Phillips & Co. Price Ranse. Jan. 1, '09, to Jan. 1, '21 1920 ,„ , ^'<1- ^sk. Bid. Ast. High 10214 '11 105 '09 85 Feb. 88 Feb. Low. 68 "20 71 "20 G8 Oct. 71 .July SYBACTTSE. I^Ke; SHORE & NORTHERN RAILROAD 1st 68. Dae May 1, 1S47. Dated May 1, 1907. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New York State. Authorized and Ontstandlne. .. .(2,600,000 Denomination — Coupon, $1,000. Reeisterable aa to principal. Trustee — Columbia Trust Co., New York. Redeemable at 110 and Interest on any In- terest date upon 60 days' notice. Control — Absorbed by the Umpire United Rys. Co. The latter company was succeeded through foreclosure by the Empire State E. R. Corp. In 1917. Secured by a first mortgage on 74.73 mllea of electric railway track from Syracuse to Oswego, N. T., and Including city lines in Oswego and Fulton. The property Is con- structed entirely on private right-of-way owned In fee or under easement, except within cor- porate limits, where the company has fran- chises without time limitation. Tears ended Dec. 31 (E. S. R. R, Corp.): Gross. Net. Int., etc. 1920 $925,066 $233,472 $145,622 1919 857,553 228,116 149,963 1918 749,858 233,060 150,251 Original Market — $450,000 offered In June, 1909, by J. H. Fertig & Co., New York, and Tlmberlake & Webb, Portland, Me., at 96 and Interest; also ottered in Nov., 1912, by E. H. Rollins & Sons, Boston, New York, etc., at a price to yield 6.15%. Market. New York — Fred H. Hatch & Co., Calla- way, Fish & Co., Rauscher & Mackay. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96 '13 97% '13 68 Jan. 63 Jan. Low. 51 '20 57 '20 51 Oct. 67 Dec. SYRACUSE LIGHT & POWER CO. Coll. Tr. S. F. 58. Due July 1, 1954. Dated July 1, 1907. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding- (Jan. 1, 'il)..-. 6,389,540 Held in S. T" 650,200 Reserved for Acauisition of Stocks and Bonds of Syra^ cuse Lighting Co 2,960,260 Denomination — Coupon, $1000, $600 and $100. Registerable as to principal. Trustee — Baultable Trust Co., New York. Redeemable for sinking fund only at 106 and interest on and after July 1, 1916, on six weeks' notice. Sinking Fund — 1% annually, commencing July 1, 1915, of outstanding bonds, to be In- vested in bonds at not over 106 and Interest; bonds so redeemed to be kept alive in sinking fund. Organization and Control — The Syracuse 1303 Light & Power Co. was organized In 1907 aa a holding company and has acciulred the stock and securities~ of the Syracuse Lighting Co. and holds no other securities or stocks. The United Gas Improvement Co. is interested In the last named company. Capitalization. Outstanding. Common $808,400 Funded debt 6,389,540 Secured by a first lien on the following se- curities of the Syracuse Lighting Co, $2,962,- 800 (par value) out of $3,000,000 common stock, $976,400 (par value) out of $1,000,000 preferred stock, $2,004,000 (total outstanding) out of an authorized amount of $2,600J)00 6% 10-year Extension & Improvement bonds, due 1929, and $1,000,000 (entire issue) 6% 20-year Gold Debentures, due 1927. Prior Liens — $2,600,000 Syracuse Lighting 1st 5s of 1951 and $2,600,000 Syracuse Gas Co. 1st 6s of 1946. Listed on the New York Stock Exchange. Market. 'Sew York — Dunham & Co., Sam'l Gold- schmidt, Hartshorne & Battelle, Fred H. Hatch & Co., Barle A. Miller & Co., Red- mond & Co., Watson, Armstrong & Co. Philadelphia — Bauer, Starr & Co., Arthur J. Bender, Henry D. Boenning & Co., El- kins, Morris & Co., McCown & Co., Reed A. Morgan & Co., Samuel K. Phillips & Co. Price Range — N. Y. S. E. Jan. 1, '17, to Jan. 1, '21 High 87% Mar. 15, '17 Low. 67% Aug. 31, '20 1920 70 Apr. 18 67% Aug. 31 SYRACUSE LIGHTING CO. 1st 6b. Due June 1, 1951. Dated June 1, 1901. Interest payable June and Dec. 1, at office of Redmond & Co., New York. Tax Status — 2% Federal Income Tax paid by 1 company without deduction. Authorized and Outstanding. .. .$2,600,000 Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Equitable Trust Co., New YorK. Organization — Incorporated in New York In 1901 and absorbed the Electric Light & Power Co. of Syracuse and the Underground "Wire Co. and in 1902 acauired the entire capital stock of the Syracuse Gas Co. Controlled by the Syracuse Light & Power Co. through ownership of a majority of the stock. The United Gas Improvement Co. is interested in the latter company. Capitalization. Outstanding. Common $3,000,000 treferred (6% non-cum.) 1,000,000 Funded debt •9,424,000 •Includes Syracuse Gas Co. bonds guaran- teed.- Secured by a first mortgage on plant supply- ing electricity in Syracuse, N. Y., and vicinity , and further secured by pledge of the entire capital stock of the Syracuse Gas Co., which company owns gas plant supplying gas in the same territory. Prior Lien — $2,500,000 Syracuse Gas Co. 1st 6s of 1946. Underlies — $1,000,000 20-year Debenture 6b of 1927, $600,000 6% Notes of 1923. $920,000 6% Noteb of 1929 and $2,004,000 10-year Ex- tension & Improvement 6s of 1929, which are deposited iinder the Syracuse Light & Power Co. Coll. Tr. 6s of 1954. Years ended Dec. 31: Gross. Net. Interest, 1919 .. $3,319,121 $809,614 $483,843 1917 .. 2,838,408 801,481 471,087 1915 .. 2,166,233 826,069 426^47 1913 .. 1,942,278 664,628 382,133 1911.... .. 1,581,047 666,002 346,769 1909 .. 1,241,348 469,106 314.098 Later earning-s not available. IJsted on the New York Stock Exchange. Origrinal Mai-ket — Offered Jan., 1'902, by Redmond & Co., New York. Market New York — Pred H. Hatch & Co., Prince & Whitely, Redmond & Co. Philadelphia — Reed A. Morgan & Co. Price Bans:e — ^N. Y. S. B. Jan, 1, '16, to Jan. 1, '31 1920 High 102% Nov. 15, '16 70% Nov. 3 Low. 70 ?4 Nov. 13, '20 70% Nov. 3 SYKACUSE LIGHTING CO. 3-Year 6% Notes. Due Jan. 1, 1923. Dated Jan. 1, 1920. Interest payable Jan. 1 and July 1, at Syracuse Trust Co., Syra- cuse, N. Y, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding: 500,000 Purpose of Issue — The company will spend $700,000 for improvements in 1920, made nec- essary by its increased business. $200,000 of this amount will be derived from earn- ings and $500,000 from this issue of notes. Denomination — Coupon, $1,000 and $500. Trastee — Syracuse Trust Co., Syracuse, N. Y. Redeemable at 105 and interest on any interest date as a whole only on four weeks' notice. Organization — See 1st 5s. Security — A direct obligation of the com- pany but not secured by a mortgage. Under the terms o"f this ^indenture the company covenants not to alloTV any mortgage or lien to be placed upon or against the property of the company during the life of these notes, and will not issue any notes for capital ex- penditures maturing prior to this issue with- out depositing the full amount due on these notes. For description of property see 1st 5s. Elamlngrs — See 1st 5s. Original Market — $500,000 offered April, 1920, by Syracuse Trust Co., Syracuse, N. Y., at 97.54 and interest. SYRACUSE RAPID TRANSIT RAILWAY CO. 1st Ss. Dne March 1, 1946. ' Dated ' March 1, 1896. Interest payable March and Sept. 1, at Trustee's office. Tax Sttfitus — Payment of Federal Income ' Tax n ot assumed by company. Authorized Closed mortgage. Outstanding $2,500,000 Denomination — Coupon, (1,000. Beglsterabl* as to principal. Trnstee — Guaranty Trust Co.. New York. AsBomed by the New York State Ky«. Control — Merged In 1912 into the New York State Rys. ._ ., . Secured by a first mortgage on 47 miles of road of which 33 miles are double traclt and 14 miles single-track, comprising prac- tically the entire local system in Syracuse, N. y. Population served, 150,000. Fran- chises perpetual. ,, „ ^ Underlies — 2d 6b of 1930 and New York State Rys. Co. Cons. 4%s of 19«2. which latter mortgage providea to retire thlB ISBU* and its prior Hen. Earnings — See N. Y. State ByB. Listed on the Philadelphia and Cleveland Stock Exchanges. Market. Pliiladelpliia — Henry D. Boenning & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 104 '09 107 '09 69 Nov. 76 Feb. Low. 65 '20 65 '20 55 Deo. 65 Dec. SYRACUSE RAPID TRANSIT RATLWAY CO. 2d 6s. Dne Jan. 1, 1930. Dated Jan. 1, 1900. Interest parable Jan. and July 1, at Citizens' Savings & Trust Co., Cleveland, Ohio, and First National Bank. N- Y. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage. Ontstanding $654,000 Denomination — Coupon, $1,000. Reslster- able as to principal. Trnstee — Citizens' Savings & Trust Co., Cleveland, O. Redeemable on any Interest date. AsBomed by New York State Rys. Co. Control — See Is't 68. Secured by a second mortgage on property described under lat Bs above. Prior Liens — $2,600,000 1st 6s. Underlies — ^New York State Rys. 1st Cons. 4 Ms of 1962, which provide for the retirement of this issue. Earnings — See N. Y. State Rys. Listed on the.Cleveland Stock Exchange. Market. New York — ^E. & C. Randolph. Philadelphia — Boenning, Garrison ft Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '11 102 '09 60 Mar. 70 Mar. Low. 50 '20 60 '20 50 May 60 May 1304 TACOMA EASXKBN EAILBOAD Ist 6b. Due Jan. 1, 1923. Dated Jan. 1, 1903. Interest payable Jan. and July 1, at Harris Trust a Savings Bank, Chicago, and Harris, Forbes & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanaing 803,000 Held In Ins. Fund 61,000 In Treasury 30,000 Beserved for Ext 616,000 Denomination — Coupon, $1,000. Reglsterable as to principal. Tmstee — Illinois Trust & Savings Bank, Chicago. Redeemable at 110 and interest. Assumed by the Chicago, Milwaukee * St. Fnaui Ry. Co. Control — Incorporated in Washington in 1890. The Chicago, Milwaukee & St. Paul Ry. Co. acquired title to the property of this company in December, 1918, Secured by a first mortgage on 91.69 miles of main track from Morton to Tacoma, Wash., . with branches and 35.86-niiles of yard tracks, sidings and spurs. This road affords the Chi- cago, Milwaukee & St. Paul system an en- trance into Tacoma from the south. Underlies — Chicago, Milwaukee & St. Paul Ey. Oo. Gen. Mtge. EamlnEB — See Chicago, Milwaukee & Sti Paul Ry Co. Original Market — Offered by N. W. Harris & Co., New York, Chicago and Boston, at par and interest In March, 1903. Market. New York — Edwin Wolft, Wolff & Stanley, F. H. Hatch. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '17 99 '17 60 66% Low 90'18 50 53% TACOMA (Wash.) GAS & EIiECTRIO UGHT CO. 1st 6b. Due May 1, 1926. Dated May 1, 1905. Extended in 1916 to 1826. Interest payable June and Dec. 1. -- Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Ontstandine $416,000 Control — ^Absorbed in 1909 by the Tacoma Gas Co. The properties at the latter company were sold under foreclosure In 1918, subject to this issue of bonds, and acquired by the Tacoma Gas & Fuel Co., a subsidiary of The Standard Gas & Electric Co. Capitalization. Outstanding. Common $2,126,000 Preferred (7% cum.) 510,000 Funded debt 416,000 Secured by a first mortgage on part of the plants' supplying gas to Tacoma, Wash. Fran- chises expire In 1934. Year ended Dec. 31; Gross. Net. 1920 $561,098 $104,909 1919 476,127 78,132 Market. New York — Hartshorne Nickerson, Jr. Boston — H. M. Byllesby & Co, Interest. $32,871 28,226 Battelle, John TACOMA RAILWAY Si POWER CO. Ist 6B. Due April 1, 1929. Dated April 1, 1899. Interest payable April and Oct. 1, at Old Colony Trust Co., Boston, Authorized }1,600,00(> Outstanding 1,236,000 Plcdg:ed under, Pug:et Sound Electric Ry, 1st Cons. Mtge. 264,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee— Old Colony Trust Co., Boston. Organization and Control — Incorporated in 1899 in New Jersey and acquired the street railway properties in Tacoma, Wash. ' The entire capital stock is owned by the Puget Sound Electric Ry., which company is con- trolled through stock ownership by the Puget Sound Power & Light Co. Capitalization. Outstanding. Common $2,000,000 Funded debt 1,500,000 l^nagement — Stone & Webster, Boston, Secured by a first mortgage on the entire street railway system in Tacoma, Wash., com- prising about 130 miles of track, and also on power plant and on distribution system sup- plying electric light and power to a part of Tacoma. Population served (1910), 83,743. Prinoipal railway franchise expires in 1939 and electric light and power in 1930. Refunding — Bonds are reserved under the Puget Sound Bleotrio Ry. Co. First Consoli- dated Mortgage and the Puget Sound Power & Light Oo. Gen. & Ref. Mtge., to retire this issue. Original Market — $200,000 offered in 1909 by Hayden, Stone & Co., New York, Boston, etc., at 102 and interest. Market. New York— Fred H. Hatch & Co., G. R. McAlister, Jr., John Nickerson, Jr., Berdell Bros., Vanderhoef &. Robinson, Carruthers, Pell & Co. Boston — Stone & Webster. ■ Baltimore — Howard R. Taylor & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 991/2 "10 102 '10 60 Feb. 75 Jan. Low. 55 '20 80 '19 65 Got. 70 Deo. Tax Status — Payment of Federal Income Tax not assumed by company. 1305 TAMPA & GULF COAST RAILROAD let 6s. Due April, 1953. Dated April 1, 1913. Interest payable April and Oct. 1, in New York and Baltimore. Tax Status — 2% Federal Income Tax 'paid by company without deduction. Authorized $5,000,000 OutBtanding 750,000 Reserved for Ext 4,250,000 Denomination — Coupon, $1,000. Trustee — Continental Trust Co., Baltimore. Guaranteed principal and interest by en- dorsement by the Seaboard Air Line Ry. Co, Orgranization and Control — Incorporated in Florida in 1913 and acquired the property of the Tampa & Gulf Coast tly. Controlled through ownership of a majority of the capital stock by the Seaboard Air Line Ry. Co. Capitalization. Outstanding, Common $250,000 Funded debt 750,000^ Secured by first mortgage on 79.10 miles of road from Gulf Coast Jet., near Tampa, Fla., to St. Petersburg:, Fla., and branches to Tar- pon Springs, Port Richey and Indian Beach. Some twenty miles additional are to be con- structed with the proceeds of bonds already sold. Further secured by pledge of 5 0-year traffic agreement with the Tampa Northern R. R,, giving the company entrance Into Tampa and use of Tampa terminals. Market. New York — Carruthera, Pell & Co., F. H. Hatch & Co. Baltimore — Norman J. Polack. Price Banse, Jan. 1, '16, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 85% '16 92 '16 56 May 75 May Low. 37% '20 45 '20 87% Deo. 45 Deo. TAMPA & JACKSONVILLE BA1I,WAY Ist 5s. Itae Oct. 1, 1949. Dated April 1, 1909. Interest payable April and Oct. 1, at Guaranty Trust Co., New York. Default — Oct. 1, 1914, and sulisequent cou- pons. ' Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000 per mile of road. Outstanding $480,000 Denomination — Coupon, $1,000. Regiaterafle as to principal. Trustee — Guaranty Trust Co., New York. Organization — Incorporated in Florida in 1907 as a consolidation of the Gainesville Ry. Co. and the Tampa & Jacksonville Ry. Co. Capitalization. Outstanding. Common $604,900 Funded debt 480,000 Protective Committee — Henry L. Cohen, chairman; Graham Adams; 61 Broadway, New York, secretary. Secured by first mortgage on 56 miles of road from Sampson City to Emathla, Fla. Years ended Dee. 31: Gross. Net. 1918 $88,332 $17,181 1917 , 74,494 18,684 Original Market — First offered by man & Co., New York. Market. New York — Britton, Rollins & Co., Hotch- kin & Co. Fhiladelpliln — Isaac Starr, Jr. Boston, — Hotchkin & Co., Chas. A. Day & Co. Pittsburgh — ^Wm. P. Lemley & Co. Price Range. Jan. 1, '13, to Jan. 1, '31 1930 Bid. Ask. Bid. Ask. High 90 '13 96 '13 6f. Dec lOf. Dec. Low. 5f. '19 lOf. '19 5t. Jan Int., etc. $46,866 38,721 ?. J. Lis- Secured by a first mortgage on plant supply- ing electric light and power to Tampa, Fla.; on 52.71 miles of street and interurban rail- way track, embracing the entire street rail- way system of Tampa and extensions from that city to Port Tampa and Sulphur Spring!. Franchises are for 999 years from 1899. Years ended Dec. 31; Net. Int. & S. F. $62,499 54,994 61,433 66,119 52,416 1 June Stone & Gross. 1920 $1,473,630 $558,695 1919... 1,269,248 607,574 1918 1,062,546 442,270 1917 1,001,311 437,772 1916 967,086 439,368 Original Market — $600,000 offered 1908, by Redmond & Co., New York; Webster and Warner, Tucker & Co., Boston, at 93% and interest, and $300,000 offered in 1911 by Stone & Webster at 98 and Interest. Market. New York — Prince & Whitely, Redmond & Co., Carruthers, Pell & Co., Gilbert J. Post- ley, Hartshornc & Battclle. Boston — Stone & Webster. Baltimore — Howard R. Taylor & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Hig-h 99 '14 102 '12 88 Nov. 91 Nov. Low. 75 '20 79% '20 76 Dec. 79% Dec TAMPA ELECTRIC CO. 1st 6b. Dne Jane 1, 1933. Dated June 1, 1908. Interest payable June and Deo. 1, at American Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding: (Jan. 1, '21) 946,500 In Treasury 173,500 Ketii-ed by S. F 111,000 Reserved for Ext 770,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — American Trust Co., Boston. Redeemable at 105 and interest on any in- terest date as a whole or in part for sinking fund. Sinking Fund — 1 % annually of bonds out- standing, payable August 1, for the purchase or redemption of these bonds at not over 106 and Interest. Organization — Incorporated in Florida In 1899 and acaulred the street railway and elec- tric light and power properties in and around Tampa, Fla. In April, 1913, purchased at foreclosure the property of the Tampa & Sul- phur Springs Traction Co. Capitalization. Outstanding. Common $2,874,800 Funded debt 945,500 Management — Stone & Webster, Boston. 1306 TAMPA (Fla.) GAS CO. (THE) 1st 5s. Dne May 31, 1937. Dated 1907. Interest payable May and Nov. 1, at Fidelity Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania - State Tax refunded. Authorized $1,000,000 Outstanding 992,000 Reserved for Ext 8,000 Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Philadelphia. Redeemable on any interest date at 105 and interest. Organization — Incorporated in Florida In 1896. Capitalization. Outstanding. Common $600,000 Funded debt 1,112,500 Secured by a first mortgage on plant supply- ing gas to Tampa, Fla., and vicinity. Fran- chise expires in 1994. Years ended Dec. 31: Gross. Net. Interest. 1919 $332,662 $70,275 $73,298 1918 307,735 81,412 67,43» 1917 266,491 124,011 68,646 1916 243,803 123,027" 56,161 Original Market — $100,000 offered in 1914 by Robert Giendinning & Co., Philadelphia, on a 6.40% basis. $100,000 offered May. 1915, by Battles & Co., Philadelphia, at 96 and interest. Market. New York — Carruthers, Pell & Co., Earle A. Miller & Co. Fliiladelphia — Henry D. Boenning ^ Co., Huntoon & Co., Carstairs & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '17 98 '17 80 Feb. 90 Feb. Low. 40 '20 75 '20 40 Apr. 75 Jan. TAMPA NORTHERN RAILROAD CO. 1st 6a. Due July 1, 1936. Dated July 1, 1906. Interest payable Jan. and July 1, at Old Colony Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding 1,258,000 Reserved for Ext 3,742,000 Denomination — Coupon, $1,000. Registerablo as to principal. Trustee — Continental Trust Co., Baltimore. Redeemable on any interest date at 106 and interest. OrBanlzatiou and Control — Incorporated In Florida in 1906 and entire preferred and com- mon stock acduired by Seaboard Air Line Ry. Co. and,- pledged under its 1st & Cons. mtge. Capitalization. Outstanding. Common $600,000 Preferred • 250,000 Funded debt 1,258,000 Secured by first mortgage on 68.74 miles of road: Tampa to Brookville, Fla 46.44 Tooke Lake Jet. to Tooke Lake, Fla. ... 12.30 Note — "Under the provisions of the S. A. L. Ry. Co. 1st & Cons, Mtge. its lien is to he extended to the property covered by the lien of this mortgage when and if a merger is completed. Refunding — Provision for the retirement of these bonds is made in the Seaboard Air Line Ry. Co. 1st & Cons. Mtge. Original Market — Offered in Sept., 1908, by Baker, Ayling & Co.. Boston and Philadelphia. Market. New. York — Carruthers. Pell & Co., Rau- scher & Mackay, Alfred P, Ingold & Co,, Vanderhoet & Robinson, Boston — Chas, A, Day & Co, Phiiadelpliia — Arthur J. Bender, Barnes & Lofland, Baltimoi'e — Norman ,T, Polack, Price Range. Jan. 1, '13, to Jan. 1, '31 1930 Bid. Ask. Bid, Ask. 82 '13 90 '16 37 Dec. 48 May 26 '20 40 '20 25 May 40 Jan. High Low. TAYtOR-WHARTON IRON Ss STEEI, CO. 1st S. F. 6s. Due Sept. 1, 1943. Dated September 1, 1912. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey and Pennsylvania State tax refunded. Anthorized $2,000,000 Outstanding (Jan, 1, '21) 1,695,000 Held in S. T 305,000 Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 105 and interest on any In- terest date. Sinking Fnnd — 2% of bonds outstandlns payable semi-annually for the purchase or re- demption of these bonds at not over 105 and interest. Bonds so aoauired to be held alive and interest added to this fund. With Increase in amount of bonds outstanding sinking fund payments are to be ratably increased. Organization — Incorporated in New Jersey in 1891 as the Taylor Iron & Steel Co., suc- cessor to Taylor Iron "Works. Present name adopted in 1912, when the company took over the property of the "W"m. "Wharton, Jr., & Co., Inc., and in 1913 the Tioga Steel & Iron Co. properties. Also owns the entire capital stq.ckB of the Manganese Steel Safe Co. of High Bridge, N. J.; Wm. "Wharton, Jr., & Co.. Inc. , Baston, Pa. ; Philadelphia Roll & Ma- chine Co. and Tioga Steel & Iron Co. of Philadelphia, Jersey Electric Co. and the Hunterdon Electric & Power Co. of High Bridge, N. J. The company is engaged In the manufacture of alloy steel and iron cast- ings and forgings. Of these specialties man- ganese steel is the principal one. Capitalization. Outstanding. Common $1,800,000 Preferred (7% cum.) 1,87«,300 Funded debt 3,372,63(i Secured by a first mortgage on plant at High Bridge, N. J., formerly owned by the Taylor Iron & Steel Co., and further secured by deposit of the entire capital stocks of the Manganese Steel Safe Co., Philadelphia Roll & Machine Co., Tioga Steel & Iron Co. and Hunterdon Electric & Power Co. and the en- tire capital stock and bonds of the "Wm. "Wharton, Jr., & Co., Inc. Prior Liens— $240,600 Philadelphia Roll A Machine Co. 5s, due 1932, and $63'7,036 in Ground Rents and Purchase Money Mort- gages on property formerly owned by the Tioga Steel & Iron Co, Underlies — $800,000 Conv. 6a of 1921. Years ended Dec. 31; 1920. 1919, 1918, 1917. 1916. Net. $670,809 506,706 1,397,830 1,209,669 359,374 Interest. $273,775 238,365 266,167 211,053 147,500 Original Market — $1,250,000 offered Oct., 1912, at 100 and Interest by "Wm. Morrl* Imbrle & Co. and the Eauitable Trust Co.. New York. Market. New York — "Watson, Armstrong & Co., E. A. Baker & Son, John Nickerson, Jr., Moore, Leonard & Lynch. Hartshorne & Battelle. Pliiladelphia — Henry D, Boenning '& Co., Elkins, Morris & Co., "Huntoon & Co., Mc- Cown & Co., Merely, Wood & Co., Samuel K, Phillips & Co,, Barnes & Lofland, Isaac Starr & Co. Price Range. Jan. 1, '16, to .Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 102 '16 103 '16 92 Jan. 95 Jan. Low. 87% '20 9134 '20 87% Dec. 91% Aug. TEMPLE COAL CO. Ist & Coll. Trust Ss. Dne July 1, 1924. Dated July" 1, 1914. Interest payable Jan. 1 and July 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $2,600,000 Outstanding: (Jan. 1, '21) 669,000 Retired by S. F 1,651,000 Reserved for Corporate Purposes 180,000 Denomination — Coupon, $1,000. Register- able as to principal. Trostee — Pennsylvania Co, for Insurance on Lives & Granting Annuities, Philadelphia. Redeemable as a whole on any interest date at or In part for the sinking fund on any April 1 and October 1, at 101 and Interest. Sinking Fund — 20 cents per ton of coal mined and shipped for the purchase or redemp- tion of these bonds at not over 101 and in- terest. Organization — Incorporated in Pennsylvania In 1914 to take over the coal properties of the Temple Iron ,Co., .in accordance with the de- cree of the United States Circuit Court, af- firmed by the "United States Supreme Court in the so-called "Anthracite Coal Case." Capitalization. Outstanding. Common $1,000,000 Funded debt 669,000 Secured by a first .mortgage or a first lien through deposit of all of the stocks of sub- sidiary companies, whose properties are free from funded or fioatlng debt, on extensive coal properties In the "Wyoming coal field of the Pennsylvania anthracite district. These* properties are located in and around "Wllkes- Barre, Scranton and Carbondale. Original Market— Offered In July, 1914, by Brown Bros. & Co., New York, Philadelphia, etc. Market. New York — Dunham & Co., Hartshorne & Battelle, Morton, Lachenbruch & Co., Wat- son, Armstrong & Co., Carruthers, Pell & Co., Moore, Leonard & Lynch. Philadelphia — Bauer, Starr & Co., Henry D. Boenning: & Co., Bro-wn Bros. & Co., Elkins, Morris & Co., Graham, Parsons & Co., Huntoon & Co., McCown & Co., J. P. Mag-ill & Co., Parsly Bros. & Co., Samuel K. Phillips & Co. Scranton — J. H. Brooks & Co., Chas. B. Robertson. Price Ranee. Jan. 1, '16, to Jan. 1, 'Zl Bid. ■ Ask. High Low. 101 '16 94 '20 102 '16 97 '20 Bid. 100 Jan. 94 Nov. 1930 Ask. 100% Jan. 97 Sept. TEMTOR CORN & FRUIT PRODUCTS CO. 1st & CoU. Tr. 8s. Due $75,000 each April 1 and Oct. 1 from April 1, 19ZZ to Oct. 1, 1931, incl. Dated April 1, 1921. Interest payable April 1 and Oct. 1 in St. Louis, Chicago and New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Antliorized {1,500,000 Oatstandin? 1,500,000 Purpose of Issue. — ^To provide additional working capital. Denominations — Coupon, $1,000 and $500; registerable as to principal. Trustee — Mercantile Trust Co., St. Louis. Redeemable on 30 days* notice on any In- terest date at 103 and interest. Organinxtion — Incorporated in Illinois in 1919 and acquired the Granite City, 111., corn syrup plant of the Corn Products Re- fining Company. Owns all the common stock of the Best-Clymer Manufacturing Co. Capitalization Outstanding. Class A 137,500 shs. Class B 55,550 shs. Funded debt $1,500,000 Secured by a first mortgage on the com- pany's Granite City plant purchased for $4,500,000 and on the plant located at Fenn Tan, New York. Additionally secured by a pledge of $1,000,000 Serial 8% Notes of the Best-Clymer Manufacturing Co., which notes mature on the same dates as the bonds and represent the only outstanding indebted- ness of that company. Under the provisions of the indenture the Best-Clymer Manufacturing Company can place no mortgage or lien on its property or issue any evidences of indebtedness ma- turing later than 6 months from the date of issue, unless such evidences of indebt- edness are also deposited with the Trustee as security for this loan. No dividend shall be paid in any year on the company's stock, except on $850,000 par value Best-Clymer Mfg. Co. 7% Pre- ferred Stock, until the semi-annual pay- ments of both principal and interest of this issue for that year have been deposited with the Trustee and, in addition, not less than $75,000 bonds of the longest maturity outstanding have been redeemed and can- celled in that year. Year ended Dec. 31: •Net. 1920 $1,062,933 •After Federal taxes. Original Market — $1,500,000; offered Mar. 1921, by Mercantile Trust Co., St. Louis; Kissel, KInnicutt & Co., and Halsey Stuart & Co., Inc., New York, on a 8%% basis. TENNESSEE COAL, IRON & RAULBOAD CO. Oen. S. F. 68. Doe July 1, 1951. Dated July 1, 1901. Interest payable Jan. and July 1, at 71 Broadway, New York. Tax Stains — 2% Federal Income Tax paid by company without deduction. Aathorized $16,000,000 Outstanding (Jan. 1, '21) 7,076,000 Retired by S. P 1,302,000 In Treasury or Owned by the U. S. Steel Corp 5,104,000 Reserved for Prior Uens 1,618,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Sinking Fund — 1% of the bonds outstanding to be paid annually on Jan. 1 to the Trustee from the surplus earnings of the preceding year to be applied to the purchase of these bonds at not exceeding 106 and interest. If not purchaseable at this figure the funds revert to the company. Controlled by the United States Steel Cor- poration through ownership of practically the entire capital stock. Secured by a general mortgage on all the property of the company, comprising 7 plants located in Alabama and Tennessee and em- bracing 14 blast furnaces, 3 Bessemer con- verters, 10 open hearth furnaces, 3 blooming mills, 1 rail mill, 3 additional rolling mills, 2 foundries and 1 fertilizer plant. ' Also 143,146 acres of coal rights, 191,773 acres of coal rights and surface and 14,746 acres of surface and Including 9 coal mining plants with 16 operating mines, 11 coal washing plants and 7 coking plants, comprising 2,974 coke ovens. Further secured by deposit of $120,000 stock of the Bessemer Rolling Mill Co. and $560,000 common stock of the Ala- bama Steel and Ship Building Co. Prior Iiiens — $213,000 Cahaba Coal Mining Co. 1st 6s of 1922 and $730,000 Alabama Steel & Shipbuilding Co. Ist 6s of 1930. For the retirement of both issues bonds are re- served under this mortgage. liisted on the New York Stock' Exchange. Market. New Yorlc^3offin & Co., Dunham & Co., Hartshorne & Battelle, "Watson, Armstrong & Co., E. "Wolff, L. M. Prince & Co. Philadelphia — Elkins, Morris & Co., Par- sly Bros. & Co. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1980 High 105% Dec. 23, '08 93 Jan. 3 Low. SO Nov. 7. '07 83% May 26 10-Year "A" and Ist 1308 TENNESSEE COPPER CO Conv. S. E. 68, Series Dne Nov. 1, 1926. Dated Nov. 1. 1915. Interest payable May 1 and November 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $3,000,000 Outstanding (Mar. 1, '21) 1,141,500 Retired by S. F 858,500 Pledged (Series "B") 1,000,000 Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York, and Fred. I. Kent. Redeemable as a whole or in part on any interest date on and after Nov. 1, 1918, at 110 and interest. Convertible on and after November 16, 1917, into common stock (par $26) at $40 a share (or at the rate of $160 of bonds for $100 stock). Called bonds must be converted on or before the 10th day preceding date of redemption. Sinldng Fund — On the basis of $3,000,000 bonds outstanding annual payments on or be- fore March 1, 1917. of an amount equal to not less than 46 2-3 cents on each gross dry ton (2,^40 lbs.) copper ore mined durins the preeedinB calendar year. After Nov. 1, 1918, bonds are to be called at 110 and interest, sub- ject to the right to convert into stock on or before the loth day precedine the rate set for redemption. Organization and Control — Incorporated in New Jersey in 1899. The company does a large business in sulphuric acid, which is used extensively in the manufacture of fer- tilizers and munitions. In Oct., 1916, the Tennessee Copper & Chemical Corp. was Incorporated in New York to acQUlre by exchange the stock of this company. As of Dec. 31, 1920, 194,204 shares of 200,000 shares had been acquired. Capitalization. Outstanding. Common $5,000,000 Funded debt 1,141,500 Secured by a first motrgage on the entire property of the company, comprising 12,640 acres of mineral and timber land owned in fee, which property Includes the London, Burra Burra, and Eureka mines, and leases on 270 acres, including the Polk County mine and the Austral Quartz quarry; 15% miles of railway and equipment, connecting mines with smelters; smelting works, con- sisting of 7 copper blast furnaces, 4 con- verter stands, power house, etc. : also the largest plant in the world for the manufac- ture of sulphuric acid from blast furnace fumes. Years ended Dec. 31: Net. Dep'n. Int., etc. 1920 $162,146 $350,000 $269,183 1919 def.136,231 350,000 254,612 1918 922,681 350,000 216,109 1917 1,346,082 200,000 234,932 1916 834,571 200,000 246,913 Ijisted on the New York Stock Exchange. Originaf Market— Offered December, 1916, by Sutro Bros. & Co., New York, - Market. New Y<>rk-:-Hartshorne & Battelle, Car- rutbers. Pell & Co., Morton Lachenbruch & Co. Pilce Range — ^N. Y. S. E. Jan. 1, '15, to Jan. 1, '21 1920 Series "A" High 136 Oct. 21, '15 96 Feb. 25 Low. 80NOV. 21, '17 90 May 19 TENNESSEE EASTERN BliECTRIC CO. l»t 58. Doe Feb. I, 1013. Dated Feb. 1, 1913. Interest payable Feb. and Aug. 1. Tax Sta.tiis — 2% Federal Income Tax paid by company without deduction. Antliorlzed J3. 000. 000 Outstanding (Jan. 1, '21) 877,000 Retired by S. F 27,000 In Treasury .S§'522 *Rcserved for Ext 2,000,000 •Issuable for 80% of cost when net earn- ings are twice interest charges on total Denomination — Coupon, J1,000 and $600. Reglsterable as to principal. Tmstee— American Trust Co., Boston. Kedeemable at 106 and interest on any in- terest date up to Aug. 1, 1937, and thereafter on a 4% basis. . _ „ . Sinking Fund— Annually, begmnlng Feb. 1, 1918, 1% of bonds outstanding for im- provements or for purchase and cancellation of these bonds. , . „ i. Organization — Incorporated In Massachu- setts In 1912. Owns the entire capital »tock of the Johnson City Traction Corp. Capitalization. °"t''5???f; Common ^HSS'T. Preferred (6% cum.) JOO.OOO Funded debt 877.000 Secured by a first mortgage on all the prop- erty of the company. Including a modern con- crete dam and hydro-electric station on the Nolichucky River, near Greenville, Tenn., with an ultimate capacity of 10,000 k. w. ; a steam plant of 1,100 k. w. at Johnson City; 64 miles of high voltage transmission lines and sub- stations; electric distribution systems in Johnson City, Jonesboro and GreeneviUe, Tenn. Further Secured ■ by deposit of entire $150,000 capital stock and indebtedness of the Johnson City Traction Corp., owning 6.85 miles of street railway in and about Johnson City. Years ended Dec. 31: Gross. Net. Interest. 1920 $266,001 $164,938 $44,439 1919 196,299 116,048 40,797 1918 163,631 84,907 39,213 1917 144,662 82,570 37,926 1916 133,399 77,630 35,128 Original Market— Offered April, 1916, by Warner, Tucker Ik Co. Market. New York — Fred H. Hatch & Co. Boston — Chas. A. Day & Co. Portland, Me. — Chas. H. Oilman & Co. Price Range Jan. 1, '19, to Jan. 1 ,'21 Bid. Ask. High 93% '19 Low. 68 '20 71 '20 1920 Bid. Ask. 68 Dec. 71 Dec. TENNESSEE POWER CO. Ist 6s. Doe Hay 1. 1962. Dated May 1, 1912. Interest payable May and Nov. 1, at Bankers' Trust Co., New York. Tax Status — Payment of Federal Income Tax not Assumed by company. Tax refunded in Pennsylvania, Authorized $50,000,000 Outstanding (Jan. 1, '21) 11,310,000 Retired by S. F 36,000 Pledged 701,000 Reserved (or Ext 37,953,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Bankers* Trust Co., and F. W. B. Close, New York. Redeemable at 107% and Interest on any In- terest date upon 12 weeks' notice. Improvement and Sinking Fund — Annually beginning May 1, 1917, 1% of outstanding bonds and those to be issued, to be used to reimburse the company for the cost of per- manent extensions, renewals, additions, etc.. or for the purchase of these bonds at not ex- ceeding 107% and interest, all bonds pur- chased to be cancelled. Guaranteed principal and Interest by the Tenn. Ry. Lt. & Power Co. which has pledged a majority of the stock of the Chattanooga Ry. & Lt. Co. as security for its guaranty. Organization and Control — Incorporated In Tennessee In 1912 as a consolidation of the Bastern Tennessee Power Co. and the Great Falls Power Co. Entire stock la owned by the Tennessee Ry. Light & Power Co. Capitalization. Outstanding, Common $20,000,000 Funded debt 12,411,000 Secured by first mortgage upon entire prop- erty of the company including two hydro- electric plants and a steam station on the Oeoee River at Parkesvllle, Tenn., and a new hydro-electric plant' at Great Falls, near Rock Island, Tenn., with 534 miles of transmission lines on private right of way extending to Chattanooga, Cleveland, Knoxville, Nashville, Tenn., and a connection with the Georgia Ry. & Power Co. Hydro-electrlc plants have a 1309 combined capacity of 44,000 K. w. and steam 13.000 k. w. Years ended Dec. 31; Gross, Net. Interest. 1920 $2,458,830 $921,742 $636,602 1919 2,166,888 860,259 649,581 1918 2,237,151 887,149 629,266 1917 1,940,124 682,029 605,485 1916 1,636,716 759,845 454,919 Original Market — $7,600i000 offered in April, 1912, by E. W. Ciark & Co., Philadel- phia, Wm. P. Bonbrieht & Co., Hodenpyl, Hardy & Co., New York, and H. M. Byllesby & Co., Chlcaeo, on a 5.90% basis. - Market. New York — H. M. Byllesby & Co.. Inc., Sam'l Goldschmidt, Earle A. Miller & Co., Gilbert J. Postley & Co., Morton, Lachen- bruch & Co., Fred H. Hatch & Co., Berdell Bros., Jenks, Gwynne & Co. Boston — L. Sherman Adams, H. M. Bylles- by & Co., C. E. Denison & Co., Moors & Cabot, Arthur Perry & Co. Pliiladelpliia — Bauer, Starr & Co., Arthur J. Bender, Biddle & Henry, Henry D. Boen- ning & Co., E. W. Clark & Co., Geo. N. Fleming, Huntoon & Co., McCown & Co., Samuel McCreery & Co. l/ouisTille, Ky. — J. J. B. Hilliard & Son. Price Bange. Jan. 1, '16, to Jan. 1, 'ai 19S0 Bid. Ask. Bid. Ask. High 85 '16 87% '16 53% Dec. 55 Dec. Low. 42 '18 45 '20 43 May 45 May TENNESSEE STAVE & LUMBER CO. (The) 1st 7s. Due eacli July 15 and Jan. 15 as follows: $80,000 from July 15, 192%, to July IS, 1924, incl.; $25,000 from Jan. 15, 1925, to July 15, 1930, incl. Dated Jan. 15, 1921. Interest payable July 15 and Jan. 15 at Continental & C(flbmercial Trust & Savings Bank, Chicago. ' Tax Status — 2% Federal Income Tax paid by the company without deduction. Antliorized $750,000 Outstanding 400,000 Keserved for Bxt 360,000 Denominations — Coupon, $100, $500 and $1,000; registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on any interest date at 101 and interest. Sinlcing: Fund — $5.00 per thousand feet for timber cut, log scale, and in no event shall this accounting be less than the Releas- ing List filed with the Trustees. While the mortgage covers all timber owned by tlie company it may remove .6,500,000 ft. without accounting therefor. The moneys paid for releases constitute a fund to retire the prin • cipal only of this bond issue. Organization — Incorporated in Tennessee, Capitalization Outstanding Common .' $744,000 Preferred 200,000 Funded debt 400,000 Secured by a first lien on 30,541 acres in Fentress and Scott Counties, Tenn. , owned in fee except 4,802 acres. Arrangements have been made to acquire all in fee except 402 acres. 26,241 acres are virgin timber lands, estimated to carry over 122,547,000 ft. of merchantable timber, approximately 75% of which is Forked-Leaf White Oak, Poplar and Hickory. Valued at $900,000. 2 bond mills and accessories, one operat- ing at Oneida, Tenn., the otlier being com- pleted at Louvain, Tenn. Also logging rail- road, railroad and wo.ods eduipment, com- missaries, dwellings, etc., which with addi- tional facilities being installed are valued at $250,000. $100,000 of 8% notes of the Oneida & Western Railroad Company, due $2,000 monthly beginning Jan. 12, 1922 being the 13 puroliase price for 4.8 miles of main line and sidings now being completed by the Lumber Company, all subject to the formal approval of the Interstate Commerce Com- mission. Valued at $100,000. Entire $750,000 of capital stock of said Railroad Company, a common carrier run- ning from Oneida, Tenn. (on the main line of Southern Railway System, 208 miles south of Cincinnati), to a point beyond Stockton, Tenn., a distance of 28 miles. The rail- road is broad gauge, standard construction, opens up a large territory, serves a large number of Industries, including saw mills and coal mines, and in earning a fair return on its capital. Valued at $750,000. Total value of property covered $2,000,000. Original Market — $400,000, offered May, 1921, by Baker, Fentress & Co., Chicago, on an 8% basis. TERMINAI, HOXEI.S COMPANY (THE) (Cleveland, O.) First Morteage teasehold 68. Due $16,000 each AprU 1 from 1920 to 1928 Inclusive: $100,000 April 1, 1020: $125,000 April 1, 1930; $126,000 April 1, 1931, and $126,000 April 1, 1932. Dated April 1, 1917. Interest payable April 1 and October 1 at Citizens Savings & Trust Co., Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,760,000 Outstandinsr (Jan. 1, '21) 1,675,000 Matured and Paid 75,000 Denomination — Coupon, $1,000, $600 (ma- turities from 192S to 1932 inclusive) and $100 (1932 maturity only). Trustee — Citizens Savings & Trust Co.. Cleveland. Redeemable at 102 and interest. Organization — Incorporated in Ohio. Secured by a first mortgage upon the com- pany's leasehold estate in the land fronting 200 feet on the Public Sauare, with a depth of 233 feet along the south Bide of Superior Avenue, and 197 feet on West Third Street, containing in all about 46,000 sQuare feet. This lease calls for a flat rental of $105^000 per annum for 99 years, with an option to purchase. A one thousand room hotel was erected on the site at a cost of $3,799,955, exclusive of furnishings and equipment, upon which these bonds constitute less than a (0% loan. The property is leased to The Hotel Cleve- land Co. for 30 years at an annual rental of $398,983, plus taxes, insurance and repairs. The ownership of the real estate is vested In land trust certificates, aggregating $1,800,- 000, which are owned by several of the larger banks and trust companies of the city. Fire insurance Is maintained for the benefit of the bondholders. Original Market — $1,750,000 offered Janu- ary, 1919, by The Tillotson & Wolcott Co., Cleveland, at prices to net 7%. TERMINAL RAILROAD ASSOCIATION OF ST. LOms l9t 4%8. Due Oct. 1, 1939. Dated October 1, 1889. Interest payabi* April and Oct. 1, at J. P. Morgan & Co- New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .. .$7,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. Guaranteed as to interest by proprietary companies. Organization and Control — Incorporated In Missouri In 1889 and owns and operates ex- tensive terminals including belt lines and bridges. In the Interest of the following com- panles which own the entire stock; Cleveland, Cincinnati, Chicago & St. Louis Ry.. the lrf)uisvme & Nashville R. R.. the Missouri Pacific H. R.. the Wabash R. R.. the Balti- more & Ohio R. R., the P. C. C. & St. L. R. R., the St. Louis-San Francisco R. R., the Chlcaeo, Rock Island & Pacific Ry., the Chi- cago & Alton R. R., the Chicago, Burlington & Quincy R. R.. the Missouri, Kansas & Texas B. R., the Southern Ry., the Illinois Central R. R. and the St. Louis Southwestern Ry, Under a proprietary agreement, each of the companies covenants to pay one-filteenth of the Interest, taxes and other charges, in case of deficiency. Capitalization. Outstanding. Common $3,087,800 Funded debt 21,700,000 Secured by first mortgage upon entire prop- erty of company. Including Union Passenger Station and extensive freight terminals in the centre of St. Louis, Mo. Further secured by deposit with the Trustee of the entire capital stock of the Union Ry. & Transit Co. of Illinois and the Terminal R. H. of Bast St. Louis through which they are a first lien on railroad yards and real estate in Elast St. Louis, operated for the interchange of freight and passenger traffic. Underlies — Cons. 58, of 1944, and Gen, Ref, 4s, of 1953, -which provide for the retirement of this Issue. Tears ended June 30; 1920 $2,838,075 1919 2,813,912 1918 2,733,263 1917 3,266,188 1915 3,010,220 Net. Int. & Rent. $2,639,348 2,705,684 2,639,181 2,365,779 2,377,519 Ijegal for savings banks In Conn, and R. I. lilsted on the New York, Boston and ~St. Louis Stock !BlxchangeB. Original Market — $7,000,000 offered Feb., 1892, at 96% and Interest by J. P. Morgan & Co., New York, and J. S, Morgan & Co., Lon- don. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Finlay & Davenport, Joseph Bird Ford, Arthur B. Frank & Co., Sam'l Goldschmiat, Newborg & Co.. R. W. Press- prich & Co., Prince & Whitely, Redmond & Co., Roosevelt & Son, Struthers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey, E. A. Baker & Son, Carruthers, Pell & Co., Pynnhon & Co. Philadelphia — William W. Fogarty. LouisviUe, Ky.— J. J. B. Hilliard & Son. Price Range— N. Y. S. B. Jan. 1, '16, to Jan. 1, '21 „„ l*^? ,„ High 112 Jan. 16, '16 83 Sept. 10 Low. 79 July 12, '20 79 July 12 TERMINAI/ EAILKOAD ASSOCIATION OF BT. LOUIS Ist Cons. 6s. Due AoE. 1. 1944. Dated Nov. 10, 1894, Interest payable Feb. and Aug. 1, at J. P. Morgan & Co., New °Tax Status— 2% Federal Income Tax paid by company without deduction. Anthori^cd Closed mortgage Ontstandlng $6,000,000 Denomination— Coupon, $1,000. Beglster- •ble as to principal. TroBtee— Guaranty Trust Co., New Tork. Guaranteed as to Interest by proprietary companies. See 1st 4%s. Organization, etc.— See 1st 4%s above. Secared by second mortgage upon entire terminal property of company, subject to the iBt 4%4s, and further secured by $1,780,000 stock and $1,500,000 bonds of the St. Louis Terminal Ry. Co., and $600,000 stock of the East St. Louis Belt R. R, Co. Prior Liens — $7,000,000 1st 4%s of 1939. Underlies — Gen. Ref. 4s due 1963, which provide for the retirement of this issue. Earnings — -See 1st 4%s above. Legal for savings banks In Conn, and R. I. Listed on the New York and 'St. Loul^ Stock Exchanges. Original Market — $4,600,000 offered May, 1895, at 92 and Interest, by J. P. Morgan & Co., New York, and J, S. Morgan & "Co., London; also offered In 1911 by Harris, Forbes & Co,, New York, at 112% and interest. Market. New York — Simon Eorg & Co., FInlay & Davenport, Carruthers, Pell & Co., Joseph Bird Ford, Sam'l Goldschmidt, Newborg & Co., Prince & Whitely, Redmond & Co., Raymond M Smith, Struthers & Hiscoe, Vilas & Hickey, E. A. Baker & Son, F. J. Lisman & Co. Philadelphia — Daniel & Co. Louisville, Ky. — George T. Wood & Son. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 120% Feb. 5, '06 87% Oct. 15 Low. 80 Dec. 23, ''20 80 Dec. 23 Merchants pledge of shares of stock of the St. Louis Bridge Terminal Ry. Co. $35,000 TERMINAL RAILROAD ASSOCIATION OF ST. LOUIS Oen. Ref. 4b. Doe Jan. 1. 1963. Dated Jan. 1, 1903. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorlzed $50,000,000 Outstanding (Jan. 1, '21) 21,700,000 Retired by S. F 1,500,000 Held by Company 6,082,000 Reserved to Retire Prior Liens 12,000,000 Reserved to refund St, L, Merchants Bridge 6s and St, L. Merchants Bridge & Term. 5s 5,500,000 Reserved for Ext 3,218,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000 and multiples thereof. C. & B. Interchangeable. Trustees— Central Union Trust Co., New York, and Wm. Taussig, St. Louis, Mo. Redeemable at 110 and interest on any In- terest date on and after Jan. 1, 1910, on 60 days' notice. Sinking Eund — To retire $100,000 of these bonds annually on and after July 1, 1906, at not to exceed 110 and Interest. Guaranteed as to interest and sinking fund by proprietary companies. See 1st 4%s. Secured by mortgage upon entire property of company, and by a first lien on the following stocks : East St. Louis & Carondelet Ry. . . . $420,000 St. Louis Belt & Terminal Ry 1,936,000 Granite City & Madison Belt Line R. B 100,000 Illinois Transfer B. B 600,000 Terminal Bealty Co 100,000 St. Louis Merchants Bridge Terminal Ry 1,169,300 $4,216,300 Prior Liens — $7,000,000 Terminal R. R. As- sociation 1st 4%s of 1939, and of $6,000,000 Term. R. R. Assoc. 1st Cons. 5b of 1944, for the retirement of which bonds of this iBSue have been reserved. Earnings — See 1st 4%». Legal for savings banks in Conn, and R. I. Listed on the New Tork and Boston Stock Exchanges. 1311 Original Market — Offered In 1911. by Lee. Co. $268,800 ot the H. 926, 800 common stock. HlBBinson & Co.. at 97 ?4 and Interest. In Jan.. 1917, the Vandalla R. B. Co. with Market other companies was mereed into the P. C. C. New York— Simon Borg & Co., Finlay & * St. L. K. K. Co.. a new company, which Davenport, Joseph Bird Ford, Newborg & assumed the above lease. Co., Prince & Whitely, Redmond & Co., But- Capitalization. Outstanding. ter & Co., Struthers & Hiseoe, Vilas & Common $1,926/800 Hickey, E. A. Baker & Son, Carrutliers, Pell Preferred 1.837.400 & Co., Pynchon & Co. Funded debt 2,230,000 Price Range — ^N. Y. S. B. Secured by a first mortgage on 145.07 Jan. 1, 'GO, to Jan. I, '21 19S0 miles of road, viz.: Miles. High 100^4 Feb. 26,-06 74% Oct. 16 Farrington to Hervey City, 111 76.86 Low. 61 Se pt. 24, '18 62% July 15 Hervey City to Decatur, III '7.62 TEBRE HAUTE & INDIANAPOLIS RAH. Maroa to Farmdalo. 111. .......... 60 70 ROAD CO. Cong. Ist 5s. Due Jnly 1, •Owned Jomtly with the Illinois Central 19«6. E. R. Co. Dated July 1. 1886. Interest payable Jan. Legal for savings banks in Cal., Me.. Mo. and July 1, at Penna. E. E. Co.. New York. and Ore. Tax Status — Payment of Federal Income Market. Tax not assumed by company. New York — Simon Borg & Co., Sam'l Gold- Anthorlzed Closed mortgage sehmidt, Taylor, Smith & Hard, Carruthers, Ontstandlng $1,899,000 Pell & Co., Wolff & Stanley, John Nickerson, Denomination — Coupon, $1,000. Jr. Trustee — Farmers' Loan & Trust Co.. N. Y. Philadelpliia — Parsly Bros. & Co. Assumed by the P. C. C. & St. L. E. E. Pittsburgh— R. B. Hutchmson & Co. Co. Price Range. Control — Consolidated in 1906 into the Van- Jan. 1, '09, to Jan. 1, '21 1920 dalia E. E. Co.. which was merged with Bid. Ask. Bid. Ask. other roads Jan.. 1917, Into the Pittsburgh, High 113% '09 118 '09 82 Feb. SOy^Feb. Cincinnati, Chicago & St. Louis B. R. Co. Low. 75 '20 83 '20 75 May 83 May Secured 'by a first mortgage on 103.12 miles Jndiana-imnols State Line near Far- TBKRE HAUTE SVraSTERN RAILWAY CO. rington to Indianapolis. Ind 80.21 t» \ j ^t" v. i i on^' \^tJtl',, „=.„=m= -m,-^ Knightsville to Centre Point, Ind 8.16 , »»'«.;« ^o-y. 1. 1907. IntereBt payable May Brazil to Saline City Ind 11 80 ^ ^nd Nov. 1. at Trustee's ofiBco. ?eTre'Hau^tfto'gew;y?nd:::::. •::::: "IS ^^''"J*t'"^'l7tf,^x,^r'^^ "^^ ""'* UnderUcs— Vandalia R. R. Cons. 4s, and "5'.'=?"^"^ without deduction. P: C. C. & St. L. R. R. Gen. Mtge. under Authorized and ODtstanding $260,000 which bonds are reserved to retire this issue. Denomination — Coupon. $1,000. Register- Marknt a*'^^ *^ *° principal. New York-Simon Borg & Co., Raymond Trustee-New England Trust Co., Boston, M. Smith, Taylor, Smith & Hard, Carruthers, J"as3. , , , . , » » ,. Pell & Co., F. H. Hatch & Co., Abraham & Guaranteed as to principal and Interest by Co. endorsement by the Terre Haute Traction & Philadelphia — Parsly Bros. & Co. Light Co. Price Range Organization and Control — Incorporated In Jan. 1, '09, to Jan. 1, '21 ' 1920 ""°^« ^ "»'• ^he property is leased to Bid Ask. Bid. Ask. the T. H. T. & L. Co. for 999 years from High 108 '11 109 '09 89% Nov. 94 Mar. Nov., 1907. and the property of the latter Low. 84 '19 85 '19 86 May 90 Sept. company Is leased for 999 years to the T. H. I. & E. T. Co. The entire $160,000 pre- TERRE HAUTE & PEORIA RAILROAD CO. terred and $200,000 common stock of the 1st Cons. 59. Due Sept. 1. 1942. T. H. & W. Ry. Co. is owned by the Terre Dated Sept. 1, 1892. Interest payable Haute, Indianapolis & Eastern Traction Co. March and Sept. 1. at Penna. E. E. Co., New Capitalization. Outstanding. York. . „^ , , Common $200,000 Tax Status — Payment of Federal Income Preferred ISO, 000 Tax not assumed by company. Funded debt ...!.!!!!.!!!! 2Bo!oOO Outstanding 2230000 Secured by a first mortgage on 11 miles of Denomination— Coupon.' ■ $1,000. Register- electric railway from near Sanford. Ind.. to able as to principal Pans, III. Except in towns of Vermillion Trustee— Union Trust Co.. New York. *"^ Fa^a. III., road runs on private rlght-of- Gnaranteed principal and Interest by the ^ay. Franchises run for 20 years and 50 Terre Haute & Ind. E. E. Co.. by endorse- ^^ars respectively In these towns. ment. Years ended Dec. 31: Assumed by the Pittsburgh, Cincinnati, Chi- Gross. Net. Interest. cago &Tst. Louis R. E. Co. 1920 $72,380 $26,001 $12,500 Organization and Control — Incorporated in 1919 64,908 19,226 12,500 Illinois in 1887 as successor to the Illinois, 1918 50,880 15,049 12,500 Midland R. R. In 1892 property was leased ^'" 54,580 23,015 12,500 for 99 years to the Terre Haute & Indian- Original Market — First offered at 9B and apolis R. E. at a rental of 30% of gross earn- Interest by Hunt. Saltonstall & Co., Boston, Ings. taxes. Interest and rentals to be de- and Ervin & Co., Philadelphia, ducted. In 1906 latter company was mereed Mnrkpt Ino the Vandalla E. B. which assumed this „,.,■,,,. "»»i'^»"- lease. Of the $1,837,400 preferred stock of IhUadelplua— Ervin & Co. the Terre Haute & Peoria, $646,700 Is owned Price Itanere by the Pittsburgh, Cincinnati, Chicago & St. jan. 1, '19, to Jan. 1. '21 loan Louis E. R. Co.. and $1.1«8,200 by the Penn- Ask! sylvanla Co., which controls the P. C. C. & High 82 '19 Not St. L. R. E. The P. C. C. & St. L. R. R. Low. 75 '19 Available. 1312 TEERE HAUTE ELECXEIC CO. Ist 6s. Dne July 1, 1939. Dated July 1, 1889. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding Jl, 500, 000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Union Trust Co., Indianapolis, Ind.. and Boston Safe -Deposit & Trust Co., Boston. Guaranteed as to Interest under terms of lease by the T. H., Ind. & Eastern Ey. Co. Assumed by the Terre Haute Traction & Light Co. Control — Absorbed In 1904 by the Terre Haute Traction & Light Co. The entire J2.- 000,000 common stock of the latter company Is owned by and its property leased for 999 years from 1907 to the Terre Haute, Indian- apolis & Eastern Traction Co. The latter company pays as rental 6% on $1,000,,000 preferred stock and 5% on $2,000,000 common. Interest on bonds and $1,000 organization ex- penses. Secured by a first mortgage on plant sup- plying Terre Haute, Ind., with electric light and power. Population, 63,000. Principal franchises are perpetual and others average 30 years from Jan., 1906. Underlies — T. H. Trac. & Lt. Co. 1st Cons. 5s of 1944, under which mortgage bonds are reserved to retire this Issue. Earnings — See Terre Haute Traction & Light Co. Listed on the Boston Stock Exchange. Market. New Tork — Fred H. Hatch & Co., G. K. McAllister & Co., Carruthers, Pell & Co., E. A. Miller & Co., Berdell Bros., John Nick- erson, Jr. Baltimore — Jenkins, Whedbee & Poe, How- ard R. Taylor & Co. Price Range, Jan. 1, '13, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 100 '13 102 '13 74% Nov. 78 Oct Low. 73 '20 78 '20 73 Oct. 78 Oct. TEERE HAUTE, INDIANAPOLIS & EAST- ERN TRACTION CO. 1st & Ref. S. V. 6s. Due April 1, 1945. Dated April 1, 1910. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Antliorized $8,000,000 Outstanding (Jan. 1, '21) 5,607,000 Held in S. E 8"'S22 Reserved for Ext 1.600,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable as a whole at 106 and Interest on any Interest date. Sinking Fund — $66,000 annually from Feb. 1 1911, to 1916, inclusive, and $106,676 an- nually on Feb. 1 thereafter, to be applied to the purchase or redemption of these bonds at not over 102% and Interest. Bonds so re- deemed to be kept alive and Interest added to sinking fund. , j, _. Organization — Incorporated in Indiana, March 23, 1907. Consolidation of the In- dianapolis Coal Traction Co., the Richmond Street & Interurban Railway Co., the In- dianapolis & Eastern Railway Co. and the Indianapolis and Western Railway Co. In, 1907 leased the Terre Haute Traction and Light Co., the Indianapolis & Northwestern Traction Co.. and the Indianapolis & Mar- tinsville Rapid Transit Co.; in 1912. leased the Indianapolis, CrawfordsvUie & DansvIIIe Electric Railway Co. Owns (with the excep- tion of Directors' shares) the- entire capital stock of Indianapolis & Martinsville Rapid Transit Co., the entire common stock of In- dianapolis & Northwestern Traction Co. and Terre Haute Traction and Light Co.; also the entire common stock of the Indianapolis Street Ry. Co. The Terre Haute, Indian- apolis & Eastern Traction Co. controls and operates 410 miles of street and interurban railway, embracing the entire street railway systems in Terre Haute, 27 miles and Rich- mond, Ind., 13 miles, and comprising a con- tinuous route from Paris, 111., through Terre Haute and intermediate towns to Indianapolis and thence to Richmond, Ind., together with other lines radiating from Terre Haute, In- dianapolis and Richmond. In May, 1918, purchased the stock of the West Indiana Utilities Co., which operates lighting plants at West Terre Haute and. Brazil, Ind. Capitalization. Outstanding. Common $9,100,000' Preferred (5% cum.) 9, 100, 000' Funded debt 5,684,000 Secured by a direct lien on 157 miles of railway. Including lines between Indianap,oll9 and Brazil, Indianapolis and Richmond, ^nd Indianapolis and Danville, also the Richmond city lines, together with the equipment and power plants therefor, being a first lien on about 101 miles and a lien on the remaining mileage, subject only to $52,000 underlying bond and for the retirement of which $52,000 in cash has been deposited. Additionally secured by pledge of the entire capital stock, $1,000,000 common stock of the Indianapolis Street Ry. Co. (incorporated 1919) and the entire comnLon stocks of the Indianapolis & Northwestern Traction Co., the Indianapolis & Martinsville Rapid Transit Co. and the Terre Haute Traction and Light Co. The great majority of franchises extend well beyond the maturity of these bonds. Fran- chises in Indianapolis expire in 1933. Years ended Dec. 31: Gross. Net. •Charges. 1920 $5,444,836 $1,327,012 $1,135,175 1919 4,697,537 1,250,668 1,123,019 1918 3,882,516 1,177,760 1,113,954 1917 -3,455,708 1,188,873 1,102,107 •Rentals, interest and sinking funds. Listed on the Indianapolis Stock Exchange. Original Market — $6,500,000 offered in May, 1910, by Drexel & Co., Philadelphia, Lee, Hlg- glnson & Co., Estabrook & Co., Boston, etc., at 95 and Interest. Market. New York — Dunham & Co., Carruthers, Pell & Co., G. R. McAllister & Co., Chas. E. Doyle & Co., Berdell Bros. Pliiladelphia — Bauer, Starr & Co., Henry D. Boenning & Co., Elklns, Morris & Co., McCown & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Aslc High 97y2 '12 98% '13 55 Apr. 58 Dec Low. 40 '20 45 '20 40 Dec. 45 Dec. TEERE HAUTE TRACTION ft LIGHT CO. 1st Cons. Ss. Dae May 1, 1944. Dated May 1, 1904. Interest payable Mar^ and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid* by company without deduction. Authorized $5,000,000 Outstandinj; (Jan. 1, '21) 3,039,000 Retired by S. F 461.000 Reserved for Prior Liens 1,600,000 Denomination — Coupon, $1,000. Tnistees — State Street Trust Co., Boston, and United States Trust Co., Terre Haute, Ind. 313 Redeemable as a whole at 110 and interest on any Interest date upon 70 days' notice. Sinldng Fund — Semi-annual cash payments, begmning- May 1, 1906, of an annual sum equal to 1% of outstanding bonds. Fund to be applied to the purchase of bonds of this issue at not exceeding 110 and interest and if not, so purchasable the Trustee shall invest fund in its discretion in these bonds at a higher price or in first mortgage bonds of street railway or lighting companies in the United States. Bonds acquired are to be can- celled. Guaranteed as to interest under terms of lease by the Terra Haute, Indianapolis & Eastern Traction Co. Organization and Control — Incorporated in Indiana in 1903 as the Terre Haute Electric Traction Co. and present name adopted in 1904 and acquired the property of the Terre Haute Electric Co. Leases the property of the Terre Haute & Western Ry. Co. for 999 years from 1907 and guarantees principal and interest on that company's $250,000 1st 5s. also 6% on $150,000 preferred stock, 5% on $200,000 common stock and $ 5 per annum organization expenses. The entire $2,000,000 common stock is owned by the Terre Haute, Indianapolis & Eastern Ry. Co. and is de- posited under that company' s 1st and Ref . 5s. The property is also leased to the latter company for 999 years from 1907. Rental interest on bonds 6% ©n $1,000,000 preferred stock and 5% on $2,000,000 common stock (all owned as above) and $1,000 per annum organization expenses. Capitalization. Outstanding. Common $2,000,000 Preferred (6% cum.) 1,000,000 Funded debt ; . . 4,539,000 Secured by a first mortgage on 87 miles of street and interurban railway track, including 27 miles of street railway track in Terre Haute, Ind., and interurban extensions radi- ating from that city; a second mortgage on steam, heating plant and plant supplying electric light and power in Terre Haute and Brazil and a lien on 999 years leasehold in 11 miles of interurban track. Franchises for lighting are unlimited in time; railway in Terre Haute, Brazil and Clinton expire in 1963, other franchises in 1930, 1?49, 1952 and 1955. Interurban lines are largely on private right-of-way. Prior Xien — $1,500,000 Terre Haute Electric Co. 1st 5s of 1929 for the retirement of which bonds are reserved under this mortgage. Years ended Dec. 31: Gross. Net. Int. & S. F. 1920 $2,322,551 $679,835 $309,987 1919 1,816.429 528,252 308,505 1918 1,572,977 520,415 302,893 1917 1.490,638 650,860 296,460 1916 1,410.370 657,342 298,380 Market. New York — Fred H. Hatch & Co., Morton Lachenbruch & Co., E. A. Baker & Son, Vanderhoef & Robinson. Boston — Merrill Oldham & Co., Estabrook & Co. Baltimore — Howard R. Taylor & Co. Price Range. Jan. 1, '14. to Jan. 1, '31 1920 Bid. APk. Bid. Ask. High 98 li. '17 100 '14 72 Dec. 75 Dec. Low. G5 '20 70 '20 65 Nov. 70 Nov. Authorized $750,000 Outstanding 500.000 Unissued 250,000 Purpose of Issue — To finance in part ma- turity of $972,000 1st 4%s, due June 1, 1919, penominations— Coupon, $1,000, registerable as to principal. Trustee — Fletcher American National Bank of Indianapolis. Organization — Incorporated in Indiana in 1871. Charter extended May, 1919. Capitalization. Outstanding-. Common $756,500 Preferred (6% cum.) 493,900 Funded debt 600,000 Secured by a first mortgage on plants sup- plying water to Terre Haute, Ind. Company surrendered its franchise in 1913 and is now operating under an indeterminate permit under the Public Utility Law of Indiana. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $253,065 $81,221 $40,123 1919 334,841 103,880 35,964 1918 205,461 90,262 44.965 1917 177,152 90.557 46,220 Original Market — $500,000 offered May, 1919. by Fletcher American Company, Indianapolis, at 99^,^ and interest. TEXARKANA GAS & ELECTRIC LIGHT CO. 1st 5s. Due July 1, 1930. Dated July 1, 1905. Interest payable Jan. and July 1, at Central Trust Co. of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding $443,500 Denomination — Coupon, $500. Registerable as to principal. Trustee — Central Trust Co. of III.. Chicago. Redeemable on any interest date at 105 and Interest. Control — Absorbed by the Southwestern Gas & Electric Co. and is the Texarkana Division of that company. Secured by a first mortgage on plants sup- plying natural gas and electricity to Texar- kana, Ark., and 13 miles of street railway in that city. Population served, 22,000. Fran- chises expire in 1950. Natural gas is ob- tained from the Caddo field in Louisiana and is also used in generating electricity. Underlies — Southwestern G. & El. 1st & Ref. 5s of 1932, which provides to retire this issue. Earnings — See Southwestern Gas & Electric Co. Original Market — First offered by Charles S,. Kidder & Co.. Chicago, at par and interest. Market, New York— Carruthers, Pell & Co., Gilbert J. Postley & Co., J. S. Bache & Co., East- man, Dillon & Co. Chicago — Peoples' Trust & Savinsra Bank. H. T. Holtz & Co. Milwaukee — ^Morris P. Pox & Co Erie, Pa. — Jos. L. Pelton. Providence — Bodell & Co. Texarkana — R. S. Cheatham. Price Range. Jan. 1, '16, to Jan. 1, '21 Bid. Ask. High Low. '16 70 *20 100 '16 SO '20 TERRE HAUTE WATER WORKS COMPANY 1st 6s. Due June 1, 1924. Dated May 31, 1919. Interest payable June 1 and Dec. 1, at Trustee's office, Indianapolis. Tax Statas — 2% Federal Income Tax paid by company without deduction. 1314 1930 Bid. Ask. 88 Jan.' 95 Jan. 70 July 80 July TEXAS & NEW ORLEANS RAILROAD CO. Cons. 5s. Due July 1. 1943. Dated July 1. 1893. Interest payable Jan. omce.'"N^w\ork'°"*^^'" ^"°^^^ ^°-^-^'« Tax Status — Payment of Federal Income Tax not assumed by company, Anthorlzed $4,196,000 Oatstandine 1,620,000 Reserved for Corporate Par- poses 2,676,000 Denomination — Coupon, $1,000. Reglsterable as to principal only, or fully registerable. Trustee — Guaranty Trust Co., New York. Organization and Control — Incorporated in Texas in 1874 as a reorganization of the for- mer Texas & New Orleans R. K. Co. $4,999,- 100 of $5,000,000 capital stock is owned by the Southern Pacific Co. Capitalization. Outstanding. Common $6,000,000 Funded debt 10,013,742 Secured by second mortgage equally with $2,675,000 Sabine Div. 1st 63 on 103 miles from Sabine Pass to Rockland, Texas, and by second mortgage on 104 miles from Hous- ton to Orange, Texas. Prior I/iens — $2,676,000 Sabine Div. 1st 6s of 1942 and $862,000 T. & N. ' O. 1st 6s of 1936, all of which are owned by the South- ern Pacific Co. or' held in Sinking Fund. ¥ears ended Dec. 31: Net. $842,698 868,784 1,673,314 2,347,987 Int.&Rent. $827,937 835,949 663,147 1,005,919 Gross. •1919 $715,136 •1918 715,136 tl918 1,899,677 1917 1,482,750 •Corporate account. tPederal account — standard return not In- cluded. Market. New York — Prince & Whitely, Raymond M. Smith, Carruthers, Pell & Co., Pynchon & Co., Prince & Wliltely, Tobey & Kirk. Price Range — ^N. T. S. E. Jan. 1, '06, to Jan. 1, '31 High 110 Apr. 10, Low. 85 July 10, 1920 Bid. Ask. 83 Jan. 85 May 73 Dec TEXA.S & KEW ORIiEANS RAM/ROAD CO. Dallas Div. 1st 4s. Due Aug. 1. 1930. Dated August 1, 1900. Interest payable Feb. and Aug. 1, at 166 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized (per mile) $20,000 Outstanding 680,000 Owned by S. P. Co 696,000 Owned by S. P. R. B. Co 963,000 Held in various Sinking Funds.. 1,768,000 Denomination — Coupon, $1,000. Registerable as to principal, or fully registered. Trustee — Central Union Trust Co., New York. Controllea by the Southern Pacific Co. See Cons. 5 s. ■ Secured upon 211.30 miles of road as fol- lows; A first lien on 310.60 miles — Miles. Bonita Jet. to T. & P. Crossing, Dal- las, Tex 162.71 Rockland to Dorr Jet., Tex 47.89 A second lien on 6.70 miles — Orange to Sabine River, Tex., covered by the first lien of the First (Main Line) 6s 6.70 Prior Liens — $862,000 1st (Maine Iiine) 6s of 1935. all of which are owned by the Southern Pacific Co. or held in sinking fund. Earnings — See Cons. 6s. Market. New Tork — Sam'l Goldsehmidt, Chas. W. Place, Carruthers,. Pell.iS: Co., Wolff & Stan- ley, Finlay & Davenport," Edwin -Wolff. Pittsbarffh — R. B. Hutchinson & Co. High Low. Price Ranee. ', '08, to Jan. 1, '81 Bid. Ask. 93 'OS 94 '09 60 '17 75 '17 1980 Bid. Ask. 76 Jan. 80 May 60 Nov. 78 Oct. Ist TEXAS & OKI.AHOMA RAILROAD CO. Ss. Due Sept. 1, 1943. Dated Sept. t, 1903. Interest payable March and Sept. 1, at Company's ofiice, 61 Broadway, New York. Default — March 1, 1916, and subseuuent In- terest. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding $2,347,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the M., K. & T. Ry. Co. . Guaranteed principal and interest by en- dorsement by the Mo., Kan. & Tex. Ry. Control — Incorporated in Oklahoma In 1902 and in 1903 was merged into the Missouri, Kansas & Oklahoma K. R., which was con- solidated with the Mo., Kan. & Tex. Ky. in 1904, now in hands of receiver. Protective Committee — ^F. N. B. Close, Chairman, John W. Hamer, R. Walter Leigh. William W. McClench and J. W. Stedman, with P. D. Bogue, Secretary, 16 Wall St., New York, and Bankers' Trust Co., deposi- tory. _ Secured by first mortgage on 118.65 miles from Oklahoma City to Coalgate, Okla. Underlies — ^M., K. & T. 1st and Ref. 4s due 2004; Gen. 4%s due 1936 and the Consolidated 5s due 1940, all of the bonds outstanding un- der the latter issue being deposited as secur- ity for $19,000,000 notes and bank loans. Listed on the New York Stock Exchange. Original Market — $2,347,000 offered in Sept., 1904, by Clark, Dodge & Co., New York, and Lee. Higglnson & Co., Boston, at 99 and interest. Market. New York — Wm. C. Orton & Co., Car- ruthers, Pell & Co., Wolff & Stanley, Pyn- chon & Co., Hartshorne & Battelle, Taylor & White, Edwin Wolff. Price Range— N. Y. S. B. Jan. 1, '09, to Jan. 1, '81 1920 High 111% Feb. 2, '09 40 Oct. 21 Low. 28% Sept. 14, '20 29% Sept. 14 Ist TEXAS & PACIFIC RAILWAY CO. Cons. 5s. Due June 1, 2000. Dated February 1, 1888. Interest payable June and Dee. 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized i $25,000,000 Outstanding .....; 26,000,000 Denomination— Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Fidelity Trust Co., Philadelphia, Pa. Organization: — Incorporated under Acts of Congress In 1871 and reorganized under fore- closure In 1887. Capitalization. Outstandlne. Common $38,763,810 Funded debt 69,749,189 Receivership— In 1916 Pearl Wight (suc- ceeded by Charles L. Wallace) and J, L. Lancaster were appointed receivers as a re- sult -of an action started by B. F. Bush, re- ceiver for . the St. Louis, Iron . Mountain A Southern R. R. to enforce payment of a judg- ment of $410,000. Becnred by first mortsage on 1,394.60 miles of road, viz. ; Miles. New Orleans to Shreveport, La 326.03 Texarkana to Fort Worth, Tex., via Marshall 24B.13 Texarkana to Fort Worth, Tex., via Whltesboro 244.26 Ft. Worth to Sierra Blanca, Tex 623.11 Reisor (near Lucas), La., to Marshall, Tex 34.26 Plaquemine to Indian "Village, La 7.12 Addis to Port Allen, La 8.40 Mingus to Thurber, Tex 6.29 Also a first lien on warehouses, terminal properties in Westwe&o, Gouldsboro and New Orleans, coal mines at Gordon, equipment, etc, Unflerlies — $26,000,000 2nd Cons. Income 6s, due 2000. of which $23,703,000 are de- posited under the St. Louis, Iron Mt. & Southern Unifying and Kef. 4s. Years ended Dec. SI: Gross. Net. Int. & Rent. tl919 $36,212,438 $6,776,691 $1,927,447 •1918 4,107,432 4,649,538 2,867,967 tl918 27,294,833 6,381,764 1,086,427 1917 22,714,007 6,871,787 2.635.716 1916 20.868,667 6,133,636 2,646,266 1916 18,496,246 3.898,244 2,614,~016 •Corporate account. tPederal account — standard return not In- cluded. Listed on the New York and Philadelphia Stock Exchanges. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Arthur E. Frank & Co., SamT Goldschmidt, Newborg & Co., Roose- velt & Son, Struthers & Hiscoe, Vanderhoef & Robinson, Vilas & Hickey, Carruthers, Pell & Co.. Chas E. Doyle & Co., E. Wolff. . Price Range — ^N. Y. S. B. Jan. r, '06, to Jan. 1, '21 1920 High 124 May 17, '06 85 Jan. 15 Low. 76% Apr. 22, '20 75% Apr. 22 TEXAS Ss PACIFIC RAILWAY CO. Snd Cons. Income Ss. Dne Dec. 1, 2000. Dated Feb. 1, 1888. Interest payable Mar. 1, if earned, at Trustee's office. Record of interest payments: % — 1900; 4 — 1901; 5 — 1902: 6 — 1903: 6 — 1904; 6 — 1906: 6 — 1906; 6 — 1907; 3% — 1908; 0—1909 to 1918. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorlzed $26,000,000 Ontstandlng 959,000 Held in Treasury 338,000 Xhcchanged for and deposited nnder the St. lionls. Iron Mt. & Sonthern Ry. Co. TTnlfylng Se Ret. 4b of 1929 23,703,000 Denomination — Coupon, $1,000. Reglsterable as to principal or fully registered. Trustee — Bankers' Trust Co., New York. Organization, Earnings, etc. — See 1st 5s, 2000, above. Secured by a second mortgage on 1,394.60 miles of road covered by the first Hen of the let 68. Prior lilen — $26,000,000 Ist 6s of 2000. liisted on the New York Stock Exchange. Market. New Yorlc — Simon Borg & Co., "Vander- hoef & Robinson, Carruthers, Pell & Co., H. I. Nicholas & Co. Price Range— N. Y. S. E. Jan. .1, '06, to Jan. 1, '%! 19S0 High 102 Jan. 9, '06 66 Apr. 16 tow. ' 29 May 20, '15 35 Deo. 16 ' ' 1316 TEXAS Se PACIFIC RAILWAY CO.— lAuis- iana Div. Branch Lines 1st 5s. Due Jan. 1, 1931. Dated January 1, 1901. Interest payable Jan. and .Tuly 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $7,000,000 Outstanding 4,970,000 In Treasury •. 713,000 Reserved for Ext 1,317,000 Denomination — Coupon, $1,000. Register|,ble as to principal only, or fully regjisterable. Trustee — Bankers' Trust Co., New York. Organization, Earnings, etc. — See 1st 6s, above. Secured by a first mortgage on 456.33 miles of road, viz. : Miles. Cyprus, via Shreveport, La., to Texar- l^ana, Tex 152.06 Reiaor to Lucas, La 8.10 Port Allen to Ferriday, La 101.60 Melville via Simmesport and Bunkie to Eunice, La 84. 69 Junction to Marksville, La ._ 8.85 Donaldsville to Napoleonville, li 15.60 Donaldaville to Thibodeaux, La 28.60 Melville to Crowley, La 57.04 Listed on the New York Stock Exchange. Market. New York — Sam'l Goldschmidt, "Vander- hoef & Robinson, Carruthers, Pell & Co., Edwin Wolff, F. J. Lisman. Baltimore — Jenkins, Whedbee & Poe. Cincinnati — Dudley "V. Sutphin. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 110 Feb. 23, '06 70 Nov. . 1 Low. 65^ Dec. 30, '20 6514 Dec. 30 TEXAS & PACIFIC RAILWAY CO. Eduip. Tr. 6s, Series "BB." Due $30,000 eadi Dec. and June 1 to Dec. 1, 1921, in- oiuslve. Dated June 1. 1912. Interest payable June and Dec. 1, at Blair & Co., 24 Broad Street, New York City. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $600,000 Outstanding (Jan. 1, '21) 90,000 Balance Retired. Denomination — $1,000. Trustee — Equitable Trust Co., New York. Secured by first lien on 20 locomotives, 1 combination baggage and mail car, 1 steel underframe private car, 8 steel imdnrframe chair' cars, 7 steal underframe coaches and 200 all steel gondola cars, costing' $694,760 of which $94,760 was paid In cash by the com- pany. Legal for savings banks in Ohio. Market. See Series "EE". TEXAS & PACIFIC RAILWAY CO. Equip Tr 5s. Series "DD." Due $25,000 each Jan. and July 1 to July 1, 1926, Inc. Dated July 1, 1916. Interest payable Jan. and July 1 at Blair & Co., New York. Tax Status— 2% Federal Income Tax paid by company without deduction Authorized $600,000 Outstanding (Jan. 1, '21) 275,000 Balance Retired. '.i",vuu Denomination — Coupon, $1,000. Trustee— Equitable Trust Co., New York becured by an equipment agreement on g locomotives, 100 steel underframe ballast cars and 8 steel combination baggage and mail oars costing $616,026. Legal for savings banks in Ohio. Market. See Series "EB". TEXAS & PACIFIC BAILWAT CO. J. I,. Lancaster and Pearl Wisht, Receivers. Eqolp. Tr. 6s. Series "EB." Dae $60,000 each Feb. 1 and Ang. 1, to Feb. 1, 19S7, Inolnsive. Dated Feb. 1, 1917. Interest payable Feb. ^ ^^^- ^ ^' Trustee's offloa. Tax Statns — 2% Federal Income Tax paid by the company without deduction. Authorized $1,200,000 Outstanding (Jan. 1, '21) 280,000 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bguitable Trust Co., New York. Redeemable as a whole at 100 and interest on any interest date upon 60 days' notice. Secured by an equipment agreement on 12 Santa Fe type freight locomotives, 7 Paciflc type passenger locomotives, 6 all-steel dining oars, 16 all-steel coaches, 6 all-steel combina- tion baggage and express cars, 2 all-steel combination coach and baggage cars, 1 120-ton steam wrecker, and 1 combination crane and pile driver, costing $1,503,862, of which $303,- 862 wag paid in cash. liCgral for saving:s banks in Ohio. Original Market — Ottered Feb., 1917, by Kuhn, Loeb & Co., and Blair & Co., New York. Market. Jfew Tork — Freeman & Co., Evans, Still- man & Co., Dunham & Co. . TEXAS CENTRAL RAII4ROAD CO. 1st 6s and 48. Due April 1, 1983. Dated April 1, 1893. Interest payable April and Oct. 1 at Farmers' Loan & Trust Co.. New York. Tax Status — 2% Federal Income 'Tax paid by company without deduction. Authorized $2,000,000 Outstanding 5s 1,860,000 4s 160,000 $2,000,000 Denomination — Coupon, $1,000. Registerable as to principal. , Trustee — Farmers* Loan & Trust Co., New York. Redeemable at 110 and interest on any in- terest date upon four weeks' notice. Organization and Control — Incorporated in Texas in 1892 and acquired the main line of the Texas Central Ry. sold under foreclosure. Practically the entire Preferred and Common Stocks are owned by the Missouri, Kansas & Texas Ry., which has pledged same under its Consolidated Mortgage. The property was leased for 99 years to the Missouri, Kansas & Texas Ry. of Texas in 1914. Capitalization. Outstanding. Common $2,675.n. Preferred (5% non-cum.) 1,325,000 Funded debt 2,000.000 Secured by a first mortgage on 308.72 mTles of road, viz. : Miles. Waco to Hotan, Tex 268.02 De Leon to Cross Plains, Tex 40.70 Refunding — Provision to refund these bonds Is made in. the M., K. & T. Cons. Mtge. Original Market — $798,000 offered in 1911 by P. J. Lisman & Co., New York, etc. Market. New York — Carnithers, Pell & Co., F: J. Lisman & Co., Hanson & Hanson, Wolff & Stanley, Ohas. E. Doyle & Co. Price Range. Jan. 1, '12, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Hleh 105 '10 106 '12 86 Jan. 88 Jan. Low. 74 '20 80 '20 74 Dec. 80 Dec. 1317 TEXAS COMPANY 3-Year 7% S. F. Notes, Due Mar. 1, 1923. Dated Mar. 1, 1920. Interest payable Mar. 1 and Sept. 1, at Chase National Bank, New York. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized < $36,000,000 Outstandingr (Jan. 1, '21) 32,749,000 Retired by S. F 2,251,000 Purpose of Issue — For the acquisition and development of additional producing proper- ties, extensions to refineries, construction and purchase of steamship, laying of new pipe lines and installation of additional marketing facilities. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Chase National Bank, New York. Redeemable as a whole or by lot in amounts of not less than $5,000,000 at 101 and inter- est at any time upon 30 days* notice. Sinking Fund — Beginning Sept. 1, 1920, the company shall provide a semi-annual sinking fund of $2,600,000 to be applied by the Trus- tee on each interest date on 30 days' notice to the purchase of notes tendered at not to exceed 100 and interest. On any semi-annual date when sufficient notes are not tendered the un- expended balance then available will revert to the company. Organization — Incorporated in Texas In 1920. This company is one of the largest corpora- tions in the world engage^ In the productlob, refining and distribution of petroleum products. Capitalization. Outstanding. Common $143,000,000 Funded debt 32,749,000 Security — ^A direct obligation of the company but not secured by a mortgage. Under the provisions of the trust agreement no mort- gage shall be placed on any of the property of the company now owned or hereafter ac- quired, other than purchase money mortgages specifically secured on properties hereafter ac- quired. The company shall, at all times maintain quick assets, as defined _ in the trust agree- ment, to an amount equal to at least 150% of the total liabilities. Including these notes and all other indebtedness. Tears ended Dec. 31: Gross. "^Net. 1920 $142,806,331 $44,446,835 1919 102,986,597 29,204,117 ■"After interest. Original Market — $.35,000,000 offered March, 1920, by a syndicate headed by William A. Read & Co. and Bankers Trust Company, New York, and Illinois Trust & Savings Bank. Chicago, at 99 and interest. Market New York — Ames, Emerich & Co., Dun- ham & Co., Salomon Bros. & Hutzler, Sea- songood, Haas & Macdonald, Bull & El- dredge, Mann, Pell & Peake, E. A. Miller & Co., Pynchon & Co., McDonnell & Co. Boston — Curtis & Sanger. Fhiladelpliia — Parsly Bros. & Co., Paul & Co. Chicago — Illinois Trust -& Savings Bank, Tilden & Tilden. TjOB Angeles — Banks, Huntley & Co. Sam Diego — Blyth, Witter & Co. Louisville, Ky. — Block, Fetter & Co. Price Range 1920 Bid. Ask. High 99 ^i Mar. 99% Mar. Low 96% Dec. 97^4 Dec. TEXAS ELECTRIC RAILWAY CO. iBt & Ref. 30-Year Ss. Due Jan. 1, }947. Dated Jan. 1, 1917. Interest payable Jan, 1 and July 1, In Chicago and New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized. Open mortgag-e. Outstanding (Jan. 1, '21) $5,571,000 Held in Treasury 52,000 Held by Trustees as a Special Accident' and Damage Fund.. 75,000 ProTisions of Issue — Additional bonds issu- able for 75% of cost of additions, etc., when net earnings for previous twelve months are eaual to at least twice annual interest charges on total issue. Provision is also made for refunding prior liens. Benomination — Coupon, $500 and $1,000. Begisterable as to principal. Trustee — Harris Trust & Savings Bank, Chi- cago. Redeemable on any Interest date to and in- cluding Jan. 1, 1942, at 105 and interest and thereafter at 102% and interest. Maintenance Fund — The company agrees to expend or set aside annually for maintenance the folio wing percentages of gross earnings : 11%, 1917: 12%. 1918; 13%, 1919; 14%, 1920; 15%, 1921, and each year thereafter. Any part of this fund not so used may be expended for extensions, etc. , which shall not be the basis for issuing additional bonds. Improvement and Sinking Fund — Annually, beginning April 1 , 1921, an amount in cash eaual to 1% of bonds of this issue and under- lying bonds outstanding on the previous Dec. 31 after making allowance for underlying sinking fund payments during the preceding year. This fund may be used for improve- ments or for the retirement of this issue or Underlying bonds. Organization — Incorporated in Texas, July, 1916, and acquired the properties of the Texas Traction Co. and' the Southern Traction Co. Operates 259 miles of main track. Owns 249 miles of main track (270 miles single track equivalent). Capitalization. Outstanding. Common $6,000,000 1st Preferred (7% cum.) 700,000 2nd Preferred (7% cum.) 3,000,000 Funded debt 9,102,000 Secured by a mortgage on 270.16 miles of street and interurban railway track, including the street railway systems in "Waco, Denison, Sherman, Corsicana, Waxahatchie and Mc- Kinney as follows: A first mortgage on 180.42 miles of track from Dallas to Corsicana, and Dallas via Waxahatchie to Waco; a mortgage subject to prior liens on 88.98 miles from Dallas via McKinney and Sherman to Denison. Further secured by deposit of $485,000 Texas Traction Co. 1st 5s of 1937. Enters Dallas over the tracks of the Northern Texas Trac- tion Co. and Dallas Consolidated Electric Street Ry. Co. The company purchases power under long term contracts from the Texas Power & Light Co. Interurban, lines are on private right-of-way either owned in fee or held under perpetual easements. City fran- (ihises with two unimportant exceptions extend well beyond the maturity of the bonds. Prior Liens — $1,337,000 (closed mortgage) bonds, viz.: $1,250,000 Texas Traction Co. 1st S. P. 5s, due Jan. 1. 1937, and $87,000 Denison & Sherman Ry. Co. 1st 5s, due July 1, 1927, for the retirement of which bonds are reserved under mortgage. Underlies — $2,160,000 25-year Conv. Deb. 6s of 1942. Years ended Dec. 31: Gross. Net. Interest. 1920 $3,454,615 $1,447,112 $474,177 1919 2,951,511 1,214,404 478,949 1918 2,381,475 951,721 473,901 1917 2,]3S,2G8 994.104 478,256 1916 1,829,009 804,871 512,491 Original Market — $4,804,000 offered Jan. 1917, by B. H. Rollins & Sons,, William R. 13 Compton & Co., Harris Trust & Savings Bank, Harris, Forbes & Co., Coffin & Burr and G. H. Walker & Co. at 94»^ and interest. Market. New York— Fred H. Hatch & Co., Earle A. Miller & Co., G. R. McAllister & Co;, Robert E. Horton & Co., Gilbert J. Postley, Car- ruthers. Pell & Co., Pynchon & Co. St. JCouis, Mo.— G. H. Walker & Co. MUwaulcee — F. A. Ba.rtlett Co. Price Ranse. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 84 '18 94Vj '17 70 Dec. 79 Apr. Low. 67 '20 70 '20 67 May 70 Dec, TEXAS ELECTRIC RAILWAY Conv. Deb. 6s. Due Jan. 1, 1942. Dated Jan. 1, 1917. Interest payable Jan. 1 and July 1, in._New York or Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Antliorized $3,000,000 Outstanding: (Jan. 1, '21) 2,160,000 Reserved for Corp. Purposes. . . 840.000 Denominations — Coupon, $500 and $1,000. Registerable as to principal. Trustee — St. Louis Union Trust Co., St. Louis. Redeemable at 102% and Interest on 30 days' notice on Jan. 1, 1922, or any interest date thereafter. Convertible par for par after Jan. 1. 1922, Into first preferred 7% cumulative stock of the company. If debentures are called con- version privileg-e extends to the date of re- demption. Org:anization, Etc. — See 1st & Kef. 6a. Security — A direct obligation of the com- pany but not secured by a mortgage. The company covenants that in case any new issue of mortgage bonds is created these debenturfes will either be called for payment or be made to share ratably in the security of the ijew mortgage. Prior Lien — $5,571,000 1st & Ref. 5s of 1947, $1,250,000 Texas Traction 1st S. F. 5s of 1937 and $87,000 Denison & Sherman Ry. 1st 5s of 1927. Earnings — See 1st & Ref. 5s. Original Market — $2,160,000 offered Feb., 1917, by E. H. Rollins & Sons, Boston, etc., at a price to yield 7%. Market. New York — Earls A. Miller & Co., Car- ruthers. Pell & Co., Bond & Goodwin, Rauscher & Mackay, Berdell Bros. Boston — Moors & Cabot, Chas. A. Day & Co., L. Sherman Adams. Price Range. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Hi^h 91id '18 7 6 Nov. 82 Sept. Low. 67 '20 76 '20 67 June 76 Nov. TEXAS POWER & LIGHT CO. 1st 5s. Due June 1, 1937. Dated June 1. 1912. Interest payable Juno and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $30,000,000 Outstanding 10,205,000 m Treasury 200,000 Reserved for Ext 19,595,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Bankers' Trust Co., New York. Redeemable as a whole at 105 and interest on any mterest date on or after June 1, 1917, or m part for sinking fund on and after June 1. 1915. Sinking Fund— Annually, on June 1, the followmg amounts: 1915 to 1917, inclusive, 1% of bonds outstanding; 1918 to 1920. In- clusive, 1%%; 1921 to 1936, inclusive, 2%, This fund is to be used,- for permanent addi- tions or improvements of for the purchase or redemption of these bonds at not over 105 ana interest. Orgranization and Control — Incorporated in Texas in 1912 and acquired the gas and elec- tric properties in Texas formerly controlled hy the American Railway & Li&liting Co., and including the "Waco Electric & Gas Co., Cleburne Electric & Gas Co., Hillsboro Elec- tric & Gas Co., Waxachaie Electric & Gas Co., Temple Electric Light Co.. Sherman Electric. & Gas Co., Bonham Electric & Gas Go. and Denison Electric & aGs Co. Controlled through ownership of capital stock by the Southwestern Power & Light Co., which is controlled by the Southwestern Utilities Co., a subsidiary of the American Power & Light Co., which in turn is con- trolled by the Electric Bond & Share Co., a subsidiary of the General Electric Co. Capitalization. Outstanding. Common $10,000,000 Preferred *4, 000.000 Funded debt 10,205,000 ♦Includes $1,425,000 originally issued as 2nd: pfd. and converted with preferred. Secured by a first mortgage on plants do- ing the entire commercial electrical light and power business in 86 communities, in- cluding Waco, Denison, Sherman, Paris, Temple, Palestine, Tyler, Cleburne, Gaines- ville, Brownwood, Waxahachie, Hillsboro, Ennis and Taylor, in Texas and artificial gas business in Paris, Cleburne and Brownwood and distributes natural gas in Waco and Denison. Supplies wholesale electric light and pow^er service for Gorsicana and other communities. Property covered by this mortgage includes over 885 miles of trans- mission lines, 893 miles of distributing line and also 160 miles of gas mains. Franchises with minor exceptions extend to 1952. Trans- mission lines are largely on private right-of- way. Tears ended Dec. 31 (combined) : Gross. Net. Interest. 1919 $3,482,417 $1,179,688 $662,698 -1918.... 3,248,180 1,077,949 635,215 1917 2,600,816 1,011,299 552,094 1916 2,253,846 1,007,295 426,707 1915 1,900,702 726,042 340,314 liisted on the New Orleans Stock Exchange. Original Market — Offered in 1912 by Harris, Forbes & Co., New York; The Harris Trust & Savings Bank, Chicago; N. W. Harris & Co., Inc., and Perry, Cofiin & Burr, Boston, at 97 and interest. Offered by same firms in 1913 at 91 and interest. $700,000 offered by the same firms in December, 1914, at 91, and in February, 1915, by Perry, Coffin & Burr, Boston, at 92% and interest; $1,250,000 offered December, 1918, by Harrfs, Forbes & Co, and Harris Trust & Savings Bank. Slarket. New York — Ames, Enaerich & Co., J. S. Bache & Co., Fred H. Hatch & Co., Hibernia Securities, Co., Inc., Earle A. Miller & Co., Carruthers, Pell & Co., Berdell Bros., Pyn- chon & Co., Gilbert J. Postley & Co. Boston — L. Sherman Adams, Coffin & Burr, Moors & Cabot, Arthur Perry & Co., Chas. A. Day & Co. Philadelphia — Bauer, Starr & Co. Providence, R. I. — Hornblower & Weeks. AClwaukee — F. A. Bartlett Co. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 96^A '12 98 '13 80 Jan. 86 Feb. Low. 71% '20 74 '20 71% July 74 June Authorized $500,000 Oatstandin^r 418,000 Reserved for Ext 82,000 Denomination — Coupon, $1,00. Register- able as to principal only. Trustee — Spitzer-Rorick Trust & Savings Bank, Toledo, O. Redeemable as a whole on any interest date at 103 and interest. Organization — Incorporated July. 1913, in Texas. Capitalization. Outstanding. Common $375,000 Prefered (7% cum.) 125,000 Funded debt 418,000 Secured by a first mortgage on plants sup- plying electricity and ice in Vernon, Mount Pleasant, Gilmer and Bay City, Texas. These towns, which are all county seats, had a com- bined population in 1910 of 11,100. Mt. Pleas- ant and Gilmer are located about 3 miles apart in the "northeastern part of the State. Vernon is near the center of the northern border, and Bay City is in the south central section, near the Gulf of Mexico. Franchises extend for 50 years except one, which expires in 1938. Years ended June 30: Gross. Net. Interest. 1919 $160,513 $24,186 $25,680 1918 141,015 34.271 25,380 1&17 128.492 39.863 23,145 1916 116,427 40,852 20,418 OriGTinal Market — Offered in January, 1915, by Spitzer, Rorick & Co., New York, Chicago and Toledo, at 101 and interest. Market. New York — Spitzer, Rorick & Co. Price Range. Jan. 1, *17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 100 '17 103 '17 97 Jan. 100 Jan. Low. 80 '20 85 '20 80 Dec. 85 Dec. TEXAS PUBLIC SERVICE CO. 1st 6s. Due July 1, 1933. I>ated July -, 1913. Interest payable Jan. 1 and July 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. 3319 TEXAS TRACTION COMPANY 1st 5s. Due Jan. 1, 1937. Dated January 1, 1907. Interest payable Jan. and July 1, at Old Colony Trust Co.j Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed Mortgage Outstanding (Jan. 1, '21) $1,250,000 Held in S. F 431,000 . Deposited under T. El. Ry. 1st & Rel". 5s 485,000 . Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 110 and interest on any in- terest date on 30 days' notice. Sinking Fund — Annually, from July 1, 1912; 5 % of the gross income for the preceding year to be applied to the purchase or redemp- tion of these, bonds at not over 110 and inter- est. Bonds so acquired to be kept alive and interest added to sinking fund. Assumed by the Texas Electric Ry. Go. Control — Incorporated in Texas in 1906. Be- gan operation July 1, 1908. April, 1911, ac- quired the' properties of the Denison & Sher- man Ry. Co. Merged in 1916 into the Texas Electric Ry. Co. Secured by a mortgage on 88.98 miles of interurban railway' track between Dallas and Denison, Tex., and street railway in Denison, Sherman and McKinney, and of this mileage it is a first lien on 71.39 miles and a second lien on 17.59 miles, formerly owned by the Denison & Sherman Ry. Co. The company has trackage rights into Dallas. Franchises ex- pire in 1956 on streets and highways and the balance of the road is built on private right- of-way. Prior liiens — $87,000 (closed) D. & S. Ry. 1st 5s of 1927. UnderlieB — Texas Electric Ry. 1st & Ref. 5s of 1947 and Conv. 6s of 1942. Provision Is made in the 1st & Ref. Mtge. for the refund- . ing: of this issue. Earnings — See Texas Electric Ry. Co. 1st & Ref. 6 s. Ori&rinal Market — Offered In 1911 hy Harris. Forbes & Co., New York, and N. W. Harris & Co., Inc.. and Perry, Coffin & Burr, Boston, at 95 and interest. Market. New York— Fred H. Hatch & Co., G. R. McAllister & Co., Carruthers, Pell & Co., Gilbert J. Postley & Co., Berdell Bros., Ja- cob Zeller. Boston — Moors & Cabot, Chas. A. Day & Co. Price Banee. Jan. 1, *17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100 '17 104 '17 80 Dec. 85 Dec. Low. 65 '20 70 '20 65 Dec. 70 Nov. THATCHER MFG. CO. lO-Year Conv. S. F. 7s. Due April 1, 1930. Bated April 1, 1920. Interest payable Apr. 1 and Oct. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $2,000,000 Outstanding 2,000,000 Purpose of Issue — Proceeds from the sale of these bonds will be used to complete the com- pany' s purchase of the property of Travis Glass Co., Lockport Glass Co., Essex Glass Co. , the common stock of Woodbury Glass Co., and the milk bottle business of J. T. & A, Hamilton Glass Co. and to provide additional working capital for its rapidly growing busi- ness, y Denomination — Coupon, $1,000, $500 and $100; registerable as to principal. Redeemable at any interest date on 60 days' notice at 105 and interest. Stock Purchase Warrants — The bonds will carry detachable warrants entitling the holder to purchase common stock at $40 per share, at the rate of 25 shares of common stock for each $1,000 par value of bonds, at any time prior to and including Apr. 1, 1922. Conrertible after Apr. 1, 1922, and until maturity into 8 % Cumulative Preferred stock of the company, par for par, or when accom- panied by warrants into Common stock at $40 a share at any time after Apr. 1, 1922, and to an Including Apr. 1, 1925, and thereafter at $50 a share, or in each case until their earlier redemption, with adjustment of inter- est and dividends in respect to preferred stock to date of conversion. Sinking Fund — ^Annually amounts as fol- lows: $50,000 the first year, $100,000 for each of the five years thereafter and $150,000 per annum thereafter until maturity, less the principal amount of any bonds converted dur- ing the year. This fund Is to be . applied to the purchase and redemption of bonds at not over 105 and Interest. Organization — Incorporated In 1889. to man- ufacture milk bottle caps and dairy supplies, and in 1905 began the manufacture of milk bottles. The company's principal plants are located as follows: Kane, Pa., capacity 7,500,000 mlllT bottles annually: Streater. 111., capacity 20,000,000 bottles annually; Elmlra, N. Y., capacity 30,000,000 bottles annually. Durlhg this period, the company became the first licensee for the automatic bottle machine made by the Owens Bottle Machine Co., and holds the exclusive rights to make milk bottles 13: on this machine, with the right to have all improvements at any ;time made to this ma- chine and the exclusive right to use any new machine at any time owned or acquired by the Owens Bottle Machine Co. With the proceeds of this issue of bonds, the Thatcher Company will acquire the prop- erty of the Travis Glass Co. with plants lo- cated at Clarksburg and Cedar Grove, W. Va. ; the property of the Essex Glass Co, with plants located at Mt. Vernon, Ohio, Parkers- burg, W. Va., and Dunkirk, N. Y. ; the prop- erty of the Lockport Glass Co. with plants lo- cated at Lockport, N. Y.; and the milk bottle business and Hartford-Fairmont machine and license of J. T. & A. Hamilton Co. located at Pittsburgh, Pa. ; and also all of the common stock of the Woodbury Glass Co. located at Winchester, Ind. Through these purchases the Thatcher Company will acquire the exclusive right to make milk bottles on the Hartford- Fairmont machines, another automatic pro- cess. Thatcher Mfg. Co. will have the exclusive right to make milk bottles by the only suc- cessful automatic bottle machines devised and will manufacture and sell about 90% of all the milk bottles manufactured in the United States. Capitalization. Outstanding. Common (no par). 80,000 sha. Pref. (8% cum.) $250,000 Funded debt 2,112,000 Secured by a mortgage on all the property of the company and upon the common stock of the Woodbury Glass Co., subject to the lien of $112,000 bonds on a portion of the proper- ty of the company. The various plants thus covered by the lien of this mortgage were valued as of Dec. 31, 1919, at $3,162,119. The value of the common stock of the Wood- bury Glass Co. represents a cash investment of $600,000. Prioi' lAens — $112,000 6s. Years ended Dec. 31: Gross. Net. 1920 $6,958,960 $573,929 1919 4,293,843 577,351 1918 4,109,464 400,254 1917 3,423,220 330,956 Original Market — $2,000,000 ofCered by Bon- bright & Co. and Hemphill. Noyes & Co., New York, at 95 and Interest. Market. New Yorlc — Hemphill, Noyes & Co., Bon- bright & Co., Morton, Lachenbruch & Co. I^s Ansreles — Stevens, Page & Sterling. * louisvUle, Ky. — Block, Fetter & Co. BulTalo— N. A. MacDonald & Co. Price Rang-e 1920 Bid. Ask. High 94 Apr. 95 Apr. Low 92 July 95 Dec. THItMANY FVJJP & PAPER CO. Ist Series "A" 7i^s. Due $500,000 each Feb. 1 from 1923 to 1931, incl. Dated April 1, 1921. Interest payable April 1 and Oct. 1 at Merchants' Loan & Trust Co., Chicago, or First Trust Co., of Appleton, Wis. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,000,000 Outstanding 500,000 Reserved for Ext 500,000 ^AT^^^^^S Restrictions — The remaining $500,000 bonds may be issued maturing at such times but not prior to April 1, 1932, and in such amounts and bearing such rate or rates of interest as the company may de- cide, at the time or times of issue, provided however, that no bonds shall be issued prior to Jan. 1, 1922, and then only when addi- tions to the fixed assets In the amount of $300,000 shall have been made by the com- THIRD AVENUE BAII/WAY CO. 1st Bef. 4s. pany subsequent to Jan. 1, 1921, such ad- Due Jan. 1, 1960. aiuons to be covered by the deed of trust. Dated January 1. 1910, Interest payable ed?^ch^e°l/?n"^r?d7or^k%"uarex5endi: ^^^i, ^"'^ ^"'^ ^' ^* ^"'"''^"^■^ °'"<=^- ''^^ '"De\Smii.afions-^C?up?n, $1,000, $500 and , ''"^ Statn8-2% Pederal Income Tax paid JlOO registerable as to principal ''^ company without deduction. Tax exempt Trnstee— First Trust Co., Appleton, Wis. '" New York. Beaeemable on, any Interest date begin- Antborized $40,000,000 nlng April 1, 1926 at 100 and interest, plus Ontstandine 21,990,600 1% premium for each year or fractional Reserved for Ext 6,930,60a h^i!H= Tf^^"' °^ ^^^ unexpired lite of the Reserved to Retire Prior Mens 6%. ^""^ premium shall not exceed or Exchange for Subsidiary Organization— Incorporated in Wisconsin tioaaa 12,079,000 In 1901 as successor to the. Thilmany Paper Denomlnali,™ — Coupon. $600 and $1,0,00. Mills. In 1916 acquired the a.ssets and busi- Registerable as to principal. Registered, $500, ness of the Wisconsin Tissue Paper Co., $1,000 and multiples of $1,000. C. & R. in- Appleton, Wis. terchangeable. The company manufactures sulphate pulp Trustee — Central Union Trust Co., New and special papers. York rvm^mn^"^''"'"' °"'^'s«S? Redeemable on any interest date after July F™d"nebr.\\' ::::::::::::::::;; :;ioo;ooo '■ .j"*- ^*- ^'^ ^°* ""«'^^=' "^""^ ""•«» Secured by a first mortgage on the fixed montne notice. , , . „ „ , . assets of the company, consisting of plants Oreanizatton— Incorporated in New York In equipment, etc., appraised at $2,440,000. 1910 for the purpose of acquiring the proper- Plants are located at Kaukauna and Apple- ties and franchises of the Third Avenue Rail- ton, Wis. road Co., sold under foreclosure, and succeed- Under the provisions of the indenture, ed that company on Jan. 1, 1912. the company covenants to maintain its sur- Capitalization. Outstanding, plus and undivided profits in at least the r'nTnm/^r. «iAc;Qnnnn amount of $1,500,000 less any portion there- w°™Sj^,„h; io'c^csnn of which may be capitalized, and that it P™ded debt 49,626,600 shall continue its practice of making ade- Secured by mortgage upon entire property quate annual charge-offs for depreciation, and franchises of company, including 35% and shall carry fire insurance in approved miles of street surface railway in New York companies in the sum of not less than City, extending from Park Row along Third $2,000,000. Ave. to 130th St. and Harlem River, from the Ongmal Market— $500,000 offered March, Bast River across 126th and 130th Sts. to the 1921, by Merchants' Loan & Trust Co., at North River, and from 125th St. to Fort prices ranging from 99% to 99 and interest, George, together with real estate, power according to maturities. houses, depots, etc. Further Secured by pledge of the following THIRD AVENUE RAILROAD CO. 1st 6b. Due securities: July 1, 1937. - Stocks. Issued. Pledged. Dated July 1, 1887. Interest payable Jan. Union Railway Co. of and July 1. at Trustee's ofllce. ]Sf. y '....$2,000,000 $2,000,000 Tax Status — 2% Pederal Income Tax paid 42nd St., Manhattan- by company without deduction. ville & St. Nicholas Authorized and Outstanding. ... $5,000,000 Ave. Ry 2,500,000 2,471,000 Denomination — Coupon, $1,000. Registerable p,^ Dock, East Broad- as to principal. way & Battery R. R. 1,200,000 1,198,000 Trustee — Earmers' Loan & Trust Co., New KIngsbrldge Ry. Co 8,600 8,600 York. Yonkers R. R. Co 1,000,000 992.600 Organization and Control — Incorporated in w^estchester Blec. R. R. 600.000 600,000 New York in 1853. Leased in 1900 for 999 Southern Blvd. R. R. years to the Metropolitan Street Ry. Co. This co. 250,000 249,700 lease was subsequently cancelled. In March, Third Ave. Bridge Co... 20,000 20,000 1910, the property was sold under foreclosure Bronx Traction Co 58,100 58,100 and acquired by the Third Avenue Railway Co. jjeit Line By. Corp 734,000 734,000 Secured by a first mortgage on the entire jy Y. City Interborough property of the Third Avenue By. Co. For de- jjy 6,000,000 4,521,000 tails see 1st & Ref. 4s below. New York, Westchester Underlies — Third Avenue Ry. 1st & Ref. 43, 4. Connecticut Trac- which provide for the retirement of this issue tion Co 200,000 200,000 and Adjustment Income 5s of 1960. Pelham Park & City Years ended June 30 (combined): Island By Co 45,000 45,000 Gross. Net. •Deductions. Bonds. Issued. Pledged. 1920 $11,752,069 $1,650,408 $2,687,713 42„a St., Manhattan- 1919 10,363.983 l.SSJ.SJS 2,6B0,210 ville & St. Nicholas 1918 10,234,989 2,222,819 2,674,322 . 2nd MortiraM \l\l .lilfltl l-lir,ll lillill fnromes'"."'...''".'!""%l,600,000 $1,487,000 1916...... "■l.'J.^O 3 637,924 2_b4b,SSl Belt Line By. Co. 1st 5s 1,750,000 1,760,000 •Includes all interest charges (including in- j,^ ^ ^.^^ Interborough come bonds), rentals and sinking fund. -, . ^ , 2 164 000 2 077 0011 listed on the New York Stock Exchange. New York, Westciiester' ^■"^■'""' ^,077,000 Market. & Connecticut Trao- New Yorl{— Simon Borg & Co., Finlay & tlon Co 60,000 60,000 ^?J.^S''rk^''T'H°Hatch'&'co ^'r^M?-' Prtor Iaen»-$6,000,000 Third Ave. R. R. Smster 1=' 5s, due 1937, and $7,079,000 bonds of Price Range N. Y. S. E. controlled companies, for the retirement of Jon 1 '06 to Jan. 1, '21 IS^O which bonds of this Issue are reserved. Hiffh '119' Jan 11 '06 84 Jan. 16 Underlies — ^Adjustment Income 6s, due Jan. Low. 74% Dec.' 30, '21 74% Deo. 30 1,1960. Barninss — See 1st 5s of 1937. Listed on the New York Stock Bxchange. Market. New York — Newborg & Co., Carruthers, Pell & Co., "Wm. Carnegie Ewen, Finlay & Davenport, Wolfe & Stanley, E. ,& C. Ran- dolph. Boston — Moors & Cabot. Price Range— N. Y, S. E. Jan. 1, '11, to Jan. 1, '21 1920 High 86^ Dec. 6. '20 55 Oct, 9 Low. 37^^ Aug. 6, '20 37% Aug. 6 THIRD AVENUE RAILWAY CO. AdjuBtment Income 5s. Due Jan, 1, 1960. Dated Jan. 1, 1910, Interest payable when earned on April and October 1 of each year from surplus earnings for the preceding six months ending Dec. 31 and June 30. After Dec. 31, 1912, interest cumulative. Interest has been paid on these bonds as follows: April, 1913, 1^A%; Oct., 1913, to Oct. 1, 1917, 2%% semi-annually; none since. Voting Power — Until all accumulations and 5 % interest has been paid for five successive years, holders of these bonds have the right to vote at stockholders' meeting on the basis of one vote for each $100 bond. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in State of New York. Autliorized $22,536,000 Outstanding 22,536,000 Denomination — Coupon, $500 and ^$1,000. Registerable as to principal or fully register- able. Registered, $500, $1,000 and multiples. C. & R. interchangeable. Also registerable for voting purposes only. Trustee — United States Mortgage & Trust Co., New York. Redeemable as a whole at par and interest on the first day of any month on three months' notice. Secured by a mortgage on the properly de- scribed under 1st Ref. 4s of 1960. Prior Lien — $21,990,500 Third Ave. Ry. 1st Ref. 4s of 1960, $5,000,000 Third Ave. 1st 5s of 1937 and $7,079,000 bonds of controlled ■companies all of which in the determination of interest payable on these bonds are classed as prior liens. Earnings-^See 1st 5s. 'Ijisted on the New York Stock Exchange. Market. New York — Newborg & Co., Wolff & Stan- ley, Pynchon & Co., "Wm. Carnegie Ewin. Price Range — N. Y. S. E. Jan. 1, '10, to Jan. 1, *21 1920 High 841,^ Feb. 9, '14 37 Oct. 22 Low. 19% Aug. 12, '20 19^4 Aug. 12 THIRTEENTH & FIFTEENTH STREETS (Philadelphia) PASSENGER RAILWAY Cons. SVss and 5s. Due Jan. 1, 1934. Dated 1894. Interest payable Jan. and July 1, at Fidelity Trust Co., Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $500,000 Outstanding — 5s $400,000 3^S 36,000 $436,000 Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Philadelphia. , Guaranteed principal and interest by the Philadelphia Traction Co. Organization and Control — Incorporated in Pennsylvania In April, 1859. Originally leased to Philadelphia Traction Co. ■ for 999 years from 1892, at rental increasing to $12 per share per annum on entire $334,529 out- standing capital stock and all taxes, interest. etc., and mortgages when they mature. Lease transferred to the Union Traction Co. in Oct., 1895, and transferred -to the Philadelphia Rapid Transit Co. In 1902. Capita lization. Outstanding. Common $334,529 Funded debt ^^_^ 491.000 Secured by a first mortgage on 15 miles of street railway extending from League Island on Thirteenth and Fifteenth Streets to Brie Ave., Philadelphia. Prior liien — $55,000 real estate mortgages. Market. Philadelphia — Morley, Wood & Co., Mc- Cown & Co. Pi-ice Kange Jan. 1, '16, to Jan. 1, '21 1920 3^s. Bid. Ask. High 88% '16 -104 '17 Not Low.' , 101 '17 Available. THIRTY-FOURTH STREET (N. Y. City) CROSSTOWN" RAILWAY CO. 1st 5s. Due April 1," 1996. Dated April 1, 1896. Interest payable April and Oct. 1, at Treasurer' s oflSce, New York Rys. Co., N. T. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .. .$1,000,000 Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Guaranteed as to principal and Interest un- der terms of operating agreement by the New York Rys. Co. Organisation and Control — Incorporated in New York in 1896 as a consolidation of the 34th St. R. R. Co. and 34th St. Ferry & Eleventh Ave. R. R. Co. The company is con- trolled by the New York Rys. Co. through ownership of the $1,000,000 capital stock, and is operated by that company under an agree- ment dated Dec. 1896. Capitalization. Outstanding. Common ,. .$1,000,000 Funded debt 1,000,000 Receivership — See New York Railways Co. Secured by a first mortgage on 0.493 mile of double track street railway on 34th St., New York City. Operated by underground transmission. Earnings — See New York Rys. Co. Market. New York — Finlay & Davenport, Pouch & Co., Wolff & Stanley, Berdell Bros. Price Range. Jan. 1, '13, to Jan. 1, 'Zl 1920 Bid. Ask. Bid. Ask. High 100 '13 105 '12 40 May 60 Nov. 24 '20 26 '20 24 Nov. 26 Nov. Low. THOMPSON-CONNEIXSVTLLE COKE CO. 1st 5s. Due June 1, 1931. Dated June 1, 1906. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $3,000,000 Outstanding 1,917,000 Retired by S. F 1,083,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee— Colonial Trust Co., Pittsburgh. Sinking Fund — 25 cents per ton of coke, and 15 cents per ton of coal, shipped for the pur- chase or redemption of these bonds or to ac- ciuire additional coal lands. Control — Incorporated in Pennsylvania in 1906. The property of this coiupany was sold to the Welrton Steel Co. in Jan., 1920. Secured by a first mortgage on 1,600 acres of coal and coke lands in Fayette County, Pa., and 800 coke ovens. Original Market — OfCered in May, 1906, at par and interest by the company itself. ■*.T *r Market. New York— Watson, Armstrong & Co., Carruthers, Pell & Co., Moore. Leonard & Lynch. Pittsburgh — Moore, Leonard & Lynch, The Union Trust Co. of Pittsburgh, Wm. P. Lempley & Co, Price Ranse. Jan. 1, '16, to Jan. 1, '31 192O «-. T- o^^'^- ^^^ Bid. Ask. High 871^ '17 931^ '20 87 Nov.- 93% Oct. Low. 55 '16 65 '16 83 Jan. 89 Jan. TIDE WATER OIL CO. 10-Year Deb. GYsS. Due Feb. 15, 1931. Dated Feb. 15, 1921. Interest payable Feb. 15 and Aug. 15, in New York. 'Tax Status— 2% Federal Income Tax paid by the Company without deduction. j'Authorized $12,000,000 ; Outstanding 12,000,000 Denominations — Coupon, $1,000 and $500;' registerable as to principal. , Tmstee — First National Bank, New York. Kedeemable as a whole or in lots of $500,- 000 or more on any interest date on thirty days' notice at 103 1^ and interest on or be- fore Feb. 15, 1922, and thereafter at V4. of 1% less for each half year or part thereof elapsed but not less than 100% and interest. Organization — Incorporated in New Jersey in 1888. The corporation constitutes a com- plete and self-contained unit in the petrole- um industry, owning its own production, pipe lines, refineries and distribution facili- ties. The Company's main plant at Bayonne,,- New Jersey, has a capacity of 22,000 barrels per day and covers approximately 148 acres and is equipped with docking facilities for ocean-going tankers. Through its subsidi- aries the Tide Water Pipe Line Company, Ltd., the company owns, and operates, an extensive pipe line system running from Stoy, Illinois, to Bayonne, New Jersey. Capitalization Outstanding Common $50,000,000 Funded debt 12,000,000 Securiity — A direct obligation to the Com- pany but not secured by a mortgage. Under the provisions of the indenture no funded obligation can be issued which will have pri- ority as to present assets over these bonds, nor can the total funded debt exceed 50% of net assets. Years ended Dec. 31: Gross. Net. *1920... .. $60,000,000 $14,500,000 1919 46,828,784 11,204,881 1918 40,644,352 9,551,647 1917 31,436,998 10,936,632 1916 28,020,805 11,022,708 "One montli estimated. Original Market — $12,000,000, offered Feb., 1921, by J. P. Morgan' & Co., First National Bank and National City Co., at 98% and in- terest. Market. New Yorlt — Ames, Emerich & Co., Hart- . shorne & Battelle, Pouch & Co., Morton Lachenbruch & Co., Carruthers, Pell & Co., Guaranty Trust Co.. Salomon Bros. & Hutz- ler. Bond & Goodwin, McDonnell & Co., Na- tional City Co. Philadelpliia — "VVm. Marriott Canby, Bl- Ivins, Morris & Co., Samuel McCreery & Co., Parsly Bros. & Co., Car.stairs & Co. Chicago — First Trust & Savings Bank. Los Angeles — Stevens, Page & Sterling. TIDEWATER POAVEK CO. 1st 5s. Due Jan, I, 1949. Dated Jan. 1. 1909. Interest payable Jan. and July 1, at Trustee's office Tax Status — 2% Federal Income Tax paid 132 Pennsylvania by company without deduction. State Tax refunded. Authorized $2,000,000 Outstanding 830,000 Retired by S. F 107,000 Denomination— Coupon, $1,000. Registerahla ' as to principal. Trustee — Pennsylvania Co. for Insurances on Lives & Granting Annuities, Philadelphia, Pa. Redeemable as a whole at 105 and interest on four weeks' notice or in part for sinking fund. Sinking: Fund — Annually, beginning Jan. 1, 1914, 1% of outstanding bonds for the pur- chase of these bonds at not over 105 ana interest. If not so purchasable fund may be, invested in securities legal for savings banks in New York or Massachusetts. Bonds ac- quired to be cancelled. Organization— ^Incorporated in North Caro^ Una in 1907. In April, 1917, acquired the- property of the Consolidated Rys., ' Light .&■ Power Co.. formerly controlled by stock own-, ership and lease. , .. \ Capitalization, Outstanding, Common '...'. 4[6O0rO00 Preferred (7% cum.) .''.1,200,300 Funded debt ^ I,6'56p8ift0 Secured by a first mortgage on a partvtof the plants supplying gas and electricity to "Wilmington, N. C, and vicinity and- on about 14 miles of electric railway track, and .a second mortgage on the remainder of the; -gras . and electric properties in Wilmington and five miles of street railway in that city,_ together with ten miles of . interurban railway track from "Wilmington to Wrightsville Beach. Of the mileage owned, 1.5 in "Wilmington is leased to the Atlantic Coast Line R. R. until 1936. Franchises are without time limit and street railway exclusive until 1937. Prior liens — $476,600 (closed mortgage) Consolidated Rys., Lt. & Pow. Co. 1st S. P. 5s, due 1932. Years ended Dec. 31: Gross. 1919 $914,361 1918 619,849 1917 529,118 1916 474.247 1915 440,802 ♦Prior lien bonds only. Original Market — Offered in 1911 by Baker, Ayling & Co. , Boston, Philadelphia, etc. , at 96 and interest. Offered by Robt. Glendinning & Co. in 1913 on about a 5.40% basis. Market, New York— Fred H. Hatch & Co., G. R. McAllister & Co., Berdell Bros. Philadelphia — Henry D. Boenning & Co., Samuel K. Phillips & Co., Barnes & Lofland, Chas A. Day & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 Bid. Ask. Bid. High 94 '16 96 '16 68 Sept. tow. 60 '20 73% '20 60 Aug. Net. Int.. etc. $270,091 $103,641 182,576 •113,641 209,302 108,580 176,777 •66,684 150,676 90.796 1920 Ask. 80 Sept. 73Vi Feb. TINDBLL-MORRIS CO 6% Secured Notes. Due SIOO.OOO May 1 and Nov. 1, 1921; $150,000 May 1 and Nov. 1, 1932, and $150,000 May 1, 1923. Dated May 1, 1918. Interest payable May 1 and Nov. 1. at Philadelphia and Pittsburgh. Tax Status— « % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $600,000 Outstanding 600,000 Trustee — Union Trust Co., Pittsburgh. Redeemable at 101 and interest on any in- terest date upon 30 days' notice. ReceiTership — J. B. Colchan 3d and Luther D. Lovekin were appointed in October, 1920. Protective Committee — Win. S. Evans, Chairman. J. Lewis Henry, Prescott L. Lyon, J. Elliot Newlin and B. Biddle, De- positary, Girard Trust Co., Philadelphia. OrEanlzatlnn — Established in 1862 and in- corporated in Pennsylvania in 1901. The -company makes a specialty of ship forglngrs. As of May, 1918, the plants of the company were largely engaged in Government work, such as steel crank shafts, ship shafting, forglngs for submarines and for scout cruis- ers, naval anti-aircraft ordnance and steel bottles or cylinders of every description. Secured by deposit of $760,000 First Mort- SUge 6% 20-year bonds, secured by a first lien upon the real estate, buildings, machinery, equipment, etc., now owned or hereafter ac- quired. This note issue is the only indebted- ness of the company except current bills and accounts. No additional bonds are issuable while any of these notes remain outstanding. Company's plants are located at Eddystone, Pa. Underlies — 2d Gs (1 ndefault). Original Market — $600,000 offered May, 1918, by West & Co., Philadelphia, at prices from 96% to 92% and interest according to maturity. Market. Pliiladelphia — West & Co., Henry D. Boen- nlng & Co., Barnes & Lofland. Price Range 1920 — Ask 98, STA Mar. TINITEBN MANOR WATER CO. Ist 6s. Due April 1, 1930. Dated April 1, 1900. Interest payable April and Oct. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,500,000 Unissued 500,000 Denomination — Coupon and Registered, $1,000. Trustee — Guaranty Trust Co., New York. Olrganization — Incorporated in New Jersey In 1901 as a consolidation of the Long Branch Water Supply Co., Middletown Water Co., Deal Water Co., and Seabrlght Water Co. Controls two large water sheds in Monmocth County, N. J. Capitalization. Outstanding. Conunon $1,600,000 Funded debt 1,500,000 Seured by a first mortgage on water plants supplying water to Long Branch, N. J., and vicinity. Franchise perpetual. Years ended Dec. 31: Gross, Net. Int., etc. 1919 $184,178 $96,019 $110,643 1918 166,022 60,602 90,467 1917 161,278 70,691 88,947 1916 157.699 79,484. 88,113 1915 150,081 80,933 88,190 Market. Philadelphia — Chas. Fearon & Co. Boston — Chas. A. Day & Co. Scranton — First National Bank. TIOGA RAILROAD CO, 1st Ibct. 68. Due Nov. 1, 1936. Dated April 24, 1862. Extended May 1, 1872, interest being reduced from 7% and, again extended Nov. 1, 1915. Interest pay- able May and Nov. 1, at Erie R. R. office, New York. Tax Status — The Company voluntarily pays 2% Federal Income Tax. Authorized Closed mortgage Outstanding $227,S0O Held by Company 12,000 Denomination — Coupon, $1,000 and $600. Trustees — Theodore Dehon, Alfred S, Frazer and Watts Sherman. Redeemable or any interest date at 101 and interest. Repurchase Provision — Under the 1916 ex- tension agreement the Erie R. R. Co. agrees to purchase or cause to be purchased an* nually, beginning Nov. 1, 1916, $12,000 par value of these bonds at 100 and interest if and when requested by the holders of these bonds. Bonds so purchased to be stamped as subordinate in lieu to the remainder of bonds not so purchased. Guaranteed principal and interest by the Erie R. R. Co. under 1915 extension agree- ment. Organization and Control — Incorporated la Pennsylvania in 1851 as successors through foreclosure of Tioga Navigation Co. Controlled by the Erie Railroad Co., through ownership of its entire capital stock, wliich la deposited under its Cons, Mtge. of 1996. Capializatlon. Outstanding. Common .$391,20» Preferred 189,700 Funded debt 362,60Bi Secured by a first mortgage on 34.11 mile& of road from Lawrenceville, via Blossburg to Morris Run, Pa. Underlies — $126,000 Tioga R. R. 3d Rail 7s. Due Nov. 1, 1896, all of which are held by the Trustee of the Brie R. R. Cons. Mtge. of 1996. Refunding — ^An equal amount of the Brie R. R. Cons. Gen. Lien 4s of 1996 Is reserved to retire this issue. Original Market — 1915 extension underwrit- ten by Drexel & Co., Philadelphia. Market. New York — Fred H. Hatch ruthers. Pell & Co. Price Rang^e Jan. 1, '19, to Jan. 1, 'ai Bid. High 80 '19 Low. 80 '20 Co., Car- 1920 Bid. 80 May 80 May 1324 TITUSVIIiLE PORGE CO. 5-Yr. 1st S. P. 7g. Due Jan. 15, 1926. Dated Jan. 15, 1920. Interest payable Jan. 16 and July 16, at Fidelity Trust Company, Baltimore. Tax Status — 2% Federal Income Tax paid by the company without deduction. Maryland and Pennsylvania State Tax refunded to indi- vidual holders. Authorized $1,160,000 Outstanding 1,150,000 Purpose of Issue — To provide funds for the purchase of the property covered by this mortgage. Denomination — Coupon, $1,000 and $500 Trustee — Fidelity Trust Co., Baltimore. Redeemable on any interest date on 60 days' notice at 100 and interest, plus 1% premium for each year or portion thereol which the notes have then to run. Sinking Pnnd — Bach year an amount equal to 40% of the earnings of that year after deducting fixed charges, taxes, interest and a fair allowance for depreciation, but to bo not less than $60,000 for each of the first and second years, $80,000 during the third ana fourth years, and $100,000 during the fifth year This fund Is to be applied semi-annually tor the purchase or redemption of these bonds at not exceeding the redemption price prevail- ing at the time. Organization — Incorporated In Maryland in 1920. The property owned by this company was purchased by the Bethlehem Steel Co. In Secured by a first mortBaee on all property 1913 from the Titusville Forge Co., a Penn- now owned or hereafter acauired. Under the sylvania corporation, and Its plant has been provisions of the Trust Asreement the oom- operated by the Bethlehem Steel Company pany covenants as follows: To carry Insur- Irom 1913 to 1920, ance on all buildings, eauipment and personal The company is a large manufacturer of property to an amount equal to at least 80% hammered and pressed gas and steam engine of the full insurable value; to maintain cur- crank shafts. The company's principal ous- rent assets over and above liabilities (not In- tomers include the leading manufacturers of eluding notes outstanding under this mort- marine, power and oil well machinery, gage) in amount not less than 76% of the Capitalization. Outstanding. "" value of outstanding notes; not to pay Common $1,200,000 ^'^^ dividend upon Its common stock. Funded debt 1,160,000 The properties covered include a modem Secured by a first mortgage on the entire "lant of brick and steel construction and oc- physical property including real estate, build- cupies about five acres of land and is situated ings at TitusviUe, Pa., and appraised at SI,- ** Titusville, Pa. The company manufactures 276,295. Under the provisions of the trust °" drilling and pumping engines, tubular boll- agreement the company covenants to maintain ^^^ ^""l various forms of portable and sta- current assets in excess of all current liablli- tionary steel tanks, ties, exclusive of bonds of this issue outstand- Tears ended Deo. 31: ing in an amount not less than 60% thereof. Net. Tears ended Dec. 31: Net. ^^l^ $446,426 1918 $737,648 ^'^^ 232,130 1917 421,838 1916 227,488 1916 307 730 Later earnings not available. Later earnings not available. Original Market — $1,000,000 offered Marcli, Original Market— $1,160,000 ottered Jan., l'^'- ^' '' *°* Interest. 1920, by Fidelity Securities Corporation and • Market Robert Garrett & Sons, Baltimore, at 99 and New York — Hartshorne & Battelle, Han- Interest, son & Hanson. mi^r^el; Fittsbnrgli — Wm. P. Lempley & Co., Baltimore— Fidelity Securities Corp., J. S. •'^J^tiJ-„^°'^Xlt 1 S' Wilson & Co., Jr., Robert Garrett & Sons. Cleveland— Otis & Co. Boston — B. J. Baker & Co. Price Kanffe T3!^ A-v High 9914 '19 100 '19 100 Sept. High 97jtn. 99JaA. ^°^ 99 '19 100 Sept Low. 87 Dec. 98 Aug. TOLEDO & INDIANA TftACTION CO. Ist 6s. TITUSVILLE EBON WORKS CO. 5-Tr. Ist _„^»f ^»°- %• 'j'J'V t„*=,=.* „.™w. t.^ 8 F. Conv. 7% Notes. Dae Mar. 15, ,^^TJyTkt\rZt:'^e:'" '""""' '"• Dated "March 15, 1919. Interest payable ^^^^^^'^^^"trtlo,,/,?^,?,^^,™"™"^ "^^^ "*'" Sept. 16 and March 16, at Fidelity Trust Co.. " VuthSd "anS° Ont'str^" $400,000 tS^ St;tas-2% Federal Income Tax paid „"t™"i?|;5"°j'-*"'"''°°' "•»'"'• R^^ =t«'-'''>le by company without deduction. Tra8te<^ColimbIa Trust Co., New York. Authorized $1,000,000 Redeemable on any Interest date at» 102% Outstanding 950,000 gnd interest. Retired by 8. P 60,000 Assumed by the Toledo & Indiana R. R. Co. Denomination — Coupon, $1,000 and $500. Control — Absoibed by the Toledo & Indiana Trustee — Fidelity Trust Co.. Baltimore. r. r. co. in June, 1911. Redeemable upon 30 days' notice on any In- Capitalization. Outstanding. terest date at par and interest and a premium (t. & i. R. R.) of 1% for each year or portion thereof which Common $1,040,000 these notes have to run. Funded debt 400i000 SinWng Fond— Semi-annual payments begin- Secured by a first mortgage on 66.77 miles ning Sept. 16. 1"8, One-half of an annual ^, ^,^^^^j^ railway between Bryan and Toledo, cash sum equal to 60% °f °f , P'ofit" ,f."«J Ohio, 48 miles being on private right-of-wiy. all fixed charges taxes. Interest upon notes of piranchlses elsewhere are perpetual, except this issue outstanding and preferred dlvl- ^^^ ^^^ ^^^ ^^^g^ crossings In Fulton County, 5''?^„^=„ ■".'? minimum annual amounts fixed ^,^^ expires in 1936. Company has traffic $60,000 the first year: $76,000 the second agreement for entering Toledo over lines of year; $76,000 the third year; $100,000 the ^ , ^ ^ ^ Lt. Co. fourth year; $100,000 the fifth year. This J_""="" ™'- " ,w.i ^ t » « s fund is applicable to the purchase or redemp- Tears ended Dec 31 (T. & I. B. R.) tlon of these notes at not over the redemption Sswi^ sfl 401 iM^?! prices. Notes acquired are to be cancelled. 19Z0 *o„'|,s *iaii\ HMH Convertible at par Into 8% cumulative pre- "W 353,828 59.651 |3,540 ferred stock, or into common stock. Conyer- "18 295,698 40,423 25,483 slon privilege expires 10 days prior to matur- Ji|i^:::;;:: jeoim 77,316 20000 %^'aSLatIo1-IncoS>otaVed in March, 1919. ^ Original Ma^e^-FIrst offered 1.7 ^tor. in (»lo. and acquired the property and assets Horick & Co., New York, Ch cago and f oledo. of the Tltu^ille Iron Co., a Pennsylvania com- at par and Interest in May, isru.- , ::^,, pany. Market. y. -- Capitalization. Outstanding. New Tork— Lynch & McDertnott, • Spltier, Common $1,600,000 Rorlck & Co., WoIfE & Stanley, uMoptori, Preferred (8% cum.) 1,000,000 Lachenbruch & Co. - 'ri->,^£i»a'. Folded debt 960,000 Portland, Me.— Fidelity Trurt Cfc.j.s...,«. Price Range. Jan. 1, '16, to Jan. 1, '81 1920 Bid. Ask Bid. Ask; High 98 '16 100 '16 90 Jan. 92 Jan. Low. 80 '20 85 '20 80 Nov. 85 Nov. TOIiEDO & OHIO CENIRAIi KAIL WAT GO. iBt 6s. Dae July 1, 1936. Dated July 1, 1886. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized Closed mortgage. Outstanding $3,000,000 Denomination — Coupon, $1,000. Reglsterable as to principal only, or fully reglsterable. Note — Reglsterable as to principal at Cen- tral Trust Co., and fully reglsterable at Grand Central Terminal, New Tork. Trustee — Central Union Trust Co., New Tork. Voting Power — These bonds carry voting power on the basis of one vote for each $100 in bonds. Organization and Control — ^Incorporated in Ohio in 1885 as successor to the Ohio R. R. Co. and operates throughout the soft coal dis- trict of southern Ohio. In 1914 the company purchased $8,947,900 of the $9,000,000 stock of the Kanawha & Michigan Ry. Col from the Chesapeake & Ohio Ry. Co. and the Xiake Shore & Mich. Southern Ry.. which had been ordered sold by the United States Circuit Court. The T. & O. C. Ry. Co. gave its de- mand note for $8,720,000 in payment for this stock. Also owns all stock and bonds of the Zanesville & Western Ry.- Practically all the capital stock of the T. & O. C. Ry. Co. is owned by the N. T. C. R. R. Co. ■ Capitalization. Outstanding. Common $5,846,300 Preterr-ed (B% non-oum.) 3,701.400 Funded debt 10,818,584 Secured by first lien on 197.37 miles of road, viz. : Miles. Toledo to Bremen, 160.67 New Lexington to Corning. 12.33 Thurston, O.. to Alum Creek (near Co- lumbus, O.) 24.37 , Underlies — Tol. & Ohio Cent. West Div. 6s of 1936 and Gen. 6s of 1936. Tears ended Dec. 31: Gross. Net. Int.&Rent. •1919 $1,086,651 $1,856,685 $1,594,859 tl919 9,078,910 231,075 261,372 •1918 1,086,651 1,765,152 1,410,660 tl9)8 10,129,660 1,405,494 304,256 1917 8,088,541 2,294,473 1,379,783 1916 6,203,847 2,209,234 1,464,933 •Corporate account. tFederal account — standard return not In- cluded. Listed on the New York Stock Exchange. Market. New Tork — Simon Borg & Co., Sam'l Gold- schmidt, Ravmond M. Smith, Taylor, Smith & Hard, Tohey & Kirk, F. J. Lisman & Co., Wolff & Stanley, Carruthers, Pell & Co., Pynchon & Co., Vanderhoef & Robinson. Price Ranere N. T. S. B. Jan. 1, '00, to Jan. 1, '21 1920 High 11514 Feb. 9, '06 9314 Oct. 19 Low. 83 Oct. 23, '19 83% Mar. 25 TOLBDO & OHIO CENTRAL RAILWAT CO. Western Div. Ist 5s. Dae Oct. 1, 1935. Dated Oct. 1, 1892. Interest payable April and Oct. 1, at Central Union Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,600,000 Outstanding 2,600,000 13! Denomination — Coupon, $1,000. Resiateiable as to principal. Trustee — New Tork Trust Co., New Tork. Organization — See 1st 6s. Secured by direct mortgage on 394.97 miles of road, viz. A Brst lien on 137.74 miles — Mllea. Whitmore via Columbus to Truro Jet., 131.74 A second lien on 197.27 miles — Covered by the first lien of the T. & O. C. 1st 63 197.27 A third lien on 59.96 miles — Covered by the first lien of the T. & O. C.-St. Mary's Div. 1st 4s Peoria to St. Mary's. O B9.96 Prior Liens — $4,000,000 prior liens as fol- lows: Toledo & Ohio Central 1st 5s, 1935. $3,000,000 Toledo & Ohio Cent. -St. Mary's Div. 1st 4s. 1961 500,000 Toledo & Ohio Cent. -St. Mary's Div. 1st pfd. Inc. 4s, 1951 600,000 Underlies — Toledo & Ohio Cent. Gen. 63 of 1935. Earnings — See 1st 6s of 1936. Listed on the New Tork Stock Exchange. Market. New Tork — E. A. Baker & Son, Simon Borg & Co., Constable & Fleming, Sam'l Goldschmidt. Fred H. Hatch & Co., Chas. W. Place, Roosevelt & Son. Raymond M. Smith, Taylor, Smith & Hard, Tobey & Kirk, Vanderhoef & Robinson, Carruthers, Pell & Co.. Wolff & Stanley, Pynchon & Co. Philadelphia — I.saac Starr, Jr. & Co., Wheeler, Elliot & Man. Price Range — ^N. T. S. E. Jan. 1, '09, to Jan. 1, '21 1920 High 112 June 17, '09 80% Feb. 2 Low. 70 Dec. 30, '20 70 Dec. 30 TOLEDO & OHIO CENTRAL RAILWAY CO. Gen. 5s. Due June 1, 1935. Dated June 1. 1894. Interest payable June and Dec. 1. at Central Union Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized and Outstanding. .. .$2,000,000 l>enoniination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New Tork. Organization — See 1st 6s. Secured by a direct mortgage on the 394.97 miles of road covered by the T. & O. C. Western Div. 1st 63 but Junior thereto. Prior Liens — $6,500,000 prior liens as fol- lows: Toledo & Ohio Cent. 1st 6s. 1936. .$3,000,000 Tol. & O. C.-St. Mary's Div. 1st 4s. 1951 600,000 Tol. & O. C.-St. Mary's Div. 1st Pfd. Ino 4.. 1961 600,000 Tol. & O. C.-Western Div. 1st 6s, 1935 2,500,000 Earnings — See 1st 5s. Listed on the New Tork Stock Exchange. Market. New Tork — Vanderhoef & Robinson, Vilas & Hickey, Edwin ■Wolff, Carruthers, Pell & Co., "Wolff & Stanley, Callaway, Fish & Co. Price Range — ^N. T. S. E. Jan. 1, '08, to Jan. 1, '21 1920 High 109 May 26, '06 82 Feb. 4 Low. 65 July 19, '21 65 July 19 TOLEDO & OHIO CENTRAL RAILWAT CO. St. Mary's Div. 1st 4s. Due Feb. 1, 1951. Dated February 1, 1901. Interest payable Feb. and Aug. 1, at Guaranty Trust Co., New York, Tax Status — 2% Federal Income Tax paid .by company without deduction. ■ Anthorized and Ontstandine: $500,000 Denomination — Coupon, $1,000., Register- able as to principal. Trustee — Guaranty Trust Co., New York. Organization — See 1st 55. Secnred by a first mortgage on S9.90 miles of road from Peoria to St. Mary's, Ohio. TJnderlies — T. & O. C. St. Mary's Div. 1st Pref. Inc. 4s of 1961, T. & O. C. Westn. Div. 1st 5s of 193B, and Gen. 5s of 1935. Earnings — See 1st 6s. liegal for savings banks in Me. Market. New York — Struthers & Hiscoe, Hart- shorne & Battelle, Carruthers. Pell & Co., P. J. Llsman & Co. Plttsbiu-grh— R. B. Hutchinson & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid- Ask. Bid. ■High 92 '09 95 '10 57 Jan. Low. 40 '17 65 '18 50 Aug. Market. Neiv York — Dunhanx & Co., Freeman & Co.. Evans, Stillman & Co. TOLEDO & OHIO CENTEAIi RAILWAY CO. St. Mary's Div. 1st Preference Income 4s. Due Eeb. 1. 1951. Dated February 1, 1901. Interest payable Oct. 1, when earned and declared at Central Union Trust Co., New York. ■ No interest has ever been paid on these bonds. Tax Status — ^Payment of Peedral Income Tax not assumed by company. Anthorized $500,000 Outstanding 272,000 Held by Company 228,000 Denomination — Registered, $1,000. Tmstee — Guaranty Trust Co., New York. Organization — See 1st 5s. Secnred by a second mortgage on GO miles of road from Peoria to St. Mary's. Ohio. Bub- 3ect to a prior lien at - the rate of, $8,300 per mile. These bonds are outstanding at the rate of $8,300 per mile. Prior Lien — $500,000 St. Mary's Div. 1st 4s of 1961. Underlies — Toledo & Ohio Cent. Westn. Div. 1st 6s of 1936 and Gen. 5s of 1936. Earnings — See 1st 5s. Market. New York — Sam'l Goldschmidt, Hart- shorne & Battelle, Carruthers, Pell & Co., F. J. Lisman & Co., 'Wolfl & Stanley. Pluladelpliia — Barclay. Moore & Co. TOLEDO & OHIO CENTRAL RAILWAY CO. Eanlp. Tr. 4%s. Due $120,000 each Jan. 1 from 1918 to 1927, inclusive. Dated Jan. 1, 1917. Interest payable at Trustee's office, Philadelphia or Grand Cen- tral Terminal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $1,200,000 Outstanding: (June 1, '21) 840,000 Balance Retired. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed principal and interest by the Toledo & Ohio Central Ry. Co. by endorse- ment. Secured by an equipment agreement on 1,000 steel hopper oars costing $1,627,380 of which the company paid $327,380 in cash. Legal for savings bank in Ohio. Original Market — $300,000 offered March, 1917. by Evans, Stiljman & Co., at 100 and Interest for average maturities. 13 TOLEDO & WESTERN RAILWAY 1st Ss. Due July 1, 1926. Dated July 1, 1901. Interest payable Jan. and July 1, at Cleveland Trust Co., Cleve- land, Ohio, or National Bank of Commerce, New York. Default — July 1, 1920, interest was not paid. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized and Outstanding ...$1,250,000 Denomination — Coupon and Registered, $1,- 000. Coupon, registerable as to principal. Trustee — Cleveland Trust Co., Cleveland, O. Receivership — I. Frank Johnston, general manager, and Harry A. Dunn were appoint- ed receivers in February. 1921. Control — Property of this company was ac- quired under foreclosure sale by the Toledo & "Western R. R. Co. June 1, 1920 the Gas Securities Co. acquired the stock control (99%) formerly held by the Cities Service Co. Management — The Doherty Organization. Secured by a first mortgage on that portion of the main line of present system which runs between Toledo and Fayette, a distance of about 46 miles; and on branch line from Allan Junction, Ohio, to Adrian, Mich., a distance of '20 miles. The Company owns twelve franchises in Ohio and Michigan, five of which are unlim- ited as to time, and the remainder expire be- tween 1923 and 1931. Also has trackage rights in Toledo and Adrian. Underlies — 1st Cons. & Ref. 5s of 1930. Earnings — See Toledo Traction, Light & ^ower Co. 1st Lien 7s. Original Market — Offered by W. J. Hayes & Sons, Cleveland, Ohio, at 90 and interest with 50% bonus of common stock in 1902. 'Market. New York — Lynch & McDermott, H. L. Doherty & Co. Toledo — The Collin-Norton Co., Secor, Bell & Beckwith, Persons, Campbell & Co. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. A.sk Bid. Ask. High 74K '09 79 '08 25 Jan. 40 Jan. Low. 10 -'20 25 '20 10 July 25 July TOLEDO, BOWLING GREEN & SOUTHERN TRACTION CO. (THE) 1st 5s. Due May 1, 1921. Dated May 1, 1901. Interest payable May and Nov. 1, at Trustee's office. Extension Proposal — As of May 1, 1921, holders had been asked to assent to the ex- tension of these bonds to May 1, 1941, with interest at 6%. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,600,000 Outstanding 1,003,500 Canceled 80,000 Reserved fop Prior Liens 276,000 Denomination— rCoupon, $600 and $l,00O» Registerable as to principal only. Trustee — Central Trust & Safe Deposit Co.,. Cincinnati, Ohio. Organization — Incorporated in Ohio in 1901 as a consolidation of the Flndlay Street ^y. Co.. Toledo, Bowling Green & Fremont Ry. Co. and Hancock Light & Power Co. of Flndlay, O. The property of this company was for- merly leased to the Toledo Urban & Interur- ban Ry. Co. but lease cancelled In 1908' on default of rental. The property of the latter company was acquired under foreclosure by the Toledo & Flndlay Ry. Co. and Buba»- quently acquired by this companT. 27 Capitalization. Outstandine. Common $1,126,000 Preferred (5% noii-cum.) 760.000 Funded debt 1,768,600 Secured by a first mortgragre on electric light plant in Findlay, O., and on 26 miles of electric railway and a second mortgrage on the balance. The property covered includes 71 miles of electric railway track from Toledo City limits to Findlay and PerrysburB, Ohio. In February, 1915, a franchise was grranted for 25 years in Findlay. Population served, Toledo, 170,000; remaining territory, 40,000. Prior liiens — $480,000 Toledo & Findlay By. Co. Bs of 1936 and $275,000 Findlay Street Ry. lat Cons. 6s of 1924. Bonds are reserved under this mortgage to retire this latter is- sue. Gross. Net. Interest. 1920 $649,055 $95,368 $91,626 1919 647,608 117,187 91,775 I,isted on the Cincinnati Stock Exchange. Original Market — First offered by the Franklin Bank, Cincinnati, Ohio, at par and Interest in April, 1901. Market. New Tork — Morton Lachenbruch & Co. rrOI/BDO, CANADA SOUTHERN & DEBOIT RAILWAY CO. let 4s. Due Jan. 1, 1956. Dated Jan. 2, 1906. Interest payable Jan. and July 1, at Grand Central Terminal, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,600,000 Outstanding 3,100,000 Beserved for Ext 1,400,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000, $5,- 000, $10,000, $50,000. C. & R. Interchange- able. Trustee — Guaranty Trust Co.,' New Tork. Assumed by the Michigan Central R. R. Co. The bonds also bear that company's endorsed guarantee of principal and interest. Control — Incorporated in 1872 In Michigan as a consolidation of the betroit & State Line R. R. and Junction Ry. Co. On Sept. 27, 1916, this company was merged into the Mich- igan Central R. R. Secured by first mortgage on 69.22 miles of road from West Detroit to Canada So. Junc- tion on the Toledo Belt Line. I,egal for savings banks in Cal., Me., Mich., Minn., Mo., N. H., N. ,7. and Ohio. Original Market — $1,600,000 underwritten In 1906 by J. P. Morgan & Co., New Tork. Market. New York — Carrutiieis, Pell & Co. PittsbuTffh — R. B. Hutchinson & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 "Bid. Ask. Bid. Ask. High 98 '09 65 Mar. 70 July Low. 60 '20 70 '20 60 July 70 July TOLEDO, FAYETTE & WESTERN RAILWAY 1st 5s. Due July 1, 1987. Dated Nov. 1, 1902. Interest payable Jan. mnd July 1, at Trustee's office or National Bank of Commerce, New Tork. Default— July 1, 1920 interest. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstandlns $260,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Cleveland Trust Co., Cleveland. O. Redeemable at par and interest. Guaranteed principal and Interest by To- ledo & Western B. B. Co, Receivership — See Toledo & Western Ry. 1st 5s. Control — The entire capital of stock was originally owned by the Toledo & Western By. Co. In 1907 the property of the latter com- pany, including stock holdings, was acquired under foreclosure sale by the Toledo & West- ern R. R. Co., June 1, 1920, the Gas Securi- ties Co. acquired the stock control (99%) of the latter company from the Cities Ser- vice Co. Management — The Doherty Organization. Secured by a first mortgage on that portion of main line of present system which runs be- tween Fayette and Pioneer, Ohio, a distance of about 14 miles; built principally on pri- vate right-of-way. Market. Toledo — Secor, Bell & Beckwith. Price Bange 1920 — Bid lOf. Dec. TOLEDO, EREMONT & NORWALK RAIL- ROAD CO. 1st 6%s. Due Jan. 1, 19ZS. Dated Jan. 1, 1900. Extended Jan. 1, 1920, with interest increased from 6% to 6%%. Interest payable Jan. and July 1, at Union Trust Co., Detroit, Mich. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,600,000 Ontstanding (Jan. 1, '21) 1,115,000 Cancelled 385,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Union Trust Co., Detroit, Mich. Redeemable on any interest date at 100 and Interest on 60 days' notice. Guaranteed as to principal and interest by the Lake Shore Electric Ry. Co. by endorse- ment. Control — ^Absorbed by the Lake Shore Elec- tric Ry. Co. in 1901. Secured by a first mortgage on 65 miles of high-speed electric railway between Toledo and N^orwalk, Ohio, Large part of the line Is on private right-of-way: elsewhere fran- chises are for from 10 to 21 years. Popula- tion served, Toledo, 240,000; remaining ter- ritory, 60,000. Underlies — Lake Shore' Electric Ry. Co. lat Cons. 6s of 1923 and Gen. 6s of 1933. Bonds are reserved under the 1st Cons, mortgage to retire this issue. Earnings — See Lake Shore Electric By. Listed on the Cleveland Stock Exchange. Market. New York — Berdell Bros. & Co., Pynchon & Co., Carruthers, Pell & Go. Philadelpliia — E. R. Bernard. Toledo — Secor, Bell & Beckwith, Parsons, Campbell & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 99 '10 101 '11 66 Aug. 70 Dec Low. 50 '20 60 '20 50 Dec. I Dec. TOLEDO GAS, 30-Year Ss. Dated Sept. April and Oct. 132S ELECTRIC & HEATING CO. Dae Oct. 1, 1936. 11, 1906. Interest payable 1, at Ohio Savings Bank & Trust Co., Toledo, Ohio, and National Bank of Commerce, New Tork. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $2,600,000 Outstanding 2,013,000 Keserved for Prior Liens 487,000 Denomination — Coupon and registered, JlPO, $600 and $1,000; coupon registerable as to principal. Trustee — Ohio Savings Bank & Trust Co.. Toledo, Ohio. Gnaranteed principal and Interest by To- ledo Railways St liight Co. by endorsement. Control — The property of this company was purchased June 1, 1907, by the Toledo Rail- ways & Light Co. 93% o( the stock and 512,286,600 (out of $14,495,000) of the bonds of the Toledo Rys. & t,t. Co. are owned by the Cities Service Co. Management — H. L. Doherty & Co., New York. Secared by a morteaBe on plants supplying artificial gas and steam heat In Toledo, O., and suburbs. The gas business Is subject to natural gag competition. Franchises are un- limited as to time. Prior Liens — $160,000 Toledo Gas Light & Colce Co. Bs, due Nov., 1908, and Indefinitely extended and $333,000 Toledo Heating & Lighting Co. 5s due 1921. Bonds are reserved under this mortgage for the retirement of both issues. Both of the aboVe Issues are guaranteed as to principal and interest by the Toledo Bys. & Light Co. Earnings — See Toledo Traction, Light & Power Co. Original Marlcet — Oflered in 1900 by Secor & Bell. Toledo, at 97% and interest with 25% bonus in stock. Market. New Yorli — Carruthers, Pell & Co., Merrill, Lynch & Co. Toledo — The Collin-Norton Co., Secor, Bell & Berkwith, Parsons, Campbell & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. 73 '16 7G '16 60 June 63 June 45 '10 55 '19 60 Apr. 60 Apr. High Low. TOUBDO, F£OBIA & WESTERN RAUiWAI CO. 1st 4s. Dne Jnly 1, 1917. Dated July 1, 1887. Interest payable Jan and July 1, at American Exchange National Bank, New York. Default — ^The company defaulted on both principal and interest July 1, 1917. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $6,000,000 Outstanding •4,895,000 •Of the outstanding bonds the Pennsylvania Co. owns $1,248,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers" Loan & Trust Co., New York. ' Organization and Control — Incorporated In Illinois in 1887 as a reorganization of the To- ledo, Peoria & West. R. R. Controlled Jointly by the Pennsylvania Com- pany and the Chicago, Burlington & Quincy B. R. Co., each owning $1,939,860 of the $4,- 076.900 outstanding stock. Capitalization. Outstanding. Common $4,076,900 Funded debt *6,389,676 •Includes funded debt and interest ma- tured and unpaid. Beceivershiii — President B. N. Armstrong was appointed receiver by the U. S. Circuit Court, Danville, 111.. July 2. 1917. Protective Committee — Thomas Denny, Adrian Iselin, Jr., and Henry B. McHarg, Depository, Farmers' Loan & Trust Co., New York. .„_ _, ,, . ISecnred by first mortgage on 2S0.70 miles of road, viz: ,,., Miles. BfEner, near Indiana-Illinois State Line to Peoria, 111 ""'IS Hollis to Warsaw. Ill ^i.n La Harpe to Iowa Jet., Ill • lO-^O Hamilton & Keokuk Bridge (owned Jointly with the Wabash) 0.60 215,695 5,069 207,926 5,961 tl72,221 289,934 Tears ended Dec. 31: Gross. Net. Int. & Bent. •1920 $2,090,667 def.,$472,732»^ •1919 169,740 172,952 tl919 1,646,768 def. 212,616 •1918 159,740 172,080 tl918 1,645,593 def. 1,563 1917 1,289,433 268,117 1916 1,217,695 306,458 •Corporate account. tFederai account — standard return not .In- cluded. ••Operating deficit. ^Includes interest to June 30, 1917, only. Listed on the New York Stock Exchange. Market. New York — F. J. Lisman & Co., Carruth- ers, Pell & Co., Wolff & Stanley, Finlay & Davenport. Price Range— N. Y. S. E. / Jan. 1, '12, to Jan. 1, '«1 1920 HigJi 94% May 16, "12 4 Of Nov. 60fjan. Low. 36f Feb. 17, '19 25f May SlfMay TOLEDO RAILWAYS & LIGHT CO. EanlP. Tr. Os. Dne $16,000 each March 1 and $17,000 each Sept. 1, from JUarch 1. 1917, to Sept. 1, 1926, Inclusive. Dated Sept. 1, 1916. Interest payable March 1 and Sept. 1, at Trustee's oiBce. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $330,000 Outstanding (Jan. 1, '21) 198,000 Balance Retired. Denomination — Coupon, $1,000. Eeglster- able as to principal. Trustee — Girard Trust Co., Philadelphia. Guaranteed principal and interest by the Toledo Bys. & Lt. Co. Controlled through stock ownership by the Toledo Traction. Light & Power Co. Secured by an eauipment agreement on 60 steel closed motor passenger cars of the latest type with front entrance and center exit, cost- ing $397,361. Original Market — Offered Sept., 1916, by Townsend Whelen & Co., Philadelphia, from 100.86 for first maturity to 103.81 tor last maturity. Market. Philadelphlar— Townsend, Whelen & Co. Toledo — Tucker, Bobison & Co. 1329 TOLEDO. ST. LOmS & WESTERN RAHi- ROAD CO. Prior Lien 3%8. Due July 1, 1925. Dated July 1, 1900. Interest payable Jan. and July 1, at Columbia Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding 9,676,000 Denomination — Coupon, $1,000. Exchange- able for fully registered bonds in denomina- tions of $1,000 and '$6,000 each, but regis- tered bonds are not exchangeable for coupon bonds. Begistered, $1,000 and $6,000. Trustee — Farmers' Loan & Trust Co., New York. Organization — Incorporated in Indiana In 1900 as a reorganization of the Toledo. St. Louis & Kansas City B. B. and In 1907 ac- auired control of th^ Chicago & Alton R. B. Co. In Oct., 1914, W. L. Boss, president, was appointed receiver on application of cred- itors. Previous to August, 1914, the com- pany had been paying 4% Interest on $11,- 527,000 collateral trust bonds, secured by Chicago & Alton common and preferred stocks on 'Which little Income had been received, and none since 1912. Payment of Interest on these bonds, amountlne ot $461,000 per an- num. was defaulted in on August 1, ^914. Owns jointly with the Grand Trunk Westfern Ky., all the stock of the Detroit & Toledo Shore Line Ry., jointly guaranteeing the lat- ter company's 4% bonds. Capitalization. Outstanding. Common $9,996,000 Preferred (4% non-cum.) 9,962,600 Funded debt 27,806.268 Secured by a first mortgage on 450.68 miles of road from Toledo, Ohio; to East St. Louis, 111. Underlies — $6,500,000 1st 4s due 1960, which provide for the retirement of this issue. Tears ended Dec. 31: Gross. •1920 $10,118,447 Net. Int. & Rent $1,898,919 $1,537,442 *1919 99-1,294 1,273,316 J:l,368,749 tl919 8,267,878 1,222,945 288,758 •1918 994,294 1,080,557 1.467,623 tl918 8,306,127 1,981,083 395,252 1917 7,041,662 1,812,903 1,703,002 1916 5,958,987 2,011,130 1.579,327 •Corporate account. tPederal account — standard return not in- cluded. tincludes defaulted interest ($461,080) on "A" and "B" bonds due 1917. liisted on the New York Stock Exchange. Market. New York — E. A. Baker & Son, Simon Eorg & Co., Ambrose R. Clark & Co., Sam'l Goldschmidt, Carruthers, Pell & Co., Arthur E. Frank & Co. Price Range — N. Y. S. E. Jan. 1, -H)6, to Jan. 1, '81 1920 High 92% Dec. 29, '08 81^^ Oct. 30 Low. 72% Aug. 11. '15 74 Mar.22 TOLEDO, ST. LOUIS & WESTERN RAIL. ROAD CO. 1st 4s. Dne April 1, 1950. Dated July 1, 1900. Interest payable April and Oct. 1, at Company's office, 60 Wall St., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $16,600,000 Oatstanding 6,500,000 Reserved tor Prior Liens 10,000,000 Denomination — Coupon, $1,000. Exchange- able for registered bonds. Registered, $1,000 and $5,000. Trustee — Equitable Trust Co., New York. Redeemable on any interest date after July 1, 1925, at par and Interest, on six months* notice. Organization, Receivership, etc. — See Prior Lien 3^s. Protective Committee — Alvin W. Krech, Chairman. Harry Bronner and Charles H. Jones, with O. S. Herring, Secretary, 87 Wall St., New York, and Eduitable Trust Co., New York, depository. Secured by a second mortgage on 450.58 miles of road from Toledo, Ohio, to East St. Louis, 111. Prior Liens — $9,576,000 Toledo, St. Louis & Western K. R. Prior Lien 3%s of 1926. Earnings — See P. L. 3 Vis. Listed on the New York Stock Exchange. Marl^et. New York — E. A. Baker & Son, Simon Borg & Co., Sam'l Goldschmidt, Newborg & Co., Roosevelt & Son, Wolff & Stanley, F. H. Hatch & Co. Toledo — Secor, Bell & Beckwith. Price Range— N. Y. S. E. Jan. 1, '09, to Jan. 1, 'HI 1980 High 88% Jan. 15, '09 56 Oct. 9 Low. 40 Dec. 24, '14 42% Feb. 13 TOLEDO, ST. LOUIS ft WESTERN BAIL- ROAD CO. Coll. Tr. 48 (Series "A." and "B"). Due Ang. 1, 1917. Dated Aug. 1, 1907. Interest payable Feb. and Aug. I, at Company's office. New York. Default and Principal — Aug. 1, 1914, and subsequent interest in default. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $12,000,000 Outstanding — "A" $6,480,000 "B" 5,047,000 •$11,627,000 •Of the outstanding bonds the Ch., R. I. & Pac. owns $400,000 Series A and all of Series B. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Organization, Earnings, etc. — See Prior Lien 3%s. Protective Committee — Edwin G. Merrill (Pres. Union Trust Co. of New York); R. Walter Leigh (Maitland, Coppell & Co.); Rob- ert "Walker (Wiite & Case) and A. V. Morton (Vice-Pres. Pehna Co. for Ins. on Lives & Grant. Ann., Fhila.). Secretary, G. K. B. Wade. 80 Broadway, N. T. Depository, (^en- tral Union Trust Co., New York. Secured by a first lien on $6,480,000 of the $19,444,000 4% non-cumulative preferred stock and $14,420,000 of the $19,542,900 common stock of the Chicago & Alton B. R. Co. No dividends have been paid on any of these stocks since 1912. Listed (series "A") on the New York and Amsterdam Stock Exchanges. Market. New York — B. A. Baker & Son, Wm. C. Orton & Co., Carruthers, Pell & Co., Pynch- on & Co., Finlay & Davenport, Edwin Wolff, Chas. B. Doyle & Co. Price Bange-^N. Y. S. E. Jan. 1, '10, to Jan. 1, '21 1920 Ask 86 Feb. 1, '10 15 NoV. 24 15 Nov. 24, '20 15 Nov. 24 Ctfs. of Deposit. 23f Nov. 28, '16 15 Nov. 20 15 Nov. 20, '20 15 Nov. 20 High Low. High Low. 1st 1330 TOLEDO TERMINAL BAILBOAD CO. 4%s. Due Nov. 1, 1957. Dated November 1. 1907. Interest payable May and Nov 1, at Trustee's oifice. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Ontstandin;; 4,386,000 In Treasury 214,000 Reserved for Ext 1,400,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered. $1,000. Trustee — Columbia Trust Co.. New York. Guaranteed as to interest by the proprie- tary companies as follows: Pere Marquette Ry. Co., and the Baltimore & Ohio R. R. Co.. 16.12% each; the other propritary com- panies, 9.68% each. Organization and Control — ^Incorporated in Ohio in 1907 as a reorganization of the To- ledo Ry. & Terminal Co. and Is controlled Jointly by The Michigan Central R. R. Co., the New York Central R. R. Co., the Penn- sylvania Co., the Grand Trunk Western Ry. Co., the Toledo, St. Louis & Western R. B. Co.. the Baltimore & Ohio R. R. Co., Pere Marquette Ry. Co.. Hooking Valley Ry. Co., and the Toledo & Ohio Central Ry. Co.. which owns the entire stock. Capitalization. Outstanding. Common S4.000.000 Funded debt 4,386.000 Secured by first mortgage upon entire prop- erty ot company, inoludine 31 miles ot single track belt road around Toledo, O., with bra.nches to the Terminal passenger and freight station. Years ended Dec. 31: .,„„„ Gross. Net. Int. & Kent. •1920 51,241,787 •$B02,.322 $400,196 1919 804,398 502.737 290,673 *Corporate account. Market. New York — Finlay & Davenport. Joseph Bird Ford. Sam'l Goldschmidt, Fred H. Hatch & Co., B. A. Baker & Son, F. J. Lis- man & Co., -Wolff & Stanley, "Wm. Carnegie Ewen, Carruthers, Pell & Co., Pynchon & Co. Fluliulelphia — Barclay, Moor & Co., Henry D. Boenning & Co., McCown & Co. Pittsbni'gll — E. B. Hutphinson & Co. Price Bange. Jan. 1, 08, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 97 '09 99 '09 74% Jan. 75Mar. Low. 60 '17 60 '20 62 June 66 June TOI.EDO TRACTION, LIGHT & POWBK CO. 3-Yr. First Lien 7s. Dne December 1, 1921. Dated December 1, 1919. Interest payable June 1 and Dec. 1, in New York. Tax Statns — 2% Federal Income Tax paid by the " company without deduction. Penn- sylvania State tax refunded. Anthorizcd $16,000,000 Outstanding 10.400,000 Reserved (or Ext 4,600,000 Denomination — Coupon, $1,000 and ■ $500; registerable as to principal. Trustee — New York Trust Co., New York. Redeemable on the first day of any month on four weeks' notice, at 101 and interest on or prior to Dec. 1, 1920, and thereafter at 100% and interest. Organization — Incorporated in Maine in 1913. Owns over 93% of the capital stock of 'The Toledo Railways & Light Co. and all the capital stock (except directors' shares) of the Acme Power Co. Capitalization. Outstanding. Common .- $7,882,518 Preferred (6% cum.) 6,661.676 Funded debt 13,400,000 Controlled through stock ownership by the Cities Service Co. Secured by a first collateral lien on prac- tically the entire electric light and power property in Toledo, including the new Acme power plant; a first collateral lien on prac- tically all the street railway properties; and a collateral lien subject to $2,208,400 di- visional bonds on the artificial gas and heat- ing properties of the Toledo Railways & Light Co. The following securities are pledged; All the $6,000,000 i% (now 6%) Consoli- dated First Mortgage Gold Bonds of The Toledo Railways & Light Company; All the $5,999,000 5% (now 6%) Consoli- dated Gold Bonds of The Toledo Traction Com- pany; All the $4,553,000 7%. First Mortgage Gold Bonds of The Acme Power Company; - Over 93% of the $13,875,000 of capital stock of The Toledo Railways & Light Com- pany; All the $4,500,000 capital stock (excepting directors' shares) of The Acme Power Com- pany; Also certain other bonds, and all bonds and stocks of subsidiaries which may here- after be acciuired by the company. The electric light and power, gas and heating franchises are unlimited as to time. By a majority of approximately three to one. the voters of Toledo, in Nov., 1920,. ratified an ordinance providing for the fiinal settlement of the street railway controversy. The new plan, which went into effect Feb- ruary 1, 1921, provides for service-at-cost. The City of Toledo entered into an agree- ment with the Toledo Ry. & Lt. Co. and The Community Traction Co., as the new street railway system will be known, giving the company until Dec. 2, 1921, to release cer- tain mortgage liens against the street rail- way property. Prior Liens — $2,208,400 divisional bonds on the artificial gas and heating properties only. Years ended Dec. 31 (consolidated) : Gros.5. Net. Bond Int; 1920 $5,525,833 $1,837,242 $728,000 1919 4,309,125 1,606,642 700,000 Original Market — $10,000,000 oilered De- cember, 1919, by The National City Co. and Harris, Forbes & Co., at 99 and interest. Market. New York — Babcock, Rushton & Co., Sam'l Goldschmidt, National City Co., Berdell Bros., Morton Lachenbruch & Co., John Nickerson, Jr., Carruthers, Pell & Co. Boston — Moors & Cabot, Arthur Perry & Co. Philadelpliia — McCown & Co., H. D. Boen- ning & Co., Parsly Bros. Price Range 1920 Bid. Ask, High 98 Feb. 99 Jan. Low 88 Sept. 91 July TOLEDO, WALHONDING TALLEY & OHIO RAILROAD CO. 1st 4s and 4i.^s. Dne Series "A," July 1, 1931! Series "B," July 1, 1933; Series "C," Sept. 1, 1942. Dated July 1, 1891. Interest payable. Series "A" and "B". Jan. and July 1: Series "C." March and Sept. 1, at Fenna R. R. Co., New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Tax exempt in Ohio. Anthoilzed $4,000,000 Outstanding (Jan. 1, '21) "A" 4%s $1,494,000 "B" 4%s 969,000 "C" 4s 1,137.000 $3,000,000 Retired by S. F. — "A" $6,000 "B" 39.000 "C" 356,000 $400,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustees — Farmers* Loan & Trust Co.. N. Y. Sinking Fund — ^Annually, beginning Oct. 1, 1892, 1% of bonds outstanding, to be applied to their purchase at par. If not purchaseable at this price, the fund for that year shall lapse into the company's treasury. Guaranteed as to principal and Interest by the Pennsylvania Co. by endorsenient. Control — Merged in 1911 into the Toledo, Columbus & Ohio River R. R. Co., which from Jan. 1, 1918, is leased to and operated by the Pennsylvania R. R. Co.-Westem Lines at a rental equivalent to net earnings. The Pennsylvania Co. is owner of the entire ■ cap- ital stock. The Pennsylvania Co. is con- trolled through ownership of Its entire stock by the Pennsylvania R. B. Go. Secnred by a first morteaee on 231.36 miles of road, viz: Miles. Toledo Jot. to Toledo, O 80.66 Loudonvllle to Coshocton, 46,41 Sandusky to Columbus, 108.29 l,eg:al for savings banks in Cal., Me., Mich., Minn., Mo., N. H.. N. J. and B. I. I.isted on tlie New York Stock Exchange. Market. Nevf York — Simon Bors & Co., Sam'l Goldschmidt, Hartshorne & Battelle, Chas. W. Place, Redmond & Co., Raymond M. Smith, Struthers & Hlscoe, Taylor, Smith & Hard. PhUadelphia/— Henry D. Boenning & Co., Reed A. Morgan & Co., Morley, "Wood & Co.*, Parsly Bros. & Co., Samuel K. Phillips & Co., Isaac Starr, Jr., & Co., Wheeler, Blliot & Mann, Pittsburgh — R. B. Hutchinson & Co. Price Range — ^N. Y. S. B. Jan. I, '07, to Jan. 1, '21 Series "A." 1980 Ask. High 103 Aug. 8, '07 86% Oct. 20 Low. 80% Oct. 20,-20 Series "B." 86% Oct. 20 High 102% Nov. 7, '12 82 Dec. 21 Low. 82 Oct. 20, '20 Series "C." 82 Dec. 21 Bid. High 96% Oct. 8, '12 80 Jan. Low. 88% Sept. 14, '17 65 Aug. TOFEKA (Kan.) EDISON CO. 1st 6s. Dne Sept. 1, 1930. Dated Sept. 1, 1905. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Statas — 2% Federal Income Tax paid by company without deduction. Anthorized $1,260,000 Outstanding (Jan. 1, '21) 806,000 Retired by S. F 195,000 Reserved for Ext 249,000 Tmstee — Cont'l & Com'l Trust & Sav. Bank, Chicago. Redeemable as a whole on Jan. 1, 1915. or any interest date thereafter at 106 and in- terest on 90 days' notice. Sinking Fimd — $16,750 annually on Dec. 16 from 1909 to 1929, Inclusive, for the rederAp- tion of bonds at 105 and interest in numerical order. Bonds so acauired to be cancelled. Organization and Control — Incorporated In Kansas in 1905 as successor to the I^dison Electric Illuminating Co. of Topeka. In 1910 the Illinois Traction Co. acquired the entire capital stock. In 1916 the Topeka Railway & Light Co. was incorporated in Maine, as a holding company and acauired the entire cap- ital stocks of the Topeka Edison Co. and the Topeka Railway Co. and has deposited them under its 1st Lien & Ref. Mtge. The Topeka By. & Lt. Co. is a subsidiary of the Illinois Traction Co. Capitalization. Outstanding. Common $1,250,000 Funded debt 1,033,000 Secured by a first mortgage on steam heat- ing plant and plant supplying electric light and power to Topeka, Kan. Also sells power to the Topeka Ry. Co. Population served, 43,000. Franchises expire In 1936. Underlies — Topeka Ry. & Lt. Co. 1st Lien ft Ref. 53 of 1933, a sufficient amount of which are reserved to retire this issue. Earnings — See Topeka Ry. & Lt. Co. Ist Lien & Ref. 6s. Original Market — Offered In Sept., 1906, at 100 and interest by B. H. RoUlns & Sons, Boston, New Tork, etc. Market, New Yorlt — Watson, Armstrong & Co., Berdell Bros., Oarruthers, Pell & Co., Pynch- on & Co. Philadelphia — McCown & Phillips & Co. Price Bange, Jan. 1, '16, to Jan. 1, '21 Bid. Ask. High 98% '16 100 '16 Low. 78 '20 80 '20 Co., Samuel K. 1920 Bid. Ask. S3 Feb. 87 Feb. 78 July 80 Dec. TOPEKA RAILWAY & LIGHT CO. 1st Uen & Ref. 6s. Dne Feb. 1, 1933. Dated Aug. 1, 1916. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Statns — Company refunds 1% of the Federal Income Tax. Authorized $7,600,000 Outstanding (Jan. 1, '21) 1,437,000 Held in S. F 141,600 Reserved to Acanire or Retire Prior Liens - 1,861,000 Reserved tor Ext 4,060,500 Denomination — Coupon, $1,000, $600 and $100. Registerable as to principal. Regis- tered, $1,000, $5,000 and multiples. C. & R. ($1,000) Interchangeable. Tmstee — New Tork Trust Co., New York. Redeemable at 105 and interest on any'ln- terest date. Sinking Fund — Annually, from Aug. 1, 1917, to 1929, inclusive, cash payments amounting to 1%% and annually thereafter 1% of the total amount of bonds outstanding. Including underlying bonds, less a sum eaual to the amounts paid on account of the sinking fund requirements of the underlying mortgages. This fund may be applied to the acquisition of underlying bonds at not exceeding 100 and interest and the balance of fund, if any, for the purchase or redemption of these bonds at not over 105 and interest. Bonds are kept alive and interest added to this fund. Maintenance and Depreciation Fund — ^Begin- ning with the two-year period ending May 31. 1918, and during each two-year period there- after, the company covenants under this mort- gage to cause the subsidiary companies to provide for maintenance and depreciation an amount averaging 12% of their combined an- nual gross earnings. Any part of this amount not actually expended must be deposited in cash with the Trustee as a special fund to be used subsequently for maintenance, repairs and renewals. Pending such expenditure, the moneys in the fund may be invested in bonds of this issue. Guaranteed principal and interest by the Illinois Traction Co. Organization and Control — ^Incorporated In Maine in 1916 and acquired the entire capital stocks of the Topeka Edison Co. and the Topeka Railway Co. The company is a sub- sidiary of the Illinois Traction Co. Capitalization. Outstanding. Common ... $1,600,000 Preferred (6% cum.) 684 000 Funded debt i 437 ooq Secured by pledge of all the capital' stocks, and excepting the prior lien issues mentioned below, all the bonds of subsidiary companies. For detail on property, etc.. see Topeka Edison Co. 1st 6s and Topeka Railway 1st 5s. Prior Liens— $806,000 Topeka Bdisoh Co. cl! 1st siof t^so"-"^^'"'"' Topeka Railway Years ended Dec. 31: Gross. 1920 $1,322,730 1919 1,117,653 1918 931,345 1917 894,862 1916 803,196 Net. $256,293 303,254 271,745 328,772 332,493 Interest. $163,912 166,52B 160,435 160,918-^ 1332 ,»?,f'*J""* Market^$1.284.000 offered Jan.. 1917, by the National City Co.. New York at 94 and Interest. ^^ „ Market. New York— Sam'l Goldschmidt, Fred. H. Match & Co., 'Watson, Armstrong & Co., rynchon & Co., Carruthers, Pell & Co., John Nickerson, Jr. Philadelphia — MoCown & Co. Price Bsnee. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Hig-h 81% '18 87 '18 76% Jan. 80 Jan. Low. 57% "20 62 '20 57% Sept. 62 Dec. TOFEKA RAILWAY CO. (THE) let 58. Due Jan. 1, 1930. Dated December 31, 1904. Interest payable Jan. and July 1. at Cont'l & Com'l Trust & Sav. Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,250,000 Outstanding: (Jan. 1, '21) 1,055,000 Retired by S. F 195.000 Denomination — Coupon, $1,000. Kegrlster- able as to principal. Trnstee — Continental & Commercial Trust & Savings Bank, Chicago, and Frank H. Jones. Redeemable as a whole on Jan., 1915, or any interest date thereafter at 105 and In- terest. Sinking Fund — From Jan. 1, 1909, $15,000 of these bonds to be redeemed annually at 105 and interest. Bonds to be called in numerical order, beginning with No. 1. Organization and Control — ^Incorporated in Kansas in 1892 and purchased the Topeka Rapid Transit Co. and the Topeka City Rail- "ways. and in 1903 acquired the property of the Vinewood Park Railway Co. In 1910 the Illinois Traction Co. acquired the entire cap- ital stock of this company. In 1916 the 'To- peka Railway & Light Co. was incorporated in Maine and acquired the entire capital stocks of this company and the Topeka Edison Co. The Topeka Ry. & Lt. Co. is a subsidiary of the Illinois Traction Co. Capitalization. Outstanding. Common $1,260,000 Funded debt 1,055,000 Secured by a first mortgage on 39 miles of street railway track in and around Topeka, Kans. Franchises in Topeka expire June, 1933; ln*Shawnee County, Aug., 1933, and March, 1934, and elsewhere are perpetual. TTnderlies — Topeka Ry. & Lt. Co. 1st Lien & Ref. 5s of 1933, a sufflicent amount of which are reserved to retire this issue. Years ended Dec. 31: Gross. Net. Interest. 1920 $611,055 $96,662 $63,350 1919 542,150 127,143 67,870 1918 450,080 124,417 67,969 1917 457,781 164,211 61,750 1916 422,395 158,669 56,683 Orisinal Market — $1,000,000 offered In Feb., 1905, by E. H. Rollins & Sons. Boston, and American Trust & Savln&s Bank, Chicago, at par and Interest. Market. New York — Sam'l Goldschmidt, Fred H. Hatch & Co., Lynch & McDermott, Watson, ArmstronR- & Co. Fhiladelphia — Samuel K. Phillips & Co. Price Ranee, Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98V2 '16 100*16 83 Feb. 87 Feb. Low. 72 '20 80 '20 72 June 80 Dec. TOKONTO ELECTRIC LIGHT COMPANY 3- Year 6% Secured Notes. Due July 1. Bated July 1. 1919. Interest payable Jan. and July 1. at New York and Toronto. Tax Statns — 2% II. S. Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstandinff 1,000,000 Denomination— Coupon, $1,000. Trustee — National Trust Company, Ltd.. Toronto. Redeemable as a whole at 101^ and in- terest on 60 days' notice. Sinking: Fund — Beglnninsr October. 1919, quarterly payments of $30,000 to be applied to the purchase of these notes at not exceed- ing par and interest if so.purchaseable. Notes so purchased to be cancelled. Organization and Control — ^Incorporated In Ontario, Can., In 1883, and supplies electric light and power to the city of Toronto. Con- trolled by the Toronto Power Company, Ltd., through ownership of entire capital stock. Capitalization. Outstanding. Common $4,000,000 Funded debt 1.000,000 Secured by pledge of $1,000,000 (en- tire issue) 1st 20-Year 5s, due 1939, which are secured by direct closed 1st mortgage on the entire property, assets and income of the company now owned or hereafter acquired. Franchise is perpetual. Years ended I>ec. 31: Interest. Gross. Net. 1918 $1,693,324 $567,634 1917 1,522,664 ' 636,629 1915 1,320,065 664.620 Later earnlng's not available. Original Market — Offered in March. 1919. by Wm. A. Read & Co., New York, etc., at 99% and interest, to net about 6.20%. Market. New York — Earle A. Miller & Co., Read & Co":, Halsey, Stuart & Co. ' Tororito — Manning Bros. Price Ranfi:e Jan. 1, '19, to Jan. 1, '21 Bid. Ask. High 96 '19 99% '19 Low Dillon. 1920 Not^ available 1333 TORONTO, HAMILTON & BDT^ALO RAII#- WAY CO. 1st 4s. Due Jane 1, 1946. Dated June 1. 1896. Interest payable June and Dec. 1, at Treasurer's oflSce. Grand Cen- tral Terminal. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .. .$3,280,000 Denomination-— Coupon, $1,000. Register- able as to principal or fully reglsterable. Registered. $1,000. C. & R. interchangeable. Trustee — American Trust Co., Boston. Guaranty Fund — The four companies men- tioned below agree to set aside if necessary 25% of their entire gross earnings upon the traffc interchanged with the T., H. & B. Ry. Co. as a fund to meet the interest on these bonds. Organization and Control — The Toronto, Hamilton & Buffalo Ry. Co. was incorporated In Canada in 1892. Jan. 30, 1915, absorbed the Brie & Ontario Ry. (20 miles). In Aug.. 1916, purchased all the capital stock of the Toronto, Hamilton & Buffalo Navigation Co., which owns a steel car ferry. Of the $4,- 512,500 capital stock $1,676,600 Is owned' by the N. Y. C. R. R. Co., $984,200 by the Michigan Central Ry. Co., $627,100 by the Canada Southern Ry. Co. and the balance. $1,224,600. by the Canadian Pacific Ry. Co. Capitalization. Outstanding, Common $4,512,500 Funded debt 5,730,000 Secured by a first mortgage on 79.88 miles of road from Waterford via Hamilton to Welland Jet. and extension in Hamilton to Grand Trunk Ry., Belt Jet. to Wellington St., Hamilton, all in Ontario. Net. Int.. etc. $974,602 $314,401 628,198 289,676 1,222,374 319,867 931,014 296,475 792,878 279,028 624,279 301,466 Underlies — Cons. 4^s of 1966, under which mortgage bonds are reserved to retire thia issue. Tears ended Dec. 31: Gross. 1920 $3,229,726 1919 2,500,917 1918 3,046,482 1917 2,258,024 1916 1,870,237 1915 1,404,320 Xlsted on the New York Stock Exchange. Original Harket — $3,280,000 ottered in Mar., 1899, by Edward Sweet & Co., New York, and the American Trust Co., Boston, at 100 and Interest. Market. ■ New York — Simon Borg & Co., Sam'l Gold- schmidt, Fred. H. Hatch & Co., Rutter & Co., "^Vatson, Armstrong & Co., Edwin Wolfe, WoIfE & Stanley, Carruthers, Pell & Co., Pynchon & Co. Philadelphia — Biddle & Henry, Parsly Bros. & Co. Price Ranee — N. Y. S. E. Jan. 1, '08, to Jan. 1, '21 1920 High 95 Dee. 31, '06 68 Feb. 25 Low. 63 Dec. 29, '19 63 Dec. 22 Price Kanse ^^^^ Bid. Ask. High 73 Aug. Low 64 Aug. 69% Deo. TORONTO, HAMILTON & BUITAIX) RAII,- WAY CO. Cons. 4%S. Series "A". Due Aug. 1, 1966. Dated Aug. 1, 1916, Interest payable Feb. 1 and Aug. 1, at New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $10,00,0,000 Ootstandine 2v000,000 " Reserved for Prior Liens 3,280,000 Resei^ved for Ext., Etc 4,720,000 Purpose of Issue — These bonds were issued and sold at 90% of par ($2,000,000). The proceeds were used to reimburse the treasury for expenditures for construction of a branch line, Smithville to Dunnville, 14.90 miles, and other additions and betterments and to provide for future corporate purposes of the company. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000, $5,000 and multiples of $5,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable as a whole at 110 and interest on any interest date upon 90 days' notice. Guaranty — The New York Central R. R. Co., Michigan Central R. R. Co., Canada Southern Ry. Co. and Canadian Pacific Ry. Co. were to join in a guaranty of the interest on this issue and provide a sinking fund in proportion to their respective interests therein, laut in March, 1917, the Ohio Supreme Court held that while the New York Central might guarantee such of these bonds as it may itself own or acquire it is not permitted under the Ohio law to make a joint guaranty with the other proprietary companies. Organization and Control — See 1st 4s. Secured by direct mortgage on 100.01 miles of road. cix. ; A first lien on 20.13 miles — Smithville to Port Maitland. Ont 19.63 Dunnville Jet. to Dunnville Station, Ont. 0.60 A second lien on 79.88 miles — Covered by the Toronto, Hamilton & Buffalo 1st 4s — "VVatertord Jet. via Hamilton to Welland Jet., Ont 79.88 Prior Liens — $3,280,000 Toronto, Hamilton & Buffalo Ry. 1st 4s, 1946, for the retirement of which bonds of this issue are reserved. Earnings — See 1st 4s. Market. New York — Evans, Stillman & Co. Philadelphia — Biddle & Henry. TORONTO, HAMILTON & BUETALO RAH^ WAY CO. Equip. iVzB, Series "A". Due $75,000 each Febrnary 1 and August 1 to February 1, 1923, inclusive. Dated February 1, 1913. Interest payable Feb. and Aug. 1, at Wm. A. Read & Co., New York. ,. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $1,500,000 Outstanding (Mar. 1, '21) 300,000 Balance Retired. Denomination — Coupon, $1,000. Trustees-Central Union Trust Co., New York. Secured by first lien on 4 locomotives, 1,000 box cats, 160 flat cars, 60 Hart convertible ballast cars and 150 steel coal cars. Under terms of indenture these bonds could be Issued- for not exceeding 90% of the cost of equip- ment. Original Market — $1,600,000 ottered in Jan- uary, 1913, at prices to yield 4%% by Wm. A. Read & Co., New York. Market. New York — Dunham & Co., Freeman & Co., Ambrose R. Clark & "Co., Evans, Still- man & Co. i33r TORONTO PAPER MANOFACXURING COM- PANY, LTD., 1st S, F. 6s. Due Sept. 1, 1942. Dated Sept. 1, 1912. Interest payable Mar. and Sept. 1, at Bank of Montreal in Toronto. Montreal, New York and London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $760,000 Outstanding (Jan. 1, '21) 689,000 Retired by S. F 60,200 Provisions of Issue — Additional bonds may be issued for 66 2-3%- of the amount required for extensions, etc. Denominations — Coupon $100, $500 and $1,000. Trustee — The Royal Trust Company, Mon- treal. Redeemable for Sinking Fund on any in- terest date at 110 and interest. Sinking Fund — Beginning in 1915, 1%% an- nually of bonds outstanding, bonds to be pur- chased in the market at not exceeding 110 and interest; if none offered, to be drawn at the price. Control — Incorporated August, 1912, in Can- ada as a reorganization of Toronto Paper Company. Manufacturers high grade linen, bond, book and lithographing papers. In Nov., 1919, the property of this company was acquired by Howard Smith Paper Mills, Ltd. Secured by a first mortgage on the entire property formerly owned by the company, in- cluding plant at Cornwall, Ont., occupying eight acres and consisting of twenty-one brick and stone buildings, including sulphite mill, paper mill, etc. Average daily output of paper, 40,000 pounds. Earning^ — See Smith (Howard) Paper Mills 1st 6s. Market. Toronto — Manning Bros. & Co. Montreal — Balfour, White & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. A sk. Ask. High 89 '19 91Vj '20 91% Oct Low. 84 '19 89 '20 89 May TORONTO POWER COMPANY, LTD., 10- Year Guaranteed 5s. Due July 1, 1924, Dated July i, 1914. Interest payable Jan. 1 and July l. Tax Status — Pajinent of Federal Income Tax not assumed by company. Authorized $4,250,000 Outstanding \ 4,100,200 Denominations — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee— National Trust Co., Ltd., Toronto. Redeemable at 100 and interest on any in- terest date on three months' notice. Assumed by the Hydro-Electric Power Commission of Ontario. ' Cfuaranteed principal and interest by the Toronto Railway Co. Orgranization and Control — Incorpora ted in Ontario. Present name adopted in 1908. Owns all the $4,000,000 capital stock of the To- ronto Electric Light Co., Which distributes electric light and power In Toronto. Also owns 99% of the capital stock and $5,014,- 000 of the first mortgage bonds of the Elec- tric Development Co., which owns a hydro- electric plant of 125,0 00 h. p. at Niagara Falls and also a double steel tower transmis- sion line carrying four circuits into Toronto, erected on private right-of-way. In January, 19 21, the Toronto Railway Co. sold, the capital stock of this company to the Hydro-Electric Power Commission of Ontario. Capialization, Outstanding. Common $3,000,000 Deb. Stk. (4%%) 14,665,775 Funded debt 4,100,200 Security — A joint and sev-eral liability of the Toronto Power Co., and the Toronto Rail- way Co. and "secured by pledge of preference shares of the Electric Development Co. sur- rendered for exchange. The franchise "* of the Electric Development Company extends to 1953, with privilege of renewal. The franchise of the Toronto Elec- tric Light Company extends to 1939. The franchise of the railway company is indeter- minate after 1921, unless in that year or at stated periods subsequently the city shall ex- ercise its option to purchase the physical properties at a price to be fixed by arbitra- tion. Reports of independent engineers in be- half of the city Indicate liquidated assets of the Toronto Power Company largely in excess of outstanding liabilities. Original Market — First ofCered in exchange for stock of the Electrical Development Co.; a. block offered Aug., 1917, by Paine, Webber & Co., Boston and New York, at 95 and interest. Market. New York — Earle A. Miller & Co., Sutro Bros. & Co., Lynch & McDermott, Jenks, Gwynne & Co., Carruthers, Pell & Co., "f"ynchon & Co., Morton Lachenbruch & Co., Gilbert J. Postley, Berdell Bros., Chas. E. Doyle & Co. Boston — Paine, TVebber & Co. Torontc^— Manning Bros. Montreal— Balfour & White. Price Range. Jan. 1, '17, to Jan. 1, '21 1930 Bid. Ask. Bid. ■ Ask. Hig-h 92 '19 95 '17 85 Aug. 90 Aug. Low. 75 '18 78 '20 75 Aug. 78 Sept. Authorized . . . ; $1,000,000 Outstantlingr (Jan. 1, '21) 244,000 Retired by S. F 6,000 Unissued 700,000 Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Metropolitan Trust Co., New Tork. Redeemable at 102 and Interest on any in- terest date. Sinking Fund — The mortgage provides for annual amounts for the retirement of these bonds. Guaranteed as to principal and interest by the Central New Tork Gas & Electric Co. (Merged in 1916 into the Empire Gas & Elec- tric Co.). Assumed by the Empire Gas & Electric Co. Organization and Control — Incorporated in New York. All of the stock is owned by the Waterloo Woolen Mfg. Co. and allied interests. The property is leased until 1923 to the Em- pire Gas & Electric Co. at a minimuin rental of $25,000 per annum and a maximum, of 7^/S mills per kilowatt hour for all power which can be developed. The rental under the lease is guaranteed by the Empire Coke Co. Capitalization. Outstanding. Common $300,000 Funded debt 244,000 Secured by a first mortgage on 15 acres of land on the Seneca River at Waterloo, N. T., six miles from Seneca Lake, together with all water rights, and a power plant recently erected, having a capacity of 3,200 h. p. Additionally secured by pledge hereunder of the lease of the property to the .Empire Gas & Electric Co. , Original Market — Offered in June, 1915, by H. F. Bachman & Co., Philadelphia and New York, at par and interest. Market. Philadelphia — H. F. Bachman & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid; Ask. High 98 '16 100 '19 Not Low. 90 '18 98 '18 available TRACY DEVELOPMENT CO. 1st 6s. Due October 1. 1944. Dated October 1, 1914. Interest payable April 1 and October 1. Tax Status — Payment of Federal Income iTax not assumed by company. TRANSYLTANIA RAQ^ROAD CO. 1st 5s. Due Jan. 1, 1956. Dated January 1, 1906. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding 429,000 In Treasury 429,000 Reserved for Ext 66,000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000. Trustee — Guaranty Trust Co., New York. Organiization and Control — Incorporated in North Carolina in 1899 as a reorganiaztion of the Hendersonville & Brevard R. R. In 1906 property was leased to Southern Ry., Carolina Division, for 50 years at an annual rental of $25,000 for the first 10 years and $30,000 in each of the remaining 40 years. The Southern Ry., Carolina Division, is controlled by the Southern Ry. Co. through ownership of its entire capital stock and all- its bonds. ' Capitalization. Outstanding. Common $370,000 Funded debt 429,000. Secured by a first mortgage on 42 miles of road from Hendersonville to Lake Toxaway, N. C. Listed on the Pittsburgh Stock Exchange. .Market. New York — Qiirruthers, Pell & Co., P. J. Lisman & Co. - ■ ' ■ Price Eangie. Jan. 1, *17, to Jan. 1, '31 Bid. Ask. Higrh 70 '19 Low. 45 '17 85 '19 Not available TRAPPfl & liCMBRICK £L£:CTRIC STRBET RAILWAY 1st 4%s. Due July 1, 1931. I^ted July 1, 1901. Interest payable Jan. and July 1, at Real Estate Title Insurance & Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in Pennsylvania, Authorized and Outstanding $250,000 Denomination — Coupon, $1,000. Regristerable as to principal. Tustee — Real Estate Title Insurance & Trust Co., Philadelphia. Guaranteed principal and Interest by the Roxborough, Chestnut Hill & Norristown Ry. Co. Organization and Control — Incorporated in Pennsylvania in 1899. The entire capital stock is owned by Roxborough, Chestnut Hill & Norristown Ry. Co. and property leased to that company for 950 years from Dec, 1901. Rental, 5% on capital stock, 'interest on bonds, taxes and $100 expenses. The entire capital stock of the latter company is owned by the United Power & Transportation Co, and its property leased to the Schuylkill Val- ley Traction Co. The property of the latter company is leased for 900 years to the Read- ing- Transit & Light Co., a 'subsidiary of the Eastern, Power & Light Corp. Capitalization. Outstanding*. Common $250,000 Funded debt 250,000 Secured by a first mortgage on 13^ miles of electric railway track. Franchise is per- petual. Market. Philadelphia — Huntoon & Co., S. K. Phil- lips & Co. Price Range. Jan. 1, '16. to Jan. 1, 'Zl 1920 Bid. Ask, High. 82 '16 84 '16 Not Low. 82 '16 84 '16 Available of 1933, all of which are owned by the Grand Rapids & Indiana Ry. Co. Earnings — See Grand Rapids & Indiana Ry. Co. Market. New York — ^Wolff & Stanley, Carruthera, Pell & Co., Hartshorne & Battelle. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. nigh 50 '15 63 '15 55 Feb Low. 30 '17 55 '15 65 Sept. TRAVERSE CITY RAILROAD CO. Ist 3b. Due Jan. 1, 1933. Dated Jan. 1, 1883. Interest payable Jan. and July 1, at Winslow, Lanier & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $250,000 Denomination — Coupon, $1,000. Registerable as to principal. Assumed by the Grand Rapids & Indiana Ry. Co. Guaranteed as to interest by the Penn- sylvania R. R. Co. under terms of lease. Control — Incorporated in Michigan in 1871 and was formerly .operated by the Grand Rap- ids & Indiana Ry. Co. under agreement where- by the net earnings are to be applied to In- terest on the bonds. In 1917 the property of this company was purchased by the Grand Rapids & Indiana Ry. Co. , which is con- trolled through ownership of a majority of its stock by the Pennsylvania Co.,- the entire stock of which is owned by the Pennsylvania R. R. Co. Jan. 1, 1921, the property of the Grand Rapids & Indiana Ry. Co. was leased for 999 years to the Pennsylvania R. R. Co., rental being an amount sufficient to cover fixed charges and a 4% dividend on the Secured by a first mortgage on 26 miles of road from "Walton to Traverse City, Mich. IJnderlies — $190,000 Traverse City Income Bs 133 TRENTON GAS & ELECTRIC CO. 1st 5s. Due March 1, 1949. Dated March 1, 1899. Interest payable March and Sept. 1, at Eauitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorized and Outstanding $2,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Guaranteed as to interest under terms of lease by the Public Service Gas Co. and Pub- lic Service Electric Co. Control — Absorbed by the South Jersey Gas, Electric & Traction Co. , 'whose property is leased to the Public Service Corp. of New Jersey for 900 years from June 1. 1903. This lease has been reassigned to the Public Service Electric Co. and Public Service Gas Co., oper- ating subsidiaries. Rental paid the South Jer- sey Gas, Electric &• Traction Co. consists of Interest on bonds (including this issue) and 8%. on $6,000,000 capital stock. Secured by a first mortgage on plants sup- plying gas and electricity to Trenton, N. J., and vicinity. Franchises are pe^etual. Underlies — South Jersey Gas, Electric & Traction Co. 1st 5s of 1953, which mortgage provides for the retitement of these bonds. Listed on the New York Stock Exchange. Original Market — $1,500,000 offered in Mar., 1899, by Redmond, Kerr & Co. (now Redmond & Co.), New York, and Fidelity Trust Co. of Newark, N. J., at 102^i and interest. Market. New York— Fred. H. Hatch & Co., W. E. R. Smith & Co., Ca.rruthers, Pell & Co. Philadelphia — Graham, Parsons & Co., H. D. Boenning & Co. Jersey City — Cutwater & Wells. Price Range — 'N. Y. S. E. Jan. 1, '14, to Jan. 1, '31 1920 Bid. Ask. High 101% June 2, '14 85 Jan. 90 Jan. Low. 98% Aug. 7, '17 75 Dec 76 Aug. TRENTON, HAMILTON & EWING TRAC- TION Co. 1st 5s. Dae Nov. 1, 1955. Dated Nov. 1, 1905. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding: 500,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Real Estate Title Insurance & Tr. Co., Philadelphia. Assumed by the Trenton & Mercer County Traction Corp. Guaranteed as to principal and interest by the Trenton Steet Ry. Co., and under terms of lease by the Trenton & Mercer County Trac- tion Co. Organization and Control — Incorporated In 1902 in New Jersey. Controlled by the Trenton Street Ry. Co. through ownership of the entire $200,000 cap- ital stock, which company also leased the property for 999 years from 1906. Oct., 1910, this lease was suspended and a new lease made to the Trenton & Mercer County Trac- tion Co. Rental, $12,000 annually for the flrst 6 years; $14,000 for the next 6 years; $16,000 for the next 4 years; $18,000 for the 16th year, and $20,000 for the 16th year and thereafter, in addition to interest on bonds and taxes. The entire capital stock of the Trenton Street Ry. Co. is owned by the United Power & Transportation Co. Capitalization. Outstanding. Common $200,000 Funded debt 500,000 Secured by a flrst mortgage on 12.86 miles of road from Trenton to Hopewell. N. J. New York- Alarket. -Anderson, Colby & Koellner. TRENTON PASSENGER RAttWAY Cons. 1st 6s. Due annually as follows: $16,000, 1916-2S; $30,000, 1926-1930, and $650,000 In 1931, to Oct. 1, 1931. Dated Oct. 1, 1891. Interest payable April and Oct. 1, at Mechanics' National Bank, Trenton, N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Oats'tandingr (Jan. 1, '21) 840,000 Balance Retired. Denomination — Coupon, $1,000. Registerable as to principa'l. Guaranteed under terms of lease by the Trenton & Mercei' County Traction Corp. Control — Absorbed by Trenton Street Hy. Co. All of the stock of this latter company is owned by United Power & Transportation Co. and property leased to Trenton & Mercer Coun- ty Traction Corp. for 990 years at rental in- creasing to $100,000 per year. See Traction Street Railway Co. Cons. 5s. Secured by a first mortgage on the street railways in Trenton, N. J., embracing about 3£ miles of track. Population served, 100,000. Underlies — Trenton St. Ry. Cons. 6s of 1933. under which mortgage bonds are reserved to retire this issue. Earnings — See Trenton Street Ry. Co. Market. New York — "W. E. R. Smith & Co. Pliiladelphia — Graham, Parsons & Co., Mc- Cown & Co. Price Range. Jan. 1, '18, to Jan. 1, '81 Bid. Ask. High 114% '18 118 '12 Low. 65 '20 102% '18 1920 Bid. 85 Apr. 65 Dec. TRENTON, PENNINGTON & HOPBWEI.I- STREET RAILWAY CO. 1st 68. Due Jane 1, 1943. Dated June 1, 1903. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New Jersey. Authorized and Oatstanding $350,000 nenomlnation — Coupon. $1,000. Tmstee — Fidelity Trust Co., Newark, N. J. Assnmed by the Trenton & Mercer County Traction Corp. Guaranteed as to principal and interest by endorsement by the Trenton St. Ky. Co. Oreanlzatloii and Control — Incorporated in New Jersey in 1902. Controlled by the Trenton St. Ry. .Co. through ownership of the entire $260,000 cap- ital stock. This company also leased the property for 999 years. This lease was sus- pended October, 1910, and a new lease made to the Trenton & Mercer County Traction Corp. The Trenton Street Ky. Co. is con- trolled by the United Power & Transportation Co. of New Jersey. Capitalization. Outstandintr. Common $250,000 Funded debt 350,000 Secured by a first mortgage on about 13 miles of road from Trenton to Pennington and Hopewell. Original Market — $360,000 offered, 1906, at 106 and interest by W. M. R. Smith & Co., New York. Market. New York — W. B. R. Smith & Co., Car- ruthers. Pell & Co. Philadelpliia — Graham, Parsons & Co., Isaac Starr, Jr., & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 Bid. Ask. High 100 '09 102 '09 Low. 56 '19 68% '19 1920 Ask. 50 Nov. 50 Nov. TRENTON (N. J.) STREET RAILWAY CO. Cons. 6s. Dae July 1, 1938. Dated June 30, 1898. Interest payable Jan. and July 1, at Mechanics' National Bank. Trenton, and Trustee's ofHce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,160,000 Reserved for Prior Liens 840,000 Denomination — Coupon, $1,000. Registerable as to principal. Tmstee — Girard Trust Co., Philadelphia. Guaranteed as to interest under terms of lease by the Trenton & Mercer County Trac- tion Corp. Organization and Control — Incorporated in New Jersey in June, 1898, as a consolidation of the Trenton Passenger Ry., the Pennington Ave. Passenger Ry. Co., the Mulberry St. Pass. Ry. Co. and the Ewing Passenger Ry. Co. Owns the entire capital stocks of the Mercer County Traction Co. of the Trenton, Pennington & Hopewell St. Ry. Co. and of the Trenton, Hamilton & Ewing Traction Co. Its entire capital stock is owned by the United Power & Transportation Co. and its property and the properties of its subsidi- aries are leased to the Trenton & Mercer County Traction Corp. for 990 years from 1910. Rental $47,000 the first year, and in- creasing yearly, to a maximum of $100,000, in addition to interest on bonds, taxes, main- tenance, etc. Capitalization. Outstanding. Common $1,000,000 Funded debt 2.6nn f Secured by a mortgage on the entire street railway system in Trenton, N. J., comprising about 39 miles of track. Prior Lien — $840,000 Trenton Passenger Ry. 1st 6s, due annually to 1931, and for the retirement of which bonds are reserved under this mortgage. Underlies — $500,000 Gen. 53 of 1941. Listed on the Philadelphia Stock Exchange. Market. New York — Berdell Bros., Fred. H. Hatch & Co., Brown Bros. & Co. Plilladelpliia — Barnes & Lofland, Graham, Parsons & Co. Price Range. Jan. I, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 100% '11 105 '08 65 Mar. 80 Mar. Low. 60 "20 65 '20 60 Apr. 65 Feb. TRENTON (N. J.) STREET RAILWAY CO. Gen. 6s. Due June 1, 1941. Dated June 1, 1911. Interest payable Juu* and Dec. 1, at Trustee's office. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 , Ontstandins '500,000 Denomination — Coupon, $1,000. Registerable as to principal. Trastee — Bankers' Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Gnaranteed as to interest under terms of lease to the Trenton & Mercer County Trac- tion Corp. Organization, etp. — See Cons. 5s above. Secured by a general mortg-aee on all the property of the company subject to prior liens. For description of property see Cons. 5s above. Prior Liens — $840,000 Trenton Passenger Ry. Co. 1st 6s due annually to Sept., 1931, and $1,130,000 Cons. 6s of 1938. Orieinal Market — $300,000 offered in Sept., 1911, by C. B. Mitchell & Co., New York, at 101 and interest. Market. Newark — J. S. Rippel. Philadelphia — Graham, Parsons & Co., BI- oren & Co., Samuel McCreery & Co. Price Range. Jan. 1, '15, to Jan. 1, *21 1930 Bid. Ask. Bid. Ask. Hig-h 97 '15 102 '16 Low. 89 '18 Not available. TRI-CITY RAELWAY & LIGHT CO. (THE) Coll. Tr. 1st Lien S. F. 5s. Due April 1, 1933. Dated April 1, 1906. Interest payable April and Oct. 1, at Trustee's office. Tax ' Status — 2 % Federal Income Tax paid by company without deduction. Pennsyl- vania State Tax refunded. Authorized $9,000,000 Outstanding: (Jan. 1, '21) 7,196,000 Retired by S. F 1,7S0,000 Reserved for Prior Lien 54,000 Denomination — Coupon, $1,000. Registerable as to principal, Reg-istered, $1,000. C. & R. interchangeable. Trustee — New York Trust Co., New York. Redeemable at 105 and interest on any in- terest date on six weeks' notice. Sinking Fund — $50,000 annually for the first five years from Jan. 1, 1908, $150,000 an- nually for the next five years, and $250,000 annually thereafter, to be applied to the pur- chase or redemption of these bonds at not over 105 and interest. Bonds so redeemed to be cancelled. Total payments to maturity, $2,250,000. Organization and Control — Incorporated in Connecticut in 1906 and controls through stock ownership the Tri-City Ry. Co. of Iowa, Tri- City Ry. Co. of Illinois, Moline, Rock Island & Eastern Traction Co,, Moline, East Mofine & "Watertown Ry. Co.. People's Power Co., Moline Rock Island Mfg. Co., Peoples' Light Co., Iowa City Light & Power Co., Davenport Gas & Electric Co. , Clinton, Davenport & Muscatine Ry. ■ Co. and Muscatine Lighting Co. The properties of these companies em- brace all the gras plants, electric lighting plants and street railway lines in the cities of Davenport, Muscatine, Bettendorf and Rockingham, Iowa, and the gas and electric plants of Iowa City, Iowa, and Rock Island, Moline, East Moline and other towns in Illi- nois, and an interurban line connecting Mus- catine, Davenport, Iowa, and Clinton, Iowa. The railway properties embrace over 185 niiles of street and interurban railway track, of which 114 miles are street railway. Popula- tion served, 160,000. Railway franchises ex- pire In 1930 and 1935: electric in 1935 and 1943: gas in 1929, 1933 and 1943. Controlled through stock ownership by the United Light & Rys. Co. 13 Capitalization. Outstanding. Common $9,000,000 Preferred (6% cum.) 3,000,000 Funded debt 18,166,500 Secured by direct mortgage subject only to $54,000 prior lien noted below, on all the electric light, gas plants and distributing systems, street railway lines and all other property of the company in Iowa. Further secured by collateral lien on all other property mentioned above under "Organ- ization" through deposit of the following se- curities : Stocks. Bonds. Tri-City Ry. Co. of Iowa.. *$2. 500, 000 $946,000 Tri-City Ry. Co, of 111 3,300,000 565,000 Moline, E. Moline & Wat- ertown Ry. Co 1,000 Peoples' Power Co •3,725,000 Peoples' Light Co *2,125,0C0 •750,000 Davenport Gas & Electric Co •25,001 Moline-Rock Island Mfg. Co *1, 550,000 Muscatine Lighting Co... *700.000 •Entire issue. No securities may be issued by the com- panies whose securities are deposited here- under, except by the written consent of the Trustee or unless issued under mortgage in force at the date of this indenture for the purpose of retiring a like amount of under- lying bonds. Prior Lien — $54,000 Tri-City Ry, Co. 1st 5a of 1922, for the retirement of which bonds are reserved under this mortgage. Underlies — 1st & Ref. 5s of 1930, under which mortgage bonds are reserved to retire this issue. Listed on the New Tork and St. Louis Stock Exchanges. Kamings — See 1st and Ref. 5s. Original Market — Offered in 1906 by N. W. Halsey & Co. and Mackay & Co., New Tork, at 98 and interest. Market. New York — Bahcock, Rushton & Co., Dun- ham & Co., Sam'l Goldschmidt, Hartshorne & Battelle, Fred. H. Hatch & Co., Morton Lachenbruch & Co., Earle A. Miller & Co., Rauscher & Mackay, Vanderhoef & Robin- son, "Watson, Armstrong- & Co.,. Gilbert J. Postley, Carruthers, Pell & Co. Philadelphia — Bauer, Starr & Co., Elkins, Morris & (5o. , McCown & Co. Chicagro — ilalsey, Stuart & Co. Price Range — N. T. S. E. Jan. 1, '16. to Jan. 1, '21 1930 High 101 Dec. 4, '16 . 93 Nov. 4 Low. 85 Dec. 22, '20 85 Dec. 22 TRI-CITY KAEOWAY & LIGHT CO, (THE) 1st & Ref. 5s. Due July 1, 1930, Dated July 1, 1910. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsyl- vania Stnte Tax refunded. Authorized $20,000,000 Outstanding: . (Jan. 1, '21) 3,201,000 Reserved for Ext 9,304,000 Deposited under United Light & Railways 1st and Ref. 5s. . 7,312,000 . Denqminatlon — Coupon, $1,000. Registerable as to principal. Registered, $1,000. C. & R. interchangeable. Trustee — Central Union Trust Co., of New Tork, Redeemable at 105 and interest on any in- terest date upon 90 days' notice. Improvement Fund — This fund provides for payments annually, beginning February 1, 1924, cf a sum equal to 1%% of the par value of bonds outstanding. The proceeds of this fund are to be used for extensions, improve- ments and betterments. Oreanization and Control — See Coll. Tr. 5s above. Secured by direct mortgage or collateral lien on the property covered by the Coll. Ti*. 1st S. F. 5s and junior to the lien of that inortiragre. t;."^'^"f,^J^®".^~^'^'^96-000 Coll. Tr. 1st Lien 5s of 1923; $220,500 Iowa -City Gas & Elec- tric 1st Serial 6s and $54,000 Tri-Clty Kail- "^^TS^' ^^ °^ ^^22. for the retirement of wmch bonds of this issue have been reserved. * •,"no®^^'^~^'"'*^'* ^*' & ^ys. 1st & Ref. 5s or 1932, under which bonds are reserved to retire this issue. Years ended Dec. 31 (consolidated): Gross. Net. *Deductions. }S?? $7,800,338 ?1, 974, 055 $1,454,526 1919 6,641,008 1,716.986 1.222,059 191S 6,178,959 1,752,299 1,443,412 191' 5,133,994 1,831,101 1,163,842 1916 4,594,579 1,792.377 1,049/569 ♦Includes interest and depreciation. liisted on the Unlisted Dept. of the Chicago Stock Exchange. Original Market — $600,000 offered in Nov., 1911. by N, W. Halsey & Co., New York, Chicago, etc., at 95 and interest. $1,250,000 additional offered in Feb., 1912, at 95 and in- terest by the same firm. Market. New York — Babcock, Rushton & Co., Sam'l Goldschmidt, Fred H. Hatch & Co., Earle A. Miller & Co., Vanderhoef & Robinson, Bet- dell Bros., Pynchon & Co., Gilbert J. Postley & Co. I ,j Pliilaxlelphia — Bauer, Starr & Co., LfcCown & Co., Frederick Pierce & Co. Cliicag:o — Halsey, Stuart & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High doVz '17 97 '16 781^ Jan. 80% Jan. Low. 66 '20 6714 '20 66 Aug. 67 ^^ Aug. TRI-STATE BAKING COMPANY, INC., 1st 7s. Due each July 1, as follows: $25,000 1921 to 1925, .$30,000 1926 to 1930, and $150,000 1931. Dated July 1, 1919. Interest payable Jan. and July 1, at Detroit. T^ Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Michigan. Authorized $1,000,000 'Outstanding _ 425,000 Reserved for Ext 575,000 Provisions of Issue — ^Additional bonds issu- able for 60% of actual cost of additional properties acquired provided net earnings of the company for preceding twelve months are not less than four times interest charges on bonds outstanding and to be issued, and pro- vided that total outstanding bonds shall at no time exceed '50% of company's assets. Purpose of Issue — To retire all other mort- gage indebtedness and to acquire assets nec- essary for consolidation of companies* various properties. Denominations — Coupon, $100, $500 and $1,000. Trustees — Union Trust Company and Chas. A. Dunn, Detroit. Redeemable at 103 and interest. Organization — Incorporated in 1919. Con- solidated properties and business of the Greis- sell Bread Company, Flint, Mich., Greissell- Gitzen Company, Detroit, Siek Baking Com- pany, Toledo, and Summit Baking Company, Akron. Capitalization. Outstanding. Common $630,000 Preferred (7% cum) 830^^000 Funded debt 565,000 133 Secured by a first mortgage on entire prop- erty of the company, including bakeries at Flint and Detroit, Mich., and Toledo and Akron, Ohio. Company covenants that amount of outstanding bonds shall at no time exceed 50% of the assets of the company, and that it will pay no dividends on. its common stock until $100,000 par value of outstanding bonds shall have been paid for if such dividends shall reduce the net liquid assets to less than $150,000. Underlies — $130,000 Deb, 7s of 1931. Year ended Dec. 31: Gross. Net. Interest. 1920 $2,121,489 $147,252 S40,S14 Original Market — Offered July, 1919. by Max Oscher Company, New York, Market St. Louis, Mo. — Mark C. Steinberg' & Co. Detroit — Walling, Lerchen & Co. Pi-ice Range 1920 — Ask 7.00% Nov. TRI-STATE TEI/EPHONE & TELEGRAPH CO. 3-Year 6% Notes. Due July 1, 1922. Dated July 1, 1919. Interest payable Jan. and July 1, at New York and Minneapolis. Tax Statns^2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,260,000 Reserved for Ext. 750,000 Provisions of Issue — Additional notes are issuable only if net income after maintenance and depreciation for a period of twelve con- secutive months shall have been equal to at least twice the annual Interest charges of the company on all its outstanding bonds, 5-year notes and notes of this issue, including those proposed to be issued. Purpose of Issue — To finance the unification of telephone systems In St. Paul, Minn.," and for extensions and additions to the properties. Denominations — Coupon, $500 and $1,000. Registerable as to principal. Trustee — ^Wells-Dickey Trust Company, Min- neapolis. Redeemable on 30 days' notice at 102 and interest on or before July 1, 1920, 101% and interest thereafter but on or before July 1, 1921, and 101 and interest after July 1, 1921, but prior to maturity. Organization — Incorporated April, 1903, in Maine. Operates telephones in Minnesota, Wisconsin and North Dakota. In 1906 ab- sorbed Twin City Telephone Company and con- trols through stock ownership twelve other telephone companies. By agreement July 1, 1918, with the Northwestern Telephone Ex- change Com,pany (Bell system) Tri-State Com- pany acquired all the properties in St. Paul and the southern part of Minnesota formerly owned by the Northwestern Telephone Ex- change Company and by agreement eliminated all competition between the two companies. Population served, over one million. C apitalization. Outst anding. Common $4,519,000 Preferred (G% cum.) 2,433,140 Funded debt 4,270,572 Security — A direct obligation of the com- pany but not secured by mortgage. Company covenants that it will not create and further mortgage liens on its property without securing these notes prior thereto. Prior Oens — S771,000 underlying- mortg-age bonds of acquired companies and $2,103,66,2 5-Tear 6% notes, due Nov., 1922, to June, . 1923. Years ended Dec. 31: Gross. Net. Interest. 1920 $3,635,111 $502,590 $480,540 1919 3,208,666 737,501 346,33? 1918 2,160,603 '601.947 253,022 Original Market — Offered July, 1919. by Kational City Company, New York, etc., bnd Wells-Dickey Co., Minneapolis, at 99% and interest. Market. New York — Joseph Gilman, T. L. Mac- Donald, Clark, Childs & Co. Minneapolis — Wells-Dickey & Co. Price Rang'e Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. Hi&h 99 '19 100 '19 9S% Feb. 99 Feb. Low. 90 '20 96% '20 90 Dec. 96% Dec. TRINIDAD ELECTRIC CO., liTD., Debentnre 5s. Dae June 1, 1931. Dated June 1. 1901. Interest payable June 1 and Dec. 1. at Trustee's office. Tax StatnB — ^Payment of Federal Income Tax not assumed by company. Anthorized and Oatstandinir $720,000 Denomination — Coupon, £100 or $480. Trustee — National Trust Co., Montreal. Organization — Incorporated in 1899 In Trin- idad as a consolidation. Capitalization. Outstanding. Common $1,164,000 Funded debt 720,000 Secured by a first mortgage on electric light and street railway system in Port-of-Spain, Trinidad, British West Indies. Railway com- prises about 12.5 miles of track. Franchises run for 30 years and are exclusive. At the end of this period the government may pur- chase at arbitrated value or franchise con- tinues for an additional 20 years. Tears ended Dec, 31: Bond Gross. Net. Interest. 1919 $327,486 $66,301 $39,000 1918 265.126 88,216 36,j>00 1917 252.379 108.618 36.000 1916 242,667 105,629 36,D00 Original Market — First offered by the Royal Securities Corp.. Halifax, N. S. Market. Montreal — Sutro Bros. & Co., Balfour & White. Toronto — Manning- Pros. & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Ask. High SO '19 90 '16 80 July Low. 80 '19 82 '19 80 July TRINITT BUUJJINGS CORPORATION OF NEW YORK 1st S. F. 5%B. Dne June 1, 1939. Dated June 1, 1919. Interest payable June and Dec. 1. Principal and Interest payable at Guaranty Trust Company, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New York. Authorized $7,000,000 Outstandinff 6,850,000 Retired by S. F 150,000 Denominations — Coupons, registerable as to principal and fully registered, $600 and $1,000. Trustee — Guaranty Trust Company of New York. Redeemable through the Sinking Fund In whole or part on any Interest date on 30 days' notice at 104 during the first five years, 103 during the second five years, 102 during the third Ave years and 101 thereafter. Sinking Fund — $200,000 per annum payable In quarterly installments for the retirement of the bonds either by purchase at prices not exceeding redemption prices above stated, or by call at such prices. Bonds so retired to be cancelled. Indenture provides that one- half of above payment may be ratably tem- .porarlly postponed In case net earnings of the property are reduced during any period by decreased rents or increased operating ex- penses. Guaranteed principal, interest and slnidng fund by the United States Realty and Improve- ment Company. Organization and Control — Incorporated in New York State in 1919. Entire capital stock owned by the United States Realty & Improve- ment Company. Capitalization. Outstanding. Common (no par) 1,000 shs. Funded debt $6,850,000 Secured by a first mortgage upon the land and twQ twenty-one-story steel buildings. 111 and 116 Broadway, New York, known as the Trinity Building and United States Realty Building, respectively. Cost of land was over $7,000,000. Property assessed for taxation at $11,200,000. Company has the right to re- lease from the mortgage the Trinity Building upon payment of $6,000,000, or the United States Realty Building upon payment of $4,000,000. Titles insured by the Title Guar- anty & Trust Company, Years ended April 30: •Net. 1919 $316,800 1918 282,800 1917 313,700 1916 264,700 1915 326,400 •After all charges. Including Interest. Original Market — Offered May, 1919. by Na- tional City Company, New York, etc.. at 99^ and Interest. Market New York — National City Co., Carruthers, Pell & Co., E. A. Baker & Son, Guaranty Trust Co., Joseph Gilman, Vanderhoef & Robinson, Taylor & White. Chicasro — First Trust & Savings Bank. Price Rangre 1920 Bid. Ask. Bid. Ask. High 96 1^ '19 99% '19 95 Feb. 100 Feb. Low. 88 '20 92 '20 88 Dec. 92 Dec. TRITCH HARDWARE COMPANY (THE GEORGE) 8% Notes. Due SeciaUy $40,- 000 each Dec. 1, from 19S1 to 1930, incl. Dated Oct. l, 1920. Interest payable April 1 and Oct. 1 at the Bankers Trust Co., Den- ver, Col., or at the Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $400,000 Outstanding 400,000 Purpose of Issue — To reduce current lia- bilities and provide greater working capital. Denominations — Coupon, $1,000, $500 and $100; registerable as to principal. Trustee — Bankers Trust Co., Denver, Colo. Redeemable at 107% and accrued interest on any interest date on 60 days' notice up to and Including Dec. 31, 1924, and at 105 and accrued Interest thereafter, as a whole or in series. Organization — Incorporated in Colorado In 1884, taking over business previously estab- lished by Mr. Geo. THtch in 1859. The com- pany does a large hardware business. Capitalization Outstanding Common Stock $325,000 Preferred (7% cum.) 254,500' Funded debt (this issue) 400,000 Secured — A direct obligation of the com- pany, but not secured by a mortgage. Un- der the trust agreement no mortgage or deed of trust may be placed on any of the property and assets of the company while these notes are outstanding. Original Market — Offered Oct., 1920, by Boettcher, Porter & Co., Denver, Colo., at prices ranging from 98.29 to 99.73, accordr- Ing to maturity. TROY & BOSTON RAILROAD Ist 7b. Doe July 1, 1924. Dated July 1, 1874. Interest payable Jan. and July 1. at Fitchburs R. R. Company's office, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized Closed mortgage. Ontstandine $573,000 DeDomination — Coupon, $1,000. Registered, $1,000, $6,000 and $10,000. Trustees — E. Thompson Gale and William Howard Hart. Assumed by Fltohburg E. R. Co. Gnaranteed as to interest by B. & M. R. R. under terms of lease. Control — The Troy & Boston R. B. was con- solidated In 1887 with the Fltchburg R. R. Co., which is leased to Boston & Maine R. R. until 1999. Secured by a first mortgage gn 40.37 miles of road from Troy, N. T., to New Tork-Ver- mont State Line. Also secured on the com- pany's one-fourth interest in the Troy Union R. R., operating 2.03 miles in the city of Troy. Legal for savings banks in Mass. Market New York — Fred H. Hatch & Co., Car- -ruthers, Pell & Co. Portland, Me. — Beyer & Small. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 127 '12 140% '10 103 Jan. 105 Jan. Low. 94% '20 100 '20 94 1^ Nov. 100 Nov. TROY CITY RAILWAY CO. 1st Cons. 58. Due Oct. 1. 1942. Dated October 1, 1892. Interest payable April and Oct. 1, at Central Union Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $2,000,000 Denomination — Coupon, $1,000. Begisterable as to principal only, or fully registerable. Registered, $1,000. v Trustee — Central Union Trust Co., New Tork. Assumed by the United Traction Co. Control — ^Merged into the United Traction Co., the entire capital stock of which is owned by the Delaware & Hudson Co. Secured by a first mortgage on all the prop- erty lormerly owned by the Troy City Ry. Co. and comprising street railway track In and around Troy, N. T. Further secured by deposit of entire $700,000 capital stock of the Troy & Lanslngburg R. R. Co., and by a first lien on leasehold Interest in the prop- erty of the last named company which leases for their corporate existence the property of the Troy & Cohoes R. R. Co.. the Lanslng- burg & Cohoes K. K. Co. and the Waterford & Cohoes R. R. Co. Franchises are perpetual. Underlies — United Traction Co. Deb. 4Hs and Cons. 4%b of 2004, a sufHcient amount of the latter being reserved to retire this ^Earnings— See United Traction Co. Market. New York— Carruthers, Pe" & Co., Barle A Mnier & Co., McKInley & Morris, Alfred F.- Ingold. ^^ ^^^^^ ,an.l,.«^^toJran.^l^,;.l Bia."^%sk. TKOY tAUNDRY MACHINERY COMPANY, LTD., 15-Year S. F. 8s. Due July 1, 1936. Dated July 1, 1921, Interest payable Jan. 1 and July 1, in New York and Chicago. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. Company as- sumes payment of Massachusetts Income Tax not in excess of 6%. Authorizeil $2,000,000' Reserved for Corp. Purposes. . . 750,000 Issuance Restrictions — Additional bonds issuable when net quick assets and net tangible assets are respectively equal to at least 200% and 250% of the outstanding bonds including those to be issued; and then only when the applicable net earnings for twelve consecutive months of the preceding fourteen months shall have been not less than three times the annual interest re- quirements on the bonds outstanding and those to be issued. Purpose of Issue — The proceeds of the present financing will be applied to the re- tirement by call at 102 ^^ on July 1, 1921, of $575,000 of the company's Serial 7% Gold Notes outstanding, to the enlargenr^ent of the manufacturing facilities through trans- fer of the plant and equipment from. Chi- cago to East Moline, 111., and will provide additional working capital. Denominations — Coupon, $1,000 and $500; registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable on any interest date on 30 days' notice at 110 and Interest. SinldLng Fund — 3% annually until 1931 in- clusive and 5% thereafter, of the largest amount of bonds issued; and, In addition, 25% of the annual net income applicable to such purpose as defined in the trust agree- ment. The fund to be applied to the pur- chase or redemption of bonds at not more than 110 and Interest. Organization — Incorporated in New York in 1882 for the manufacture and sale of laundry machinery. It is the second largest concern of its kind in the world. The busi- ness has been operated for over 39 years. The company maintains branch houses In New York, Chicago, Boston, San Francisco, Las Angeles and Seattle, and sales offices in Philadelphia, Pittsburgh, Kansas City, Min- neapolis and Washington, D. C. It also has established representatives in London to cover the United Kingdom and Contin- ental Europe. The company's present plant ils located In Chicago, but arrangements have been made to transfer it to East Moline, 111., where it will occupy larger quarters with improved and more economical facilities. Capitalization Outstanding Common $2,122,230 Preferred (8% cum.) 535.800 Funded debt 1,250,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the Indenture the company covenants as follows: Not to mortgage any of its properties. Not to create any funded debt ranking equal or prior to this issue except Purchase Money Mortgages. To maintain at all times net quick assets equal to at least 200%, ■ and net tangible assets equal to at least 250% of outstand- ing bonds. Years ended Nov. 30; Gross. Net. 1920 $4,379,947 $496,893 1919 3,586,947 570,174 1918 3,387.435 410,854 1917 2,762,249 337,910 1916 2,068,995 184,545 41 Original Market — $1,250,000, offered June, 1921, by Chandler & Co., New York and Philadelphia, and King, Hoagland & Co., Chicago, at 97% and interest. TRUMBUIX PUBLIC SERVICE CO. (THE) 1st 6s. Due June 1, 1939. Dated June 1, 1911. Interest payable June and Dec. 1, at First National Bank, New York, and Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,500,000 Outstanding: (Jan. 1, '21) 1,120,100 Retired by S. F 154.900 Reserved for Ext 225,000 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Union Trust Co., Cleveland. ■ Redeemable in whole or in part by lot, upon four weeks* published notice or^ any interest date, at 105 and accrued interest; also in part for sinking fund at 102 and accrued in- terest. Sinking Fund — Sum equal to 2% of bonds issued must be set aside yearly, payments to be made in monthly instalnients, beginning June 1.- 1914, and when the sum of $2,500 has been accumulated, it shall be applied for pur- chase of bonds at not more than 102 and ac- crued interest, or call at that figure. Com- pany may deposit bonds prior to June 1, at 100, in lieu of cash. Bonds cancelled in sink- ing fund. Organization and Control — Incorporated In Ohio in .June, 1911, as a consolidation of gas, electric and w^ter properties. Practically the entire capital stock is owned by Cities Service Company, through ownership of entire common stock except directors' qualifying shares. Capitalization, Outstanding. Common $1,500,000- Preferred (6% cum.) - 200,000 Funded debt 2,641,600 Management — The Doherty Organization. Secured by a first mortgage on plants sup- plying electric light and power in Warren, Niles, Newton Falls, Leavittsburg, Garretts- ville, Hiram and "Windham, Ohio, and plant supplying artificial gas in Warren, chiefiy for industrial purposes. Property includes three hydro-electric plants -of combined ca- pacity of 900 It. w. in addition to steam gen- erating plant of 48,250 k. w. capacity. Fran- chises — electric in Warren expires August, 1933; gas, June, 1926. Underlies — $1,521,500 3-year 7% notes of 1921. Years ended Dec. 31: Gross. 1920 $1,868,200 1919 1,073,403 1918 875,173 1917 511,568 ♦Bond interest only. Original Markttt — $700,000 ofCered in June, 1911, by Otis & Hough (now Otis & Co.), Cleveland, at par and interest. $150,000 of- fered in 1914 by Pingree, McKenney & Co., Boston, at par and interest. Market. NcTV York — Morton Lachenbruch & Co., Berdell Bros., R. G. McAllister, Vanderhoef & Robinson. Cleveland — Otis & Co. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 100 '17 101 '17 90 Jan. 92 July Low. 90 '19 91 Dec. Net Interest. 1517,223 •$173,711 350,739 205,635 274,102 173,957 177,683 135,824 Tax Status — 2% Federal Income Tax paid by company without deduction. Maryland and Pennsylvania State Taxes refunded. Authorized 53,000.000 Outstanding (Jan. 1, '21) 1,521,500 Keserved for Corp. Pnrposes. . 1,478,500 Denomination' — Coupon, $1,000, $500 and $100: registerable as to principal. Trustee — Union Trust Co., Cleveland, Ohio. Kedeemable — At any time prior to Nov. 1, 1919, at 101 and interest, thereafter and at any time prior to Nov. 1, 1920, at 100^ and interest, and thereafter at any time before maturity at par and interest on three weeks' notice. Convertible — At the option of the holder, these notes will become convertible par for par into the 7% Cumulative Preferred Stoc]£ of The Trumbull Public Service Company, upon and after the approval by the Public Utilities Comniission of Ohio of the issuance of such ]r*referred stock. Organization^ — See 1st 6s, due 1929. Secured by a second mortgage on all the property of the company. For details see 1st 6s. Prior Lien — $1,120,100 1st 6s, due 1929. Earnings — See 1st 63. Oririnal Market — Ottered in March, 1919, by Otis & Company, Cleveland, and Henry L. Doherty & Company, New York, at 98^ and interest. Market. New Yorlv — Carruthers, Pell & Co., Henry L. Doherty & Co. Cliicago — Powell, Garard & Co., Scott & Stitt, "Wm. L. Ross & Co. Clecvland — Otis & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1930 Bid. Ask Bid. Ask. High 96 '19 99 '19 94 Dec. 99 Nov. Low. 90 '20 94 '20 90 Jan. 94 Jan. TRtJMBUIX PUBLIC SBRVICB CO. 3-Tear 7% Morteaee Notes. Due Nov. 1, 1921. Dated Nov. 1, 1918. Interest payable May 1 and Nov. 1, at New York. TULSA (Okla.) CORP. (THE) Ist S. F. 6s. Due May 1, 1932. Dated May 1, 1912. Interest payable May and Nov. 1, at P. W. Brooks & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortirage. Outstanding (Jan. 1, '21) $411,500 Retired by S. F 38,500 Denomination — Coupon, $100, $600 and $1,000. Hesisterable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable in part at 105 and Interest on and after May 1, 1916, or as a whole at 102 U and Interest. Sinking Ennd — 1% of outstanding bonds an- nually for four successive years following May 1, 1914, 1%% for succeeding four years and 2% until maturity for the purchase or redemption of bonds of this issue at not over 105 and Interest, Control — In 1906 this company took over the franchises and property of the Peoples* Gas Co. of Tulsa. In 1913 the property of this company was acaulred by the Fublio Service Co. of Oklahoma, which latter com- pany Is controlled through stock ownership by the Middle West Utilities Co. Secured by a first mortgage on plant sup- plying electric light and power In Tulsa. Okla.. and on ice plant with a daily capacity of 150 tons. Franchise expires March, 1935. Underlies — ^Public Service Co. of Oklahoma Ist & Ref. 6s of 1933. Years ended Dec. 31 (P. Gross. 1920 $1,616,561 1919 1,214,475 1918 925,635 S. Co. of Okla.): Net. Interest. $453,028 $194,262 364,521 184,667 230,311 166,792 Pfwinal Market — $450,000 offered In July, 1912, at 94 and interest, by P. W. Brooks & Co., New York and Boston. Market. >ew York— Edwin Bancker & Co., Berdell Bros., Phelps & Neeaer. ^ PhUadelphia— Samuel K. Phillips & Co., Isaac Starr, .Tr. & Co. ilil-waukee — Morris P. Fox & Co. Price Range. Jan. 1, '16. to Jail. 1, '21 1920 Bid. Ask Bid: Ask. High 97 '16 100 '17 83 July 85 June Low. 78 '20 80 '20 78 Mar. 80 Apr. TUI.SA STREET RAII.WAY CO. 1st 6s. Due serially each Feb. 1. from 1918 to 1937, incl. Dated Feb. 1, 1917, Interest payable Feb. 1 and Aug. 1, in Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding: (Mar. 1. '21) 428,000 Maturecl and Paid 72,000 Reserved for Ext 500,000 Denominations — Coupon, $1,000 (1936 and 1937 maturities, $500 and $100,, respectively). Begisterable as to principal. Trustee — Illinois Trust & Savings Bank,, Chicago. Redeemable at 102% on any interest date. SlnkUis Fond — ^Annually on Feb. 1. subse- auent to the first issuance of escrow bonds (due Feb. 1, 1942), 2% of certified escrow bonds for their purchase or redemption at not over 102% and interest. In lieu of cash . the company may deliver bonds at par. Bonds acquired to be cancelled. Organization — Incorporated in Oklahoma In 1906. Line open for traffic 1907. Capitalization. Outstanding. Common $680,000 Funded debt . . .^ 839,000 Secured by a first mortgage on the prop- erty of the company including 17 miles of street railway in Tulsa, Okla. Power is pur- chased from the Public. Service Co. of Okla- homa. Franchise is indeterminate but the city reserves the right to purchase the property in 1927, or at the end of any ten- year period thereafter either free from or subject to mort- gage liens. The mortgage provides that in the first event the company shall receive these bonds at 102% and interest, and in the latter the bondholders may demand immediate pay- ment at that price. Underlies — $386,000 2d 63 of 1949. Tears ended Dec. 31: Gross. $451,780 368,381 281,255 233,907 1920 1919 1918 1917 Original Market — $ 400,000 1917, by Kean, Taylor &^Co. Net. $54,819 93,521 63,606 74,538 Interest. $48,840 46,410 28,345 26.372 offered Feb., New York and Chicago, and Bullard, Hetherington & Co., Chicago, at par and interest. Price Range, 1919— Bid 75, Ask 83, Mark'et ' New York— Earle A. Miller & Co., Didrich- sen Bros. Price Rang Jan. 1, '19, to Jan. 1, '21 Bid. Ask. 76 '20 83 '19 75 '19 Higrh Low. 1930 Ask. 76 '20 76 '20 TURNERS FAIXS POWER & ELECTRIC CO. 5-Year 7% Notes, Due Feb. 1, 1925. Dated Feb. 2, 1920. Interest payable Feb. 1 and Aug. 1, In Boston. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 Outstanding 2,500,000 Reserved for Corporate Pur- poses 2,500,000 Purpose of Issue — To fund floating indebt- edness incurred for extensions and additions to the property of the company. Denomination — Coupon, $1,000. Begisterable as to principal. Trustee— Old Colony Trust Company, Bos- ton. Redeemable on 60 days' notice on Feb. 1, 1922. and on Aus. 1, 1922, at 101% and In- terest; thereafter and until maturity at 101 and interest. Organization — Incorporated in Massachusetts in 1793 to operate locks and canals, and reor- Sranized as a water power company in 1866. During the last fifteen years it has developed a wholesale power business, and now, through its allied companies, serves the Connecticut River Valley from Turners Palls to Springfield (but not the City of Holyoke) with electric power. The company supplies all the power used by the Springfield Street Railway Com- pany, and has a connection with the United Electric Company of Springfield for the inter- change of power. The property of the company consists of a hydro-electric development with a total gener- ating capacity of 50,000 k. w. at Turners Palls, Mass., on the Connecticut River, The company also owns an auxiliary steam station with two 15,000 k. w. units. In addition to the generating plants the company has 66.000 volt steel tower transmission lines extending from Turners Falls to Springfield and another line of the same capacity extending from Mt. Tom to Springfield via Westfield. This gives the company two 66,000 volt capacity lines from Turners Palls to Springfield. Capitalization. Outstanding. Common $9,636,000 Funded debt 2,500,.p00 Security — A direct obligation of the com- pany but not secured by a mortgage. Under 'the provisions of the trust agreement the com- pany covenants as follows: That no mortgage may be placed upon, any of the company's property without equally se- curinig this issue; that the total amount of in- debtedness incurred by the company includingr these notes shall not at any time exceed the amount of capital stock and premiums. Years ended June 30: Gross. Net. Interest. 1920 $1,717,974 $1,104,601 $228,423 1919 1,357,753 1,070,193 185,901 Original IMarket — $2,500,000 offered by Mer- rill, Oldham & Co.. "White. Weld & Co., Spen- cer Trask & Co. and Old Colony Trust Co., Boston, etc., at 100 and Interest. Market New york — Lee, Higginspn & Co., Paine, Webber & Co. Boston — Moors & Cabot, P. S. Morley & Co., Arthur Perry &.Co. Price Kang:e 1930 Bid. Ask. High 97% May 101 Apr, Low 100 Feb. 1343 TUSCALOOSA RAILWAY & UTILITIES CO. 25-Year 1st 6s. Due July 1, 1940. Dated July 1, 1915. Interest payable JaU'- uary and July 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania and Maryland State taxes refunded. Authorized $1,000,000 Outstanding 969,300 Reserved for Ext 30,700 Denomination — Coupon, $1,000, $600 and $100. Registerable as to principal. Trustee — Republic Trust Co., Philadelphia. Redeemable at 102 and interest, on July 1, 1918, or any interest date thereafter. Organization — Incorporated in Alabama In 1915, as a consolidation. Capitalization. Outstanding. Common $300,000 Funded debt 969,300 Secured by a first mortgage on a belt rail- way in Tuscaloosa for both freight and pas- senger traffic, operated by electricity; on plant supplying that city with gas, and on plants supplying Tuscaloosa, Northport, Kaul- ton and Holt with electricity. Property cov- ered by mortgage also includes ice plant with a daily capacity of 90 tons. Company pur- chases 66.000 cubic feet of gas per day from the Semet-Solvay Company at the rate of $10 per day. Price to consumer $1.00 per thousand cubic feet. Also purchases electric current from the Alabama Power Co. and maintains its own generating plant for emer- gencies. Hallway franchise perpetual; elec- tric franchise in Tuscaloosa for 35 years: gas for 30 years. Years ended Deo. 31: Bond Gross. Net. Interest. 1920 $372,106 $120,876 $58,158 1919 279,885 102,580 58,158 1918 244,192 85,611 58,158 1917 229,839 87,186 58,158 1916 208,963 91,114 54,972 Original Market — Offered July, 1915, by Mor- ris Brothers & Co., Philadelphia, at 97^ and interest. Market. New York — Morton, Lachenbruch & Co., Carruthers, Pell & Co., Newborg, Henderson & Loeb. Boston — Chas. A. Day & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Ask. High 85 '19 54 Dee. Low. 50 '19 54 '20 54 Dec. Secured by a second mortgage on two milea of underground electric double-tracked street railway en Twenty-third St. from the Hud- son River to the Bast River, and on horse railway on Twenty-eighth and Twenty-ninth Sts., between First and Second Aves. The company has practically a perpetual franchise to operate a connecting branch on Second Ave. from Twenty-third St. to Twenty-ninth St., and on First Ave. from Twenty-eighth St. to Thirty-fourth St. These bonds are fur- ther secured on 99-year lease from 1876 of the lines of the Bleecker St. & Fulton Ferry R. R., of which two miles of track, ■ Twenty- third St. and the Hudson River along Marginal St. to Fourteenth St. to Fourth Ave., with trackage rights to Avenue D is operated by electricity and 2% miles from Fourteenth St. via Hudson and Bleecker St. to Broadway are operated by horse. The company has also trackage on Broadway from Bleecker St. to Fulton St. Prior Iiien — $250,000 1st 6s, due 1909, all but $50,000 of which are owned by the New York Rys. Co. and deposited tinder its Ref, Mtge., which provides for the retirement of the $50,000 outstanding and $700,000 B. S. & F. F. R. R. ,43. Earnings — See New York Rys. Co. . liisted on the New York Stock Exchange. Original Market — $1,600,000 offered in May, 1914, by the Guaranty Trust Co.. New York. at 99% and interest. \ Market. New York — Lynch & McDermott, Pouch & Co., "Wm. Carnegie Ewen, Finlay & Daven- port. Price Range. Jan. 1, '15, to Jan. 1, '21 1920 Bid. Ask Bid. Ask. High 99 '15 101 '15 45 Jan. 55 Jan. Low. 25 '20 45*20 25 July 45 Aug. TWENTY-THIRD STREET RAILWAY CO. (New York City) Imp. & Ref. Ss. Dae Jan. 1, 1962. Dated Jan. 1. 1912. Interest payable Jan. 1 and July 1, at Treasurer's office, N. Y. Rys. Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. Authorized and Outstanding. .. .$1,500,000 Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — ^Bankers* Trust Co., New York. Redeemable at 107 and Interest on any in- terest date. Sinking Fond — ^fl.102.85 payable semi-an- nually Jan. 1 and July 1. Bonds acquired are kept alive and interest added, but when $400,000 bonds have been acquired they shall be cancelled and sinking fund payments shall cease. Organization and Control — ^Incorporated in New York in 1872, and leases Bleecker St. and Fulton Ferry R. R. Co., and ia in turn leased to the New York Rys. Co. for 979 years from 1893, at a rental equal to 18% per annum on $600,000 stock. The New York Rys. Co., which is controlled through stock ownership by the Interborough-Metropolitan Co.. has purchased $507,600 of the $600,000 stock of the Twenty-third St. Ry, Co. Capitalization. Outstanding. Common $600,000 Funded debt 1.900.000 Receivership — See New York Rys. Co. 1344 TWIN CITY TELEPHONE CO. 1st 5s. Due $35,000 annually July 1, 1916, to 1920, inclosire; $40,000 annually July 1, 1921, to 1925, inclusive, and £500,000 July 1, 1926. Dated July 1, 1901. Interest payable Jan. and July 1, at Trustee's office or Kountze Bros., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding: (Mar. 1, '21) 700,000 Balance Redeemed. Denomination — Coupon, $ 100, $ 5 00 and $1,000. Trustee — Central Trust Co., of Illinois, Chicago. Redeemable at 105 and interest on any in- terest date. Control — Absorbed by the Tri-State Tele- phone & Telegraph Co. in 1906. This latter company owns and operates Independent telephone systems in Minnesota connectlngr with Bell system. Secured by a first mortgage on independ- ent telephone systems in St. Paul, Minn. Operates under an indeterminate permit is- sued by the state. Eamingrs — See Trl-State Tel. & TeL Co. 6% Notes. Original Market — First offered by Trow- bridge & Niver Co., Chicago. Market. New York — Joseph Gilman, T. L. Mac- Donald. Minneapolis — William W. Eastman Co. Minneapolis — William W. Eastman Co., Wells-Dickey Co. St. Paul — Gates, White & Co,, Merchants Trust Savings Bank. ^ ^ Price Rangre Jan. 1, '19, to Jan. 1, '81 19S0 Bid. Ask. Bid. Ask. H. 6.75%'19 5.89%'19 6.50% Dec. 6.00% Deo. L. i.60%-20 8.50%'20 7.60% Nov. 8.50% Deo. '^^^^^^'''^TE ^AS & ELECTRIC CO. (THE) 1st & Ref. 4%s. Due Oct. 1, 1926. Dated Oct. 1, 1906. Interest payable April ana Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid Oy, company without deduction. Authorized Closed mortgage Outstanding: $794,000 Denomination — Coupon. $600 and $1,000. Trustee — Columbia Trust Co., New York. Guaranteed as to principal and interest by the National Light, Heat & Power Co. Organization and Control — Incorporated in Connecticut in 1906 to acquire public utility properties. A large majority of the capital stock IS owned by the National Light, Heat & Power Co., a holding company, which is controlled through stock ownership by the Middle West Utilities Co. Capitalization. Outstanding. Common $1,250,000 Preferred (5% non-oum.) 1,562,600 Prior Pref. (7% cum.) 400,000 Funded debt 4,969,900 Secured by a direct mortgage on plants supplying gas, electric light and power to Dover, N. H., Brattleboro and Bennington, Vt. ; on street railway system in Brattleboro, and on plants supplying electric light and power to Rochester, Somersworth, Hinsdale, South Berwick, North Berwick and Lebanon, Me., and Hoosick Palls, N. Y, Principal franchises are perpetual. Property includes both hydro-electric and steam power plants. Central stations are located in Dover, Brat- tleboro, Bennington, Berlin, St. Johnsbury, N. H., and Hoosick Falls, and are operated jointly by water power and steam plants. PtIot Liens — $95,000 Dover Gas Light Co. 1st 5s of 1925, $64,000 Brattleboro Qas Light Co. 5s of 1923, $80,500 Bennington Electric Co. 4%s, $64,000 Bennington Water Power & Light Co. 5s of 1924, and $71,000 Hoosick Falls Illuminating Co. 5s, $65,000 Hoosick Falls Elec. Co. 5s of 1330. All closed mort- gages. Underlies — 1st & Ref. 6s of 1953, which mortgage provides for the retirement of this issue and prior liens and Gen. 6s of 1953. Earnings — See l.st & Ref. 5s of 1953. Original Market — Offered in 1907 by A. H. BIckmore & Co., New York, at 90 and inter- est and in 1911 by the same firm at 92 and interest. Market. New Tork — A. H. BIckmore & Co., Fred H. Hatch & Co., Taylor & White. Philadelphia — Bauer, Starr & Co. Price Range. Jan. 1, '12, to Jan. 1, '20 1920 Bid. Ask. Ask. High 89 '17 92 '17 07 May Low. 73 '13 75 '12 63 May TWIN STATE GAS & ELECTRIC CO. (THE) 1st & Ref. 5s. Dae Oct. 1, 1953. Dated Oct. 1, 1913. Interest payable April and Oct. 1 in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Pennsylvania State Tax refunded. Authorized $10,000,000 Outstanding (June 1, '21) 2,699,000 Pledged to Secure S% Notes. . 606,400 Pledged to Secure 7% Ntoes. . 231,000 Reserved lor Prior Liens 1,233,500 Reserved for Ext , 6,937,800 Provisions of Issue— Additional bonds may be Issued to retire underlying bonds and lor 80% of cash cost improvements, provided net earnings for previous nine months are at least one and one half times interest charges on bonds outstanding and to be certified. Denominations — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable on Oct. 1, 1923, or on any in- terest date thereafter at 105 and interest on 60 days' notice. Reserve Fund — Beginning Deo. 31, 1918, and annually, thereafter, 5% of gross earn- ings for the preceding year. Organization— See 1st & Ref. 4%s of 1926. Secured by a mortgage on all the prop- erty of the company. For details see 1st & Ref. 4%s. Prior Liens— $794,000 1st & Ref. 4%s of 1926 and prior liens thereto. .AH closed mortgages. Underlies — Gen., 6s of 1935. Years ended Dec. 31: Gross. Net. Interest. 1920 $1,069,272 $325,339 $189,647 1919 867,679 316,403 187,732 1918 769,961 282,522 157,791 1917 714,746 266,606 152,986 1916 648,274 281,865 .144,963 Original Market — $998,100 offered May, 1916, by William P. Bonbright & Co., New York, McCoy & Co., Chicago, and H. P. Tay- lor & Co., Pittsburgh, at '92 and interest. Market. New York — A. H. BIckmore & Co., Sam'l Goldschmldt, Martin, Berwin & Co., Car- ruthers. Pell & Co., Pynchon & Co., Gilbert J. Postley, Berdeil Bros., Rauscher & Mac- kay, Vanderhoef & Robinson. Philadelphia — Samuel McCreery & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91 '17 92% '17 66 Jan.' 75 Jan. Low. 66 '20 60 '20 56 Dec. 60 Deo. TWIN STATE GAS & ELECTRIC CO. (The) 10- Year 8% Bond Seciu-ed Notes. Dae March 1, 1931. Dated March 1, 1921. Interest payable Sept. 1 and March 1 in New York. Tax Status — 2% Federal Income Tax paid by tlie company without deduction. Authorized $1,000,000 Outstanding 600,000 Reserved for Corp. Purposes.. 400,000 Plirpose of Issue — These notes are au- thorized to provide for t^he retirement of $500,000 7% Collateral Gold Notes of the company, due Jime 1, 1921, to refund $200,- 000 7% Collateral Gold Notes, due Decem- ber 1, 1922, and for additions and improve- ments to tlie properties of the company. Denominations — Coupon, $1,000, $500 and $100; Interchangeable and registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable or purchaseable at any time after Feb. 28, 1923, on 30 days' notice, at the following prices plus interest and dur- ing the years ended February 28 (except Feb. 29, 1924,) in each case, viz: 105, 1924; 104, 1925 and less % of 1% for each suc- ceeding year to and including 1931. Oi ganizatlon. Etc. — See Ist and Ref. 4%s. Secured by a pledge of 1st and Ref. 5s and Gen. 6s in the aggregate amount of 133 1-3% of the par value of all notes Out- standing. Of this 133 1-3% of collateral and 1st Ref. 6s must comprise an amount not less than the principal amount of out- standing notes after deduction therefrom any cash deposited in lieu of pledged securities withdrawn. Original Market — $1,000,000, offered April, 1921, by A. H. BIckmore & Co., New York, etc., at 97% and interest. TWO EECTOR STREET CORP. IS-Tear S. E. 6b. Due Apt. 1, 193S. Dated Apr. 1, 1920. Interest payable Apr. 1 and Oct. 1 at Guaranty Trust Co., N. Y. Sii.-Tax St»tu8-^2%. Federal Income Tax paid by the company, without deduction. Bxempt ■froni Personal Property Tax in the state of New York, but not exempt from State Income -^ax. Authorized $3,000,000 - Ontstandini: 3,000.000 ' Dehomination — Coupon, $1,000 and $500: registerable as to principal. Trustee — Guaranty Trust Company, New Xork. ^deemable as a whole or in part through sinking fund on any interest date on 30 days' jiotice at 103 and interest during the first five years, 102 and interest during the second five years, and 101 and interest duriis the last five years. Sinking Fond — The mortgage will provide for a sinking fund requiring quarterly pay- ments to the Trustee aggregating $500,000 during the first five years of the loan as fol- lows: $60,000 in the first year, $100,000 in each- of the second and third years and $126,- 000 in each of the fourth and fifth years. Additional sinking fund payments during this period are also required equivalent in each year to one-half of the net income from rental of the mortgaged property, after deduction of operating expenses, taxes, interest and the quarterly sinking fund payments, or, in the alternative, the corporation may pay into the sinking fund an aggergate amount of not less than $260,000. During the remaining ten years further quarterly payments into the sinking fimd will be required sufficient to re- duce the principal amount of the loan to $1,750,000 by maturity. Secured by a first mortgage upon the land and building owned in fee. The property cov- ered has an area of about 18,000 square feet and is improved with a twenty-three story office building, constructed In 1908. The building is of modern fireproof construction and contains over 266.000 square feet of rentable area. Original Market — $3,000,000 offered March. 1920, by the National City Company at 100 and interest. Market New York — National City Co., Vander- hoef & Robinson, E. A. Baker & Son, Chas. Wesley & Co. Price Rangre 19»0 — Ask 100 Sept. u UlSTEE Ss DELAWARE KAILBOAD CO. Ist Cons. 5s. Dne Jnne 1, 19S8. Dated June 1, 1888. Interest payable June and Dee. 1, at Trustee's office. Tax Statns — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $2,000,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee— Central Union Trust Co., New York. Organization — Incorporated originally In 1875 in New York as successor to the New York. Kingston & Syracuse R. R. Co., sold under foreclosure. Reincorporated in 1902 un- der same name as a consolidation. Capitalization. Outstanding. Common $1,900,000 Funded debt 3,000,000 Secured by first mortgage on 100.56 miles of road, viz: Miles. Kingston Point to Hobart 77.67 Hunter to Phoenicia, N. Y 14.29 Hobart to Bloomville, N. Y. (to extent of $125.000) 8.70 Underlies — Ulster & Delaware 1st Ref. 43 of 1952. Earnings — See Ist Ref. 4s. Listed on the New York Stock Exchange. Market. New Yorli — Sain'l Goldschmirit, Harts- horne & B,attelle. Fred H. Hatch & Co , Hodenpyl, Harriy & Co., Raymond M. Smitii, Taylor, Smith & Hard. Price Range — ^N. Y. S. E. Jan. 1. '06, to Jan. 1, '21 1920 High llSli Feb. 19. '06 86% Feb. 27 Low. 77% Dec. 17, '21 77% Dec. 27 ULSTER & DELAWARE RAILROAD CO. 1st Ref. 45. Dne Oct. 1, 195S. Dated Otcober 1, 1902. Interest payable April and Oct, 1, at Central Trust Co., New York. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized $3,200,000 Outstanding 1,000,000 Reserved for Prior Liens 2,000,000 Reserved for Ext 200,000 Denomination — Coupon, $1,000, Registerable as to principal and fully registerable. Trustee— Guaranty Trust Co.. New York. Organization — See Ist Cons. 6s. Secured by a direct mortgage on 128.88 miles of road, viz; A first lien on 28,32 miles — Bloomville to Oneonta, N, Y Kaaterskill Jet. to Kaatersklll, N. A second lien on 100.66 miles — Covered by the Ulster & Delaware 1st Cons. 6s 100.66 Prior Liens — $2,000,000 Ulster & Delaware 1st Cons. Bs of 1928. provision for the retire- ment of which is made in this issue. Tears ended Dec. 31: Gross. Net. Int. & Bent. 20.76 7.66 • 1920 $1,324,179 def$346,027 • 1919 176,472 246,685 tl919 1,215.809 def 120,256 $225,708 152,022 15,882 180,340 8,544 182.485 194,343 • 1918 176,472 244,545 + 1918 1,066,444 def 33,745 1917 1,008,893 236,138 1916 1,007,840 293,382 •Corporate account. tFederal account — standard return not In- cluded. , .„ ^ Listed on the New York Stock Exchange. Original Market — $600,000 offered In 1904 by Redmond & Co., New York, at 91 and In- terest. Market. New York — Sam'l Goldschmidt, Fred H. Hatch & Co., Hodenpyl, Hardy & Co., Tay- lor, Smith & Hnrd. Price Range — N. Y. Jan. 1, '0.,, -"™^y routes in the city of „2c ^s.o'J.ioO $4l8';i"3 $m244 ''fti«Lienl-£l,832,400 4%s due 193? and ^HH |^76,SS0 348,221 188,812 underlying bonds thereto as described under tl9is:::::; silSlilOG tllOM 211619 that issue. tl917 9'S99'977 9ln'lQQ T QUKOO Listed in New York London, Frankfort and .^ ' ^^r^ihs. tTearL ended Jan. 31. ' Amsterdam Stock Exchanges. t -=* j *», -kt -,,,„»,„, Earnings— See 4%s of 1933. J'!'?* ?V^t ?'^^J°''? ^^°'^^ Exchange. Ai I * Oiiginal Market — Offered in 190B by Harvey „ , „ T, 5^ , V ,. -ji T ,. o_ ^^^^ & Sons, New York, and $750,000 offered New Xork— Sam'l Goldschmidt, Lynch & i„ igij by National City Bank, New York" McDermon. -. v « w ^'^^ '^^S' Higginson & Co., Boston, etc., at Jan. 1, .om^o^rr"^- ^- '• ^920 84% and interest. gilj! Ig'^gct.- A°,'''o\^ llllltll H.^'S-tcItVo"^^^"''^" ^ ^^"^"«' ^-« UNION BAG & PAPER COMPANY (THE) 1st , Frioe Range— N. Y. S. E. a5-Year S. F. 5s. Due July 1, 1930. J*"; '"' ?^' *" "'""• ^> '^^ 1920 Dated June 28, 1906. Interest payable Jan. High 98 July 12, '09 90 Feb. 19 and July 1, at Company's office, 233 Broad- ^°^' '6 aMr. 17, '05 85 Aug. IS way. New York. ... , „„, , , Stamped. Tax Status— 2% Federal Income Tax paid f^'f ^J ■^ ^"^- „^„*' „"' 87Mayl5 by company without deduction. ^°*- "^ ^ov. 29, '16 86 Oct. 28 Stambed Bonds— Bonds numbered 3601 to riiuTftiw riuumTi' r>n TITZ t. , ■ . 6000 inclusive are stamped "Tax Exeknpt In iJJMiuw CAKBIUI!, CO. 1st 6s. Due July 1, New York State": bonds numbered 3201 to t. * ^ t , 3600 inclusive are not so stamped but. the Dated July 1, 1900. Interest payable Jan. tax has been paid and in consequence they ^^^ July 1, at Trustee's office. New York, are also tax exempt. Tax Status — 2% Federal Income Tax paid Authorized $5,000,000 by company without deduction. Outstanding (Jan. 1, '21) .. 2,198,000 ' Outstanding $318,000 Held in Treasury ■. 1,022,000 Denomination — Coupon, $1,000. Held in Sinldnif Fund 1,780,000 • Tru8tee..-Central Union Trust Co, New Denomination — Coupon, $1,000. Reglsterable York, as to principal. Organization — Incorporated In Virginia Trustee — Equitable Trust Co., New York. 1898. The company owns all or the capital Redeemable at 105 and Interest on any in- stock, except the 'qualifying shares, 'of thft tere&t day on two months' notice. Electro Metallurgical Company, the Michigan Northern. Power Company, and the Union Car- bide Company of Canada, Limited. Capitalization. Outatandine. Common $39,767,854 Funded debt 318,000 Secnred by a first mortgage on entire prop- erty of company consisting of extensive plants to manufacture calcium carbide, acetylene eaa material. Plants and property located at Niagara Palls. N. T., and Sault Ste. Marie, Mich. Market. iNew York — L. L. Bpnedict, W. C. Ewen, Chicago — E. T. Konsberg & Co., Babcock, Rushton & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 104 '17 107 '17 91 May 100 May Low. 84 '20 88 '20 84 Dec. 88 Dec. UNION COr-LIEBtES CO. 1st S. F. 6s. Dne March 1, 1936. Dated March 1, 1916. Interest payable March 1 and Sept. 1 at Trustee's ofBce. Tax Stains — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $1,000,000 Outstanding: (Jan. 1, '21) 933,000 Retired by S. F 67,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Colonial Trust Co., Pittsburgh. Redeemable at 107% on any interest date on 60 days' notice. Sinking Fund — 5 cents per net ton of coal mined, plus dividends declared on deposited stock. It is estimated that this fund will retire the entire issue with the exhaustion of about one-third of the coal. Organization — Incorporated in Pennsylvania. Capitalization. Outstanding. Common $1,000,000 Funded debt 933,00 Secured by a first mortgage on about 6,000 contiguous acres of thick vein Freeport coal, 160 acres of Pittsburgh gas coal, 150 acres of surface land, including all Improvements thereon, to be made and after acauired prop- erty: also by pledge of all, except directors shares, of the capital stock of the Unity Railways Co., which has no mortgage debt. The shares may be withdrawn when outstand- ing bonds are reduced to $600,000. As of Feb., 1916, property valued ' at $2,450,000. Total recoverable coal, 49,440,000 tons. An- nual capacity, 1,600,000 tons. Original Market — $1,000,000 offered July, 1917, by the Colonial Trust Co., Pittsburgh and Washington Trust Co., Washington, Pa., at 100 and interest. Market. Pittsburgh — The Union Trust Co. of Pitts- burgh. Doe UNION DEPOT CO. (Colnmbns) 1st 7s May 1, 1923. Dated May 1, 1873, Interest payable May and Nov. 1, at Union Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $600,000 Issued 374.000 Outstanding 175,000 Held in S. F 168,000 Owned by the Pennsylvania Co. . 31,000 Denomination — Coupon, $1,000. Trustees — Alfred Ely and Thos. D. Mess- ier, both deceased. Sinldng Fund — $676 annually to be invested In these bonds If obtained at par, otherwise In other approved railroad bonds. Organization and Control — Incorporated Au gust, 1872, in Ohio, to build a station In the city of Columbus, O. The capital stock la owned Jointly by the Pittsburgh, Cincinnati, Chicago & St. Louis R. R. and one-half by the Cleveland, Cincinnati, Chicago & St. Louis Ry. Capitalization. Outstanding. Common $74,598 Funded debt 677,000 Secured by a first mortgage on the valuable terminal property and Union Depot located in the heart of the City of Columbus, Ohio. About 9 acres are covered. The railways using this station are Baltimore & Ohio R. R., Cleveland, Akron & Cincinnati Ry., C, C, C. & St. L. Ry., P., C, C. & St. L. R. R., Hocking Valley Ry. and Norfolk & Western Ry. Each tenant pays as rental its propor- tion of the operating expenses, taxes and bond interest on the basis of the respective number of trains using the station. Underlies — Gen. 4V4s of 1946, a sufficient amount of which Is reserved to retire this issue. Market. New Yorlc — E. A. Baker & Son, Joseph Bird Ford, Fred H. Hatch & Co., Chas. W. Plane. Philadelpliia — Samuel K. Phillips & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. I, '16, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 111 '16 106 Feb. 107 Feb. Low. 91 '20 92% '20 91 Feb. 921,4 Dec. 4%s. UNION DEPOT CO. (Columbus) Gen. Due July 1, 1946. Dated July 1, 1896. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Ohio. Authorized $800,000 Outstanding 402,000 Held in S. F 62,000 Reserved for Corporate Purposes. 336,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Sinking Fund — ^Annually beginning Nov. 1, 1896, $2,448. together with interest on bonds already In sinking fund, to be applied to the purchase of these bonds at not exceeding 102 1/^ and interest. If not purchaseable at this price, the money shall be invested In bonds of the P., C, C. & St. L. R. R. Co. or "the C. C, C. & St. L. Ry. Co Organization — See Union Depot Co 1st 7s of 1923. Secured by a mortgage on the terminal property and Union Depot In Columbus, Ohio, including about 9 acres of real estate, subject to the 1st 7s of 192.^. Prior Uens — $220,000 1st 7s of 1923. Market. New York — E. A. Baker & Son, Harts- horne & Battelle, Wm. C. Orton & Co., Chaa. W. Place. Philadelphia — Elkins, Morris & Co., Sam- uel K. Phillips & Oo. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1," '16, to Jan. 1, '21 1920 Bid. Ask. Bid. High 96 '16 96 '19 81 Dec. Low. 80 '17 81 Dec. 134t UNION ELECTRIC LIGHT & POWER CO. (St. Louis. Mo.) Ref. & Ext. 25-Tear 58. Dne May 1, 1933. Dated May 1, 1908. Interest payable May and Nov. 1, at company's office. New York, or Harris, Forbes & Co, Tax Statos — 2%' Federal Income Tax paid by company without deduction. Authorized ; $60,000,000 Outstanding- (Jan. 1, '21) 9,600,000 Pledged to Seoore 6% Notes... 1,600,000 Reserved for Prior liiens 10,000,000 Reserved for Ext 28,900,000 Denomination — 'Coupon, $1,000. Regristerable as to principal. Trastees — ^Bankers* Trust Co., New York, and Breckenridge Jones, St, Louis. Redeemable at 110' and interest on any in- terest date on six weeks* notice. Organization and Control — See 1st Es. Secured by a mortgage on ail tlie property, rights and franchises of the company now owned or hereafter acquired, subject to prior liens mentioned below. For description of property see 1st 30-yefir 5s. Prior I,iens — $6,202,000 1st 5s of 1932; $600,000 Missouri Electric Lt. & P. 6s of 1921 and $3,198,000 Missouri Edison Co. 1st SB of 1927. framings — See 1st 5s of 1932. Listed on the New York Stock Exchange. Original Market — $2,500,000 offered in May, 1908, by N. W. Harris & Co., New York, and $5,000,000 offered in 1911 by Harris, Forbes & Co., New York, N. W. Harris & Co., Boston, and Harris Trust & Savings Bank, Chicago, at 96% and interest: $692,000 offered by same firms in March, 1913, at 96% and interest; $2,529,000 offered July, 1917, by the same firms at 91 and interest. Market. New York — Sam'i Goldsolimldt, Fred H. Hatch & Co., Earle A. Miller & Co. IBoston — L. Sherman Adams, Moors & Cabot. St. I.ouis — Marie C. Steinberg St. Co. I^rovidence — Brown, I^isle & Marsliali. Price Range' — N. Y. S. E. Jan. 1, '16, to Jan. 1, '21 1920 Bid. Ask. High 101% Nov. 17. '16 77 Oct. 85 Feb. Low. 82 July 23, '19 68 June 70 Dec. UNION ELECTRIC LIGHT & POWER CO. (St. Loais, Mo.) Ist 30-Year 6s. Due Sept. 1, 1938. Dated Sept. 1, 1902. Interest payable March and Sept. 1, at North American Co. office. New York, and Trustee's ofUce. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized Closed mortgage Outstanding- • JG, 202,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Mississippi Valley Trust Co.. St. Louis. Organization and Control — Incorporated in Missouri in 1903, as a consolidation of the ■Union Elec. Lt. & Power Co. and the Mis- souri-Edison Co. In Jan., 1917, merged with the Perry County Public Utilities Co., under old name and acquired the Electric Co. of Missouri. Controlled by North America Co., by own- ership of nearly the entire stock. Capitalization. Outstanding. Common $11,016,200 Prefei-vert (7% non-cum.) 2,810,600 Funded debt 22,100,000 Secured by a mortgage on plants supplying electricity in St. Louis, Mo. Has a contract to supply the city with its public electric lighting until Sept. 1, 1920, Franchises ex- pire in underground district In 1940, and are perpetual elsewhere. A large part of power used is purchased from the Mississippi River Power Co. Prior Liens — $600,000 Missouri Electric Lt. 1 & P. 6a of 1921, and $3,198,000 ' Missouri Edison Co. 1st 5a of 1927. „ ^ KnderUes— Kef. & Bxt. 6s of 1933. Bonds of the latter issue are reserved to retire this issue at maturity. Years ended Dec. 31 (combined): Gross. Net. Interest. 1919 $8,163,408 $2,264,314 $1,128,980 1918 6,699,666 1,689.261 1,139.245 1917 6,941,661 1,652,600 1,039,607 1916 6,720.651 1,716,167 1,005,619 Listed on the New York Stock Exchange. Original Market — First offered by N. W. Harris & Co., Chicago, New York and Boston. Market. New York — Fred H. Hatch & Co., Earle A. Miller & Co., John Nickerson Jr. Boston — L. Sherman Adams, Moors & Cabot. St. Louis — Mark C. Steinberg & Co. Baltimore — Jenkins, Whedbee & Poe, Maokubtn, Goodrich & po. Providence — Brown, Lisle & Marshall. Price Range — ^N. Y. S. E. Jan. 1, '01, to Jan. 1, '21 1920 High 102 Jan. 25, '07 SG Nov. 8 Low. 74 July 22, '20 74 July 22 UNION ELECTRIC LIGHT & POWER CO. (St. Louis, Mo.) 3-Year Conv.. Deb. 7s. Dne Apr. 1, 1923. Dated Apr. 1. 1920. Interest payable Apr. 1 and Oct. 1 in New. York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $2,600,000 Outstanding 2,600,000 Purpose of Issae — The proceeds of these $2,500,000 3-Year 7% Conv. Debentures vrill be used to reimburse the company for funds expended for the retirement of $1,300,000 2-Year 6% Notes which matured March 15, 1920, and to reimburse the company In part for expenditures on additions and extensions to its property. Denomination — Coupon, $1,000; registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable on the first day of any month at 101 and interest on or prior to April 1, 1921; at 100% and Interest thereafter on or prior to April 1, 1922, and at 100% and In- terest thereafter. Convertible on the first day of any month to and including Feb. 1, 1923, into an equal amount of the company's Ref. & Ext. 5s, due 1933, accrued interest to be adjusted and the debenture holder to receive $150 in cash for each $1,000 face value of debenture converted. $2,500,01)0 Bef. & Ext. 6s deposited with the Trustee for conversion purposes. Organlzatinn — Spp 1st 5s of 1932. Security— A direct obligation of the company but not secured by a mortgage. The indenture provides that so long as any of these debentures are outstanding th,e com- pany will not create any new mortgage on any portion of its property in addition to the ex- isting mortgages thfereon' without providing that these debentures shall share equally in the Hen of such new mortgage. The com- pany, however, shall be. relieved of the fore- going restriction upon its deposting with the Trustee Refunding and Extension Mtge. bonds to an amount which with those already depos- ited shall aggregate not less than 150% of the face value of all debentures then out- standing. Prior Liens — Outstanding. Mo. Elec. Lt. & P. 6s, 1921 $600,000 Mo. Edison 1st 6s, 1927 3,198,000 1st 6s, 1932 6.202,000 Ref, & Ext, 5b, 1933 9,600,000 Earnings-^See 1st 6s of 1932. 350: io?J^^'„''*'"^"*-^*2'BOO,000 offered April.. wL„'-t. X^ms— MarH c. ,Stalnti.ers & Co. I™ION ELEVATED KAILKOAD 1st 5s. Due Oct. 1, 1945. Dated Oct. 1, 1895. Interest payable April ^=t? o,?*- ^ ^* Illinois Trust & Savings Bank, Chicago. Tax Status — Payment of Federal Income alx not assumed by company. Authorized $5,000,000 Outstanding- 4,472,000 : Pledgrcd Under Northwestera Elevated 1st Moi-tgage 528,000 Denomination — Coupon, $1,000. Trustee — Illinois Trust & Savings Bank, Chicago. Control — In 1901 the property of this com- pany was acquired by tho Northwestern Elevated Railroad, whose entire capital stock is owned by Chicago Eelevated Rail- ways Collateral Trust. Secured by a first mortgage on the "Union Loop" of the Elevated Railways System in the City of Chicago. AH elevated trains ■entering the loop district use this loop. Underlies — Northwestern Railroad 1st 5s, 1941. Bai-nings — See Chicago Elevated Railways Co. Listed on the New York and Chicago Stock Exchange. Market New York — Gilbert J. Postley, Lynch & McDermott. Cbicagro — Baboock, Rushton & Co., Mer- rill, Lynch & Co. Philadelphia — Henry D. Boenning & Co. Price Hange 1920 • Bid. Ask. High 61 Jan. Low 40 Nov. 44 Nov. UNION FUEL CO. 1st S. F. Series "A" and **B" 7s. Due Series "A" each March 1 as follows: $39,000, 1931; $35,000, 1932 and 1923; $40,000, 1924 and 1925; $45,- 000, 1926 and 1927; $50,000, 1928; $55,- 000, 1929; .J60,000, 1930, and $65,000, 1931. Due Series "B" each Sept. 1 as follows: $60,000 from 1921 to 1^25 in- clusive. Dated Series "A,V Sept. 1, 1919; Scries "B," Sept. 1, 1920. Interest payable March 1 and Sept. 1, at Central Trust Co. of Illi- nois, Cliicago. Tax Statns — 2% Federal Income Tax paid by Company without deduction. Anthorized $1,500,000 Outstanding (Jan. 1, '21) A $500,000 B 262,500 762,500 Reserved for Ext 737,500 Provisions of Issue — Additional bonds issu- able for 60% of the appraised value of ac- quired mines or additional coal lands or eauip- ment. Ponrase of Issue — The proceeds of the flrat {500.000 bonds issued was used in part pay- ment for the "Athens," "Tuxhorn" and "Au- burn" Mines and the aoauisition of 2,000 addi- tional acres of coal lands adjoining these properties. , .. ««« Denomination — Coupon, $600 and $1,000; registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Bedeemable at 102% and interest. Sinking Fund — Monthly, a sum equal to i; 7% cents a ton for the coal mined duriiif the previous i- month is ' payable to the Trustee. .i ' ' i .. - >''' Organization — ^InconndEated In Illinois on March 11, 1919-. Capitalization. Outstandlnst: Common •., $760,000 Preferred (7%) 760,000, Funded debt 762,500 Secured by a flrst mortgage on 4,329 acres in Sangamon, Menard and Macoupin Counties,. Illinois, estimated to contain about 25,000,000 tons o£ Illinois steam and domestic coal and on which are located four completely cquippSd,' going, mines, three of which are electrically operated. These mines have a combined dally capacity of 4.000 tons. These ihines are known as the Tuxhorn. located at Keys ata-. tion, 7 miles east of Springfield; the Auburn,' located at Aubui^n, 16 miles south of Spring- field; the Athens, located at Athens, 14 miles northwest of Bprln'gfleld, And the Nilwood, lo- cated at Nilwood. > 29' ^lles south of Spring- field. All of these mines have main line rail- road connections. U^der the provisions of the trust agree- ment the company covenant as follows: PTot to pay exorbitant officers' salaries and not to pay any dividends on the common stock until after 25% of these bonds have been' retired. Years ended Dec. 31 (combined): Gross. *Net. 1920 $3,159,602 $717,673. *After charges and preferred dividends. Original Market — $500,000 offered Septem- ber, 1919. by Powell. Garard & Co.. Chicago, etc.. at 100 and interest. ■ Market Chicago — Powell, Garard & Co. UNION GAS & ELECTRIC CO. (Bloomtngton, III.) 1st Ss. Due Sept. 1, 1935. Dated Sept. 1, 1906. Interest payable March and Sept. 1. at First Trust & Savings Bank. Chicago, IlL Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $760,000 Outstanding (Jan.l, "21) 564,000 Ketired by S. F 93,000 ' Denomination — Coupon, $1,000. Registerable ^ as to principal. Trustee — First Trust & Savings Bank. Chi- cago. 111. Redeemable at 106 ~ and Interest on any In- terest date. Sinking Fund — 5% of annual gross receipts for purchase of bonds in open market or by lot at not exceeding 105 and interest, or for additions, betterments and extensions. Organization and Control — Incorporated 1899 in Illinois, as a consolidation of the Bloom- ington Gas Light & Coke Co. and the Citizens* Gas Light & Heating Co. Controls the entire gas business of Bloomington and Normal. 111. Controlled by the United Gas & Electric Corp. ' of Connecticut through ownership of stock. Capitalization. Outstanding. Common $760, 000 1st Preferred (7% cum.) 50.000 2nd Preferred (7% cum.) 260,000 Funded debt 664,000 Secured by a first mortgage on plants, ■ mains, etc., owned and operated by the com- pany. Population served, 33,000 and upwards. Franchises extend to 1998, Years ended Dec. 31: Gross. Net. Int. & Rent ' 1920 $305,600 $85,626 •$28,876 1919 260,685 "84,151 80,644 1918 213,886 64,049 -31,799 1917 175,905 48,953 32,757 1916 182,713 73,425 31,591j *Bond interest only. ,,,:■" Orlclnal Harket — First offered by MacDon- ald, McCoy & Co., Chlcaeo, at 101 and interest in Nov.. 1906. Market. New York— Henry L. Doherty & Co., Dun- ham & Co., Sutro Bros. & Co. Price Ranee. Jan. 1, '16, to Jan. 1, •»! 19%0 Bid. Ask. Ask. High 96% '17 96% '16 70 Jan. Low. 75 '19 85 '19 70 Jan. 6b. UNION IRON WORKS DRT DOCK CO. Dne Oct. 1. 1929. Dated Oct. 1, 1909. Interest payable April and Oct. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized (1,000,000 Outstanding: (Jan. 1, '21) 514,867 In Treasnry 1,600 Retired by S. F 483.533 Tmstee — Union Trust Co., San Francisco. Sinking Fond — ^Annually, $6,000 for the pur- chase or redemption of these bonds. Control — ^Acquired the property of the San Francisco Dry Dock Co. In 1908 for $1,- 812,500 cash and bonds. Merged into Union Iron Works Co.. which is controlled through stock ownership by the Bethlehem Steel Cor- poration, and whose property is leased and operated by the Bethlehem Shipbuilding: Corp. Secured by a mortgage on an extensive dry dock and other property of the company lo- cated in San Francisco. Prior liiens — $496,000 San Francisco Dry Dock Co. 1st 6s. Price Range. Jan. 1, '16, to Jan. 1, '21 Bid. Asli. High 100 '16 Low. 99% '16 89y2'20 1920 Ask. 89% Dec. 89% Deo. UNION UGHT, HEAT & POWER CO. (Cov- ington, Ky.) S-Year 1st 7s. Due Feb. 16, 1925. Dated Feb. 14, 1920. Interest payable Feb. and Aug. 15, at Union Savings Banlc & Trust Co., Cincinnati, or Bankers Trust Company, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Anthorized $6,000,000 Outstanding (.fan. 1, '21) 2,107,500 Retired : 42,500 Reserved for Corp. Purposes. . . 2,850,000 Provisions of Issne — Additional bonds issu- able for 86% of the cost of additions and Improvements to property when net earnings for twelve months within the fifteen months immediately preceding such issuance are at least twice interest charges on all bonds is- sued and to be Issued. Purpose of Issue— To retire $1,660,900 2-Tear 6% notes, due Feb. 1, 1920, to pur- chase and cancel $303,300 60-Year 6s. due Nov. 1, 1965, now outstanding, and to provide funds for additional extensions and improve- ments to the property. Denomination — Coupon, $100, $600 and $1,- 000: registerable as to principal or fully reg- istered; registered bonds are exchangeable for coupon bonds. Trustee — Union Saving^ Bank & Trust Co., Cincinnati. Redeemable on any Interest date upon 30 days' notice at 102 and interest, to and in- , eluding Feb. 16, 1923, and thereafter at 100 and interest. Organization and Control — Incorporated in Kentucky in 1901. Owns the entire capital stocks of the Suburban Electric Co,, Ken- tucky Electric Co., Municipal Light Co. The entire capital stock of this company is owned by the Cincinnati, Newport and Coving- ton Light & Traction Co. The property of the latter company, including the property of the Union Light, Heat & Power Company la leased to the Columbia Gas ft Electric Com- pany for 45 years from 1907. Capitalization. Outstanding. Common $600,000 Funded debt 2,107,500 Secored by a direct or collateral lien (through pledge of stocks of subsidiary com- panies) on all the property of the company now owned or hereafter acquired. The company directly or through subsidi- aries does the entire gas, electric light and power business of Covington, Newport and other Kentucky communities adjacent to the City of Cincinnati. The electric lighting and power business is done in 14 separate mxini- cipalities and the gas business in eight muni- cipalities, while the water business is done in three municipalities. The total popula- tion served with gas and electric service is approximately 140,000. The gas distribution system includes over 170 miles of gas mains, a large part of 'which has been installed in recent years. Gas is purchased from the Columbia Gas & 'Electric Company on favor- able terms. The electric generating station situated at Newport is connected ■with the Cincinnati Gas & Electric Company's gener- ating station In Cincinnati by means of a high tension transmission line, enabling this company, -when necessary, to purchase addi- tional power upon an economical basis. Years ended Dec. 31: Gross. Net. 1920 $1,655,295 $374,612 1919 1,398,750 319,175 1918 1,297,622 263,709 Original Market — $2,160,000 offered Janu- ary, 1920,' by A. B. Leach & Co., New York, Chicago, etc.; Field KIchards & Co., Cin- cinnati, New York, etc., and Fifth-Third Na- tional Bank, Cincinnati, at 100 and interest. Market. New York — Ames, Emerlch & Co. Cincinnati — Fifth-Third National Bank. Price Rang:e High. Low.. Bid. 95 Apr. 1920 Ask. 100 Jan. 91% Sept. UNION NATURAL GAS CORPORATION 68. Dne $500,000 annually April 1, to 1926. Dated April 1, 1913. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsyl- vania. State tax refunded. Anthorized $6,000,000 OutstandinsT (Jan. 1, '21) 1,568,000 In Treasury 1,393,000 Retired 3,039,000 Denomination — Coupon, $1,000. Tmstce — Colonial Trust Co., Pittsburgh. Pa. Organization — Incorporated 1902 in Dela- ware. Controls and operates the Athens (Ohio) Gas Light and Elec. Co., Bellevue (Ohio) Gas Co., Buckeye Gas Co. of Cirole- ville, Ohio; Citizens Gas Light & Coke Co.. Findlay, Ohio: Citizens Gas & Electric Co., Lorain and Elyrla, Ohio: Fremont Gas, Elec- tric Light & Power Co., Fremont, Ohio; Logan Natural Gas & Fuel Co., Columbus, Ohio; Manufacturers' Gas Co., Bradford, Pa.; Marion (Ohio) Gas Co., Newark (Ohio) Natural Gas & Fuel Co., Warren & Chautauqua Gas Co., Warren, Pa., and Preston Oil Company, Columbus, Ohio; also owns one-half interest in Reserve Gas Co. and Connecting Gas Co. On March 15, 1920, acquired the property of the Consolidated Gaa & Light Co.. Tiffin, Ohio. Capitalization. Outstanding. Common J9, 840,000 Funded debt "E.ies.OOO •Includes $597,000 subsidiary bonds. Secured by deposit of stocks of above named companies, subject to their $966,000 bonds. Operating companies control 700,380 acres of oil and sas lands in Eastern Ohio and Penn- sylvania, and one-half interest In 56,110 acres in West Virginia, together with pipe yies, gas plants, oil wells, etc. Serves gas to 162,721 'Consumers. Company has paid dividends of from 8% to 10% on $10,000,000 stock practically since incorporation. ^. Prior Lien— $956,000 ($359,000 owned by this company) bonds of subsidiary companies, inoludine $623,000 bonds of Citizens Gas & Electric Company of Lorain and Elyria, Ohio. Tears ended Dec. 31: Gross. 1920 $8,650,121 1919 7,832,872 1918 7,560,976 1917 8,076,613 1916 6,642,541 Market. New Tork — Moore, Leonard & Lynch, Van- derhoef & Robinson. Pittsbnrgrh — Lyon, Singer & Co., Moore, Leonard & Lynch. Wheeliner, W. Va Grier i Price Range. Jan. 1, '16, to Jan. 1, 'ai Bid. Ask High 101 '16 102% "19 91 Low. 99 '19 100% '17 99 Mar. Net. Interest. $2,528,821 $181,806 3,370,239 242,662 2,872,679 268,697 3,574,677 266,812 3,443,617 317,798 Co. 1920 Bid. Ask. Jan. 100 Mar. CmON OIL CO. 07 CAI/IFORiaA iBt Uen 20-Year S. F. 6s. Doe Jan. 2, 1931. Dated January 2, 1911. Interest payable Jan. and July 2, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In California. Authorized $20,000,000 Outstanding (Jan. 1, '21) 7,746,000 Retired by S. I? 5,548,000 In Treasury 1,024,000 Reserved tor Prior Liens 1,779,000 Reserved for Ext 3.903,000 Denomination — Coupon, $1,000. Reglsterable as to principal. Eegistered, $1,000. C. & B. Interchangeable. Trustees — Equitable Trust Co., New York, and Los Angeles Trust & Savings Bank, Los Angeles. Redeemable as a whole only at 106 and in- terest on any interest date on 30 days' noyoe, or callable for sinking fund at 102% and in- Sinking Fund — ^Annually, since May 1, 1912, a sum auilicient to retire at least $260,000 of these bonds at 102% and interest, with pro- portionate increase for all bonds in excess of $6,000,000 issued. Organization — Incorporated 1890 in Califor- nia. Capitalization. Outstanding. Common $50,000,000 Funded debt 9,529,671 Secured by a lien on the property directly owned and operated, including asphalt lands owned in fee, mineral rights, subject only to a small amount of purchase money mortgages and purchase money contracts; secured also by a collateral lien on various stocks of impor- tant subsidiary companies. The Union Oil Co. of California owns land in 10 counties In the 4 great oil producing sections of California, and has leases in Wyoming, Texas and Mexico, together with upwards of 841 miles of pipe lines, 3 large refineries, 19 tankshlps, barges, etc., with a capacity of over 666,000 barrels, about 260 storage tanks, with a capacity of approximately 12,000,000 barrels of crude oil, distributing stations in the varloua Faciflo States, British Columbia. Hawaii, Chill, Pan- ama, etc. Properties controlled in various oil fields, over 200,000 acres. No dividends shall be paid on the stock in any year unless net income is twice the interest charges on this issue. Prior Liens — $1,686,000 bonds of constitu- ent companies, which will be retired with bonds of this issue, and $444,016 Purchase Money Mortgages. Listed on the San Francisco and Los An- geles Stock Exchanges. Years ended Dec. 31 (combined): Gross. Net. Int., etc. 1920 $63,430,146 $12,513,746 $317,395 1919 53,360,926 11,004,411 366,168 1918 43,863,662 6,583,992 660,853 1917 33,870,889 8,276,227 633,943 1916 27,745,009 7,850,711 626,147 Listed on the New York Stock Exchange, Original Market — $,000,000 offered in June, 1911, by Hallgarten & Co. and William Salo- mon & Co., New York, at 91^ and Interest. Market. New York — Sutro Bros. & Co., McDon- nell & Co., Ghas. E. Doyle & Co., Hart- shorne & Battelle. Los Angeles — Citizens National Bank, J. J. Doran Co., Drake, Riley & Thomas, Ste- phens & Co., Torrance, Marshall & Co. San IVancisco — Sutro & Co. Price Range — ^N. Y. S. E. Jan. 1, '19, to Jan. 1, '31 1920 High 95% Oct. 27, '19 88 Sept. ' Low. 87 Sept. 28, '20 87 Sept. 28 13E3 UNION PACmC RAILROAD COMPANY. Incorporated In Utah in 1897 as successor to the "Railway" Company of the same name. The company owns 3,603 miles of road, of which 978 miles are double-tracked, extending from Kansas City and Omaha to Denver, Colo., and Ogden, Utah. The company also owns all of the stock of the Oregon Short Line R. R. Co., which company in turn controls the Ore- gon-Washington Railroad & Navigation Co. These two companies own 4,198 miles of road from Salt Lake City and Ogden, Utah, to Spo- kane and Seattle, Washington, and Portland, Ore., with numerous branches. The Oregon Short Line R. R. Co. owns one-half of the stock of the Los Angeles & Salt Lake Rail- road Co., owning 1,000 miles of road from Salt Lake City to Los Angeles, Cal., and San Pedro, the port of Los Angeles. Prior to 1913 the Oregon Short Line R. K. Co. owned a controlling interest in the stock of the Southern Pacific Co., but in accordance with a decree of the United States Supreme Court, and with the approval ol the Distinct Court for Utah, the $126,000,000 Southern Pacific Co. stock was disposed of, $38,300,000 being. exchanged for Baltimore & Ohio common and preferred stock owned by the Pennsylvania R. R. Co., and the balance offered to stock- holders of the ' Union Pacific R. R. Co. at about $88 per share In the ratio of 27% of their holdings of Union Pacific R. R. Co. stock. Subsequently the Union Pacific R. B. Co. distributed the B. & O. R. B. Co. stock received from the Pennsylvania E. B. Co. among its stockholders. Capitalization. Outstanding. Common $222,293,100 Preferred (4% non-cum.) 99,643,600 Funded debt 366,066,170 Tears ended Dec. Gross. 31: Net. Int.&Rent. •1920.. $175,280,837 $50,094,883 $17,420,642 •1919.. 39,369,411 49,575,786 16,166,573 •1918.. 38,416,111 47,104,102 14,601,898 tl918.. 168,845,176 60,643,612 743^606 1917.. 130.101,864 67,625,376 16,000,601 1916.. 114,412,607 68,642,868 16,471,082 1916.. 91,962,244 46,812,361 16,237,761 •Corporate account. tFederal account — standard return not In- cluded. 80-Tear UNION PACmC RAILKOAD CO. Conv. 4s. Due July 1, 1927. Dated July 1, 1907. Interest payable Jan. and July 1, at company's office, 120 Broad- way, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized $76,000,000 Issued 73,762,000 Converted into Common Stock. 46,926,776 Ontstandine 26,836,22.5 Denomination — Coupon, $1,000 and $600. Resisterable as to principal or fully register- able. Registered, $600 and multiples. C. & R. intercbanseable. Trnstee — ^Bankers' Trust Co., New York. Redeemable as a whole only at 102^ and interest on any interest date upon 90 days' notice. If called prior to the termination of the conversion privilege bonds may, however, be converted to within 30 days of the date of redemption. Convertible (expired) at any time before July 1, 1917, into the company's common stock at $175 per share unless called for redemption. Secnrity — These bonds are a direct obliga- tion of the company, but are not secured by any mortgage. liCgal for savings banks in N. H. and K. I. Ijisted on the New York and Boston Stock Exchanges. Original Market — Underwritten in 1907 by Kuhn, Loeb & Co., New York, and offered for subscription to the stoclcholders at 90. Market. , New York — Simon Borg & Co., Parker & 'Co., Neivborg & Co., Prince & Whitely, Red- mond & Co., Struthers & Hiscoe, Season- good, Haas & Macdonald, L. M. Prince & Co. ' Fliiladelphia — Brown Bros. & Co. I.iOllisville, Ky. — George T. "Wood & Son. Price Range — ^N. Y. S. E. Jan. 1, '09, to Jan. 1, 2'1 1920 High 124% Aug. 16, '09 88% Jan. 3 Low. 78 Dec. 22, '20 78 Dec. 22 Leavenworth tp Lawrence, Kan 31.49 Junction City to Concordia, Kan T0.86 Lawrenceburg to Belleville, Kan 17.16 Solomon to Beloit, Kan 66.97 Salina to McPherson, Kan 36.46 Brighton to Boulder, Colo 27.00 Cheyenne & Fort Russell, Wyo. (owned jointly with and operated by Colo. & So. Ry.) 2.04 Farther gecoTed by first lien on $4,993,000 1st 4s and $99,400 of the $100,000 stock of the Union Pacific Land Co. All proceeds from sale of lands, property and securities pledged imder this Railroad & Land Grant mortgage are applied in payment for expenditures for betterments, improvements, eauipment, etc. To Dec. 31, 1919. $23,636,091 had been so ap- plied and cash on hand amoimted to $105,677. Underlies — 1st Lien and Refunding 4a, un- der which bonds are reserved to retire this is- sue at maturity, and Conv. Deb. 4s. Xiegal for savings banks in Cal., Conn., Me., Mass., Mich.. Minn., Mo., N. H.. N. J., N. Y., R. I., Vt. and Wis.; also Baltimore Trust Funds. Listed on the New York and Boston Stock Exchanegs. Market. New York — Bigelow & Co., Simon Borg & Co., Parker & Co., Dunham & Co., Arthur E. Frank & Co., Hartshorne & Battelle, Herz- feld & Stern, Kountze Bros., Knauth, Na- chod & Kuhne, Newborn & Co., R. W.^Press- prich & Co., Prince & "Whitely, Redmond & Co., Struthers & Hisroe, Seasongood, Haas & Macdonald, "Vilas & Hickey, Carruthers, Pells & Co. .*t. Louis — Francis Bros. & Co. Denver — Boettcher, Porter & Co. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 106% .Ian. 9, '06 85% Jan. 5 Low. 74% May 21, '20 74% May 21 Registered. High 106% .Tan. 17, '06 79 Dec. 2 Low., 77 June 22, '20 77 June 22 UNION PACIFIC RAILROAD CO. Ist R. R. & Land Grant 4s. Due July 1, 1947. Dated July 1, 1897. Interest payable Jan. and July 1, at company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstanding. .$100,000,000 ' Denomination — Coupon, $1,000 and $600. R^gisterable as to principal or fully register- able. Registered, $600 and multiples of $600. Trustee — Bankers' Trust Co., New York. Secured by first mortgage on 2,085.37 miles of road, with appurtenances, viz: Miles Council Bluffs, la., to Ogden, Utah, via South Omaha (762.19 miles double track) 1,004.23 Ogden to 6 miles "West of Ogden, Utah 6.00 iKaii. City, Mo., to Denver, Col. (66.88 miles double track) 639.13 Pullman Jet.. Colo., to Corlett Jet., Wyo 99.33 Speer to Borle, Jet., Wyo 6.37 Kearney to Callaway, Neb 66.79 Echo to Park City. Utah 27.69 1351 UNION PACIFIC RAILROAD CO. 1st JAen Si Bef. 4s. Due June 1. 2008. Dated June 1, 1908. Interest payable March and Sept. 1, at company's office. New York, and in London. Tax. Status — 2% Federal Income Tax paid by company without deduction. Authorized $200,000,000 Outstanding 66.766,305 In Treasury 33,498,000 Reserved tor Prior Liens 100,000,000 Reserved for Corporate Pur- poses 846,000 Denomination — Coupon, $1,000, $600, £200 and £100. Reglsterable as to principal or fully reglsterable. Registered, $1,000, $600, £200 and £100. C. & R. interchangeable. Trustee— Equitable Trust Co., New York. Redeemable as a whole only at 107% and interest on Sept. 1, 1918, or on any Interest date thereafter upon three months' notice. Secured by direct lien on 3,558.36 miles of road (836 miles double tracked), with eaulpr ment, appurtenances, etc., and all other prop- erty now owned or hereafter acquired, viz: A first lien on 1,472.99 miles — Lane Cut-off Summit to Lane. Neb., via South Omaha (double track) 11.61 Julesburg to La Salle, Col 161.53 Sand Creek Jet. to La Salle Jet., Colo. 46.26 "Valley, Neb., to Manhattan, Kan 189.10 "Valparaiso to Central City, Neb...... 76.28 Blue Springs Jet. to Blue Springs, Neb. 0.67 Columbus to Norfolk, Neb 60.00 Oconee to Albion, Neb 34.64 Genoa to Spalding, Neb 44.42 Grand Island to Ord, Neb 60.77 Sootia Jet. to Scotia, Neb 1.37 St. Paul to Loup City, Neb 39.40 BOelua to Pleasanton, Neb 22.09 Callaway to Stapleton. Neb 36.87 O Fallon's to 114 miles west of Haig, Neb ,^ ]^g3 gg Thayer to Superior, Wyo! '..'..'..'.'.'.'.'.'.'. 9.06 Qunn Jot., Wyo., to right-of-way 0.14 lieavenworth to Miltonvale, Kan 166.37 Menoken to Garden, Kan 69.82 Detroit to Enterprise, Kan 1.96 Sahna to Oakley (via Colby), Kan 226.35 Parkdale to Puritan, Col 3.07 Johnson to MoKissiok, Col 97 Greely Jet. to Briggsdale, Col 26.17 Cloverly to Hungerford, Col 14.16 Rook Springs to 135 miles north of Re- liance Jet., Wyo 6.63 Reliance Jet. to Reliance Mine, Wyo.. 2.06 Lion Jet. to Lion, Wyo 2.53 Grant Jot. to Russell Mine. Col !. l!46 Dent to Ft. Collins, Col 26 24 Diamond to Baum, Col l!l6 Shamrock to Branch, Col ..'. l!oi A second lien on S,085.37 miles covered by the first mortgage R. R. & L. G. 43, 1947. Prior llens^SloO.OOO.OOO Union Pacific 1st Mtge. & Land Grant 4s, which will be retired by bonds of this issue at maturity. Underlies — Convertible Debenture 4s. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., Mo.. N. H., N. J., N. T., R. I., Vt. and Wis.: also Baltimore Trust Funds. Listed on the New York Stock Exchange. Original Market — $60,000,000 offered in June. 1908. by Kuhn, Loeb & Co., New York, Baring Bros. & Co.. Ltd., and Glyn, Mills, Currie & Co., London, at 95% and Interest. Market. New York — Bigelow & Co., Simon Borg & Co., Parker & Co., Herzfeld & Stem, Kountze Bros., Newborg & Co., R. AV. Press- prich & Co., Prince & Whitely, Redmond cSb Co., Roosevelt Son, Struthers & Hiscoe. Seasoxtgood, Haas & McDonald, Vilas & Hiokey. Edwin Wolff, L. M. Prince & Co. St. Louis — Francis Bros. & Co. Price Range — N. "S. S. B. Jan. 1, '09, to Jan. 1, '31 1920 High 100 June 1, '09 81 Jan. 5 Low. 66 Apr. 30, '20 66 Apr. 30 UNION PACIFIC RAILROAD CO. 10-Xear 6% Secnred Bonds. Doe July 1, 19S8. Dated July 1, 1918. Interest payable Jan. 1 and July 1 at company's office. New York. Tax Status — 2 9i Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding 20,000,000 Denomination — Coupon, $1,000. Register- able as to principal. Registered, $1,000 and authorized multiples. C. & R. interchange- able. Trustee — United States Mortgage & Trust Co., New York. Security — A direct obligation of the com- pany and secured by pledge of the following collateral : $2,000,000 Chicago & Northwestern Ry. Gen. Mtge. 4s, due 1987. 2,600,000 Chicago & Northwestern Ry. Gen. Mtge. 6s, 1987. 3,000.000 N. Y. Central R. R. Co. Ref. & Impt. Mtge. 4%s, due 2013. 1.000,000 Pennsylvania R. R. Consol, Mtge. 4%s, due 1960. 2,500,000 Pennsylvania R. R. Co. Gen. Mtge. 4%s, due 1966. 6,000,000 Southern Pacific R. R..- Co. First Ref. Mtge. 4s, due 19B6. 4,000.000 Baltimore & Ohio R. R. Co. Ref. & Gen. Mtge. 6s, due 1996. 6,000,000 Illinois Central R. R. Co. and Chicago, St. Louis & New Or- leans R. R. Co. Joint first Ref. Mtge. 5s. due 1963. 4,000,000 Denver Union Terminal Ry. 1st M. 4%s, due 1964 (guaranteed Jointly and severally by the Union Pacific R. R. Co., Chi- cago, Burl. & Quincy R. R. Co., Atchison, Topeka & Santa Fe R. R. Co. and others). Listed on the New York Stock Exchange. Original Market — $20,000,000 offered June, 1918, by a syndicate headed by Kuhn, Loeb & Co. at 98 and interest. Market. New York — Simon Borg & Co., Newborg & Co., Redmond & Co., Salomon Bros. & Hutzler, Edwin "W^oiff, Pynchon & Co., Vilas &; Hiokey. Philartelpliiii — Morley, "V^^ood & Co. Louisville, Ky. — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Price Range — N. Y. S. B. '19, to Jan. 1, '21 106 Jan. 20, '19 95 June 24, '20 Jan. 1, High Low. 1920 103 Jan. 5 95 June 24 UNION PACIFIC RAILROAD CO. Banip. Tr. 7s. Due $833,000 ea«h June 1, from 1924 to 1934, Incl., and $837,000 June 1, 1936. Dated June 1, 1920. Dividends payable June 1 and Dec. 1, at the agency of the Trustee in the City of New York. Tax Status — ^Payment of Federal Income Tax not assumed by the company. Authorized $10,000,000 Outstanding 10,000,000 Denomination — Coupon, $1,000: registerable as to principal. Trustee — Commercial Trust Company, Phila- delphia. Stx-iired by an equinment trust agreement on 100 locomotives and tenders, 2 steel dining cars: 40 steel chair cars: 25 steel baggage cars; 2,000 steel gondola cars; 45 caboose cars, costing approximately $16,000,000, Lepra! for savings hanks in N. H., Ohio and R. I. Original Market — $10,000,000 offered June, 1920, by syndicate headed by Kuhn, Loeb & ' Co., New York, at prices ranging from 100, to 101 and interest according to maturity. Market New York — Beverly, Bogert & Co.. Simon Borg & Co., Evans, Stillman & Co., Freeman & Co., Hartshorne & Battelle, Redmond & Co., Salomon Bros. & Hutzler, Callaway, Fish & Co., Lynch & McDermott. Philadelphia — Biddle & Henry, Bioren & Co., Brown Bros. & Co., Reed A. Morgan & Co., Morley, Wood & Co., Wurts-Dulles' «Sc Co., H. D. Boenning & Co. Louisville, Ky. — J. J. B. Hilliard & Son. 135S UNION PASSBNGEB RAILWAY (Philadel- phia) Gen. (now 1st) 4b. Due Mar. 31* 1961. Dated March 21, 1881. Extended March 31, 1911, with interest reduced from 5% to 4%. Interest payable Apr. and Oct. 1. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized and Outstanding $500,000 Denomination — ^Registered, $100 and $500. Trustee — The Pennsylvania Co. for Insur- ances on Lives and Granting Annuities. Guaranteed as to interest by the Philadel- phia Rapid Transit Co. under, terms of lease. Organiztalon and Control — Incorporated Apr. 1864. Leased to the Philadelphia Rapid Transit Co. for 999 years at a rental of $286, • 000. and all interest, taxes and other expenses. Capitalization. Outstanding. Common $926,000 Funded debt } 760,000 Secured by a first mortgage on 66.5 miles of etreet railway track located in Philadelphia. VnderUes— $260,000 2d 4s of 1960. Market. New York — ^National City Co. , Philadelphia — S. K. Phillips & Co., Isaac Starr, Jr. & Co. UNION PASSENGER KAILWAT (Philadel- phia) Sd 4s. Dne Mar. 31, 1960. Dated Feb. 2, 1884. Eixtended March 1, 1910, with interest reduced from 6% to 4%. Interest payable Apr. and Oct. 1, at Trustee's office. Tax Statns — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $260,000 Denomination — Coupon, $1,000 and $500, Trustee — Land Title & Trust Co., Phila. ' Guaranteed as to interest by the Philadel- phia Kapid Transit Co. under terms of lease. Organization and Control — See Gen. 4s. Secured by a second mortgage on 66.6 miles of track. Prior liiens — $600,000 1st 4s. due 1961. Market. Philadelphia — Barclay, Moore & Co., Isaac Starr, Jr. ,& Co. stock and $980,600 preferred stock of the Southern Indiana Gas & Electric Co. Fur- ther secured by a first lien on the bonds and stocks of other companies. The Union Ry., Gas & Bleo. Co. operates the street railways In, Springfield and Bookford, 111.; Janesvllle, Wis., and BvansvlUe, Ind.. and Interurban lines connecting Rockford, Freeport and Bel- vedere, Sycamore and De Kalb. Ill,: Beloit and Janesvllle, Wis,, with Bockford, 111.; BvansvlUe, Princeton and Patoka, Ind., etc. This totals about 260 miles of track. Including Interurban lines. Supplies gas, electric light- ing, power, etc., to Peoria, Springfield and Pekin, 111., and Bvansville, Ind., and the elec- tric lighting business of De Kalb. Sycamore, Princevllle, Cuba, Washington, and numer- ous other small towns in Illinois. Principal franchises expire as follows: Street railway, Springfield, 1928; Bockford, 1923. Electricity, Peoria, 1947: Pekin, 1926: Evansville, 1934; DeKalb, 1922, and Syca- more, unlimited. Gas, Evansville; Spring- field and Perkin, unlimited, and Peoria, 1998. Tears ended Dec. 31; Gross. 1920 $8,636,258 1919 7,218,008 1918 6,545,321 1917 5,766,379 Net. Int., etc. $2,354,754 $1,533,714 2,407,077 1,491,057 1,933,880 1,401,015 2,184,844 1,344,171 UNION RAILWAir, GAS & ELECTRIC CO. Coll. Tr. Conv. 6s. Dne Jnly 1, 1939. Dated July 1. 1909. Interest payable Jan- uary and July 1. at Hodenpyl, Hardy & Co.. Inc., New York, or B. W. Clark & Co.. Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized Open mort^ae-e. Issned, Series "A" $6,928,000 Outstandins- (Jan. 1, '21) 5,196,000 Pledged to Secure 6% Notes 728,000 Denomination — Coupon, $1,000 and $600. Kegisterable as to principal. Trustee — Commercial Trust Co.. Phila. Redeemable at par and interest any interest date on 60 days* notice. Convertible into 6% cumulative preferred stock at par. on any Interest date on 30 days* notice. Bonds so converted shall be held as treasury bonds and may be reissued. $1,000,- 000 have been converted and reissued. Organization and Control — Incorporated in New Jersey, 1909, as a holding company. Controlled through a large majority stock ownership by the Commonwealth Power, Ry. & Light Co. The Union By., Gas & Elec. Co. OYfns a large majority of the stocks of the Springfield (111.) Gas & Electric Co.. Spring- field (III.) Consolidated Ry. Co., Central Illi- nois Light Co., Rockford & Interurban Ry.. Janesvllle Traction Co., De Kalb-Sycamore & Interurban Traction Co. and the Southern Indiana Gas & Electric Go. (Evansville, Ind.) These companies are mostly mergers of a number of smaller companies. Capitalization, Outstanding. Common $6,000,000 Preferred (6% cum.) 6.260,000 Funded debt «10,503,000 •Includes $3,076,000 Springfield By. & Lt. Co. Coll. Tr. 6s, assumed. Management — Hodenpyl, Hardy & Co., New Tork, and B. W. Clark & Co.. Philadelphia. Secured by pledge of the entire common stock and $1,872,000 preferred stock of the Central Illinois Light Co.. and the entire com- mon stock and preferred stock of the Rock- ford & Interurban Ry.. and the entire common 1356 Listed on the Louisville Stock Exchange. Original Market — Offered in July. 1909. by Hodenpyl, Walbridge & Co. (now Hodenpyl, Hardy & Co., Inc), New York, at 96 and interest. Market. New York — Hodenpyl, Hardy & Co., J. S. Bache & Co., Berdell Bros., G. E. McAllister & Co., E. A. Baker & Son, Carruthers, Pell & Co. Philadelphia — Bauer, Starr & Co., Arthur J. Bender, Henry D. Boenning & Co., E. W. Clark & Co., Geo. N. Fleming, Huntoon & Co., McCown & Co., Samuel K. Phillips & Co. Louisville, Ky. — Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Price Range. Jan. 1, '12, to Jan. 1, '81 1920 High Low. Bid. 94% '12 48 '20 Ask. 9514. 49% Bid. Ask. 52 Apr. 56 Apr. 48 Dec. 49% Dec UNION RAILWAY GAS & ELECTRIC CO. 3-Year 6% Secured Notes. Dne Jan. 1, 1922. Dated Jan. 1. 1919. Interest payable Jan. and July 1, at company's office. New York. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized — See "Provisions of Issue." Outstanding $1,600,000 Provisions of Issue — ^Additional notes may be issued to the extent of 66 2-3% of the par value of additional bonds of the issues now pledged or bonds of any underlying company bearing not less than 5% interest, provided earning of the collateral company available for interest on bonds is one and one-half times the annual interest charges on funded debt. Provision is also made tor the substitution of collateral under similar restrictions. Denominations — Coupon. $500 and $1,000.' Beeisterable as to principal. Trustee — Bankers Trust Company. New Tork. Redeemable as a whole or in amounts of not less than $260,000 on three weeks' notice, prior to July 1. 1920. at 101 and Interest; thereafter at 100% and interest. Organization and Control — See Coll. Tr. 6s, due July 1, 1939. Secured — By pledge of — U. R. G. & B. Co. Coll. Tr. 63 $728,000 Springfield Ry. & Lt. Co. Coll. Tr. 6s 1.100.000 De Kalb-Syeamore & Intenirban Traction Co. 1st Ref. Ss 382,000 DeKalb - Sycamore & Interurban 63 40,000 Earnings — See Coll. Tr. Cs. Original Market — Offered to holders of 3- year 5% notes, due April 1. 1919. Market. New York — Hodenpyl, Hardy & Co., Ber- aell Bros., .lacob Zeller, Carruthers, Pell & Co. Price Range \ Jan. 1, '19, to Jan. 1, '21 1920 Bid. A.=k. Ask. High 8.S '19 97 V. '19 9714 Jan. Low 77 '20 77 Mar. UNION RAILWAY OF NEW YORK 1st Ss. Due Aug. 1, 1942. Dated Aug. 1, 1892. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized and Outstanding. ... $2,000,000 Denomination — Coupon, $1,000. Tnistec — Central Union Trust Co., N. Y. Organization and Control — Incorporated in 1892 in New York as a conoslidation of the N. 3rd Ave. & Fleetwood Park Ry.. the Mel- rose & West Morrisania Ry. and the Harlem Bridge, Morrisania & Fordham Ry. Controls the Bronx Traction Co. Controlled by the Third Ave. Ry. through ownership of entire ($2,000,000) capital stock. The railway com- pany was in receivers' hands from 1908 until 1912. During receivership, company defaulted on about $4,842,700 notes, but did not de- fault on this issue of bonds. Capitalization. Outstanding. Common $2,000,000 Funded debt 2,000,000 Secured by a first mortgage on 92 miles of track located largely in the Borough of the Bronx extending northward from 129th St. and 3rd Ave. Including the Bronx Traction Co.. "Westchester Electric R. R. and Southern Boulevard R. R.. operates 170 miles of track. Refunding — A sufScient amount of Third Ave. Ry. Co. 1st Ref. 4s of 1960 have been reserved to retire this issue. *Years ended June 30: Gross. Net. tCharges. 1920 $3,137,375 $475,842 $617,955 1919 2,768,048 398,957 683,691 1918 2,767,868 725,697 699,336 1917 2,513,512 564,672 663,112 1916 2,909,048 1,001,654 672,098 •Includes Bronx Traction Co. tinoludes interest, taxes and rentals. Market. New York — Finlay & Davenport, Fred H. Hatch & Co., Lynch & MoDermott, Tobey & Kirk, Berdell Bros., Wm. Carnegie Ewen. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 104 '13 107 '13 60 Jan. 70 Jan. Low. 50 '20 60 '20 50 Sept. 50 Oct. UNION STEEt CO. 1st & Coll. Tr. 5s. Due Dec. 1. 1952. Dated December 1. 1902. Interest payable June and Dec. 1, at New York Trust Co.. New Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorlzd $46,000,000 Outstanding- (Jan. 1, '21).... 19.825,000 Held in ,S. F ^^'US'nSS ■Unissued 693.000 Denomination— Coupon, $1,000. Register- able as to principal. Registered. $1,000, »6,- 000, $10.000,. $20,000, $50,000, $100,000. c. & R. interchangeable. Trustee — ^New York Trust Co., New York. Redeemable at 110 and Interest on any in- terest date upon four weeks' notice. Sinking Fund — Annually (since Oct. 1, 1903), 2% of all bonds outstanding to purchase bonds at not to exceed 110 and interest. The bonds so purchased are to be held alive in the sink- ing fund and the interest thereon is to be likewise used to acquire additional bonds. Guaranteed principal and interest by the United States Steel Corporation by endorse- ment. Organization and Control — Incorporated In 1902 as a consolidation of the Union Steel Co., the Sharon Steel Co. and the Sharon Sheet Steel Co. The United States Steel Corpora- tion owns the entire stock of the Union Steel Co. Capitalization. Outstanding. Common $20,000,000 Funded debt 19,825,000 Secured by a mortgage on the Donora and Sharon plants, also on about 7,250 acres o£ coal lands, also the Sharon and Penobscot mines (in fee) and the Donora and Sweejiey mines on the Mesaba Ranges, Minnesota, esti- mated to contain 40,000,000 tons of ore, and two large steel ore steamers. The company owns extensive plants located at Sharon and Donora, Pa. ; also 5 blast fur- naces, 28 open-hearth furnaces, together with a large number of tin plate, vrire and nail, sheet, rod and other mills and plants, and coal, coke and other properties mentioned above. Earnings — Included in U. S. Steel Corp. report.^. Original Market — $5,000,000 offered In 1903. by the Union Trust Co. and Mellon National Bank, Pittsburgh, Pa., and Charles D. Barney & Co., New York and Philadelphia, at 101 and interest. Market. New York — Coffin & Co., Hartshonie & Battelle, Fred H. Hatch & Co., J. H. Holmes & Co., Morton, Lachenbruch & Co., Redmond & Co., Tobey & Kirk, Watson, Armstrong & Co., Berdell Bros. Philadelphia — Biddle & Henry, McCown & Co., J. P. Magill & Co., Parsly Bros. & Clo., Samuel K. Phillips & Co. Pitsburgli — W. B. Ballard, Lyon, Singer & Co., Moore, Leonard & Lynch, Stout & Co., Iildward A. Owens & Co., The Union Trust Co. of Pittsburgh. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 107 '17 108 '17 103% Jan. 104 Jan. Low. 90 'OS 93 '08 95 June 96% Aug. UNION STOCK YARDS CO. OF OMAHA 1st 5s. Due May 1, 1931. Dated May 1, 1911. Interest payable May- and Nov. 1, at Continental & Commercial. Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized $5,000,000 Outstanding 700,000 Reserved for Ext 4,300,000 Denomination — Coupon, $1,000. Register-- able as to principal. Trustees — Continental & Commercial Trust & Savings Bank and Prank H. Jones, Chicago. Redeemable at 105 and interest on any interest date. Organization — Incorporated 1888 In Ne- braska. Capitalization. Outstanding. Common $7,496,300 Funded debt 700,000 Secnred by a first mortgage on the property of the company, consisting of 220 acres of land at South Omaha, Neb., together with buildings, sidings, etc. Years ended Dec. 31: Gi'Daa. *'Net. Dividends. 1920 $3,732,792 $654,489 $599,704 1919 4,108,295 806,823 899,704 1918 3,750,804 763,090 599,704 tl917 2,840,755 697,572 599,704 tl916 2,335,524 760,858 599,704 •After interest. tYear ende'd Nov. 30. Market. Ne*v York — Canutliers, Pejl & Co., Ed- win BanckB-' & Co. Clucng:» — Babcock, Rushton & Co. Omaha — Burns, Brinker & Co. Price Range. Jan. 1, '17 to Jiin. i, '12 1920 Bid. Ask. Bid. Ask. High 100 '17 103 '17 90 June 96 Feb. L-ow. 90 '20 96 '20 90 June 96 June rXION STREET RAII.WAY (New Bedford, Mass.) 1st 4V2S. Due Jan. 1, 1934. Dated Jan. 1, 1914. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $260,000 Denomination — Coupon, $1,000. Redeemable at 110 and interest, beginning 1919. Trustee — Old Colony Trust Co. Organization — Incorporated in Massachu- setts. 1887. Absorbed the Dartmouth & Wgst- port St. Ry, in 1910, Capitalization. ' Outstanding. Common $2,437,600 Funded debt 250,000 Secured by a first mortgage on 55.53 miles of electric railway in New Bedford, Mass. . and vicinity and between New Bedford and Fall River, Mass. Total miles operated, 63.69. Years ended Dec. 31: Int. Gross. Net. & Rent. 1920 $1,729,396 $429,384 $141,754 1919 1,439,769 317,008 150,444 1918 1,146,37-8 278,166 130,600 1917 1,154,231 288,172 117,550 •1916 1.024.434 313,836 99,371 ♦Tear ended June 30. UNION TANK CAR CO. Eqnip. Tr. 7s. Due August 1, 1930. Dated August 2, 1920. Interest payable Feb. 1 and August 1 at Equitable Trust Co., New York. Tax Status-^— 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded, Authoiized $12,600,000 Outstanding: (Mar. 1, '21) 12,262,000 Retired by S. F 238.000 Denomination — Coupon, $1,000 and $500. Trustee — Equitable Trust Co., New Tork. Redeemable at 102% and interest on any interest date on 30 days* notice. Sinking ■ Fund — This company covenants to pay the Trustee as a sinking fund the sum of not less than $1,260,000 per annum, payable In semi-annual Instalments of $625,000 on February and August 1, of each year, com- mencing with February 1, 1921. These moneys are to be used by the Trustee to pur- chase Notes of this issue at not over 100 and Interest. If within thirty days from the date of each payment, sufficient Notes are not available for purchase at not above 100 and Interest, the unexpended balance (1) may be applied in the discretion of the company to the purchase or redemption of the Notes at not exceeding 102% and Interest or (2) reverts to the company upon the subjection by the company to the Equipment Trust Agreement 13£ of additional new tank car equipment of substantially the same chargLCter an^ standard as that already pledged. Notes acquired for the sinking fund are to be cancelled. The company may at its election deliyer to the Trustee, at the date of any sinking fund pay- ment, Notes of this issu'^ at the then current market price (not exceeding 100 anU interest) in lieu of an equivalent amount of cash. Organization^ — Incorporated in New Jersey in 1891 as Union Tank Line Co, Present name adopted in June, 1919. The business of the company consists in the leasing of tank cars under conti-act to petroleum oil shippers. It repairs its own tank cars, maintaining twenty-one shops for this purpose. It has built a considerable number of its cars and is now arranging to enlarge its building facilities. On Jan. 1. 1920, the company owned 20,584 cars. The company only furnishes cars under con- tract and its rental charges are uniform to all lessees. The company is not a common carrier and its rental charges are not subject to State or Inter-State regulation. The com- pany's rental charges have been increased as occasion required to meet the higher cost of new equipment and operation; the last rental increase became effectve May 1» 1920. Capitalization. Outstanding. Common $12,000,000 Preferred (7% cum.) 12,000^000 Funded debt 12,262,000 Seciu'ed by an equipment trust agreement on 1,450 all steel tank cars of 8,000 gallons capacity, and 4,969 all steel tank cars of 10,000 g'allons capacity. Years ended Dec. 31: *Net. 1920 $4,679,544 1919 4,835,342 1918 2,665,042 1917 3,751,152 . *After depreciation and interest. T.isted on the New York Stock Exchange. Original Market — $12,500*000 oflered August. 1920, by Equitable Trust Co. and Blair & Co., Inc., New Tork. at 96% and interest. IMarket New York — Evans, StiUman & Co.. Free- man & Co., Hartshorne & Battelle, T. Hall Keyes & Co., Salomon Bros. & Hutzler, Mann, Pell & Peake, Bull & Eldredge. Boston — Curtis & Sanger. Pliiladelphla — McCown & Co., Morley Wo^od & Co., Parsly Bros. & Co. Salt Lake City — Palmer Bond & Mortgage Co. Chicago — Blair & Co., First Trust & Sav- ings Bank. Pittsbui'ffli — Moore, Leonard & Lynch, Stout & Co. San Dieffo — Blyth, Witter & Co. Louisville — Fidelity & Columbia Trust Co. Buffalo — N. A. MacDonald & Co. Price Raiis'e 1920 Bid. Ask- High 10OV2 Npv. 101% Nov. Low 96 Vi Aug. ^n Aug. UNION TERMINAX CO. (THE) (Dallas. Texas) 1st S. P. 5s. Dae April 1, 1942. Dated April 1, 1912. Interest payable April and Oct. 1, at Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 OntstandlDg 6,000,000 Denomination — Coupon. ¥1,000. Keglster- able as to principal. Trustee — Continental & Commercial Trust & Savings Co., Cblca«o. Bedeemable at 106 and interest on any In- terest date alter April 1, 1922. Gnaranteed by assignment to the Trustee ol asrreement whereby each of the eight com- panies using the terminal agrees to pay its proportionate share of the principal and inter- *?i' ^"^ °' *''® companies default, the ?J"^" ■will assume their proportionate part ol the defaulted payments. The companies party to the guarantee are the Gull, Colo. & Santa Fe (Atchison, Top. & S. F,); Houston & Tex. Cent. R. R. (Southern Pacific): Trinity & Brazos Valley By. (Colo. & So', and Chi.. K. I. & Pac): Texas & Pacific Ry,; Miss.. Kansas & Texas Ry. (of Texas); St. Louis, San Fran. & Tex. (Frisco System): C. B. I. & Gulf Ry. (Rook Island System): St. Louis Southwestern By. (of Texas). Organization and Control — ^Incorporated in Texas. The entire capital stock is owned by the companies mentioned above. Capitalization. Outstanding. Common $48,000 Funded debt 6,000,000 Secured by ,a first mortgage on property of the company which provides the sole passenger terminal lacilitiea in Dallas lor all the rail- roads entering the city. These railways have a total mileage of 54.000 miles. Original Market — $2,193,000 offered April, 3,914, by Wm. Salomon & Co., New York and Chicago, at 99% and interest. Market. ■ New York — B. A. Baker & Co., Pinlay & Davenport, Joseph Bird Ford, Sara'l Gold- schmidt, Fred H. Hatch & Co., Chas. W. Place. 'Worn & Stanley, Barle A. Miller & Co.,. Carruthers, Pell & Co. Philadelpliia — Henry D. Boenning & Co., William W. Fogarty. St. Louis — Q. H. Walker & Co. Pittsbiu"g:h — E. B. Hutchinson & Co. Price Range. Jan, 1, 'n, to Jan. 1, 'SI 1930 Bid. Ask. ■ ■ Bid. Ask. High 98¥i '17 102 '17 SO Jan. 85 Jan. Low. 71% '20 76 '20 71% Sept. 76 Sept. UNION TRACTION CO. OF INDIANA Ut Ext. Gen. 6s. Due July 1, 1922. Dated July 1, 1899. Extended July 1, 1919, with interest increased from B% , to 6%. Interest payable Jan. and July 1, at Trustee's oiflce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $4,623,000 Denomination — Coupon, $1,000. Register- able as to principal and fully registered. C. & R. interchangeable. Tmstee-T-Equitable Trust Co., New York. " Redeemable on any interest date at 101% and interest. Organization and Control — This company was originally incorporated in 1899 In Indiana and In 1903 absorbed the Indianapolis North- ern Traction (incorporated 1902). Merged with the Indiana Union Traction Co. in 1912 Into the present Union Traction Co. of Indiana. The latter company owns 316% miles and leases 136% miles; mileage largely Interur- ban. Capitalization. Outstanding. Common $6,000,000 1st Pref. (6% cum.) 1.000,000 2d Pref. (6% cum.) 3,000,000 Funded debt •15,379,000 •Includes leased properties. Seoured by a first mortgage on 120% miles of street (14 miles) and Interurban electric railway from Indianapolis via Anderson to Uuncle, from Anderson via Alexandria, through Marlon, from Alexandria through El- wood and from Anderson to Middletown; a second mortgage on 16 miles of street railway In Muncie, Ind., and 14% miles of street rail- way in Marion. The company has trackage rights into the central business district ol In- dianapolis. Carries both passengers and Ireight. Franchises run largely lor 50 years. Prior liiens — $328,000 Marion City By, Ist Ext. 6s ol 1924 and $36,000 Citizens St. By. (Muncie) 6s ol 1927. Years ended Dec, 31: Gross. 1920 $4,095,755 1919 3,781,554 1918 3,198,821 1917 3,066,467 1916 2,789,342 ■^Includes interest, rentals and sinking lunds. Listed on the Philadelphia and Indianapolis Stock Exchanges. Market. New York — Fred H. Hatch &■ Co.. Berdell' Bros., Chas. • B. Doyle & Co., Theo. L. Brousou & Co. PMladelplua — Arthur J. Bender. Henry D. Boenning & Co., Geo. N. .Fleming, McCown & Co., Samuel BlcCreery & Co. Pittsbui'grh — :Moore. I.,eonard & Lynch. Cincinnati — Dudley "V. Sutphin. Price Range, Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. 96% '12 98 '08 60 Jan. 70 Jan. 46% '20 50% '20 46% Oct. 60'%Oot. Net. •Charges. $947,630 $917,550 916,705 S98,669' 845,051 943,590 916,799 934,443 1,063,893 921,666 High Low. tJNION TRACTION CO. (Philadelphia) Eleo: trie & Peoples' Traction 4% Stock Tmst Certificates. Dae Oct. 1, 1946. Dated October 1, 1895. Interest payable April and Oct. 1. Tax Statns — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $29,735,940 Outstanding , 29.730.114 These certificates were Issued, by the Perina. Co.- for Insurances on Lives and Granting Annuities, Philadelphia, to acquire shares oi th© Electric Traction Co. and Peoples' Trac- tion Co. (bot^ of Philadelphia). The Uniqn. Traction Co. guarantees the issue. Denomination ■ — ' Regiatered, $1,000, £100, f200..,£30p and £600. -; Timstefr — Pennsylvania Co. of Insurances on iilves & Granting Annuities. Philadelphia, Redeemable on any Interest date on and after Oct. 1, 1945, at par and Interest. Guaranteed principal and Interest by the Union Traction Co. Organization and Control — The company was Incorporated in September, 1895, in Pennsyl- vania for the purpose of taking over the stocks of the Philadelphia Traction Co.. the Electric Traction Co. afnd the Peoples* Traio^ tion Co. ' Leased the property of the Philadel- phia Traction' Co. for 999 years from Oct, 1',' 1895, at an annual rental of 8% on the cap-' Ital st6ck, and assumed. that company's $145,- 000 collateral Trust 4% bonds. Leases the Electric Traction Co. and Peoples* Traction for 998 years and 3 months : from July 1, 1906. Is leased for 99.9 ■ yearjS from July, 1902, by the Philadelphia: Rapid Transit Co. at a rental of 6% per annum. Leases in ad- dition to or through the companies named above a number of companies among which are the Catherine & Bainbrldge St. Ry.; Citi- zens Passeng-er Ry.; Continental Fasaenger Ry. (99 years from 1880); Empire Passenger Ry.; Fairmount Park & Haddington Passenger Ry. (999 years); Frankfort & Southwark. Phila., Cy. Passenger Ry.; Germantown, Pas- senger Ry. ; Hestonvllle, Mantua & Fairmount Pass. Ry.; Lehigh Ave. Ry. (999 years); Peo- pies Passenger Ry. (998 years, 3 months), Price Bante. Phila. & Gray's Ferry Pass. Ry.; Phila., Jan. 1, '15, to Jan. 1, '21 -r,T i i, Cheltenham & Jenkintown Pass. Ry.; Phila. Bid. Aslt. „P. „n f City Pass. Ry.; 17th & 19th Sts. Pass. Ry. High 85% '17 90 ;19 Jf ^P/' 90 Apr. (99 years trom 1879), 13th & 16th Sts. Pass. Low. 7S 19 84 15 (i> uot Ry. ; Union Passenger Ry. : West Phila, Pass. Ry.; etc. All of the leases except where umoN TBACXION CO. (Santa Cmz) 1st Ss. enumerated are for 999 years. Due Feb. 1 li)35. Capitalization. Outstandine. Dated Feb.' 1.' 1905! Interest payable Feb. Common $10,600J)00 and Aue. 1, at Union Trust Co., San Fran- Funded debt 30,980,114 Cisco. , ,.,. I, J Seeored by deposit of the entire $8,760,000 J.f^TL ^l^lT^Je "^iZT.i' ^ir%^^%?.l stock of the Electric Traction Co. and the without surrender of any foreclosure rights, $6,000,000 stock of the Peoples' Traction Co. ^^ jjjg effect that that property is to be Interest is payable out of dividends of these managed as heretofore and coupons to te companies if earned. If not earned balance paid as earned. One coupon -was paid Sept. Is to be made up by the Union Traction Co. 30. 1919, and another Sept. 1, 1920. No liens, debts or charges can be placed Tax Status — Payment of Federal Income against the property which will impair the Tax not assumed by company. collateral securing this issue. Dividends on Anthorized $750,000 the deposited stock are guaranteed under the Outstanding 631,000 leases to the Union Traction Co. Retired by S. F 19,000 Earnings — Included in reports of Phila- Reserved for Ext ..100,000 delphia Rapid Transit Co. Denomination — Coupon and registered, $1,- liisted on the Philadelphia Stock Exchange. 000. Market Trustee — Union Trust Co., San Francisco, Cal. New York — Dunham & Co. Redeemable at 110 and Interest. Philadeiphia— Geo. N. Fleming, Huntoon Sinking Fund — %% of bonds outstanding & Co., Henry D. Boenning & Co. annually from 1910 to 1916; 1% from f915 Price Range. to 1920 and 2% thereafter. Jan. 1, '09, to Jan. 1, '31 1920 Protective Committee — At a bondholders Bid Ask Bid Ask. meeting Aug. 25, 1915, the following corn- High 94% '09 95 '09 63% Jan. 65 Jan. mittee was organized; Warren H. Porter, Low 51 '20 52 '20 51 Dec. 52 Dec. 'W. J. Dutton. Fred Beaver, all of San Fran- Cisco, W. P. Netherson, San Jose, and J. W. Forgens, Wilhams, Cal. tJNION TRACTION CO. (Philadelphia) 60- Organization and Control — Incorporated in Year S. F. Coll. Tr. 4s. Due July 1. California in Oct., 1904. 1962, Entire capital stock owned by the Coast Dated July 1, 1902. Interest payable Jan. Counties Gas & Blee. Co. and July 1, at Trustee's office, Philadelphia. Capitalization. Outstanding. Tax Status — 2% Federal Income Tax paid Common $760,000 by company without deduction. Tax exempt Funded debt 631,000 in Pennsylvania. Secured by a first mortgage on the porperty • „..„.,„■, .. rnn nnn of the company which operates 18 miles of ^"*^?3f„- li^nnno traction lines, including the street railway Outstanding 1,250,000 ^^^^^ ^^ ^^^^^ ^^^ j,^, _ ^^^ ^ „^^ ^^.^^ Denomination — Coupon, $1,000. Register- (jjat place to Capitoia, Cal. Franchise ex- able as to principal. tends to 1957. Population served about 17,- Trustee— The Land Title & Trust Co.. Phila- q^q_ Redeemable for sinking fund only at 106 and '*^'*" *°''^ °*Gross Net interest on any interest date on two weeks' 1920 $85 787 $8 602 notice. 1919 71 401 9 211 Sinking Fund — Annually, $70,000, of which MaT-kBt amount a sum sufficient to pay interest due JuarKei. Jan. 1 shall be paid on Dec. 31 and the bal- New York — McDonnell & Co. ance on June 6 following. The Trustee shall apply the sum not reauired for payment of ttt^tt/^twt nyn it fjn\^n-^T ^n^n^^-^r^ yr«*n„v f^ m^ July 1 interest to the purchase or redemption ^™^?iL^''*^"*'^^, P2^^^^ F™> F,.ggtee — Farmers' Loan & Trust Co.. New York. J3J Redeemable at 105 and interest on 30 days* notice. Sinking Fund— Semi-annually 1% of bonds outstanding and an amount equal to all divi- dends paid on the common stock of the com- pany in excess of 10% for the purchase of bonds. Control — Incorporated in 1909, to acquire the Union Utility Co. Acquired by and merged into the "West Virginia Traction & Elec. Co. in 1913. The West Virginia Utilities Co. in March, 1920, acquired the property covered by this mortgage, and subject to it, through foreclosure sale. Secured by a first mortgage on the property of the company, which owns and operates 8% miles of track in the city of Morgantown, "W. Va., and between Morgantown and Sabraton: also the electric light and power, the water and natural gas systems of Morgantown and vicinity. Franchises for gas and water ex- pire 1927, electricity and traction lines ex- pire 1953. Underlies— West Virginia Utilities Co. Ref. & Ext. 6s of 1935. Original Market — $1,000,000 offered in Oct.. 1909. at 97% and interest, by National City Bank and Wm. M. Imbrie & Co., New York; Elkins, Morris & Co., Philadelphia, and J. S. Wilson, Jr., & Co.. Baltimore. Market. New York — Dunham & Co. Fhiladelpliia — Bauer, Starr & Co., Henry D. Boenning & Co., Elkins, Morris & Co., Lloyd & Palmer, Barnes & Lofland. Price Range. Jan. 1, '17, to Jan. 1, »21 1930 Bid. Ask. Bid. Ask. High 99 '17 101 '17 86 Feb. 95 Sept. Low. 85 '20 90 '20 85 Sept. 90 Dec. I;nITED BRBWEBIXIS CO. (Chicago) Ist «b. Due Aug. 1. 1938. Dated Aug. 10, 1898. Interest payable Feb. and AuiE". 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paW by company without deduction. Issued $3,413,000 Outstanding 1,108,000 Retired by S. F 2,306,000 IDenomination — Coupon, $1,000. Trustees — Otto T. Bannard arid M. N. Buck- ner. Redeemable for sinking fund by lot at 105 and interest, ^ Sinking Fund — $36,000 per annum from 1908 to purchase bonds at 105 and interest. When- ever more than $50,000 accumulates In fund, and bonds are not offered at 105, then they may be drawn by lot. Organization — Incorporated 1898 In New Jersey as a consolidation of 13 brewery com- panies doing business in Chicago and Blue Island, III. Capitalization. Outstanding. Common $2,482,400 Preferred (6% cum.) l,277,J0O Funded debt 1.108,000 Secured by a first mortgage on the prop- erties of the consolidated companies, which do about one-sixth of the brewing' business of Chicago. Tears ended July 31: Gross. Net. Bond Int. 1919 $3,149,204 $196,810 $48,261 1918 3,243,827 98,043 " 66,480 1917 2,884,311 227,235 68,580 1916 2.516,045 195,291 70,680 listed on the Chicago Stock Exchange. Market. New York — Hornblower & "Weeks. UNITED DRUG COMPANY 20-Xear Conv. 8s. Due Jime 15, 1941. Dated June 15, 1921. Interest payable June and Deceniber 15 at Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by the company without- deduction. Autliorized $15,000,000 Outstanding 15,000,000^ Purpose of Issue — The compariy—ha'S^nbw^ outstanding- and maturing on June 15, $7,091,000 of Notes ■w;hich are convertible into bVs Tear 8% Notes maturing June 15, 1926. The proceeds of the present issue, together with available cash and the liqui- dation of the inventory, which has already taken place, will enable the company to provide for the payment of such of the Notes due June 15 as are not converted and for the payment of the present outstand- ing bank loans and other notes as they mature. Denominations — Coupon, $100, $500 and $1,000; registerable as to/ principal. Regis- tered $5,000 and multiple^ thereof. C. & R. interchangeable. , Trustee — Chase National Bank, New York. Redeemable as a whole only on any in- terest date upon 60 days' notice, at 115 and interest. Sinking" Fund — Annually a sum equal to 5% of the largest amount of bonds of this issue at any time Issued to be applied to the purchase in the open market' of bonds at or below 115 and interest. Any moneys not so used shall be invested by the Trus- tee, with the approval of the Directors of the company," in investments legal for sav- ings banks in Massachusetts and New York, until such time as the bonds can be pur- chased at or below 115 and interest. Convei'tible into Common stock of the company at $110 a share on any interest date at the holder's opiton, prior to June 15, 1931, unless they have been previously, called for payment in w^hich case the hold- ers shall have an opportunity to exercise their right of conversion for at " least 60 days prior to the date fixed for payment. If any stock dividend is declared during the life of the conversion privilege, the bondholders, on conversion, shall receive the same amount of stock '-v^hich t>iey would have received if they had converted before the payment of the stock dividend. In case of merger, consolidation or sale of the en- tire assets of the company to any other company, the bondholders upon conversion, shall be entitled to receive the same amount in cash and or securities which they would have received if they had exercised their right of conversion so as to-be stodkholders of the company at the time of -merger, con- solidation or sale.' _.-- Organization-^Incorpo rated in Massachu- setts in 1916 as a consolidation of the old United Drug Company (organized in 1902), and the Riker-Hegeman, Company. The company now has approximately S.OOO stock- holders agents (The Rexall 'Stores) in the United States, and it owns, through a sub- sidiary, 227 Liggett's Drug Stores. The company's plants are located In Boston, "Worcester; St. Louis, New Haven,- Albany and New York. Product include medicinal preparations, pharmaceuticals, hospital supplies, rubber goods, toilet prep- arations, perfumes, stationery, soda fountain supplies and confectionery. Capitalization Outstanding Common $29,928,900 First Preferred 16,321,900 Second Preferred 308,300 Funded debt *23,113,900 •Includes subsidiaries. Security — A direct obligation of the cbm- pany but not securedf by a mortgage. The indenture provides as/ follows: ise No new mortgage shall be placed upon any of the property or on any of the assets of the United Drug Company or its sub- sidiaries unless the present issue of bonds is equally secured thereby. , The company agrees that the ratio of quick assets to, quick lialyii-ties as described in this Indenture (and including the present issue of bonds and the 5% -Year Notes) of the company and its subsidiaries shall be maintained at at least 125%. In case such ratio is not maintained, no dividends shall be paid on the com.mon stock of the com- pany until it is restored. Years ended Dec. 31: Gross. Net. Interest. 1920 $68,428,179 $5,900,302 $701, 68B 1919 58,338,834 6,056,139 272,562 Original Market — $15,000,000, offered June, 1921, by F. S. Moseley, & Co., Bankers Trust Company and Kidder, Peabody & Co., at 100 and interest. UNITED ELECTRIC COMPANY OF NEW JERSEY 1st 4s. Due June 1, 1949. Dated June 1. 1899. Interest payable June and Dec. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Tax exempt in the State of New Jersey. Authorized $20,000,000 Outstanding 18,617,600 Deposited under F. S. C. of N. J. Gen. Mtge 683,000 Reserved for Frioi: liiens 699,500 Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — ^New Jersey Title Guarantee ft Trust Co., Jersey City, N. J. Guaranteed as to interest by the Public Ser- vice Corporation of N, J., which company also under the terms of the lease agrees to pay off the principal of the bonds at maturity or to extend same under a similar agreement. Organization and Control — ^The company was incorporated 1899 in New Jersey as a consolidation of some 20 electric lighting and power companies in Newark, the Oranges, Jersey City, Bayoune, Hoboken, Elizabeth and Montclair. The company was leased in 1907 for 999 years to the Public Service Corporation of New Jersey, wh^cli company in July, 1910, assigned the lease to a subsidiary known as the Public Service Electric Co. The United Electric Co. of New Jersey is controlled by the Public Service Corporation of New Jersey through owner- ship of $19,604,500 of. its $20i000,000 stock, which stock is deposited as collateral for the Public Service Corporation of N. J.'s Perpetual Interest Bearing Certificates.' Capitalization. Outstanding. Common $20,000,000 ^^ Funded debt 19,300.600 Secured by a mortgage on the properties of the company. The company agrees not to create any additional mortgage on the property during the life of these bonds. Franchise mostly perpetual. Prior liens — $308,000 Consumers Lt. Ht. & P. 5s of 1938 and $367,000 North Hudson Lt. & P. 1st 6s of 1938. The above mort- gages are closed- ami are to be retired at maturity under the provisions of this mort- gage. . Eamings^-In eluded in reports of Public Service Corp. of New Jersey. - , Oi'isrinal Market-r-pfCered Jan.', 1910, at a price to yield about 5%%, by Clark, Dodge & Co., New York; $1,000,000 offered April, 191,2, at 84 and interest by Plympton, Gard- iner & Co., New Yofk. Market. New York — Sam'l Gpldschmidt, Martin, Berwin & Co., A. B. Murray & Co., W. E R. Smith & Co., Fred H. Hatch & Co., Carruth- ers. Pell & Co., Bauer. Starr & Co., Berdall Bros. Philadelphia — McCown & Co. Jersej' City — Cutwater & Wells. Proviacnce — Hornblower & Weeks. Price Rangre. Jan. 1, '08, to Jan. 1, '21 1930 „. , Bid. Ask. Bid. Ask. High 8414 '16 8G '17 68 Feb. 70 Feb. Low. 57 '08 58 '08 58 Aug. eiM. Deo. UNITED EI,ECTRIC LIGHT & POWER CO. (Baltimoi'e) 1st Cons. 4%s. Due May 1, Dated May 8, 1899. Interest payable May and Nov. 1, at Alex. Brown & Sons, Balti- more. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstandingr H. 428, 000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Maryland Trust Co., Baltimore, Md. Control — The company was organized in 1899 as a consolidation of the Edison Elec- tric Illuminating Co. of Baltimore and the Brush Electric Co. of Baltimore. In 1906 ■was merged into the Consolidated Gas,' Elec- tric Ijight & Power Co., together -with the Wenstrom Electric Co. In 1906 tlie Con- solidated Gas, Electric Light & Power Co. was consolidated with tlie Consolidated Gas Co. of Baltimore City as the Consolidated Gas, Electric Light & Power Co. of Balti- naore. I Secured by a direct first mortgage on the entire property, franchise, etc., formerly owned by the United Elec. Lt. & Power Co.; also on the $400,000 stock of the Northern Electric Co. Underlies — Consolidated Gas, Elec. Lt. & Power Co. Gen. 414s of 1936, and 1st & Ref. Mtge. Bonds are reserved under the 1st & Ref. Mortgage to 'retire this issue. Earnings — See Consolidated Gas , Electric Light & Power Co. of Baltimore 1st & Ref. Mtge. Listed on the Baltimore Stock Exchang:e. Origrlnal Market — $3,232,000 offered in 1899, by Alex. Brown & Sons, Baltimore, at par and interest, and in 1904 by N. W. Harris & Co., New York, at 95 and interest. Market. New York — Hambleton & Co., Earle A. Miller & Co., Berdell Bros., Hanson & Han- son, Carruthers, Pell & Co. Baltimore — Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co., Smith, Lockhart & Co., Howard R. Taylor & Co. Providence — Hornblower & Weeks. Price Bangre. Jan. 1, '09, t« Jan. 1, '21 Bid. Ask. High 94% '12 96 '09 Low. 78 '20 79 '20 1930 Bid. Ask. 9 Jan. 96 Jan. 78 June 79 Aug. 1888. The company does the entire electric iighting and industrial power business in the city of Springfield and the town of Lons- meadow, Mass., and practically all in West Springfield, Mass., serving a population of about 150,000. The company owns all of the $360,000 common stock of the Indian Orchard Co., which owns 6,000 electrical h. p. water power development. The equipment of the company Includes 62,233 Installed horsepower, about 228 miles of duct conduits and about 867 miles of overhead lines. Capitalization. Outstanding. Common •$3,200,000 Funded debt 2,600,000 •Premium on capital stock $1,927,600. Security — ^A ■ direct obligation of the com- pany, but not secured by a mortgage. Com- pany's property is free from mortgage and by the terms of the indenture under which these notes are issued, no mortgage may„ be placed thereon without retiring or eaually securing these notes. Years ended Jund 30: Gross. Net. Interest. 1919 $1,681,625 $676,926 $124,382 1918 1,386,955 406,413 •62,982 1917 1,242,531 608,073 25,286 1916 1,008,518 1.061,091 17,149 •Includes taxes and sinking fund. Original Market — $1,000,000 offered July. 1920, by Bstabrook & Co., Boston, New York. etc., at 96.63 and interest. Market New York — Hartshorne & Battelle. Boston — i^stabrool^ & Co. UNITED ELECTRIC LIGHT CO. (Spring- field, Mass.) 10- Year 7% Notes. Doe Aug. 1, 19.30. Dated Aug. 1, 1920. Interest payable Feb. 1 and Aug. 1, at First National Bank, Bos- ton. Tax Status — Payment of Federal Income Tax not assumed by the company, ' Authorized $1,000,000 Outstanding 1,000,000. : Purpose oi Issue — To provide fun.ds for re- tirement of $1,000,000 6% Notes, due Dee. 1, 1920. Denomination — Coupon, $1,000. Register- able as to principal. , „ ™ i^ Trustee — Springfield Sate Deposit & Trust Co., Springfield, Mass. Redeemable on 60 days' notice 'at 102% and interest on or before Aug. ,1, ,1925, and thereafter at a premium of % of 1% for each year or fraction of year of the unex- pired term to maturity. ^ , . ■ ,, Orsanlzation — Incorporated in Mass. in 13^3 UNITED BLBCTBIC SECURITIES CO. Coll. Tr. 5s. Due Serially Feb. 1, 193S to Xne. 1, 1944, incl. Interest payable Feb. and Aug. 1, at Ameri- can Trust Co., Boston. Tax Status — ^Payment of Federal Income Tax not assumed by company. Denomination — Coupon, $1,000. Trustee — American Trust Co., Boston. Redeemable at 103 and interest on any In- terest date. Organization — The U. E. S. Co. was incor- porated in Maine, 1890, to purchase mortgage after expert Examination or otherwise deal in mortgage bonds of electric light, railway and power companies and to issue against them its own collateral trust bonds. Capitalization. Outstanding. Common $500,000 Preferred (7% cum.) 1,000,000 Funded debt 5,400,000 Security — Each series is secured by underly- ing bonds with an ,aggregate par value of not less than 125% of the aggregate par amount of the iCQiIateral trust bonds issued in that series. In accordance with the trust deed no substitution of collateral, or exchange of . se- curities may be made unless a foreclosure or reorganization takes place when the - securities of the reorganized company may be < accepted in lieu of those previously held. The company is privileged to sell various deposited securi- ties but ,must use the proceeds from the same to pay pff a proportionate - amount pf its own collateral trust bonds, . The series, of bonds outstanding* as of Jan. 1, 1921, and the amount of collateral securing the- same ,was as follows: Dated. Series 2-2 Aug. 1, 1906 23 Feb. 1, 1906 24. ....;.. Aug. 1, 1906 25 ...Feb. 1. 1907 - " , ,26. .......Aug. 1, 1907 " 27 Feb. 1, ,1908 , . .-.Feb. ill ,i9J)9 !,.j.,Feb. ,i,;.5,909' 28 ... . 29... Manuring,, Aug. 1, 1935 Feb. 1, 1936 Aug. 1, 1936 Feb. 1, 1937 Aug. 1, 193:?, 1, 1938 1, 1939 %. 1939 Feb. -Feb. 30 Aug. 1, 1909 Aug. 1, 1939 31 Feb. 1, 1910 Feb. 1, 1940 32 Aug. 1, 1910 Aug. 1, 1940 33 Feb. 1. 1911 Feb. 1, 1941 34 Aug. 1, 1911 Aug. 1. 1941 36 Feb. 1, 1912 Feb. 1, 1942 " 36 Feb. 1. 1912 Fet. 1, 1942 37 Feb. 1, 1912 Feb. 1, 1942 38 Aug. 1. 1913 Aug. 1, 1943 39 Aug. 1, 1914 Aug. 1, 1944 Collateral Original Outstanding Pledged Issue (par value) Series 22 $500,000 $209,000 $3S4,000 23 600,000 385,000 610,000 " 24 600,000 301,000 425,000 " 25 500,000 121,000 228,000 " 26 500,000 187,000 291,000 " 27 500,000 161,000 268,000 28 600,000 163,000 240,000 29 600,000 229,000 377,000 30 600,000 189,000 290,000 31 500,000 206,000 318,000 " 32 500,000 449,000 682,000 " 33 500,000 339,000 464,000 " 34 600,000 353,000 466,000 " 35 500,000 326,000 451,000 36 500,000 374,000 501,000 " 37 600,000 468,000 625,000 38 600,000 480,000 625,000 39 600,000 480,000 626,000 Tears ended Dec. 31: •Net. Int.&Bxp. 1920 $630,134 $367,395 1919 619,336 395,482 1918 610,933 373,039 1917 580,174 354,860 1916 552,062 353,891 •Not including profit from sale of collateral. 1/isted on the Boston Stock Exchange. Market. New York — Fred H. Hatch & Co., Edwin Bancker & Co. Boston — Coffin & Burr, B. A. Watson & Co. Bank and W. G. Senders, Chicago, at 100 and interest. Market. New York — Morvon l^acllenbruch & Co., John Nicher^on, Jr., Newburger, Henderson & T.oeh. Chicagro — Ft. Dearborn Trust & Savings Bank, Breed, Elliott & Harrison. UNITED FUEL & SUPPLY CO. (Detroit) 1st 6s. Dae $50,000 each Feb. 1 from 1920 to 1936, Inclnsive, and $650,000, 1937. Dated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Michigan. Anthorlzed $1,600,000 Outstandin!;: (Mar. 1, '21) 1,400,000 Matured and Paid 100,000 Denomination — Coupons $100, $600 and $1,000. Registerable as to principal. Trustee — Security Trust Co., Detroit. Redeemable at 101 and interest on any in- terest date. Organization — Incorporated in Michigan in 1898 as the C. H. Little & Co. 76% of the company's business is building material and the balance fuel. Employees number 1.400. Operates 80 automobile trucks and 200 teams. Capitalization. Outstanding. Common $1,122,000 Preferred (7%) 1,149,200 Funded debt 1.400,000 Secured by a first mortgage on all fixed as- sets now owned or hereafter acquired. The properties covered Include IS large supply yards in Detroit; 7 sand and gravel pits within 40 miles of Detroit (a 60-year supply for normal needs): long time leases on sand and gravel beds in Lake Erie, Lake St. Clair, Lake Huron and the St. Clair River, the material from which is loaded Into the com- pany's fleet of 16 steamboats by modern eQuipment; also several dock properties on tbe Detroit River (owned). Original Market — $1,500,000 offered June, 1917, by Fort Dearborn Trust & Savings 136 UNITED FUEL GAS CO. ZO-Year 1st S. F. 6s, Series "A." .Due Jan. 1, 1936. Dated Jan. 1, 1916. Interest payable Jan.' and July 1, at New York or Pittsburgh. Tax Status — Payment of Federal Income Tax not assumed by company. Pennsylvania State Tax ^refunded. Authorized $16,000,000 »,._tstaiirENT COMPANY 2-Year 8% Notes. Due Feb. 1, 1923. Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug, 1 at Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the Company without deduction. Tax exempt in Pennsylvania. Authorized .'.$7,500,000 yntstanaing 7,500,000 i'urpose ot Issne — To provide for the pay- ment of a like amount of Notes due Feb. 1, Denomination — Coupon, $1,000. Trustee — Bankers Trust Co., New Tork.- Keaeemable on 30 days' notice, either as nni?" °'®' °'' '" amounts not less than $260,- 000 on Aug. 1, 1921, and Feb. 1, 1922, at 102 and interest, and on Aug. 1, 1922, at 101 and interest. Organization — Incorporated in Pennsyl- vania m 1888. In 1889 purchased all assets and property o£ United Gas Improvement Co., incorporated in 1882. The present com- pany controls through stock ownership a number of public utility companies. They include the eltctric light and power business in the prosperous manufacturing aistriots between Chicago, Illinois, and Gary, Indiana, and in the Naugatuck and Housa- tonic Valleys of New Jersey; the gas busi- ness in Philadelphia, Harrisburg, Reading, Allentown, Bethlehem, Pa., Savannah, Ga., Des Moines, Iowa, and various other cities of the South and West, and both the gas and electric business of Syracuse, N. T. Charleston, S. C, the Main Line District of Philadelphia, Sioux City, Iowa, Atlanta, Ga, and the various smaller cities in Georgia served by the Georgia Railway & Power Company. Capitalization Outstanding Common $61,029,800 Preferred (7% cum.) 6,103,000 Funded debt ....: 7,500,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the indenture the company covenants that it will not pledge or dispose of any of its capital assets except to retire Notes of this issue, or to acquire other capital assets. Years ended Dec. 31: ..^„„ Net. *Deductions 1920 $4,623,202 $2,219,325 1919 6,697,687 1,912,347 1918 7,867,037 2,770,'528 1917 8,163,444 2,247,940 •Expenses, taxes, i nterest and sinking fund. Original Marlcet — $7,500,000, offered Jan., 1921, by Drexel & Co., and Harris, Forbes & Co. at 99.45 and interest. Market New York — Hartshorns & Battelle, Bauer & Starr, Chas. D. Barney & Co., Montgomery & Co., Moore, Leonard & Lynch, Alfred F. Ingold & Co. Philadelphia — Biddle & Henry, Brown Bros. & Co., Elkins, Morris & Co., Graham, Parsons & Co., Samuel McCreery & Co., Reed A. Morgan & Co., Parsly Bros. & Co., Henry D. Boenning ^. Mortgage dated April 20, 1871. Date. Due. Rate %. Outstanding. 1883 Feb. 1, 1923 4 $1,824,000 1889 Sep. 1, 1929 4 6,020,000 1894 Mar. 1, 1944 4 6,646,000 1901 Mar. 1, 1951 3% 6,669,000 1908 Sep. 1, 1948 4 841,000 Interest payable at Penna. R. R. Co., Broad St. Station, Philadelphia, or 85 Cedar St.. New York. 1923 maturity, Feb. and Aug. 1. 1929 maturity. Mar. and Sept. 1. 1944 and 1951 maturities. Mar. and Sept. 1. 1948 maturity, Mar. and Sept. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New Jersey. Authorized and Ontstanding. . .$20,000,000 Denomination — Coupon, $1,000 (except 1923 maturity). Registerable as to principal and fully registerable except 1929 maturity wWch is fully registerable only. Registered, $1,000 — all maturities. Tmstee — Fidelity Trust Co., Philadelphia. Guaranteed as to principal and interest by the Pennsylvania R. R. Co. under terms of lease. Organization and Control — ^Incorporated in New Jersey in 1872 as a consolidation of the Delaware & Raritan Canal Co., the Camden' & Amboy R. R. & Transportation Co. and the New Jersey R. R. and Transportation Co. In 1871 the property was leased for 999 years to the Pennsylvania R. R. which as- sumed all obligations and guaranteed 10%' on stock. Capitalization. Outstanding. Common $20,849,600 Funded debt 20,000,000 Secured by a first mortgage on 160.59 miles of road (all in N. J.) viz: New Jersey-Penna State Line at Trenton to Jersey City, N. J 56.72 Camden to South Amboy, N. J 61.22 Monmouth Jet. to Kingston, N. J 4.31 Monmouth Jet. to Jamesburg Jet., N. J 6.46 Princeton Jet. to Princeton, N. J 3.06 Trentno to Bordentown, N. J 6.08 Millstone Jot. to East Millstone, N. J. . 6.B9 Other branches and connections 17.16 Further secured on terminal property In Jersey City; and on the canal extending from New Brunswick to Bordentown, N. J., with feeder, 66 miles. Legal for savings banks in Cal., Conn., Me., Mass.. Mich., Minn., N. H., N. J., N. T., R. I., "Vt. and Wis.; and also Baltimore Trust Funds. Listed 1944 maturity on the New York and Philadelphia Stock Exchanges. 1923 maturity on the Philadelphia Steely Exchange. Market. New York — Simon Borg & Co., Percy H. Bradshaw, Sam'l Goldschmidt, Hartshorne & Battelle, R. W. Pressprich & Co., Prince & ■W'hltely, Redmond & Co., Raymond M. Smith, Struthers & Hiscoe, W. E. R. Smith & Co., Taylor, Smith & Hard, 'Vilas & Hick- ey, Joseph 'Wallier & Sons, Bigelow & Co. Philadelphia — Barnes & Lofland, Arthur J. Bender, Biddle & Henry, Henry D. Boon-' ning & Co., Brown Bros. & Co., 'William W. Fogarty. Graham, Parsons & Co., McOown & Co., Moriey, 'Wood & Co., Parsly Bros. & Co., Samuel K. Phillips & Co., Isaac Starr Jr., & Co. , r , . Price Range, Jan. 1, '08, to Jan. 1, '21 iggo Bid. Ask. Bia. Ask. 4g 3^923 ^ol^^oo,/ .'J5 I'^'^'OS '94% Jan. 97 Jan. Low. 89^4 '20 90% '20 89^4 Oct. 90^ Oct. „. .. 4a 1929. ?il ?l^>'2? ^°^'09 92 Jan. 94 Jan. Low. S3 '20 90 '20 83 July 90 Dec. ^oS" ll^,'„^° 73 Jan. 78 Jan. Low. 65 '20 73 '20 65 May 73 Deo. 4s — 1944 — N. T. S. B. TT- 1. i„„,, Bid. Ask. ^'^"^ ^SS^^J'^'y 22, -09 81% Jan. 96 Mar. Low, 76 '20 82% -20 76 AuB. 82% June TJNITED PUBLIC UTILITIES CO. (DelB,- ware) 1st Lien Coll. Tr. 6s. Dne Jan. Dated Jan. 1, 1913. Interest payable Jan. S!^ "''' ^' ^* Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding 444 qoo 5***''*^ 294,'000 Reserved for Ext 4,262.000 Denomination — Coupon, $600 and $1,000. Regristerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on 90 days' notice. Organization — The U. P. U. Co. was Incor- porated in Delaware, and Is a holding com- pany. Controls through stock ownership the following companies: Defiance Gas & Electric Co., Maumee Valley Electric Co. and the Swanton Light & Power Co. Capitalization. Outstanding. Common $1,600,000 Preferred 260,000 Funded debt •1,360,000 •Includes subsidiary's bonds. Secured by pledge of all of the capital stock of the Maumee Valley Elec. Co., owning a hydro-electric power station supplying the To- ledo Eys. & lit. Co. under contract: all of the capital stock of the Defiance Gas & Elec. Co. owning plant supplying gas and electricity In the town of Defiance, and electricity In Maumee and Perrysburg, O., including the hydro-electric property. formerly Auglaize Power Co., lately purchased and merged into Defiance Gas & Electric Co., and all of the capital stock of The Swanton Light & Power Co. of Swanton, O. Franchises perpetual. Prior Liens — $906,600 Defiance Gas & Elec- tric Co. 1st 63 of 1942. Original Market — $667,000 offered in Feb., 1913, at par and interest by Crawford, Pat- ton & Cannon, New York and Philadelphia, and H. L. Crawford & Co., New York. Market. New York — Carruthers, Pell & Co., Ber- dell Bros., Clark, Chllds & Co. Price Range. Jan. 1, '16. to Jan. 1, '21 1920 . Bid. A.sk. Bid. Ask. High 88 '18 98% '16 85 Jan. 90 Jan. Low. 70 '20 80 '20 70 June 80 June UNITED PUBLISHERS CORPORATION CoU. Tr. 6s. Dne May 1, 1941. Dated May 1, 1911. Interest payable May and Nov. 1. at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,260,000 Ontstandingr (Jan. 1, '21) 1,066,000 Retired by S. F 1,185,000 Denomination — Coupon, $1,000. Keglster- able as to principal. Tmstee— Guaranty Trust Co., New York. Sinldng Fund provides for retirement of $76,000 annually, beginning May 1, 1912. Organization — Incorporated in Delaware In 1511 and controls companies mentioned be- low: Iron Age Publishing Co,, Inc,, are publishers of iron and steel papers, Including "Iron Age" and "Hardware Age." Textile Publishing Company are publishers * of "Dry Goods Economist," "Dry Goods Reporter," "Drygoodsman," "Pacific Coast Merchant," "Atlantic Coast Merchant." Class Journal Company are publishers of "Motor Age," Automotive Industries," "Commercial Vehicle," "Motor World," "The Tire Rate Book" and "El Automovll Americano." Motor Boat Publishing Co., publishers of "Motor Boat." Transfer and Storage Publishing Corpora- tion, publishers of "Distribution and "Ware- housing." Boot & Shoe Recorder Publishing Company, publishers of "Boot and Shoe Recorder," "The Export Recorder" and "Boot and Shoe Recorder — Spanish Edition." Commercial Journal Co., publishers of "Lumber." Federal Printing Company — Printers. Capitalization. Outstanding. Common $4,172,000 Preferred (6% cum.)... 610,000 Pref. "A" (7% cum.).. 1,600,000 Pref. "B" (6% cum.) 1,12BJ)00 Funded debt 1,065,000 Secured by deposit of two-thirds of the stock of each of the following companies: Iron Age Publishing Co., Inc., Textile Publishing Co. and Class Journal Co. Tears ended April 30: Gi^oas. 1920 110,667,622 1919' 6,812,248 1918 5,507,650 1917 4,687,603 1916 3,467,867 Net. Interest. 5827,235 $68,400 . 926,468 88,350 926,401 108,000 792,872 112,500 631,630 117,000 Market. New York — Chas. E. Doyle & Co. Price Range 1920 — Ask 98. 1371 UNITED BAILKOADS OF YUCATAN (Mex- ico) 1st 6s. Dne April 1, 1960. Dated April, 1910. Ihterest payable Apr. and Oct. 1, at J. Henry Schroder & Co., Lon- don, Eng., or at holder's option at Ladenburg, Thalmann & Co.,, New York, at the rate of exchange of $4.86 per £, in Mexico at $9.72 per £, in Germany at M20.40 per £, and in Holland at Fl. 12.06 per £. Deferred Interest — Since April 1, 1915, in- terest payments have been deferred. April 1, 1920, coupons together with interest thereon were paid, Nov. 1, 1920. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized £826,000 Outstanding 738,800 Retired by S. F 86,200 Denomination — Coupon, £60, £100, £200 and £600. Trustees — Baron Bruno Schroder, Morltz Rosenthal and Samuel Chapman. Redeemable at 101 and interest on April 1, 1920, or on any interest date thereafter on 3 months' notice. Sinking Fnnd — Beginning Oct. 1, 1913, Is cumulative and calculated to be sufficient to retire all bonds by maturity. Money is to bo applied to the purchase or redemption of bonds at not exceeding par and interest. Organization — Incorporated under the laws of Yucatan in 1902 as a consolidation of three railway and two pier companies. Capitalization, Outstanding. Common •$23,000,000 Funded debt £738.800 •Mexican currency. Secured with permission of the Mexican Government by a first mortgrase upon prac- tically the entire property including 503 miles of railway in the States of Yucatan and Campeche. Property mortgaged comprises six concessions granted by the Federal Govern- ment, one of which is perpetual and the others expire in and after 1970. On the ter- mination of these concessions the railroads comprised therein revert to the Government free from mortgage. Original Market — £825,000 offered in June, 1910, at 96, by J. Henry Schroder, London, Eng. ; Schroder, Gebruder & Co., Hamburg; and Lippman, Rosenthal & Co., Amsterdam. UNITED RAILWAYS & ELECTRIC CO. OF BALTIMORE Comnlatire Income 4s. Dne at Option of the Company after Mar. 1. 1949. Dated Mar. 1, 1899. Interest payable June and Dec. 1, at Alexander Brown & Sons, Bal- timore, Md., if earned. In June, 1911, 2% was paid on these income bonds, and has been paid each six months since. Fonding of Unptdd Coupons — In 1906 un- paid coupons from June, 1904, to June, 1906, were paid in "Income Funding 5% Bonds," and all subsequent coupons to and including Dec. 1, 1910, were paid in a like manner. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $14,000,000 Outstanding 14,000,000 Denominatfon — Coupon, $1,000. Register- able as to principal. Trustee — Maryland Trust Co., Baltimore. Organization — See 1st Cons. 4s. Secured by mortgage upon the entire prop- erty of the company. See 1st Cons. 4s. Prior Liens — $26,450,000 1st Cons. 4s of 1949, and also prior liens thereto. Earnings — See 1st Cons. 4s. Listed on the Baltimore Stock Exchange. Market. New York — Hambleton & Co.. Edmund & Charles Piandolph, Berdell Bros., Hanson & Hanson. Philadelphia — Brown Bros. & Co. Baltimore — Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co., J. S. Wilson, Jr., & Co. Price Range. Jan, 1, '16, to Jan. 1, '31 1920 Bid. Ask. ^id. Ask. Hig-h 69% '16 70 "16 47% Oct. 52 Jaii. Low. 42 "20 43 '20 42 Mar. 43 Mar. UNITED RAILWAYS & ELECTRIC CO. OF BALTIMORE 5-Year Conv. 6% Notes. Due Ans. 15, 1922. Datod Au&. 15, 1917. Interest payable Aus. 15 and Feb. 15 at Alex. Brown & Sons, Balti- more. Tax StataB — Payment of Federal Income Tax not assumed by company. Anthorlzed $5,760,000 Ontstandine — 6s $3,000,000 6s 1,628,000 $4,528,000 roncelled 1.222,000 Denominations — Coupon. $100, $600 and $1,- 000. Kofrlsterable as to principal. Trustee — Safe Deposit & Trust Co., Balti- more. Redeemable at 100 and interest on 30 days' notice. 1 Convertible into common stock of the com- pany (par $50) at $30 per share durlns the first two years, $32 during the third year, $34 during the fourth year and $36 during the fifth year until Feb. 15, 1922, on five days' notice. Privilege expires five days prior to redemption date if notes are called. Convertible — ^The Maryland Public Service ■ Commission on Oct. 4, 1917, modified the company's plans for the conversion of these notes into the common stock in order to pro- tect itself against being put in the position of having placed a value on the common stock while the investigation into affairs of the company are pending. Under the Commission's order the notes may be converted into the common stock at $30 per share within one year after Aug. 16, 1919, and at $33 per share thereafter. Organization — See 1st Cons. 4s. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. Earnings — See 1st Cons. 4s. Listed on Baltimore Stock Exchange. Original Market — $3,000,000 offered Aug., 1917, by Alex. Brown & Sons and Hambleton & Co., Baltimore, at 97% and interest. Market. New York — Hambleton & Co. Philadelphia — Brown Bros. & Co., Paul & Co. Baltimore — J. S. W^ilson, Jr., & Co., B. Warren Corkran & Co., Baker, "Watts & Co. Price Range. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. AsK. High 95% '18 97% 'IS 90 Jan. 95 Jan. Low. 85% '19 85% '19 86 Mar. 89 Mar. UNITED RAILWAYS & ELECTRIC CO. OF BALTIMORE Income Funding 5s. Dne June 1, 1936. Dated 1906. Interest payable June and Dec, 1, at Alexander Brown & Sons, Baltimore, Md. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,920,000 Outstanding: (Jan. 1, '21) 3,898,900 Held by Trustee 21,100 Denomination — Coupon, $100, $600 and $1,- 000. Trustee — Maryland Trust Co., Baltimore. Redeemable on any ' interest date at par and interest. Organization and Earnings — See 1st Cons. 4s. Listed on the Baltimore Stock Exchange. Original Market — Issued to holders of In- come 4s, to fund unpaid interest coupons. Market. New York — E. & C. Randolph. Philadelphia — Brown Bros. & Co. Baltimore — Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co., J. S. "R^ilson, Jr., & Co., B. Warren Corkran & Co. Price Range. Jan. 1, '18, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 89% '12 90% '12 62 Jan. 63 Jan. Low. 56 '20 58 '20 56 Mar. 68 Mar. UNITED R.AILWAYS & ELECTRIC CO. OF BALTIMORE 1st Cons. 4s. Dne Mar. 1, 1949. Dated March 6, 1899. Interest payable Mar. and Sept. 1, at Alex. Brown & Sons. Bal- timore. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorlzed $38,000,000 Outstandlns (Jan. 1, '21).... 26,450,000 Pledsrecl to Soenre 71/2% Notes 3,000,000 Reserved for Prior Liens 8,660,000 372 Denomination— Coupon, $1,000. Register- able as to principal. Trustee — Continental Trust Co., Baltimore, Ma. Organization — Incorporated in Maryland in 1899 as a consolidation of a number of rail- vsray companies controlling the entire pasaen- Ber railways of Baltimore City and Balti- more County, and extend Into Anne Arundel County and Howard County. Capitalization. Outstanding. Common $20,461,200 Funded debt 61,598,680 Secured by first mortgage on 182 miles of street railway track in the City of Baltimore and on car and machine shops and by general mortgage on remainder ol: property of com- pany, inoiuding 222. miles of track. Prior Liens — $8,560,000 prior liens as fol- lows: City & Suburban By. Co. 1st 63 of „ 1922 $3,000,000 Baltimore Traction Co. 1st 5s of 1929 1,500.000 Central Ry. Co. Cons. 5s of 1932 700.000 Central Ry. Co. Extension & Impt. 6s of 1932 600,000 Lake Roland Elevated Ry. Co. 1st 5s 1942 1.000.000 Baltimore Traction Co. N. B. Die. 5b 1942 1,750.000 Bonds of this issue have been reserved to retire all of the above Issues. Underlies Income 4s due 1949, Income Fund- ing 6s due 1936 and Notes. Years ended Dec. 31; Gross. Net. Int.& Rent. 1920 $17,313,698 $4,264,077 $3,220,478 1919 14,794,234 3,493,140 3,246,716 1918 11,929,701 3,416,003 3,083,361 1917 10,660,837 3,781,777 2,906,191 1916 9,914,051 3,947,558 2,839,435 liCgal for Baltimore Trust Funds. Listed on the Baltimore and Philadelphia Stock Exchanges. Original Market — $18,000,000 offered in Mar., 1899, at 102% and interest by Alex. Brown & Sons, and Mercantile Trust & De- posit Co., Baltimore, and Brown Bros. & Co., New York, Philadelphia, etc. Market. New York — Hambleton & Co., Edmund & Charles Randolph, Berdell Bros., Hanson & Hanson, Josephthal & Co. FhiladelpMa — Brown Bros. & Co. Baltimore — Jenkins, Whedbee & Poe. Mackubin, Goodrich & Co., Smith, & Co., J. S. Wilson, Jr., & Co. Cincinnati — Dudley V. Sutphin. Price Kange. Jan. 1, '08, to Jan. 1, '31 Bid. Ask. High 97 '08 98% '08 Low. 60 '20 61 '20 Lockhart 1920 Bid. Ask. 66% Jan. 67 Jan. 60 June 61 Jan. TJNITED RAILWAYS & ELECTRIC COM- PANY OF BALTIMORE 10-Year 71/2% Secured Notes. Due Jan. 15, 1931. Dated Jan. 15, 1921. Interest payable Jan. 15 and July 15 at Alex. Brown & Sons, Baltimore. Tax Status — 2% Federal Income Tax paid by tlie company without deduction. Authorized $1,500,000 Outstandingr 1,500,000 Purpose of Issue — ^Tb retire $1,222,000 notes maturing Feb. 1, 1921, and for other cor- porate purposes. « „„ Denominations — Coupon, $1,000 and $600; registerable as to principal. Trustee — Continental Trust Co., Baltimore. Redeemable at any time on 60 days' notice at ■ 105 on or before Jan. 15, 1926; at 104 to Jan 16, 1927; at 103 thereafter to Jan. 16 1928; at 102 thereafter to Jan. 15, 1929 at 101 thereafter to Jan. 15, 1930; at 100 thereafter to maturity, plus interest in each Instance. Ors:anization — See 1st Cons. 4s. Secured by pledge of $3,000,000 1st Cons. 4s of 1949. Eaming-s — See 1st Cons. 4s. Orlgrinal Market — $1,500,000, offered Jan., 1921, by Alex. Brown & Sons, Baltimore, at 98% and interest. UNITED RAILWAYS & ELECTRIC CO. OF BALTIMORE Car Trust 8s, Series of 1930. Due $41,000 July 1, 1931, and $46,000 each Jan. 1 and July 1, tram Jan. 1, 1933, to July 1, 1930, Incl. Dated July 1. 1920. Interest payable Jan. 1 and July 1, at Maryland Trust Co., Balti- more. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $876,000 Outstanding 876,000 Denomination — Coupon, $1,000; registerable as to principal. Trustee — Maryland Trust Co., Batlimore. Redeemable as a whole on 30 days' notice at 100 and interest plus a premium of %% for each year or fraction thereof to date of maturity. Organization — See 1st Cons. 4s. Secured by an equipment trust agreement on 33 new safety cars and 100 new trail cars to be buUt by J. G. Brill Co., at a total cost of $1,094,983 upon which the company has agreed to make an initial payment of $219,- 983. Eai-nings — See 1st Cons. 4s. Original Market — $876,000 offered in July, 1920, by Alex. Brown & Sons, Baltimore, at 100 and Interest. Market Philadelphia — Brown Bros, & Co. Baltimore — William E. Holloway, Smith, Lockhart & Co., J. S. Wilson, Jr., & Co., Poe & Davies. . 1373 UNITED RAILWAYS (UNITED POWER & TRANSPORTATION CO.) Gold Xr. 4% Certificates. Due July 1, 1949, at option of holders, or on any January or July 1, thereafter, at option of United Power & Transportation Co. Dated May 1, 1899. Interest payable Jan. and July 1, at Real Estate, Title Insurance & Trust Co., Philadelphia. Tax Status — Under a Government ruling the Income from these Certificates is not subject to normal Federal Income Tax. Authorized $8,000,000 Outstanding 6,372,889 Purchased and Cancelled 2,616,450 Denomination — Coupon, $1,000, $500 and $100. Trustee — New York Trust Co., New York. Guaranteed as to principal by the United Power & Transportation Co. Organization and Control — The United Power & Transportation Co. was incorporated in New Jersey in 1899 and is a holding com- pany owning practically the entire stocks of the company below, which in turn control a number of railway and traction companies. Controlled through stock ownership by Inter- State Rys. Co. Capitalization. Outstanding. Common $3,693,750 Funded debt 6,303,639 Security — The Certificates are issued by the Trustee under an agreement with the United Power & Transportation Co., and are secured by deposit of the following stocks: 19,953 shares of the Trenton St. Ry. Co., 39,993 shares of the Wilmington & Chester Traction Co., 5,089 shares of the "Wilmington City locomotive ■ tenders, 35 ha.ggo.ge and mail Blec. Co., and 49,911 shares of the Wilkes- barre & "Wyoming "Valley Traction Co, Years ended Dec. 31 (U. P. & T. Co.): 1920. 1919. 1918. 1917. 1916. Gross. Net. Interest. $509,528 $482,845 $252,140 564,019 534,676 252,140 523,963 462,871 219,529 742,242 696,411 329,613 821,564- 785,971 356,676 liisted on the Philadelphia Stock Sxchangre. Market. New York — Lynch & McDermott. Philadelphia — Chas. Fearon & Co. Baltimore — B. Warren Corkran & Co. Price Ranee. Jan. 1, '09, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 79% '09 80 '09 48 Jan. 50 Jan. Low. 29 '20 31*20 29 Oct. 31 Oct. UNITED RAILWAYS OF HAVANA 23 4,500,000 St. Louis & Suburban Ry. Gen. 5s, 1921 2,000,000 $10,600,000 Underlies — Outstanding. United Rys. Gen. 1st 4s, 1934 $30,300,000 St. Louis Transit Imp. 5s, 1924.. 9,790,000 $40,090,000 Earnings — See Gen. 1st 4s. Original Market — $4,200,000 offered Nov., 1920, by Guaranty Company of New York, Mississippi Valley Trust Co., Francis Bro. & Co., Wm. R. Compton Co., First National Bank and Mercantile Trust Co., all of St. Louis, and Mercantile Trust & Deposit Co., Baltimore, at 97.48 and interest. Market New Yorlt — John Nickerson Jr. Alfred F. Ingold & Co., J. S. Bache & Co., Morton Lachenbruch & Co. St. Louis — Mississippi Valley Trust Co. 137 B UNITED RAILWAYS INVESTMENT CO. Ist Lien Coll. Tr. S. F. Ss. Dne May 1. 1926. Dated May 1, 1906. Interest payable May and Nov. 1, at Guarantee Trust & Safe De- posit Co.. Philadelphia, or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized $20,260,000 Outstanding (Jan. 1, '21) 14,942,000 Held in S. F 3,208,000 Reserved to Acauire Additional Stock of the Flilladelphla Co. 2,100.000 Denomination — Coupon, $1,000. Reslsterabl* as to principal. Trustee — New York Trust Co.. New York. Redeemiible at 105 and interest on any In- terest date on 60 days' notice. SinkincT Fnnd — ^Annually 1% of bonds out- standing', beginning May, 1912. for the pur- chase or redemption of bonds at not more than 106 and interest. Bonds so purchased to be kept alive in sinking fund and interest added. Organization — Incorporated In New Jersey In 1902 to acquire, hold or deal in stocks and bonds of other corporations. Owns or con- trols all the Preferred and Common Stock of the California Ry. & Power Co. and all the stock of The Railroads & Power Devel- opment Co., $24,200,000 of the $42,943,000 Common Stock of the Philadelphia Company, and other miscellaneous securities. Through the ownership of these stocks the company controls the street railways in San Pran- cisco and Pittsburgh and the gas and elec- tric plants in the latter city. Capitalization. Outstanding. Common $20,400^000 Preferred (5% cum.) 16,000,000 Funded debt 16,732,000 Secured by pledge of $24,200,000 capital stock of the Philadelphia Company. Prior liiens — The following issues of the Phialdelphia Co.; $14,167,000 Cons. & Coll. Tr. 5s of 1951, $2,727,000 1st & Coll. Tr. 5s of 1949, $9,580,000 Conv. Deb. 5s of 1922, and $20,000,000 let Ref. & Coll. Tr. 5s, all of which are pledged to secure $10,000,000 6% Notes due Feb. 1, 1922. Years ended Jane 30: Total Exp. Income. & Tax. Int.. etc. 1920 $1,730,718 $92,577 $1,638,141 1919 1,666,192 73,137 1,593,055 1918 1,703,508 90,270 1,613,235 1917 1,891,583 84,441 1,807,142 1916 1,766,226 73,743 1,115,321 Ijisted on the New York and Philadelphia Stock Fxchanges. Market. New York — Sann'l Goldschmidt, "Watson, Armstrong & Co.,-Vanderhoef & Robinson. Philadelphia — Arthur J. Bender, Brown Bros. & Co., McCown & Co., Montgomery & Co., Morley, Wood & Co., Samuel K. Phillips & Co. Price Range — N. Y. S. E. Jan. 1, '13, to Jan. 1, '21 1920 High 86% Apr. 19, '12 75% Jan. 10 Low. 58 Feb. 19, '18 63% Aug. 25 Years ended Dec. SI (M. & C. Bws. Co.): Gross. Net. •Charffes. 1918 $894,327 5842.039 $615,028 1917 939,696 912,688 666,003 1916 1,104.225 1.096,951 730.341 1915 788.701 795.172 579.134 1914 1,132.064 1.111.440 668,186 Later savings not available. •Includes interest, depreciation, etc. Market New York — Gilbert J. Postley & Co.. Hartshorns & Battelle. tJNITEB STATES BREWING CO. (Chicago) Ref. 5s. Dae Sept. 1, 193S. Dated Sept. 1, 1908, Interest payable March and Sept. 1, at Illinois Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Ontstandlng 1,923.000 Acquired and Held in Treasury.. 867,000 Retired by S. F 210,00*0 Denomination — Coupon, $1,000. Reglsterable as to principal. Trustees^ — ^Illinois Trust & Savings Bank and Frederick T. Haskell, Chicago. Redeemable on any Interest date at 105 and interest upon 60 days* notice. Sinking Fnnd — $30,000 per annum to pur- chase bonds at not exceeding 105 and Interest. If bonds cannot be obtained In the market, they may be redeemed. Gontrolled through stock ownership by Mil- waukee & Chicago Breweries, Ltd. Secured by a first mortgage on breweries In Chicago and Milwaukee. 1376 UNITED STATES BUIIJ>ING MATERIAI. COMPANY 1st 8s. Due $100,000 each Sept. 1 and March 1 from Sept. 1, 1921 to March 1, 1931, incL Dated March 1, 1921. Interest payable Mach 1 and Sept. 1 at First National Bank. Chicago. Tax Status — 2 9© Federal Income Tax paid by the company without deduction. Authorized $4,000,000 Outstanding 2,000,000 Reserved lor Ext 2,000,000 Issuance Restrictions — Additional bondd may be issued for the acquisition of addi- tional fixed assets at a rate not to exceed 50% of the amtual cost thereof, or at a rate not to exceed 50% of the value thereof upon the approval of Peabody, Houghteling & Co. Purpose of Issue — To complete payment of certain of the properties covered by this mortgage and to provide additional working capital. Denominations — Coupon, $100, $500 and $1,000; reglsterable as to principal. Trustee — First Trust & Savings Bank, Chicago. Redeemable in reverse of numerical order on any interest date at 105 and interest. Guaranty — The Consumers Company and Producers Material Company, both of Chi- cago, have jointly and severally contracted to purchase from the company for a period of 10 years from March 1, 1921, its entire production of sand, gravel and crushed stone, being a minimum of 1,750,000 cubic yards a year. The terms of this contract provide for a profit to the company over and above the cost of production, in which cost of production is included interest and principal of these bonds .taxes, mainten- ance and sufficient depreciation to write ofC the entire cost of the manufacturing and distributing plants during the term of the contract. The contract further provides that irre- spective of production or deliveries, or Einy other circumstances whatsoever, nbt less than one-twelfth of the annual requirements for principal, interest and taxes shall be paid monthly by the Consumers Company and Producers Material Company to the ' First Trust & Savings Bank as Trustee for the protection of these bonds. Organization — Incorporated in Illinois in 1920, for the purpose of acquiring lime- stone quarries and crushing plants in and around Chicago. Capitalization Outstanding Common $2,000,000 Funded debt 2,000,000 Secured by a first mortgage on all prop- erties now owned or hereafter acquired, in- cluding 753 acres of land, 4 fully equipped limestone quarries, large deposits of sand, gravel and limestone, fee and leasehold real estate in the City of Chicago, dis- tributing yards and floating equipment. ,• The properties covered include limestone quarry and crushing plant at McCook, 111.; Argo, 111. ; Lemont 111. ; Grand Ave. & Camp- bell Ave., Chicago, 111., and Racine, Wis.; sand and gravel plant at South Beloit, Wis.; 5 storage and distributing yards in Chicago. Futhers secured by pledge with the Trus- tee of the contract described under "Guar- anty." ,„i>"Sinal Market — $2,000,000; offered Mar., 1921, by Peabody, Houghtellng & Co., Chi- cago, at 100 and interest. CKIXED STATES COI-n STORAOI! CO. Ist Keal Estate 8s. Due each Jan. 1, as fol- lows: $92,000, 1931; $97,000, 1922: $103,- 000, 1923; $110,000, 1924; $116,000, 1925; $123,000, 1926; $131,000, 1927; $138,000, 1928: $146,000, 1929; $1S6,000, IBSO; $165,000, 1931; $174,000, 1932: $185,000, 1933, and $64,000, 1934. Dated Jan. 1, 1920. Interest payable Jan. and' July 1, at First Trust & Savings Bank, Chioaso. or Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,800,000 Outstanding (Jan. 16, '21) 1,708,000 Balance Retired. Denomination — Coupon, $1,000 (except $66,- 000 bonds of 1930 maturity) and $500: regia- terable as to principal but not interchange- able. Trustee— First Trust & Savings Bank. Chi- cago. Redeemable at the option of the company as u whole or' in part (in which event the series or part thereof last maturing shall be first redeemed) on any interest date upon 60 days' notice at 103 and accrued interest. Organization — Incorporated in Illinois Dec. 1919, to take over the property, assets and business of a large cold storage and freezer plant located at 39th Street and Hoyne Ave- -nue in the Central Manufacturing District of Chicago. Capitalization Outstanding Common $126,000 Preferred (7%) 1,000,000 Funded debt 1,708,000 ■ Secured by a first mortgage on the entire real - estate and plant of the company. The company's plant was erected by the Trustees of the Central Manufacturing District for the United States Government during the war for the purpose of handling the great volume of meat and other food products for the United States Army. Total cost of this plant to the Government, with the land, was $3,258,165. There has since been added by the Trustees of the district additional refrigeration, special equipment, etc., at an estimated cost of $160,- 000, making the total cost of the project ap- proximately $3,408,000. This plant has a fioor are of 586,000 square feet with a total avail- able storage urea of 415,200 square feet or 4,605,000 cubic feet: refrigeration, direct ex- pansion, ammonia system, with three high pressure and two low pressure ammonia com- pressors with a total refrigerating capacity of 1,005 tons per twenty-four hours: the building contains approximately 860,000 lineal feet of 2-lnch pipe, and has an ice-making plant with a capacity of 150 tons per day, with accom- panying ice storage capacity of 5,000 tons: railroad facilities provide 60 cars at each set- ting, with car-iceing equipment, large capacity elevators and all necessary facilities for handl- ing a large volume of business expeditiously: building is sprinkled and heated from the cen- tral power plant of the Central Manufacturing District, which plant also furnishes the elec- tric current for light and power. It is esti- mated that the plant has a total capacity of 63,000,000 pounds of refrigerated products. 11 months ended Dec. 31: Gross. Net. Int., etc. 1920 $770,584 $330,420 $121,661 Original Market — $1,800,000 offered by the First Trust & Savings Bank, Chicago, and the Guaranty Trust Company, New Tork, at 100 and Interest. mnXED STATES EMTBI^FE CO. l8t fis. Due $50,000 each Dec. 1, to 1924; $100,000 each Dec. 1, 1925 to 1929, and $150,000 each Dec. 1, 1930 to 1934, inch Dated December 1, 1908. Interest payable June and December 1, at Trustee's office. Tax Statns^-Payment of Federal Income Tax not assumed by company. Authorized $2,500,000 Outstanding (Jan. 1, '21) 1,450,000 Matured and Paid 650,000 Reserved for Bxt 500,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston, Redeemable at 104 and interest any time after Dec. 1, 1919, upon six weeks' notice. Organization — Incorporated in 1898 in Maine and has purchased Logan, Swift & Brigbam Envelope Co., the Whitcomb Envelope Co. and the W. H. Hill Envelope Co. of Worcester, Mass. : the Morgan Envelope Co., P. P. Kellogg & Co., and the Springfield Envelope Co., of Springfield, Mass. ; the Holyoke Envelope Co. of Holyoke, Mass.; the Plimpton Manufactur- ing Co. of Hartfordi Conn.: the White, Corbin & Co., of Rockville, Conn., and the National Envelope Co. of Milwaukee (now of Wauke- gan. 111.). In 1913 opened new plant at San Francisco as the Pacific Coast Envelope Co. ' Division. In 1916 purchased the Independent Envelope Co. of Indianapolis, now known as the Central States Envelope Division. Capitalization. Outstanding. Common $760,000 Preferred (7% cum.) 4,000,000 Funded debt 2,600,000 Secured by first mortgage on all lands, buildings and machinery of company. Plants have a capacity of over 20,000,000 envelopes - a day. Underlies — $1,000,000 7% Notes due to 1926, inol. Tears ended Dec. 31: Net. 1920 $2,275,698 1919 1,630,189 1918 1,713,619 1917 1,042,518 1916 1,861,329 Original Market — Offered in 1908 by H. W. Poor & Co., New Tork and Boston, on about a 5 % % basis. Market. Kcw Tork — Fred H. Hatch & Co., Carru- thers, Pell & Co. Boston — Geo. A. Fernald & Go. Worcester, Mass. — Merchants Securities Corp., Morse, Bliss & Smith. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '10 104% '12 91% Jan. 96%aJn. Low. 90 '20 93 '20 90 Deo. 93 May Dep'n. Interest. $386,287 $116,646 463,934 • 77,291 196.727 79,792 20,779 82,292 705,842 84,791 7% from 1377 UNITED STATES ENVELOPE CO . Notes. Due $200,000 each June 1, 1921 to 1925» incl. Dated June 1, 1920. Interest payable June 1 and Dec. 1, at Old Colony Trust Company. Boston, Tax Status — Payment of Federal Incoin& Tax not assumed by company. Authorized $1,000,000 Ontstandine 1,000,000 Denomination — Coupon, $1,000. Orsranization — See Ist 6a. Security — A direct oblfiratlon of the com- pany but not secured by a mortgage. Under the provisions of the trust Indenture the com- pany covenants as follows: No additional mortgag'e shall be placed upon the company's property or assets during the life of this Issue unleas the notes are eaually seoured thereby. The company will maintain at lall times Its net auick assets at an amount not less than twice the amount of these notes authorized and outstandlne. In case of any breach of these covenants it is stipulated that the entire outstanding bal- ance of these notes shall immediately be- come due and payable. Earnings — See 1st Ba, Orielnal Market — $l,000,Ot)0 offered May, 1920, by Old Colony Trust Co., Boston, on a 1Vi% basis. Market Boston — Lee, HIgginson & Co., Old Colony Trust Go. Hartford — RicHter & Co. Worcester, Mass — Merchants Securities Corp., Morse, Bliss & Smith. Dae UNITED STATES GLASS CO. let 6s. Sept. 1, was. Dated Sept. 1, 1903. Interest payable March and Sept. 1, at Colonial Trust Co., Pittsburgh. Pa. Tss Statns — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized $600,000 OutstandinsT (June 30, '21) 390,000 Cancelled 110,000 Denomination— Coupon, $100 and $1,000. Trustee — Colonial Trust Co., Pittsburgh, Pa. Redeemable — $60,000 per annum at par, after Sept. 1, 1914. Organization — Incorporated in Pennsylvania in 1891. Capitalization. Outstandlne. Common $3,200,000 Funded debt 390,000 Secured by a first mortgage on eight glass factories In and around Pittsburgh, Pa., one in Tiffin, Ohio, and one In Gas City, Indiana. Tears ended June 30: Gross. Net. Interest. 1920 . .. $6,051,836 $817,593 $35,377 1919 ... 3,881,421 143,605' 34,582 1918 ... 3,947,674 257,125 25,909 1917 ... 3,715,905 350,709 32,919 Origrinal Market — Issued to preferred stock- holders In exchange for stock $110 In bonds for each $100 share of stock, on which divi- dends of 66% had accumulated. Market. New York — Tobey & Kirk, Moore, Leonard & Lynch. Philadelphia — Wm. P. Lempley & Co. Pittsburgrh — Moore, Leonard & Lynch. Price "Ranee. Jan. 1, '16, to Jan. 1, '31 Bid. Ask. Hi^h 95V2 '16 971/3 '16 Low. 88 '19 89 '17 1920 Bid. 90 Jan. 90 Mar. U. S. MGHT & HEAT CORP. 1st 6s. Due June 1, 1935. Dated June 1, 1915. Interest payable June 1 and December 1. Tax Status — 2% Federal Income Tax fiald by company without deduction. Authorized $1,000,000 Outstanding: (Apr. 19, '21) 936,800 Ketired by S. F 63,200 Denominatiou — Coupon, $100, $500 and $1,000. Registerable as to principal only. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date at 106 and Interest. Sinking Fond — ^Annually, beginning June 1, 1920, 6% of outstanding bonds for the pur- chase or redemption of these bonds at not over 106 and Interest, Bonds acquired are to be cancelled. OrgaDization — Incorporated in New York in 1915, as a reorganization of the United State* Light & Heating Co. of Maine. Capitalization. Outstanding. Common $3,778,250 *Preferred (7% non-cum.) 2,995,150 Funded debt 936,800 *As of Feb. 26, 1921, $1,500,000 preferred "A" 10% stock had been authorizeo but not issued. Secured by a first mortgage on the plant of the company located at Niagara Falls. At this plant the company manufactures device* for electrically lighting railway cars, generat- ing current from motors on the axle. Com- pany also manufactures automobile starting- and lighting systems and la a large manu- facturer of storage batteries of all kinds. Years ended June 30: Int., etc. $139,535 146,594 78,277 37,009. Gross, Net. 1919 $5,092,843 $231,420 *1918 7,030,039 497,092 tl917 3,017,874 91,131 tl916 1,751,365 def.211,397 *18 months ei^ded Dec. 31. t Years ended June 30. Original Market — Offered to depoBitlng stock- holders of the predecessor company at 87 ^ and interest, with a 100% bonus of common stock in June, 1915. Market. New York — Hartshorne & Battelle, Eau- scher & Mackay, Pynchon & Co., H. C^ Spiller & Co.,-B. A. Baker & Son. Philadelphia — Wm. P. Lempley & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask Bid. Ask. * High 75 '16 90 '16 73 Oct. 75 Jan. Low. 63 '20 70 '20 62 Dec. 70 Oct. 137S UNITED STATES PUBLIC SERVICE CO, Pirst Lien 6b. Dne Peb. 1, 1927. Dated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1, at Wm. P. Bonbright & Co., Inc., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — Issuable for 80 % of cost or value (whichever is less) of additions, etc., when net earnings for 12 consecutive months in preceding 14 months are at least twice interest charges on bonds outstanding and to be issued. Outstanding .'$2, 750. 000 Denominations — Coupon, $100„ 5600 and $1,000, each interchangeable and r eglsterable as to principal. Registered, $1,000. C. ($1,000) and R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 106, and interest on any In- terest date on six weeks* notice. Maintenance and Improvement Fund — ^An- nually, 1918 to 1922, inclusive, the difference between 10% Cand^ after 1922. 12%) of "the gross operating revenue for the preceding year and the amount expended during such year for maintenance and improvements. Such por- tions of this fund as are not required for maintenance may be .expended for improve- ments. Such expenditures shall not be made the basis for issuing additional bonds. Organization — Incorporated in Delaware in 1913. Owns all of the outstanding securities in- cluding bonds and stocks of the following companies. Missouri Public Utilities Company^ (Missouri), Texas Utilities Company (Texas), Monmouth Public Service Company (Illinois), Mitchell Power Company (South Dakota), Ober- lin Gas & Electric Company (Ohio), Ravenna Gas & Electric Company (Ohio), Danville Light, Power & Traction Company (Kentucky), Paris Gas & Electric Company (Kentucky). In addition, all the outstandingr bonds on plant and property at Milleraburg, Ohio, to be transferred to the Buckeye Utilities Co., a new company, all the securities of which are to be pledged. These companies supply electricity, eas, wa- ter or miscellaneous service in 44 cities and towns whose combined population is esti- mated at 160,000. Capitalization. ' Outstanding. Common $4,056,000 1st Pref 1,194,000 2nd Pref 1,025,000 Funded debt 2,760,000 Secured by deposit with the Trustee of all outstanding bonds and stocks of the subsidiary companies. The securities so pledged amount to $2,871,000 principal amount of bonds and $3,333,700 par value of preferred and com- mon stocks. All further bonds and stocks of subsidiary companies must be pledged under this Inden- ture except that bonds of an after-acquired subsidiary which are not redeemable, or upon which the redemption premium exceeds 5%, may remain outstanding and unpledged to an amount not exceeding 25% of the value of the physical property and eaulpment of such sub- sidiary, but the principal amount of all such bonds so left outstanding may never exceed 10% of the principal amount of First Lien Gold B6nds of the United States Public Ser- vice Company at the time outstanding. Fran- chises with minor exceptions extend beyond the life of these bonds. Tears ended Dec. 31 (subsidiaries): Gross. Net. 1920 $1,622,632 $254,090 1919 1,233,413 299,491 1918 1,072,468 251,386 1917 1,014,350 348,176 1916 917,482 394,224 Original Market — Offered March, 1917, by Wm. P. Bonbright & Co., Inc., at 98% and interest. Marlcet. New Yorlc — Fred H. Hatch & Co., Bon- bright & Co., Gilbert J. Postley, Carruthers, Pell & Co., Rauscher & Mackay. Fhiladelphia — McCown & Co., Frederick Pierce & Co., Henry D. Boenning & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask Bid. Ask. High 97yz '17 99 '17 80 Jan. 89 Jan. Low. 70 '20 76 '20 70 Mar. 75 Mar. UNITED STATES RADIATOR CORP. 1st 69. Dne annually Jan. 1, to 1987, Incl. Dated July 1, 1910. Interest payable J^n. and July 1, at Trustee's office or Chase Na- tional Bank, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding- (Feb. 1, '21) 525,000 Balance Retired. Balance due as follows— $70,000, 1920; $76 000, 1922; $80,000, 1923; $85,000, 1924; isoioOO, 1926; $95,000, 1926; $100,000, 1927. Denomination — Coupon $600 and $1,000. Eegisterable as to principal. Trustee — Citizens' Savings & Trust Co., Cleveland, Ohio. Redeemable at 103 and interest any Interest Organization — Incorporated in New Tork In 1910 as a consolidation of the United States Eadlator Co., Dunkirk, N. T.; U. S. Hea.ter Co, Detroit, Mich.; U. S. Kadiator & Boiler Co!, Corry and West Newton, Pa.; Herrendeen Mfg. Co., Geneva, N. T.; The Boiler & Radia- tor Department of the J. L. Mott Iron Works Co.. New Tork, and the Central Radiator & Foundry Co., Paola, K?Ln. Capitalization. Outstanding. Common $4,000,000- Preferred (7% cum.) 2,800,000 Funded debt 525,000 Secured by first mortgage upon six radiator- plants located at Dunkirk and Geneva, N. T., Corry, Pa., West Newton, Pa., Edwardsville, 111., and Detroit, Mich. Indenture provides- that company must maintain net quick assets- equal to amount of bonds outstanding. Tears ended Jan. 31 Net. Dep'n. Intereati. 1921 $1,220,216 $203,616 $89,540. 1920 1,056,361 233,498 44;7'7S 1919 1,013,400 231,988 115,331 1918 1,139,505 230,376 139,918 1917 663,057 153,488 140,698- Original Market — First offered July, 1910, at, par and interest by the First National Bank,. Detroit. Market. Detroit — First & Old Detroit National' Bank, First National Co. New York — Hanson & Hanson. 1379 UNITED STATES REALTY & IMPROVE?- MENT CO. aOtYear Conv. Deb. 5s. Due July 1, 1924. Dated July 1, 1904. Interest payable Jan. and July 1, at Company's office. 111 Broad- way, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $13,606,000' Outstanding 11,930,000 Retired and Cancelled 1,364,000 Denomination — Coupon, $1,000. Registerable- as to principal. Trustee — New Tork Trust Co., New Tork. Redeemable at 106 and interest, any interest date, on three weeks' notice. Convertible privilege has expired. Organization — Incorporated in New Jersey" In 1904 as successor to the U. S. Realty &- Construction Co. Company owns a controlling: interest in the Plaza Operating Co. and Geo* A. Fuller Co. Capitalization. Outstanding.- Common_ $16,162,800- Funded debt ll,930,000i Security — A direct obligation of the com^ pany but not secured by a mortgage. The company covenants that it will not execute any- General Mortgage upon the assets of the com- pany, without first securing the payment of principal and interest of these bonds, by a mortgage or Deed of Trust of such assets. Last report showed the following schedule of real estate owned in New Tork City. Productive — Trinity Building. Ill Broadway; United States Realty Building, 115 Broadwayi Whitehall Building, Battery Place; Fuller Building, Fifth Ave.. 22d and 23d Sts. ; Mer- cantile Building, 23d St. and Fourth Ave.s O'Neill Building, Sixth Ave., 20th and 2l8t Streets; House, 112-118-122-124-126 W. 21st Street. TJalue of above nroperties, $32,- 996,297; mortgages thereon, $13,467,600. XJnprodnctive — 46 East 22d Street; 41 Bast 22d Street; Crane Estate lots; miscellaneous parcels. Value of above properties, $442,673. In March, 1918, the Carolina Shipbuilding Corp. was organized to establish a shipyard at Wilmington, N. C. The $100,000 capital stock of this latter company la owned by the- George A. Fuller Co. Controlled by U. 3. Realty & Improvement Co. Years ended April 30: Net. $3,076,157 1,493,592 2,076,595 1,371.921 1,0S9,892 Bond Interest. $B88,354 596,500 596,500 596,500 596,500 Gross. 1921 $4,356,115 1920 2,655,749 1919 ■. 3,083,963 1918 2,417,173 1917 2,432,343 Xisted on the New York Stock Exchange. Market. New York — Arthur E. Frank & Co., Phe- lps & Neescr, L. M. Prince & Co., Pynchon & Co., Gude, "Winmill & Co. Price Range — N, Y. S. E. Jan. 1, '0\i, to Jiui. 1, *^1 JIis:h 99 J£in. 20, '06 Low. 45 Mar. 5, '18 1930 84% Apr. 9 74 Feb. 26 UNITED STATES RUBBER CO. Ist & Ref. Series *'A" 5s and Series *'B" 6s. Due Jan. 1, 1947. ■ Dated Jan. 2, 1917. Interest payable Jsin. 1 and July 1. . Tax Status — Payment of Federal Income Tax not assumed by company. Authorized *$97,252.000 ' -Outstanding (Jan. 1, '21) A 5s 58,426.800 IRetired by S. F 1.573,200 JPledgred under 7 % Notes A 5s 9,000,000 ■pledsed under 7V^% Notes ',) : ^'B" 6s 25,000,000 IReserved for Coi'porale Pui*^. ■poses 10.000.000 i "•Limited to the amount of capital stock •except to the extent ot any increase consented io by the preferred and common stock. Provisions of Issue — Additional bonds (ex- cept for refunding) issuable for additions, etc. (including subsidiaries) at 75% of cost, OF' not more than one-third issuable for other isecurities and stocks at 60% of cost provided net income for three previous years are twice Interest charges on entire debt, including -subsidiaries. ^ Denomination — Coupon. $1,000, $500 and $100. Registerable as to principal. Regis- tered $500. $1,000, $5,000, $10,000 and multi- t>l^a of $10,000. C. & R. interchangeable. Trustees — Central Union Trust Co. and J. N. "Wallace, New York. ■ Redeemable as a whole at 10 5 and interest • on any interest date on and after Jan. 1, 1920, on 90 days' notice. '' 'Sinking Fond — Annually, beginning Jan. 1. 1919, 1% in cash outstanding bonds, plus the amount retired by the sinking fund for the -purchase or redemption of these bonds at not ■over 105 and interest- Organization — Incorporated in New Jersey In 1892. On Feb. 14, 1917. stockholders voted "to acquire the properties of the Revere Rubber •Co., Rubber Regenerating Co., Naugatuck ^•Chemical Co., Eureka Fire Hose Mfg. Co.. -American Rubber Co., Joseph Banigan Rubber • C€)-, Boston Rubber Shoe Co., L.. Candee & S3t)., Goodyear' s India Rubber Glove Mfg. Co., roody par's Metallic Rubber Shoe Co., Hastings Wool Boot Co., National India Rub- ber Co., Shoe Hardware Co. and "Woonsocket Rubber Co. Owns a larere majority or entire capital stocks of a number of companies, in- cluding the Canadian Consolidated Rubber Co. and Oeneral Rubber Co. (owns the largest -rubber plantation in the world in Sumatra). ^Directly or through subsidiaries produces rub- ber footwear, rubber soled shoes, waterproof olcthlng, druggists' rubber goods, hard rubber products, insulated wire, tires, belting, pack- ing, hose and other mechanical rubber goods. there being over 40 mills in opei-ation situ- ated in Connecticut, Illinois, Massachusetts, Ifichlgan. New Jersey, Indiana. Rhode Island, Pennsylvania, Ohio and Canada; 110 branch offices in the United States, 23 in. Canada and representatives in other countries. Capitalization. Outstanding. Common $81,000,000 Preferred (8% non-cum.) 65,000,000 Funded debt 87,026,800 Secured upon the properties owned or con- trolled by the company by direct mortgage or by pledge of mortgage bonds of the companies owning or controlling same, or by pledge under this mortgage or under the mortgages secur- ing the bonds so pledged, of shares of 'stock of the companies owning or controlling the same, with a covenant not to permit- mort- gages thereupon. Net unencumbered quick assets of subsidiary companies, excluding Gen- eral Rubber Co., at all times are to equal at least $30,000,000 of which at least $20,000,000 Is to be in companies whose stock is to be directly pledged under this mortgage. No cash dividends can be paid unless unencumbered quick assets of the company and its subsid- iaries shall exceed their aggregate debt. Pro- vision is made for the release from the lien of this mortgage of the stock of the Oeneral Rubber Co. Pi'ior Liens — Subject to prior liens out- standing as follows: Canadian Cons. Rubber Co. 6s. 1946. $2, 600,000 Bonds of this issue are reserved to retire these bonds. Years ended Dec. 31 (consolidated): Gross. Net. Interest. 1920 . $255,744,685 $26,925,173 $5,649,643 1919 225,589,465 21,396,099 3,665,802 1918 215,398,425 20,191,096 4,119,055 1917 176,159,694 21,923,964 3,117,857 1916 126,759,129 13,915,760 3.517,565 Listed on the New York Stock Exchange. Original Market — Underwritten by Kuhn, Loeb & Co. and offered by Wm. A. Read & Co., Hornblower & Weeks, National City Co., Kinsley & Adams and other firms at 96% and interest. Market. New York — Arthur E. Frank & Co., Sea- songood, Haas & Macdonald, Salomon Bros. & Hutzler, Pynchon & Co., Bull & Eldredge, JenlvS, Gwyne & Co., Mann, Pell & Peake. Philadelphia — Morley, Wood & Co., Wm. P. Lempley & Co. Price Range — ^N. Y. S. E. Jan. 1. '17, to Jan. 1, '21 1920 High 92% Mar. 29, '17 90 Jan. 2 Low. 70% Dec. 21, '20 70% Dec. 21 UNITED STATES RUBBER CO. 5-Year 7% Secured Notes. Due Dec. 1, 1923. Dated Dec. 1, 1918. Interest payable June 1 and Dec. 1 at ofBce of company. New Yn-k. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $6,000,000 Outstanding 6.000, 00_0 Purpose of Issne — To provide funds to re- tire at maturity Dec. 1. 1318, $9,000,000 General Rubber Co. 5% Debentures, the bal- ance needed for that purpose being provided from the current funds of the company. Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Industrial Trust Co., Providence, R. I. Redeemable as a whole only on any interest date on or after Dec. 1. 1920. at a premium equal to 1% of the principal amount thereof for each six months between the redemption date and the date of maturity together with accrued Interest, upon six weeks' published notice. Organization — See lat ft B«f. Sa, Secured by deposit of $9,000,000 Ist & Kef. UNITED STATES SMEI/TING, REFINING * Bs, Series A, due Jan. 1, 1947. MINING CO. 10-Tear 6% Conv. Notes. The indentiire also provides that pledged D„g jtgi,_ j^ 1926. bonds may be released upon the deposit with t. * ^ ,-, i." , -,n^c- T^^^-^aa* v^avahiA irpb the Trustee In cash of an amount equal to , Dated Feb. 1 1916 I°*^"f „»^^*Xa^on 66 2-3% of the bonds to be released, and a 1 ^°i^^^- ''^S?!'"? R=nk New York further amount egual to interest on such de- and Hanover National Bank. New Tork. posited cash at the rate of seven per cent. Tax Status — 2% Federal Income Tax p.aie per annum from the preceding interest date to by company without deduction. Dec. 1, 1923; such cash to be applied to the Authorized $12,000,000 purchase of notes In the market at a price Outstandlnc 12,000,000 not exceeding the principal amount with ac- _^ . ' ' ' ' " j „. »,-.» crued interest to the date of maturity. Purpose of Issue— The proceeds of thes* „^„ , ^ ^ , .J, ».. ^ ^,. notes together with other funds will retire The indenture also provides that the com- $4,000,000 6% notes of the company and $10.- pany may purchase any outstanding notes, 000,000 6% notes of the Utah Company guar- and upon the surrender thereof with all un- anteed by this company and called for redemp- matured coupons may obtain from the Trustee jjon on June 1 and April 1, 1916. respec a release of Pleteed bonds for a prmcipal tlvely, thus reducing the funded and euaran- amount equal to 160% of the principal amount teed debt to $2 000 000. of the notes so surrendered and cancelled. „ ,..'„' .r«ft j *•• aaa ii.„_.,i»„. c! ■, 4. , -^ . ^ Denomination— Coupon, $600 and $1.0D(>. Earnings— See 1st & Kef. 6h. Registerable as to principal, Listed on the New Tork Stock Exchange. Trustee— First National Bank, Boston. ,o?f^',!'^^?.'''''*r*u'''2°"J,°° offered October, Redeemable as a whole at 110 and Interest. 1918, by Kuhn, Loeb & Co.. New Jork. in „„ ^ny interest date on 60 days- notice, exchange to holders of General Rubber Co. _ _^.., ^ ... . x . t*. Debentures with a cash payment of $16 for Convertible at any time into common stoelt each $1,000 Debenture. °' t^e company on the basis of $75 in note» Tlf 't + *°^ each share (par $50). T., ^r -, r- ^ *.« o ,, . Organization — Incorporated In Maine ln> ,T "''t,^?''S";?^\'""°5 „^t°?:„,'^.,^"*4'®' 1906 as a holding company and control* J^'t,'^"* n„ '\r?H'il'f', ?.Vt,l ^^S^l'^'-eaee, Pyn- through stock ownership the United State* chon & Co., National City Co. Smelting Co.. United States Stores Co., Mam- Price Range — ^N. Y. S. E. moth Copper Mining Co., Centennial Burek». Jan. 1, '19, to Jan. 1, '81 1920 Mining Co., United States Metals Reflnlnsr High 104 78 July 26, '19 103% Jan. 3 Co., Niagara Mining Co.. Needles Mining »- Low. 95% Deo.-27, '20 95% Dec. 27 Spieltine Co., Gold Road Mines Co.. Com- pania de Real del, Monte y Pachuca of Mex- UNITED STATES RUBBER CO. 1(K-Year '™, ^"1 Utah Co. Directly and through sub- 7%% Secured Notts. Due Aug. 1, 1930. ?iaiaries the company owns or controls mln- '" • -, . ing properties In California, Arizona, Nevada. Dated Aug. 1, 1920. Interest payable Feb. Utah, Mexico and Alaska. The company har 1 and Aug. 1, at office of company. New copper smelter and refinery at Chrome, N. J.i *ork, lead refinery at E. Chicago, Ind., copper and- Tax Status — 2% Federal Income Tax paid lead smelters at MIdvale, Utah, copper smelter by company without deduction. at Kennett, Cal., mills at Pachuca, Mex., zliur Antliorized $20,000,000 smelters In State of Kansas and Salt Lakd- Outstanding 20,000,000 City. In 1916 the company became a large- Purpose of ISBue-The proceeds of this sale Pr°a"«r of spelter. „,..,. of notes with the current surplus eearnlngs Capitalization. Outstanding. will give the company sufficient funds for the Common $17,666,760 completion of the plant extensions now in Preferred (7% cum.) 24,317,600 progress at Detroit, Hartford, Providence and p-unded debt 12,461,600 Indianapolis for the Increase of the com- gecurity-A direct obligation of the com- pany's power Proa^otlon. company and its subsidiaries have- Denommatlon— Coupon. *1.««0 and «00. mortgage debt except the Utah Companr Trustee— United States Mortgage & Trust ■ ^^^ „„ mortgage can be piar-erl on the prop- Co., New York. -, * - « - « ertles of the company or that of the subside Organization — See 1st & Ref. 6s & Bs of jarles which It controls by ownership of. a lt4T. , i D -n * majority of the stock without equally securing- Secured by pledge of $25,000,000 1st &. Ret. ^^^g^ notes, except on the coal properties of Bs, due Jan, 1, 1947. , ,„,, the Utah Co. and on the Utah Railway. £fs™d"^ortl? Ne'w\ork- i?oc^%.VI": fHor I,iens-$461,500 bonds of subsidiarie.. Original Market— $20,000,000 offered July, not owned in the consolidation. 1920, by a syndicate headed by Kulin, Loeb & Tears ended Dec. 31: Co., at 98% and Interest. 'Net. Market. "20 t$2,908,275 jgig g g4]i 213 New York — ."Struthers & Hiscoe, Harts- ,„.., i'li'i'cion home & Battelle. McDonnell & Co., Kuhn. "j° VwVinl Loeb & Co., Bull & Blflredge, F. S. Moseley "" 0000 iri & Co., Carruthers, Pell & Co., Guaranty 1916 8,898,4()4 Trust & Co., L. M. Prince & Co.. Mann; 'After depreciation and interest. Pell & Peak, Salomon Bros. & Hutzler. tAfter $2,002,602 reserves for reduction or Philadelphia — Morley, Wood & Co., Pars- inventory. ' '^L^^uIviUe^Block, Fetter & Co., Fidelity ^ "ft^d on the New Tork and Boston Stock & Columbia Tru.st Co. Exchanges. Price Range N T. S. E. Original Market — $12,000,000 sold Feb.. ' ' ' 1920 1915, by Lee, Higglnson Co., and Hornblower -T,„i, 98% Oct. 30 & Weeks, New Tork, Boston, etc.. and First T „=, 95 Deo. 27 National Bank, Boston, at 103% and interesti ^"^ 1381 Market, New York — ^Active on New York Stock Bx- -change, Boston — Hornblower & Weeks. CMcaeo — Hornblower & Weeks, Babcock, .Rushton & Co. Bl Paso — ^Volney B. Leonard & Co. Price Kange — N. Y. S. E. Jan. 1, '16, to Jan. 1, '81 1930 High lisyg June 12, '16 105 Jan. 10 Low. 87 Deo. 30, '20 87 Dec. 30 UNITED STATES STEEL CORPORATION 50-Year Bs. Due April 1, 1951. Dated April 1, 1901. Interest payable Series "A," Jan. ana July 1: Series "B." Feb. and Aug. 1; Series "C," March and Sept. 1; Series "D," April and Oct. 1: Series "B," May and Nov. 1; Series "P," June and Dec. 1, at J. P. Morgan & Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — A $64,000,000 B 60,000,000 C 60,000,000 D ^ : 60,000,000 E 50,000,000 P 60,000,000 {304,000,000 Outstanding (Jan. 1, '21) 224,408,000 Held in S. E 79.692,000 Denomination — Coupon, $1,000 and $5,000. ' Registerable as to principal or fully regis- tered. Registered, $1,000, $6,000, $20,000, 460,000, $100,000. Trustee — United States Trust Co., New Tork. Redeemable — Series "A," "C" and *'E," at 115 and interest on any interest date; Series *'B," "D" and "P" are not redeemable. Sinking Eund — $3,040,000 annually to be used in pjirchasing these bonds at not over 115 and interest: if not so purchasable. Series **A," "C" and "E" only may be drawn at 115 and interest; the other bonds cannot be drawn. Bonds so redeemed to be kept alive and interest added Sinking Fund. Organization — Incorporated in New Jersey, February, 1901. Capitalization. Outstanding. Common $608,302,500 Preferred (7% cum.) 360,281,100 Funded rlebf *656,028,633 •Includes subsidiaries' bonds. Secured by first lien, through the deposit of all of the stocks and bonds of the company, on the property of the Carnegie Steel Co., and a first lien on stocks of other subsidiary com- panies, representing control of all of the plants, mines and railroads controlled by the United States Steel Corporation. Years ended Dec. 31: Gross. "Net. Int. & S. P. 1920.. $1,705,477,025 $139,073,883 $29,379,654 1919.. 1,448,557,835 106,174,462 29,379.879 1918.. 1,744,312,163 166,862,736 29,330,358 1917.. 1,683,962,562 253,696,950 29,377,385 1916.. 1,281,473,779 300,687.136 29,406,344 •After subsidiary interest charges, deprecia- tion, etc. Underlies — United States Steel Corp. Sink- ing Fund 53 of 1963. Market. New Yorlv — Simon Borg & Co., Coffin & Co., HartShorne & Battelle, Fred H. Hatch & Co., J. H. Holmes & Co., Morton Lach- enhruch & Co., Tobey & Kirk. Watson, Arm- strong & Co., Carruthers, Pell & Co., Ed. Balier & Son. Pittsburg-h — Moore, Leonard & Lynch, Bd- -warrl A. Owens & Co., The Union Trust Co. of Pittsburgh. 13f Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 114% '09 116 '10 99% Jan. lOlJan. Low. 931/2 '20 95 '^0 931/2 Dec. 96 Dec. UNITED STATES STEEI, CORPORATION 10-60 Year S. E. Ss. Due April 1, 1963. Dated April 1, 1903. Interest payable May and Nov. 1, at J. P. Morgan & Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $250,000,000 Outstanding: (Jan. 1, '21) 174,326,000 Held in S. E 25,674,000 Reserved to Exchange for Pre- ferred Stock 50,000,000 Denomination — Coupon, $1,000 and $6,000. Registerable as to principal or fully register- able. Registered, $600, $1,000, $10,000, $60,- 000 or other multiples of $6,000. C. & R. interchangeable. Trustee — United States Trust Co., New Tork. Redeemable at 110 and interest on any in- terest date. Sinking Fund — The sum of $1,010,000 to be paid annually to Messrs. J. P. Morgan & Co., Sinking Fund Trustees to be applied from April 1, 1904, to April 1. 1913, when directed by the Steel Company to the purchase of these bonds at not exceeding 110 and interest or other specified securities. On and after April 1, 1913, all moneys in the Sinking Fund are to be applied to the redemption of bonds by lot at 110 and interest, all coupon bonds out- standing to be redeemed before registered' bonds. All bonds acquired are to be held alive and continue to draw interest for the Sinking Fund. It has been calculated that the sinkii;ig fund will retire the entire Issue of bonds at 110 and interest, prior to maturity. Organi!zation — See 50-Year 5s. Secured by a lien on all the property bonds, stocks, etc., of the company now owned or hereafter acquired, subject to the company's 60-year 6s of> 19B1. Prior Liens — $224,408,000 United States Steel 60-year Ss of 1961. Earnings — See 60-year 5s. Listed on the New York and Boston Stock Exchanges. Original Market — $20,000,000 offered in 1903 by a syndicate headed by J. P. Morgan & Co., New York. Market. New Yorlt — Simon Borg & Co., Arthur E. Frank & Co., J. H. Holmes & Co., Schu- man & Seligmann, Carruthers, Pell & Co., McKinley & Morris. Plilladelphia — Morley, Wood & Co. St. Louis — Francis Bro. & Co. Pittsbui-gli — The Union Trust Co. of Pitts- burgh. Louisville — Fidelity & Columbia Trust Co. Price Range — ^N. Y. S. E. Jan. 1, '07, to Jan. 1, '21 1980 High 108 Yv Aug. 9, '09 99% Jan. 12 Low. 78% Nov. 20, '07 88% Deo. 22 UNITED STATES TELEPHONE CO. (THE) 1st Extended 7s. Due Dec. 1, 1921. Dated Jan. 2, 1899. Extended Jan. 1, 1919, with interest increased from 6% to 7%. -In- terest payable June 1 and Dec. 1 at Cleveland Trust Co., Cleveland, and J. P. Morgan & Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $2,156,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Cleveland Trust Co., Cleveland. AsBnmed by The Ohio State Telephone Co. Control — Incorporated in, 1898 and was ab- sorbed in 1914 by The Ohio State Telephone Co. Secured by a first mortgage on all the prop- erty formerly owned by the company and in- cluding 34, (TOO miles of lolig distance wire connecting the exchanges of independent com- panies in Ohio and with the toll lines of com- panies operating In Pennsylvania, Kentucky, Indiana, Michigan and West Virginia and serving about 3,000 cities and towns in that territory. Franchises are perpetual. Underlies — Ohio State Telephone Co. Cons. & Ref. 5s of 1944 under which bonds are re- served tn retire this issue. Earnings — See Ohio State Telephone Co. Cons. & Hef. 5s. Original Market — Offered December, 1918, by Otis & Co., Cleveland, at 99% and interest. Market. New York — T. L. MacDonald, Edmund & Charles Randolph Pliiladclphia — Wm. P. Lempley & Co. Price Range, 1919. Jan. 1, '19, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 99 '19 101 '19 97 Jan. 100 Jan. •Purchased at maturity. May 1, 1919, by the National Commercial Bank, Albany. Tears ended Dec. 31: Net. Int.&Taxea $380,337 $796,847 Low. 93 '20 96 '20 Bid. 97 Jan. 9 3 Deo. 96 Deo. UNITED TRACTION CO. (Albany) Cons. 4%s. Dae Jnne 1, 2064. Dated March 1, 1904. Interest payable June and Dec. 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid iiy company without deduction. Authorized $6,500,000 Outstanding 2,620,000 Reserved for Prior I/lens 3,880,000 Denomination — Coupon, $1,000. Regiaterable as to principal. Trustee — Central Union Trust Co., N. T. Organization and Control — Incorporated in New York in 1899 as a consolidation of the Albany Ry. Co., the Watervliet, Turnpike & R. R. Co.. and the Troy City Ry. Co. Entire capital stock is owned by the Delaware & Hudson Co. Capitalization. Outstanding. Common $12,600,000 Funded debt 6,500,000 Secured by a second mortgage on street rail- way extension on Madison Ave. and on Sec- ond Ave., from Delaware Ave. to S. Pearl St. and on Broad St., all in Albany; a third mort- gage on lines in Albany on Madison Ave., Cen- tral Ave., Washington Ave., Clinton Ave. and S. Pearl St., from Clinton Ave. to Ken- wood; on all of the street railway in Rens- selaer; in Troy on Fourth St., Hoosick St., Oakland Ave. and Pawling St. to Albia; and on Second Ave., in Watervliet and Green Is- land; and a fourth mortgage on line from west end of bridge between Albany and Rens- selaer on Broadway to the Troy and Schenec- tady Turnpike in Watervliet. Further se- cured by a lien on street railways between Troy and Cohoes, Cohoea and Lansingburg, and other lines. The total mileage covered is 85 miles, owned, and leasehold interest in 18 miles additional. Franchises perpetual with one exception, which expires 1951. Prior I/lens — Outstanding. •United Traction Co. Deb. 4%s, 1919 $456,000 •Watervliet Turnpike & R. R. 1st 6s. 1919 350,000 •Watervliet Turnpike & K. R. 2d 5a 1919 160,000 Albany Railway Cons. 5a, 1930 *28,000 Albany Railway Gen. 5s, 1947 496,000 Troy City Ry. 1st Cons. 6s, 1942... 2,000.000 Total $3,880,000 Gross. 1920 $3,629,543 . , 1919 3,123,392 587,611 763,241 1918 2,720,797 509,380 642,120 1917 2,620,331 503,442 598,798 1916 2,699,685 565,287 677,783 Market. New York— Fred H. Hatch & Co., Morton Laohenbruch & Co., Earle A. Miller, Rauscher & Mackay, Berdell Bros., Car- ruthers, Pell & Co. Price Range Jan. 1, '09, to Jan. 1, '21 Bid. Ask. High 10iy2 '09 103 '09 Low. 32 '20 37 '19 1920 Bid. Ask. 40 Dec. 42 Dee. 32 July 40 Jan. UNITED TRACTION CO. OF PITTSBURGH Gen. 58. Due July 1, 1997. Dated July 1, 1897. Interest payable Jan. and July 1, at Brown Bros. & Co.. New York. Default — July 1, 1919 and subsequent in- terest. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized SIO.OOO.OOO Outstanding 4.800.000 Reserved for Prior Liens 5,196,000 Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Maryland Trust Co., Baltimore, Md. Organization and Control — Incorporated in Pennsylvania in 1896 and purchased the prop- erties of the Second Ave. ajid North Side Traction Companies. Has leased other com- panies ■ including the Pittsburgh, Allegheny & Manchester Traction Co., and owns entire stock of that company. Lines of company a,re operated by the Pittsburgh Rya. Co., under an agreement which may be terminated at any time on three months' notice under which Pittsburgh Rys. agrees to pay current divi- dends of 5% on preferred stock. The com- pany's Common Stock and $2,949,950'preferred is owned by the Pittsburgh Rya. Co.. whose entire stock ia owned by the Philadelphia Co. Capitalization. Outstanding. Common $17,000,000 Preferred (6% non-cum.) 3,000,000 Funded debt 8,750,000 Receivership — See Pittsburgh Railways Co. Gen. 5s. Protective Committee — The following com- mittee, acting in behalf of the two firms above mentioned, have agreed to act for bond- holders of all issues of the Pittsburgh Rail- , ways System: Thomas S. Gates (chairman), B. Howell Griswold, Jr., J. R. McAllister, J. H. Mason, C. S. W. Packard. A. C. Robin- son, George H. Frazier. Depositaries — Pittsburgh Trust Co.. Phila- delphia Peoples' Savings & Trust Co., Pitts- burgh, and Safe Deposit & Trust Co., Balti- more. Secured by a second lien on street railways on Duquesne Way from Water St. to Federal St., over Federal St. Bridge to Federal St. in Allegheny, to Ohio St. to Allegheny Ave. to Franklin St. to Sedgwick St. to Columbus St. to Beaver Ave. to Island Ave. to Preble Ave, to Woods Run Ave. to Brighton Road; from Federal St. on Reliance St. to Scotland St. to Reedsdale Ave. to Beaver St. to Frank- lin St., and other lines in the 21st and 22nd wards of Pittsburgh and on Federal St. from the Allegheny River to Liberty Ave.; and by a third lien on street railways on California Ave. in Avalon, North West of Pittsburgh, through Bellevue to California Ave. in Pitts- burgh and on California Ave., Columbus St., New Brighton Road, Monterey St., North Aye., Ohio St. , Union Ave. and Anderson Ave, to 7th Avenue and Smithfield St., and on Smith- field St. to 6th Ave. to Duquesne Way to An- derson St. Also a lien on other lines covered by the Federal St. & Pleasant Valley St. Ry. Consol. 5s of 1942 (For detail se© that mort- Fage) and by the Second Avenue Traction Mortgage from S. 10th Ft. Bridge on Second Ave. to the Glenwood Highway Bridge to Homestead and McKeesport, with numerous branches (For detail of Route see Second Ave. 5s of 1934). These lines extend from the northwestern to the southeastern part of Pittsburgh, with extensions to numerous im- portant suburban cities, and include all of the mo^t important lines in what was formerly Allegheny, as well as many of great impor- tance in the City of Pittsburgh proper. The total mileage covered is 126 miles. Prior liiens — $1,500,000 Pittsburgh. Alle- gheny & Manchester Traction 1st 6s due 1930, $2,026,000 Second Ave. Traction 1st 5s due 1934, $1,058,000 Federal St. M Pleasant Val- ley Cons. 5s due 1942, and various miscel- laneous issues, the total prior liens aggregat- ing $5,196,000 for the retirement of which bonds of this issue have been reserved. Listed on the Philadelphia, Pittsburgh and Baltimore Stock Exchanges. Original Market — $4,000,000 offered in July. 1897, at 97% and interest, by Alex. Brown & Sons, Baltimore, and Brown Bros. & Co., New York, Philadelphia, etc. Market. New York — Morton Lachenbruch & Co., Carruthers, Pell & Co., G. R. McAllister & Co., Moore, Leonard & Lynch. Philadelphia — Barnes & Lotland, Brown Bros. & Co., Geo. N. Fleming-, Huntoon & Co. Fittsburg:h' — Mqore, Leonard & Lynch, Stout & Co., Edward A. Owens & Co. Cincinnati — Dudley V. Sutphin. Price Banse. Jan. 1, *09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 107 '09 109 '09 31f Dec. 35fOct. Low. 18f '20 2Sf '20 18f May 28f Nov. equivalent to a cash payment of 105 and ac- crued interest; or sinking fund may be satis- fied by investing in property or construction a sum per annum equal to 1 V^ % of outstanding bonds; or part in cash and part in property in above named proportion. Bonds cancelled in Sinking Fund. Organization and Control^ — Incorporated in Kansas in 1909 as a consolidation. Capitalization. Outstanding. •Common $700,000 Preferred (6%) 350,000 Funded debt 1,362,300 ♦All but directors' qualifying shares owned by the Cities Service Co. Secured by a mortgage on plant supplying electric light and power in Hutchinson, South Hutchinson, Inman, Lyons, Niekerson, Medora Saxman, Alden, Arlington, Langdon. Part- ridge, Turon. Geneseo and Little River, all in Kansas; also operates water system sup- plying Hutchinson. The company operates in Hutchinson under an indeterminate franchise. Prior tiens — $212,500 (closed) Hutchinson Water, Light & Power Co. 1st 4s. due Janu- ary 1, 1928 for the retirement of which bonds are reserved under this mortgage. fears ended Dec. 31: Gross. Net. Bond Int. 1920 $601,526 $50,101 $65,990 1919 485,294 161,354 65,990 1918 430,188 122,745 58,050 1917 382,831 125,634 1916 '315,801 148,407 :. Original Market — $972,000 offered November, 1916, by Hornblow^er & "Weeks, Boston, New York, etc., and Maynard S. Bird & Co., Port- land, Me., at 96 and interest. Market. New York — Earle A. Miller & Co., Ber- dell Bros., Manson & Hanson. Boston — Chas. A. Day & Co., Homblower & "Weeks. Providence — Hornblower & Weeks. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 88 '17 96 '17 80 Jan. 90 Jan. Low. 65 '20 80 '20 65 July 80 July UNITED WATER, GAS & ELECTRIC CO. (THE) (Hutchinson, Kane.) 1st and Ref. 5b. Dne September 1, 1941. Dated September 1, 1916. Interest payable March 1 and September 1, at First National Bank, Boston, and office of company. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding- 1,149,800 Reserved for Prior Lien 212.500 Reserved for Ext 3,637.70.0 Provisions of Issne — Additional bonds Issu- able for 85% of cost of additions, etc., when net earnings for preceding 12 months are twice Interest charges on bonds outstanding and to be Issued. Issue approved by the Kansas Public Utilities Commission. Denominations — Coupon, $1,000, $500 and $100. Reglsterable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and interest on any in- terest date on 40 days' notice. Bonds when purchased by the company may be kept alive and draw interest. Sinking: Eund — A sum equal to 1 % % of outstanding bonds must be set aside yearly, beginning Sept. 1. 1918, for purchase of bonds at not more than 105. or call at that figure. In lieu of cash payments, bonds secured here- by, with unmatured coupons attached will be 1384 UPPER COOS RAILROAD CO. 1st 4s. Due May 1, 1930. Dated May 1. 1890. Interest payable May and Nov. 1, at National Park Bank. New Tork, or Second National Bank. Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $350,000 Denominations — Coupon, $500 and $1,000 Trustees — George "W. Armstrong, Enoch G. Sweatt and Irving "W. Drew. Guaranteed principal and interest by Maine Central R. R. Co. by endorsement. Control — See Ext. 4%s. Secured by a first mortgage on 22.83 miles of road from North Stratford, N. H., to Ca- nadian boundary line at Beecher Falls, Vt.. and on leasehold interest in Upper Coos R. R. of Vt. Legal for savings banks in Conn., Mass. and N. Y. . . Market. New York — Lee, Higrginson & Co., Car- ruthers, Pell & Co., Taylor & White. Boston — Edward Aspinwall. Price Range. Jan. 1, '08, to Jan. 1, *31 1930 Bid. Ask. Bid. Ask. High 101 '09 102% '09 70 Dec. 85 Dec. Low. 67 '17 95 '16 UPPER COOS RAILROAD CO. Ext. 4%8. Due May 1, 1930. Dated May 1, 1890. Interest payable May and Nov. 1, at National Park Bank, New rS • °l, Second National Bank. Boston. lax Status — Payment of Federal Income Tax not assumed by company. Anthorized — $21,000 per mile between Strat- ford and Quebec. •Oatstanding $693,000 *0f the outstanding bonds $118,000 are ^wned by the Maine Central R. R. Co. and $9,000 held in the ainkinir fund of the Maine Central Coll. Tr. 5s of 1923. Decomiaatlon — Coupon, $1,000. Trustees — George W. Armstrong:, Irving W. Drew and Enoch G. Sweatt. Guaranteed principal and interest by the Mame Central R. R. Co. under the terms of the lease. Organization and Control — The Upper Coos Railroad Co. of N. H. is leased for 999 years from 1891, Including Its leasehold interest in the Upper Coos R. R. of Vermont, to the Maiile Central H. R„ which is controlled through ownership of a majority of its stock by the Boston & Maine R. R. Capitalization. Outstanding. Common $360,000 Funded debt 1,043.000 Secured by first mortgage on 20.21 miles of road from Lancaster. N. H., to Quebec Junc- tion, N. H. ; also a first lien of the company's leasehold interest In the Coos Valley R. R. Co. which owns the 12.29 miles of road' from Lan- caster to near North Stratford. N> H. Legal for savings banks in Conn., Mass. and N. Y. Market. New York — Burgess, Lang & Co., Car- ruthers. Pell & Co, Boston — Edward Aspinwall, Burgess, Lang & Co. Price Range. Jan. 1, '09, to Jan. 1, '81 1920 Bid. Ask. Bid. Ask. High 108 '09 110 '09 75 Dec. 86 Dec. Low. 70 '19 85 '19 Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid. High 93% '16 Not Low. 75 '19 available tJRBANA &■ CHAMPAIGN RAIIWAT GAS & ELECTRIC CO. Cons. Ss. Due July 1, 1929# Dated July 1, 1899. Interest payable Jan. and July 1, at Portland Trust Co., Portland. Me. Tax Status — Payment of Federal Income Tax not assumed by company. Anthoilzed $600,000 Outstanding 354,000 Unissued 146,000 Denomination— Coupon, $1,000. Trustee — Portland Trust Co., Portland, Me. Redeemable at 105 and interest on any in- terest date. Organization and pontrol — Incorporated in 1897 as a consolidation of four public utility companies operating in Champaign and Ur- bana. Controlled through stock ownership by the Danville, Champaign & Decatur Ry. & Light, which is controlled by the Illinois Traction Co. Capitalization. Outstanding. Common $836,000 Funded debt 1,565,000 Secured by a first mortgage on six miles of electric railway between Urbana and Cham- paign, and on plants supplying gas in Urbana and Champaign and electricity and steam heat in Champaign. Population served, 23,000. Franchise expires in 1921. Underlies — Cons. & Ref. 5s of which $1,- 211,000 (total issued) are deposited under the Danv., Cham. & Dec. Cons. & Ref. Mtge. Market. New York — Prince & 'Whitely. UTAH Ss NORTHERN RAILWAY CO. 1st Ext. 4s. Due July 1, 1933. Dated July 1, 1878. Extended July 1, 1908, with interest reduced from 7%. Interest pay- able Jan. and July 1, at Oregon Short Line R. R. ofllce, 120 Broadway. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding .$4,991,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Oliver Ames. Assumed by the Oregon Short Line R. R. Control — ^Utah & Northern was sold under foreclosure in 1897 to the Oregon Short Line R. R. Co., the entire stock of which is owned by the Union Pacific R. R. Co. Secured by first mortgage on 475.39 miles' of road, viz: Miles Ogden, Utah, to McCammon, Ida 110.96 Butte (Meaderville) to Garrison, Mont. 56.58 Cache Jet., Utah, to Preston, Idaho... 51.35 Pocatello, Idaho, to Silver Bow, Mont.. 256.60 Note — ^Butte to Garrison, Mont., is lesCsed to the Northern Pacific Ry. Co., but O, S. L. has trackage rights over 8.68 miles from Sil- ver Bow to Meaderville. Underlies — Utah & Northern Cons. 5s of 1926; Oregon Short Line R. R. Cons. 6s of 1946: Oregon Short Line Income 6s and 4s of 19 46: and Oregon Short Line 1st & Cons. 4s of 1960, which latter mortgage provides for the retirement of this issue. Listed on the New York Exchange. Market. . New York — R. W. Pressprich & Co., Prince & "Whitely, Redmond & Co., Roose-' velt & Son, Raymond M. Smith, Struthers &■ Hiscoe, Taylor, Smith & Hard, Pynchon & Co., "Wm. Carnegie Ewen. Baltimore — Brinkman & Co. Price Range— N. Y. S. E. Jan. 1, '09, to Jan. 1, '21 1920 High 99% July 8, '09 83 July 88 July Low. 89 Feb. 21, '18 79% Jan. SlJan. 1385 UTAH & NORTHERN RAILWAY CO. Cons. 1st OS. Dne July 1, 1926. Dated July 1, 1886. Interest payable Jan. and July 1, at Oregon Short Line B. B. ofilce, 120 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding $1,672,000 Retired by S. F 235,000 Denamination — Coupon, $1,00.0. Registerable as to principal. Trustee — ^American Trust Co., Boston. Sinking Fund — Annually two-thirds of one per cent, of bonds issued to be applied to their purchase at not exceeding 105 and interest. If not purchaseable at this price, to be in- vested in bonds of the Union Pacific System or other securities to net 4%. On Jan. 1, 1920. there were held in the Sinking Fund $250,000 Oregon Short Line 1st 6s: $29,000 Utah & Northern 1st Extd. 4s: $81,000 Ore- gon Short Line Cons. 5s; $28,000 Union Paci- fic 1st Mtge. R. R. & Land Grant 43: $10,000 U. S. Govt. Ctfs. of Indebtedness 4%%, and $876.00 cash. Control — See 1st 4s. Secured by a second mortgage on the 476.39 miles covered by the first lien of the 1st Ext. 4s. Pri»r liens — $4,991,000 Utah & Northern 1st 4s of 1933. Underlies — Oregon Short Line R. R. Cons. 1st 5s of 1946;; the Oregon Short Line Income Series "A" 5s and "B" 4s of 1946; and $24,- 000,000 Oregon Short Line 1st and Cons. Mtge. due 1960, which latter provides for the retire- ment of this issue. Listed on the New York and Boston Stock Exchanges. Market. New York — Dunham & Co., Arthur R Frank & Co., Sam'l Goldschmidt, Granger & Co., R. W. Pressprich & Co., Prince & "Whitely, Redmond & Co., Raymond M. Smith, Struthers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey, Hartshorne & Bat- telle, Wolfe & Stanley, Wm. Carnegie Ewen, Carruthers, Pell & Co. Fliiladelphia — ^William, W. Pog-arty, Isaac Starr, Jr. & Co. Price Range — N. Y. S. E. Jan. 1, '19, to Jan. 1, '21 1930 High 110 June 29, '19 92% Jan. 2 Low. 84^ Aug. 27, '20 84^ Aug. 27 UTAH FUEL CO. let 5s. Due March 1. 1931. I>ated March 1, 1901. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding 1,300,000 Retired by S. F 684,000 Denomination— Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on 90 days' notice. linking Fund — 3 cents per ton of coal mined and sold from the property or from the mort- gaged property of the Pleasant Valley Goal Co., less payments. at the rate of 2 cents per ton which the latter company is required to , make under its first mortgage to be applied to the purchase or redemption of these bonds at not exceeding 110 and interest. Organization and Control — Incorporated in New Jersey in 1900. Controlled by the "Western Pacific R. R. Corp. through ownership of the entire $10,- 000,000 capital stock. Capitalization. Outstanding. Common $10,000,000 Funded debt 2,129,0(00 Secured by a first mortgage on 17,445 acres of coal lands in Utah and about 5,000 acres in Colorado and by second mortgage on 5,648 acres of lands in Utah. Further secured by pledge of the $200,000 capital stock of the Holladay Coal Co., $250,000 capital stock of the Wasatsch Store Company and $2,000,- 000 capital stock of the Pleasant Valley Coal Co. Prior Lien — $829,000 Pleasant Valley Coal Co. 1st 5a due July 1, 1928. Listed on the New York Stock Exchange. Market. New York — Dunham & Co., Hartshorne & Battelle, Fred H. Hatch & Co., Rauscher & Mackay, Watson. Arm.strong & Co., Earle A. Miller & Co.. G. R. McAllister & Co., Pynchon & Co., Carruthers, Pell & Co. Philadelphia — Henry D. Boenning & Co. McCown & Co. Price Range N. Y. S. E. High 89 *17 96 '17 80 Oct. 25 Low. 80 '15 85*15 80 Oct.25 Tax Status — 2% Federal Income Tax paia by company without deduction. Pennsylvania State Tax refunded. Authorized $3,000,000 Outstanding: (Mar. 14, '21) 1,919,000 Retired by S. F 119,000 Reserved for Extensions 962,000 Denomination — Coupon, $1, 000. Registerable as to principal or fully registerable. Regis- tered, $1,000, C. & R. interchangeable. Trustee-^Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 110 and interest on any in- terest date from Jan. 1, 1911, to Jan. 1, 1920,. and thereafter, at 105 and interest. Sinking Fund — Jan. 1, 1911, to 1920, 1% of outstanding bonds and 2 % each year there- after to be applied to the redemption of these bonds. Organization and Control — Incorporated in Utah in 1906 and is controlled through own- ership of stock by the American Public Utili- ties Co. Capitalization. Outstanding. Common $2,500,000 Preferred (7% cum.) 700,000 Funded debt 1,919,000 Management — Kelsey, Brewer & Co. Secured by first mortgage on combined coal and water gas plant supplying gas for illumin- ation, fuel and industrial purposes to Salt Lake City, Utah. Franchise expires 1956. Years ended I>ec. 31 Gross. Net. Interest. 1919 $476,822 $122,635 $95,950 1918 386,758 103,530 95,950 1917 368.259 163,058 1916 334,956 152.079 96,950 Original Market— $1,000,000 offered In March, 1910, by Farwell Trust Co.. ChicagOr and Bond & Goodwin, New York and Chicago, at 95 and interest; $20,000 offered in April, 1912, by P. W. Brooks & Co., New Tork^ Boston and Philadelphia. Market. New York — Edwin Bancker & Co., Fred H. Hatch & Co., Lynch & McDermott, Earle A- Miller & Co., Berdell Bros., Hartshorne & Battelle, Carruthers. Pell & Co. ^ Philadelphia — Bauer, Starr & Co.* Chicago — Merrill, Lynch & Co. Grand Kapids, Itfich. — Corrigan Co. Salt Lake City — Palmer Bond & Mortgage Co. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 I--id. Ask. Bid. Ask. High 95 *13 96 '15 60 Jan. 70 Jan. Low. 48 '20 52 '20 48 Dec. 52 Dec. UTAH GAS & COKE CO. (Salt Lake City) let S. F. 5s. Due Jan. 1. 1936. Dated July 2, 1906. Interest payable Jan. and July 1, at First National Bank, New York, or Trustee's office. UTAH-IDAHO SUGAR CO. 1st 7s. Due 8500,000 each July 1, from 1921 to 1939^ and $3,500,000 July 1, 1930. Dated July 1, 1920. Interest payable Jan. 1 and July 1, at Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by the con^pany without deduction. Authorized $8,000,000 Outstanding 8,000,000 Pui-pose of Issue — To refund indebtedness of about $5,000,000 created by the purchase of plants at Brigham City and Delta, Utah, and "Whitehall, Montana (the latter plant now being moved to Honeyville, Utah) and ta provide additional working capital. ^Denomination — Coupon, $1,000 and $ ^0 ^ registerable as to principal. Trustee — Bankers Trust Co., New York., Redeemable at 101 and interest on any in- terest date upon 60 days' notice, in whole or in series, provided that in case less than all the outstanding bonds shall at any time be redeemed, such bonds shall be redeemed in successive series beginning with the first serial maturity then outstanding. Organization — Incorporated in Utah in 1907 as a consolidation o£ the Utah Sugar Co., Idaho Sugar Co. and Western Idaho Sugar Co. Capitalization. Outstanding. Common $23,730,000 Funded debt 8,000,000 Secured by first mortgage on all of the land, buildings, machinery and equipment of the company (except farm lands exempted to facilitate transfer or lease to farmers, if de- sired), subject only to a purchase money obligation of $600,000 on the factory at Delta, Utah. The mortgage will cover the company's interest other than stock interest in certain irrigation properties. The IB active plants covered by the mortgage are located at West Jordan, Lehi, Spanish Fork. Payson, Blsi- nore. Delta, Brigham City and Garland, Utah; North Takima, Toppenish and Sunnyside, Washington; Idaho Falls, Sugar City, Shelly and Blackfoot, Idaho, The appraisal value of these properties has been set at $20,- 642,0,00 as of June, 1920, by The Dyer Com- pany, engineers. , The company covenants under the mort- gage that it will maintain at all times dur- ing the life of these bonds, current assets as defined in the mortgage equal to at least 100% of all liabilities, including the prin- cipal amount of this issue, at the time out- standing. Original Market — $8,000,000 offered June, 1920, by Halsey, Stuart & Co., at prices ranging from 99^ to 94% and interest, according to maturity. Market New York- — Berdell Bros., Bull & Eld- redge, Ernest Smith & Co., Halsey, Stuart & Co., Geo. H. Burr & Co., Morton, Lachen- bruch & Co. ' Salt Lake City — Palmer Bond & Mortgage Co. Kansas City, Mo. — W. C. Sylvester Invest- ment Co. Cliicago — George H. Burr & Co., Child & Levering, Halsey, Stuart & Co., Henry S. Henschen & Co. Pittsburgh — The Union Trust Co. of Pitts- burgh. Denver — Bosworth, Ghante & Co. Rock Island, 111. — Litten & Roberts. UTAH MGHT Si POWEB CO. 1st Ss. Dae Jan. 1, 1930. Dated Jan. 1, 1900. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid. by company without deduction. Authorized Closed mortgage. Outstanding $744,000 Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Equitable Trust Co., New York. Kedeemable at any time at par and in- Control — See Cons. 4s,- 1930. Secured by first mortgage upon entire prop- erty of company. See Cons. 4s. Underlies — Cons. 4s, due 1930, Utah Lt. & Ry. Cons. 6s, due 1943, and Utah Lt. & Trac. Co. 1st & Ref. Mtge. of 1944 and under which bonds are reserved to retire this issue. Market. New York — Babcock, Rushton & Co., Fred H. Hatch & Co., G, R. McAllister & Co., Carruthers, Pell & Co., Berdell Bros. Han- son & Hanson, Rauscher & Mackay. Price Kange. Jan. 1, '16, to Jan. 1, '81 . 1920 Bid. Ask. UTAH LIGHT & POWEK CO. Cons. 4s. Due Jan. 1, 1930. Dated Jan. 1, 19 00. Interest payable Jan. and July 1, at Trustee's office. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding $1,113,000 Pledged under Utah Ut. & Ky. Cons. Mtge 1,486,000 Pledged under Utah I/t. & Trac. 1st Si Ref. Mtge 2,000 Denomination — Coupon, $600. Registerable as to principal. Trustee — Equitable Trust Co., New TorH- Redeemable at par and interest on any in- terest date on three months' notice. Control — The company was incorporated in. Utah in 1899 as successor to the Union Light & Power Co., and in 1904 was consolidated, with the Utah Power Co., and the Con- solidated Ry. & Power Co., into the Utah. Light & Ry. Co. The latter company waK consolidated with tbe Salt Lake Light & Traction Co., into the Utah Light & Traction Co., and the gas and electric properties were- leased for 99 years to the Utah Power & Light Co. All of the stock of the Utah Light & Traction Co. is owned by the Utah Power &. Light Co., a subsidiary of the Utah Securi- ties Co., which' is a subsidiary of the Electric- Bond & Share Co. Secured by mortgage upon entire property formerly owned by the company comprising' practically all the electric lighting and alt the street railway business of Salt Lake City, and electric lighting, power and gas business- in Ogden. Franchise extends to 1955. Prior I/iens — $744,000 1st 5s due 1930. Underlies — Utah Lt. & Ry. Cons. 5s duo 1934, and Utah Lt. & Trac. 1st & Kef. Mtge. of 1944, a sufficient amount of which are re- served to retire this issue. Years ended Dec. 31 (U. L. & T. Co.): Gross. Net. Interests 1920 $2,069,483 $981,948 '$969,147 1919 1,865,281 992,517 •963,162" 1918 1,602,000 823,544 840,412. 1917 1,697,316 840,266 808,84.4 1916 1,466,081 867,384 859,740 •Includes depreciation. Original Market — Offered in 1912 by Law- rence Barnum & Co., New Tork, at 83^ and interest. Market. Nciv Y'ork — B. & C. Randolph, Fred H. Hatch & Co., Carruthers, Pell & Co., H. G. Spiller & Co., Hanson & Hanson. Boston — F. B. Bassett & Co., Chas. A.. Day & Co. Salt lake City — ^Palmer Bond & Mtge. Co.. Price Range 1930 Bid. Ask. 1920 72% May 75 Jam. 1919 63 June 70 Oct. Bid. Ask. High 95V4 '16 96 '16 75 June 85 Oct. Low 73 '20 74 '20 73 Aug. 74 Feb. UTAH LIGHT & RAILWAY CO. Cons. 58. Due Jan. 2, 1934. Dated Jan. 2, 1904. Interest payable Jan. and July 2, at Equitable Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage. Outstanding $486,000' Pledged under Utah Lt. Si Trac. 1st Si Ref 999,000' Denomination — Coupon, $1,000. Registerable- as to principal. Trustee — Equitable Trust Co., New Tork. Redeemable on any interest date at par and interest. Control — Incorporated in Utah in 1904 a» 87 -a consolidation of the Utah Power Co., Utah Lt. & Power Co. and Consolidated Ry. & Power Co. Merged into the Utah Lt. & Trac. -CfO., a subsidiary of the Utah Power & Lt. Co., Secured by a mortgage on 125 miles of elec- tric railway track in and around Salt Lake City, Utah, on plants supplying electricity to Salt Lake City and Ogden and gas to Ogden, Population, 1910. Salt Lake City, 92,777; Ogden, 25.580. Franchise expires, in 1955. Prior liiens — $744,000 Utah Lt. & Power 1st 5s, due 1930, $1,113,000 Cons. 44s. due 1930, and $1,440,000 Consolidated Ry. & Power 1st -■Bs. due 1921. Underlies — Utah Light & Trac. Co. 1st & 'Ret. Mtge. of 1944. A sufficient amount of »whxch are reserved to retire this issue. Earnings — See Utah Light & Power Co., •Cons. 49. Market. New York— Fred H. Hatch & Co., Car- ruthers, Pell & Co., Pynclion & Co. Salt Lalce City — Palmer Bond & Mortgage Co. . Price Rans:o 11*20 — Bid 63; Ask 82. tITAH POWER & LIGHT CO. 1st 5s. Due Feb. 1, 1944. Dated Feb. 2. 1914. Interest payable Feb. and Aug. 1, in New York. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized $100,000,000 ■Outstanding (Feb. 1, '21)... 23,691,000 Fledged under 1st Lien & Gen. Mtge 1,156.000 Retired by S. F None. Keserved for Ext 75,153,000 Denomination — Coupon, $1,000. Registerable aa to principal. Trustee — Guaranty Trust Co., New, York. Redeemable at 105 and interest on any in- terest date on or after Feb. 1, 1919. Sinking Fund — ^Annually 1% of bonds out- standing 1916-18, 2% 1919-33 and 2%% 1934- 1943, to be used to retire bonds or for per- manent improvements, extensions or additions for which bonds otherwise could have been issued. Organization and Control — Incorporated in 1912 under the laws of Maine and owns all the securities of the "Western Colorado Power Co. All second preferred and common stock is owned by the Utah Securities Corportaion and deposited under its 6% notes. Capitalization. Outstanding. Common ' $30,000,000 Preferred (7% cum.) 8,450,000 2d pref. C7% cum.) 4,937,000 Funded debt 24,847,000 Management — Electric Bo^d & Share Co. Secured by first mortgage upon entire prop- «rty of company, located in Utah and Idaho, and through pledge of all its bonds and stocks by first lien on all property of West- ern Colorado Power Company, located in Col- ■crado, including hydro electric developments ■vrith a pre sent rated capacity of 116,507 k. w. ; steam stations of 25,565 k. w. ; 1,789 •miles of high tension transmission and 1,179 miles of distributing lines, water rights, etc. Company and its subsidiary serve substantial- ly without competition electric current to 30 -cities and towns in Utah, southeastern Idaho and southwestern Colorado, having an aggre- gate population of 225.000. Franchises expire 'as follows; Salt Lake City, 1955: Ogden, 1965; Prove, 1940: Logan, 1936; Bingham. 1953; Lelu. 1962, and in Preston, 1956. Oth:r ■franchises expire at various dates. Underlies — 1st Lien & Gen. Mtge. 13 Years ended Dec 31: Gross. Net. Int., etc. *1919 $5,655,960 $2,899,027 $1,668,820 ♦1918 5.574,805 3,088,723 1,710,025 *1917 5.182,517 2,744,924 1.539,027 ♦Includes "Western Coltirado Power Co. op- erations. Listed on the New York Stock Exchange. Original Market — $10,000,000 offered in Feb. 1914, by Harris, Forbes & Co., New York, at 95 and interest; $1,000,000 offered by the same firm in Feb., 1915, at 92 and interest. $500,000 offered June, 1918, by Harris, Forbes & Co., at 83 and interest; $2,847,000 offered December, 1918, by Harris, Forbes & Co., New York and Boston, and Harris Trust & Savings Bank, Chicago, at 89^/^ and in- terest. Market. New York — Ames, Emerich &- Co., Bab- cock, Rusliton & Co., Hodenpyl, Hardy & Co., Earle A. Miller & Co., Rauscher & Mackay, Gilbert J. Postley & Co., Carru- thers, Pell & Co., John Nickerson, Jr. Boston — L. Sherman Adams, Coffin & Burr, Moors & Cabot, Arthur Perry & Co. Philadelphia — McCown & Co. Salt Lake City — Palmer Bond & Mortgage Co. Milwaukee — Ames, Emerich & Co., F. A. Bartlett Co. Price Range — V. T. S. E. Jan. 1, '17, to Jan. 1, '21 1930 High 96^2 Jan. 30, '17 85% Jan. 12 Low. 70% Aug. 12, '20 70% Aug. 12 UTAH POWER & IIGHT CO. 1st Lien & Gen. Series "A" and "B" 7s. Interest Dated Due Payable A... May 1,1920 May 1, 1925 M. & N. B. . . Jan. 1, 1941 Jan. 1, 1941 J. & J. Tax Statns — 2% Federal Income Tax paid by the company without deduction. (The company does not assume tax for Series "A".) Anthorized Unlimited. Ontstanding (Jan. 1, '21) A., $656,000 B 500,000 $1,156,000 Provisions of Issne — ^Additional bonds issu- able for extensions, etc., under certain mort- gage restrictions. Denomination — Coupon, $1,000. Register- able as to principal. ' Tmstee — Guaranty. Trust Company, New York. Redeemable on four weeks' notice in blocks of $250,000 as follows: Series "A" at 102 and interest, including May 1, 1922, at 101 ajid Interest, thereafter to and including May 1, 1922, and lOQi^ and interest thereafter; Series "B" at 107% to and including Jan. 1, at 105 thereafter to and including Jan. 1, 1931, and at a premium of % of 1% less each year thereafter. Organization — See 1st 5s. Secured by a general mortgage on all the property of the company and additionally se- cured by pledge of an equal amount par value of 1st 5s, due 1944. Prior Liens — Outstanding. 1st 5^. 1944 $23,691,000 Earnings — See 1st 5s. Original Market — $656,000 Series "A" of- fered May, 1920, by Harris, Forbes & Co., New York: Harris, Forbes & Co., Inc., Bos- ton, and Harris Trust & Savings Bank, Chl- casro, at 96 and interest. $500,000 Series "B" offered Feb. 1. 1921, by same firms at 97 and interest. !^tarlcet New York — Hannahs, Ballin & Lee, Car- ruthers. Pii-ll & Co. Boston — Coffin & Burr, Moors & .Cabot, Clias. A. Bay & Go." Price Range 1980— Ask 96, 92. UTAH SECURITIES CORP. 10-Year 6% Notes. Due Sept. 15, 1922. Dated Sept. 14, 1912. Interest payable Mar. 15 and Sept. 16, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $30,000,000 Outstanding 8,272,000 Retired by S. F 19,618.000 Reserved for Coit). Pui-poses. 2,210,000 Denomination — Coupon, $600 and $1,000. Re&isterable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 101 and interest on two weeks' notice. Sinking Fund — Proceeds from sales of col- lateral to be applied to the purchase or re- demption of these notes at not exceeding 101 and interest. Organization — Incorporated in Virginia in 1912 and controls the Utah Power & Light Co. and its subsidiary, the "Western Colorado Power Co, Also controls the Utah Light & Traction Co. Capitalization. Outstanding. Common $30,775,~10(> Funded debt 8,272.000 Management — ^Electric Bond & Share Co. Secured by pledge of securities of the* Utah Power & Light Co and all others purchased with proceeds of these notes. If any pledged securities are sold," money received must be applied to the retirement of these notes. Years ended Dec 31 (subsidiaries): Gross. Net. 1919 $7,330,952 $3,771,039 1918 6,993,227 3,750,185 1917 6,586,592 3,498,366 Original Market — First offered In Oct., 1912, by Hayden, Stone & Co., New York and Bos- ton, and the Electric Bond & Share Co., New York. Market. New York — Babcock, Rushton & Co., Elec- tric Bond & Share Co., Sam'l Goldschmidt, T. Hall Keyes & Co., Martin, Berwin & Co., Earle A. Miller & Co., Seasongood, Haas & Macdonald, G. R. McAllister & Co., Mann, Pell & Peake, Berdell Bros., Chas. E. Doyle & Co., Garruthers, Pell & Co., Bull & Eld- redge, F. S. Moseley & Co., Bauer, Starr & Co., Gilbert J. Postley & Co. Boston — L. Sherman Adams, Moors Cabot. _ -.. . „■ ,-, Pliiladelphia — Henry D. Boenning & Co., McGown & Co. , . ,, .. Salt Lake City — Palmer Bond & Mortgage Co. Price Range. '15, to Jan. 1, '21 1980 Bid. Ask Bid. Ask. 98 '16 98% '16 87 Oct. 88 Feb. 77 '15 79 '15 78 Dec. 80 Dec. & Jan. 1, High Low. CTICA & BLACK RITBR RAILROAD CO. 1st 4s. Due July 1, 1922. Dated May 1, 1890. Interest payable Jan. and July 1, at Grand Central Terminal, New Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized Closed mortgage Outstanding • • • ■ $1,960,000 Denomination— Coupon, $1,000. Register- able as to principal, „ . „ Tvr,.„ Xmstee— Central Union Trust Co.. New "Guaranteed as to principal and Interest by the Rome, "Watertown & Ogdensburg K. R. Co.- by endorsement. Assumed by the New York Central R. R- Co. Control — Incorporated in New York in 1886 and property formerly leased in perpetuity to the Rome, "Watertown & Ogdensburg R. R. Co. Merged into the N. Y. Cent., & Hudson River R. B. Co in 1913. The lat- ter company was merged into the New .York: Central R. R. Co in December, 1914. Secured by a first mortgage on 150.1T miles of road from Utica to Ogdensbure. N. Y., and branch to Clayton. N. Y. Underlies — N. Y. C. & H. R. R. Mtge. 3^48^ Cons. 4s Debentures and Ref. & Imp. 4%s,- which provide for the retirement of this- issue. ' Leglal for savings banks in Cal-^ Connf,- Me., Mass., Mich., Minn., Mo., N. H,, Ni J., N. Y., B. I, "Vt. and "Wis. , , Listed on the New York Stock Bxohanse- Market. New York — Simon Borg & Co., Hart^orne- & Battelle, R. "W. Pressprich & Co., Prince & "Whitely, Redmond & Co., Remiok, Hodges- & Co., Raymond M. Smith, Taylor, Smith i& Hard, Vilas & Hickey, Carruthers, Pelli&.Cn_ Price Range— N. Y. S. E. ' Jan. 1, '06, to Jan. 1, '21 19S0 High 104 July 24, '06 93% Nov. 11' Low. 92 Apr. 13, '18 92% Nov. 12 ' UTICA & MOHAWK VALLEY RAILWAY CO. Mtge. 4%s. Due Sept. 1, 1941. Dated Sept. 1, 1901. Interest payable Maf. and Sept. 1, at Harris, Forbes & Co.,' New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. , Authorized Closed mortgage Outstanding $2,268,000 Denomination — Coupon, $1,000. Register- able as to principal. ' - ; Trustee — New York Trust Co., N. Y. Assumed by the New York State Rys. Control — Merged with the New York State- Rys. Co., Oct., 1912. The latter company- is controlled by the New York Central R. R. Co. Secured by a first mortgage on 80.34 miles of single track electric railway from Utica to Uion, from the suburbs of Utica to Rome and from New Hartford to Clinton, N. Y.; also a lien, subject to prior liens on about 9 miles of track in Utica and suburbs; 15.48 miles of single track between Herkimer and Little Falls: 10.10 miles of single track connecting Herkimer, Mohawk, Ilion and Frankfort, and on 15.41 miles of leaseholds.- Prior Liens — $150,000 Herkimer, Mohawk: Ilion and Frankfort Electric Ry. Co 1st 6m- due Jan. 1, 1926; $600,000 Utica Belt Lino SSt. R. R. 1st 6s of 1939, and $39,000 Utlck- Belt Line Co 2nd 6s of 1931. Underlies — New York State Rys 1st Conft. 4%s of 1962, which provides to retire thia^ issue and prior liens. Earnings — See New York State Rys. Original Market — $1,400,000 offered in DecJ, 1901, at 101 and interest by N. "W. Harrls- & Co., New York, Boston and Chicago, anA' Perry, Coffin & Burr, Boston. Market. New York — t"'red H. Hatch & Co., Carm- thers. Pell & Co., Gilbert J. Postley & Co.» Hartshorne & Battelle. Boston — L. Sherman Adams. Utica — The Douglass M. Ross Co. Price Range. '09, to Jan. 1, '21 1980 Bid. Ask. Bid. Aefe 97 '14 101 '09 70 Jan. 80 Jan. 54 '19 70 '20 70 Dee^ Jan. 1, High Low. UTICA BELT LINE RAILROAD 1st 5s. Due Nov. 1, 1939. Dated Nov. 1, 1889. Interest payable May and Nov. 1, at New York Trust Co. , New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstandinsr $500,000 Denomination — Coupon, $1,00 0. tTrustee — New York Trust Co., N. Y. Assumed by the New York State Rys. Control — Absorbed by New York State Rys., which is controlled througrh stock ownership by New York Central R. R. Co. Secured by a first mortgage on 9 miles of street railway in Utica, N, Y. , formerly be- longing: to the Utica Belt Line R. R. Co. Underlies — $39,000 2d 5s; Utica & Mohawk Valley Ry. 4^s and New York State Rys. 1st Cons. 4i^s. Earnings — See New York State Rys. 1st Cons. 4%s. Market. New York — W. D. Lyon & Co.. R. C. Mayer & Co. , Foster & Adams Burgess, Lang & Co., J. Davenport, Jacob Zeller. Boston — F. "W. Mason & Co., Burgess, Lang & Co., Arthur Perry & Co. Utica — A. James Eckert, W. D. Lyon & 'Co., Burr L. Tibbits. Price Range. J^au, 1, '11, to Jan. 1, '31 1920 Bid. Ask. .High 106 '17 110^ '11 Not -Low. 85 '18 931/2 '18 Available. UTICA, CLINTON & BINGHAMTON RAIL- ROAD 1st 5s. Due July 1, 1939. Dated July 1, 1889. Interest payable Jan. -and July 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid 'by company without deduction. Authorized and Outstanding $800,000 Denomination — Coupon, $1,000. Trustee — New York Trust Co., N. Y. Guaranteed principal and interest by Del- -aware & Hudson Co. Organization and Control — Incorporated in TTew York in 1868. The steam railroad prop- erty is leased in perpetuity to the Delaware -& Hudson Co at rental of $61,500 per annum, and sublet to New York, Ontario & "We^ern Ry. Co. The electric line is leased to the New York State Rys. for $15,000 per an- num, to 1985. Capitalization. Outstanding. -Common $649,224 Debenture stock 200,1000 -Funded debt 800,000 Secured by a first mortgage on 31 miles ■of steam railroad from Utica to Randalls- ville, N. Y., and on 10 miles of electric rail- way. liegral for saving-s banks in Cal., Mich., JMinn., N. H., N. J. and Ore. Market. New York — Remicl^, Hodges & Co., Ray- Jtnond M. Smith, Wolff & Stanley, Vilas & IHickey, Hartshorne & Battelle. Fi'ice Range. Jan. 1, *10, to Jan. 1, '21 1930 Bid. Afli. Bid. Ask. High 115 '10 87 Oct. 90^^ Low. 80 '19 100 '17 80 Jan UTICA ELECTRIC LIGHT & POWER CO. Ist 5s. Due Jan. 1, 1950. Dated Dec. 15, 1899. Interest payable Jan. and July 1, at Eauitable Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without tieduction. Authorized $1,000,000 Outstanding (Jan. 1, '21) 770,000 Retired by S. F 230,000 Trustee — Equitable Trust Co., New York. Sinking Fund — Annually beginning Jan. 1, 1905, a sum equal to 1% of the original issue of bonds for their purchase at a price satisfactory to the Trustee and the Company. Control — In 1902 the Utica Gas & Electric Co. was organized as a consolidation of this company and the Equitable Gas & Electric Co. of Utica, Secured by a mortgage on plants supply- ing gas and electricity to Utica, N. Y., and vicinity. For description of property, etc., see Ref. & Ext. 5s below. , Underlies — Utica Gas & Elec. Ref. & Ext. 5s of 1957 and Gen. 7%s of 1925. Earnings — See U. G. & E. Co. Ref. & Ext. 5s. Listed on the New York Stock Exchange. Market. New York — Hartshorne & Battelle, Fred H. Hatch & Co., Hodenpyl, Hardy & Co., Alfred F. Ingold & Co., Earie A. Miller & Co., Berdell Bros., G. R. McAllister & Co. Utica^— Mohawk "Valley Investment Corp., The Douglass M. Ross Co. Price Range— N. Y. S. E. Jan. 1, *16, to Jan. 1, '2X 1920 High 103 Apr. 16, '17 95 Mar. 3 Low. 93yo Aug. 17, '16 95 Mar. 3 390,000 Register- Co., New UTICA GAS & ELECTRIC COMPANY Ref. & Ext. 50-Year 5s. Due July 1, 1957. Dated July 1, 1907. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. AuthoHzed 55,000,000 Outstanding: (Jan. 1, '21) 4,610,000 Reserved to retire Herkimer County lit . & Power 5s .... . Denomination — Coupon, $1,000. able as to principal. Trustee — Central Union Trust York. Sinking Fund — Beginning Jan. 1, 1927, and annually thereafter, 1% of outstanding bonds to be paid to the Trustee for the retirement of these bonds. Organization — Incorporated in New York in 1902 and is a consolidation of the Utica Elec. Lt. & Power Co., Equitable Gas & Elec. Co. of Utica and Herkimer Co. Lt. & Power Co. Capitalization. Outstanding. Common < §4,000,000 Funded debt 8,770,000 Secured by mortgage upon ^entire property of company, including three gas plants, eight gas holders, four hydro-electric and three steam electric generating plants, eight sub- stations, 2 4 miles of gas transmission pipe lines and 246 miles of electric transmission and distribution lines. Company does all the gas business in Utica, Little Falls, Whitea- boro, Yorkville, New York Mills, New Hart- ford, Deerfield, Herkimer, Mohawk. Ilion and Frankfort; all the electric business in Utica, New York Mills, New Hartford, Deerfield, Dol^ville, Little Falls, Whitesboro, Yorkville, Booneveld, "Washington Mills, Willowvale and Chadwick and all the commercial lighting in Oriskany. Franchises are unimited as to time except Dolgeville, which expires in 1927. Prior liens — $770,000 Utica El. Lt. & Power 1st 5s of 1950; $1,000,000 Equitable Gas & El. Co. of Utica 1st 5s of 1942; and $390,- 000 Herkimer County Light & Power Co. 1st 53 of 1930. Underlies — $2,000,000 Gen. 7%s of 1925. Years ended Dec. 31: Gross. Net. Interest. 1919 $2,268,439 $677,325 $446,592 1918 2,3 32,949 608,330 322,485 1917 2.054.328 792,158 300,836 1916 1,750,330 838,187 305^407 liisted on the New Tork Stock Bxchanse. Original Market — $1,000,000 ofCered in Mar.. 1908, at 92^^ and interest, by N. W. Harris & Co., New Tork. and Perry, Coffin & Burr, Boston, $500,000 offered by A. B. Leach & Co. and Kean, Taylor & Co., New York, In May, 1914, at 98 and interest. $1,260,000 offered by Harris. Forbes & Co., New York, June, 1918, at 89% and interest. Market. NeAv York— Wm. M. Clark, Fred H. Hatch & Co.. Hodenpyl. Hardy & Co., Earle A. Miller & Co., Vanderhoef & Robinson, Rau- scher & Mackay, G. R. McAllister & Co.. Berdell Bros., Carruthers, Pell & Co., Gil- bert J. Postley. Boston — I.. Sherman Adams, Coffin & Burr, Arthur Perry & Co. Utica — Mohawk Valley Investment Corp., The Douglass M. Ross Co. iPrice Range — N. Y. S. E. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. High 101% Dec. 30, '11 82 Feb. 88% Jan. Low. 87 Nov. 22, '19 70 July 72 July UTICA GAS & EIvEOTRIC CO. E^-Year Gen. 7*/^s, Series "A." Due Mar. 1, 1935. Bated Mar. 1, 1920. Interest payable Mar. 1 and Sept. 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized Open mortgage. Outstanding $2,000,000 Provisions of Issue — The authorized issue of bonds under this mortgage is not limited in amount, and addi- tional bonds may be issued under the inden- ture in series bearing such maturities and rates of interest as the Board of Directors of the company may determine, providing that so long as any Series ' 'A* * bonds are out- standing, earlier maturing series may not be issued to a face amount aggregating more than 25% of the aggregate of the Series "A" bonds then outstanding. The trust indenture provides that additional mortgage bonds may only be issued from time to time for the fol- lowing purposes: Bonds may be issued to a face amount not exceeding 80% of the actual cost or fair value {whichever is less) of acquisitions of new or additional property or permanent betterments, extensions, improvements or additions to the property' of the company subsequent to Septem- ber 1, 1919, provided that the net earnings for twelve consecutive months within the fif- teen months immediately preceding the issu- ance of any additional bonds, except for ex- change for underlying bonds, shall have been at least equal to 10% of the face amount of bonds outstanding, including all underlying bonds, and including those proposed to be is- sued, and also shall have been equal to at least one and three-fourths times the annual interest charge on all bonds outstanding, in- cluding underlying bonds and including those proposed to be issued. Bonds may be Issued at the rate of par for par for the retirement of underlying bonds. Purpose of Issue — The proceeds of the pres- ent issue of bonds will be used t(f reimburse the company in part for expenditures made for additions and extensions to its property which have been largely incurred in the construc- tion of the new 12,800 k. w. extension to the hydro-electric plant at Trenton Palls. Denomination — Coupon. $500 and $1,000; registerable as to principal. Trustee — Central Union Trust Company. New York. Redeemable on any interest date on six weeks' notice in blocks of not less than S200,- 000 at 103 and interest on or prior to Mar. 1, 1922; at 102 and interest thereafter to and in- cluding Mar. 1, 1924. and at 101 and interest thereafter. Maintenance and Improvement Ennd — The trust indenture provides for a maintenance and improvement fund of not less than 12 % of the gross operating revenues .of the company for each year. Convertible — The Series "A" bonds may be converted on any interest date to and includ- ing maturity or redemption date, into a like amount par value of Series "B" 15-Year 7% bonds secured by the same mortgage and bear- ing the same date as the Series "A" bonds. The "B" bonds will not be callable for the first five years, will be callable during the sixth year at 105 and interest, and thereafter at a premium of % % for each year or fraction thereof intervening between the redemption date and maturity. Organization — See Ref. & Ext. 5s. Secured by a general mortgage upon all of . the property of the company. For details of property see Ref. & Ext. Bs. Prior liiens — Outstanding. Bef. & Ext. 5s, 1957 *$4, 610,000 •Divisional bonds, due 1930, 1942 and 1949 t2,160,000 tThere are also $230,000 additional of these bonds held alive in sinking funds. Earnings- — See Ref. & Ext. 6s. Original Market — $1,700,000, Series "A," offered by Harris. Forbes & Co.. New York; Harris, Forbes & Co., Inc., Boston, and Har- ris Trust & Savings Bank, Chicago, at 98 and interest. Market. New York — Earle A. Miller & Co., Rau- sclier, Mackay & Co., Jacob Zeller. Boston — Coffin & Burr. Utica — Mohawk Valley Investment Corp. Price Rangre 1920 — Bid 95; Ask 98. 1391 VACUUM OIL CO. 15-Year 7s. Due April 1, 1936. Dated April 1, 1921. Interest payable April 1 and Oct. 1, at Equitable Trust Co., New York. Tax; Status — Payment of Federal Income Tax not assumed, by the company. Penn- sylvania State Tax refunded. Authorized , . . .$20,000,000 Outstanclmg: 20,000,000 Pui-pose of Issue — To provide for the re- duction of outstanding: bank loans and to increase working capital. Denomination — Coupon, $1,000 and ?500 registerable as to principal. Tiiistee — Equitable Trust Co., New Tork. Kedeeuiable on and after April 1, 1926, as a -whole or in lots of not less than $5, 000,000 on any interest date on 30 days' notice, at 104 and interest in 1926 and. .at a premium of ^ of 1% less for each year to and including Oct. 1, 1931, and at 101 and interest thereafter. Sinking: Fund — Quarterly beginning July 1, 1921, $125,000, to be applied to the pur- chase of these bonds, If obtainable, at not exceeding par and interest. Bonds so ac- quired to be cancelled. To the extent that any installments cannot be so used by the end of the quarterly period, the unexpended balance shall revert to the company and be credited as part payment of the next quar- terly installment. Orgaxuzation — Incorporated in New Tork in 1866. The company is engaged in re- fining of petroleum and the marketing of its products both in the United States and in foreign countries. The company owns and operates in the United States refin- eries at Olean, N. Y., and Paulsboro, N. J., having a combined capacity of approxi- mately 18,000 barrels per daly of crude petroleum. It owns and operates compound- ing and finishing plants at Bayonne, N. J., and Rochester, N. Y. The company owns its own fleet of tankers. In 1920 the out- put of the United States plants aggregated l,944,0ff0 barrels of lubricants and 2,630.000 barrels of illuminating oils, gasoline and fuel and gas oils. The company specializes in the manufac- ture of high-grade lubricants for every class of machinery. CEtpitali^ation. Outstanding. Common $15,000,000 Funded debt 20,000,000 Security — A direct obligation of th-e com- paiiy but not secured by a mortgage. Un- der the provisions of the indenture the com- pany covenants as follows: No subsequent funded obligations can be issued w^hich will have priority as to pres- ent assets over these bonds, and the total funded debt shall never be permitted to ex- ceed 50% of the company's net assets. Net current assets as defined in the in- denture will at all times be m.aintained at an amount at least equal to 150% of the aggregate principal amount of all funded debts outstanding. Tears ended Dec. 31: Net. •1920 $8,250,000 1919 8,912,777 tl918 5,142,374 1917 11,942,318 ♦One branch estimated. tAfter deducting extraordinary deprecia- tion due to wartime construction costs and entire investment in Russia aggregating $5,710,746. Origrinal Market — $20,000,000; offered March, 1921, by the National City Company, The Equitable Trust Company of New York Blair & Co., Inc., and Dillon, Read & Co., at 100 and Interest. Market. New York — Morton Lachenbruch & Co.,. Montgomery & Co., Salomon Bros. & Hutz- ler, Alfred L. Bache & Son, Dillon, Read & Co., Moore, Leonard & Lynch. Philadelphia — Parsly Bros. & Co., Samuel McCreery & Co., McCown & Co. VAI.LEY COUNTIES POWER CO. (THE) 1st 58. Due May 1, 1930." Dated May 1, 1902; Interest payable May and Nov, 1, at Mercantile Trust Co., San Francisco, and at U. S, Mortgage & Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction, when interest is paid to resident, individuals or partner- ships. . When interest is paid to resident cor- porations the company will not pay any part of the Income Tax. Authorized $2,500,000 Outstanding (Jan. 1, '21) 1,700,000 Held in S. F 800,000 Denomination — Coupon, $1,000. Trustee — Mercantile Trust Co., San Fran- cisco. Sinking Fund — 1 % of bonds outstanding,, annually, Nov. 1. 2%, 1915 to 1919; 2%%, 1920 to 1924, and 3% thereafter. Control — Absorbed by the Pac. Gas & El- Co. Secured by a first mortgage on all the prop- erty formerly belonging to this company. Underlies — California Gas & Electric Corp, Unlf. & Ref. 6s of 1937 and Gen. & Coll. Tr.. Bs of 1933 and Pacific Gas & Electric Co. Gen. & Ref. Mtge. and 1st & Ref, Mtge. Bonds are reserved under the latter mort- gage to retire this issue. Earnings — See Pacific Gas & Electric Co. Legal for savings banks in California. Listed on the San Francisco Stock and Bond Exchange. Market. New York — Sutro Bros. & Co., McDonnell & Co., John Nickerson, Jr. Los Angeles — Frank & Lewis, Cahn, Mc- Cabe & Co. San Francisco — Sutro & Co. Price Range. Jan. 1, *17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103% '17 103% '17 90 Nov. 92 Nov. Low. 86 '20 89 '20 86 Sept. 89 Sept. VALLEY MOULD & IRON CORPORATION Purchase Money 1st 7s. Due each Jan. 1, as follows: §100,000, 1931 to 1933» In- clusive; $75,000, 1924 to 19»9, inclusive. Dated Jan. 1, 1919. Interest payable .Tan. 1 and July 1, at First Trust & Savings Co., Cleveland. Tax Status— Payment of Federal Income Tax not assumed by company. Authorized $760,000 Outstanding (Feb. 1, '21) 650,000 Hnlance retired. Purpose of Issue — Issued in part payment for the purchase of property from the Mar- shall Foundry Co. Denomination — Coupon, $1,000, Trustee — ^First Trust & Savings Co., Cleve- land. Redeemable at 102 and Interest on any In- terest date. Organization — Incorporated In New York In 1917 to acquire the property of the Valley Mould & Iron Co.. Sharpsville, Pa. The com- pany has foundries at Sharpsville and West Middlesex, Pa., and a blast furnace at Sharpsville, all on land owned in fee. ' The Brlncipal buslnesa of the company Is the mak- 1°^ °5 ^^°' "i°"Ws. which are used to form the steel ingot from liauid steel, and the mak- ine of stools on which the moulds are set. The company has contracts with blast fur- naces by which it is supplied with molten metl. and contracts with steel plants for the supply of their moulds. Capitalization. Outstanding. Common (no par) 100,000 shs. Preferred (7% cum.) $2,000,000 Funded debt 2,150,'000 secured by a first mortgage on the property acquired from the Marshall Foundry Co. con- sisting of a leased foundry in Pittsburgh, Pa., and a foundry in Black Lick, Pa., the prop- erty at Black Lick containing about 19% acres. Tears ended Dec. 31: Net. Int., etc. }S?0 $762,274 $408,919 "19 351,347 265,578 1918 1,860,576 304,493 Original Market — $600,000 offered March, 1919, by the First National Bank and Otis & Co.. Cleveland, on a 7%% basis. Market. New York — Chas. B. Doyle & Co., Fitz- gerald & Harte, Merrill, Lynch & Co. Cleveland — Otis & Co. Price Rangre 1920 — Bid 90; Ask 100. VAN CAMP PACKING COMPANY, INC., (The) «0-Year 1st S. F. 8s. Due April 1, 1941. Dated April 1, 1921. Interest payable April 1 and Oct. 1 in New York, Chicago or Indianapolis. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $6,000,000 Outstanding 3,000,000 Reserved for Extensions 3,000,000 Issuance Bestrietions — Additional bonds may only be issued for not exceeding in par value 50% of additions or improvements to the fixed property (to be taken at actual cost less depreciation) provided the average net earnings, after depreciation, for 36 con- secutive months out of the preceding 40 months shall have been at least 2i^ times the annual Interest on all outstanding bonds Including those proposed to be issued, and provided that after such issue the excess of quick assets, including the company's equity In the net quick assets of the Van Camp Products Company, over all liabilities ex- cept these bonds shall be at least 50% of all bonds outstanding. Purpose of Issue — To provide additional ■working capital. Denominations — Coupon, $100, $500 and $1,000; registerable as to principal. Trustee — Indiana Trust Co., Indianapolis. Redeemable as a whole or in part for Sinking Fund on 40 days' notice at 107% and interest. Sinldng Fund — Semi-annual payments, be- ginning Oct. 1, 1923, of 3% each year of the total amount of bonds at any time issued. Payments to be made either in cash or in bonds purchased by the company, such bonds to be taken at cost to the company not exceeding the call price. Cash payments are to be. applied to the purchase or redemp- tion of these bonds at not exceeding 107% and interest. Bonds acquired are to be kept alive and interest added to this fund. Organization — Incorporated in Virginia in 1921 and has taken over the property and business of the Van Camp Packing Com- pany and the Louisville Food Products Company. Also acquired SS% of the stock of the Van Camp Products Company. The distribution of the new company's products is conducted through a selling agency con- tract with its subsidiary, the Van Camp 1393 Products Company. The Van Camp Com- panies do a large business in ijianufactur- ing and distributing various staple food and vegetable products, evaporated milk, pork and beans, soups, catsups, spaghetti, chili sauce, chocolate, peanut butter, hominy, lard compound, soaps and refined salad and cooking oils. Capitalization. Outstanding. Common (no par) 60,000 shs. Preferred ('$6,394,600 Funded debt 3,000,000 •Includes $1,664,600 preferred stock of the Van Camp Products Company in hands of public. Secm-ed by a mortgage on all the fixed assets of the company, including lands, buildings, macTiinery and equipment and also its formulas, trademarks, brands and good will and further secured by the pledge of 99% of the common stock of the Van Camp Products Company, the merchandising" organization. The company owns and operates fourteen plants, of which the most important are located in Indianapolis and Louisville. Branch plants for the canning of vegetables and the evaporation of milk are loacted at Crawfordsville, Plainfield and Elwood, Indi- ana; Algoma, Sawyer and Watertown, Wis- consin; Adrian, Michigan, and Bryan and Wauseon, Ohio. The Louisville plants, 'for- merly owned by the Louisville Food Prod- ucts Company, manufacture principally lard compounds, edible oils and soaps. Original Market — $3,000,000, offered June, 1921, by E. H. Rollins & Sons, Boston, etc., at 99 and interest. VAN SAVEBINGEN CO. (The) 1st Mtge. & Coll. Tr. 76. Dae serially as follows: $300,000 each Sept. 1, from 1920 to 1984, Inclusive, and $1,250,000 on Sept. 1, Dated Sept. 1, 1919. Interest payable quarterly March 1, June 1, Sept. 1 and Dec. 1, at, The First Trust & Savings Bank. Cleveland, Ohio. Tax Status — 2% Federal Income Tax paid by the company without deduction Authorized $2,760,000 Outstandmg (Jan. 1, '21) 2,450 000 Balance retired. Purpose of Issue — To consolidate all of the bonded indebtedness of the company Denominations— Coupon, $1,000 anrl $500 Coupons of $100 in 1925 maturity only Trustees— First Trust & Savings Bank, Cleveland, Ohio. Redeemable at 101 and interest on any interest date. Organization — Incorporated in Ohio Feb. 13, 1913, as a realty company and acquired land at Shaker Heights, Cleveland, Ohio. Secured by pledge of a first mortgage of $449,736 on land valued at $1,649,360, and land contracts of $2,253,208, based on con- tracts amounting to $2. 679. 460.- Further secured by pledge of all the securities of the Cleveland Interurban H. R. Co of an aggregate face value of $1,775,000. Original Market — Offered Oct., 1920 by Tillotson & Wolcott Co., Cleveland, Ohio, at a price to yield 8%%. Due Jolsr 1, VANDAtlA COAL CO. Ist 6s. 1B30. Dated July 1, 1906. Interest payable Jan. and July 1, at Union Trust Co., Pittsburgh Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $3,000,000 Outstanding 2,025,000 Retired by S. F 8,604,000 Purchased and Cancelled 26,600 Denomination — Coupon, $1,000. Trustee — Union Trust Co.. Pittsburgh, Pa. Redeeui^ble 'at 110 and interest on any in- terest date. Siokins Fund — Quarterly payments, Jan. 20, April 20, July 20 and Oct. 20, of a sum equal to 5 cents per ton of ru^-of-^line coal mined from the mortgaged premises during the next preceding three months, with an an- nual minimum payment of $25,000, for the purchase or redemption of these bonds at not over 110 and interest. Bonds acquired are cancelled. Ors:amzation — Incorporated in New Jersey in 1905. Capitalization. Outstatnding. Common $1,575,075 Preferred (6% cum.) 1,356,350 Funded debt 2,960,400 Secured by a first mortgage on 24,000 acres of coal land owned in fee, and leasehold in- terest, 9,000 acres additional, and on 9 operat- ing plants having a capacity of 10,000 tons daily. The properties of the company are lo- cated in Indiana. Underlies — $466,000 2nd 6s of 1938, $469.- 400 Gen. 6s of 1934 Original Market — $3,000,000 offered in 1905 by the Union Trust Co., Pittsburgh, at 106% and interest. Market. New York — Simon Borg- & Co., Watson, Armstrong & Co., Carruthers, Pell & Co. Philadelphia — "Wni. P. Lempley & Co. Pittsburgh — Union Trust Co. of Pitsburg-h. Price Range. Jan. 1, '09, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 79 '17 105 '09 70 Feb. 95 Mar. Low. 70 '19 85 '17 70 Mar VANBALIA RAILBOAD CO. Cons. Series "A" & "B" 4s. Due Series "A," Feb. 1, 1955; Series "B." Nov. 1, 1957. Dated. Series "A," Mar. 16, 1905: Series "B," Nov. 1, 1907. Interest payable Series "A,'" Feb. and Aug. 1; Series "B," May and Nov. 1 at Penna. B. R. Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding A $9,787,000 B 6,477,000 $16,264,000 Retired by 9. F. — A $213,000 B 1,523,000 $1,736,000 Denomination — Coupon, $1,000. Register- able as to principal only, or fully registerable. Registered, $1,000. C. & R. interchangeable. Trustee — Farmers' Loan & Trust Co., New York. Sinking Fund — Annually beginning April, 1910, 1% of the bonds outstanding to be ap- plied to their purchase at not exceeding par. If the bonds cannot be purchased at this price, the funds for that year shall revert to the company. Guaranteed as to Interest by the Pennsyl- vania R. R. Co. under terms of lease. Assumed by the Pittsburgh, Cinclnntal, Chi- cago & St. Louis R. R. Co. (new company). Control — Incorporated in Illinois and In- diana in 1904, and is a consolidation of the Terre Haute & Indianapolis R. B., the St. Louis, Vandalia & Terre Haute R. R., the Terre Haute '& Logansport Ry., the Logana- port & Toledo Ry. and the Indianapolis & Vinoennes R. R. On Jan. 1, 1917, this company and several others were consolidated Into the Pittsburgh, 13 Cincinnati, Chicag'O & St. Louis R- R, Co. The property of the latter company has been leased for 999 years from Jan. 1, 1921, to the Pennsylvania R. R. Co., rental being an annual sum equal to fixed charges, and 4% on the capital stock for the first 5 years and 5 % thereafter. j^ Secured by direct mortgage on 650.79 miles of road owned, 32.49 miles of leaseholds, viz: A first lien on 547.63 miles — 111,-Ind. State Line near Farrington to Bast St. Louis. Ill 157.55 Rockville to South Bend, Ind 159.93 Logansport to Butler. Ind 93.10 Indianapolis to Vincennes, Ind 117.99 Bushrod, Ind., to Coal Mines 19.05 A second lien on 103.17 miles — Covered by the first lien of the Terre Haute & Indianapolis Cons. 1st 5s.. 103..17 Also secured on leasehold interest -of "the company in the road from Terre Haute to Rockville, Ind., 22.49 miles. Prior Liens — $1,899,000 Terre Haute & In- dianapolis 1st 5s of 1925 for the retirement of which bonds of this issue have been reserved. UnderUes — P. C. C. & St. L. R. R. (new) Gen. Mtge. under which bonds are reserved to retire this issue. Legal for savings banks in Cal. , Mo. and Ore. ; also Baltimore Trust Funds. Listed on the New York Stock Exchange; Series "B" on London Stock Exchange. Original Market — $7,000,000 Series "A" offered May, 1905, at 103% and interest by Speyer & Co., New York, and Speyer Bros., London; $5,000,000 Series "B" offered by the same firms April, 1910, at 97% and interest. Market. New York — Simon Borg & Co., Sam'l Gold- schmidt. Hartshorne & Battelle, Chas. W. Place, Seasongood, Haas & Macdonald, Car- ruthers, Pell & Co., Prince & Whitely, Abr- ham & Co. Philadelphia — Henry D. Boenning & Co., Elkins, Morris & Co., Graham, Parsons & Co., Isaac Starr, Jr. & Co. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Series "A." Bid. Ask. High 105 Jan. 12, '06 78%. Jan. SO Oct. Low.. 80 Jan. 22, '18 70 Dec. 78 Jan. Series "B." High 99 Dec. 7, '09 75 Nov. 80 Oct. Low. 80% June 8, '18 75 Nov. 76 Dec. VENTURA COUNTY POWER CO. 1st 6s. Due Nov. 1, 1936. Dated Nov. 1, 1906. Interest payable May and Nov. 1, at Los Angeles Trust & Savings Bank, Los Angeles and Liberty National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding: (Mar. 1, *21) 630,000 Retired by S. P 198,000 Reserved for Prior Liens 17^.000 Deooraination — Coupon, $1,000. Registerable as to principal. .Trustee — Title Insurance & Trust Co., Los Angeles. Redeemable on any Nov. 1 at 101 and In- terest. Sinking Fund — Annually 2% of outstanding bonds. Control — Incorporated in California in 1905 as a consolidation. In Dec, 1917, the physical properties of this company were taken over by the Southern California Edison Co. Secured by a mortgage on plants formerly owned by this company supplying electricity in Ventura County, Ca., and water to Ven- tura. Franchises expire from 1951 on. Underlies — Southern California Edison Co 94 Gen, & Ref. Mtge., under which bonds are re- served to retire this issue. Earnings — See Southern California Edison Co. Legal for savings banks in California. Original Market— Offered in 1906 by Adams Co.. Los Angeles, at 101 and interest. New York— McDonnell & Co., John Nicker- son, Jr. Los Ang-eles— Drake/ Kiley & Thomas, Cohn, McCake & Co., Krank & Lewis. Price Range. Jan. 1, *11, to Jan. 1, '31 1920 Bia. Ask. Bid. Ask. High 100 '11 100 '13 881^ Dec. 91 Sept. Low. S2'20 89-20 82 July 89 July VERA CRUZ & PACIFIC RAILROAD CO. Ist 4%s, Due July 1, 1934. Dated July 1, 1904. Interest payable Jan. and July 1, at office National Rys. of Mexico, New York, or Trustee's office. Default — July 1, 1914, and subsequent inter- est. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .. .$7,000,000 Denomination — Coupon, $1,000. Begiater- able as to pirncipal. Trustee — Safe Deposit & Trust Co., Balti- more, Redeemable prior to July 1. 1924, at 110 and interest and thereafter at pa rand interest. Guaranteed as to principal and interest' by the National Rys. of Mexico. Organization and Control — Incorporated in Mexico in 1898 and reorganized in 1908 as the Vera Cruz & Isthmus R. B., the entire stock of which is owned by the National Bys. of Mexico. Secured by a first mortgage on 263.71 miles of road, viz : Cordoba to Santa Lucretia 202.31 Los Cocos to Tierra Blanca 60.4 Forms, with connections, a through line from the Atlantic to the Pacific. Listed on the New York, London and Am- sterdam Stock Exchanges. Original Market — Offered in 1904, by Speyer & Co., New York. Market. New York — Vanderhoef & Robinspn, F. J. Lisman & Co., "Wolff & Stanley, Alfred F. Ingold & Co., Hartshorne & Battelle. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1930 High 98 Sept. 13, '06 28 Sept. 13 Low. 20 Sept. 7, '20 20 Sept. 7 VERDIGRIS VALLEY, INDEPENDENCE & WESTERN RAILROAD CO. 1st 6s. Due March 1, 1936. Dated Feb. 1, 1886. Interest payable March and Sept. 1, at office of Missouri Pacific R. R. Co., 120 B'way, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $10,000 per mile of completed road. Outstanding $806,000 Denomination — Coupon, $1,000. Trustee — Equitable Trust Co., New York. Control — Incorporated in Kansas in 1885 and in 1891 was merged into the Kansas & Colorado Pac. By., which was merged Into the Missouri Pacific Ry. Co. The latter com- pany was reorganized by foreclosure In 1_917 as the Missouri Pacific R. B. Co, Secured by a first mortgage on 84.52 miles of road from Le Roy to Deering, Kana,, and branch. _ „ , Underlies — Missouri Pacific R. R. Co. (new) 1st & Ref. Mtge., which provides to retire this issue and (new) Gen. 4s of 1975. Listed on the New York Stock Exchange. Market. New York — E. A. Baker & Son, Simon Borg & Co., Sam'l Goldschmidt, Chas. W. Place, Taylor, Smith & Hard, Evans, Still- man & Co., Pynchon & Co., F. J. Lisman & Co., Carruthers, Pell & Co. Price Range — N. Y. Jan. 1, '06, to Jan. 1, '31 High 1071/3 Apr. 13, '06 Low. 80 Apr. 28, '20 S. E. 1930 87 Sept. 7 80 Apr. 28 VERMONT & MASSACHUSETTS RAILROAD CO. Plain Currency SVzs. Due May 1, 1933. Dated May 1, 1903. Interest payable May and Nov. 1, at Fitchburg B. B. Company's office. Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized^ $772, 00^) Outstanding 772,000 Denomination — Coupon and Begistered, $1,- 000. Assumed by the Boston & Maine R. R. Co. Guaranteed principal and interest, by the Fitchburg R. R. Co. under terms of lease, which has been assumed by the Boston & Maine R. B. Organization and Control — Incorporated in Massachusetts in 1894. The company owns 5.9 miles of road from Fitchburg to Green- field, Mass., and branches. Leased for 999 years to the Fitchburg B. B. Co., which was merged in 1919 into the Bos- ton & Maine B. B. Capitalization. Outstanding. Common $3,193,000 Funded debt 772,000 Security — Originally these bonds were not secured by a mortgage. The Boston & Maine Bailroad (new) Mort- gage contains the following provision: "This indenture secures, on equal terms with any other indebtedness secured hereby, all bonds issued by the Vermont & Massachusetts Rail- road Co. now outstanding." The property owned by the company is specifically con- veyed only as a leasehold. Provision, how- e%'er, Is made for refunding these Bonds, together with the debentures equally secured. For details see description of that mortgage. Legal for savings banks in Mass. Market New York — Watson, Armstrong & Co., Carruthers, Pell & Co, Boston — B. L. Day & Co., P. S. Morley & Co. Price Range 1930 — 70 Bid May. VERMONT HYDRO-ELECTRIC CORP. 1st 68, Series "A." Due October 1, 1939. Dated Oct., 1919. Interest payable April 1 and October 1 in New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized Unlimited Outstanding $1,360,000 In Treasury 30,000 Provisions of Issue — Additional bonds may be issued from time to time In series of such aggregate amount and bearing -such dates, in- terest rates, maturity dates, redemption prices, tax provisions and sinking fund pro- visions as the Board of Directors may deter- mine, but at not exceeding 80% of the actual cash cost or fair value of additions and im- provements by the acquisition of additional property, when net earnings are twice the an- nual interest charges on all first mortgage bonds outstanding and those porposed to be issued. Farpose of Issue — The proceeds from the sale of $l,350,0i)0 Series *'A" bonds were used in part payment for the acquistiion of several hydro-electric porperties forming the present system, for the refunding in part of all previous issues of bonds upon the various properties and for other corporate purposes. Denomination — C oupon, $1,000, $500 and $100; interchangeable and registerable as to principal. Trustee — Mercantile Trust Company, New York. Redeemable on any interest date at 101 and interest on 30 days' notice. Sinking and Improvement Fund — The com- pay covenants to establish and maintain a Sinking Fund, as to the bonds constituting Series "A" beginning on the first day of Oc- tober, 1922, and continuing annually there- after to and including the first day of Octo- ber, 1928. equivalent to 1% of the principal amount of all such Series "A" bonds out- standing, to be used for the purchase or re- demption of bonds of this series or for the acquisition of additional property, improve- ments, betterments, etc. Maintenance and Depreciation Fund — Under the terms of the mortgage, the company is re- quired to provide for a maintenance and de- preciation fund beginning in 1920 and con- tinuing annually thereafter, amounting to 8% of the gross earnings. Whenever this fund shall exceed $20,000 it is provided that such excess shall be trans- ferred to the Sinking and Improvement Fund. Organization — Incorporated in Vermont in 1913 as the Colonial Power & Light Company, and in October. 1919, acquired the properties of several other hydro-electric companies. Capitalization. Outstanding. Common $550,000 Preferred (7% cum.) 650,000 Funded debt 1,350.000 Management — "W. S. Barstow & Company, New York. Secured by a first mortgage on all the properties of the company now owned or here- after acquired. Company owns in fee three hydro-electric plants located at- Cavendish, Vt.. Carver's Falls. N. T.. and Clareraont, N. H. In addition the compay operates un- der a 50 -Tear lease a power plant at Men- don, and controls through a long term con- tract the entire output of the Pittsford Power Company. The combined capacity of these plants is 12,450 h. p. All of the generating stations are hydro-electric and are located on the water sheds of the Connecticut River and Lake Champlain. All of the plants are Inter- connected through a system of 178 miles, of high tension transmission lines. Including seven miles of leased lines, together with a number of sub-stations. The company's chief source of water supply is obtained from the Chittenden reservoir which is owned by the Rutland Railway Light & Power Company. The dam of this reservoir Is connected by pipe with the Pittsford plant. - The company owns water rights of two additional water power sites. The company serves electric light and power directly or Indirectly to thirty units located in the southwest part of Vermont and the southwestern part of New Hampshire, and supplies electric energy for the entire city of Rutland to the Rutland Railway Light & Power Company. Some of the communities served are Fair Haven. Poultney, Windsor, Wallingford, Springfield. Manchester, Ludlow and Chester. Vt., and Claremont and West Claremont, N. , H. The company has an indeterminate right . to do ,139fi business subject only to the regulations of the Public Service Commissions of Vermont and New Hampshire. Years ended Dec. 31; *Gross. Net. Int., etc. 1919 $496,930 $191,458 $193,628 1918 483,621 198,448 1917 446,325 177,220 •Includes other income. Marlcet Philadelphia — Barclay, Moore & Co., W^elsli Bros. Chicagro — Halsey-,, Stuart & Co. 31Uwaakee — Investors Finance Corp. Price Range 1920 Bid. Ask. High 91 Mar. 94% Mar. Low. 79% Oct. 86 Dec. VERMONT POAVER & LIGHTING CO. 1st 6s. Due March 1» 1927. Dated March 1, 1907. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000 Outstanding: (Jan. 1, '21) 272,000 Held in S. F 128,000 Reserved for Ext 100,000 Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Equitable Trust. Co., New York. Sinking Fund — Annually 2% of outstanding bonds for the purchase or redemption of these bonds at a price not to exceed a 4% basis, or with the consent of Spitzer, Rorick & Co., the company may expend the sinking fund money for extensions, improvements, etc. Assumed by the Montpelier & Barre Light & Power Co, Guaranteed as to principal and interest by endorsement by the Consolidated Lighting Company of Vermont (merged into M. & B. Lt. & P. Co.). Control — Entire property acquired by the Montpelier & Barre Light & Power Co. Management — Charles H. Tenney & Co. Secured by a first mortgage on hydro-elec- tric plant and steam auxiliary plant located near Montpelier, Vt., on transmission lines ex- tending to Middlesei and to Barre, Vt., and on distribution systems in both Montpelier and Barre. Franchises are perpetual. Underlies — Montpelier & Barre Light & Power Co. 1st Ref. 5s of 1944. under which mortgage bonds are reserved to retire this issue. Earnings— ^See Montpelier & Barre Lt. & P. Co. 1st & Ref. 5s. Original Market — Offered in 1907, by Spitzer & Co. (now Spitzer, Rorick & Co.), New York, at 100 and interest. Market. New York — Jacob Zeller, Chas & Falk. Boston — Chas H. Tenney & Co., Chas. A. JJay & Co., Moors & Cabot. Philadelphia-^ Samuel K. Phillips & Go. Price Range, Jan, 1, '09, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. High 99 '09 lOO *09 90 Jan. 95 Jan. Low. 85 *18 90 '20 86 Oct. 90 Dec. VERMONT VALLEY RAILROAD Ist 4%B. Due Oct. 1, 1940. Dated October 1, 1910. Interest payable April and Oct. 1. at Trustee's office, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .. .$1.500, 00(^ Denomination — Coupon, $1, OOD. Registered, $1.000.. Trustee — Boston Safe Deposit & Trust Co., Boston. ' Organization and Control-^Inoorporated in Vermont in 1848 as Vermont R. R. Co. Pres- ent name adopted in 1902. Owns the entire $600,000 capital stools of the Sullivan County R. R.; $894,100 of the $894,800 stock of the Montpelier & Wells River R. R.; $700,000 of the $2,600,000 stock of the Connecticut & Passumpsic Rivers B. R. ; $100,000 of the $800,000 stock of the Massawippi Valley Ry,, and $398,900 of the $400,000 stock of the Barre & Chelesa R. R. Co. The Boston & Maine R. R. owns the entire capital stock which is pledged under that company's (new) mortgage. The Boston & Maine B. R. operates the property as agent. Capitalization. Outstanding. Common $1,000,000 Funded debt 1,600,000 Secured by a first mortgage on 24.72 miles of road from Brattleboro, Vt., to Bellows Falls, Vt. ; further secured by deposit with Trustee of $700,000 of the $2,600,000 Connecti- cut & Passumsic River R. R. Co. preferred stock and $100,000 of the $800,000 Massa- wippi Val, Ry. Co. stock.; on both of which 6 % dividends are guaranteed by B. & M. B. R. Years ended Dec. 31: Gross. Net. Int. & Bent •1919 $133,499 $261,628 $196,160 tl919 630,381 172,444 10,'485 •1918 133,499 245,998 226,383 tl918. 607,110 32,087 13,865 1917 692,833 268,983 234,026 1916 664,132 311,869 238,067 •Corporate account. tFederal account — standard return not Included. iLegal for savings banks in Me. and Mass. Original Market^$l,6O0.000 offered Sept., 1910, at 104H and interest by Lee, Higginson & Co., New York, Boston and Chicago. Market. New York — Vilas & Hickey, Alfred F. In- gold & Co., Carruthers, Pell & Co., Millet, Roe^ & Hagen. Boston — Chas. A. Day & Co., G. W. Walk- er & Co, Price Range. Jan. 1, '11, to Jan. 1, '81 1980 Bid. Ask. Bid. Ask. High 10514 '11 105% '11 77 Jan. 86 Feb. Low. 70 '19 85 '19 60 Dec. 73 Deo. side the city railway has grant from the United States Government. Underlies — $278,000 Deb. 6s due 1922. Years ended Dec. 31: Gross. Net. Interest. 1920 $290,967 $82,889 $60,697 1919 245,193 88,289 68,095 1918 209,713 53,528 1917 198,888 59,268 1916 187,435 72,108 59,328 Original Market — $600,000 offered July. 1912, at 96 and interest by Chas. S. Kidder. & Co., H. T. Holtz & Co., Hornblower & Weeks, Ft. Dearborn Trust & Savings Bank, Yard, Otis & Taylor, Central Trust Co. of Illinois and Beoples' Trust & Savings Bank, all of Chicago. Market. New York — Sam'l Goldschmidt, Berdell Bros., Gilbert J. Postley, 'Morton, Lachen- bruch & Co., Ernest Smith & Co., Carruthers, Pell & Co., Josepthal & Co. Chicag'o — Merrill, Lynch & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 88 '17 93% '17 53 Oct. 60 Dec. Low. 50 '20 60 '20 50 Dec. 60 Deo. VICKSBURG (Miss.) LIGHT Si TRACTION CO. 1st Ss. Dne Jnly 1, 1932. Dated July 8, 1912. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized . $1,600,000 Oatstanaingr (Jan. 1, '21) 795,000 Resen'ed for Ext 705,000 Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 106 and interest on any in- terest date upon three weeks' notice. Organization — Incorporated July 1, 1912, taking over the street railway and electric lighting systems in the city of Vicksburg, Miss., and suburbs. Capitalization. Outstanding. Common $1,000,000 Funded debt 1,073,000 Secured by a first mortgage on plant sup- plying electric light and power to Vicksburg. Miss., and vicinity and on street railway sys- tem comprising 11 miles of track. Population, Vicksburg 1(910) 20,814. Street railway fran- chises expire In 1948; lighting in 1946. Out- VICKSBURG, SHREVEPORT & PACIFIC R.4ILR0AD CO. Prior Lien 5s. Due Nov. 1, 1940. Dated Nov, 26, 1886. Extended Nov. 1, 1916, with interest reduced from 6%. Interest payable May and Nov. 1, at Central Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized and Outstanding $1,323,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Trust Co., New York. Organization and Coutrol — Incorporated in Louisiana In 1901 as a reorganization of the Vicksburg, Shreveport & Pacific By. Co. Con- trolled through ownership of 97 % of its stock by the Sterling Trust, Ltd., an English hold- ing company. Capitalization. Outstanding. Common $2,856,600 Preferred (7% non-cum.) 2,142,800, Funded debt 3,403,092 Secured by a first mortgage on 188,44 miles of road from Delta through Shreveport to Waskom, Texas. Underlies — Vicksburg, Shreveport & Pacific Ry. Gen. 5s of 1941, which provide to retire this issue. Net. Int. & Rent. $430,120 $246,022 535,421 66,026 457,821 274,026 408,290 75,991 747,238 172,851 633,630 181,362 Years ended Dec. 31: Gross. •1919 $337,948 tl919 3,323,329 ■•1918 337,948 ■M918 2,689,104 1917 2,206,558 1916 1,805,138 ♦Corporate account. tFederal account — standard return not in- cluded. Market. New York — Simon Borg & Co., Sam'l Gold- schmidt, Chas. W. Place, Raymond M. Smith, Carruthers, Pell & G6., Wolff & Stan- ley. Baltimore — .Jenkins, "Whedbee & Poe. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 TUa. Ask. Bid. Ask. High 101 '16 102 '16 85 Jan. 91 Jan. Low. 80 '20 831^ '20 80 Dec. 83% Sept. VICKSBUKG, SHBEVBl'OBT & PACIFIC RAILWAY CO. Gen. 5s. Due May 1, 19*1' ... ^, Dated May 1, 1901. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $3,600,000 Outstanding •1.922,000 In Treastury 265.000 Reserved by Prior Uens 1,323,000 •$1,613,000 owned by the Sterling Trust, Iitd. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co.. New York. Control — See prior lien 6s. Secured by a second mortgage on 188.47 miles of road from Delta, La., to 'Waskom, rCGX3.fl Prior Liens — $1,323,000 Vlcksburgr, Shreve- port & Pacific R. R. prior lien 6s extended to 1940, provision for the retirement of which is made in this issue. Bantings — See P. L. 5s. Market. New York — Simon Borg & Co., Sam'l Gold- Bchmidt, Alfred P. Ingold & Co.. Wolff & Stanley. Baltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 103*11 105 '14 75 Dec Low. 70 '20 75 '20 70 May 75 May VICTORhAMEBICAN fuel CO. Ist & Ref. S. F. 6s. Due Feb. 1> 1940. Dated Feb. 1, 1910. Interest payable Feb. and Aug. 1, at Guaranty Trust Co., New York. Defaolt — A.US. 1, 1920, interest was not paid when due. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding 2.744,000 Held in S. F 482,000 Reserved for Prior Lien 1,774,000 Benomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal or fully registerable. 0. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- terest date upon eight weeks' notice. Sinking Fund — Began July 1, 1911, and pro- vides for payments of 2% cents per ton of coal mined with a minim, um payment of $50,- 000 per annum for the purchase or redemp- tion of these bonds at not over 110 and in- terest. Assumed by the Gallup-American Coal Co. Organization — Incorporated in Maine in 1909 and purchased the properties of the Victor Fuel Co. of Colorado and the American Fuel Co. of New Mexico. The properties covered by this mortgage are located in Fremont, Huerfano and Las Animas Counties, Col. , and McKinley County, New Mexico, and are estimated to contain 543,462,000 tons of coal. The company operates 10 mines with a com- bined capacity of 12,000 tons per day and owns 445 coke ovens with an annual capacity of 180.000 tons. Also owns the entire $100,- 000 capital stock and $300,000 bonds of the Colorado & South Eastern R. R. Co. owning 15 mines and leasing 15 miles of .road, con- necting mines at Delagua and Hastings with the Colorado & Southern, the Denver & Rio Grande and the Atchison, Topeka & Santa Fe Rys. i; Capitalization. Outstanding, Common $9,400,000 Funded debt 4,468,000 Secured by a first mortgage on 31,867 acres of coal land and by a second mortgage on 19,653 acres of coal land subject to the Victor Fuel Co. 1st 5s. Note — The 20,835 acres of coal land in New Mexico covered by the first lien of this mort- gage were sold, subject to this mortgage, July 1. '17. to the Gallup-American Cdal Co. The company also sold to same purchasers 11.032 acres of coal lands adjoining the above lands and the latter property w^as also placed under the lien of this mortgage. Pur- chase price reported. $3,000,000. Prior Lien — $1,724,000 Victor Fuel Co. 1st 6s of 1953 which this mortgage provides to retire. Original Market — $2,100,000 o^ered in April, 1910, by Hayden, Stone & Co., New York and Boston, and Guaranty Trust Co., New York, at 101 and interest. Market. New York — Rauscher & Mackay, Watson, Armstrong & Co., Fred H. Hatch & Co. Philadelphia — McCown & Co. Chicago — Merrill, Lynch & Co, Price ^ange. Jan. 1, '12, to Jan. 1, *21 1920 Bia. Ask. Bid. Ask. High 97 '12 100 '13 58 Jan. 65 Feb. Low. 33f. '20 45f. '20 33f. Dec. 45f. Dec. VICTOR FUEL CO (THE) 1st S. F. 5s. Due July 1. 1953. Dated July 1, 1903. Interest payable Jan. and July 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstandingr 1,713,000 Retired by S. F 287,000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. C. & R. interchangeable. Trustee — Columbia Trust Co.. New York.* SinMns Fund — Two cents per ton of coal mined for the purchase or redemption of these bonds at not over 105 and interest. Assumed by the Victor-American Fuel Co. Control — ^Absorbed in 1909 by the Victor- American Fuel Co. Secured by a first mortgage on 19,653 acres of land owned in fee and on all equipment valued at $1,733,000 and by deposit with Trustee of all outstanding $300,000 Colorado & Southeastern Ry. Co. 1st 5s. Underlies — Victor-American Fuel Co. 1st & Ref. 6s of 1940, a suflicient amount of which Is reserved to retire this issue. Earnings — See Victor-American Fuel Co. liisted on the New York Stock Exchange. Original Market — $2,000,000 offered in May, 1906, by Clark, Dodge & Co., and Potter, Choate & Prentice, New York, at 95 and in- terest. Market. New York — Sam'l Goldschmidt. Harts- horne & Battelle, Roosevelt & Son, Watson, Armstrong & Co.. Fred H. Hatch & Co., Carruthers, Pell & Co., J. S. Baclie & Co. Philadelphia — McCown & Co. Price Range — N. Y. S. E. Jan. 1, *07, to Jan. 1, '21 1920 — Bid, Ask. High 93^ Feb. 28, '07 50 Feb. 70 Mar. Low. 70 Mar. 4. '19 50 Mar. 52 Dec. VICTOR MANUFACTURING & GASKET CO. 1st Serial 6s. Due semi-annually as fol- lows: S12.500 Deo. 16, 1920, to June 15, 1923; 815,000 Dec. 15. 1923, to Dec. 15, 1930; and $200,000 June 15, 1931. Dated June 15. 1919. Interest payable June and Dec. 15th at any office of S. W. Straus & Company. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authoiized $500,000 Outfitandingr (Jan. %, '21) 487,500 Balance retired. Purpose of I^ssue — To liquidate indebted- ness incurred In connection with construction of new plant at "West 12th Street, Chicago. Denominations — Coupon, $500 and $1,000 In all maturities. $100 bonds in 1931 maturity only; registerable as to principal. Trustee— S. W. Straus, Vice Pres. of S, Straus & Company. Redeemable in reverse numerical order on any interest date at 102 and interest. Sinking Fund — ^Monthly payments to Trus- tee of one-sixth of the amount of principal and Interest to become due on the next semi- annual interest payment date. Organization — Organized in 1908 for the manufacture of gaskets. Company is the largest manufacturer of gaskets in the world. Secured by a first mortgage on the land, building and equipment of the company. In- cluding new plant at West 12th Street and Menard Avenue, Chicago, covering over three acres. Appraised value June 15, 1919, $750,- 000. Company covenants to maintain at all times net quick assets of double the amount of quick liabilities; minimum of net quick assets $200,000. Original Market — Offered June, 1919, by S. W. Straus & Company, New York, Chicago, etc., at par and interest. VINCBNNES WATER SUPPLY CO. Iflt 63. Dae July 1. 1936. Dated July 1, 1916. Interest payable Jan. and July 1, at Fidelity. Trust Co., Philadelphia, Tax Status — 2% Federal Income Tax paid by company without deduction, Pennsylvania State tax refunded. Authorized $500,000 Outstanding 317,000 Held in Treasury 183,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable on and after July 1, 1921, at 102 and interest. Organization — Incorporated In Indiana in 1885. Capitalization. Outstanding. Common $200,000 Preferred 770 Funded debt 317,000 Secured by a first mortgage on plant sup- plying water to Vincennes, Ind. Franchise is indeterminate. Tears ended June 30: Gross. Net. Bond Int. 1920 $77,517 $21,251 $19,020 1919 65,050 20,254 19,020 r918 60,307 19,526 19,020 1917 59,888 30,772 10,110 1916 69,793 32,307 11.250 Market. Boston — F. W. Mason & Co, Philadelphia — Wm. G. Hopper & Co. TINTON-ROANOKE WATER CO . 1st 6s . Due Dec. 1, 1936. Dated Dec. 1, 1916. Interest payable June 1 and Dec 1, at office of Trusttee. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State tax refunded. Authorized ^IJS'SSS Outstanding 300.000 Resei-ved for Ext 450.000 Provisions of Issue — ^Additional bonds issu- able for 80% of cost of additions, etc., when net earnings for previous twelve months are at least 1% times interest charges on bonds outstanding and to be issued. Denomination s^Coupon, $500 and $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable at 102 and interest on any in- terest date on 40 days' notice. Guaranteed principal and interest by the Roanoke "Water "Works Co. by endorsement. Organization and Control — Incorporated in Virginia. This company and the Roanoke Water Works are controlled by the same in^ terests. Capitalization, Outstanding* Common $100,000 Funded debt - SOO.OOO Secured by first mortgage on the entire prop- erty of the Vinton-Roanoke Water Company which includes Falling Creek Reservoir with a capacity of 125,000 gallons, water-shed, tun- nels, etc., located approximately eight miles east of the City of Roanoke, Va. The mort- gage also covers the transmission and dis- tributing system, extending to and serving the business and manufacturing center of Roanoke, as well as the City of Vinton, Va. The com- pany controls the Beaver Dam Creek water- shed (all of which is covered by this mort- gage), where the construction of a new reser- voir will be started in the near future. Through the use of tunnels already available, it will be possible to bring this additional water supply to the City, through the transmission system now installed. Franchises of both companies are perpetual. Original Market — Offered March. 1917, by Geo. S. Fox & Sons, Philadelphia, at 100 and interest. Market. Philadelphia — Sam'l K. Phillips & Co. TIRGINIA & SOUTHWESTERN RAILWAY CO, 1st 5s. Due Jan. 1, 2003. Dated Sept. 18, 1902. Interest payable Jan, and July 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .. .$2,000,000 Depomination — Coupon, $1,000, Registerable as to principal. Trustee — Guaranty Trust Co., New York. Control — See 1st Cons. 5s. Guaranteed as to principal and interest by the Virginia Iron, Coal & Coke Co. , and as to interest by the Southern Ry. Co. under terms of lease. Organization and Control — See 1st Cons. 5s. Secured by a first mortgage on 189.06 miles of road. viz. : Miles. Mountain City, Tenn., to St. Charles, Va 151.30 Moccasin Gap, Va., to Persia Jet., Tenn. 37.76 Underlies — 1st Cons. 5s of 1958, which pro- vide to retire this issue. Ijisted on the New York Stock Exchange, Market, New York — "Wm. M, Clarke, Prince & Whitely, Redmond & Co., Carruthers. Pell & Co,. Chas. E. Doyle & Co.. Morton Lachen- brucli & Co. Price Range — N. Y. S, E. Jan. 1, '09, to Jan. 1, *Z1 1920 High 1171/^ Jan. 9, '09 85 Oct. 15 Low. 79 Sept. 23, '20 79 Sept. 23 VIRGINIA & SOUTHWESTERN RAILWAY CO, 1st Cons. 5s. Due April 1, 1958. Dated April 29, 1908. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized .$7,000,000 Outstanding 6,000,000 Reserved for Prior liieus 2,000,000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered. $1,000 and multiples. C. & K. inter- changeable. Trustee — Guaranty Trust Co., New York. Guaranteed as to interest by the Southern^ Ry. Co. under terms of lease. Organization and Control^Incorporated in Virginia in 1899 and is controlled through ownership of its entire stock by the Southern Railway Co. July 1, 1916, the latter company leased the property from year to year. Rental maintenance taxes and interest charges. Secured by a second mortgage on the 189.06 miles covered by the first lien of the 1st 5s. Prior Uens — $2,000,000 1st 5s of 2003 which this issue provides to retire. l-isted on the New York Stock Exchange. Original Market — Offered in Dec.', 1908, by Redmond & Co., New York, at 98*^ and in- terest. Market. New York — Prinec & "Whitely, Redmond & Co., Vanderhoef & Robinson, Wm, Carne- gie Bwen, Edwin Wolff, Carruthers, Pell & Co., Wolff & Stanley, Chas. B. Doyle & Co., Alfred F. Infold & Co. Price Range — ^N. Y. S. E. Jan. 1, '09, to Jan. 1, *31 1920 High 100 June 9, '09 70 Mar. 17 Low. 55 June 29, '20 55 June 29 VIRGINIA & SOUTHWESTERN RABLWAY CO. Series "T" Equip. Tr. Ss. Due $21,- 000 each Dec. 15 and $22,000 each June 15 to June 16, 1918, and $21,000 each Dec. 15 and June 15 to June 15, 1923. Dated June 16, 1913. Interest payable June and December 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $425,000 Outstandingr (Jan. 1, '21) 105,000 Balance Retired. Denomination — Coupon, $1,000. Trustee— Bankers Trust Co.. New York. Secured by an equipment agreement on 3 freight locomotives and 445 steel coal csirs costing $500,230 of which the company ' paid $75,230 in cash. !Legal for savings banks in Ohio. Orisrinal Market — Offered June, 1913, by Potter, Choate & Prentice, New York, 6%% basis. Market. See Series "G". Market. New York — Evans, Stillman & Co., Free- man & Co. Philadelphia — Graham Parsons & Co. VIRGINIA AIR lilNE RAILWAY CO. Ist Ss. Due May 1, 1962. Dated May 1, 1907. Interest payable May and Nov. 1. at C. & O. Ry. Office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $900,000 Outstandingr (Jan. 1, '21) 822.000 Held in S. F 78,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bank of America, Brooklyn. N. Y. Redeemable at 110 and interest on any inter- est date after four weeks' notice. Sinking Fund — $7,000 per annum, beginning May 1, 19 09, to be applied to the purchase of these bonds at not to exceed 110 and accrued interest. Bonds so purchased to be kept alive in the sinking fund and interest thereon added to the fund. Assumed by the C. & O. Ry. Co. Control — Incorporated in 1905 and was merged with the Chesapeake & Ohio Ry. Co. by deed dated July 12, 1912. Secured by first mortgage on 30 miles of road extending from a connection with the Ches. & Ohio Ry. at Lindsay to a connection with the James River Div. of that road at Strathmore, Va. Underlies — C. & O. Gen. Fund. & Imp. 6s of 1929 and Ist Lien & Imp. 6s of 1930. All the bonds of the latter issue are pledged to secure Conv. 5s of 1946. Original Market — Potter, Choate & Pren- tice. Market. New York — Carruthers, Pell & Co., Shar- retts & Ford, Potter Bros. & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1930 Bid. Bid. High 92 '16 80 May Low. 75 '17 80 May VIRGINIA & SOUTHWESTERN RY. Equip. Tr. 5s. Series "G." Due $33,000 each Sept. 1 and $34,000 each March 1 to March 1, 1931, and $33,000 each March and Sept. 1 to March 1. 1934. inclusive. Dated March 2, 1914. Interest payable March and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $467,000 Outstandingr (Mar. 1, '21) 138.000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co. Secured by a first Hen on two Mikado type locomotives, 660 fifty-ton steel double drop bottom gondola coal cars and one ten-wheel passenger locomotive, coating $660,346, of which $83,346 was paid In cash by the Bail- way Company. Legral for savings banks in Ohio. Original Market — Sold by Potter, Choate & Prentice, New York, in March. 1914, on 6%% basis. 14 VIRGINIA AXBERENE CORPORATION 6% Secured Notes. Due $80,000 each March 1 from 1917 to 1931 and $500,000 Marcb 1. 1933. Dated March 10, 1916. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Statns-^Payment of Federal Income Tax not assumed by company. Pennsylvania state tax refunded. Authorized $900,000 Outstandingr (May 1, '21) 500,000 Balance Retired. Denomination — Coupon, $1,000. Trustee — Philadelphia Trust Co., Philadel- phia. Redeemable on any interest date at 102 and interest. Organization — This company was organized as successor of the Virginia Soapstone Co. Manufactures laundry tubs, sinks, laboratory equipment, operating table tops. The com- pany's products enter Into the construption of switchboards, electrical appliances and special construction for chemical plants. The com- pany's products are marked under the trade name "Alberene." This company owns the entire capital stock of the Alberene Stone Company, which is the selling organization. Capitalization. Outstanding. Common $1,000,000 Funded debt 780.000 Secured by a mortgage on all the property of the company, including 4,000 acres of land containing soapstone deposits, located in Nel- 00 fZ^r. -A-lbemarle Counties, Va.; two mills, two ereneral stores, about 300 dwellings for employees, warehouses and two water-power aevelopments with a generating capacity of oou norsepower. Further secured by deposit stnr; r^^^*^^^ capital stock of the Alberene ^^^Tk ' "^^icli company owns, free of en- Sl ^"^^^' property No. 223 Bast 23d Street, wew York City, used as a general office. Ex- clusive of soapstone deposits the above prop- ^^t ^'^ *u^^^^'^^*^ ^* $1,084,773. It is esti- raatea that the company's mineral deposits ^IToi 'i^"'^?. ^" adequate supply of raw ma- terial for 25 years. Prior Lien— $200,000 (closed mortgage) Vir- ginia Soapstone Co. 1st 4s of 1922. Years ended Bee. 31: io,o ^Gross. •Net. Bond. Int. ilil $978,434 $232,583 $53,533 J;J2 865,689 185.216 59.260 ^^il* V "•:■ 929.576 216,228 64.303 •Before depreciation. Original Market— $900,000 offered by Brown *^^An^J^°- ^"*^ Henry & West. Philadelphia. ?■* I'^O-Se and 100.93 and interest for 1917 and 1918 maturities and 100 and interest for other maturities. Market. Philadelphia — Brown Bros & Co., Barclay. Moore & Co. Price Rangre 1920 — ^Ask 99 Apr. VIRGINIA-CAROLINA CHEMICAL CO. Ist 15- Year 6s. Due Dec. 1, 1933. Dated November 2, 1908. Interest payable June and Dec. 1, at Central Union Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized .^ $16,000,000 Outstanding: (Jan. 1, '21).,.. 11,400,000 Retired by S. F. 3,600,000 Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000, $10,000. C. & R. Interchangeable. Trustee — Central »Union Trust Co., New York. Redeemable as a whole at 105 and Interest on any interest day on 30 days' notice or any part for sinking fund at 102% and interest on two weeks' notice. Sinking: Fund — On December 1 each year the company agrees to deliver to the Trustee $300,000 of these bonds, or deliver an amount of money sufficient to redeem at that time .$300,000 bonds at 102% and interest. All bonds acquired to be cancelled. Organization — Incorporated in New Jersey In 1895, and owns all the capital stock of the Southern Cotton Oil Co. and the Charleston Mining & Manufacturing Co. Also owns a controlling interest in the Binigkeit (Potash) Co.. and the Chemical Works, Schonebeck, Ltd.. both in Germany, which cost the com- pany over $3,000,000 and owns the entire com- mon stock of The Consumers* Chemical Corp. and guarantees 7 % dividend on its $425,000 preferred stock. The latter company has erected a fertilizer plant at Carteret, N. J. Capitalization. Outstanding. Common $27,984,400 Preferred (8% cum.) 21,526,791 Funded debt 23,900,000 Secured by a first mortgage on all its prop- erty, plants, machinery, etc., and by pledge of Its holdings of stock in other companies at the date of this mortgage and including the entire $10,000,000 capital stock of The South- ern CoUon Oil Co. and the entire $2,219,200 capitaljftock of the Charleston (S. C.) Mining & Ma- $ acturing Co. together with a controU- sued by any of the above companies, except purchase money bonds of notes for the ac- auisition of additional property. The Southern Cotton Oil Co. owns and operates cotton seed oil- refineries at Charlotte. N. C, Augusta. Atlanta and Savannah. Ga., Montgomery, Ala., New Orleans. La.. Little Rock, Ark., and Memphis. Tenn. Also owns over 82 Crude Oil Mills, 9 4 ginneries, seed houses, etc. , and over 350 tank cars, etc. The Ch£»i'leston Min- ing & Manufacturing Co. owns in fee 68,352 acres of phosphate lands and mineral rights in over 6,000 additional acres, together with 64 miles of railroad, mines and equipment. There is no outstanding bonded indebtedness nor mortgage indebtedness on any of the prop- erty of the company or its subsidiaries except the bonds of this issue. Underlies — Debenture 7%s of 1932. Years ended May 31: Total Sales. Net. Interest. 1920 $9,251,746 $1,899,700 1919 $136,379,926 8.933,335 2.268,079 1918 122,463,670 10,193,268 1,808.699 1917 83.774,680 5,905,250 1.248,863 1916 67,899.444 5.667,847 1.160,298 1915 62,218.078 4.979.9^0 1,265.740 Listed on the New York Stock Exchange. Original Market — $12,000,000 ofCered in Nov., 1908, by Blair & Co., and Hallgarten & Co., New York, at 94^ and interest. Market. New York — Arthur E. Erank & Co., Sam'l Goldschmidt, Prince & Whitely, Carruthers, Pell & Co. Boston — Curtis & Sanger. Price Range — N. Y. S. E. Jan. 1, '11, to Jan. 1, '21 1920 High 102 Feb. 3. '11 95% Jan. 12 Low. 89 Feb. 24, '15 89 Dee. 28 ing i^.. •eat in the Einigkeit (Potash) Co. and the -qij aP^^*^^^ Works, Schonebeck, Ltd. No mr er '^' debentures, notes, etc., can be is- 1401 VIKGINIA-CAROLINA CHEMICAL CO. 12- Year S. F. Debentui'e tVzS. Due Nov, 1, 1932. I>ated Nov. 1, 1920. Interest payable May 1 and Nov. 1, at Guaranty Trust Co,, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $12,500,000 Outstanding: 12,500,000 Purpose of Issue — To provide additional working capital. Denominations — Coupon $100, $500 and $1,000; registerable as to principal. Trustee — Guaranty Trust Co., New York. Kedeemable on not less than 30 days' no- tice, on any interest date, at 105 and interest on or before Nov. 1, 1927, the premium de- creasing % % for each succeeding six month^ until maturity. Sinlcing: Fund — Semi-annually the sum of $250,000 on March 1 and September 1 in each year beginning March 1, 1921, and ending September 1, 1924, and the sum of $300,000 semi-annually beginning- March 1, 1925, and ending March 1, 1932; paid either in debentures at their face the sinking fund installments are to be amount and or in cash, any cash payment to be applied by the Trustee to the purchase or redemption of debentures at not exceeding their redemp- tion price. Ail debentures acquired for the sinking fund are to be cancelled. These sinking fund provisions call for the retire- ment prior to maturity of over 50% of the total issue. Org-anization — See 1st 15-year 5s. Seciu'ity — A direct obligation of the com- pany, but not secured by a mortgage. The indenture includes the following cove- nants; The company will not create any mort- gage or permit any subsidiary to create any mortgage on its properties unless these deb- entures shall sliar eequally and ratably In the lien of such mortgage, except inter-com- pany mortgages and purchase money mort- gages on property hereafter acquired, and also except the extension of the existing first mortgage for any period not in excess of three years. The consolidated net quick assets to be defined in the indenture shall be maintained in an amount at least equal to 150% of the principal amount of the debentures out- standing plus any similar outstanding ob- ligations maturing more than three years from the dat ethereof, excluding the exist- ing First Mortgage Bonds of the Company. Pnor Liens — Outstanding. 1st 5s, 1923 $11,400,000 Kai'nings — See 1st 5s. Listed on the New York Stock Exchange. Original Market — $12,500,000 offered Dec, 1920, by Blair & Co., Inc., Hallgarten & Co. and Equitable Trust Co., New York, and Ilinois Trust & Savings Bank and First Trust & Savings Bank, Chicago, at 96.25 and interest. Market. New York — Ames, Emerich & Co., Han- nalis, Ballin & Lee, Hartshorne & Battelle, Parker & Co., Bond & Goodwin, Moore, Leonard & Lynch. LomsvlUe — Block, Fetter & Co., Fidelity & Columbia Trust Co. Boston — Curtis & Sanger. Cleveland — The Prichard-Casler Co., Stan- ley & Bissell. Fliiladelphia — Biddle & Henry, McCown & Co.. Parsly Bros. & Co. Chicago — John Burnham & Co., First Trust & Savings Bank, Halsey, Stuart & Co.. Wittekind & Co. Pittsburgh — Union Trust Co. of Pitts- burgh. Los Angeles — Banks, Huntley & Co., Drake, Riley & Thomas. Erie, Pa. — Charles Messenkopf & Co. Salt aLke City — Palmer Bond & Mortgage Co. Market. New York — Hartshorne & Battelle, Prince & Whitely, "Watson, Armstrong & Co., Ed- win Wolff, Chas. E. Doyle, Carruthers, Pell & Co. Price Range — N. Y. S. E. Jan .1, *08, to Jan. 1, *21 1920 High 10014 Sept. 25, '08 87 Oct. 23 Low. 77% Nov. 6, '07 80 Aug. 12 TIRGINIA IRON, COAL & COKE CO. 1st 5s. Due March 1, 1949. Dated March 1, 1899, Interest payable March and Sept. 1, at Bank of Manhattan Co.. New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Aathorized $10,000,000 Outstanding (Jan. 1, '21) 3,539,000 Retired 6,461,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers* Trust Co., New York. Organization — Incorporated in Virginia in 1899 as a consolidation of a number of iron industries of Southwestern Virginia. The company was in the hands of receivers from 1901 to Jan. 1. 1903. Capitalization. Outstanding. Common $10,000,000 Funded debt 3,539,000 Secured by a mortgage on 7 blast furnaces, 585 coke ovens, 32,000 acres of coal land owned in fee, mining rights in 48,000 addi- tional acres in Virginia, 65,000 acres of coal lands in Kentucky and 40,000 acres of ore land in Tennessee. Prior Lien — $186,000 Carter Coal & Iron Co. S. F. 5s due Oct. 1, 1938. Bonds are reserved under this mortgage to retire that issue. Years ended Dec. 31: .„„„ . Gross. Net.' Interest. 1920 $16,346,588 $2,920,063 $155,572 1919 10,271,985 1,490,018 193,776 1918 13,083,072 1,835,593 207.702 •Tears ended June 30. Listed on the New York Stock Exchange. 140 VIRGINLI. MIDLAND RAILWAY CO, 5th Series "E" 5s. Due March 1, 1936. Dated March 1, 1881. Interest payable March and Sept. 1, at Safe Deposit & Trust Co., Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,775,000 Outstanding 1,774,000 DenominatioD — Coupon, $1,000, $500 and $100. Trustees — Guaranty Trust Co. , New York, and Charles Wehrhane. Control — See Gen. 5s. Secured by direct mortgage on 295.67 miles of road, viz: A first lien on 395.67 miles — Manassas to Harrisonburg, Va ' 112.89 Charlottesville to Lynchburg, Va 59,90 Alexandria to Gordonville, Va 85.88 Calverton to Warrenton, Va 8.90 Charlottesville to Orange Court House, Va 28.10 The 9.40 miles of road from Orange to Gordonsville is leased to the C. & O. Ry. Co. Underlies — ^Va. Mid. Ry. Co. Gen. 5s of 1936; South Ry. Co. Cons. 5s of 1994 which provide to retire this issue and Dev. & Gen. 4s of 1956. Legal for savings banks In Cal., also Balti- more Trust Funds. Legal for Baltimore Trust Funds. Market. New York — Redmond & Co., Raymiond M. Smith, Taylor, Smith & Hard, Carruthers, Pell & Co., Pynchon & Co. Baltimore — Barroll, Corkran & Co., Jenk- ins, Whedbee & Poe, Mackubin, Goodrich & Co., Howard R. Taylor & Co. Price Range — N, Y. S. E. Jan. 1, '09, to Jan. 1, *21 1920 High 109 July 20, '09 95 Jan. 7 Low. 88% Dec. 1. '20 88% Dec. 1 VIRGINIA MIDLAND RAILWAY CO. 6th Series *'F" 6s. Due March 1» 1931. Dated March 1, 1881. Interest payable March and September 1, at Safe Deposit & Trust Co., Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Aathorized and Outstanding, .. .$1,310,000 Denomination — Coupon, $1,000. Trustees — Guaranty Trust Co., New York, and Charles "Wehrhane. Control — See Gen. 5s. Secured by a first mortgage on 72.40 miles of road, viz: Miles. Lynchburg to Danville, Va 65.30 Franklin Jet. to Pittsville, Va 7.10 Underlies — ^Va. Mid. Ry. Gen. 5s of 1936, South, Ry. Co. Cons. 6g of 1994, which pro- vide for the retirement of this Issue, and Dev. & Gen. 4a of 1966. Legal for Baltimore Trust Funds. Listed on the New York Stock Exchange. Market. New York — Redmond & Co., Rayoiona M. Smith, Taylor, Smith & Hard, Pyl,chon & Co. Baltimore — Barroll, Corkran & Cc„ Jenk- ins, M'"hedbee & Poe, Howard R. T^^nor & Co I 01 ! in Price Baneo— N. Y. S. E. Jan. 1, '10, to Jan. 1, '21 1920 Bid. High 108% Mar. 10, '10 90 Deo. 28 Low. 90 Dec. 28, '20 90 Deo. 28 VIRGINIA MIDLAND RAILWAY CO. Gen. 5s. Dne May 1, 1936. Dated May 1, 1886. Interest payable May and Nov. 1. at J. P. Morgan & Co;, New York. Tax Status — Payment o£ Federal Income Tax not assumed by company. Anthorized Closed mortgage OntstandinE $4,869,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Control — Incorporated in Virginia in 1881 and in 1898 property was deeded to the South- ern Railway Company. Secured by direct mortgage on 368.47 miles of road, viz : A first Hen on 0.40 miles — Union St. Branch in Alexandria. Va. .40 A second Ucn on 368.07 miles — Covered by the following: Virginia Midland 5th Ser. "E" 5s. 295.67 Virginia Midland 6th Ser. "P" 5s. 72.40 Prior Liens — $3,084,000 prior liens as fol- lows: Virginia Midland Ser. "E" 5s 1926.. 1,774,000 Virginia Midland Ser. "P" 6s 1931.. 1,310,"000 Underlies — South. Hy. Co. Cons, 5s of 1994, which provides for the retirement of this issue and prior liens, and Dev. & Gen. 4s of 1966. Legal for savings banks in Cal., also Balti- more Trust Funds. Listed on the New York and Richmond Stock Exchanges. Market. New York — Redmond & Co., Raymond M. Smith, Taylor, Smith & Hard, Wolff & Stanley, Carruthers, Pell & Co., Vilas & Hickey. Philadelphia — Isaac Starr Jr. & Co. J^ltimore — Barroll, Corkran & Co., Jenk- ins, Whedbee & Foe. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '81 1920 High 114^4 Jan. 16, '06 90 Mar. 24 Low. 84 li Sept. 16, '20 84% Sept. 16 VIRGINIA RAILWAY & POWER CO. 1st & Ref. Ss. Dne July 1, 1934. Dated July 1, 1909. Interest payable Jan. and July 1, at New York. Tax Status — 2% Federal Income Tax paid by company -withoi^t deduction. Authorized $16,000,000 Outstanding 11,493,000 Held in S. F 792,000 In Treasury 116,000 Reserved for Piior Liens 68,000 Reserved tor Ext 1,868,000 Pledged as part Security for 6% Notes 663,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bauitable Trust Co. of New York. Redeemable at 105 and interest on any in- terest date upon 60 days' notice. Sinking Fund — One-quarter of 1% payable semi-annually, of outstanding bonds from Jan., 1914, through Jan. 1. 1918, and one-half of X% thereafter to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be held alive and interest added to sinking fund. Depreciation or Renewal Fund — Not less than $100,000 annually until June, 1916. Organization — Incorporated in Virginia in 1909 as successor to the Virginia Passenger & Power Co. sold at foreclosure. In July, 1911, 141 acquire^ the property of the Norfolk & Ports- mouth Traction Co. and the lease to that company of the Norfolk Ry. & Light Co. for 99 years from June, 1906. Also acquired the entire $100,000 capital stock and $1,000,000 bonds of the Norfolk & Ocean View Ry. Co. owning 19 miles of road and majority of cap- ital stock of the City Gas Co. of Norfolk. In 1914 the company acquired the property of the former Richmond & Henrico Ry. Co. at foreclosure sale. The V. By. & P. Co. owns or controls through lease practically the entire street railway, electric light and power business in Richmond, Petersburg and Norfolk, together with interurban lines. Also gas plant in Norfolk and electric light plant in Suffolk, Va. The railway property com- prises 260 miles of track. Capitalization. Outstanding. Common $11,950,600 Preferred 7,999,400 Funded debt ^ 23,692,000 Secured by a mortgage on plants supplying electric light and power in Richmond and Pe- tersburg, .Va., street railway systems in these cities and interurban line connecting them. The property covered includes hydro-electric plants at Richmond and Petersburg. The rail- way properties covered comprise about 112 miles of track. The Manchester & Petersburg By. franchises are perpetual. Principal rail- way franchises in Richmond expire in 1926 and 1931. 'Interurban railway franchise expires in 1981. "Water power rights are perpetual. Principal lighting franchises in Richmond ex- pire in 1927 and 1928 and in Manchester in 1931. Lighting franchise in Petersburg is perpetual. Street railway franchises in Portsmouth expire In 1926, 1927 and 1932, and in Norfolk in 1944. Electric Lighting in Suffolk expires in 1945. Gas in Norfolk" is perpetual. Funded debt — On the property owned there are also outstanding $6,170,000 Norfolk & Portsmouth Traction Co. 1st 5s of 1936 and $487,000 Norfolk & Atlantic Terminal 1st 6s of 1929. On property controlled there are out- standing $4,500,0-00 bonds. Years ended June 30 (consolidated): Gross. Net. •Deductions. 1920 $9,808,006 $3,267,380 $1,761,740 1919 8,429,283 2,639,493 1,698,403 1918 7,457,530 .3,006,729 1,578,281 1917 6,044,496 2,813,921 1,621,834 1916 5,646,158 2,737,958 1,483,841 •Interest, rentals, sinking funds, amortiza- tion, etc. Listed on the New York, Philadelphia, Rich- mond and Baltimore Stock Exchanges. Original Market — $2,600,000 offered in May, 1911, by Middendorf, Williams & Co., Balti- more, Md., N. W. Halsey & Co., New York, and Chandler Bros. & Co., Philadelphia, etc., at 97% and Interest. Market. New York — Hambleton & Co., Hartshorne & Battelle, Vanderhoef & Robinson, Earle A. Miller & Co., Carruthers, Plel & Co., E. & O. aRnflloph, Rauscher & Mackay, Gilbert J. Postley, G. R. McAllister & Co., Berdell Bros., Prince & Whitely. Philadelphia . — Barclay, Moore & Co., Bauer, Starr & Co., Arthur J. Bender, Henry D. Boenning & Co., McCown & Co., Samuel K. Phillips & Co. Baltimore — Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co., Smith, Lockbart & Co., Howard R. Taylor & Co. Price Range — N. Y. S. E. Jan. 1, '12, to Jan. 1, '21 1920 High 97% June 18, '12 70 Apr. 21 Low. 62% Dec. 30 62% Dec. 30 VIRGINIA-WESTERN POWER CO. (THE) 1st 6s. Doe July 1, 1933. Dated June 10. 1913. Interest payable Jan. and July 1, in Chicag-o or New York. Tax Status — 2% Federal Income Tax ^_aid by company without deduction. Aathorlzed $1,600,000 Outstanding: 963,200 Reserved to Retire Coll. 6s 275.000 Reserved for Ext 261.800 Denomination — Coupon, $100, $600 and $1,- 000. Reeristemble as to principal. Trustee — Chicago Trust Co. and Harold, T. Sibley. Chicag-o. Redeemable at 106 and interest on any In- terest date. Sinking Fund — ^Annually beginning- Jan. 1, 1916, 5% of g:ross earnings for the past year. Organization — Incorporated in Virginia in 1913, to take over four electric light and power properties. Controls through stock ownership the Blue Ridge Power Co. owning a hydro-electric plant of 3,000 h. p. at Balcony Falls, Va.. and serves Hinton and Avis, W. Va. Capitalization. Outstanding'. Common $616,000 Preferred (6% cum.) 405,700 Funded debt 1,437.200 Secured by a first mortgage on one steam generating plant at Clifton Forge, 2,000 h. p. Uwo hydro-electric plants, 1,000 h, p., at Buena Vista and Lexington and transmission lines and distributing lines supplying electric li,ght and power to Clifton Forge, Buena Vista. Covington, Lexington, Iron Gate, Va., Natural Bridge, Buchanan, Glasgow, Eagle Rock. Va., and Roneetvere, Lewisburg Alderson, W. Va., and adjacent territory. Franchises expire 1935. 1937. 1940 and 1943. Years ended Deo. SI: Gross. Net. Charges. *1920 $325,635 $168,537 $98,040 1919 Not available. 1918 252,007 127,829 53.896 1917 217.298 92,170 50,681 1916 181,391 91,811 40.091 •Year ended May 31. Original Market — $ 325,000 offered July, 1913, by the Chicago Savings Bank & Trust Co., Chicago, and J. A. Clark & Co., New York, at 99% and interest. A block offered by same firms June, 1916, at 101 and interest. Market. Chicago — Central Trust Co. of Illinois, Chicago Trust Co. Price Range. Jan. 1, *16, to Jan. 1, '31 , 1920 Ask High 98 '17 101 '16 91% July Low. 92 '19 98 '19 VIRGINIAN POWER CO. (THE) 1st & Coll. Tr. 6s. Due Deo. 1, 1942. Dated Dec. 1, 1912. Interest payable June 1 and Dec. 1 in, New York or I^ondon. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania ~ and Maryland State Taxes refunded. Authorized $15, 000, 009 Outstanding: (June 23, '21)... 6,133,000 Held in S. F 229,000 Held in Treasury 90,000 Pledged for Loans 90,000 Keserved for Ext 8,548,000 Denomination — -Coupon, $1,000 or £205 9s 8d. Reglsterable as to principal. Registered, same denomination. C. & B. interchangeable. Trustee — New York Trust Co., New York. Redeemable as a whole, or in part by lot, at 105 and Interest on any interest date upon '4 weeks* notice. Slnldng Fund — Annually, 1% of outstanding bonds, beginning Dec. 1. 1917, in cash or these bonds at cost, but not exceeding 105. Cash fund to be applied to purchase or redeemips bonds at not over 105 and interest. Bonds ac- quired are kept alive as additional security but do not draw interest. Organization — Incorporated in Massachusetts in 1912. Capitalization. Outstanding. Common $5,000,000 Preferred (6% non-cum.) 1,200,000 Funded debt 7.633,000 Secured by a first mortgage on steam gen- erating plant at Cabin Creek Jet., W. Va., and 180 miles of transmission lines and a first lien on all of the stock of the New River Power Co., which owns water powers in West Vir- ginia, and on all of the stock of the Do- minion Power Co. of Va. The company has contracts to supply 128 mines in the vicinity of Charleston, W. Va., with power. Years ended Dec. 31: Gross. Net. Interest. 1920 $1,410,748 $387,386 $342,446 1919 952,720 448,468 307,200 1918 804,716 313,602 262,340 1917 577,761 214,827 230,938 1916 424,950 214,846 227,245 Original Market — Offered in June. 1914, by A. B. Leach & Co., New York, at 90 and in- terest with a 30% bonus of common stock. Market. New York — Lynch & McDermott, Earle A. Miller & Co., Vanderhoef & Robinson, Wat- son, Armstrong & Co., Berdell Bros., H. I. Nicholas & Co., Carruthers, Pell & Co. Philadelphia — Barnes & Lofland, Bauer, Starr & Co. Price Range. Jan. 1, '16, to Jan. 1, *21 1920 •Bi d. Ask. Bid. Ask. High 84 '15 90 '15 65 Dec. 75 Dec. Low. 52 '20 60 '20 52 June 60 Aug. 1404 VIRGINIAN RAECWAY CO. (THE) 1st 6s. Due May 1, 1962. Dated May 1, 1912. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $75,000,000 Outstanding 32,844,000 Reserved for Ext 42,156,000 Denomination — Coupon, $100, $500 and $1,- 00 0. Registerable as to principal or fully reglsterable ($1,000 and $500). Registered^ $1,000, $6,000 and $10,000. C. & R. inter- changeable. Trustee— Farmers' Loan & Trust Co., New York. Redeemable on any interest date at 110 and interest on four w^eeks' notice. Organization — Incorporated in Virginia, Feb., 1904. under the name of the Tidewater Ry. Co. Present name adopted in 1907. Owns 72 shares of the capital stock of Norfolk & Portsmouth Belt Line R. R. Co. Also owns 4,990 shares of the capital stock of the Vir- ginian Terminal Ry. Co. and 260 shares of Norfolk Terminal Ry. Co. and leases the prop- erty of the former company for 99 years from May, 1913. Also leases the property of the latter company Jointly with the Norfolk & Western Ry. Co. and the Norfolk Southern R. R. Co. Capitalization. Outstanding. Common $31,271,500 Preferred (5% cum.) 27,955,000 Funded debt 39,305,800 Secured by the first mortgage on 500.49 miles of road from Boush Creek near S^walls Point, Norfolk County, Va. , to Deepwater In Fayette County, W. Va., together with branch from Mullens to Pemberton. W. Va., and smaller branches. Further secured by de- posit of 4,9 90 shares of capital stock and entire $3,000,000 1st 5s of the Virginian Ter- minal Ry. Co., owning extensive property at Sewalls Point. Years ended Dec. 31: ^,„„„ Gross. Net. Int. & Rent 1920 $15,989,349 $5,308,304 $2,020,842 •1919 3,247,603 3,612,645 1,767,013 •1918 3,247,603 3,165,000 1,720,996 1917 10,242,473 4,597,077 1,756,312 1916 8,455,964 4,243,763 1,764,456 1915 - 6,252,014 2,737,003 1,652,113 •Corporate account. liisted on the New York and London Stock Exchanges. Original Market — $2p,000.000 oftered in 1912, at 99 and interest by the National City Bank, Kissel, Kinnicutt & Co., N. "W. Halsey & Co., of New York; Drexel & Co., Philadel- phia, and Lee, Higginson & Co., of Boston. A block offered Dec. 1917. by the National City Co., at a price to yield 5.50%. Market. New York — Simon Borg & Co., Coflfin & Co., National City Co., Prince & Whitely, Vilas & Hickey, Carruthers, Pell & Co. Philadelpliia — Arthur J. Bender, Biddle & Henry, Elkins, Morris & Co., Morley & "Wood & Co., Isaac Starr Jr. & Co., J. "W. Thompson & Co. I.ouisville — Block, Fetter & Co., Fidelity & Columbia Trust Co., J. J. B. Hilliard & Son. Price Range — N. Y. S. E. Jan. 1 *17, to Jan. 1, '31 1920 High 100% Jan. 27, '17 86% Oct. 13 Low. 72% May 21, '20 72% May 21 VDRGLNIAN KAII.WAY CO. (THE) Eauip. Tr. Scries "C" 6s. Dne $260,000 eacli Oct. 1 and A^r. 1, from Oct. 1, 1920, to ,Apr. 1, 1930, inclusive. Dated Apr. 1, 1920. Interest payable April 1 and Oct. 1 In New York and Philadelphia. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized $5,200,000 Outstanding: (Jan. 1, '21) 4,940,000 Balance Ketii-ed. Denomination — Coupon, $1,000; registerable as to principal. Trustee — Commercial Trust Company, Phila' delphla. Guaranteed principal and interest by The Virginian Railway Co. by endorsement. Organization — See 1st 6s of 1962. Secured by an equipment trust agreement on 1,000 120-ton steel coal cars, 6 Pacific type passenger locomotives, 10 steel passenger coaches, 4 combination baggage and mail cars and 1 club car. The net cash cost of the above equipment will be approximately $7,107,000, of which The Virginian Railway Company will make an Initial payment of approximately $1,776,700 or about 25%. Earnings — See 1st 5s of 1962. liesral for savings banks in Ohio. Original Market — $5,200,000 offered March, 1920, by the National City Company, Kissel, Kinnicutt & Co., Lee, Higginson & Co., on a 7% basis. Market. New York — Evans, Stillman & Co., Free- man & Co. Philadelpliia — Biddle & Henry, Graham, Parsons & Co., Reed A. Morgan & Co., Parsly & Co. l/Ouisville — J. J. B. Hilliard & Son. VIRGINIAN RAILWAY CO. Bquip. Tr. 6s. Due $260,000 eacli Oct. 1 and Apr. 1, from Oct. 1, 1900 to Apr. 1, 1930, incl. Dated Apr. 1, 1920. Interest payable April 1 and Oct. 1 in New York and Phila- delphia. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized $5,200,000 Outstandingr 4,940,000 Balance retired. Denomination — Coupon, $1,000; register- able as to principal. Trustee — Commercial Trust Company, Philadelphia. Guaranteed principal and Interest by the Virginian Railway Co. by endoresment. Secured by an equipment trust agreement on . 1,000 120-ton steel coal acrs, 6 Pacific type passenger locomotives, 10 steel pas- senger coaches, 4 combination baggage and mail cars and 1 club car. The net cash cost of the above equipment will be approximately $7,107,000, of which the Virginian Railway Company will make ari initial payment of approximately $1,776,7 700, or about 25%. Legal for savings banks in Ohio. Ordinal Market — $5,200,000, offered Mar., 1920, by the National City Company, Kissel, Kinnicutt & Co., Lee, Higginson & Co., on a 7% basis. 1406 w WABASH RAILROAD CO. (THE) 1st 5s. Dne May 1, 1939. Dated May 1, 1889. Interest payable May and Nov. 1. at company's offlce. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $34,000,000 Outstamlingr 33,891,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New Tork. Organization — Incorporated in Missouri, Michigan, Ohio, Indiana and Illinois in 1889 as a consolidation of the Toledo Western R. R. Co., the Detroit & State Line Wabash R. R. Co. the Wabash Eastern Ry. Co. of Indiana, the Wabash Eastern Ry. Co. of Illi- nois, and the Wabash Western Ry. Co. In 1916 the company was reorganized under fore- closure as the Wabash Railway Co. Capitalization. Outstanding. Common $61,549,125 Preferred "A" (5% non-cum.) • • • . 64,184,400 Preferred "B" (5% non-cum.) ...' 12,759,442 Funded debt 65,913.359 Secured by direct mortgage on 1,541.60 miles of road (including 317.35 miles of sec- ond track), viz: A first lien on 1,519.91 miles — Toledo, O., via Ft. Wayne and Belmont, to Alladin, 111. (69.69 miles double track) 460. 50 Bluffs to Camp Point, 111 39.54 Clayton to Elvaston, 111 34.51 Decatur to East St. Louis, 111 110.00 Chicago & Western Indiana Jet. to Ef- fingham, 111. (28.36 miles double track) 204.72 Shumway to Altamont, 111 9.40 Fairbury Jet. to Streator, 111 30.90 Edwardsville to Edwardsville Crossing, in 8.60 Delray, Mich., to Butler, Ind. (54.53 . miles double track) 109.93 Tayon Ave., St. Louis, to Harlem near Kansas City, Mo. (55.66 miles double track) 274.79 Carr St., St. Louis, to Ferguson, Mo. (5.10 miles double track) 10.67 Moberly, Mo., to Ottumwa, Iowa 131,25 Salisbury to Glasgow, Mo 15.37 Brunswick to Pattonsburg, Mo 79.73 A second lien on 31.59 miles — Covered by the first lien of the Colum- bia St, Louis 1st 4s, 1942 21.59 Also secured on the leasehold interest of the company in the St. Louis, Council Bluffs & Omaha R. R. — 1,000 years from 1878 Chillicothe to Pat- tonsburg. Mo 41.38 Also secured on the leasehold interests of the company in the terminals at Detroit, Chi- cago. Hannibal, Quincy and Kansas City, and in the bridges over the Missouri River at Hannibal, St. Louis and Kansas City. Prior T^iens — $200,000 Columbia & St. Louis R. B. 1st 4s of 1942. Underlies — 2d 5s due 1939 and Income Deb. 6s due 1939. Years ended Dec. 31: Gross. Net. Int. & Rent. •1919 $5,786,352 $6,114,942 $3,742,073 •1918 5,867.268 6,130,511 3,549,186 1917 40.471,999 11,115,669 6,943,725 1916 37,721,104 12,181,221 6,874.723 1915 30.687,318 6,786,617 7,670,444 •Corporate Account. Legal for savings banks in Me. Listed on the New Tork Stock Exchange. 1401 Market. New York — Simon Borg & Co., Samuel Goldschmidt, Granger & Co., Carruthers, Pell & Co., E. & C. Randolph, R. W. Press- prich & Co., Prince & Whitely, Redmond & Co., Roosevelt & Son, Rutter & Co., Season- good, Haas & Macdonald, Struthers & Hiscoe, Vilas & Hickey, Edwin Wolff, Ar- thur E. Frank & Go. Philadelphia — Henry D. Boennlng & Co. St. Louis — Francis, Bro. & Co. Price Range — N. Y, S. E. Jan. 1, '06, to Jan. 1, '31 1930 High 116% Jan. 30, 'Ofi 91 Jan. 3 Low. 79 May 22, '20 . 79 May 22 WABASH RAILROAD CO. (THE) 2d 5s. Due Feb. 1. 1939. Dated February 1, 1889. Interest payable Feb. and Aug. 1, at company's offlce. New Tork. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorised $14,000,000 Outstanding 13,993,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Metropolitan Trust Co., New York, Organiaztion — See 1st 5s. Secured by second mortgage on 1,008.10 miles of road (including 256.59 miles of sec- ond track), being secured on the mileage east of the Missouri River covered by the first lien of the Wabash R. R. 1st 5s, 1939, viz. : Miles. Toledo, O., to Alladin, 111. (69.69 miles double track) 460.50 Bluffs to Camp Point, III 39.54 Clayton to Elvaston, 111 34.61 Decatur to East St. Louis, 111 llff.OO Chicago & Western Indiana Jet. to Ef- fingham, 111. (28.36 miles double track) 204.72 Shumway to Altamont, 111 9.40 Fairbury Jet. to Streator, 111 30.90 Edwardsville to Edwardsville Cross- ing, 111 8.60 Delray, Mich., to Butler, Ind. (54.53 miles double track) 109.93 Also secured (subject to the 1st 5s) updn leasehold interests of company in the ter- minals at Detroit, Chicago, Hannibal, Quincy and in the bridge across Missouri River at Hannibal. Prior Liens — 533,891,000 Wabash 1st 5s of 1939. Underlies — Deb. 6s, due 1939. Earnings — See 1st 5s. Listed on the New York Stock Exchange. * Market. New York — Simon Borg & Co., Granger & Co., Carruthers, Pell & Co., Alfred F. Ingold & Co., R. 'W. Pressprich & Co., Roosevelt & Son, Rutter & Co., Seasongood, Haas & Macdonald, Vilas & Hickey, Edwin Wolff, Arthur E. Prank & Co. Phlladelpiiia — Biddle & Henry, Henry D. Boenning & Co., Morley, "U'^ood & Co. Price Range — N. Y. S. E. Jan. 1, *06, to Jan. 1, '21 1930 High 109 Jan. 30, '06 84 Sept 1 Low. 72 Dec. 8, '20 72 Dec. 8 WABASH RAILROAD CO. (THE) (Non-Cum.) Deb. "B" 6s. Due July 1. 1939. Dated July 1, 1889. Interest payable Jan. and Juiy 1, from net income. Payment of Interest — July, 1907, 1%; Jan. 1908. 1%; 1909, 2%: 1910, 4%; 1911. 3%; 1916 to 1920 Inclusive, 6% yearly. Tax Status — Payment of Federal Income Tax not assumed by company. ^^ Authorized — Series "B," $26,500,000 Series "A" retired under reorganization. Outstanding — Series "B" $1,248,450 Cancelled 25.244,000 Denomination — Registered, $1,000. Trustee — Bankers* Trust Co., New York. Organization — See 1st 5s. Voting Power — Each $1,000 bond is entitled to 10 votes. Secured by direct mortgage on 1,541.50 miles of road, viz. : A second lieu on 511.81 miles (mileage west of the Missouri River covered by the first lien of the. "Wabash R. R. 1st 5s, 1939 — Tayon Ave., St. Louis to Harlem, Mo. 274.79 Carr St. St. Louis to Ferguson, Mo 10.67 Moberly, Mo., to Ottumwa, Iowa 131.25 Brunswick to Pattonsburg, Mo 79.73 Salisbury to Glasgow, Mo IB. 37 A third lien on 1,029.69 miles- Covered by the following "Wabash R. R. 2nd 5s 1,008.10 Columbia & St. Louis 1st 4s 21.59 Also a second lien on the leasehold interest of the company in the St. Louis, Council Bluffs & Omaha R. R. — Chillicothe to Pattonsburg, Mo 41.38 Prior Liens — Subject to - $48,084,000 prior liens as follows: Wabash R. R. 1st 5s, 1939 $33,891,000 Wabash R. R. 2nd 5s, 1939 13,993,000 Columbia & St. Louis 1st 4s, 1942. 200,000 EamingB — See 1st 5s. Iiisted on the New York Stock Exchange. Market. New York — Simon Borg & Co., Edwin Wolfe, F. J. Llsman & Co. Price Range — 'N. T. S. B. Jau. 1, '08, to Jan. 1, *21 1930 High 105 Oct. 26, '16 No Low. 87 Mar. 2, '08 Sales Denomination — Coupon, $1,000. Registerable as to principal. TiTistee — Central Union Trust Co., New York. Redeemable for sinking fund at 110 and In- terest. Sinking Fund^Annually 2% of the bqjids outstanding, or entire net earnings' of the line after interest charges, if less than 2%, to be applied to the purchase or redemption of these bonds at not exceeding 110. Organization — See 1st 5s. Secured by a first mortgage on 149.65 miles of road from Montpelier, C, to Clarke Jet., Ind., connecting with C. & W. I. R. R. into Chicago. ' Underlies — Wabash R. R. , Toledo & Chi- cago Div. 1st 6s of 1941. Bamings — See 1st 5s. Iiisted on the New York Stock Exchange. Market. Ne^v York — Simon Borg & Co., Constable & Fleming, Samuel Goldschttiidt, Hartshorne & Battelle, Carruthers, Pell & Co., Freeman & Co., Cha-s. W. Place, Raymond M. Smith, Vilas & Hickev. Price Range — N. Y. S. B. Jan. 1, '06, to Jan. 1, '21 1930 High 111% Nov. 21, '06 8'8 % Mar. 3 Low. 88% Feb. 17, '19 88?4 Jan. 9 WABASH RAILROAD GO. (XHB) Des Moines Biv. 1st 4s. Due Jan. 1, 1939. Dated January 1, 1899. Interest payable January and July 1, at company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,800,000 Outstanding ,1.600,000 Denomination — Coupon, $1,0 00. Registerable as to principal. Trustee — New York Trust Co., New York. Organization — See 1st 5s. Secured by a first mortgage on 94.12 miles of road from Moulton to Chesterfield, near Des Moines, Iowa. Also secured by pledge of $50,000 capital stock of the Des Moines Union Ry. and entire stock of the Des Moines & St. Louis R. R. and Moulton, Albia & Des Moinea R. R. companies. I/isted on the New York Stock Exchange. Bamings — See 1st 5s. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Samuel Goldschmidt, Car- ruthers, Pell & Co., S. P. Larkin & Co. Price Range— N. Y. S. E. Jan. 1, '09, to Jan. 1, '31 1930 Bid. Ask. ' High 91^ June 14, '09 75% Jan. Low. 80 Dec. 30, '10 58 Nov. 71 Oct. WABASH RAILROAD CO. ne June 1, 1947. Dated June 1, 1907. Interest payable June 1 and Dec. 1, at National Trust Co., Mon- treal or Canadian Bank of Commerce, Lon- don. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,000,000 Outstanding: (June 1. '21> 871,000 Retired by S. F..\ 110,000 Held in Treasury 19.000 Denomination — Coupon, $500 and $1,000; reg-isterable as to principal. Trustee — National Trust Co. , Ltdi , Mon- treal. Redeemable as a whole only at 110 and in- terest. Sinking Fund — Annually, beginning June 1 , 1911, an amount sufBcient to redeem $10,000 par value of bonds at 105 and interest. Bonds so acquired are cancelled. Orgranization — Ir\corporated in Canada in 1907, Manufactures fine white cotton, lawns, nainsooks and cambrics. Owns the entire cap- ital stock of the St. Maurice Cotton Mills, Ltd., and a majority of the capital stock of the Shawinigan Cotton Co., Ltd. Capitalization. Outstanding. Common $1,750,000 Funded debt 871,000 Secured by a first mortgage on all the prop- erty of the company, comprising mills located at Three Rivers, Que., equipped with 1,500 - looms and 75,000 spindles. Years ended June 30: Net. 1920 $489,426 1919 477,551 1918 515,868 1917 181,350 1916 147,695 Montreal — Balfour, White Toronto — Manning- Bros. & Price Range. Jan. 1, '18, to Jan. 1» '31 Bid. Ask. High 78% 'IS 84 '18 Low. 78 Va '18 84 '19 Dep'n. Bond Int. $100,000 $53,410 100,000 54,010 65,402 64,610 52,360 55,260 60,000 55,810 Co. 1930 Bid. Ask. 90 Mar. 96 Mar. 1403 W.4L.IiKIL TRANSIT CO. Ist 5b. Due May 1, 1935. Dated May 1, 1906. Interest payable Apr. and Oct. 1, at Commonwealth Trust Co., Harrisburg. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorixed $360,000 Outstanding 300,000 Reserved for Ext 6tl,000 Denomination — Coupon, $100, $6000 and $1,- 000. Registerable as to principal. Trustee — Commonwealth Trust Co., Harris- burg, P«, J Redeemable at IQB and Interest. Organization — Incorporated in New Tork in 1905 to take over the properties of the Middle- town Goshen Electric Ry. Co. and the Middle- town-Bloomaburg Electric Ry., sold under foreclosure. Capitalization. Outstanding. Common $360,000 Funded debt 300,000 Secured by a first mortgage on 13 miles of electric railway track extending from Middle- town to Goshen, N. T. Vears ended Dec. SI: Gross. Net. Int. & Rent. 1919 $77,726 $13,959 $16,404 1918 70,198 10,670 15,189 1917 69,398 10,394 15,604 Market Fliiladelphia — Barnes & Lofland. WALTHAM WATCH CO. 6-Year 6% Notes. Due Aug. 1, 1924. Dated Aug. 1, 1919. Interest payable Feb. 1 and Aug. 1, at National City Bank, New York, and First National Bank, Boston. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $3,000,000 Outstanding 3,000,000 Purpose of Issue — To reduce floating debt. Denomination — Coupon, $1,000: registerable as to principal. Trustee — First National Bank, Boston. Redeemable on a^ny interest date on 30 days' notice, aa a whole or in blocks of not less than $500,000 at 102 and interest. Organization — Incorporated in Massachusetts in 1906 as successors to the American Wal- tham Watch Co. Business established in 1853. Company's plant is located at Waltham, Mass. Capitalization. Outstanding. Common $7,000,000 Preferred (6 7o cum.) 6.000,000 Funded debt 3;000,000 Security — A direct obligation of the company but not secured by a mortgage. These notes constitute the only funded debt of the com- pany. Under the Trust Agreement the company covenants that it, or any of its constituent companies will not mortgage any of its prop- erty, real or .personal; that it and its con- stituent companies will at all times maintain an excess of current assets over all current liabilities, egual to at least 200% of the face value of these notes outstanding, and will maintain current assets in an aggregate amount equal to at least 175% of the amount of all liabilities including these notes. Original Market — $3,000,000 offered > Au- gust, 1919, by F. S. Moseley & Co., Boston, etc. ; First National Corporation, Boston, and National City Co., New York, etc., at 99 and interest. Market. New York — Berdell Bros., Pynchon & Co., Bull & Bldredge, Salomon Bros. & Hutzler. Boston — F. S. Moseley & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '20 99% '19 97 Apr. 99 Jan. Low. 85 '20 89 '20 85 Dec. 89 Dec. WARD BAKING CO. Ist 69. Due June 15, 1»37. ^, , Dated June 16, 1912. Interest payable June and Dec. 16, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction New York. Autborized $10,000,000 Outstanding (Jan. 1, '21) 6,162,600 Retired by S. F 715,900 Reserved for Ext 4,121.600 Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Empire Trust Co.. JMew York. Redeemable at 106 and interest. Sinking Fund— After 1915 of 2% of out- standing bonds, Organization — Incorporated in New York in 1912 as a consolidation of a number of large bakeries with a combined capacity of 7,500,000 loaves of bread per week, ■ Capitalization. Outstanding. Common $7,927,000 Preferred (7% cum.) 7,413,600 Funded debt 6,162,600 Secured by a first mortgage on large baker- ies located in Cambridge, Mass., Providence, R. I., Chicago. 111., Pittsburg, Pa., Cleveland. Ohio, and in the boroughs of the Bronx and Brooklyn, New York City, Newark, N. J., Baltimore, Mid., and Columbus, Ohio. Original Market — First offered by Tobey & Kirk, New York, at par and interest in Nov., 1912. Market. New York — Fred H. Hatch & Co., Oar- ruthers. Pell & Co., J. K. Rice, Jr., & Co., Tobey & Kirk, Hartshorne & Battelle. Wheeling, W. Va. — Howard Hazlett & Son. Pittsburgh — Edward A. Owens & Co. Price Range. Jan. 1, '16, to Jan. 1, Bid. Ask. High 99% '16 101 '16 Low. 87 '20 93 '20 '21 1920 Bid. Ask. 96 Jan. 98 Jan. 87 Dec. 93 Dec. Tax exempt in J409 WARD (MONTGOMERY) WAREHOUSE CORP. Ist 6s. Due $90,000 each Mar. 1 from 1922 to 1931, incl. Dated Mar. 1, 1920, Interest payable Mar. 1 and Sept. 1 at Central Trust Co. of Illinois. Chicago, or Portland Trust Co,, Portland, Oregon. Tax Status — 2% Federal Income Tax paid by the. company without deduction. Authorized $900,000 Outstanding 900,000 Denomination — Coupon, $1,000. Trustee — Portland Trust Co., Portland, Ore- gon. Redeemable on any interest date at 101 and interest. Guaranteed principal and interest by Mont- gomery, Ward & Co., by endorsement. Organization and Control — Incorporated Jan- uary, 1920, in Oregon. Entire capital stock except directors shares owned by Montgomery, Ward & Co., Ino, The property of this company has been leased for the life of this bond issue to Mont- gomery, Ward & Co.. Inc., at an annual rental sufficient to pay operating charges, taxes, de- preciation, interest on bonds of this issue and principal at maturity. This lease is deposited with the trustee as additional' security for the bonds. Secured by a first mortgage on property and concrete warehouse now under construc- tion in Portland, Ore., which will cost ap- proximately $1,400,000. Years ended Dec. 31 (Montgomery Ward & Co., Inc.): Gross. Net. 1900.. $101,746,271 def.$7,856,278 1919.. 99,336,053 • 5,094,170 1918.. 76,166,848 «,390,181 1917.. 73,512,645 5,419,688 1916.. 62,044,336 4,6«0,791 Original Market — $900,000 offered April, 1920, by Girvin & Miller, San Francisco, etc., and Halaey, rStuaj*t ,& Co,, Qhtcagp, New York, etc., on a 6^% Dasls. ' '. ^ . WAKREN AXE & TOOL CO. 10-Year S. F. 8s. Due Dec. 1, 1930. Dated Dec. 1, 1920. Interest payable Dec. 1 and June 1 at Warren Trust Co., Warren, Pa. Tax Status — Information not available. Authorized $600,000 Outstanding 600,000 Purpose of Issue — To fund floating in- debtedness. Denominations — Coupon, ?1,000, $500 and $100. Trustee — Warren Trust Company, War- ren, Pa. Redeemable after Dec. 1, 1925, at 105 and interest. Sinking: Fund — Annually beginning Dec. 1, 1921, at least $30,000, to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds so ac- quired to be cancelled. Organization — Incorporated in Pennsyl- vania in 1892. The Company manufactures high grade axes and logging tools. Capitalization Outstanding Common (no par) 15,000 shs. Funded debt $600,000 Secured by a first mortgage on all the real estate, plants and equipment of the com.- pany now owned or hereafter acquired. Property covered includes plants located at Warren, Pa., and over 2,000 acres of handle timber land. Under the provisions of the indenture the company covenants that its net assets shall never be less than 150% of the amount of bonds at any time outstanding. Original Market — $600,000, offered Dec, 19 20 by Lawrence Chamberlain & Co., New York, and McClure, Smith & Co., Inc., at Sunbury and Warren, Pa,, at 98.25 and in- terest. Market. Boston — Blodfret & Co. New York — Blodget & Co. WARREN BROTHERS CO. 1st Coll. Tr. 6s. Due $100,000 annually March 1, 1918, to 1927. ihc. Dated March 1, 1917. Interest payable March, June, Sept. and Dec. 1, at trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding (Jan. 1, *21) 700,000 Balance Redeemed. Denomination — Coupon, $1.00.0. Registerable as to principal. Trustee — State Street Trust Co., Boston. Redeemable at 102^ and interest on any in- terest date on 60 days' notice. Organization — Incorporated in West Virginia m 1900. The company and its licensees lay pavements and manufacture paving and roof- ing materials. Plants are located in Boston and many other cities. An average of about 4,500,000 square yards of paving is done an- nually. Capitalization. Outstanding. Common $2,005,005 1st Preferred (6% cum.) 2,000.000 2nd Preferred (3% cum.) 500,000 Funded debt 700,000 Secured by a first mortgage on real estate and personal property. Years ended Dec. 31: *Net. 1920 $694,311 1919 633,082 1918 163,581 1917 330,237 1916 452,244 •After Interest. Original Market — $1,000,000 offered March, 1917, by Blodget & Co., Boston and New York, at prices to yield 5% and 5%% respectively for 1918 and 1919 maturities and 6% for re- maining maturities. 14] WARREN RAILROAD 1st Ref. 3%s. Dae Aug. 1, 2000. Dated Aug. 1, 1900. Interest payable Feb. and Aug. 1, at office of D., L. & W. R. R. in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding 1,394,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Guaranteed principal and interest by Dela- ware, Lackawanna & Western R. R. Co. by endorsement. Organization and Control — Incorporated in New Jersey in 1851 and is leased into per- petuity to D., L. & W. R. R. Co. for interest on bonds and 7% dividends per annuni on $1,- 800,000 stock. Capitalization. Outstanding. Common $1,800.'"000 Funded debt 1,394,000 Secured by a first mortgage on 19 miles of double tracked road from Hampton Jet. to Delaware River. Legal for savings banks in Cal., Conn., Me., Mich.. Minn., N. H., N. J., N. Y., R. I. and Wis Listed on the New York Stock Exchange. Market. New York — Carruthers, Pell & Co., R. W. Pressprich & Co., Remick, Hodges & Co., Struthers & Hiscoe. Pliiladelphia — Biddle & Henry, Graham, Parsons & Co., Parsly Bros. & Co. Price Range. Jan. 1, *15, to Jan. 1, '21 1920 Bid. Ask. Bid. High 86 '16 86% '16 65 Mar. Low. 50 '20 82% '17 50 May WASHINGTON & COLUMBIA RIVER RAIL- WAY CO. 1st 4s. Due July 1, 1935. Dated March 1, 1895. Interest payable Jan. and July 1, at No. Pac. Company's office, 34 Nassau Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,622,000, plus $20,000 per mile of additional road. Outstanding $140,000 In Treasury of No. Pac 2.480.000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Northern Pacific Ry. Co. Control — Absorbed by the Northern Pacific Ry. Co. in 1907. Secured by first mortgage on 167.69 miles of road, viz: Pendelton. Ore., to Dayton, Wash 127.30 Eureka Jet. to Pleasant View. Wash.. 19.73 Killian Jet. to Athena, Ore 14.54 Walla Walla to Tracy, Wasb 6.12 Underlies — Northern Pacific Ry. Ref. Imp. Mtge. under which bonds are reserved to retire this issue. Legal for savings banks in Cal., Conn., Me., Mass., Mich., Minn., N. H.. N. J., N. ~Y., R. I. Vt. and Wis.; also Baltimore Trust Funds. Listed on the Philadelphia Stock Exchange. Marftet. New York — Carruthers, Pell & Co. Philadelphia — Isaac Starr, Jr., & Co. , , Price Range. Jan. 1, '15, to Jan. 1, '81 „. ^ Bid. .\sk. High 94 '15 99V4 '15 Low. 65 '20 90 " '17 Price Range. 1980 Jan. 1, '16, to Jan. 1, '21 1930 Bid, Bid. Ask. Bid. Ask. 67 May High 92 '16 72% Nov. 78 Nov. 55 Deo. Low. 60i^ '20 70 '20 60% July 70 July WASHINGTON & FRANKLIN RAILWAY CO. 1st 5s. Due Jan. 1, 1939. Datca August 1, 1901. Interest payable Jan. and July 1, at Heading Trust Co., Bead- ing, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorizcd $475,000 Outstanding 378,000 Denomination — Registered. $1,000. Trustee — Reading Trust Co., Reading, Pa. Guaranteed as to interest, under terms of lease, by the Western Maryland Ry. Co. Organization and Control — Incorporated in Maryland in 1899 and is leased to the Western Maryland Ry. for 995 years from July 1, 1901, at a rental eaual to interest on bonds and 6% on $150,000 stock, which is all owned by the Reading Co. Ca.pitall2ation. Outstanding. Common $160,000 Funded debt 378,000 Secured by a first mortgage on 19.11 miles of road from Hagerstown, Md., to Zumbro Jet.. Pa. Refunding — Bonds are reserved under West- ern Maryland R. R. 1st 4s of 19B2 to retire this issue. Market. New York — Carruthers, Pell & Co. Baltimore — Barroll, Corkran & Co. Price Ransre Jan. 1, '19, to Jan. 1, '81 1920 Bid. Bid. High 90 '19 88 May Low. 88 '20 88 May WASHINGTON & YANDBMERE RAILROAD CO. 1st 4V2S. Due Feb. 1, 1947. Dated Feb. 1, 1907. Interest payable Feb. and Aug. 1, at office of Trustee, Baltimore, and United States Trust Co., New York. Tax Status — 2% Federal Income Tax ^aid by company without deduction. Authorized $1,500,000 Outstanding 720,000 ■ Reserved for Construction and Eauipment 780,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Safe Deposit & Trust Co., Balti- more, Md. Guaranteed principal and interest by the Atlantic Coast Line R. R. Co. by endorsement. Organization and Control — Incorporated in North Carolina in 1903 and road completed in 1909. Controlled through ownership of its stock by the Atlantic Coast Line R. R. Co. Capitalization. Outstanding. Common $125,000 Funded debt 720,000 Secured by a first mortgage on 40 miles of road from Washington to Vandemere, N. C. lifstcd on the Baltimore Stock Exchange. Legal for savings banks in Cal., Mich., Minn., N. H., N. J. and R. I. Original Market — Offered in 1907 by Baker, Watts & Co., Baltimore, at 9 9 Mi and interest. Market. New York — E. A. Baker & Son, Samuel Goldschmidt, Carruthers, Pell & Co., Wm. Carnegie Ewen, John Nickerson, Jr., Edwin Wolff, Chas- W. Place. Pittsburgh — R. B. Hutchinson & Co. Baltimore — Barroll, Corkran & Co., Mack- ubln, Goodrich & Co, WASHINGTON, ALEXANDRIA & MT. VER- NON RAILWAY CO. Ist 5s. Due March 1, 1955. Dated March 1, 1905. Interest payable March and Sept. 1, at Real Estate Trust Co., Philadelphia. Default — March 1, 1920, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized $2,500,000 Outstanding 2,370.000 In Treasury 130,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Real , Estate Trust Co., Philadel- phia. Redeemable on any interest date at 110, and mterest on three monins' notiuo. Assumed by the Washington- Virginia Ry. Control — Absorbed by the Washington-Vir- ginia Ry. in 1910. Reorgranlzation — As of May 1, 1921, plans, were in progress for the reorganization of' the Washington- Virginia Ry. Co. Secured by a first mortgage on 22 miles of electric railway between Washington, D. C, and Mt. Vernon, Va. Line built largely on private right-of-way: elsewhere nearly all' franchises are perpetual. Underlies — Washington-Virginia Ry. Co.. Gen. Mtge. Year ended Dec. 31 (W.-Va. Ry.); Gross. Net. Int., etc. 1920 $1,491,176 $153,637 $289,309' Listed on the Lotiisville, Columbus an^ Washington Stock Exchanges. Original Mad-ket — First offered by Graham & Co., Philadelphia, at 102^! and interest in April, 1905. Market, New York — Lynch & McDermott, Carruth- ers, Pell & Co., Alfred F. Ingold & Co. Washington, D. C. — Crane, Parris & Co. Philadelphia — Barnes & Lofland, Henry D Doenning & Co., Graham, Parsons & Co., McCown & Co., Samuel McCreery & Co. Baltimore — Norman J. Polack. Price Range. Jan. 1, '11, to Jan. 1, '21 1980 Bid. Ask. Bid. Ask. High 97 '10 105 '11 40t July 50f Feb. Low. 30f'20 50f'20 SOfNov. 40f Dec. WASHINGTON, ARLINGTON & FALLS CHURCH RY. 1st 6s. Due July 1, 1926. Dated July 1, 1896. Interest payable Jan. and July 1, at Girard Trust Co., Philadelphia. Default— July 1, 1920, interest Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding $100,000 Denomination — Coupon, $1,000. Registerable as to principal and interest. Trustee — Walter Hinchman, New York N. T. Redeemable on any interest date at 105 and*. interest on three months' notice. Guaranteed as to principal and interest by endorsement by the Washington, Alexandria & Mt. Vernon Ry. Co. Control — Absorbed by the Washington-Vir- ginia Ry. Co. in 1910. Reorganization — As of May 1, 1921, plans J'^'^%,i'^P^°sr^ssJor the reorganization of' the Washington-Virginia Ry. Co. Secured by a first mortgage on 24 miles of electric railway between Aqueduct Bridge Washington, D. C, and Naucks, Va. Popula- tion served, Washington, 350,000, remaining territory, 22,000, Built almost entirely on private rig:ht-of way. Underlies— $250, 000'2nd 5s of 1963, 1862.000 1st Cons. 5s of 1958, and Washington-Vir- ginia Ry. Co. Gen. Mtg-e. Eamiiigrs — See Washing-ton, Alexandria & Mt. "Vernon Ry. 1st 5s. Market. Hiew York — G. R. McAllister & Co. Philadelphia — Huntoon & Co., Samuel K. Phillips & Co., Barnes & IjOfiand. WASHINGTON, ARMNGTON & FALLS CHURCH RY. 2d 5s. Due April 1, 1953. Dated April 1, 1903. Interest payable April and Oct. 1. at Girard Trust Co., Philadelphia. Def^iilt — Oct. 1, 1920, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $350,000 Outstanding 250,000 Reserved for Prior Liens 100,000 Dcnnniination — Coupon, $1,000. Trustee — Merchants* Union Trust Co., Phila- delphia. Redeemable on any interest date at 110 and interest on three months' notice. Guaranteed as to principal and interest by , ■endorsement by the Washington, Alexandria A Mt. Vernon Ry. Co. Control — See Ist 6s. Secured by a second mortgage on property •described under 1st 6s, which see for details. Prior Liens — $100,000 1st 6s. Underlies — $602,000 1st Cons. 5s and Wash- ( .ing-ton, Alexandria & Mt. Vernon Ry. 1st 5s. Market. Philadelphia — Huntoon & Co, WASHINGTON. ARLINGTON & FALLS CHURCH RY. 1st Cons. 5s. Due Sept. 1, 1958. Dated Sept. 1, 190 8. Interest payable Mar. and Sept. 1, at Girard Trust Co., Philadelphia. Default — Sept. 1, 1920, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding: 650,000 Reserved for Prior Liens 350,000 Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Redeemable on any interest date at 105 and interest on three months' notice. Assumed by the Washington-Virginia Ry. Co. Guaranteed as to principal and interest by endorsement by the Washington, Alexandria & Mt. Vernon Ry. Co. Contrcl — See 1st 63. Secured by a third mortgage on properti' ■described under 1st 6s, which see for de- tails. Prior Liens — $100,000 1st 6s. and $250,000 2nd 5s. Underlies — Washington-Virg'inia Ry. Co. ■Gen. Mtg-e. Earnings — See Washington, Alexandria & Mt. Vernon Ky. 1st 5s. Market. Philadelphia — Reed A. Morgan & Co. New York — F. H. Hatch & Co., G. R. Mc- Allister & Go. Price Range. Jan. 1, '18, to Jan. 1, '31 1920 Bid. Ask. Ask. High 50 '18 90 '18 26^4 Oct. Low 75 '17 1412 WASHINGTON, BALTIMORE & ANNAPOLIS ELECTRIC R. R. CO. Ist 5s. Due March 1, 1941. . Dated March 1 , 1911. Interest payable March and Sept. 1 , at Trustee' 3 oflice, and Safe Deposit & Trust Co., Baltimore. Tax status — 2 % Federal Income Tax - paid by company w^ithout deduction. Tax exempt in Maryland. ^ Authorized $7,500,000 Outstanding (Jan. 1, '21) 5,369,000 Pledged to Secure 7% Notes.. 1,600,000 Reserved for Ext 531,000 Denomination — Coupon, $ 1 ,000. Registerable as to principal. Trustee — Cleveland Trust Co., Cleveland, Ohio. Redeemable at 105 and interest any interest date. Organization — Incorporated in Maryland in 1905 as the Baltimore Terminal Co. and took over the properties of the Washington, Balti- more and 'Annapolis Ry. Co., sold at fore- closure. Capitalization. Outstanding. Common $3,000,000 Preferred 1,759,250 Funded debt '5,369,000 Secured by a first mortgage on about 98 miles of interurban railway track, of which about 34 miles is double-track, between Wash- ington, Baltimore and Annapolis. The com- pany has trackage rights into Washington over the Washington Ry. & Electric Co. and purchases power from the Potomac Electric Power Co. of Washington. Interurban lines are built on private right-of-way. Years ended Dec. 31: Gross. Net. Int., etc. 1920 $2,092,334 $586,905 $299,899 1919 2.168,120 614,061 295,202 1918 2,902,015 783,448 288,912 1917 1,560,125 730,944 268,293 1916 946,202 409,672 262,578 Listed on the Cleveland, Baltimore and Washington Stock Exchanges. Market. New York — Earle A. Miller & Co., Car- ruthers. Pell & Co., E. & C. Randolph. Cleveland — P>orton & Borton. Pliiladelphia^ — McCown & Co. Baltimore — Jenkins, Whedbee & Pee, Mackubin, Goodrich & Co., Smith, Lockhart & Co., Howard R. Taylor & Co., Robt. Gar- rett & Sons. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 91 '12 981,^ '12 75 Jan. 78 Jan. Low. 66 '20 68 '20 66 Dec. 68 Dec. WASHINGTON, BALTIMORE & ANNAPO- LIS ELECTRIC R. R. CO. 2-Year Mtge. & Toll. Tr. 7s. Due IMarch 1, 1933. Dated March 1, 19 21. Interest payable March 1 and Sept. 1, at Fidelity Trust Co., Baltimore. . Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized $1,400,000 Outstanding 1,400,000 Purpose of Issue — Proceeds from the sale of these notes are to be used for the com- pletion of terminals at Baltimore and Wash- ington made necessary by the increased pas- senger and freight traffic, to retire obliga- tions therefor and for other corporate pur- poses. Denominations — Coupon, $1,000 and ?500. Trustee — Fidelity Trust Co., Baltimore. Redeemable on any interest date at 100 and interest on 30 days' notice. Organization — See 1st 5s. Secured by a first mortgage on real estate properties in Washington costing $668,000 and on about 7 miles of railroad between the City of Baltimore- and Shipley, Md^ valued at $150,000 and additionally secured by pledge of $1,600,000 par value 1st 5s of •♦u '^^^ *^° properties! may be severally 'vjthdrawn from this mortgage by payment of 54% of the above recited figures or by, depositing with the Trustee additional 1st 6s at par value equal to 166 2-3% of the cash amount, for which said property may be withdrawn, p'or details of property see 1st 5s. Karnings — See 1st 5s. Original Market— $1,400,000; offered Mar., 1921, by Robert Garrett & Sons, Nelson, Cook & Co., W. W, Lanahan & Co., Colston & Co., and the Fidelity Trust Co., at 98.19 and interest. WASHINGTON CBNTRAl RAILWAY CO. Ist *s. Due March 1, 1948. Dated June 1, 1898. Interest payable Quar- terly, March, June, Sept. and Dec 1, at Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding •$1,853,000 '$1,028,000 held by Northern Pac. Ry. Co. Denomination — Coupon, $1,000 and $500. Registerable as to principal only, or fully registerable. Registered. $100 and multiples. Trustee — Bankers Trust Co.. New York. Control — Incorporated in "Washington in 1898. Formerly leased to the Northern Pa- cific Ry. Co., but absorbed by that com- pany in 1914, Secured by a first mortgage on 129.76 miles of road from Cheney to Coulee City and Adrian, Wash.. Underlies — Northern Pacific Ry. Imp. & Ref. Mtge. of 2047 wliich provides for the retire- ment of this Issue. Legal for Baltimore Trust Funds. Listed on the New York Stock Exchange. Market. ]Ve%v York — E. A. Baker & Son, Samuel Goldschmidt, Pynchon & Co., Carruthers, Pell & Co., Charles W. Place, Redmond & Co., Raymond M. Smith, Taylor, Smith & Hard. Philadelphia — Isaac Starr, Jr., & Co. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 Bid. Ask. High 93 May 9, '06 65 Mar. 68 Mar. Low. 81% Dec. 2, '13 60 May 66 Jan. St. Croix Jet. to Princeton, Me 17.86 Woodland Jet. to Woodland, Me 1.21 Legal for savings banks in Conn., Me., Mass., N. Y. and Vt. Original Market — First offered by Lee. Hig- ginson & Co., Boston, New York, etc. Market. ' Boston — F. S. Moseley & Co., Estabrook & Co. Portland, Me. — Maynard S. Bird & Co., Fidelity Trust Co. New York — Blodget - & Co.. Bstabrook & Co., F. J. Lisman & Co., Carruthers, Pell & Co. Price Range. Jan. 1, '0«, to Jan. 1, '21 198(V Bid. Ask. Bid. Ask. High 86% '10 89 '08 58 Jan. 65 Nov. Low. 50 '20 62 '20 50 Dec. 62 Deo. WASHINGTON COUNTY RAILWAY CO. 1st 3%s. Due Jan. 1, 1954. Dated Jan. 1, 1904. Interest payable Jan. and July 1, at Portland, Me., and Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized (per mile) $20,000 Outstanding 2,213,000 Owned by Maine Central 223,000 In Maine Central S. F 64,000 Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Redeemable as a whole at par and inter- est on Jan. 1, 1924, or thereafter on 60 days' notice. Guaranteed principal and interest by en- dorsement by the Maine Central R. R. Assumed by the Maine Central R. R. at consolidation. Control — Incorporated in Maine in 1903 as successor to the Washington County R. R. Co. and in 1911 was merged into the Maine Central R. R. Co. Secured by first mortgage on 138.03 miles of road, eauipment and future acquisitions — Calais to Washington Jet.. Me 102.49 Ayer's Jet. to Eastport, Me 16.48 — , 1'41 WASHINGTON (D. C.) GAS-LIGHT CO. Gen. 69. Due Nov. 1, 1960. Dated Nov. 1, 1910. Interest payable May and Nov. 1, at Trustee's ofllce. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $6,200,000 Outstanding (Jan. 1, '21)..... 6,199,662 Denomination — Coupon, $500. Registerable as to principal. Trustee — American Security & Trust Co., Washington, D. C. Organization — Incorporated under Act * of Congress in 1848. Capitalization. Outstandingi Common $2,600,000 Funded debt 6,400,000 Secured by a first mortgage on plants supplying gas to Washington, D. C, and vicinity. Underlies — $1,200,000 7%% Notes, due Jan. 1, 1926. Years ended Dec. 31: Gross. Net. Int.. etc. 1920 $4,794,004 $603,820 $342,903 1919 4,073,316 649,435 322,772 1918 3,801,160 634,747 283,557 1917 ,.. 2,820,267 682,809 247,017 1916 2,659,447 883,846 217,663 Listed on Washington Stock Exchange. Market. New York — Hambleton & Co., Carruthersi Pell & Co., Hanson & Hanson, Hornblower & Weeks. Washington, D. C. — Crane, Parris & Co. Philadelphia — Pluntoon & Co., Morley, Wood & Co. Baltimore — Jenkins, Whedbee & Poe. ' Providence — Hornblower & Weeks. Price Range. Jan. 1, '1«, to Jan. 1, '21 1920 Bid. Ask. Ask. High 107% '16 1071/2 '16 80 Dec. Low. 91 '19 92 '19 WASHINGTON (D. 0.) GAS LIGHT COi 5-Year 7%% Notes. Due Jan. 1, 19^6. Dated Jan. 1, 1921. Interest payable Jan. 1 and July 1 at American Security and Trust Co., Wasliington. Tax Status — 2% Federal Income Tax paid by the C.ompany without deduction. Authorized $2,000,000 Outstanding 1,200,000 Reserved fov Ext. 800,000 Issuance Restrictions — Additional bonds may be issued to reimburse the Company fot* extensions, betterments or acquisition of property upon the approval of the Public Utilities Commission of the District of Columbia. Purpose of Issue — To reimburse the Com- pany's treasury for expenditures heretofore incurred for extensions and additions and in acquiring other property. Denominations — Coupon $100, $500 and $1,000; registerable as to principal. Trustee — American Security & Trust Com- Price RanE:e. pany, Washington. Jan. 1, '11, to Jafl. li '21 1980 Redeemable on any interest date after Ziiil. Ask. Bid. Ask. January 1, 1923 upon four weelcs' notice at High 9B '17 98 '18' 90 Jan. 91% Jan. 103 and interest; after January 1, 1924, at Low. 50 '20 60 '20 50 Dec. 60 Nov. 102 and interest, and after January 1, 1925, ' at 101 and interest. WASHINGTON, OHIO & WESTERN RAIL- indenture provides that so long as any of and Aue. 1, at J. P. Morgan & Co., New the notes of this issue are outstanding the York. „ , , „ Company will not place an additional mort- Tax Status — 2% Federal Income Tax paid gage upon its properties. by company without deduction. ri'ioi- Liens — Outstanding Authorized Closed mortgage Gen.. 6s, 1960 $6,200,000 Outstanding .$1,025,000 Earnings — See Gen. 5s. Pledged under Southern Ry. 1st Listed on the Washington Stock Exchange. Cons. Mtge 225,000 (Original Marltet— $1,200,000 offered Janu-a- Denomination — Coupon, $1,000; register- ary 1, 1921, by Crane, Parris & Company, j^f,ig ^^ (^ principal. at 100 and interest. Trustee — Central Union Trust Co., New York. WASHINGTON-IDAHO WATER, LIGHT & Guaranteed principal and interest by the POWER CO. l9t S. E. 6s. Dae May 1, -Richmond & Danville (foreclosed). l^i^l Control — Incorporated in Virginia in 1882 Dated May 1, 1916. Interest payable May and leased in 1886 to the Bichmond & Dan- and Nov. 1, at Eauitable Trust Co.. New ville. Properties of both companies have been Ypj-jj deeded to the Southern Railway Co. Tax Status — 2% Federal Income Tax paid Secured by first mortgage on 50.12 miles by company without deduction. Pennsylvania from Alexandria to Round Hill. Va. State Tax refunded Underlies — Southern Ry. 1st Cons. 5s of •Authorized .. $6,000,000 1994, which provide for the retirement of this Outstanding- ...... '. . 732,000 issue and Dev. & Gen. 4s of 1966. Reserved for Ext 4,268,000 Legal for Baltimore Trust Funds. Provisions of Issue — Additional bonds is- Listed on the New York Stock Exchange. suable for 85% of cost of improvements Market. when net earnings are twice interest charges New Yorlt — Carruthers, Pell & Co., Wolff on total issue & Stanley, Pynchon & Co., Redmond & Co., Denominations — Coupon, $500 and $1,000. Raymond M. Smith, Taylor, Smith & Hard. Registerable as to principal. , .B'''*™™'Ai>ii'ii rn-av interest. Bonds acquired are cancelled. 1st S F 8s (sS-ief^ 1935^^ue dI^' Organization— Incorporated in Massachusetts ij 1935 iseiies ia6o.) Due Dec. April, 1916. „ ., , J. Dated Dec. 1, 1920. Interest payable Capitalization. Outstanding. june 1 and Dec. 1. at The Bank of Cali- Common $225,000 fornla N. A., San Francisco. Preferred (6% cum.) 290,000 Tax Status — 2% Federal Income Tax paid Funded debt 777,000 by the company without deduction. Secured by a first mortgage on two hydro- Authorized $5,000,000 electric plants, furnished with water from "ii"''''""'i""F ' 'i.' \ . 5x5'S?2 Asotin Creek, two steam plants in Clarkson, ?,"*^2;^^ '°? t'^^.V ' V,' i-V- ' ' " i *'500,000 three sub-stations, high tension lines con- „/*°^'?"'? "* Issue— AcUlifonal bonds may nectlng Lewiston, Clarkston, Asotin and Fort ^^-1 lr"« an^De'c"?' 19f,-"SIo "such^'adm" Lapal, arid distributing lines for power and ^fj^^^i' "onSs mav 'be issutd °'fo1 70% of light exclusively serving these cities; dis- the actual and reasonable cost of new prop- tributing system supplying Clarkston. The g^ty or extensions when net earnlnsg for company also has water pipe lines in adja- twelve months preceding the date of pro- cent territory to which water is sold at posed issuance shall ha\-6 been not less wholesale. Franchises in Clarkston and other than 2% times the amount necessary to pay cities in Washington run for 50 years. In the annual Interest on bonds outstanding Lewlston. operates under the Public Service and those to be Issued. Act of Idaho. ^ Denominations — Coupon $1,000 and' $500; Underlies — $46,000 6% notes. registerable as to in-incipal. Years ended Dec. 31: Trustee — The Bank of California, N. A., Gross. Net. Bond Int. San Francisco. 1918 $209,373 $101,668 $43,680 Redeemable at 105 and interest. X917 179,257 82,687 37 276 Sinking Fund — Annually, lieglnning Dec. 1, jgig 154429 81238 ' 1921, an amount which will retire 6 2-3% Later earnings 'not available. °* """' largest par amount of bonds at any Original Market— $600,000 offered Jan. 1. outstandmg of Series 19 35. Any sinking. l, as to principal. WEST END STREET RAILWAY CO. Deb, Trustee — West End Trust Co.. Philadelphia. v.^^^f'-r ?"", ''!'J?„'-' ?*?*•„» „„„„i,i„ t=„ Organization-Incorporated in Pennsylvania ,,^*;^j'^K}- }^LJ!i%l^^L^co so^l^ i« icon r\-r.rr,^ +>. o, rtv.«B+«,. Tr^n^-.r TPi^„+-i.„ ana July 1, at American irust Co., isoston. In 1890 Owns the Chester Valley Electr c j. status— Payment of Federal Income Light, Heat & Power Co. and the Coatesville ^ax not assumed by company. Electric Light, Heat & Power Co. Issued and Outstanding $1,604,00(1 Capitalization. Outstanding. Denomination — Coupon, $1,000. Registered, Common $1,000,000 $1,000, $5,000 and $ip,000. ' '. . , Funded debt 1,000,000 Ouaranteed as to interest under terms of Secured by a. first mortgage on 30 miles of the lease by the Boston Elevated Ry. electric railway track extending from Ken- State Control — See Boston Elevated Ry. nett Square through Lenape and "West Chest- Co, Issues. er to Downingtown, Gallagherville and Organization — The company was organized Coatesville and including street railway in 1887, and acquired through purchase and system in West Chester and Coatesville. consolidation the Metropolitan, Boston Con- Franchises are perpetual and a large part solidated, Cambridge and South Boston of line is on private right-of-way. Street Ry. companies, and in 1888 acquired Years ended Dec. 31: the Suburban St. Ry. Co. In 1897 the corn- Gross. Net. Interest. pany was leased to the Boston Elevated St. 1920 $252,140 $56,736 $60,240 Ry. Co. until June 10, 1922, at a rental equal 1919 225,153 96,609 50,240 to interest and rentals. 8% on Preferred 1918 186,464 62,553 63,448 and 7% on Common Stock. In July. 1911, 1917 191,650 68,118 64,082 the Massachusetts Legislature authorized Orignal Market — First offered by Geo. C. • the consolidation of these two companies Atlee & Co., Philadelphia. upon the expiration of the lease. Market. Company owns about 420 miles of track New York Fred H Hatch & Co. and leases 43 miles additional, in Boston a.nd PhUadelphia^Huntoon & Co., Lloyd & vicinity, including subways. Palmer, Samuel K. Phillips & Co. ^ Capitalization. ■'Jutscandlag. „ . !>„„__ Common $14,029,8.50 1 .no t„ rli^ ? >^^ 1920 Prefeiied (8%) ; 6,400,000 Jan. 1, 'P9. to Jan- 1' ^l ^.^ ^''''" ^^j^ Funded debt 16,879,000 tr,-„v, 07 'OQ qq'OQ 78 Mar 84 Jaii Security — A direct obligation of the com-. ?il, fiO'pn 70 '18 68 Nov 70 Nov. pany, but not secured by mortgage. Low. 60 20 70 18 b» jNov. (u iNov. ^^^^^ ^^^ savings banks in Mass. wwaT wTwn WTREET RAILWAY CO. Deb. Original Market— $700,000 4%s of 1923 of- ^*^^I n,f« aS? 1 1932 fei's'l by E. H. Rollins & Sons, Parkinson *= i» *j A^t 1 loil^ Tntpreat navable Feb Burr and Blake Brothers & Co.. all 'of Bos- . ^"J^^^^it American ■Tril^stCaTBiltSn ton, at 102.75 and interest, Feb., 1908; J860,- *".^.^ ftJfn?'_pS^en? of Federal Income 000 4%s of 1930 offered In July, 1910, at 102- Tax f*»*" i^^^Srt^ coB^pany and interest by R. L. Day & Co. and Esta- ^°i'„«?,li|:^rndOntstantog:. $6,709,000 brook & Co., Boston, and $740,000 ot the- «"i!iS^StioiI^(3ouDon$l 000 Register- same Issue offered in April, 1912, at 104.46- DenoDMimt on— coupon, »i,uuu. ^ e ^^^ Interest, by Perry, Coffin & Burr and, tl%r $to%"$fo?Jo"o"^Sl ifoOO. \ E. H. Rollins & Son^ Boston. organization. Property, etc.-See 4%s of B„,t„„_cu,tis & slnfer. ^'sLnritT— A direct obligation of the com- , ,„ ^ Fnqe ^njre. ; „^ h?Tt not secured by a mortgage. Jan. 1, '11, to Jan. 1, '21 1920 P^S^»^ntSSl llto interest unde? terms of Uirt. Ask. Bid. Ask. , *^^tSe Bolton Elevated Ry. Co. High 103% '11 104 '11 80 Jan. 84% Jan. '^ Ligaf fS? favings banks in Mass. ^^^i^"''- "^ '^° *'^ " "^ ^^"^ WEST END STREET RAILWAY Deb. 5s. Due Nov, 1, 1932. Dated Nov. 1, 1912, Interest payable May and Nov. 1, at American Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding:. ... $600,000 Denomination — Coupon, $1,000. Registered $1,000. Guaranteed as to interest by the Boston Elevated Ry. Co. under terms of lease. Orgranization, Property, etc. — See 4%s, , 1930. Security — A direct obligation of the com- pany but not secured by a mortgage. Oiig'inal Market — Estabrook & Co., R. L. Day & Co. offered $100,000 at 105i^ Feb., 1913. liegral for savings banks in Mass. Market. Boston — Curtis & Sanger, Moors & Cabot, Merrill, Oldham & Co., Wise, Hobbs & Ar- nold. Pi'ice Rangre. Jan. 1, '15, to Jan. 1, '21, 1920 Bid. Ask. Bid. Ask. High lOOV. '15 102Ts '16 75 May 80 May Low. 60 '20 70 '20 60 Feb. 70 Feb. WEST END STREET RAILWAY CO. Deb. os. Due March 1. 1944. Dated March 1, 1914. Interest payable March 1 and Sept. 1, at^American Trust Co., Boston. Tax Status — Payment of Federal Income "Tax not assumed by company. Authorized and Outstanding $2,600,000 Denomination — Coupon and registered, $1,- OOO. Guaranteed as to interest under terms of lease by the Boston Elevated Ry. Co. Organization, Property, etc. — See 4%, 1930. Security — A direct obligation of the company but not secured by a mortgage. Legal for savings banks in Mass. Original Market — Offered in 1914 by R. L. Day & Co., N. W. Harris & Co., Inc.; Esta- brook & Co., Blodget & Co. and Merrill, Old- ham & Co., all of Boston, at 106 and interest. Market. New Yorl« — John Nickerson, Jr. Boston — Curtis & Sanger. Price Range. Jan. 1, '15, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High inoVo '15 103^8 '16 66V2 May 77 May Low. 61 '20 68 '20 61 Dec. 68 Dec. WEST END STREET RAILWAY CO. Deb. 5s. Due May 1, 1936. Dated May 1, 1916. Interest payable May 1 and Nov. 1, at American Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $815,000 Denomination — Coupon, $1,00 0. Registered $1,000. Guaranteed as to interest under terms of lease by the Boston Elevated Ry. Co. Organization, Property, etc. — See A\^a of 1930. Security — A direct obligation of the com- pany, but not secured by a mortgage. Legal for savings banks in Mass. Market. Boston — Curtis & Sanger. Price Range. Jan. 1, '17, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 99 '17 72 May 75 May Low. 61 '20 72 '20 67 Dec. 7 2 Dec. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. ... $2,700,000 Denomination — Coupon, $1,000. Registered, $1,000. Redeemable after Aug. 1, 1919, at 102 and interest. Guaranteed as to interest under terras of lease by the Boston Elevated Ry. Co. Organization, Property, etc. — See 4%s of 1930. Security — A direct obligation of the com- pany, but not secured by mortgage. Legal for savings banks in Mass. Original Market — $2,700,000 offered Jan., 1917, by F. S. Moseley & Co., Curtis & San- ger and Blodget & Co., at 101% and interest. Market. Boston — Curtis & Sanger, F. S. Moseley & Co., Moors & Cabot. Price Range. Jan. 1, *17, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 10014 '17 102% '17 96 Nov. 96% Dec. Low. 891^*20 95% '18 89% Feb WEgT END STREET RAILWAY CO. Deb. 7s. Due Sept. 1, 1947. Dated Sept. 1, 1917. Interest payable March 1 and Sept. 1, at American Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $570,000 Denomination — Coupon and Registered, $1,- 000. Guaranteed as to interest under terms of lease by the Boston Elevated Ry. Co. Organization, Property, etc. — See 4 % s of 1930. Security — A direct obligation of the com- pany but not secured by a mortgage. Legal for savings banks in Mass. Listed on the Boston Stock Exchange, Market. New York — Moore, Leonard & Lynch. Boston — Curtis & Sanger, Merrill, Oldham & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 85 '20 109% '19 85 July 100 Apr. Low. 80 '20 90 '20 80 Dec. 90 July WEST END STREET RAILWAY CO. Deb. 5s. Due Feb. 1, 1922. Dated Feb. 1, 1917. Interest payable Aug. 1 and Feb. 1 at American Trust Co., Boston. AVEST END STREET RAILWAY CO. 6-Year Deb. 7s. Due Aug. 1, 1924. Dated Aug. 1, 1918. Interest payable Feb. 1, and Aug. 1 at Old Colony Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,581,000 Outstanding 1,581,000 Purpose of Issue — To refund a like amount of 5% bonds maturing Aug. 1, 1918. Denomination — Coupon, $1,000. RegisterabW as to principal and intereit. Registered, $1,- 000. Guaranteed as to interest under terms of lease by the Boston Elevated Ry. Co. Organization, Property, etc. — See 4^s of 19.30. Security — A direct obligation of the com pany, but not secured by a mortgage. Legal for savings banks in Mass. Original Market — $ 1.581,000 oflered July, 1918, by R. L. Day & Co.. Boston, at 102.45 and interest. Market. Boston — Curtis & Sanger, R. L. Day & Co., Merrill, Oldham & Co. Price Rans'e Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97 '20 104% '19 97 Jan. 101 Jan. Low. 94 '20 100 '20 94 Nov. 100 Apr. 422 WEST END TRACTION CO. (PittsbuiBh) Gen. 6s. Due Jan. 1, 1938. Dated Jan. 1, 1898. Interest payable Jan. anil July 1, at Union Trust Co., Pittsburgh. Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,500,000 Outstanding: 981.000 Reserved (for Prior Liens 619.000 Denomination — Coupon, $1,000. Trustee — Union Trust Co., Pittsburgh, Pa. Organization and Control — Incorporated In Pennsylvania. The entire 60,000 shares of common stock and 60,000 shares of preferred stock are owned by the Pittsburgh Hys. Co. The prop- erty is also leased to the latter company for 895 years, rentals, interest and charges. The entire stock of the latter company la owned by the Philadelphia Co. Capitalization. Outstanding. Common $2,500,000 Funded debt ..,.'. 981,000 Receivership — See Pittsburgh Rys. Co. 6en. Es. Secured by a mortgage on about 60 miles of street railway, serving that part of Pitts- burgh south of the Ohio River and the adja- cent towns of McKees Rocks, Carnegie and Chartiers, Pa. Population served, 100,000 (see lines subject to direct third lien of the So. Trac. Co. 5s and securities covered by that mortgage as a second lien). Franchises perpetual. Prior Liens — $176,000 Pittsburgh, Crafton & Mansfield Ry. 1st 5s of 1924 and $343,000 Pittsburgh & West End 1st 5s of 1922. For the retirement of both issues bonds are re- served under this issue. Underlies — Southern Trac. Co. of Pittsburgh 6s of 1950 and Pittsburgh Rys. Gen. 6s of 1953 and Deb. Inc. 6s. The latter issue is owned by the Philadelphia Co. Listed on the Pittsburgh Stock Exchange. Earnings — See Pittsburgh Rys. Gen. 5s. Market. New York — Redmond & Co., Moore, Leon- ard & Lynch. Fhiladelphia — Huntoon & Co., Henry D. Boenning & Co. Pittsbui'S:h — Moore, Leonard & Lynch. Price Range. Jan. 1, '09, to Jan. 1, '21 1930 Bid. Ask. High 106 '09 108 '09 Not Low. 60f. '19 75f. '19 Available. Trustee — Guaranty Trust Company of New York. Redeemable for Sinking Fund at 106 and interest. Sinldng Fund — Annual payments which will retire all bonds now or hereafter issued under this indenture within ten years. On the pres- ent issue, the sinking fund will retire $500,000 bonds per annum. Bonds are to be drawn by lot and called at 106 and interest, if they cannot be purchased in the open market below that price, and the company has the privilege of making additinal voluntary payments to the sinking fund. The sinking fund on the secured bonds for the first year requires $500,000, and is more than covered by "the sinking fund operations on the pledged bonds. Organization — Incorporated August 1, 1913, in Connecticut. Is engaged in the business of financing sugar companies of the West Indies by advances secured by mortgages, liens on growing crops of sugar cane, and selling the sugar produced. Corporation also does busi- ness in Cuba. The corporation does not con- trol these companies by stock ownership, but is protected in its relations with them by con- tract in some instances providing for complete management of the company and in others by one or more representatives of the bo,ard. These contracts provide that capital expendi- tures and the payment of dividends rests in the discretion of the West India Sugar Finance Corporation. Capitalization. Outstanding. Common $2,000,000 Preferred (8% cum.) 3,500,000 Funded debt 4,500,000 Secured by pledge with the Trustees of the following entire issues of first mortgage bonds, Palma Soriano Sugar Company (Cuba) 1st Mtge. 7% 10-Tear S. F. Gold Bonds $2,600,000 The Cupey Sugar Company (Cuba) 1st Mtge. 7% 10-Tear S. F. Gold Bonds 1,300,000 Central Alto Cedro (Cuba) 1st Mtge. 7 % S. F. Gold Bonds 2, 600, 00 Carmen Centrale (Porto Rico) 1st Mtge. 6% a. F. Gold Bonds 600,000 Total $7,000,000 Capitalization of these companies is as fol- lows: Palma $1,100,000 $1,860,000 $2,600,000 Cupey 600,000 1,000,000 1,300,000 Cent. Alto Ce- dro 193,400 2,000,000 2,600,000 Carmen Cen- trale ..: 1,093.800 600,000 WEST INDIA SUGAR FINANCE CORPORA- TION Secured S. F. 7s. Due June 15, 1929. Dated June 14, 1919. Interest payable June and Dec. 16, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt or tax refunded in states of Connecticut, Pennsylvania, Delaware and Maryland. Authorized $10,000,000 Outstanding: (Jan. 1, '21) 4,500,000 Ketircfl by S. F 500,000 Reserved for Corporate Pur- poses 6,000,000 Provisions of Issue — Additional bonds may be issued from time to time against the de- posit of additional first mortgage bonds of the underlying or other companies issued at not exceeding 60% of the cost of newly acauired property or of permanent betterments or addi- tions to properties upon which they are a lien. Denomination — Coupon, $500 and $1,000, registerable as to principal. Registered $1,000 and multiples, C. & R. interchangeable. 1423 Total ...$1,893,400 $6,953,800 $7,000,000 Years ended Dec. 31: Net. Bond Int. 1920 $1,471,663 $339,824 1919 1,423,530 1918 1,077,710 Original Market — Offered June, 1919, by Potter Brothers & Company, New York, at 97% and interest to yield 7.35%. To original subscribers a subscription -varrant accom- panied each bond entitling the holder thereof to subscribe his pro rata ijhare of 40% of any new financing of other companies that may be undertaken by The West India Sugar Finance Corporation during the ten-year period, on such terms and conditions as the Board of Directors of the Company may pre- scribe. These warrants are registered and are transferable only on the books of the Com- pany. Market. New Yorlc — Farr & Co., Samuel Gold- schmidt, Ohas. E. Doyle & Co., Carruthers Pell & Co., Stone, Pressor & Doty, E. & c' Randolph. FhJladelpIiia — MoCown & Co. Price Range Jan. 1, '19, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '19 100 '19 93 Apr. 97 Apr. Low. 85 '20 88 '20 85 Dec 88 Dec. WEST JERSEY & SEASHORE RAIIiROAD CO. 1st Cons. S. F. 3%9 & 4s. Dae July 1, 1936. Dated July 1, 1896. Interest payable Jan. and July 1, at Broad Street Station. Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New Jersey. Anthorized $7,000,000 Outstanding: — "A" 4s $1,541,000 "B" 3%s 847,000 "C" 3%s 766,000 •D" 4s 1,068,000 "E" 4s 679,000 "F" 4S 868,000— $5,749,000 Retired by S. F 1,251.000 Denomination — Coupon, $1,000. KegisteraDie as to principal. Trustee — Commonwealth Title Insurance & Trust Co., Philadelphia. Sinltine Fund — Annually 1% of bonds out- standing to be applied to the purchase and cancellation of- these bonds- at not exceeding par. Interest on the bonds acquired is to "be added to the fund. Organization and Control — ^Incorporated in New Jersey in 1896 and is a consolidation of six roads. Controlled by the Penn. , R. , R. through ownership of a majority of its stock. Capitalization. Outstanding. Common $11,586,250 Sp. Guar. Stk 85,.860 Funded debt 6,869,000 Secured by first mortgage on 339.13 miles of i^oad ip New Jersey, viz: Miles. Camden to Cape May. .' 81.62 Camden to Atlantic City 68.78 Woodbury to Penns Grove 21.64 Woodbury to Salem 28.36 Paulsboro. Branch, N. J .' 1.01 Grassboro to Bridgeton 20.83 Elmer to Riddletori 10.38 Newfieia to Atlantic 34.66 Pleasantville to .Somers Point 7.20 Manumuskin to Maurice River 9.75 Sea Isle Jet. to Ocean City '. : 1^.23 Sea Isle to Stone Harbor .- 10.06 Wildwood Jet. to Wlldwood Crest 8.36 Haddonfleld to Medford 11.90 AbsecOn Inlet to Longport 8.3 8 Branches 10.10 Note — Pleasantville to Somers Point oper- ated by Atlantic City & Shore R. R. under trackage agreement. Years ended Dec. 31: Gross. Net. tCharges • 1919 $962,682 $1,212,433 $610,243 tl919 11,971,021 246,968 236.009 •1918 962,682 1,090,191 497,466 11918 10,699,643 125,322 210.690 1917 8,666,047 1,206,890 616,"309 1916 7,829.320 1,629,776 678,346 •Corporate account. tFederal account — standard return not in- cluded. ^Includes rentals, interest and sinking funds. Legal for savings banks in Conn., Me.. Mich., Minn., N. J. .and Wis. Listed on the Philadelphia Stock Exchange. Market. New Yorlc^Percy H. Bradshaw. Dunham & Co., Samuel Goldschmidt, Hartshorne & Battelle, Carruthers, Pell & Co., Wm. Carne- gie Ewen, Prince & Whitely, Struthers ■ & Hiscoe, Taylor,^ Smitli & Sard. 14 Fliiladelphia — Barnes & Lofland, Brown'' Bros. & Co., Graham, Parsons & Co., Mc- Oown & Co., Morley, Wood & Co., Parsly Bros. & Co., Wheeler, Elliot & Mann, Isaac Starr, Jr. & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 3%s Bid. Ask. Bid. Ask. High 95 '09 95% '09 75 May 80 May Low. 70 '17 78 '20 75 Dec. 78 Deo. 4s High 102% '19 103 '09 84 Mar. 88 Mar. Low. 80 '17 84% '20 80 Sept. 84% Nov. WEST KENTUCKY COAL CO. Ist S. F. 6s. Due July 1, 1935. Dated July 1. 1906. Interest payable Jan. 1 and July 1, at North American Company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $5,000,000 Outstanding 1,839,000 Held in S. F 661,000 BesCTved for Ext 2,500,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Eauitable Trust Co., New Toi;k. Redeemable as a whole or in amounts of not less than $200,000 at 105 and interest on any interest date, on four weeks' notice. Sinking Fund — Five cents per ton of coal mined and sold to be applied to the purchase of these bonds at not exceeding 105 and inter- est. Bonds so acquired to be kept alive and interest added to fund. Guaranteed as to interest and sinking fund by the North American Co. Organization and Control — Incorporated in New Jersey in 1906. Controlled by the North American Co. of New York through ownership of the entire capital stock. Capitalization. Outstanding. Common $2,600,000 Funded debt 1,839,000 Secured by a first mortgage on 28,000 acres of coal lands in Crittenden, Webster and Union Counties, Kentucky, and eight operat- ing mines with a capacity of from 600,000 to 1,000,000 tons per annum. It is estimated that the land contains 386,000,000 tons of merchantable coal. The company owns and operates coal yards at Memphis, Tenn., and Paducah, Ky. ; also owns a fleet of barges and steamers for river transportation. Years ended Deo. 31: Gross. Net. Interest. 1919 $3,139,264 $366,690 $112,176 1918 3,056,832 611,763 110,668 1917 2,461,478 330,749 110,064 1916 1,962,076 240,600 113,932 Original Market — Offered in Oct., 1906. at 95 and interest, by Spencer Trask & Co. and F. S. Smithers & Co., New York, and Francis Bros. & Co., St. Louis. Market. New York — Samuel Goldschmidt, Harts- horne & Battelle, Fred H. Hatch & Co., Theo. L. Bronaon & Co., Alfred F. Ingold & Co., A. W. H. Munford, Watson, Armstrong & Co. Pliiladelpbia — Morley, Wood & Co., Sam- uel K. Phillips & Co. Price Range. Jan. 1, '11, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 80 '11 84 '16 70 Oct. 71% Nov. Low. 67 '20 69 '20 67 Nov. 69 Oct. 24 WEST PBNN POWER CO. 1st Scries "A" 5s, "C" 6s and "D" 7s. Due, Series "A." and "D" March 1, 1946; Series "C," June 1, 1958. Dated March 1, 1916. Interest payable, beries "A" and "D", March 1 and Sept. 1; «'^^ » ^" J"ns 1 "•""i Dec. 1, at Trustdte'3 "•"ce. New York or Continental & Commer- cial Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized — Additional bonds issuable at par to the extent of 76% of the actual cost of permanent improvements and provided net earnmgs are not leas than twice interest charges on total issue. Outstanding (Mar. 17, '21) A' 5s $8,500,000 C 6s 5,296,000 D 7s 3,000,000 „ , $16,796,000 Cancelled "B" 6s 2,223,000 Denomination — Coupon $1,000 (Series "D", also $600 and $100). Registered, $1,000. C. t& R. Interchangeable. Trustee — Equitable Trust Co., New York. Redeemable on four weeks' notice as follows: Series "A" at 105 and interest on March 1, 1921, or on any interest date thereafter; Series "C" at 106 and Interest on June 1, 1923, or on any first day of March, June, September or December thereafter; Series "D", at 107 and interest from March 1, 1921, to and Including February 28, 1926, 106 thereafter to and including February 29, 1931, 104 thereafter to and including Febru- ary 29, 1936, 102% thereafter to and in- cluding February 28, 1941, and 101 there- after to maturity. Maintenance Fund — ^Annually 1 % % of bonds outstanding from Dec. 31, 1916, to 1920, inc.; 2% 1921 to 1925 inc., and 2%% thereafter. Depreciation Reserve Fund — Annually, be- ginning in 1916, 2% of outstanding bonds. The sums credited to this fund are to be ex- pended for permanent improvements and addi- tions. Organization and Control — Incorporated in Pennsylvania, March 1, 1916, to acquire and consolidate the electric light and powers prop- erties formerly belonging to the West Penn Traction Co. Controlled through ownership of $6, 000 ,£100 of the common stock of the West Penn Rys. Co. Capitalization. Outstanding. Common $10,000,000 Preferred (7% 6um.) 2,986,000 Funded debt 20,648,500 Secured by a first mortgage on all the prop- erty of the company comprising six electric generating stations with combined capacity of 34,561 k. w., 74 substations, having a transformer capacity of 97,725 k. w. and 439 pole miles of light tension transmission lines, exclusive of distribution lines, and serving 81 cities and towns surrounding Pittsburgh, with a total population of over 400,000. Addi- tionally secured by deposit of entire capital stock, bonds and notes of the Butler, Light, Heat & Motor Co., and $565,000 First Mort- gage Bonds of the Pittsburgh Beaver Light Co. The company covenants, in this mortgage, to construct or acquire not later than January 1, 1921, a new power plant or plants having an aggregate generating capacity of not less than 40,000 k. w., and such plant or plants shall be' subject to the first lien of this mortgage. The company leases the power plant of the West Penn Railways Co. at Connellsville, Pa., with a capacity of about 66,875 k. w. Franchises are unlimited as to time except as to a few from which company derives less than 6% o( Its gross eamlnea. 1426 Underlies — Conv. Deb. 6s of 1924. Years ended Dec. 31 (consolidated): Gross. Net. Int. & Rent 1920 $7,822,301 $2,406,178 $1,065,733 1919 6,773,309 2,337,603 975,842 1918 5,367,488 2,137,837 992,042 1917 3,871,666 1,446,658 666,356 lyisted on the New York Stock Elxchange. Original Market — Offered March, 1916, by A. B. Leach & Co.. N. W. Halsey & Co. and Continental & Commercial Trust & Savings Bank, at 95% and Interest. $2,223,000 "C" 6s offered July, 1918, by Halsey, Stuart & Co., Continental & Commer- cial Trust & Savings Bank and A. B. Leach & Co. at 98 and interest; $3,000,000 "C" 6s offered December, 1918, by same firms at 99 and interest; $3,000,000 Series "D" offered July, 1920, by the above firms at 94% and interest. Market. New York — Hodenpyl, Hardy & Co., Mor- ton Lachenbruch & Co., Rauscher & Mackay, G. R. McAllister, Carruthers Pell & Co., Berdell Bros., Moore, Leonard & Lynch, Gilbert J. Postley & Co., Earle A. Miller &' Co., Vanderhoef & Robinson. Boston — L. Sherman Adams, C. E. Denison & Co., Moors & Cabot, Arthur Perry & Co. Philadelphia — Barclay, Moore & Co., Bauer, Starr & Co., Biddle & Henry, Henry D. Boenning & Co., Elkins, Morris & Co., McCown & Co., Samuel McCreery & Co., J. P. Magill & Co., Reed A. Morgan & Co., Parsiy Bros. & Co., Samuel K. Phillips & Co., Welsh Bros., Wurts, Dulles & Co. Chicago — Halsey Stuart & Co. Pittsburgh — ^Lyon, Singer & Co.; Moore, Leonard & Lyncl^, The Union Trust Co. of Pittsburgh. Providence — Hornblower & Weeks. Price Range. Jan. 1, '17, to Jan. 1, '81 1920 Series "A." Bid. Ask. Bid. Ask. High 98 '17 100 '17 82 Feb. 84 Jan. Low. 65 '20 70 '20 65 July 70 July Series "B." High 99% '18 100 '19 95 Jan. 98 Jan. Low. 80 '20 85 '20 80 Dec. 85 Dec. WEST PENN POWER CO. 6-Year Conv. Deb. 68. Due Dec. 1, 1984. Dated Dec. 1, 1919. Interest payable June 1 and Dec. 1, in New York and Chicago. Tax Status — 2 % Federal Income Tax paid by the company without deduction. Tax exempt in Pennsylvania. Authorized $2,500,000 Outstanding 2,500,000 Purpose of Issue — Part of the proceeds from the sale of this issue was employed for the retirement on Dec. 10. 1919, of $1,143,500 principal amount of 7% notes, and the bal- ance is to be used to complete a construction program including the new Springdale power plant and for general corporate purposes. Denomination — Coupon, $1,000; registerable as to principal. Trustee — Chase National Bank, New York Redeemable upon 30 days' notice at 101 and interest if redeemed prior to and including December 1, 1921; at 100% and interest there- after to and including Dec. 1, 1923, and 100 and interest thereafter. Convertible, par for par, into 7% cumula- tive pref. stock on Dec. 1, 1920, and at any time thereafter to the maturity date of these debentures or the redemption date of any de- bentures that may be called prior to maturity. Note — No additional preferred stock may be issued by the company except when surplus earnings, after payment of bond interest, shall have equalled at least three times the annual dividend requirements on all preferred stock ojitsfandlng, including that proposed to be' issued. Dividends of 7% have been paid regu- larly on the preferred stock since incorpora- tion, March, 1916. Organization — See 1st 5s and 6s. Security — A direct obligation of the com- pany but not secured by a mortgage, Earnings — See 1st 6s and 6s. Original Market — $2,600,000 offered Decem- ber, 1919, by Halsey Stuart & Co., A. B. Leach & Co., Continental and Commercial Trust & Savings Bank, and Illinois Trust & Savings Bank, Chicago, etc., at 96 and in- ttrest. Market. N'ew Yorlc — Montgomery & Co., Earle A. Miller & Co., Gilbert J. Postley & Co.. Moore, Leonard & Lynch, Bauer, Starr & Co., Carruthers, Pell & Co. Boston — C. E. Denison & Co., Moors & Cabot. Gi*an(l Rapids, Midi. — Corrigan Co. Philadelphia — Henry D. Boenning & Co., McCown & Co., Samuel McCreery & Co., J. P. Magill & Co., Parsly Bros. & Co., Paul & Co., "Welsh Bros., Wurts, Dulles & Co., Parsly Bros. & Co. Chicagro — Halsey, Stuart & Co. Pittsburgrh — Lyon, Singer & Co. MiUvanlcee — First Wisconsin Co. Piice Bange 1920 Bid. Ask. High 92% Jan. 96 Jan. Low 84 Sept. 88 June laneous property: also secured by deposit of the following stocks and bonds: Company. Stock. Bonds. Latrobe St. Ry. Co $100,000 McKeesport & Duequesne Bridge Co. Pfd $167,160 McKeesport & Duquesne Bridge Co. Common.... 82,000 Kittaning & Leechburg Rys. Co 600,000 Oakdale & McDonald St. By. Co 160,000 90,000 Pittsburgh & Allegheny Valley Traction Co 360,'0OO 350J)00 Allegheny Valley St. Ry. Co 2,000,000 ■West Penn Power Co 6.000,000 WEST PENN RAILWATS CO. 1st 5s. Due Jan. 1, 1931. Dated April 1, 1905. Interest payable April and Oct. 1, at Trustee's oflace. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized $6,000,000 Outstanding 6,667,000 Reserved tor Underlying Bonds. 333,000 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Organization and Control — Incorporated" la 1904 as a consolidation of a number of trac tion companies and 10 electric lighting com panies in "Western Pennsylvania. In 1910 con- trol of this company was acquired by the "West Penn Traction Co. On June 16, 1917, this company and the West Penn Traction Co. were consolidated under the name of The West Penn Rys. Co., which company also ac- quired the properties of the Brownsville Street Ry. Co.: Greensburg & Southern Electric "St. Ry. Co. : Latrobe Street Ry. Co. : Latrobe- Hecla St. Ry. Co.: Masontown-Morgantown St. Ry. Co.: Pittsburgh, McKeesport & Con- nellsville Ry. Co. : Uniontown Radial Street Ry. Co. : West Penn Interurban Ry. Co. : McKees- port & Irwin Ry. Co. : Pittsburgh, McKeesport & Greensburgh Ry. Co. and "WTiite Electric Traction Co. All of the common stock of the West Penn Rys. is owned by the West Penn -Traction & Water Power Co., a subsidiary of the American Water Works & Electric Co. •Capitalization. Outstanding. Preferred C6% cum.) 7,365,300 Funded debt t37,752,246 Common $8,054,700 *New company. ^Includes subsidiaries. Secured by a direct lien on the power^ sta- tion, Connellsville, 183.41 miles of single track, 144 passenger cars, 39 miscellaneous cars, car barns and repair shops at Connells- ville, McKeesport, Greensburgh and Latrobe, park porperty at Olympia and Oakford Parks, terminal at Union town and other miscel- 1426 $9,249,600 $640,000 Prior Liens — Subject as to the direct lien of the mortgage to $4,675,000 bonds, viz: Connellfeville Suburban St. Ry. 1st 5s. 1932 $175,000 Pittsburgh, McKeesport & Connells- vills Ry. 1st Cons. 5s, 1931 2,912,000 Pittsburgh, McKeesport & Greens- burg Ry. 1st 6s, 1931 1,600.000 Versailles Traction 1st 6s, 1927.... 88,000 Underlies — West Penn Traction Co. 1st 5s of 1960 and (old) West Penn Rys. Ref. & Coll. Tr. 6s of 1931, all of which ($2,926,000), are owned by new "West Penn Rys. Co. Tears ended Dec. 31 (consolidated): Gross. Net. 'Int., etc. 1920 $13,607,960 $4,132,407 $2,212,782 1919 10,634,611 3,735,659 2,091,493 1918 9,352,905 3,462,768 2,114,94i> 1917 7,525,841 3,031,615 1,895.758 ♦Includes dividends on subsidiary stocks not owned. Listed on the Philadelphia, Louisville, Pitts- burgh and Baltimore Stock Exchanges. Original Market — $2,600,000 offered in May 1905, at 101 and interest by N. W. Halsey & Co., New York, Philadelphia, Chicago, etc., and J.. S. & W. S. Kuhn, Inc., Pittsburgh. Market. New Yorlt— otto Billo, Gilbert J. Postley & Co., Berdell Bros., G. R. McAllister & Co., Carruthers, Pell & Co., Moore. Leonard & Lynch, Tobey & Kirk. Philadelphia — Barclay, Moore & Co., Bauer, Starr & Co.. Henry D. Boenning & Co., McCown & Co., Samuel K. Phillips & Pittsburgrh — Lyon, Singer & Co., Moore, Leonard & Lynch, Stout & Co. Price Range. Jan. 1, '13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 102 '13 102 '13 75 Feb. 80 Feb Low. 70 '20 73 '20 70 June 73 Apr. WEST PENN TRACTION CO. 1st (CoU. Tr.) 5s. Dne June 1, 1960. Dated Jime 1, 1910. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $25,000,000 Outstanding 6,251,500 In Treasury 591,200 Repledged berennder 6,620,000 Reserved for Prior Liens 9,175 000 Reserved for Ext 10,360.000 Denomination — Coupon, $600 and $1 000 Registerable as to principal. Trustee — Equitable Trust Co., New York. Control — Incorporated in Pennsylvania to take over the entire $3,250,000 common stock of the West Penn Rys. Co. In 1917 this com- pany, together with the West Penn Rys. Co and other companies, were consolidated into the West Penn Rys. Co.. a new company. For further details, see West Penn Rys. Co. iBt 5a. Secured by pledge of the following securi- ties: Company. Brooke Electric Co ... . Wheeling Traction Co.. Steubenville Railway Co. Steubenville Bridge Co. Pf d Hancock County Electric Co Wpllsburg Electric Lt., H. & Pr. Co Steubenville. Wellsburg & Weirton Ry. Co 1,300,000 West Penn Power Co. Common *4, 000, 000 (Old) West Penn Rys. Co. Ref. & Coll, Tr. Bs, 1931 '2,926,000 Stock. Jl.OOO 2,319,200 10,000 500 12,000 50,000 Bonds. $170,000 100,000 $3,196,000 Total $7,705,950 ♦Entire outstanding. Additionally secured by pledge hereunder of $6,620,000 of this issue. Prior Liens — Outstanding. West Penn Rys. Co. 1st 6s, 1931, . .$5,667,000 West Penn Power Co. 1st 5s, 1946.. 8,600,000 West Penn Power Co. 1st 5s, 1958.. 5,223,000 Wheeling Traction Co. 1st 5s, 1931. 2,500,000 Pitts., McKeesport & Connellsville 5s, 1931 2,912,000 Connellsville, Suburban St. Ry. 5s, 1932 175,000 Pitts., McKeesport & Greensburg Ry, 6s, 1931 1,500,000 Versailles Traction 5s, 1927 88,000 Samings — See West Penn Rys. 1st 5s. Listed on the Baltimore, Pittsburgh and Louisville Stock Exchanges. Original Market — Offered in Oct., 1910, by J. S. and W. S. Kuhn, Inc., of Pittsburgh, and in 1911 by H. B. Hollins & Co., New York, at 97 and interest; also offered in April, 1913, by J. S. W. S. Kuhn at the same price. Market. New York — Otto Billo, Fred H. Hatch & Co., Alfred F. Ingold & Co., G. R. Mc- Allister & Co., Berdell Bros., Gilbert J. Postley & Co., Carruthers, Pell & Co., Mor- ton Lacheribruch & Co., Moore, Leonard & Lynch, Tobey & Kirk. Fliiladelplila — Barclay, Moore & Co., Bauer, Starr & Co., Henry D. Boenning & Co., McCown & Co., Samuel McCreery & Co.. Wm. P. Lempley & Co. Louisville — Fidelity & Columbia Trust Co., Geo. T. Wood & Son. Pittsburgli — Lyon, Singer & Co., Moore, Leonard & Lynch, Stout & Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1920 Bid. Ask, Bid. Ask. High 96?4 '11 97y2'll 66 Feb. 68 Feb. Low. 55 '20 60 '20 55 July 60 Dec, WEST PHILADELPHIA PASSENGER BAIL- WAY Ext. iBt 3%9. Due April 1, 1956. Extended from April 1, 1906. with interest reduced from 6%. Interest payable Apr. and Oct 1 at Girard Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized ^lll'lnr, Outstanding ■ • • • • • • • • 246,000 Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Organization and Control — Incorporated in Pennsylvania in May 14, 1867. Leased to the Philadelphia Traction Co. at a rental of $160,- 000 (20% on stock) and Interest, taxes, etc. The Philadelphia Traction Co. owns $392,958 of the capital stock of the West Phlladelp.hia Passenger Ry. Co. The Traction Co. is leased to the Union Traction Co., which is in ' turn leased to the Philadelphia Rapid Transit Co. Capitalization. Outstanding. Common $760,000 Funded debt 996,000 Secured by a first mortgage on the 27 miles of track owned by the company. Underlies — $750,000 2d 5s due 1926. Market. Philadelphia — Henry D. Boenning & Co. S. K. Phillips & Co. WEST PHILADELPHIA PASSENGER RAIL- WAY 2d 5s. Due May 1, 1926. Dated May 1, 1886. Interest payable May and Nov. 1, at Land Title & Trust Co., Phila. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $760,000 Outstanding 760,000 Denomination — Coupon, $1,000, Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Organization, etc. — See 1st S^/^s. Secured by a second mortgage on 27 miles of track. Prior Lien— $246,000 1st 3%s of 1956. Market. Philadelphia — Barnes & Lofland, Cha.s. Fearon & Co. Price Range, Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 110^4 '09 111 "10 91 Mar. 95 Mar. Low. 75 '20 80 '20 75 Dec. 80 Dec. 1st S. F. WEST SACRAMENTO (Cal.) CO. 6s. Due July 1, 1930. Dated July 1, 1910, Interest payable Jan. and July 1. Interest Deferred — The company has se- cured the assent of practically all bondholders to defer bond interest beginning Jan. 1, 1915, to and including July 2, 1921, and to waiving certain provisions of the sinking fund. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $2,000,000 Outstanding: (Jan. 1, '21) 747,000 Balance retired. Denomination — Coupon, $1,000. Trustee — Mercantile Trust Co., San Fran- cisco. Redeemable on any interest date at 105 and interest. Sinking Fund — Beginning July 1, 1916, will retire bonds as follows: 1-14 in 1916; 1-13 in 1917; 1-12 in 1918; 1-11 in 1919; and an amount thereafter sufficient to retire the entire issue by maturity. Organization^ — Incorporated February, 1910, in California. Capitalization. Outstanding. Common $1,992,900 Funded debt <..:.. 747,000 Secured by a first mortgage on 11,200 acres of land situated opposite to Sacramento on the Sacramento River, with a levee system, decks, etc. The tract is being developed for warehouse and factory sites, wharfage facili- ties, residential sites, truck gardens and other agricultural purposes, etc. 50% and upwards of all amounts received from the sale of prop- erty is to be deposited with the Trustees to be applied towards the redemption of these bonds. Original Market — First offered by Louis Sloss & Co., San Francisco, ^t par. Market. Los Angrcles — Cahn, McOabe & Co. Price Rangre 1920 — Bid, 58; Ask, 65. 1427 WEST ST. ILOTJIS WATER & LIGHT CO. let S. F. 6s. Due Aug. 1» 1938. Bated Aug. 1, 1908. Interest payable Feb. 1 and Aug. 1, at Trustee's office or Guaranty Trust Co., New Tork. Tax Status — 2% Federal Income Tax Raid by company without deduction. Authorized •$1,400,000 Outstanding: (Mar. 2, '21) 1,213,200 Held in S. E 146.800 *May be increased to $2,000,000 by vote of stockholders. Denomination — Coupon, $100 and $1,000. Registerable as to principal. Trustee — ^Mississippi Valley Trust Co., St. Louis. Sinking Fund — Annually beginning Nov. 1 , 1913, one-fifth of surplus earnings after in- terest for the purchase or redemption of these bonds at not exceeding 106 and interest. Bonds ao acquired are to be held in fund and interest added. Organization — Incorporated In Missouri in 1902 as a consolidation. Capitalization. Outstandijig. Common $1,000,000 Preferred (7% cum.) 265,650 Funded debt 1,213,200 Secured by a first mortgage on the entire property of the company which includes plants supplying water to a number of suburban communities surrounding St. Louis, Mo., on the north, west and south. Power and pump- ing plant is located on the Missouri River 12 miles west of St. Louis. Stand-pipes are lo- cated at Kirkwood, Strattmann Hill and Nor- mandy Hill. Company owns 285 miles of pipe lines and in addition distributes through 100 miles of pipe main not owned by the com- pany. Franchises in St. Louis county are un- limited as to time; in University City expires Aug. , 1929, and in Maplewood expires Aug. , 1930. The company also sells water under long term contracts to manufacturing concerns and the municipalities of Webster Groves and Kirk- wood. Years ended April 30: Gross. Net. Int., etc. 1920 $329,323 $157,668 $81,172 1919 319,661 143,853 90,430 1918 282,079 149,618 80,074 Original Market— First offered by Shapker, Waller & Co., Chicago. A block offered 1915 by Union Trust Co., Detroit, and Luce & Co., ar 93^ and interest. Market, New Yorlc — Fred H. Hatch & Co. Chicago — Shapker & Co. Price Range 1920 — Ask 85 May. WEST SHORE RAILROAD SO. 1st 4b. Due Jan. 1, 2361. Dated December 6, 1885. Interest payable Jan. and July 1, at Grand Central Station, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $50,000,000 Outstanding 49,994,500 Balance Retired. Denomination — Coupon, $1,000. Fully regis- terable. Registered. $500, $1,000, $10,000. $50,000. Trustee — Central Union Trust Co.. New York. Guaranteed principal and Interest by the N. Y. C. & H. R. R. R. Co. by endorsement. Assumed by the New York Central R. R. Co. Organization and Control — Incorporated in New York In 1885 as successor to the New York, West Shore & BufCalo Ry. Co. Leased to the New York Central & Hudson River R. R. Co. (merged into New York Cen- tral R. R- Co. in 1914), In 1886, for 475 14: years, with privileges of extension for a fur- ther period of 500 years, at an annual rental of 4% on $50,000,000 bonds. Entire capital stock owned by the New York Central R. R. Capitalization. Outstanding. Common $10,000,000 Funded debt 49,994.500 Secured by a first mortgage on 479 milea of road: from Weehawken, N. J., to Buffalo, N. Y. , and branches, from Ravena to Ken- wood Jet., N. Y., from Congers to Rockland Lake, N. Y., and from Syracuse to Barlville, N. Y., together with terminals at Weehawken, N. J., lands, elevators, etc. Main line is double tracked. Ijegal for savings banks in Cal., Me., Mich., Minn., N. J. and R. I.; and also Baltimore Trust Funds. lasted on the New York and Philadelphia Stock Sxchaiiiges. Market. New York — Simon Borg- & Co., Ambrose R, Clark & Co., Samuel Goldschmidt, E. WolfC, Hartshorne & Battelle, Wm. Carnegie Ewen, Rutter & Co., Wolff & Stanley, R. W. Press- prich & Co., Prince & Whitely. Redmond & Co., Struthers & Hiscoe, Vilas & Hickey. Philadelpliia — Arthur J. Bender, Biddle & Henry, Morley, Wood & Co. Price Range — N. Y. S. E. Jan. 1, *06,^o Jan. 1, *21 1930 High 109 Jan. 26, '09 76 Sept. 25 Low. 64% Apr. 17, '20 64% Apr. 17 Registered. Hig-h 107% Jan. 4, '06 73 Oct. 19 Low. 64 May 20, '20 64 May 20 WEST SIDE BELT RAILROAD 1st 5s. Due Sept. 1, 1937. Dated Sept. 1, 1897. Interest payable Mar. and Sept. 1,' at Colonial Trust Co., Pitts- burgh, Pa. Tax Status — 2% Federal Income Tax p^-id by company without deduction. Tax exempt in Pennsylvania. Authorized .$1,000,000 Outstanding (Jan. 1, '21) 378,000 Retired .- 622,000 Denomination — Coupon, 1,000. Regiaterable as to principal. Trustee — Union Trust Co., Pittsburgh. Organization and Control — Incorporated in Penn. in 1895. The entire stock is owned by The Pittsburgh & West Virginia Ry Co. Capitalization. Outstanding. Common $1,080,000 Funded debt 1,821,000 Secured by a first mortgage on 22 miles of railroad from Pittsburgh to Clairton, Pa. Market. Fhiladelpliia — Morley, Wood & Co., Wm. P. Lempley & Co Price Range. Jan. 1, *09, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 101 '09 80 Jan. 92 Dec Low. 73 '16 95-18 WEST SIDE BELT RAILROAD CO. Receiv- ers' Eanip. 6s Series "A." Due $85,000 March 15> 1917, and $43,000 each Sep- tember 15 and $43,000 each March 15 to September 15, 1925, and $42,000 March 15, 1926. Dated March 16, 1916. Interest payable March 15 and September 16. at Trustee's or Blair & Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $850,000 Outstanding: (Jan. 1, '21) 468,000 Balance Retired. Issued by authority of the United Statea District Court of Western District of Penn- sylvania. Denomination — Coupon, $1,000. Trustee— The Colonial Trust Co.. Pittsburgh. Organization, etc. — See 1st 5s. •-^^"''6*1 by a conditional sale agreement on 6B0 all-ateel gondola cars of 100,000 pounds capacity each and 200 composite gondola cars of 110,000 pounds capacity, costing $1,03 3,322. litle to equipment remains in Blair & Co., JMew York, as vendors. Leg-al for savings- banks in Ohio. Uriginal Market — Ofeered February, 1916, by Blair & Co.. New York, and Colonial Trust ■Co., Pittsburgh, at par and interest for aver- age maturities. Market. New York — Freeman & Go. Plulaated Nov. 1, 1905. Interest payable May 1 and Nov. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. . Authorized Closed mortgage Outstanding: (Jan. 1, '21) $1,355,000 Retired by S. F 163.000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable as a whole at 105 and interest on 30 days' notice. Sinking Fund — Annually 1% of outstanding Ijonds payable Nov. 1 for the purchase of these bonds at not exceeding 10 5 and Inter- est, or for the purchase of first mortgage public utility bonds. Assumed by the Puget Sound Trac, Lt. & Pr. Co. (now Puget Sound Power & Light Co.). Control — 'Incorporated 1902 in New Jersey as a reorg'anization of the Bellingham Bay Blec. St. Ry. and the Northern Ry, & Im- provement Co. Absorbed by the Puget Sound Traction, Light & Power Co., which com- pany' s name was changed to Puget Sound Power & Light Co. in March, 1920. Secured by a first mortgage on 24 miles of street railway in andi about Bellingham, Wash., together with gas and electric plants supplying the same city. An extensive hydro- electric plant is owned near Mt. Baker, about 50 miles from Bellingham. Franchises expire in 1940 and 1941. Underlies — Puget Sound Power & Light Co. Gen. & Ref. Mtge, under which bonds are reserved to retire this issue. Karning^s — See Puget Sound Power & Lt. Co. Gen. & Ref. Mtge. Original Market — First offered by Lee, Hig- glnson & Co., Boston. Market. New York — Samuel Goldschmidt, Harts- horne & Battelle, Fred H. Hatch & Co., Chas. E. Doyle & Co., Carruthers, Pell & Co., Lee, Higginson & Co., Jacob Zeller. Boston — Stone & Webster. Price Range. Jan. 1, '08, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 94 '13 97 *10 78 Jan. 85 Nov. Low. 65 '20 75 '20 65 Nov. 75 Oct. WHEELING & liAKB FRIE RAILROAD CO. 1st Cons. 4:S. Due Sept. 1, 1949. Dated September 1, 1899. Interest payable March and September 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstandingr (Jan. 1, '21) $6,870,000 Exchanged for and Pledged Un- der Ref. ^VzS of 1966 4,827,000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Bankers Trust Co., New Tork. Control — Incorporated in Ohio in 1899 as a reorganization of the Wheeling &' Lake Brie Ry. Formerly controled through owner- ship of a majority of the 2nd pfd. and com. stocks by the Wabash-Pittsburgh Terminal R. R. Co., which company was foreclosed Dec, 1916. The Wheeling & Lake Erie Rail- way Co. was incorporated in Ohio and ac- quired the property of this company through foreclosure. Secured by direct mortgage on 472.71 miles of road, viz. : A first lien on 212.12 miles — Cleveland, Ohio, to Zanesville, Ohio. . . Canton, Ohio, to Sherrodsville, Ohio. . . Minerva. Ohio, to Minerva Jet., Ohio . Canton, Ohio, to Marks, Ohio 4.15 Justus, Ohio, to Elm. Run Mines 4.80 Nava]*re, Ohio, to Warwick Mines 5.50 Cleveland Belt & Terminal Ry 5.63 A second lien on 13.65 miles — Covered by the first lien of the Extn. & Impt. 5s 13.65 A third lien on 50.19 miles — Covered by the first lien of the Wheel- ing Div. 1st 5s 50.19 A fourth lien on 196.75 miles — Covered by the first lien of the Lake Erie 1st 5s 196.T5 Also secured (subject to the Extn. and Impt. 5s) on the entire $300,000 stock and $224,000 bonds of the Toledo Belt Ry., 4.21 miles. Prior liens — $3,303,000 prior liens as fol- lows; W. & L. E.-Lake Erie Div. 5s 1926. $2,000,000 W. & L. E. -Wheeling Div. 5s 1928.. 894,000 W. & L. E.-Extn. and Impt. 5s 1930 409,000 The above are all closed mortgages, and sufficient Ref. 4%s of 1966 are reserved to retire them at maturity. Underlies — Wheeling & Lake Brie Ref. Mtge. Miles . .143.65 45.47 2.92 of 1966, which provide for the retirement of this issue. Earnings—See W. & L. E. Ry. Ref. Mtge. tasted on the New Torlc, Pittsburgh and ■L.onaon Stock Exchanges. Market. -R.,^%^, York— Simon Borg & Co., E. & C. Kandolph, Edwin Wolff, Carruthers, Pell & Robinsoll''' ^y"<=l» ^ Co., Vanderhoef & Price Range— N. Y. S. E. S^V,-''^?®' *" ''an- 1- '21 1920 High 931/2 Jan. 22, -06 61 Nov. 5 Low. 49 July 1, '15 50 Aug. 6 WHEELING & LAKE ERIE RAILROAD CO. 5% Receivers' Eqaipment Certificates. Due $101,000 each March 1 and Sept. 1, to Sept. 1, 1932, inclusive, and $100,000 March 1, 1923. Dated March 1, 1913. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2, 019.000 Outstanding (Apr. 1, '21) 403,000 Balance Retired, Denomination — Coupon, $1,000. Trustee — Citizens' Savings & Trust Co., Cleveland, Ohio. Redeemable in inverse numerical order at 101 and interest on any interest date on 60 days' notice. Control — See 1st Cons 4s. Secured by first lien on 1,600 Standard Steel gondola freight cars and 20 Consolida- tion lociraotives, costing $2,256,727, of which $237,727 was paid in cash by the Receiver. Underlies — Ref. & Impt. Mtge. of 1966, which provides for the retirement of this issue. Earnings — See W. & L. B. Ry, Ref. Mtge. Legal for savings banks in Ohio. Original Market — $2,019,000 offered in March, 1913, by Hayden, Miller & Co. and Otis & Co. of Cleveland and Guaranty Trust Co. of New York, at prices ranging from 100 and interest for Sept., 1913, maturities to 96.19 and interest for the March 1, 1923, maturities. Market New York — Simon JBorg & Co., Freeman & Co. Price Range 1920 — Ask 7.25% May. Market. New York — Simon Borg & Co., Ambrose R. Clark & Co., Finlay & Davenport, Car- ruthers, Pell & Co.. Pynchon & Co., F. J. Lisman & Co., Chas. W. Place, Taylor, Smith & Hard. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 114 Jan. 3, '06 9 2 '/4 Jan. 7 Low. 86 Sept. 1, '20 86 Sept. 1 WHEELING & LAKE ERIE RAILROAD CO. Wheelingi Div. 1st 5s. Due July 1, 1928. Dated April 21. 1888. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $1,500,000 Outstanding 894,000 Exchanged for W. Si L. E. 1st Cons. 48 and Cancelled 606.000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. ■ Assumed by The Wheeling & Lake Erie Ry. Co. Jan. 1, 1917. Control — See 1st Cons. 43. Secured by direct mortgage on 246.94 miles of road. viz. : A first lien on 50.19 miles — Eowerston, Ohio, to Martins Ferry.' Ohio 50.19 ' A second lien on 196.75 miles — Co%-ered by the first lien of tlie Lake Erie Div. 5s 196.75 Prior Liens — $2,000,000 Wheeling & Lake Erie, Lake Erie Div. 1st 6s of 1926. Underljeis — W. & L. E. Ext. & Impt. 53 of ISSO; W. & L. E. 1st Cons. 4s of 1949; and the W. & L, E. new Ref. Mtge. of 1966. which provides for the retirement of this issue. Earnings — See W. & L. B. Ry. Ref. Mtgie. Listed on the New York Stock Exchange. Market. New York — Simon Borg & Co., Ambrose E. Clark & Co., Samuel Goldschmidt, Chas. W. Place, Taylor, Smith & Hard. Price Range— N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 1121/2 Feb. 9, '06 84 Oct. 25 Low. 84 Oct. 25, '20 84 Oct. 26 WHEELING & LAKE ERIE RAILROAD CO. Lake Erie Div. 1st 5s. Due Oct. 1, 1926. Dated July 1, 1886. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $8,000,000 Outstanding 2,000.000 Exchanged tor the W. & L. E. Ist Cons. 4s and Cancelled.. 1,000,000 Denomination' — Coupon, $1,000. Registorable as to principal. Tmstee — Bankers' Trust Co., New York. Assumeated April 1, 1891. Extended April 1, 1921, with interest increased from 5%. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In Pennsylvania. Authorized and Outstanding $1,600,000 Denontination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Provident Life & Trust Co.. Phila- delphia. Redeemable at 102% and interest is called prior to April 1, 1926, and at 100 and In- terest on and after that date. Organization and Control — -Incorporated In February, 1899, to consolidate Street Railway lines in Wilkes-Barre and throughout the Wyoming Valley. Controlled by the United Power & Transportation Co. (a New Jersey Corporation) through ownership of all except $800 of the $5,000,000 capital stock. Leased to the Wilkes-Barre Ry. Co. for 800 years, at a rental of $380,000 per annum for 1914 and 1915; $390,000 per annum for 1916 and 1917 and $400,000 per annum thereafter. Capitalization. Outstanding. Common $5,000,000 Funded debt 2,007^000 Secured by a mortgage subject to underly- ing bonds on the property of the company. Among the properties owned, leased or con- trolled are the Wilkes-Barre & East Side Ry., the Wilkes-Barre & Kingston Passenger Ry., the Wilkes-Barre & Plains Ry.. the Wilkes- Earre & Suburban St. Ry., the Wilkes-Barre, Dallas & Harvey* s Lake Ry. , the Wilkes- Barre West Side Ry., the Pittston Street Car Co., the Pittston & Avoca St. Ry.. the Pitts- on, Moosic & Pleasant Valley Ry., the Ply- mouth Street Ry., the Nanticoke Street Ry., Plymouth Bridge Co., West Pittston & Wyo- ming Ry., Coalville Passenger R. R., and Ply- mouth & Larksville Ry. The length of line of these controlled companies is about 104 miles. Prior Xlens — ^Approximately $842,000 bonds of underlying companies (not including bonds owned by W. B. & W. V. Ry.) indirectly un- derly this issue. Underlies — $ 507,000 Collateral and Mtge. bonds. pany is controlled by the United Gas & Electric Corporation of Conn. Organization and Control — Incorporated 1910 as a consolidation of the merged Wilkes-Barre Heat, Light & Motor Co.. Anthracite Electric Light, Heat & Power Co., Union Light & Power Co., the Standard Electric Co. and the Wilkes-Barre Gas & Electric Co. Controlled by the United Gas & Electric Co. of New Jer- sey through ownership of 76.33 1-3% of its outstanding capital stock. The latter com- pany is controlled by the United Gas & Electric Corporation of Conn. Capitalization. Outstanding. Common $1,500,000 Preferred (7%) 365,"650 Funded debt 4,986.300 Secured by a second moi^gage on plants sup- flying gas, electricity and steam heat" in Wilkes-Barre, and vicinity, including two electric and one gas generating plants. Fran- chises are perpetual. Prior Liens — $ 3.000.000 Wilkes-Barre Gas & Elec. Co. 1st 5s of 1955 for the retirement of which bonds are reserved under this mort- gage. Years ended Dec. 31: Gross. Net. Int. & Rent. 1920 $1,481,998 $558,787 ♦$249,315 191-9 1,175,979 496,114 249,312 1918 978,754 '372,991 247,689 1917 817,683 366,401 238,640 1916 755,514 380,400 238,640 *Bond interest only. Original Market — Offered in 1910 by Gra- ham & Co., and M. M. Freeman & Co., Phila- delphia. Market. New York — Hartshorne & Battelle, Moore, Leonard & Lynch, Bauer, Starr & Co, Philatlelphia^ — Henry D. Boenning & Co., Graham, Parsons & Co., McGown & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, *15, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 95 '17 96% '18 60 Dec. 70 Dec. Low. 60 '19 70 Jan. WILKES-BARRE CO. (THE) 1st & Kef. 5s. Due July 1, 1960. Dated July 1, 1910. Interest payable Jan. and July 1, at Trustee's office. Tax Status— 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania, Authorized $7,500,000 Outstanding: (Jan. 1, '21) 1,986,300 Held in Treasury 191,700 Pledged under Cons. Mtge 332.500 Reserved for Prior liens 3,000,000 Reserved for Ext 1,989,500 Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal or fully register able. r|Ynstee — Girard Trust Co., Philadelphia, Redeemable at 105 and Interest on any In- terest date, on 90 days' notice. Guarantee — $1,537,000 of these bonds are sey through ownership of 76,33 1-3% of Its outstanding capital stock. The latter com- 145 WILKES-BARRE GAS & ELECTRIC CO. 1st Cons. 5s. Due Jan. 1, 1955. Dated January 3, 1905. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized and Outstanding. .. .$3,000,000 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Fidelity Trust Co., Philadelphia. Redeemable at 110 and interest on any inter- est date on three months' notice. Control — Incorporated in Pennsylvania 1904, Acquired the Wilkes-Barre Gas Co., the Wilkes-Barre Electric Light Co., the Con- sumers Gas Co. of Wilkes-Barre, the Ashley Filectric Co. and the Gas Co. of Luzerne County. Consolidated 1910 into the Wilkes- Barre Co., which in turn is controlled by the United Gas & Electric Co., New Jersey. Secured by a first mortgage on an impor- tant part of the plants supplying gas and electricity in Wilkes-Barre, Pa., and vicinity. Population served, gas, 90,Q00; electricity, 113,000. Franchises are perpetual. Underlies — Wilkes-Barre Co. 1st & Ref. gs of 1960, sufficient bonds of which are reserved to retire this issue at or prior to maturity. Earnings — See Wilkes-Barre Co. 1st & Ref 6s. Listed on the Philadelphia Stock Exchange, Original Market — $1,000,000 offered In Feb., 1905, by Graham & Co. and Forrest &• (Jo., Philadelphia, at 101 and interest. ," Market. New York — Carruthers, Pell & Co., Morton Lachenbruch & Co., Moore, Leonard & Lynch. _ -^ . o ^ Fbiladelpliia — Henry D. Boenning & Co., Graham, Parsons & Co., Huntoon & Co., Reed A. Morgan & Co., Samuel K. Phillips & Co. Price Ranee. Jan. 1, '08, to Jan. 1, '«1 1980 Bid. Ask. Bid. Ask. High 103 '11 103% '16 88 Jan. 94 Jan. Low. 72 '20 72^ '20 72 Nov. 7 2 ii June WII.KINSBUBG & EAST PITTSBURG STREET RAILWAY Ist 68. Due Sept. 1, 1929. Dated Sept. 1, 1899. Interest payable Mar. and- Sept. 1, at Mellon National Bank, Pitts- burgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Aothorized and Ontstanding $2,000,000 Denomination — Coupon, $1,000. Begisterable lis to principal and fully reeisterabie. Trustee — Union Trust Co., Pittsburgh. Pa. Guaranty — The principal and interest of these bonds are guaranteed under terms of lease of Monongahela Street Railway Co. to the Consolidated Traction Co. of Pittsburgh. The Philadelphia Co. guarantees the lease. Receivership — See Pittsburgh Rys. Co. Gen. 6s. Control — Merged in 1901 into the Monon- gahela Street Railway Co. which is leased to the Consolidated Traction Co.. of Pittsburgh, which in turn is controlled by the Philadel- phia Co. through ownership of practically the entire capital stock. The Philadelphia Co. is controlled by the United Ry. Investment Co. Secured by a first mortgage on the line of railway extending from Wilkinsburs to Bast Pittsburgh with branches in Braddock and vicinity. Underlies — $1,000,000 Monongahela Street By. 1st Bs due 1928. Listed on the Pittsburgh Stock Exchange. Market. New Tork — G. R. McAllister & Co., Moore, Leonard & Lynch. Philadelphia — Barnes & Lofiand, Henry D. Boennin? & Co. Pittsburgh — Moore, Leonard & Lynch. Price Range. Jan. 1, '09, to Jan. 1, '81 1920 Bid. Ask. Ask. High 104 '09 106% '18 60 Dec. Low. 60f'18 79%f'18 52t Nov. WILKINSBURG Si TBRONA STREET RAIL- WAY 1st 5s. Due Jane 1, 1931. Dated June 1. 1901. Interest payable June and Deo. 1, at Mellon National Bank, Pitts- burgh. Tax Statns — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Anthorized $700,000 Ontstanding 624.000 Denomination — Coupon and registered, $1,- 000. Trustee — Unipn Trust Co., Pittsburgh, Pa. ' Gnarantecd principal and interest by Wil- kinsburs & Bast Pittsburgh St. Ry., Monon- gahela Street By. Consolidated Trac. Co. of Pittsburgh and Philadelphia Co. Control — Merged Into the Monongahela Street Ry. Secured by a first mortgage on the line ex- tending from Wilklnsburg northward to Ve- lona and Oakmont, Pa. About 14 miles of track are operated. Underlies — $1,000,000 Monongahela Street By. Bs. Market. «ew York — Moore, Leonard & Lynch. Philadelphia — Henry D. Boenning & Co. Pittsbnrgrh — Moore, Leonard & Lynch. Price Range. Jan. 1, '16, to Jan. 1, '81 1920 Bid. Ask. Ask. High 96 '16 52% Nov. Low. 90 '18 92% '18 WILLIAMETTE YAXLEY SOUTHERN RY. CO. 1st 6s. Due February 1, 1939. Dated February 2, 1914. Interest payable February 1 and August 1, at Trustee's office or in Portland, Ore., or First National B^nk, New York. Tax Statas — The company refunds 1% of the Federal Income Tax. Anthorized $3,000,000 Outstanding (Jan. 1, '21) 720,000 Retired by S. F 30,000 Reserved for Ext 2,250,000 Denomination — Coupon, $100, $500 and $1,- 000. Begisterable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on any interest date at 103 and interest. Sinking Fnnd — ^A sum equal to 1% of bonds outstanding from 1917 to 1923, 1%% to 1931. and 2% annually thereafter to retire bonds. Company further covenants to 'set aside at least 15% of annual gross earnijigs for maintenance or additions. Guaranteed as to principal and Interest by the Portland By.. Light & Power Co. Organization and Control — Incorporated in Oregon in 1911. A majority of the stock is owned by the Portland By., Light & Power Co. Capitalization, Outstanding. Common $999,500 1st Preferred (6% cum.) 182,000 2nd Preferred (6% non-cum.) None Funded debt ; 720,000 Secured by a first mortgage on 32 miles of interurban railway between Oregon City and Mt. Angel, Ore. With the exception of four blocks in Oregon City, the road is located entirely on private right-of-way. This road forms part of through line from Portland to Mt. Angel. Eaminers — See Portland Ry. Lt. & Power Co. 1st & Ref. Conv. 5s of 1942. Original Market — Offered in April, 1914,' by E. H. Rollins & Sons, Boston, etc., at par and interest. MfiTket Fliiladelpliia — Samuel K. Phillips & Co., McCown & Co. Portland, Ore.— Hall & Co. 1466 WILLIAMS & CO. (J. H.) S-Year S. F. Ts. Series "A." Dae June 15, 1985. Dated June 16, 1920. Interest payable June 15 and Dec. IB, at Columbia Trust Com- pany, New Tork, or Citizens' Commercial Trust Company, Buffalo. Tax Statas — Payment of Federal Income Tax not assumed by company. Authorized $3,000,000 Outstanding 1,500,000 Reserved for Ext 1,500,000 Provisions of Issue — Of the remaining $1,- 500,000 bonds, $500,000 thereof may be ISBued on or after Sept. IB. 1920, without restriction, tut $1,000,000 thereof may be Issued only when; Total net assets after deducting all current liabilities and excluding funded debt are equal to at least 300% of the total funded debt of the company and its subsldiariea. Current assets are equal to at least. 100% of the sum of total current liabilities, out- standing bonds of this Issue (Including the bonds then proposed to be issued) and re- serves for accrued taxes. Net earnings after deducting operating ex- penses and total charges for maintenance ana depreciations are equal to at least three times the total fixed Interest charges, Ihclud- Ing interest on the additional bonds then pro posed to be issued. Pnrpose of Issue— Proceeds of $1,000,000 bonds are to be applied as part of the con- sideration in acquiring new properties. The l^oc^eds of the remaining $600,000 will be added to the working capital of the company. DenominatlonB — Coupon, $1,000, $600 and m"' ''^eisterable as to principal. Trastee — Citizens' Commercial Trust Com- pany, Buffalo. Redeemable as a whole or in part at the following prices with accrued interest On or before June IB, 1921, at 102: after June IB, 1921, and on or before June 16, 1922, at 101%; after June 16, 1922, and on or before June 15, 1924, at 101; on Dec. IB, 1924, at 100. Sinking Fund — Beginning May 1, 1921, and on each May 1 thereafter to and including May 1, 1924, and also on Nov. 1. 1924, the company will pay to the Trustee 6% of the greatest par amount of these bonds ever issued to such date, but in no event less than $100,- COO, as a sinking fund for the purchase or re- demption of these bonds at not exceeding the current call price. Organization — Incorporated in New York in 1896. Business established in 1882. Com- rany's plants are located in Brooklyn and Buffalo, New York. The company manufac- tures drop-forgings and drop-forged tools. As of April 3, 1920, the company was ac- quiring the drop-forging , and drop-forged tool business of The Whitman & Barnes Manufacturing Co., established in 1854, witn plants at Chicago, 111., and & St. Catherines, Ont. The products of these plants supple- ment the company's present lines of drop- forgings and drop-forged tools. Capitalization. Outstanding. Common $1,000,000 Funded debt 1,500,000 ' Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the trust agreement the company covenants as follows: That it, or Its subsidiaries, will not create any mortgage, pledge, or other lien upon any of their properties or securities (ex- cept Government bonds, purchase money mortgages and mortgages upon plots and houses acquired for sale to company em- ployes. ) That it will not issue any other bonds, notes, debentures or obligations for monies borrowed except for customary borrowings In the usual course of business not running more than one year from their date, and except purchase money obligations, unless at the same time provision is made for the redemption or payment of all bonds of this Issue then outstanding. That it will maintain at all times current assets equal to at least 100% of its current liabilities, outstanding bonds of this issue, and reserves for accrued taxes. Years ended De«. 31: Gross. 'Net. 1919 ... $7,684,189 $798,705 1918" ... 9.336,849 1,589,464 1917' ... 6,844,018 1,767,901 1916' ... 4,643,336 1,327,238 1916 2,869,124 698,638 •Before Federal Taxes. Original Marliet — $1,600,000 offered May, 1920. by Citizens" Commercial Trust Co., and O'Brien, Potter & Co., of Buffalo, and 'White, Weld & Co., New York, at 97 and Interest. Itlarket. New York — Hartshorne & Battelle, Ber- dell Bros., Morton Lachenbruch & Co., Gar- ruthers. Pell & Co., J. S. Bache & Co., White, Weld & Co. Buffaio^Cltizens Commercial Trust Co. Price Kange 1920 Aslc. Hi&h 97 July Low 93% Oct. WILLIAMS VALLEY RAILROAD CO. 1st 6s. Due Dec. 1> 19S4. Dated Dec. 1, 1904. Interest payable June and Dec. 1, at Tower City National Bank, Tower City, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. ' Tax exempt in Pennsylvania. Authorized and Ontstandine $120,00 Denominatian — Coupon, ,$500. Trustee^ — United Security Life Insurance & Trust Co., Philadelphia. Organization and Control — Incorporated in Penn. in 1891 and is controlled through owner- ship of a majority of its stock by the Read- ing Co. Capitalization. Outstanding. Common $89,900 Funded debt 120J)00 Secured by a first mortgragre, at the rate of $11,000 per mile, on 11 miles, of railroad be- tween Lykens and Brookside. Pa. Market. Philadelphia — Huntooh & Co., Samuel K. Phillips & Co., H. D. Boenning & Co., Bid- die & Henry. Price Range. Jan. 1, '17, to Jan. 1, *21 Bid. Ask. High 87J/^ '17 98 '17 Low. 75 '19 90 '18 X920 Not Available. WILLIAMSON (West Va.) ELECTRIC CO. 1st S. P. 6s. Doe Mar. 1, 1945. Dated Mar. 1, 1920. Interest payable Mar. 1 and Sept. 1, in Philadelphia. Tax Status — 2% Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $500,000 Outstanding 160,000 Reserved for Ext 340,00 Provisions of Issue — Additional bonds may be issued for 80% of cost of additions or extensions, but only when the earnings for the prior twelve months are at the rate of double the annual interest charges on out- standing bonds and those to be issued. Trustee — Colonial Trust Co., Philadelphia. Redeemable m whole or In part for sink- ing fund at 103 and interest on any interest date. Sinking Fund — Annually beginning July, 1921, a sum equal to not less than 2% of the largest amount of bonds at any time out- standing. Org'anization — Incorporated In West Vir- ginia in 1917 as successor of Willianason Light & Ice Co. . Capitalization Outstanding Common $75,000 Funded debt 160,000 Management — Albert Emanuel Co., New York. Secured by a first mortgage on all the property of the company. Company does all the electric light and power business in Wil- liamson, West Va.. and has a contract for lighting the city streets running until Oct. 5, 1937. Franchise expires In 1953. The company also operates an Ice plant. Years ended Dec. 31: Gross. *Net. Interest. 1920 n04,290 $29,696 $9,642 1919 67,758 23,466 7,160 1918 50,787 15,275 7,320 Original Market — $160,000 offered July, 1920, by Paul & Co., at 92% and interest with a bonus of two shares of stock for each 11,000 bond. Market Philadelphia — Paul & Co. WILLIAMSPORT (Pa.) GAS CO. 1st 5s. Due Feb. 1, 1939. Dated Feb. 1, 1899. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $400,000 Outstanding 400.000 Denomination — Coupon, $1,000. Begiater- able as to principal. Assumed bv the Pennsylvania Power & Light Co. Trustee — Fidelity Trust Co.. Philadelphia. Control — Incorporated 1856 in Pennsylvania. Acquired by the "Williamsport Light Co. and merged into the Northern Central Gas Co. , which was consolidated with other companies in 1920 into the Pennsylvania Power & Light Co., a subsidiary of the Lehigh Power Se- curities Corporation. Secured by a first mortgage on the gas plant supplying Williamsport, South Williams- port, and Newberry. Franchises perpetual. Underlies — $ 775,000 Northern Central Gas Co. 1st & Ref. 5s of 1962, and Pennsylvania Power & Light Co. 1st & Ref. Mtge. under which bonds are reserved to retire this issue. !Eaming:s — See Pennsylvania Power & Light Co. 1st & Ref. Mtge. Market. New York — Lynch & McDermott. Philadelphia — E. R. Barnard, Henry D. Boenning & Co., Blkins, Morris & Co., Hun- tortn & Co., Reed A. Morgan & Co., Sam- uel K. Phillips & Co. Price Range. Jan. 1, *08, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. High 101 '12 104 '16 75 Jan. 90 Oct. Low. 70 '20 80 '20 70 Dec. 80 Dec. Market. New York' — Berdell Bros. New Kaven, Conn. — H. C. Warren & Oo.» Inc. Price Range. Jan. 1, '08, to Jan. 1, *21 1920 Bid. Ask. High 101 '13 1021/^ '09 Not Low 79 '19 Available. WLLLMAR & SIOUX FALLS RAILWAY CO. 1st 5s. Due June 1. 1938. Dated June 1, 1888. Interest payable June 1 and Dec. 1, at office of Great Northern Ry. Co.. 34 Nassau Street, New York. Tax Status — Payment of Federal Income "Tax not assumed by company. Authorized Closed mortgage Outstanding $3,625,000 Pledged Under G. N. Ry. Co. 1st & Ref. Mtge 21,000 Dencmination — Coupon, $1,000. Registerable as to principal, or fully registerable. Regist- ered, $1,000. Trustee — Central Union Trust Co. , New York. Assumed by the Great Northern Ry. Co. Control — Incorporated in Minn, in 1886 and in 1907 was merged into the Great Northern Ry. Secured by a first mortgage at the rate of $12,000 per mile on 304.09 miles of road from "V\'^illmar, Minn., to Sioux City, Iowa, and from Garretson to Yankton, S. D. Underlies — Great Northern Ry. 1st & Ref. 4s of 19 61, which provides to retire this issue and Gen. Mtge. Legral for savings banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt. and Wis.; also Baltimore Trust Funds. Listed on the New York Stock Exchange Market New Yorlc — Ambrose R. Clark & Co., Hart- shorne & Battelle, Arthur E. Frank & Co., Carruthers, Pell & Co., Edwin Wolff, R. W. Pressprich & Co., Prince & Whitely, Red- mond & Co., Remick, Hodges & Co., Ray- mond M. Smith, Struthers & Hiscoe, Taylor, Smith & Hard. Price Range — N. Y. S. E. Jan. 1, '06, to Jan. 1, '21 1920 High 116% Feb. 20, '09 91% Apr. 9 Low. 91% Apr. 9, '20 91% Apr. 9 WILLIMANTIC GAS & ELECTRIC CO. 1st 5s. Due Jan. 1, 1923. Dated Jan. 1, 1903. Interest payable Jan. and July 1, at Boston Safe Deposit & Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $300,000 Outstanding 300.000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Boston Safe Deposit & Trust Co., Boston. Redeemable -at 105 and interest. Control — Incorporated, 1901 in Connecticut. Merged into the Rockville-Willimantic Light- ing Co., of Willimantic. Conn., which was Incorporated in Connecticut, 1903. Secured by a first mortgage on the plants supplying gas and electricity to Willimantic, Conn., and vicinity. Power is obtained from hydroelectric plant of Rockville-Willimantic Lighting Co. Franchises perpetual. Underlies — $250,000 Rockville-Willimantic Lighting Co. Deb. 6s of 1923. Earnings — See Rockville-Willimantic Light- ing Co. Debenture 6s. Original Market — First offered by Mason, Lewis & Co. , at par and interest in May. 1903. 145 WILMINGTON & CHESTER TRACTION CO. Coll. Tr. Ext. 6s. Due April 1, 1923. Dated April 1, 1898. Extended April 1. 1918 interest rate increased from 5% to 6%. Interest payable April and Oct. 1. at Provi- dent Life & Trust Co., Phila. The Equitable Guarantee & Trust Co., Wilmington. Del., or the Delaware County Trust, Safe Deposit & Title Insurance Co.. Chester. Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4,000,000 Outstanding 2.305.000 Reserved for underlying securities 1,695,000 Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Provident Life & Trust Co., Phila- delphia. Redeemable at 101 and Interest on any In- terest date. Organization and Control — Incorporated in New Jersey, 1898, and owns the entire capital stocks of the Wilmington City Ry. Co. and the Chester Traction Co., the entire capital stock and bonds of the Front & Union St. Ry. Co., the Gordon Heights Ry. Co. and the Chester & Delaware St. Ry. Co. The com- pany is controlled by the United Power & Transportation Co. through ownership of its entire capital stock. The lines of the com- pany m Delaware are leased to the ■Wilmingr- ton & Philadelphia Traction Co,, and those in Pennsylvania to its subsidiary, the South- ern Pennsylvania Traction Co. The W. & ^- T. Co. ia a subsidiary of the American Rys. Co. Capitalization. Outstanding. Common $3,000,000 Funded debt 4,266,625 Secured by a first lien on all of the securi- ties of subsidiary companies except $850,000 bonds of the "Wilmington City Ry. Co. and Chester Traction Co. These bonds are thus secured by a first lien on eight miles of street railway in "Wilmington, Del., and two miles in Chester, Pa., and a second lien on 26 miles in Wilmington and on the stocks of companies owning 3 miles of street railway in and around Chester, Fa. The company also owns a line between "Wilmington and Cheater. Franchises perpetual. Prior Liens — $600,000 "Wilmington City Ry. 1st 5s of 1951. $250,000. Chester Traction Co. Bs of 1944 and $575,000 bonds of companies leased to the Chester Traction Co. Underlies — Coll. Tr. 5s of 1951, under which bonds are reserved to retire this issue. Listed on the Philadelphia Stock Exchange. Market. New York — Theo. L. Bronson & Co.. J. U. Kirk & Co. Philadelphia — Henry D. Boennlng & Co. Price Range. Jan. 1, '09, to Jan. 1, '21 1920 Bid. Ask. Ask. High 99 '16 100 '08 70 Jan. Low 70 '20 70 Jan. WILMINGTON & NEWBERN RAILROAD CO. Ist 4s. Due Ang. 1, 1947. Dated August 2, 1897. Interest payable Feb. and Aug. 1. at Trustee's offloe. Tax Statns — Payment of Federal Income Tax not assumed by company. Anthorized $500,000 Outstanding 106,000 Exchanged for Atl. Coast Line Cons. 4s and held by Trustee of that issue 394,000 Denomination — Coupon, $1,000. Registerable as to principal. i Trustee — Safe Deposit & Trust Co.. Balti- more. Assumed by the Atlantic Coast Line R. R. Co. Control — Merged in 1897 into the "Wilming- ton & Weldon R. R. which was merged into the Atlantic Coast Line R. R. Co. April 18, 1900. Secured by a first mortgage on 90.54 miles of road from "Wilmington Junction to Nebern "Wharf, N. C. , and Wilmington to Fernside, N. C. Underlies — A. C. L. Cons. 4s of 1952, and the General Unified Mtge. due 1964, which provides for the retirement of this issue. Legal for savings banks in Cal.. Conn., Mich., Minn., N. H., N. J.. N. Y., R. I. and Wis. ; also Baltimore Trust Funds. Market. New York — B. A. Baker & Son, Carru- thers. Pell & Co., Pynchon & Co., Hart- shorne & Battelle, Chas. "W. Place, Prince & Whitely, Rernick, Hodges & Co., Taylor, Smith & Hard. Philadelphia — Lsaac Starr, Jr. & Co. Baltimore — Barroll, Corkran & Co., Jen- kins, "Whedbee & Poe. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. High 90y2 '16 W>t Low 75 '17 85 '19 Avaikble. WILMINGTON & NORTHERN RAILROAD CO. 1st 5s. Due Dec. 1, 1927. Dated December- 1. 1887. Interest payable June and Dec. 1, at Reading Terminal, Phila. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania- Authorized Closed mortgage Outstanding $354,000 Cancelled 484,000 Denomination — Registered, $500. Trustee — The Pennsylvania Co. for Insur- ances on Lives and Granting Annuities. Phil- adelphia. Redeemable at par and interest on any in- terest date. Guaranteed as to interest under terms of lease by the Philadelphia & Reading" Ry. Organization and Control — Incorporated in Penn. and Del. in 1877 and is leased for 999 years from 1900 to the Phila. & Reading Ry. at a rental equal to interest on bonds and 3V2% on stock practically all of which is owned by the Reading Co. Capitalization. Outstanding. Common $1,500,000 Funded debt 880,000 Secured by a first mortgage on 90.39 miles of road from Wilmington, Del to Reading, Pa., and branches. Underlies — $462,000 "Wilmington & Northern Gen. 5s of 1932, which provide to retire this issue. Listed on the Philadelphia Stock Exchange. Market. New York — Carruthers, Pell & Co., Ray- mond M. Smith, Taylor, Smith & Hard. Philadelphia — Barnes & Lofland, Biddle & Henry, Graham, Pars or 3 & Co., Huntoon & Co., Reed A. Morg-an & Co.. Morley, Wood & Co., Parsly Bros. & Co., Arthur J. Bender, Isaac Starr, Jr. & Co. Price Range. Jan. 1, '08. to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 104 '17 107 '16 95 Jan. 100 Jan. Low. 80 '08 100 '17 90 Nov. WILMINGTON & NORTHERN RAILROAD CO. Gen. 5s. Due Aug. 1, 1932. Dated Aug. 1, 1892. Interest payable Feb., May, August and Nov. 1 , at Reading Ter- minal, Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $1,000,000 Outstanding 462,000 Reserved for Prior Lien 354,000 Denomination — Registered $1,000. Trustee — The Pennsylvania Co. for Insur- ances on Lives and Granting Annuities, Phila- delphia. Guaranteed as to interest under terms of the lease, by the Philadelphia & Reading Ry. Control — See 1st 6s. Secured by a second mortgage on 90.39 miles of road from Wilmington. Del, to Read- ing, Pa. Prior Liens — $354,000 Wilmington & North- ern 1st 6s of 1927 for the retirement of which bonds of this issue are reserved. Listed on the Philadelphia Stock Exchange. Market. New York — Carruthers, Pell & Co. , Tay- lor, Smith & Hard. Philadelphia — Biddle & Henry, Graham, Parsons & Co., Huntoon & Co., Reed A. Morgan & Co., Morley, Wood & Co., Parsly Bros. & Co., Isaac Starr, Jr. & Co. Price Range. Jan. 1, *08, to Jan. 1, '21 1920 Bid. Ask. ' Bid. Ask. High 110% '19 ll2'09 90 Jan. 100 Jan. Low, 70 '20 75 "20 70 Nov. 75 Nov. WLLIVIINGXON & WELDON RAILROAD CO. Gen. Ist 46 and 5s. Due July 1, ld35. Dated June 1. 18S5, Inl^erest payable Jan. and July 1, at First National Bank, New York, or at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $4,000,000 Outstanding — 5s $3,062,000 4s 938,000 4.000,000 Denomination — Coupon. $1,000. Registerable as to principal, or fully regiaterable. Trustee — Safe Deposit & Trust Co., Balti- more, Md. Assumed by the Atlantic Coast Line K. K. Co. Control — Incorporated in North Carolina In 1834 and in 1900 was merged into the At- lantic Coast Line R. R. Co. Secured by a first m^ortgage on 478.81 miles of road from Weldon to South Carolina State to Washington, N. C, Rocky Mount to Spring- Hope, N. C, Contentena to "Wilming- ton, N. C, Goldsboro Junction to Sm.ithfield, N. C, Warsaw to Clinton, N. C, and Blrod to Line, Tarboro to South Rocky Mount, N, C, Pender to Kinston, N. C. Parmele Junc- tion Boardman, N. C. Underlies — A. C L. Cons. 4s of 1952, and General Unified Mtge., due 1964, an equal amount of the latter being reserved to re- tire these bonds at maturity. Legal for savings banks in Cal., Conn., Mich., Minn.. N. H., N. J., N. T.. R. I. and Wis. ; also Baltimore Trust Funds. Listed on the Baltimore Stock Exchange, Original Market — $938,000 4a offered in 1B97, at 101% and interest, by Brown Bros. & Co., New York and Philadelphia. Market. -^ New York — Carruthers, Pell & Co., Pyn- chon & Co., Morton, Lachenbruch & Co., Hartshorne & Battelle, R. W. Pressprich & Co., Prince & Whitely, Remick, Hodges & Co., Raymond M. Smith, Struthers & Hiscoe, Taylor, Smith & Hard. Fhiladelphia — Graham, Parsons & Co., Morely, Wood & Co., Isaac Starr, Jr. & Co. Baltimore — Barroll, Corkran & Co., Brink- man & Co., Jenkins, Whedbee & Poe, Macku- bin, Goodrich & Co., Smith, Lockhart & Co., Howard R. Taylor & Co. Price Range. Jan. 1, '09, to Jan. 1, '31 1920 6s Bid. Ask. Bid. Ask. High 114% '09 115 '09 95 Jan. 98 Jan. Low. 85 '17 90 '20 85 Aug. 90 Nov. 4s High 105 '13 106 '13 80% Jan. 85 Jan. Low. 90 '20 80 '20 77 Oct. 80 Oct. WILMINGTON (Del.) CITY ELECTRIC CO. Ist 6a. Due May 1, 1951. Dated May 1, 1911. Interest payable May and Nov. 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $1,000,000 Outstanding 1,000.000 Denomination — Coupon, $1,000. Regiaterable as to principal. Trustee — ^United States Mortgage & Trust Co., New York. Redeemable at 110 and Interest on May 1. 1921, or on any interest date thereafter. Guaranteed principal and interest by the Wilmington & Philadelphia Traction Co.. lessee, by endorsement. Organization and Control — Incorporated 1895 in Delaware. Leased, 1910 for the term of 990 years to the Wilmington & Philadelphia Traction Co., the latter company assuming all fixed charges. The Wilmington & Phila- delphia Traction Co. Is controlled by the National Properties Co. Capitalization. Outstanding. Common $225, 00& Funded debt 1,000,000 Secured by a first mortgage on electric plant of 11,000 h. p., supplying Wilmington, Del., and vicinity. Franchises perpetual. Original Market — $500,000 offered in May. 1911, by Parkinson & Burr, Boston, etc., at 98 and Interest; and $300,000 offered Feb., 1912, at 99 and interest, by the same firm. Market. New York — Carruthers, Pell & Co., Sarle A. Miller & Co., G. W. Walker & Co.. Park- inson & Burr. Price Kange. Jan. 1, '16. to Jan. % '21 1920 Bid. Ask. Bid. Ask. High 101 '17 83% Jan. Low. 81 '18 85% '19 63 Dec WILMINGTON (Del.) CITY RAILWAY 1st OS. Due Sept. 1, 1951. Dated Sept. 1, 1911. Interest payable March and Sept. 1, at Equitable Guarantee & Trust Co., Wilmington. Del. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding $600,000 Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Equitable Guarantee & Trust Co., Wilmington. Del. Redeemable on or after Sept. 1, 1914, at 105 and interest. Organization and Control — ^Incorporated in Delaware 1864. Entire stock owned by the Wilmington & Chester Traction Co., which In turn is controlled by the United Power & Transportation Co., a subsidiary of the In- terstate Rys. Co. Leased for 990 years to Wilmington & Philadelphia Traction Co. which is controlled by the National Properties Co. Capitalization. Outstanding. Common $520,000 Funded debt 600,000 Secured by a first mortgage on street rail- way system in Wilmington, Del., embracing 33 miles of track. Franchises are perpetual. Earnings not reported separately. Original Market — First offered by Scott & Co., Wilmington, Del. Market. New York — Rauscher & Mackay. Philadelphia — McCown & Co. Price Ranges Jan. 1, '16, to Jan. 1, '31 1930 Bid. Bid. High 101% -16 65 Apr, Low. 98 '17 WILMINGTON GAS CO. Ist & Ref. 68. Due Sept. 1, 1949. Dated September 1, 1909. Interest payable March and Sept. 1, at Girard Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized $6,000,000 Outstanding: (Jan. 1. '21) 2,611,000 Cancelled 40,000 Reserved for Ext 2,349,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 105 and Interest Sept. 1. 1919. or on any interest date thereafter. Sinking Fund — $ 25.000 per annum, com- mencing June 1, 1924, to be applied to the purchase or redemption of these bonds at not over 106 and interest. Bonds so redeemed to be kept alive and interest added to the •InklnET fund. Orsanization— Incorporated In Delaware in lyua as a consolidation of local eas proper- Capitalization. Outstanding. Common $3.000, 000 Preferred (6% cum.) 1,240,800 Funded debt 2,611.000 secured by a first mortgaee on plants sup- plying: gas to Wilmington, Del., having manu- lacturinr capacity of 1,000.000.000 feet per year, and 153 miles of mains. Population over 123,000. Franchises are perpetual. Xiisted on the Philadelphia Stock Exchange. iSajiungs are not available. ^«?J*^'"^ Market — $2,000,000 offered in Sept., 1909, by Drexel & Co., Philadelphia, and Brown Bros. & Co.. New York. Philadelphia and Boston, at 98 and interest. » ^ew York— Berdell Bros.. G. R. McAl- lister, Carruthers, Pell & Co., Earle A. Mil- ler & Co. Philadelphia — Samuel McCreery & Co., Henry D. Boenning & Co.. Brown Bros. & Co., Huntoon & Co., McCown & Co., Samuel K. Phillips & Co. Price Range. Jan. 1, '10, to Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 100 '12 100^^ '12 68 Nov. 72 Dec. Low. 64 '20 66 '20 64 June 6 6 Sept. WrOIINGTON (Del.) I.IGHT & POWER CO. 1st 5s. Dae April 1, 1960. Dated April 1, 1910. Interest payable April and Oct. 1, at Wilmington Trust Co.. Wilmington. Del. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $2,000,000 Ontstanding 1,699,000 Reserved for Ext 301,000 Denomination — Coupon, $1,000. Registerable as to principal' only. Tmstee — Wilmington Trust Co., Wilming- ton, Del. Redeemable at 110 and interest. Organization and Control — Incorporated 1906 in Delaware. Controlled through owner- ship of entire stock by the Wilmington & Philadelphia Traction Co,, which is controlled by the National Properties Co. Capitalization. Outstanding. Common $1,000,000 Preferred (6% cum.) : 250.000 Funded debt 1,699,000 Secnred by a first mortgage on electric lighting plant distributing system, etc., sup- plying a portion of the city of Wilmington, Delaware, and vicinity. Also secured by sec- ond mortgage on automatic telephone system of 3,000 stations formerly operated by Del- marvia Telephone Co. , Original Market — $200,000 offered Nov., 1913, by Newburger. Henderson & Loeb at 85 and interest. Market. New York — Berdell Bros., G. R. McAllister & Co. Philadelphia — Henry D. Boenning- & Co. Price Range. Jan. 1, '15, to Jan. 1, 'Zl Bid. Ask. S3 '16 92 '17 42 '20 63 '19 Hig:h IjOW. 1920 Ask. 42 July 42 July Authorized $250,000 Ontstanding 217,000 Denomination — Coupon. $1,000. Tmstee — Safe Deposit & Trust Co.. Balti- more. Guaranteed as to principal and interest jointly by the Wilmington & Weldon R. R. Co., the Wilmington, Columbia & Augusta R. R. Co. and the Carolina Central R. R. Co. Assumed — The above guarantee has been assumed by the A. C. L. R. R. Co. and the S. A. L. Ry. Co. through mergers of guar- antor companies. Controlled by the Atlantic Coast L#ine R. R. Co. and the Seaboard Aid Line Ry. Co., through ownership of the entire capital stock. Capitalization. Outstanding. Common $40,000 Funded debt 217.000 Secnred by a first mortgage on two bridges over Cape Fear River, N. C. and 2.4 miles of track. WBOMINGTON RAILWAY BRIDGE CO. Cons, (now 1st) 5s. Due April 1, 1943. Dated April 1, 1893. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. 1461 WILSON & CO., INC., 35-Year S. F. 1st 6s. Due April 1, 1941. Dated April 1, 1916. Interest payable April 1 and October 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $25,000,000 Outstandingr (Apr. 18, '21)... 20,364,000 Held in S. F 853,000 Reserved for Corp. Purpopses 2,930,000 denominations — Coupon , $1,000. Register- able as to principal. Registered. $1,000. ^5,- 000 and multiple. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 107% and interest on any interest date on eight weeks' notice. Sinking Fund — ^Annually on December 1. be- ginning 1917, 1% of outstanding bonds for the purchase or redemption of these bonds at not exceeding 107% and interest. Bonds so acquired are to be kept alive and Interest added to this fund. Organization — This company is one of the four largest packing companies in the United States. Business was established in 1853. In addition to the distribution of dressed meats, the company directly or through sub- sidiaries manufactures and sells butter, eggs, poultry and other produce; has 120 distribut- ing branches, 2,193 railroad cars, 1,773 of which are refrigerator cars. The company also does a large export business. Packing houses are located in New York. Chicago, Kansas City. Oklahoma City and Los An- geles. Nebraska City, Nebr. ; Albert Lea, Minn.: Sioux Falls and Cedar Rapids, la.; Sao Paulo and Santa Anna, Brazil ; Buenos Aires, A. R. Wheeling, W. Va. ; Chatham, Mass. : Chattanooga, Tenn. Name changed from Sulzberger & Sons Co. to Wilson & Co., Inc., July, 1916. Capitalization. Outstanding. Common (no par) 200.000 shs. Preferred (7% cum.) $10,718,900 Funded debt 39,798,000 Jgecured by a mortgage on all the property of the company directly owned and by deposit of entire issues of stock of subsidiaries. The mortgage provides that no new mortgages shall be placed on collateral properties, and that no dividends shall be declared unless ag- gregate net quick assets of combined proper- ties shall equal aggregate amount of indebt- edness, including these bonds, but excluding inter-company indebtedness. The property di- rectly or indirectly covered by this mortgage includes packing houses with a combined ca- pacity of 187,000 cattle, etc., per week, Eind manufacturing plants. The properties of "the company and collateral companies are free from inorte:ag:es except miscellaneous moTtea.ee obligations agrgregatins $636,000. Underlies— $19,434,000 Conv. 6s of 1928. Years ended Dec. 31: •Net. Interest. 1920 $1,486,382 $2,427,232 1919 5,165,888 2,394,562 1918 8,563,911 932,376 1917 7,408,172 903,750 1916 5,710,353 796,485 ♦After Federal taxes. Ijlsted on the New York and Chicago Stock Exchanges. Original Market — Offered March, 1916, by Guaranty Trust Co., HaHgarten Co.. Wm. Salomon & Co., New York, and Illinois Trust & Savings Bank and Continental & Commer- cial Trust & Savings Bank, Chicago, at 10 and interest. $5,000,000 offered January, 1919, by Guar- anty Trust Co., Hallgarten & Co., William Salomon & Co., New York, and Illinois Trust & Savings Bank and Continental & Commer- cial Trust & Savings Bank, Chicago, at 98% and interest. $3,000,000 offered April, 1921, by the same firnas at 88% and interest. Market. New York — Ames. Emerich & Co., Bab- cock, Rushton & Co., Carruthers, Pell & Co., Guaranty Trust Co.. J. S. Bache & Co., Hornblower & Weeks. Chicag-o — John Burnham & Co., First Trust & Saving's Bank. ^ Pittsbxirgrh — Moore, Leonard & Lynch. Price Range — N. Y. S. E- Jan. 1, '17, to Jan. 1, '21 1930 , High 103% Jan. 31, '17 98% Jan. 8 Low. 80^4 Dec. 23. '20 80% Dec. 23 WILSON & C0.» INC., 10-Year Conv. S. F. 6s. Dne I>ec. 1, 1928. I>ated Dec. 1, 1918. Interest payable June 1 and Dec. 1, in New York City. Tax Statns — Payment of Federal Income Tax not assumed by company. Aathorfzed $20,000,000 Outstanding: (Apr. 18, '21) 18,267,000 Retired by S. F 1,730.000 TJnissned 3,000 Fnrpose of Issue — The proceeds of this is- sue to be used to reduce the company's cur- rent liabilities. Denomination — Coupon, $1,000. Registerable as to principal. Trostee — Guaranty Trust Co., New York. Redeemable as a whole, or in part, on 60 days' notice on June 1, 1919, at 105 and in- terest, and on any interest date thereafter at 105 and interest less Vfe of 1% for each year, or part thereof, elapsed after June 1, 1919. Sinking Fund — $1,500,000 annually on each March 1, 1921, to 1925, both inclusive, and $2,000,000 annually on each March 1. 1926, to 1928, both inclusive, cash so paid to the Trustee to be applied to the purchase of these bonds at not exceeding their redemption prices or to their redemption. The company is to be entitled to be credited on its obligations to this fund with the principal amount of the bonds which shall be exchanged for common stock under the conversion privilege. Pay- ments to this fund may be anticipated by the company. Bonds acquired for this fund or exchanged for common stock shall be can- celled. These sinking fund provisions call for the retirement prior to maturity of about 65% of the total issue. Convertible from and after December 1, 1920, at any time prior to maturity into com- mon stock at the rate of ten shares of stock (no par value) for each $1,000, principal amount of bonds, with cash adjustment of accrued interest and dividends. Bonds called for redemption may be converted up to 30 days prior to the redemption date. 146; Organization — See Ist 68. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. The Trust Indenture contains the following pro- visions : No new^ mortgage shall be placed on the properties of the company or of any sub- sidiary, except inter-company or purchase- money mortgages, but this shall not restrict the issue of additional First Mortgage Bonds, or the purchase of additional property sub- ject to lien or mortgage. Quick assets shall at all times be main- tained in an amount at least equal to 1% times current liabilities, all as defined in the Trust Indenture. Net quick assets as defined in the Trust Indenture shall be maintained in an amount at least equal to 1 % times the principal amount of these bonds then outstanding. Prior Liens — $20^122,000 1st 6s of 1941. The company also has $300,000 real estate mortgages outstanding. Barnings — See 1st 6s. liisted on New York Stock Exchange. Original Market — $20,000,000 offered Dec, 1918, by the Guaranty Trust Co.. Hallgarten & Co.. William Salomon & Co.. New York, and Illinois Trust & Savings Bank and Con- tinental & Commercial Trust & Savings Bank. Chicago, at 95 and Interest. Market. New York — Babcock, Rushton & Co., Guaranty Trust Co., Pynchon & Co., Mc- Donnell & Co., Salomon Bros. & Hutzler, Jenks, Gioynne & Co., Carruthers, Pell & Co. l«nisville, Ky. — J. J. B. Hilliard & Son. Chicagro — Blaid & Co.. John Burnham & Co. Pittsburgrli — Moore, Leonard & Lynch. Los Angreles — Stevens, Page & Sterling. San Francisco — Sutro & Co. Price Rangre N. Y. S. E. Jan. 1, '1.9, to Jan. 1, '21 1920 High 104-14 June 5. *19 96Vi Jan. 5 Low. 78^^ Dec. 29. '20 78^ Dec. 29 WINCHESTER REPEATING ARMS C. 20- Year 1st 7^8. Due April 1, 1941. Dated April 1, 1921. Interest payable April 1 and Oct. 1. Tax Status — Payment of 'Federal Income Tax not assumed by company. Tax exempt in Connecticut. Authorized $7,000,000 OutstandinsT 7,000,000 Purpose of Issue — To repay current in- debtedness. Denomination — Coupon, $100, $500 and $1,000. Trustee — Mechanics and Metals National Bank, New York. Redeemable on any interest date at 107% and_ interest. Sinking X\ind — Annually an amount equal to 2% of bonds issued to be applied to their purchase and cancellation in any year »n which sufficient bonds for that purpose can be purchased at or under par and accrued interest. _ Org-anization — Incorporated in Connecticut in 1867. The company manufactures rifles, shot guns, shot shells and metallic ammunition; also fishing tackle, flash lights and general hardware products. Capitalization. Outstanding. Common 100,000 shs. Funded debt $7,000,000 Secured by a first mortgage on the entire manufacturing plant, including real estate, buildings and machinery, located in New Haven, Conn. This plant covers some 80 acres of land with buildings comprising a fioor area of 3,000,000 square feet. Years ended Dec. 31: "•■Net }J?0 $1,630,0"58 ilil 3,283,033 }l}^ 2,527,788 1917. 1,510,551 'After depreciation and Federal taxes. -.«9."S:inal Market — $7,000,000; offered April. 1921, by Kidder, Peabody & Co., Boston, New York, etc., at *97% and interest. Market. New York — Lyncii & McDermott, John Nickerson, Jr. Montreal— Balfour & White, United Fi- nancial Corp., Dominion Securities Corp. Price BauEre. Jan. 1, *13, to Jan. 1, '31 1920 Bid. Ask. Bid Ask. High 105 '12 106^ *09 82 Jan. 85 Jan. Low. 71 '20 75 '20 71 Nov. 75 Nov. WINNIPEG ELECTRIC RAILWAY CO. 1st Ref. S. F. 58. Due Jan. 3, 1935. l>ated Jan. 2, 1905. Interest payable Jan. 1 and July 1, at Bank of Montreal, Montreal. Quebec, New York, etc. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $5,000,000 OuCstanding: 4,000.000 Reserved for Pnor Uens 1,000,000 Denomination — Coupon, $1,000. Reeisterable as to principal. Trustee — Royal Trust Co., Montreal, Sinking Fund — ^Annually, from Dec. 31, 1915, a sum equal to 1%% of outstanding bonds from 1915 to 1924 inclusive, and there- after a sum equal to 2% payable in cash, or in these bonds; or in Winnipeg Electric Street Ry. 1st 5s of 1927, taken at par. Money received is to be applied to the pur- chase of Winnipeg Electric Street Ry. 1st 5s of 1927 at not exceeding a 4% basis, and if said bonds are not so purchasable fund ia to be applied to the purchase of bonds of this issue at not exceeding a 4% basis. If bonds of neither issue are so purchasable Trustee may invest in securities which are legal in- vestment for trust funds in Canada or in bonds of railroad companies (other than street railway, etc. , companies) listed on the New York Stock Exchange. Bonds of this issue acauired are held alive: As of Dec. 31, 1919, $289,000 1st 55 of 1927 had been acquired. Organization — Incorporated in Manitoba in 1904 as a consolidation of gas, electric and street railway properties in Winnipeg and St. Boniface. Controls through stock ownership the Suburban Rapid Transit Co. and Winni peg, Selkirk & Lake Winnipeg Ry. Co. Capitalization. Outstanding . Common $9,000,000 Common $9,324,300 Preferred 507,900 Debenture stock £900,000 Secured by a first mortgage on hydro-elec- tric plant of 30,000 h, p. and one steam plant of 12,000 h. p. and a second mortgage on plants supplying gas and electricity in Winni- peg and on 110 niiles of street and interur- ban railway track. The company controls all the street railway and gas business in Win- nipeg and St. Boniface, Man. , and part of the electric light and power business. Fran- chises are perpetual and street railways are exclusive in Winnipeg until 1927 and in St. Boniface until 1943. Prior Liens — $639,000 "Winnipeg Electric St. Ry. Co. 1st 5s, for the retirement of which bonds are reserved under this mort- gage. Years ended Dec. 31: Gross. Net. *Charges. 1920 $5,310,400 $1,881,503 $1,345,977 1919 . 5,233,700 1,323,623 1,286,318 1018 4,284,479 1,221,428 1;192,694 tqi7 ,3,588,723 1,243,374 1,150,795 1916 '!!... 3,339,009 1,398,139 952,887 ♦Includes interest, city per cent, taxes, de- preciation, amortization and sinking fund. Listed on the Montreal Stock Exchange. Original Market — First offered by N. W. Harris & Co., New York. Boston and Chicago, and the Bank of Montreal. 140 WINNIPEG ELECTRIC STREET RAILWAY 1st ds. Due Jan. 1, 1937. Dated 1898. Interest payable Jan. ana July 1, at Bank of Montreal, Montreal, Quebed. Tax Status — Payment of Federal Income T^x not assumed by company. Authorized $1,000,000 Outstanding (Jan. 1, '21) 639,000 Held in W. E. Ry. 1st & Ref. Mtge. S. F 361,00i) Denomination — Coupon, $500. Registerable as to principal. Trustee — Royal Trust Co., Montreal. Sinldng Fund — Purchasable under the sink- ing fund of the Winnipeg Electric Ry. 1st & Ref. 5s.- Control — Merged 1904 into Winnipeg Elec- tric Co. Secured by a first mortgage on about 110 miles of track in and about Winnipeg, Can. Franchises perpetual. Underlies — $4,000,000 W. E. Ry. Co. 1st Ref. 5s of 1935 ■which mortgage provides to retire this issue. Earnings — See Winnipeg Electric Ry. 1st Ref. 6s. Listed on the Montreal Stock Exchange. Market, New York — Berdell Bros., E. & C. Ran- dolph, John Nickerson Jr. Monti'eal — United Financial Corp. Pi'ice Range 1930 Bid. Ask. High S3 Mar. 88 Dec. Low 74 Dec. 77 Oct. WINONA BRIDGE RAILWAY 1st Ext. 6s. Due Sept. 1, 1935. Dated Sept. 1, 1890. Extended Sept. 1, 1915. for 20 years. ($104,000 bonds paid at maturity.) Interest payable March and Sept. 1, at 547 W. Jackson Boulevard, Chicago, and Chicago, Burlington & Quincy office, 32 Nas- sau St., New York. Tax Status — Payment of Federal Income- Tax not assumed by company. Authorized $400,000 Outstanding (Jan. 1, '21) 210,000 Retired by S. F. ^0,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers* Loan & Trust Co., New York. Sinking Fund — Annually, beginning Sept. 1, 1916, an amount sufflci ent to retire $14,000^ bonds at par and interest. Organization and Control — Incorporated in Minn, in 1890 and is leased until 1935 to the Green Bay & Western R. R. and Chicago, Burlington & Quincy R. R. Co., which to- gether own the entire stock. Capitalization. Outstanding. Common $400,000 Funded debt 210,000 Secured by a first mortgage on bridge over the Mississippi River between Winona, Minn., and Buffalo, Wis. Market. Boston — Chas. A. Day & Co. WINONA (Minn.) GAS LIGHT & COKE CO. 1st 5s. Dne Jnly 1, 1925. Dated July 1, 1906. Interest payable Jan. and July 1, at Cleveland Trust Co.. Cleveland, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $300,000 Outstanding: (Mar. 9, '21) 293,000 Held in S. F 7,000 Denomination — Coupon. $1,000. Trustee — Cleveland Trust Co., Cleveland, O. Redeemable after July 1, 1915, at 106 and Interest. Sinking Fnnd — 10% per annum of net earn- ings (commenced 1910). Bonds acquired 'are held alive and interest added to fund. Control — Incorporated 1905 in Minnesota succeeding the "Winona Gas Co. Absorbed by the Wisconsin-Minnesota Lisht & Power Co.. a subsidiary of the American Public Utilities Co. of Grand Rapids, Mich. Secured by a first mortgage on plant, sup- plying gas to Winona, Minn. Population served. 18,000. Franchises expire May, 1929. Underlies — Wis.-Minn. Lt. & P. 1st & Ref. 5s. Market, Chicagro — Chicago Trust Co., ings Bank & Trust Co. Price Range. Jan. 1, '17, to Jan. 1, *Z1 Bid. Ask. High 96*17 98^ '17 Low. 90 '17 92 '20 Price Range Jan. 1, ■19, to Jan. 1, '81 Bid. Aslc. 1980 High 30f'19 43f'19 Not Low. available Chicago Sav- 1920 Ask. 92 July 92 July WINONA INTEBTJBBAN BAII.WAT PERU Division 1st 6s. Due April 1, 1936. Dated April 1, 1906. Interest payable April and Oct. 1. at Union Truat Co.. Indianapolis. Ind. • , Default — Oct. 1, 1916, and subsequent in- terest Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $2,000,000 Outstanding 290,000 Collateral for liOans 1.303.500 Denomination — Coupon, $100. $500 and $1,- 000. Trustee — Union Trust Co. , IndianapoliSr Ind. Redeemable at 105 and interest on any in- terest date. Receivership — See Goshen Div, Ist 5s. Secured by a first mortgage on 42 miles of interurban electric railway between Warsaw and Peru, Ind. (For other details see Goshen Div. 1st 5s.) Earnings — See Goshen Div. Ist 6s of 1925. Market. New York — Chater & Edy. Pittsbm-ffh — Stout & Co. Dae WINONA INTERURBAN RAILWAY Goshen Div. 1st 5s. Due July 1, 1925. Dated July 1, 1905. Interest payable Jan. and July 1. at First Trust & Savings Bank, Chicago, 111. Default — Jan. 1, 1916, and subsequent in- terest. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $750,000 Outstanding 698,000 Pledged Under toans 52,000 Denomination — Coupon, $500 and $1,000. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable on any Interest date at 105 and interest. Receivership — In suit to foreclose under this mortgage, C. S. Munton was appointed re- ceiver June 25, 1916. Protective Committee — J. D. Mortimer, pres- ident of North American Co., chairman; H. H. Phillips, secretary, 209 So. La Salle St., Chicago: Central Trust Co. of Illinois, Chi- cago, depositary. Organization — Incorporated in 1903 in In- diana. Began business in 1905. Capitalization. Outstanding. Common $16,000 Preferred (6% cum.) 150,000 Funded debt 2,343,000 Secured by a first mortgage on about 23 miles of track extending from Goshen to War- saw, Ind. Franchises expire after 50 years. Company operates a total of 70 miles of road including from Goshen to Peru, of which about 5 miles are leased (Warsaw to Winona -Lake). Gross. Net. tlnterest. •1919 $280,385 $31,109 •1918 247,745 41,479 1917 224,955 43,595 8,916 1916 224,664 56,768 135,889 ♦Tear ended Dec. 31. tlnterest paid only. Market. New York — Alfred F. Ingold & Co. Boston — Chaa. A. Day & Co. 1464 WINSTON-SALEM GAS CO. 1st 5b. July 1, 1933. Dated July 1, 1912. Interest payable Jan. and July 1, at W. E. Moss & Co., Detroit, Mich. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $500,000. Outstanding 269,000 Reserved for Ext 231.000 Denomination — Coupon, $1,000. Trustee — Union Trust Co., Detroit, Mich. Redeemable at 102% and interest. Organization — Incorporated in North Caro- lina in 1912 as successor to the Winstrn- Salem Light & Fuel Co. Capitalization Outstanding Common $300,000 Preferred (7%) 33.000 Funded debt 269.000 Secured by a first mortgage on plant sup- plying gas to Winston- Salem, N. C. Fran- chises expire June 1, 1934. Earnings — Not available. Original Market — $250,000 ofCered in Aug., 1912, at 95 and interest, by W. E. Moss 4 Co., Detroit, Mich. WINSTON-SALEM SOUTHBOUND RAIL- WAY CO. 1st 4s. Due July 1, 1960. Dated July 1, 1910. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding. .. .$5,000,000 Denomination — Coupon, $1,000. Registerabl'- as to principal. Registered, $1,000. C. & R. interchangeable. Trustee — United States Trust Co. , New York. Guaranteed principal and Interest Jointly and severally by the Norfolk & Westr rn R. R. Co. and the Atlantic Coast Line R. R. Co. by endorsement. Organization and Control — Incorporntrd in North Carolina, Feb., 1905. The $1,245,000 capital stock of the Winston-Salem Southbound Ry. is owned in equal proportion by the Nor- folk & Western Ry. Co. and by the Atlantic Co»st Line R. R. Co. The road is operated mdependently. Capitalization. Outstanding. ^ommon $1,246,000 Funded debt 6,000,000 ■■n l^l"^ ^^ * '''"^' mortgage on 89 miles of r 11 w" 'Winston-Salem to Wadesboro, N. ^.. an branches, eauipment, etc., and exten- sions constructed or acQUired with bonds is- suea under this mortgage. This road forms a connection between the Norfolk & Western Ky. Co. and the Atlantic Coast Line R. R. ■Mi^^'^lT'?? savings banks in Cal., Mich., Minn N. H. and N. J. lasted on the New York Stock Exchange. Years ended De«. 31: .,„,„ Gross. Net. Int. & Rent. ,il}l $266,193 $274,807 $216,260 J'" 260,262 268,366 224,296 "IJ 898.302 400,773 339,981 1818 790.336 430.277 303,665 •Corporate Account. Original Market — Offered in Feb., 1911, bv Chas. D. Barney & Co.. and Brown Bros. & Co.. Philadelphia, Wm. Salomon & Co.. New York, and Union Trust Co., of Pittsburgh, at 96 and interest. Market. New York— B. A. Baker & Son, Constable & Fleming, Samuel Goldschmidt, Finlay & Davenport, Carruthers, Pell & Co., Pynchon & Co., Wolff & Stanley, R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Roosevelt & Son, Taylor, Smith & Hard. Vilas & Hickey. Fhiladelphia — Blddle & Henry, Brown Bros. & Co., BIkins, Morris & Co., Graham, Parsons & Co., Isaac Starr Jr. & Co. Baltixnore — Jenkins, Whedbee & Poe. Price Kange— N. Y. S. E. Jan. 1, '11, to Jan. 1, '21 1920 High 95 Apr. 28, '11 69 Sept. 17 Low. 61 Aug. 18, '21 61 Aug. 18 Market. New York — Joseph Bird Ford, Carruthers,' Fell & Co., Finlay & Davenport. WINSTON-SALEM (N. C.) UNION STATION CO. 1st Ss. Dne Apr. 1, 1966. Dated April 1, 1916. Interest payable April 1 and Oct. 1 at Chase National Bank. New York City, or Wachovia Bank & Trust Co.. Winston-Salem. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized $250,000 Outstanding 260,000 Denomination — Coupon, $1,000. Register^ble as to principal. Trustee — Wachovia Bank & Trust Co., Winston-Salem, N. C. • Redeemable at 107 1^ and interest on any interest date after Oct. 1, 1930, on 90 days' notice. Guaranteed jointly and severally as to prin- cipal and interest by endorsement by the Nor- folk & Western Ry. Co.. Southern Ry. Co. and Winston-Salem Southbound Ry. Co. Organiaztion and Control — Incorporated in North Carolina, in Dec, 1916. The entire capital stock is owned by guarantor companies which lease the property during the life of these bonds. Rental, ' operating expenses and Interest on these bonds. Capitalization. Outstanding. Common $30,J00 Funded debt 260,000 Secured by a first mortgage on all the prop- erty of the company including real estate, union passenger station, tracks, power house and other terminal facilities: also by deposit of lease above-mentioned. Original Market — $260,000 offered July. 1916, by Rhoades & Co.. New York, at 104% and Interest. WISCONSIN CENTRAL RAILWAY CO. Su- perior & Dnluth Div. & Terminal 1st 4s. Due May 1, 1936. Dated May 1. 1906. Interest payable May and Nov. 1, at Bank of Montreal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding $7,600,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustees — United States Trust Co., New York, and Edward W. Sheldon. Organization — See 1st Gen. 4s. Secured by a first mortgage on 153.42 miles of road from Owen, Wis., to and through Su- perior to Duluth, Minn., and 4.67 miles in Duluth: and terminal property in Superior and Duluth costing about $3,000,000, and covering about 413 acres. Underlies — Wisconsin' Central Ry. 1st & Ref. 4s of 1969. which provide for the re- tirement of this issue. Earnings — See 1st Gen. 4s. Listed on the New York Stock Exchange. Original Market — Underwritten in 1906, by Brown Bros. & Co.. New York and Philadel- phia. Edward Sweet & Co.. New York, George A. Fernald & Co., Boston, and Maitland, Coppell & Co.. New York, and offered to the stockholders of the Wisconsin Central Ry. in 1906. at 89 and interest. Market. New Yorlt — Constable & Fleming, Finlay & Davenport, Samuel Goldschmidt, Granger & Co., Knauth, Nachod & Kuhne, Pouch & Co., R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Roosevelt & Son, Rutter & Co.. Struthers & Hiscoe, Vilas & Hickey, Edwin Wolff, Carruthers, Pell & Co., Rutter & Co., Finlay & Davenport. Fhiladelphia — Daniel & Co. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, 'HI 1920 High 94% May 8, '09 74% Oct. 5 Low. 61 July 21, '20 61 July 21 WISCONSIN CENTRAL RAILWAY CO. 1st Gen. 4s. Due July 1, 1949. Dated July 13, 1899. Interest payable Jan. and July 1, at Bank of Montreal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $27,000,000 Outstanding (.Tan. 1, '21) 21,342.000 Retired by S. F 2,667,000 Fledged under 1st and Ref. 4s. 1,570,000 In Treasury 2,000 Additional bonds if issued shall be depos- ited with the Trustee of the First & Refunding Mortgage, due 1959. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — United States Trust Co.. New York, and John A. Stewart. Sinking Fund — Proceeds from the sale of lands are to be invested by the Trustee in these bonds at par and interest. If not pur- chaseable at this price they may be invested at a higher price on the request of the Rail- way Co. or applied to improvements, addi- tions, etc. Organization and Control — Chartered in Wisconsin Dec. 1897. The property of the company was leased for 99 years from April 1. 1909, to the Min- neapolis, St. Paul & Sault Ste. Marie Ry. Co., which owns 50.2% of its common stock, and now operates it as Its Chicago Division. The latter company Is controlled through stock ownership by the Canadiaif Pacific Ry. Co. Capitalization. Outstanding. Common $16,121,000 Preferred (4% non-cum.) 11,265,600 Funded debt 37,298,297 Secured by first mortgage on 822.39 miles of road, viz: Miles Chicagro (Central Ave.), III., to With- row, Minn 423.07 Cylon to Downing, Wis 14.64 Carnelian Jet. to Trout Brook Jet., Minn 17.96 Spencer to Ashland, Wis 145.87 Abbotsford to Owen, Wis 12.45 Neenah to Manitowoc, Wis 28.68 Stevens Point to Portage, Wis 70.74 Packwaukee Jet. to Montello, Wis....- 7.86 Marshfleld to Greenwood, Wis 22.84 Chippewa Falls to Eau Claire, Wis 10.59 Chelsea to Rib Lake, Wis 5.55 Mellen. Wis., to Bessemer, Mich 33.77 Abbotsford to Goodrich, Wis 25.24 Ashland Ore Dock Line : 2.26 Ashland Commercial Dock Line 1..27 Also secured on land grants, real estate nad terminal property in St. Paul. Underlies — Wisconsin Central Ry. 1st & Ref. 4s of 1959. which provide for the retire- ment of this issue. Years ended Dec. 81: Gross. Net. Int. & Rent *1920 $6,913,449 $2,891,251 $2,563,293 *1919 3,487,435 3,556,922 2,438,286 •1918 3,424,338 3.448,781 2,403,750 1917 13,814,211 4,322,761 2,640,753 1916 12,895,764 5,001.329 2.448,865 •Corporate account. 1/egal for savings banks in Me., Mo., N. H, and R. I. Listed on the New York and Boston Stock Exchanges. Market. New York — Arthur E. Prank & Co., Granger & Co., Carruthers, Pell & Co., Pyn- chon & Co., F. J. Lisman & Co., Edwin "Wolff, Pouch & Co., R. W. Pressprich & Co., Prince & Whitely, Redmond & Co., Struthers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey. Minneapolis — William W. Eastman Co. Philadelpliia — Arthur J. Bender. Denver — Boettcher, Porter &. Co. Price Range — ^N. Y. S. E. Jan. 1, '06, to Jan. 1, 'Zl 1930 Hi&h 96 Apr. 21, '09 74 Nov. 3 Low. 60% May 25, '20 60% May 25 WISCONSIN CENTRAL RAILWAYS CO. Marshfield & Southeastern Div. 1st 48. Due May 1, 1951. Dated May 1. 1901. Interest payable May and Nov. 1. at Bank of Montreal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $4BO-.000 Outstandingr (Jan. 1, '21) 342,000 Retired by S. F 108,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — United States Trust Co.. New York, Redeemable at 105 and interest on any in- terest date, as a whole or for sinking fund. Sinking Fund — Annually beginning May 1, 1902. $5,250, to be applied to the purchase or redemption of these bonds at not exceeding 105 and interest. Organization, etc. — See 1st Gen. 4s. Secured by a first mortgage on 33 mlleB of road from Marshfleld to Nekoosa, Wis. Underlies — Wisconsin Central Ry. 1st & Ref. 4s of 1959, which provide for the retire- ment of this Issue. 14( Earnings — See lat Gen. 4s. Legal for savings banks in Me. and Mo. Market. New York — Hartshorne & Battelle, Car- ruthers, Pell & Co., Chas. W. Place. Price Range. Jan. 1, '09, to Jan. L '21 1920 Bid. Ask. Bid. High 93^ '09 95*09 60 Jan. Low. 57 '20 70 '10 57 July WISCONSIN CENTRAL RAILWAY CO. Ut & Ref. 4s. Due April 1, 1959. Dated April 1, 1909. Interest payable April and Oct. 1. at Bank of Montreal, New York, or in London at the fixed rate of $4.87 per £ Sterling. Tax Status — 2% Federal Income Tax iiald by company without deduction. Authorized $60,000,000 Outstanding: 5,816,000 In Treasury 7,457,000 Reserved for Refunding, Ex- tensions, etc 46,727,000 Denomination— Coupon, $1,000. Registerable as to principal or fully registerable. RegiH- tered, $1,000, $5,000, $10,000, $50,000 and $100,000. Trustees — Empire Trust Co., New York, and Leroy W. Baldwin. Guaranty — In Oct. , 1912, the Minn. , St. Paul & Sault Ste. Marie offered to endorse its guaranty of interest on these bonds If presented for that purpose. Organization, etc. — 1st Gen. 4s. Secured by second mortgage on entire prop- erty (except land grants) now owned or here- after acquired, including 1,020.96 miles of road, terminals, etc.. as follows: Covered by the first lien of the following: Miles Wis. Cent. -Superior & Duluth Div, & Term 1st 4s 158.09 Wis. Cent. 1st Gen. 4s 830,26 Wis. Cent. -Marshfield & Southeastern Div. 1st 4s 32.61 Also secured by deposit of $1,570,000 Wis- consin Central Ry. 1st Gen. 4s 1949. Prior Liens — $23,017,000 W^isconsin Central Superior & Duluth Div. ,4s of 1936 and 359,000 Wis. Cent. 1st Gen 4s of 1949; $7,500,000 -Wis. Cent. -Marshfield & Southeastern 1st 4a of 1951, for the retirement of which bonds of this issue are reserved. Earnings — See 1st Gen. 4s. Original Market — $3,500,000 offered In Feb., 1912. by the Bank of Montreal, Montreal, New York, etc. Market. New York— Newton G. Chase, Samuel Goldschmidt, "^^'olff & Stanley, F. J. Lisman & Co., Pynchon & Co.. Vilas & Hickey, R. W. Pressprich & Co., Rutter & Co., Struth- ers & Hiscoe, Vilas & Hickey, Edwin Woltf. Minneapolis — William W. Eastman Co. Price Range. Jan. 1, *16s fo Jan. 1, '21 1930 Bid. Ask. Bid. Ask. High 77 *16 81 '17 63 June 69 Apr. Low. 54 '20 57 '20 54 Sept. 57 Dec. WISCONSIN EDISON CO. (THE) 10-Tear Conv. Deb. 6s. Due May 1, 1924. Dated May 1, 1914. Interest payable May and Nov. 1. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $10,000,000 Outstanding •6,600,000 Reserved for Corporate Pur- poses 3,500,000 •$3,598,000 owned by the North American Co. Denomlnatloii— $100, $500 and $1,000. Keg- isterable as to principa;. Beeistrar — Bankers" Trust Co., New York. J^eemable at 102 and Interest on May 1. 1916, or any time thereafter on 60 days' no- tice. Convertible after May 1, 1916. and rrlor to May 1, 1923, into stock at $8 per share. Organization and Control — Incorporated in Wew York in 1912 to take over the holdings of the North American Co. in Milwaukee' and other Wisconsin public utility companies, and controls through stock ownership the Milwau- kee Light, Heat & Traction Co.. Milwaukee Electric Ry. & n. Co., Wisconsin Gas &. Electric Co., North Milwaukee Light & Power Co. and Wells Power Co. These companies own and operate some 37B miles of street and interurban railway, in- cluding street railways in Milwaukee, Racine, Kenosha and Watertown, Wis., and supply gas and electricity. Street railway franchises expire in 1934 and subsequently. All others indeterminate, unlimited as to time, but sub- ject to termination upon acquisition of the property by the municipality. Capitalization. Outstanding. Common (no par) 215,000 shs. Funded debt $6,500,000 Security — ^A direct obligation of the com- pany but not secured by a mortgage. Years ended Dec. 31 (after subsidiaries): Net. "Deductions. 1919 $1,548,714 $588,220 1918 1,197,276 668,120 1917 -. 1,446,411 617,376 1916 1,430,882 469,262 1916 1,068.396 467.681 ♦Includes taxes, expenses, interest, etc. Original Market — Ottered May, 1913, by Jackson & Curtis, Boston and New York, at 96 and interest. Market. New York — Newton G. Chase, Fred H. Hatch & Co., Chas. E. Doyle & Co., Robert E. Horton & Co., Carruthers, Pell & Co., Berdell Bros., A. W. H. Munforfl, G. R. McAllister & Co., John Nickerson Jr. Boston — L. Sherman Adams, Moors & Cabot. Fliiladelphia — Bauer, Starr & Co. Price Range. Jan. 1, '16, to Jan. 1, '21 1920 Bid, Ask. Bid. Ask. High 99 '17 100 '16 85 Jan. 87 Jan. Low. 76 '20 81 '20 76 Dec. 81 Nov. WISCONSIN EI.ECTKIC POWER CO. 1st S. r. 7%s, Series "A". Due Oct. 15, 1945. Dated Oct. 15, 1920. Interest payabla April 15 and Oct. 15, in New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Penn- sylvania State Tax refunded. Authorized Open mortgage Ontstandinjr .$5,000,000 Issuance Restrictions — Additional bonds may be issued only for refunding or in an amount at par equal to 80% of the cost of additions, improveemnts, extensions and bet- terments to the property, after the initial expenditure of J6, 260, 000. Additional issues of bonds shall be in series, ^nrt shall bear such rate or rates of interest and have such sinking fund provisions, if any, and such maturities as may be determined at the time of issuance, provided that no series shall mature prior to tlie maturity of all bonds previously Issued. Pm-pose of Issue — To provide funds for the construction of generating station. Denominations — Coupon, $1,000; register- able as to principal. 1467 Trustee — Central Union Trust Co., New York. Redeemable as a whole only (or in part for sinking fund) at 107% and interest on any interest date. Sinking: Fund — 3% of the total bonds of Series "A" issued will be redeemed an- nually, in etiual and semi-annual amounts beginning April 15, 1921, either by purchase by the company in the open market at or below 107% and interest, or, if bonds are not 30 obtainable, by semi-annual call, by lot at 107% and interest. Guai-anteert principal and interest by the Milwaukee Electric Railway & Light Co., by endorsement. Organization and Control — Incorporated in Wisconsin. Tlie company's property is leased to The Milwaukee Electric Railway & Light Co. for a term of years extending beyond the maturity of Series "A" bonds. Leasee agrees to maintain and operate the property, and pay semi-annual rentals suf- ficient in minimum amount to provide for interest and sinking fund charges. The Wisconsin Electric Power Co. and the Mil- waukee Electric Railway & Light Co. are controlled througli stock ownership by the North American Co. Secured by a first mortgage on all the property of the company now owned or hereafter acquired. Additionally secured by pledge of the lease of the property to the Milwaukee Electric Railway & Light Co. The property covered includes a steam gen- erating station on Lake Michigan adjacent to Milwaukee, designed for an ultimate ca- pacity of 200,000 k. w., of which 40,000 k. w. are being installed. The plant will begin operations the latter part of 1920. The present cost of the property is estimat- ed at $6,260,000. Eai-nings — Included in reports of Milwau- kee Electric Railway & Light Co. Original Market — $5,000,000 offered Oct., 1920, by Wm. A. Read & Co., and Spencer Trask & Co., at 99 and Interest. Market New York — Estabrook & Co., Hartshorne & Battelle, Robert E. Horton & Co., Pyn- chon & Co., Carruthers, Pell & Co., Gilbert J. Postley, Berdell Bros., A. W. H. Munford. Detroit — Watling, Lerchen & Co. Boston — Arthur Perry & Co., Moors & Cabot. Milwaukee — First Wisconsin Co. Philadelphia — Reed A. Morgan & Co., Parsly Bros. & Co. Cilica^o — Henry A. Henschen & Co., Sec- ond Ward Securities Co. liOiusvUle — Block, Fetter & Co., Fidelity & Columbia Trust Co. Salt Lake City — Palmer Bond & Mortgage Co. Price Range 1920 Bid. Ask. High 98 Oct. 100 Nov. Low 96 Dec. 97% Deo. WISCONSIN GAS & ELECTRIC CO. Ist 6s. Due June 1, 1952. Dated June 1, 1912. Interest payable June and Dec. 1, at Harris, Forbes & Co., New York. Tax Status — 2% Federal Income Tax paid by company 'without deduction. Authorized Unlimited Outstanding $2,973,500 Pledged under 6Vk% Notes 390,000 Provisions of Issue — Additional bonds issu- able for permanent extensions, improvements, etc., at 80% of coat, subject to certain con- ditions and the approval of the Wisconsin Railroad Commission. Denomination — Coupon, $1,000 and $600. Reglsterable as to principal. Trustee — Harris Trust & Savings Bank, Chi- cagro. Redeemable at 105 and interest on June 1, 1917, or on any interest date thereafter. Orgranization and Control — The Wisconsin Gas & Electric Co, succeeded in 1912 the Ra- cine Gas Light Co., and acquired the prop- erties, business and franchises of the Keno- sha Gas & Electric Co. and Kenosha Electric Ry. Co. In 1915 acquired the properties of the "Watertown Gas & Electric Co. and Bur- lington Electric Light & Power Co. The com- pany is controlled by the Wisconsin Edison Co.. which was organized by the North Amer- ican Co. to take over its holdings of public utilities in Wisconsin. Capitalization, Outstanding. Common $1,747,500 Preferred , 500,000 Participating Pref 557,300 Funded debt 3,438,800 Secured by a first mortgage on plants sup- plying gas in Racine, Watertown, South Mil- waukee, Cudahy and Kenosha and electricity in Kenosha, W^is.; also on eight miles of street railway in Kenosha and on transmission and distributing systems supplying electricity in Watertown, Burlington, Lyons, Springfield and several other towns in southern Wisconsin. Also wholesales electricity to several towns. Street railway franchise extends to 1952. Gas franchise perpetual and exclusive. Electric indeterminate permit. Underlies — $1,000,000 Conv. 7% Notes. Years ended Dee. 31: Gross. Net. Interest. 1920 $3,318,210 *$361,803 $236,693 1919 2,451,270 356,824 210,913 1918 2,106,440 333,512 209,014 1917 1,510,679 341,254 181,695 1916 1,143,791 319,044 139,559 *After depreciation. Original Market — $2,000,000 offered in Octo- ber, 1912, by Harris, Forbes & Co., New York, N. W. Harris & Co., Inc., Boston, Harris Trust & Savings Bank, Chicago, and Spencer Trask & Co., New York, Boston and Chicago, at 98^ and interest. Market. New York — Fred H. Hatch & Co., Jenks, Gwynne & Co., Gilbert J. Postley, Berdell Eros., Earle A. Miller & Co., Carruthers, Pell & Co. Philadelphia — Bauer, Starr & Co. Jlilwaiilcee — First Wisconsin Co. Price Range. Jan. 1, *13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 97% '13 99 '13 78 Jan. 83 Jan. Low. 66 '20 69 '20 66 Dec. 69 Dec. Redeemable to Jan. 1. 1925, at 102 and in- terest, and at 101 and interest thereafter. Organization — Incorporated in Illinois in 1900. The company is a large dealer in build- ing materials and coal in Chicago. Secured by first mortgage upon improved Chicago real estate, owned in fee and valued as follows: Total Locations — Valuation. 2406 Throop Street $94,306 7510 S. Racine Ave 81,940 880 Wis. Ave., Oak Park 53,930 356 S. Kolmar Ave 123,444 1804 Devon Ave 74.902 Sunnyside and N. Lament 76,953 4119 Ogden Ave 95.385 $600,859 In addition to its real estate holdings, the company owns plant and delivery equipment appraised at $137,811, which it agrees to main- tain to a fair cash market value of at least $125,000, and not to pledge or encumber dur- ing the life of the bonds. Original Market — $300,000 offered Oct., 1919, by Central Trust Co. of Illinois, Chi- cago, at prices ranging from 101 to 100 and interest according to the maturity. WISCONSIN LIME & CEMENT CO. 1st 7s. Due each Oct. 1 as follows: $10,000 each 1920 and 1931 .$15,000, 1932; $20,000 1923; $25,000, 1924; $30,000 each 192B to 1928 inclusive, and $100,000, 1930. Dated Oct. 1, 1919. Interest payable April 1 and Oct. 1 at Central Trust Co. of Illinois, Chicago. Tax Status — 2 % Federal Income Tax paid by, the company without deduction. Anthorized $300,000 Outstanding 300,000 Purpose of Issue — To retire indebtedness in- curred in connection with the purchase of ad- ditional real estate, to reduce current indebt- edness, and to provide additional working cap- ital. Denomination — Coupon, $100, $500 and $1,- 000. Trustee — Central Trust Co. of Illinois, Chicago. 141 WISCONSIN-MINNESOTA XIGHT & POWER CO. 1st & Ref 5s and Ss. Due May 1. 1944. Dated May 1. 1914. Interest payable May 1 and Nov. 1, in New York or Chicago. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstandinir (May 9, '21) 5s $9,393,500 *8s 582,000 9,975,500 In Treasury 3,000 Reserved for Prior Ijiens.... 506,000 Reserved for Ext 9,515,000 ♦Additional coupons for Z% attached. Denomination — Coupon, $500 and $1,000, Registerable, $1,000. C. & R. interchangeable. Trustee! — Harris Trust & Savings Bank. Chi- cago. Redeemable at 105 and interest on or after May 1, 1919, on any interest date. Sinking Fund — 1 % of outstanding bonds from 1919 to 1928, 1%% from 1929 to 1938 and 2 % thereafter to retire bonds or for ex- tensions and betterments. Organization and Control — Incorporated In Wisconsin in 1914, as a consolidation of three earlier companies. The entire common capital stock is owned and the properties managed by the American Public Utilities Co. Capitalization. Outstanding. Common $3,300,000 Preferred (7% cum.) 5,000,000 Funded debt 10,697,000 Secured by a mortgage on 25 miles of elec- tric railway embracing the street railway lines in Eau Claire and Chippewa Falls. Wis., and interurban lines between those cities, hy- dro-electric plant at Menomonie and Cedar Falls, Wis., plants, transmission lines (300 miles) and distributing systems supplying electricity in Eau Claire, Chippewa Falls and other towns in Wisconsin, Red Wing, Lake City and Wabasha, Minn., and gas plants in Chippewa Falls, Wis.. Winona and Red Wing, Minn. , and on gas and electric plant in La Crosse, Wis. Additionally secured by pledge of $811,000 prior lien bonds including $533,000 Chippewa Valley Ry. Lt. & P. 1st 6s. The company operates in Wisconsin under inde- terminable franchise from the Railroad Com- mission, Prior Liens — $506,000 Chippewa Valley Ry. M. & Pr. let 63 of 1924; ^^iiiOOO Winona Gas, Light & Coke Co. Bs: $220,500 Eau Claire Gas Light Co. 5s, and $250,000 Red Wing Gas Light & Power Co. 5s. Years ended Dec. 31: Net. $960,018 771,754 896,480 698,150 585,016 Interest. $535,260 510,900 298.861 241,801 Gross. •1919 $2,136,904 1918 1,829,711 1917 1.712,220 1916 1,304.460 1915 1.143,262 *Tear ended Nov. 30.. Original Market — First offered in June, 1914, by Harris, Porbea & Co., New York, N W. Harris & Co., Boston, and Harris Trust & Savings Bank. Chicago, at 93% and interest. Market. New York— Eabcock, Rushton & Co., Fred H. Hatch & Co., Berdell Bros., Gilbert J. Postley & Co., Rauscher & Mackay, Carru- thers, Pell & Co., E. A. Baker & Son, J. S. Bachc & Co. Boston — L. Sherman Adams, Moors & Ca- bot, Chas. A. Day & Co. Milwaultee — F. A. Bartlet Co., First "Wis- consin Co. Price Range. Jan. 1, *15, to Jan. 1, *Z1 1930 Bid. Ask. Bid. Ask. High 95 '16 98 '16 80 Jan. 85 Jan. Low. 63 '20 67 '20 63 Aug. 67 Sept. WISCONSIN-MINNESOTA I>IGHT ANI> POWER COMPANY 1-Year 8% Notes. Due Feb. 1, 1J>23. Bated Feb. 1, 1921. Interest payable Aug. 1 and Feb. 1 in New York and Chicago. Tax Status — Payment of Federal Incom.e Tax not assumed by the company. Authorized $1,000,000 Outstanding 1,000,000 Purpose of Issue — The Proceeds from the sale of these notes will be applied to retire $600,000 Notes due Feb. 1, 1921, the remain- ing $400,000 will be available for additional working capital. Denominations — Coupon, $500 and $1,000. Trustee — Continental and Commercial Trust & Savings Bank, Chicago. Redeemable on thirty days' notice at 100% and interest. Org-anization — See 1st & Ref. Mtge. Security — A direct obligation of the Cora.- pany but not secured by a mortgage. The indenture provides that no bonds of the Company shall he issued except to provide funds to reimburse the Company for capital expenditures and no new mortgage may be placed on the property during the life of these notes. Prior I^iens — Outstanding 1st and Ref. 5s & 8s, 1944 $9,975,500 Divisional Issues *1,^05,500 •AU closed mortgages. EaminKS — See Ist & Ref. Mtge. Ongrinal Market — $1,000,000 offered Jan., 1921, by Paine, Webber & Company, New York, Boston, etc., at 99 and interest. Denominations — Coupon, $1,000. $500 and $100. Registerable as to principal. Trustee — First Trust Co., Milwaukee. Redeemable at 102 and interest. Maintenance Fund — Annually 12^^% of gross earnings. Any part of this fund not used for maintenance, etc., must be expended for extensions and additions, which shall not be made the basis for the issuance of addi- tional bonds; or such unexpended balance may be applied to the redemption or purchase of outstanding bonds. Sinking Fund — ^Annually beginning June 1. 1922, 1% of outstanding bonds for their pur- chase or redemption at not over 102 and In- terest, or fund may be used for improve- ments, etc. , against which no Jaonds can be issued. Organization and Control — Incorporated In Wisconsin, in May, 1916, and acquired by pur- chase the entire capital stocks and proportiea of the Baraboo Gas & Electric Co., Portage E31ectric Light & Power Co. , Beaver Dam Light & Power Co., Fox Lake Light & Power Co., Horicon Light & Power Co., Berlin Pub- lic Service Co., Central Wisconsin Railway & Light Co., Nesh Koro Light & Power Co. and Omro Electric Light Co. The entire $400,000 capital stock of this company has been acquired by the North West Utilities Co. and is pledged under that com- pany's 6% Serial Notes. Capitalization. Outstanding. Common •. $400, OOD Funded debt l,380,00!l Secured by a first mortgage on all the prop- erty of the company. Property comprises elec- tric, gas, steam and hot water heating plants in sixteen towns and villages located in the central part of Wisconsin. The company has built 85 miles of transmission line connecting a number of communities served with hydro- electric current from plants at Kilbourn and Prairie due Sac. The company operates under a Wisconsin Indeterminate Permit, Underlies — $215,000 ($150,000 pledged) Gen. Mtge. Bonds, due June 1, 1946. Years ended Jane 30: Gross. Net. Interest, 1918 $337,914 $127,906 $51,850 1917 258,632 67,778 40,702 Later earnings not available. Original Market — Offered Nov.. 1916, by W. G. Souders & Co., Chicago, etc., and Pox, Huyt & Co., Milwaukee, at 93% and interest. Market. Chicag-o — H. M. Byllesby & Co., Merrill, Lynch & Co., Ft. Dearborn Trust & Savings Bank. Milwaukee — First Wisconsin Co. Price Range. Jan. 1, '17, to Jan. 1, '21 1930 Bid. Ask. Ask. High Low. 7-0 '19 70 -19 94 '17 80 '19 67 July WISCONSIN POWER, LIGHT & HEAT CO. 1st & Ref. 5s. IMie June 1, 1946. Dated June 1, 1916. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $20,000,000 Outstanding: ?^5'222 Held In Treasnry 136.500 Pledged to Secure 3-Year 7% Notes 150,000 Reserved for Ext 18,748,500 Provisions of Issue — Addlttonal bonds issu- able for 85% of cost when net earnings are twice interest charges on total issue, after depreciation. ■ WISCONSIN PUBLIC SERVICE CO. 1st & Ref. 5b. Due Jan. 1, 1942. Dated Jan. 1. 1912. Interest payable Jan. and July 1, at Wisconsin Trust Co., Milwau- kee, Wis. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding (Jan. 1, '21) 2,438,000 Retired by S. F None Reserved for Ext 12,562,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — -Wisconsin Trust Co. , Milwaukee. Wis. Redeemable at 105 and Interest on any in- terest date on 30 days' notice. ImproTement or Sinkingi Fund — 2% annually of outstanding bonds, commencingr Jan. 1, 1917, for the purchase or redemption of these bonds at not over 105 and interest, or may be applied toward the acquisition of prop- erty, extensions, improvements, etc., of prop- erty covered by this mortgagre. Orsanization and Control — Incorporated In Wisconsin in Dec, 1911, as a consolidation, and is controlled through stock ownership by the Wisconsin Securities Co. of Milwaukee, Wis. Capitalization. Outstanding. Common $1,000,000 Preferred . . .-. 600,000 Funded debt 2, 875,000 Secured by a first mortgage on street rail- way system in Green Bay, Wis., comprising 14 miles of track and 28 miles of interurban lines extending from that city and including line to Kaukauna, 21 miles,, where it con- nects with interurban line to Appleton and south to Fond du Lac, and also on hydro- electric plant of 7,400 h. p. at High Palls, 61 miles from Green Bay; a second mortgage on plants supplying gas and electricity lu Green Bay. Franchises are indeterinate. Prior laens — $437,000 Green Bay Gas & Elec. Co. bonds, which this mortgage provides to retire. Years ended De. 31; Gross. Net. Int., etc. 1920 $1,223,689 $246,407 $233,470 19.19 938,255 309,656 218,420 1918 722,412 206,050 161,967 1917 615,936 239,856 160,607 Original Market — $1,150,000 offered in 1912, by N. W. Halsey & Co., New York, et., at 95 and interest. Market. New York — Halsey, Stuart & Co., Berdell JJros., Eauscher & Mackay, Taylor & White, Hanson & Hanson. Boston — Clias. A. Day & Co. Cliicag'o — Halsey, Stuart & Co. MilwauJkee — Edgar, Ricker & Co., First Wisconsin Co. Price Range. Jan. 1, '17, to Jan. 1, 'Zl 1930 Bid. Ask. Ask. High 77 '19 95-17 85% Mar. Low. 75 '19 83 '19 75 Nov. Secured by a first mortgage on hydro-elec- tric plant on the Black River at Hatfield* Wis., and transmission lines to Winona, Minn., and L^ Crosse, Wis., and on plants supplying eleciHk^ity in Winona, Minn., and Onalaska, Wis.,' and street railway system in Winona; a second mortgage on the street railway system in La Crosse, Wis. Total track operated 2 4 miles. Prior Liens — $ 220,000 (closed). La Crosse City Ry. 1st 5s of 1929 bonds are reserved under this mortgage to retire this issue. Years ended Dec, 31n|i|, Gross, Net. Interest, 1920 $696,140 $167,835 $143,161 1919 604,278 219,997 140,329 1918 488,094 138.086 140,381 1917 455,817 154,129 133,633 Original Market — Offered by N. W. Halsey & Co. in 1913 at 88% and interest, and at 90 and interest in 1915. Market. New York — Ames, Emerlch & Co., Berdell Bros., Rauscher & Mackay, Hanson & Han- son, Taylor & White. GMcasro — Halsey. Stuart & Co. Price Range. Jan. 1, '16, to Jan. 1, '31 1920 Bid. Ask. Ask. High 85 '16 93 '17 90 Des. Low. 60 '17 70 '20 70 July WISCONSIN RAILWAY, LIGHT & POWEK CO. 1st & Ref. 5s. Due Feb. 1, 1933, Dated Feb. 1, 1913. Interest payable Feb. and Aug. 1, at Trustee's' oflice, or in New rork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $10,000,000 Outstanding: (Jan. 1, '21) 2,200,000 Reserved for Prior Lien 220,000 Reserved for Ext 7,580,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — First Savings & Trust Co. , Mil- waukee, Wis. Redeemable at 105 and interest on any in- terest date on 30 days' notice, Ixoproveinent and Sinking X^uid — 2 % per an- num beginning 1918, for the purchase or re- demption of bonds at not over 105 and inter- est or for improvements. Organization and Control — ^Incorporation In Wisconsin Jan., 1913, as successor through reorganization of the Winona Ry, & Lt. Co. Also of the La Crosse Water Power Co. and the La Crosse City Ry. A substantial stock Interest in this company is owned by the Wis- consin Securities Co. Capitalization. Outstanding. Common '. $1,219,900 Funded debt 2,420,000 1470 WISCONSIN RIVER POWER CO. lO-Yeaa- 7% Coll. Notes, Series "A." Due Feb. 1, 1931. Dated Feb. 1, 1921. Interest payable Feb. 1 and Aug. 1, in Chicago. Tax Status — 2% Federal Income Tax paid by the company w^ithout deduction. Autliorized $400,000 Outstanding: 400,000 Pui-pose of Issue — To reimburse the com- pany for expenditures in improvements, bet- terments anrl extensions. Denominations — Coupon, $1,000, $500 and $100; registerable as to principal. Trustee — Fort Dearborn Trust & Savings bank, Chicapro. Redeemable on any interest date at 105 and interest during the first year and de- creasing by % of 1% for each year there- after. Slnlung- Fund — Annually on Aug. 1 ,a sum equal to 2\^% of the authorized issue from 1922 to 1925, inclusive, and 3 % in each of the remaining years, to be applied to the purchase or redemption of these notes at not exceeding the current call price. Organization and Control — Incorporated in Wisconsin in 1907. The company owns the hydro-electric plant near Prairie du Sac, Wisconsin, on the Wisconsin River, of 30,000 h. p. capacity together with sub-stations at over 100 miles of double circuit, steel tower 66,000-volt transmission lines, extending from Prairie du Sac to Portage and from Prairie du Sac through Madison to Janes- ville. Wis. The company supplies electric enefgy at wholesale under long term, contracts. Controlled through stock ownership by North West Utilities Co. Capitalization Outstanding. Common .% $3,000,000 Preferred (7% cum.) 309,000 Funded debt 4,307,000 Secured by pledge of 1st 5s of 1941, at the rate of $150 par value of bonds for each $100 par value of notes issued. Year ended Dec. 31: Gross. Net. Bond Int. 1920 $538,346 $352,826 $199,408 Original Marlcet — $400,000 offered March, 1921, by Fort Dearborn -Trust & Savings Bank, and Halsey, Stuart & Co.,' Chicago, at 93% and interest. WISCONSIN SECUKITEE^ CO. 5-Year 6% amount egual to that which is paid in excess Secnrea Notes. Due July 1, 193S. of the 10% shall be set aside for the rstire- Dated July 1, 1918. Interest payable Jan. ment of these notes. 1 and July 1. Original Market — $500,000 offered July. Tax Status — 2% Federal Income Tax paid 1918, by the first National Bank, Wisconsin by company without deduction. Trust Co. and Second Ward Savings Bank, Authorized $500 000 Milwaukee, at 95.85 and interest. Outstanding ...!!!".!..!'..".!..'.'. BOOioOO Market. Purpose of Issue— To reimburse the com- MUn-aukee— First Wisconsin Co. pany for money invested by it in the stock Price Bangre of the Marine/ Securities Co. and for advarioes Jan- 1. '19i to Jan. 1, 'Zl 1980 made to its various other subsidiary com- „. , „P,',— First Wisconsin Co., Second water power rights costing over $700,000. Ward Securities Co. Capitalization. Outstanding. , „„ ^ r^"^"? "J?,"^"- io!>n Common $1,690,000 Jan. 1, '16, to Jan. 1, '21 1920 r.„™„™ $2 000 000 Bid. Ask. Ask. °°™™™ ................12 000,000 ^ 97% '16 100 '16 84% Dec. Security — ^A direct obligation of the com- Low. 86 '19 87 '19 pany and secured by pledge of the following , BBOurities: WISCONSIN TALIEY BUBCTRIO CO. l»t A $106,000 Wisconsin Public Service Company gg(_ 5g_ u„e May 1, 1948. First and Refunding Mortgage 5% Dated May 1, 1917. Interest payable May Bonds: 1 and Nov. 1, at First National Bank, MU- 48,000 Sheboygan Gas Light Co. Bonds. waukee, or the Wisconsin Valley Trust Co., 60,000 Sheboygan Gas Light Company Wausau. Notes; Tax Status — Payment of Federal Income 450,000 Marine Securities Company 7% Pre- ,j,^^ jj^j assumed by company. f erred Stock; Authorized $16,000,000 7,000 Green Bay Gas & Blec. Co. 5% Outstanding (Mar. 1, '21) 925,000 Bonds. Retired by S. E" None The trust indenture securing these notes Reserved for E^ct.... 14,076,000 Elves the company the right, under strict regu- Retired by S. ^-—^""f-^,^, , „ „ . laTlons to make certain substitutions of col- Provisions of Issue^Additiona bonds 1«- latera?' tS above collateral is valued In suable with approval of the Hailroad Cora- iv.«.V; of SI 000. The indenture also pro- mission of Wisconsin, for 80% of cost of ad- Sifl», that In case the Wisconsin Securities ditions, etc.. when net earnings for 12 Oon- romnany in any fiscal year pays In excess seoutlve months, ending not more than 60 irf 10^ dividends on the Common Stock, an days prior to date of issue, are at least tvrice CI iu /• 14YJ Interest charges on all bonds outstanding- and tj be issued. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Wisconsin Valley Trust Co., Wau- sau, Wis. Redeemable at 102 and interest on any in* terest date. Maintenance Fund, — Annually 12%% of gross earnings for maintenance, repairs, re- newals, etc. Any part of such fund not so employed must be added to the sinking fund. Sinking Fund — Annually 1% of outstanding bonds (also see "Maintenance Fund") for the purchase or redemption of these bonds or for permanent extensions, etc., against which ad- ditional bonds cannot be issued. Organization — Incorporated in Wisconsin In 1906, as the Wausau Street R. R. Co. Pres- ent name adopted De6. 18, 1915. In 1915 "and 1916 acquired the properties of the Merrill Railway & Lighting Co., power property of the Lindauer Pulp & Paper Co. , at Merrill, Wis., the Stevens Point Lighting Co., and Stevens Point Power Co. Capitalization. Outstanding. Common ....$800,000 Preferred 800,000 Funded debt 998,500 Secured by a first mortgage on properties from which the company derives about two- thirds of its entire revenue, located at Wau- sau, Scofield and Rothschild, Wis., comprising 9 % miles of street and interurban railway track and plants supplying electric light and power, together with several valuable unde- veloped water powers on the Wisconsin River near Wausau and Merrill; also a general mort- gage on street railway and electric plants serving Merrill, Wis., and gas and . electric plants serving Stevens Point. The company's system includes hydro-electric plants at Wau- sau, Metrill and Stevens Point with auxiliary steam generating stations, at Wausau and Merrill. Transmission lines are to connect the various cities and towns. Population served about 45,000. Prior liiens — Outstanding. Merrill Ry. & Ltg. 1st 5s 1925 $35,000 Stevens Point Power 1st 5s 1929 38.500 $73,50D Years ended Dec. 31: Gross. *Net Int. & S. F. 1920 $756,741 $194,084 $65,741 1919 601,269 185,685 173,137 tl919 506,354 173,868 80.730 1918 453,752 183,042 81,850 1917 368,357 162,361 56.497 fYear ended June 30. •After depreciation. Original Market — OfEered June, 1917, by The First National Bank, and Morris F. Fox & Co., Milwaukee, Wis., at 97 and interest. Oct. 15, from 1917 to 1951, inclusive. 3 centa per ton of coal and Iron mined from mortgaged premises during the six^calendar months next preceding, with minimum payments of not less than % of 1% of bonds outstanding and in sinking fund. During the years 1940 to 1951, inclusive, minimum amount shall be in- creased to retire all outstanding bonds at maturity. Funds to be applied to the purchase or redemption of these bonds, at not over 100 and interest. Bonds acquired to be kept alive and interest added to this fund. Organization — Incorporated in Delaware In 1911 as a consolidation of the Birmingham Coal & Iron Co. and the Woodward Iron Co. of Alabama. Capitalization. Outstanding. Common $10,000,000 Preferred 3.000,000 Funded debt 13,267.000 Secured by amortgage on all the property of the company, subject to $2,00,000 Bir- . mingham Iron Co. 5s, on a part of the prop- erty. The property covered includes five blast furnaces with a capacity of 450,000 tons of pig iron, of which three are located at Wood- ward and two at Birmingham, Ala.; 170 by- product coke ovens of the Kopper type and 60 Wilpulte ovens with a combined capacity of about 3,000 tons of coke per day; 50,000 acres of coal lands near furnaces, on which there are four fully equipped coal mines, with a capacity of about 4.000 tons of coal daily; 5,000 acres of red iron ore lands, with four operating mines with a combined daily capa- city of 5,000 tons; 45 miles of railroad with full equipment of locomotives and cars; elec- tric power plants, water plants and repair shops. At the present rate of production it is esti- mated that the company has ore and coal to last about 250 years. Prior XAeib — $2,000,000 Birmingham Iron Co. 5s, due March 31, 1926, to retire which bonds of this issue are reserved. Earnings not available. Original Market — OfEered June, 1916, by Clark, Dodge & Co., New York, and Curtla & Sanger, New York and Boston. Market. New York — Samuel Goldschmidt, Morton Lachenbruch & Co., F. J. Lismau & Co., Fred H. Hatch & Co., Hartshome & Bat- telle, Carruthers, Pell & Co., Vanderhoef & Robinson, Hanson & Hanson. Boston — Chas. A. Day & Co., F. S. Mose- ley & Co. Birmingrham, Ala. — Steiner Bros., Cald- well-Garber Bros. Prioe Range. Jan. 1, '17, to Jan. 1, *21 1920 Bid. Ask. Bid. Ask. Higrh 86*17 90 '17 75% June 81 Jan. Low. 68 '20 73 '20 68 Dec. 73 June WOODWARD IRON COMPANY Ist & Cone. S. F. 5s. Due Jan. 1, 1952. Dated Jan, 1, 1912. Interest payable Jan. and July 1, In New York City. Tax Statue — 2% Federal Income Tax paid by company without deduction. Authorized $25,000,000 Outstanding: (Feb. 10, '21)... 10,897,282 In Treasury 5,^3,000 Held in S. F 369,718 Reserved for Prior Lien 2,000,000 Reserved for Ext 6,500,000 Denomination — Coupon $1,000. Registerable as to principal. Trustee — Farmers Loan & Trust Co.. New York. Redeemable at 105 and Interest on any in- terest date on 30 days' notice. Sinking Fund — Semi-annually April 15 and 1472 WORCESTER & CONNECTICUT EASTERN RAILWAY CO. Ist 4%s. Dae Jan. 1, 1943. Dated Oct. 1. 1902. Interest payable Jan. and July 1, at Trustee's office. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Closed mortgage Outstanding: (June 1. '21) $1,651,000 Held in S. F. 315,000 Held in Treasury 26,000 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New Tork Trust Co.. New Tork. Sinking Fund — Commencing with the year of 1908, and in each succeeding year, a sink- ink fund not exceeding 1% of the bonds out- standing is provided for the redemption of these bonds on condition the bonds can be purchased at a price yielding at least 3%%. Denomination — Coupon. $1,000. Kegisterable Three weeks' published notice will be given as to principal. in December each year of the proposal of Trustee — International Trust Co., Boston, purchase. Assumed by Worcester Consolidated Street Assumed by the New York, New Haven & Ry. Co. Hartford R. R. Co. Control — ^Incorporated 1905 as a oonsolida- Control — The Worcester & Connecticut Bast- tion of several lines. Worcester, Southbridge, ern Ry. Co. was an electric railway company, etc. Purchased 1910 the property of the originally chartered as The Thompson Tram- Hartford & Worcester Street Ry. In 1911 way Co., under special laws of Connecticut on was consolidated with the Worcester Con- April 30, 1901; and was authorized by the solidated Street Ry. Co. The latter Is con- Superior Court of New Haven County Jan trolled by the New England Investment & 24, 1902, to change its name to the Worcester Security Company. .„„„„„„ , , , & Connecticut Eastern Ry Co • and the last Secured jointly with $200,000 4%s, due named company was authorized by said Court 1^25, on about 30 miles of electric railway May 18, 1904, to change its name to The Con 'i!.^°^ *™"1 Worcester to Southbridge, Mass. solidated Railway Co. This latter company Population served, Worcester 179,754, re- was merged with the New Tork Now TTavcn mainmg territory, 40,000. ^blfgtSr a"rei?d"rT'^?"^TT 3oSd\*fld"''^y7 1.^^^"!" 5s. ^""^^'^^ ^°"- New^ ToT, S™ 'ilJiTuSl\lTl "I. S^ ^^^ITT^T J^T^^*^^ consolidated Street In 1910 this property was purchased by the teeal for saving banks in Mass S,"rof'?„* F°- ^'"^ ^ "" ,*^^ "".^T'^S" Sal MarieflF^rst oierfd bi. Winslow stock of that company, formerly owned by the & Co.. Worcester, at 104 and interest, in Dec. N. Y., N. H. & H. R. R. Co. was placed in J9Q2 the hands of a board of five trustees, who are ' Price Ranee 1922!'" ""^ ^'°°''' " "'°'=""<=' before July 1, j^ i^ .^g^ to Jan. 1, '81 ' 1920 Secured by a first mortgage under which all High 98''i7 98V '16 65 Jan. the property and leases of the company were Low. 40 '20 89 '10 40 Dec. covered, including a hydraulic electric power ' . r KiulSgly'^ ^fZf^Zef:r\^e ^^^r^sTe'i ^«*«^^f^^ * s'*"LT*^S2T J^^^ Cos^^t^n'r an 'thTltt^J tra^Tbu't^lfo ?^6 Da^^Tn1^,*\?65. "Lucres p'ayf^fe June Cos., ana all the stock and all but. 550,000 j -n i * t^* ««4.-«-«i rri„,T„4. ri^ -Dna ni» tv.a v^n^A^ r^f +v,„^« „„™„-, ^ „„ rnul !?««« and Dsc. 1, at International Trust Co., Bo3- or the Donas of these companies. The Imea . ' ' of road extend from the boundary line be- ™,' en. *. „ -d ,,„„„♦ „* t7i„^„„„i t^«„™c tween the State of Massachusetts and the T,,^„t „^.^^^ h^!.nl,n»„v State of Connecticut, in the town of Thomp- ^^,?,.IIL-h ^ ™ ?'i„=o,, ™„rt,^» son, to Moosup. in the town of Plainfleld, ^".*Ii""5?* °'°^°* Sm nno Conn. : also from a point on the main line in 2,"*'„'*^*"A • ' n W ' '; ' ' i; -nVn " ^-ill^!t^^rL^. the town of Killinely, Conn., to a connection „ Denommation— Coupon, $1,000. Registerable with the railway constructed by the Provi- ™C..„t.i_T„/',„„ti„„„i T„,,t n^ T!„=t„r, dence & Danielson Ry. Co., and all extensions I^",fitrhv w„rnpff»7rnlS?fl^ of said railroad and branches within the j,^"*-^^"""^ "^ Worcester Consolidated Street tovras of Thompson, Putnam, Killinlgy, Brook- r™*™i so» i«= „f moo ton in Connecticut, being 52 miles In length.. o«2,. j v., „ «L; ™„;f™.„ <„i„n„ mitT, 1,™ T»i.,{«««7.i a+l«n^„ /-i-j„^«T.3 .q -D-^^ Secured by a first mortgage jointly with In^' iJT r^^.P^;,>^t h»^^^o^n?= t^ ip^S^^" 4V4s of 1922; which see for details. ton m Connecticut, being 52 miles m length Unaerlles-^$3,322,000 Worcester Consoli- The leased lines extend north to City of ^^,^3 g^^^^^ ^' 5^ ^^^ ^^^^^ Worcester, Mass. .,,.,, Earnings— See Worcester Consolidated St. Refunding — Bonds are reserved under the t, , + * -or* iu,™ New York, New Haven & Hartford R. R. "-^i , f "^'- . * V 1 -.t 1st & Ref. Mtge. to retire this issue. I^egal for savi ngs banks in Mass. lilsted on the New York Stock Exchange. Original Market — $2,050,000 offered in 1902, WOKCESTBB CONSOUDATED STREET , bj- Thompson, Tenny & Crawford, New York RAILWAY let & Bef. 4%s. Due Aug. and Boston. 1, 1930. Market. Dated Aug. 1, 1910. Interest payable Feb. New Yorlt — Hartshorne & Battelle, Car- and Aug. 1, at Old Colony Trust Co., Boston, ruthers. Pell & Co., Redmond & Co. Tax Status — 2% Federal Income Tax paid Boston — Jj. Sherman Adams. Chas. A. Day by company without deduction. & Co., Tucker, Anthony & Co. Authorized $5,000,000 New Haven, Conn. — H. C. Warren Co., Inc. Outstanding (Jan. 1, '21) 1,499,000 Prloe Range— N. Y. S. B. In Treasury 123,000 Jan. 1, '19, to Jan. 1, '21 1920 Provisions of Issue — Under the extension Bid. Ask. agreement of the Debentures dated March 1, High 74% Deo. 27, '19 64% Feb. 74 Nov. 1900. the amount of bonds issued and out- Low. 74% Dec. 27, '19 45 Dec. 52 Dee. standing under this mortgage shall at no time exceed $4,800,000 less the face value of De- -«s^Y !v.s^°-^ls.rl^9l^-^ y^^^f^^s. ......^^. U^rTJrU' ^11- Int=^narSS^? ^diVbro ° aT ln= "Sate ^atTo and °°Tax^°Statas-Payment of Federal Income ''X'^^^:^,^tnZ%:°:i^- in Massaohu- Tax not assumed by company. ^^^^^ j^^ jggg ^^ ^■^^ Citizens Street Ry. Co. Authorized $1,000,000 and present name adopted in 1887. The form- Outstanding 500,000 ej. company purchased the property of the FroTilsions of Issue— Additional bonds to the Worcester Street Ry. Co., which company was amount of $600,000 may be issued under this organized in 1867 and had purchased the mortgage but shall mature after Sept. 1, property of the Worcester Horse R. R. Co., 1C99 organized in 1862. "^^- 1473 The Worcester Consolidated Street Railway Co. hag absorbed by consolidation the follow- ing companies : "Worcester & Suburban Street Ry. Co. ; Leominster & Clinton Street Ry. Co. ; "Worcester & Marlborough Street Ry. Co. ; Marlborough & Westborou&h Street Ry. Co. ; Worcester & Blackstone Valley Street Ry. Co.; Worcester & Southbridge Street Ry. Co., and Worcester & Holden Street Ry. Co. The company leases the properties of the following companies : North End Street Ry. Co., 99 years from 1895; Worcester & Shrews- bury Street Ry. Co., 99 years from 1896; Worcester & Shrewsbury Railroad Co., 99 years from 1896; Webster & Dudley Street Ry. Co., 25 years from 1902; and Worcester & Webster Street Ry, Co., '25 years from 1902. The company leases 28.81 miles of track and has trackage rights over 13.29 miles of track. Capitalization. Outstanding. Common $3i326,000 Preferred 3,600,000 Funded debt 4.831,000 Controlled through ownership of entire com- mon stock by the New England Investment & Security Co., a voluntary association. Secured equally with Debenture Ext. 73 of 1925 and Debenture 5s of 1927 on all the property of the company comprising 209.99 miles of main track, 33.16 miles of second track, 16.81 miles of sidings, etc. ; total owned track, 259.96 miles. The mileage cov- ered by this mortgage includes the street rail- way system in Worcester (96.82 miles) and lines radiating to numerous surrounding towns. Total track operated, 304.49 miles. Prior Ijlens — On property directly owned as follows: Worcester & Clinton St. Ry. Ext. 7s, 1926 $115,000 Marlbrough & Westborough St. Ry. Bs, 1921 160,000 UxbridgG & Blackstone St. Ry. 5s 1923 80,000 "Uxbridgte & Blackstone St, Ry. Deb. 5s, 1927 4j0,000 " Worcester & Blackstone "Valley St. Ry. 4i^s 1926 200.000 Worcester & Holden St. Ry. 5s 1923 150,000 Worcester & Southbridge St. Ry. 4%s, 1922 500,000 Worcester & Southbridge St. Ry. 4%s, 1925 200,000 Total $1,445,000 Bonds are reserved under this mortgage to retire the above issues. The following issues are outstanding on leased lines: North End Street Ry. 1st 5s, 1915 .. $75,000 Webster & Dudley Street Ry. 5s, 1939 30^000 Worcester & Shrewsbury R. R. 1st 5s, 1915 20,000 Worcester & Webster Street Ry. Ref. 6s, 1939 150,000 Total $275. OOD Years ended Dec. 31: Gross. *Net. Interest. 1920 $4,346,931 $369,294 $298,477 1919 3,920,125 618,521 286,037 1918 3,328,705 304,009 279,80S 1917 3,349,075 670,675 262,396 •After rentals. T/egal for savings banks in Mass. Market. New York — Lynch & McDermott. Price Range. Jan. 1, *13, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 98 '12 100 '12 45 July 50 Deo. Low. 40 *20 82 '18 40 Dec WORC£:ST£}R CONSOLIDATED STKEEH RAILWAY CO. Debenture Ext. 7s. I>ae March 1, 1925. Dated March 1. 1900. Extended from Mar. 1, 1920, interest increased 4%% to 7%. In- terest payable March 1 and Sept. 1 at Me- chanics & Metals National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized $840,000 Outstanding: (Jan. 1, '21) 700,000 Denomination — Coupon, $1,000. Registerable ag to principal. Organization, etc. — See 1st & Ref. 4^s. Secured equally with Deb. 5s of 1927 and let & Ref. A^a of 1920 on all the property of the company. For detail see 1st & Ref. 4%s. Prior liens — See 1st & Ref. 4%s. Earnings — See 1st & Ref- 4%s. Legal for savings banks in Mass. Market. New York — Lynch & McDermott, G. W. Walker & Co. JSoston — Chas. A. Day & Co. Prise Banee. Jan. 1, '08, to Jan, 1, '21 1920 Bid. Ask, Bid. High 101 '12 102 '12 45 Dec. Low. 45 '20 95 '08 45 Dec. W0RCESTGE3B CONSOLIDATED STREET RAILWAY CO. Debenture 5s. Due Nov. 1, 1937. Dated Nov. 1, 1907. Interest payable May and Nov. 1, at Old Colony Trust Co., Boston. Tax Status — ^Payment of Federal Income Tax not assumed ,by company. Authorized $1,200,000 Outstanding 1,200,000 Denomination — Coupon; $1,000. Registerable as to principal. Organization — See 1st & Ref. 4%s. Secured equally with Debenture 4 %a of 1920 and 1st & Ref. 4%s of 1930 on all the property of the company. For details see 1st & Ref. 4%s. Prior Liens — See 1st & Ref. 4%s. Earnings — See 1st & Ref. 4%s. Legal for savings banks in Mass. Market. New York — Lynch & McDermott. Boston — Chas. A. Day &' Co., Moors & Cabot. Price Range. Jan. 1, '10, to Jan. 1, '21 1920 Bid. Ask. Bid. Ask. High 106 '11 107*12 60 Dec. 70 Dec. Low. 80*19 90 '17 60 Dec. WORCESTER and nt'-r.st on any interest date after Oct. 1, 1912. upon four weeks' notice. Sinking Fund — $5,000 per annum, from 1912. Organization and Control — Incorporated in Georgia in 1883 and is controlled through ownership of all the $70,000 Preferred and ^278.675 of the $630,000 common stock by the Central of Georgia Ry. Co.. all of whose stock is owned by the Illinois Central R. " R. Co. Capitalization. Outstanding. Common $530,000 Preferred 70,00(^ Funded debt 200,000 Secured by a first mortgage at the rate of $1,900 per mile on 104 miles of road from Tennille to Hawkinsville, Ga., and Dublin to Eastman, Ga. Years ended Dec. 31: Gross. •1920 $301,432 *1919 41.028 •1918 41,028 tl918 352,438 1917 340,400 1916 290,480 •Corporate account. tFederal account — standard return not in- cluded. Original Market — $100,000 offered In UH by . Jas. H. Oliphant & Co., and by Potter, Choate & Prentice. New York, at a price to yield 4.90%. Interest. Net. Rent. etc. $23,409 $22,632 42,392 17,407 42,993 18,180 46,815 5,700 80,774 19,268 41,256 22,335 1475 WURLITZER (THE RUDOLPH) CO. Deben- ture 6s. Due .¥240,000 each Aug. 1, from 1920 to 1929, inclusive. Dated Aug. 1. 1919. Interest payable Feb. 1 and Aug. 1 at First Trust & Savings Bank, Chicago, or company's office. New York. Tax Status — 2 % > Federal Income Tax paid by the company without deduction. Pennsyl- vania State Tax refunded. Authorized $2,400,000 Ontstanding (Jan. 1, '21) 2.160,000 Matured and Paid 240,000 Purpose of Issue — To refund all the com- pany's current bank loans, and to provide about $1,600,000 additional working capital. Denomination — Coupon, $1,000; registerable as to principal. Trustee — First Trust & Savings Bank, Chi Redeemable at 101 and interest on any in- terest date upon 30 days' notice. Organization — Incorporated in Ohio in 1890. Business established 1856. The company is the largest distributor of a complete line of musical instruments in the United States. The main office of the company is located At Cincinnati, Ohio, with retail stores In New York, Chicago, Boston, Philadelphia, Buffalo, Pittsburgh, Albany, Syracuse, Rochester. Cleveland, Detroit. Milwaukee, San Francisco, Kansas City, St, Louis, Louisville and Hamil- ton, Middletown, Dayton, Springfield, Piqua, Ironton and Columbus, Ohio. The company also does a large mail order business. The company's real estate holdings shown in the financial' statement of April 30, 1919, consist of retail business property, land and buildings in the downtown retail districts of Cincinntai and Chicago. The company wns In fee simple the real estate at 329-31 Wa- bash Avenue, Chicago, and Eighth and Race Streets, Cincinnati, and also owns valuable leaseholds in New York, Cincinnati, Chicago, Cleveland and Buffalo, Capitalization. Outstanding. Common $760,500 Preferred (7% cum.) 1,639,500 Funded debt 2.362,000 Security — A direct obligation of the com- pany, but not secured by a mortgage. Under the Trust Agreement the company covenants that so long as any of these de- bentures are outstanding It will not place any mortgage on its properties; It will at all times maintain its current assets as defined in the Trust Agreement at an aggregate amount equal to at least one and one-half Cl^) times all current liabilities, including all of those debentures =at the time outstand- ing; and in the- event of the sale of any real estate, it will acquire real estate of, equal value or use the funds from the proceeds of . such sale for the retirement of debentures of this issue. Prior liien — $202,000 Real Estate Mort- gage. Years ended April 30: Total Sales. 1919 $8,422,218 1918 7,036,347 1917 7,043.192 Later earnings not available. Original Market — $2,400,000 offered- July, 1919, by Halsey, Stuart & Co., and George H. Burr & Co., New York, Chicago, etc. Market. New York — Carruthers, Pell & Co. Milwaukee— Second Ward Securities Co, Chicagro — Halsey, Stuart & Co., Johnson, Peck & Co. Price Rangre Jan. 1, '19, to Jan. 1, '21 1920 Bid Ask. Ask High 7.50% '19 99-98 '19 7.50% Low 8.00% '20 8.00% YADKIN RIVER POWER CO. let 5s. Dae April 1, 1941. Dated April 1, 1911. Interest payable April and Oct. 1. at Old Colony Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized $15,000,000 Outstanding: (Jan. 1, '21) 3,500.000 Retired by S. r 72,000 Held in Treasury 178,000 Reserved for Ext 11,500,000 Denomination — Coupon, $1,000. Registered. $5,000. Trustee — Old Colony Trust Co. . Boston, Mass. Redeemable on any interest date at 105 and Interest. Improvement Fund begins Aug. 1, 1916; %% of bonds outstanding 1916 to 1920; 1% 1921 to 1925: lVz7a 1926 to 1930. and 2% 1931 to 1940. Organization and Control — Incorporated March, 1911, in North Carolina, succeeding the Rockingham Power Co. sold under fore- closure. Owns all of the capital stock, ex- cept directors* shares of the Palmetto Power & Light Co. (successor to the Carolina Gas & Klectric Co.). Controlled by the Carolina Power & Light Co. through stock ownership. Capitalization. Outstanding. Common ., $3,835,000 Preferred (7% cum.) 969,600 Funded debt 3.500,000 Secured by a first mortgage on hydro-elec- tric plant of 24,000 k. w. on the Yadkin River, near Rockingham, N. C, and 201 miles of high tension transmission lines built on private right of -way. and connecting with the lines of Carolina Power & Light Co.. to which it furnishes power, and 56 miles of distribution lines. The property covered Includes electric light and power systems in Rockingham, Hamlet and Wadesboro, N. C, and Cheraw, S. C, and electric power systems in Lumberton and Lilesville, N. C. The company also sup- plies under contract, the entire requirements of the privately owned electric light and power systems in Maxton and Laurinburg, N. C. , and of the municipal lighting systems in Lilesville and Lumberton, N. C. Franchises extend ±o 1971 or beyond. Years ended Dec. 31: Gross. Net. Int., etc. 1920.. •$928,278 $403,962 $177,219 1919., »614,678 397,539 202,083 1918., •658,492 398,422 201,676 1917.-. 486,411 358,573 176,916 191G.. 426,477 , 312,906 208,606 1915. . 349,978 232,851 186,369 •Includes other income. Market. New York — Fred H. Hatch & Co., Martin, Berwin & Co., Vanderhoef & Robinson, Earle A. Miller & Co., G. R. McAllister & Co., Gil- bert J. Postley & Co., Carruthers, Pell & Co., John Nickerson, Jr., Berdell Bros., Alfred F. Ingoia, Bauer, Starr & Co. Boston — L. Sherman Adams, Moors & Ca^ • bot. Philadelphia — Huntoon & Co. Price Banee. Jan. 1, '15, to Jan. 1, '21 19«0 Bid. Ask. Bid. Ask. High 82 '19 86 '18 72 Nov. TB Nov. Low. 66 '20 69 '20 65 Apr. 69 May YARMOUTH IIGHT & POWER CO., LTD., l8t 58. Dne Oct. 1, 1937. Dated Oct. 1, 1912. Interest payable April 1 and Oct. 1. Tax Status — Payment of Federal Inooms Tax not assumed by company. Authorized . $250,000 Outstanding 240,000 Retired by S. T 10,000 Denomination — Coupon, $600. Tlegisterable as to principal. Trustee — Montreal Trust Co., Halifax, Can- ada. Redeemable at 105 and interest. Sinkine Fund — Annually on and after Oct. 1, 1915, 1% of outstanding bonds for their purchase or redemption at not over 105 and Interest. Organization and Control — Incorporated in Nova Scotia in 1912. A substantial stock in- terest is owned by the New England Electric- Securities Co. Capitalization. Outstanding. Common $250,000 Funded debt 340,000 Secured by a first mortgage on all the prop- erty of the company, including gas, electric lighting plants and street railway system (three miles of track), serving Yarmouth, N. S., and vicinity. The company's property in- cludes a hydro-electric plant 18, miles from, Yarmouth. Franchises are perpetual. Yeears ended Dec. 31: Gross. Net. Interest. 1919 $65,974 $39,267 $12,125. 1918 47,411 29,611 12,600' 1917 46.254 26,363 12,125 1916 38,453 11,277 10,625. Later earnings not available. Original Market — Offered Feb., 1917, by Stranahan & Co., Providence, etc., at price to yield 6.60%. YAZOO & MISSISSIPPI VALLEY RAILROAD CO. (THE) Imp. Mtge. 58, Series "A" to "S." Due Jan. 1, 1934. Dated Sept. 29, 1914. Interest payable Jan. 1 and July 1, at company's office. New York. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized $25,000,000 Outstanding 483.000 Owned by 111. Cent. R. B 2,614,000 Retired by Exchange of Stock. . 7,963,000 Held in Insurance and Pension Funds 376,000 Reserved for Ext 13,664,000 Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000 and ' mul- tiples. C. & R. Interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at par and interest on any in- terest date on 30 days* notice. Organization and Control — Incorporated in 1892 in Mississippi and subsequently in Ten- nessee and Louisiana. Owns 1,291.62 milea and leases 88.98 miles of road. Controlled through stock ownership by the- Mississippi Valley Corporation, a subsidiary- of the Illinois Central R. R. Co. Capitalization. Outstanding. Common $21,653,300- Funded debt 31,833,000- Secnred by first mortgage on 345.51 mlles: of road in Mississippi: Rosedale to Dockery, Leland to Yerger, Mattson to Lombardy, Lake Cormorant to Yazoo Jet., Lambert to- Brazil, Sliver City to Kelso, PhUipp to Charleston, Black Bayou Jet. to Greenwood Jet., Brazil to Swan Lake, Miss.-Tenn. State Line to Lake View, and Parsons to Grenada; a second mortgage, on 140.36 miles of road In Mississippi, Jackson to Parsons and branch from Techula to Durant. Prior Lien — $2,800,000 1st 6s, all deposited under Illinois Central R. R. Coll. Tr. 4s of 1962. YOLO WATER & POWER CO. 1st S. F. 5s. Due Dec. 1,, 1953. Dated Jan. 1. 1912. Interest payable Jan. and July 1. Default — July 1, 1918, and subsequent in- terest. Tax Status — 2% Federal Income Tax paid by company without deduction. Default — July 1. 1918, interest. Note — 1914, 1915 and 1916 interest was paid by White & Co. Authorized 110,000,000 . Outs-tanding 2,600,000 Reserved for Ext 7,500.000 Denoininatian — Coupon, $1,000. Re&isterable as to principal. Trusttee — Oakland Bank of Savings, Oak- land, .Cal. Redeemable at 105 and interest on and after Jan. 1, 1922. Sinking: Fund — 1 % of outstanding bonds 1918-22; 1%% 1923 27; 2^% 1928 52; to Tetire bonds at not over 105 and interest. Organization — Incorporated in California to •develop two power sites for electric lighting, etc., and for irrigation rights to use the wa- ter exclusively. Capitalization. Outstanding. ■Common $9,000,000 -Preferred 1,000,000 i'unded debt 9,900,000 Reorganization — Under the reorganization l)lan of April 8, 1919, these bonds are ex- •changeable . par for par for preferred stock ■of new company. Official Committee— A. Scot-Elliott and "W". Skidmore Barrett (special representatives of British holders) ; F. W. Stephens, J. L. Stephens, L. H. Stephens, Arthur C. Huston, President of Yolo Water & Power Co., As of Feb. 21, 1921, this committee reported that about 95% of the outstanding bonds had been deposited under their reorganization plan. American Committee — Frank D. Wilsey, Henry W. Martin, Clarence D. Anthony with Franklin Berwin, Secretary, 30 Nassau St., New York. This committee was organized in oppo.sition to the "Official Committee." Secured by (1) the exclusive right to the waters of Clear Lake and its only outlet. Cache Creek, on which are located two power sites; (2) on about 5,000 acres of land bor- dering on Clear Lake and Cache Creek; (3) $225,000 (entire issue) of 1st mortgage bonds and $1,000,000 (entire issue) of capital stock of the Yolo County Consolidated Water Co.; <4) $50,000 stock (entire issue) of the Capay Ditch Co.; (5) all works and extension carried ■out and properties acquired out of proceeds ■of the bond issue. By ownership of the above ■the company controls the irrigation system of Yolo County, embracing about 106,000 acres. Original Market — Offered by White & Co., New York. Price Range. Jan. 1, '16, to aan. 1, '31 1920 Bid. Ask. Bid. Ask. High 81 '17 85 '17 2 Of. Feb. X.OW. 5f. '19 lOf. '19 5f. Feb. 20f. Feb. YONKBRS RAILROAD 1st 5s. Due April 1, 1946. 3>ated April 1, 1896. Interest payable April and Oct. 1, at Equitable Trust Co., New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding. .. .$1,000,000 . Trustee — Bankers Trust Co., New "York. Guaranteed principal and interest, by Union Ry. Co. of New York, Organization and Control — -Incorporated in New York in 1896 as a consolidation. Controlled by the Third Avenue Ry. (N. Y.) through stock ownership. Capitalization. Outstanding. Common , .- $1,000,000 Funded debt 1.000,000 Secured by a first mortgagee on 26 mi les of street railway in the City of Yonkers. Years ended June 30: Gross. Net. *Charg'es. 1920 $1,199,313 $228,878 $283,962 1919 904,173 115,805 269,901 1918 832,721 181,787 296,455 1917 653,401 69,892 257,421 1916 768,510 241.394 239,159 ♦Includes taxes, rentals and interest. Secured by a first mortgage on 26 miles of street railway in the City of Yonkers. Market. New York — Finlay & Davenport, Lynch & McDermott, Berdell Bros., Theo. L. Bronson & Co. Price Range. Jail. 1, '08, to Jan. 1, *31 1920 Bid. Ask. Bid. Ask. High 92 '12- 100 '16 55 Dec. 75 Dec. Low. 40 '20 60*19 40 Mar. 60 Jan. YORK HAVEN WATER & POWER CO. 1st 5s. Due June 1, 1951. Dated June 1, 1901. Interest payable June and Dec. 1, at Land Title & Trust Co., Phila- delphia. Tax Status-^2% Federal Income Tax paid by .company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding. . . .$1,500,000 Denomination — Coupon, $500 and $1,000. Trustee — Land Title & Trust Co.. New York. Organization — ^Incorporated 1895 in Penn- sylvania. Capitalization. Outstanding. Common $3,000,000 Funded debt 3,760,000 Secured by a first mortgage on hydro-elec- tric plant of 20,000 h. p. capacity at York Haven on the Susquehanna River, transmis- sion lines, 800 acres of land, and all other property of company. Has contract for re- serve steam power with the Edison ^ight & Power Co.. York, Pa, Franchises perpetual. Underlies — 2d 6s, due 1924, and Cons. 5s dus 1957. Sufficient bonds of the latter issue are reserved to take up the two underlying liens at maturity. Earnings — See 2nd 6s. New York — Fred H. Hatch & Co., Earle A. Miller & Co., Berdell Bros., G. R. Mc- Allister & Co., Carruthers, Pell & Co. Philadelphia — Barclay, Moore & Co.; Baueri, Starr & Co., Henry D. Boenning & Co., Geo. N. Fleming, Huntoon & Co., Mc- Cown & Co., Samuel K. Phillips & Co. York, Pa.— C. C. Frick & Co. Price Range. Jan. 1, '15, to Jan. 1, '31 1920 Bid. Ask. Bid. Ask. ' High 90 '19 95 '19 85 Jan. 90 Jan. Low. 70 '15 77 '15 70 Aug. 80 Aug. YORK HAVEN WATER & POWER CO. 2d 6s. Due May 1. 1924. Dated May 1, 1904. Interest payable May , and Nov. 1, at Land Title & Trust Co.. Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized ." $1,000,000 Outstanding (Jan. 1, '21) 886,000 Retired by S. F 29,000 Held in Treasury 85,000 Denomination — Coupon, $1,000. Trustee — Land Title & Trust Co., Philaael- phia. Kedeeraable at 105 and interest. Sinking Fund — 10% of net earnings, payable annually since May 1, 1909. Organization — See 1st Bs of 1951. Secured by second mortgage on property described under 1st 5s, which see for details. Underlies — Consol. 6s, due 1967, sufficient of which are reserved to retire this issue at maturity. Prior Liens — $1,500,000 1st 6s. Years ended May 31: Gross. 1920 $768,592 1019. 1918 1917 1916 •Includes $114,112. 648,242 486,396 393,402 371,953 renewals Net. $451,033 399,322 339,449 251,893 268,240 Int., etc. •$313,435 200,696 202,281 238,436 212,264 and replacements of MarlEct. New York — Fred H. Hatch & Co., Carru- thers. Pell & Co., Bauer, Starr & Co., Ber- dell Bros., Jacob Zeller. Philadelphia — Barclay, Moore & Co., Bauer, Starr & Co., Henry D. Boennin^ & Co., Geo. N. Flemingr, Huntoon & Co., Lloyd & Palmer, Samuel K. Phillips & Co., Bar- clay, Moore & Co. York, Pa.— O. C. Prick & Co. Price Range. Jn in. 1, '17 . to Jan. 1. '21 1920 Bid. AsK. Bid. Ask. H ierh 90 '19 ion '19 86 Feb. 90 Jan. Low. 65 '17 69 '17 80 Deo. 89 Nov. YORK HAVEN WATER & POWER CO. Cons. 5s. Dne May 1, 1957. Dated May 1, 1907. Interest payable May and Nov. 1, at Land Title & Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized $4,000,000 Outstanding 1,374,00,0 Held in Treasury 76,000 Reserved for Prior liiens 2,650.000 Denomination — Coupon, $1,000. Xrustee — Land Title & Trust Co., Philadel- phia. Redeemable on or after May 1, 1927, at 105 and interest. Sinlcing Fund — 10% of net earningrs per an- num beginning in 1927. Organization— rSee 1st 5s of 1951. Secured by third mortgage on property de- scribed under Ist 6s, which see for details. Prior Liens — $1,500,000 1st Bs and $896,J)00 2nd 6s for the retirement of which bonds of this issue are reserved. Earnings — See 2nd 6s. Market. New York — Fred H. Hatch & Co., Lynch & McDermott, Carruthers, Pell & Co., H. O. Spiller & Co., Berdell Bros. Philadelphia — Barclay, Moore & Co., Bauer, Starr & Co., Henry D. Boennlng, Geo. N Fleming, Huntoon & Co., Lloyd & Palmer, McCown & Co., Samuel K. Phillips & Co., Barnes, & Lofland. . , „ ^ York, Pa.— C. C. Frick & Co. ' Price Range. Jan. 1, '16, to Jan. 1, Bid. Ask. High 60 '19 70 '19 Low. 35-16 45 '16- 81 1930 Bid. Ask. 65 Feb. 75 Feb. 50 Nov. 60 Dec. YORK